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Financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2021
Financial Instruments [Abstract] |
Fair value measurement of assets | The following table provides the carrying value of each category of financial assets and liabilities and the related balance sheet item:
As at | Dec 31 2021 | Dec 31 2020
Financial assets: |  |
Financial assets measured at fair value: |  |
Derivative instruments designated as cash flow hedges 1 | $ | 56,802 |  | $ | 3,371
Financial assets not measured at fair value: |  |
Cash and cash equivalents | 932,069 |  | 833,841
Trade and other receivables, excluding tax receivable | 540,891 |  | 406,392
Restricted cash included in other assets | 13,053 |  | 41,979
Total financial assets 2 | $ | 1,542,815 |  | $ | 1,285,583
Financial liabilities: |  |
Financial liabilities measured at fair value: |  |
Derivative instruments designated as cash flow hedges 1 | $ | 60,098 |  | $ | 181,372
Financial liabilities not measured at fair value: |  |
Trade, other payables and accrued liabilities, excluding tax payable | 660,475 |  | 500,056
Lease obligations, including current portion | 717,101 |  | 722,234
Long-term debt, including current portion | 2,158,192 |  | 2,363,372
Other long term liabilities, including current portion | 28,985 |  | 29,430
Total financial liabilities | $ | 3,624,851 |  | $ | 3,796,464
1 The Geismar and Medicine Hat natural gas hedges and euro foreign currency hedges designated as cash flow hedges are measured at fair value based on industry accepted valuation models and inputs obtained from active markets. 2 The carrying amount of the financial assets represents the maximum exposure to credit risk at the respective reporting periods.
Fair value measurement of liabilities | The following table provides the carrying value of each category of financial assets and liabilities and the related balance sheet item:
As at | Dec 31 2021 | Dec 31 2020
Financial assets: |  |
Financial assets measured at fair value: |  |
Derivative instruments designated as cash flow hedges 1 | $ | 56,802 |  | $ | 3,371
Financial assets not measured at fair value: |  |
Cash and cash equivalents | 932,069 |  | 833,841
Trade and other receivables, excluding tax receivable | 540,891 |  | 406,392
Restricted cash included in other assets | 13,053 |  | 41,979
Total financial assets 2 | $ | 1,542,815 |  | $ | 1,285,583
Financial liabilities: |  |
Financial liabilities measured at fair value: |  |
Derivative instruments designated as cash flow hedges 1 | $ | 60,098 |  | $ | 181,372
Financial liabilities not measured at fair value: |  |
Trade, other payables and accrued liabilities, excluding tax payable | 660,475 |  | 500,056
Lease obligations, including current portion | 717,101 |  | 722,234
Long-term debt, including current portion | 2,158,192 |  | 2,363,372
Other long term liabilities, including current portion | 28,985 |  | 29,430
Total financial liabilities | $ | 3,624,851 |  | $ | 3,796,464
1 The Geismar and Medicine Hat natural gas hedges and euro foreign currency hedges designated as cash flow hedges are measured at fair value based on industry accepted valuation models and inputs obtained from active markets. 2 The carrying amount of the financial assets represents the maximum exposure to credit risk at the respective reporting periods. The carrying values of the Company’s financial instruments approximate their fair values, except as follows:
As at | December 31, 2021 | December 31, 2020
| Carrying value | Fair value | Carrying value | Fair value
Long-term debt excluding deferred financing fees | $ | 2,177,499 | $ | 2,292,787 | $ | 2,382,699 | $ | 2,559,771
Cash flow hedges with natural gas forward contracts |
As at | Dec 31 2021 | Dec 31 2020
Maturities | 2022-2032 | 2021-2032
Notional quantity 1 | 322,880 |  | 306,820 |
Notional quantity per day 1 | 50 - 130 | 50 - 90
Notional amount | $ | 1,053,917 |  | $ | 1,005,550 |
Net fair value - liability | $ | (3,986) |  | $ | (177,426) |
1 In thousands of Metric Million British Thermal Units (MMBtu) Information regarding the gross amounts of the Company's natural gas forward contracts designated as cash flow hedges in the audited consolidated statements of financial position is as follows:
As at | Dec 31 2021 | Dec 31 2020
Other current assets | $ | 5,905 |  | $ | 410 |
Other non-current assets | 50,208 |  | 2,961 |
Other current liabilities | (3,961) |  | (14,758) |
Other long-term liabilities | (56,138) |  | (166,039) |
Net fair value - liability | $ | (3,986) |  | $ | (177,426) |
Maturity profile of fair value liabilities | The table below shows the nominal cash outflows for derivative hedging instruments including natural gas forward contracts and forward exchange contracts, excluding credit risk adjustments, based upon contracted settlement dates. The amounts reflect the maturity profile of the hedging instruments and are subject to change based on the prevailing market rate at each of the future settlement dates. Financial asset derivative positions, if any, are held with investment-grade counterparties and therefore the settlement day risk exposure is considered to be negligible.
As at | Dec 31 2021 | Dec 31 2020
Within one year | $ | 3,854 |  | $ | 14,887 |
1-3 years | 24,250 |  | 45,467 |
3-5 years | 21,500 |  | 63,025 |
More than 5 years | 17,737 |  | 94,263 |
| $ | 67,341 |  | $ | 217,642 |

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- Definition The disclosure of detailed information about hedged items. [Refer: Hedged items [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2021-01-01 -Paragraph 24B -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_24B&doctype=Standard -URIDate 2021-03-24 + Details
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- Definition The disclosure of a maturity analysis for derivative financial liabilities, including the remaining contractual maturities for those derivative financial liabilities for which contractual maturities are essential for an understanding of the timing of the cash flows. [Refer: Derivative financial liabilities] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2021-01-01 -Paragraph 39 -Subparagraph b -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_39_b&doctype=Standard -URIDate 2021-03-24 + Details
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