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Unformatted text preview: 2.3)
As at December 31,
2 012 Current assets
Non-current assets $ Current liabilities
Net assets $ 2011
313.2 $ $ 1 5.8
2 65.9 Contingent liabilities related to investments in associates are included in Note 20. 11. FINANCIAL INSTRUMENTS
i Fair values of financial instruments:
Carrying values for financial instruments, including cash and cash equivalents, short-term investments, accounts
receivable, and accounts payable and accrued liabilities approximate fair values due to their short-term
Fair value estimates for derivative contracts, except as noted below, are based on quoted market prices for
comparable contracts and represent the amount the Company would have received from, or paid to, a
counterparty to unwind the contract at the market rates in effect at the consolidated balance sheet date.
The Company categorizes each of its fair value measurements in accordance with a fair value hierarchy. The fair
value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value.
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are
quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets,
inputs other than quoted prices that are observable for the asset or liability (for example, interest rate and yield
curves observable at commonly quoted intervals, forward pricing curves used to value currency and commodity
contracts and volatility measurements used to value option contracts), or inputs that are derived principally
from or corroborated by observable market data or other means. Level 3 inputs are unobservable (supported by
little or no market activity). The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest
priority to Level 3 inputs. Assets (liabilities) measured at fair value on a recurring basis as at D...
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- Spring '14