(Expressed in thousands of United States dollars) 16. Financial Instruments The Company’s financial instruments and their designations are (i) held for trading: cash and cash equivalents; (ii) loans and receivables: accounts receivable and other assets; and (iii) other financial liabilities: accounts payable and accrued expenses, bank overdraft, short-term debt and long-term debt including current portion. As at  As at  As at  As at Dec. 31, 2011  Dec. 31, 2011  Dec. 31, 2010  Dec. 31, 2010  Carrying  Estimated  Carrying  Estimated value  fair value  value  fair value  Held for trading: Cash and cash equivalents  424  424  2,363  2,363  424 424 2,363 2,363  Loans and receivables: Accounts receivable  15,943  15,943  11,917  11,917  Other receivables - Insurance  438  438  2,188  2,188 16,381  16,381  14,105  14,105 Other financial liabilities: Accounts payable and accrued expenses  31,640 31,640 24,985 24,985 Short-term debt  6,000  6,000  17,000  17,000 Consumer deposits  4,357  4,357  4,178  4,178  Long-term debt including current portion  1  202,448  233,231  178,290  167,768 244,445  275,228  224,453  213,931 Financial Instruments 1 $^{Carrying value of long-term debt includes deferred debt issue costs}$  Fair Values The fair value of long-term debt, including current portion, is calculated by discounting the future cash flows of each debt instrument at the estimated yield to maturity for the same or similar debt instruments at the balance sheet date. The fair value of long-term debt as at December 31, 2011 totalled $233.2 million, (December 31, 2010: $167.8 million). The fair value of the Company’s remaining financial instruments approximates their carrying value, reflecting either their nature or short-term maturity. Fuel Option Contracts Financial liability  As at  Level 1  Level 2  Level 3 Dec. 31, 2011  Quoted Prices  Sigificant  Significant  Total in active  other inputs  unobservable fair value  markets for  inputs identical assets  Option contracts  1  (468)  (468)  Fuel Option Contracts 1 $^{Carrying value of fuel option contracts included in Accounts Payable and Accrued Expenses.}$  Caribbean Utilities Company, Ltd.  2011  Annual Report Notes to Financial Statements 48