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v3.19.2

Financial instruments (Tables) | 6 Months Ended
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Jun. 30, 2019
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments |
(a) | Fair value of financial instruments
June 30, 2019 | Carrying amount |  | Fair value |  | Level 1 |  | Level 2 |  | Level 3
Long-term investments carried at fair value | $ | 1,097,661 |  |  | $ | 1,097,661 |  |  | $ | 1,018,837 |  |  | $ | — |  |  | $ | 78,824 |
Development loans and other receivables | $ | 12,242 |  |  | $ | 12,294 |  |  | $ | — |  |  | $ | 12,294 |  |  | $ | — |
Derivative instruments (1): |  |  |  |  |  |  |  |  |
Energy contracts designated as a cash flow hedge | 80,574 |  |  | 80,574 |  |  | — |  |  | — |  |  | 80,574 |
Energy contracts not designated as a cash flow hedge | 423 |  |  | 423 |  |  | — |  |  | — |  |  | 423 |
Currency forward contract not designated as a hedge | 1,120 |  |  | 1,120 |  |  | — |  |  | 1,120 |  |  | — |
Total derivative instruments | 82,117 |  |  | 82,117 |  |  | — |  |  | 1,120 |  |  | 80,997 |
Total financial assets | $ | 1,192,020 |  |  | $ | 1,192,072 |  |  | $ | 1,018,837 |  |  | $ | 13,414 |  |  | $ | 159,821 |
Long-term debt | $ | 3,781,906 |  |  | $ | 4,049,563 |  |  | $ | 1,446,278 |  |  | $ | 2,603,285 |  |  | $ | — |
Convertible debentures | 397 |  |  | 627 |  |  | 627 |  |  | — |  |  | — |
Preferred shares, Series C | 13,860 |  |  | 14,830 |  |  | — |  |  | 14,830 |  |  | — |
Derivative instruments: |  |  |  |  |  |  |  |  |
Energy contracts designated as a cash flow hedge | 63 |  |  | 63 |  |  | — |  |  | — |  |  | 63 |
Energy contracts not designated as a cash flow hedge | 25 |  |  | 25 |  |  | — |  |  | — |  |  | 25 |
Cross-currency swap designated as a net investment hedge | 76,532 |  |  | 76,532 |  |  | — |  |  | 76,532 |  |  | — |
Derivatives designated as foreign exchange hedge | 9,608 |  |  | 9,608 |  |  | — |  |  | 9,608 |  |  | — |
Currency forward contract not designated as a hedge | 632 |  |  | 632 |  |  | — |  |  | 632 |  |  | — |
Commodity contracts for regulated operations | 2,598 |  |  | 2,598 |  |  | — |  |  | 2,598 |  |  | — |
Total derivative instruments | 89,458 |  |  | 89,458 |  |  | — |  |  | 89,370 |  |  | 88 |
Total financial liabilities | $ | 3,885,621 |  |  | $ | 4,154,478 |  |  | $ | 1,446,905 |  |  | $ | 2,707,485 |  |  | $ | 88 |
(1) Balance of $200 associated with certain weather derivatives has been excluded, as they are accounted for based on intrinsic value rather than fair value.
20. | Financial instruments (continued)
(a)Fair value of financial instruments (continued)
December 31, 2018 | Carrying amount |  | Fair value |  | Level 1 |  | Level 2 |  | Level 3
Long-term investment carried at fair value | $ | 814,530 |  |  | $ | 814,530 |  |  | $ | 814,530 |  |  | $ | — |  |  | $ | — |
Development loans and other receivables | $ | 103,696 |  |  | $ | 110,019 |  |  | $ | — |  |  | $ | 110,019 |  |  | $ | — |
Derivative instruments: |  |  |  |  |  |  |  |  |
Energy contracts designated as a cash flow hedge | 61,838 |  |  | 61,838 |  |  | — |  |  | — |  |  | 61,838 |
Currency forward contract not designated as a hedge | 869 |  |  | 869 |  |  | — |  |  | 869 |  |  | — |
Commodity contracts for regulatory operations | 101 |  |  | 101 |  |  | — |  |  | 101 |  |  | — |
Total derivative instruments | 62,808 |  |  | 62,808 |  |  | — |  |  | 970 |  |  | 61,838 |
Total financial assets | $ | 981,034 |  |  | $ | 987,357 |  |  | $ | 814,530 |  |  | $ | 110,989 |  |  | $ | 61,838 |
Long-term debt | $ | 3,336,795 |  |  | $ | 3,356,773 |  |  | $ | 768,400 |  |  | $ | 2,588,373 |  |  | $ | — |
Convertible debentures | 470 |  |  | 639 |  |  | 639 |  |  | — |  |  | — |
Preferred shares, Series C | 13,418 |  |  | 13,703 |  |  | — |  |  | 13,703 |  |  | — |
Derivative instruments: |  |  |  |  |  |  |  |  |
Energy contracts designated as a cash flow hedge | 57 |  |  | 57 |  |  | — |  |  | — |  |  | 57 |
Cross-currency swap designated as a net investment hedge | 93,198 |  |  | 93,198 |  |  | — |  |  | 93,198 |  |  | — |
Interest rate swaps designated as a hedge | 8,473 |  |  | 8,473 |  |  | — |  |  | 8,473 |  |  | — |
Commodity contracts for regulated operations | 1,114 |  |  | 1,114 |  |  | — |  |  | 1,114 |  |  | — |
Total derivative instruments | 102,842 |  |  | 102,842 |  |  | — |  |  | 102,785 |  |  | 57 |
Total financial liabilities | $ | 3,453,525 |  |  | $ | 3,473,957 |  |  | $ | 769,039 |  |  | $ | 2,704,861 |  |  | $ | 57 |
Summary of Commodity Volumes Associated with Derivative Contracts | The following are commodity volumes, in dekatherms (“dths”) associated with the above derivative contracts:
| 2019
Financial contracts: Swaps | 2,971,366 |
Forward contracts | 4,660,000 |
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 on the unaudited interim consolidated balance sheets:
|  | June 30, 2019 |  | December 31, 2018
Regulatory assets: |  |  |  |
Swap contracts |  | $ | 119 |  |  | $ | 66 |
Option contracts |  | 30 |  |  | — |
Forward contracts |  | $ | 989 |  |  | $ | — |
Regulatory liabilities: |  |  |  |
Swap contracts |  | $ | 645 |  |  | $ | 218 |
Option contracts |  | — |  |  | 134 |
Forward contracts |  | $ | — |  |  | $ | 1,259 |
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 and the Sugar Creek development project 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)
806,770 |  | December 2028 |  | 35.81 |  | PJM Western HUB
2,664,040 |  | December 2024 |  | 27.51 |  | NI HUB
2,803,607 |  | December 2027 |  | 36.46 |  | ERCORT North HUB
5,254,390 |  | September 2030 |  | 24.54 |  | MISO Illinois 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:
| Three Months Ended June 30 |  | Six Months Ended June 30
| 2019 |  | 2018 |  | 2019 |  | 2018
Effective portion of cash flow hedge | $ | 6,442 |  |  | $ | 6,204 |  |  | $ | 10,087 |  |  | $ | 3,764 |
Amortization of cash flow hedge | (8 | ) |  | (8 | ) |  | (16 | ) |  | (16 | )
Amount reclassified from AOCI | 5,733 |  |  | (1,642 | ) |  | 3,559 |  |  | (2,945 | )
OCI attributable to shareholders of APUC | $ | 12,167 |  |  | $ | 4,554 |  |  | $ | 13,630 |  |  | $ | 803 |
Effects on Statement of Operations of Derivative Financial Instruments Not Designated as Hedges | The effects on the unaudited interim consolidated statements of operations of derivative financial instruments not designated as hedges consist of the following:
| Three Months Ended June 30 |  | Six Months Ended June 30
| 2019 |  | 2018 |  | 2019 |  | 2018
Change in unrealized loss (gain) on derivative financial instruments: |  |  |  |  |  |  |
Energy derivative contracts | $ | (398 | ) |  | $ | 67 |  |  | $ | (398 | ) |  | $ | 182 |
Currency forward contract | (145 | ) |  | (728 | ) |  | 417 |  |  | (1,063 | )
Total change in unrealized loss (gain) on derivative financial instruments | $ | (543 | ) |  | $ | (661 | ) |  | $ | 19 |  |  | $ | (881 | )
Realized loss (gain) on derivative financial instruments: |  |  |  |  |  |  |
Energy derivative contracts | — |  |  | — |  |  | 207 |  |  | 13 |
Currency forward contract | (288 | ) |  | 452 |  |  | (573 | ) |  | 859 |
Total realized loss (gain) on derivative financial instruments | $ | (288 | ) |  | $ | 452 |  |  | $ | (366 | ) |  | $ | 872 |
Gain on derivative financial instruments not accounted for as hedges | (831 | ) |  | (209 | ) |  | (347 | ) |  | (9 | )
Other | (12 | ) |  | (12 | ) |  | (23 | ) |  | (23 | )
| $ | (843 | ) |  | $ | (221 | ) |  | $ | (370 | ) |  | $ | (32 | )
Amounts recognized in the consolidated statements of operations consist of: |  |  |  |  |  |  |
Loss (gain) on derivative financial instruments | (409 | ) |  | 55 |  |  | (213 | ) |  | 172 |
Gain on foreign exchange | (434 | ) |  | (276 | ) |  | (157 | ) |  | (204 | )
| $ | (843 | ) |  | $ | (221 | ) |  | $ | (370 | ) |  | $ | (32 | )

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