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Financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2017
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments |
(a) | Fair value of financial instruments
2017 | Carrying amount |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Notes receivable | $ | 41,873 |  |  | $ | 47,912 |  |  | $ | — |  |  | $ | 47,912 |  |  | $ | — |
Derivative instruments (1): |  |  |  |  |  |  |  |  |
Energy contracts designated as a cash flow hedge | 79,490 |  |  | 79,490 |  |  | — |  |  | — |  |  | 79,490 |
Energy contracts not designated as a cash flow hedge | 137 |  |  | 137 |  |  | — |  |  | 137 |  |  | — |
Commodity contracts for regulated operations | 92 |  |  | 92 |  |  | — |  |  | 92 |  |  | — |
Transmission congestion rights | 7,812 |  |  | 7,812 |  |  | — |  |  | 7,812 |  |  | — |
Total derivative instruments | 87,531 |  |  | 87,531 |  |  | — |  |  | 8,041 |  |  | 79,490 |
Total financial assets | $ | 129,404 |  |  | $ | 135,443 |  |  | $ | — |  |  | $ | 55,953 |  |  | $ | 79,490 |
Long-term debt | $ | 3,863,296 |  |  | $ | 4,093,071 |  |  | $ | 817,895 |  |  | $ | 3,275,176 |  |  | $ | — |
Convertible debentures | 1,218 |  |  | 1,277 |  |  | 1,277 |  |  | — |  |  | — |
Preferred shares, Series C | 18,464 |  |  | 18,973 |  |  |  |  | 18,973 |  |  | — |
Derivative instruments: |  |  |  |  |  |  |  |  |
Energy contracts designated as a cash flow hedge | 97 |  |  | 97 |  |  | — |  |  | — |  |  | 97 |
Energy contracts not designated as a cash flow hedge | 39 |  |  | 39 |  |  | — |  |  | 39 |  |  | — |
Cross-currency swap designated as a net investment hedge | 72,023 |  |  | 72,023 |  |  | — |  |  | 72,023 |  |  | — |
Interest rate swap designated as a hedge | 10,613 |  |  | 10,613 |  |  | — |  |  | 10,613 |  |  | — |
Currency forward contract not designated as a hedge | 432 |  |  | 432 |  |  | — |  |  | 432 |  |  | — |
Commodity contracts for regulated operations | 3,286 |  |  | 3,286 |  |  | — |  |  | 3,286 |  |  | — |
Total derivative instruments | 86,490 |  |  | 86,490 |  |  | — |  |  | 86,393 |  |  | 97 |
Total financial liabilities | $ | 3,969,468 |  |  | $ | 4,199,811 |  |  | $ | 819,172 |  |  | $ | 3,380,542 |  |  | $ | 97 |
(1) Balance of $553 associated with certain weather derivatives have been excluded, as they are accounted for based on intrinsic value rather than fair value.
25. | Financial instruments (continued)
(a)Fair value of financial instruments (continued)
2016 | Carrying amount |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Notes receivable | $ | 38,183 |  |  | $ | 47,933 |  |  | $ | — |  |  | $ | 47,933 |  |  | $ | — |
Derivative instruments (1): |  |  |  |  |  |  |  |  |
Energy contracts designated as a cash flow hedge | 84,554 |  |  | 84,554 |  |  | — |  |  | — |  |  | 84,554 |
Interest rate swap designated as a hedge | 48,093 |  |  | 48,093 |  |  | — |  |  | 48,093 |  |  | — |
Currency forward contract not designated as a hedge | 17,864 |  |  | 17,864 |  |  | — |  |  | 17,864 |  |  | — |
Commodity contracts for regulatory operations | 359 |  |  | 359 |  |  | — |  |  | 359 |  |  | — |
Total derivative instruments | 150,870 |  |  | 150,870 |  |  | — |  |  | 66,316 |  |  | 84,554 |
Total financial assets | $ | 189,053 |  |  | $ | 198,803 |  |  | $ | — |  |  | $ | 114,249 |  |  | $ | 84,554 |
Long-term debt | $ | 3,913,415 |  |  | $ | 3,999,266 |  |  | $ | 517,637 |  |  | $ | 3,481,629 |  |  | $ | — |
Convertible debentures | 358,619 |  |  | 455,975 |  |  | 455,975 |  |  | — |  |  | — |
Preferred shares, Series C | 18,460 |  |  | 18,613 |  |  | — |  |  | 18,613 |  |  | — |
Derivative instruments: |  |  |  |  |  |  |  |  |
Cross-currency swap designated as a net investment hedge | 95,404 |  |  | 95,404 |  |  | — |  |  | 95,404 |  |  | — |
Interest rate swaps designated as a hedge | 13,385 |  |  | 13,385 |  |  | — |  |  | 13,385 |  |  | — |
Commodity contracts for regulated operations | 36 |  |  | 36 |  |  | — |  |  | 36 |  |  | — |
Total derivative instruments | 108,825 |  |  | 108,825 |  |  | — |  |  | 108,825 |  |  | — |
Total financial liabilities | $ | 4,399,319 |  |  | $ | 4,582,679 |  |  | $ | 973,612 |  |  | $ | 3,609,067 |  |  | $ | — |
Summary of Commodity Volumes Associated with Derivative Contracts | The following are commodity volumes, in dekatherms (“dths”) associated with the above derivative contracts:
| 2017
Financial contracts: Swaps | 2,518,812 |
Options | 518,866 |
Forward contracts | 12,420,000 |
| 15,457,678 |
Impact of Change in Fair Value of Natural Gas Derivative Contracts | The following table presents the impact of the change in the fair value of the Company’s natural gas derivative contracts had on the consolidated balance sheets:
|  | 2017 |  |  | 2016
Regulatory assets: |  |  |  |  |
Swap contracts | U.S. | $ | — |  |  | U.S. | $ | — |
Option contracts | U.S. | $ | — |  |  | U.S. | $ | 27 |
Forward contracts | U.S. | $ | 6,319 |  |  | U.S. | $ | — |
Regulatory liabilities: |  |  |  |  |
Swap contracts | U.S. | $ | 287 |  |  | U.S. | $ | 175 |
Option contracts | U.S. | $ | 138 |  |  | U.S. | $ | 92 |
Forward contracts | U.S. | $ | 20,909 |  |  | U.S. | $ | — |
Long-Term Energy Derivative Contracts | The Company reduces the price risk on the expected future sale of power generation at Sandy Ridge, Senate and Minonk Wind Facilities by entering into the following long-term energy derivative contracts.
Notional quantity (MW-hrs) |  | Expiry |  | Receive average prices (per MW-hr) |  | Pay floating price (per MW-hr)
688,147 |  |  | December 2023 |  | U.S. $ |  | 40.40 |  |  | PJM Western HUB
2,926,922 |  |  | December 2023 |  | U.S. $ |  | 29.26 |  |  | NI HUB
3,330,876 |  |  | December 2027 |  | U.S. $ |  | 36.46 |  |  | ERCOT North HUB
Derivative Financial Instruments Designated as Cash Flow Hedge, Effect on Consolidated Statement of Operations | The following table summarizes OCI attributable to derivative financial instruments designated as a cash flow hedge:
| 2017 |  | 2016
Effective portion of cash flow hedge, gain | $ | 8,714 |  |  | $ | 34,355 |
Amortization of cash flow hedge | (30 | ) |  | (47 | )
Gain reclassified from AOCI | (6,775 | ) |  | (7,554 | )
OCI attributable to shareholders of APUC | $ | 1,909 |  |  | $ | 26,754 |
Effects on Statement of Operations of Derivative Financial Instruments Not Designated as Hedges | The effects on the consolidated statements of operations of derivative financial instruments not designated as hedges consist of the following:
| 2017 |  | 2016
Change in unrealized loss (gain) on derivative financial instruments: |  |  |
Energy derivative contracts | $ | (52 | ) |  | $ | (426 | )
Currency forward contract | 432 |  |  | (19,810 | )
Commodity contracts | (3,916 | ) |  | — |
Total change in unrealized gain on derivative financial instruments | $ | (3,536 | ) |  | $ | (20,236 | )
Realized loss (gain) on derivative financial instruments: |  |  |
Interest rate swaps | (193 | ) |  | — |
Energy derivative contracts | 730 |  |  | 951 |
Currency forward contract | 16,413 |  |  | (1,371 | )
Total realized loss (gain) on derivative financial instruments | $ | 16,950 |  |  | $ | (420 | )
Loss (gain) on derivative financial instruments not accounted for as hedges | 13,414 |  |  | (20,656 | )
Ineffective portion of derivative financial instruments accounted for as hedges | 805 |  |  | 1,518 |
| $ | 14,219 |  |  | $ | (19,138 | )
Amounts recognized in the consolidated statements of operations consist of: |  |  |
Gain on derivative financial instruments | (2,626 | ) |  | (15,849 | )
Loss (gain) on foreign exchange | 16,845 |  |  | (3,289 | )
| $ | 14,219 |  |  | $ | (19,138 | )
Maximum Credit Risk Exposure for Financial Instruments | As of December 31, 2017, the Company’s maximum exposure to credit risk for these financial instruments was as follows:
| December 31, 2017
| Canadian $ |  | US $
Cash and cash equivalents and restricted cash | $ | 26,259 |  |  | $ | 38,491 |
Accounts receivable | 14,468 |  |  | 238,637 |
Allowance for doubtful accounts | — |  |  | (5,555 | )
Notes receivable | 37,710 |  |  | 3,318 |
| $ | 78,437 |  |  | $ | 274,891 |
Liabilities Maturity Profile | The Company’s liabilities mature as follows:
| Due less than 1 year |  | Due 2 to 3 years |  | Due 4 to 5 years |  | Due after 5 years |  | Total
Long-term debt obligations | $ | 279,724 |  |  | $ | 570,132 |  |  | $ | 644,969 |  |  | $ | 2,331,327 |  |  | $ | 3,826,152 |
Convertible Debentures | — |  | — |  | — |  |  | — |  |  | 1,218 |  |  | 1,218 |
Advances in aid of construction | 1,502 |  |  | — |  |  | — |  |  | 77,134 |  |  | 78,636 |
Interest on long-term debt | 172,659 |  |  | 307,463 |  |  | 250,824 |  |  | 1,275,184 |  |  | 2,006,130 |
Purchase obligations | 501,867 |  |  | — |  |  | — |  |  | — |  |  | 501,867 |
Environmental obligation | 7,765 |  |  | 18,858 |  |  | 5,373 |  |  | 39,877 |  |  | 71,873 |
Derivative financial instruments: |  |  |  |  |  |  |  |  |
Cross-currency swap | 4,386 |  |  | 8,077 |  |  | 64,726 |  |  | (5,166 | ) |  | 72,023 |
Interest rate swaps | 10,613 |  |  | — |  |  | — |  |  | — |  |  | 10,613 |
Currency forward | 432 |  |  | — |  |  | — |  |  | — |  |  | 432 |
Energy derivative and commodity contracts | 2,290 |  |  | 1,035 |  |  | — |  |  | 97 |  |  | 3,422 |
Other obligations | 44,969 |  |  | — |  |  | — |  |  | 110,267 |  |  | 155,236 |
Total obligations | $ | 1,026,207 |  |  | $ | 905,565 |  |  | $ | 965,892 |  |  | $ | 3,829,938 |  |  | $ | 6,727,602 |

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- Definition Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4L -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5708777-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4K -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5708775-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4J -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5708773-113959 + Details
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