Short Sales and Derivatives (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of notes and other explanatory information [Abstract]

Schedule of derivative financial instruments

The following table summarizes the company’s derivative financial instruments:



	December 31, 2018					December 31, 2017
	Cost	Notional amount	Fair value			Cost	Notional amount	Fair value
	Cost	Notional amount	Assets	Liabilities		Cost	Notional amount	Assets	Liabilities
Equity contracts:
Equity total return swaps – short positions	—	414.4	22.3		13.4	—	892.5	11.8		12.1
Equity index total return swaps – short positions	—	—	—		—	—	52.6	0.4		—
Equity total return swaps – long positions	—	390.3	4.8		51.7	—	697.8	17.8		15.6
Equity warrants and call options⁽¹⁾	123.7	652.9	79.8		—	65.2	615.3	77.6		—
Equity warrant forward contracts⁽¹⁾	—	316.6	38.4		—	—	—	—		—
CPI-linked derivative contracts	668.9	114,426.4	24.9		—	678.4	117,254.6	39.6		—
U.S. treasury bond forward contracts	—	471.9	—		30.4	—	1,693.8	—		28.8
Foreign currency forward contracts	—	—	71.3		53.7	—	—	57.1		69.7
Foreign currency options	48.3	—	44.9		—	—	—	—		—
Other derivative contracts⁽¹⁾	—	—	21.0		0.3	—	—	—		—
Total			307.4		149.5			204.3		126.2


(1)	Includes the Seaspan warrants and forward contracts at December 31, 2018 described in note 6.

Disclosure of detailed information about financial instruments

The CPI-linked derivative contracts are summarized as follows:



	December 31, 2018
	Floor rate⁽¹⁾		Average life (in years)	Notional amount		Weighted average strike price	Index value at period end	Cost	Cost in bps⁽²⁾	Fair value	Fair value in bps⁽²⁾	Unrealized gain (loss)
Underlying CPI index	Floor rate⁽¹⁾		Average life (in years)	Contract currency	U.S. dollars	Weighted average strike price	Index value at period end	Cost	Cost in bps⁽²⁾	Fair value	Fair value in bps⁽²⁾	Unrealized gain (loss)
United States	0.0	%	3.7	46,725.0	46,725.0	231.39	251.23	286.7	61.4	8.0	1.7	(278.7	)
United States	0.5	%	5.8	12,600.0	12,600.0	238.30	251.23	39.4	31.3	15.1	12.0	(24.3	)
European Union	0.0	%	3.0	41,375.0	47,297.6	96.09	104.10	299.3	63.3	1.5	0.3	(297.8	)
United Kingdom	0.0	%	3.9	3,300.0	4,202.9	243.82	285.60	22.8	54.2	—	—	(22.8	)
France	0.0	%	4.1	3,150.0	3,600.9	99.27	103.16	20.7	57.5	0.3	0.8	(20.4	)
			3.6		114,426.4			668.9		24.9		(644.0	)



	December 31, 2017
	Floor rate⁽¹⁾		Average life (in years)	Notional amount		Weighted average strike price	Index value at period end	Cost	Cost in bps⁽²⁾	Fair value	Fair value in bps⁽²⁾	Unrealized gain (loss)
Underlying CPI index	Floor rate⁽¹⁾		Average life (in years)	Contract currency	U.S. dollars	Weighted average strike price	Index value at period end	Cost	Cost in bps⁽²⁾	Fair value	Fair value in bps⁽²⁾	Unrealized gain (loss)
United States	0.0	%	4.7	46,725.0	46,725.0	231.39	246.52	287.5	61.5	20.6	4.4	(266.9	)
United States	0.5	%	6.8	12,600.0	12,600.0	238.30	246.52	39.9	31.7	17.2	13.7	(22.7	)
European Union	0.0	%	4.0	41,375.0	49,683.0	96.09	102.57	307.1	61.8	1.4	0.3	(305.7	)
United Kingdom	0.0	%	4.9	3,300.0	4,464.1	243.82	278.10	23.2	52.0	0.3	0.7	(22.9	)
France	0.0	%	5.1	3,150.0	3,782.5	99.27	101.76	20.7	54.7	0.1	0.3	(20.6	)
			4.6		117,254.6			678.4		39.6		(638.8	)

(1)

Contracts with a floor rate of 0.0% provide a payout at maturity if there is cumulative deflation over the life of the contract. Contracts with a floor rate of 0.5% provide a payout at maturity based on an equivalent weighted average strike price of 250.49 if cumulative inflation averages less than 0.5% per year over the life of the contract. At December 31, 2018 the equivalent weighted average strike price for the United States 0.5% CPI-linked derivative contracts was 243.41 (December 31, 2017 - 242.20).


(2)	Expressed as a percentage of the notional amount.