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Financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2022
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 2022 | Dec 31 2021
Financial assets: |  |
Financial assets measured at fair value: |  |
Derivative instruments designated as cash flow hedges 1 | $ | 322,748 |  | $ | 56,802
Fair value of Egypt gas supply contract derivative 2 | 11,220 |  | — |
Financial assets not measured at fair value: |  |
Cash and cash equivalents | 857,747 |  | 932,069
Trade and other receivables, excluding tax receivable | 488,184 |  | 540,891
Restricted cash included in other assets | 14,349 |  | 13,053
Total financial assets 3 | $ | 1,694,248 |  | $ | 1,542,815
Financial liabilities: |  |
Financial liabilities measured at fair value: |  |
Derivative instruments designated as cash flow hedges 1 | $ | 8,466 |  | $ | 60,098
Financial liabilities not measured at fair value: |  |
Trade, other payables and accrued liabilities, excluding tax payable | 656,010 |  | 660,475
Lease obligations, including current portion | 870,163 |  | 717,101
Long-term debt, including current portion | 2,151,513 |  | 2,158,192
Land mortgage | 28,514 |  | 28,985
Total financial liabilities | $ | 3,714,666 |  | $ | 3,624,851
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 Egypt natural gas supply contract is measured at fair value using a Monte-Carlo model classified within Level 3 of the fair value hierarchy. 3 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 2022 | Dec 31 2021
Financial assets: |  |
Financial assets measured at fair value: |  |
Derivative instruments designated as cash flow hedges 1 | $ | 322,748 |  | $ | 56,802
Fair value of Egypt gas supply contract derivative 2 | 11,220 |  | — |
Financial assets not measured at fair value: |  |
Cash and cash equivalents | 857,747 |  | 932,069
Trade and other receivables, excluding tax receivable | 488,184 |  | 540,891
Restricted cash included in other assets | 14,349 |  | 13,053
Total financial assets 3 | $ | 1,694,248 |  | $ | 1,542,815
Financial liabilities: |  |
Financial liabilities measured at fair value: |  |
Derivative instruments designated as cash flow hedges 1 | $ | 8,466 |  | $ | 60,098
Financial liabilities not measured at fair value: |  |
Trade, other payables and accrued liabilities, excluding tax payable | 656,010 |  | 660,475
Lease obligations, including current portion | 870,163 |  | 717,101
Long-term debt, including current portion | 2,151,513 |  | 2,158,192
Land mortgage | 28,514 |  | 28,985
Total financial liabilities | $ | 3,714,666 |  | $ | 3,624,851
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 Egypt natural gas supply contract is measured at fair value using a Monte-Carlo model classified within Level 3 of the fair value hierarchy. 3 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, 2022 | December 31, 2021
| Carrying value | Fair value | Carrying value | Fair value
Long-term debt excluding deferred financing fees | $ | 2,168,585 | $ | 1,953,932 | $ | 2,177,499 | $ | 2,292,787
Fair value, natural gas forward contracts and cash flow hedges and excluded forward element |
As at | Dec 31 2022 | Dec 31 2021
Maturities | 2023-2032 | 2022-2032
Notional quantity 1 | 307,900 |  | 322,880 |
Notional quantity per day, annualized 1 | 50 - 150 | 50 - 130
Notional amount | $ | 1,014,264 |  | $ | 1,053,917 |
Net fair value | $ | 316,008 |  | $ | (3,986) |
1 In thousands of 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 2022 | Dec 31 2021
Other current assets | $ | 32,768 |  | $ | 5,905 |
Other non-current assets | 289,979 |  | 50,208 |
Other current liabilities | (317) |  | (3,961) |
Other long-term liabilities | (6,422) |  | (56,138) |
Net fair value | $ | 316,008 |  | $ | (3,986) |
Information regarding the impact of changes in cash flow hedges and cost of hedging reserve in the consolidated statement of comprehensive income is as follows:
For the years ended December 31 | 2022 | 2021
Change in fair value of cash flow hedges | $ | (27,742) |  | $ | 289,824 |
Forward element excluded from hedging relationships | 406,029 |  | (101,401) |
| $ | 378,287 |  | $ | 188,423 |
Fair value, level 2 maturity profile | 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 2022 | Dec 31 2021
Within one year | $ | 2,050 |  | $ | 3,854 |
1-3 years | 7,132 |  | 24,250 |
3-5 years | — |  | 21,500 |
More than 5 years | — |  | 17,737 |
| $ | 9,182 |  | $ | 67,341 |
Fair value, level 3 inputs and the sensitivities, valuation to changes | The table presents the Level 3 inputs and the sensitivities of the Monte-Carlo model valuation to changes in these inputs:
| Sensitivities
Valuation input | Input value or range | Change in input | Resulting change in valuation
Methanol price volatility (before impact of mean reversion) | 35% | +/- 5% | $+6/-5 million
Methanol price forecast | $330 - $500 per MT | +/- $25 per MT | $+4/-3 million
Discount rate | 8.9% | +/- 1% | $+/-1 million

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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 2022-03-24 -Paragraph 24B -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2022-en-r&anchor=para_24B&doctype=Standard -URIDate 2022-03-24 + Details
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- Definition The disclosure of financial assets. [Refer: Financial assets] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2022-03-24 -Paragraph 7 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2022-en-r&anchor=para_7&doctype=Standard -URIDate 2022-03-24 + Details
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- Definition The disclosure of financial liabilities. [Refer: Financial liabilities] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2022-03-24 -Paragraph 7 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2022-en-r&anchor=para_7&doctype=Standard -URIDate 2022-03-24 + Details
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- Definition The disclosure of significant inputs for which market data are not available and that are developed using the best information available about the assumptions that market participants would use when measuring the fair value of assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 13 -IssueDate 2022-03-24 -Paragraph 93 -Subparagraph d -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=13&code=ifrs-tx-2022-en-r&anchor=para_93_d&doctype=Standard -URIDate 2022-03-24 + 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 2022-03-24 -Paragraph 39 -Subparagraph b -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2022-en-r&anchor=para_39_b&doctype=Standard -URIDate 2022-03-24 + Details
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