Based on historic default rates, the Company believes that no impairment allowance is necessary in respect of trade receivables not past due. (e) Liquidity risk Exposure to liquidity risk The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the impact of netting agreements: December 31, 2010 Carrying amount December 31, 2011 Payments due by period (in millions of Canadian dollars) Carrying amount Contractual cash flows 0-6 months 6-12 months 1-2 years 2-5 years More than 5 years Non-derivative financial liabilities Secured bank loans $ 1.9 $ 2.4 $ 2.4 $ 0.4 $ 0.5 $ 0.6 $ 0.9 $ — Unsecured bank loans 20.7 16.1 16.1 1.2 7.7 2.4 4.8 — Unsecured senior notes 394.6 333.1 333.9 — 9.5 81.4 111.9 131.1 Finance lease liabilities 2.8 2.2 2.2 0.2 0.2 0.4 1.4 — Other long-term obligations 1.4 0.1 0.1 0.1 — — — — Interest on unsecured senior notes * * 87.4 3.3* 10.4 18.5 40.4 14.8 Interest on other long-term debt — — 2.7 0.6 0.6 0.7 0.8 — Trade and other payables 230.3 234.0 234.0 232.5 1.5 — — — Bank advances 0.5 — — — — — — — Derivative financial liabilities Outflow – FV hedges 12.5 0.8 10.1 — 10.1 — — — Inflow – FV hedges — — (10.2) — (10.2) — — — Outflow – CF hedges — 1.7 1.7 0.9 0.5 0.3 — — Interest on derivatives * * (0.5) (0.3) (0.2) — — — Accrued post-employment benefit liabilities * * 24.6 * * 3.1 9.2 12.3 Operating leases — — 31.2 4.5 4.5 6.2 10.2 5.8 Total contractual cash obligations $ 664.7 $590.4 $ 735.7 $243.4 $ 35.1 $113.6 $179.6 $164.0 * accrued post-employment benefit liability of $3.1 million, accrued interest of $7.1 million on unsecured senior notes and accrued interest of $0.1 million on derivatives are reported in trade and other payables in 2011 (2010: $2.9 million, $8.1 million and $1.9 million, respectively) The following tables indicate the periods in which the cash flows associated with derivatives that are cash flow hedges are expected to impact the income statement: December 31, 2010 Carrying amount December 31, 2011 Payments due by period (in millions of Canadian dollars) Carrying amount Contractual cash flows 0-6 months 6-12 months 1-2 years 2-5 years More than 5 years Assets $ 1.9 $ — $ — $ — $ — $ — $ — $ — Liabilities — 1.7 1.7 0.9 0.5 0.3 — — Total $ 1.9 $ 1.7 $ 1.7 $ 0.9 $ 0.5 $ 0.3 $ — $ — CCL Industries Inc. 2011 Annual Report 79