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Financial instruments (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
Fair value of financial instruments
2019
Carrying
amount
 
Fair
value
 
Level 1
 
Level 2
 
Level 3
Long-term investments 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 hedge
20,384

 
20,384

 
—

 
—

 
20,384

Commodity contracts for regulated 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

Energy contracts not designated as a hedge
38

 
38

 
—

 
—

 
38

Cross-currency swap designated as a net investment hedge
81,765

 
81,765

 
—

 
81,765

 
—

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



24.
Financial instruments (continued)
(a)Fair value of financial instruments (continued)
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 (1):
 
 
 
 
 
 
 
 
 
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

(1) Balance of $441 associated with certain weather derivatives have been excluded, as they are accounted for based on intrinsic value rather than fair value.
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
2,134,739

        Options
150,000

        Forward contracts
2,500,000

 
4,784,739
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: 
 
 
2019
 
 
2018
Regulatory assets:
 
 
 
 
 
Swap contracts
 
$
28

 
 
$
66

Option contracts
 
38

 
 
—

Forward contracts
 
$
1,830

 
 
$
—

Regulatory liabilities:
 
 
 
 
 
Swap contracts
 
$
743

 
 
$
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 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)
757,075

 
 December 2028
 
35.35
 
PJM Western HUB
3,443,530

 
 December 2027
 
25.54
 
PJM NI HUB
2,665,068

 
 December 2027
 
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: 
 
2019
 
2018
Effective portion of cash flow hedge
$
19,177

 
$
1,567

Amortization of cash flow hedge
(33
)
 
(33
)
Amounts reclassified from AOCI
(8,564
)
 
(4,224
)
OCI attributable to shareholders of APUC
$
10,580

 
$
(2,690
)
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:
 
2019
 
2018
Change in unrealized loss (gain) on derivative financial instruments:
 
 
 
Energy derivative contracts
$
(530
)
 
$
77

Currency forward contract
904

 
(1,230
)
Total change in unrealized loss (gain) on derivative financial instruments
$
374

 
$
(1,153
)
Realized loss (gain) on derivative financial instruments:
 
 
 
Energy derivative contracts
227

 
(73
)
Currency forward contract
(147
)
 
115

Total realized loss on derivative financial instruments
$
80

 
$
42

Loss (gain) on derivative financial instruments not accounted for as hedges
454

 
(1,111
)
Discontinued hedge accounting (note 24(b)(ii)) and other
(15,810
)
 
632

 
$
(15,356
)
 
$
(479
)
Amounts recognized in the consolidated statements of operations consist of:
 
 
 
Loss (gain) on derivative financial instruments
$
(16,113
)
 
$
636

Loss (gain) on foreign exchange
757

 
(1,115
)
 
$
(15,356
)
 
$
(479
)
Maximum Credit Risk Exposure for Financial Instruments
As of December 31, 2019, the Company’s maximum exposure to credit risk for these financial instruments was as follows: 
 
December 31, 2019
 
Canadian $
 
US $
Cash and cash equivalents and restricted cash
$
53,619

 
$
45,989

Accounts receivable
42,987

 
231,006

Allowance for doubtful accounts
(89
)
 
(4,850
)
Notes receivable
15,963

 
50,680

 
$
112,480

 
$
322,825
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
$
602,028

 
$
468,740

 
$
600,721

 
$
2,260,416

 
$
3,931,905

Convertible debentures
—

—

—

 
—

 
346

 
346

Advances in aid of construction
1,165

 
—

 
—

 
59,663

 
60,828

Interest on long-term debt
185,231

 
318,469

 
257,443

 
992,116

 
1,753,259

Purchase obligations
458,288

 
—

 
—

 
—

 
458,288

Environmental obligation
14,970

 
20,850

 
1,128

 
21,536

 
58,484

Derivative financial instruments:
 
 
 
 
 
 
 
 
 
Cross-currency swap
4,149

 
69,099

 
3,851

 
4,666

 
81,765

Energy derivative and commodity contracts
1,631

 
909

 
—

 
359

 
2,899

Other obligations
39,115

 
2,120

 
2,696

 
109,094

 
153,025

Total obligations
$
1,306,577

 
$
880,187

 
$
865,839

 
$
3,448,196

 
$
6,500,799