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Financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2020
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments | Fair value of financial instruments
December 31, 2020 | Carrying amount |  | Fair value |  | Level 1 |  | Level 2 |  | Level 3
Long-term investments carried at fair value | $ | 1,837,429 |  |  | $ | 1,837,429 |  |  | $ | 1,706,900 |  |  | $ | 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 cash flow hedge | 388 |  |  | 388 |  |  | — |  |  | — |  |  | 388 |
Commodity contracts for regulated operations | 194 |  |  | 194 |  |  | — |  |  | 194 |  |  | — |
Total derivative instruments | 52,107 |  |  | 52,107 |  |  | — |  |  | 194 |  |  | 51,913 |
Total financial assets | $ | 1,913,340 |  |  | $ | 1,920,624 |  |  | $ | 1,706,900 |  |  | $ | 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 | 84,543 |  |  | 84,543 |  |  | — |  |  | 84,543 |  |  | — |
Interest rate swaps designated as a hedge | 19,324 |  |  | 19,324 |  |  | — |  |  | 19,324 |  |  | — |
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 |
24. 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 |
Energy contracts not designated as a cash flow 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 |
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 | 1,830,852 |
Options | 479,692 |
Forward contracts | 1,500,000 |
| 3,810,544 |
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 consolidated balance sheets:
|  | 2020 |  | 2019
Regulatory assets: |  |  |  |
Swap contracts |  | $ | 228 |  |  | $ | 28 |
Option contracts |  | 50 |  |  | 38 |
Forward contracts |  | $ | 693 |  |  | $ | 1,830 |
Regulatory liabilities: |  |  |  |
Swap contracts |  | $ | 271 |  |  | $ | 743 |
Option contracts |  | $ | 76 |  |  | $ | — |
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 Shady Oaks II 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)
2,479,234 |  |  | December 2031 |  | $23.50 |  | NI HUB
642,280 |  |  | December 2028 |  | $34.02 |  | PJM Western HUB
2,953,751 |  |  | December 2027 |  | $24.76 |  | NI HUB
2,330,995 |  |  | 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:
|  |  |  |  | 2020 |  | 2019
Effective portion of cash flow hedge |  |  |  |  | $ | (13,418) |  |  | $ | 19,177 |
Amortization of cash flow hedge |  |  |  |  | (1,248) |  |  | (33) |
Amounts reclassified from AOCI |  |  |  |  | (9,616) |  |  | (8,564) |
OCI attributable to shareholders of AQN |  |  |  |  | $ | (24,282) |  |  | $ | 10,580 |
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:
|  |  |  |  | 2020 |  | 2019
Change in unrealized gain (loss) on derivative financial instruments: |  |  |  |  |  |  |
Energy derivative contracts |  |  |  |  | $ | (901) |  |  | $ | 530 |
Currency forward contract |  |  |  |  | — |  |  | (904) |
Total change in unrealized gain (loss) on derivative financial instruments |  |  |  |  | $ | (901) |  |  | $ | (374) |
Realized gain (loss) on derivative financial instruments: |  |  |  |  |  |  |
Energy derivative contracts |  |  |  |  | (1,145) |  |  | (227) |
Currency forward contract |  |  |  |  | 2,363 |  |  | 147 |
Total realized gain (loss) on derivative financial instruments |  |  |  |  | $ | 1,218 |  |  | $ | (80) |
Gain (loss) on derivative financial instruments not accounted for as hedges |  |  |  |  | 317 |  |  | (454) |
Amortization of AOCI gains frozen as a result of hedge dedesignation |  |  |  |  | 3,009 |  |  | 15,810 |
|  |  |  |  | $ | 3,326 |  |  | $ | 15,356 |
Amounts recognized in the consolidated statements of operations consist of: |  |  |  |  |  |  |
Gain on derivative financial instruments |  |  |  |  | $ | 964 |  |  | $ | 16,113 |
Gain (loss) on foreign exchange |  |  |  |  | 2,362 |  |  | (757) |
|  |  |  |  | $ | 3,326 |  |  | $ | 15,356 |
Maximum Credit Risk Exposure for Financial Instruments | As of December 31, 2020, the Company’s maximum exposure to credit risk for these financial instruments was as follows:
|  |  |  |  | 2020
Cash and cash equivalents and restricted cash |  |  |  |  | $ | 130,018 |
Accounts receivable |  |  |  |  | 355,151 |
Allowance for doubtful accounts |  |  |  |  | (29,506) |
Notes receivable |  |  |  |  | 23,804 |
|  |  |  |  | $ | 479,467 |
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 | $ | 334,352 |  |  | $ | 821,535 |  |  | $ | 285,600 |  |  | $ | 3,092,544 |  |  | $ | 4,534,031 |
Interest on long-term debt | 195,876 |  |  | 337,199 |  |  | 267,112 |  |  | 1,084,022 |  |  | 1,884,209 |
Purchase obligations | 561,690 |  |  | — |  |  | — |  |  | — |  |  | 561,690 |
Environmental obligation | 16,955 |  |  | 26,409 |  |  | 1,251 |  |  | 21,518 |  |  | 66,133 |
Advances in aid of construction | 1,236 |  |  | — |  |  | — |  |  | 78,628 |  |  | 79,864 |
Derivative financial instruments: |  |  |  |  |  |  |  |  |
Cross-currency swap | 37,338 |  |  | 29,999 |  |  | 19,875 |  |  | (2,670) |  |  | 84,542 |
Interest rate swaps | 2,725 |  |  | 4,346 |  |  | 4,369 |  |  | 7,885 |  |  | 19,325 |
Energy derivative and commodity contracts | 1,917 |  |  | (233) |  |  | 919 |  |  | 3,940 |  |  | 6,543 |
Other obligations | 79,219 |  |  | 6,601 |  |  | 5,232 |  |  | 125,209 |  |  | 216,261 |
Total obligations | $ | 1,231,308 |  |  | $ | 1,225,856 |  |  | $ | 584,358 |  |  | $ | 4,411,076 |  |  | $ | 7,452,598 |

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