Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2019shares | |
Document Information [Line Items] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | STANTEC INC |
Entity Central Index Key | 0001131383 |
Entity Accounting Standard | IFRS |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | false |
Entity Interactive Data Current | Yes |
Entity Address, Country | CA |
Entity Common Stock, Shares Outstanding | 111,212,975 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current | ||
Cash and deposits | $ 223.5 | $ 185.2 |
Trade and other receivables | 817.7 | 878.1 |
Unbilled receivables | 374.2 | 384.6 |
Contract assets | 67.5 | 59.7 |
Income taxes recoverable | 36.2 | 47.9 |
Prepaid expenses | 42.9 | 56.8 |
Other assets | 18.1 | 23.2 |
Total current assets | 1,580.1 | 1,635.5 |
Non-current | ||
Property and equipment | 286.5 | 289.4 |
Lease assets | 558.5 | |
Goodwill | 1,651.8 | 1,621.2 |
Intangible assets | 219.6 | 247.7 |
Investments in joint ventures and associates | 8.8 | 9.4 |
Net employee defined benefit asset | 26 | 10 |
Deferred tax assets | 31.9 | 21.2 |
Other assets | 198.3 | 175.5 |
Total assets | 4,561.5 | 4,009.9 |
Current | ||
Bank indebtedness | 19.5 | |
Trade and other payables | 576.4 | 567.2 |
Lease liabilities | 99.9 | |
Deferred revenue | 199.2 | 174.4 |
Income taxes payable | 28.4 | 37.9 |
Long-term debt | 46.9 | 48.5 |
Provisions | 23.9 | 42.4 |
Other liabilities | 12.1 | 23.2 |
Total current liabilities | 1,006.3 | 893.6 |
Non-current | ||
Lease liabilities | 589 | |
Income taxes payable | 11.6 | 15.9 |
Long-term debt | 814 | 885.2 |
Provisions | 89.1 | 78.2 |
Net employee defined benefit liability | 85.2 | 68.6 |
Deferred tax liabilities | 73.2 | 54.3 |
Other liabilities | 16 | 105.4 |
Total liabilities | 2,684.4 | 2,101.2 |
Shareholders' equity | ||
Share capital | 879.8 | 867.8 |
Contributed surplus | 23.9 | 24.8 |
Retained earnings | 917.7 | 851.2 |
Accumulated other comprehensive income | 54.1 | 163.1 |
Total shareholders' equity | 1,875.5 | 1,906.9 |
Non-controlling interests | 1.6 | 1.8 |
Total liabilities and equity | $ 4,561.5 | $ 4,009.9 |
Consolidated Statements of Inco
Consolidated Statements of Income - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Continuing operations | ||
Gross revenue | $ 4,827.3 | $ 4,283.8 |
Less subconsultant and other direct expenses | 1,116 | 928.6 |
Net revenue | 3,711.3 | 3,355.2 |
Direct payroll costs | 1,702.9 | 1,540 |
Gross margin | 2,008.4 | 1,815.2 |
Administrative and marketing expenses | 1,433.6 | 1,438.2 |
Depreciation of property and equipment | 58.2 | 50.1 |
Depreciation of lease assets | 115.8 | |
Amortization of intangible assets | 66.9 | 65 |
Net interest expense | 69.6 | 28.7 |
Other net finance expense | 3.1 | 5.7 |
Share of income from joint ventures and associates | (0.8) | (1.6) |
Foreign exchange loss | 4.7 | 2.7 |
Other (income) expense | (8.2) | 0.1 |
Income before income taxes and discontinued operations | 265.5 | 226.3 |
Income taxes | ||
Current | 56 | 54.5 |
Deferred | 15.1 | 0.5 |
Total income taxes | 71.1 | 55 |
Net income for the year from continuing operations | 194.4 | 171.3 |
Discontinued operations | ||
Net loss from discontinued operations, net of tax | (123.9) | |
Net income for the year | $ 194.4 | $ 47.4 |
Earnings (loss) per share, basic and diluted | ||
Continuing operations | $ 1.74 | $ 1.51 |
Discontinued operations | (1.09) | |
Total basic and diluted earnings per share | $ 1.74 | $ 0.42 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of comprehensive income [abstract] | ||
Net income for the year | $ 194.4 | $ 47.4 |
Items that may be reclassified to net income in subsequent periods: | ||
Exchange differences on translation of foreign operations | (91.4) | 124.1 |
Realized exchange difference on disposition of a subsidiary | 0 | 0.1 |
Net unrealized gain on FVOCI financial assets | 0 | 1.1 |
Unrealized loss on interest rate swap | (1.1) | |
Total items that may be reclassified to net income in subsequent periods | (92.5) | 125.3 |
Items not to be reclassified to net income: | ||
Remeasurement loss on net employee defined benefit liability | (16.5) | (10.8) |
Other comprehensive (loss) income for the year, net of tax | (109) | 114.5 |
Total comprehensive income for the year, net of tax | $ 85.4 | $ 161.9 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity $ in Millions | CAD ($) | Share capital [member]CAD ($)shares | Contributed surplus [member]CAD ($) | Retained earnings [member]CAD ($) | Accumulated other comprehensive income (loss) [member]CAD ($) |
Beginning balance (Previously stated [member]) at Dec. 31, 2017 | $ 1,896.3 | $ 878.2 | $ 21.5 | $ 947.1 | $ 49.5 |
Beginning balance (Increase (decrease) due to initial application of standards or interpretations [member]) at Dec. 31, 2017 | (24.7) | (23.8) | (0.9) | ||
Beginning balance (Adjusted balance [member]) at Dec. 31, 2017 | 1,871.6 | $ 878.2 | 21.5 | 923.3 | 48.6 |
Beginning balance, shares (Previously stated [member]) at Dec. 31, 2017 | shares | 113,991,676 | ||||
Beginning balance, shares (Adjusted balance [member]) at Dec. 31, 2017 | shares | 113,991,676 | ||||
Net income | 47.4 | 47.4 | |||
Other comprehensive income (loss) | 114.5 | 114.5 | |||
Total comprehensive income (loss) | 161.9 | 47.4 | 114.5 | ||
Share options exercised for cash | 6.9 | $ 6.9 | |||
Share options exercised for cash, shares | shares | 338,989 | ||||
Share-based compensation expense | 5.6 | 5.6 | |||
Shares repurchased under Normal Course Issuer Bid | (76.7) | $ (19.1) | (0.5) | (57.1) | |
Shares repurchased under Normal Course Issuer Bid, shares | shares | (2,470,560) | ||||
Reclassification of fair value of share options previously expensed | $ 1.8 | (1.8) | |||
Dividends declared | (62.4) | (62.4) | |||
Ending balance (Previously stated [member]) at Dec. 31, 2018 | 1,906.9 | 867.8 | 24.8 | 851.2 | 163.1 |
Ending balance (Increase (decrease) due to initial application of standards or interpretations [member]) at Dec. 31, 2018 | (31.2) | (31.2) | |||
Ending balance (Adjusted balance [member]) at Dec. 31, 2018 | 1,875.7 | $ 867.8 | 24.8 | 820 | 163.1 |
Ending balance at Dec. 31, 2018 | 1,906.9 | ||||
Ending balance, shares (Previously stated [member]) at Dec. 31, 2018 | shares | 111,860,105 | ||||
Ending balance, shares (Adjusted balance [member]) at Dec. 31, 2018 | shares | 111,860,105 | ||||
Net income | 194.4 | 194.4 | |||
Other comprehensive income (loss) | (109) | (109) | |||
Total comprehensive income (loss) | 85.4 | 194.4 | (109) | ||
Share options exercised for cash | 18.9 | $ 18.9 | |||
Share options exercised for cash, shares | shares | 753,583 | ||||
Share-based compensation expense | 3.4 | 3.4 | |||
Shares repurchased under Normal Course Issuer Bid | (43.2) | $ (10.9) | (0.3) | (32) | |
Shares repurchased under Normal Course Issuer Bid, shares | shares | (1,400,713) | ||||
Reclassification of fair value of share options previously expensed | $ 4 | (4) | |||
Dividends declared | (64.7) | (64.7) | |||
Ending balance at Dec. 31, 2019 | $ 1,875.5 | $ 879.8 | $ 23.9 | $ 917.7 | $ 54.1 |
Ending balance, shares at Dec. 31, 2019 | shares | 111,212,975 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of changes in equity [abstract] | ||
Impact of change in accounting policy, net of tax | $ 11.5 | $ 6.7 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES | ||
Cash receipts from clients | $ 4,934.2 | $ 4,367.6 |
Cash paid to suppliers | (1,716.9) | (1,706.3) |
Cash paid to employees | (2,658.6) | (2,375.3) |
Interest received | 3.7 | 2.7 |
Interest paid | (71.6) | (30.5) |
Finance costs paid | (5.7) | (5.5) |
Income taxes paid | (47.4) | (59) |
Income taxes recovered | 12.2 | 11.5 |
Cash flows from operating activities from continuing operations | 449.9 | 205.2 |
Cash flows from (used in) operating activities from discontinued operations | 2.6 | (32.6) |
Net cash flows from operating activities | 452.5 | 172.6 |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES | ||
Business acquisitions, net of cash acquired | (77.1) | (80.2) |
Proceeds on leasehold improvements | 10.1 | |
Proceeds on disposition of a subsidiary | 28.8 | |
Cash sold on disposition of subsidiary | (49.1) | |
Purchase of intangible assets | (3.6) | (9.4) |
Purchase of property and equipment | (56.7) | (124.8) |
Other | 2.2 | 3.7 |
Cash flows used in investing activities from continuing operations | (135.2) | (220.9) |
Cash flows used in investing activities from discontinued operations | (3.2) | |
Net cash flows used in investing activities | (135.2) | (224.1) |
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES | ||
(Repayment of) proceeds from revolving credit facility | (80.3) | 312.3 |
Repayment of term loan | (150) | |
Repayment of notes payable and other long-term debt | (40.8) | (42.3) |
Cash payments for the principal portion of lease liabilities | (116.7) | |
Proceeds from lease inducements | 50.4 | |
Payment of software financing obligations | (12.3) | (14.8) |
Repurchase of shares for cancellation | (41.2) | (74.7) |
Proceeds from issue of share capital | 18.9 | 6.9 |
Payment of dividends to shareholders | (64) | (61.3) |
Cash flows used in financing activities from continuing operations | (286) | (23.9) |
Cash flows used in financing activities from discontinued operations | (0.1) | |
Net cash flows used in financing activities | (286) | (24) |
Foreign exchange (loss) gain on cash held in foreign currency | (12.5) | 21.2 |
Net increase (decrease) in cash and cash equivalents | 18.8 | (54.3) |
Cash and cash equivalents, beginning of the year | 185.2 | 239.5 |
Cash and cash equivalents, end of the year | $ 204 | $ 185.2 |
Corporate Information
Corporate Information | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Corporate Information | 1. Corporate Information The consolidated financial statements of Stantec Inc. (the Company) for the year ended December 31, 2019, were authorized for issuance in accordance with a resolution of the Company’s board of directors on February 26, 2020. The Company was incorporated under the Canada Business Corporations Act on March 23, 1984. Its shares are traded on the Toronto Stock Exchange (TSX) and New York Stock Exchange (NYSE) under the symbol STN. The Company’s registered office is located at Suite 400, 10220 - 103 Avenue, Edmonton, Alberta. The Company is domiciled in Canada. The Company is a provider of comprehensive professional services in the area of infrastructure and facilities for clients in the public and private sectors. The Company’s services include engineering, architecture, interior design, landscape architecture, surveying, environmental sciences, project management, and project economics, from initial project concept and planning through to design, construction administration, commissioning, maintenance, decommissioning, and remediation. |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Basis of Preparation | 2. Basis of Preparation These consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The accounting policies adopted in these consolidated financial statements are based on IFRS effective as at December 31, 2019. The consolidated financial statements have been prepared on a historical cost basis, unless otherwise stated in the significant accounting policies. The consolidated financial statements are presented in Canadian dollars, and all values, including United States dollars, are rounded to the nearest million ($000,000), except when otherwise indicated. In November 2018, the Company sold its Construction Services business, which was reported as discontinued operations, as prescribed by IFRS 5 Non-current |
Basis of Consolidation
Basis of Consolidation | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Basis of Consolidation | 3. Basis of Consolidation The consolidated financial statements include the accounts of the Company, its subsidiaries, and its structured entities as at December 31, 2019. Subsidiaries and structured entities are fully consolidated from the date of acquisition, which is the date the Company obtains control, and continue to be consolidated until the date that this control ceases. The financial statements of the subsidiaries and structured entities are prepared as at December 31, 2019 and December 31, 2018. All intercompany balances are eliminated. Joint ventures and associates are accounted for using the equity method, and joint operations are accounted for by the Company recognizing its share of assets, liabilities, revenue, and expenses of the joint operation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Significant Accounting Policies | 4. Summary of Significant Accounting Policies a) Cash and cash equivalents Cash and cash equivalents include cash and unrestricted investments, net of bank indebtedness. Unrestricted investments are comprised of short-term bank deposits with a maturity of three months or less. b) Property and equipment Property and equipment are recorded at cost less accumulated depreciation and any impairment losses. Cost includes the cost of replacing parts of property and equipment. When significant parts of property and equipment are required to be replaced in intervals, the Company recognizes those parts as individual assets with specific useful lives. All other repair and maintenance costs are recognized in the consolidated statements of income as incurred. Depreciation is calculated over the assets estimated useful lives on a straight-line basis as follows: Engineering equipment 5 to 10 years straight-line Office equipment 5 to 10 years straight-line Leasehold improvements straight-line over term of lease to a maximum of 15 years or the improvement’s economic life Other 5 to 50 years straight-line The residual values, useful lives, and methods of depreciation of property and equipment are reviewed at each financial year-end c) Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. Intangible assets acquired in a business combination are measured at fair value as at the date of acquisition. Following initial recognition, finite life intangible assets are carried at cost less any accumulated amortization and any impairment losses and indefinite life intangible assets are carried at cost less any impairment loss. The Company’s intangible assets with finite lives are amortized over their useful economic lives on a straight-line basis. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at each financial year-end. The Company also incurs costs for third-party internet-based cloud computing services. These costs are expensed in administrative and marketing expenses over the period of the service agreement when the Company determines that it has not obtained control of the software. Intangible assets acquired from business combinations The Company’s policy is to amortize client relationships with finite lives over periods ranging from 10 to 15 years. Contract backlog and finite trademarks are amortized over estimated lives of generally 1 to 3 years. The Company assigns value to acquired intangibles using the income approach, which involves quantifying the present value of net cash flows attributed to the subject asset. This, in turn, involves estimating the revenues and earnings expected from the asset. d) Leases For leases entered into or modified on or after January 1, 2019, a contract is a lease or contains a lease if it conveys the right to control the use of an asset for a time period in exchange for consideration. To identify a lease, the Company (1) considers whether an explicit or implicit asset is specified in the contract and (2) determines whether the Company obtains substantially all the economic benefits from the use of the underlying asset by assessing numerous factors, including but not limited to substitution rights and the right to determine how and for what purpose the asset is used. At the commencement of a lease, the Company determines the lease term as the non-cancellable The Company recognizes lease assets and lease liabilities for all leases, except for leases of low-value The lease liability is recognized at the commencement date of the lease and is initially measured at the present value of the lease payments that are not paid. The Company elected to not separate non-lease lease components and to account for the non-lease The lease liability is discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. The lease liability is subsequently measured at amortized cost using the effective interest method. The lease liability is remeasured when the expected lease payments change as a result of a change in the lease term, a change in the assessment of an option to purchase the leased asset, changes in the future lease payments as a result of a change in an index or rate used to determine the lease payments, and changes in estimated payments for residual value guarantees. The lease asset is recognized at the commencement date of the lease and is initially measured at cost, comprised of the amount of the initial measurement of the lease liability less any incentives received from the lessor. Added to the lease asset are any initial direct costs incurred, lease payments made before the commencement date, and estimated restoration costs. The lease asset is subsequently depreciated on a straight-line basis from the commencement date to the earlier of the end of the useful life of the lease asset or the end of the lease term. The lease asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. e) Investments in joint arrangements and associates Each joint arrangement of the Company is classified as either a joint operation or joint venture based on the rights and obligations arising from the contractual obligations between the parties to the arrangement. A joint arrangement that provides the Company with rights to the individual assets and obligations arising from the arrangement is classified as a joint operation and a joint arrangement that provides the Company with rights to the net assets of the arrangement is classified as a joint venture. The Company accounts for a joint operation by recognizing its share of assets, liabilities, revenues, and expenses of the joint operation and combining them line by line with similar items in the Company’s consolidated financial statements. The Company accounts for a joint venture using the equity method. The Company’s share of the after-tax If the financial statements of associates or joint arrangements are prepared for a date that is different from the Company’s date (due to the timing of finalizing and receiving information), adjustments are made for the effects of significant transactions or events that occur between that date and the date of the Company’s financial statements. When necessary, adjustments are made to bring the accounting policies in line with the Company’s. f) Provisions General Provisions are recognized when the Company has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. When the Company expects some or all of a provision to be reimbursed—for example, under an insurance contract—and when the reimbursement is virtually certain, the reimbursement is recognized as a separate asset. The expense relating to any provision is presented in the consolidated statements of income net of any reimbursement. If the effect of the time value of money is significant, provisions are discounted using a current pre-tax Provision for self-insured liabilities The Company self-insures certain risks related to professional liability, automobile physical damages, and employment practices liability. The provision for self-insured liabilities includes estimates of the costs of reported claims (including potential claims that are probable of being asserted) and is based on assumptions made by management and actuarial estimates. The provision for self-insured liabilities does not include unasserted claims where assertion by a third party is not probable. Provisions for claims Provision for claims include an estimate for costs associated with legal claims covered by third-party insurance. The Company has claims that are not covered by its provisions for self-insured liabilities, including claims that are subject to exclusions under the Company’s commercial and captive insurance policies. Often, these legal claims are from previous acquisitions and may be indemnified by the acquiree (notes 7 and 15). Contingent liabilities recognized in a business combination A contingent liability recognized in a business combination is initially measured at its fair value. Subsequently, it is measured as discussed under “General.” g) Foreign currency translation The Company’s consolidated financial statements are presented in Canadian dollars, which is also the parent Company’s functional currency. Each entity in the Company determines its own functional currency, and items included in the financial statements of each entity are measured using that functional currency. The Company is mainly exposed to fluctuations in the US dollar and GBP. Transactions and balances Transactions in foreign currencies (those different from an entity’s functional currency) are initially translated into the functional currency of an entity using the foreign exchange rate at the transaction date. Subsequent to the transaction date, foreign currency transactions are measured as follows: • On the consolidated statements of financial position, monetary items are translated at the rate of exchange in effect at the reporting date. Non-monetary Non-monetary non-monetary • Revenue and expense items are translated at the exchange rate on the transaction date, except for depreciation and amortization, which are translated at historical exchange rates. Foreign operations The Company’s foreign operations are translated into its reporting currency (Canadian dollar) as follows: • Assets and liabilities are translated at the rate of exchange in effect at each consolidated statement of financial position date. • Revenue and expense items (including depreciation and amortization) are translated at the average rate of exchange for the month. The resulting unrealized exchange gains and losses on foreign subsidiaries are recognized in other comprehensive income (loss). h) Financial instruments Initial recognition and subsequent measurement Financial assets (except trade and other receivables and unbilled receivables that do not have a significant financing component) are initially recognized at fair value plus directly attributable transaction costs, except for financial assets at fair value through profit and loss (FVPL), for which transaction costs are expensed. Trade and other receivables and unbilled receivables that do not have a significant financing component are initially measured at the transaction price determined in accordance with IFRS 15. Purchases or sales of financial assets are accounted for at trade dates. Subsequent measurement of financial assets is at FVPL, amortized cost, or fair value through other comprehensive income (FVOCI). The classification is based on two criteria: the Company’s business approach for managing the financial assets and whether the instruments’ contractual cash flows represent “solely payments of principal and interest” on the principal amount outstanding (the SPPI criterion). The business approach considers whether a Company’s objective is to receive cash flows from holding assets, from selling assets in a portfolio, or a combination of both. The Company reclassifies financial assets only when its business approach for managing those assets changes. • Amortized cost: Assets held for collection of contractual cash flows—when they meet the SPPI criterion—are measured at amortized cost using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified, or impaired. Items in this category include cash and cash equivalents, receivables, and certain other financial assets. • FVOCI: Assets held in a business approach to both collect cash flows and sell the assets—when they meet the SPPI criterion—are measured at FVOCI. Bonds held for self-insured liabilities are included in this category. Changes in the carrying amount are reported in other comprehensive income (except impairments) until disposed of. At this time, the realized gains and losses are recognized in finance income. Interest income from these financial assets is included in interest income using the EIR method. Impairment and foreign exchange gains and losses are reported in income. • FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL with realized and unrealized gains and losses reported in other income (expense). Equity securities held for self-insured liabilities and indemnifications are included in this category. Financial liabilities are initially recognized at fair value and, in the case of loans and borrowings, net of directly attributable transaction costs. Subsequent measurement of financial liabilities is at amortized cost using the EIR method. The EIR method discounts estimated future cash payments or receipts through the expected life of a financial instrument, and thereby calculates the amortized cost and subsequently allocates the interest income or expense over the life of the instrument. For trade and other payables and other financial liabilities, realized gains and losses are reported in income. For long-term debt, EIR amortization and realized gains and losses are recognized in net finance expense. Gains and losses are recognized in profit or loss when the liability is derecognized or modified. Fair value After initial recognition, the fair values of financial instruments are based on the bid prices in quoted active markets for financial assets and on the ask prices for financial liabilities. For financial instruments not traded in active markets, fair values are determined using appropriate valuation techniques, which may include recent arm’s length market transactions, reference to the current fair value of another instrument that is substantially the same, and discounted cash flow analysis; however, other valuation models may be used. The fair values of the Company’s derivatives are based on third-party indicators and forecasts. Fair values of cash and cash equivalents, trade and other receivables, and trade and other payables approximate their carrying amounts because of the short-term maturity of these instruments. The carrying amounts of bank loans approximate their fair values because the applicable interest rates are based on variable reference rates. The carrying amounts of other financial assets and financial liabilities approximate their fair values except as otherwise disclosed in the consolidated financial statements. All financial instruments carried at fair value are categorized into one of the following: • Level 1 – quoted market prices in active markets for identical assets or liabilities at the measurement date. • Level 2 – observable inputs other than quoted prices included within level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets or liabilities that are not active, or other inputs that are observable directly or indirectly. • Level 3 – unobservable inputs for the assets and liabilities that reflect the reporting entity’s own assumptions and are not based on observable market data. When forming estimates, the Company uses the most observable inputs available for valuation purposes. If a fair value measurement reflects inputs of different levels within the hierarchy, the financial instrument is categorized based on the lowest level of significant input. When determining fair value, the Company considers the principal or most advantageous market in which it would transact and the assumptions that market participants would use when pricing the asset or liability. For financial instruments recognized at fair value on a recurring basis, the Company determines whether transfers have occurred between levels of the hierarchy by reassessing categorizations at the end of each reporting period. Derivatives From time to time, the Company enters into foreign currency forward contracts to manage risk associated with net operating assets or liabilities denominated in foreign currencies. The Company’s policy is not to use these derivatives for trading or speculative purposes. i) Impairment The carrying amounts of the Company’s assets or group of assets, other than deferred tax assets, are reviewed at each reporting date to determine whether there is an indication of impairment. An asset may be impaired if objective evidence of impairment exists because of one or more events that have occurred after the initial recognition of the asset (referred to as a “loss event”) and if that loss event has an impact on the estimated future cash flows of the asset. When an indication of impairment exists, or annual impairment testing for an asset is required, the asset’s recoverable amount is estimated. The Company recognizes a loss allowance for expected credit losses (ECLs) on financial assets and contract assets based on a 12-month 12-month The loss allowance provision is based on the Company’s historical collection and loss experience and incorporates forward-looking factors, where appropriate. When the carrying amount of financial assets or contract assets is reduced through an ECL allowance, the reduction is recognized in administrative and marketing expenses in the consolidated statements of income. Non-financial For non-financial pre-tax CGUs are defined based on the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Other factors are considered, including how management monitors the entity’s operations. The Company does not monitor goodwill at or allocate goodwill to its business operating units. The Company tests intangible assets for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. To determine indicators of impairment of intangible assets, the Company considers external sources of information such as prevailing economic and market conditions and internal sources of information such as the historical and expected financial performance of the intangible assets. If indicators of impairment are present, the Company determines recoverability based on an estimate of discounted cash flows, using the higher of either the value in use or the fair value less costs of disposal method. The measurement of impairment loss is based on the amount that the carrying amount of an intangible asset exceeds its recoverable amount at the CGU level. As part of the impairment test, the Company updates its future cash flow assumptions and estimates, including factors such as current and future contracts with clients, margins, market conditions, and the useful lives of the assets. Goodwill is evaluated for impairment annually (as at October 1) or more frequently if circumstances indicate that an impairment may occur or if a significant acquisition occurs between the annual impairment test date and December 31. The Company considers the relationship between its market capitalization and its book value, as well as other factors, when reviewing for indicators of impairment. Goodwill is assessed for impairment based on the CGUs or group of CGUs to which the goodwill relates. Any potential goodwill impairment is identified by comparing the recoverable amount of a CGU or group of CGUs to its carrying value which includes the allocated goodwill. If the recoverable amount is less than its carrying value, an impairment loss is recognized. The Company may need to test its goodwill for impairment between its annual test dates if market and economic conditions deteriorate or if volatility in the financial markets causes declines in the Company’s share price, increases the weighted average cost of capital, or changes valuation multiples or other inputs to its goodwill assessment. In addition, changes in the numerous variables associated with the judgments, assumptions, and estimates made by management in assessing the fair value could cause them to be impaired. Goodwill impairment charges are non-cash An impairment loss of goodwill is not reversed. For other assets, an impairment loss may be reversed if the estimates used to determine the recoverable amount have changed. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount or the carrying amount that would have been determined, net of amortization or depreciation, had no impairment loss been recognized for the asset in prior years. The reversal is recognized in the consolidated statements of income. j) Revenue recognition The Company generates revenue from contracts in which goods or services are typically provided over time. Revenue is measured based on the consideration the Company expects to be entitled to in exchange for providing goods and services, excluding discounts, duty, and taxes collected from clients that are reimbursable to government authorities. While providing services, the Company incurs certain direct costs for subconsultants and other expenses that are recoverable directly from clients. The recoverable amounts of these direct costs are included in the Company’s gross revenue. Since these direct costs can vary significantly from contract to contract, changes in gross revenue may not be indicative of the Company’s revenue trends. Therefore, the Company also reports net revenue, which is gross revenue less subconsultants and other direct expenses. The Company assesses its revenue arrangements against specific criteria to determine whether it is acting as a principal or an agent. In general, the Company acts as a principal in its revenue arrangements because it obtains control of the goods or services before they are provided to the customer. Most of the Company’s contracts include a single performance obligation because the promise to transfer the individual goods or services is not separately identifiable from other promises in the contract and therefore is not distinct. The Company’s contracts may include multiple goods or services that are accounted for as separate performance obligations if they are distinct—if a good or service is separately identifiable from other items in the contract and if a customer can benefit from it. If a contract has multiple performance obligations, the consideration in the contract is allocated to each performance obligation based on the estimated stand-alone selling price. The Company transfers control of the goods or services it provides to clients over time and therefore recognizes revenue progressively as the services are performed. Revenue from fixed-fee variable-fee-with-ceiling time-and-material The timing of revenue recognition, billings, and cash collections results in trade and other receivables, holdbacks, unbilled receivables, contract assets, and deferred revenue in the consolidated statements of financial position. Amounts are typically invoiced as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals or when contractual milestones are achieved. Receivables represent amounts due from customers: trade and other receivables and holdbacks consist of invoiced amounts, and unbilled receivables consist of work in progress that has not yet been invoiced. Contract assets represent unbilled amounts where the right to payment is subject to more than the passage of time and includes performance-based incentives and services provided ahead of agreed contractual milestones. Contract assets are transferred to receivables when the right to consideration becomes unconditional. Deferred revenue represents amounts that have been invoiced but not yet recognized as revenue, including advance payments and billings in excess of revenue. Deferred revenue is recognized as revenue when (or as) the Company performs under the contract. Revenue is adjusted for the effects of a significant financing component when the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. Advance payments and holdbacks typically do not result in a significant financing component because the intent is to provide protection against the failure of one party to adequately complete some or all of its obligations under the contract. Deferred contract costs Contract costs are typically expensed as incurred. Contract costs are deferred if the costs are expected to be recoverable and if either of the following criteria is met: • The costs of obtaining the contract are incremental or explicitly chargeable to the customer. • The fulfillment costs relate directly to the contract or an anticipated contract and generate or enhance the Company’s resources that will be used in satisfying performance obligations in the future. Deferred contract costs are included in other assets in the consolidated statements of financial position and amortized over the period of expected benefit using the percentage of completion applied to estimated revenue. Amortization of deferred contract costs is included in other direct expenses in the consolidated statements of income. k) Employee benefit plans Defined benefit plans The Company sponsors defined benefit pension plans covering certain full-time employees and past employees, primarily in the United Kingdom. Benefits are based on final compensation and years of service. Benefit costs (determined separately for each plan using the projected unit credit method) are recognized over the periods that employees are expected to render services in return for those benefits. Remeasurements, comprising actuarial gains and losses and the return on the plan assets (excluding interest), are recognized immediately in the consolidated statements of financial position with a corresponding debit or credit to other comprehensive income in the period they occur. Remeasurements are not reclassified to net income in subsequent periods. The calculation of defined benefit obligations is performed at least annually by a qualified actuary, or more often as required due to plan amendments, curtailments, or settlements. When the calculation results in a potential asset, the recognized asset is limited to the economic benefits available in the form of any future refunds or of reductions in future contributions to the plan. Past service costs are recognized in net income on the earlier of the date of the plan amendment or curtailment and the date that the Company recognizes related restructuring costs. Net interest is calculated by applying the discount rate to the net defined benefit liability or asset, adjusted for benefit and contribution payments during the year. The Company recognizes the following changes in the net defined benefit obligations under administrative and marketing expenses: service costs comprising current service costs, past service costs, gains and losses on curtailments and non-routine Defined contribution plans The Company also contributes to group retirement savings plans and an employee share purchase plan. Certain plans are based on employee contribution amounts and subject to maximum limits per employee. The Company accounts for defined contributions as an expense in the period the contributions are made. l) Taxes Current income tax Current income tax assets and liabilities for current and prior periods are measured at the amount expected to be recovered from or paid to taxation authorities. Tax rates and tax laws used to compute the amounts are those enacted or substantively enacted at the reporting date in the countries where the Company operates and generates taxable income. Current income tax that relates to items recognized directly in equity is recognized in equity and not in the consolidated statements of income. Management periodically evaluates positions taken in the tax returns when applicable tax regulations are subject to interpretation and then establishes an uncertain tax liability, if appropriate. Income taxes payable are typically expected to be settled within twelve months of the year-end one-year non-current Deferred tax Deferred tax is determined using the liability method for temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences and the carryforward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carryforward of unused tax credits and unused tax losses can be utilized. Deferred taxes are not recognized for the initial recognition of goodwill; the initial recognition of assets or liabilities, outside of a business combination, that affect neither accounting nor taxable profit; or the differences relating to investments in associates, subsidiaries, and interests in joint arrangements to the extent that the reversal can be controlled and it is probable that it will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be used. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled and are based on tax rates and tax laws that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognized outside income is also recognized outside income. Deferred tax items are recognized in correlation to the underlying transaction either in other comprehensive income or directly in equity. Deferred tax assets and deferred tax liabilities are offset when a legally enforceable right exists to set off tax assets against tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Uncertain tax positions If the Company determines that it is not probable that a taxation authority will accept an uncertain tax treatment, then an uncertain tax liability is recorded using either the most likely amount or the expected value method, depending on which method better predicts the resolution of the circumstances giving rise to the uncertainty. Uncertain tax liabilities are presented as either income taxes payable or deferred tax liabilities. This depends on whether the uncertain tax liabilities are in respect of taxable profit for a period or income taxes payable in future periods in respect of taxable temporary differences. Sales tax Revenues, expenses, and assets, except trade receivables, are recognized net of the amount of sales tax recoverable from or payable to a taxation authority. The net amount of sales tax recoverable from or payable to a taxation authority is included as part of trade receivables or trade payables (as appropriate) in the consolidated statements of financial position. m) Share-based payment transactions Under the Company’s share option plan, the board of directors may grant to officers and employees, remuneration in the form of share-based payment transactions, whereby officers and employees render services as consideration for equity instruments (equity-settled transactions). Under the Company’s deferred share unit plan, the directors of the board of the Company may receive deferred share units (DSUs), each of which is equal to one common share. Under the Company’s long-term incentive plan, certain members of the senior leadership teams are granted performance share units (PSUs) or restricted share units (RSUs) that vest and are settled after a three-year period. DSUs, PSUs, and RSUs are settled only in cash (cash-settled transactions). Equity-settled transactions The cost of equity-settled transactions is measured at fair value at the grant date using a Black-Scholes option-pricing model. The cost of equity-settled transactions, together with a corresponding increase in contributed surplus, is recognized over the period in which the service conditions are fulfilled (the vesting period |
Significant Accounting Judgment
Significant Accounting Judgments, Estimates, and Assumptions | 12 Months Ended |
Dec. 31, 2019 | |
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Significant Accounting Judgments, Estimates, and Assumptions | 5. Significant Accounting Judgments, Estimates, and Assumptions Preparation of the Company’s consolidated financial statements requires management to make judgments, estimates, and assumptions that affect the reported amounts of revenues, expenses, assets, and liabilities, as well as the disclosure of contingent liabilities at the end of the reporting year. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods. Discussed below are the key management judgments and assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that may lead to a material adjustment to the carrying amounts of assets and liabilities within the next financial year. a) Revenue recognition The Company accounts for its revenue from fixed-fee variable-fee-with-ceiling Contract costs include direct labor, direct costs for subconsultants, and other expenditures that are recoverable directly from clients. Progress on jobs is regularly reviewed by management and estimated costs to complete are revised based on the information available at the end of each reporting period. Contract cost estimates are based on various assumptions that can result in a change to contract profitability from one financial reporting period to another. Assumptions are made about labor productivity, the complexity of the work to be performed, the performance of subconsultants, and the accuracy of original bid estimates. Estimating total costs is subjective and requires management’s best judgments based on the information available at that time. On an ongoing basis, estimated revenue is updated to reflect the amount of consideration the Company expects to be entitled to in exchange for providing goods and services. Revenue estimates are affected by various uncertainties that depend on the outcome of future events, including change orders, claims, variable consideration, and contract provisions for performance-based incentives or penalties. Change orders are included in estimated revenue when management believes the Company has an enforceable right to the change order, the amount can be estimated reliably, and realization is highly probable. Claims against other parties, including subconsultants, are recognized as a reduction in costs using the same criteria. To evaluate these criteria, management considers the contractual or legal basis for the change order, the cause of any additional costs incurred, and the history of favorable negotiations for similar amounts. As change orders are not recognized until highly probable, it is possible for the Company to have substantial contract costs recognized in one accounting period and associated revenue or reductions in cost recognized in a later period . The Company’s contracts may include variable consideration such as revenue based on costs incurred and performance-based incentives or penalties. Variable consideration is estimated by determining the most likely amount the Company expects to be entitled to, unless the contract includes a range of possible outcomes for performance-based amounts. In that case, the expected value is determined using a probability weighting of the range of possible outcomes. Variable consideration, including change orders approved as to scope but unapproved as to price, is included in estimated revenue to the extent it is highly probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration are based on historical experience, anticipated performance, and management’s best judgment based on the information available at the time. Consideration in contracts with multiple performance obligations is allocated to the separate performance obligations based on estimates of stand-alone selling prices. The primary method used to estimate the stand-alone selling price is expected cost plus an appropriate margin. To determine the appropriate margin, management considers margins for comparable services under similar contracts in similar markets. Changes in estimates are reflected in the period in which the circumstances that gave rise to the change became known and affect the Company’s revenue, unbilled receivables, contract assets, and deferred revenue. b) Impairment of goodwill Impairment exists when the carrying amount of an asset or CGU or group of CGUs exceeds its recoverable amount, which is the higher of its fair value less costs of disposal or its value in use. Fair value less costs to sell is based on a discounted cash flow model and observable market prices for an arm’s length transaction of similar assets, less incremental costs for disposing of the asset. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from budgets over an appropriate number of years and do not include restructuring activities that the Company is not yet committed to or significant future investments that will enhance the asset’s performance of the CGU or group of CGUs being tested. To arrive at the estimated recoverable amount, the Company uses estimates of economic and market information, including arm’s length transactions for similar assets, growth rates in revenues, estimates of future expected changes in operating margins, cash expenditures, and estimates of capital expenditures. The Company estimates the recoverable amount by using the fair value less costs of disposal approach. It estimates fair value using market information and discounted after-tax The Company validates its estimate of the fair value of each CGU or group of CGUs under the income approach by comparing the resulting multiples to multiples derived from comparable public companies and comparable company transactions. The Company reconciles the total fair value of all CGUs and groups of CGUs with its market capitalization to determine whether the sum is reasonable. If the reconciliation indicates a significant difference between the external market capitalization and the fair value of the CGUs or groups of CGUs, the Company reviews and adjusts, if appropriate, the discount rate of the CGUs or groups of CGUs and considers whether the implied acquisition premium (if any) is reasonable in light of current market conditions. The fair value measurement was categorized as level 3 in the fair value hierarchy based on the significant inputs in the valuation technique used (note 4h). c) Business combinations In a business combination, the Company may acquire certain assets and assume certain liabilities of an acquired entity. The estimate of fair values for these transactions involves judgment to determine the fair values assigned to the tangible and intangible assets (i.e., backlog, client relationships, and trademarks) and the liabilities assumed on the acquisition. Determining fair values involves a variety of assumptions, including revenue growth rates, client retention rates, expected operating income, and discount rates. From time to time, as a result of the timing of acquisitions in relation to the Company’s reporting schedule, certain estimates of fair values of assets and liabilities acquired may not be finalized at the initial time of reporting. These estimates are completed after the vendors’ final financial statements have been prepared and accepted by the Company, after detailed project portfolio reviews are performed, and when the valuations of intangible assets and other assets and liabilities acquired are finalized. d) Leases The Company accounts for leases in accordance with IFRS 16 Leases The IBR is the rate of interest that the Company would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the lease asset in a similar economic environment. The Company estimates the incremental borrowing rate based on the lease term, collateral assumptions, and the economic environment in which the lease is denominated. e) Provision for self-insured liabilities and claims In the normal conduct of operations, various legal claims are pending against the Company, alleging, among other things, breaches of contract or negligence in connection with the performance of its services. The Company carries professional liability insurance, subject to certain deductibles and policy limits, and self-insures certain risks, including professional liability, automobile liability, and employment practices liability. In some cases, the Company may be subject to claims for which it is only partly insured or completely insured. The accrual for self-insured liabilities includes estimates of the costs of reported claims and is based on management’s assumptions, including consideration of actuarial estimates. These estimates of loss are derived from loss history that is then subjected to actuarial techniques to determine the proposed liability. Estimates of loss may vary from those used in the actuarial projections and result in a larger loss than estimated. An increase in loss is recognized in the period that the loss is determined and increases the Company’s self-insured liabilities and reported expenses. Damages assessed in connection with and the cost of defending such actions could be substantial and possibly in excess of policy limits, for which a range of possible outcomes are either not able to be estimated or not expected to be significant. However, based on advice and information provided by legal counsel, the Company’s previous experience with the settlement of similar claims, and the results of the annual actuarial review, management believes that the Company has recognized adequate provisions for probable and reasonably estimated liabilities associated with these claims. In addition, management believes that it has appropriate insurance in place to respond to and offset the cost of resolving these claims. Due to uncertainties in the nature of the Company’s legal claims, such as the range of possible outcomes and the progress of the litigation, provisions for self-insured liabilities and claims involve estimates. The ultimate cost to resolve these claims may exceed or be less than that recorded in the consolidated financial statements. Management believes that the ultimate cost to resolve these claims will not materially exceed the insurance coverage or provisions accrued and, therefore, would not have a material adverse effect on the Company’s consolidated statements of income and financial position. f) Employee benefit plans The cost of the defined benefit pension plans and the present value of the pension obligations are determined separately for each plan using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual future developments. These include determining the discount rate, mortality rates, future salary increases, inflation, and future pension increases. Due to the complexities involved in the valuation and its long-term nature, the defined benefit obligation and cost are highly sensitive to changes in these assumptions, particularly to the discount and mortality rates (although a portion of the pension plans has protection against improving mortality rates by utilizing guaranteed annuity rate contracts with an insurance company). All assumptions are reviewed annually. In determining the appropriate discount rate, management considers the interest rates of corporate bonds in currencies consistent with the currencies of the post-employment obligation and that have an ‘AA’ rating or above, as set by an internationally acknowledged rating agency, and extrapolated as needed along the yield curve to correspond with the expected term of the benefit obligation. The mortality rate is based on publicly available information in the actuarial profession’s publications plus any special geographical or occupational features of each plan’s membership. Mortality tables tend to change only at intervals in response to demographic changes. Future salary increases reflect the current estimate of management. Pension increases are calculated based on the terms of the individual plans and estimated future inflation rates. g) Taxes Uncertainties exist with respect to the interpretation of complex tax regulations and the amount and timing of deferred taxable income. The Company’s income tax assets and liabilities are based on interpretations of income tax legislation across various jurisdictions, primarily in Canada, United States, and the United Kingdom. The Company’s effective tax rate can change from year to year based on the mix of income among jurisdictions, changes in tax laws in these jurisdictions, and changes in the estimated value of deferred tax assets and liabilities. The Company’s income tax expense reflects an estimate of the taxes it expects to pay for the current year, as well as a provision for changes arising in the values of deferred tax assets and liabilities during the year. The tax value of these assets and liabilities is impacted by factors such as accounting estimates inherent in these balances, management’s expectations about future operating results, previous tax audits, and differing interpretations of tax regulations by the taxable entity and the responsible tax authorities. Differences in interpretation may arise for a wide variety of issues, depending on the conditions prevailing in the respective legal entity’s domicile. Management regularly assesses the likelihood of recovering value from deferred tax assets, such as loss carryforwards, as well as from deferred tax depreciation of capital assets, and adjusts the tax provision accordingly. Deferred tax assets are recognized for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized based on the likely timing and the level of future taxable profits, together with future tax-planning |
Recent Accounting Pronouncement
Recent Accounting Pronouncements and Changes to Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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Recent Accounting Pronouncements and Changes to Accounting Policies | 6. Recent Accounting Pronouncements and Changes to Accounting Policies a) Leases Effective January 1, 2019, the Company adopted IFRS 16 Leases The Company recognized the after-tax Leases Determining Whether an Arrangement Contains a Lease The Company used the practical expedient not to reassess whether a contract is or contains a lease at January 1, 2019. Instead, the Company applied IFRS 16 only to contracts previously identified as leases under IAS 17 and IFRIC 4. The Company also used the following practical expedients to account for leases at January 1, 2019: • Applied recognition exemptions for operating leases when the underlying asset was of low value or the lease term ends within 12 months. The lease payments associated with these leases are recognized as an expense in administrative and marketing expenses. • Applied a single discount rate to a portfolio of leases with similar characteristics. • Relied on the Company’s assessment of whether leases are onerous immediately before January 1, 2019 and adjusted the lease asset by the amount of any provision for onerous leases previously recognized in the consolidated statement of financial position. • Excluded initial direct costs when measuring the lease asset. • Used hindsight to determine the lease term when the contract contained options to extend or terminate the lease. Quantitative impact of significant changes The significant impact on the Company’s consolidated statement of financial position at January 1, 2019, after the adoption of IFRS 16 is as follows: January 1, 2019 After IFRS 16 Before IFRS 16 Increase (Decrease) Current Trade and other receivables 828.1 878.1 (50.0 ) Prepaid expenses 43.9 56.8 (12.9 ) Other assets 24.3 23.2 1.1 Non-current Lease assets 561.8 - 561.8 Intangible assets 242.0 247.7 (5.7 ) Other assets 178.2 175.5 2.7 Total increase in assets 497.0 Current Trade and other payables 566.9 567.2 (0.3 ) Lease liabilities 44.8 - 44.8 Provisions 41.7 42.4 (0.7 ) Other liabilities 5.0 23.2 (18.2 ) Non-current Lease liabilities 600.2 - 600.2 Provisions 86.6 78.2 8.4 Deferred tax liabilities 42.8 54.3 (11.5 ) Other liabilities 10.9 105.4 (94.5 ) Shareholders’ equity Retained earnings 820.0 851.2 (31.2 ) Total increase in liabilities and equity 497.0 For leases previously classified as operating leases, lease liabilities were measured at the present value of the remaining lease payments, discounted using the Company’s weighted-average incremental borrowing rate, and calculated in accordance with IFRS 16, at January 1, 2019, of 4.6%. Associated lease assets for certain building leases, elected on a lease-by-lease On adoption of IFRS 16 at January 1, 2019, lease inducement benefits and lease disadvantages of $112.7 at December 31, 2018, were reclassified from other liabilities to lease assets. The provision for onerous leases (consisting of lease exit liabilities and sublease losses) recognized at December 31, 2018, was also reclassed to reduce lease asset balances. The Company did not reclassify the provision for onerous leases that were considered to be short-term. The lease liabilities as at January 1, 2019 can be reconciled to the total minimum lease payments disclosed in Note 20 of the Company’s annual consolidated financial statements as of December 31, 2018, as follows: January 1, 2019 $ Total minimum lease payments disclosed as at December 31, 2018 902.5 Commitments relating to short-term leases (15.3 ) Commitments relating to leases of low-value (6.3 ) Extension and termination options reasonably certain to be exercised 7.1 Payments relating to fixed non-lease 13.0 Commitments relating to leases not commenced but committed (54.4 ) Lease inducements receivable (58.1 ) Undiscounted lease payments 788.5 Discount effect at January 1, 2019 (143.5 ) Lease liabilities recognized at January 1, 2019 645.0 b) Other recent adoptions The following amendments and interpretations have been adopted by the Company effective January 1, 2019. The adoption of these amendments did not have a material impact on the financial position or performance of the Company. • In June 2017, the IFRIC issued IFRIC 23 Uncertainty O Income Taxes (IAS 12 • In October 2017, the IASB issued Prepayment Features with Negative Compensation (Amendments to IFRS 9) Financial Instruments • In October 2017, the IASB issued Long-term Interest in Associates and Joint Ventures (Amendments to IAS 28) • In December 2017, the IASB issued Annual Improvements (2015-2017 Cycle) non-urgent Business Combinations Joint Arrangements Income Taxes Borrowing Costs • In February 2018, the IASB issued amendments to IAS 19 Employee Benefits In September 2019, the IFRS Interpretations Committee, acting on a request for interpretation, concluded that the presentation requirements in IAS 1 Presentation of Financial Statements non-current c) Future adoptions Listed below are the standards, amendments, and interpretations that the Company reasonably expects to be applicable at a future date and intends to adopt when they become effective. The Company is currently considering the impact of adopting these standards, amendments, and interpretations on its consolidated financial statements and cannot reasonably estimate the effect at this time, unless specifically mentioned below. Interest Rate Benchmark (IBOR) Reform In September 2019, the IASB issued Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39, and IFRS 7). Other future adoptions ● In March 2018, the IASB issued the revised Conceptual Framework for Financial Reporting ● In October 2018, the IASB issued the revised Definition of a Business (Amendments to IFRS 3) ● In October 2018, the IASB issued the Definition of Material (Amendments to IAS 1 and IAS 8) Conceptual Framework for Financial Reporting ● In January 2020, the IASB issued Classification of Liabilities as Current or Non-current non-current. |
Business Acquisitions
Business Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
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Business Acquisitions | 7. Business Acquisitions Acquisitions in 2018 During 2018, the Company acquired all the shares and business of ESI Limited (ESI), Traffic Design Group Limited (TDG), Norwest Corporation (NWC), and Cegertec Experts Conseils Inc. (Cegertec); acquired certain assets and liabilities of Occam Engineers Inc. (OEI) and True Grit Engineering Limited (TGE); and acquired all the partnership interests and business of Peter Brett Associates LLP and the shares and business of PBA International Limited. Acquisitions in 2019 On March 1, 2019, the Company acquired all the shares and business of Wood & Grieve Engineers (WGE) for cash consideration and notes payable. WGE, based in Perth, Australia, enhances the Company’s Global group of cash generating units (CGUs) and has expertise in structural, mechanical, electrical, plumbing, and hydraulic engineering. The preliminary fair values of the net assets recognized in the Company’s consolidated financial statements were based on management’s best estimates of the acquired identifiable assets and liabilities at the acquisition dates. Management finalized the fair value assessments of assets and liabilities acquired from NWC, Cegertec, TGE, Peter Brett Associates LLP, PBA International Limited, and WGE in 2019 and ESI, OEI, and TDG in 2018. No significant measurement period adjustments were recorded during the year ended December 31, 2019. Aggregate consideration for assets acquired and liabilities assumed Details of the aggregate consideration transferred and the fair value of the identifiable assets and liabilities acquired at the date of acquisition are as follows: For the acquisition completed year to date Total Notes $ Cash consideration 82.8 Notes payable 52.4 Consideration 135.2 Assets and liabilities acquired Cash acquired 5.7 Non-cash Trade receivables 19.3 Unbilled receivables 2.7 Trade and other payables (9.5 ) Lease liabilities 12 (3.3 ) Deferred revenue (4.6 ) Other non-cash 0.7 Property and equipment 11 5.8 Lease assets 12 19.4 Intangible assets 14 41.4 Deferred tax assets 27 3.9 Lease liabilities 12 (15.8 ) Long-term debt (4.2 ) Provisions 18 (1.0 ) Net employee defined benefit liability (1.9 ) Deferred tax liabilities 27 (13.5 ) Total identifiable net assets at fair value 45.1 Goodwill arising on acquisition 13 90.1 Consideration 135.2 Trade receivables, unbilled receivables, and deferred revenue are recognized at fair value at the time of acquisition, and their fair value approximated their net carrying value. The Company measured the acquired lease liabilities using the present value of the remaining lease payments at the date of acquisition as if the acquired leases were new leases at the acquisition date. The lease assets were measured at an amount equal to the lease liabilities and adjusted to reflect the favorable/unfavorable terms of the lease relative to market terms. Goodwill consists of the value of expected synergies arising from an acquisition, the expertise and reputation of the assembled workforce acquired, and the geographic location of the acquiree. The goodwill is not tax deductible. The fair values of provisions are determined at the acquisition date and relate to claims that are subject to legal arbitration. For WGE, the Company assumed $1.0 in provisions. At December 31, 2019, provisions for claims outstanding relating to all prior acquisitions were $8.5, based on their expected probable outcome. Certain of these claims are indemnified by the acquiree. Gross revenue earned in 2019 since WGE’s acquisition date is approximately $83.5. The Company integrates the operations and systems of acquired entities shortly after the acquisition date; therefore, it is impracticable to disclose the acquiree’s earnings in its consolidated financial statements since the acquisition date. If the business combination of WGE had taken place at the beginning of 2019, gross revenue from continuing operations for 2019 would have been $4,844.8. Consideration paid and outstanding Details of the consideration paid for current and past acquisitions are as follows: December 31 2019 $ Cash consideration (net of cash acquired) 77.1 Payments on notes payable from previous acquisitions 36.5 Total net cash paid 113.6 Total notes payable and adjustments to these obligations are as follows: December 31 2019 $ Balance, beginning of the year 76.1 Additions for acquisitions in the year 52.4 Other adjustments (2.2 ) Payments (36.5 ) Interest 1.4 Impact of foreign exchange (3.2 ) Total notes payable 88.0 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2019 | |
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Discontinued Operations | 8. Discontinued Operations On November 2, 2018, the Company completed the sale of its Construction Services reportable segment, reported as discontinued operations in these consolidated financial statements for all years presented as prescribed by IFRS 5. In the first quarter of 2019, management and the purchaser completed their review of the closing financial statements, which resulted in an immaterial settlement adjustment. In the fourth quarter of 2019, the Company entered into settlement agreements to release its obligations from the ongoing waste-to-energy The results of discontinued operations are summarized as follows: For the year ended December 31 2019 $ 2018 $ Revenue 9.7 884.4 Expenses (10.8 ) (953.8 ) Impairment of goodwill (note 13) - (53.0 ) Loss from operating activities, before income taxes (1.1 ) (122.4 ) Income taxes on operating activities 0.3 10.8 Loss from operating activities, net of income taxes (0.8 ) (111.6 ) Gain on disposal of discontinued operations before income taxes 1.9 1.5 Income taxes on disposal of discontinued operations (1.1 ) (13.8 ) Gain (loss) on disposal of discontinued operations, net of income taxes 0.8 (12.3 ) Net loss from discontinued operations - (123.9 ) |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2019 | |
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Cash and Cash Equivalents | 9. Cash and Cash Equivalents The Company’s policy is to invest cash in excess of operating requirements in highly liquid investments. For the purpose of the consolidated statements of cash flows, cash and cash equivalents consist of the following: December 31 2019 $ December 31 2018 $ Cash 208.1 176.5 Unrestricted investments 15.4 8.7 Cash and deposits 223.5 185.2 Bank indebtedness (19.5 ) - Cash and cash equivalents 204.0 185.2 |
Trade and Other Receivables
Trade and Other Receivables | 12 Months Ended |
Dec. 31, 2019 | |
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Trade and Other Receivables | 10. Trade and Other Receivables December 31 2019 $ December 31 2018 $ Trade receivables, net of expected credit losses of $2.2 (2018 – $1.5) 787.3 774.5 Holdbacks, current 20.6 18.7 Lease inducements receivable (note 6) - 44.0 Other 9.8 40.9 Trade and other receivables 817.7 878.1 The aging analysis of gross trade receivables is as follows: Total 1–30 31–60 61–90 91–120 121+ $ $ $ $ $ $ December 31, 2019 789.5 395.9 221.1 63.5 27.8 81.2 December 31, 2018 776.0 355.6 228.7 63.8 43.2 84.7 Information about the Company’s exposure to credit risks and impairment losses for trade and other receivables is included in note 25. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Property and Equipment | 11. Property and Equipment Engineering Office Leasehold Equipment Equipment Improvements Other Total $ $ $ $ $ Cost December 31, 2017 116.7 61.6 175.5 33.9 387.7 Additions 23.2 19.4 79.5 8.1 130.2 Additions arising on acquisitions 1.6 0.7 1.7 0.4 4.4 Disposals (12.2 ) (2.2 ) (31.4 ) (4.7 ) (50.5 ) Discontinued operations (note 8) (11.5 ) (0.4 ) (1.7 ) (2.0 ) (15.6 ) Transfers (0.4 ) (0.1 ) (0.2 ) 0.7 - Impact of foreign exchange 4.9 3.0 7.8 1.4 17.1 December 31, 2018 122.3 82.0 231.2 37.8 473.3 Additions 20.3 9.6 24.4 4.8 59.1 Additions arising on acquisitions 0.7 0.7 4.4 - 5.8 Disposals (13.7 ) (3.1 ) (7.3 ) (0.9 ) (25.0 ) Impact of foreign exchange (2.8 ) (2.4 ) (6.1 ) (1.3 ) (12.6 ) December 31, 2019 126.8 86.8 246.6 40.4 500.6 Accumulated depreciation December 31, 2017 57.4 27.6 74.1 16.0 175.1 Depreciation - continuing operations 15.3 6.7 25.9 2.2 50.1 Depreciation - discontinued operations 1.5 - 0.2 0.3 2.0 Disposals (10.6 ) (1.9 ) (31.1 ) (1.9 ) (45.5 ) Discontinued operations (note 8) (3.3 ) (0.3 ) (0.3 ) (0.7 ) (4.6 ) Transfers (0.4 ) (0.1 ) (0.2 ) 0.7 - Impact of foreign exchange 2.3 1.2 2.9 0.4 6.8 December 31, 2018 62.2 33.2 71.5 17.0 183.9 Depreciation - continuing operations 16.5 8.1 30.9 2.7 58.2 Disposals (12.2 ) (2.6 ) (7.3 ) (0.8 ) (22.9 ) Impact of foreign exchange (1.2 ) (0.8 ) (2.4 ) (0.7 ) (5.1 ) December 31, 2019 65.3 37.9 92.7 18.2 214.1 Net book value December 31, 2018 60.1 48.8 159.7 20.8 289.4 December 31, 2019 61.5 48.9 153.9 22.2 286.5 Leasehold improvements includes construction work in progress of $1.9 (2018 – $8.9) on which depreciation has not started. Included in the Other category is automotive equipment, buildings, land, and an ownership interest in an aircraft. |
Lease Assets and Lease Liabilit
Lease Assets and Lease Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of quantitative information about leases for lessee [abstract] | |
Lease Assets and Lease Liabilities | 12. Lease Assets and Lease Liabilities Lease assets Lease Building Other Total $ $ $ $ January 1, 2019 556.6 5.2 561.8 (645.0 ) Additions 63.9 1.6 65.5 (64.0 ) Acquisitions 19.3 0.1 19.4 (19.1 ) Depreciation (113.2 ) (2.6 ) (115.8 ) - Modifications 42.6 - 42.6 (42.7 ) Impairment (2.0 ) - (2.0 ) - Accretion of interest - - - (32.3 ) Payments, net of receipts - - - 98.6 Foreign exchange (12.8 ) (0.2 ) (13.0 ) 15.6 December 31, 2019 554.4 4.1 558.5 (688.9 ) Less current portion - - - 99.9 Long-term portion 554.4 4.1 558.5 (589.0 ) The Company has leases mainly for buildings, vehicles, and office equipment. At December 31, 2019, lease liabilities of $688.9 were discounted using the Company’s incremental borrowing rate and had a weighted-average rate of 4.43%. Future undiscounted cash outflows for lease liabilities are disclosed in note 25. Amounts recognized in administrative and marketing expenses For the year ended December 31 2019 $ Rent expense - variable lease payments 48.7 Rent expense - short-term leases and leases of low-value 10.0 Income from subleases (5.1 ) Total 53.6 Variable lease payments include operating expenses, real estate taxes, insurance, and other variable costs. Future undiscounted cash flows for short-term leases, leases of low-value Amounts recognized in the consolidated statement of cash flows For the year ended December 31 2019 $ Cash payments for the interest portion of lease liabilities 32.3 Cash payments for leases not included in the measurement of lease liabilities 53.6 Cash outflow in operating activities 85.9 Cash payments for the principal portion of lease liabilities 116.7 Proceeds from lease incentives (50.4 ) Cash outflow in financing activities 66.3 Total cash outflow for leases 152.2 The Company leases buildings for its office spaces across the globe. Lease terms typically range from one to sixteen years and had a weighted average remaining lease term of 7.7 years. To provide operational flexibility, the Company seeks to include extension or termination options in new leases. The Company leases vehicle and office equipment with terms typically ranging from three to five years and had a weighted average remaining lease term of 2.2 years. These leases do not usually contain extension options, purchase options, or residual value guarantees. The Company also leases IT equipment and other equipment with terms typically ranging from one to five years. These leases are generally short-term or for low-value |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Goodwill | 13. Goodwill December 31 2019 $ December 31 2018 $ Gross goodwill, beginning of the year 1,799.2 1,734.6 Acquisitions 90.1 96.3 Disposals (note 8) - (120.2 ) Impact of foreign exchange (59.5 ) 88.5 Gross goodwill, end of the year 1,829.8 1,799.2 Accumulated impairment losses, beginning of the year (178.0 ) (178.0 ) Impairment of goodwill - discontinued operations (note 8) - (53.0 ) Disposals - discontinued operations (note 8) - 53.0 Accumulated impairment losses, end of the year (178.0 ) (178.0 ) Net goodwill, end of the year 1,651.8 1,621.2 Goodwill arising from acquisitions includes factors such as the expertise and reputation of the assembled workforce acquired, the geographic location of the acquiree, and the expected synergies. The Company considers its CGUs based on the interdependence of cash flows between different geographic locations and how management monitors the operations. As such, the CGUs are defined as Canada, US, Asia/Pacific, Latin America, and UK/Europe/Middle East. As goodwill is not monitored at a level lower than the Company’s operating segments, the CGUs excluding Canada and the US are grouped in Global for purposes of allocating goodwill and testing impairment. Goodwill was allocated to its CGUs or group of CGUs as follows: December 31 2019 $ December 31 2018 $ Canada 358.2 358.2 United States 956.0 1,003.7 Global 337.6 259.3 Allocated 1,651.8 1,621.2 On October 1, 2019, and October 1, 2018, the Company performed its annual goodwill impairment test in accordance with its policy described in note 4. Based on the results of the 2019 and 2018 tests, except as described below for the Construction Services business, the Company concluded that the recoverable amount of each CGU or group of CGUs associated with the Consulting Services business exceeded its carrying amount and, therefore, goodwill was not impaired. In 2018, the Company completed the sale of its Construction Services business (note 8). In connection with the sale, the Company reviewed the carrying value of the Construction Services disposal group and recognized a goodwill impairment charge of $53.0 in the third quarter of 2018. The fair value measurement of the Construction Services group of CGUs was categorized as Level 3 in the fair value hierarchy based on unobservable market inputs. Key assumptions The calculation of fair value less costs of disposal is most sensitive to the following assumptions: ● Operating margin rates based on actual experience and management’s long-term projections. ● Discount rates reflecting investors’ expectations when discounting future cash flows to a present value, taking into consideration market rates of return, capital structure, company size, and industry risk. If necessary, a discount rate is further adjusted to reflect risks specific to a CGU or group of CGUs when future estimates of cash flows have not been adjusted. For its October 1, 2019 and October 1, 2018, impairment tests, the Company discounted the cash flows for each CGU or group of CGUs using an after-tax ● Terminal growth rates based on actual experience and market analysis. Projections are extrapolated beyond five years using a growth rate that does not exceed 3.0%. ● Non-cash ● Net revenue growth rate based on management’s best estimates of cash flow projections over a five-year period. Sensitivity to changes in assumptions As at October 1, 2019, the recoverable amounts of the Canada and US CGUs exceeded their carrying amounts and management believes that no reasonably possible change in any of the above key assumptions would have caused the carrying amount to exceed its recoverable amount. As at October 1, 2019, the recoverable amount of the Global group of CGUs exceeded its carrying amount by $37.6, assuming operating margins that range from 7.4% to 9.0% and a weighted-average discount rate of 10.3%. Assuming all other assumptions remain the same, the principal changes to key assumptions that would cause the group of CGUs’ carrying amount to exceed its recoverable amount would be a 50-basis 50-basis |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Intangible Assets | 14. Intangible Assets Client Contract Relationships Backlog Software Other Total $ $ $ $ $ Cost December 31, 2017 289.5 47.9 65.6 27.5 430.5 Additions - - 33.2 - 33.2 Additions arising on acquisitions 25.1 5.7 0.2 2.0 33.0 Discontinued operations (note 8) (19.7 ) - (5.3 ) (4.4 ) (29.4 ) Removal of fully amortized assets (3.9 ) (46.2 ) (18.8 ) (10.8 ) (79.7 ) Impact of foreign exchange 16.3 1.1 0.3 0.7 18.4 December 31, 2018 307.3 8.5 75.2 15.0 406.0 Impact of IFRS 16 (note 6) - - - (10.2 ) (10.2 ) January 1, 2019 307.3 8.5 75.2 4.8 395.8 Additions - - 12.0 - 12.0 Additions arising on acquisitions 29.5 10.3 1.3 0.3 41.4 Removal of fully amortized assets - (4.7 ) (23.7 ) (1.0 ) (29.4 ) Impact of foreign exchange (11.5 ) (0.4 ) 0.2 (1.8 ) (13.5 ) December 31, 2019 325.3 13.7 65.0 2.3 406.3 Accumulated amortization December 31, 2017 90.4 37.6 26.9 13.2 168.1 Amortization - continuing operations 26.9 9.9 25.7 2.5 65.0 Amortization - discontinued operations 1.8 1.4 0.7 1.8 5.7 Discontinued operations (note 8) (4.9 ) - (1.9 ) (2.4 ) (9.2 ) Removal of fully amortized assets (3.9 ) (46.2 ) (18.8 ) (10.8 ) (79.7 ) Impact of foreign exchange 5.9 0.9 0.1 1.5 8.4 December 31, 2018 116.2 3.6 32.7 5.8 158.3 Impact of IFRS 16 (note 6) - - - (4.5 ) (4.5 ) January 1, 2019 116.2 3.6 32.7 1.3 153.8 Amortization - continuing operations 31.1 10.0 25.0 0.8 66.9 Removal of fully amortized assets - (4.7 ) (23.7 ) (1.0 ) (29.4 ) Impact of foreign exchange (4.4 ) (0.1 ) 0.5 (0.6 ) (4.6 ) December 31, 2019 142.9 8.8 34.5 0.5 186.7 Net book value December 31, 2018 191.1 4.9 42.5 9.2 247.7 Impact of IFRS 16 (note 6) - - - (5.7 ) (5.7 ) January 1, 2019 191.1 4.9 42.5 3.5 242.0 December 31, 2019 182.4 4.9 30.5 1.8 219.6 During 2019, the Company concluded that there were no indicators of impairment related to intangible assets. The net book value of software acquired through software financing obligations is $16.7 (2018 - $19.1). In 2019, software additions through software financing obligations were $8.4 (2018 - $15.1) and have been excluded from the consolidated statement of cash flows (note 33). |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Other Assets | 15. Other Assets December 31 December 31 2019 2018 $ $ Financial assets Investments held for self-insured liabilities 153.0 144.2 Holdbacks on long-term contracts 33.9 28.7 Other 12.6 7.3 Non-financial 16.9 18.5 216.4 198.7 Less current portion - financial 11.6 18.1 Less current portion - non-financial 6.5 5.1 Long-term portion 198.3 175.5 Financial assets-other primarily include indemnifications, sublease receivables, and deposits. Non-financial Investments held for self-insured liabilities Investments held for self-insured liabilities include government and corporate bonds that are classified as FVOCI with unrealized gains (losses) recorded in other comprehensive income. Investments also include equity securities that are classified at FVPL with gains (losses) recorded in net income. Their fair value and amortized cost are as follows: December 31 2019 $ December 31 2018 $ Fair Value Amortized Cost/Cost Fair Value Amortized Cost/Cost Bonds 102.8 103.4 103.0 103.8 Equity securities 50.2 46.1 41.2 45.0 Total 153.0 149.5 144.2 148.8 The bonds bear interest at rates ranging from 0.75% to 5.00% per annum (2018 – 0.75% to 5.15%). The terms to maturity of the bond portfolio, stated at fair value, are as follows: December 31 December 31 2019 2018 $ $ Within one year 9.5 14.0 After one year but not more than five years 79.9 85.2 More than five years 13.4 3.8 Total 102.8 103.0 |
Trade and Other Payables
Trade and Other Payables | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Trade and Other Payables | 16. Trade and Other Payables December 31 $ December 31 $ Trade accounts payable 225.5 222.6 Employee and payroll liabilities 266.7 263.3 Accrued liabilities 84.2 81.3 Trade and other payables 576.4 567.2 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Long-Term Debt | 17. Long-Term Debt December 31 $ December 31 $ Revolving credit facilities 448.0 528.6 Notes payable 88.7 76.8 Term loan 308.5 308.8 Software financing obligations 15.7 19.5 860.9 933.7 Less current portion 46.9 48.5 Long-term portion 814.0 885.2 Notes payable Notes payable consists primarily of notes payable for acquisitions (note 7). The weighted average rate of interest on the notes payable at December 31, 2019, was 2.7% (2018 – 3.16%). Notes payable may be supported by promissory notes and are due at various times from 2020 to 2022. The aggregate maturity value of the notes at December 31, 2019, was $90.7 (2018 – $78.2). At December 31, 2019, $4.2 (US$3.2) (2018 – $23.2 (US$17.0)) of the notes’ carrying amount was payable in US funds, $52.0 (AU$57.1) (2018 – nil) was payable in Australian funds, and $23.2 (2018 – $32.9) was payable in other foreign currencies. Revolving credit facilities and term loan On July 19, 2019, the Company amended its syndicated senior credit facilities (Credit Facilities) which consist of a senior revolving credit facility in the maximum amount of $800.0 and senior term loans of $310.0 in two tranches. The amendment changed certain terms and conditions, including extending the maturity date of its revolving credit facility by one year (expires on June 27, 2024) and reducing the interest rate spreads that are applicable based on the Company’s leverage ratio. Additional funds can be accessed subject to approval and under the same terms and conditions. As a result of the amendment, access to these additional funds increased from $400.0 to $600.0. The amendment to the terms and conditions was not considered to be substantial. As such, the amendment was accounted for as a debt modification. The revolving credit facility and the term loans may be repaid from time to time at the option of the Company. The two tranches of the term loan were drawn in Canadian funds of $150.0 (due on June 27, 2022) and $160.0 (due on June 27, 2023). At December 31, 2019, $448.0 of the revolving credit facility was payable in Canadian funds. At December 31, 2018, $515.0 of the revolving credit facility was payable in Canadian funds and $13.6 (US$10.0) was payable in US funds. As at December 31, 2019 and 2018, the entire term loan was payable in Canadian funds. The average interest rate applicable at December 31, 2019, for the Credit Facilities was 3.77% (2018 – 4.53%). The funds available under the revolving credit facility are reduced by any outstanding letters of credit issued pursuant to the facility agreement. At December 31, 2019, the Company had issued outstanding letters of credit that expire at various dates before January 2021, are payable in various currencies, and total $49.9 (2018 – $48.0). These letters of credit were issued in the normal course of operations, including the guarantee of certain office rental obligations. At December 31, 2019, $282.6 (2018 – $223.4) was available in the revolving credit facility for future activities. At December 31, 2019, $33.3 (2018 – $23.8) in additional letters of credit outside of the Company’s revolving credit facility was issued and outstanding. These were issued in various currencies. Of these letters of credit, $18.7 (2018 – $14.7) expire at various dates before January 2021 and $14.6 (2018 – $9.1) have open-ended terms. Software financing obligations The Company has financing obligations for software (included in intangible assets) bearing interest at rates ranging from 1.4% to 5.25%. These obligations expire at various dates before May 2022. Surety facilities The Company has surety facilities, primarily related to Construction Services, to accommodate the issuance of bonds for certain types of project work. At December 31, 2019, the Company had issued $392.1 in bonds under these surety facilities: $3.3 (2018 – $3.5) in Canadian funds, $386.2 (US$297.3) (2018 – $791.4 (US$580.2)) in US funds, and $2.6 (2018 – $4.7) in other foreign currencies. These bonds expire at various dates before July 2024. Although the Company remains obligated for these instruments, the purchaser of the Construction Services business has indemnified the Company for any obligations that may arise from these bonds (note 8). |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Provisions | 18. Provisions Provision $ Provision Onerous Expected $ Provision Total December 31, 2018 77.0 14.8 12.5 15.6 0.7 120.6 Impact of IFRS 16 (note 6) - - (2.6 ) - 10.3 7.7 January 1, 2019 77.0 14.8 9.9 15.6 11.0 128.3 Current year provisions 29.8 8.4 0.4 (0.6 ) 2.4 40.4 Acquisitions - 0.3 - - 0.7 1.0 Paid or otherwise settled (24.1 ) (7.9 ) (9.9 ) (9.5 ) (1.5 ) (52.9 ) Impact of foreign exchange (2.6 ) (0.2 ) - (0.7 ) (0.3 ) (3.8 ) 80.1 15.4 0.4 4.8 12.3 113.0 Less current portion 3.8 12.8 0.1 4.8 2.4 23.9 Long-term portion 76.3 2.6 0.3 - 9.9 89.1 On adoption of IFRS 16 at January 1, 2019, onerous contracts (consisting of lease exit liabilities and sublease losses) at December 31, 2018, were reclassified to reduce lease assets. The Company did not reclassify the provision for onerous contracts for leases that were considered to be short term (note 6). Cash outflows for provisions for claims are expected to occur within the next one to five years, although this is uncertain and depends on the development of the various claims. These outflows are not expected to have a material impact on the Company’s net cash flows. Provision for lease restoration relates to building leases (note 12). Cash outflows for provisions for lease restoration are expected to occur within the next one to fourteen years. |
Employee Defined Benefit Obliga
Employee Defined Benefit Obligations | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Employee Defined Benefit Obligations | 19. Employee Defined Benefit Obligations December 31 December 31 2019 2018 $ $ Net defined benefit pension asset (26.0 ) (10.0 ) Net defined benefit pension liability 69.8 55.5 End of employment benefit plans 15.4 13.1 85.2 68.6 Defined benefit pension plans The Company sponsors defined benefit pension plans (the Plans) covering certain full-time and past employees, primarily in the United Kingdom. The benefits for the Plans are based on final compensation and years of service. The Plans are closed to new participants and have ceased all future service benefits, although the future salary link has been retained for certain continuing active members. The Plans are governed by the laws of the United Kingdom. Each pension plan has a board of trustees that is responsible for administering the assets and defining the investment policies of the Plans. The funding objective of each pension plan is to have sufficient and appropriate assets to meet actuarial liabilities. The board of trustees reviews the level of funding required based on separate triennial actuarial valuations for funding purposes; the most recent were completed as at March 31, 2017, and February 1, 2019. The Plans required that contributions be made to separately administered funds, which are maintained independently by custodians. The Company expects to contribute approximately $19 to the Plans in 2020. The Plans expose the Company to a number of risks, including changes to long-term UK interest rates and inflation expectations, movements in global investment markets, changes in life expectancy rates, foreign exchange risk, and regulatory risk from changes in UK pension legislation. The Company is also exposed to price risk because the Plans’ assets include significant investments in equities. Guaranteed annuities, purchased for certain plan members upon retirement, protect a portion of the Plans from changes in interest rates and longevity post-retirement. Post-retirement benefits that are fully matched with insurance policies have been included in both the asset and liability figures in the following tables. A liability-driven investment (LDI) strategy has been implemented to hedge a portion of the Plans’ long-term interest rate and inflation risks by investing in assets that have similar interest rate and inflation characteristics as the Plans’ liabilities. The LDI strategy relates to only a portion of the Plans’ investments; therefore, the Plans remain exposed to significant interest rate and inflation risk, along with the other risks mentioned above. The following table presents a reconciliation from the opening balances to the closing balances for the net defined benefit liability and its components: 2019 2018 Defined $ Fair Value $ Net $ Defined $ Fair Value $ Net $ Balance, beginning of the year 494.3 (448.8 ) 45.5 397.7 (379.2 ) 18.5 Acquisitions - - - 80.9 (64.4 ) 16.5 Included in pre-tax Interest expense (income) 13.0 (12.1 ) 0.9 10.8 (10.2 ) 0.6 Past service cost - - - 10.5 - 10.5 Administrative expenses paid by the Plans - 1.1 1.1 - 1.7 1.7 13.0 (11.0 ) 2.0 21.3 (8.5 ) 12.8 Included in other comprehensive loss (income) Return on the plan assets, excluding interest income - (55.5 ) (55.5 ) - 17.4 17.4 Actuarial (gains) losses arising from: Changes in demographic assumptions (1.9 ) - (1.9 ) (0.8 ) - (0.8 ) Changes in financial assumptions 81.9 - 81.9 (9.3 ) - (9.3 ) Experience adjustments (4.4 ) - (4.4 ) 5.5 - 5.5 Remeasurement loss on net employee defined benefit liability, before tax 75.6 (55.5 ) 20.1 (4.6 ) 17.4 12.8 Effect of movement in exchange rates (5.0 ) 4.2 (0.8 ) 11.5 (10.3 ) 1.2 70.6 (51.3 ) 19.3 6.9 7.1 14.0 Other Benefits paid (14.8 ) 14.8 - (12.5 ) 12.3 (0.2 ) Contributions by employer - (23.0 ) (23.0 ) - (16.1 ) (16.1 ) (14.8 ) (8.2 ) (23.0 ) (12.5 ) (3.8 ) (16.3 ) Balance, end of the year 563.1 (519.3 ) 43.8 494.3 (448.8 ) 45.5 The total remeasurement loss on the net employee defined benefit liability at December 31, 2019, is a loss of $16.5 net of deferred tax recovery of $3.6 (2018 – loss of $10.8 net of deferred tax recovery of $2.0). December 31 December 31 2019 2018 $ $ Included in the consolidated statement of financial position within: Net defined benefit asset (26.0 ) (10.0 ) Net defined benefit liability 69.8 55.5 43.8 45.5 The Company has an unconditional right to derive economic benefit from the above surplus and has therefore recognized a net defined benefit asset. For the year ended December 31 2019 2018 Note $ $ Included in the consolidated statement of income as: Continuing operations - administrative and marketing expenses 2.0 6.6 Discontinued operations 8 - 6.2 2.0 12.8 On October 26, 2018, the United Kingdom high court issued a ruling that resulted in an amendment to the Plans to equalize guaranteed minimum pension benefits between genders and increased the Company’s defined benefit obligation by $10.5 as at December 31, 2018. Corresponding past service costs were recognized in the consolidated statements of income of which $4.7 was recognized in continuing operations and $5.8 in discontinued operations. No rulings applied to 2019. Major categories of plan assets, measured at fair value, are as follows: December 31 December 31 2019 2018 $ $ Cash and cash equivalents 7.6 3.3 Investments quoted in active markets (mutual, exchange-traded, and pooled funds): Equities 163.4 138.1 Corporate bonds and fixed income 73.3 57.5 Pooled fund liability-driven investments 13.2 15.5 Property funds 14.4 10.6 Unquoted investments: Annuity policies 123.2 110.8 Insurance contract: Equities and property 85.0 80.2 Corporate bonds 29.9 19.2 Cash and cash equivalents 9.3 13.6 Fair value of the plan assets 519.3 448.8 The investment policy for the Plans is to balance risk and return. Approximately 52% of plan assets are invested in mutual, exchange-traded, and pooled funds (fair valued using quoted market prices) or held in cash. Approximately 24% of plan assets are held in annuity policies that are purchased for certain plan members upon retirement. The fair value of these policies reflects the value of the obligation for these retired plan members and is determined using actuarial techniques and guaranteed annuity rates. The remaining assets of the Plans are invested in a wholly insured with-profits insurance contract with a major insurance company. Contributions made to this contract are invested in insurance policies administered by third parties, which provide for a declared rate of interest. The yields on the investments are intended to provide for a steady return on the assets. The insurance contract is fair valued using valuation techniques with market observable inputs. The present value of the defined benefit obligation is determined by discounting the estimated future cash flows using actuarial valuations. The principal assumptions used in determining pension benefit obligations for the Plans are shown below (expressed as weighted averages): December 31 December 31 2019 2018 Discount rate 1.89% 2.77% Rate of increase in salaries 4.34% 4.47% Rate of inflation, pre-retirement 2.60% 2.55% Rate of increase in future pensions payment 3.44% 3.51% Life expectancy at age 65 for current pensioners: Male 22 years 22 years Female 24 years 24 years Life expectancy at age 65 for current members aged 45: Male 23 years 23 years Female 25 years 25 years At December 31, 2019, the weighted average duration of the defined benefit obligation was 16 years (2018 – 16 years). Quantitative sensitivity analyses showing the impact on the defined benefit obligation for significant assumptions are as follows: December 31 December 31 2019 2018 Increase Decrease Increase Decrease $ $ $ $ Change in discount rate by 0.25% (18.9 ) 19.6 (15.6 ) 17.0 Change in pre-retirement 5.7 (5.5 ) 5.0 (4.8) Change in salary growth by 0.25% 1.0 (1.0 ) 0.9 (0.8) Change in pension increase assumption by 0.25% 10.5 (9.2 ) 8.4 (8.1) Increase of one year in the life expectancy 11.8 n/a 9.4 n/a The sensitivity analyses above have been determined based on a method that extrapolates the impact on the defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting year. The sensitivity analyses were based on changing a significant assumption and keeping all other assumptions constant and may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation of one another. End of employment benefit plans The liability for end of employment benefit plans represents the Company’s estimated obligations for long service leave and annual leave that is legislated in some countries in which the Company operates. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Other Liabilities | 20. Other Liabilities December 31 December 31 2019 2018 Note $ $ Lease inducement benefits and lease disadvantages 6 - 112.7 Cash-settled share-based compensation 23 23.0 12.8 Other 5.1 3.1 28.1 128.6 Less current portion 12.1 23.2 Long-term portion 16.0 105.4 As a result of the IFRS Interpretations Committee conclusion in September 2019 (note 6b), the Company reclassified uncertain tax liabilities of $35.0 from other liabilities to income taxes payable at December 31, 2018. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Commitments | 21. Commitments The Company has various lease commitments included in lease liabilities (note 12). In addition, the Company has commitments for variable lease payments, short-term leases, and leases of low-value Total Less than 1 Year 1 to 3 Years After 3 Years $ $ $ $ Variable lease payments 269.6 47.6 82.4 139.6 Short-term and low value lease payments 4.0 2.6 1.4 - Leases not commenced but committed 50.6 2.3 10.2 38.1 Purchase obligations 67.6 43.9 20.5 3.2 391.8 96.4 114.5 180.9 Future minimum payments receivable under non-cancelable |
Contingencies and Guarantees
Contingencies and Guarantees | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Contingencies and Guarantees | 22. Contingencies and Guarantees The nature of the Company’s legal claims and the provisions recorded for these claims are described in notes 4 and 5. Although the Company accrues adequate provisions for probable legal claims, it has contingent liabilities relating to reported legal incidents that, based on current known facts, are not probable to result in future cash outflows. The Company is monitoring these incidents and will not accrue any provision until further information results in a situation in which the criteria required to record a provision is met. Due to the nature of these incidents, such as the range of possible outcomes and the possibility of litigation, it is not practicable for management to estimate the financial effects of these incidents, the amount and timing of future outflows, and the possibility of any reimbursement of these outflows. In the normal course of business, the Company provides indemnifications and, in limited circumstances, surety bonds and guarantees. These are often standard contractual terms and are provided to counterparties in transactions such as purchase and sale contracts for assets or shares, service agreements, and leasing transactions. The Company also indemnifies its directors and officers against any and all claims or losses reasonably incurred in the performance of their service to the Company to the extent permitted by law. These indemnifications may require the Company to compensate the counterparty for costs incurred as a result of various events, including changes to or in the interpretation of laws and regulations, or as a result of damages or statutory sanctions that may be suffered by the counterparty as a consequence of the transaction. The terms of these indemnifications and guarantees will vary based on the contract, the nature of which prevents the Company from making a reasonable estimate of the maximum potential amount that it could be required to pay to counterparties. In most cases, the potential payment amount of an outstanding indemnification or guarantee is limited to the remaining cost of work to be performed under service contracts. The Company carries liability insurance, subject to certain deductibles and policy limits, that provides protection against certain insurable indemnifications. Historically, the Company has not made any material payments under such indemnifications or guarantees, and no amounts have been accrued in the consolidated financial statements with respect to these indemnifications and guarantees. |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Share Capital | 23. Share Capital Authorized Unlimited Common shares, with no par value Unlimited Preferred shares issuable in series, with attributes designated by the board of directors Common shares On November 8, 2019, the Company received approval from the TSX to renew its Normal Course Issuer Bid (NCIB), enabling it to purchase up to 5,559,313 common shares during the period November 14, 2019, to November 13, 2020. In addition, the Company has an Automatic Share Purchase Plan (ASPP) with a broker that allows the purchase of common shares for cancellation under the NCIB at any time during predetermined trading blackout periods. Such purchases are determined by the broker in its sole discretion based on parameters established by the Company under the ASPP. As at December 31, 2019 and December 31, 2018, no liability was recorded in the Company’s consolidated statements of financial position in connection with the ASPP. During 2019, 1,400,713 common shares (2018 – 2,470,560) were repurchased for cancellation pursuant to the NCIB at a cost of $43.2 (2018 – $76.7). Of this amount, $10.9 and $0.3 (2018 – $19.1 and $0.5) reduced share capital and contributed surplus, and $32.0 (2018 – $57.1) was charged to retained earnings. During 2019, the Company recognized a share-based compensation expense of $18.1 (2018 – $5.3) in administrative and marketing expenses in the consolidated statements of income. Of the amount expensed, $3.4 (2018 – $5.6) related to the amortization of the fair value of options granted and $14.7 (2018 – recovery of $0.3) related to the cash-settled share-based compensation (RSUs, DSUs, and PSUs). Dividends Holders of common shares are entitled to receive dividends when declared by the Company’s board of directors. The table below describes the dividends declared and recorded in the consolidated financial statements in 2019. Dividend per Share Paid Date Declared Record Date Payment Date $ $ February 27, 2019 March 29, 2019 April 15, 2019 0.1450 16.2 May 9, 2019 June 28, 2019 July 15, 2019 0.1450 16.2 August 7, 2019 September 30, 2019 October 15, 2019 0.1450 16.2 November 6, 2019 December 30, 2019 January 15, 2020 0.1450 - At December 31, 2019, trade and other payables included $16.1 (2018 – $15.4) related to the dividends declared on November 8, 2019. Share-based payment transactions The Company has a long-term incentive program that uses share options, RSUs, and PSUs. The Company also has a DSU plan for the board of directors. a) Share options For the year ended For the year ended December 31 December 31 2019 2018 Weighted Average Weighted Average Exercise Price Exercise Price Shares per Share Shares per Share # $ # $ Share options, beginning of the year 4,987,542 31.11 4,426,237 29.84 Granted - - 1,112,779 32.98 Exercised (753,583 ) 25.09 (338,989 ) 20.40 Forfeited (182,879 ) 32.41 (212,485 ) 31.49 Share options, end of the year 4,051,080 32.17 4,987,542 31.11 The options held by officers and employees at December 31, 2019, were as follows: Options Outstanding Options Exercisable Weighted Weighted Weighted Average Weighted Average Average Exercise Average Exercise Range of Exercise Remaining Price per Shares Remaining Price per Prices per Share Outstanding Contractual Share Exercisable Contractual Share $ # Life in Years $ # Life in Years $ 20.88 107,168 0.16 20.88 107,168 0.16 20.88 31.75 32.98 3,943,912 2.24 32.48 2,916,710 1.96 32.45 20.88 32.98 4,051,080 2.18 32.17 3,023,878 1.89 32.04 These options expire on dates between February 26, 2020 and May 15, 2023. The fair value of options granted was determined at the date of grant using the Black-Scholes option-pricing model. The model was developed to use when estimating the fair value of traded options that have no vesting restrictions and are fully transferable. In 2019, the Company granted no (2018 – 1,112,779) share options. The estimated fair value of options granted in 2018 was $5.73 per option and was determined using the weighted average assumptions indicated below: 2018 Volatility in the price of the Company’s shares (%) 24.12 Risk-free interest rate (%) 2.10 Expected hold period to exercise (years) 3.50 Dividend yield (%) 1.668 Exercise price ($) 32.98 The expected volatility was based on the historical volatility of the Company’s shares over a period commensurate with the expected hold period of the share options. The risk-free interest rate for the expected hold period of the options was based on the yield available on government bonds, with an approximate equivalent remaining term at the time of the grant. Historical data was used to estimate the expected hold period before exercising the options. The options have a contractual life of five years. A summary of the status of the Company’s non-vested Number of Shares Weighted Average Fair Value per Share # $ Non-vested 2,079,153 5.53 Vested (997,936 ) 5.37 Forfeited (54,015 ) 5.60 Non-vested 1,027,202 5.69 b) Cash-settled share-based payments A summary of the Company’s RSUs, PSUs, and DSUs for 2019, is as follows: December 31, 2019 December 31, 2018 RSUs PSUs DSUs PSUs DSUs # # # # # Units, beginning of year - 744,081 306,459 686,250 438,969 Granted 166,963 379,289 44,806 280,884 46,356 Paid - (198,815 ) (75,315 ) (193,385 ) (178,866 ) Forfeited (2,259 ) (48,816 ) - (29,668 ) - Units, end of the year 164,704 875,739 275,950 744,081 306,459 Units vested, end of the year - - 275,950 - 306,459 Restricted share units During 2019, the Company granted 164,719 RSUs to officers and employees at a fair value of $5.3, based on the trading price of the Company’s common shares at the grant date. These units are adjusted for dividends as they arise, based on the number of units held on the record date. These units vest upon completing a three-year service condition that starts after the grant date and are adjusted for dividends as they arise, based on the number of units held on the record date. For units that vest, unit holders will receive cash payments based on the volume weighted average trading price of the Company’s common shares for the last five trading days preceding the vesting date, less withholding amounts. At December 31, 2019, the obligations accrued for RSUs were $1.1 (2018 - nil) included in other liabilities (note 20). Performance share units Under the Company’s long-term incentive program, certain members of the senior leadership team may be granted PSUs. These units are adjusted for dividends as they arise, based on the number of units held on the record date. PSUs vest upon completing a three-year service condition that starts on the grant date. The number of units that vest is subject to a percentage that can range from 0% to 200%, depending on achieving three-year performance and market objectives as described below. For units that vest, unit holders receive a cash payment based on the closing market price of the Company’s common shares on the third anniversary date of issue. For PSUs granted in 2018 onward, the cash payment is based on the volume weighted average of the closing market price of the Company’s common shares for the last five trading days preceding the vesting date, less withholding amounts. The performance objectives for these units include achieving a range of net income growth and return on equity targets with equal weighting. The fair value of these units is expensed over their three-year vesting period. For the PSUs granted in 2019, the Company amended its PSU agreement by increasing the weighting of the return on equity target to 60% and by replacing the net income growth with a market objective of total shareholder return relative to the Company’s peer group for a 40% weighting. During the year ended December 31, 2019, 378,049 PSUs (December 31, 2018 - 280,884) were granted at a fair value of $11.6 (December 31, 2018 - $8.9). At December 31, 2019, the obligations accrued for PSUs were $11.1 (2018 – $3.6) included in other liabilities (note 20). Deferred share units The directors of the board receive DSUs and annually elect to receive an additional fixed value compensation in the form of either DSUs or cash payment, less withholding amounts, to purchase common shares. A DSU is equal to one common share. These units vest on their grant date and are paid in cash to the directors of the board on their death or retirement. They are valued at the volume weighted average of the closing market price of the Company’s common shares for the last 10 trading days of the month of death or retirement. These units are recorded at fair value. DSUs are adjusted for dividends as they arise, based on the number of units outstanding on the record date. During the year ended December 31, 2019, 44,772 DSUs (December 31, 2018 – 46,356) were granted at a fair value of $1.2 (December 31, 2018 – $1.4), based on the closing market price of the Company’s common shares at the grant date. At December 31, 2019, the outstanding and vested DSUs had a fair value of $10.2 (2018 – $9.0) included in other liabilities (note 20). |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
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Fair Value Measurements | 24. Fair Value Measurements When forming estimates, the Company uses the most observable inputs available for valuation purposes. If a fair value measurement reflects inputs of different levels within the hierarchy, the financial instrument is categorized based on the lowest level of significant input. When determining fair value, the Company considers the principal or most advantageous market in which it would transact and the assumptions that market participants would use when pricing the asset or liability. The Company measures certain financial assets and liabilities at fair value on a recurring basis. During 2019, no change was made to the method of determining fair value. For financial instruments recognized at fair value on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by reassessing categorizations at the end of each reporting period. During 2019, no transfers were made between levels 1 and 2 of the fair value measurements. The following table summarizes the Company’s fair value hierarchy for those assets and liabilities measured and adjusted to fair value on a recurring basis at December 31, 2019: Carrying Quoted Prices in (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Notes $ $ $ $ Assets Investments held for self-insured 15 153.0 - 153.0 - Liabilities Interest rate swap 20,25 1.5 - 1.5 - Investments held for self-insured liabilities consist of government and corporate bonds and equity securities. Fair value of bonds is determined using observable prices of debt with characteristics and maturities that are similar to the bonds being valued. Fair value of equities is determined using the reported net asset value per share of the investment funds. The funds derive their value from the observable quoted prices of the equities owned that are traded in an active market. The following table summarizes the Company’s fair value hierarchy for those liabilities that were not measured at fair value but are required to be disclosed at fair value on a recurring basis as at December 31, 2019: Carrying Quoted Prices in (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Note $ $ $ $ Notes payable 17 88.7 - 89.5 - The fair value of notes payable is determined by calculating the present value of future payments using observable benchmark interest rates and credit spreads for debt with similar characteristics and maturities. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Financial Instruments | 25. Financial Instruments Derivative financial instruments On January 10, 2019, the Company entered into an interest rate swap agreement to manage the interest rate risk related to a tranche of the term loan with a notional amount of $160.0, both maturing on June 27, 2023. The swap agreement has the effect of converting the variable interest rate on the term loan, based on a bankers’ acceptance rate, into a fixed interest rate of 2.295%, plus applicable basis points spread. The fair value of the interest rate swap, estimated using market rates at December 31, 2019, is an unrealized loss of $1.5 ($1.1 net of tax). The Company has designated the swap as a cash flow hedge against a tranche of the term loan; therefore, the unrealized gains and losses relating to the swap are recorded in other comprehensive (loss) income and in the statement of financial position as other assets or other liabilities. There is an economic relationship between the interest rate swap and this tranche of the term loan because the terms of the two instruments match (i.e., notional amount, maturity, payment, and reset dates). The Company has established a hedge ratio of 1:1 for the hedging relationship as the underlying risk of the interest rate swap is identical to the hedged risk component. Hedge ineffectiveness could arise due to renegotiations or amendments to terms of the hedged tranche of the term loan which could create a mismatch in the notional amount or term. In the event the hedging relationship is no longer effective or ceases to exist, the gains and losses will be recorded in income. As at December 31, 2019, the Company has foreign currency forward contracts to purchase CAD$31.0 or GBP$18.0 equivalent on the trade date. These were entered to mitigate the risk of foreign currency fluctuations. The fair value of these contracts, estimated using market rates as at December 31, 2019, is an unrealized gain of $0.2 and was recorded in foreign exchange gains and in the consolidated statement of financial position within trade and other receivables. Credit risk Assets that subject the Company to credit risk consist primarily of cash and deposits, trade and other receivables, unbilled receivables, contract assets, investments held for self-insured liabilities, holdbacks on long-term contracts, sublease receivables, indemnifications, and other financial assets. The Company’s maximum amount of credit risk exposure is limited to the carrying amount of these assets, which at December 31, 2019, was $1,682.4 (2018 – $1,687.8). The Company limits its exposure to credit risk by placing its cash and cash equivalents in high-quality credit institutions. Investments held for self-insured liabilities include corporate bonds and equity securities. The Company believes the risk associated with corporate bonds and equity securities is mitigated by the overall quality and mix of the Company’s investment portfolio. The Company mitigates the risk associated with trade and other receivables, unbilled receivables, contract assets, and holdbacks on long-term contracts by providing services to diverse clients in various industries and sectors of the economy. The Company does not concentrate its credit risk in any particular client, industry, or economic or geographic sector. In addition, management reviews trade and other receivables past due on an ongoing basis to identify matters that could potentially delay the collection of funds at an early stage. The Company monitors trade receivables to an internal target of days of revenue in trade receivables. At December 31, 2019, the days of revenue in trade receivables was 61 days (2018 – 66 days). The lifetime ECLs (simplified approach) relating to financial assets are outlined in the table below: Total 1–30 31–60 61–90 91–120 121+ December 31, 2019 $ $ $ $ $ $ Expected loss rate 0.10% 0.13% 0.30% 0.59% 1.05% Gross carrying amount 1,308.3 914.7 221.1 63.5 27.8 81.2 Loss allowance provision, end of the year 2.8 1.1 0.2 0.2 0.3 1.0 December 31, 2018 Expected loss rate 0.07% 0.10% 0.22% 0.43% 0.75% Gross carrying amount 1,356.9 936.5 228.7 63.8 43.2 84.7 Loss allowance provision, end of the year 1.9 0.7 0.2 0.1 0.2 0.7 During 2019, $1.7 trade receivables were written off (2018 – $0.8) and the Company had no recoveries from the collection of accounts receivable previously written off. Bonds carried at FVOCI are considered to be low risk; therefore, the impairment provision is determined to be the 12-month Substantially all bonds held by the Company are investment grade, and none are past due. The Company monitors changes in credit risk by tracking published external credit ratings. Liquidity risk The Company meets its liquidity needs through various sources, including cash generated from operations, long- and short-term borrowings from its $800.0 revolving credit facility, term loans, and the issuance of common shares. The unused capacity of the revolving credit facility at December 31, 2019, was $282.6 (2018 – $223.4). The Company believes that it has sufficient resources to meet obligations associated with its financial liabilities. The timing of undiscounted cash outflows relating to financial liabilities is outlined in the table below: Total Less than 1 Year 1 to 3 Years After 3 Years $ $ $ $ December 31, 2019 Bank indebtedness 19.5 19.5 - - Trade and other payables 576.4 576.4 - - Lease liabilities 810.5 138.5 255.0 417.0 Long-term debt 863.0 47.2 366.9 448.9 Other financial liabilities 4.8 0.9 1.8 2.1 Total contractual obligations 2,274.2 782.5 623.7 868.0 December 31, 2018 Trade and other payables 567.2 567.2 - - Long-term debt 935.4 49.1 196.7 689.6 Other financial liabilities 3.1 1.1 0.3 1.7 Total contractual obligations 1,505.7 617.4 197.0 691.3 Interest rate risk The Company is subject to interest rate cash flow risk to the extent that its revolving credit facility and term loan are based on floating interest rates. The Company is also subject to interest rate pricing risk to the extent that its investments held for self-insured liabilities include fixed-rate government and corporate bonds. If the interest rate on the Company’s revolving credit facility and term loan balances at December 31, 2019, was 0.5% higher or lower, with all other variables held constant, net income would decrease or increase by $2.2, respectively. Foreign exchange risk Foreign exchange risk is the risk that the fair value of the future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Foreign exchange gains or losses in net income arise on the translation of foreign currency-denominated assets and liabilities (such as trade and other receivables, trade and other payables, and long-term debt) held in the Company’s Canadian operations and foreign subsidiaries. The Company manages its exposure to foreign exchange fluctuations on these items by matching foreign currency assets with foreign currency liabilities and through the use of foreign currency forward contracts. Foreign exchange fluctuations may also arise on the translation of the Company’s US-based Price risk The Company’s investments held for self-insured liabilities are exposed to price risk arising from changes in the market values of the equity securities. This risk is mitigated because the portfolio of equity funds is monitored regularly and appropriately diversified. A 1.0% increase or decrease in equity prices at December 31, 2019, would increase or decrease the Company’s net income by $0.4, respectively. |
Capital Management
Capital Management | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Capital Management | 26. Capital Management The Company’s objective when managing capital is to provide sufficient capacity to cover normal operating and capital expenditures, acquisition growth, payment of dividends, and opportunistic share repurchases under its NCIB program, while maintaining an adequate return for shareholders. The Company defines its capital as cash, the aggregate of long-term debt (including the current portion) and shareholders’ equity. December 31 December 31 2019 2018 $ $ Current portion of long-term debt 46.9 48.5 Non-current 814.0 885.2 Long-term debt 860.9 933.7 Bank indebtedness 19.5 - Less: cash and deposits (223.5 ) (185.2 ) Net debt 656.9 748.5 Shareholders’ equity 1,875.5 1,906.9 Total capital managed 2,532.4 2,655.4 The Company manages its capital structure to maintain the flexibility to adjust to changes in economic conditions and acquisition growth and to respond to interest rate, foreign exchange, credit, and other risks. To maintain or adjust its capital structure, the Company may purchase shares for cancellation pursuant to NCIB, issue new shares, or raise or retire debt. The Company is subject to restrictive covenants related to its Credit Facilities (measured quarterly). These covenants include but are not limited to a leverage ratio and an interest coverage ratio (non-IFRS (pre-IFRS (pre-IFRS The Company was in compliance with the covenants under these agreements as at and throughout the year ended December 31, 2019. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Income Taxes | 27. Income Taxes The effective income tax rate for continuing operations in the consolidated statements of income differs from statutory Canadian tax rates as a result of the following: For the year ended December 31 2019 2018 % % Income tax expense at statutory Canadian rates 27.0 27.1 Increase (decrease) resulting from: Rate differential on foreign income 2.2 (3.1 ) Non-deductible non-taxable 0.7 0.8 Unrecognized tax losses and temporary differences 0.6 2.0 Transition tax related to US tax reform 0.4 (4.4 ) Research and development and other tax credits (1.0 ) (0.7 ) Other (3.1 ) 2.6 26.8 24.3 Major components of current income tax expense from continuing operations are as follows: For the year ended 2019 2018 $ $ Ongoing operations 54.9 64.5 Transition tax related to US tax reform 1.1 (10.0 ) Total current income tax expense 56.0 54.5 Major components of deferred income tax expense from continuing operations are as follows: For the year ended 2019 2018 $ $ Origination and reversal of timing differences 12.9 (1.9 ) Unrecognized tax losses and temporary differences 7.8 2.7 Change of tax rates (1.0 ) (0.1 ) Recovery arising from previously unrecognized tax assets (4.6 ) (0.2 ) Total deferred income tax expense 15.1 0.5 Significant components of net deferred income tax assets (liabilities) are as follows: December 31 $ December 31 $ Deferred income tax assets (liabilities) Lease liabilities 162.0 - Differences in timing of taxability of revenue and deductibility of expenses 16.2 33.4 Loss and tax credit carryforwards 11.4 16.7 Employee defined benefit plan 8.5 7.7 Other 1.1 2.5 Carrying value of property and equipment in excess of tax cost (22.7 ) (7.3 ) Carrying value of intangible assets in excess of tax cost (90.1 ) (86.1 ) Lease assets (127.7 ) - (41.3 ) (33.1 ) The following is a reconciliation of net deferred tax assets (liabilities): December 31 2019 $ December 31 2018 $ Balance, beginning of the year (33.1 ) (31.4 ) Impact of IFRS 16 in 2019 and IFRS 15 and IFRS 9 in 2018 11.5 6.7 January 1, 2019 (21.6 ) (24.7 ) Discontinued operations - (8.6 ) Tax effect on other comprehensive (loss) income 4.0 2.0 Impact of foreign exchange 0.8 (2.3 ) Other 0.2 (0.1 ) Deferred taxes acquired through business combinations (9.6 ) (0.7 ) Tax (expense) recovery during the year recognized in net income (15.1 ) 1.3 Balance, end of the year (41.3 ) (33.1 ) At December 31, 2019, all loss carryforwards and deductible temporary differences available to reduce the taxable income of Canadian, US, and foreign subsidiaries were recognized in the consolidated financial statements, except as noted below. December 31 2019 $ December 31 2018 $ Deductible temporary differences 9.2 13.0 Non-capital Expire (2020 to 2039) 37.8 27.4 Never expire 71.2 73.4 109.0 100.8 Capital tax losses: Never expire 6.8 9.3 125.0 123.1 Deferred tax assets have not been recognized in respect of these temporary differences and losses because they are restricted to certain jurisdictions and cannot be used elsewhere in the Company at this time. United States tax reform In 2017 ,the United States enacted tax reform legislation through the Tax Cuts and Jobs Act by introducing a new Code Section 965, which imposed a one-time one-time The Company will continue to monitor for new interpretation and guidance issued by the US Treasury Department, the IRS, and state taxing authorities. The Company also continues to assess other areas of the Tax Act for significant impacts on its estimated average annual effective tax rate and accounting policies, such as the base erosion anti-abuse tax, limitations on interest expense deductions, foreign-derived intangible income deduction, and tax on global intangible low-taxed |
Net Interest Expense and Other
Net Interest Expense and Other Net Finance Expense | 12 Months Ended |
Dec. 31, 2019 | |
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Net Interest Expense and Other Net Finance Expense | 28. Net Interest Expense and Other Net Finance Expense Net interest expense For the year ended 2019 2018 Note $ $ Interest on notes payable 2.6 2.1 Interest on credit facilities 37.6 28.4 Interest on lease liabilities 12 32.3 - Other 0.8 1.1 Total interest expense 73.3 31.6 Interest income on FVOCI investment debt securities (2.5 ) (2.5 ) Other (1.2 ) (0.4 ) Total interest income (3.7 ) (2.9 ) Net interest expense 69.6 28.7 Other net finance expense For the year ended December 31 2019 2018 $ $ Realized loss on sale of FVOCI investment debt securities - 0.3 Amortization on FVOCI investment debt securities - 0.5 Bank charges 3.5 5.6 Total other finance expense 3.5 6.4 Derecognition of notes payable (0.4 ) (0.7 ) Other net finance expense 3.1 5.7 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
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Revenue | 29. Revenue Disaggregation of revenue The Company provides professional consulting services in engineering, architecture, interior design, landscape architecture, surveying, environmental sciences, project management, and project economics throughout North America and globally. The Company has five specialized business operating units: Buildings, Energy & Resources, Environmental Services, Infrastructure, and Water. Revenue is derived principally under fee-for-service Significant increases (decreases) in contract assets and deferred revenue in the year are as follows: For the year ended December 31, 2019 December 31, 2018 Contract Deferred Contract Deferred Assets Revenue Assets Revenue Note $ $ $ $ Acquisitions 1.1 4.6 0.7 7.2 Discontinued operations and disposition of subsidiaries 8 - - (15.3 ) (59.3 ) Revenue recognized in 2019 and included in deferred revenue at January 1, 2019, was $174.4 (2018 – $196.4). Revenue recognized in 2019 from performance obligations satisfied (or partially satisfied) in prior years was less than 5% (2018 – 5%) of the Company’s gross revenue from continuing operations. Remaining performance obligations (backlog) The aggregate amount of estimated revenue related to performance obligations that are unsatisfied (or partially unsatisfied) as at December 31, 2019, was $4,257 (2018 – $4,179). This amount includes all contracts with customers but excludes variable consideration that is not highly probable. The Company expects to recognize approximately 77% (2018 – 77%) of this revenue as contracts are completed over the next 18 months with the remainder recognized thereafter. |
Employee Costs from Continuing
Employee Costs from Continuing Operations | 12 Months Ended |
Dec. 31, 2019 | |
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Employee Costs from Continuing Operations | 30. Employee Costs from Continuing Operations For the year ended December 31 2019 2018 $ $ Wages, salaries, and benefits 2,629.9 2,365.0 Pension costs 75.0 77.1 Share-based compensation (note 23) 18.1 5.3 Total employee costs 2,723.0 2,447.4 Direct labor 1,702.9 1,540.0 Indirect labor 1,020.1 907.4 Total employee costs 2,723.0 2,447.4 Direct labor costs include salaries, wages, and related fringe benefits (including pension costs) for labor hours directly associated with the completion of projects. Bonuses, share-based compensation, termination payments, and salaries, wages, and related fringe benefits (including pension costs) for labor hours not directly associated with the completion of projects are included in indirect labor costs. Indirect labor costs are included in administrative and marketing expenses in the consolidated statements of income. Included in pension costs is $73.0 (2018 – $70.5) related to defined contribution plans. |
Other (Income) Expense
Other (Income) Expense | 12 Months Ended |
Dec. 31, 2019 | |
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Other (Income) Expense | 31. Other (Income) Expense For the year ended December 31 2019 2018 $ $ Unrealized (gain) loss on equity securities (7.9 ) 4.9 Other (0.3 ) (4.8 ) Total other (income) expense (8.2 ) 0.1 |
Weighted Average Shares Outstan
Weighted Average Shares Outstanding | 12 Months Ended |
Dec. 31, 2019 | |
Investments accounted for using equity method [abstract] | |
Weighted Average Shares Outstanding | 32. Weighted Average Shares Outstanding The number of basic shares outstanding and diluted common shares, calculated on a weighted average basis, is as follows: December 31 December 31 2019 2018 # # Basic shares outstanding 111,550,424 113,733,118 Share options (dilutive effect in 2019 of 107,168 options; 2018 – 507,066 options) - 89,200 Diluted shares 111,550,424 113,822,318 At December 31, 2019, no options were antidilutive. At December 31, 2018, 4,480,476 options were antidilutive. |
Cash Flow Information
Cash Flow Information | 12 Months Ended |
Dec. 31, 2019 | |
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Cash Flow Information | 33. Cash Flow Information A reconciliation of liabilities arising from financing activities for the year ended December 31, 2019, is as follows: Revolving Software Dividends Credit Term Lease Financing to Facility Loan Liabilities Obligations Shareholders Total $ $ $ $ $ $ January 1, 2019 528.6 308.8 645.0 19.5 15.4 1,517.3 Statement of cash flows Proceeds 163.4 50.4 - - 213.8 Repayments or payments (243.7 ) (116.7 ) (12.3 ) (64.0 ) (436.7 ) Non-cash Foreign exchange (0.3 ) (16.0 ) (0.8 ) - (17.1 ) Additions and modifications - 125.8 8.4 - 134.2 Dividends declared - - - 64.7 64.7 Other - (0.3 ) 0.4 0.9 - 1.0 December 31, 2019 448.0 308.5 688.9 15.7 16.1 1,477.2 |
Related-Party Disclosures
Related-Party Disclosures | 12 Months Ended |
Dec. 31, 2019 | |
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Related-Party Disclosures | 34. Related-Party Disclosures At December 31, 2019, the Company had subsidiaries and structured entities that it controlled and included in its consolidated financial statements. The Company also enters into related-party transactions through a number of joint ventures, associates, and joint operations. These transactions involve providing or receiving services entered into in the normal course of business. The following lists the most significant entities where the Company owns 100% of the voting and restricted securities. Name Jurisdiction of Incorporation 3221969 Nova Scotia Company Nova Scotia, Canada International Insurance Group Inc. Barbados Mustang Acquisition Holdings Inc. Delaware, United States MWH International, Inc. Delaware, United States Stantec Australia Pty Ltd Australia Stantec Consulting Caribbean Ltd. Barbados Stantec Consulting International LLC Arizona, United States Stantec Consulting International Ltd. Canada Stantec Consulting Ltd./Stantec Experts-conseils ltée Canada Stantec Consulting Michigan Inc. Michigan, United States Stantec Consulting Services Inc. New York, United States Stantec Delaware II LLC Delaware, United States Stantec Holding (2017) Limited United Kingdom Stantec Holding II Ltd. Alberta, Canada Stantec New Zealand New Zealand Stantec Technology International Inc. Delaware, United States Stantec UK Limited United Kingdom There are no significant restrictions on the Company’s ability to access or use assets or to settle liabilities of its subsidiaries. Financial statements of all subsidiaries are prepared as at the same reporting date as the Company’s. Structured entities At December 31, 2019, the Company had management agreements in place with several entities to provide various services, including architecture, engineering, planning, and project management. These entities have been designed so that voting rights are not the dominant factor in deciding who controls the entity. Each entity has a management agreement in place that provides the Company with control over the relevant activities of the entity where it has been assessed that the Company is exposed to variable returns of the entity and can use its power to influence the variable returns. The Company receives a management fee generally equal to the net income of the entities and has an obligation regarding the liabilities and losses of the entities. Based on these facts and circumstances, management determined that the Company controls these entities and they are consolidated in the Company’s consolidated financial statements. The Company does not have any unconsolidated structured entities. The following lists the most significant structured entities that are consolidated in the Company’s financial statements. Name Jurisdiction of Incorporation Stantec Architecture Inc. North Carolina, United States Stantec Architecture Ltd. Canada Stantec Geomatics Ltd. Alberta, Canada Stantec International Inc. Pennsylvania, United States Joint operations The Company also conducted its business through the following significant joint operations. Ownership Name Interests Jurisdiction Stantec-Bonatti, a Joint Venture 85% Canada Stantec/SG, a Joint Venture 65% United States West, a Joint Venture 50% United States Starr ll, a Joint Venture 47% United States Joint ventures and associates The Company enters into transactions through its investments in joint ventures and associates. The following table provides the total dollar amount for transactions that have been entered into with related parties. For the year ended December 31, 2019 For the year ended December 31, 2018 Sales to Related Parties $ Distributions $ Amounts Owed by Related Parties $ Sales to $ Distributions $ Amounts Owed Joint ventures 40.2 0.9 8.9 39.8 0.3 10.2 Associates 1.9 0.2 0.2 4.3 0.2 1.0 Compensation of key management personnel and directors of the Company For the year ended December 31 2019 2018 $ $ Salaries and other short-term employment benefits 11.0 9.0 Directors’ fees 0.8 0.8 Share-based compensation 8.3 0.9 Total compensation 20.1 10.7 The Company’s key management personnel for 2019 and 2018 include its chief executive officer (CEO), chief operating officer, chief business officer, chief financial officer, chief practice and project officer, and executive vice presidents. The amounts disclosed in the table are the amounts recognized as an expense related to key management personnel and directors during the year. Share-based compensation includes the fair value adjustment for the year. |
Segmented Information
Segmented Information | 12 Months Ended |
Dec. 31, 2019 | |
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Segmented Information | 35. Segmented Information The Company provides comprehensive professional services in the area of infrastructure and facilities throughout North America and globally. It considers the basis on which it is organized, including geographic areas, to identify its reportable segments. Operating segments of the Company are defined as components of the Company for which separate financial information is available and are evaluated regularly by the chief operating decision maker when allocating resources and assessing performance. The chief operating decision maker is the CEO of the Company, and the Company’s operating segments are based on its regional geographic areas. The Company’s reportable segments are Canada, United States, and Global. These reportable segments provide professional consulting in engineering, architecture, interior design, landscape architecture, surveying, environmental sciences, project management, and project economics services in the area of infrastructure and facilities. The operating results of Construction Services, previously a reportable segment, were reported as discontinued operations (note 8). Segment performance is evaluated by the CEO based on gross margin and is measured consistently with gross margin in the consolidated financial statements. Inter-segment revenues are eliminated on consolidation and reflected in the Adjustments and Eliminations column. Reportable segments from continuing operations For the year ended December 31, 2019 Canada United Global Total Adjustments and Eliminations $ Consolidated Total gross revenue 1,314.7 2,709.8 914.2 4,938.7 (111.4 ) 4,827.3 Less inter-segment revenue 31.6 21.7 58.1 111.4 (111.4 ) - Gross revenue from external customers 1,283.1 2,688.1 856.1 4,827.3 - 4,827.3 Less subconsultants and other direct expenses 173.6 740.5 201.9 1,116.0 - 1,116.0 Total net revenue 1,109.5 1,947.6 654.2 3,711.3 - 3,711.3 Gross margin 571.1 1,070.2 367.1 2,008.4 - 2,008.4 For the year ended December 31, 2018 Canada United States $ Global Total Adjustments Consolidated Total gross revenue 1,311.0 2,365.9 742.7 4,419.6 (135.8 ) 4,283.8 Less inter-segment revenue 35.2 31.3 69.3 135.8 (135.8 ) - Gross revenue from external customers 1,275.8 2,334.6 673.4 4,283.8 - 4,283.8 Less subconsultants and other direct expenses 188.0 560.2 180.4 928.6 - 928.6 Total net revenue 1,087.8 1,774.4 493.0 3,355.2 - 3,355.2 Gross margin 557.0 982.5 275.7 1,815.2 - 1,815.2 The following tables disclose disaggregation of revenue by geographic area and services: Geographic information Non-Current Gross Revenue December 31 December 31 For the year ended December 31 2019 2018 2019 2018 $ $ $ $ Canada 760.5 535.2 1,283.1 1,275.8 United States 1,486.2 1,342.3 2,688.1 2,334.6 United Kingdom 143.3 140.5 279.1 184.9 Global 326.4 140.3 577.0 488.5 2,716.4 2,158.3 4,827.3 4,283.8 Non-current Gross revenue is attributed to countries based on the location of the project. Gross revenue by services For the year ended December 31 2019 $ 2018 $ Buildings 1,053.3 938.7 Energy & Resources 613.1 597.5 Environmental Services 788.6 682.8 Infrastructure 1,401.7 1,169.3 Water 970.6 895.5 Total gross revenue from external customers 4,827.3 4,283.8 Customers The Company has a large number of clients in various industries and sectors of the economy. No particular customer exceeds 10% of the Company’s gross revenue. |
Investment Tax Credits
Investment Tax Credits | 12 Months Ended |
Dec. 31, 2019 | |
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Investment Tax Credits | 36. Investment Tax Credits Investment tax credits, arising from qualifying |
Events after the Reporting Peri
Events after the Reporting Period | 12 Months Ended |
Dec. 31, 2019 | |
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Events after the Reporting Period | 37. Events after the Reporting Period Normal Course Issuer Bid From January 1, 2020, to February 26 common shares at an average price of $ per share for an aggregate price of $ . Dividend On February 26, 2020, the Company declared a dividend of $ 0. 155 |
Comparative Figures
Comparative Figures | 12 Months Ended |
Dec. 31, 2019 | |
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Comparative Figures | 38. Comparative Certain comparative figures have been reclassified to conform to the presentation adopted for 2019 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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Cash and cash equivalents | a) Cash and cash equivalents Cash and cash equivalents include cash and unrestricted investments, net of bank indebtedness. Unrestricted investments are comprised of short-term bank deposits with a maturity of three months or less. |
Property and equipment | b) Property and equipment Property and equipment are recorded at cost less accumulated depreciation and any impairment losses. Cost includes the cost of replacing parts of property and equipment. When significant parts of property and equipment are required to be replaced in intervals, the Company recognizes those parts as individual assets with specific useful lives. All other repair and maintenance costs are recognized in the consolidated statements of income as incurred. Depreciation is calculated over the assets estimated useful lives on a straight-line basis as follows: Engineering equipment 5 to 10 years straight-line Office equipment 5 to 10 years straight-line Leasehold improvements straight-line over term of lease to a maximum of 15 years or the improvement’s economic life Other 5 to 50 years straight-line The residual values, useful lives, and methods of depreciation of property and equipment are reviewed at each financial year-end |
Intangible assets | c) Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. Intangible assets acquired in a business combination are measured at fair value as at the date of acquisition. Following initial recognition, finite life intangible assets are carried at cost less any accumulated amortization and any impairment losses and indefinite life intangible assets are carried at cost less any impairment loss. The Company’s intangible assets with finite lives are amortized over their useful economic lives on a straight-line basis. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at each financial year-end. The Company also incurs costs for third-party internet-based cloud computing services. These costs are expensed in administrative and marketing expenses over the period of the service agreement when the Company determines that it has not obtained control of the software. Intangible assets acquired from business combinations The Company’s policy is to amortize client relationships with finite lives over periods ranging from 10 to 15 years. Contract backlog and finite trademarks are amortized over estimated lives of generally 1 to 3 years. The Company assigns value to acquired intangibles using the income approach, which involves quantifying the present value of net cash flows attributed to the subject asset. This, in turn, involves estimating the revenues and earnings expected from the asset. |
Leases | d) Leases For leases entered into or modified on or after January 1, 2019, a contract is a lease or contains a lease if it conveys the right to control the use of an asset for a time period in exchange for consideration. To identify a lease, the Company (1) considers whether an explicit or implicit asset is specified in the contract and (2) determines whether the Company obtains substantially all the economic benefits from the use of the underlying asset by assessing numerous factors, including but not limited to substitution rights and the right to determine how and for what purpose the asset is used. At the commencement of a lease, the Company determines the lease term as the non-cancellable The Company recognizes lease assets and lease liabilities for all leases, except for leases of low-value The lease liability is recognized at the commencement date of the lease and is initially measured at the present value of the lease payments that are not paid. The Company elected to not separate non-lease lease components and to account for the non-lease The lease liability is discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. The lease liability is subsequently measured at amortized cost using the effective interest method. The lease liability is remeasured when the expected lease payments change as a result of a change in the lease term, a change in the assessment of an option to purchase the leased asset, changes in the future lease payments as a result of a change in an index or rate used to determine the lease payments, and changes in estimated payments for residual value guarantees. The lease asset is recognized at the commencement date of the lease and is initially measured at cost, comprised of the amount of the initial measurement of the lease liability less any incentives received from the lessor. Added to the lease asset are any initial direct costs incurred, lease payments made before the commencement date, and estimated restoration costs. The lease asset is subsequently depreciated on a straight-line basis from the commencement date to the earlier of the end of the useful life of the lease asset or the end of the lease term. The lease asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. |
Investments in joint arrangements and associates | e) Investments in joint arrangements and associates Each joint arrangement of the Company is classified as either a joint operation or joint venture based on the rights and obligations arising from the contractual obligations between the parties to the arrangement. A joint arrangement that provides the Company with rights to the individual assets and obligations arising from the arrangement is classified as a joint operation and a joint arrangement that provides the Company with rights to the net assets of the arrangement is classified as a joint venture. The Company accounts for a joint operation by recognizing its share of assets, liabilities, revenues, and expenses of the joint operation and combining them line by line with similar items in the Company’s consolidated financial statements. The Company accounts for a joint venture using the equity method. The Company’s share of the after-tax If the financial statements of associates or joint arrangements are prepared for a date that is different from the Company’s date (due to the timing of finalizing and receiving information), adjustments are made for the effects of significant transactions or events that occur between that date and the date of the Company’s financial statements. When necessary, adjustments are made to bring the accounting policies in line with the Company’s. |
Provisions | f) Provisions General Provisions are recognized when the Company has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. When the Company expects some or all of a provision to be reimbursed—for example, under an insurance contract—and when the reimbursement is virtually certain, the reimbursement is recognized as a separate asset. The expense relating to any provision is presented in the consolidated statements of income net of any reimbursement. If the effect of the time value of money is significant, provisions are discounted using a current pre-tax Provision for self-insured liabilities The Company self-insures certain risks related to professional liability, automobile physical damages, and employment practices liability. The provision for self-insured liabilities includes estimates of the costs of reported claims (including potential claims that are probable of being asserted) and is based on assumptions made by management and actuarial estimates. The provision for self-insured liabilities does not include unasserted claims where assertion by a third party is not probable. Provisions for claims Provision for claims include an estimate for costs associated with legal claims covered by third-party insurance. The Company has claims that are not covered by its provisions for self-insured liabilities, including claims that are subject to exclusions under the Company’s commercial and captive insurance policies. Often, these legal claims are from previous acquisitions and may be indemnified by the acquiree (notes 7 and 15). Contingent liabilities recognized in a business combination A contingent liability recognized in a business combination is initially measured at its fair value. Subsequently, it is measured as discussed under “General.” |
Foreign currency translation | g) Foreign currency translation The Company’s consolidated financial statements are presented in Canadian dollars, which is also the parent Company’s functional currency. Each entity in the Company determines its own functional currency, and items included in the financial statements of each entity are measured using that functional currency. The Company is mainly exposed to fluctuations in the US dollar and GBP. Transactions and balances Transactions in foreign currencies (those different from an entity’s functional currency) are initially translated into the functional currency of an entity using the foreign exchange rate at the transaction date. Subsequent to the transaction date, foreign currency transactions are measured as follows: • On the consolidated statements of financial position, monetary items are translated at the rate of exchange in effect at the reporting date. Non-monetary Non-monetary non-monetary • Revenue and expense items are translated at the exchange rate on the transaction date, except for depreciation and amortization, which are translated at historical exchange rates. Foreign operations The Company’s foreign operations are translated into its reporting currency (Canadian dollar) as follows: • Assets and liabilities are translated at the rate of exchange in effect at each consolidated statement of financial position date. • Revenue and expense items (including depreciation and amortization) are translated at the average rate of exchange for the month. The resulting unrealized exchange gains and losses on foreign subsidiaries are recognized in other comprehensive income (loss). |
Financial instruments | h) Financial instruments Initial recognition and subsequent measurement Financial assets (except trade and other receivables and unbilled receivables that do not have a significant financing component) are initially recognized at fair value plus directly attributable transaction costs, except for financial assets at fair value through profit and loss (FVPL), for which transaction costs are expensed. Trade and other receivables and unbilled receivables that do not have a significant financing component are initially measured at the transaction price determined in accordance with IFRS 15. Purchases or sales of financial assets are accounted for at trade dates. Subsequent measurement of financial assets is at FVPL, amortized cost, or fair value through other comprehensive income (FVOCI). The classification is based on two criteria: the Company’s business approach for managing the financial assets and whether the instruments’ contractual cash flows represent “solely payments of principal and interest” on the principal amount outstanding (the SPPI criterion). The business approach considers whether a Company’s objective is to receive cash flows from holding assets, from selling assets in a portfolio, or a combination of both. The Company reclassifies financial assets only when its business approach for managing those assets changes. • Amortized cost: Assets held for collection of contractual cash flows—when they meet the SPPI criterion—are measured at amortized cost using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified, or impaired. Items in this category include cash and cash equivalents, receivables, and certain other financial assets. • FVOCI: Assets held in a business approach to both collect cash flows and sell the assets—when they meet the SPPI criterion—are measured at FVOCI. Bonds held for self-insured liabilities are included in this category. Changes in the carrying amount are reported in other comprehensive income (except impairments) until disposed of. At this time, the realized gains and losses are recognized in finance income. Interest income from these financial assets is included in interest income using the EIR method. Impairment and foreign exchange gains and losses are reported in income. • FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL with realized and unrealized gains and losses reported in other income (expense). Equity securities held for self-insured liabilities and indemnifications are included in this category. Financial liabilities are initially recognized at fair value and, in the case of loans and borrowings, net of directly attributable transaction costs. Subsequent measurement of financial liabilities is at amortized cost using the EIR method. The EIR method discounts estimated future cash payments or receipts through the expected life of a financial instrument, and thereby calculates the amortized cost and subsequently allocates the interest income or expense over the life of the instrument. For trade and other payables and other financial liabilities, realized gains and losses are reported in income. For long-term debt, EIR amortization and realized gains and losses are recognized in net finance expense. Gains and losses are recognized in profit or loss when the liability is derecognized or modified. Fair value After initial recognition, the fair values of financial instruments are based on the bid prices in quoted active markets for financial assets and on the ask prices for financial liabilities. For financial instruments not traded in active markets, fair values are determined using appropriate valuation techniques, which may include recent arm’s length market transactions, reference to the current fair value of another instrument that is substantially the same, and discounted cash flow analysis; however, other valuation models may be used. The fair values of the Company’s derivatives are based on third-party indicators and forecasts. Fair values of cash and cash equivalents, trade and other receivables, and trade and other payables approximate their carrying amounts because of the short-term maturity of these instruments. The carrying amounts of bank loans approximate their fair values because the applicable interest rates are based on variable reference rates. The carrying amounts of other financial assets and financial liabilities approximate their fair values except as otherwise disclosed in the consolidated financial statements. All financial instruments carried at fair value are categorized into one of the following: • Level 1 – quoted market prices in active markets for identical assets or liabilities at the measurement date. • Level 2 – observable inputs other than quoted prices included within level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets or liabilities that are not active, or other inputs that are observable directly or indirectly. • Level 3 – unobservable inputs for the assets and liabilities that reflect the reporting entity’s own assumptions and are not based on observable market data. When forming estimates, the Company uses the most observable inputs available for valuation purposes. If a fair value measurement reflects inputs of different levels within the hierarchy, the financial instrument is categorized based on the lowest level of significant input. When determining fair value, the Company considers the principal or most advantageous market in which it would transact and the assumptions that market participants would use when pricing the asset or liability. For financial instruments recognized at fair value on a recurring basis, the Company determines whether transfers have occurred between levels of the hierarchy by reassessing categorizations at the end of each reporting period. Derivatives From time to time, the Company enters into foreign currency forward contracts to manage risk associated with net operating assets or liabilities denominated in foreign currencies. The Company’s policy is not to use these derivatives for trading or speculative purposes. |
Impairment | i) Impairment The carrying amounts of the Company’s assets or group of assets, other than deferred tax assets, are reviewed at each reporting date to determine whether there is an indication of impairment. An asset may be impaired if objective evidence of impairment exists because of one or more events that have occurred after the initial recognition of the asset (referred to as a “loss event”) and if that loss event has an impact on the estimated future cash flows of the asset. When an indication of impairment exists, or annual impairment testing for an asset is required, the asset’s recoverable amount is estimated. The Company recognizes a loss allowance for expected credit losses (ECLs) on financial assets and contract assets based on a 12-month 12-month The loss allowance provision is based on the Company’s historical collection and loss experience and incorporates forward-looking factors, where appropriate. When the carrying amount of financial assets or contract assets is reduced through an ECL allowance, the reduction is recognized in administrative and marketing expenses in the consolidated statements of income. Non-financial For non-financial pre-tax CGUs are defined based on the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Other factors are considered, including how management monitors the entity’s operations. The Company does not monitor goodwill at or allocate goodwill to its business operating units. The Company tests intangible assets for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. To determine indicators of impairment of intangible assets, the Company considers external sources of information such as prevailing economic and market conditions and internal sources of information such as the historical and expected financial performance of the intangible assets. If indicators of impairment are present, the Company determines recoverability based on an estimate of discounted cash flows, using the higher of either the value in use or the fair value less costs of disposal method. The measurement of impairment loss is based on the amount that the carrying amount of an intangible asset exceeds its recoverable amount at the CGU level. As part of the impairment test, the Company updates its future cash flow assumptions and estimates, including factors such as current and future contracts with clients, margins, market conditions, and the useful lives of the assets. Goodwill is evaluated for impairment annually (as at October 1) or more frequently if circumstances indicate that an impairment may occur or if a significant acquisition occurs between the annual impairment test date and December 31. The Company considers the relationship between its market capitalization and its book value, as well as other factors, when reviewing for indicators of impairment. Goodwill is assessed for impairment based on the CGUs or group of CGUs to which the goodwill relates. Any potential goodwill impairment is identified by comparing the recoverable amount of a CGU or group of CGUs to its carrying value which includes the allocated goodwill. If the recoverable amount is less than its carrying value, an impairment loss is recognized. The Company may need to test its goodwill for impairment between its annual test dates if market and economic conditions deteriorate or if volatility in the financial markets causes declines in the Company’s share price, increases the weighted average cost of capital, or changes valuation multiples or other inputs to its goodwill assessment. In addition, changes in the numerous variables associated with the judgments, assumptions, and estimates made by management in assessing the fair value could cause them to be impaired. Goodwill impairment charges are non-cash An impairment loss of goodwill is not reversed. For other assets, an impairment loss may be reversed if the estimates used to determine the recoverable amount have changed. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount or the carrying amount that would have been determined, net of amortization or depreciation, had no impairment loss been recognized for the asset in prior years. The reversal is recognized in the consolidated statements of income. |
Revenue recognition | j) Revenue recognition The Company generates revenue from contracts in which goods or services are typically provided over time. Revenue is measured based on the consideration the Company expects to be entitled to in exchange for providing goods and services, excluding discounts, duty, and taxes collected from clients that are reimbursable to government authorities. While providing services, the Company incurs certain direct costs for subconsultants and other expenses that are recoverable directly from clients. The recoverable amounts of these direct costs are included in the Company’s gross revenue. Since these direct costs can vary significantly from contract to contract, changes in gross revenue may not be indicative of the Company’s revenue trends. Therefore, the Company also reports net revenue, which is gross revenue less subconsultants and other direct expenses. The Company assesses its revenue arrangements against specific criteria to determine whether it is acting as a principal or an agent. In general, the Company acts as a principal in its revenue arrangements because it obtains control of the goods or services before they are provided to the customer. Most of the Company’s contracts include a single performance obligation because the promise to transfer the individual goods or services is not separately identifiable from other promises in the contract and therefore is not distinct. The Company’s contracts may include multiple goods or services that are accounted for as separate performance obligations if they are distinct—if a good or service is separately identifiable from other items in the contract and if a customer can benefit from it. If a contract has multiple performance obligations, the consideration in the contract is allocated to each performance obligation based on the estimated stand-alone selling price. The Company transfers control of the goods or services it provides to clients over time and therefore recognizes revenue progressively as the services are performed. Revenue from fixed-fee variable-fee-with-ceiling time-and-material The timing of revenue recognition, billings, and cash collections results in trade and other receivables, holdbacks, unbilled receivables, contract assets, and deferred revenue in the consolidated statements of financial position. Amounts are typically invoiced as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals or when contractual milestones are achieved. Receivables represent amounts due from customers: trade and other receivables and holdbacks consist of invoiced amounts, and unbilled receivables consist of work in progress that has not yet been invoiced. Contract assets represent unbilled amounts where the right to payment is subject to more than the passage of time and includes performance-based incentives and services provided ahead of agreed contractual milestones. Contract assets are transferred to receivables when the right to consideration becomes unconditional. Deferred revenue represents amounts that have been invoiced but not yet recognized as revenue, including advance payments and billings in excess of revenue. Deferred revenue is recognized as revenue when (or as) the Company performs under the contract. Revenue is adjusted for the effects of a significant financing component when the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. Advance payments and holdbacks typically do not result in a significant financing component because the intent is to provide protection against the failure of one party to adequately complete some or all of its obligations under the contract. Deferred contract costs Contract costs are typically expensed as incurred. Contract costs are deferred if the costs are expected to be recoverable and if either of the following criteria is met: • The costs of obtaining the contract are incremental or explicitly chargeable to the customer. • The fulfillment costs relate directly to the contract or an anticipated contract and generate or enhance the Company’s resources that will be used in satisfying performance obligations in the future. Deferred contract costs are included in other assets in the consolidated statements of financial position and amortized over the period of expected benefit using the percentage of completion applied to estimated revenue. Amortization of deferred contract costs is included in other direct expenses in the consolidated statements of income. |
Employee benefit plans | k) Employee benefit plans Defined benefit plans The Company sponsors defined benefit pension plans covering certain full-time employees and past employees, primarily in the United Kingdom. Benefits are based on final compensation and years of service. Benefit costs (determined separately for each plan using the projected unit credit method) are recognized over the periods that employees are expected to render services in return for those benefits. Remeasurements, comprising actuarial gains and losses and the return on the plan assets (excluding interest), are recognized immediately in the consolidated statements of financial position with a corresponding debit or credit to other comprehensive income in the period they occur. Remeasurements are not reclassified to net income in subsequent periods. The calculation of defined benefit obligations is performed at least annually by a qualified actuary, or more often as required due to plan amendments, curtailments, or settlements. When the calculation results in a potential asset, the recognized asset is limited to the economic benefits available in the form of any future refunds or of reductions in future contributions to the plan. Past service costs are recognized in net income on the earlier of the date of the plan amendment or curtailment and the date that the Company recognizes related restructuring costs. Net interest is calculated by applying the discount rate to the net defined benefit liability or asset, adjusted for benefit and contribution payments during the year. The Company recognizes the following changes in the net defined benefit obligations under administrative and marketing expenses: service costs comprising current service costs, past service costs, gains and losses on curtailments and non-routine Defined contribution plans The Company also contributes to group retirement savings plans and an employee share purchase plan. Certain plans are based on employee contribution amounts and subject to maximum limits per employee. The Company accounts for defined contributions as an expense in the period the contributions are made. |
Taxes | l) Taxes Current income tax Current income tax assets and liabilities for current and prior periods are measured at the amount expected to be recovered from or paid to taxation authorities. Tax rates and tax laws used to compute the amounts are those enacted or substantively enacted at the reporting date in the countries where the Company operates and generates taxable income. Current income tax that relates to items recognized directly in equity is recognized in equity and not in the consolidated statements of income. Management periodically evaluates positions taken in the tax returns when applicable tax regulations are subject to interpretation and then establishes an uncertain tax liability, if appropriate. Income taxes payable are typically expected to be settled within twelve months of the year-end one-year non-current Deferred tax Deferred tax is determined using the liability method for temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences and the carryforward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carryforward of unused tax credits and unused tax losses can be utilized. Deferred taxes are not recognized for the initial recognition of goodwill; the initial recognition of assets or liabilities, outside of a business combination, that affect neither accounting nor taxable profit; or the differences relating to investments in associates, subsidiaries, and interests in joint arrangements to the extent that the reversal can be controlled and it is probable that it will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be used. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled and are based on tax rates and tax laws that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognized outside income is also recognized outside income. Deferred tax items are recognized in correlation to the underlying transaction either in other comprehensive income or directly in equity. Deferred tax assets and deferred tax liabilities are offset when a legally enforceable right exists to set off tax assets against tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Uncertain tax positions If the Company determines that it is not probable that a taxation authority will accept an uncertain tax treatment, then an uncertain tax liability is recorded using either the most likely amount or the expected value method, depending on which method better predicts the resolution of the circumstances giving rise to the uncertainty. Uncertain tax liabilities are presented as either income taxes payable or deferred tax liabilities. This depends on whether the uncertain tax liabilities are in respect of taxable profit for a period or income taxes payable in future periods in respect of taxable temporary differences. Sales tax Revenues, expenses, and assets, except trade receivables, are recognized net of the amount of sales tax recoverable from or payable to a taxation authority. The net amount of sales tax recoverable from or payable to a taxation authority is included as part of trade receivables or trade payables (as appropriate) in the consolidated statements of financial position. |
Share-based payment transactions | m) Share-based payment transactions Under the Company’s share option plan, the board of directors may grant to officers and employees, remuneration in the form of share-based payment transactions, whereby officers and employees render services as consideration for equity instruments (equity-settled transactions). Under the Company’s deferred share unit plan, the directors of the board of the Company may receive deferred share units (DSUs), each of which is equal to one common share. Under the Company’s long-term incentive plan, certain members of the senior leadership teams are granted performance share units (PSUs) or restricted share units (RSUs) that vest and are settled after a three-year period. DSUs, PSUs, and RSUs are settled only in cash (cash-settled transactions). Equity-settled transactions The cost of equity-settled transactions is measured at fair value at the grant date using a Black-Scholes option-pricing model. The cost of equity-settled transactions, together with a corresponding increase in contributed surplus, is recognized over the period in which the service conditions are fulfilled (the vesting period). Upon the exercise of share options for which a share-based compensation expense has been recognized, the cash paid, together with the related portion of contributed surplus, is credited to share capital. For equity-settled transactions, the cumulative expense recognized at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Company’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit to income for a period represents the movement in cumulative expense recognized as at the beginning and end of that period and is recorded in administrative and marketing expenses. No expense is recognized for awards that do not ultimately vest. Cash-settled transactions The cost of cash-settled transactions is measured initially at fair value at the grant date. For DSUs, this fair value is expensed on issue with the recognition of a corresponding liability through other liabilities. For PSUs and RSUs, the fair value is expensed over the vesting period. These liabilities are remeasured to fair value at each reporting date, up to and including the settlement date, with changes in fair value recognized in administrative and marketing expenses. |
Earnings per share | n) Earnings per share Basic earnings per share is computed based on the weighted average number of common shares outstanding during the year. Diluted earnings per share is computed using the treasury stock method, which assumes that the cash that would be received on the exercise of options is applied to purchase shares at the average price during the year and that the difference between the number of shares issued on the exercise of options and the number of shares obtainable under this computation, on a weighted average basis, is added to the number of shares outstanding. Antidilutive options are not considered when computing diluted earnings per share. |
Business combinations and goodwill | o) Business combinations and goodwill Business combinations are accounted for using the acquisition method, and the results of operations after the respective dates of acquisition are included in the consolidated statements of income. Acquisition-related costs are expensed when incurred in administrative and marketing expenses. The cost of an acquisition is measured as the consideration transferred at fair value at the acquisition date. Any contingent consideration to be transferred by the Company is recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration are recognized in other income. The consideration paid for acquisitions may be subject to price adjustment clauses included in the purchase agreements and may extend over a number of years. At each consolidated statement of financial position date, these price adjustment clauses are reviewed. This may result in an increase or decrease of the notes payable consideration (recorded on the acquisition date) to reflect either more or less non-cash For some acquisitions, additional payments may be made to the employees of an acquired company that are based on the employees’ continued service over an agreed time period. These additional payments are not included in the purchase price but are expensed as compensation when services are provided by the employees. Goodwill is initially measured at cost, which is the excess of the consideration transferred over the fair value of a company’s net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets acquired, the difference is recognized in income. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is not amortized. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each CGU or group of CGUs that is expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Each CGU or group of CGUs represents the lowest level at which management monitors the goodwill. |
Dividends | p) Dividends Dividends on common shares are recognized in the Company’s consolidated financial statements in the period the dividends are declared by the Company’s board of directors. |
Non-current assets held for sale and discontinued operations | q) Non-current The Company classifies non-current non-current Impairment losses on initial classification and subsequent gains or losses on remeasurement are recognized in the consolidated statements of income as discontinued operations. Assets and liabilities classified as held for sale are presented separately as current items in the consolidated statements of financial position. A discontinued operation is a component of the Company’s business, the operations and cash flows of which can be clearly distinguished from the rest of the Company, and (a) represents a separate major line of business or geographic area of operations; (b) is part of a single coordinated plan to dispose of a separate major line of business or geographic area of operations; or (c) is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs at the earlier of disposal or when the operation meets the criteria to be classified as held for sale. Discontinued operations are presented separately from continuing operations in the consolidated statements of income and consolidated statements of cash flows for all years presented. |
Provision for self-insured liabilities | e) Provision for self-insured liabilities and claims In the normal conduct of operations, various legal claims are pending against the Company, alleging, among other things, breaches of contract or negligence in connection with the performance of its services. The Company carries professional liability insurance, subject to certain deductibles and policy limits, and self-insures certain risks, including professional liability, automobile liability, and employment practices liability. In some cases, the Company may be subject to claims for which it is only partly insured or completely insured. The accrual for self-insured liabilities includes estimates of the costs of reported claims and is based on management’s assumptions, including consideration of actuarial estimates. These estimates of loss are derived from loss history that is then subjected to actuarial techniques to determine the proposed liability. Estimates of loss may vary from those used in the actuarial projections and result in a larger loss than estimated. An increase in loss is recognized in the period that the loss is determined and increases the Company’s self-insured liabilities and reported expenses. Damages assessed in connection with and the cost of defending such actions could be substantial and possibly in excess of policy limits, for which a range of possible outcomes are either not able to be estimated or not expected to be significant. However, based on advice and information provided by legal counsel, the Company’s previous experience with the settlement of similar claims, and the results of the annual actuarial review, management believes that the Company has recognized adequate provisions for probable and reasonably estimated liabilities associated with these claims. In addition, management believes that it has appropriate insurance in place to respond to and offset the cost of resolving these claims. Due to uncertainties in the nature of the Company’s legal claims, such as the range of possible outcomes and the progress of the litigation, provisions for self-insured liabilities and claims involve estimates. The ultimate cost to resolve these claims may exceed or be less than that recorded in the consolidated financial statements. Management believes that the ultimate cost to resolve these claims will not materially exceed the insurance coverage or provisions accrued and, therefore, would not have a material adverse effect on the Company’s consolidated statements of income and financial position. |
Business combinations | c) Business combinations In a business combination, the Company may acquire certain assets and assume certain liabilities of an acquired entity. The estimate of fair values for these transactions involves judgment to determine the fair values assigned to the tangible and intangible assets (i.e., backlog, client relationships, and trademarks) and the liabilities assumed on the acquisition. Determining fair values involves a variety of assumptions, including revenue growth rates, client retention rates, expected operating income, and discount rates. From time to time, as a result of the timing of acquisitions in relation to the Company’s reporting schedule, certain estimates of fair values of assets and liabilities acquired may not be finalized at the initial time of reporting. These estimates are completed after the vendors’ final financial statements have been prepared and accepted by the Company, after detailed project portfolio reviews are performed, and when the valuations of intangible assets and other assets and liabilities acquired are finalized. |
Impairment of goodwill | b) Impairment of goodwill Impairment exists when the carrying amount of an asset or CGU or group of CGUs exceeds its recoverable amount, which is the higher of its fair value less costs of disposal or its value in use. Fair value less costs to sell is based on a discounted cash flow model and observable market prices for an arm’s length transaction of similar assets, less incremental costs for disposing of the asset. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from budgets over an appropriate number of years and do not include restructuring activities that the Company is not yet committed to or significant future investments that will enhance the asset’s performance of the CGU or group of CGUs being tested. To arrive at the estimated recoverable amount, the Company uses estimates of economic and market information, including arm’s length transactions for similar assets, growth rates in revenues, estimates of future expected changes in operating margins, cash expenditures, and estimates of capital expenditures. The Company estimates the recoverable amount by using the fair value less costs of disposal approach. It estimates fair value using market information and discounted after-tax The Company validates its estimate of the fair value of each CGU or group of CGUs under the income approach by comparing the resulting multiples to multiples derived from comparable public companies and comparable company transactions. The Company reconciles the total fair value of all CGUs and groups of CGUs with its market capitalization to determine whether the sum is reasonable. If the reconciliation indicates a significant difference between the external market capitalization and the fair value of the CGUs or groups of CGUs, the Company reviews and adjusts, if appropriate, the discount rate of the CGUs or groups of CGUs and considers whether the implied acquisition premium (if any) is reasonable in light of current market conditions. The fair value measurement was categorized as level 3 in the fair value hierarchy based on the significant inputs in the valuation technique used (note 4h). |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Schedule of Estimated Useful Lives and Depreciation Calculation Methods | Depreciation is calculated over the assets estimated useful lives on a straight-line basis as follows: Engineering equipment 5 to 10 years straight-line Office equipment 5 to 10 years straight-line Leasehold improvements straight-line over term of lease to a maximum of 15 years or the improvement’s economic life Other 5 to 50 years straight-line |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements and Changes to Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Summary of Impacts of Adopting IFRS 16 in Consolidated Statement of Financial Position | The significant impact on the Company’s consolidated statement of financial position at January 1, 2019, after the adoption of IFRS 16 is as follows: January 1, 2019 After IFRS 16 Before IFRS 16 Increase (Decrease) Current Trade and other receivables 828.1 878.1 (50.0 ) Prepaid expenses 43.9 56.8 (12.9 ) Other assets 24.3 23.2 1.1 Non-current Lease assets 561.8 - 561.8 Intangible assets 242.0 247.7 (5.7 ) Other assets 178.2 175.5 2.7 Total increase in assets 497.0 Current Trade and other payables 566.9 567.2 (0.3 ) Lease liabilities 44.8 - 44.8 Provisions 41.7 42.4 (0.7 ) Other liabilities 5.0 23.2 (18.2 ) Non-current Lease liabilities 600.2 - 600.2 Provisions 86.6 78.2 8.4 Deferred tax liabilities 42.8 54.3 (11.5 ) Other liabilities 10.9 105.4 (94.5 ) Shareholders’ equity Retained earnings 820.0 851.2 (31.2 ) Total increase in liabilities and equity 497.0 |
Summary of lease liabilities reconciled to the total minimum lease payments | The lease liabilities as at January 1, 2019 can be reconciled to the total minimum lease payments disclosed in Note 20 of the Company’s annual consolidated financial statements as of December 31, 2018, as follows: January 1, 2019 $ Total minimum lease payments disclosed as at December 31, 2018 902.5 Commitments relating to short-term leases (15.3 ) Commitments relating to leases of low-value (6.3 ) Extension and termination options reasonably certain to be exercised 7.1 Payments relating to fixed non-lease 13.0 Commitments relating to leases not commenced but committed (54.4 ) Lease inducements receivable (58.1 ) Undiscounted lease payments 788.5 Discount effect at January 1, 2019 (143.5 ) Lease liabilities recognized at January 1, 2019 645.0 |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Consideration for Assets Acquired and Liabilities Assumed | Details of the aggregate consideration transferred and the fair value of the identifiable assets and liabilities acquired at the date of acquisition are as follows: For the acquisition completed year to date Total Notes $ Cash consideration 82.8 Notes payable 52.4 Consideration 135.2 Assets and liabilities acquired Cash acquired 5.7 Non-cash Trade receivables 19.3 Unbilled receivables 2.7 Trade and other payables (9.5 ) Lease liabilities 12 (3.3 ) Deferred revenue (4.6 ) Other non-cash 0.7 Property and equipment 11 5.8 Lease assets 12 19.4 Intangible assets 14 41.4 Deferred tax assets 27 3.9 Lease liabilities 12 (15.8 ) Long-term debt (4.2 ) Provisions 18 (1.0 ) Net employee defined benefit liability (1.9 ) Deferred tax liabilities 27 (13.5 ) Total identifiable net assets at fair value 45.1 Goodwill arising on acquisition 13 90.1 Consideration 135.2 |
Summary of Consideration of Business Combinations | Details of the consideration paid for current and past acquisitions are as follows: December 31 2019 $ Cash consideration (net of cash acquired) 77.1 Payments on notes payable from previous acquisitions 36.5 Total net cash paid 113.6 |
Summary of Notes Payable in Business Combination | Total notes payable and adjustments to these obligations are as follows: December 31 2019 $ Balance, beginning of the year 76.1 Additions for acquisitions in the year 52.4 Other adjustments (2.2 ) Payments (36.5 ) Interest 1.4 Impact of foreign exchange (3.2 ) Total notes payable 88.0 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Summary of Net Loss from Discontinued Operations | The results of discontinued operations are summarized as follows: For the year ended December 31 2019 $ 2018 $ Revenue 9.7 884.4 Expenses (10.8 ) (953.8 ) Impairment of goodwill (note 13) - (53.0 ) Loss from operating activities, before income taxes (1.1 ) (122.4 ) Income taxes on operating activities 0.3 10.8 Loss from operating activities, net of income taxes (0.8 ) (111.6 ) Gain on disposal of discontinued operations before income taxes 1.9 1.5 Income taxes on disposal of discontinued operations (1.1 ) (13.8 ) Gain (loss) on disposal of discontinued operations, net of income taxes 0.8 (12.3 ) Net loss from discontinued operations - (123.9 ) |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Cash and Cash Equivalents | The Company’s policy is to invest cash in excess of operating requirements in highly liquid investments. For the purpose of the consolidated statements of cash flows, cash and cash equivalents consist of the following: December 31 2019 $ December 31 2018 $ Cash 208.1 176.5 Unrestricted investments 15.4 8.7 Cash and deposits 223.5 185.2 Bank indebtedness (19.5 ) - Cash and cash equivalents 204.0 185.2 |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Schedule of Trade and Other Receivables | December 31 2019 $ December 31 2018 $ Trade receivables, net of expected credit losses of $2.2 (2018 – $1.5) 787.3 774.5 Holdbacks, current 20.6 18.7 Lease inducements receivable (note 6) - 44.0 Other 9.8 40.9 Trade and other receivables 817.7 878.1 |
Schedule of Gross Trade Receivables Aging Analysis | The aging analysis of gross trade receivables is as follows: Total 1–30 31–60 61–90 91–120 121+ $ $ $ $ $ $ December 31, 2019 789.5 395.9 221.1 63.5 27.8 81.2 December 31, 2018 776.0 355.6 228.7 63.8 43.2 84.7 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Schedule of Property and Equipment | Engineering $ Office Leasehold Improvements $ Other $ Total $ Cost December 31, 2017 116.7 61.6 175.5 33.9 387.7 Additions 23.2 19.4 79.5 8.1 130.2 Additions arising on acquisitions 1.6 0.7 1.7 0.4 4.4 Disposals (12.2 ) (2.2 ) (31.4 ) (4.7 ) (50.5 ) Discontinued operations (note 8) (11.5 ) (0.4 ) (1.7 ) (2.0 ) (15.6 ) Transfers (0.4 ) (0.1 ) (0.2 ) 0.7 - Impact of foreign exchange 4.9 3.0 7.8 1.4 17.1 December 31, 2018 122.3 82.0 231.2 37.8 473.3 Additions 20.3 9.6 24.4 4.8 59.1 Additions arising on acquisitions 0.7 0.7 4.4 - 5.8 Disposals (13.7 ) (3.1 ) (7.3 ) (0.9 ) (25.0 ) Impact of foreign exchange (2.8 ) (2.4 ) (6.1 ) (1.3 ) (12.6 ) December 31, 2019 126.8 86.8 246.6 40.4 500.6 Accumulated depreciation December 31, 2017 57.4 27.6 74.1 16.0 175.1 Depreciation - continuing operations 15.3 6.7 25.9 2.2 50.1 Depreciation - discontinued operations 1.5 - 0.2 0.3 2.0 Disposals (10.6 ) (1.9 ) (31.1 ) (1.9 ) (45.5 ) Discontinued operations (note 8) (3.3 ) (0.3 ) (0.3 ) (0.7 ) (4.6 ) Transfers (0.4 ) (0.1 ) (0.2 ) 0.7 - Impact of foreign exchange 2.3 1.2 2.9 0.4 6.8 December 31, 2018 62.2 33.2 71.5 17.0 183.9 Depreciation - continuing operations 16.5 8.1 30.9 2.7 58.2 Disposals (12.2 ) (2.6 ) (7.3 ) (0.8 ) (22.9 ) Impact of foreign exchange (1.2 ) (0.8 ) (2.4 ) (0.7 ) (5.1 ) December 31, 2019 65.3 37.9 92.7 18.2 214.1 Net book value December 31, 2018 60.1 48.8 159.7 20.8 289.4 December 31, 2019 61.5 48.9 153.9 22.2 286.5 |
Lease Assets and Lease Liabil_2
Lease Assets and Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of quantitative information about leases for lessee [abstract] | |
Summary of Lease Assets and Liabilities | Lease assets Lease Building Other Total $ $ $ $ January 1, 2019 556.6 5.2 561.8 (645.0 ) Additions 63.9 1.6 65.5 (64.0 ) Acquisitions 19.3 0.1 19.4 (19.1 ) Depreciation (113.2 ) (2.6 ) (115.8 ) - Modifications 42.6 - 42.6 (42.7 ) Impairment (2.0 ) - (2.0 ) - Accretion of interest - - - (32.3 ) Payments, net of receipts - - - 98.6 Foreign exchange (12.8 ) (0.2 ) (13.0 ) 15.6 December 31, 2019 554.4 4.1 558.5 (688.9 ) Less current portion - - - 99.9 Long-term portion 554.4 4.1 558.5 (589.0 ) |
Summary of Detailed Information Related to Administrative and Marketing Expenses | Amounts recognized in administrative and marketing expenses For the year ended December 31 2019 $ Rent expense - variable lease payments 48.7 Rent expense - short-term leases and leases of low-value 10.0 Income from subleases (5.1 ) Total 53.6 |
Summary of Detailed Information Related to Cash Flows | Amounts recognized in the consolidated statement of cash flows For the year ended December 31 2019 $ Cash payments for the interest portion of lease liabilities 32.3 Cash payments for leases not included in the measurement of lease liabilities 53.6 Cash outflow in operating activities 85.9 Cash payments for the principal portion of lease liabilities 116.7 Proceeds from lease incentives (50.4 ) Cash outflow in financing activities 66.3 Total cash outflow for leases 152.2 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Schedule of Reconciliation of Changes in Goodwill | December 31 2019 $ December 31 2018 $ Gross goodwill, beginning of the year 1,799.2 1,734.6 Acquisitions 90.1 96.3 Disposals (note 8) - (120.2 ) Impact of foreign exchange (59.5 ) 88.5 Gross goodwill, end of the year 1,829.8 1,799.2 Accumulated impairment losses, beginning of the year (178.0 ) (178.0 ) Impairment of goodwill - discontinued operations (note 8) - (53.0 ) Disposals - discontinued operations (note 8) - 53.0 Accumulated impairment losses, end of the year (178.0 ) (178.0 ) Net goodwill, end of the year 1,651.8 1,621.2 |
Schedule of Goodwill Allocated | Goodwill was allocated to its CGUs or group of CGUs as follows: December 31 2019 $ December 31 2018 $ Canada 358.2 358.2 United States 956.0 1,003.7 Global 337.6 259.3 Allocated 1,651.8 1,621.2 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Intangible Assets | Client Contract Relationships Backlog Software Other Total $ $ $ $ $ Cost December 31, 2017 289.5 47.9 65.6 27.5 430.5 Additions - - 33.2 - 33.2 Additions arising on acquisitions 25.1 5.7 0.2 2.0 33.0 Discontinued operations (note 8) (19.7 ) - (5.3 ) (4.4 ) (29.4 ) Removal of fully amortized assets (3.9 ) (46.2 ) (18.8 ) (10.8 ) (79.7 ) Impact of foreign exchange 16.3 1.1 0.3 0.7 18.4 December 31, 2018 307.3 8.5 75.2 15.0 406.0 Impact of IFRS 16 (note 6) - - - (10.2 ) (10.2 ) January 1, 2019 307.3 8.5 75.2 4.8 395.8 Additions - - 12.0 - 12.0 Additions arising on acquisitions 29.5 10.3 1.3 0.3 41.4 Removal of fully amortized assets - (4.7 ) (23.7 ) (1.0 ) (29.4 ) Impact of foreign exchange (11.5 ) (0.4 ) 0.2 (1.8 ) (13.5 ) December 31, 2019 325.3 13.7 65.0 2.3 406.3 Accumulated amortization December 31, 2017 90.4 37.6 26.9 13.2 168.1 Amortization - continuing operations 26.9 9.9 25.7 2.5 65.0 Amortization - discontinued operations 1.8 1.4 0.7 1.8 5.7 Discontinued operations (note 8) (4.9 ) - (1.9 ) (2.4 ) (9.2 ) Removal of fully amortized assets (3.9 ) (46.2 ) (18.8 ) (10.8 ) (79.7 ) Impact of foreign exchange 5.9 0.9 0.1 1.5 8.4 December 31, 2018 116.2 3.6 32.7 5.8 158.3 Impact of IFRS 16 (note 6) - - - (4.5 ) (4.5 ) January 1, 2019 116.2 3.6 32.7 1.3 153.8 Amortization - continuing operations 31.1 10.0 25.0 0.8 66.9 Removal of fully amortized assets - (4.7 ) (23.7 ) (1.0 ) (29.4 ) Impact of foreign exchange (4.4 ) (0.1 ) 0.5 (0.6 ) (4.6 ) December 31, 2019 142.9 8.8 34.5 0.5 186.7 Net book value December 31, 2018 191.1 4.9 42.5 9.2 247.7 Impact of IFRS 16 (note 6) - - - (5.7 ) (5.7 ) January 1, 2019 191.1 4.9 42.5 3.5 242.0 December 31, 2019 182.4 4.9 30.5 1.8 219.6 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Schedule of Other Assets | December 31 December 31 2019 2018 $ $ Financial assets Investments held for self-insured liabilities 153.0 144.2 Holdbacks on long-term contracts 33.9 28.7 Other 12.6 7.3 Non-financial 16.9 18.5 216.4 198.7 Less current portion - financial 11.6 18.1 Less current portion - non-financial 6.5 5.1 Long-term portion 198.3 175.5 |
Disclosure of Fair Value and Amortized Cost | Their fair value and amortized cost are as follows: December 31 2019 $ December 31 2018 $ Fair Value Amortized Cost/Cost Fair Value Amortized Cost/Cost Bonds 102.8 103.4 103.0 103.8 Equity securities 50.2 46.1 41.2 45.0 Total 153.0 149.5 144.2 148.8 |
Disclosure of the Bond Portfolio Stated at Fair Value | The bonds bear interest at rates ranging from 0.75% to 5.00% per annum (2018 – 0.75% to 5.15%). The terms to maturity of the bond portfolio, stated at fair value, are as follows: December 31 December 31 2019 2018 $ $ Within one year 9.5 14.0 After one year but not more than five years 79.9 85.2 More than five years 13.4 3.8 Total 102.8 103.0 |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Trade and Other Payables | December 31 $ December 31 $ Trade accounts payable 225.5 222.6 Employee and payroll liabilities 266.7 263.3 Accrued liabilities 84.2 81.3 Trade and other payables 576.4 567.2 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Long Term Debt | December 31 2019 $ December 31 $ Revolving credit facilities 448.0 528.6 Notes payable 88.7 76.8 Term loan 308.5 308.8 Software financing obligations 15.7 19.5 860.9 933.7 Less current portion 46.9 48.5 Long-term portion 814.0 885.2 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Provisions | Provision $ Provision Onerous Expected $ Provision Total December 31, 2018 77.0 14.8 12.5 15.6 0.7 120.6 Impact of IFRS 16 (note 6) - - (2.6 ) - 10.3 7.7 January 1, 2019 77.0 14.8 9.9 15.6 11.0 128.3 Current year provisions 29.8 8.4 0.4 (0.6 ) 2.4 40.4 Acquisitions - 0.3 - - 0.7 1.0 Paid or otherwise settled (24.1 ) (7.9 ) (9.9 ) (9.5 ) (1.5 ) (52.9 ) Impact of foreign exchange (2.6 ) (0.2 ) - (0.7 ) (0.3 ) (3.8 ) 80.1 15.4 0.4 4.8 12.3 113.0 Less current portion 3.8 12.8 0.1 4.8 2.4 23.9 Long-term portion 76.3 2.6 0.3 - 9.9 89.1 |
Employee Defined Benefit Obli_2
Employee Defined Benefit Obligations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Employee Defined Benefit Obligations | December 31 December 31 2019 2018 $ $ Net defined benefit pension asset (26.0 ) (10.0 ) Net defined benefit pension liability 69.8 55.5 End of employment benefit plans 15.4 13.1 85.2 68.6 |
Summary of Reconciliation for Net Defined Benefit Liability | The following table presents a reconciliation from the opening balances to the closing balances for the net defined benefit liability and its components: 2019 2018 Defined $ Fair Value $ Net $ Defined $ Fair Value $ Net $ Balance, beginning of the year 494.3 (448.8 ) 45.5 397.7 (379.2 ) 18.5 Acquisitions - - - 80.9 (64.4 ) 16.5 Included in pre-tax Interest expense (income) 13.0 (12.1 ) 0.9 10.8 (10.2 ) 0.6 Past service cost - - - 10.5 - 10.5 Administrative expenses paid by the Plans - 1.1 1.1 - 1.7 1.7 13.0 (11.0 ) 2.0 21.3 (8.5 ) 12.8 Included in other comprehensive loss (income) Return on the plan assets, excluding interest income - (55.5 ) (55.5 ) - 17.4 17.4 Actuarial (gains) losses arising from: Changes in demographic assumptions (1.9 ) - (1.9 ) (0.8 ) - (0.8 ) Changes in financial assumptions 81.9 - 81.9 (9.3 ) - (9.3 ) Experience adjustments (4.4 ) - (4.4 ) 5.5 - 5.5 Remeasurement loss on net employee defined benefit liability, before tax 75.6 (55.5 ) 20.1 (4.6 ) 17.4 12.8 Effect of movement in exchange rates (5.0 ) 4.2 (0.8 ) 11.5 (10.3 ) 1.2 70.6 (51.3 ) 19.3 6.9 7.1 14.0 Other Benefits paid (14.8 ) 14.8 - (12.5 ) 12.3 (0.2 ) Contributions by employer - (23.0 ) (23.0 ) - (16.1 ) (16.1 ) (14.8 ) (8.2 ) (23.0 ) (12.5 ) (3.8 ) (16.3 ) Balance, end of the year 563.1 (519.3 ) 43.8 494.3 (448.8 ) 45.5 December 31 December 31 2019 2018 $ $ Included in the consolidated statement of financial position within: Net defined benefit asset (26.0 ) (10.0 ) Net defined benefit liability 69.8 55.5 43.8 45.5 |
Summary of Net Defined Benefit Asset | For the year ended December 31 2019 2018 Note $ $ Included in the consolidated statement of income as: Continuing operations - administrative and marketing expenses 2.0 6.6 Discontinued operations 8 - 6.2 2.0 12.8 |
Summary of Major Categories of Plan Assets, Measured at Fair Value | Major categories of plan assets, measured at fair value, are as follows: December 31 December 31 2019 2018 $ $ Cash and cash equivalents 7.6 3.3 Investments quoted in active markets (mutual, exchange-traded, and pooled funds): Equities 163.4 138.1 Corporate bonds and fixed income 73.3 57.5 Pooled fund liability-driven investments 13.2 15.5 Property funds 14.4 10.6 Unquoted investments: Annuity policies 123.2 110.8 Insurance contract: Equities and property 85.0 80.2 Corporate bonds 29.9 19.2 Cash and cash equivalents 9.3 13.6 Fair value of the plan assets 519.3 448.8 |
Summary of Principal Assumptions Used In Determining Pension Benefit Obligations | The principal assumptions used in determining pension benefit obligations for the Plans are shown below (expressed as weighted averages): December 31 December 31 2019 2018 Discount rate 1.89% 2.77% Rate of increase in salaries 4.34% 4.47% Rate of inflation, pre-retirement 2.60% 2.55% Rate of increase in future pensions payment 3.44% 3.51% Life expectancy at age 65 for current pensioners: Male 22 years 22 years Female 24 years 24 years Life expectancy at age 65 for current members aged 45: Male 23 years 23 years Female 25 years 25 years |
Summary of Quantitative Sensitivity Analyses Impact on Defined Benefit Obligation for Significant Assumptions | Quantitative sensitivity analyses showing the impact on the defined benefit obligation for significant assumptions are as follows: December 31 December 31 2019 2018 Increase Decrease Increase Decrease $ $ $ $ Change in discount rate by 0.25% (18.9 ) 19.6 (15.6 ) 17.0 Change in pre-retirement 5.7 (5.5 ) 5.0 (4.8) Change in salary growth by 0.25% 1.0 (1.0 ) 0.9 (0.8) Change in pension increase assumption by 0.25% 10.5 (9.2 ) 8.4 (8.1) Increase of one year in the life expectancy 11.8 n/a 9.4 n/a |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Other Liabilities | December 31 December 31 2019 2018 Note $ $ Lease inducement benefits and lease disadvantages 6 - 112.7 Cash-settled share-based compensation 23 23.0 12.8 Other 5.1 3.1 28.1 128.6 Less current portion 12.1 23.2 Long-term portion 16.0 105.4 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Additional information about leasing activities for lessee | Total Less than 1 Year 1 to 3 Years After 3 Years $ $ $ $ Variable lease payments 269.6 47.6 82.4 139.6 Short-term and low value lease payments 4.0 2.6 1.4 - Leases not commenced but committed 50.6 2.3 10.2 38.1 Purchase obligations 67.6 43.9 20.5 3.2 391.8 96.4 114.5 180.9 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Dividends Declared and Recorded in the Consolidated Financial Statements | The table below describes the dividends declared and recorded in the consolidated financial statements in 2019. Dividend per Share Paid Date Declared Record Date Payment Date $ $ February 27, 2019 March 29, 2019 April 15, 2019 0.1450 16.2 May 9, 2019 June 28, 2019 July 15, 2019 0.1450 16.2 August 7, 2019 September 30, 2019 October 15, 2019 0.1450 16.2 November 6, 2019 December 30, 2019 January 15, 2020 0.1450 - |
Summary of Granted Share Options | For the year ended For the year ended December 31 December 31 2019 2018 Weighted Average Weighted Average Exercise Price Exercise Price Shares per Share Shares per Share # $ # $ Share options, beginning of the year 4,987,542 31.11 4,426,237 29.84 Granted - - 1,112,779 32.98 Exercised (753,583 ) 25.09 (338,989 ) 20.40 Forfeited (182,879 ) 32.41 (212,485 ) 31.49 Share options, end of the year 4,051,080 32.17 4,987,542 31.11 |
Summary of Outstanding Share Options | The options held by officers and employees at December 31, 2019, were as follows: Options Outstanding Options Exercisable Weighted Weighted Weighted Average Weighted Average Average Exercise Average Exercise Range of Exercise Remaining Price per Shares Remaining Price per Prices per Share Outstanding Contractual Share Exercisable Contractual Share $ # Life in Years $ # Life in Years $ 20.88 107,168 0.16 20.88 107,168 0.16 20.88 31.75 32.98 3,943,912 2.24 32.48 2,916,710 1.96 32.45 20.88 32.98 4,051,080 2.18 32.17 3,023,878 1.89 32.04 |
Summary of Weighted Average Assumptions | In 2019, the Company granted no (2018 – 1,112,779) share options. The estimated fair value of options granted in 2018 was $5.73 per option and was determined using the weighted average assumptions indicated below: 2018 Volatility in the price of the Company’s shares (%) 24.12 Risk-free interest rate (%) 2.10 Expected hold period to exercise (years) 3.50 Dividend yield (%) 1.668 Exercise price ($) 32.98 |
Summary of Non-Vested Options | A summary of the status of the Company’s non-vested Number of Shares Weighted Average Fair Value per Share # $ Non-vested 2,079,153 5.53 Vested (997,936 ) 5.37 Forfeited (54,015 ) 5.60 Non-vested 1,027,202 5.69 |
Summary of the Company's RSUs, PSUs, and DSUs | A summary of the Company’s RSUs, PSUs, and DSUs for 2019, is as follows: December 31, 2019 December 31, 2018 RSUs PSUs DSUs PSUs DSUs # # # # # Units, beginning of year - 744,081 306,459 686,250 438,969 Granted 166,963 379,289 44,806 280,884 46,356 Paid - (198,815 ) (75,315 ) (193,385 ) (178,866 ) Forfeited (2,259 ) (48,816 ) - (29,668 ) - Units, end of the year 164,704 875,739 275,950 744,081 306,459 Units vested, end of the year - - 275,950 - 306,459 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Recurring fair value measurement [member] | |
Statement [LineItems] | |
Summary of Fair Value Hierarchy for Assets | The following table summarizes the Company’s fair value hierarchy for those assets and liabilities measured and adjusted to fair value on a recurring basis at December 31, 2019: Carrying Quoted Prices in (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Notes $ $ $ $ Assets Investments held for self-insured 15 153.0 - 153.0 - Liabilities Interest rate swap 20,25 1.5 - 1.5 - |
Not measured at fair value in statement of financial position but for which fair value is disclosed [Member] | |
Statement [LineItems] | |
Summary of Fair Value Hierarchy for Liabilities | The following table summarizes the Company’s fair value hierarchy for those liabilities that were not measured at fair value but are required to be disclosed at fair value on a recurring basis as at December 31, 2019: Carrying Quoted Prices in (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Note $ $ $ $ Notes payable 17 88.7 - 89.5 - |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Loss Allowance Provision | The lifetime ECLs (simplified approach) relating to financial assets are outlined in the table below: Total 1–30 31–60 61–90 91–120 121+ December 31, 2019 $ $ $ $ $ $ Expected loss rate 0.10% 0.13% 0.30% 0.59% 1.05% Gross carrying amount 1,308.3 914.7 221.1 63.5 27.8 81.2 Loss allowance provision, end of the year 2.8 1.1 0.2 0.2 0.3 1.0 December 31, 2018 Expected loss rate 0.07% 0.10% 0.22% 0.43% 0.75% Gross carrying amount 1,356.9 936.5 228.7 63.8 43.2 84.7 Loss allowance provision, end of the year 1.9 0.7 0.2 0.1 0.2 0.7 |
Summary of Timing of Undiscounted Cash Outflows Relating to Financial Liabilities | The timing of undiscounted cash outflows relating to financial liabilities is outlined in the table below: Total Less than 1 Year 1 to 3 Years After 3 Years $ $ $ $ December 31, 2019 Bank indebtedness 19.5 19.5 - - Trade and other payables 576.4 576.4 - - Lease liabilities 810.5 138.5 255.0 417.0 Long-term debt 863.0 47.2 366.9 448.9 Other financial liabilities 4.8 0.9 1.8 2.1 Total contractual obligations 2,274.2 782.5 623.7 868.0 December 31, 2018 Trade and other payables 567.2 567.2 - - Long-term debt 935.4 49.1 196.7 689.6 Other financial liabilities 3.1 1.1 0.3 1.7 Total contractual obligations 1,505.7 617.4 197.0 691.3 |
Capital Management (Tables)
Capital Management (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of capital management [abstract] | |
Capital Management | December 31 December 31 2019 2018 $ $ Current portion of long-term debt 46.9 48.5 Non-current 814.0 885.2 Long-term debt 860.9 933.7 Bank indebtedness 19.5 - Less: cash and deposits (223.5 ) (185.2 ) Net debt 656.9 748.5 Shareholders’ equity 1,875.5 1,906.9 Total capital managed 2,532.4 2,655.4 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Effective Income Tax for Continuing Operations From Statutory Canadian Tax Rates | The effective income tax rate for continuing operations in the consolidated statements of income differs from statutory Canadian tax rates as a result of the following: For the year ended December 31 2019 2018 % % Income tax expense at statutory Canadian rates 27.0 27.1 Increase (decrease) resulting from: Rate differential on foreign income 2.2 (3.1 ) Non-deductible non-taxable 0.7 0.8 Unrecognized tax losses and temporary differences 0.6 2.0 Transition tax related to US tax reform 0.4 (4.4 ) Research and development and other tax credits (1.0 ) (0.7 ) Other (3.1 ) 2.6 26.8 24.3 |
Summary of Major Components of Current and Deferred Income Tax Expense (Recovery) from Continuing Operations | Major components of current income tax expense from continuing operations are as follows: For the year ended 2019 2018 $ $ Ongoing operations 54.9 64.5 Transition tax related to US tax reform 1.1 (10.0 ) Total current income tax expense 56.0 54.5 Major components of deferred income tax expense from continuing operations are as follows: For the year ended 2019 2018 $ $ Origination and reversal of timing differences 12.9 (1.9 ) Unrecognized tax losses and temporary differences 7.8 2.7 Change of tax rates (1.0 ) (0.1 ) Recovery arising from previously unrecognized tax assets (4.6 ) (0.2 ) Total deferred income tax expense 15.1 0.5 |
Schedule of Significant Components of the Company's Net Deferred Income Tax Assets (Liabilities) from Continuing Operations | Significant components of net deferred income tax assets (liabilities) are as follows: December 31 $ December 31 $ Deferred income tax assets (liabilities) Lease liabilities 162.0 - Differences in timing of taxability of revenue and deductibility of expenses 16.2 33.4 Loss and tax credit carryforwards 11.4 16.7 Employee defined benefit plan 8.5 7.7 Other 1.1 2.5 Carrying value of property and equipment in excess of tax cost (22.7 ) (7.3 ) Carrying value of intangible assets in excess of tax cost (90.1 ) (86.1 ) Lease assets (127.7 ) - (41.3 ) (33.1 ) |
Schedule of Reconciliation of Net Deferred Tax Assets (Liabilities) | The following is a reconciliation of net deferred tax assets (liabilities): December 31 2019 $ December 31 2018 $ Balance, beginning of the year (33.1 ) (31.4 ) Impact of IFRS 16 in 2019 and IFRS 15 and IFRS 9 in 2018 11.5 6.7 January 1, 2019 (21.6 ) (24.7 ) Discontinued operations - (8.6 ) Tax effect on other comprehensive (loss) income 4.0 2.0 Impact of foreign exchange 0.8 (2.3 ) Other 0.2 (0.1 ) Deferred taxes acquired through business combinations (9.6 ) (0.7 ) Tax (expense) recovery during the year recognized in net income (15.1 ) 1.3 Balance, end of the year (41.3 ) (33.1 ) |
Schedule of Loss Carryforwards | At December 31, 2019, all loss carryforwards and deductible temporary differences available to reduce the taxable income of Canadian, US, and foreign subsidiaries were recognized in the consolidated financial statements, except as noted below. December 31 2019 $ December 31 2018 $ Deductible temporary differences 9.2 13.0 Non-capital Expire (2020 to 2039) 37.8 27.4 Never expire 71.2 73.4 109.0 100.8 Capital tax losses: Never expire 6.8 9.3 125.0 123.1 |
Net Interest Expense and Othe_2
Net Interest Expense and Other Net Finance Expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Schedule of Interest Expense | Net interest expense For the year ended 2019 2018 Note $ $ Interest on notes payable 2.6 2.1 Interest on credit facilities 37.6 28.4 Interest on lease liabilities 12 32.3 - Other 0.8 1.1 Total interest expense 73.3 31.6 Interest income on FVOCI investment debt securities (2.5 ) (2.5 ) Other (1.2 ) (0.4 ) Total interest income (3.7 ) (2.9 ) Net interest expense 69.6 28.7 |
Schedule of Other Net Finance Expense | Other net finance expense For the year ended December 31 2019 2018 $ $ Realized loss on sale of FVOCI investment debt securities - 0.3 Amortization on FVOCI investment debt securities - 0.5 Bank charges 3.5 5.6 Total other finance expense 3.5 6.4 Derecognition of notes payable (0.4 ) (0.7 ) Other net finance expense 3.1 5.7 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Significant Increases (Decreases) in Contract Assets and Deferred Revenue | Significant increases (decreases) in contract assets and deferred revenue in the year are as follows: For the year ended December 31, 2019 December 31, 2018 Contract Deferred Contract Deferred Assets Revenue Assets Revenue Note $ $ $ $ Acquisitions 1.1 4.6 0.7 7.2 Discontinued operations and disposition of subsidiaries 8 - - (15.3 ) (59.3 ) |
Employee Costs from Continuin_2
Employee Costs from Continuing Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Schedule of Employee Benefits Cost | For the year ended December 31 2019 2018 $ $ Wages, salaries, and benefits 2,629.9 2,365.0 Pension costs 75.0 77.1 Share-based compensation (note 23) 18.1 5.3 Total employee costs 2,723.0 2,447.4 Direct labor 1,702.9 1,540.0 Indirect labor 1,020.1 907.4 Total employee costs 2,723.0 2,447.4 |
Other (Income) Expense (Tables)
Other (Income) Expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Other (Income) Expense | For the year ended December 31 2019 2018 $ $ Unrealized (gain) loss on equity securities (7.9 ) 4.9 Other (0.3 ) (4.8 ) Total other (income) expense (8.2 ) 0.1 |
Weighted Average Shares Outst_2
Weighted Average Shares Outstanding (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments accounted for using equity method [abstract] | |
Schedule of Basic and Diluted Common Shares Outstanding, Calculated on Weighted Average Basis | The number of basic shares outstanding and diluted common shares, calculated on a weighted average basis, is as follows: December 31 December 31 2019 2018 # # Basic shares outstanding 111,550,424 113,733,118 Share options (dilutive effect in 2019 of 107,168 options; 2018 – 507,066 options) - 89,200 Diluted shares 111,550,424 113,822,318 |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Reconciliation of Liabilities Arising from Financing Activities | A reconciliation of liabilities arising from financing activities for the year ended December 31, 2019, is as follows: Revolving Software Dividends Credit Term Lease Financing to Facility Loan Liabilities Obligations Shareholders Total $ $ $ $ $ $ January 1, 2019 528.6 308.8 645.0 19.5 15.4 1,517.3 Statement of cash flows Proceeds 163.4 50.4 - - 213.8 Repayments or payments (243.7 ) (116.7 ) (12.3 ) (64.0 ) (436.7 ) Non-cash Foreign exchange (0.3 ) (16.0 ) (0.8 ) - (17.1 ) Additions and modifications - 125.8 8.4 - 134.2 Dividends declared - - - 64.7 64.7 Other - (0.3 ) 0.4 0.9 - 1.0 December 31, 2019 448.0 308.5 688.9 15.7 16.1 1,477.2 |
Related-Party Disclosures (Tabl
Related-Party Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Schedule of Subsidiaries | Name Jurisdiction of Incorporation 3221969 Nova Scotia Company Nova Scotia, Canada International Insurance Group Inc. Barbados Mustang Acquisition Holdings Inc. Delaware, United States MWH International, Inc. Delaware, United States Stantec Australia Pty Ltd Australia Stantec Consulting Caribbean Ltd. Barbados Stantec Consulting International LLC Arizona, United States Stantec Consulting International Ltd. Canada Stantec Consulting Ltd./Stantec Experts-conseils ltée Canada Stantec Consulting Michigan Inc. Michigan, United States Stantec Consulting Services Inc. New York, United States Stantec Delaware II LLC Delaware, United States Stantec Holding (2017) Limited United Kingdom Stantec Holding II Ltd. Alberta, Canada Stantec New Zealand New Zealand Stantec Technology International Inc. Delaware, United States Stantec UK Limited United Kingdom |
Schedule of Structured Entities | The following lists the most significant structured entities that are consolidated in the Company’s financial statements. Name Jurisdiction of Incorporation Stantec Architecture Inc. North Carolina, United States Stantec Architecture Ltd. Canada Stantec Geomatics Ltd. Alberta, Canada Stantec International Inc. Pennsylvania, United States |
Summary of Joint Operations | The Company also conducted its business through the following significant joint operations. Ownership Name Interests Jurisdiction Stantec-Bonatti, a Joint Venture 85% Canada Stantec/SG, a Joint Venture 65% United States West, a Joint Venture 50% United States Starr ll, a Joint Venture 47% United States |
Schedule of Transactions With Related Parties | The Company enters into transactions through its investments in joint ventures and associates. The following table provides the total dollar amount for transactions that have been entered into with related parties. For the year ended December 31, 2019 For the year ended December 31, 2018 Sales to Related Parties $ Distributions $ Amounts Owed by Related Parties $ Sales to $ Distributions $ Amounts Owed Joint ventures 40.2 0.9 8.9 39.8 0.3 10.2 Associates 1.9 0.2 0.2 4.3 0.2 1.0 |
Schedule of Compensation of Key Management Personnel and Directors of the Company | Compensation of key management personnel and directors of the Company For the year ended December 31 2019 2018 $ $ Salaries and other short-term employment benefits 11.0 9.0 Directors’ fees 0.8 0.8 Share-based compensation 8.3 0.9 Total compensation 20.1 10.7 |
Segmented Information (Tables)
Segmented Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Schedule of Operating Segments | Reportable segments from continuing operations For the year ended December 31, 2019 Canada $ United $ Global $ Total Segments $ Adjustments and Eliminations $ Consolidated $ Total gross revenue 1,314.7 2,709.8 914.2 4,938.7 (111.4 ) 4,827.3 Less inter-segment revenue 31.6 21.7 58.1 111.4 (111.4 ) - Gross revenue from external customers 1,283.1 2,688.1 856.1 4,827.3 - 4,827.3 Less subconsultants and other direct expenses 173.6 740.5 201.9 1,116.0 - 1,116.0 Total net revenue 1,109.5 1,947.6 654.2 3,711.3 - 3,711.3 Gross margin 571.1 1,070.2 367.1 2,008.4 - 2,008.4 For the year ended December 31, 2018 Canada United States Global Total Adjustments Consolidated Total gross revenue 1,311.0 2,365.9 742.7 4,419.6 (135.8 ) 4,283.8 Less inter-segment revenue 35.2 31.3 69.3 135.8 (135.8 ) - Gross revenue from external customers 1,275.8 2,334.6 673.4 4,283.8 - 4,283.8 Less subconsultants and other direct expenses 188.0 560.2 180.4 928.6 - 928.6 Total net revenue 1,087.8 1,774.4 493.0 3,355.2 - 3,355.2 Gross margin 557.0 982.5 275.7 1,815.2 - 1,815.2 |
Schedule of Non-Current Assets and Gross Revenue by Geographical Areas | The following tables disclose disaggregation of revenue by geographic area and services: Geographic information Non-Current Gross Revenue December 31 December 31 For the year ended December 31 2019 2018 2019 2018 $ $ $ $ Canada 760.5 535.2 1,283.1 1,275.8 United States 1,486.2 1,342.3 2,688.1 2,334.6 United Kingdom 143.3 140.5 279.1 184.9 Global 326.4 140.3 577.0 488.5 2,716.4 2,158.3 4,827.3 4,283.8 |
Schedule of Gross Revenue by Services | Gross revenue by services For the year ended December 31 2019 $ 2018 $ Buildings 1,053.3 938.7 Energy & Resources 613.1 597.5 Environmental Services 788.6 682.8 Infrastructure 1,401.7 1,169.3 Water 970.6 895.5 Total gross revenue from external customers 4,827.3 4,283.8 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives and Depreciation Calculation Methods (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Engineering equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation method | straight-line |
Office equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation method | straight-line |
Other [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation method | straight-line |
Leasehold improvements [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation method | straight-line over term of lease to a maximum of 15 years or the improvement's economic life |
Estimated Lives | 15 years |
Bottom of range [member] | Engineering equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Lives | 5 years |
Bottom of range [member] | Office equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Lives | 5 years |
Bottom of range [member] | Other [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Lives | 5 years |
Top of range [member] | Engineering equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Lives | 10 years |
Top of range [member] | Office equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Lives | 10 years |
Top of range [member] | Other [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Lives | 50 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Intangible and Leased Assets - Additional Information (Detail) - Not internally generated [member] | 12 Months Ended |
Dec. 31, 2019 | |
Bottom of range [member] | Client relationships [member] | |
Disclosure of detailed information about intangible assets [line Items] | |
Estimated lives | 10 years |
Bottom of range [member] | Contract backlog and finite trademarks [member] | |
Disclosure of detailed information about intangible assets [line Items] | |
Estimated lives | 1 year |
Top of range [member] | Client relationships [member] | |
Disclosure of detailed information about intangible assets [line Items] | |
Estimated lives | 15 years |
Top of range [member] | Contract backlog and finite trademarks [member] | |
Disclosure of detailed information about intangible assets [line Items] | |
Estimated lives | 3 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Share Based and Equity Settled Transactions - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Performance share units (PSUs) [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Cash settlement period for share-based payment arrangement | 3 years |
Equity settled transactions [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Description of equity settled share based payment | The cost of equity-settled transactions is measured at fair value at the grant date using a Black-Scholes option-pricing model. The cost of equity-settled transactions, together with a corresponding increase in contributed surplus, is recognized over the period in which the service conditions are fulfilled (the vesting period). Upon the exercise of share options for which a share-based compensation expense has been recognized, the cash paid, together with the related portion of contributed surplus, is credited to share capital. For equity-settled transactions, the cumulative expense recognized at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Company's best estimate of the number of equity instruments that will ultimately vest. The expense or credit to income for a period represents the movement in cumulative expense recognized as at the beginning and end of that period and is recorded in administrative and marketing expenses. No expense is recognized for awards that do not ultimately vest. |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements and Changes to Accounting Policies - Summary of Impacts of Adopting IFRS 16 in Consolidated Statement of Financial Position (Detail) - CAD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Current | |||
Trade and other receivables | $ 817.7 | $ 878.1 | |
Prepaid expenses | 42.9 | 56.8 | |
Other assets | 18.1 | 23.2 | |
Non-current | |||
Lease assets | 558.5 | ||
Intangible assets | 219.6 | 247.7 | |
Other assets | 198.3 | 175.5 | |
Total increase in assets | 4,561.5 | 4,009.9 | |
Current | |||
Trade and other payables | 576.4 | 567.2 | |
Lease liabilities | 99.9 | ||
Provisions | 23.9 | 42.4 | |
Other liabilities | 12.1 | 23.2 | |
Non-current | |||
Lease liabilities | 589 | ||
Provisions | 89.1 | 78.2 | |
Deferred tax liabilities | 73.2 | 54.3 | |
Other liabilities | 16 | 105.4 | |
Shareholders' equity | |||
Retained earnings | 917.7 | 851.2 | |
Total increase in liabilities and equity | $ 4,561.5 | 4,009.9 | |
After IFRS 16 [member] | |||
Current | |||
Trade and other receivables | $ 828.1 | ||
Prepaid expenses | 43.9 | ||
Other assets | 24.3 | ||
Non-current | |||
Lease assets | 561.8 | ||
Intangible assets | 242 | ||
Other assets | 178.2 | ||
Current | |||
Trade and other payables | 566.9 | ||
Lease liabilities | 44.8 | ||
Provisions | 41.7 | ||
Other liabilities | 5 | ||
Non-current | |||
Lease liabilities | 600.2 | ||
Provisions | 86.6 | ||
Deferred tax liabilities | 42.8 | ||
Other liabilities | 10.9 | ||
Shareholders' equity | |||
Retained earnings | 820 | ||
Previously stated [member] | |||
Current | |||
Trade and other receivables | 878.1 | ||
Prepaid expenses | 56.8 | ||
Other assets | 23.2 | ||
Non-current | |||
Intangible assets | 247.7 | 247.7 | |
Other assets | 175.5 | ||
Current | |||
Trade and other payables | 567.2 | ||
Provisions | 42.4 | ||
Other liabilities | 23.2 | ||
Non-current | |||
Provisions | 78.2 | ||
Deferred tax liabilities | 54.3 | ||
Other liabilities | 105.4 | ||
Shareholders' equity | |||
Retained earnings | 851.2 | ||
Increase (decrease) due to changes in accounting policy required by IFRS [member] | |||
Current | |||
Trade and other receivables | (50) | ||
Prepaid expenses | (12.9) | ||
Other assets | 1.1 | ||
Non-current | |||
Lease assets | 561.8 | ||
Intangible assets | (5.7) | $ (5.7) | |
Other assets | 2.7 | ||
Total increase in assets | 497 | ||
Current | |||
Trade and other payables | (0.3) | ||
Lease liabilities | 44.8 | ||
Provisions | (0.7) | ||
Other liabilities | (18.2) | ||
Non-current | |||
Lease liabilities | 600.2 | ||
Provisions | 8.4 | ||
Deferred tax liabilities | (11.5) | ||
Other liabilities | (94.5) | ||
Shareholders' equity | |||
Retained earnings | (31.2) | ||
Total increase in liabilities and equity | $ 497 |
Recent Accounting Pronounceme_4
Recent Accounting Pronouncements and Changes To Accounting Policies - Additional Information (Detail) - CAD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 4.43% | 4.60% | |
Lease incentives and deferred balances | $ 112.7 | ||
Liability for uncertain tax positions | $ 25.9 | $ 35 | |
IFRIC 23 [Member] | |||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||
Reclassification of uncertain tax liabilities | $ 7.3 |
Recent Accounting Pronounceme_5
Recent Accounting Pronouncements and Changes to Accounting Policies - Summary of lease liabilities reconciled to the total minimum lease payments (Details) - CAD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||
Total minimum lease payments disclosed as at December 31, 2018 | $ 902.5 | $ 902.5 | |
Commitments relating to short-term leases | (15.3) | ||
Commitments relating to leases of low value assets | (6.3) | ||
Extension and termination options reasonably certain to be exercised | 7.1 | ||
Payments relating to fixed non-lease components | 13 | ||
Commitments relating to leases not commenced but committed | (54.4) | ||
Lease inducements receivable | (58.1) | ||
Undiscounted lease payments | 788.5 | ||
Discount effect at January 1, 2019 | (143.5) | ||
Lease liabilities recognized at January 1, 2019 | $ 688.9 | $ 645 |
Business Acquisitions - Summary
Business Acquisitions - Summary of Consideration for Assets Acquired and Liabilities Assumed (Detail) - Aggregated individually immaterial business combinations [member] $ in Millions | Dec. 31, 2019CAD ($) |
Disclosure of detailed information about business combination [line items] | |
Cash consideration | $ 82.8 |
Notes payable | 52.4 |
Consideration | 135.2 |
Assets and liabilities acquired | |
Cash acquired | 5.7 |
Trade receivables | 19.3 |
Unbilled receivables | 2.7 |
Trade and other payables | (9.5) |
Lease liabilities | (3.3) |
Deferred revenue | (4.6) |
Other non-cash working capital | 0.7 |
Property and equipment | 5.8 |
Lease assets | 19.4 |
Intangible assets | 41.4 |
Deferred tax assets | 3.9 |
Lease liabilities | (15.8) |
Long-term debt | (4.2) |
Provisions | (1) |
Net employee defined benefit liability | (1.9) |
Deferred tax liabilities | (13.5) |
Total identifiable net assets at fair value | 45.1 |
Goodwill arising on acquisition | 90.1 |
Consideration | $ 135.2 |
Business Acquisitions - Additio
Business Acquisitions - Additional Information (Detail) - Aggregated individually immaterial business combinations [member] $ in Millions | 12 Months Ended |
Dec. 31, 2019CAD ($) | |
Disclosure of detailed information about business combination [line items] | |
Provisions | $ 1 |
Provision for claims outstanding | 8.5 |
Gross revenue earned | 83.5 |
Gross revenue if combination occurred at beginning of period | $ 4,844.8 |
Business Acquisitions - Summa_2
Business Acquisitions - Summary of Consideration of Business Combinations (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about business combination [abstract] | ||
Cash consideration (net of cash acquired) | $ 77.1 | $ 80.2 |
Payments on notes payable from previous acquisitions | 36.5 | |
Total net cash paid | $ 113.6 |
Business Acquisitions - Summa_3
Business Acquisitions - Summary of Notes Payable in Business Combination (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019CAD ($) | |
Disclosure of Notes Payable in Business Combination [abstract] | |
Balance, beginning of the year | $ 76.1 |
Additions for acquisitions in the year | 52.4 |
Other adjustments | (2.2) |
Payments | (36.5) |
Interest | 1.4 |
Impact of foreign exchange | (3.2) |
Total notes payable | $ 88 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Net Loss from Discontinued Operations (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Revenue | $ 4,827.3 | $ 4,283.8 |
Income before income taxes and discontinued operations | 265.5 | 226.3 |
Net loss from discontinued operations | (123.9) | |
Discontinued operations [member] | Construction services group [member] | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Revenue | 9.7 | 884.4 |
Expenses | (10.8) | (953.8) |
Impairment of goodwill | (53) | |
Income before income taxes and discontinued operations | (1.1) | (122.4) |
Income taxes on operating activities | 0.3 | 10.8 |
Loss from operating activities, net of income taxes | (0.8) | (111.6) |
Gain on disposal of discontinued operations before income taxes | 1.9 | 1.5 |
Income taxes on disposal of discontinued operations | (1.1) | (13.8) |
Gain (Loss) on disposal of discontinued operations, net of income taxes | $ 0.8 | (12.3) |
Net loss from discontinued operations | $ (123.9) |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Detail) - CAD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and cash equivalents [abstract] | |||
Cash | $ 208.1 | $ 176.5 | |
Unrestricted investments | 15.4 | 8.7 | |
Cash and deposits | 223.5 | 185.2 | |
Bank indebtedness | (19.5) | ||
Cash and cash equivalents | $ 204 | $ 185.2 | $ 239.5 |
Trade and Other Receivables - S
Trade and Other Receivables - Schedule of Trade and Other Receivables (Detail) - CAD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Trade and other receivables [abstract] | ||
Trade receivables, net of ECL of $2.2 (2018 - $1.5) | $ 787.3 | $ 774.5 |
Holdbacks, current | 20.6 | 18.7 |
Lease inducements receivable | 44 | |
Other | 9.8 | 40.9 |
Trade and other receivables | $ 817.7 | $ 878.1 |
Trade and Other Receivables -_2
Trade and Other Receivables - Schedule of Trade and Other Receivables (Parenthetical) (Detail) - CAD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Trade and other receivables [abstract] | ||
Expected credit losses (ECLs) | $ 2.2 | $ 1.5 |
Trade and Other Receivables -_3
Trade and Other Receivables - Schedule of Gross Trade Receivables Aging Analysis (Detail) - CAD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Trade and other receivables [line items] | ||
Trade receivables | $ 789.5 | $ 776 |
1-30 Days [member] | ||
Trade and other receivables [line items] | ||
Trade receivables | 395.9 | 355.6 |
31-60 Days [member] | ||
Trade and other receivables [line items] | ||
Trade receivables | 221.1 | 228.7 |
61-90 Days [member] | ||
Trade and other receivables [line items] | ||
Trade receivables | 63.5 | 63.8 |
91-120 Days [member] | ||
Trade and other receivables [line items] | ||
Trade receivables | 27.8 | 43.2 |
121+ Days [member] | ||
Trade and other receivables [line items] | ||
Trade receivables | $ 81.2 | $ 84.7 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | $ 289.4 | |
Property plant and equipment | 286.5 | $ 289.4 |
Engineering equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | 60.1 | |
Property plant and equipment | 61.5 | 60.1 |
Office equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | 48.8 | |
Property plant and equipment | 48.9 | 48.8 |
Leasehold improvements [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | 159.7 | |
Property plant and equipment | 153.9 | 159.7 |
Other [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | 20.8 | |
Property plant and equipment | 22.2 | 20.8 |
Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | 473.3 | 387.7 |
Additions | 59.1 | 130.2 |
Additions arising on acquisitions | 5.8 | 4.4 |
Disposals | (25) | (50.5) |
Discontinued operations (note 8) | (15.6) | |
Impact of foreign exchange | (12.6) | 17.1 |
Property plant and equipment | 500.6 | 473.3 |
Gross carrying amount [member] | Engineering equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | 122.3 | 116.7 |
Additions | 20.3 | 23.2 |
Additions arising on acquisitions | 0.7 | 1.6 |
Disposals | (13.7) | (12.2) |
Discontinued operations (note 8) | (11.5) | |
Transfers | (0.4) | |
Impact of foreign exchange | (2.8) | 4.9 |
Property plant and equipment | 126.8 | 122.3 |
Gross carrying amount [member] | Office equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | 82 | 61.6 |
Additions | 9.6 | 19.4 |
Additions arising on acquisitions | 0.7 | 0.7 |
Disposals | (3.1) | (2.2) |
Discontinued operations (note 8) | (0.4) | |
Transfers | (0.1) | |
Impact of foreign exchange | (2.4) | 3 |
Property plant and equipment | 86.8 | 82 |
Gross carrying amount [member] | Leasehold improvements [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | 231.2 | 175.5 |
Additions | 24.4 | 79.5 |
Additions arising on acquisitions | 4.4 | 1.7 |
Disposals | (7.3) | (31.4) |
Discontinued operations (note 8) | (1.7) | |
Transfers | (0.2) | |
Impact of foreign exchange | (6.1) | 7.8 |
Property plant and equipment | 246.6 | 231.2 |
Gross carrying amount [member] | Other [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | 37.8 | 33.9 |
Additions | 4.8 | 8.1 |
Additions arising on acquisitions | 0 | 0.4 |
Disposals | (0.9) | (4.7) |
Discontinued operations (note 8) | (2) | |
Transfers | 0.7 | |
Impact of foreign exchange | (1.3) | 1.4 |
Property plant and equipment | 40.4 | 37.8 |
Accumulated depreciation and amortization [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | (183.9) | (175.1) |
Depreciation - continuing operations | (58.2) | (50.1) |
Depreciation - discontinued operations | (2) | |
Disposals | 22.9 | 45.5 |
Discontinued operations (note 8) | 4.6 | |
Impact of foreign exchange | 5.1 | (6.8) |
Property plant and equipment | (214.1) | (183.9) |
Accumulated depreciation and amortization [member] | Engineering equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | (62.2) | (57.4) |
Depreciation - continuing operations | (16.5) | (15.3) |
Depreciation - discontinued operations | (1.5) | |
Disposals | 12.2 | 10.6 |
Discontinued operations (note 8) | 3.3 | |
Transfers | 0.4 | |
Impact of foreign exchange | 1.2 | (2.3) |
Property plant and equipment | (65.3) | (62.2) |
Accumulated depreciation and amortization [member] | Office equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | (33.2) | (27.6) |
Depreciation - continuing operations | (8.1) | (6.7) |
Disposals | 2.6 | 1.9 |
Discontinued operations (note 8) | 0.3 | |
Transfers | 0.1 | |
Impact of foreign exchange | 0.8 | (1.2) |
Property plant and equipment | (37.9) | (33.2) |
Accumulated depreciation and amortization [member] | Leasehold improvements [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | (71.5) | (74.1) |
Depreciation - continuing operations | (30.9) | (25.9) |
Depreciation - discontinued operations | (0.2) | |
Disposals | 7.3 | 31.1 |
Discontinued operations (note 8) | 0.3 | |
Transfers | 0.2 | |
Impact of foreign exchange | 2.4 | (2.9) |
Property plant and equipment | (92.7) | (71.5) |
Accumulated depreciation and amortization [member] | Other [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | (17) | (16) |
Depreciation - continuing operations | (2.7) | (2.2) |
Depreciation - discontinued operations | (0.3) | |
Disposals | 0.8 | 1.9 |
Discontinued operations (note 8) | 0.7 | |
Transfers | (0.7) | |
Impact of foreign exchange | 0.7 | (0.4) |
Property plant and equipment | $ (18.2) | $ (17) |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - CAD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Leasehold improvements [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Construction work in progress | $ 1.9 | $ 8.9 |
Lease Assets and Lease Liabil_3
Lease Assets and Lease Liabilities - Summary of Lease Assets and Liabilities (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019CAD ($) | |
Disclosure Of Lease Assets And Liabilities [Abstract] | |
Depreciation | $ (115.8) |
December 31, 2019 | 558.5 |
December 31, 2019 | (688.9) |
Less current portion | 99.9 |
Long-term portion | (589) |
Lease liabilities [member] | |
Disclosure Of Lease Assets And Liabilities [Abstract] | |
January 1, 2019 | (645) |
Additions | (64) |
Acquisitions | (19.1) |
Modifications | (42.7) |
Accretion of interest | (32.3) |
Payments, net of receipts | 98.6 |
Foreign exchange | 15.6 |
December 31, 2019 | (688.9) |
Less current portion | 99.9 |
Long-term portion | (589) |
Lease asset [member] | |
Disclosure Of Lease Assets And Liabilities [Abstract] | |
January 1, 2019 | 561.8 |
Additions | 65.5 |
Acquisitions | 19.4 |
Depreciation | (115.8) |
Modifications | 42.6 |
Impairment | (2) |
Foreign exchange | (13) |
December 31, 2019 | 558.5 |
Long-term portion | 558.5 |
Buildings [member] | Lease asset [member] | |
Disclosure Of Lease Assets And Liabilities [Abstract] | |
January 1, 2019 | 556.6 |
Additions | 63.9 |
Acquisitions | 19.3 |
Depreciation | (113.2) |
Modifications | 42.6 |
Impairment | (2) |
Foreign exchange | (12.8) |
December 31, 2019 | 554.4 |
Long-term portion | 554.4 |
Other [member] | Lease asset [member] | |
Disclosure Of Lease Assets And Liabilities [Abstract] | |
January 1, 2019 | 5.2 |
Additions | 1.6 |
Acquisitions | 0.1 |
Depreciation | (2.6) |
Foreign exchange | (0.2) |
December 31, 2019 | 4.1 |
Long-term portion | $ 4.1 |
Lease Assets and Lease Liabil_4
Lease Assets and Lease Liabilities - Summary of Detailed Information Related to Administrative and Marketing Expenses (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019CAD ($) | |
Statement [line items] | |
Rent expense - variable lease payments | $ 48.7 |
Rent expense - short-term leases and leases of low value assets | 10 |
Income from subleases | (5.1) |
Total | $ 53.6 |
Lease Assets and Lease Liabil_5
Lease Assets and Lease Liabilities - Summary of Detailed Information Related to Cash Flows (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019CAD ($) | |
Statement Of Cash Flow [Line Items] | |
Cash payments for the interest portion of lease liabilities | $ 32.3 |
Cash payments for leases not included in the measurement of lease liabilities | 53.6 |
Cash outflow in operating activities | 85.9 |
Cash payments for the principal portion of lease liabilities | 116.7 |
Proceeds from lease incentives | (50.4) |
Cash outflow in financing activities | 66.3 |
Total cash outflow for leases | $ 152.2 |
Lease Assets and Lease Liabil_6
Lease Assets and Lease Liabilities - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Jan. 01, 2019 | |
Statement [line items] | ||
Lease liabilities | $ 688.9 | $ 645 |
Weighted-average incremental borrowing rate | 4.43% | 4.60% |
Bottom of range [member] | Office space [member] | ||
Statement [line items] | ||
Lease term | 1 year | |
Bottom of range [member] | Office equipment [member] | ||
Statement [line items] | ||
Lease term | 3 years | |
Bottom of range [member] | IT and Other equipment [member] | ||
Statement [line items] | ||
Lease term | 1 year | |
Top of range [member] | Office space [member] | ||
Statement [line items] | ||
Lease term | 16 years | |
Top of range [member] | Office equipment [member] | ||
Statement [line items] | ||
Lease term | 5 years | |
Top of range [member] | IT and Other equipment [member] | ||
Statement [line items] | ||
Lease term | 5 years | |
Weighted average [member] | Office space [member] | ||
Statement [line items] | ||
Lease term | 7 years 8 months 12 days | |
Weighted average [member] | Office equipment [member] | ||
Statement [line items] | ||
Lease term | 2 years 2 months 12 days |
Goodwill - Schedule of Reconcil
Goodwill - Schedule of Reconciliation of Changes in Goodwill (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill | $ 1,621.2 | |
Goodwill | 1,651.8 | $ 1,621.2 |
Gross carrying amount [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill | 1,799.2 | 1,734.6 |
Acquisitions | 90.1 | 96.3 |
Disposals | (120.2) | |
Impact of foreign exchange | (59.5) | 88.5 |
Goodwill | 1,829.8 | 1,799.2 |
Accumulated impairment [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill | (178) | (178) |
Impairment of goodwill | (53) | |
Disposals | 53 | |
Goodwill | $ (178) | $ (178) |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) $ in Millions | Oct. 01, 2019CAD ($)Basis_Points | Oct. 01, 2018 | Sep. 30, 2018CAD ($) |
Disclosure of information for cash-generating units [line items] | |||
Discounted Rate | 10.30% | ||
Description of level of fair value hierarchy within which fair value measurement is categorised | Level 3 | ||
Description of projection | Terminal growth rates based on actual experience and market analysis. Projections are extrapolated beyond five years using a growth rate that does not exceed 3.0%. | ||
Amount of recoverable amount exceeds carrying amount | $ 37.6 | ||
Weighted average discount rate | 10.30% | ||
Increase Decrease Weighted Average Discount Rate Cash Flow Projections | Basis_Points | 50 | ||
Construction services group [member] | Discontinued operations [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Goodwill impairment charge | $ 53 | ||
Top of range [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Discounted Rate | 16.30% | 17.00% | |
Percentage of growth rate | 3.00% | 3.00% | |
Operating margin rates | 9.00% | ||
Weighted average discount rate | 16.30% | 17.00% | |
Bottom of range [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Discounted Rate | 8.70% | 9.30% | |
Operating margin rates | 7.40% | ||
Weighted average discount rate | 8.70% | 9.30% |
Goodwill - Schedule of Goodwill
Goodwill - Schedule of Goodwill Allocated (Detail) - CAD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of information for cash-generating units [line items] | ||
Goodwill | $ 1,651.8 | $ 1,621.2 |
Consulting Services Canada [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | 358.2 | 358.2 |
Consulting Services United States [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | 956 | 1,003.7 |
Consulting Services Global [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | $ 337.6 | $ 259.3 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | $ 247.7 | |
Ending Balance | 219.6 | $ 247.7 |
Previously stated [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 247.7 | |
Ending Balance | 247.7 | |
Increase (decrease) due to changes in accounting policy required by IFRS [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | (5.7) | |
Ending Balance | (5.7) | |
Balance After Adjustment [Member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 242 | |
Ending Balance | 242 | |
Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 430.5 | |
Additions | 12 | 33.2 |
Additions arising on acquisitions | 41.4 | 33 |
Discontinued operations (note 8) | (29.4) | |
Removal of fully amortized assets | (29.4) | (79.7) |
Impact of foreign exchange | (13.5) | 18.4 |
Ending Balance | 406.3 | |
Gross carrying amount [member] | Previously stated [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 406 | |
Ending Balance | 406 | |
Gross carrying amount [member] | Increase (decrease) due to changes in accounting policy required by IFRS [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | (10.2) | |
Ending Balance | (10.2) | |
Gross carrying amount [member] | Balance After Adjustment [Member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 395.8 | |
Ending Balance | 395.8 | |
Accumulated depreciation and amortization [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | (168.1) | |
Amortization - continuing operations | (66.9) | (65) |
Amortization - discontinued operations | (5.7) | |
Discontinued operations (note 8) | 9.2 | |
Removal of fully amortized assets | 29.4 | 79.7 |
Impact of foreign exchange | 4.6 | (8.4) |
Ending Balance | (186.7) | |
Accumulated depreciation and amortization [member] | Previously stated [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | (158.3) | |
Ending Balance | (158.3) | |
Accumulated depreciation and amortization [member] | Increase (decrease) due to changes in accounting policy required by IFRS [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 4.5 | |
Ending Balance | 4.5 | |
Accumulated depreciation and amortization [member] | Balance After Adjustment [Member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | (153.8) | |
Ending Balance | (153.8) | |
Client relationships [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Ending Balance | 182.4 | |
Client relationships [member] | Previously stated [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 191.1 | |
Ending Balance | 191.1 | |
Client relationships [member] | Balance After Adjustment [Member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 191.1 | |
Ending Balance | 191.1 | |
Client relationships [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 289.5 | |
Additions arising on acquisitions | 29.5 | 25.1 |
Discontinued operations (note 8) | (19.7) | |
Removal of fully amortized assets | (3.9) | |
Impact of foreign exchange | (11.5) | 16.3 |
Ending Balance | 325.3 | |
Client relationships [member] | Gross carrying amount [member] | Previously stated [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 307.3 | |
Ending Balance | 307.3 | |
Client relationships [member] | Gross carrying amount [member] | Balance After Adjustment [Member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 307.3 | |
Ending Balance | 307.3 | |
Client relationships [member] | Accumulated depreciation and amortization [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | (90.4) | |
Amortization - continuing operations | (31.1) | (26.9) |
Amortization - discontinued operations | (1.8) | |
Discontinued operations (note 8) | 4.9 | |
Removal of fully amortized assets | 3.9 | |
Impact of foreign exchange | 4.4 | (5.9) |
Ending Balance | (142.9) | |
Client relationships [member] | Accumulated depreciation and amortization [member] | Previously stated [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | (116.2) | |
Ending Balance | (116.2) | |
Client relationships [member] | Accumulated depreciation and amortization [member] | Balance After Adjustment [Member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | (116.2) | |
Ending Balance | (116.2) | |
Contract backlog [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Ending Balance | 4.9 | |
Contract backlog [member] | Previously stated [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 4.9 | |
Ending Balance | 4.9 | |
Contract backlog [member] | Balance After Adjustment [Member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 4.9 | |
Ending Balance | 4.9 | |
Contract backlog [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 47.9 | |
Additions arising on acquisitions | 10.3 | 5.7 |
Removal of fully amortized assets | (4.7) | (46.2) |
Impact of foreign exchange | (0.4) | 1.1 |
Ending Balance | 13.7 | |
Contract backlog [member] | Gross carrying amount [member] | Previously stated [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 8.5 | |
Ending Balance | 8.5 | |
Contract backlog [member] | Gross carrying amount [member] | Balance After Adjustment [Member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 8.5 | |
Ending Balance | 8.5 | |
Contract backlog [member] | Accumulated depreciation and amortization [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | (37.6) | |
Amortization - continuing operations | (10) | (9.9) |
Amortization - discontinued operations | (1.4) | |
Removal of fully amortized assets | 4.7 | 46.2 |
Impact of foreign exchange | 0.1 | (0.9) |
Ending Balance | (8.8) | |
Contract backlog [member] | Accumulated depreciation and amortization [member] | Previously stated [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | (3.6) | |
Ending Balance | (3.6) | |
Contract backlog [member] | Accumulated depreciation and amortization [member] | Balance After Adjustment [Member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | (3.6) | |
Ending Balance | (3.6) | |
Software [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Ending Balance | 30.5 | |
Software [member] | Previously stated [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 42.5 | |
Ending Balance | 42.5 | |
Software [member] | Balance After Adjustment [Member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 42.5 | |
Ending Balance | 42.5 | |
Software [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 65.6 | |
Additions | 12 | 33.2 |
Additions arising on acquisitions | 1.3 | 0.2 |
Discontinued operations (note 8) | (5.3) | |
Removal of fully amortized assets | (23.7) | (18.8) |
Impact of foreign exchange | 0.2 | 0.3 |
Ending Balance | 65 | |
Software [member] | Gross carrying amount [member] | Previously stated [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 75.2 | |
Ending Balance | 75.2 | |
Software [member] | Gross carrying amount [member] | Balance After Adjustment [Member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 75.2 | |
Ending Balance | 75.2 | |
Software [member] | Accumulated depreciation and amortization [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | (26.9) | |
Amortization - continuing operations | (25) | (25.7) |
Amortization - discontinued operations | (0.7) | |
Discontinued operations (note 8) | 1.9 | |
Removal of fully amortized assets | 23.7 | 18.8 |
Impact of foreign exchange | (0.5) | (0.1) |
Ending Balance | (34.5) | |
Software [member] | Accumulated depreciation and amortization [member] | Previously stated [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | (32.7) | |
Ending Balance | (32.7) | |
Software [member] | Accumulated depreciation and amortization [member] | Balance After Adjustment [Member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | (32.7) | |
Ending Balance | (32.7) | |
Other [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Ending Balance | 1.8 | |
Other [member] | Previously stated [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 9.2 | |
Ending Balance | 9.2 | |
Other [member] | Increase (decrease) due to changes in accounting policy required by IFRS [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | (5.7) | |
Ending Balance | (5.7) | |
Other [member] | Balance After Adjustment [Member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 3.5 | |
Ending Balance | 3.5 | |
Other [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 27.5 | |
Additions arising on acquisitions | 0.3 | 2 |
Discontinued operations (note 8) | (4.4) | |
Removal of fully amortized assets | (1) | (10.8) |
Impact of foreign exchange | (1.8) | 0.7 |
Ending Balance | 2.3 | |
Other [member] | Gross carrying amount [member] | Previously stated [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 15 | |
Ending Balance | 15 | |
Other [member] | Gross carrying amount [member] | Balance After Adjustment [Member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 4.8 | |
Ending Balance | 4.8 | |
Other [member] | Accumulated depreciation and amortization [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | (13.2) | |
Amortization - continuing operations | (0.8) | (2.5) |
Amortization - discontinued operations | (1.8) | |
Discontinued operations (note 8) | 2.4 | |
Removal of fully amortized assets | 1 | 10.8 |
Impact of foreign exchange | 0.6 | (1.5) |
Ending Balance | (0.5) | |
Other [member] | Accumulated depreciation and amortization [member] | Previously stated [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | (5.8) | |
Ending Balance | (5.8) | |
Other [member] | Accumulated depreciation and amortization [member] | Balance After Adjustment [Member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | (1.3) | |
Ending Balance | (1.3) | |
Other [member] | Gross carrying amount [member] | Increase (decrease) due to changes in accounting policy required by IFRS [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | (10.2) | |
Ending Balance | (10.2) | |
Other [member] | Accumulated depreciation and amortization [member] | Increase (decrease) due to changes in accounting policy required by IFRS [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | $ 4.5 | |
Ending Balance | $ 4.5 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - Software licenses [member] - CAD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about intangible assets [line Items] | ||
Software Financing Obligation | $ 16.7 | $ 19.1 |
Non cash portion of financial leases additions | $ 8.4 | $ 15.1 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Detail) - CAD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of other assets [line items] | ||
Other financial assets | $ 153 | $ 144.2 |
Other Assets | 216.4 | 198.7 |
Less current portion - financial | 11.6 | 18.1 |
Less current portion - non-financial | 6.5 | 5.1 |
Long-term portion | 198.3 | 175.5 |
Other assets [member] | ||
Disclosure of other assets [line items] | ||
Other non-financial assets | 16.9 | 18.5 |
Other assets [member] | Investments held for self-insured liabilities [member] | ||
Disclosure of other assets [line items] | ||
Other financial assets | 153 | 144.2 |
Other assets [member] | Holdbacks on long-term contracts [member] | ||
Disclosure of other assets [line items] | ||
Other financial assets | 33.9 | 28.7 |
Other assets [member] | Other [member] | ||
Disclosure of other assets [line items] | ||
Other financial assets | $ 12.6 | $ 7.3 |
Other Assets - Disclosure of Fa
Other Assets - Disclosure of Fair Value and Amortized Cost (Detail) - CAD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of investments held for self insured liabilities at fair value and amortized cost [line items] | ||
Fair Value | $ 153 | $ 144.2 |
Amortized Cost/Cost | 149.5 | 148.8 |
Bonds [member] | ||
Disclosure of investments held for self insured liabilities at fair value and amortized cost [line items] | ||
Fair Value | 102.8 | 103 |
Amortized Cost/Cost | 103.4 | 103.8 |
Equity securities [member] | ||
Disclosure of investments held for self insured liabilities at fair value and amortized cost [line items] | ||
Fair Value | 50.2 | 41.2 |
Amortized Cost/Cost | $ 46.1 | $ 45 |
Other Assets - Additional Infor
Other Assets - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Bottom of range [member] | ||
Disclosure of investments held for self insured liabilities maturity of bond portfolio at fair value [line items] | ||
Bonds interest rate | 0.75% | 0.75% |
Top of range [member] | ||
Disclosure of investments held for self insured liabilities maturity of bond portfolio at fair value [line items] | ||
Bonds interest rate | 5.00% | 5.15% |
Other Assets - Disclosure of th
Other Assets - Disclosure of the Bond Portfolio Stated at Fair Value (Detail) - Bonds [member] - CAD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Maturity of bond portfolio, stated fair value | $ 102.8 | $ 103 |
Within one year [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Maturity of bond portfolio, stated fair value | 9.5 | 14 |
2018 to 2022 [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Maturity of bond portfolio, stated fair value | 79.9 | 85.2 |
More than five years [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Maturity of bond portfolio, stated fair value | $ 13.4 | $ 3.8 |
Trade and Other Payables - Summ
Trade and Other Payables - Summary of Trade and Other Payables (Detail) - CAD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Trade and other payables [abstract] | ||
Trade accounts payable | $ 225.5 | $ 222.6 |
Employee and payroll liabilities | 266.7 | 263.3 |
Accrued liabilities | 84.2 | 81.3 |
Trade and other payables | $ 576.4 | $ 567.2 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long Term Debt (Detail) - CAD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 860.9 | $ 933.7 |
Less current portion | 46.9 | 48.5 |
Long-term portion | 814 | 885.2 |
Notes payable [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 88.7 | 76.8 |
Revolving credit facilities [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 448 | 528.6 |
Term loan [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 308.5 | 308.8 |
Software financing obligations [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 15.7 | $ 19.5 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) $ in Millions, $ in Millions | Jul. 19, 2019CAD ($)Tranches | Dec. 31, 2019CAD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019AUD ($) | Dec. 31, 2018USD ($) | Jun. 26, 2018CAD ($) |
Disclosure of detailed information about borrowings [line items] | |||||||
Number of tranches | Tranches | 2 | ||||||
Additional revolving credit facilities amount | $ 600,000,000 | $ 400,000,000 | |||||
Credit facility average interest rate | 3.77% | 4.53% | |||||
Letter of credit outstanding | $ 49,900,000 | $ 48,000,000 | |||||
Letter of credit issued and outstanding in addition | 33,300,000 | 23,800,000 | |||||
US funds [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Revolving credit facility payable | 13,600,000 | $ 10 | |||||
Bonds issued under surety facilities | 386,200,000 | 791,400,000 | $ 297.3 | $ 580.2 | |||
Foreign currencies [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Bonds issued under surety facilities | 2,600,000 | 4,700,000 | |||||
Canadian funds [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Revolving credit facility payable | 448,000,000 | 515,000,000 | |||||
Bonds issued under surety facilities | 3,300,000 | 3,500,000 | |||||
Expire before two thousand twenty one [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Letter of credit issued and outstanding in addition | 18,700,000 | 14,700,000 | |||||
Expire after two thousand twenty one [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Letter of credit issued and outstanding in addition | 14,600,000 | 9,100,000 | |||||
Revolving credit facilities [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Revolving credit facilities amount | 800,000,000 | ||||||
Agreement expiry date | Jun. 27, 2024 | ||||||
Unused capacity amount | 282,600,000 | 223,400,000 | |||||
Notes payable [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Aggregate maturity value of notes | $ 90,700,000 | $ 78,200,000 | |||||
Notes payable [member] | Weighted average [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings, interest rate | 2.70% | 3.16% | 2.70% | 2.70% | 3.16% | ||
Notes payable [member] | US funds [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Carrying amount of notes payable | $ 4,200,000 | $ 23,200,000 | $ 3.2 | $ 17 | |||
Notes payable [member] | Foreign currencies [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Carrying amount of notes payable | 23,200,000 | 32,900,000 | |||||
Notes payable [member] | Australian funds [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Carrying amount of notes payable | 52,000,000 | $ 57.1 | |||||
Senior Term Loans [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Revolving credit facilities amount | $ 310,000,000 | ||||||
Term loan tranche B [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Agreement expiry date | Jun. 27, 2022 | ||||||
Drawn borrowing facilities | $ 150,000,000 | ||||||
Term loan tranche C [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Agreement expiry date | Jun. 27, 2023 | ||||||
Drawn borrowing facilities | $ 160,000,000 | ||||||
Software financing obligations [member] | Bottom of range [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings, interest rate | 1.40% | 1.40% | 1.40% | ||||
Software financing obligations [member] | Top of range [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings, interest rate | 5.25% | 5.25% | 5.25% |
Provisions - Summary of Provisi
Provisions - Summary of Provisions (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019CAD ($) | |
Disclosure of other provisions [Line Items] | |
Provision, beginning of the year | $ 128.3 |
Current year provisions | 40.4 |
Acquisitions | 1 |
Paid or otherwise settled | (52.9) |
Impact of foreign exchange | (3.8) |
Provisions, end of the year | 113 |
Less current portion | 23.9 |
Long-term portion | 89.1 |
Previously stated [member] | |
Disclosure of other provisions [Line Items] | |
Provision, beginning of the year | 120.6 |
Impact of IFRS 16 [member] | |
Disclosure of other provisions [Line Items] | |
Provision, beginning of the year | 7.7 |
Self-insured liabilities provision [member] | |
Disclosure of other provisions [Line Items] | |
Provision, beginning of the year | 77 |
Current year provisions | 29.8 |
Paid or otherwise settled | (24.1) |
Impact of foreign exchange | (2.6) |
Provisions, end of the year | 80.1 |
Less current portion | 3.8 |
Long-term portion | 76.3 |
Self-insured liabilities provision [member] | Previously stated [member] | |
Disclosure of other provisions [Line Items] | |
Provision, beginning of the year | 77 |
Claims provision [member] | |
Disclosure of other provisions [Line Items] | |
Provision, beginning of the year | 14.8 |
Current year provisions | 8.4 |
Acquisitions | 0.3 |
Paid or otherwise settled | (7.9) |
Impact of foreign exchange | (0.2) |
Provisions, end of the year | 15.4 |
Less current portion | 12.8 |
Long-term portion | 2.6 |
Claims provision [member] | Previously stated [member] | |
Disclosure of other provisions [Line Items] | |
Provision, beginning of the year | 14.8 |
Onerous contracts provision [member] | |
Disclosure of other provisions [Line Items] | |
Provision, beginning of the year | 9.9 |
Current year provisions | 0.4 |
Paid or otherwise settled | (9.9) |
Provisions, end of the year | 0.4 |
Less current portion | 0.1 |
Long-term portion | 0.3 |
Onerous contracts provision [member] | Previously stated [member] | |
Disclosure of other provisions [Line Items] | |
Provision, beginning of the year | 12.5 |
Onerous contracts provision [member] | Impact of IFRS 16 [member] | |
Disclosure of other provisions [Line Items] | |
Provision, beginning of the year | (2.6) |
Expected project loss [member] | |
Disclosure of other provisions [Line Items] | |
Provision, beginning of the year | 15.6 |
Current year provisions | (0.6) |
Paid or otherwise settled | (9.5) |
Impact of foreign exchange | (0.7) |
Provisions, end of the year | 4.8 |
Less current portion | 4.8 |
Expected project loss [member] | Previously stated [member] | |
Disclosure of other provisions [Line Items] | |
Provision, beginning of the year | 15.6 |
Provision for lease restoration [member] | |
Disclosure of other provisions [Line Items] | |
Provision, beginning of the year | 11 |
Current year provisions | 2.4 |
Acquisitions | 0.7 |
Paid or otherwise settled | (1.5) |
Impact of foreign exchange | (0.3) |
Provisions, end of the year | 12.3 |
Less current portion | 2.4 |
Long-term portion | 9.9 |
Provision for lease restoration [member] | Previously stated [member] | |
Disclosure of other provisions [Line Items] | |
Provision, beginning of the year | 0.7 |
Provision for lease restoration [member] | Impact of IFRS 16 [member] | |
Disclosure of other provisions [Line Items] | |
Provision, beginning of the year | $ 10.3 |
Provisions - Additional Informa
Provisions - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Bottom of range [member] | Provisions for lease restoration [Member] | |
Disclosure of Provisions [line items] | |
Cash outflows for existing provisions expected period | 1 year |
Bottom of range [member] | Provision For Claims [member] | |
Disclosure of Provisions [line items] | |
Cash outflows for existing provisions expected period | 1 year |
Top of range [member] | Provisions for lease restoration [Member] | |
Disclosure of Provisions [line items] | |
Cash outflows for existing provisions expected period | 14 years |
Top of range [member] | Provision For Claims [member] | |
Disclosure of Provisions [line items] | |
Cash outflows for existing provisions expected period | 5 years |
Employee Defined Benefit Obli_3
Employee Defined Benefit Obligations - Summary of Employee Defined Benefit Obligations (Detail) - CAD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of defined benefit plans [line items] | ||
Net defined benefit pension asset | $ (26) | $ (10) |
Net defined benefit pension liability/ End of employment benefit plans | 85.2 | 68.6 |
Pension defined benefit plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Net defined benefit pension asset | (26) | (10) |
Net defined benefit pension liability/ End of employment benefit plans | 69.8 | 55.5 |
Post employment benefit plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Net defined benefit pension liability/ End of employment benefit plans | $ 15.4 | $ 13.1 |
Employee Defined Benefit Obli_4
Employee Defined Benefit Obligations - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of defined benefit plans [line items] | |||
Amount expected to contribute to pension plan by company | $ 19 | ||
Percentage of plans' assets invested in mutual funds and exchange-traded funds or held in cash | 52.00% | ||
Percentage of plans' assets held in annuity policies | 24.00% | ||
Weighted average duration of defined benefit obligation | 16 years | 16 years | |
Remeasurement (loss) gain on net employee defined benefit liability | $ (16.5) | $ (10.8) | |
Deferred tax related to remeasurement gains (losses) on net employee defined benefit liability | $ 3.6 | 2 | |
Continuing Operations1[member] | |||
Disclosure of defined benefit plans [line items] | |||
Past service cost | 4.7 | ||
Discontinued operations [member] | |||
Disclosure of defined benefit plans [line items] | |||
Past service cost | 5.8 | ||
Defined benefit obligation [member] | |||
Disclosure of defined benefit plans [line items] | |||
Past service cost | $ 10.5 |
Employee Defined Benefit Obli_5
Employee Defined Benefit Obligations - Summary of Reconciliation for Net Defined Benefit Liability (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Net defined benefit asset | $ (26) | $ (10) |
Net defined benefit liability | 85.2 | 68.6 |
Included in pre-tax profit or loss | ||
Net defined benefit liability asset included in profit or loss | 2 | 12.8 |
Pension defined benefit plans [member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Balance, beginning of the year | 45.5 | 18.5 |
Net defined benefit asset | (26) | (10) |
Acquisitions | 16.5 | |
Net defined benefit liability | 69.8 | 55.5 |
Included in pre-tax profit or loss | ||
Interest expense (income) | 0.9 | 0.6 |
Past service cost | 10.5 | |
Administrative expenses paid by the Plans | 1.1 | 1.7 |
Net defined benefit liability asset included in profit or loss | 2 | 12.8 |
Included in other comprehensive loss (income) | ||
Return on the plan assets (excluding interest income) | (55.5) | 17.4 |
Actuarial (gains) losses arising from: | ||
Changes in demographic assumptions | (1.9) | (0.8) |
Changes in financial assumptions | 81.9 | (9.3) |
Experience adjustments | (4.4) | 5.5 |
Remeasurement loss on net employee defined benefit liability, before tax | 20.1 | 12.8 |
Effect of movement in exchange rates | (0.8) | 1.2 |
Net defined benefit liability asset included in other comprehensive income | 19.3 | 14 |
Other | ||
Benefits paid | (0.2) | |
Contributions by employer | (23) | (16.1) |
Other net defined benefit liability asset | (23) | (16.3) |
Balance, end of the year | 43.8 | 45.5 |
Defined benefit obligation [member] | ||
Included in pre-tax profit or loss | ||
Past service cost | 10.5 | |
Defined benefit obligation [member] | Pension defined benefit plans [member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Balance, beginning of the year | 494.3 | 397.7 |
Acquisitions | 80.9 | |
Included in pre-tax profit or loss | ||
Interest expense (income) | 13 | 10.8 |
Past service cost | 10.5 | |
Net defined benefit liability asset included in profit or loss | 13 | 21.3 |
Actuarial (gains) losses arising from: | ||
Changes in demographic assumptions | (1.9) | (0.8) |
Changes in financial assumptions | 81.9 | (9.3) |
Experience adjustments | (4.4) | 5.5 |
Remeasurement loss on net employee defined benefit liability, before tax | 75.6 | (4.6) |
Effect of movement in exchange rates | (5) | 11.5 |
Net defined benefit liability asset included in other comprehensive income | 70.6 | 6.9 |
Other | ||
Benefits paid | (14.8) | (12.5) |
Other net defined benefit liability asset | (14.8) | (12.5) |
Balance, end of the year | 563.1 | 494.3 |
Fair value of plan assets [member] | Pension defined benefit plans [member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Balance, beginning of the year | (448.8) | (379.2) |
Acquisitions | (64.4) | |
Included in pre-tax profit or loss | ||
Interest expense (income) | (12.1) | (10.2) |
Administrative expenses paid by the Plans | 1.1 | 1.7 |
Net defined benefit liability asset included in profit or loss | (11) | (8.5) |
Included in other comprehensive loss (income) | ||
Return on the plan assets (excluding interest income) | (55.5) | 17.4 |
Actuarial (gains) losses arising from: | ||
Remeasurement loss on net employee defined benefit liability, before tax | (55.5) | 17.4 |
Effect of movement in exchange rates | 4.2 | (10.3) |
Net defined benefit liability asset included in other comprehensive income | (51.3) | 7.1 |
Other | ||
Benefits paid | 14.8 | 12.3 |
Contributions by employer | (23) | (16.1) |
Other net defined benefit liability asset | (8.2) | (3.8) |
Balance, end of the year | $ (519.3) | $ (448.8) |
Employee Defined Benefit Obli_6
Employee Defined Benefit Obligations - Summary of Net Defined Benefit Asset (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of defined benefit plans [abstract] | ||
Continuing operations - administrative and marketing expenses | $ 2 | $ 6.6 |
Discontinued operations | 6.2 | |
Net defined benefit liability asset included in profit or loss | $ 2 | $ 12.8 |
Employee Defined Benefit Obli_7
Employee Defined Benefit Obligations - Summary of Major Categories of Plan Assets, Measured at Fair Value (Detail) - CAD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of fair value of plan assets [Line Items] | ||
Cash and cash equivalents | $ 7.6 | $ 3.3 |
Fair value of the plan assets | 519.3 | 448.8 |
Quoted prices in active markets for identical items [member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Corporate bonds and fixed income | 73.3 | 57.5 |
Equities | 163.4 | 138.1 |
Pooled fund liability-driven investments | 13.2 | 15.5 |
Property funds | 14.4 | 10.6 |
Unquoted investment [member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Annuity policies | 123.2 | 110.8 |
Equities and property | 85 | 80.2 |
Corporate bonds and fixed income | 29.9 | 19.2 |
Cash and cash equivalents | $ 9.3 | $ 13.6 |
Employee Defined Benefit Obli_8
Employee Defined Benefit Obligations - Summary of Principal Assumptions Used In Determining Pension Benefit Obligations (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of defined benefit plans [line items] | ||
Discount rate | 1.89% | 2.77% |
Rate of increase in salaries | 4.34% | 4.47% |
Rate of inflation, pre-retirement | 2.60% | 2.55% |
Rate of increase in future pensions payment | 3.44% | 3.51% |
Life expectancy at age 65 for current pensioners: | ||
Male | 22 years | 22 years |
Female | 24 years | 24 years |
Life expectancy at age 65 for current members aged 45 | ||
Male | 23 years | 23 years |
Female | 25 years | 25 years |
Employee Defined Benefit Obli_9
Employee Defined Benefit Obligations - Summary of Quantitative Sensitivity Analyses Impact on Defined Benefit Obligation for Significant Assumptions (Detail) - CAD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Change in discount rate by 0.25% [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Increase | $ (18.9) | $ (15.6) |
Decrease | 19.6 | 17 |
Change in pre-retirement inflation rate by 0.25% [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Increase | 5.7 | 5 |
Decrease | (5.5) | (4.8) |
Change in salary growth by 0.25% [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Increase | 1 | 0.9 |
Decrease | (1) | (0.8) |
Change in pension increase assumption by 0.25% [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Increase | 10.5 | 8.4 |
Decrease | (9.2) | (8.1) |
Increase of one year in the life expectancy [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Increase | $ 11.8 | $ 9.4 |
Employee Defined Benefit Obl_10
Employee Defined Benefit Obligations - Summary of Quantitative Sensitivity Analyses Impact on Defined Benefit Obligation for Significant Assumptions (Parenthetical) (Detail) | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | ||
Percentage of increase | 0.25% | 0.25% |
Percentage of decrease | 0.25% | 0.25% |
Other Liabilities - Additional
Other Liabilities - Additional Information (Detail) $ in Millions | Dec. 31, 2018CAD ($) |
Liabilities [Abstract] | |
Liability for uncertain tax positions | $ 35 |
Other Liabilities - Summary of
Other Liabilities - Summary of Other Liabilities (Detail) - CAD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Liabilities [Abstract] | ||
Lease inducement benefits and lease disadvantages | $ 112.7 | |
Cash-settled share-based compensation | $ 23 | 12.8 |
Other | 5.1 | 3.1 |
Other liabilities | 28.1 | 128.6 |
Less current portion | 12.1 | 23.2 |
Long-term portion | $ 16 | $ 105.4 |
Commitments - Summary of Future
Commitments - Summary of Future Minimum Lease Payments Payable Under Noncancellable Operating Leases (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019CAD ($) | |
Disclosure of future cash outflows not reflected in measurement of lease liability and purchase obligations [line items] | |
Variable lease payments | $ 269.6 |
Short-term and low value lease payments | 4 |
Purchase obligations | 67.6 |
Leases not commenced but committed | 50.6 |
Total minimum lease payments | 391.8 |
Less than 1 Year [member] | |
Disclosure of future cash outflows not reflected in measurement of lease liability and purchase obligations [line items] | |
Variable lease payments | 47.6 |
Short-term and low value lease payments | 2.6 |
Purchase obligations | 43.9 |
Leases not commenced but committed | 2.3 |
Total minimum lease payments | 96.4 |
1 to 3 Years [member] | |
Disclosure of future cash outflows not reflected in measurement of lease liability and purchase obligations [line items] | |
Variable lease payments | 82.4 |
Short-term and low value lease payments | 1.4 |
Purchase obligations | 20.5 |
Leases not commenced but committed | 10.2 |
Total minimum lease payments | 114.5 |
After 3 years [member] | |
Disclosure of future cash outflows not reflected in measurement of lease liability and purchase obligations [line items] | |
Variable lease payments | 139.6 |
Purchase obligations | 3.2 |
Leases not commenced but committed | 38.1 |
Total minimum lease payments | $ 180.9 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - CAD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Commitments [abstract] | ||
Future minimum sublease payments expected to be received under noncancellable sublease agreements | $ 14.5 | $ 19.2 |
Sublease receivables | $ 3.6 | $ 0 |
Contingencies and Guarantees -
Contingencies and Guarantees - Additional Information (Detail) | Dec. 31, 2019CAD ($) |
Contingent liability for guarantees [member] | |
Disclosure of contingent liabilities [line items] | |
Accrual of indemnifications or guarantees | $ 0 |
Share Capital - Additional Info
Share Capital - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Nov. 13, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of classes of share capital [abstract] | |||
Description of unlimited shares authorized | Common shares, with no par value | ||
Repurchase of common shares | 5,559,313 | ||
Shares Repurchased for cancellation | 1,400,713 | 2,470,560 | |
Shares repurchased for cancellation | $ 43.2 | $ 76.7 | |
Reduction in share capital | 10.9 | 19.1 | |
Reduction in contributed surplus accounts | 0.3 | 0.5 | |
Charges to retained earnings | 32 | 57.1 | |
Share-based compensation expense | 18.1 | 5.3 | |
Expense related to fair value of options granted | 3.4 | 5.6 | |
Expense related to amortization of fair value of options granted | 14.7 | 0.3 | |
Dividends declared included in trade and other payables | $ 16.1 | $ 15.4 |
Share Capital - Summary of Divi
Share Capital - Summary of Dividends Declared and Recorded in the Consolidated Financial Statements (Detail) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2019CAD ($)$ / shares | |
Dividends per share one [member] | |
Disclosure of Dividends [line items] | |
Date Declared | Feb. 27, 2019 |
Record Date | Mar. 29, 2019 |
Payment Date | Apr. 15, 2019 |
Dividend per Share | $ 0.1450 |
Paid | $ | $ 16.2 |
Dividends per share two [member] | |
Disclosure of Dividends [line items] | |
Date Declared | May 9, 2019 |
Record Date | Jun. 28, 2019 |
Payment Date | Jul. 15, 2019 |
Dividend per Share | $ 0.1450 |
Paid | $ | $ 16.2 |
Dividends per share three [member] | |
Disclosure of Dividends [line items] | |
Date Declared | Aug. 7, 2019 |
Record Date | Sep. 30, 2019 |
Payment Date | Oct. 15, 2019 |
Dividend per Share | $ 0.1450 |
Paid | $ | $ 16.2 |
Dividends per share four [member] | |
Disclosure of Dividends [line items] | |
Date Declared | Nov. 6, 2019 |
Record Date | Dec. 30, 2019 |
Payment Date | Jan. 15, 2020 |
Dividend per Share | $ 0.1450 |
Share Capital - Share-based Pay
Share Capital - Share-based Payment Transactions - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019CAD ($)yr | Dec. 31, 2018CAD ($)yr | |
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Share options, Granted | 0 | 1,112,779 |
Fair value of options granted | The fair value of options granted was determined at the date of grant using the Black-Scholes option-pricing model. | |
Estimated fair value of options granted on the grant date | $ 5,730 | |
Expected hold period to exercise (years) | yr | 3.50 | |
Outstanding fair value | $ 23,000 | $ 12,800 |
Performance share units (PSUs) [member] | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of shares issued | 379,289 | 280,884 |
Outstanding fair value | $ 11,100 | $ 3,600 |
Weighted average exercise price of other equity instruments granted in share-based payment arrangement | $ 11,600 | $ 8,900 |
Performance share units (PSUs) [member] | Bottom of range [member] | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of units vest percentage | 0.00% | |
Share Based Payment Arrangement Equity Instrument Other than Opion Granted Percent Incerase | 40.00% | |
Performance share units (PSUs) [member] | Top of range [member] | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of units vest percentage | 200.00% | |
Share Based Payment Arrangement Equity Instrument Other than Opion Granted Percent Incerase | 60.00% | |
Deferred share unit [member] | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of shares issued | 44,806 | 46,356 |
Vested fair value | $ 10,200 | $ 9,000 |
Weighted average exercise price of other equity instruments granted in share-based payment arrangement | $ 1,200 | 1,400 |
Restricted Stock Units [Member] | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of shares issued | 166,963 | |
Outstanding fair value | $ 1,100 | $ 0 |
Estimated historical data [member] | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Expected hold period to exercise (years) | yr | 5 | |
Officers and employees [member] | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Share options, Granted | 1,112,779 | |
Officers and employees [member] | Restricted Stock Units [Member] | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of shares issued | 164,719 | |
Weighted average exercise price of other equity instruments granted in share-based payment arrangement | $ 5,300 |
Share Capital - Summary of Gran
Share Capital - Summary of Granted Share Options (Detail) | 12 Months Ended | |
Dec. 31, 2019$ / shares | Dec. 31, 2018$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share options, Granted | 0 | 1,112,779 |
Officers and employees [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share options, beginning of the year | 4,987,542 | 4,426,237 |
Share options, Granted | 1,112,779 | |
Share options, Exercised | (753,583) | (338,989) |
Share options, Forfeited | (182,879) | (212,485) |
Share options, end of the year | 4,051,080 | 4,987,542 |
Weighted Average Exercise Price, Share option, beginning of the year | $ 31.11 | $ 29.84 |
Weighted Average Exercise Price, Share option, Granted | 32.98 | |
Weighted Average Exercise Price, Share option, Exercised | 25.09 | 20.40 |
Weighted Average Exercise Price, Share option, Forfeited | 32.41 | 31.49 |
Weighted Average Exercise Price, Share option, end of the year | $ 32.17 | $ 31.11 |
Share Capital - Summary of Outs
Share Capital - Summary of Outstanding Share Options (Detail) | 12 Months Ended |
Dec. 31, 2019yr$ / shares | |
Range one [member] | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Options Outstanding | 107,168 |
Weighted Average Remaining Contractual Life in Years, Options Outstanding | 1 month 27 days |
Weighted Average Exercise Price, Options Outstanding | $ 20.88 |
Shares Exercisable | 107,168 |
Weighted Average Remaining Contractual Life in Years, Options Exercisable | yr | 0.16 |
Weighted Average Exercise Price, Options Exercisable | $ 20.88 |
Range two [member] | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Options Outstanding | 3,943,912 |
Weighted Average Remaining Contractual Life in Years, Options Outstanding | 2 years 2 months 26 days |
Weighted Average Exercise Price, Options Outstanding | $ 32.48 |
Shares Exercisable | 2,916,710 |
Weighted Average Remaining Contractual Life in Years, Options Exercisable | yr | 1.96 |
Weighted Average Exercise Price, Options Exercisable | $ 32.45 |
Range three [member] | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Options Outstanding | 4,051,080 |
Weighted Average Remaining Contractual Life in Years, Options Outstanding | 2 years 2 months 4 days |
Weighted Average Exercise Price, Options Outstanding | $ 32.17 |
Shares Exercisable | 3,023,878 |
Weighted Average Remaining Contractual Life in Years, Options Exercisable | yr | 1.89 |
Weighted Average Exercise Price, Options Exercisable | $ 32.04 |
Bottom of range [member] | Range two [member] | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Range of Exercise Prices | 31.75 |
Bottom of range [member] | Range three [member] | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Range of Exercise Prices | 20.88 |
Top of range [member] | Range one [member] | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Range of Exercise Prices | 20.88 |
Top of range [member] | Range two [member] | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Range of Exercise Prices | 32.98 |
Top of range [member] | Range three [member] | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Range of Exercise Prices | $ 32.98 |
Share Capital - Summary of Weig
Share Capital - Summary of Weighted Average Assumptions (Detail) | 12 Months Ended |
Dec. 31, 2018yr$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Volatility in the price of the Company's shares | 24.12% |
Risk-free interest rate | 2.10% |
Expected hold period to exercise (years) | yr | 3.50 |
Dividend yield | 1.668% |
Exercise price | $ / shares | $ 32.98 |
Share Capital - Summary of Non-
Share Capital - Summary of Non-Vested Options (Detail) | 12 Months Ended | |
Dec. 31, 2019CAD ($) | Dec. 31, 2018CAD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Weighted average grant date fair value, Granted | $ 5,730,000 | |
Non-vested options [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share options, beginning of the year | 2,079,153 | |
Number of share subject to options, Vested | (997,936) | |
Number of share subject to options, Forfeited | (54,015) | |
Share options, end of the year | 1,027,202 | 2,079,153 |
Weighted average grant date fair value, Granted | $ 5.53 | |
Weighted average grant date fair value, Vested | 5.37 | |
Weighted average grant date fair value, Forfeited | 5.60 | |
Weighted average grant date fair value, Non-vested share options | $ 5.69 |
Share Capital - Summary of the
Share Capital - Summary of the Company's RSUs, PSUs, and DSUs (Detail) | 12 Months Ended | |
Dec. 31, 2019shares | Dec. 31, 2018shares | |
Restricted stock units [member] | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Granted | 166,963 | |
Forfeited | (2,259) | |
Units, end of the year | 164,704 | |
Performance share units [member] | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Units, beginning of year | 744,081 | 686,250 |
Granted | 379,289 | 280,884 |
Paid | (198,815) | (193,385) |
Forfeited | (48,816) | (29,668) |
Units, end of the year | 875,739 | 744,081 |
Deferred share unit [member] | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Units, beginning of year | 306,459 | 438,969 |
Granted | 44,806 | 46,356 |
Paid | (75,315) | (178,866) |
Units, end of the year | 275,950 | 306,459 |
Units vested, end of the year | 275,950 | 306,459 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value Hierarchy for Assets (Detail) - CAD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Investments held for self-insured liabilities | $ 153 | $ 144.2 |
Recurring fair value measurement [member] | Investments held for self-insured liabilities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Investments held for self-insured liabilities | 153 | |
Recurring fair value measurement [member] | Interest rate swap [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Interest rate swap | 1.5 | |
Recurring fair value measurement [member] | Significant other observable inputs [member] | Investments held for self-insured liabilities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Investments held for self-insured liabilities | 153 | |
Recurring fair value measurement [member] | Significant other observable inputs [member] | Interest rate swap [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Interest rate swap | $ 1.5 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Fair Value Hierarchy for Liabilities (Detail) - Not measured at fair value in statement of financial position but for which fair value is disclosed [Member] $ in Millions | Dec. 31, 2019CAD ($) |
Disclosure of fair value measurement of liabilities [line items] | |
Notes payable | $ 88.7 |
Significant other observable inputs [member] | |
Disclosure of fair value measurement of liabilities [line items] | |
Notes payable | $ 89.5 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019CAD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2019GBP (£) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Maximum amount of credit risk exposure | $ 1,682,400,000 | $ 1,687,800,000 | |
Number of target days of revenue in trade receivables | 61 days | 66 days | |
Decrease through write-off, financial assets | $ 1,700,000 | $ 800,000 | |
Interest rate impact on comprehensive income | 2,200,000 | ||
Unrealized loss on interest rate swap | 200,000 | ||
Cash flow hedges [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Interest rate swap agreement, Amount | 160,000,000 | ||
Unrealized loss on interest rate swap | $ 1,500,000 | ||
Hedge ratio description | The Company has established a hedge ratio of 1:1 for the hedging relationship as the underlying risk of the interest rate swap is identical to the hedged risk component. | ||
Interest rate swap agreement, Fixed Interest rate | 2.295% | 2.295% | |
Gains (losses) on cash flow hedges, net of tax | $ 1,100,000 | ||
Forward contract [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Derivative notional amount | 31,000,000 | £ 18 | |
1.0% Increase in equity price risk [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Equity price impact on comprehensive income | 400,000 | ||
1.0% Decrease in equity Price risk [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Interest rate impact on comprehensive income | 400,000 | ||
Revolving credit facilities [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Amount of revolving credit facility | 800,000,000 | ||
Unused capacity amount | $ 282,600,000 | $ 223,400,000 |
Financial Instruments - Summary
Financial Instruments - Summary of Loss Allowance Provision (Detail) - CAD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of provision matrix [line items] | ||
Loss allowance provision, end of the year | $ 2.2 | $ 1.5 |
Gross carrying amount [member] | ||
Disclosure of provision matrix [line items] | ||
Gross carrying amount | 1,308.3 | 1,356.9 |
Accumulated impairment [member] | ||
Disclosure of provision matrix [line items] | ||
Loss allowance provision, end of the year | $ 2.8 | $ 1.9 |
Current [member] | ||
Disclosure of provision matrix [line items] | ||
Expected loss rate | 0.10% | 0.07% |
Current [member] | Gross carrying amount [member] | ||
Disclosure of provision matrix [line items] | ||
Gross carrying amount | $ 914.7 | $ 936.5 |
Current [member] | Accumulated impairment [member] | ||
Disclosure of provision matrix [line items] | ||
Loss allowance provision, end of the year | $ 1.1 | $ 0.7 |
Later than one month and not later than two months [member] | ||
Disclosure of provision matrix [line items] | ||
Expected loss rate | 0.13% | 0.10% |
Later than one month and not later than two months [member] | Gross carrying amount [member] | ||
Disclosure of provision matrix [line items] | ||
Gross carrying amount | $ 221.1 | $ 228.7 |
Later than one month and not later than two months [member] | Accumulated impairment [member] | ||
Disclosure of provision matrix [line items] | ||
Loss allowance provision, end of the year | $ 0.2 | $ 0.2 |
Later than two months and not later than three months [member] | ||
Disclosure of provision matrix [line items] | ||
Expected loss rate | 0.30% | 0.22% |
Later than two months and not later than three months [member] | Gross carrying amount [member] | ||
Disclosure of provision matrix [line items] | ||
Gross carrying amount | $ 63.5 | $ 63.8 |
Later than two months and not later than three months [member] | Accumulated impairment [member] | ||
Disclosure of provision matrix [line items] | ||
Loss allowance provision, end of the year | $ 0.2 | $ 0.1 |
Later than three months and not later than four months [member] | ||
Disclosure of provision matrix [line items] | ||
Expected loss rate | 0.59% | 0.43% |
Later than three months and not later than four months [member] | Gross carrying amount [member] | ||
Disclosure of provision matrix [line items] | ||
Gross carrying amount | $ 27.8 | $ 43.2 |
Later than three months and not later than four months [member] | Accumulated impairment [member] | ||
Disclosure of provision matrix [line items] | ||
Loss allowance provision, end of the year | $ 0.3 | $ 0.2 |
Later than four months [member] | ||
Disclosure of provision matrix [line items] | ||
Expected loss rate | 1.05% | 0.75% |
Later than four months [member] | Gross carrying amount [member] | ||
Disclosure of provision matrix [line items] | ||
Gross carrying amount | $ 81.2 | $ 84.7 |
Later than four months [member] | Accumulated impairment [member] | ||
Disclosure of provision matrix [line items] | ||
Loss allowance provision, end of the year | $ 1 | $ 0.7 |
Financial Instruments - Summa_2
Financial Instruments - Summary of Timing of Undiscounted Cash Outflows Relating to Financial Liabilities (Detail) - CAD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Bank indebtedness | $ 19.5 | |
Trade and other payables | 576.4 | $ 567.2 |
Lease liabilities | 810.5 | |
Long-term debt | 863 | 935.4 |
Software financing obligations | 4.8 | 3.1 |
Total contractual obligations | 2,274.2 | 1,505.7 |
Within one year [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Bank indebtedness | 19.5 | |
Trade and other payables | 576.4 | 567.2 |
Lease liabilities | 138.5 | |
Long-term debt | 47.2 | 49.1 |
Software financing obligations | 0.9 | 1.1 |
Total contractual obligations | 782.5 | 617.4 |
Later than one year and not later than three years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Trade and other payables | 0 | |
Lease liabilities | 255 | |
Long-term debt | 366.9 | 196.7 |
Software financing obligations | 1.8 | 0.3 |
Total contractual obligations | 623.7 | 197 |
After 3 years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Trade and other payables | 0 | |
Lease liabilities | 417 | |
Long-term debt | 448.9 | 689.6 |
Software financing obligations | 2.1 | 1.7 |
Total contractual obligations | $ 868 | $ 691.3 |
Capital Management - Disclosure
Capital Management - Disclosure Of Capital Management (Detail) - CAD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of capital management [abstract] | ||
Current portion of long-term debt | $ 46.9 | $ 48.5 |
Non-current portion of long-term debt | 814 | 885.2 |
Long-term debt | 860.9 | 933.7 |
Bank indebtedness | 19.5 | |
Less: cash and deposits | (223.5) | (185.2) |
Net debt | 656.9 | 748.5 |
Shareholders' equity | 1,875.5 | 1,906.9 |
Total capital managed | $ 2,532.4 | $ 2,655.4 |
Capital Management - Additional
Capital Management - Additional Information (Detail) $ in Millions | Dec. 31, 2019CAD ($) |
Top of range [member] | |
Disclosure Of Capital Components Explanatory Line Items [Line Items] | |
Unencumbered cash | $ 150 |
Income Taxes - Summary of Effec
Income Taxes - Summary of Effective Income Tax for Continuing Operations From Statutory Canadian Tax Rates (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of average effective tax rate and applicable tax rate [abstract] | ||
Income tax expense at statutory Canadian rates | 27.00% | 27.10% |
Increase (decrease) resulting from: | ||
Rate differential on foreign income | 2.20% | (3.10%) |
Non-deductible expenses and non-taxable income | 0.70% | 0.80% |
Unrecognized tax losses and temporary differences | 0.60% | 2.00% |
Transition tax related to US tax reform | 0.40% | (4.40%) |
Research and development and other tax credits | (1.00%) | (0.70%) |
Other | (3.10%) | 2.60% |
Average effective tax rate | 26.80% | 24.30% |
Income Taxes - Summary of Major
Income Taxes - Summary of Major Components of Current Income Tax Expense from Continuing Operations (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Major components of tax expense (income) [abstract] | |||
Ongoing operations | $ 54.9 | $ 64.5 | |
Transition tax related to US tax reform | 1.1 | (10) | $ 31.2 |
Total current income tax expense | $ 56 | $ 54.5 |
Income Taxes - Summary of Maj_2
Income Taxes - Summary of Major Components of Deferred Income Tax (Recovery) Expense from Continuing Operations (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Major components of tax expense (income) [abstract] | ||
Origination and reversal of timing differences | $ 12.9 | $ (1.9) |
Unrecognized tax losses and temporary differences | 7.8 | 2.7 |
Change of tax rates | (1) | (0.1) |
Recovery arising from previously unrecognized tax assets | (4.6) | (0.2) |
Total deferred income tax expense | $ 15.1 | $ 0.5 |
Income Taxes - Schedule of Sign
Income Taxes - Schedule of Significant Components of the Company's Net Deferred Income Tax Assets (Liabilities) (Detail) - CAD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred income tax assets (liabilities) | ||
Deferred income tax assets (liabilities) | $ (41.3) | $ (33.1) |
Lease liabilities [member] | ||
Deferred income tax assets (liabilities) | ||
Deferred tax asset | 162 | 0 |
Property, plant and equipment [member] | ||
Deferred income tax assets (liabilities) | ||
Deferred tax liabilities | (22.7) | (7.3) |
Non-capital and capital tax losses [member] | ||
Deferred income tax assets (liabilities) | ||
Deferred tax asset | 16.2 | 33.4 |
Loss and tax credit carryforwards [member] | ||
Deferred income tax assets (liabilities) | ||
Deferred tax asset | 11.4 | 16.7 |
Deferred tax defined benefit obligation [member] | ||
Deferred income tax assets (liabilities) | ||
Deferred tax asset | 8.5 | 7.7 |
Other temporary differences [member] | ||
Deferred income tax assets (liabilities) | ||
Deferred tax asset | 1.1 | 2.5 |
Right-of-use assets [member] | ||
Deferred income tax assets (liabilities) | ||
Deferred tax liabilities | (127.7) | 0 |
Intangible assets other than goodwill [member] | ||
Deferred income tax assets (liabilities) | ||
Deferred tax liabilities | $ (90.1) | $ (86.1) |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Net Deferred Tax Assets (Liabilities) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of deferred income taxes [line items] | ||
Beginning balance | $ (33.1) | |
Discontinued operations | 0 | $ (8.6) |
Tax effect on other comprehensive (loss) income | 4 | 2 |
Impact of foreign exchange | 0.8 | (2.3) |
Other | 0.2 | (0.1) |
Deferred taxes acquired through business combinations | (9.6) | (0.7) |
Tax (expense) recovery during the year recognized in net income | (15.1) | 1.3 |
Ending balance | (41.3) | (33.1) |
Previously stated [member] | ||
Disclosure of deferred income taxes [line items] | ||
Beginning balance | (33.1) | (31.4) |
Ending balance | (33.1) | |
Increase (decrease) due to changes in accounting policy required by IFRS [member] | ||
Disclosure of deferred income taxes [line items] | ||
Beginning balance | 11.5 | 6.7 |
Ending balance | 11.5 | |
As Restated [Member] | ||
Disclosure of deferred income taxes [line items] | ||
Beginning balance | $ (21.6) | (24.7) |
Ending balance | $ (21.6) |
Income Taxes - Schedule of Loss
Income Taxes - Schedule of Loss Carryforwards (Detail) - CAD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences | $ 9.2 | $ 13 |
Non-capital tax losses [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Capital tax losses | 109 | 100.8 |
Non-capital tax losses [member] | Expiry 2020 To 2039 [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Capital tax losses | 37.8 | 27.4 |
Non-capital tax losses [member] | Never expire [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Capital tax losses | 71.2 | 73.4 |
Capital tax loss [member] | Never expire [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Capital tax losses | 6.8 | 9.3 |
Non-capital and capital tax losses [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Capital tax losses | $ 125 | $ 123.1 |
Income Taxes - Additional Infor
Income Taxes - Additional Informations (Detail) - CAD ($) $ in Millions | Aug. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of income tax [line items] | ||||
Transition tax related to US tax reform | $ 1.1 | $ (10) | $ 31.2 | |
Revaluation due to US tax reform | $ 10 | $ 12.6 | ||
Federal tax rate | 27.00% | 27.10% | ||
United States [member] | ||||
Disclosure of income tax [line items] | ||||
Federal tax rate | 21.00% | 21.00% |
Net Interest Expense and Othe_3
Net Interest Expense and Other Net Finance Expense - Schedule of Interest Expense (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of net interest expense income [line items] | ||
Interest expense on lease liabilities | $ 32.3 | |
Other | 0.8 | $ 1.1 |
Total interest expense | 73.3 | 31.6 |
Interest income on FVOCI investment debt securities | (2.5) | (2.5) |
Other | (1.2) | (0.4) |
Total interest income | (3.7) | (2.9) |
Net interest expense | 69.6 | 28.7 |
Notes payable [member] | ||
Disclosure of net interest expense income [line items] | ||
Interest Expense | 2.6 | 2.1 |
Revolving credit facilities [member] | ||
Disclosure of net interest expense income [line items] | ||
Interest Expense | $ 37.6 | $ 28.4 |
Net Interest Expense and Othe_4
Net Interest Expense and Other Net Finance Expense - Schedule of Other Net Finance Expense (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of other net finance expense [abstract] | ||
Realized loss on sale of FVOCI investment debt securities | $ 0.3 | |
Amortization on FVOCI investment debt securities | 0.5 | |
Bank charges | $ 3.5 | 5.6 |
Total other finance expense | 3.5 | 6.4 |
Derecognition of notes payable | (0.4) | (0.7) |
Other net finance expense | $ 3.1 | $ 5.7 |
Revenue - Significant Increases
Revenue - Significant Increases (Decreases) in Contract Assets and Deferred Revenue (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Current Contract Assets [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Acquisitions | $ 1.1 | $ 0.7 |
Discontinued operations and disposition of subsidiaries | (15.3) | |
Current Contract Liabilities [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Acquisitions | $ 4.6 | 7.2 |
Discontinued operations and disposition of subsidiaries | $ (59.3) |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - CAD ($) $ in Millions | Jan. 01, 2018 | Jan. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of performance obligations [abstract] | ||||
Deferred revenue | $ 196.4 | $ 174.4 | ||
Explanation of how timing of satisfaction of performance obligations relates to typical timing of payment | Revenue recognized in 2019 from performance obligations satisfied (or partially satisfied) in prior years was less than 5% (2018 – 5%) of the Company's gross revenue from continuing operations. | |||
Revenue from performance obligations unsatisfied (or partially unsatisfied) | $ 4,257 | $ 4,179 | ||
Expected revenue recognition as contracts | 77.00% | 77.00% | ||
Explanation of expected revenue recognition as contracts | The Company expects to recognize approximately 77% (2018 – 77%) of this revenue as contracts are completed over the next 18 months (2018 – 18 months) with the remainder recognized thereafter. |
Employee Costs from Continuin_3
Employee Costs from Continuing Operations - Schedule of Employee Benefits Cost (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of employee costs [abstract] | ||
Wages, salaries, and benefits | $ 2,629.9 | $ 2,365 |
Pension costs | 75 | 77.1 |
Share-based compensation | 18.1 | 5.3 |
Total employee costs | 2,723 | 2,447.4 |
Direct labor | 1,702.9 | 1,540 |
Indirect labor | 1,020.1 | 907.4 |
Total employee costs | $ 2,723 | $ 2,447.4 |
Employee Costs from Continuin_4
Employee Costs from Continuing Operations - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined contribution plans [member] | ||
Disclosure of employee cost [line items] | ||
Pension cost | $ 73 | $ 70.5 |
Other (Income) Expense - Schedu
Other (Income) Expense - Schedule of Other (Income) Expense (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Analysis of income and expense [abstract] | ||
Unrealized (gain) loss on equity securities | $ (7.9) | $ 4.9 |
Other | (0.3) | (4.8) |
Total other (income) expense | $ (8.2) | $ 0.1 |
Weighted Average Shares Outst_3
Weighted Average Shares Outstanding - Schedule of Basic and Diluted Common Shares Outstanding, Calculated on Weighted Average Basis (Detail) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Basic shares outstanding | 111,550,424 | 113,733,118 |
Share options (dilutive effect in 2019 of 107,168 options; 2018 – 507,066 options) | 89,200 | |
Diluted shares | 111,550,424 | 113,822,318 |
Weighted Average Shares Outst_4
Weighted Average Shares Outstanding - Schedule of Basic and Diluted Common Shares Outstanding, Calculated on Weighted Average Basis (Parenthetical) (Detail) | Dec. 31, 2019 | Dec. 31, 2018 |
Earnings Per Share [Abstract] | ||
Share options | 107,168 | 507,066 |
Weighted Average Shares Outst_5
Weighted Average Shares Outstanding - Additional Information (Detail) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Antidilutive effect of share options | 0 | 4,480,476 |
Cash Flow Information - Reconci
Cash Flow Information - Reconciliation of Liabilities Arising from Financing Activities (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019CAD ($) | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Beginning balance | $ 1,517.3 |
Statement of Cash Flows, Proceeds | 213.8 |
Statement of Cash Flows, Repayments or Payments | (436.7) |
Non-cash Changes, Foreign Exchange | (17.1) |
Additions and modifications | 134.2 |
Dividends declared | 64.7 |
Non-cash Changes, Other | 1 |
Ending balance | 1,477.2 |
Lease liabilities [member] | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Beginning balance | 645 |
Statement of Cash Flows, Repayments or Payments | (116.7) |
Non-cash Changes, Foreign Exchange | (16) |
Additions and modifications | 125.8 |
Non-cash Changes, Other | 0.4 |
Ending balance | 688.9 |
Software financing obligations [member] | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Beginning balance | 19.5 |
Statement of Cash Flows, Repayments or Payments | (12.3) |
Non-cash Changes, Foreign Exchange | (0.8) |
Additions and modifications | 8.4 |
Non-cash Changes, Other | 0.9 |
Ending balance | 15.7 |
Dividends to shareholders [member] | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Beginning balance | 15.4 |
Statement of Cash Flows, Repayments or Payments | (64) |
Dividends declared | 64.7 |
Ending balance | 16.1 |
Revolving credit facilities [member] | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Beginning balance | 528.6 |
Statement of Cash Flows, Proceeds | 163.4 |
Statement of Cash Flows, Repayments or Payments | (243.7) |
Non-cash Changes, Foreign Exchange | (0.3) |
Ending balance | 448 |
Term loan [member] | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Beginning balance | 308.8 |
Non-cash Changes, Other | (0.3) |
Ending balance | $ 308.5 |
Related - Party Disclosures - A
Related - Party Disclosures - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Wholly owned subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Ownership of voting and restricted securities of non-controlling interest | The Company owns 100% of the voting and restricted securities. |
Related-Party Disclosures - Sch
Related-Party Disclosures - Schedule of Subsidiaries (Detail) - Subsidiaries [member] | 12 Months Ended |
Dec. 31, 2019 | |
3221969 Nova Scotia Company [member] | Nova Scotia, Canada [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | Nova Scotia, Canada |
International Insurance Group Inc. [member] | Barbados [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | Barbados |
Mustang Acquisition Holdings Inc. [member] | Delaware, United States [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | Delaware, United States |
MWH International Inc. [member] | Delaware, United States [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | Delaware, United States |
Stantec Australia Pty Ltd [member] | Australia [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | Australia |
Stantec Consulting Caribbean Ltd. [member] | Barbados [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | Barbados |
Stantec Consulting International LLC [member] | Arizona, United States [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | Arizona, United States |
Stantec Consulting International Ltd. [member] | Canada [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | Canada |
Stantec Consulting Ltd./Stantec Experts-conseils ltee [member] | Canada [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | Canada |
Stantec Consulting Michigan Inc. [member] | Michigan, United States [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | Michigan, United States |
Stantec Consulting Services Inc. [member] | New York, United States [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | New York, United States |
Stantec Delaware II LLC [member] | Delaware, United States [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | Delaware, United States |
Stantec Holding (2017) Limited [member] | United Kingdom [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | United Kingdom |
Stantec Holdings II Ltd. [member] | Alberta, Canada [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | Alberta, Canada |
Stantec New Zealand [member] | New Zealand [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | New Zealand |
Stantec Technology International Inc. [member] | Delaware, United States [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | Delaware, United States |
Stantec UK Limited. [member] | United Kingdom [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | United Kingdom |
Related-Party Disclosures - S_2
Related-Party Disclosures - Schedule of Structured Consolidated Entities (Detail) - Consolidated structured entities [member] | 12 Months Ended |
Dec. 31, 2019 | |
Stantec Architecture Inc. [member] | North Carolina, United States [member] | |
Disclosure Of Significant Consolidated Structure Entities [Line items] | |
Jurisdiction of Incorporation | North Carolina, United States |
Stantec Architecture Ltd. [member] | Canada [member] | |
Disclosure Of Significant Consolidated Structure Entities [Line items] | |
Jurisdiction of Incorporation | Canada |
Stantec Geomatics Ltd. [member] | Alberta, Canada [member] | |
Disclosure Of Significant Consolidated Structure Entities [Line items] | |
Jurisdiction of Incorporation | Alberta, Canada |
Stantec International Inc. [member] | Pennsylvania, United States [member] | |
Disclosure Of Significant Consolidated Structure Entities [Line items] | |
Jurisdiction of Incorporation | Pennsylvania, United States |
Related-Party Disclosures - Sum
Related-Party Disclosures - Summary of Joint Operations (Detail) - Joint operations [member] | 12 Months Ended |
Dec. 31, 2019 | |
Stantec-Bonatti, a Joint Venture [member] | Canada [member] | |
Disclosure of joint operations [line items] | |
Ownership Interests | 85.00% |
Jurisdiction | Canada |
Stantec/SG, a Joint Venture [member] | United States [member] | |
Disclosure of joint operations [line items] | |
Ownership Interests | 65.00% |
Jurisdiction | United States |
West, a Joint Venture [member] | United States [member] | |
Disclosure of joint operations [line items] | |
Ownership Interests | 50.00% |
Jurisdiction | United States |
Starr ll, a Joint Venture [member] | United States [member] | |
Disclosure of joint operations [line items] | |
Ownership Interests | 47.00% |
Jurisdiction | United States |
Related-Party Disclosures - S_3
Related-Party Disclosures - Schedule of Transactions With Related Parties (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Joint Ventures Where Entity is Venturer [member] | ||
Disclosure of transactions between related parties [Line Items] | ||
Sales to Related Parties | $ 40.2 | $ 39.8 |
Distributions Paid | 0.9 | 0.3 |
Amounts Owed by Related Parties | 8.9 | 10.2 |
Associates [member] | ||
Disclosure of transactions between related parties [Line Items] | ||
Sales to Related Parties | 1.9 | 4.3 |
Distributions Paid | 0.2 | 0.2 |
Amounts Owed by Related Parties | $ 0.2 | $ 1 |
Related-Party Disclosures - S_4
Related-Party Disclosures - Schedule of Compensation of Key Management Personnel and Directors of the Company (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of key management personnel compensation [abstract] | ||
Salaries and other short-term employment benefits | $ 11 | $ 9 |
Directors' fees | 0.8 | 0.8 |
Share-based compensation | 8.3 | 0.9 |
Total compensation | $ 20.1 | $ 10.7 |
Segmented Information - Schedul
Segmented Information - Schedule of Operating Segments (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of operating segments [line items] | ||
Gross revenue | $ 4,827.3 | $ 4,283.8 |
Gross revenue | 4,827.3 | 4,283.8 |
Less subconsultants and other direct expenses | 1,116 | 928.6 |
Net revenue | 3,711.3 | 3,355.2 |
Gross margin | 2,008.4 | 1,815.2 |
Adjustments and Eliminations [member] | ||
Disclosure of operating segments [line items] | ||
Gross revenue | (111.4) | (135.8) |
Less inter-segment revenue | (111.4) | (135.8) |
Total Segments [member] | ||
Disclosure of operating segments [line items] | ||
Gross revenue | 4,938.7 | 4,419.6 |
Gross revenue | 4,827.3 | 4,283.8 |
Less inter-segment revenue | 111.4 | 135.8 |
Less subconsultants and other direct expenses | 1,116 | 928.6 |
Net revenue | 3,711.3 | 3,355.2 |
Gross margin | 2,008.4 | 1,815.2 |
Canada [member] | ||
Disclosure of operating segments [line items] | ||
Gross revenue | 1,283.1 | 1,275.8 |
Canada [member] | Total Segments [member] | ||
Disclosure of operating segments [line items] | ||
Gross revenue | 1,314.7 | 1,311 |
Gross revenue | 1,283.1 | 1,275.8 |
Less inter-segment revenue | 31.6 | 35.2 |
Less subconsultants and other direct expenses | 173.6 | 188 |
Net revenue | 1,109.5 | 1,087.8 |
Gross margin | 571.1 | 557 |
United States [member] | ||
Disclosure of operating segments [line items] | ||
Gross revenue | 2,688.1 | 2,334.6 |
United States [member] | Total Segments [member] | ||
Disclosure of operating segments [line items] | ||
Gross revenue | 2,709.8 | 2,365.9 |
Gross revenue | 2,688.1 | 2,334.6 |
Less inter-segment revenue | 21.7 | 31.3 |
Less subconsultants and other direct expenses | 740.5 | 560.2 |
Net revenue | 1,947.6 | 1,774.4 |
Gross margin | 1,070.2 | 982.5 |
Global [member] | Total Segments [member] | ||
Disclosure of operating segments [line items] | ||
Gross revenue | 914.2 | 742.7 |
Gross revenue | 856.1 | 673.4 |
Less inter-segment revenue | 58.1 | 69.3 |
Less subconsultants and other direct expenses | 201.9 | 180.4 |
Net revenue | 654.2 | 493 |
Gross margin | $ 367.1 | $ 275.7 |
Segmented Information - Sched_2
Segmented Information - Schedule of Non-Current Assets and Gross Revenue by Geographical Areas (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of geographical areas [line items] | ||
Non-current assets | $ 2,716.4 | $ 2,158.3 |
Gross revenue | 4,827.3 | 4,283.8 |
Canada [member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 760.5 | 535.2 |
Gross revenue | 1,283.1 | 1,275.8 |
United States [member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 1,486.2 | 1,342.3 |
Gross revenue | 2,688.1 | 2,334.6 |
United Kingdom [member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 143.3 | 140.5 |
Gross revenue | 279.1 | 184.9 |
Global [member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 326.4 | 140.3 |
Gross revenue | $ 577 | $ 488.5 |
Segmented Information - Sched_3
Segmented Information - Schedule of Gross Revenue by Services (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of products and services [line items] | ||
Gross revenue | $ 4,827.3 | $ 4,283.8 |
Consulting Services [member] | ||
Disclosure of products and services [line items] | ||
Gross revenue | 4,827.3 | 4,283.8 |
Consulting Services [member] | Buildings Services [member] | ||
Disclosure of products and services [line items] | ||
Gross revenue | 1,053.3 | 938.7 |
Consulting Services [member] | Energy and Resources Services [member] | ||
Disclosure of products and services [line items] | ||
Gross revenue | 613.1 | 597.5 |
Consulting Services [member] | Environmental Services [member] | ||
Disclosure of products and services [line items] | ||
Gross revenue | 788.6 | 682.8 |
Consulting Services [member] | Infrastructure [member] | ||
Disclosure of products and services [line items] | ||
Gross revenue | 1,401.7 | 1,169.3 |
Consulting Services [member] | Water Services [member] | ||
Disclosure of products and services [line items] | ||
Gross revenue | $ 970.6 | $ 895.5 |
Segmented Information - Additio
Segmented Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of operating segments [abstract] | |
Information about major customers | No particular customer exceeds 10% of the Company’s gross revenue. |
Investment Tax Credit - Additio
Investment Tax Credit - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Investment tax credits [abstract] | ||
Investment tax credits | $ 11.5 | $ 7.3 |
Events after the Reporting Pe_2
Events after the Reporting Period - Additional Information (Detail) - CAD ($) | Feb. 26, 2020 | Feb. 26, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of non-adjusting events after reporting period [Line Items] | ||||
Aggregate price of common shares repurchased and cancelled | $ 43,200,000 | $ 76,700,000 | ||
Dividend transaction [member] | ||||
Disclosure of non-adjusting events after reporting period [Line Items] | ||||
Dividends payable declared date | Feb. 26, 2020 | |||
Dividends payable amount per share | $ 0.155 | |||
Dividend payable date | Apr. 15, 2020 | |||
Dividends payable record date | Mar. 31, 2020 | |||
Events after reporting period [member] | Normal Course Issuer Bid (NCIB) [member] | ||||
Disclosure of non-adjusting events after reporting period [Line Items] | ||||
Number of Common shares repurchased and cancelled | 141,700 | |||
Average price of common shares repurchased and cancelled | $ 37.03 | |||
Aggregate price of common shares repurchased and cancelled | $ 5.2 |