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v3.20.2

Financial instruments (Tables) | 6 Months Ended
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Jun. 30, 2020
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments | Fair value of financial instruments
June 30, 2020 | Carrying amount |  | Fair value |  | Level 1 |  | Level 2 |  | Level 3
Long-term investments carried at fair value | $ | 1,417,524 |  |  | $ | 1,417,524 |  |  | 1,307,814 |  |  | $ | 26,650 |  |  | $ | 83,060 |
Development loans and other receivables | 104,005 |  |  | 111,274 |  |  | — |  |  | 111,274 |  |  | — |
Derivative instruments (1): |  |  |  |  |  |  |  |  |
Energy contracts designated as a cash flow hedge | 58,383 |  |  | 58,383 |  |  | — |  |  | — |  |  | 58,383 |
Energy contracts not designated as cash flow hedge | 460 |  |  | 460 |  |  | — |  |  | — |  |  | 460 |
Commodity contracts for regulated operations | 57 |  |  | 57 |  |  | — |  |  | 57 |  |  | — |
Cross currency swap designated as a net investment hedge | 13,578 |  |  | 13,578 |  |  | — |  |  | 13,578 |  |  | — |
Total derivative instruments | 72,478 |  |  | 72,478 |  |  | — |  |  | 13,635 |  |  | 58,843 |
Total financial assets | $ | 1,594,007 |  |  | $ | 1,601,276 |  |  | $ | 1,307,814 |  |  | $ | 151,559 |  |  | $ | 141,903 |
Long-term debt | $ | 4,154,776 |  |  | $ | 4,616,138 |  |  | $ | 1,575,663 |  |  | $ | 3,040,475 |  |  | $ | — |
Convertible debentures | 314 |  |  | 548 |  |  | 548 |  |  | — |  |  | — |
Preferred shares, Series C | 12,975 |  |  | 14,634 |  |  | — |  |  | 14,634 |  |  | — |
Derivative instruments (1): |  |  |  |  |  |  |  |  |
Energy contracts designated as a cash flow hedge | 2,004 |  |  | 2,004 |  |  | — |  |  | — |  |  | 2,004 |
Energy contracts not designated as a cash flow hedge | 86 |  |  | 86 |  |  | — |  |  | — |  |  | 86 |
Cross-currency swap designated as a net investment hedge | 106,007 |  |  | 106,007 |  |  | — |  |  | 106,007 |  |  | — |
Forward interest rate swaps designated as a hedge | 10,924 |  |  | 10,924 |  |  | — |  |  | 10,924 |  |  | — |
Commodity contracts for regulated operations | 580 |  |  | 580 |  |  | — |  |  | 580 |  |  | — |
Total derivative instruments | 119,601 |  |  | 119,601 |  |  | — |  |  | 117,511 |  |  | 2,090 |
Total financial liabilities | $ | 4,287,666 |  |  | $ | 4,750,921 |  |  | $ | 1,576,211 |  |  | $ | 3,172,620 |  |  | $ | 2,090 |
(1) Balance of $153 associated with certain weather derivatives have been excluded, as they are accounted for based on intrinsic value rather than fair value.
21. | Financial instruments (continued)
(a) | Fair value of financial instruments (continued)
December 31, 2019 | Carrying amount |  | Fair value |  | Level 1 |  | Level 2 |  | Level 3
Long-term investment carried at fair value | $ | 1,294,147 |  |  | $ | 1,294,147 |  |  | $ | 1,178,581 |  |  | $ | 27,072 |  |  | $ | 88,494 |
Development loans and other receivables | 37,050 |  |  | 37,984 |  |  | — |  |  | 37,984 |  |  | — |
Derivative instruments: |  |  |  |  |  |  |  |  |
Energy contracts designated as a cash flow hedge | 65,304 |  |  | 65,304 |  |  | — |  |  | — |  |  | 65,304 |
Energy contracts not designated as a cash flow hedge | 20,384 |  |  | 20,384 |  |  | — |  |  | — |  |  | 20,384 |
Commodity contracts for regulatory operations | 16 |  |  | 16 |  |  | — |  |  | 16 |  |  | — |
Total derivative instruments | 85,704 |  |  | 85,704 |  |  | — |  |  | 16 |  |  | 85,688 |
Total financial assets | $ | 1,416,901 |  |  | $ | 1,417,835 |  |  | $ | 1,178,581 |  |  | $ | 65,072 |  |  | $ | 174,182 |
Long-term debt | $ | 3,931,868 |  |  | $ | 4,284,068 |  |  | $ | 1,495,153 |  |  | $ | 2,788,915 |  |  | $ | — |
Convertible debentures | 342 |  |  | 623 |  |  | 623 |  |  | — |  |  | — |
Preferred shares, Series C | 13,793 |  |  | 15,120 |  |  | — |  |  | 15,120 |  |  | — |
Derivative instruments: |  |  |  |  |  |  |  |  |
Energy contracts designated as a cash flow hedge | 789 |  |  | 789 |  |  | — |  |  | — |  |  | 789 |
Cross-currency swap designated as a net investment hedge | 81,765 |  |  | 81,765 |  |  | — |  |  | 81,765 |  |  | — |
Currency forward contract not designated as hedge | 38 |  |  | 38 |  |  | — |  |  | — |  |  | 38 |
Commodity contracts for regulated operations | 2,072 |  |  | 2,072 |  |  | — |  |  | 2,072 |  |  | — |
Total derivative instruments | 84,664 |  |  | 84,664 |  |  | — |  |  | 83,837 |  |  | 827 |
Total financial liabilities | $ | 4,030,667 |  |  | $ | 4,384,475 |  |  | $ | 1,495,776 |  |  | $ | 2,887,872 |  |  | $ | 827 |
Summary of Commodity Volumes Associated with Derivative Contracts | The following are commodity volumes, in dekatherms (“dths”) associated with the above derivative contracts:
| 2020 |
Financial contracts: Swaps | 2,315,733 |
Options | 188,834 |
Forward contracts | 2,000,000 |
| 4,504,567 |
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 unaudited interim consolidated balance sheets:
|  | June 30, 2020 |  | December 31, 2019
Regulatory assets: |  |  |  |
Swap contracts |  | $ | 129 |  |  | $ | 28 |
Option contracts |  | 16 |  |  | 38 |
Forward contracts |  | $ | 809 |  |  | $ | 1,830 |
Regulatory liabilities: |  |  |  |
Swap contracts |  | $ | 139 |  |  | $ | 743 |
Option contracts |  | $ | 25 |  |  | $ | — |
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)
692,015 |  |  | December 2028 |  | 34.65 |  | PJM Western HUB
3,170,648 |  |  | December 2027 |  | 25.13 |  | NI HUB
2,469,582 |  |  | December 2027 |  | 36.46 |  | ERCORT 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:
| Three months ended June 30 |  | Six months ended June 30
| 2020 |  | 2019 |  | 2020 |  | 2019
Effective portion of cash flow hedge | $ | (2,085 | ) |  | $ | 6,442 |  |  | $ | (12,890 | ) |  | $ | 10,087 |
Amortization of cash flow hedge | (1,100 | ) |  | (8 | ) |  | (1,108 | ) |  | (16 | )
Amounts reclassified from AOCI | (3,028 | ) |  | 5,733 |  |  | (6,303 | ) |  | 3,559 |
OCI attributable to shareholders of APUC | $ | (6,213 | ) |  | $ | 12,167 |  |  | $ | (20,301 | ) |  | $ | 13,630 |
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
| 2020 |  | 2019 |  | 2020 |  | 2019
Change in unrealized gain (loss) on derivative financial instruments: |  |  |  |  |  |  |
Energy derivative contracts | $ | 449 |  |  | $ | 398 |  |  | $ | 627 |  |  | $ | 398 |
Currency forward contract | — |  |  | 145 |  |  | — |  |  | (417 | )
Total change in unrealized gain (loss) on derivative financial instruments | $ | 449 |  |  | $ | 543 |  |  | $ | 627 |  |  | $ | (19 | )
Realized gain (loss) on derivative financial instruments: |  |  |  |  |  |  |
Energy derivative contracts | (549 | ) |  | — |  |  | (681 | ) |  | (207 | )
Currency forward contract | — |  |  | 288 |  |  | — |  |  | 573 |
Total realized gain (loss) on derivative financial instruments | $ | (549 | ) |  | $ | 288 |  |  | $ | (681 | ) |  | $ | 366 |
Gain (loss) on derivative financial instruments not accounted for as hedges | (100 | ) |  | 831 |  |  | (54 | ) |  | 347 |
Amortization of AOCI gains frozen as a result of hedge dedesignation | 1,489 |  |  | 11 |  |  | 1,500 |  |  | 22 |
| $ | 1,389 |  |  | $ | 842 |  |  | $ | 1,446 |  |  | $ | 369 |
Amounts recognized in the unaudited interim consolidated statements of operations consist of: |  |  |  |  |  |  |
Gain on derivative financial instruments | $ | 1,389 |  |  | $ | 409 |  |  | $ | 1,446 |  |  | $ | 213 |
Gain on foreign exchange | — |  |  | 433 |  |  | — |  |  | 156 |
| $ | 1,389 |  |  | $ | 842 |  |  | $ | 1,446 |  |  | $ | 369 |
(c) | Risk management
In the normal course of business, the Company is exposed to financial risks that potentially impact its operating results. The Company employs risk management strategies with a view to mitigate these risks to the extent possible on a cost effective basis.

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