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Financial instruments (Tables) | 6 Months Ended
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Jun. 30, 2021
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments | Fair value of financial instruments
June 30, 2021 | Carrying amount |  | Fair value |  | Level 1 |  | Level 2 |  | Level 3
Long-term investments carried at fair value | $ | 1,929,128 |  |  | $ | 1,929,128 |  |  | $ | 1,824,899 |  |  | $ | — |  |  | $ | 104,229 |
Development loans and other receivables | 7,962 |  |  | 9,299 |  |  | — |  |  | 9,299 |  |  | — |
Derivative instruments: |  |  |  |  |  |  |  |  |
Energy contracts designated as a cash flow hedge | 23,494 |  |  | 23,494 |  |  | — |  |  | — |  |  | 23,494 |
Energy contracts not designated as cash flow hedge | 279 |  |  | 279 |  |  | — |  |  | — |  |  | 279 |
Interest rate swap designated as a hedge | 2,365 |  |  | 2,365 |  |  | — |  |  | 2,365 |  |  | — |
Commodity contracts for regulated operations | 2,406 |  |  | 2,406 |  |  | — |  |  | 2,406 |  |  | — |
Cross-currency swap designated as a net investment hedge | 3,717 |  |  | 3,717 |  |  |  |  | 3,717 |  |  |
Total derivative instruments | 32,261 |  |  | 32,261 |  |  | — |  |  | 8,488 |  |  | 23,773 |
Total financial assets | $ | 1,969,351 |  |  | $ | 1,970,688 |  |  | $ | 1,824,899 |  |  | $ | 17,787 |  |  | $ | 128,002 |
Long-term debt | $ | 6,622,363 |  |  | $ | 7,075,179 |  |  | $ | 2,488,347 |  |  | $ | 4,586,832 |  |  | $ | — |
Convertible debentures | 285 |  |  | 433 |  |  | 433 |  |  | — |  |  | — |
Preferred shares, Series C | 13,868 |  |  | 15,211 |  |  | — |  |  | 15,211 |  |  | — |
Derivative instruments: |  |  |  |  |  |  |  |  |
Energy contracts designated as a cash flow hedge | 15,384 |  |  | 15,384 |  |  | — |  |  | — |  |  | 15,384 |
Energy contracts not designated as a cash flow hedge | 2,527 |  |  | 2,527 |  |  | — |  |  | — |  |  | 2,527 |
Cross-currency swap designated as a net investment hedge | 55,720 |  |  | 55,720 |  |  | — |  |  | 55,720 |  |  | — |
Interest rate swaps designated as a hedge | 9,124 |  |  | 9,124 |  |  | — |  |  | 9,124 |  |  | — |
Total derivative instruments | 82,755 |  |  | 82,755 |  |  | — |  |  | 64,844 |  |  | 17,911 |
Total financial liabilities | $ | 6,719,271 |  |  | $ | 7,173,578 |  |  | $ | 2,488,780 |  |  | $ | 4,666,887 |  |  | $ | 17,911 |
21. Financial instruments (continued) (a)Fair value of financial instruments (continued)
December 31, 2020 | Carrying amount |  | Fair value |  | Level 1 |  | Level 2 |  | Level 3
Long-term investment carried at fair value | $ | 1,839,212 |  |  | $ | 1,839,212 |  |  | $ | 1,708,683 |  |  | $ | 20,015 |  |  | $ | 110,514 |
Development loans and other receivables | 23,804 |  |  | 31,088 |  |  | — |  |  | 31,088 |  |  | — |
Derivative instruments: |  |  |  |  |  |  |  |  |
Energy contracts designated as a cash flow hedge | 51,525 |  |  | 51,525 |  |  | — |  |  | — |  |  | 51,525 |
Energy contracts not designated as a cash flow hedge | 388 |  |  | 388 |  |  | — |  |  | — |  |  | 388 |
Commodity contracts for regulatory operations | 194 |  |  | 194 |  |  | — |  |  | 194 |  |  | — |
Total derivative instruments | 52,107 |  |  | 52,107 |  |  | — |  |  | 194 |  |  | 51,913 |
Total financial assets | $ | 1,915,123 |  |  | $ | 1,922,407 |  |  | $ | 1,708,683 |  |  | $ | 51,297 |  |  | $ | 162,427 |
Long-term debt | $ | 4,538,470 |  |  | $ | 5,140,059 |  |  | $ | 2,316,586 |  |  | $ | 2,823,473 |  |  | $ | — |
Notes payable to related party | 30,493 |  |  | 30,493 |  |  | — |  |  | 30,493 |  |  | — |
Convertible debentures | 295 |  |  | 623 |  |  | 623 |  |  | — |  |  | — |
Preferred shares, Series C | 13,698 |  |  | 15,565 |  |  | — |  |  | 15,565 |  |  | — |
Derivative instruments: |  |  |  |  |  |  |  |  |
Energy contracts designated as a cash flow hedge | 5,597 |  |  | 5,597 |  |  | — |  |  | — |  |  | 5,597 |
Energy contracts not designated as a cash flow hedge | 332 |  |  | 332 |  |  | — |  |  | — |  |  | 332 |
Cross-currency swap designated as a net investment hedge | 84,218 |  |  | 84,218 |  |  | — |  |  | 84,218 |  |  | — |
Interest rate swaps designated as a hedge | 19,649 |  |  | 19,649 |  |  | — |  |  | 19,649 |  |  | — |
Commodity contracts for regulated operations | 614 |  |  | 614 |  |  | — |  |  | 614 |  |  | — |
Total derivative instruments | 110,410 |  |  | 110,410 |  |  | — |  |  | 104,481 |  |  | 5,929 |
Total financial liabilities | $ | 4,693,366 |  |  | $ | 5,297,150 |  |  | $ | 2,317,209 |  |  | $ | 2,974,012 |  |  | $ | 5,929 |
Summary of Commodity Volumes Associated with Derivative Contracts | The following are commodity volumes, in dekatherms (“dths”), associated with the above derivative contracts:
| 2021
Financial contracts: Swaps | 2,668,464 |
Forward contracts | 500,000 |
| 3,168,464 |
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, 2021 |  | December 31, 2020
Regulatory assets: |  |  |  |
Swap contracts |  | $ | 911 |  |  | $ | 228 |
Option contracts |  | $ | 68 |  |  | $ | 50 |
Forward contracts |  | $ | — |  |  | $ | 693 |
Regulatory liabilities: |  |  |  |
Swap contracts |  | $ | — |  |  | $ | 271 |
Option contracts |  | $ | — |  |  | $ | 76 |
Forward contracts |  | $ | 197 |  |  | $ | — |
Long-Term Energy Derivative Contracts |
Notional quantity (MW-hrs) |  | Expiry |  | Receive average prices (per MW-hr) |  | Pay floating price (per MW-hr)
2,479,234 |  |  | December 2031 |  | $23.50 |  | NI HUB
4,822,668 |  |  | September 2030 |  | $24.54 |  | Illinois Hub
577,686 |  |  | December 2028 |  | $33.03 |  | PJM Western HUB
2,682,564 |  |  | December 2027 |  | $24.20 |  | NI HUB
2,136,795 |  |  | 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
| 2021 |  | 2020 |  | 2021 |  | 2020
Effective portion of cash flow hedge | $ | (32,436) |  |  | $ | (2,085) |  |  | $ | (63,167) |  |  | $ | (12,890) |
Amortization of cash flow hedge | (214) |  |  | (1,100) |  |  | (1,112) |  |  | (1,108) |
Amounts reclassified from AOCI | 859 |  |  | (3,028) |  |  | 40,132 |  |  | (6,303) |
OCI attributable to shareholders of AQN | $ | (31,791) |  |  | $ | (6,213) |  |  | $ | (24,147) |  |  | $ | (20,301) |
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
| 2021 |  | 2020 |  | 2021 |  | 2020
Change in unrealized gain (loss) on derivative financial instruments: |  |  |  |  |  |  |
Energy derivative contracts | $ | (2,305) |  |  | $ | 449 |  |  | $ | (2,627) |  |  | $ | 627 |
Total change in unrealized gain (loss) on derivative financial instruments | $ | (2,305) |  |  | $ | 449 |  |  | $ | (2,627) |  |  | $ | 627 |
Realized gain (loss) on derivative financial instruments: |  |  |  |  |  |  |
Energy derivative contracts | 196 |  |  | (549) |  |  | 359 |  |  | (681) |
Total realized gain (loss) on derivative financial instruments | $ | 196 |  |  | $ | (549) |  |  | $ | 359 |  |  | $ | (681) |
Loss on derivative financial instruments not accounted for as hedges | (2,109) |  |  | (100) |  |  | (2,268) |  |  | (54) |
Amortization of AOCI gains frozen as a result of hedge dedesignation | 755 |  |  | 1,489 |  |  | 2,003 |  |  | 1,500 |
| $ | (1,354) |  |  | $ | 1,389 |  |  | $ | (265) |  |  | $ | 1,446 |
Amounts recognized in the consolidated statements of operations consist of: |  |  |  |  |  |  |
Gain (loss) on derivative financial instruments | $ | (1,354) |  |  | $ | 1,389 |  |  | $ | (265) |  |  | $ | 1,446 |

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