|
|
|
2017 |
|
2016 |
|
||||||||
|
Asset (liability) |
|
Carrying value |
|
Fair value |
|
Carrying value |
|
Fair value |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Long-term debt1, 2 |
|
$ |
(3,294,557 |
) |
$ |
(3,492,100 |
) |
$ |
(3,180,301 |
) |
$ |
(3,266,417 |
) |
|
Derivative financial instruments3 |
|
|
|
|
|
|
|
|
|
||||
|
Early settlement options |
|
— |
|
— |
|
417 |
|
417 |
|
||||
|
Foreign exchange forward contracts4 |
|
(4,502 |
) |
(4,502 |
) |
2,467 |
|
2,467 |
|
||||
|
Cross-currency interest rate swaps4 |
|
263,530 |
|
263,530 |
|
415,321 |
|
415,321 |
|
||||
|
1 |
The carrying value of long-term debt excludes adjustments to record changes in the fair value of long-term debt related to hedged interest rate risk, embedded derivatives and financing fees. |
|
2 |
The fair value of long-term debt excludes the fair value of early settlement options, which is presented separately in the table. |
|
3 |
The fair value of derivative financial instruments designated as hedges is a net asset position of $259.0 million as of December 31, 2017 ($417.8 million as of December 31, 2016). |
|
4 |
The value of foreign exchange forward contracts entered into to lock-in the value of existing hedging positions is netted from the value of the offset financial instruments. |