Notes to the Consolidated Financial Statements (unaudited)
As at June 30,
As at March 31,
2022
2022
Classifi- Fair Value Carrying Fair Carrying Fair cation Hierarchy Amount Value Amount Value
(millions)
Financial and derivative assets Cash Trade and other receivables
$
11 $
11 $
FVTPL
Level 1 Level 2 Level 2
2
$
2
132 149
132 149
AC
199 146
199 146
Debt retirement funds
FVOCI
Fair value of derivative instrument assets
113
113
FVTPL
Level 2
121
121
Financial and derivative liabilities Short-term debt
308 104
308 104
AC AC AC AC
Level 2 Level 2 Level 2 Level 2
337 124
337 124
Trade and other payables
6
6
Dividends payable Long-term debt
11
11
1,597 1,431
1,559 1,588
Fair value of derivative instrument liabilities
29
29
FVTPL
Level 2
36
36
Classification details:
AC - amortized cost
FVTPL - fair value through profit or loss
FVOCI - fair value through other comprehensive income
The fair value of debt retirement funds is determined by Saskatchewan’s Ministry of Finance using a market approach with information provided by investment dealers. To the extent possible, valuations reflect indicative secondary pricing for these securities. In all other circumstances, valuations are determined with reference to similar actively traded instruments. The fair value of natural gas derivative instruments is determined using a market approach. The Corporation obtains quoted market prices from sources such as the Canadian Gas Price Reporter and the Natural Gas Exchange, independent price publications and over-the-counter broker quotes. The fair value of long-term debt is determined for disclosure purposes only using an income approach. Fair values are estimated using the present value of future cash flows discounted at the market rate of interest for the equivalent Province of Saskatchewan debt instruments. Notional values are an approximation of future undiscounted net cash flows. For physical natural gas contracts, the notional value is based on the contract price. Where contract prices are referenced to an index price that has not yet been fixed, the market price is used to estimate the contract price.
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