Derivative Instruments (Tables)
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9 Months Ended |
Sep. 30, 2016 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of Derivative Instruments Classified as Assets (Liabilities) |
The following tables present the fair values of the Company's derivative instruments on a gross basis as reflected on the Company’s consolidated balance sheets (in thousands): | | | | | | | | | | | | | | | | | | | | September 30, 2016 | | | Derivative Assets | | Derivative Liabilities | | | Current | | Long-Term | | Current | | Long-Term | Fair Value of Designated Derivatives | | | | | | | | | Interest rate swaps | | $ | — |
| | $ | — |
| | $ | 10,293 |
| | $ | 50,166 |
| | | | | | | | | | Fair Value of Undesignated Derivatives | | | | | | | | | Interest rate swaps | | $ | — |
| | $ | — |
| | $ | 3,957 |
| | $ | 14,605 |
| Energy derivative | | 18,457 |
| | 30,256 |
| | — |
| | — |
| Foreign currency forward contracts | | 740 |
| | 3 |
| | 695 |
| | 66 |
| | | | | | | | | | Total Fair Value | | $ | 19,197 |
| | $ | 30,259 |
| | $ | 14,945 |
| | $ | 64,837 |
| | | | | | | | | | | | December 31, 2015 | | | Derivative Assets | | Derivative Liabilities | | | Current | | Long-Term | | Current | | Long-Term | Fair Value of Designated Derivatives | | | | | | | | | Interest rate swaps | | $ | — |
| | $ | — |
| | $ | 10,034 |
| | $ | 24,360 |
| | | | | | | | | | Fair Value of Undesignated Derivatives | | | | | | | | | Interest rate swaps | | $ | — |
| | $ | 559 |
| | $ | 4,309 |
| | $ | 4,299 |
| Energy derivative | | 20,856 |
| | 42,827 |
| | — |
| | — |
| Foreign currency forward contracts | | 3,482 |
| | 628 |
| | — |
| | — |
| | | | | | | | | | Total Fair Value | | $ | 24,338 |
| | $ | 44,014 |
| | $ | 14,343 |
| | $ | 28,659 |
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| Schedule of Notional Amounts of Outstanding Derivative Positions |
The following table summarizes the notional amounts of the Company's outstanding derivative instruments (in thousands except for MWh): | | | | | | | | | | | | | | Unit of Measure | | September 30, | | December 31, | | | | 2016 | | 2015 | Designated Derivative Instruments | | | | | | | Interest rate swaps | | USD | | $ | 367,824 |
| | $ | 379,808 |
| Interest rate swaps | | CAD | | $ | 196,650 |
| | $ | 196,988 |
| | | | | | | | Undesignated Derivative Instruments | | | | | | | Interest rate swaps | | USD | | $ | 259,469 |
| | $ | 275,424 |
| Energy derivative | | MWh | | 1,322,387 |
| | 1,707,350 |
| Foreign currency forward contracts | | CAD | | $ | 267,700 |
| | $ | 62,300 |
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| Derivative Instruments, Gain (Loss) |
The following table presents gains and losses on derivative contracts designated and qualifying as cash flow hedges recognized in accumulated other comprehensive income (loss), as well as amounts reclassified to earnings for the following periods (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | | Description | | 2016 | | 2015 | | 2016 | | 2015 | Gains (losses) recognized in accumulated OCI | | Effective portion of change in fair value | | $ | (329 | ) | | $ | (15,600 | ) | | $ | (30,990 | ) | | $ | (16,257 | ) | Gains (losses) reclassified from accumulated OCI into: | | | | | | | | | | | Interest expense, net of tax | | Derivative settlements | | $ | (2,736 | ) | | $ | (2,590 | ) | | $ | (8,359 | ) | | $ | (9,546 | ) | Realized loss on designated derivatives, net | | Termination of derivatives | | $ | — |
| | $ | (11,221 | ) | | $ | — |
| | $ | (11,221 | ) | Gains (losses) recognized in interest expense | | Ineffective portion | | $ | 365 |
| | $ | — |
| | $ | (147 | ) | | $ | — |
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| Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location |
The following table presents gains and losses on derivatives not designated as hedges (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | Financial Statement Line Item | | | | Three months ended September 30, | | Nine months ended September 30, | Derivative Type | | | Description | | 2016 | | 2015 | | 2016 | | 2015 | Interest rate derivatives | | Gain (loss) on undesignated derivatives, net | | Change in fair value, net of settlements | | $ | 2,305 |
| | $ | (7,570 | ) | | $ | (10,513 | ) | | $ | (5,264 | ) | Interest rate derivatives | | Gain (loss) on undesignated derivatives, net | | Derivative settlements | | $ | (1,272 | ) | | $ | (1,383 | ) | | $ | (3,878 | ) | | $ | (3,302 | ) | Energy derivative | | Electricity sales | | Change in fair value, net of settlements | | $ | (818 | ) | | $ | 4,630 |
| | $ | (14,970 | ) | | $ | 1,600 |
| Energy derivative | | Electricity sales | | Derivative settlements | | $ | 3,144 |
| | $ | 2,969 |
| | $ | 16,629 |
| | $ | 15,066 |
| Foreign currency forward contracts | | Gain (loss) on undesignated derivatives, net | | Change in fair value, net of settlements | | $ | 487 |
| | $ | 2,480 |
| | $ | (4,128 | ) | | $ | 2,871 |
| Foreign currency forward contracts | | Gain (loss) on undesignated derivatives, net | | Derivative settlements | | $ | 305 |
| | $ | 382 |
| | $ | 834 |
| | $ | 382 |
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