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Financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2024
Financial Instruments [Abstract] |
Schedule of 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 2024 | Dec 31 2023
Financial assets: |  |
Financial assets measured at fair value: |  |
Derivative instruments designated as cash flow hedges 1 | $ | 128,414 |  | $ | 121,108
Fair value of Egypt gas supply contract derivative 2 | 14,341 |  | 20,402
Fair value of New Zealand gas supply contract derivative 3 | 8,713 |  | — |
Financial assets not measured at fair value: |  |
Cash and cash equivalents | 891,910 |  | 458,015
Trade and other receivables, excluding tax receivable | 454,278 |  | 514,739
Restricted cash included in other assets | 14,305 |  | 15,772
Total financial assets 4 | $ | 1,511,961 |  | $ | 1,130,036
Financial liabilities: |  |
Financial liabilities measured at fair value: |  |
Derivative instruments designated as cash flow hedges 1 | $ | 36,811 |  | $ | 91,653
Financial liabilities not measured at fair value: |  |
Trade, other payables and accrued liabilities, excluding tax payable | 429,737 |  | 672,237
Lease obligations, including current portion | 818,205 |  | 872,120
Long-term debt, including current portion | 2,414,935 |  | 2,141,801
Land mortgage | 27,483 |  | 28,014
Total financial liabilities | $ | 3,727,171 |  | $ | 3,805,825
1 The Geismar 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 New Zealand natural gas supply contract is measured at fair value using an economic model classified within Level 3 of the fair value hierarchy. 4 The carrying amount of the financial assets represents the maximum exposure to credit risk at the respective reporting periods.
Schedule of 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 2024 | Dec 31 2023
Financial assets: |  |
Financial assets measured at fair value: |  |
Derivative instruments designated as cash flow hedges 1 | $ | 128,414 |  | $ | 121,108
Fair value of Egypt gas supply contract derivative 2 | 14,341 |  | 20,402
Fair value of New Zealand gas supply contract derivative 3 | 8,713 |  | — |
Financial assets not measured at fair value: |  |
Cash and cash equivalents | 891,910 |  | 458,015
Trade and other receivables, excluding tax receivable | 454,278 |  | 514,739
Restricted cash included in other assets | 14,305 |  | 15,772
Total financial assets 4 | $ | 1,511,961 |  | $ | 1,130,036
Financial liabilities: |  |
Financial liabilities measured at fair value: |  |
Derivative instruments designated as cash flow hedges 1 | $ | 36,811 |  | $ | 91,653
Financial liabilities not measured at fair value: |  |
Trade, other payables and accrued liabilities, excluding tax payable | 429,737 |  | 672,237
Lease obligations, including current portion | 818,205 |  | 872,120
Long-term debt, including current portion | 2,414,935 |  | 2,141,801
Land mortgage | 27,483 |  | 28,014
Total financial liabilities | $ | 3,727,171 |  | $ | 3,805,825
1 The Geismar 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 New Zealand natural gas supply contract is measured at fair value using an economic model classified within Level 3 of the fair value hierarchy. 4 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, 2024 | December 31, 2023
| Carrying value | Fair value | Carrying value | Fair value
Long-term debt excluding deferred financing fees | $ | 2,437,286 | $ | 2,348,705 | $ | 2,156,534 | $ | 2,063,661
Schedule of fair value, natural gas forward contracts and cash flow hedges and excluded forward element |
As at | Dec 31 2024 | Dec 31 2023
Maturities | 2025-2032 | 2024-2032
Notional quantity 1 | 310,520 |  | 347,190 |
Notional quantity per day, annualized 1 | 50 - 210 | 50 - 170
Notional amount | $ | 1,048,973 |  | $ | 1,183,319 |
Net fair value | $ | 89,632 |  | $ | 29,925 |
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 2024 | Dec 31 2023
Other current assets | $ | 25,760 |  | $ | 470 |
Other non-current assets | 100,683 |  | 120,638 |
Other current liabilities | (14,708) |  | (60,532) |
Other long-term liabilities | (22,103) |  | (30,651) |
Net fair value | $ | 89,632 |  | $ | 29,925 |
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 | 2024 | 2023
Change in fair value of cash flow hedges | $ | 187,921 |  | $ | (276,619) |
Forward element excluded from hedging relationships | (211,132) |  | (33,837) |
| $ | (23,211) |  | $ | (310,456) |
Schedule of 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 2024 | Dec 31 2023
Within one year | $ | 15,038 |  | $ | 65,034 |
1-3 years | 5,808 |  | 17,771 |
3-5 years | 4,330 |  | 5,537 |
More than 5 years | 20,459 |  | 11,378 |
| $ | 45,635 |  | $ | 99,720 |
Schedule of 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 million
Methanol price forecast | $360 - $430 per MT | +/- $25 per MT | $-4/+5 million
Discount rate | 7.5% | +/- 1% | $+/-1 million
The table presents the Level 3 inputs and the sensitivities of the economic model valuation to changes in these inputs:
| Sensitivities
Valuation input | Input value or range | Change in input | Resulting change in valuation
New Zealand forward electricity pricing | $65 - $235 NZD$/MWH | +/- $50 NZD/MWH | $-/+ 0.3 million
Methanol price forecast | $300 - $360 per MT | +/- $25 per MT | $-/+0.3 million
Natural gas availability | Annual estimates based on third party forecasts | +/-10% | $+/- 2 million

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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 2024-01-01 -Paragraph 7 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&anchor=para_7&doctype=Standard -URIDate 2024-03-27 + 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 2024-01-01 -Paragraph 7 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&anchor=para_7&doctype=Standard -URIDate 2024-03-27 + 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 2024-01-01 -Paragraph 93 -Subparagraph d -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=13&code=ifrs-tx-2024-en-r&anchor=para_93_d&doctype=Standard -URIDate 2024-03-27 + 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 2024-01-01 -Paragraph 39 -Subparagraph b -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&anchor=para_39_b&doctype=Standard -URIDate 2024-03-27 + Details
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