Cover Page
Cover Page | 12 Months Ended |
Mar. 31, 2023 shares | |
Entity Addresses [Line Items] | |
Document Type | 40-F |
Document Registration Statement | false |
Document Annual Report | true |
Current Fiscal Year End Date | --03-31 |
Document Period End Date | Mar. 31, 2023 |
Entity File Number | 1-31402 |
Entity Registrant Name | CAE INC. |
Entity Incorporation, State or Country Code | Z4 |
Entity Address, Address Line One | 8585 Côte-de-Liesse |
Entity Address, City or Town | Saint-Laurent |
Entity Address, State or Province | QC |
Entity Address, Postal Zip Code | H4T 1G6 |
City Area Code | 514 |
Local Phone Number | 341-6780 |
Title of 12(b) Security | Common Shares |
Trading Symbol | CAE |
Security Exchange Name | NYSE |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Common shares | 317,906,290 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0001173382 |
Business Contact | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 111 Eighth Avenue, 13th Floor |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10011 |
City Area Code | (212) |
Local Phone Number | 894-8700 |
Contact Personnel Name | CT Corporation System |
Audit Information
Audit Information | 12 Months Ended |
Mar. 31, 2023 | |
Auditor [Line Items] | |
Auditor Firm ID | 271 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Montréal, Canada |
Consolidated (Loss) Income Stat
Consolidated (Loss) Income Statement - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Profit or loss [abstract] | ||
Revenue | $ 4,203.3 | $ 3,371.3 |
Cost of sales | 3,037 | 2,415.8 |
Gross profit | 1,166.3 | 955.5 |
Research and development expenses | 143.1 | 120.8 |
Selling, general and administrative expenses | 560.9 | 489.1 |
Other (gains) and losses | (22.8) | (37) |
Share of after-tax profit of equity accounted investees | (53.2) | (48.5) |
Restructuring, integration and acquisition costs | 64.3 | 146.9 |
Operating income | 474 | 284.2 |
Finance expense – net | 177.7 | 130.6 |
Earnings before income taxes | 296.3 | 153.6 |
Income tax expense | 64.4 | 3.6 |
Net income | 231.9 | 150 |
Attributable to: | ||
Equity holders of the Company | 222.7 | 141.7 |
Non-controlling interests | $ 9.2 | $ 8.3 |
Earnings per share attributable to equity holders of the Company | ||
Basic – (in Canadian dollars per share) | $ 0.70 | $ 0.46 |
Diluted – (in Canadian dollars per share) | $ 0.70 | $ 0.45 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive (Loss) Income - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of comprehensive income [abstract] | ||
Net income | $ 231.9 | $ 150 |
Items that may be reclassified to net income | ||
Foreign currency exchange differences on translation of foreign operations | 331.1 | (101.4) |
Net (loss) gain on hedges of net investment in foreign operations | (112.6) | 15.8 |
Reclassification to income of gains on foreign currency exchange differences | (6.4) | (4.7) |
Net loss on cash flow hedges | (14) | (6) |
Reclassification to income of gains on cash flow hedges | (5.5) | (7) |
Income taxes | 9.9 | (2) |
Items that may be reclassified to net income | 202.5 | (105.3) |
Items that will never be reclassified to net income | ||
Remeasurement of defined benefit pension plan obligations | 74.2 | 125.6 |
Net loss on financial assets carried at fair value through OCI | 0 | (0.1) |
Income taxes | (19.7) | (33.4) |
Items that will never be reclassified to net income | 54.5 | 92.1 |
Other comprehensive income (loss) | 257 | (13.2) |
Total comprehensive income | 488.9 | 136.8 |
Attributable to: | ||
Equity holders of the Company | 475.6 | 129.8 |
Non-controlling interests | $ 13.3 | $ 7 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - CAD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 217.6 | $ 346.1 |
Accounts receivable | 615.7 | 556.9 |
Contract assets | 693.8 | 608.3 |
Inventories | 583.4 | 519.8 |
Prepayments | 64.1 | 56.7 |
Income taxes recoverable | 48.3 | 33.2 |
Derivative financial assets | 12.1 | 27.6 |
Total current assets | 2,235 | 2,148.6 |
Property, plant and equipment | 2,387.1 | 2,129.3 |
Right-of-use assets | 426.9 | 373 |
Intangible assets | 4,050.8 | 3,796.3 |
Investment in equity accounted investees | 530.7 | 454 |
Employee benefits assets | 51.1 | 0 |
Deferred tax assets | 125.1 | 117.4 |
Derivative financial assets | 9.2 | 10.5 |
Other non-current assets | 620.6 | 549.7 |
Total assets | 10,436.5 | 9,578.8 |
Liabilities and equity | ||
Accounts payable and accrued liabilities | 1,036.7 | 975.1 |
Provisions | 26.7 | 36.7 |
Income taxes payable | 21.1 | 22.7 |
Contract liabilities | 905.7 | 788.3 |
Current portion of long-term debt | 214.6 | 241.8 |
Derivative financial liabilities | 41.9 | 26.6 |
Total current liabilities | 2,246.7 | 2,091.2 |
Provisions | 20.1 | 20.6 |
Long-term debt | 3,035.5 | 2,804.4 |
Royalty obligations | 119.4 | 126 |
Employee benefits obligations | 91.9 | 109.7 |
Deferred tax liabilities | 129.3 | 93.7 |
Derivative financial liabilities | 6.5 | 1 |
Other non-current liabilities | 198.2 | 245.6 |
Total liabilities | 5,847.6 | 5,492.2 |
Equity | ||
Share capital | 2,243.6 | 2,224.7 |
Contributed surplus | 42.1 | 38.6 |
Accumulated other comprehensive income | 167.2 | (31.2) |
Retained earnings | 2,054.8 | 1,777.6 |
Equity attributable to equity holders of the Company | 4,507.7 | 4,009.7 |
Non-controlling interests | 81.2 | 76.9 |
Equity | 4,588.9 | 4,086.6 |
Total liabilities and equity | $ 10,436.5 | $ 9,578.8 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - CAD ($) $ in Millions | Total | Attributable to equity holders of the Company | Common shares | Contributed surplus | Accumulated other comprehensive income | Retained earnings | Non-controlling interests |
Number of shares (in shares) at Mar. 31, 2021 | 293,355,463 | ||||||
Balances, beginning of year at Mar. 31, 2021 | $ 3,212.8 | $ 3,140.5 | $ 1,516.2 | $ 22.5 | $ 58.1 | $ 1,543.7 | $ 72.3 |
Net income | 150 | 141.7 | 141.7 | 8.3 | |||
Other comprehensive (loss) income | (13.2) | (11.9) | (104.1) | 92.2 | (1.3) | ||
Total comprehensive income | 136.8 | 129.8 | (104.1) | 233.9 | 7 | ||
Issuance of common shares under an equity offering/ subscription receipts (in shares) | 22,400,000 | ||||||
Issuance of common shares upon conversion of subscription receipts | 689.7 | 689.7 | $ 677.2 | 12.5 | |||
Exercise of stock options (in shares) | 1,268,660 | ||||||
Exercise of stock options | 27.1 | 27.1 | $ 31.3 | (4.2) | |||
Share-based payments expense | 7.8 | 7.8 | 7.8 | ||||
Transfer of realized cash flow hedge losses related to business combinations | 14.8 | 14.8 | 14.8 | ||||
Transactions with non-controlling interests | (2.4) | (2.4) | |||||
Number of shares (in shares) at Mar. 31, 2022 | 317,024,123 | ||||||
Balances, end of year at Mar. 31, 2022 | 4,086.6 | 4,009.7 | $ 2,224.7 | 38.6 | (31.2) | 1,777.6 | 76.9 |
Net income | 231.9 | 222.7 | 222.7 | 9.2 | |||
Other comprehensive (loss) income | 257 | 252.9 | 198.4 | 54.5 | 4.1 | ||
Total comprehensive income | 488.9 | 475.6 | 198.4 | 277.2 | 13.3 | ||
Exercise of stock options (in shares) | 882,167 | ||||||
Exercise of stock options | 16.3 | 16.3 | $ 18.9 | (2.6) | |||
Share-based payments expense | 6.1 | 6.1 | 6.1 | ||||
Transactions with non-controlling interests | (9) | (9) | |||||
Number of shares (in shares) at Mar. 31, 2023 | 317,906,290 | ||||||
Balances, end of year at Mar. 31, 2023 | $ 4,588.9 | $ 4,507.7 | $ 2,243.6 | $ 42.1 | $ 167.2 | $ 2,054.8 | $ 81.2 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities | ||
Net income | $ 231.9 | $ 150 |
Adjustments for: | ||
Depreciation and amortization | 342.2 | 310.5 |
Impairment (reversal) of non-financial assets – net | (2.4) | 41.8 |
Share of after-tax profit of equity accounted investees | (53.2) | (48.5) |
Deferred income taxes | 10.4 | (32.4) |
Investment tax credits | (5.4) | (27.5) |
Share-based payments expense | (10.3) | 6.4 |
Defined benefit pension plans | 4.8 | 13.7 |
Other non-current liabilities | (15.9) | (65.9) |
Derivative financial assets and liabilities – net | (2.5) | 11.3 |
Other | 23.3 | 36.3 |
Changes in non-cash working capital | (114.5) | 22.5 |
Net cash provided by operating activities | 408.4 | 418.2 |
Investing activities | ||
Business combinations, net of cash acquired | (6.4) | (1,883.7) |
Acquisition of investment in equity accounted investees | 0 | (4.3) |
Property, plant and equipment expenditures | (268.8) | (272.2) |
Proceeds from disposal of property, plant and equipment | 5.7 | 8.4 |
Advance payments for property, plant and equipment | (30.1) | 0 |
Intangible assets expenditures | (126.4) | (90.6) |
Net payments to equity accounted investees | (10.9) | (19.4) |
Dividends received from equity accounted investees | 40.9 | 27.1 |
Other | (4.7) | (2.4) |
Net cash used in investing activities | (400.7) | (2,237.1) |
Financing activities | ||
Net proceeds from borrowing under revolving credit facilities | 44.5 | 344.6 |
Proceeds from long-term debt | 31.2 | 429.1 |
Repayment of long-term debt | (161) | (132.1) |
Repayment of lease liabilities | (83.4) | (89.5) |
Net proceeds from the issuance of common shares | 16.3 | 696.1 |
Other | (0.2) | 7.4 |
Net cash (used in) provided by financing activities | (152.6) | 1,255.6 |
Effect of foreign currency exchange differences on cash and cash equivalents | 16.4 | (16.7) |
Net decrease in cash and cash equivalents | (128.5) | (580) |
Cash and cash equivalents, beginning of year | 346.1 | 926.1 |
Cash and cash equivalents, end of year | $ 217.6 | $ 346.1 |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2023 | |
General Information About Financial Statements [Abstract] | |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of operations CAE equips people in critical roles with the expertise and solutions to create a safer world. As a technology company, CAE digitalizes the physical world, deploying software-based simulation training and critical operations support solutions. CAE Inc. and its subsidiaries’ (CAE or the Company) operations are managed through three segments: (i) Civil Aviation – Provides comprehensive training solutions for flight, cabin, maintenance and ground personnel in commercial, business and helicopter aviation, a complete range of flight simulation training devices, ab initio pilot training and crew sourcing services, as well as aircraft flight operations solutions; (ii) Defense and Security – A platform-independent training and simulation solutions provider, preparing global defence and security forces for the mission ahead; (iii) Healthcare – Provides healthcare students and clinical professionals integrated physical, digital and virtual education and training solutions, including interventional and imaging simulations, curricula, mixed-reality and digital learning, audiovisual debriefing solutions, centre management platforms and patient simulators. CAE Inc. is a limited liability company incorporated and domiciled in Canada. The address of the main office is 8585 Côte-de-Liesse, Saint-Laurent, Québec, Canada, H4T 1G6. CAE common share s are traded on the Toronto Stock Exchange (TSX) and on the New York Stock Exchange (NYSE). Basis of preparation The key accounting policies applied in the preparation of these consolidated financial statements are described below. These policies have been consistently applied to all years presented, unless otherwise stated. The consolidated financial statements have been prepared in accordance with Part I of the CPA Canada Handbook – Accounting and International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB). The consolidated financial statements have been prepared under the historical cost convention, except for the following items measured at fair value: contingent consideration, derivative financial instruments, financial instruments at fair value through profit and loss, financial instruments at fair value through other comprehensive income (OCI) and liabilities for cash-settled share-based arrangements. Basis of consolidation Subsidiaries Subsidiaries are all entities over which the Company has control. Control exists when the Company is exposed to, or has the right to, variable returns from its involvement with the entity and has the ability to affect those returns through the power over the entity. Subsidiaries are fully consolidated from the date control is obtained and they are no longer consolidated on the date control ceases. All intercompany accounts and transactions have been eliminated. Joint arrangements Joint arrangements are arrangements in which the Company exercises joint control as established by contracts requiring unanimous consent for decisions about the activities that significantly affect the arrangement’s returns. When the Company has the rights to the net assets of the arrangement, the arrangement is classified as a joint venture and is accounted for using the equity method. When the Company has rights to the assets and obligations for the liabilities relating to an arrangement, the arrangement is classified as a joint operation and the Company accounts for each of its assets, liabilities and transactions, including its share of those held or incurred jointly, in relation to the joint operation. Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to recognize the Company’s share of the profits or losses and movements in OCI of the investee. When the Company’s share of losses in a joint venture equals or exceeds its interests in the joint ventures, the Company does not recognize further losses, unless it will incur obligations or make payments on behalf of the joint ventures. Unrealized gains resulting from transactions with joint ventures are eliminated, to the extent of the Company’s share in the joint venture. For sales of products or services from the Company to its joint ventures, the elimination of unrealized profits is considered in the carrying value of the investment in equity accounted investees in the consolidated statement of financial position and in the share in profit or loss of equity accounted investees in the consolidated income statement. Business combinations Business combinations are accounted for under the acquisition method. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Company, if any, at the date control is obtained. The consideration transferred includes the fair value of any liability resulting from a contingent consideration arrangement. Acquisition-related costs, other than share and debt issue costs incurred to issue financial instruments that form part of the consideration transferred, are expensed as incurred. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair value at the acquisition date. If a business combination is achieved in stages, the Company remeasures its previously held interest in the acquiree at its acquisition-date fair value and recognizes the resulting gain or loss, if any, in income. Contingent consideration classified as a liability is measured at fair value, with subsequent changes recognized in income. If the contingent consideration is classified as equity, it is not remeasured and its subsequent settlement is recorded within equity. New information obtained during the measurement period, up to 12 months following the acquisition date, about facts and circumstances existing at the acquisition date affect the acquisition accounting. Non-controlling interests Non-controlling interests (NCI) represent equity interests in subsidiaries owned by outside parties. The share of net assets of subsidiaries attributable to non-controlling interests is presented as a component of equity. Changes in the Company’s ownership interest in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The Company treats transactions with non-controlling interests as transactions with equity owners of the Company. For interests purchased from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals of non-controlling interests are also recorded in equity. Financial instruments and hedging relationships Recognition, classification and measurement A financial instrument is any contract that gives rise to a financial asset in one entity and a financial liability or equity instrument in another entity. Financial assets and financial liabilities, including derivatives, are recognized in the consolidated statement of financial position when the Company becomes a party to the contractual provisions of the financial instrument. On initial recognition, all financial instruments are measured at fair value. Financial instruments are subsequently measured based on their classification, which are: – Financial instruments measured at amortized cost; – Financial instruments measured at fair value through profit or loss (FVTPL); – Financial instruments measured at fair value through other comprehensive income (FVOCI). Financial assets A financial asset is measured at amortized cost if it meets both of the following conditions: – The asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and – The contractual terms of the financial asset give rise, on specific dates, to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding. Financial assets at amortized cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognized in income when the asset is derecognized, modified or impaired. The Company’s financial assets at amortized cost include accounts receivable and advances to a portfolio investment. Financial assets at FVTPL include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, and financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not SPPI are classified and measured at FVTPL, irrespective of the business model. Financial assets at FVTPL are carried in the statement of financial position at fair value with net changes in fair value recognized in the income statement. The Company’s financial assets at FVTPL include cash and cash equivalents, and derivative instruments not designated as hedging instruments in a hedge relationship. Financial assets at FVOCI are equity investments the Company has irrevocably elected to classify at FVOCI. This classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are never transferred to income. Dividends are recognized in the income statement when the right of payment has been established, except when the Company benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Financial assets are not reclassified subsequent to their initial recognition, unless the Company changes its business model for managing a specific financial asset. Financial liabilities Financial liabilities at FVTPL include financial liabilities held for trading and financial liabilities designated upon initial recognition at FVTPL. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments that are not designated as hedging instruments in a hedge relationship. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Financial liabilities at FVTPL are carried in the statement of financial position at fair value with net changes in fair value recognized in the income statement. The Company’s financial liabilities measured at FVTPL include contingent liabilities arising on business combinations and also derivative instruments not designated as hedging instruments in a hedge relationship. Financial liabilities at amortized cost are subsequently measured using the EIR method. Gains and losses are recognized in income when the liabilities are derecognized as well as through the EIR amortization process. The Company’s financial liabilities at amortized cost include accounts payables, accrued liabilities, long-term debt, including interest payable, and royalty obligations. Transaction costs Transaction costs that are directly related to the acquisition or issuance of financial assets and financial liabilities (other than those classified as FVTPL and FVOCI) are included in the fair value initially recognized for those financial instruments. These costs are amortized to income using the EIR method. Offsetting of financial assets and financial liabilities Financial assets and financial liabilities are offset and the net amount is presented in the consolidated statement of financial position when the Company has an unconditional and legally enforceable right to set off the recognized amounts and intends to settle on a net basis or to realize the assets and settle the liabilities simultaneously. Hedge accounting The Company uses derivative financial instruments, such as forward currency contracts, cross currency swaps and interest rate swaps to hedge its foreign currency risks and interest rate risks, respectively. A hedging relationship qualifies for hedge accounting when it meets all of the following effectiveness requirements: – There is ‘an economic relationship’ between the hedged item and the hedging instrument; – The effect of credit risk does not ‘dominate the value changes’ that result from that economic relationship; – The hedge ratio of the hedging relationship is the same as that resulting from the quantities of: – The hedged item that the Company actually hedges; and – The hedging instrument that the Company actually uses to hedge that quantity of hedged item. For the purpose of hedge accounting, hedges are classified as: – Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probably forecast transaction or the foreign currency risk in an unrecognized firm commitment; – Hedges of a net investment in a foreign operation; – Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment. Documentation At the inception of a hedge relationship, the Company formally documents the designation of the hedge, the risk management objectives and strategy, the hedging relationship between the hedged item and hedging item and the method for testing the effectiveness of the hedge, which must be reasonably assured over the term of the hedging relationship and can be reliably measured. The Company formally assesses, both at inception of the hedge relationship and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items in relation to the hedged risk. Cash flow hedge The effective portion of changes in the fair value of derivative instruments that are designated and qualify as cash flow hedges is recognized in OCI, while the ineffective portion is recognized immediately in income. Amounts accumulated in OCI are reclassified to income in the period in which the hedged item affects income. However, when the forecasted transactions that are hedged items result in recognition of non-financial items, gains and losses previously recognized in OCI are included in the initial carrying value of the related non-financial assets acquired or liabilities incurred. The deferred amounts are ultimately recognized in income as the related non-financial items are derecognized or amortized. Hedge accounting is discontinued prospectively when the hedging relationship no longer meets the criteria for hedge accounting, when the designation is revoked, or when the hedging instrument expires or is sold. Any cumulative gain or loss directly recognized in OCI at that time remains in OCI until the hedged item is recognized in income. When it is probable that a hedged transaction will not occur, the cumulative gain or loss that was recognized in OCI is recognized in income immediately. Hedge of net investments in foreign operations The Company has designated certain long-term debts as a hedging item of the Company’s overall net investments in foreign operations whose activities are denominated in a currency other than the Company’s functional currency. The portion of gains or losses on the hedging item that is determined to be an effective hedge is recognized in OCI and is limited to the translation gain or loss on the net investment. Derecognition Financial assets A financial asset is derecognized when: – The rights to receive cash flows from the asset have expired; or – The Company has transferred its rights to receive cash flows from the asset and either has transferred substantially all the risks and rewards of the asset or has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. The Company is involved in a program in which it sells interests in certain of its accounts receivable. The Company continues to act as a collection agent. Under the program the Company transfers some significant risks and rewards of the accounts receivable it sells and retains others. The accounts receivable are derecognized up to an amount corresponding to the extent of the Company's continuing involvement, which represents its maximum retained exposure. Impairment of financial assets The Company uses the expected credit loss (ECL) model for calculating impairment of financial assets and recognizes expected credit losses as loss allowances for assets measured at amortized cost. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at the original or credit adjusted effective interest rate. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables and contract assets, the Company applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the assets. Financial liabilities A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the income statement. Foreign currency translation Foreign operations CAE Inc.’s consolidated financial statements are presented in Canadian dollars, which is also the parent company’s functional currency. The functional currency of each of the Company’s subsidiaries is the currency of the primary economic environment in which they operate. Determination of the functional currency may involve certain judgements to determine the primary economic environment in which the subsidiary operates. Assets and liabilities of subsidiaries that have a functional currency other than the Canadian dollar are translated from their functional currency to Canadian dollars at exchange rates in effect at the reporting date. Revenue and expenses are translated at the average exchange rates. The resulting translation adjustments are included in OCI. When CAE Inc. and its subsidiaries have a long-term intercompany balance receivable from or payable to a foreign operation for which settlement is not planned in the foreseeable future, such item is considered, in substance, a part of the Company’s net investment in that foreign operation. Gains or losses arising from the translation of those intercompany balances denominated in foreign currencies are also included in OCI. Transactions and balances Monetary assets and liabilities denominated in foreign currencies are translated at the prevailing exchange rate at the reporting date. Non-monetary assets and liabilities, and revenue and expense items denominated in foreign currencies are translated into the functional currency using the exchange rate prevailing at the dates of the respective transactions. Foreign exchange gains and losses resulting from the settlement of such transactions are recognized in income, except when deferred in OCI as qualifying cash flow hedges and qualifying net investment hedges. Cash and cash equivalents Cash and cash equivalents consist of cash and highly-liquid investments with original terms to maturity of 90 days or less at the date of purchase. Accounts receivable Receivables are initially recognized at fair value and are subsequently carried at amortized cost, net of credit loss allowances, based on expected recoverability. The amount of the allowance is the difference between the asset’s carrying amount and the present value of the estimated future cash flows, discounted at the original effective interest rate. The loss is recognized in income. Subsequent recoveries of amounts previously provided for or written-off are recognized in income. Inventories Raw materials are valued at the lower of average cost and net realizable value. Spare parts to be used in the normal course of business are valued at the lower of cost, determined on a specific identification basis, and net realizable value. Work in progress is stated at the lower of cost, determined on a specific identification basis, and net realizable value. The cost of work in progress includes material, labour and an allocation of manufacturing overhead, which is based on normal operating capacity. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to generate revenue. In the case of raw materials and spare parts, the replacement cost is the best measure of net realizable value. Property, plant and equipment Property, plant and equipment are recorded at cost less any accumulated depreciation and impairment losses. Costs include expenditures that are directly attributable to the acquisition or manufacturing of the item. The cost of an item of property, plant and equipment that is initially recognized includes, when applicable, the initial present value estimate of the costs required to dismantle and remove the asset and restore the site on which it is located at the end of its useful life. Purchased software that is integral to the functionality of the related equipment is capitalized as part of that equipment. Subsequent costs, such as updates on training devices, are included in the asset’s carrying amount or recognized as a separate asset only when it is probable that future economic benefits will flow to the Company and the cost of the item can be reliably measured; otherwise, they are expensed. A loss on disposal is recognized in income when the carrying value of a replaced item is derecognized, unless the item is transferred to inventories. If it is not practicable to determine the carrying value, the cost of the replacement and the accumulated depreciation calculated by reference to that cost will be used to derecognize the replaced part. The costs of day-to-day servicing of property, plant and equipment are recognized in income as incurred. Gains and losses on disposal of property, plant and equipment are determined by comparing the proceeds from disposal with its carrying amount, and are recognized within other gains and losses. The different components of property, plant and equipment are recognized separately when their useful lives are materially different and such components are depreciated separately in income. Land is not depreciated. The estimated useful lives, residual values and depreciation methods are as follows: Method Depreciation rate/period Buildings and improvements Declining balance/Straight-line 2.5% to 10%/3 to 40 years Simulators Straight-line (10% residual) Not exceeding 25 years Machinery and equipment Declining balance/Straight-line 20% to 35%/2 to 15 years Aircraft Straight-line (residual not exceeding 15%) Not exceeding 25 years Aircraft engines Based on utilization Not exceeding 3500 hours As at March 31, 2023, the average remaining depreciation period for full-flight simulators is 11.6 years (2022 – 11.8 years). Depreciation methods, useful lives and residual values are reviewed and adjusted, if appropriate, on a prospective basis at each reporting date. Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company as a lessee The Company recognizes a right-of-use asset and liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. If it is reasonably certain that the Company will obtain ownership by the end of the lease term through a purchase option, the leased asset is depreciated over its useful life. The depreciation periods, residual values (only applicable when it is reasonably certain that the Company will obtain ownership by the end of the lease term) and depreciation methods are as follows: Method Depreciation period Buildings and land Straight-line Not exceeding 40 years Simulators Straight-line (10% residual) Not exceeding 25 years Machinery and equipment Straight-line Not exceeding 7 years Aircraft Straight-line (residual not exceeding 15%) Not exceeding 25 years Aircraft engines Based on utilization Not exceeding 3500 hours In addition, the right-of-use asset is reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the lessee’s incremental borrowing rate. Lease payments comprise of fixed payments, including in-substance fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, the exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period that the Company is reasonably certain to exercise and penalties for early termination of a lease if the Company is reasonably certain to terminate. The lease liability is subsequently measured at amortized cost using the effective interest method and is remeasured when there is a change in future lease payments arising from a change in an index or rate, the estimate of the amount expected to be payable under a residual value guarantee or the Company’s assessment of whether it will exercise a purchase, renewal or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Lease modifications A lease modification is a change in the scope of a lease, or the consideration for a lease, that was not part of its original terms and conditions. A lease modification is accounted for as a separate lease if the modification increases the scope of the lease by adding the right to use one or more underlying assets and the consideration for the lease increases by an amount commensurate with the stand-alone price that reflects the circumstances of the contract. Any other modification is not accounted for as a separate lease. For a lease modification resulting in a decrease in the scope of the lease, the lease liability is remeasured, using a revised discount rate, to reflect the modified lease payments and the carrying amount of the right-of-use asset is reduced to reflect the partial or full termination of the lease. The difference between the reduction in the lease liability and the reduction in the corresponding right-of-use asset’s carrying value is recognized in profit or loss. For all other lease modifications, the lease liability is remeasured, using a revised discount rate, to reflect the modified lease payments, with a corresponding adjustment to the right-of-use asset. Short-term leases and leases of low-value assets The Company recognizes the payments associated with short-term leases and leases of low-value assets as an expense on a straight-line basis over the lease term. Sale and leaseback transaction In a sale and leaseback transaction the transfer of an asset is recognized as a sale when the customer has obtained control of the underlying asset which is aligned with the Company’s revenue recognition policy, otherwise the Company continues to recognize the transferred asset on the balance sheet and record a financial liability equal to the proceeds transferred. When the transfer of an asset satisfies the Company’s revenue recognition policy to be accounted for as revenue, a partial recognition of the profit from the sale is recorded immediately after the sale, which is equivalent to the proportion of the asset not retained by the Company through the lease. The proportion of the asset retained by the Company through the lease is recognized as a right-of-use asset and the lease liability is measured as the present value of future lease payments. The Company as a lessor The Company determines, at lease commencement, whether each lease is a finance or an operating lease. Leases in which substantially all the risks and rewards of ownership are transferred are classified as finance leases. All other leases are accounted for as operating leases. With regards to finance leases, the asset is derecognized at the commencement of the lease. The net present value of the minimum lease payments and any discounted unguaranteed residual values of leased assets are presented as investment in finance leases. Finance income is recognized over the term of the lease based on the effective interest method. Revenue from operating leases is recognized on a straight-line basis over the term of the corresponding lease. When the Company subleases one of its leases it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. Intangible assets Goodwill Goodwill is measured at cost less accumulated impairment losses, if any. Goodwill arises on the acquisition of subsidiaries. Goodwill represents the excess of the aggregate of the cost of an acquisition, including the Company’s best estimate of the fair value of contingent consideration and the acquisition-date fair value of any previous held equity interest in the acquiree, over the fair value of the net identifiable assets of the acquiree at the acquisition date. Gains and losses on the disposal of an entity include the carrying amount of goodwill allocated to the entity sold. Research and development (R&D) Research costs are expensed as incurred. Development costs are also charged to income in the period incurred unless they meet all the specific capitalization criteria established in IAS 38, Intangible Assets . Capitalized development costs are stated at cost and net of accumulated amortization and accumulated impairment losses, if any. Amortization of the capitalized development costs commences when the asset is available for use as intended by management and is included in research and development expenses. Other intangible assets Intangible assets acquired separately are measured at cost upon initial recognition. The cost of intangible assets acquired in a business combination is the fair value as at the acquisition date. Following initial recognition, intangible assets are carried at cost, net of accumulated amortization and accumulated impairment losses, if any. The cost of an internally generated intangible asset comprises all directly attributable costs necessary to create, produce, and prepare the asset to be capable of operating in the manner intended by management. Gains and losses on dis |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of detailed information about business combination [abstract] | |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS Year ended March 31, 2023 During the year ended March 31, 2023, the Company completed its assessment of the fair value of assets acquired and liabilities assumed of L3Harris Technologies’ Military Training business (L3H MT) and Sabre’s AirCentre airline operations portfolio (AirCentre) acquired in fiscal 2022. Adjustments to the purchase price allocations of the L3H MT and AirCentre acquisitions resulted in increases of intangible assets of $27.0 million, other long-term liabilities of $6.4 million, and current liabilities of $4.0 million, and decreases of current assets of $11.9 million, other long-term assets of $2.6 million and deferred tax assets of $2.1 million. During the year ended March 31, 2023, cash consideration of $6.4 million was paid for an acquisition realized in fiscal 2021. Year ended March 31, 2022 L3Harris Technologies’ Military Training business On July 2, 2021, the Company concluded the acquisition of L3Harris Technologies’ Military Training business (L3H MT) for cash consideration of $1,337.7 million, subject to additional purchase price adjustments. L3H MT includes Link Simulation & Training, Doss Aviation and AMI. Link Simulation & Training is one of the leading providers of military training solutions in the U.S., Doss Aviation is the provider of initial flight training to the United States Air Force, and AMI is a design and manufacturing facility for simulator hardware. The acquisition expands the Company’s position as a platform-agnostic training systems integrator by diversifying its training and simulation leadership in the air domain, complementing land and naval training solutions, and enhancing its training and simulation capabilities in space and cyber. In March 2021, in order to mitigate the potential impact on the purchase price of variations in the foreign exchange rate, the Company entered into forward foreign currency contracts to hedge a portion of the purchase price of the L3H MT acquisition (US$800 million). The Company applied hedge accounting and the change in fair value of these financial instruments prior to the L3H MT acquisition date was recorded in other comprehensive income. On July 2, 2021, these financial instruments were exercised in connection with the closing of the L3H MT acquisition, and the realized cash flow hedge losses of $17.1 million, less income tax recovery of $2.3 million, were transferred from accumulated other comprehensive income and included as an adjustment to the purchase consideration. As at March 31, 2022, the preliminary determination of the fair value of the net assets acquired and liabilities assumed arising from the L3H MT acquisition are as follows: L3H MT Current assets $ 110.0 Current liabilities (130.8) Property, plant and equipment 96.3 Right-of-use assets 31.6 Intangible assets 1,342.8 Deferred tax 41.2 Other non-current assets 7.7 Long-term debt, including current portion (33.9) Other non-current liabilities (104.0) Total purchase consideration, including the hedge of the purchase price $ 1,360.9 Purchase price adjustment payable (8.4) Total cash consideration paid on acquisition date $ 1,352.5 During the year ended March 31, 2022, the purchase price adjustment of $8.4 million was paid to the seller. The preliminary fair value of the acquired intangible assets amounts to $1,342.8 million and consists of goodwill of $1,025.6 million ($868.3 million is deductible for tax purposes), customer relationships of $217.7 million and technology of $99.5 million. The fair value and the gross contractual amount of the acquired accounts receivable were $41.9 million. The revenue and adjusted segment operating income included in the fiscal 2022 consolidated income statement from L3H MT since the acquisition date was $409.9 million and $49.1 million respectively. Had L3H MT been consolidated from April 1, 2021, the fiscal 2022 consolidated income statement would have shown revenue and adjusted segment operating income of approximately $549.0 million and $65.3 million respectively. These pro-forma amounts are estimated based on the operations of the acquired businesses prior to the business combinations by the Company and assuming that the purchase price allocations were effective April 1, 2021. The net assets acquired, including intangibles, of L3H MT are included in the Defense and Security segment. The purchase price allocation was preliminary as at March 31, 2022. Sabre’s AirCentre airline operations portfolio On February 28, 2022, the Company concluded the acquisition of Sabre’s AirCentre airline operations portfolio (AirCentre), a suite of flight and crew management and optimization solutions, for cash consideration (net of cash acquired) of $498.9 million. The transaction provides the Company with the Sabre AirCentre product portfolio, related technology and intellectual property as well as the transfer of its highly talented workforce. The acquisition further expands the Company’s reach across its broad customer base beyond pilot training and establishes itself as a technology leader in the growing market for industry-leading, digitally‑enabled flight and crew operations solutions. As at March 31, 2022, the preliminary determination of the fair value of the net assets acquired and liabilities assumed arising from the AirCentre acquisition are as follows: AirCentre Current assets $ 42.0 Current liabilities (3.4) Right-of-use assets 0.3 Intangible assets 423.2 Deferred tax 1.2 Other non-current assets 36.9 Long-term debt, including current portion (0.3) Other non-current liabilities (1.0) Fair value of net assets acquired, excluding cash acquired $ 498.9 Cash acquired 3.8 Total cash consideration paid on acquisition date $ 502.7 The preliminary fair value of the acquired intangible assets amounts to $423.2 million and consists of goodwill of $257.8 million ($191.0 million is deductible for tax purposes), customer relationships of $101.8 million and technology and software of $63.6 million. The revenue and adjusted segment operating income included in the fiscal 2022 consolidated income statement from AirCentre since the acquisition date was $10.5 million and $2.2 million respectively. Had AirCentre been consolidated from April 1, 2021, the fiscal 2022 consolidated income statement would have shown revenue and adjusted segment operating income of approximately $151.5 million and $18.9 million respectively. These pro-forma amounts are estimated based on the operations of the acquired businesses prior to the business combinations by the Company and assuming that the purchase price allocations were effective April 1, 2021. The net assets acquired, including intangibles, of AirCentre are included in the Civil Aviation segment. The purchase price allocation was preliminary as at March 31, 2022. Other fiscal 2022 business combinations RB Group On April 1, 2021, the Company acquired the remaining 79% equity interest in the RB Group, a leading provider of fully integrated solutions that modernize the way airlines and business aircraft operators interact with their crew. This acquisition further supports the Company’s expansion into digital flight crew management in its goal to drive additional software-enabled Civil aviation services. Prior to this transaction, the Company's 21% ownership interest in the RB Group was accounted for using the equity method. GlobalJet Services On June 10, 2021, the Company acquired GlobalJet Services (GlobalJet), a provider of aviation maintenance training that is recognized around the world for its services for both business and helicopter sectors. This acquisition expands the Company’s aircraft platform addressability in the maintenance training market through world-class, regulatory approved training programs. Medicor Lab Inc. On July 5, 2021, the Company acquired the shares of Medicor Lab Inc. (Medicor), a company which specializes in task trainer and realistic synthetic skin production. This acquisition augments the Company’s portfolio of products and expands its capabilities to offer improved quality simulators for a better customer experience. The aggregate purchase price for the acquisitions of the RB Group, GlobalJet and Medicor consist of cash consideration (net of cash acquired) of $19.0 million, a long‑term payable of $1.2 million and a contingent consideration of up to $4.0 million if certain targets are met, and are mainly allocated to goodwill and intangible assets. The net assets acquired, including intangibles, of the RB Group and GlobalJet are included in the Civil Aviation segment, and those of Medicor are included in the Healthcare segment. Other During the year ended March 31, 2022, the Company completed its assessment of the fair value of assets acquired and liabilities assumed of Flight Simulation Company B.V., Merlot Aero Limited and TRU Simulation + Training Canada acquired in fiscal 2021 as well as the RB Group, GlobalJet and Medicor acquired in fiscal 2022. Total acquisition costs of $38.4 million were incurred during fiscal 2022 relating to the Company's acquisitions and are included in Restructuring, integration and acquisition costs in the consolidated income statement (Note 5). During the year ended March 31, 2022, adjustments to preliminary purchase price allocations of acquisitions realized in fiscal 2021 resulted in increases of intangible assets of $19.2 million, current liabilities of $15.2 million, and deferred tax assets of $3.8 million, and a decrease of current assets of $7.8 million. During the year ended March 31, 2022, net cash considerations of $4.9 million were paid for acquisitions realized in prior years. |
L3HARRIS' MILITARY TRAINING BUS
L3HARRIS' MILITARY TRAINING BUSINESS | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of detailed information about business combination [abstract] | |
L3HARRIS' MILITARY TRAINING BUSINESS | BUSINESS COMBINATIONS Year ended March 31, 2023 During the year ended March 31, 2023, the Company completed its assessment of the fair value of assets acquired and liabilities assumed of L3Harris Technologies’ Military Training business (L3H MT) and Sabre’s AirCentre airline operations portfolio (AirCentre) acquired in fiscal 2022. Adjustments to the purchase price allocations of the L3H MT and AirCentre acquisitions resulted in increases of intangible assets of $27.0 million, other long-term liabilities of $6.4 million, and current liabilities of $4.0 million, and decreases of current assets of $11.9 million, other long-term assets of $2.6 million and deferred tax assets of $2.1 million. During the year ended March 31, 2023, cash consideration of $6.4 million was paid for an acquisition realized in fiscal 2021. Year ended March 31, 2022 L3Harris Technologies’ Military Training business On July 2, 2021, the Company concluded the acquisition of L3Harris Technologies’ Military Training business (L3H MT) for cash consideration of $1,337.7 million, subject to additional purchase price adjustments. L3H MT includes Link Simulation & Training, Doss Aviation and AMI. Link Simulation & Training is one of the leading providers of military training solutions in the U.S., Doss Aviation is the provider of initial flight training to the United States Air Force, and AMI is a design and manufacturing facility for simulator hardware. The acquisition expands the Company’s position as a platform-agnostic training systems integrator by diversifying its training and simulation leadership in the air domain, complementing land and naval training solutions, and enhancing its training and simulation capabilities in space and cyber. In March 2021, in order to mitigate the potential impact on the purchase price of variations in the foreign exchange rate, the Company entered into forward foreign currency contracts to hedge a portion of the purchase price of the L3H MT acquisition (US$800 million). The Company applied hedge accounting and the change in fair value of these financial instruments prior to the L3H MT acquisition date was recorded in other comprehensive income. On July 2, 2021, these financial instruments were exercised in connection with the closing of the L3H MT acquisition, and the realized cash flow hedge losses of $17.1 million, less income tax recovery of $2.3 million, were transferred from accumulated other comprehensive income and included as an adjustment to the purchase consideration. As at March 31, 2022, the preliminary determination of the fair value of the net assets acquired and liabilities assumed arising from the L3H MT acquisition are as follows: L3H MT Current assets $ 110.0 Current liabilities (130.8) Property, plant and equipment 96.3 Right-of-use assets 31.6 Intangible assets 1,342.8 Deferred tax 41.2 Other non-current assets 7.7 Long-term debt, including current portion (33.9) Other non-current liabilities (104.0) Total purchase consideration, including the hedge of the purchase price $ 1,360.9 Purchase price adjustment payable (8.4) Total cash consideration paid on acquisition date $ 1,352.5 During the year ended March 31, 2022, the purchase price adjustment of $8.4 million was paid to the seller. The preliminary fair value of the acquired intangible assets amounts to $1,342.8 million and consists of goodwill of $1,025.6 million ($868.3 million is deductible for tax purposes), customer relationships of $217.7 million and technology of $99.5 million. The fair value and the gross contractual amount of the acquired accounts receivable were $41.9 million. The revenue and adjusted segment operating income included in the fiscal 2022 consolidated income statement from L3H MT since the acquisition date was $409.9 million and $49.1 million respectively. Had L3H MT been consolidated from April 1, 2021, the fiscal 2022 consolidated income statement would have shown revenue and adjusted segment operating income of approximately $549.0 million and $65.3 million respectively. These pro-forma amounts are estimated based on the operations of the acquired businesses prior to the business combinations by the Company and assuming that the purchase price allocations were effective April 1, 2021. The net assets acquired, including intangibles, of L3H MT are included in the Defense and Security segment. The purchase price allocation was preliminary as at March 31, 2022. Sabre’s AirCentre airline operations portfolio On February 28, 2022, the Company concluded the acquisition of Sabre’s AirCentre airline operations portfolio (AirCentre), a suite of flight and crew management and optimization solutions, for cash consideration (net of cash acquired) of $498.9 million. The transaction provides the Company with the Sabre AirCentre product portfolio, related technology and intellectual property as well as the transfer of its highly talented workforce. The acquisition further expands the Company’s reach across its broad customer base beyond pilot training and establishes itself as a technology leader in the growing market for industry-leading, digitally‑enabled flight and crew operations solutions. As at March 31, 2022, the preliminary determination of the fair value of the net assets acquired and liabilities assumed arising from the AirCentre acquisition are as follows: AirCentre Current assets $ 42.0 Current liabilities (3.4) Right-of-use assets 0.3 Intangible assets 423.2 Deferred tax 1.2 Other non-current assets 36.9 Long-term debt, including current portion (0.3) Other non-current liabilities (1.0) Fair value of net assets acquired, excluding cash acquired $ 498.9 Cash acquired 3.8 Total cash consideration paid on acquisition date $ 502.7 The preliminary fair value of the acquired intangible assets amounts to $423.2 million and consists of goodwill of $257.8 million ($191.0 million is deductible for tax purposes), customer relationships of $101.8 million and technology and software of $63.6 million. The revenue and adjusted segment operating income included in the fiscal 2022 consolidated income statement from AirCentre since the acquisition date was $10.5 million and $2.2 million respectively. Had AirCentre been consolidated from April 1, 2021, the fiscal 2022 consolidated income statement would have shown revenue and adjusted segment operating income of approximately $151.5 million and $18.9 million respectively. These pro-forma amounts are estimated based on the operations of the acquired businesses prior to the business combinations by the Company and assuming that the purchase price allocations were effective April 1, 2021. The net assets acquired, including intangibles, of AirCentre are included in the Civil Aviation segment. The purchase price allocation was preliminary as at March 31, 2022. Other fiscal 2022 business combinations RB Group On April 1, 2021, the Company acquired the remaining 79% equity interest in the RB Group, a leading provider of fully integrated solutions that modernize the way airlines and business aircraft operators interact with their crew. This acquisition further supports the Company’s expansion into digital flight crew management in its goal to drive additional software-enabled Civil aviation services. Prior to this transaction, the Company's 21% ownership interest in the RB Group was accounted for using the equity method. GlobalJet Services On June 10, 2021, the Company acquired GlobalJet Services (GlobalJet), a provider of aviation maintenance training that is recognized around the world for its services for both business and helicopter sectors. This acquisition expands the Company’s aircraft platform addressability in the maintenance training market through world-class, regulatory approved training programs. Medicor Lab Inc. On July 5, 2021, the Company acquired the shares of Medicor Lab Inc. (Medicor), a company which specializes in task trainer and realistic synthetic skin production. This acquisition augments the Company’s portfolio of products and expands its capabilities to offer improved quality simulators for a better customer experience. The aggregate purchase price for the acquisitions of the RB Group, GlobalJet and Medicor consist of cash consideration (net of cash acquired) of $19.0 million, a long‑term payable of $1.2 million and a contingent consideration of up to $4.0 million if certain targets are met, and are mainly allocated to goodwill and intangible assets. The net assets acquired, including intangibles, of the RB Group and GlobalJet are included in the Civil Aviation segment, and those of Medicor are included in the Healthcare segment. Other During the year ended March 31, 2022, the Company completed its assessment of the fair value of assets acquired and liabilities assumed of Flight Simulation Company B.V., Merlot Aero Limited and TRU Simulation + Training Canada acquired in fiscal 2021 as well as the RB Group, GlobalJet and Medicor acquired in fiscal 2022. Total acquisition costs of $38.4 million were incurred during fiscal 2022 relating to the Company's acquisitions and are included in Restructuring, integration and acquisition costs in the consolidated income statement (Note 5). During the year ended March 31, 2022, adjustments to preliminary purchase price allocations of acquisitions realized in fiscal 2021 resulted in increases of intangible assets of $19.2 million, current liabilities of $15.2 million, and deferred tax assets of $3.8 million, and a decrease of current assets of $7.8 million. During the year ended March 31, 2022, net cash considerations of $4.9 million were paid for acquisitions realized in prior years. |
OPERATING SEGMENTS AND GEOGRAPH
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of operating segments [abstract] | |
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION | OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION The Company elected to organize its operating segments principally on the basis of its customer markets. The Company manages its operations through its three segments. Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The Company has decided to disaggregate revenue from contracts with customers by segment, by products and services and by geographic regions as the Company believes it best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. Results by segment The profitability measure employed by the Company for making decisions about allocating resources to segments and assessing segment performance is adjusted segment operating income. Adjusted segment operating income is calculated by taking operating income and adjusting for restructuring, integration and acquisition costs, and impairments and other gains and losses arising from significant strategic transactions or specific events, which gives an indication of the profitability of each segment because it does not include the impact of items not specifically related to the segment’s performance. For the years ended March 31, 2023 and 2022, impairments and other gains and losses arising from significant strategic transactions or specific events consist of the impairment reversal of non-financial assets following their repurposing and optimization (Note 5) and the cloud computing transition adjustment (Note 4). The accounting principles used to prepare the information by operating segments are the same as those used to prepare the Company’s consolidated financial statements. The method used for the allocation of assets jointly used by operating segments and costs and liabilities jointly incurred (mostly corporate costs) between operating segments is based on the level of utilization when determinable and measurable, otherwise the allocation is based on a proportion of each segment’s cost of sales and revenue. Defense Civil Aviation and Security Healthcare Total 2023 2022 2023 2022 2023 2022 2023 2022 External revenue $ 2,166.4 $ 1,617.8 $ 1,844.2 $ 1,602.1 $ 192.7 $ 151.4 $ 4,203.3 $ 3,371.3 Depreciation and amortization 243.4 224.1 86.8 73.4 12.0 13.0 342.2 310.5 Impairment (reversal) of non-financial assets – net 1.2 34.5 (3.5) 3.0 (0.1) 4.3 (2.4) 41.8 Share of after-tax profit of equity accounted investees 47.0 42.1 6.2 6.4 — — 53.2 48.5 Operating income 430.3 224.1 35.7 56.0 8.0 4.1 474.0 284.2 Adjusted segment operating income 485.3 314.7 53.1 119.2 9.7 10.6 548.1 444.5 Reconciliation of adjusted segment operating income is as follows: Defense Civil Aviation and Security Healthcare Total 2023 2022 2023 2022 2023 2022 2023 2022 Operating income $ 430.3 $ 224.1 $ 35.7 $ 56.0 $ 8.0 $ 4.1 $ 474.0 $ 284.2 Restructuring, integration and acquisition costs (Note 5) 52.0 79.0 10.6 61.4 1.7 6.5 64.3 146.9 Impairments and other gains and losses arising from significant strategic transactions or specific events: Impairment reversal of non-financial assets following their repurposing and optimization (Note 5) 3.0 — 6.8 — — — 9.8 — Cloud computing transition adjustment (Note 4) — 11.6 — 1.8 — — — 13.4 Adjusted segment operating income $ 485.3 $ 314.7 $ 53.1 $ 119.2 $ 9.7 $ 10.6 $ 548.1 $ 444.5 Capital expenditures by segment, which consist of property, plant and equipment expenditures and intangible assets expenditures (excluding those acquired in business combinations), are as follows: 2023 2022 Civil Aviation $ 329.2 $ 300.7 Defense and Security 53.6 46.5 Healthcare 12.4 15.6 Total capital expenditures $ 395.2 $ 362.8 Assets and liabilities employed by segment The Company uses assets employed and liabilities employed to assess resources allocated to each segment. Assets employed include accounts receivable, contract assets, inventories, prepayments, property, plant and equipment, right-of-use assets, intangible assets, investment in equity accounted investees, derivative financial assets and other non-current assets. Liabilities employed include accounts payable and accrued liabilities, provisions, contract liabilities, derivative financial liabilities and other non-current liabilities. Assets and liabilities employed by segment are reconciled to total assets and liabilities as follows: 2023 2022 Assets employed Civil Aviation $ 5,852.4 $ 5,269.6 Defense and Security 3,436.2 3,163.1 Healthcare 310.1 269.2 Assets not included in assets employed 837.8 876.9 Total assets $ 10,436.5 $ 9,578.8 Liabilities employed Civil Aviation $ 1,142.0 $ 1,012.7 Defense and Security 871.2 824.8 Healthcare 69.3 64.9 Liabilities not included in liabilities employed 3,765.1 3,589.8 Total liabilities $ 5,847.6 $ 5,492.2 Products and services information The Company's revenue from external customers for its products and services are as follows: 2023 2022 Products $ 1,570.8 $ 1,403.6 Training, software and services 2,632.5 1,967.7 Total external revenue $ 4,203.3 $ 3,371.3 Geographic information The Company markets its products and services globally. Revenues are attributed to geographical regions based on the location of customers. Non-current assets other than financial instruments and deferred tax assets are attributed to geographical regions based on the location of the assets, excluding goodwill. Goodwill is presented by geographical regions based on the Company’s allocation of the related purchase price. 2023 2022 External revenue Canada $ 372.0 $ 366.8 United States 2,184.7 1,682.5 United Kingdom 264.2 208.5 Rest of Americas 89.6 78.4 Europe 574.0 473.4 Asia 627.0 472.2 Oceania and Africa 91.8 89.5 $ 4,203.3 $ 3,371.3 2023 2022 Non-current assets other than financial instruments, deferred tax assets and employee benefits assets Canada $ 1,641.2 $ 1,570.8 United States 4,049.8 3,554.2 United Kingdom 383.9 370.4 Rest of Americas 180.8 177.0 Europe 982.4 916.3 Asia 519.8 498.1 Oceania and Africa 112.5 79.5 $ 7,870.4 $ 7,166.3 |
OTHER (GAINS) AND LOSSES
OTHER (GAINS) AND LOSSES | 12 Months Ended |
Mar. 31, 2023 | |
Analysis of income and expense [abstract] | |
OTHER (GAINS) AND LOSSES | OTHER (GAINS) AND LOSSES 2023 2022 Net gain on foreign currency exchange differences $ (11.7) $ (0.9) Cloud computing transition adjustment — 13.4 Remeasurement of royalty obligations (8.8) (23.8) Remeasurement of contingent consideration arising on business combinations 2.6 (11.4) Other (4.9) (14.3) Other (gains) and losses $ (22.8) $ (37.0) Cloud computing transition adjustment In fiscal 2022, the IFRS Interpretations Committee published a final agenda decision that clarified how to recognize certain configuration and customization expenditures related to cloud computing arrangements with retrospective application. Costs that do not meet the capitalization criteria should be expensed as incurred. The Company modified its accounting policy to align with the agenda decision and previously capitalized costs of $13.4 million that no longer qualified for capitalization were expensed in fiscal 2022. |
RESTRUCTURING, INTEGRATION AND
RESTRUCTURING, INTEGRATION AND ACQUISITION COSTS | 12 Months Ended |
Mar. 31, 2023 | |
Restructuring, Integration and Acquisition costs [Abstract] | |
RESTRUCTURING, INTEGRATION AND ACQUISITION COSTS | RESTRUCTURING, INTEGRATION AND ACQUISITION COSTS 2023 2022 Integration and acquisition costs $ 66.3 $ 87.8 Impairment of non-financial assets – net 2.3 37.1 Severances and other employee related costs 2.7 6.9 Other costs 2.8 15.1 Impairment reversal of non-financial assets following their repurposing and optimization (9.8) — Total restructuring, integration and acquisition costs $ 64.3 $ 146.9 For the year ended March 31, 2023, restructuring, integration and acquisition costs associated with the fiscal 2022 acquisition of L3H MT amounted to $17.6 million (2022 – $63.5 million) and those related to the fiscal 2022 acquisition of AirCentre amounted to $48.9 million (2022 – $18.1 million). Impairment reversal of non-financial assets following their repurposing and optimization |
FINANCE EXPENSE - NET
FINANCE EXPENSE - NET | 12 Months Ended |
Mar. 31, 2023 | |
Analysis of income and expense [abstract] | |
FINANCE EXPENSE - NET | FINANCE EXPENSE – NET 2023 2022 Finance expense: Long-term debt (other than lease liabilities) $ 141.6 $ 104.1 Lease liabilities 18.3 16.0 Royalty obligations 10.9 11.9 Employee benefits obligations (Note 19) 3.3 5.3 Other 24.9 13.2 Borrowing costs capitalized (7.9) (7.1) Finance expense $ 191.1 143.4 Finance income: Loans and investment in finance leases $ (10.3) $ (9.1) Other (3.1) (3.7) Finance income $ (13.4) $ (12.8) Finance expense – net $ 177.7 $ 130.6 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2023 | |
Income Tax [Abstract] | |
INCOME TAXES | INCOME TAXES Income tax expense The reconciliation of income taxes at Canadian statutory rates with the income tax expense is as follows: 2023 2022 Earnings before income taxes $ 296.3 $ 153.6 Canadian statutory income tax rates 26.53 % 26.54 % Income taxes at Canadian statutory rates $ 78.6 $ 40.8 Effect of differences in tax rates in other jurisdictions (3.5) (16.8) Unrecognized tax benefits and tax benefits not previously recognized 1.4 2.2 (Non-taxable revenues) Non-deductible expenses (2.8) 1.5 Tax impact on after-tax profit of equity accounted investees (13.0) (12.1) Prior years' tax adjustments 0.5 (1.5) Other 3.2 (10.5) Income tax expense $ 64.4 $ 3.6 Effective tax rate 22 % 2 % The Company's applicable tax rate corresponds to the combined Canadian tax rates applicable in the provinces where the Company operates. Significant components of the provision for the income tax expense are as follows: 2023 2022 Current income tax expense : Current year $ 53.2 $ 30.4 Prior years' tax adjustments 0.8 3.1 Deferred income tax (recovery) expense: Tax benefit not previously recognized used to reduce the deferred tax expense (2.2) (4.1) Change in income tax rates — (6.6) Origination and reversal of temporary differences 12.6 (19.2) Income tax expense $ 64.4 $ 3.6 Deferred tax assets and liabilities During the year ended March 31, 2023, movements in temporary differences are as follows: Foreign Balance currency beginning Recognized Recognized Recognized Business exchange Balance of year in income in OCI in equity combinations differences end of year Non-capital loss carryforwards $ 96.9 $ (3.3) $ — $ — $ — $ 5.7 $ 99.3 Unclaimed research & development expenditures 86.6 75.8 — — — (0.1) 162.3 Capital loss carryforwards 4.4 4.9 — — — — 9.3 Investment tax credits (85.4) 3.3 — — — — (82.1) Property, plant and equipment and right-of-use of assets (86.2) (23.8) — — (2.8) (7.0) (119.8) Intangible assets (90.2) (19.6) — — — (4.9) (114.7) Deferred revenues, contract assets and contract liabilities 1.2 (21.6) — — 1.5 (0.3) (19.2) Foreign currency exchange difference 2.6 (8.9) 4.2 — — (0.3) (2.4) Derivative financial assets and liabilities (0.2) 5.0 5.7 — (0.8) (1.1) 8.6 Defined benefit obligation 27.2 0.2 (19.7) — — — 7.7 Amounts not currently deductible 83.1 (4.7) — — — 1.9 80.3 Other (16.3) (17.7) — — — 0.5 (33.5) Net deferred tax assets (liabilities) $ 23.7 $ (10.4) $ (9.8) $ — $ (2.1) $ (5.6) $ (4.2) During the year ended March 31, 2022, movements in temporary differences are as follows: Foreign Balance currency beginning Recognized Recognized Recognized Business exchange Balance of year in income in OCI in equity combinations differences end of year Non-capital loss carryforwards $ 48.1 $ 48.3 $ — — $ 0.2 $ 0.3 $ 96.9 Unclaimed research & development expenditures 70.8 15.9 — — (0.1) — 86.6 Capital loss carryforwards 1.1 1.0 — — 2.3 — 4.4 Investment tax credits (76.4) (9.0) — — — — (85.4) Property, plant and equipment and right-of-use of assets (75.2) (6.5) — — (4.6) 0.1 (86.2) Intangible assets (92.5) 8.3 — — (5.9) (0.1) (90.2) Deferred revenues, contract assets and contract liabilities 1.5 (42.2) — — 41.6 0.3 1.2 Foreign currency exchange difference (1.4) 9.2 (4.9) — — (0.3) 2.6 Derivative financial assets and liabilities (6.5) 6.2 0.6 — — (0.5) (0.2) Defined benefit obligation 57.2 4.3 (33.4) — — (0.9) 27.2 Amounts not currently deductible 65.0 4.6 — — 13.5 — 83.1 Other (10.3) (10.2) — 3.7 — 0.5 (16.3) Net deferred tax (liabilities) assets $ (18.6) $ 29.9 $ (37.7) $ 3.7 $ 47.0 $ (0.6) $ 23.7 As at March 31, 2023, net deferred tax assets of $81.5 million (2022 – $88.7 million) were recognized in jurisdictions that incurred losses this fiscal year or the preceding fiscal year. Based upon the level of historical taxable income or projections for future taxable income, management believes it is probable that the Company will realize the benefits of these net deferred tax assets. As at March 31, 2023, a deferred income tax liability on taxable temporary differences of $2,866.1 million (2022 – $2,468.6 million) related to investments in subsidiaries and interests in joint ventures has not been recognized, because the Company controls whether the liability will be incurred and it is satisfied that it will not be incurred in the foreseeable future. The non-capital losses incurred in various jurisdictions expire as follows: Expiry date Unrecognized Recognized 2024-2028 $ 31.4 $ 18.4 2029-2043 26.8 149.9 No expiry date 146.0 212.2 $ 204.2 $ 380.5 |
SHARE CAPITAL, EARNINGS PER SHA
SHARE CAPITAL, EARNINGS PER SHARE AND DIVIDENDS | 12 Months Ended |
Mar. 31, 2023 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
SHARE CAPITAL, EARNINGS PER SHARE AND DIVIDENDS | SHARE CAPITAL AND EARNINGS PER SHARE Share capital Authorized and issued shares The Company is authorized to issue an unlimited number of common shares without par value and an unlimited number of preferred shares without par value, issuable in series. The preferred shares may be issued with rights and conditions to be determined by the Board of Directors, prior to their issue. To date, the Company has not issued any preferred shares. As at March 31, 2023, the number of common shares issued and fully paid was 317,906,290 (2022 – 317,024,123). Issuance of common shares upon conversion of subscription receipts On July 2, 2021, concurrent with the completion of the fiscal 2022 acquisition of L3H MT, 22,400,000 outstanding subscription receipts were converted into CAE common shares in accordance with the terms of the subscription receipts, on a one‑for‑one basis. Proceeds from the issuance of the subscription receipts of $700.0 million together with interest earned of $0.4 million were released from escrow and used to fund the L3H MT acquisition. Total issuance-related costs amounted to $31.0 million, less income tax recovery of $8.2 million. Earnings per share computation The denominators for the basic and diluted earnings per share computations are as follows: 2023 2022 Weighted average number of common shares outstanding 317,660,608 311,016,278 Effect of dilutive stock options 756,871 1,885,078 Weighted average number of common shares outstanding for diluted earnings per share calculation 318,417,479 312,901,356 As at March 31, 2023, stock options to acquire 2,176,800 common shares (2022 – 663,430) have been excluded from the above calculation since their inclusion would have had an anti-dilutive effect. |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
Mar. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
ACCOUNTS RECEIVABLE | ACCOUNTS RECEIVABLE Details of accounts receivable are as follows: 2023 2022 Current trade receivables $ 280.6 $ 230.4 Past due trade receivables 1-30 days 68.4 50.4 31-60 days 28.3 29.0 61-90 days 16.8 15.0 Greater than 90 days 85.2 121.2 Total trade receivables $ 479.3 $ 446.0 Investment in finance leases (Note 14) 13.5 21.6 Receivables from related parties (Note 31) 57.5 40.3 Other receivables 90.9 76.9 Credit loss allowances (25.5) (27.9) Total accounts receivable $ 615.7 $ 556.9 Changes in credit loss allowances are as follows: 2023 2022 Credit loss allowances, beginning of year $ (27.9) $ (34.4) Additions (3.2) (4.7) Amounts charged off 4.7 8.9 Unused amounts reversed 1.9 0.8 Foreign currency exchange differences (1.0) 1.5 Credit loss allowances, end of year $ (25.5) $ (27.9) |
BALANCE FROM CONTRACTS WITH CUS
BALANCE FROM CONTRACTS WITH CUSTOMERS | 12 Months Ended |
Mar. 31, 2023 | |
Revenue From Contracts With Customers1 [Abstract] | |
BALANCE FROM CONTRACTS WITH CUSTOMERS | BALANCE FROM CONTRACTS WITH CUSTOMERS Net contract liabilities are as follows: 2023 2022 Contract assets - current $ 693.8 $ 608.3 Contract assets - non-current (Note 15) 41.9 34.1 Contract liabilities - current (905.7) (788.3) Contract liabilities - non-current (Note 20) (94.0) (130.3) Net contract liabilities $ (264.0) $ (276.2) During the year ended March 31, 2023, the Company recognized revenue of $632.2 million (2022 – $482.6 million) that was included in the contract liability balance at the beginning of the year. During the year ended March 31, 2023, the Company recognized a reduction of revenue of $11.3 million (2022 – recognized revenue of $55.5 million) related to performance obligations partially satisfied in previous years. This primarily relates to estimate at completion adjustments that impacted revenue and measures of completion. Remaining performance obligations As at March 31, 2023, the amount of the revenues expected to be realized in future years from performance obligations that are unsatisfied, or partially unsatisfied, was $5,956.0 million. The Company expects to recognize approximately 40% of these remaining performance obligations as revenue by March 31, 2024, an additional 26% by March 31, 2025 and the balance thereafter. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Mar. 31, 2023 | |
Inventories [Abstract] | |
INVENTORIES | INVENTORIES 2023 2022 Work in progress $ 282.4 $ 291.5 Raw materials, supplies and manufactured products 301.0 228.3 Total inventories $ 583.4 $ 519.8 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Mar. 31, 2023 | |
Property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Machinery Assets Buildings and under (amounts in millions) and land Simulators equipment Aircraft construction Total Net book value as at March 31, 2021 $ 282.1 $ 1,423.1 $ 48.3 $ 76.1 $ 139.8 $ 1,969.4 Additions 29.4 14.5 15.5 1.6 211.2 272.2 Business combinations (Note 2) 52.1 18.7 21.5 2.1 2.1 96.5 Disposals (2.2) (0.4) (0.1) (1.1) — (3.8) Depreciation (21.4) (101.1) (19.3) (5.2) — (147.0) Impairment (13.8) (10.5) — — — (24.3) Purchase of assets under lease (Note 14) — 21.7 — — — 21.7 Transfers and others 1.1 97.6 1.1 (1.0) (95.5) 3.3 Foreign currency exchange differences (7.2) (48.5) (0.8) (1.0) (1.2) (58.7) Net book value as at March 31, 2022 $ 320.1 $ 1,415.1 $ 66.2 $ 71.5 $ 256.4 $ 2,129.3 Additions 34.6 20.1 16.7 0.2 197.2 268.8 Disposals (3.6) (3.2) (0.1) (0.6) — (7.5) Depreciation (23.3) (113.2) (21.2) (5.4) — (163.1) (Impairment) reversal – net — 2.1 (0.1) (0.3) — 1.7 Purchase of assets under lease (Note 14) — 34.6 — — — 34.6 Transfers and others 27.6 208.8 (5.5) 6.0 (231.5) 5.4 Foreign currency exchange differences 13.7 88.6 3.1 5.1 7.4 117.9 Net book value as at March 31, 2023 $ 369.1 $ 1,652.9 $ 59.1 $ 76.5 $ 229.5 $ 2,387.1 Machinery Assets Buildings and under (amounts in millions) and land Simulators equipment Aircraft construction Total Cost $ 561.9 $ 2,180.7 $ 209.2 $ 89.4 $ 256.4 $ 3,297.6 Accumulated depreciation and impairment (241.8) (765.6) (143.0) (17.9) — (1,168.3) Net book value as at March 31, 2022 $ 320.1 $ 1,415.1 $ 66.2 $ 71.5 $ 256.4 $ 2,129.3 Cost $ 623.9 $ 2,558.1 $ 208.9 $ 103.1 $ 229.5 $ 3,723.5 Accumulated depreciation and impairment (254.8) (905.2) (149.8) (26.6) — (1,336.4) Net book value as at March 31, 2023 $ 369.1 $ 1,652.9 $ 59.1 $ 76.5 $ 229.5 $ 2,387.1 During the year ended March 31, 2023, depreciation of $161.5 million (2022 – $145.0 million) has been recorded in cost of sales, nil (2022 – $0.5 million) in research and development expenses and $1.6 million (2022 – $1.5 million) in selling, general and administrative expenses. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Mar. 31, 2023 | |
Intangible Assets [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS Capitalized Technology, Other (amounts in millions) development Customer software intangible Goodwill costs relationships Licenses and ERP assets Total Net book value as at March 31, 2021 $ 1,173.2 $ 215.7 $ 297.5 $ 279.4 $ 71.5 $ 18.5 $ 2,055.8 Additions – internal development — 55.6 — — 35.0 — 90.6 Business combinations (Note 2) 1,316.8 2.2 323.7 — 169.7 — 1,812.4 Amortization — (32.7) (40.7) (16.0) (18.3) (1.8) (109.5) Impairment — (4.2) — — — — (4.2) Cloud computing transition adjustment (Note 5) — — — — (13.4) — (13.4) Transfers and others — (2.1) (0.1) (0.1) 0.4 — (1.9) Foreign currency exchange differences (25.7) (0.1) (5.4) (0.5) (1.2) (0.6) (33.5) Net book value as at March 31, 2022 $ 2,464.3 $ 234.4 $ 575.0 $ 262.8 $ 243.7 $ 16.1 $ 3,796.3 Additions – internal development — 87.1 — — 39.3 — 126.4 Business combinations (Note 2) 35.8 — (11.8) — 3.0 — 27.0 Amortization — (31.1) (44.4) (16.1) (29.5) (1.8) (122.9) Impairment reversal – net — 6.3 — — — — 6.3 Transfers and others — (3.7) (1.3) — (0.9) 0.4 (5.5) Foreign currency exchange differences 163.2 1.7 36.8 6.7 14.0 0.8 223.2 Net book value as at March 31, 2023 $ 2,663.3 $ 294.7 $ 554.3 $ 253.4 $ 269.6 $ 15.5 $ 4,050.8 Capitalized Technology, Other development Customer software intangible Goodwill costs relationships Licenses and ERP assets Total Cost $ 2,501.8 $ 480.9 $ 794.7 $ 312.8 $ 445.4 $ 51.1 $ 4,586.7 Accumulated amortization and impairment (37.5) (246.5) (219.7) (50.0) (201.7) (35.0) (790.4) Net book value as at March 31, 2022 $ 2,464.3 $ 234.4 $ 575.0 $ 262.8 $ 243.7 $ 16.1 $ 3,796.3 Cost $ 2,699.7 $ 573.3 $ 829.6 $ 320.9 $ 513.2 $ 54.0 $ 4,990.7 Accumulated amortization and impairment (36.4) (278.6) (275.3) (67.5) (243.6) (38.5) (939.9) Net book value as at March 31, 2023 $ 2,663.3 $ 294.7 $ 554.3 $ 253.4 $ 269.6 $ 15.5 $ 4,050.8 During the year ended March 31, 2023, amortization of $92.9 million (2022 – $77.2 million) has been recorded in cost of sales, $29.0 million (2022 – $30.6 million) in research and development expenses and $1.0 million (2022 – $1.7 million) in selling, general and administrative expenses. Goodwill The carrying amount of goodwill allocated to the Company's CGUs per operating segment is as follows: Defense Civil Aviation and Security Healthcare Total Net book value as at March 31, 2021 $ 789.2 $ 279.3 $ 104.7 $ 1,173.2 Business combinations (Note 2) 283.4 1,025.6 7.8 1,316.8 Foreign currency exchange differences (25.8) 0.9 (0.8) (25.7) Net book value as at March 31, 2022 $ 1,046.8 $ 1,305.8 $ 111.7 $ 2,464.3 Business combinations (Note 2) 25.6 10.2 — 35.8 Foreign currency exchange differences 53.2 101.3 8.7 163.2 Net book value as at March 31, 2023 $ 1,125.6 $ 1,417.3 $ 120.4 $ 2,663.3 Goodwill is allocated to CGUs or a group of CGUs, which generally corresponds to the Company’s operating segments or one level below. The Company performed its annual impairment test for goodwill during the fourth quarter of fiscal 2023. The Company determined the recoverable amount of the Civil Aviation, Defense and Security and Healthcare CGUs based on fair value less costs of disposal calculations. The recoverable amount of each CGU is calculated using estimated cash flows derived from the Company's five-year strategic plan as approved by the Board of Directors. The cash flows derived from the Company's five-year strategic plan are based on management’s expectations of market growth, industry reports and trends, and past performance. Cash flows subsequent to the five‑year period were extrapolated using a constant growth rate of 2% to 3%. These growth rates were consistent with forecasts included in industry reports specific to the industry in which each CGU operates. The discount rates used to calculate the recoverable amounts reflect each CGUs’ specific risks and market conditions and range from 8% to 15%. During the year ended March 31, 2023, the estimated recoverable amount of each CGU exceeded their carrying amount. As a result, there was no impairment identified. Variations in the Company assumptions and estimates, particularly in the expected growth rates embedded in its cash flow projections and the discount rate could have a significant impact on fair value. For the year ended March 31, 2023, an increase of 1% in the discount rate or a decrease of 1% in the growth rate would not have resulted in an impairment charge in any of our CGUs or group of CGUs. |
LEASES
LEASES | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of leases [Abstract] | |
LEASES | LEASES Leases as lessee Right-of-use assets Machinery Buildings and and land Simulators equipment Aircraft Total Net book value as at March 31, 2021 $ 212.0 $ 65.9 $ 18.1 $ 12.5 $ 308.5 Additions and remeasurements 59.4 60.0 0.2 — 119.6 Business combinations (Note 2) 32.7 — — — 32.7 Depreciation (31.2) (13.8) (2.6) (0.8) (48.4) Impairment (8.1) — — — (8.1) Purchase of assets under lease (Note 12) — (21.7) — — (21.7) Transfers and others (3.3) 0.5 (0.2) — (3.0) Foreign currency exchange differences (6.2) (0.4) — — (6.6) Net book value as at March 31, 2022 $ 255.3 $ 90.5 $ 15.5 $ 11.7 $ 373.0 Additions and remeasurements 120.9 7.3 — — 128.2 Depreciation (36.6) (9.9) (2.8) (0.8) (50.1) Purchase of assets under lease (Note 12) — (34.6) — — (34.6) Transfers and others (6.1) (2.3) (0.3) — (8.7) Foreign currency exchange differences 13.2 5.9 — — 19.1 Net book value as at March 31, 2023 $ 346.7 $ 56.9 $ 12.4 $ 10.9 $ 426.9 During the year ended March 31, 2023, depreciation of $47.5 million (2022 – $46.0 million) has been recorded in cost of sales and $2.6 million (2022 – $2.4 million) in selling, general and administrative expenses. Short-term leases, leases of low-value assets and variable lease payments During the year ended March 31, 2023, expenses of $16.8 million (2022 – $15.4 million) have been recognized in net income relating to short-term leases, leases of low-value assets and variable lease payments not included in the measurement of lease liabilities. Leases as lessor Operating Leases As at March 31, 2023, the net book value of property, plant and equipment leased under operating leases to third parties was $76.1 million (2022 – $51.8 million). Undiscounted lease payments to be received under operating leases are as follows: 2023 2022 Less than 1 year $ 33.0 $ 36.3 Between 1 and 2 years 32.6 24.1 Between 2 and 3 years 30.0 23.3 Between 3 and 4 years 21.7 21.0 Between 4 and 5 years 16.5 13.6 More than 5 years 13.8 26.8 Total undiscounted lease payments receivable $ 147.6 $ 145.1 Finance Leases Undiscounted lease payments to be received under finance leases are as follows: 2023 2022 Less than 1 year $ 16.6 $ 24.9 Between 1 and 2 years 14.6 12.0 Between 2 and 3 years 15.1 12.9 Between 3 and 4 years 16.3 11.1 Between 4 and 5 years 13.6 11.8 More than 5 years 128.2 114.5 Total undiscounted lease payments receivable $ 204.4 $ 187.2 Unearned finance income (68.0) (59.1) Discounted unguaranteed residual values of leased assets (10.7) (9.4) Total investment in finance leases $ 125.7 $ 118.7 Current portion (Note 9) 13.5 21.6 Non-current portion (Note 15) $ 112.2 $ 97.1 |
OTHER NON-CURRENT ASSETS
OTHER NON-CURRENT ASSETS | 12 Months Ended |
Mar. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
OTHER NON-CURRENT ASSETS | OTHER NON-CURRENT ASSETS 2023 2022 Contract assets (Note 10) $ 41.9 $ 34.1 Prepaid rent to a portfolio investment 13.4 18.2 Advances to a portfolio investment 10.7 10.5 Advance payments for property, plant and equipment 30.7 — Investment in finance leases (Note 14) 112.2 97.1 Non-current receivables 42.8 42.0 Investment tax credits 325.3 315.1 Other 43.6 32.7 $ 620.6 $ 549.7 |
ACCOUNTS PAYABLE AND ACCRUED LI
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 12 Months Ended |
Mar. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | ACCOUNTS PAYABLE AND ACCRUED LIABILITIES 2023 2022 Accounts payable trade $ 522.1 $ 436.2 Accrued and other liabilities 498.6 514.7 Amount due to related parties (Note 31) 5.7 5.1 Current portion of royalty obligations 10.3 19.1 $ 1,036.7 $ 975.1 |
PROVISIONS
PROVISIONS | 12 Months Ended |
Mar. 31, 2023 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
PROVISIONS | PROVISIONS Changes in provisions are as follows: Restoration and simulator Restructuring removal (Note 5) Legal Warranties Other Total Provisions, as at March 31, 2022 $ 9.4 $ 9.2 $ 8.0 $ 25.0 $ 5.7 $ 57.3 Additions 0.2 4.3 0.1 9.8 1.7 16.1 Amount used — (10.8) (5.8) (11.3) — (27.9) Reversal of unused amounts (1.0) (1.6) (0.6) (0.1) (0.6) (3.9) Foreign currency exchange differences 0.4 0.2 0.1 0.2 0.4 1.3 Transfers and others 0.2 (0.2) — 0.3 3.6 3.9 Provisions, as at March 31, 2023 $ 9.2 $ 1.1 $ 1.8 $ 23.9 $ 10.8 $ 46.8 Current portion — 1.1 1.5 15.5 8.6 26.7 Non-current portion $ 9.2 $ — $ 0.3 $ 8.4 $ 2.2 $ 20.1 |
DEBT FACILITIES
DEBT FACILITIES | 12 Months Ended |
Mar. 31, 2023 | |
Debt and Financing Obligations [Abstract] | |
DEBT FACILITIES | DEBT FACILITIES Long-term debt, net of transaction costs is as follows: Repayment 2023 2022 Notional amount period Current Non-current Current Non-current Unsecured senior notes U.S. dollar, fixed rate - 3.60% to 4.90% US$ 947.0 2024-2034 $ 18.5 $ 1,257.9 $ 17.4 $ 1,176.5 Canadian dollar, fixed rate - 4.15% $ 24.3 2024-2027 2.9 21.4 2.9 24.2 Term loans U.S. dollar, variable rate US$ 350.0 2024-2025 67.0 405.4 69.7 443.1 Canadian dollar, variable rate $ 29.6 2023-2028 5.6 23.8 5.6 29.4 Other 2023-2026 15.2 47.4 14.1 58.4 Lease liabilities U.S. dollar 2023-2053 55.7 241.3 66.1 164.6 Other 2023-2043 25.5 133.4 32.9 131.4 R&D obligations Canadian dollar 2023-2042 24.2 471.9 33.1 439.9 Revolving credit facilities U.S. dollar, variable rate — 433.0 — 336.9 Total long-term debt $ 214.6 $ 3,035.5 $ 241.8 $ 2,804.4 Term loans In September 2022, the Company extended the maturity of a US$175.0 million variable interest-bearing term loan from July 2023 to July 2024. In March 2023, the Company repaid a term loan of US$50.0 million. Revolving credit facility amendments In October 2022, the Company amended its US$850.0 million unsecured revolving credit facility to increase the total capacity to US$1.0 billion and extended the maturity by one year to September 2027. In addition, the Company terminated its $300.0 million Sidecar unsecured revolving credit facility, which had no borrowings and was coming to maturity in April 2023. Information on the change in long-term debt for which cash flows have been classified as financing activities in the statement of cash flows are as follows: Unsecured Revolving senior Term Lease R&D credit notes loans liabilities obligations facility Total Net book value as at March 31, 2021 $ 1,249.5 $ 331.2 $ 347.2 $ 423.6 $ — $ 2,351.5 Changes from financing cash flows Net repayment from borrowing under revolving credit facilities — — — — 344.6 344.6 Proceeds from long-term debt — 402.3 — 26.8 — 429.1 Repayment of long-term debt (20.5) (110.8) — (0.8) — (132.1) Repayment of lease liabilities — — (89.5) — — (89.5) Total changes from financing cash flows $ (20.5) $ 291.5 $ (89.5) $ 26.0 $ 344.6 $ 552.1 Non-cash changes Business combinations (Note 2) — 0.2 34.9 — — 35.1 Foreign currency exchange differences (8.5) (4.1) (7.8) — (7.7) (28.1) Additions and remeasurement of lease liabilities — — 119.6 — — 119.6 Accretion — — — 25.3 — 25.3 Other 0.5 1.5 (9.4) (1.9) — (9.3) Total non-cash changes $ (8.0) $ (2.4) $ 137.3 $ 23.4 $ (7.7) $ 142.6 Net book value as at March 31, 2022 $ 1,221.0 $ 620.3 $ 395.0 $ 473.0 $ 336.9 $ 3,046.2 Changes from financing cash flows Net proceeds from borrowing under revolving credit facilities — — — — 44.5 44.5 Proceeds from long-term debt — — — 31.2 — 31.2 Repayment of long-term debt (21.8) (106.1) — (33.1) — (161.0) Repayment of lease liabilities — — (83.4) — — (83.4) Total changes from financing cash flows $ (21.8) $ (106.1) $ (83.4) $ (1.9) $ 44.5 $ (168.7) Non-cash changes Foreign currency exchange differences 101.1 48.9 21.7 — 51.6 223.3 Additions and remeasurement of lease liabilities — — 128.2 — — 128.2 Accretion — — — 25.0 — 25.0 Other 0.4 1.3 (5.6) — — (3.9) Total non-cash changes $ 101.5 $ 50.2 $ 144.3 $ 25.0 $ 51.6 $ 372.6 Net book value as at March 31, 2023 $ 1,300.7 $ 564.4 $ 455.9 $ 496.1 $ 433.0 $ 3,250.1 The Company's unsecured senior notes, term loans and revolving credit facility include standard events of default and covenant provisions whereby accelerated repayment and/or termination of the agreements may result if the Company were to default on payment or violate certain covenants. As at March 31, 2023, the Company is in compliance with all of its covenants, as amended from time to time. |
EMPLOYEE BENEFITS OBLIGATIONS
EMPLOYEE BENEFITS OBLIGATIONS | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of share-based payments arrangements [Abstract] | |
EMPLOYEE BENEFITS OBLIGATIONS | EMPLOYEE BENEFITS OBLIGATIONS Defined benefit pension plans The Company has three registered funded defined benefit pension plans in Canada (two for employees and one for designated executives) that provide benefits based on length of service and final average earnings. The Company also maintains a funded pension plan for employees in the United Kingdom that provides benefits based on similar provisions. The Company’s annual contributions, to fund both benefits accruing in the year and deficits accumulated over prior years, and the plans’ financial position are determined based on actuarial valuations. Applicable pension legislations prescribe minimum funding requirements. In addition, the Company maintains unfunded plans in Canada, United States and Germany that provide defined benefits based on length of service and final average earnings. These unfunded plans are the sole obligation of the Company, and there is no requirement to fund them. However, the Company is obligated to pay the benefits when they become due. As at March 31, 2023, the Company has issued letters of credit totalling $56.5 million (2022 – $67.0 million) to collateralize the obligations under the Canadian plans. The funded plans are trustee administered funds. Plan assets held in trusts are governed by local regulations and practices in each country, as is the nature of the relationship between the Company and the trustees and their composition. Responsibility for governance of the plans, including investment decisions and contribution schedules, lies jointly with the Company and the board of trustees. The employee benefits obligations are as follows: 2023 2022 Funded defined benefit pension obligations $ 590.7 $ 638.7 Fair value of plan assets 641.7 623.9 Funded defined benefit pension obligations – net $ (51.0) $ 14.8 Unfunded defined benefit pension obligations 91.8 94.9 Employee benefits obligations - net $ 40.8 $ 109.7 Employee benefit assets $ (51.1) $ — Employee benefit obligations $ 91.9 $ 109.7 Changes in funded defined benefit pension obligations and fair value of plan assets are as follows: 2023 2022 Canadian Foreign Total Canadian Foreign Total Pension obligations, beginning of year $ 631.8 $ 6.9 $ 638.7 $ 687.0 $ 74.5 $ 761.5 Current service cost 32.5 — 32.5 35.0 1.4 36.4 Interest cost 23.9 0.2 24.1 19.2 0.6 19.8 Past service cost — — — — (5.9) (5.9) Actuarial loss (gain) arising from: Experience adjustments 25.5 0.2 25.7 (2.6) 0.2 (2.4) Economic assumptions (102.8) (1.8) (104.6) (92.1) (1.7) (93.8) Demographic assumptions 2.6 (0.1) 2.5 — — — Employee contributions 9.2 — 9.2 7.8 0.3 8.1 Pension benefits paid (25.5) (0.2) (25.7) (22.5) (1.2) (23.7) Settlements (11.7) — (11.7) — (60.3) (60.3) Foreign currency exchange differences — — — — (1.0) (1.0) Pension obligations, end of year $ 585.5 $ 5.2 $ 590.7 $ 631.8 $ 6.9 $ 638.7 Fair value of plan assets, beginning of year $ 617.1 $ 6.8 $ 623.9 $ 574.7 $ 67.2 $ 641.9 Interest income 23.9 0.2 24.1 16.4 0.5 16.9 Return on plan assets, excluding amounts included in interest income (10.1) (0.9) (11.0) 16.6 1.6 18.2 Employer contributions 33.0 0.4 33.4 25.1 (0.1) 25.0 Employee contributions 9.2 — 9.2 7.8 0.3 8.1 Pension benefits paid (25.5) (0.2) (25.7) (22.5) (1.2) (23.7) Settlements (11.7) — (11.7) — (60.3) (60.3) Administrative costs (0.6) — (0.6) (1.0) (0.1) (1.1) Foreign currency exchange differences — 0.1 0.1 — (1.1) (1.1) Fair value of plan assets, end of year $ 635.3 $ 6.4 $ 641.7 $ 617.1 $ 6.8 $ 623.9 Changes in unfunded defined benefit pension obligations are as follows: 2023 2022 Canadian Foreign Total Canadian Foreign Total Pension obligations, beginning of year $ 82.6 $ 12.3 $ 94.9 $ 88.6 $ 14.0 $ 102.6 Current service cost 4.1 1.0 5.1 4.4 0.8 5.2 Interest cost 3.0 0.3 3.3 2.2 0.2 2.4 Past service cost — 0.2 0.2 — 0.3 0.3 Actuarial loss (gain) arising from: Experience adjustments 5.5 (0.6) 4.9 0.3 (0.4) (0.1) Economic assumptions (11.0) (2.7) (13.7) (9.8) (1.3) (11.1) Pension benefits paid (2.9) (0.6) (3.5) (3.1) (0.6) (3.7) Foreign currency exchange differences — 0.6 0.6 — (0.7) (0.7) Pension obligations, end of year $ 81.3 $ 10.5 $ 91.8 $ 82.6 $ 12.3 $ 94.9 Net pension cost is as follows: 2023 2022 Canadian Foreign Total Canadian Foreign Total Funded plans Current service cost $ 32.5 $ — $ 32.5 $ 35.0 $ 1.4 $ 36.4 Interest cost 23.9 0.2 24.1 19.2 0.6 19.8 Interest income (23.9) (0.2) (24.1) (16.4) (0.5) (16.9) Past service cost — — — — (5.9) (5.9) Administrative cost 0.6 — 0.6 1.0 0.1 1.1 Net pension cost of funded plans $ 33.1 $ — $ 33.1 $ 38.8 $ (4.3) $ 34.5 Unfunded plans Current service cost $ 4.1 $ 1.0 $ 5.1 $ 4.4 $ 0.8 $ 5.2 Interest cost 3.0 0.3 3.3 2.2 0.2 2.4 Past service cost — 0.2 0.2 — 0.3 0.3 Net pension cost of unfunded plans $ 7.1 $ 1.5 $ 8.6 $ 6.6 $ 1.3 $ 7.9 Total net pension cost $ 40.2 $ 1.5 $ 41.7 $ 45.4 $ (3.0) $ 42.4 During the year ended March 31, 2023, pension costs of $20.9 million (2022 – $17.9 million) have been charged in cost of sales, $5.8 million (2022 – $7.7 million) in research and development expenses, $8.5 million (2022 – $9.8 million) in selling, general and administrative expenses, and $3.3 million (2022 – $5.3 million) in finance expense. In addition, pension costs of $3.2 million (2022 – $1.7 million) were capitalized. Fair value of the plan assets, by major categories, are as follows: (amounts in millions) 2023 2022 Quoted Unquoted Total Quoted Unquoted Total Canadian plans Equity funds Canadian $ — $ 45.6 $ 45.6 $ — $ 72.9 $ 72.9 Foreign — 174.8 174.8 — 145.4 145.4 Bond funds Government — 133.3 133.3 — 115.4 115.4 Corporate — 74.4 74.4 — 105.7 105.7 Private and property investments — 191.7 191.7 — 164.8 164.8 Cash and cash equivalents — 14.4 14.4 — 12.1 12.1 Other — 1.1 1.1 — 0.8 0.8 Total Canadian plans $ — $ 635.3 $ 635.3 $ — $ 617.1 $ 617.1 Foreign plans Equity instruments $ 2.3 $ — $ 2.3 $ 2.6 $ — $ 2.6 Debt instruments Corporate 3.3 — 3.3 3.6 — 3.6 Other — 0.8 0.8 — 0.6 0.6 Total Foreign plans $ 5.6 $ 0.8 $ 6.4 $ 6.2 $ 0.6 $ 6.8 Total plans $ 5.6 $ 636.1 $ 641.7 $ 6.2 $ 617.7 $ 623.9 As at March 31, 2023 and March 31, 2022, there were no common shares of the Company in the pension plan assets. Significant assumptions (weighted average) used are as follows: Canadian Foreign 2023 2022 2023 2022 Pension obligations as at March 31: Discount rate 5.05 % 4.14 % 4.70 % 2.41 % Compensation rate increases 3.66 % 3.65 % 2.54 % 2.66 % Net pension cost for years ended March 31: Discount rate 4.14 % 3.32 % 2.41 % 1.06 % Compensation rate increases 3.65 % 3.65 % 2.66 % 2.06 % Assumptions regarding future mortality are based on actuarial advice in accordance with published statistics and mortality tables and experience in each territory. The mortality tables and the average life expectancy in years for a member age 45 and 65 are as follows: As at March 31, 2023 Life expectancy over 65 for a member (in years) Male Female Country Mortality table at age 45 at age 65 at age 45 at age 65 Canada CPM private tables 23.7 22.2 26.1 24.8 Germany Heubeck RT2018G 23.4 20.6 26.3 24.0 United Kingdom S2PxA CMI 2020 22.6 21.6 24.6 23.4 United States CPM private tables 24.9 23.5 26.4 25.1 As at March 31, 2022 Life expectancy over 65 for a member (in years) Male Female Country Mortality table at age 45 at age 65 at age 45 at age 65 Canada CPM private tables 23.6 22.1 25.7 24.4 Germany Heubeck RT2018G 23.2 20.5 26.2 23.9 United Kingdom S2PxA CMI 2020 23.1 22.1 25.2 24.0 United States CPM private tables 24.9 23.4 26.4 25.0 As at March 31, 2023, the weighted average duration of the defined benefit obligation is 16 years. The impact on the defined benefit obligation as a result of a 0.25% change in the significant assumptions as at March 31, 2023 are as follows: Funded plans Unfunded plans Canadian Foreign Canadian Foreign Total Discount rate: Increase $ (22.7) $ (0.1) $ (2.3) $ (0.3) $ (25.4) Decrease 24.1 0.1 2.4 0.3 26.9 Compensation rate: Increase 8.4 — 0.3 — 8.7 Decrease (8.0) — (0.3) — (8.3) Through its defined benefit plans, the Company is exposed to a number of risks, the most significant being the exposure to asset volatility, to changes in bond yields and to changes in life expectancy. The plan liabilities are calculated using a discount rate set with reference to corporate bond yields, if plan assets underperform against this yield, this will create a deficit. A decrease in corporate bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of the plans’ bond holdings. The plans’ obligations are to provide benefits for the duration of the life of its members, therefore, increases in life expectancy will result in an increase in the plans’ liabilities. Contributions reflect actuarial assumptions of future investment returns, salary projections and future service benefits. The expected employer contributions and expected benefits paid for the next fiscal year are as follows: Canadian Foreign Total Expected employer contributions in funded plans $ 31.9 $ — $ 31.9 Expected benefits paid in unfunded plans 2.9 0.7 3.6 Total employee compensation expense recognized in income is as follows: (amounts in millions) 2023 2022 Salaries and other short-term employee benefits $ 1,564.5 $ 1,326.2 Share-based payments expense, net of equity swap (Note 23) 32.9 39.7 Post-employment benefits – defined benefit plans (Note 19) 38.5 40.7 Post-employment benefits – defined contribution plans 25.4 17.9 Termination benefits 2.7 6.9 Total employee compensation $ 1,664.0 $ 1,431.4 |
OTHER NON-CURRENT LIABILITIES
OTHER NON-CURRENT LIABILITIES | 12 Months Ended |
Mar. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
OTHER NON-CURRENT LIABILITIES | OTHER NON-CURRENT LIABILITIES 2023 2022 Contract liabilities (Note 10 ) $ 94.0 $ 130.3 Share-based payments liabilities (Note 23) 63.2 70.0 Contingent consideration arising on business combinations — 3.7 Interest payable 8.8 14.4 Other 32.2 27.2 $ 198.2 $ 245.6 |
SUPPLEMENTARY CASH FLOWS INFORM
SUPPLEMENTARY CASH FLOWS INFORMATION | 12 Months Ended |
Mar. 31, 2023 | |
Cash Flow Statement [Abstract] | |
SUPPLEMENTARY CASH FLOWS INFORMATION | SUPPLEMENTARY CASH FLOWS INFORMATION Changes in non-cash working capital are as follows: 2023 2022 Cash provided by (used in) non-cash working capital: Accounts receivable $ 4.1 $ 34.2 Contract assets (66.6) (49.3) Inventories (65.6) 107.3 Prepayments (9.7) (5.6) Income taxes (13.2) (11.5) Accounts payable and accrued liabilities 21.8 (24.6) Provisions (15.3) (25.8) Contract liabilities 30.0 (2.2) $ (114.5) $ 22.5 Supplemental information: 2023 2022 Interest paid $ 174.7 $ 93.8 Interest received 13.3 13.1 Income taxes paid 34.7 44.5 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of analysis of other comprehensive income by item [abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME | ACCUMULATED OTHER COMPREHENSIVE INCOME Foreign currency exchange differences Net changes in on translation of Net changes in financial assets foreign operations cash flow hedges carried at FVOCI Total 2023 2022 2023 2022 2023 2022 2023 2022 Balances, beginning of year $ (29.4) $ 64.5 $ (0.5) $ (5.2) $ (1.3) $ (1.2) $ (31.2) $ 58.1 Other comprehensive (loss) income 212.2 (93.9) (13.8) 4.7 — (0.1) 198.4 (89.3) Balances, end of year $ 182.8 $ (29.4) $ (14.3) $ (0.5) $ (1.3) $ (1.3) $ 167.2 $ (31.2) |
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS | 12 Months Ended |
Mar. 31, 2023 | |
Share-based Payment Arrangements [Abstract] [Abstract] | |
SHARE-BASED PAYMENTS | SHARE-BASED PAYMENTS The Company’s share-based payment plans consist of two categories: an equity-settled share-based payment plan comprised of the stock option plan; and cash-settled share-based payments plans that include the stock purchase plan, deferred share units (DSU) plans, restricted share units (RSU) plans and the performance share units (PSU) plan. Share-based payments expense are as follows: 2023 2022 Equity-settled plan Stock option plan $ 6.1 $ 7.8 Cash-settled plans Stock purchase plan 12.8 11.6 Deferred share unit (DSU) plans 3.3 1.1 Restricted share unit (RSU) plans 5.9 1.3 Performance share unit (PSU) plan 0.4 9.2 Total share-based payments expense $ 28.5 $ 31.0 Impact of equity swap agreements (Note 29) 5.3 9.2 Amount capitalized (0.9) (0.5) Share-based payments expense, net of equity swap (Note 24) $ 32.9 $ 39.7 Carrying amount of share-based payments liabilities are as follows: 2023 2022 Cash-settled plans Deferred share unit (DSU) plans $ 21.3 $ 20.6 Restricted share unit (RSU) plans 40.5 42.4 Performance share unit (PSU) plan 12.7 26.8 Total carrying amount of share-based payments liabilities $ 74.5 $ 89.8 Current portion 11.3 19.8 Non-current portion (Note 20) $ 63.2 $ 70.0 Stock option plan Stock options to purchase common shares of the Company are granted to certain employees, officers and executives of the Company. The stock option exercise price is equal to the common shares weighted average price on the TSX of the five days of trading prior to the grant date. Stock options vest over four years of continuous employment from the grant date. The stock options must be exercised within a seven-year period, but are not exercisable during the first year after the grant date. As at March 31, 2023, a total of 9,054,276 common shares (2022 – 9,936,443) remained authorized for issuance under the stock option plan. Changes in outstanding stock options are as follows: 2023 2022 Weighted Weighted Number of average exercise Number of average exercise stock options price stock options price Stock options outstanding, beginning of year 6,783,444 $ 25.08 7,476,902 $ 23.39 Granted 624,700 32.92 712,477 36.79 Exercised (882,167) 18.49 (1,268,660) 21.37 Forfeited (202,440) 29.28 (134,275) 28.57 Expired — — (3,000) 14.66 Stock options outstanding, end of year 6,323,537 $ 26.63 6,783,444 $ 25.08 Stock options exercisable, end of year 3,877,399 $ 25.62 3,395,732 $ 23.35 During the year ended March 31, 2023, the weighted average market share price for stock options exercised was $31.95 (2022 ⁃ $38.13). As at March 31, 2023, summarized information about the stock options issued and outstanding is as follows: Options Outstanding Options Exercisable Weighted Number of average remaining Weighted Number of Weighted Range of stock options contractual life average exercise stock options average exercise exercise prices outstanding (years) price exercisable price $16.15 to $20.86 2,168,433 3.83 $ 20.22 1,073,383 $ 19.87 $21.61 to $27.14 1,978,304 1.79 24.80 1,952,804 24.83 $28.95 to $38.01 2,176,800 4.57 34.69 851,212 34.66 Total 6,323,537 3.44 $ 26.63 3,877,399 $ 25.62 During the year ended March 31, 2023, the weighted average fair value of stock options granted was $10.85 (2022 – $11.53). The assumptions used in the calculation of the fair value of the stock options on the grant date using the Black-Scholes option pricing model are as follows: 2023 2022 Common share price $ 30.87 $ 37.24 Exercise price $ 32.92 $ 36.79 Dividend yield 0.65 % 0.64 % Expected volatility 42.12 % 40.51 % Risk-free interest rate 3.30 % 0.76 % Expected stock option life 4.5 years 4.0 years Expected volatility is estimated by considering historical average common share price volatility over the expected life of the stock options. Stock purchase plan Employees of the Company and its participating subsidiaries can acquire common shares through regular payroll deductions. The Company contributes $1 for every $2 of employee contributions, up to a maximum of 3% of the employee’s base salary. The employee and Company’s contributions are remitted to an independent plan administrator who purchases common shares on the market on behalf of the employee. Deferred share unit (DSU) plans Non-employee directors holding less than the minimum required holdings of common shares of the Company receive their Board retainer compensation in the form of deferred share units (DSUs). A non-employee director holding no less than the minimum required holdings of common shares may also elect to participate in the DSU plan in respect of part or all of his or her retainer. Such retainer amount is converted to DSUs based on the common shares price on the TSX on the date such retainer becomes payable to the non‑employee director. Certain executives can elect to defer a portion or entire short-term incentive payment to the DSU plan on an annual basis. Such deferred short-term incentive amount is converted to DSUs based on the common shares weighted average price on the TSX of the five days of trading prior to the date such incentive becomes payable to the executives. DSUs entitle the holders to receive a cash payment equal to the common shares closing price on the TSX on the payment date, or, in certain cases, the weighted average price of the five days prior to the payment date. Holders are also entitled to dividend equivalents payable in additional DSUs in an amount equal to the dividends paid on the common shares from the date of issuance to the payment date. DSUs vest immediately and are paid upon any termination of employment or when a non-employee director ceases to act as a director. Changes in outstanding DSUs are as follows: 2023 2022 DSUs outstanding, beginning of year 634,342 550,742 Granted 143,206 86,876 Redeemed (79,568) (3,276) DSUs vested and outstanding, end of year 697,980 634,342 Restricted share unit (RSU) plans Restricted share units (RSUs) are granted to certain employees, officers and executives of the Company. RSUs entitle the holders to receive a cash payment based on the average closing price on the TSX for the 20 trading days preceding the vesting date, if restriction criteria are met. Restriction criteria include continuing employment for a period of up to three years. RSUs are paid three years after the grant date. Changes in outstanding RSUs are as follows: 2023 2022 RSUs outstanding, beginning of year 1,529,704 1,430,524 Granted 285,279 289,745 Cancelled (31,505) (13,690) Redeemed (248,843) (176,875) RSUs outstanding, end of year 1,534,635 1,529,704 RSUs vested, end of year 1,289,049 1,303,042 As at March 31, 2023, vested and outstanding RSUs includes 850,393 RSUs granted under the previous plan (2022 – 922,665), which are paid upon any termination of employment of the holder. Under the previous plan, holders are also entitled to dividend equivalents payable in additional RSUs in an amount equal to the dividends paid on the common shares from the date of issuance to the payment date. Performance share unit (PSU) plan Performance share units (PSUs) are granted to certain employees, officers and executives of the Company. PSUs entitle the holders to receive a cash payment equal to the average closing price on the TSX of the common shares for the 20 trading days preceding the vesting date multiplied by a factor which ranges from 0% to 200% based on the attainment of performance criteria set out pursuant to the plan, if restriction criteria are met. Restriction criteria include continuing employment for a period of up to three years. PSUs are paid three years after the grant date. Changes in outstanding PSUs are as follows: 2023 2022 PSUs outstanding, beginning of year 847,171 820,090 Granted 817,218 571,459 Cancelled (48,601) (23,135) Redeemed (467,486) (521,243) PSUs outstanding, end of year 1,148,302 847,171 PSUs vested, end of year 687,120 570,457 |
EMPLOYEE COMPENSATION
EMPLOYEE COMPENSATION | 12 Months Ended |
Mar. 31, 2023 | |
Employee Benefits [Abstract] | |
EMPLOYEE COMPENSATION | EMPLOYEE BENEFITS OBLIGATIONS Defined benefit pension plans The Company has three registered funded defined benefit pension plans in Canada (two for employees and one for designated executives) that provide benefits based on length of service and final average earnings. The Company also maintains a funded pension plan for employees in the United Kingdom that provides benefits based on similar provisions. The Company’s annual contributions, to fund both benefits accruing in the year and deficits accumulated over prior years, and the plans’ financial position are determined based on actuarial valuations. Applicable pension legislations prescribe minimum funding requirements. In addition, the Company maintains unfunded plans in Canada, United States and Germany that provide defined benefits based on length of service and final average earnings. These unfunded plans are the sole obligation of the Company, and there is no requirement to fund them. However, the Company is obligated to pay the benefits when they become due. As at March 31, 2023, the Company has issued letters of credit totalling $56.5 million (2022 – $67.0 million) to collateralize the obligations under the Canadian plans. The funded plans are trustee administered funds. Plan assets held in trusts are governed by local regulations and practices in each country, as is the nature of the relationship between the Company and the trustees and their composition. Responsibility for governance of the plans, including investment decisions and contribution schedules, lies jointly with the Company and the board of trustees. The employee benefits obligations are as follows: 2023 2022 Funded defined benefit pension obligations $ 590.7 $ 638.7 Fair value of plan assets 641.7 623.9 Funded defined benefit pension obligations – net $ (51.0) $ 14.8 Unfunded defined benefit pension obligations 91.8 94.9 Employee benefits obligations - net $ 40.8 $ 109.7 Employee benefit assets $ (51.1) $ — Employee benefit obligations $ 91.9 $ 109.7 Changes in funded defined benefit pension obligations and fair value of plan assets are as follows: 2023 2022 Canadian Foreign Total Canadian Foreign Total Pension obligations, beginning of year $ 631.8 $ 6.9 $ 638.7 $ 687.0 $ 74.5 $ 761.5 Current service cost 32.5 — 32.5 35.0 1.4 36.4 Interest cost 23.9 0.2 24.1 19.2 0.6 19.8 Past service cost — — — — (5.9) (5.9) Actuarial loss (gain) arising from: Experience adjustments 25.5 0.2 25.7 (2.6) 0.2 (2.4) Economic assumptions (102.8) (1.8) (104.6) (92.1) (1.7) (93.8) Demographic assumptions 2.6 (0.1) 2.5 — — — Employee contributions 9.2 — 9.2 7.8 0.3 8.1 Pension benefits paid (25.5) (0.2) (25.7) (22.5) (1.2) (23.7) Settlements (11.7) — (11.7) — (60.3) (60.3) Foreign currency exchange differences — — — — (1.0) (1.0) Pension obligations, end of year $ 585.5 $ 5.2 $ 590.7 $ 631.8 $ 6.9 $ 638.7 Fair value of plan assets, beginning of year $ 617.1 $ 6.8 $ 623.9 $ 574.7 $ 67.2 $ 641.9 Interest income 23.9 0.2 24.1 16.4 0.5 16.9 Return on plan assets, excluding amounts included in interest income (10.1) (0.9) (11.0) 16.6 1.6 18.2 Employer contributions 33.0 0.4 33.4 25.1 (0.1) 25.0 Employee contributions 9.2 — 9.2 7.8 0.3 8.1 Pension benefits paid (25.5) (0.2) (25.7) (22.5) (1.2) (23.7) Settlements (11.7) — (11.7) — (60.3) (60.3) Administrative costs (0.6) — (0.6) (1.0) (0.1) (1.1) Foreign currency exchange differences — 0.1 0.1 — (1.1) (1.1) Fair value of plan assets, end of year $ 635.3 $ 6.4 $ 641.7 $ 617.1 $ 6.8 $ 623.9 Changes in unfunded defined benefit pension obligations are as follows: 2023 2022 Canadian Foreign Total Canadian Foreign Total Pension obligations, beginning of year $ 82.6 $ 12.3 $ 94.9 $ 88.6 $ 14.0 $ 102.6 Current service cost 4.1 1.0 5.1 4.4 0.8 5.2 Interest cost 3.0 0.3 3.3 2.2 0.2 2.4 Past service cost — 0.2 0.2 — 0.3 0.3 Actuarial loss (gain) arising from: Experience adjustments 5.5 (0.6) 4.9 0.3 (0.4) (0.1) Economic assumptions (11.0) (2.7) (13.7) (9.8) (1.3) (11.1) Pension benefits paid (2.9) (0.6) (3.5) (3.1) (0.6) (3.7) Foreign currency exchange differences — 0.6 0.6 — (0.7) (0.7) Pension obligations, end of year $ 81.3 $ 10.5 $ 91.8 $ 82.6 $ 12.3 $ 94.9 Net pension cost is as follows: 2023 2022 Canadian Foreign Total Canadian Foreign Total Funded plans Current service cost $ 32.5 $ — $ 32.5 $ 35.0 $ 1.4 $ 36.4 Interest cost 23.9 0.2 24.1 19.2 0.6 19.8 Interest income (23.9) (0.2) (24.1) (16.4) (0.5) (16.9) Past service cost — — — — (5.9) (5.9) Administrative cost 0.6 — 0.6 1.0 0.1 1.1 Net pension cost of funded plans $ 33.1 $ — $ 33.1 $ 38.8 $ (4.3) $ 34.5 Unfunded plans Current service cost $ 4.1 $ 1.0 $ 5.1 $ 4.4 $ 0.8 $ 5.2 Interest cost 3.0 0.3 3.3 2.2 0.2 2.4 Past service cost — 0.2 0.2 — 0.3 0.3 Net pension cost of unfunded plans $ 7.1 $ 1.5 $ 8.6 $ 6.6 $ 1.3 $ 7.9 Total net pension cost $ 40.2 $ 1.5 $ 41.7 $ 45.4 $ (3.0) $ 42.4 During the year ended March 31, 2023, pension costs of $20.9 million (2022 – $17.9 million) have been charged in cost of sales, $5.8 million (2022 – $7.7 million) in research and development expenses, $8.5 million (2022 – $9.8 million) in selling, general and administrative expenses, and $3.3 million (2022 – $5.3 million) in finance expense. In addition, pension costs of $3.2 million (2022 – $1.7 million) were capitalized. Fair value of the plan assets, by major categories, are as follows: (amounts in millions) 2023 2022 Quoted Unquoted Total Quoted Unquoted Total Canadian plans Equity funds Canadian $ — $ 45.6 $ 45.6 $ — $ 72.9 $ 72.9 Foreign — 174.8 174.8 — 145.4 145.4 Bond funds Government — 133.3 133.3 — 115.4 115.4 Corporate — 74.4 74.4 — 105.7 105.7 Private and property investments — 191.7 191.7 — 164.8 164.8 Cash and cash equivalents — 14.4 14.4 — 12.1 12.1 Other — 1.1 1.1 — 0.8 0.8 Total Canadian plans $ — $ 635.3 $ 635.3 $ — $ 617.1 $ 617.1 Foreign plans Equity instruments $ 2.3 $ — $ 2.3 $ 2.6 $ — $ 2.6 Debt instruments Corporate 3.3 — 3.3 3.6 — 3.6 Other — 0.8 0.8 — 0.6 0.6 Total Foreign plans $ 5.6 $ 0.8 $ 6.4 $ 6.2 $ 0.6 $ 6.8 Total plans $ 5.6 $ 636.1 $ 641.7 $ 6.2 $ 617.7 $ 623.9 As at March 31, 2023 and March 31, 2022, there were no common shares of the Company in the pension plan assets. Significant assumptions (weighted average) used are as follows: Canadian Foreign 2023 2022 2023 2022 Pension obligations as at March 31: Discount rate 5.05 % 4.14 % 4.70 % 2.41 % Compensation rate increases 3.66 % 3.65 % 2.54 % 2.66 % Net pension cost for years ended March 31: Discount rate 4.14 % 3.32 % 2.41 % 1.06 % Compensation rate increases 3.65 % 3.65 % 2.66 % 2.06 % Assumptions regarding future mortality are based on actuarial advice in accordance with published statistics and mortality tables and experience in each territory. The mortality tables and the average life expectancy in years for a member age 45 and 65 are as follows: As at March 31, 2023 Life expectancy over 65 for a member (in years) Male Female Country Mortality table at age 45 at age 65 at age 45 at age 65 Canada CPM private tables 23.7 22.2 26.1 24.8 Germany Heubeck RT2018G 23.4 20.6 26.3 24.0 United Kingdom S2PxA CMI 2020 22.6 21.6 24.6 23.4 United States CPM private tables 24.9 23.5 26.4 25.1 As at March 31, 2022 Life expectancy over 65 for a member (in years) Male Female Country Mortality table at age 45 at age 65 at age 45 at age 65 Canada CPM private tables 23.6 22.1 25.7 24.4 Germany Heubeck RT2018G 23.2 20.5 26.2 23.9 United Kingdom S2PxA CMI 2020 23.1 22.1 25.2 24.0 United States CPM private tables 24.9 23.4 26.4 25.0 As at March 31, 2023, the weighted average duration of the defined benefit obligation is 16 years. The impact on the defined benefit obligation as a result of a 0.25% change in the significant assumptions as at March 31, 2023 are as follows: Funded plans Unfunded plans Canadian Foreign Canadian Foreign Total Discount rate: Increase $ (22.7) $ (0.1) $ (2.3) $ (0.3) $ (25.4) Decrease 24.1 0.1 2.4 0.3 26.9 Compensation rate: Increase 8.4 — 0.3 — 8.7 Decrease (8.0) — (0.3) — (8.3) Through its defined benefit plans, the Company is exposed to a number of risks, the most significant being the exposure to asset volatility, to changes in bond yields and to changes in life expectancy. The plan liabilities are calculated using a discount rate set with reference to corporate bond yields, if plan assets underperform against this yield, this will create a deficit. A decrease in corporate bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of the plans’ bond holdings. The plans’ obligations are to provide benefits for the duration of the life of its members, therefore, increases in life expectancy will result in an increase in the plans’ liabilities. Contributions reflect actuarial assumptions of future investment returns, salary projections and future service benefits. The expected employer contributions and expected benefits paid for the next fiscal year are as follows: Canadian Foreign Total Expected employer contributions in funded plans $ 31.9 $ — $ 31.9 Expected benefits paid in unfunded plans 2.9 0.7 3.6 Total employee compensation expense recognized in income is as follows: (amounts in millions) 2023 2022 Salaries and other short-term employee benefits $ 1,564.5 $ 1,326.2 Share-based payments expense, net of equity swap (Note 23) 32.9 39.7 Post-employment benefits – defined benefit plans (Note 19) 38.5 40.7 Post-employment benefits – defined contribution plans 25.4 17.9 Termination benefits 2.7 6.9 Total employee compensation $ 1,664.0 $ 1,431.4 |
GOVERNMENT PARTICIPATION
GOVERNMENT PARTICIPATION | 12 Months Ended |
Mar. 31, 2023 | |
Government Grants [Abstract] | |
GOVERNMENT PARTICIPATION | GOVERNMENT PARTICIPATION Government contributions were recognized as follows: 2023 2022 Credited to non-financial assets $ 19.6 $ 15.9 Credited to income 26.1 33.1 $ 45.7 $ 49.0 |
CONTINGENCIES AND COMMITMENTS
CONTINGENCIES AND COMMITMENTS | 12 Months Ended |
Mar. 31, 2023 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
CONTINGENCIES AND COMMITMENTS | CONTINGENCIES AND COMMITMENTS Contingencies From time to time, the Company is involved in legal proceedings, audits, litigations and claims arising in the ordinary course of its business. The Company operates in a highly regulated environment across many jurisdictions and is subject to, without limitation, laws and regulations relating to import-export controls, trade sanctions, anti-corruption, health and medical devices, national security and aviation safety of each country. In addition, contracts with government agencies are subject to procurement regulations and other specific legal requirements. The Company is also required to comply with tax laws and regulations of any country in which it operates. The Company is subject to investigations and audits from various government and regulatory agencies. In addition, the Company may identify, investigate, remediate and voluntarily disclose potential non-compliance with those laws and regulations. As a result, the Company can be subject to potential liabilities associated with those matters. Although it is possible that liabilities may be incurred in instances for which no accruals have been made, the Company does not believe that the ultimate outcome of these matters will have a material impact on its consolidated financial statements. During fiscal 2015, the Company received tax notices of reassessment from the Canada Revenue Agency (CRA) in connection with the Company’s characterization of amounts received under the Strategic Aerospace and Defence Initiative (SADI) program during its 2012 and 2013 taxation years. Under the SADI program, the Company received funding from the Government of Canada for its eligible spending in R&D projects, in the form of an unconditionally repayable interest-bearing loan, for which the Company commenced repayment of the principal and interest in fiscal 2016 in accordance with the terms of the agreement. The CRA has taken the position that amounts received under the SADI program qualify as government assistance. The Company filed notices of objection against the CRA’s reassessments and subsequently filed a notice of appeal to the Tax Court of Canada. In September 2021, the Tax Court of Canada ruled in favour of the CRA’s contention and held that the amounts received under the SADI program qualified as government assistance. The Company subsequently filed an appeal to the Federal Court of Appeal against the Tax Court’s decision. In October 2022, the Federal Court of Appeal issued a decision in which it rejected the appeal. In December 2022, the Company filed an application for leave to appeal to the Supreme Court of Canada. In May 2023, the Supreme Court of Canada denied the application for leave to appeal. The Company considers this matter closed as the Supreme Court’s decision cannot be appealed. The outcome did not have a material impact on the Company’s consolidated financial statements as at March 31, 2023. Commitments Contractual purchase commitments that are not recognized as liabilities are as follows: 2023 2022 Less than 1 year $ 297.5 $ 290.9 Between 1 and 5 years 249.6 210.0 Later than 5 years 1.9 3.6 Total contractual purchase commitments $ 549.0 $ 504.5 |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Mar. 31, 2023 | |
Fair Value Measurement [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of a financial instrument is determined by reference to the available market information at the reporting date. When no active market exists for a financial instrument, the Company determines the fair value of that instrument based on valuation methodologies as discussed below. In determining assumptions required under a valuation model, the Company primarily uses external, readily observable market data inputs. Assumptions or inputs that are not based on observable market data incorporate the Company’s best estimates of market participant assumptions. Counterparty credit risk and the Company’s own credit risk are taken into account in estimating the fair value of financial assets and financial liabilities. The following assumptions and valuation methodologies have been used to measure the fair value of financial instruments: (i) The fair value of cash and cash equivalents, accounts receivable and accounts payable and accrued liabilities approximate their carrying values due to their short-term maturities; (ii) The fair value of derivative instruments, which include forward contracts, swap agreements and embedded derivatives accounted for separately and is calculated as the present value of the estimated future cash flows using an appropriate interest rate yield curve and forward foreign exchange rate. Assumptions are based on market conditions prevailing at each reporting date. The fair value of derivative instruments reflect the estimated amounts that the Company would receive or pay to settle the contracts at the reporting date; (iii) The fair value of the equity investments, which does not have a readily available market value, is estimated using a discounted cash flow model, which includes some assumptions that are not based on observable market prices or rates; (iv) The fair value of non-current receivables is estimated based on discounted cash flows using current interest rates for instruments with similar risks and remaining maturities; (v) The fair value of long-term debts, royalties obligations and other non-current liabilities are estimated based on discounted cash flows using current interest rates for instruments with similar risks and remaining maturities; (vi) The fair value of the contingent considerations arising on business combinations are based on the estimated amount and timing of projected cash flows, the probability of the achievement of the criteria on which the contingency is based and the risk-adjusted discount rate used to present value the probability-weighted cash flows. Fair value hierarchy The fair value hierarchy reflects the significance of the inputs used in making the measurements and has the following levels: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices in markets that are not active) or indirectly (i.e. quoted prices for similar assets or liabilities); Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). Each type of fair value is categorized based on the lowest level input that is significant to the fair value measurement in its entirety. The carrying values and fair values of financial instruments, by category, are as follows: 2023 2022 Level Carrying value Fair value Carrying value Fair value Total Total Total Total Financial assets (liabilities) measured at FVTPL Cash and cash equivalents Level 1 $ 217.6 $ 217.6 $ 346.1 $ 346.1 Equity swap agreements Level 2 (11.8) (11.8) (13.0) (13.0) Forward foreign currency contracts Level 2 (5.3) (5.3) 7.0 7.0 Contingent consideration arising on business combinations Level 3 — — (3.7) (3.7) Derivatives assets (liabilities) designated in a hedge relationship Foreign currency and interest rate swap agreements Level 2 10.5 10.5 8.2 8.2 Forward foreign currency contracts Level 2 (20.5) (20.5) 8.3 8.3 Financial assets (liabilities) measured at amortized cost Accounts receivable (1) Level 2 555.3 555.3 501.7 501.7 Investment in finance leases Level 2 125.7 126.1 118.7 124.4 Advances to a portfolio investment Level 2 10.7 10.7 10.5 10.5 Other assets (2) Level 2 21.4 21.4 26.9 26.9 Accounts payable and accrued liabilities (3) Level 2 (799.3) (799.3) (696.6) (696.6) Total long-term debt (4) Level 2 (2,800.3) (2,788.2) (2,658.8) (2,765.4) Other non-current liabilities (5) Level 2 (137.6) (125.1) (151.8) (164.5) Financial assets measured at FVOCI Equity investments Level 3 1.4 1.4 1.4 1.4 $ (2,832.2) $ (2,807.2) $ (2,495.0) $ (2,608.6) (1) Includes trade receivables, accrued receivables and certain other receivables. (2) Includes non-current receivables and certain other non-current assets. (3) Includes trade accounts payable, accrued liabilities, interest payable and current royalty obligations. (4) Excludes lease liabilities. The carrying value of long-term debt excludes transaction costs. (5) Includes non-current royalty obligations and other non-current liabilities. Changes in level 3 financial instruments are as follows: Contingent consideration arising on business Equity combinations investments Total Balances as at March 31, 2022 $ (3.7) $ 1.4 $ (2.3) Total realized and unrealized losses included in income (2.7) — (2.7) Settlement 6.4 — 6.4 Balances as at March 31, 2023 $ — $ 1.4 $ 1.4 |
CAPITAL RISK MANAGEMENT
CAPITAL RISK MANAGEMENT | 12 Months Ended |
Mar. 31, 2023 | |
Capital Risk Management [Abstract] | |
CAPITAL RISK MANAGEMENT | CAPITAL RISK MANAGEMENT The Company’s capital allocation priorities are focused on: (i) Organic investments for sustainable and accretive growth; (ii) Maintaining a strong balance sheet for optimal resiliency and financial flexibility; (iii) Balancing returns to shareholders with leverage targets and growth investment opportunities. The Company manages its capital structure and makes corresponding adjustments based on changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, issue new shares or debt, use cash to reduce debt or repurchase shares. To accomplish its objectives stated above, the Company monitors its capital on the basis of the net debt to capital. This ratio is calculated as net debt divided by the sum of total equity plus net debt. Net debt is calculated as total long-term debt, including the current portion of long-term debt less cash and cash equivalents. Total equity comprises share capital, contributed surplus, accumulated other comprehensive income, retained earnings and non-controlling interests. The level of debt versus equity in the capital structure is monitored, and the ratios are as follows: 2023 2022 Total long-term debt (Note 18) $ 3,250.1 $ 3,046.2 Less: cash and cash equivalents (217.6) (346.1) Net debt $ 3,032.5 $ 2,700.1 Equity 4,588.9 4,086.6 Total net debt plus equity $ 7,621.4 $ 6,786.7 Net debt-to-capital % 39.8 % 39.8 |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of notes and other explanatory information [Abstract] | |
FINANCIAL RISK MANAGEMENT | FINANCIAL RISK MANAGEMENT Due to the nature of the activities that the Company carries out and as a result of holding financial instruments, the Company is exposed to credit risk, liquidity risk and market risk, including foreign currency risk and interest rate risk. The Company’s exposure to credit risk, liquidity risk and market risk is managed within risk management parameters documented in corporate policies. These risk management parameters remain unchanged since the previous period, unless otherwise indicated. Credit risk Credit risk is defined as the Company’s exposure to a financial loss if a debtor fails to meet its obligations in accordance with the terms and conditions of its arrangements with the Company. The Company is exposed to credit risk on its accounts receivable and certain other assets through its normal commercial activities. The Company is also exposed to credit risk through its normal treasury activities on its cash and cash equivalents and derivative financial assets. Credit risks arising from the Company’s normal commercial activities are managed with regards to customer credit risk. The Company’s customers are mainly established companies, some of which have publicly available credit ratings, as well as government agencies, which facilitates risk assessment and monitoring. In addition, the Company typically receives substantial non‑refundable advance payments for contracts with customers. The Company closely monitors its exposure to major airline companies in order to mitigate its risk to the extent possible. Furthermore, the Company’s trade receivables are held with a wide range of commercial and government organizations and agencies. As well, the Company’s credit exposure is further reduced by the sale of certain of its accounts receivable to third-party financial institutions for cash consideration on a limited recourse basis (receivable purchase facility). The Company does not hold any collateral as security. The credit risk on cash and cash equivalents is mitigated by the fact that they are mainly in place with a diverse group of major North American and European financial institutions. The Company is exposed to credit risk in the event of non-performance by counterparties to its derivative financial instruments. The Company uses several measures to minimize this exposure. First, the Company enters into contracts with counterparties that are of high credit quality. The Company signed International Swaps & Derivatives Association, Inc. (ISDA) Master Agreements with all the counterparties with whom it trades derivative financial instruments. These agreements make it possible to offset when a contracting party defaults on the agreement, for each of the transactions covered by the agreement and in force at the time of default. Also, collateral or other security to support derivative financial instruments subject to credit risk can be requested by the Company or its counterparties (or both parties, if need be) when the net balance of gains and losses on each transaction exceeds a threshold defined in the ISDA Master Agreement. Finally, the Company monitors the credit standing of counterparties on a regular basis to help minimize credit risk exposure. The carrying amounts presented in Note 9 and Note 27 represent the maximum exposure to credit risk for each respective financial asset as at the relevant dates. Exposure to credit risk and credit loss allowances for accounts receivable and contract assets by segment are as follows: As at March 31, 2023 Civil Aviation Defense and Healthcare Amounts not allocated to a segment Total Gross accounts receivable $ 354.1 $ 198.1 $ 65.4 $ 23.6 $ 641.2 Gross contract assets 160.6 571.6 3.5 — 735.7 Total $ 514.7 $ 769.7 $ 68.9 $ 23.6 $ 1,376.9 Credit loss allowances $ (23.1) $ (1.0) $ (1.4) $ — $ (25.5) As a % 4.5 % 0.1 % 2.0 % — % 1.9 % As at March 31, 2022 Civil Aviation Defense and Healthcare Amounts not allocated to a segment Total Gross accounts receivable $ 293.4 $ 219.9 $ 53.2 $ 18.3 $ 584.8 Gross contract assets 137.2 500.9 4.3 — 642.4 Total $ 430.6 $ 720.8 $ 57.5 $ 18.3 $ 1,227.2 Credit loss allowances $ (25.7) $ (0.8) $ (1.4) $ — $ (27.9) As a % 6.0 % 0.1 % 2.4 % — % 2.3 % Client concentration risk For the year ended March 31, 2023, contracts with the U.S. federal government and its various agencies included in the Defense and Security segment accounted for 22% (2022 – 23%) of consolidated revenue. Liquidity risk Liquidity risk is defined as the potential risk that the Company cannot meet its cash obligations as they become due. The Company manages this risk by establishing cash forecasts, as well as long-term operating and strategic plans. The management of consolidated liquidity requires a regular monitoring of expected cash inflows and outflows which is achieved through a forecast of the Company’s consolidated liquidity position, for efficient use of cash resources. Liquidity adequacy is assessed in view of seasonal needs, stress-test results, growth requirements and capital expenditures, and the maturity profile of indebtedness, including availability of credit facilities, working capital requirements, compliance with financial covenants and the funding of financial commitments. The Company manages its liquidity risk to maintain sufficient liquid financial resources to fund its operations and meet its commitments and obligations. The Company also regularly monitors any financing opportunities to optimize its capital structure and maintain appropriate financial flexibility. In managing its liquidity risk, the Company has access to a committed unsecured revolving credit facility of US$1.0 billion (2022 – US$850.0 million and $300.0 million available through a Sidecar unsecured revolving credit facility). As well, the Company has agreements to sell interests in certain of its accounts receivable (receivable purchase facility) for an amount of up to US$400.0 million (2022 – US$400.0 million). As at March 31, 2023, the carrying amount of the original accounts receivable sold to a financial institution pursuant to the receivable purchase facility totaled $266.7 million (2022 – $213.9 million) of which $42.4 million (2022 – $21.0 million), corresponding to the extent of the Company’s continuing involvement, remains in accounts receivable with a corresponding liability included in accounts payable and accrued liabilities. The following tables present a maturity analysis based on the contractual maturity date of the Company’s financial liabilities based on expected cash flows. Cash flows from derivatives presented either as derivative assets or liabilities have been included, as the Company manages its derivative contracts on a gross basis. The amounts are the contractual undiscounted cash flows. All amounts contractually denominated in foreign currency are presented in Canadian dollar equivalent amounts using the period-end spot rate except as otherwise stated: Between Between Between Between Carrying Contractual Less than 1 and 2 and 3 and 4 and More than As at March 31, 2023 amount cash flows 1 year 2 years 3 years 4 years 5 years 5 years Non-derivative financial liabilities Accounts payable and accrued liabilities (1) $ 799.3 $ 799.3 $ 799.3 $ — $ — $ — $ — $ — Total long-term debt (2) Long-term debt (other than lease liabilities) 2,794.2 2,794.2 133.4 486.7 264.2 171.5 562.7 1,175.7 Interest and accretion — 734.5 120.2 93.8 73.9 67.5 53.9 325.2 Lease liabilities 455.9 724.6 104.5 62.7 55.9 51.5 47.6 402.4 Other non-current liabilities (3) 137.6 277.7 — 28.5 27.6 26.0 33.2 162.4 $ 4,187.0 $ 5,330.3 $ 1,157.4 $ 671.7 $ 421.6 $ 316.5 $ 697.4 $ 2,065.7 Net derivative financial liabilities (assets) Forward foreign currency contracts (4) $ 25.8 Outflow $ 2,119.4 $ 1,852.8 $ 186.3 $ 66.5 $ 13.8 $ — $ — Inflow (2,092.2) (1,832.5) (182.2) (64.1) (13.4) — — Foreign currency and interest rate swap agreements (10.5) (11.3) (6.5) (3.2) (1.1) (0.4) (0.1) — Equity swap agreements 11.8 11.8 11.8 — — — — — $ 27.1 $ 27.7 $ 25.6 $ 0.9 $ 1.3 $ — $ (0.1) $ — $ 4,214.1 $ 5,358.0 $ 1,183.0 $ 672.6 $ 422.9 $ 316.5 $ 697.3 $ 2,065.7 Between Between Between Between Carrying Contractual Less than 1 and 2 and 3 and 4 and More than As at March 31, 2022 amount cash flows 1 year 2 years 3 years 4 years 5 years 5 years Non-derivative financial liabilities Accounts payable and accrued liabilities (1) $ 696.6 $ 696.6 $ 696.6 $ — $ — $ — $ — $ — Total long-term debt (2) Long-term debt (other than lease liabilities) 2,651.2 2,651.2 142.8 345.3 232.5 238.4 489.9 1,202.3 Interest and accretion — 741.3 81.9 80.3 70.6 59.7 48.7 400.1 Lease liabilities 395.0 487.8 113.0 66.7 44.2 39.1 34.4 190.4 Other non-current liabilities (3) 155.5 330.1 — 35.5 31.2 30.8 30.2 202.4 $ 3,898.3 $ 4,907.0 $ 1,034.3 $ 527.8 $ 378.5 $ 368.0 $ 603.2 $ 1,995.2 Net derivative financial liabilities (assets) Forward foreign currency contracts (4) $ (15.3) Outflow $ 1,320.5 $ 1,175.3 $ 118.1 $ 15.4 $ 11.7 $ — $ — Inflow (1,336.9) (1,188.6) (121.0) (15.7) (11.6) — — Foreign currency and interest rate swap agreements (8.2) (2.9) (1.4) (0.9) (0.3) (0.1) (0.2) — Equity swap agreements 13.0 13.0 13.0 — — — — — $ (10.5) $ (6.3) $ (1.7) $ (3.8) $ (0.6) $ — $ (0.2) $ — $ 3,887.8 $ 4,900.7 $ 1,032.6 $ 524.0 $ 377.9 $ 368.0 $ 603.0 $ 1,995.2 (1) Includes trade accounts payable, accrued liabilities, interest payable, current portion of royalty obligations and certain payroll-related liabilities. (2) Contractual cash flows include contractual interest and principal payments related to debt obligations. Contractual interests on debt obligations with variable interest rate are presented using the period-end rate. (3) Includes non-current royalty obligations and other non-current liabilities. (4) Outflows and inflows are presented in Canadian dollar equivalent using the contractual forward foreign currency rate. The Company is party to an agreement that includes a put option, that if exercised, requires CAE to purchase the remaining equity interest in a joint venture. Under the terms of the agreement, the counterparty has the option to sell its shares in the joint venture at fair value. As at March 31, 2023, no value has been ascribed to the put option as the purchase price for the shares corresponds to their fair value. Market risk Market risk is defined as the Company’s exposure to a gain or a loss in the value of its financial instruments as a result of changes in market prices, whether those changes are caused by factors specific to the individual financial instruments or its issuer, or factors affecting all similar financial instruments traded in the market. The Company is mainly exposed to foreign currency risk and interest rate risk. Derivative instruments are utilized by the Company to manage market risk against the volatility in foreign exchange rates, interest rates and share-based payments in order to minimize their impact on the Company’s results and financial position. The Company’s policy is not to utilize any derivative financial instruments for trading or speculative purposes. Foreign currency risk Foreign currency risk is defined as the Company’s exposure to a gain or a loss in the value of its financial instruments as a result of fluctuations in foreign exchange rates. The Company is exposed to foreign exchange rate variability primarily in relation to certain sale commitments, expected purchase transactions and debt denominated in a foreign currency, as well as on the net investment from its foreign operations which have functional currencies other than the Canadian dollar (in particular the U.S. dollar (USD), Euro (€ or EUR) and British pound (GBP or £). In addition, these operations have exposures to foreign exchange rates primarily through cash and cash equivalents and other working capital accounts denominated in currencies other than their functional currencies. The Company mitigates foreign currency risks by having its foreign operations transact in their functional currency for material procurement, sale contracts and financing activities. The Company uses forward foreign currency contracts and foreign currency swap agreements to manage the Company’s exposure from transactions in foreign currencies. These transactions include forecasted transactions and firm commitments denominated in foreign currencies. The forward foreign currency contracts outstanding are as follows: (amounts in millions, except average rate) 2023 2022 Notional Average Notional Average Currencies (sold/bought) amount (1) rate amount (1) rate USD/CDN Less than 1 year $ 864.6 0.74 $ 514.5 0.80 Between 1 and 3 years 179.1 0.76 85.0 0.78 Between 3 and 5 years 12.8 0.77 11.5 0.79 EUR/CDN Less than 1 year 249.5 0.68 169.9 0.67 Between 1 and 3 years 61.8 0.71 15.7 0.65 Between 3 and 5 years 1.0 0.70 0.2 0.64 GBP/CDN Less than 1 year 73.4 0.62 72.0 0.59 Between 1 and 3 years 1.2 0.61 2.3 0.58 CDN/USD Less than 1 year 323.4 1.35 132.1 1.29 Between 1 and 3 years 10.7 1.31 30.3 1.28 Other currencies Less than 1 year 341.9 n.a. 286.8 n.a. Between 1 and 3 years — n.a. 0.3 n.a. Total $ 2,119.4 $ 1,320.6 (1) Exchange rates as at the end of the respective periods were used to translate amounts in foreign currencies. The Company’s foreign currency hedging programs are typically unaffected by changes in market conditions, as related derivative financial instruments are generally held until their maturity, consistent with the objective to fix currency rates on the hedged item. Foreign currency risk sensitivity analysis The following table presents the Company’s exposure to foreign currency risk of financial instruments and the pre-tax effects on net income and OCI as a result of a reasonably possible strengthening of 5% in the relevant foreign currency against the Canadian dollar as at March 31. This analysis assumes all other variables remain constant. USD € GBP Net income OCI Net income OCI Net income OCI 2023 $ 0.5 $ (10.9) $ 0.6 $ (5.0) $ 0.2 $ (0.1) 2022 (5.6) (8.0) (2.1) (0.7) — 0.1 A weakening of 5% in the relevant foreign currency against the Canadian dollar would have an opposite impact on pre-tax income and OCI. Interest rate risk Interest rate risk is defined as the Company’s exposure to a gain or a loss to the value of its financial instruments as a result of fluctuations in interest rates. The Company bears some interest rate fluctuation risk on its floating rate long-term debt and some fair value risk on its fixed interest long-term debt. The Company mainly manages interest rate risk by fixing project-specific floating rate debt in order to reduce cash flow variability. The Company has floating rate debts through its revolving credit facility and other specific floating rate debts. A mix of fixed and floating interest rate debt is sought to reduce the net impact of fluctuating interest rates. Derivative financial instruments used to manage interest rate exposures are mainly interest rate swap agreements. As at March 31, 2023, 73% (2022 – 75%) of the long-term debt bears fixed interest rates. The Company’s interest rate hedging programs are typically unaffected by changes in market conditions, as related derivative financial instruments are generally held until their maturity to establish asset and liability management matching, consistent with the objective to reduce risks arising from interest rate movements. Interest rate risk sensitivity analysis During the year ended March 31, 2023, a 1% increase in interest rates would decrease net income by $8.8 million (2022 – $5.0 million) and would not have a significant impact on OCI (2022 – not significant) assuming all other variables remained constant. A 1% decrease in interest rates would have an opposite impact on net income. Hedge of share-based payments expense The Company has entered into equity swap agreements with major Canadian financial institutions to reduce its exposure to fluctuations in its share price relating to the cash-settled share-based payments plans. Pursuant to the agreement, the Company receives the economic benefit of dividends and share price appreciation while providing payments to the financial institutions for the institution’s cost of funds and any share price depreciation. The net effect of the equity swap agreements partly offset movements in the Company’s share price impacting the cost of the cash-settled share-based payments plans. As at March 31, 2023, the equity swap agreements covered 2,700,000 common shares (2022 – 2,700,000) of the Company. Hedge of net investments in foreign operations As at March 31, 2023, the Company has designated a portion of its unsecured senior notes, term loans and revolving credit facility totaling US$1,054.8 million (2022 – US$1,068.8 million) as a hedge of its net investments in U.S. entities. Gains or losses on the translation of the designated portion of these USD denominated long-term debts are recognized in OCI to offset any foreign exchange gains or losses on translation of the financial statements of those U.S. entities. Letters of credit and guarantees As at March 31, 2023, the Company had outstanding letters of credit and performance guarantees in the amount of $242.5 million (2022 – $216.1 million) issued in the normal course of business. These guarantees are issued under the revolving credit facility and the Performance Securities Guarantee (PSG). The advance payment guarantees are related to progress/milestone payments made by the Company’s customers and are reduced or eliminated upon delivery of the product. The contract performance guarantees are linked to the completion of the intended product or service rendered by the Company and to the customer’s requirements. The customer releases the Company from these guarantees at the signing of a certificate of completion. The letter of credit for the lease obligation provides credit support for the benefit of the owner participant on a sale and leaseback transaction and varies according to the payment schedule of the lease agreement. 2023 2022 Advance payments $ 50.8 $ 42.0 Contract performance 106.7 83.9 Lease obligations 21.4 19.5 Financial obligations 59.7 69.2 Other 3.9 1.5 $ 242.5 $ 216.1 Indemnifications In certain instances when the Company sells businesses, it may retain certain liabilities for known exposures and provide indemnification to the buyer with respect to future claims for certain unknown liabilities that exist, or arise from events occurring, prior to the sale date, including liabilities for taxes, legal matters, environmental exposures, product liability, and other obligations. The terms of the indemnifications vary in duration, from one The Company believes that other than the liabilities already accrued, the maximum potential future payments that it could be required to make under these indemnifications are not determinable at this time, as any future payments would be dependent on the type and extent of the related claims, and all available defences, including insurance, which cannot be estimated. However, historically, costs incurred to settle claims related to these indemnifications have not been material to the Company’s consolidated financial position, net income or cash flows. |
RELATED PARTY RELATIONSHIPS
RELATED PARTY RELATIONSHIPS | 12 Months Ended |
Mar. 31, 2023 | |
Related Party [Abstract] | |
RELATED PARTY RELATIONSHIPS | RELATED PARTY RELATIONSHIPS The following tables include principal investments which, in aggregate, significantly impact the results or assets of the Company: Investments in subsidiaries consolidated in the Company’s financial statements: % equity % equity interest interest Name Country of incorporation 2023 2022 CAE Academia de Aviacion (Espana) S.L. Spain 100.0 % 100.0 % CAE Arabia LLC Saudi Arabia 50.0 % 50.0 % CAE (UK) plc United Kingdom 100.0 % 100.0 % CAE (US) Inc. United States 100.0 % 100.0 % CAE Aircrew Training Services plc United Kingdom 76.5 % 76.5 % CAE Australia Pty Ltd. Australia 100.0 % 100.0 % CAE Aviation Services Pte Ltd. Singapore 100.0 % 100.0 % CAE Aviation Training Australia Pty Ltd. Australia 100.0 % — % CAE Aviation Training B.V. Netherlands 100.0 % 100.0 % CAE Aviation Training Peru S.A. Peru 100.0 % 100.0 % CAE Bangkok Co., Ltd. Thailand 100.0 % 100.0 % CAE Brunei Multi Purpose Training Centre Sdn Bhd Brunei 60.0 % 60.0 % CAE Center Amsterdam B.V. Netherlands 100.0 % 100.0 % CAE Center Brussels N.V. Belgium 100.0 % 100.0 % CAE Centre Copenhagen A/S Denmark 100.0 % 100.0 % CAE Centre Hong Kong Limited China 100.0 % 100.0 % CAE Centre Oslo AS Norway 100.0 % 100.0 % CAE Centre Stockholm AB Sweden 100.0 % 100.0 % CAE CFT B.V. Netherlands 100.0 % 100.0 % CAE Civil Aviation Training Solutions, Inc. United States 100.0 % 100.0 % CAE Colombia Flight Training S.A.S. Colombia 100.0 % 100.0 % CAE Crew Solutions B.V Netherlands 100.0 % 100.0 % CAE Doss Aviation, Inc. United States 100.0 % 100.0 % CAE El Salvador Flight Training S.A. de C.V. El Salvador 99.5 % 99.5 % CAE Engineering Korlatolt Felelossegu Tarsasag Hungary 100.0 % 100.0 % CAE Entrenamiento de Vuelo Chile Limitada Chile 100.0 % 100.0 % CAE Flight Services Austria GmbH Austria 100.0 % 100.0 % CAE Flight Services New Zealand Limited. New Zealand 100.0 % 100.0 % CAE Flight Services Poland Sp z.o.o Poland 100.0 % 100.0 % CAE Flight Services Sweden AB Sweden 100.0 % 100.0 % CAE Flight Services USA, Inc. United States 100.0 % 100.0 % CAE Flight & Simulator Services Sdn. Bhd. Malaysia 100.0 % 100.0 % CAE Flight Training (India) Private Limited India 100.0 % 100.0 % CAE Flight Training Center Mexico, S.A. de C.V. Mexico 100.0 % 100.0 % CAE France SAS France 100.0 % 100.0 % CAE Global Academy Évora, SA Portugal 100.0 % 100.0 % CAE GmbH Germany 100.0 % 100.0 % CAE Healthcare Canada Inc. Canada 100.0 % 100.0 % CAE Healthcare, Inc. United States 100.0 % 100.0 % CAE India Private Limited India 100.0 % 100.0 % CAE Integrated Enterprise Solutions Australia Pty Ltd. Australia 100.0 % 100.0 % CAE International Holdings Limited Canada 100.0 % 100.0 % Investments in subsidiaries consolidated in the Company’s financial statements (continued): % equity % equity interest interest Name Country of incorporation 2023 2022 CAE Kuala Lumpur Sdn. Bhd. Malaysia 100.0 % 100.0 % CAE Luxembourg Acquisition, S.à r.l. Luxembourg 100.0 % 100.0 % CAE Maritime Middle East L.L.C. UAE 49.0 % 49.0 % CAE Middle East L.L.C. UAE 49.0 % 49.0 % CAE Military Aviation Training Inc. Canada 100.0 % 100.0 % CAE New Zealand Pty Limited New Zealand 100.0 % 100.0 % CAE North East Training Inc. United States 100.0 % 100.0 % CAE Oslo - Aviation Academy AS Norway 100.0 % 100.0 % CAE Oxford Aviation Academy Phoenix Inc. United States 100.0 % 100.0 % CAE Services GmbH Germany 100.0 % 100.0 % CAE Services Italia S.r.l. Italy 100.0 % 100.0 % CAE Servicios Globales de Instrucción de Vuelo (España), S.L. Spain 100.0 % 100.0 % CAE Shanghai Company, Limited China 100.0 % 100.0 % CAE SimuFlite Inc. United States 100.0 % 100.0 % CAE Simulation Technologies Private Limited India 100.0 % 100.0 % CAE Simulator Services Inc. Canada 100.0 % 100.0 % CAE Singapore (S.E.A.) Pte Ltd. Singapore 100.0 % 100.0 % CAE South America Flight Training do Brasil Ltda. Brazil 100.0 % 100.0 % CAE STS Limited United Kingdom 100.0 % 100.0 % CAE Training & Services Brussels N.V. Belgium 100.0 % 100.0 % CAE Training & Services UK Ltd. United Kingdom 100.0 % 100.0 % CAE Training Norway AS Norway 100.0 % 100.0 % CAE TSP Inc. Canada 100.0 % 100.0 % CAE USA Inc. United States 100.0 % 100.0 % CAE Vietnam Limited Liability Company Vietnam 100.0 % 100.0 % Medicor Lab Inc. Canada 100.0 % 100.0 % Oxford Aviation Academy (Oxford) Limited United Kingdom 100.0 % 100.0 % Parc Aviation Engineering Services Ltd. Ireland 100.0 % 100.0 % Parc Aviation Limited Ireland 100.0 % 100.0 % Parc Aviation (UK) Ltd. United Kingdom 100.0 % 100.0 % Parc Interim Ltd. Ireland 100.0 % 100.0 % Pelesys Aviation Maintenance Training Inc. Canada 100.0 % 100.0 % Pelesys Learning Systems Inc. Canada 100.0 % 100.0 % Presagis Canada Inc. Canada 100.0 % 100.0 % Presagis Europe (S.A.S) France 100.0 % 100.0 % Presagis USA Inc. United States 100.0 % 100.0 % Servicios de Instrucción de Vuelo, S.L. Spain 80.0 % 80.0 % SIV Ops Training, S.L. Spain 80.0 % 80.0 % Investments in joint ventures and affiliates accounted for under the equity method: % equity % equity interest interest Name Country of incorporation 2023 2022 Aviation Training Northeast Asia B.V. Netherlands 50.0 % 50.0 % CAE Flight and Simulator Services Korea, Ltd. Korea 50.0 % 50.0 % CAE Icelandair Flight Training ehf Iceland 33.3 % 33.3 % CAE-LIDER Training do Brasil Ltda. Brazil 50.0 % 50.0 % CAE Melbourne Flight Training Pty Ltd Australia 50.0 % 50.0 % CAE Middle East Pilot Services L.L.C United Arab Emirates 49.0 % 49.0 % CAE Simulation Training Private Limited India 50.0 % 50.0 % Embraer CAE Training Services, LLC United States 49.0 % 49.0 % Emirates-CAE Flight Training (LLC) UAE 49.0 % 49.0 % Flight Training Alliance GmbH Germany 50.0 % 50.0 % Hatsoff Helicopter Training Private Limited India 50.0 % 50.0 % Helicopter Training Media International GmbH Germany 50.0 % 50.0 % HFTS Helicopter Flight Training Services GmbH Germany 25.0 % 25.0 % JAL CAE Flight Training Co. Ltd. Japan 50.0 % 50.0 % Leonardo CAE Advanced Jet Training S.r.l. Italy 50.0 % 50.0 % National Flying Training Institute Private Limited India 51.0 % 51.0 % Pegasus Uçus Egitim Merkezi A.S. Turkey 49.9 % 49.9 % Philippine Academy for Aviation Training, Inc. Philippines 40.0 % 40.0 % Rotorsim s.r.l. Italy 50.0 % 50.0 % Rotorsim USA LLC United States 50.0 % 50.0 % SimCom Holdings Inc. United States 50.0 % 50.0 % Singapore CAE Flight Training Pte Ltd. Singapore 50.0 % 50.0 % SkyWarrior Flight Training LLC United States 37.0 % 37.0 % Xebec Government Services, LLC United States 49.0 % 49.0 % When the Company’s share of losses in a joint venture equals or exceeds its interests in the joint ventures, the Company does not recognize further losses, unless it will incur obligations or make payments on behalf of the joint ventures. During the year ended March 31, 2023, the Company's unrecognized share of losses in joint ventures was $0.1 million (2022 – profit of $1.6 million). As at March 31, 2023, the cumulative unrecognized share of losses for these joint ventures was $12.3 million (2022 – $12.2 million) and the cumulative unrecognized share of comprehensive loss of these joint ventures was $11.4 million (2022 – $11.2 million). SkyWarrior Flight Training LLC In August 2021, the Company acquired a 37% equity interest in SkyWarrior Flight Training LLC (SkyWarrior) for cash consideration of $4.3 million. SkyWarrior is a flight training operation which primarily delivers Phase 1 initial flight training to U.S. and international military customers. The Company’s outstanding balances with its equity accounted investees are as follows: 2023 2022 Accounts receivable (Note 9) $ 59.5 $ 49.7 Contract assets 25.6 23.0 Other non-current assets 17.1 12.8 Accounts payable and accrued liabilities (Note 16) 5.7 5.1 Contract liabilities 58.0 46.5 Other non-current liabilities — 1.5 The Company’s transactions with its equity accounted investees are as follows: 2023 2022 Revenue $ 223.0 $ 111.8 Purchases 4.6 3.5 Other income 1.2 3.8 Compensation of key management personnel K ey management personnel have the ability and responsibility to make major operational, financial and strategic decisions for the Company and include members of the Board of Directors and certain executive officers. The compensation expense of key management for employee services recognized in income are as follows: 2023 2022 Salaries and other short-term employee benefits $ 7.6 $ 8.4 Post-employment benefits – defined benefit plans 4.4 2.2 Share-based payments expense 1.7 6.6 $ 13.7 $ 17.2 For the year ended March 31, 2023, the compensation earned by non-employee Directors of the Company amounted to $2.9 million (2022 – $2.4 million), which include the grant date fair value of deferred share units (DSUs) as well as cash payments. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of related party transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY RELATIONSHIPS The following tables include principal investments which, in aggregate, significantly impact the results or assets of the Company: Investments in subsidiaries consolidated in the Company’s financial statements: % equity % equity interest interest Name Country of incorporation 2023 2022 CAE Academia de Aviacion (Espana) S.L. Spain 100.0 % 100.0 % CAE Arabia LLC Saudi Arabia 50.0 % 50.0 % CAE (UK) plc United Kingdom 100.0 % 100.0 % CAE (US) Inc. United States 100.0 % 100.0 % CAE Aircrew Training Services plc United Kingdom 76.5 % 76.5 % CAE Australia Pty Ltd. Australia 100.0 % 100.0 % CAE Aviation Services Pte Ltd. Singapore 100.0 % 100.0 % CAE Aviation Training Australia Pty Ltd. Australia 100.0 % — % CAE Aviation Training B.V. Netherlands 100.0 % 100.0 % CAE Aviation Training Peru S.A. Peru 100.0 % 100.0 % CAE Bangkok Co., Ltd. Thailand 100.0 % 100.0 % CAE Brunei Multi Purpose Training Centre Sdn Bhd Brunei 60.0 % 60.0 % CAE Center Amsterdam B.V. Netherlands 100.0 % 100.0 % CAE Center Brussels N.V. Belgium 100.0 % 100.0 % CAE Centre Copenhagen A/S Denmark 100.0 % 100.0 % CAE Centre Hong Kong Limited China 100.0 % 100.0 % CAE Centre Oslo AS Norway 100.0 % 100.0 % CAE Centre Stockholm AB Sweden 100.0 % 100.0 % CAE CFT B.V. Netherlands 100.0 % 100.0 % CAE Civil Aviation Training Solutions, Inc. United States 100.0 % 100.0 % CAE Colombia Flight Training S.A.S. Colombia 100.0 % 100.0 % CAE Crew Solutions B.V Netherlands 100.0 % 100.0 % CAE Doss Aviation, Inc. United States 100.0 % 100.0 % CAE El Salvador Flight Training S.A. de C.V. El Salvador 99.5 % 99.5 % CAE Engineering Korlatolt Felelossegu Tarsasag Hungary 100.0 % 100.0 % CAE Entrenamiento de Vuelo Chile Limitada Chile 100.0 % 100.0 % CAE Flight Services Austria GmbH Austria 100.0 % 100.0 % CAE Flight Services New Zealand Limited. New Zealand 100.0 % 100.0 % CAE Flight Services Poland Sp z.o.o Poland 100.0 % 100.0 % CAE Flight Services Sweden AB Sweden 100.0 % 100.0 % CAE Flight Services USA, Inc. United States 100.0 % 100.0 % CAE Flight & Simulator Services Sdn. Bhd. Malaysia 100.0 % 100.0 % CAE Flight Training (India) Private Limited India 100.0 % 100.0 % CAE Flight Training Center Mexico, S.A. de C.V. Mexico 100.0 % 100.0 % CAE France SAS France 100.0 % 100.0 % CAE Global Academy Évora, SA Portugal 100.0 % 100.0 % CAE GmbH Germany 100.0 % 100.0 % CAE Healthcare Canada Inc. Canada 100.0 % 100.0 % CAE Healthcare, Inc. United States 100.0 % 100.0 % CAE India Private Limited India 100.0 % 100.0 % CAE Integrated Enterprise Solutions Australia Pty Ltd. Australia 100.0 % 100.0 % CAE International Holdings Limited Canada 100.0 % 100.0 % Investments in subsidiaries consolidated in the Company’s financial statements (continued): % equity % equity interest interest Name Country of incorporation 2023 2022 CAE Kuala Lumpur Sdn. Bhd. Malaysia 100.0 % 100.0 % CAE Luxembourg Acquisition, S.à r.l. Luxembourg 100.0 % 100.0 % CAE Maritime Middle East L.L.C. UAE 49.0 % 49.0 % CAE Middle East L.L.C. UAE 49.0 % 49.0 % CAE Military Aviation Training Inc. Canada 100.0 % 100.0 % CAE New Zealand Pty Limited New Zealand 100.0 % 100.0 % CAE North East Training Inc. United States 100.0 % 100.0 % CAE Oslo - Aviation Academy AS Norway 100.0 % 100.0 % CAE Oxford Aviation Academy Phoenix Inc. United States 100.0 % 100.0 % CAE Services GmbH Germany 100.0 % 100.0 % CAE Services Italia S.r.l. Italy 100.0 % 100.0 % CAE Servicios Globales de Instrucción de Vuelo (España), S.L. Spain 100.0 % 100.0 % CAE Shanghai Company, Limited China 100.0 % 100.0 % CAE SimuFlite Inc. United States 100.0 % 100.0 % CAE Simulation Technologies Private Limited India 100.0 % 100.0 % CAE Simulator Services Inc. Canada 100.0 % 100.0 % CAE Singapore (S.E.A.) Pte Ltd. Singapore 100.0 % 100.0 % CAE South America Flight Training do Brasil Ltda. Brazil 100.0 % 100.0 % CAE STS Limited United Kingdom 100.0 % 100.0 % CAE Training & Services Brussels N.V. Belgium 100.0 % 100.0 % CAE Training & Services UK Ltd. United Kingdom 100.0 % 100.0 % CAE Training Norway AS Norway 100.0 % 100.0 % CAE TSP Inc. Canada 100.0 % 100.0 % CAE USA Inc. United States 100.0 % 100.0 % CAE Vietnam Limited Liability Company Vietnam 100.0 % 100.0 % Medicor Lab Inc. Canada 100.0 % 100.0 % Oxford Aviation Academy (Oxford) Limited United Kingdom 100.0 % 100.0 % Parc Aviation Engineering Services Ltd. Ireland 100.0 % 100.0 % Parc Aviation Limited Ireland 100.0 % 100.0 % Parc Aviation (UK) Ltd. United Kingdom 100.0 % 100.0 % Parc Interim Ltd. Ireland 100.0 % 100.0 % Pelesys Aviation Maintenance Training Inc. Canada 100.0 % 100.0 % Pelesys Learning Systems Inc. Canada 100.0 % 100.0 % Presagis Canada Inc. Canada 100.0 % 100.0 % Presagis Europe (S.A.S) France 100.0 % 100.0 % Presagis USA Inc. United States 100.0 % 100.0 % Servicios de Instrucción de Vuelo, S.L. Spain 80.0 % 80.0 % SIV Ops Training, S.L. Spain 80.0 % 80.0 % Investments in joint ventures and affiliates accounted for under the equity method: % equity % equity interest interest Name Country of incorporation 2023 2022 Aviation Training Northeast Asia B.V. Netherlands 50.0 % 50.0 % CAE Flight and Simulator Services Korea, Ltd. Korea 50.0 % 50.0 % CAE Icelandair Flight Training ehf Iceland 33.3 % 33.3 % CAE-LIDER Training do Brasil Ltda. Brazil 50.0 % 50.0 % CAE Melbourne Flight Training Pty Ltd Australia 50.0 % 50.0 % CAE Middle East Pilot Services L.L.C United Arab Emirates 49.0 % 49.0 % CAE Simulation Training Private Limited India 50.0 % 50.0 % Embraer CAE Training Services, LLC United States 49.0 % 49.0 % Emirates-CAE Flight Training (LLC) UAE 49.0 % 49.0 % Flight Training Alliance GmbH Germany 50.0 % 50.0 % Hatsoff Helicopter Training Private Limited India 50.0 % 50.0 % Helicopter Training Media International GmbH Germany 50.0 % 50.0 % HFTS Helicopter Flight Training Services GmbH Germany 25.0 % 25.0 % JAL CAE Flight Training Co. Ltd. Japan 50.0 % 50.0 % Leonardo CAE Advanced Jet Training S.r.l. Italy 50.0 % 50.0 % National Flying Training Institute Private Limited India 51.0 % 51.0 % Pegasus Uçus Egitim Merkezi A.S. Turkey 49.9 % 49.9 % Philippine Academy for Aviation Training, Inc. Philippines 40.0 % 40.0 % Rotorsim s.r.l. Italy 50.0 % 50.0 % Rotorsim USA LLC United States 50.0 % 50.0 % SimCom Holdings Inc. United States 50.0 % 50.0 % Singapore CAE Flight Training Pte Ltd. Singapore 50.0 % 50.0 % SkyWarrior Flight Training LLC United States 37.0 % 37.0 % Xebec Government Services, LLC United States 49.0 % 49.0 % When the Company’s share of losses in a joint venture equals or exceeds its interests in the joint ventures, the Company does not recognize further losses, unless it will incur obligations or make payments on behalf of the joint ventures. During the year ended March 31, 2023, the Company's unrecognized share of losses in joint ventures was $0.1 million (2022 – profit of $1.6 million). As at March 31, 2023, the cumulative unrecognized share of losses for these joint ventures was $12.3 million (2022 – $12.2 million) and the cumulative unrecognized share of comprehensive loss of these joint ventures was $11.4 million (2022 – $11.2 million). SkyWarrior Flight Training LLC In August 2021, the Company acquired a 37% equity interest in SkyWarrior Flight Training LLC (SkyWarrior) for cash consideration of $4.3 million. SkyWarrior is a flight training operation which primarily delivers Phase 1 initial flight training to U.S. and international military customers. The Company’s outstanding balances with its equity accounted investees are as follows: 2023 2022 Accounts receivable (Note 9) $ 59.5 $ 49.7 Contract assets 25.6 23.0 Other non-current assets 17.1 12.8 Accounts payable and accrued liabilities (Note 16) 5.7 5.1 Contract liabilities 58.0 46.5 Other non-current liabilities — 1.5 The Company’s transactions with its equity accounted investees are as follows: 2023 2022 Revenue $ 223.0 $ 111.8 Purchases 4.6 3.5 Other income 1.2 3.8 Compensation of key management personnel K ey management personnel have the ability and responsibility to make major operational, financial and strategic decisions for the Company and include members of the Board of Directors and certain executive officers. The compensation expense of key management for employee services recognized in income are as follows: 2023 2022 Salaries and other short-term employee benefits $ 7.6 $ 8.4 Post-employment benefits – defined benefit plans 4.4 2.2 Share-based payments expense 1.7 6.6 $ 13.7 $ 17.2 For the year ended March 31, 2023, the compensation earned by non-employee Directors of the Company amounted to $2.9 million (2022 – $2.4 million), which include the grant date fair value of deferred share units (DSUs) as well as cash payments. |
NATURE OF OPERATIONS AND SUMM_2
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2023 | |
General Information About Financial Statements [Abstract] | |
Statement of IFRS compliance | The consolidated financial statements have been prepared in accordance with Part I of the CPA Canada Handbook – Accounting and International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB). |
Basis of preparation | The consolidated financial statements have been prepared under the historical cost convention, except for the following items measured at fair value: contingent consideration, derivative financial instruments, financial instruments at fair value through profit and loss, financial instruments at fair value through other comprehensive income (OCI) and liabilities for cash-settled share-based arrangements. |
Subsidiaries | Subsidiaries Subsidiaries are all entities over which the Company has control. Control exists when the Company is exposed to, or has the right to, variable returns from its involvement with the entity and has the ability to affect those returns through the power over the entity. Subsidiaries are fully consolidated from the date control is obtained and they are no longer consolidated on the date control ceases. All intercompany accounts and transactions have been eliminated. |
Joint arrangements | Joint arrangements Joint arrangements are arrangements in which the Company exercises joint control as established by contracts requiring unanimous consent for decisions about the activities that significantly affect the arrangement’s returns. When the Company has the rights to the net assets of the arrangement, the arrangement is classified as a joint venture and is accounted for using the equity method. When the Company has rights to the assets and obligations for the liabilities relating to an arrangement, the arrangement is classified as a joint operation and the Company accounts for each of its assets, liabilities and transactions, including its share of those held or incurred jointly, in relation to the joint operation. Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to recognize the Company’s share of the profits or losses and movements in OCI of the investee. When the Company’s share of losses in a joint venture equals or exceeds its interests in the joint ventures, the Company does not recognize further losses, unless it will incur obligations or make payments on behalf of the joint ventures. Unrealized gains resulting from transactions with joint ventures are eliminated, to the extent of the Company’s share in the joint venture. For sales of products or services from the Company to its joint ventures, the elimination of unrealized profits is considered in the carrying value of the investment in equity accounted investees in the consolidated statement of financial position and in the share in profit or loss of equity accounted investees in the consolidated income statement. |
Business combinations | Business combinations Business combinations are accounted for under the acquisition method. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Company, if any, at the date control is obtained. The consideration transferred includes the fair value of any liability resulting from a contingent consideration arrangement. Acquisition-related costs, other than share and debt issue costs incurred to issue financial instruments that form part of the consideration transferred, are expensed as incurred. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair value at the acquisition date. If a business combination is achieved in stages, the Company remeasures its previously held interest in the acquiree at its acquisition-date fair value and recognizes the resulting gain or loss, if any, in income. Contingent consideration classified as a liability is measured at fair value, with subsequent changes recognized in income. If the contingent consideration is classified as equity, it is not remeasured and its subsequent settlement is recorded within equity. New information obtained during the measurement period, up to 12 months following the acquisition date, about facts and circumstances existing at the acquisition date affect the acquisition accounting. Business combinations Business combinations are accounted for in accordance with the acquisition method as of the date control is transferred. The consideration transferred and the acquiree’s identifiable assets, liabilities and contingent liabilities are measured at their fair value at the date of acquisition, which may be estimated using an income, market or cost valuation method. Depending on the complexity of determining these valuations, the Company either consults with independent experts or develops the fair value internally by using appropriate valuation techniques which are generally based on a forecast of the total expected future net discounted cash flows. These evaluations are linked closely to the assumptions made by management regarding the future performance of the related assets and the discount rate. Contingent consideration is measured at fair value using a discounted cash flow model. The judgments made in determining the estimated fair value assigned to the net identifiable assets acquired, as well as the estimated useful life of non-financial assets, could impact the net income of subsequent periods through depreciation and amortization, and in certain instances through impairment charges. The Company believes that the estimated fair values assigned to the net identifiable assets acquired are based on reasonable assumptions that a marketplace participant would use. While the Company uses its best estimates and assumptions to accurately value the net identifiable assets acquired at the acquisition date, estimates are inherently uncertain and subject to refinement. To estimate the fair value of the intangible assets of the L3Harris Technologies’ Military Training business and Sabre’s AirCentre airline operations portfolio acquisitions, the multi-period excess earnings method was used to value the customer relationship and the relief from royalty method was used to value the technology and software. Significant judgment is applied in estimating the fair value of customer relationships and the technology acquired, which involves the use of significant assumptions with respect to projected revenue. |
Non-controlling interests | Non-controlling interests Non-controlling interests (NCI) represent equity interests in subsidiaries owned by outside parties. The share of net assets of subsidiaries attributable to non-controlling interests is presented as a component of equity. Changes in the Company’s ownership interest in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The Company treats transactions with non-controlling interests as transactions with equity owners of the Company. For interests purchased from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals of non-controlling interests are also recorded in equity. |
Financial instruments | A financial instrument is any contract that gives rise to a financial asset in one entity and a financial liability or equity instrument in another entity. Financial assets and financial liabilities, including derivatives, are recognized in the consolidated statement of financial position when the Company becomes a party to the contractual provisions of the financial instrument. On initial recognition, all financial instruments are measured at fair value. Financial instruments are subsequently measured based on their classification, which are: – Financial instruments measured at amortized cost; – Financial instruments measured at fair value through profit or loss (FVTPL); – Financial instruments measured at fair value through other comprehensive income (FVOCI). |
Financial assets | Financial assets A financial asset is measured at amortized cost if it meets both of the following conditions: – The asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and – The contractual terms of the financial asset give rise, on specific dates, to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding. Financial assets at amortized cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognized in income when the asset is derecognized, modified or impaired. The Company’s financial assets at amortized cost include accounts receivable and advances to a portfolio investment. Financial assets at FVTPL include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, and financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not SPPI are classified and measured at FVTPL, irrespective of the business model. Financial assets at FVTPL are carried in the statement of financial position at fair value with net changes in fair value recognized in the income statement. The Company’s financial assets at FVTPL include cash and cash equivalents, and derivative instruments not designated as hedging instruments in a hedge relationship. Financial assets at FVOCI are equity investments the Company has irrevocably elected to classify at FVOCI. This classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are never transferred to income. Dividends are recognized in the income statement when the right of payment has been established, except when the Company benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. |
Financial liabilities | Financial liabilities Financial liabilities at FVTPL include financial liabilities held for trading and financial liabilities designated upon initial recognition at FVTPL. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments that are not designated as hedging instruments in a hedge relationship. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Financial liabilities at FVTPL are carried in the statement of financial position at fair value with net changes in fair value recognized in the income statement. The Company’s financial liabilities measured at FVTPL include contingent liabilities arising on business combinations and also derivative instruments not designated as hedging instruments in a hedge relationship. |
Transaction costs | Transaction costs Transaction costs that are directly related to the acquisition or issuance of financial assets and financial liabilities (other than those classified as FVTPL and FVOCI) are included in the fair value initially recognized for those financial instruments. These costs are amortized to income using the EIR method. |
Offsetting of financial assets and financial liabilities | Offsetting of financial assets and financial liabilities Financial assets and financial liabilities are offset and the net amount is presented in the consolidated statement of financial position when the Company has an unconditional and legally enforceable right to set off the recognized amounts and intends to settle on a net basis or to realize the assets and settle the liabilities simultaneously. |
Hedge accounting | Hedge accounting The Company uses derivative financial instruments, such as forward currency contracts, cross currency swaps and interest rate swaps to hedge its foreign currency risks and interest rate risks, respectively. A hedging relationship qualifies for hedge accounting when it meets all of the following effectiveness requirements: – There is ‘an economic relationship’ between the hedged item and the hedging instrument; – The effect of credit risk does not ‘dominate the value changes’ that result from that economic relationship; – The hedge ratio of the hedging relationship is the same as that resulting from the quantities of: – The hedged item that the Company actually hedges; and – The hedging instrument that the Company actually uses to hedge that quantity of hedged item. For the purpose of hedge accounting, hedges are classified as: – Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probably forecast transaction or the foreign currency risk in an unrecognized firm commitment; – Hedges of a net investment in a foreign operation; – Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment. Documentation At the inception of a hedge relationship, the Company formally documents the designation of the hedge, the risk management objectives and strategy, the hedging relationship between the hedged item and hedging item and the method for testing the effectiveness of the hedge, which must be reasonably assured over the term of the hedging relationship and can be reliably measured. The Company formally assesses, both at inception of the hedge relationship and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items in relation to the hedged risk. Cash flow hedge The effective portion of changes in the fair value of derivative instruments that are designated and qualify as cash flow hedges is recognized in OCI, while the ineffective portion is recognized immediately in income. Amounts accumulated in OCI are reclassified to income in the period in which the hedged item affects income. However, when the forecasted transactions that are hedged items result in recognition of non-financial items, gains and losses previously recognized in OCI are included in the initial carrying value of the related non-financial assets acquired or liabilities incurred. The deferred amounts are ultimately recognized in income as the related non-financial items are derecognized or amortized. Hedge accounting is discontinued prospectively when the hedging relationship no longer meets the criteria for hedge accounting, when the designation is revoked, or when the hedging instrument expires or is sold. Any cumulative gain or loss directly recognized in OCI at that time remains in OCI until the hedged item is recognized in income. When it is probable that a hedged transaction will not occur, the cumulative gain or loss that was recognized in OCI is recognized in income immediately. Hedge of net investments in foreign operations The Company has designated certain long-term debts as a hedging item of the Company’s overall net investments in foreign operations whose activities are denominated in a currency other than the Company’s functional currency. The portion of gains or losses on the hedging item that is determined to be an effective hedge is recognized in OCI and is limited to the translation gain or loss on the net investment. |
Derecognition | Derecognition Financial assets A financial asset is derecognized when: – The rights to receive cash flows from the asset have expired; or – The Company has transferred its rights to receive cash flows from the asset and either has transferred substantially all the risks and rewards of the asset or has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. The Company is involved in a program in which it sells interests in certain of its accounts receivable. The Company continues to act as a collection agent. Under the program the Company transfers some significant risks and rewards of the accounts receivable it sells and retains others. The accounts receivable are derecognized up to an amount corresponding to the extent of the Company's continuing involvement, which represents its maximum retained exposure. Impairment of financial assets The Company uses the expected credit loss (ECL) model for calculating impairment of financial assets and recognizes expected credit losses as loss allowances for assets measured at amortized cost. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at the original or credit adjusted effective interest rate. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables and contract assets, the Company applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the assets. Financial liabilities A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the income statement. |
Foreign currency translation | Foreign currency translation Foreign operations CAE Inc.’s consolidated financial statements are presented in Canadian dollars, which is also the parent company’s functional currency. The functional currency of each of the Company’s subsidiaries is the currency of the primary economic environment in which they operate. Determination of the functional currency may involve certain judgements to determine the primary economic environment in which the subsidiary operates. Assets and liabilities of subsidiaries that have a functional currency other than the Canadian dollar are translated from their functional currency to Canadian dollars at exchange rates in effect at the reporting date. Revenue and expenses are translated at the average exchange rates. The resulting translation adjustments are included in OCI. When CAE Inc. and its subsidiaries have a long-term intercompany balance receivable from or payable to a foreign operation for which settlement is not planned in the foreseeable future, such item is considered, in substance, a part of the Company’s net investment in that foreign operation. Gains or losses arising from the translation of those intercompany balances denominated in foreign currencies are also included in OCI. Transactions and balances Monetary assets and liabilities denominated in foreign currencies are translated at the prevailing exchange rate at the reporting date. Non-monetary assets and liabilities, and revenue and expense items denominated in foreign currencies are translated into the functional currency using the exchange rate prevailing at the dates of the respective transactions. Foreign exchange gains and losses resulting from the settlement of such transactions are recognized in income, except when deferred in OCI as qualifying cash flow hedges and qualifying net investment hedges. |
Cash and cash equivalents | Cash and cash equivalentsCash and cash equivalents consist of cash and highly-liquid investments with original terms to maturity of 90 days or less at the date of purchase |
Accounts receivable | Accounts receivable Receivables are initially recognized at fair value and are subsequently carried at amortized cost, net of credit loss allowances, based on expected recoverability. The amount of the allowance is the difference between the asset’s carrying amount and the present value of the estimated future cash flows, discounted at the original effective interest rate. The loss is recognized in income. Subsequent recoveries of amounts previously provided for or written-off are recognized in income. |
Inventories | Inventories Raw materials are valued at the lower of average cost and net realizable value. Spare parts to be used in the normal course of business are valued at the lower of cost, determined on a specific identification basis, and net realizable value. Work in progress is stated at the lower of cost, determined on a specific identification basis, and net realizable value. The cost of work in progress includes material, labour and an allocation of manufacturing overhead, which is based on normal operating capacity. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to generate revenue. In the case of raw materials and spare parts, the replacement cost is the best measure of net realizable value. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment are recorded at cost less any accumulated depreciation and impairment losses. Costs include expenditures that are directly attributable to the acquisition or manufacturing of the item. The cost of an item of property, plant and equipment that is initially recognized includes, when applicable, the initial present value estimate of the costs required to dismantle and remove the asset and restore the site on which it is located at the end of its useful life. Purchased software that is integral to the functionality of the related equipment is capitalized as part of that equipment. Subsequent costs, such as updates on training devices, are included in the asset’s carrying amount or recognized as a separate asset only when it is probable that future economic benefits will flow to the Company and the cost of the item can be reliably measured; otherwise, they are expensed. A loss on disposal is recognized in income when the carrying value of a replaced item is derecognized, unless the item is transferred to inventories. If it is not practicable to determine the carrying value, the cost of the replacement and the accumulated depreciation calculated by reference to that cost will be used to derecognize the replaced part. The costs of day-to-day servicing of property, plant and equipment are recognized in income as incurred. Gains and losses on disposal of property, plant and equipment are determined by comparing the proceeds from disposal with its carrying amount, and are recognized within other gains and losses. The different components of property, plant and equipment are recognized separately when their useful lives are materially different and such components are depreciated separately in income. Land is not depreciated. The estimated useful lives, residual values and depreciation methods are as follows: Method Depreciation rate/period Buildings and improvements Declining balance/Straight-line 2.5% to 10%/3 to 40 years Simulators Straight-line (10% residual) Not exceeding 25 years Machinery and equipment Declining balance/Straight-line 20% to 35%/2 to 15 years Aircraft Straight-line (residual not exceeding 15%) Not exceeding 25 years Aircraft engines Based on utilization Not exceeding 3500 hours As at March 31, 2023, the average remaining depreciation period for full-flight simulators is 11.6 years (2022 – 11.8 years). Depreciation methods, useful lives and residual values are reviewed and adjusted, if appropriate, on a prospective basis at each reporting date. |
Leases | Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company as a lessee The Company recognizes a right-of-use asset and liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. If it is reasonably certain that the Company will obtain ownership by the end of the lease term through a purchase option, the leased asset is depreciated over its useful life. The depreciation periods, residual values (only applicable when it is reasonably certain that the Company will obtain ownership by the end of the lease term) and depreciation methods are as follows: Method Depreciation period Buildings and land Straight-line Not exceeding 40 years Simulators Straight-line (10% residual) Not exceeding 25 years Machinery and equipment Straight-line Not exceeding 7 years Aircraft Straight-line (residual not exceeding 15%) Not exceeding 25 years Aircraft engines Based on utilization Not exceeding 3500 hours In addition, the right-of-use asset is reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the lessee’s incremental borrowing rate. Lease payments comprise of fixed payments, including in-substance fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, the exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period that the Company is reasonably certain to exercise and penalties for early termination of a lease if the Company is reasonably certain to terminate. The lease liability is subsequently measured at amortized cost using the effective interest method and is remeasured when there is a change in future lease payments arising from a change in an index or rate, the estimate of the amount expected to be payable under a residual value guarantee or the Company’s assessment of whether it will exercise a purchase, renewal or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Lease modifications A lease modification is a change in the scope of a lease, or the consideration for a lease, that was not part of its original terms and conditions. A lease modification is accounted for as a separate lease if the modification increases the scope of the lease by adding the right to use one or more underlying assets and the consideration for the lease increases by an amount commensurate with the stand-alone price that reflects the circumstances of the contract. Any other modification is not accounted for as a separate lease. For a lease modification resulting in a decrease in the scope of the lease, the lease liability is remeasured, using a revised discount rate, to reflect the modified lease payments and the carrying amount of the right-of-use asset is reduced to reflect the partial or full termination of the lease. The difference between the reduction in the lease liability and the reduction in the corresponding right-of-use asset’s carrying value is recognized in profit or loss. For all other lease modifications, the lease liability is remeasured, using a revised discount rate, to reflect the modified lease payments, with a corresponding adjustment to the right-of-use asset. Short-term leases and leases of low-value assets The Company recognizes the payments associated with short-term leases and leases of low-value assets as an expense on a straight-line basis over the lease term. Sale and leaseback transaction In a sale and leaseback transaction the transfer of an asset is recognized as a sale when the customer has obtained control of the underlying asset which is aligned with the Company’s revenue recognition policy, otherwise the Company continues to recognize the transferred asset on the balance sheet and record a financial liability equal to the proceeds transferred. When the transfer of an asset satisfies the Company’s revenue recognition policy to be accounted for as revenue, a partial recognition of the profit from the sale is recorded immediately after the sale, which is equivalent to the proportion of the asset not retained by the Company through the lease. The proportion of the asset retained by the Company through the lease is recognized as a right-of-use asset and the lease liability is measured as the present value of future lease payments. The Company as a lessor The Company determines, at lease commencement, whether each lease is a finance or an operating lease. Leases in which substantially all the risks and rewards of ownership are transferred are classified as finance leases. All other leases are accounted for as operating leases. With regards to finance leases, the asset is derecognized at the commencement of the lease. The net present value of the minimum lease payments and any discounted unguaranteed residual values of leased assets are presented as investment in finance leases. Finance income is recognized over the term of the lease based on the effective interest method. Revenue from operating leases is recognized on a straight-line basis over the term of the corresponding lease. |
Goodwill | Goodwill Goodwill is measured at cost less accumulated impairment losses, if any. Goodwill arises on the acquisition of subsidiaries. Goodwill represents the excess of the aggregate of the cost of an acquisition, including the Company’s best estimate of the fair value of contingent consideration and the acquisition-date fair value of any previous held equity interest in the acquiree, over the fair value of the net identifiable assets of the acquiree at the acquisition date. Gains and losses on the disposal of an entity include the carrying amount of goodwill allocated to the entity sold. |
Research and development (R&D) | Research and development (R&D) Research costs are expensed as incurred. Development costs are also charged to income in the period incurred unless they meet all the specific capitalization criteria established in IAS 38, Intangible Assets . Capitalized development costs are stated at cost and net of accumulated amortization and accumulated impairment losses, if any. Amortization of the capitalized development costs commences when the asset is available for use as intended by management and is included in research and development expenses. Development costs Development costs are recognized as intangible assets and are amortized over their useful lives when they meet the criteria for capitalization. Forecasted revenue and profitability for the relevant projects are used to assess compliance with the capitalization criteria and to assess the recoverable amount of the assets. |
Other intangible assets | Other intangible assets Intangible assets acquired separately are measured at cost upon initial recognition. The cost of intangible assets acquired in a business combination is the fair value as at the acquisition date. Following initial recognition, intangible assets are carried at cost, net of accumulated amortization and accumulated impairment losses, if any. The cost of an internally generated intangible asset comprises all directly attributable costs necessary to create, produce, and prepare the asset to be capable of operating in the manner intended by management. Gains and losses on disposal of intangible assets are determined by comparing the proceeds from disposal with its carrying amount and are recognized within other gains and losses. Configuration or customization costs in a cloud computing arrangement are also included when they meet the specific capitalization criteria. Amortization Amortization is calculated using the straight-line method for all intangible assets over their estimated useful lives as follows: Amortization period Capitalized development costs 3 to 10 years Customer relationships 3 to 20 years Licenses 3 to 20 years Technology, software and ERP 3 to 12 years Other intangible assets 2 to 40 years As at March 31, 2023, the average remaining amortization period for the capitalized development costs is 6.3 years (2022 ‑ 5.8 years). Amortization methods and useful lives are reviewed and adjusted, if appropriate, on a prospective basis at each reporting date . |
Impairment of non-financial assets | Impairment of non-financial assets The carrying amounts of the Company’s non-financial assets subject to amortization are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill and assets that are not yet available for use are tested for impairment annually or at any time if an indicator of impairment exists. The recoverable amount of an asset or a cash-generating unit (CGU) is the greater of its value in use and its fair value less costs of disposal. The recoverable amount is determined for an individual asset; unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. In such cases, the CGU that the asset belongs to is used to determine the recoverable amount. For the purposes of impairment testing, the goodwill acquired in a business combination is allocated to CGUs or groups of CGUs, which generally corresponds to its operating segments or one level below, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its estimated recoverable amount. Where the recoverable amount of a CGU to which goodwill has been allocated is lower than the CGU’s carrying amount, the related goodwill is impaired. Any remaining amount of impairment exceeding the impaired goodwill is recognized on a pro rata basis of the carrying amount of each asset in the respective CGU. Impairment losses are recognized in income. The Company evaluates impairment losses, other than goodwill impairment, for potential reversals at each reporting date. An impairment loss is reversed if there is any indication that the loss has decreased or no longer exists due to changes in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. Such reversal is recognized in income. Impairment of non-financial assets The Company’s impairment test for goodwill is based on internal estimates of the recoverable amount of the CGU or group of CGUs to which goodwill has been allocated and uses valuation models such as the discounted cash flows model (level 3). Key assumptions on which management based its determination of the recoverable amount include expected growth rates and discount rates. These estimates, including the methodology used, can have a material impact on the respective values and ultimately the amount of any goodwill impairment. Likewise, whenever property, plant and equipment and intangible assets are tested for impairment, the determination of the assets’ recoverable amount involves the use of estimates by management and can have a material impact on the respective values and ultimately the amount of any impairment. |
Borrowing costs | Borrowing costsBorrowing costs that are directly attributable to the acquisition or construction of a qualifying asset are capitalized as part of the cost of the asset. A qualifying asset is one that takes a substantial period of time to get ready for its intended use. Capitalization of borrowing costs ceases when the asset is completed and ready for use as intended by management. All other borrowing costs are recognized as finance expense in income, as incurred. |
Restricted cash | Restricted cash The Company is required to hold a defined amount of cash as collateral under the terms of certain subsidiaries’ external bank financing, government-related sales contracts and business combination arrangements. |
Deferred financing costs | Deferred financing costs Deferred financing costs related to the revolving credit facilities, when it is probable that some or all of the facilities will be drawn down, and deferred financing costs related to sale and leaseback agreements are included in other assets at cost and are amortized on a straight-line basis over the term of the related financing agreements. |
Accounts payable and accrued liabilities | Accounts payable and accrued liabilities Accounts payable and accrued liabilities are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. |
Provisions | Provisions Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognized as a finance expense. When there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. Provisions for estimated contract losses are recognized as an onerous contract provision in the period in which the loss is determined. Contract losses are measured at the amount by which the estimated total costs exceed the estimated total revenue from the contract. Warranty provisions are recorded when revenue is recognized based on historical experience, current trends and other assumptions that are believed to be reasonable under the circumstances. Restoration and simulator removal In certain situations, simulators are installed at locations that are not owned by the Company. In some of these cases, the Company has an obligation to dismantle and remove the simulators from these sites and to restore the location to its original condition. A provision is recognized for the present value of estimated costs to be incurred to dismantle and remove the simulators from these sites and restore the location. The provision also includes amounts relating to leased land and building where restoration costs are contractually required at the end of the lease. Where such costs arise as a result of capital expenditure, these restoration costs are also capitalized. Restructuring Restructuring costs consist mainly of severances and other related costs. Legal claims The amount represents a provision for certain legal claims brought against the Company. The corresponding charge is recognized in income. Management’s best estimate is that the outcome of these legal claims will not give rise to any significant loss beyond the amounts provided at March 31, 2023. Warranties A provision is recognized for expected warranty claims on products sold based on historical experience of the level of repairs and returns. It is expected that most of these costs will be incurred in a period ranging from 1 to 7 years. Assumptions used to calculate the provision for warranties were based on current sales levels and current information available about returns based on the warranty period of products sold. |
Long-term debt | Long-term debt Long-term debt is recognized initially at fair value, net of transaction costs incurred. They are subsequently stated at amortized cost. Any difference between the proceeds, net of transaction costs, and the redemption value is recognized in income over the period of borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In these cases, the fee is deferred until the drawdown occurs. To the extent that there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a pre-payment for liquidity services and amortized over the period of the facility to which it relates. |
Share capital | Share capital Common shares are classified as equity. Incremental costs directly attributable to the issue of new shares or stock options are shown in equity as a deduction, net of tax, from the proceeds. When share capital recognized as equity is repurchased, the amount of the consideration paid, which includes directly attributable costs, net of tax, is recognized as a deduction from equity. |
Revenue recognition | Revenue recognition The Company recognizes revenue when it transfers the control of the promised goods or services to the customer. The transaction price is the amount of consideration to which the Company is expected to be entitled to in exchange for transferring promised goods or services. Variable consideration is included in the transaction price when it is highly probable that there will be no significant reversal of revenue in the future. Variable consideration is usually derived from sales incentives, in the form of discounts or volume rebates, and penalties. The Company identifies the various performance obligations of the contract and allocates the transaction price based on the estimated relative stand-alone selling prices of the promised goods or services underlying each performance obligation. The Company’s performance obligations are satisfied over time or at a point in time depending on the transfer of control to the customer. Sales of goods and services Customized training devices Revenue from contracts with customers for the design, engineering, and manufacturing of training devices are recognized over time using the cost input method when the Company determines that these devices have a sufficient level of customization such that they have no alternative use and the Company has enforceable rights to payment for work completed to date. The measure of progress toward complete satisfaction of the performance obligation is generally determined by comparing the actual direct costs incurred to date to the total estimated direct costs for the entire contract. When the Company determines that there is an alternative use for these devices, revenue is recognized at a point in time, when the customer obtains control of the device. Standardized training and medical devices Revenue from contracts with customers for the manufacturing of standardized training and medical devices is recognized at a point in time, when the customer obtains control of the device. Training services Revenue from the sale of training hours or training courses are recognized at a point in time, when services are rendered. For flight schools, cadet training courses are offered mainly by way of ground school and live aircraft flight. For both phases, revenue is recognized over time, using the time elapsed input method. Product maintenance, support and updates Revenue from the sale of product maintenance services and post-delivery customer support are recognized over time, using the time elapsed output method or costs incurred method. Revenue from update services, to enhance a training device currently owned by a customer, are recognized over time, using the cost input method. Spare parts Revenue from the sale of spare parts is recognized at a point in time, which is generally on delivery to the customer. Software arrangements Revenue from software arrangements that provide the Company’s customers with the right to use the software without any significant development or integration work is recognized at a point in time, on delivery. Revenue from fixed-price software arrangements and software customization contracts that require significant production, modification, or customization of software is recognized over time using the cost input method. Revenue from Software as a service (SaaS) arrangements provide the Company's customers with the right to access a cloud-based environment that the Company provides and manages, the right to receive support and to use the software, however the customer does not have the right to take possession of the software. Revenue from SaaS arrangements is recognized over time, using the time elapsed output method. Other Significant financing component The Company accounts for a significant financing component on contracts of more than 12 months where timing of cash receipts and revenue recognition differ substantially. The transaction price for such contracts is adjusted for the time value of money, using the rate that would be reflected in a separate financing transaction between the Company and its customers at contract inception, to take into consideration the significant financing component. Non-monetary transactions The Company may also enter into sales arrangements where little or no monetary consideration is involved. The non-monetary transactions are measured at the most reliable measure of the fair value of the asset or service given up or fair value of the asset or service received. Contract modifications Contract modifications, which consist of an increase in the scope or price of a contract, are accounted for as a separate contract when the additional goods or services to be delivered are distinct from those delivered prior to the contract modification and when the price increases by an amount of consideration that reflects its stand-alone selling price. Contract modifications are treated prospectively when the additional goods or services are distinct, but the price increase does not reflect the stand-alone selling price. When the remaining goods or services are not distinct, the Company recognizes an adjustment to revenue of the initial contract on a cumulative catch-up basis at the date of the contract modification. Costs to obtain and to fulfill a contract The Company recognizes incremental costs of obtaining a contract as an asset when they are expected to be recovered over a period of more than one year. The Company recognizes costs directly related to fulfilling a contract with a customer as an asset when they generate or enhance resources that will be used to satisfy the performance obligation in the future, and they are expected to be recovered. These assets are amortized on a systematic basis that is consistent with the Company’s transfer of the related goods or services to the customer. Right to invoice If the Company has the right to invoice a customer in an amount that directly corresponds with the value of the Company’s performance to date, then revenue can be recognized at the invoice amount. Contract balances The timing of revenue recognition, billing and cash collections results in accounts receivable, contract assets and contract liabilities on the consolidated financial position. Contract assets are recognized when revenue is recognized in excess of billings or when the Company has a right to consideration and that right is conditional to something other than the passage of time. Contract assets are subsequently transferred to accounts receivable when the right to payment becomes unconditional. Contract liabilities are recognized when payments received from customers are in excess of revenue recognized. Contract liabilities are subsequently recognized in revenue when the Company satisfies its performance obligations. Contract assets and contract liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period and are classified as current based on the Company's normal operating cycle. Revenue recognition Transaction price allocated to performance obligations In allocating the transaction price for contracts with multiple performance obligations, the Company estimates the stand-alone selling price using the expected cost plus a margin approach if they are not directly observable. Timing of satisfaction of performance obligations For contracts where revenue is recognized over time using the cost input method, the Company applies judgement in estimating the work performed to date as a proportion of the total work to be performed. Management conducts monthly reviews of its estimated costs to complete as well as its revenue and margins recognized, on a contract-by-contract basis. The impact of any revisions in cost and revenue estimates is reflected in the period in which the need for a revision becomes known. |
Defined benefit pension plans | Employee benefits Defined benefit pension plans The Company maintains defined benefit pension plans that provide benefits based on length of service and final average earnings. The defined benefit asset or liability comprises the present value of the defined benefit obligation at the reporting date less the fair value of plan assets out of which the obligations are to be settled. The defined benefit obligations are actuarially determined for each plan using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash flows using the interest rate of high-quality corporate bonds that are denominated in the currency in which the benefit will be paid and that have terms to maturity approximating the terms of the related pension obligation. In countries where there is no deep market in such bonds, the market rates on government bonds are used. The value of any employee benefit asset recognized is restricted to the present value of any economic benefits available in the form of refunds from the plan or reductions in the future contributions to the plan (asset ceiling test). Minimum funding requirements may give rise to an additional liability to the extent that they require paying contributions to cover an existing shortfall. Plan assets can only be used to fund employee benefits, are not available to the creditors of the Company, nor can they be paid directly to the Company. Fair value of plan assets is based on market price information. The Company determines the net pension cost of its Canadian defined benefit plans utilizing individual discount rates derived from the yield curve. Actuarial gains and losses arising from experience adjustments, changes in actuarial assumptions and the effect of any asset ceiling and minimum liability are recognized to OCI in the period in which they arise. Past service costs are recognized as an expense as incurred at the earlier of when the plan amendment or curtailment occurs and when the entity recognizes related termination benefits. Defined contribution pension plans The Company also maintains defined contribution plans for which the Company pays fixed contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Company has no legal or constructive obligation to pay further amounts if the fund does not hold sufficient assets to pay the benefits to all employees. Obligations for contributions to defined contribution pension plans are recognized as an employee benefit expense in income as the services are provided. Defined benefit pension plans The cost of defined benefit pension plans and the present value of the employee benefit obligations are determined using actuarial valuations. Actuarial valuations involve, amongst others, making assumptions about discount rates, future salary increases and mortality rates. All assumptions are reviewed at each reporting date. Any changes in these assumptions will impact the carrying amount of the employee benefit obligations and the cost of the defined benefit pension plans. In determining the appropriate discount rate, management considers the interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related pension liability. The mortality rate is based on publicly available mortality tables for the specific country. Future salary increases and pension increases are based on expected future inflation rates for the specific country. Individual discount rates are derived from the yield curve and are used to determine the service cost and interest cost of the Canadian defined benefit pension plans at the beginning of the year. The present value of the employee benefit obligations for these Canadian plans is determined based on the individual discount rates derived from the yield curve at the end of the year. Other key assumptions for pension obligations are based, in part, on current market conditions. See Note 19 for further details regarding assumptions used. |
Termination benefits | Termination benefits Termination benefits are recognized as an expense when the Company is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognized as an expense, if the Company has made an offer of voluntary redundancy, based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the reporting date are discounted to their present value. |
Share-based payment transactions | Share-based payment transactions The Company’s share-based payment plans consist of two categories: an equity-settled share-based payment plan comprised of the stock option plan; and cash-settled share-based payments plans that include the stock purchase plan, deferred share units (DSU) plans, restricted share units (RSU) plans and the performance share units (PSU) plan. For both categories, the fair value of the employee services received in exchange is recognized as an expense in income. Service and non-market performance conditions attached to the transactions are not taken into account in determining fair value. For the equity-settled plan, the cost of equity-settled transactions is measured at fair value using the Black-Scholes option pricing model. The compensation expense is measured at the grant date and recognized over the service period with a corresponding increase to contributed surplus. The cumulative expenses recognized for equity-settled transactions at each reporting date represents the extent to which the vesting period has expired and management’s best estimate of the number of equity instruments that will ultimately vest. For options with graded vesting, each tranche is considered a separate grant with a different vesting date and fair value, and each tranche is accounted for separately. When the stock options are exercised, the Company issues new common shares and the proceeds received net of any directly attributable transaction costs are credited to share capital. |
Restructuring, integration and acquisition costs | Restructuring, integration and acquisition costs Restructuring costs Restructuring costs are part of a program that is planned and controlled by management, and materially changes either the scope of a business undertaken by the Company or the manner in which that business is conducted. Restructuring costs include costs directly related to significant exit activities, such as the sale or termination of a line of business, the closure of business locations or the relocation of business activities, significant changes in management structure, or fundamental reorganizations that have a material effect on the nature and focus of the Company’s operations. For the Company, restructuring costs include severances and other employee related costs, cost associated with the impairment (or reversal of impairment) of non-financial assets, including property, plant and equipment, right-of-use assets, intangible assets and inventory, and other direct costs associated with the closing or relocation of facilities, the closing of a product line or activity, or the downsizing of operations. Restructuring costs are expensed when incurred, or when a legal or constructive obligation exists. A restructuring provision is only recognized when an obligating event has arisen. Integration costs Integration costs represent incremental costs directly related to the integration of acquired businesses in the Company’s ongoing activities. This primarily includes expenditures related to regulatory and process standardization, systems integration and other activities. Acquisition costs Acquisition costs represent costs directly related to business combinations, successful or not. These costs include expenses, fees, commissions and other costs associated with the collection of information, negotiation of contracts, risk assessments, and the services of lawyers, advisors and specialists. |
Current and deferred income tax | Current and deferred income tax Income tax expense comprises current and deferred tax. An income tax expense is recognized in income except to the extent that it relates to items recognized in OCI or directly in equity, in which case it is recognized in OCI or directly in equity, respectively. Current tax is the amount expected to be paid or recovered from taxation authorities on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date in the countries where the Company and its subsidiaries operate and generate taxable income, and any adjustment to tax payable or receivable in respect of previous years. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities. Deferred tax is recognized using the financial position liability method, providing for temporary differences between the tax bases of assets or liabilities and their carrying amounts in the consolidated financial statements, except for temporary differences on the initial recognition of assets and liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable income. Deferred income tax is provided on temporary differences arising on investments in subsidiaries, and jointly controlled entities, except where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets are recognized for all deductible temporary differences and carry forward of unused tax losses. The recognition of deferred tax assets are limited to the amount which is probable to be realized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that a recognized deferred tax asset will be realized. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that an unrecognized deferred tax asset will be realized. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities which intend to settle current tax liabilities and assets on a net basis or if their tax assets and liabilities will be realized simultaneously. Taxes on income in the interim periods are accrued by jurisdiction using the effective tax rate that would be applicable to expected total annual profit or loss of the jurisdiction. Income taxes The Company is subject to income tax laws in numerous jurisdictions. Judgement is required in determining the worldwide provision for income taxes. The determination of tax liabilities and assets involves uncertainties in the interpretation of complex tax regulations. The Company provides for potential tax liabilities based on the weighted average probability of the possible outcomes. Differences between actual results and those estimates could influence the income tax liabilities and deferred tax liabilities in the period in which such determinations are made. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against the losses that can be utilized. Significant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax planning strategies. The recorded amount of total deferred tax assets could be altered if estimates of projected future taxable income and benefits from available tax strategies are lowered, or if changes in current tax regulations are enacted that impose restrictions on the timing or extent of the Company’s ability to utilize future tax benefits. |
Earnings per share | Earnings per share Earnings per share is calculated by dividing the net income for the period attributable to the equity holders of the Company by the weighted average number of common shares outstanding during the period. The diluted weighted average number of common shares outstanding is calculated by taking into account the dilution that would occur if the securities or other agreements for the issuance of common shares were exercised or converted into common shares at the later of the beginning of the period or the issuance date unless it is anti-dilutive. The treasury stock method is used to determine the dilutive effect of the stock options. The treasury stock method is a method of recognizing the use of proceeds that could be obtained upon the exercise of stock options in computing diluted earnings per share. It assumes that any proceeds would be used to purchase common shares at the average market price during the period. Only the Company’s stock options have a dilutive potential on common shares. |
Government participation, Royalty obligations, R&D obligations, and Investment tax credits | Government participation Government contributions are recognized when there is reasonable assurance that the contributions will be received, and all attached conditions will be complied with by the Company. Government contributions related to the acquisition of non-financial assets are recorded as a reduction of the cost of the related asset while government contributions related to current expenses are recorded as a reduction of the related expenses. Royalty obligations The Company receives partial funding from government entities for eligible spending related to specified R&D projects. In exchange, the Company repays a percentage of certain revenue during specified years. The initial measurement of the royalty obligation is discounted using the prevailing market rates of interest, at that time, for a similar instrument (similar as to currency, term, type of interest rate, guarantees or other factors) with a similar credit rating and range from 6.0% to 10.2%. The difference between the funding received and the discounted value of the royalty obligation is accounted for as a government contribution. The current portion of the royalty obligation is included as part of accrued liabilities. R&D obligations The Company enters into loans with below market interest rates with government entities to fund a portion of eligible spending related to specified R&D projects. The initial measurement of the R&D obligation is discounted using the prevailing market rates of interest, at that time, for a similar instrument (similar as to currency, term, type of interest rate, guarantees or other factors) with a similar credit rating. The difference between the funding received and the discounted value of the R&D obligation is accounted for as a government contribution. R&D obligations are presented as part of the long-term debt. Investment tax credits |
Comparative figures | Comparative figures Certain comparative figures in the notes to the consolidated financial statements have been reclassified to conform to the presentation adopted in the current year. |
New and amended standards adopted by the company | New and amended standards adopted by the CompanyCertain amendments to accounting standards were applied for the first time on April 1, 2022 but did not have an impact on the consolidated financial statements of the Company. |
New and amended standards not yet adopted by the company | New and amended standards not yet adopted by the Company Amendment to IAS 1 and IFRS Practice Statement 2 - Disclosure of accounting policies In February 2021, the IASB issued an amendment to IAS 1 - Presentation of financial statements and IFRS Practice Statement 2 - Making materiality judgements . The amendments will require the disclosure of material, rather than significant, accounting policy information. For the Company, amendments to IAS 1 and IFRS Practice Statement 2 will be effective for the fiscal period beginning on April 1, 2023. Amendment to IAS 8 - Accounting policies, changes in accounting estimates and errors In February 2021, the IASB issued an amendment to IAS 8 - Accounting policies, changes in accounting estimates and errors to introduce a definition of accounting estimates and to help entities distinguish changes in accounting policies from changes in accounting estimates. For the Company, amendments to IAS 8 will be effective for the fiscal period beginning on April 1, 2023. Amendment to IAS 12 - Income taxes In May 2021, the IASB issued an amendment to IAS 12 - Income taxes , which narrows the scope exemption when recognizing deferred taxes. In specified circumstances, entities are exempt from recognizing deferred income taxes when they recognize assets or liabilities for the first time. The amendments clarify that the exemption does not apply to transactions in which equal amounts of deductible and taxable temporary differences arise on initial recognition. For the Company, amendments to IAS 12 will be effective for the fiscal period beginning on April 1, 2023. The Company has concluded its current accounting policies are in line with the amended standard and therefore this amendment will have no impact on its consolidated financial statements. Amendment to IAS 1 - Presentation of financial statements In October 2022, the IASB issued an amendment to IAS 1 - Presentation of financial statements |
Use of judgements, estimates and assumptions | Use of judgements, estimates and assumptions The preparation of the consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies, the reported amounts of assets and liabilities and disclosures at the date of the consolidated financial statements, as well as the reported amounts of revenues and expenses for the period reported. It also requires management to exercise its judgement in applying the Company’s accounting policies. The areas involving a high degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed below. Actual results could differ from those estimates. Changes will be reported in the period in which they are identified. |
Development costs | Research and development (R&D) Research costs are expensed as incurred. Development costs are also charged to income in the period incurred unless they meet all the specific capitalization criteria established in IAS 38, Intangible Assets . Capitalized development costs are stated at cost and net of accumulated amortization and accumulated impairment losses, if any. Amortization of the capitalized development costs commences when the asset is available for use as intended by management and is included in research and development expenses. Development costs Development costs are recognized as intangible assets and are amortized over their useful lives when they meet the criteria for capitalization. Forecasted revenue and profitability for the relevant projects are used to assess compliance with the capitalization criteria and to assess the recoverable amount of the assets. |
Government royalty repayments | Government royalty repayments In determining the amount of repayable government royalties, assumptions and estimates are made in relation to expected revenues and the expected timing of revenues. Revenue projections consider past experience and represent management’s best estimate about the future. Revenues after a five-year period are extrapolated using estimated growth rates, ranging from 3.0% to 9.0%, over the period of repayments. These estimates, along with the methodology used to derive the estimates, can have a material impact on the respective values and ultimately any repayable obligation in relation to government participation. A 1% increase to the growth rates would increase the royalty obligations at March 31, 2023 by approximately $1.1 million (2022 – $1.7 million). A 1% decrease to the growth rates would have an opposite impact on the royalty obligations. |
Income taxes | Current and deferred income tax Income tax expense comprises current and deferred tax. An income tax expense is recognized in income except to the extent that it relates to items recognized in OCI or directly in equity, in which case it is recognized in OCI or directly in equity, respectively. Current tax is the amount expected to be paid or recovered from taxation authorities on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date in the countries where the Company and its subsidiaries operate and generate taxable income, and any adjustment to tax payable or receivable in respect of previous years. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities. Deferred tax is recognized using the financial position liability method, providing for temporary differences between the tax bases of assets or liabilities and their carrying amounts in the consolidated financial statements, except for temporary differences on the initial recognition of assets and liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable income. Deferred income tax is provided on temporary differences arising on investments in subsidiaries, and jointly controlled entities, except where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets are recognized for all deductible temporary differences and carry forward of unused tax losses. The recognition of deferred tax assets are limited to the amount which is probable to be realized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that a recognized deferred tax asset will be realized. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that an unrecognized deferred tax asset will be realized. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities which intend to settle current tax liabilities and assets on a net basis or if their tax assets and liabilities will be realized simultaneously. Taxes on income in the interim periods are accrued by jurisdiction using the effective tax rate that would be applicable to expected total annual profit or loss of the jurisdiction. Income taxes The Company is subject to income tax laws in numerous jurisdictions. Judgement is required in determining the worldwide provision for income taxes. The determination of tax liabilities and assets involves uncertainties in the interpretation of complex tax regulations. The Company provides for potential tax liabilities based on the weighted average probability of the possible outcomes. Differences between actual results and those estimates could influence the income tax liabilities and deferred tax liabilities in the period in which such determinations are made. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against the losses that can be utilized. Significant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax planning strategies. The recorded amount of total deferred tax assets could be altered if estimates of projected future taxable income and benefits from available tax strategies are lowered, or if changes in current tax regulations are enacted that impose restrictions on the timing or extent of the Company’s ability to utilize future tax benefits. |
NATURE OF OPERATIONS AND SUMM_3
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
General Information About Financial Statements [Abstract] | |
Disclosure of estimated useful lives, residual values and depreciation methods | The estimated useful lives, residual values and depreciation methods are as follows: Method Depreciation rate/period Buildings and improvements Declining balance/Straight-line 2.5% to 10%/3 to 40 years Simulators Straight-line (10% residual) Not exceeding 25 years Machinery and equipment Declining balance/Straight-line 20% to 35%/2 to 15 years Aircraft Straight-line (residual not exceeding 15%) Not exceeding 25 years Aircraft engines Based on utilization Not exceeding 3500 hours Machinery Assets Buildings and under (amounts in millions) and land Simulators equipment Aircraft construction Total Net book value as at March 31, 2021 $ 282.1 $ 1,423.1 $ 48.3 $ 76.1 $ 139.8 $ 1,969.4 Additions 29.4 14.5 15.5 1.6 211.2 272.2 Business combinations (Note 2) 52.1 18.7 21.5 2.1 2.1 96.5 Disposals (2.2) (0.4) (0.1) (1.1) — (3.8) Depreciation (21.4) (101.1) (19.3) (5.2) — (147.0) Impairment (13.8) (10.5) — — — (24.3) Purchase of assets under lease (Note 14) — 21.7 — — — 21.7 Transfers and others 1.1 97.6 1.1 (1.0) (95.5) 3.3 Foreign currency exchange differences (7.2) (48.5) (0.8) (1.0) (1.2) (58.7) Net book value as at March 31, 2022 $ 320.1 $ 1,415.1 $ 66.2 $ 71.5 $ 256.4 $ 2,129.3 Additions 34.6 20.1 16.7 0.2 197.2 268.8 Disposals (3.6) (3.2) (0.1) (0.6) — (7.5) Depreciation (23.3) (113.2) (21.2) (5.4) — (163.1) (Impairment) reversal – net — 2.1 (0.1) (0.3) — 1.7 Purchase of assets under lease (Note 14) — 34.6 — — — 34.6 Transfers and others 27.6 208.8 (5.5) 6.0 (231.5) 5.4 Foreign currency exchange differences 13.7 88.6 3.1 5.1 7.4 117.9 Net book value as at March 31, 2023 $ 369.1 $ 1,652.9 $ 59.1 $ 76.5 $ 229.5 $ 2,387.1 Machinery Assets Buildings and under (amounts in millions) and land Simulators equipment Aircraft construction Total Cost $ 561.9 $ 2,180.7 $ 209.2 $ 89.4 $ 256.4 $ 3,297.6 Accumulated depreciation and impairment (241.8) (765.6) (143.0) (17.9) — (1,168.3) Net book value as at March 31, 2022 $ 320.1 $ 1,415.1 $ 66.2 $ 71.5 $ 256.4 $ 2,129.3 Cost $ 623.9 $ 2,558.1 $ 208.9 $ 103.1 $ 229.5 $ 3,723.5 Accumulated depreciation and impairment (254.8) (905.2) (149.8) (26.6) — (1,336.4) Net book value as at March 31, 2023 $ 369.1 $ 1,652.9 $ 59.1 $ 76.5 $ 229.5 $ 2,387.1 |
Disclosure of depreciation methods, residual values and depreciation methods | The depreciation periods, residual values (only applicable when it is reasonably certain that the Company will obtain ownership by the end of the lease term) and depreciation methods are as follows: Method Depreciation period Buildings and land Straight-line Not exceeding 40 years Simulators Straight-line (10% residual) Not exceeding 25 years Machinery and equipment Straight-line Not exceeding 7 years Aircraft Straight-line (residual not exceeding 15%) Not exceeding 25 years Aircraft engines Based on utilization Not exceeding 3500 hours |
Disclosure of amortization using the straight-line method for all intangible assets over their estimated useful lives | Amortization is calculated using the straight-line method for all intangible assets over their estimated useful lives as follows: Amortization period Capitalized development costs 3 to 10 years Customer relationships 3 to 20 years Licenses 3 to 20 years Technology, software and ERP 3 to 12 years Other intangible assets 2 to 40 years |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of detailed information about business combination [abstract] | |
Disclosure of detailed information about business combinations | As at March 31, 2022, the preliminary determination of the fair value of the net assets acquired and liabilities assumed arising from the L3H MT acquisition are as follows: L3H MT Current assets $ 110.0 Current liabilities (130.8) Property, plant and equipment 96.3 Right-of-use assets 31.6 Intangible assets 1,342.8 Deferred tax 41.2 Other non-current assets 7.7 Long-term debt, including current portion (33.9) Other non-current liabilities (104.0) Total purchase consideration, including the hedge of the purchase price $ 1,360.9 Purchase price adjustment payable (8.4) Total cash consideration paid on acquisition date $ 1,352.5 As at March 31, 2022, the preliminary determination of the fair value of the net assets acquired and liabilities assumed arising from the AirCentre acquisition are as follows: AirCentre Current assets $ 42.0 Current liabilities (3.4) Right-of-use assets 0.3 Intangible assets 423.2 Deferred tax 1.2 Other non-current assets 36.9 Long-term debt, including current portion (0.3) Other non-current liabilities (1.0) Fair value of net assets acquired, excluding cash acquired $ 498.9 Cash acquired 3.8 Total cash consideration paid on acquisition date $ 502.7 |
L3HARRIS' MILITARY TRAINING B_2
L3HARRIS' MILITARY TRAINING BUSINESS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of detailed information about business combination [abstract] | |
Disclosure of detailed information about business combinations | As at March 31, 2022, the preliminary determination of the fair value of the net assets acquired and liabilities assumed arising from the L3H MT acquisition are as follows: L3H MT Current assets $ 110.0 Current liabilities (130.8) Property, plant and equipment 96.3 Right-of-use assets 31.6 Intangible assets 1,342.8 Deferred tax 41.2 Other non-current assets 7.7 Long-term debt, including current portion (33.9) Other non-current liabilities (104.0) Total purchase consideration, including the hedge of the purchase price $ 1,360.9 Purchase price adjustment payable (8.4) Total cash consideration paid on acquisition date $ 1,352.5 As at March 31, 2022, the preliminary determination of the fair value of the net assets acquired and liabilities assumed arising from the AirCentre acquisition are as follows: AirCentre Current assets $ 42.0 Current liabilities (3.4) Right-of-use assets 0.3 Intangible assets 423.2 Deferred tax 1.2 Other non-current assets 36.9 Long-term debt, including current portion (0.3) Other non-current liabilities (1.0) Fair value of net assets acquired, excluding cash acquired $ 498.9 Cash acquired 3.8 Total cash consideration paid on acquisition date $ 502.7 |
OPERATING SEGMENTS AND GEOGRA_2
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of operating segments [abstract] | |
Results by segment | Defense Civil Aviation and Security Healthcare Total 2023 2022 2023 2022 2023 2022 2023 2022 External revenue $ 2,166.4 $ 1,617.8 $ 1,844.2 $ 1,602.1 $ 192.7 $ 151.4 $ 4,203.3 $ 3,371.3 Depreciation and amortization 243.4 224.1 86.8 73.4 12.0 13.0 342.2 310.5 Impairment (reversal) of non-financial assets – net 1.2 34.5 (3.5) 3.0 (0.1) 4.3 (2.4) 41.8 Share of after-tax profit of equity accounted investees 47.0 42.1 6.2 6.4 — — 53.2 48.5 Operating income 430.3 224.1 35.7 56.0 8.0 4.1 474.0 284.2 Adjusted segment operating income 485.3 314.7 53.1 119.2 9.7 10.6 548.1 444.5 Reconciliation of adjusted segment operating income is as follows: Defense Civil Aviation and Security Healthcare Total 2023 2022 2023 2022 2023 2022 2023 2022 Operating income $ 430.3 $ 224.1 $ 35.7 $ 56.0 $ 8.0 $ 4.1 $ 474.0 $ 284.2 Restructuring, integration and acquisition costs (Note 5) 52.0 79.0 10.6 61.4 1.7 6.5 64.3 146.9 Impairments and other gains and losses arising from significant strategic transactions or specific events: Impairment reversal of non-financial assets following their repurposing and optimization (Note 5) 3.0 — 6.8 — — — 9.8 — Cloud computing transition adjustment (Note 4) — 11.6 — 1.8 — — — 13.4 Adjusted segment operating income $ 485.3 $ 314.7 $ 53.1 $ 119.2 $ 9.7 $ 10.6 $ 548.1 $ 444.5 Capital expenditures by segment, which consist of property, plant and equipment expenditures and intangible assets expenditures (excluding those acquired in business combinations), are as follows: 2023 2022 Civil Aviation $ 329.2 $ 300.7 Defense and Security 53.6 46.5 Healthcare 12.4 15.6 Total capital expenditures $ 395.2 $ 362.8 Assets and liabilities employed by segment are reconciled to total assets and liabilities as follows: 2023 2022 Assets employed Civil Aviation $ 5,852.4 $ 5,269.6 Defense and Security 3,436.2 3,163.1 Healthcare 310.1 269.2 Assets not included in assets employed 837.8 876.9 Total assets $ 10,436.5 $ 9,578.8 Liabilities employed Civil Aviation $ 1,142.0 $ 1,012.7 Defense and Security 871.2 824.8 Healthcare 69.3 64.9 Liabilities not included in liabilities employed 3,765.1 3,589.8 Total liabilities $ 5,847.6 $ 5,492.2 |
Products and services information | The Company's revenue from external customers for its products and services are as follows: 2023 2022 Products $ 1,570.8 $ 1,403.6 Training, software and services 2,632.5 1,967.7 Total external revenue $ 4,203.3 $ 3,371.3 |
Geographic information | The Company markets its products and services globally. Revenues are attributed to geographical regions based on the location of customers. Non-current assets other than financial instruments and deferred tax assets are attributed to geographical regions based on the location of the assets, excluding goodwill. Goodwill is presented by geographical regions based on the Company’s allocation of the related purchase price. 2023 2022 External revenue Canada $ 372.0 $ 366.8 United States 2,184.7 1,682.5 United Kingdom 264.2 208.5 Rest of Americas 89.6 78.4 Europe 574.0 473.4 Asia 627.0 472.2 Oceania and Africa 91.8 89.5 $ 4,203.3 $ 3,371.3 2023 2022 Non-current assets other than financial instruments, deferred tax assets and employee benefits assets Canada $ 1,641.2 $ 1,570.8 United States 4,049.8 3,554.2 United Kingdom 383.9 370.4 Rest of Americas 180.8 177.0 Europe 982.4 916.3 Asia 519.8 498.1 Oceania and Africa 112.5 79.5 $ 7,870.4 $ 7,166.3 |
OTHER (GAINS) AND LOSSES (Table
OTHER (GAINS) AND LOSSES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Analysis of income and expense [abstract] | |
Schedule of other gains and losses | 2023 2022 Net gain on foreign currency exchange differences $ (11.7) $ (0.9) Cloud computing transition adjustment — 13.4 Remeasurement of royalty obligations (8.8) (23.8) Remeasurement of contingent consideration arising on business combinations 2.6 (11.4) Other (4.9) (14.3) Other (gains) and losses $ (22.8) $ (37.0) |
RESTRUCTURING, INTEGRATION AN_2
RESTRUCTURING, INTEGRATION AND ACQUISITION COSTS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Restructuring, Integration and Acquisition costs [Abstract] | |
Analysis of restructuring, integration, and acquisition costs | 2023 2022 Integration and acquisition costs $ 66.3 $ 87.8 Impairment of non-financial assets – net 2.3 37.1 Severances and other employee related costs 2.7 6.9 Other costs 2.8 15.1 Impairment reversal of non-financial assets following their repurposing and optimization (9.8) — Total restructuring, integration and acquisition costs $ 64.3 $ 146.9 |
FINANCE EXPENSE - NET (Tables)
FINANCE EXPENSE - NET (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Analysis of income and expense [abstract] | |
Schedule of finance expense - net | 2023 2022 Finance expense: Long-term debt (other than lease liabilities) $ 141.6 $ 104.1 Lease liabilities 18.3 16.0 Royalty obligations 10.9 11.9 Employee benefits obligations (Note 19) 3.3 5.3 Other 24.9 13.2 Borrowing costs capitalized (7.9) (7.1) Finance expense $ 191.1 143.4 Finance income: Loans and investment in finance leases $ (10.3) $ (9.1) Other (3.1) (3.7) Finance income $ (13.4) $ (12.8) Finance expense – net $ 177.7 $ 130.6 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Income Tax [Abstract] | |
Effective Income Tax Rate Reconciliation | The reconciliation of income taxes at Canadian statutory rates with the income tax expense is as follows: 2023 2022 Earnings before income taxes $ 296.3 $ 153.6 Canadian statutory income tax rates 26.53 % 26.54 % Income taxes at Canadian statutory rates $ 78.6 $ 40.8 Effect of differences in tax rates in other jurisdictions (3.5) (16.8) Unrecognized tax benefits and tax benefits not previously recognized 1.4 2.2 (Non-taxable revenues) Non-deductible expenses (2.8) 1.5 Tax impact on after-tax profit of equity accounted investees (13.0) (12.1) Prior years' tax adjustments 0.5 (1.5) Other 3.2 (10.5) Income tax expense $ 64.4 $ 3.6 Effective tax rate 22 % 2 % |
Schedule of Components of Income Tax Expense (Benefit) | Significant components of the provision for the income tax expense are as follows: 2023 2022 Current income tax expense : Current year $ 53.2 $ 30.4 Prior years' tax adjustments 0.8 3.1 Deferred income tax (recovery) expense: Tax benefit not previously recognized used to reduce the deferred tax expense (2.2) (4.1) Change in income tax rates — (6.6) Origination and reversal of temporary differences 12.6 (19.2) Income tax expense $ 64.4 $ 3.6 |
Disclosure of temporary difference, unused tax losses and unused tax credits | During the year ended March 31, 2023, movements in temporary differences are as follows: Foreign Balance currency beginning Recognized Recognized Recognized Business exchange Balance of year in income in OCI in equity combinations differences end of year Non-capital loss carryforwards $ 96.9 $ (3.3) $ — $ — $ — $ 5.7 $ 99.3 Unclaimed research & development expenditures 86.6 75.8 — — — (0.1) 162.3 Capital loss carryforwards 4.4 4.9 — — — — 9.3 Investment tax credits (85.4) 3.3 — — — — (82.1) Property, plant and equipment and right-of-use of assets (86.2) (23.8) — — (2.8) (7.0) (119.8) Intangible assets (90.2) (19.6) — — — (4.9) (114.7) Deferred revenues, contract assets and contract liabilities 1.2 (21.6) — — 1.5 (0.3) (19.2) Foreign currency exchange difference 2.6 (8.9) 4.2 — — (0.3) (2.4) Derivative financial assets and liabilities (0.2) 5.0 5.7 — (0.8) (1.1) 8.6 Defined benefit obligation 27.2 0.2 (19.7) — — — 7.7 Amounts not currently deductible 83.1 (4.7) — — — 1.9 80.3 Other (16.3) (17.7) — — — 0.5 (33.5) Net deferred tax assets (liabilities) $ 23.7 $ (10.4) $ (9.8) $ — $ (2.1) $ (5.6) $ (4.2) During the year ended March 31, 2022, movements in temporary differences are as follows: Foreign Balance currency beginning Recognized Recognized Recognized Business exchange Balance of year in income in OCI in equity combinations differences end of year Non-capital loss carryforwards $ 48.1 $ 48.3 $ — — $ 0.2 $ 0.3 $ 96.9 Unclaimed research & development expenditures 70.8 15.9 — — (0.1) — 86.6 Capital loss carryforwards 1.1 1.0 — — 2.3 — 4.4 Investment tax credits (76.4) (9.0) — — — — (85.4) Property, plant and equipment and right-of-use of assets (75.2) (6.5) — — (4.6) 0.1 (86.2) Intangible assets (92.5) 8.3 — — (5.9) (0.1) (90.2) Deferred revenues, contract assets and contract liabilities 1.5 (42.2) — — 41.6 0.3 1.2 Foreign currency exchange difference (1.4) 9.2 (4.9) — — (0.3) 2.6 Derivative financial assets and liabilities (6.5) 6.2 0.6 — — (0.5) (0.2) Defined benefit obligation 57.2 4.3 (33.4) — — (0.9) 27.2 Amounts not currently deductible 65.0 4.6 — — 13.5 — 83.1 Other (10.3) (10.2) — 3.7 — 0.5 (16.3) Net deferred tax (liabilities) assets $ (18.6) $ 29.9 $ (37.7) $ 3.7 $ 47.0 $ (0.6) $ 23.7 The non-capital losses incurred in various jurisdictions expire as follows: Expiry date Unrecognized Recognized 2024-2028 $ 31.4 $ 18.4 2029-2043 26.8 149.9 No expiry date 146.0 212.2 $ 204.2 $ 380.5 |
SHARE CAPITAL, EARNINGS PER S_2
SHARE CAPITAL, EARNINGS PER SHARE AND DIVIDENDS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Earnings per share | Earnings per share computation The denominators for the basic and diluted earnings per share computations are as follows: 2023 2022 Weighted average number of common shares outstanding 317,660,608 311,016,278 Effect of dilutive stock options 756,871 1,885,078 Weighted average number of common shares outstanding for diluted earnings per share calculation 318,417,479 312,901,356 |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of accounts receivable | Details of accounts receivable are as follows: 2023 2022 Current trade receivables $ 280.6 $ 230.4 Past due trade receivables 1-30 days 68.4 50.4 31-60 days 28.3 29.0 61-90 days 16.8 15.0 Greater than 90 days 85.2 121.2 Total trade receivables $ 479.3 $ 446.0 Investment in finance leases (Note 14) 13.5 21.6 Receivables from related parties (Note 31) 57.5 40.3 Other receivables 90.9 76.9 Credit loss allowances (25.5) (27.9) Total accounts receivable $ 615.7 $ 556.9 |
Schedule of changes in allowance for doubtful accounts | Changes in credit loss allowances are as follows: 2023 2022 Credit loss allowances, beginning of year $ (27.9) $ (34.4) Additions (3.2) (4.7) Amounts charged off 4.7 8.9 Unused amounts reversed 1.9 0.8 Foreign currency exchange differences (1.0) 1.5 Credit loss allowances, end of year $ (25.5) $ (27.9) |
BALANCE FROM CONTRACTS WITH C_2
BALANCE FROM CONTRACTS WITH CUSTOMERS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Revenue From Contracts With Customers1 [Abstract] | |
Disclosure of net contract assets (liabilities) | Net contract liabilities are as follows: 2023 2022 Contract assets - current $ 693.8 $ 608.3 Contract assets - non-current (Note 15) 41.9 34.1 Contract liabilities - current (905.7) (788.3) Contract liabilities - non-current (Note 20) (94.0) (130.3) Net contract liabilities $ (264.0) $ (276.2) |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Inventories [Abstract] | |
Schedule of inventory | 2023 2022 Work in progress $ 282.4 $ 291.5 Raw materials, supplies and manufactured products 301.0 228.3 Total inventories $ 583.4 $ 519.8 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment | The estimated useful lives, residual values and depreciation methods are as follows: Method Depreciation rate/period Buildings and improvements Declining balance/Straight-line 2.5% to 10%/3 to 40 years Simulators Straight-line (10% residual) Not exceeding 25 years Machinery and equipment Declining balance/Straight-line 20% to 35%/2 to 15 years Aircraft Straight-line (residual not exceeding 15%) Not exceeding 25 years Aircraft engines Based on utilization Not exceeding 3500 hours Machinery Assets Buildings and under (amounts in millions) and land Simulators equipment Aircraft construction Total Net book value as at March 31, 2021 $ 282.1 $ 1,423.1 $ 48.3 $ 76.1 $ 139.8 $ 1,969.4 Additions 29.4 14.5 15.5 1.6 211.2 272.2 Business combinations (Note 2) 52.1 18.7 21.5 2.1 2.1 96.5 Disposals (2.2) (0.4) (0.1) (1.1) — (3.8) Depreciation (21.4) (101.1) (19.3) (5.2) — (147.0) Impairment (13.8) (10.5) — — — (24.3) Purchase of assets under lease (Note 14) — 21.7 — — — 21.7 Transfers and others 1.1 97.6 1.1 (1.0) (95.5) 3.3 Foreign currency exchange differences (7.2) (48.5) (0.8) (1.0) (1.2) (58.7) Net book value as at March 31, 2022 $ 320.1 $ 1,415.1 $ 66.2 $ 71.5 $ 256.4 $ 2,129.3 Additions 34.6 20.1 16.7 0.2 197.2 268.8 Disposals (3.6) (3.2) (0.1) (0.6) — (7.5) Depreciation (23.3) (113.2) (21.2) (5.4) — (163.1) (Impairment) reversal – net — 2.1 (0.1) (0.3) — 1.7 Purchase of assets under lease (Note 14) — 34.6 — — — 34.6 Transfers and others 27.6 208.8 (5.5) 6.0 (231.5) 5.4 Foreign currency exchange differences 13.7 88.6 3.1 5.1 7.4 117.9 Net book value as at March 31, 2023 $ 369.1 $ 1,652.9 $ 59.1 $ 76.5 $ 229.5 $ 2,387.1 Machinery Assets Buildings and under (amounts in millions) and land Simulators equipment Aircraft construction Total Cost $ 561.9 $ 2,180.7 $ 209.2 $ 89.4 $ 256.4 $ 3,297.6 Accumulated depreciation and impairment (241.8) (765.6) (143.0) (17.9) — (1,168.3) Net book value as at March 31, 2022 $ 320.1 $ 1,415.1 $ 66.2 $ 71.5 $ 256.4 $ 2,129.3 Cost $ 623.9 $ 2,558.1 $ 208.9 $ 103.1 $ 229.5 $ 3,723.5 Accumulated depreciation and impairment (254.8) (905.2) (149.8) (26.6) — (1,336.4) Net book value as at March 31, 2023 $ 369.1 $ 1,652.9 $ 59.1 $ 76.5 $ 229.5 $ 2,387.1 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Intangible Assets [Abstract] | |
Disclosure of reconciliation of changes in intangible assets and goodwill | Capitalized Technology, Other (amounts in millions) development Customer software intangible Goodwill costs relationships Licenses and ERP assets Total Net book value as at March 31, 2021 $ 1,173.2 $ 215.7 $ 297.5 $ 279.4 $ 71.5 $ 18.5 $ 2,055.8 Additions – internal development — 55.6 — — 35.0 — 90.6 Business combinations (Note 2) 1,316.8 2.2 323.7 — 169.7 — 1,812.4 Amortization — (32.7) (40.7) (16.0) (18.3) (1.8) (109.5) Impairment — (4.2) — — — — (4.2) Cloud computing transition adjustment (Note 5) — — — — (13.4) — (13.4) Transfers and others — (2.1) (0.1) (0.1) 0.4 — (1.9) Foreign currency exchange differences (25.7) (0.1) (5.4) (0.5) (1.2) (0.6) (33.5) Net book value as at March 31, 2022 $ 2,464.3 $ 234.4 $ 575.0 $ 262.8 $ 243.7 $ 16.1 $ 3,796.3 Additions – internal development — 87.1 — — 39.3 — 126.4 Business combinations (Note 2) 35.8 — (11.8) — 3.0 — 27.0 Amortization — (31.1) (44.4) (16.1) (29.5) (1.8) (122.9) Impairment reversal – net — 6.3 — — — — 6.3 Transfers and others — (3.7) (1.3) — (0.9) 0.4 (5.5) Foreign currency exchange differences 163.2 1.7 36.8 6.7 14.0 0.8 223.2 Net book value as at March 31, 2023 $ 2,663.3 $ 294.7 $ 554.3 $ 253.4 $ 269.6 $ 15.5 $ 4,050.8 Capitalized Technology, Other development Customer software intangible Goodwill costs relationships Licenses and ERP assets Total Cost $ 2,501.8 $ 480.9 $ 794.7 $ 312.8 $ 445.4 $ 51.1 $ 4,586.7 Accumulated amortization and impairment (37.5) (246.5) (219.7) (50.0) (201.7) (35.0) (790.4) Net book value as at March 31, 2022 $ 2,464.3 $ 234.4 $ 575.0 $ 262.8 $ 243.7 $ 16.1 $ 3,796.3 Cost $ 2,699.7 $ 573.3 $ 829.6 $ 320.9 $ 513.2 $ 54.0 $ 4,990.7 Accumulated amortization and impairment (36.4) (278.6) (275.3) (67.5) (243.6) (38.5) (939.9) Net book value as at March 31, 2023 $ 2,663.3 $ 294.7 $ 554.3 $ 253.4 $ 269.6 $ 15.5 $ 4,050.8 |
Disclosure of reconciliation of changes in goodwill | The carrying amount of goodwill allocated to the Company's CGUs per operating segment is as follows: Defense Civil Aviation and Security Healthcare Total Net book value as at March 31, 2021 $ 789.2 $ 279.3 $ 104.7 $ 1,173.2 Business combinations (Note 2) 283.4 1,025.6 7.8 1,316.8 Foreign currency exchange differences (25.8) 0.9 (0.8) (25.7) Net book value as at March 31, 2022 $ 1,046.8 $ 1,305.8 $ 111.7 $ 2,464.3 Business combinations (Note 2) 25.6 10.2 — 35.8 Foreign currency exchange differences 53.2 101.3 8.7 163.2 Net book value as at March 31, 2023 $ 1,125.6 $ 1,417.3 $ 120.4 $ 2,663.3 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of leases [Abstract] | |
Schedule of Right-of-use assets | Machinery Buildings and and land Simulators equipment Aircraft Total Net book value as at March 31, 2021 $ 212.0 $ 65.9 $ 18.1 $ 12.5 $ 308.5 Additions and remeasurements 59.4 60.0 0.2 — 119.6 Business combinations (Note 2) 32.7 — — — 32.7 Depreciation (31.2) (13.8) (2.6) (0.8) (48.4) Impairment (8.1) — — — (8.1) Purchase of assets under lease (Note 12) — (21.7) — — (21.7) Transfers and others (3.3) 0.5 (0.2) — (3.0) Foreign currency exchange differences (6.2) (0.4) — — (6.6) Net book value as at March 31, 2022 $ 255.3 $ 90.5 $ 15.5 $ 11.7 $ 373.0 Additions and remeasurements 120.9 7.3 — — 128.2 Depreciation (36.6) (9.9) (2.8) (0.8) (50.1) Purchase of assets under lease (Note 12) — (34.6) — — (34.6) Transfers and others (6.1) (2.3) (0.3) — (8.7) Foreign currency exchange differences 13.2 5.9 — — 19.1 Net book value as at March 31, 2023 $ 346.7 $ 56.9 $ 12.4 $ 10.9 $ 426.9 |
Schedule of Undiscounted Lease Payments to be Received Under Operating Leases | Undiscounted lease payments to be received under operating leases are as follows: 2023 2022 Less than 1 year $ 33.0 $ 36.3 Between 1 and 2 years 32.6 24.1 Between 2 and 3 years 30.0 23.3 Between 3 and 4 years 21.7 21.0 Between 4 and 5 years 16.5 13.6 More than 5 years 13.8 26.8 Total undiscounted lease payments receivable $ 147.6 $ 145.1 |
Schedule of Undiscounted Lease Payments to be Received Under Finance Leases | Undiscounted lease payments to be received under finance leases are as follows: 2023 2022 Less than 1 year $ 16.6 $ 24.9 Between 1 and 2 years 14.6 12.0 Between 2 and 3 years 15.1 12.9 Between 3 and 4 years 16.3 11.1 Between 4 and 5 years 13.6 11.8 More than 5 years 128.2 114.5 Total undiscounted lease payments receivable $ 204.4 $ 187.2 Unearned finance income (68.0) (59.1) Discounted unguaranteed residual values of leased assets (10.7) (9.4) Total investment in finance leases $ 125.7 $ 118.7 Current portion (Note 9) 13.5 21.6 Non-current portion (Note 15) $ 112.2 $ 97.1 |
OTHER NON-CURRENT ASSETS (Table
OTHER NON-CURRENT ASSETS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of other Non-current assets | 2023 2022 Contract assets (Note 10) $ 41.9 $ 34.1 Prepaid rent to a portfolio investment 13.4 18.2 Advances to a portfolio investment 10.7 10.5 Advance payments for property, plant and equipment 30.7 — Investment in finance leases (Note 14) 112.2 97.1 Non-current receivables 42.8 42.0 Investment tax credits 325.3 315.1 Other 43.6 32.7 $ 620.6 $ 549.7 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure Of accounts payable and other liabilities | 2023 2022 Accounts payable trade $ 522.1 $ 436.2 Accrued and other liabilities 498.6 514.7 Amount due to related parties (Note 31) 5.7 5.1 Current portion of royalty obligations 10.3 19.1 $ 1,036.7 $ 975.1 |
PROVISIONS (Tables)
PROVISIONS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Schedule of provisions | Changes in provisions are as follows: Restoration and simulator Restructuring removal (Note 5) Legal Warranties Other Total Provisions, as at March 31, 2022 $ 9.4 $ 9.2 $ 8.0 $ 25.0 $ 5.7 $ 57.3 Additions 0.2 4.3 0.1 9.8 1.7 16.1 Amount used — (10.8) (5.8) (11.3) — (27.9) Reversal of unused amounts (1.0) (1.6) (0.6) (0.1) (0.6) (3.9) Foreign currency exchange differences 0.4 0.2 0.1 0.2 0.4 1.3 Transfers and others 0.2 (0.2) — 0.3 3.6 3.9 Provisions, as at March 31, 2023 $ 9.2 $ 1.1 $ 1.8 $ 23.9 $ 10.8 $ 46.8 Current portion — 1.1 1.5 15.5 8.6 26.7 Non-current portion $ 9.2 $ — $ 0.3 $ 8.4 $ 2.2 $ 20.1 |
DEBT FACILITIES (Tables)
DEBT FACILITIES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Debt and Financing Obligations [Abstract] | |
Disclosure of detailed information about borrowings | Long-term debt, net of transaction costs is as follows: Repayment 2023 2022 Notional amount period Current Non-current Current Non-current Unsecured senior notes U.S. dollar, fixed rate - 3.60% to 4.90% US$ 947.0 2024-2034 $ 18.5 $ 1,257.9 $ 17.4 $ 1,176.5 Canadian dollar, fixed rate - 4.15% $ 24.3 2024-2027 2.9 21.4 2.9 24.2 Term loans U.S. dollar, variable rate US$ 350.0 2024-2025 67.0 405.4 69.7 443.1 Canadian dollar, variable rate $ 29.6 2023-2028 5.6 23.8 5.6 29.4 Other 2023-2026 15.2 47.4 14.1 58.4 Lease liabilities U.S. dollar 2023-2053 55.7 241.3 66.1 164.6 Other 2023-2043 25.5 133.4 32.9 131.4 R&D obligations Canadian dollar 2023-2042 24.2 471.9 33.1 439.9 Revolving credit facilities U.S. dollar, variable rate — 433.0 — 336.9 Total long-term debt $ 214.6 $ 3,035.5 $ 241.8 $ 2,804.4 |
Disclosure of reconciliation of liabilities arising from financing activities | Information on the change in long-term debt for which cash flows have been classified as financing activities in the statement of cash flows are as follows: Unsecured Revolving senior Term Lease R&D credit notes loans liabilities obligations facility Total Net book value as at March 31, 2021 $ 1,249.5 $ 331.2 $ 347.2 $ 423.6 $ — $ 2,351.5 Changes from financing cash flows Net repayment from borrowing under revolving credit facilities — — — — 344.6 344.6 Proceeds from long-term debt — 402.3 — 26.8 — 429.1 Repayment of long-term debt (20.5) (110.8) — (0.8) — (132.1) Repayment of lease liabilities — — (89.5) — — (89.5) Total changes from financing cash flows $ (20.5) $ 291.5 $ (89.5) $ 26.0 $ 344.6 $ 552.1 Non-cash changes Business combinations (Note 2) — 0.2 34.9 — — 35.1 Foreign currency exchange differences (8.5) (4.1) (7.8) — (7.7) (28.1) Additions and remeasurement of lease liabilities — — 119.6 — — 119.6 Accretion — — — 25.3 — 25.3 Other 0.5 1.5 (9.4) (1.9) — (9.3) Total non-cash changes $ (8.0) $ (2.4) $ 137.3 $ 23.4 $ (7.7) $ 142.6 Net book value as at March 31, 2022 $ 1,221.0 $ 620.3 $ 395.0 $ 473.0 $ 336.9 $ 3,046.2 Changes from financing cash flows Net proceeds from borrowing under revolving credit facilities — — — — 44.5 44.5 Proceeds from long-term debt — — — 31.2 — 31.2 Repayment of long-term debt (21.8) (106.1) — (33.1) — (161.0) Repayment of lease liabilities — — (83.4) — — (83.4) Total changes from financing cash flows $ (21.8) $ (106.1) $ (83.4) $ (1.9) $ 44.5 $ (168.7) Non-cash changes Foreign currency exchange differences 101.1 48.9 21.7 — 51.6 223.3 Additions and remeasurement of lease liabilities — — 128.2 — — 128.2 Accretion — — — 25.0 — 25.0 Other 0.4 1.3 (5.6) — — (3.9) Total non-cash changes $ 101.5 $ 50.2 $ 144.3 $ 25.0 $ 51.6 $ 372.6 Net book value as at March 31, 2023 $ 1,300.7 $ 564.4 $ 455.9 $ 496.1 $ 433.0 $ 3,250.1 |
EMPLOYEE BENEFITS OBLIGATIONS (
EMPLOYEE BENEFITS OBLIGATIONS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of share-based payments arrangements [Abstract] | |
Disclosure of net defined benefit liability (asset) | The employee benefits obligations are as follows: 2023 2022 Funded defined benefit pension obligations $ 590.7 $ 638.7 Fair value of plan assets 641.7 623.9 Funded defined benefit pension obligations – net $ (51.0) $ 14.8 Unfunded defined benefit pension obligations 91.8 94.9 Employee benefits obligations - net $ 40.8 $ 109.7 Employee benefit assets $ (51.1) $ — Employee benefit obligations $ 91.9 $ 109.7 Changes in funded defined benefit pension obligations and fair value of plan assets are as follows: 2023 2022 Canadian Foreign Total Canadian Foreign Total Pension obligations, beginning of year $ 631.8 $ 6.9 $ 638.7 $ 687.0 $ 74.5 $ 761.5 Current service cost 32.5 — 32.5 35.0 1.4 36.4 Interest cost 23.9 0.2 24.1 19.2 0.6 19.8 Past service cost — — — — (5.9) (5.9) Actuarial loss (gain) arising from: Experience adjustments 25.5 0.2 25.7 (2.6) 0.2 (2.4) Economic assumptions (102.8) (1.8) (104.6) (92.1) (1.7) (93.8) Demographic assumptions 2.6 (0.1) 2.5 — — — Employee contributions 9.2 — 9.2 7.8 0.3 8.1 Pension benefits paid (25.5) (0.2) (25.7) (22.5) (1.2) (23.7) Settlements (11.7) — (11.7) — (60.3) (60.3) Foreign currency exchange differences — — — — (1.0) (1.0) Pension obligations, end of year $ 585.5 $ 5.2 $ 590.7 $ 631.8 $ 6.9 $ 638.7 Fair value of plan assets, beginning of year $ 617.1 $ 6.8 $ 623.9 $ 574.7 $ 67.2 $ 641.9 Interest income 23.9 0.2 24.1 16.4 0.5 16.9 Return on plan assets, excluding amounts included in interest income (10.1) (0.9) (11.0) 16.6 1.6 18.2 Employer contributions 33.0 0.4 33.4 25.1 (0.1) 25.0 Employee contributions 9.2 — 9.2 7.8 0.3 8.1 Pension benefits paid (25.5) (0.2) (25.7) (22.5) (1.2) (23.7) Settlements (11.7) — (11.7) — (60.3) (60.3) Administrative costs (0.6) — (0.6) (1.0) (0.1) (1.1) Foreign currency exchange differences — 0.1 0.1 — (1.1) (1.1) Fair value of plan assets, end of year $ 635.3 $ 6.4 $ 641.7 $ 617.1 $ 6.8 $ 623.9 Changes in unfunded defined benefit pension obligations are as follows: 2023 2022 Canadian Foreign Total Canadian Foreign Total Pension obligations, beginning of year $ 82.6 $ 12.3 $ 94.9 $ 88.6 $ 14.0 $ 102.6 Current service cost 4.1 1.0 5.1 4.4 0.8 5.2 Interest cost 3.0 0.3 3.3 2.2 0.2 2.4 Past service cost — 0.2 0.2 — 0.3 0.3 Actuarial loss (gain) arising from: Experience adjustments 5.5 (0.6) 4.9 0.3 (0.4) (0.1) Economic assumptions (11.0) (2.7) (13.7) (9.8) (1.3) (11.1) Pension benefits paid (2.9) (0.6) (3.5) (3.1) (0.6) (3.7) Foreign currency exchange differences — 0.6 0.6 — (0.7) (0.7) Pension obligations, end of year $ 81.3 $ 10.5 $ 91.8 $ 82.6 $ 12.3 $ 94.9 |
Disclosure of additional information about defined benefit plans | Net pension cost is as follows: 2023 2022 Canadian Foreign Total Canadian Foreign Total Funded plans Current service cost $ 32.5 $ — $ 32.5 $ 35.0 $ 1.4 $ 36.4 Interest cost 23.9 0.2 24.1 19.2 0.6 19.8 Interest income (23.9) (0.2) (24.1) (16.4) (0.5) (16.9) Past service cost — — — — (5.9) (5.9) Administrative cost 0.6 — 0.6 1.0 0.1 1.1 Net pension cost of funded plans $ 33.1 $ — $ 33.1 $ 38.8 $ (4.3) $ 34.5 Unfunded plans Current service cost $ 4.1 $ 1.0 $ 5.1 $ 4.4 $ 0.8 $ 5.2 Interest cost 3.0 0.3 3.3 2.2 0.2 2.4 Past service cost — 0.2 0.2 — 0.3 0.3 Net pension cost of unfunded plans $ 7.1 $ 1.5 $ 8.6 $ 6.6 $ 1.3 $ 7.9 Total net pension cost $ 40.2 $ 1.5 $ 41.7 $ 45.4 $ (3.0) $ 42.4 |
Disclosure of fair value of plan assets | Fair value of the plan assets, by major categories, are as follows: (amounts in millions) 2023 2022 Quoted Unquoted Total Quoted Unquoted Total Canadian plans Equity funds Canadian $ — $ 45.6 $ 45.6 $ — $ 72.9 $ 72.9 Foreign — 174.8 174.8 — 145.4 145.4 Bond funds Government — 133.3 133.3 — 115.4 115.4 Corporate — 74.4 74.4 — 105.7 105.7 Private and property investments — 191.7 191.7 — 164.8 164.8 Cash and cash equivalents — 14.4 14.4 — 12.1 12.1 Other — 1.1 1.1 — 0.8 0.8 Total Canadian plans $ — $ 635.3 $ 635.3 $ — $ 617.1 $ 617.1 Foreign plans Equity instruments $ 2.3 $ — $ 2.3 $ 2.6 $ — $ 2.6 Debt instruments Corporate 3.3 — 3.3 3.6 — 3.6 Other — 0.8 0.8 — 0.6 0.6 Total Foreign plans $ 5.6 $ 0.8 $ 6.4 $ 6.2 $ 0.6 $ 6.8 Total plans $ 5.6 $ 636.1 $ 641.7 $ 6.2 $ 617.7 $ 623.9 |
Assumptions for defined benefit plans | Significant assumptions (weighted average) used are as follows: Canadian Foreign 2023 2022 2023 2022 Pension obligations as at March 31: Discount rate 5.05 % 4.14 % 4.70 % 2.41 % Compensation rate increases 3.66 % 3.65 % 2.54 % 2.66 % Net pension cost for years ended March 31: Discount rate 4.14 % 3.32 % 2.41 % 1.06 % Compensation rate increases 3.65 % 3.65 % 2.66 % 2.06 % Assumptions regarding future mortality are based on actuarial advice in accordance with published statistics and mortality tables and experience in each territory. The mortality tables and the average life expectancy in years for a member age 45 and 65 are as follows: As at March 31, 2023 Life expectancy over 65 for a member (in years) Male Female Country Mortality table at age 45 at age 65 at age 45 at age 65 Canada CPM private tables 23.7 22.2 26.1 24.8 Germany Heubeck RT2018G 23.4 20.6 26.3 24.0 United Kingdom S2PxA CMI 2020 22.6 21.6 24.6 23.4 United States CPM private tables 24.9 23.5 26.4 25.1 As at March 31, 2022 Life expectancy over 65 for a member (in years) Male Female Country Mortality table at age 45 at age 65 at age 45 at age 65 Canada CPM private tables 23.6 22.1 25.7 24.4 Germany Heubeck RT2018G 23.2 20.5 26.2 23.9 United Kingdom S2PxA CMI 2020 23.1 22.1 25.2 24.0 United States CPM private tables 24.9 23.4 26.4 25.0 |
Disclosure of sensitivity analysis for actuarial assumptions | The impact on the defined benefit obligation as a result of a 0.25% change in the significant assumptions as at March 31, 2023 are as follows: Funded plans Unfunded plans Canadian Foreign Canadian Foreign Total Discount rate: Increase $ (22.7) $ (0.1) $ (2.3) $ (0.3) $ (25.4) Decrease 24.1 0.1 2.4 0.3 26.9 Compensation rate: Increase 8.4 — 0.3 — 8.7 Decrease (8.0) — (0.3) — (8.3) |
Expected future employer contribution | Contributions reflect actuarial assumptions of future investment returns, salary projections and future service benefits. The expected employer contributions and expected benefits paid for the next fiscal year are as follows: Canadian Foreign Total Expected employer contributions in funded plans $ 31.9 $ — $ 31.9 Expected benefits paid in unfunded plans 2.9 0.7 3.6 |
OTHER NON-CURRENT LIABILITIES (
OTHER NON-CURRENT LIABILITIES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of other noncurrent liabilities | 2023 2022 Contract liabilities (Note 10 ) $ 94.0 $ 130.3 Share-based payments liabilities (Note 23) 63.2 70.0 Contingent consideration arising on business combinations — 3.7 Interest payable 8.8 14.4 Other 32.2 27.2 $ 198.2 $ 245.6 |
SUPPLEMENTARY CASH FLOWS INFO_2
SUPPLEMENTARY CASH FLOWS INFORMATION (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Cash Flow Statement [Abstract] | |
Analysis of Non-Cash Working Capital | Changes in non-cash working capital are as follows: 2023 2022 Cash provided by (used in) non-cash working capital: Accounts receivable $ 4.1 $ 34.2 Contract assets (66.6) (49.3) Inventories (65.6) 107.3 Prepayments (9.7) (5.6) Income taxes (13.2) (11.5) Accounts payable and accrued liabilities 21.8 (24.6) Provisions (15.3) (25.8) Contract liabilities 30.0 (2.2) $ (114.5) $ 22.5 |
Supplemental Cash Flow Information | Supplemental information: 2023 2022 Interest paid $ 174.7 $ 93.8 Interest received 13.3 13.1 Income taxes paid 34.7 44.5 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of analysis of other comprehensive income by item [abstract] | |
Analysis of other comprehensive income | Foreign currency exchange differences Net changes in on translation of Net changes in financial assets foreign operations cash flow hedges carried at FVOCI Total 2023 2022 2023 2022 2023 2022 2023 2022 Balances, beginning of year $ (29.4) $ 64.5 $ (0.5) $ (5.2) $ (1.3) $ (1.2) $ (31.2) $ 58.1 Other comprehensive (loss) income 212.2 (93.9) (13.8) 4.7 — (0.1) 198.4 (89.3) Balances, end of year $ 182.8 $ (29.4) $ (14.3) $ (0.5) $ (1.3) $ (1.3) $ 167.2 $ (31.2) |
SHARE-BASED PAYMENTS (Tables)
SHARE-BASED PAYMENTS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Share-based Payment Arrangements [Abstract] | |
Explanation of effect of share-based payments on entity's profit or loss | Share-based payments expense are as follows: 2023 2022 Equity-settled plan Stock option plan $ 6.1 $ 7.8 Cash-settled plans Stock purchase plan 12.8 11.6 Deferred share unit (DSU) plans 3.3 1.1 Restricted share unit (RSU) plans 5.9 1.3 Performance share unit (PSU) plan 0.4 9.2 Total share-based payments expense $ 28.5 $ 31.0 Impact of equity swap agreements (Note 29) 5.3 9.2 Amount capitalized (0.9) (0.5) Share-based payments expense, net of equity swap (Note 24) $ 32.9 $ 39.7 Carrying amount of share-based payments liabilities are as follows: 2023 2022 Cash-settled plans Deferred share unit (DSU) plans $ 21.3 $ 20.6 Restricted share unit (RSU) plans 40.5 42.4 Performance share unit (PSU) plan 12.7 26.8 Total carrying amount of share-based payments liabilities $ 74.5 $ 89.8 Current portion 11.3 19.8 Non-current portion (Note 20) $ 63.2 $ 70.0 |
Disclosure of number and weighted average exercise prices of share options | Changes in outstanding stock options are as follows: 2023 2022 Weighted Weighted Number of average exercise Number of average exercise stock options price stock options price Stock options outstanding, beginning of year 6,783,444 $ 25.08 7,476,902 $ 23.39 Granted 624,700 32.92 712,477 36.79 Exercised (882,167) 18.49 (1,268,660) 21.37 Forfeited (202,440) 29.28 (134,275) 28.57 Expired — — (3,000) 14.66 Stock options outstanding, end of year 6,323,537 $ 26.63 6,783,444 $ 25.08 Stock options exercisable, end of year 3,877,399 $ 25.62 3,395,732 $ 23.35 |
Disclosure of range of exercise prices of outstanding share options | As at March 31, 2023, summarized information about the stock options issued and outstanding is as follows: Options Outstanding Options Exercisable Weighted Number of average remaining Weighted Number of Weighted Range of stock options contractual life average exercise stock options average exercise exercise prices outstanding (years) price exercisable price $16.15 to $20.86 2,168,433 3.83 $ 20.22 1,073,383 $ 19.87 $21.61 to $27.14 1,978,304 1.79 24.80 1,952,804 24.83 $28.95 to $38.01 2,176,800 4.57 34.69 851,212 34.66 Total 6,323,537 3.44 $ 26.63 3,877,399 $ 25.62 |
Disclosure of indirect measurement of fair value of goods or services received, other equity instruments granted during period | The assumptions used in the calculation of the fair value of the stock options on the grant date using the Black-Scholes option pricing model are as follows: 2023 2022 Common share price $ 30.87 $ 37.24 Exercise price $ 32.92 $ 36.79 Dividend yield 0.65 % 0.64 % Expected volatility 42.12 % 40.51 % Risk-free interest rate 3.30 % 0.76 % Expected stock option life 4.5 years 4.0 years |
Disclosure of number and weighted average exercise prices of other equity instruments | Changes in outstanding DSUs are as follows: 2023 2022 DSUs outstanding, beginning of year 634,342 550,742 Granted 143,206 86,876 Redeemed (79,568) (3,276) DSUs vested and outstanding, end of year 697,980 634,342 Changes in outstanding RSUs are as follows: 2023 2022 RSUs outstanding, beginning of year 1,529,704 1,430,524 Granted 285,279 289,745 Cancelled (31,505) (13,690) Redeemed (248,843) (176,875) RSUs outstanding, end of year 1,534,635 1,529,704 RSUs vested, end of year 1,289,049 1,303,042 Changes in outstanding PSUs are as follows: 2023 2022 PSUs outstanding, beginning of year 847,171 820,090 Granted 817,218 571,459 Cancelled (48,601) (23,135) Redeemed (467,486) (521,243) PSUs outstanding, end of year 1,148,302 847,171 PSUs vested, end of year 687,120 570,457 |
EMPLOYEE COMPENSATION (Tables)
EMPLOYEE COMPENSATION (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Employee Benefits [Abstract] | |
Analysis of employee compensation | Total employee compensation expense recognized in income is as follows: (amounts in millions) 2023 2022 Salaries and other short-term employee benefits $ 1,564.5 $ 1,326.2 Share-based payments expense, net of equity swap (Note 23) 32.9 39.7 Post-employment benefits – defined benefit plans (Note 19) 38.5 40.7 Post-employment benefits – defined contribution plans 25.4 17.9 Termination benefits 2.7 6.9 Total employee compensation $ 1,664.0 $ 1,431.4 |
GOVERNMENT PARTICIPATION (Table
GOVERNMENT PARTICIPATION (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Government Grants [Abstract] | |
Disclosure of detailed Information about government participation | Government contributions were recognized as follows: 2023 2022 Credited to non-financial assets $ 19.6 $ 15.9 Credited to income 26.1 33.1 $ 45.7 $ 49.0 |
IMPAIRMENT OF NON-FINANCIAL ASS
IMPAIRMENT OF NON-FINANCIAL ASSETS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of Impairment of Assets [Abstract] | |
Disclosure of reconciliation of changes in goodwill | Capitalized Technology, Other (amounts in millions) development Customer software intangible Goodwill costs relationships Licenses and ERP assets Total Net book value as at March 31, 2021 $ 1,173.2 $ 215.7 $ 297.5 $ 279.4 $ 71.5 $ 18.5 $ 2,055.8 Additions – internal development — 55.6 — — 35.0 — 90.6 Business combinations (Note 2) 1,316.8 2.2 323.7 — 169.7 — 1,812.4 Amortization — (32.7) (40.7) (16.0) (18.3) (1.8) (109.5) Impairment — (4.2) — — — — (4.2) Cloud computing transition adjustment (Note 5) — — — — (13.4) — (13.4) Transfers and others — (2.1) (0.1) (0.1) 0.4 — (1.9) Foreign currency exchange differences (25.7) (0.1) (5.4) (0.5) (1.2) (0.6) (33.5) Net book value as at March 31, 2022 $ 2,464.3 $ 234.4 $ 575.0 $ 262.8 $ 243.7 $ 16.1 $ 3,796.3 Additions – internal development — 87.1 — — 39.3 — 126.4 Business combinations (Note 2) 35.8 — (11.8) — 3.0 — 27.0 Amortization — (31.1) (44.4) (16.1) (29.5) (1.8) (122.9) Impairment reversal – net — 6.3 — — — — 6.3 Transfers and others — (3.7) (1.3) — (0.9) 0.4 (5.5) Foreign currency exchange differences 163.2 1.7 36.8 6.7 14.0 0.8 223.2 Net book value as at March 31, 2023 $ 2,663.3 $ 294.7 $ 554.3 $ 253.4 $ 269.6 $ 15.5 $ 4,050.8 Capitalized Technology, Other development Customer software intangible Goodwill costs relationships Licenses and ERP assets Total Cost $ 2,501.8 $ 480.9 $ 794.7 $ 312.8 $ 445.4 $ 51.1 $ 4,586.7 Accumulated amortization and impairment (37.5) (246.5) (219.7) (50.0) (201.7) (35.0) (790.4) Net book value as at March 31, 2022 $ 2,464.3 $ 234.4 $ 575.0 $ 262.8 $ 243.7 $ 16.1 $ 3,796.3 Cost $ 2,699.7 $ 573.3 $ 829.6 $ 320.9 $ 513.2 $ 54.0 $ 4,990.7 Accumulated amortization and impairment (36.4) (278.6) (275.3) (67.5) (243.6) (38.5) (939.9) Net book value as at March 31, 2023 $ 2,663.3 $ 294.7 $ 554.3 $ 253.4 $ 269.6 $ 15.5 $ 4,050.8 |
CONTINGENCIES AND COMMITMENTS (
CONTINGENCIES AND COMMITMENTS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Schedule of contractual purchase commitments that are not recognized as liabilities | Contractual purchase commitments that are not recognized as liabilities are as follows: 2023 2022 Less than 1 year $ 297.5 $ 290.9 Between 1 and 5 years 249.6 210.0 Later than 5 years 1.9 3.6 Total contractual purchase commitments $ 549.0 $ 504.5 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Fair Value Measurement [Abstract] | |
Disclosure of fair value measurement of assets | The carrying values and fair values of financial instruments, by category, are as follows: 2023 2022 Level Carrying value Fair value Carrying value Fair value Total Total Total Total Financial assets (liabilities) measured at FVTPL Cash and cash equivalents Level 1 $ 217.6 $ 217.6 $ 346.1 $ 346.1 Equity swap agreements Level 2 (11.8) (11.8) (13.0) (13.0) Forward foreign currency contracts Level 2 (5.3) (5.3) 7.0 7.0 Contingent consideration arising on business combinations Level 3 — — (3.7) (3.7) Derivatives assets (liabilities) designated in a hedge relationship Foreign currency and interest rate swap agreements Level 2 10.5 10.5 8.2 8.2 Forward foreign currency contracts Level 2 (20.5) (20.5) 8.3 8.3 Financial assets (liabilities) measured at amortized cost Accounts receivable (1) Level 2 555.3 555.3 501.7 501.7 Investment in finance leases Level 2 125.7 126.1 118.7 124.4 Advances to a portfolio investment Level 2 10.7 10.7 10.5 10.5 Other assets (2) Level 2 21.4 21.4 26.9 26.9 Accounts payable and accrued liabilities (3) Level 2 (799.3) (799.3) (696.6) (696.6) Total long-term debt (4) Level 2 (2,800.3) (2,788.2) (2,658.8) (2,765.4) Other non-current liabilities (5) Level 2 (137.6) (125.1) (151.8) (164.5) Financial assets measured at FVOCI Equity investments Level 3 1.4 1.4 1.4 1.4 $ (2,832.2) $ (2,807.2) $ (2,495.0) $ (2,608.6) (1) Includes trade receivables, accrued receivables and certain other receivables. (2) Includes non-current receivables and certain other non-current assets. (3) Includes trade accounts payable, accrued liabilities, interest payable and current royalty obligations. (4) Excludes lease liabilities. The carrying value of long-term debt excludes transaction costs. (5) Includes non-current royalty obligations and other non-current liabilities. |
Disclosure of fair value measurement of liabilities | The carrying values and fair values of financial instruments, by category, are as follows: 2023 2022 Level Carrying value Fair value Carrying value Fair value Total Total Total Total Financial assets (liabilities) measured at FVTPL Cash and cash equivalents Level 1 $ 217.6 $ 217.6 $ 346.1 $ 346.1 Equity swap agreements Level 2 (11.8) (11.8) (13.0) (13.0) Forward foreign currency contracts Level 2 (5.3) (5.3) 7.0 7.0 Contingent consideration arising on business combinations Level 3 — — (3.7) (3.7) Derivatives assets (liabilities) designated in a hedge relationship Foreign currency and interest rate swap agreements Level 2 10.5 10.5 8.2 8.2 Forward foreign currency contracts Level 2 (20.5) (20.5) 8.3 8.3 Financial assets (liabilities) measured at amortized cost Accounts receivable (1) Level 2 555.3 555.3 501.7 501.7 Investment in finance leases Level 2 125.7 126.1 118.7 124.4 Advances to a portfolio investment Level 2 10.7 10.7 10.5 10.5 Other assets (2) Level 2 21.4 21.4 26.9 26.9 Accounts payable and accrued liabilities (3) Level 2 (799.3) (799.3) (696.6) (696.6) Total long-term debt (4) Level 2 (2,800.3) (2,788.2) (2,658.8) (2,765.4) Other non-current liabilities (5) Level 2 (137.6) (125.1) (151.8) (164.5) Financial assets measured at FVOCI Equity investments Level 3 1.4 1.4 1.4 1.4 $ (2,832.2) $ (2,807.2) $ (2,495.0) $ (2,608.6) (1) Includes trade receivables, accrued receivables and certain other receivables. (2) Includes non-current receivables and certain other non-current assets. (3) Includes trade accounts payable, accrued liabilities, interest payable and current royalty obligations. (4) Excludes lease liabilities. The carrying value of long-term debt excludes transaction costs. (5) Includes non-current royalty obligations and other non-current liabilities. |
Disclosure of changes in level 3 financial instruments | Changes in level 3 financial instruments are as follows: Contingent consideration arising on business Equity combinations investments Total Balances as at March 31, 2022 $ (3.7) $ 1.4 $ (2.3) Total realized and unrealized losses included in income (2.7) — (2.7) Settlement 6.4 — 6.4 Balances as at March 31, 2023 $ — $ 1.4 $ 1.4 |
CAPITAL RISK MANAGEMENT (Tables
CAPITAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Capital Risk Management [Abstract] | |
Disclosure of detailed information about capital risk management | The level of debt versus equity in the capital structure is monitored, and the ratios are as follows: 2023 2022 Total long-term debt (Note 18) $ 3,250.1 $ 3,046.2 Less: cash and cash equivalents (217.6) (346.1) Net debt $ 3,032.5 $ 2,700.1 Equity 4,588.9 4,086.6 Total net debt plus equity $ 7,621.4 $ 6,786.7 Net debt-to-capital % 39.8 % 39.8 |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of notes and other explanatory information [Abstract] | |
Credit risk and credit loss allowances for accounts receivable and contract assets by segment | xposure to credit risk and credit loss allowances for accounts receivable and contract assets by segment are as follows: As at March 31, 2023 Civil Aviation Defense and Healthcare Amounts not allocated to a segment Total Gross accounts receivable $ 354.1 $ 198.1 $ 65.4 $ 23.6 $ 641.2 Gross contract assets 160.6 571.6 3.5 — 735.7 Total $ 514.7 $ 769.7 $ 68.9 $ 23.6 $ 1,376.9 Credit loss allowances $ (23.1) $ (1.0) $ (1.4) $ — $ (25.5) As a % 4.5 % 0.1 % 2.0 % — % 1.9 % As at March 31, 2022 Civil Aviation Defense and Healthcare Amounts not allocated to a segment Total Gross accounts receivable $ 293.4 $ 219.9 $ 53.2 $ 18.3 $ 584.8 Gross contract assets 137.2 500.9 4.3 — 642.4 Total $ 430.6 $ 720.8 $ 57.5 $ 18.3 $ 1,227.2 Credit loss allowances $ (25.7) $ (0.8) $ (1.4) $ — $ (27.9) As a % 6.0 % 0.1 % 2.4 % — % 2.3 % |
Disclosure of how entity manages liquidity risk | The following tables present a maturity analysis based on the contractual maturity date of the Company’s financial liabilities based on expected cash flows. Cash flows from derivatives presented either as derivative assets or liabilities have been included, as the Company manages its derivative contracts on a gross basis. The amounts are the contractual undiscounted cash flows. All amounts contractually denominated in foreign currency are presented in Canadian dollar equivalent amounts using the period-end spot rate except as otherwise stated: Between Between Between Between Carrying Contractual Less than 1 and 2 and 3 and 4 and More than As at March 31, 2023 amount cash flows 1 year 2 years 3 years 4 years 5 years 5 years Non-derivative financial liabilities Accounts payable and accrued liabilities (1) $ 799.3 $ 799.3 $ 799.3 $ — $ — $ — $ — $ — Total long-term debt (2) Long-term debt (other than lease liabilities) 2,794.2 2,794.2 133.4 486.7 264.2 171.5 562.7 1,175.7 Interest and accretion — 734.5 120.2 93.8 73.9 67.5 53.9 325.2 Lease liabilities 455.9 724.6 104.5 62.7 55.9 51.5 47.6 402.4 Other non-current liabilities (3) 137.6 277.7 — 28.5 27.6 26.0 33.2 162.4 $ 4,187.0 $ 5,330.3 $ 1,157.4 $ 671.7 $ 421.6 $ 316.5 $ 697.4 $ 2,065.7 Net derivative financial liabilities (assets) Forward foreign currency contracts (4) $ 25.8 Outflow $ 2,119.4 $ 1,852.8 $ 186.3 $ 66.5 $ 13.8 $ — $ — Inflow (2,092.2) (1,832.5) (182.2) (64.1) (13.4) — — Foreign currency and interest rate swap agreements (10.5) (11.3) (6.5) (3.2) (1.1) (0.4) (0.1) — Equity swap agreements 11.8 11.8 11.8 — — — — — $ 27.1 $ 27.7 $ 25.6 $ 0.9 $ 1.3 $ — $ (0.1) $ — $ 4,214.1 $ 5,358.0 $ 1,183.0 $ 672.6 $ 422.9 $ 316.5 $ 697.3 $ 2,065.7 Between Between Between Between Carrying Contractual Less than 1 and 2 and 3 and 4 and More than As at March 31, 2022 amount cash flows 1 year 2 years 3 years 4 years 5 years 5 years Non-derivative financial liabilities Accounts payable and accrued liabilities (1) $ 696.6 $ 696.6 $ 696.6 $ — $ — $ — $ — $ — Total long-term debt (2) Long-term debt (other than lease liabilities) 2,651.2 2,651.2 142.8 345.3 232.5 238.4 489.9 1,202.3 Interest and accretion — 741.3 81.9 80.3 70.6 59.7 48.7 400.1 Lease liabilities 395.0 487.8 113.0 66.7 44.2 39.1 34.4 190.4 Other non-current liabilities (3) 155.5 330.1 — 35.5 31.2 30.8 30.2 202.4 $ 3,898.3 $ 4,907.0 $ 1,034.3 $ 527.8 $ 378.5 $ 368.0 $ 603.2 $ 1,995.2 Net derivative financial liabilities (assets) Forward foreign currency contracts (4) $ (15.3) Outflow $ 1,320.5 $ 1,175.3 $ 118.1 $ 15.4 $ 11.7 $ — $ — Inflow (1,336.9) (1,188.6) (121.0) (15.7) (11.6) — — Foreign currency and interest rate swap agreements (8.2) (2.9) (1.4) (0.9) (0.3) (0.1) (0.2) — Equity swap agreements 13.0 13.0 13.0 — — — — — $ (10.5) $ (6.3) $ (1.7) $ (3.8) $ (0.6) $ — $ (0.2) $ — $ 3,887.8 $ 4,900.7 $ 1,032.6 $ 524.0 $ 377.9 $ 368.0 $ 603.0 $ 1,995.2 (1) Includes trade accounts payable, accrued liabilities, interest payable, current portion of royalty obligations and certain payroll-related liabilities. (2) Contractual cash flows include contractual interest and principal payments related to debt obligations. Contractual interests on debt obligations with variable interest rate are presented using the period-end rate. (3) Includes non-current royalty obligations and other non-current liabilities. (4) Outflows and inflows are presented in Canadian dollar equivalent using the contractual forward foreign currency rate. |
Disclosure of foreign currency risks | The forward foreign currency contracts outstanding are as follows: (amounts in millions, except average rate) 2023 2022 Notional Average Notional Average Currencies (sold/bought) amount (1) rate amount (1) rate USD/CDN Less than 1 year $ 864.6 0.74 $ 514.5 0.80 Between 1 and 3 years 179.1 0.76 85.0 0.78 Between 3 and 5 years 12.8 0.77 11.5 0.79 EUR/CDN Less than 1 year 249.5 0.68 169.9 0.67 Between 1 and 3 years 61.8 0.71 15.7 0.65 Between 3 and 5 years 1.0 0.70 0.2 0.64 GBP/CDN Less than 1 year 73.4 0.62 72.0 0.59 Between 1 and 3 years 1.2 0.61 2.3 0.58 CDN/USD Less than 1 year 323.4 1.35 132.1 1.29 Between 1 and 3 years 10.7 1.31 30.3 1.28 Other currencies Less than 1 year 341.9 n.a. 286.8 n.a. Between 1 and 3 years — n.a. 0.3 n.a. Total $ 2,119.4 $ 1,320.6 (1) Exchange rates as at the end of the respective periods were used to translate amounts in foreign currencies. |
Sensitivity analysis for types of market risk | The following table presents the Company’s exposure to foreign currency risk of financial instruments and the pre-tax effects on net income and OCI as a result of a reasonably possible strengthening of 5% in the relevant foreign currency against the Canadian dollar as at March 31. This analysis assumes all other variables remain constant. USD € GBP Net income OCI Net income OCI Net income OCI 2023 $ 0.5 $ (10.9) $ 0.6 $ (5.0) $ 0.2 $ (0.1) 2022 (5.6) (8.0) (2.1) (0.7) — 0.1 |
Disclosure of letters of credit and guarantees | 2023 2022 Advance payments $ 50.8 $ 42.0 Contract performance 106.7 83.9 Lease obligations 21.4 19.5 Financial obligations 59.7 69.2 Other 3.9 1.5 $ 242.5 $ 216.1 |
RELATED PARTY RELATIONSHIPS (Ta
RELATED PARTY RELATIONSHIPS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Related Party [Abstract] | |
Disclosure of interests in subsidiaries | Investments in subsidiaries consolidated in the Company’s financial statements: % equity % equity interest interest Name Country of incorporation 2023 2022 CAE Academia de Aviacion (Espana) S.L. Spain 100.0 % 100.0 % CAE Arabia LLC Saudi Arabia 50.0 % 50.0 % CAE (UK) plc United Kingdom 100.0 % 100.0 % CAE (US) Inc. United States 100.0 % 100.0 % CAE Aircrew Training Services plc United Kingdom 76.5 % 76.5 % CAE Australia Pty Ltd. Australia 100.0 % 100.0 % CAE Aviation Services Pte Ltd. Singapore 100.0 % 100.0 % CAE Aviation Training Australia Pty Ltd. Australia 100.0 % — % CAE Aviation Training B.V. Netherlands 100.0 % 100.0 % CAE Aviation Training Peru S.A. Peru 100.0 % 100.0 % CAE Bangkok Co., Ltd. Thailand 100.0 % 100.0 % CAE Brunei Multi Purpose Training Centre Sdn Bhd Brunei 60.0 % 60.0 % CAE Center Amsterdam B.V. Netherlands 100.0 % 100.0 % CAE Center Brussels N.V. Belgium 100.0 % 100.0 % CAE Centre Copenhagen A/S Denmark 100.0 % 100.0 % CAE Centre Hong Kong Limited China 100.0 % 100.0 % CAE Centre Oslo AS Norway 100.0 % 100.0 % CAE Centre Stockholm AB Sweden 100.0 % 100.0 % CAE CFT B.V. Netherlands 100.0 % 100.0 % CAE Civil Aviation Training Solutions, Inc. United States 100.0 % 100.0 % CAE Colombia Flight Training S.A.S. Colombia 100.0 % 100.0 % CAE Crew Solutions B.V Netherlands 100.0 % 100.0 % CAE Doss Aviation, Inc. United States 100.0 % 100.0 % CAE El Salvador Flight Training S.A. de C.V. El Salvador 99.5 % 99.5 % CAE Engineering Korlatolt Felelossegu Tarsasag Hungary 100.0 % 100.0 % CAE Entrenamiento de Vuelo Chile Limitada Chile 100.0 % 100.0 % CAE Flight Services Austria GmbH Austria 100.0 % 100.0 % CAE Flight Services New Zealand Limited. New Zealand 100.0 % 100.0 % CAE Flight Services Poland Sp z.o.o Poland 100.0 % 100.0 % CAE Flight Services Sweden AB Sweden 100.0 % 100.0 % CAE Flight Services USA, Inc. United States 100.0 % 100.0 % CAE Flight & Simulator Services Sdn. Bhd. Malaysia 100.0 % 100.0 % CAE Flight Training (India) Private Limited India 100.0 % 100.0 % CAE Flight Training Center Mexico, S.A. de C.V. Mexico 100.0 % 100.0 % CAE France SAS France 100.0 % 100.0 % CAE Global Academy Évora, SA Portugal 100.0 % 100.0 % CAE GmbH Germany 100.0 % 100.0 % CAE Healthcare Canada Inc. Canada 100.0 % 100.0 % CAE Healthcare, Inc. United States 100.0 % 100.0 % CAE India Private Limited India 100.0 % 100.0 % CAE Integrated Enterprise Solutions Australia Pty Ltd. Australia 100.0 % 100.0 % CAE International Holdings Limited Canada 100.0 % 100.0 % Investments in subsidiaries consolidated in the Company’s financial statements (continued): % equity % equity interest interest Name Country of incorporation 2023 2022 CAE Kuala Lumpur Sdn. Bhd. Malaysia 100.0 % 100.0 % CAE Luxembourg Acquisition, S.à r.l. Luxembourg 100.0 % 100.0 % CAE Maritime Middle East L.L.C. UAE 49.0 % 49.0 % CAE Middle East L.L.C. UAE 49.0 % 49.0 % CAE Military Aviation Training Inc. Canada 100.0 % 100.0 % CAE New Zealand Pty Limited New Zealand 100.0 % 100.0 % CAE North East Training Inc. United States 100.0 % 100.0 % CAE Oslo - Aviation Academy AS Norway 100.0 % 100.0 % CAE Oxford Aviation Academy Phoenix Inc. United States 100.0 % 100.0 % CAE Services GmbH Germany 100.0 % 100.0 % CAE Services Italia S.r.l. Italy 100.0 % 100.0 % CAE Servicios Globales de Instrucción de Vuelo (España), S.L. Spain 100.0 % 100.0 % CAE Shanghai Company, Limited China 100.0 % 100.0 % CAE SimuFlite Inc. United States 100.0 % 100.0 % CAE Simulation Technologies Private Limited India 100.0 % 100.0 % CAE Simulator Services Inc. Canada 100.0 % 100.0 % CAE Singapore (S.E.A.) Pte Ltd. Singapore 100.0 % 100.0 % CAE South America Flight Training do Brasil Ltda. Brazil 100.0 % 100.0 % CAE STS Limited United Kingdom 100.0 % 100.0 % CAE Training & Services Brussels N.V. Belgium 100.0 % 100.0 % CAE Training & Services UK Ltd. United Kingdom 100.0 % 100.0 % CAE Training Norway AS Norway 100.0 % 100.0 % CAE TSP Inc. Canada 100.0 % 100.0 % CAE USA Inc. United States 100.0 % 100.0 % CAE Vietnam Limited Liability Company Vietnam 100.0 % 100.0 % Medicor Lab Inc. Canada 100.0 % 100.0 % Oxford Aviation Academy (Oxford) Limited United Kingdom 100.0 % 100.0 % Parc Aviation Engineering Services Ltd. Ireland 100.0 % 100.0 % Parc Aviation Limited Ireland 100.0 % 100.0 % Parc Aviation (UK) Ltd. United Kingdom 100.0 % 100.0 % Parc Interim Ltd. Ireland 100.0 % 100.0 % Pelesys Aviation Maintenance Training Inc. Canada 100.0 % 100.0 % Pelesys Learning Systems Inc. Canada 100.0 % 100.0 % Presagis Canada Inc. Canada 100.0 % 100.0 % Presagis Europe (S.A.S) France 100.0 % 100.0 % Presagis USA Inc. United States 100.0 % 100.0 % Servicios de Instrucción de Vuelo, S.L. Spain 80.0 % 80.0 % SIV Ops Training, S.L. Spain 80.0 % 80.0 % |
Disclosure of interests in joint arrangements | Investments in joint ventures and affiliates accounted for under the equity method: % equity % equity interest interest Name Country of incorporation 2023 2022 Aviation Training Northeast Asia B.V. Netherlands 50.0 % 50.0 % CAE Flight and Simulator Services Korea, Ltd. Korea 50.0 % 50.0 % CAE Icelandair Flight Training ehf Iceland 33.3 % 33.3 % CAE-LIDER Training do Brasil Ltda. Brazil 50.0 % 50.0 % CAE Melbourne Flight Training Pty Ltd Australia 50.0 % 50.0 % CAE Middle East Pilot Services L.L.C United Arab Emirates 49.0 % 49.0 % CAE Simulation Training Private Limited India 50.0 % 50.0 % Embraer CAE Training Services, LLC United States 49.0 % 49.0 % Emirates-CAE Flight Training (LLC) UAE 49.0 % 49.0 % Flight Training Alliance GmbH Germany 50.0 % 50.0 % Hatsoff Helicopter Training Private Limited India 50.0 % 50.0 % Helicopter Training Media International GmbH Germany 50.0 % 50.0 % HFTS Helicopter Flight Training Services GmbH Germany 25.0 % 25.0 % JAL CAE Flight Training Co. Ltd. Japan 50.0 % 50.0 % Leonardo CAE Advanced Jet Training S.r.l. Italy 50.0 % 50.0 % National Flying Training Institute Private Limited India 51.0 % 51.0 % Pegasus Uçus Egitim Merkezi A.S. Turkey 49.9 % 49.9 % Philippine Academy for Aviation Training, Inc. Philippines 40.0 % 40.0 % Rotorsim s.r.l. Italy 50.0 % 50.0 % Rotorsim USA LLC United States 50.0 % 50.0 % SimCom Holdings Inc. United States 50.0 % 50.0 % Singapore CAE Flight Training Pte Ltd. Singapore 50.0 % 50.0 % SkyWarrior Flight Training LLC United States 37.0 % 37.0 % Xebec Government Services, LLC United States 49.0 % 49.0 % |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of related party transactions [Abstract] | |
Disclosure of transactions between related parties | The Company’s outstanding balances with its equity accounted investees are as follows: 2023 2022 Accounts receivable (Note 9) $ 59.5 $ 49.7 Contract assets 25.6 23.0 Other non-current assets 17.1 12.8 Accounts payable and accrued liabilities (Note 16) 5.7 5.1 Contract liabilities 58.0 46.5 Other non-current liabilities — 1.5 The Company’s transactions with its equity accounted investees are as follows: 2023 2022 Revenue $ 223.0 $ 111.8 Purchases 4.6 3.5 Other income 1.2 3.8 2023 2022 Salaries and other short-term employee benefits $ 7.6 $ 8.4 Post-employment benefits – defined benefit plans 4.4 2.2 Share-based payments expense 1.7 6.6 $ 13.7 $ 17.2 |
NATURE OF OPERATIONS AND SUMM_4
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 CAD ($) business_segments | Mar. 31, 2022 CAD ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of operating segments | business_segments | 3 | |
Average remaining depreciation period (in years) | 11 years 7 months 6 days | 11 years 9 months 18 days |
Increase In royalty obligations, impact of 1% change in growth rate | $ | $ 1.1 | $ 1.7 |
Bottom of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Expected warranty claims period | 1 year | |
Top of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Expected warranty claims period | 7 years | |
Government royalties | Bottom of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rate for government royalty payments (in percent) | 6% | |
Estimated growth rate (in percent) | 3% | |
Government royalties | Top of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rate for government royalty payments (in percent) | 10.20% | |
Estimated growth rate (in percent) | 9% | |
Capitalized development costs | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Average remaining amortization period (in years) | 6 years 3 months 18 days | 5 years 9 months 18 days |
Capitalized development costs | Bottom of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful lives, intangible assets other than goodwill (in years) | 3 years | |
Capitalized development costs | Top of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful lives, intangible assets other than goodwill (in years) | 10 years | |
Customer relationships | Bottom of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful lives, intangible assets other than goodwill (in years) | 3 years | |
Customer relationships | Top of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful lives, intangible assets other than goodwill (in years) | 20 years | |
Licenses | Bottom of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful lives, intangible assets other than goodwill (in years) | 3 years | |
Licenses | Top of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful lives, intangible assets other than goodwill (in years) | 20 years | |
Technology, software and ERP | Bottom of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful lives, intangible assets other than goodwill (in years) | 3 years | |
Technology, software and ERP | Top of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful lives, intangible assets other than goodwill (in years) | 12 years | |
Other intangible assets | Bottom of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful lives, intangible assets other than goodwill (in years) | 2 years | |
Other intangible assets | Top of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful lives, intangible assets other than goodwill (in years) | 40 years | |
Buildings and land | Top of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful lives, right of use assets (in years or hours) | 40 years | |
Simulators | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Residual value rate, right of use assets (in percent) | 10% | |
Simulators | Top of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful lives, right of use assets (in years or hours) | 25 years | |
Machinery and equipment | Top of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful lives, right of use assets (in years or hours) | 7 years | |
Aircraft | Top of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Residual value rate, right of use assets (in percent) | 15% | |
Buildings and improvements | Bottom of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Amortization rate, property, plant and equipment (in percent or years) | 2.50% | |
Useful lives, property, plant and equipment | 3 years | |
Buildings and improvements | Top of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Amortization rate, property, plant and equipment (in percent or years) | 10% | |
Useful lives, property, plant and equipment | 40 years | |
Simulators | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Residual value rate, property, plant and equipment (in percent) | 10% | |
Simulators | Top of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful lives, property, plant and equipment | 25 years | |
Machinery and equipment | Bottom of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Amortization rate, property, plant and equipment (in percent or years) | 20% | |
Useful lives, property, plant and equipment | 2 years | |
Machinery and equipment | Top of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Amortization rate, property, plant and equipment (in percent or years) | 35% | |
Useful lives, property, plant and equipment | 15 years | |
Aircraft | Top of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful lives, property, plant and equipment | 25 years | |
Residual value rate, property, plant and equipment (in percent) | 15% | |
Useful lives, right of use assets (in years or hours) | 25 years | |
Aircraft engines | Top of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Utilization rate, property plant and equipment | 3500 hours | |
Utilization rate, right of use assets | 3500 hours |
BUSINESS COMBINATIONS - Narrati
BUSINESS COMBINATIONS - Narrative (Details) $ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||
Jul. 02, 2021 CAD ($) | Mar. 31, 2021 CAD ($) | Mar. 31, 2022 CAD ($) | Mar. 31, 2023 CAD ($) | Mar. 31, 2022 CAD ($) | Mar. 31, 2022 USD ($) | Feb. 28, 2022 CAD ($) | Jul. 05, 2021 CAD ($) | Apr. 01, 2021 | |
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | |||||||||
Goodwill recognised as of acquisition date | $ 1,173.2 | $ 2,464.3 | $ 2,663.3 | $ 2,464.3 | |||||
Contingent consideration arising on business combinations | (3.7) | 0 | (3.7) | ||||||
L3Harris' Military Training business and Sabre AirCentre airline operations portfolio | |||||||||
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | |||||||||
Increase of intangible assets | 27 | ||||||||
Measurement period adjustments, increase (decrease) of other long-term liabilities | 6.4 | ||||||||
Increase in current liabilities | 4 | ||||||||
Increase of current assets | 11.9 | ||||||||
Measurement period adjustments, increase (decrease) of other long-term assets | 2.6 | ||||||||
Increase of deferred tax assets | 2.1 | ||||||||
L3Harris' Military Training business | |||||||||
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | |||||||||
Cash transferred | $ (1,337.7) | (1,352.5) | (1,352.5) | ||||||
Purchase price, hedged | $ 800 | ||||||||
Losses through transfer of realized cash flow hedge related to business combinations | 17.1 | ||||||||
Income tax relating to cash flow hedge losses related to business combinations | $ 2.3 | ||||||||
Purchase price adjustment | (8.4) | (8.4) | |||||||
Intangible assets | 1,342.8 | 1,342.8 | |||||||
Goodwill recognised as of acquisition date | 1,025.6 | 1,025.6 | |||||||
Goodwill deductible for tax purposes | 868.3 | 868.3 | |||||||
Fair value of acquired receivables | 41.9 | 41.9 | |||||||
Revenue of acquiree since acquisition date | 409.9 | ||||||||
Operating income (loss) of acquiree since acquisition date | 49.1 | ||||||||
Revenue of combined entity as if combination occurred at beginning of period | 549 | ||||||||
Operating income (loss) of acquiree since acquisition date | 65.3 | ||||||||
L3Harris' Military Training business | Customer relationships | |||||||||
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | |||||||||
Intangible assets | 217.7 | 217.7 | |||||||
L3Harris' Military Training business | Other intangible assets | |||||||||
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | |||||||||
Intangible assets | 99.5 | 99.5 | |||||||
Sabre AirCentre airline operations portfolio | |||||||||
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | |||||||||
Cash transferred | (502.7) | (502.7) | $ (498.9) | ||||||
Intangible assets | 423.2 | 423.2 | |||||||
Goodwill recognised as of acquisition date | 257.8 | 257.8 | |||||||
Goodwill deductible for tax purposes | 191 | 191 | |||||||
Revenue of acquiree since acquisition date | 10.5 | ||||||||
Operating income (loss) of acquiree since acquisition date | 2.2 | ||||||||
Revenue of combined entity as if combination occurred at beginning of period | 151.5 | ||||||||
Operating income (loss) of acquiree since acquisition date | 18.9 | ||||||||
Sabre AirCentre airline operations portfolio | Customer relationships | |||||||||
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | |||||||||
Intangible assets | 101.8 | 101.8 | |||||||
Sabre AirCentre airline operations portfolio | Other intangible assets | |||||||||
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | |||||||||
Intangible assets | 63.6 | 63.6 | |||||||
RB Group | |||||||||
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | |||||||||
Equity interests acquired (in percent) | 79% | ||||||||
Equity interest in joint venture (in percent) | 21% | ||||||||
RB Group, GlobalJet and Medicor | |||||||||
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | |||||||||
Cash transferred | $ (19) | ||||||||
Liabilities incurred | (1.2) | ||||||||
Contingent consideration arising on business combinations | $ (4) | ||||||||
Other business combination | |||||||||
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | |||||||||
Increase of intangible assets | 19.2 | ||||||||
Increase in current liabilities | 15.2 | ||||||||
Increase of current assets | 7.8 | ||||||||
Increase of deferred tax assets | (3.8) | ||||||||
Cash transferred | $ (4.9) | $ (6.4) | (4.9) | ||||||
Acquisition costs | $ 38.4 |
BUSINESS COMBINATIONS - Net Ass
BUSINESS COMBINATIONS - Net Assets and Liabilities from Acquisition (Details) - CAD ($) $ in Millions | Mar. 31, 2022 | Feb. 28, 2022 | Jul. 02, 2021 |
L3Harris' Military Training business | |||
Disclosure of detailed information about business combination [line items] | |||
Current assets | $ 110 | ||
Current liabilities | (130.8) | ||
Property, plant and equipment | 96.3 | ||
Right-of-use assets | 31.6 | ||
Intangible assets | 1,342.8 | ||
Deferred tax | 41.2 | ||
Other non-current assets | 7.7 | ||
Long-term debt, including current portion | (33.9) | ||
Other non-current liabilities | (104) | ||
Total purchase consideration, including the hedge of the purchase price | 1,360.9 | ||
Purchase price adjustment payable | 8.4 | ||
Total cash consideration paid on acquisition date | 1,352.5 | $ 1,337.7 | |
Sabre AirCentre airline operations portfolio | |||
Disclosure of detailed information about business combination [line items] | |||
Current assets | 42 | ||
Current liabilities | (3.4) | ||
Right-of-use assets | 0.3 | ||
Intangible assets | 423.2 | ||
Deferred tax | 1.2 | ||
Other non-current assets | 36.9 | ||
Long-term debt, including current portion | (0.3) | ||
Other non-current liabilities | (1) | ||
Fair value of net assets acquired, excluding cash acquired | 498.9 | ||
Cash acquired | 3.8 | ||
Total cash consideration paid on acquisition date | $ 502.7 | $ 498.9 |
L3HARRIS' MILITARY TRAINING B_3
L3HARRIS' MILITARY TRAINING BUSINESS - Narrative (Details) $ in Millions, $ in Millions | 12 Months Ended | |||
Jul. 02, 2021 CAD ($) shares | Mar. 31, 2023 CAD ($) | Mar. 31, 2022 CAD ($) | Mar. 31, 2022 USD ($) | |
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | ||||
Number of subscription receipts issued (in shares) | shares | 22,400,000 | |||
Aggregate gross proceeds | $ 700 | |||
Contingent consideration arising on business combinations | $ 0 | $ 3.7 | ||
Change in fair value of financial instruments, loss | $ 112.6 | (15.8) | ||
Issuance related costs | 31 | |||
Income tax recovery | 8.2 | |||
L3Harris' Military Training business | ||||
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | ||||
Total cash consideration paid on acquisition date | $ 1,337.7 | $ 1,352.5 | ||
Purchase price, hedged | $ 800 |
L3HARRIS' MILITARY TRAINING B_4
L3HARRIS' MILITARY TRAINING BUSINESS - Private placements of subscription receipts (Details) $ in Millions | Jul. 02, 2021 CAD ($) |
Disclosure of detailed information about business combination [abstract] | |
Gross proceeds | $ 700 |
OPERATING SEGMENTS AND GEOGRA_3
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION - Narrative (Details) | 12 Months Ended |
Mar. 31, 2023 business_segments | |
Disclosure of operating segments [abstract] | |
Number of operating segments | 3 |
OPERATING SEGMENTS AND GEOGRA_4
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION - Results by segment (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of operating segments [line items] | ||
External revenue | $ 4,203.3 | $ 3,371.3 |
Depreciation and amortization | 342.2 | 310.5 |
Impairment (reversal) of non-financial assets – net | (2.4) | 41.8 |
Share of after-tax profit of equity accounted investees | 53.2 | 48.5 |
Operating income | 474 | 284.2 |
Operating segments | ||
Disclosure of operating segments [line items] | ||
External revenue | 4,203.3 | 3,371.3 |
Depreciation and amortization | 342.2 | 310.5 |
Impairment (reversal) of non-financial assets – net | (2.4) | 41.8 |
Share of after-tax profit of equity accounted investees | 53.2 | 48.5 |
Operating income | 474 | 284.2 |
Adjusted segment operating income | 548.1 | 444.5 |
Operating segments | Civil Aviation | ||
Disclosure of operating segments [line items] | ||
External revenue | 2,166.4 | 1,617.8 |
Depreciation and amortization | 243.4 | 224.1 |
Impairment (reversal) of non-financial assets – net | 1.2 | 34.5 |
Share of after-tax profit of equity accounted investees | 47 | 42.1 |
Operating income | 430.3 | 224.1 |
Adjusted segment operating income | 485.3 | 314.7 |
Operating segments | Defense and Security | ||
Disclosure of operating segments [line items] | ||
External revenue | 1,844.2 | 1,602.1 |
Depreciation and amortization | 86.8 | 73.4 |
Impairment (reversal) of non-financial assets – net | (3.5) | 3 |
Share of after-tax profit of equity accounted investees | 6.2 | 6.4 |
Operating income | 35.7 | 56 |
Adjusted segment operating income | 53.1 | 119.2 |
Operating segments | Healthcare | ||
Disclosure of operating segments [line items] | ||
External revenue | 192.7 | 151.4 |
Depreciation and amortization | 12 | 13 |
Impairment (reversal) of non-financial assets – net | (0.1) | 4.3 |
Share of after-tax profit of equity accounted investees | 0 | 0 |
Operating income | 8 | 4.1 |
Adjusted segment operating income | $ 9.7 | $ 10.6 |
OPERATING SEGMENTS AND GEOGRA_5
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION - Reconciliation of adjusted segment operating income (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of operating segments [line items] | ||
Operating income | $ 474 | $ 284.2 |
Restructuring, integration and acquisition costs | 64.3 | 146.9 |
Impairment reversal of non-financial assets following their repurposing and optimization | 9.8 | 0 |
Cloud computing transition adjustment (Note 4) | 0 | 13.4 |
Civil Aviation | ||
Disclosure of operating segments [line items] | ||
Impairment reversal of non-financial assets following their repurposing and optimization | 3 | |
Cloud computing transition adjustment (Note 4) | 11.6 | |
Defense and Security | ||
Disclosure of operating segments [line items] | ||
Impairment reversal of non-financial assets following their repurposing and optimization | 6.8 | |
Operating segments | ||
Disclosure of operating segments [line items] | ||
Operating income | 474 | 284.2 |
Restructuring, integration and acquisition costs | 64.3 | 146.9 |
Impairment reversal of non-financial assets following their repurposing and optimization | 9.8 | 0 |
Cloud computing transition adjustment (Note 4) | 0 | 13.4 |
Adjusted segment operating income | 548.1 | 444.5 |
Operating segments | Civil Aviation | ||
Disclosure of operating segments [line items] | ||
Operating income | 430.3 | 224.1 |
Restructuring, integration and acquisition costs | 52 | 79 |
Impairment reversal of non-financial assets following their repurposing and optimization | 3 | 0 |
Cloud computing transition adjustment (Note 4) | 0 | |
Adjusted segment operating income | 485.3 | 314.7 |
Operating segments | Defense and Security | ||
Disclosure of operating segments [line items] | ||
Operating income | 35.7 | 56 |
Restructuring, integration and acquisition costs | 10.6 | 61.4 |
Impairment reversal of non-financial assets following their repurposing and optimization | 6.8 | 0 |
Cloud computing transition adjustment (Note 4) | 0 | 1.8 |
Adjusted segment operating income | 53.1 | 119.2 |
Operating segments | Healthcare | ||
Disclosure of operating segments [line items] | ||
Operating income | 8 | 4.1 |
Restructuring, integration and acquisition costs | 1.7 | 6.5 |
Impairment reversal of non-financial assets following their repurposing and optimization | 0 | 0 |
Cloud computing transition adjustment (Note 4) | 0 | 0 |
Adjusted segment operating income | $ 9.7 | $ 10.6 |
OPERATING SEGMENTS AND GEOGRA_6
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION - Capital Expenditures (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of operating segments [line items] | ||
Total capital expenditures | $ 395.2 | $ 362.8 |
Operating segments | Civil Aviation | ||
Disclosure of operating segments [line items] | ||
Total capital expenditures | 329.2 | 300.7 |
Operating segments | Defense and Security | ||
Disclosure of operating segments [line items] | ||
Total capital expenditures | 53.6 | 46.5 |
Operating segments | Healthcare | ||
Disclosure of operating segments [line items] | ||
Total capital expenditures | $ 12.4 | $ 15.6 |
OPERATING SEGMENTS AND GEOGRA_7
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION - Assets And Liabilities Employed By Segment (Details) - CAD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of operating segments [line items] | ||
Assets | $ 10,436.5 | $ 9,578.8 |
Liabilities | 5,847.6 | 5,492.2 |
Operating segments | Civil Aviation | ||
Disclosure of operating segments [line items] | ||
Assets | 5,852.4 | 5,269.6 |
Liabilities | 1,142 | 1,012.7 |
Operating segments | Defense and Security | ||
Disclosure of operating segments [line items] | ||
Assets | 3,436.2 | 3,163.1 |
Liabilities | 871.2 | 824.8 |
Operating segments | Healthcare | ||
Disclosure of operating segments [line items] | ||
Assets | 310.1 | 269.2 |
Liabilities | 69.3 | 64.9 |
Unallocated amounts | ||
Disclosure of operating segments [line items] | ||
Assets | 837.8 | 876.9 |
Liabilities | $ 3,765.1 | $ 3,589.8 |
OPERATING SEGMENTS AND GEOGRA_8
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION - Products and Services Information (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of operating segments [line items] | ||
Revenue | $ 4,203.3 | $ 3,371.3 |
Products | ||
Disclosure of operating segments [line items] | ||
Revenue | 1,570.8 | 1,403.6 |
Training, software and services | ||
Disclosure of operating segments [line items] | ||
Revenue | $ 2,632.5 | $ 1,967.7 |
OPERATING SEGMENTS AND GEOGRA_9
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION - Geographic information (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of operating segments [line items] | ||
External revenue | $ 4,203.3 | $ 3,371.3 |
Non-current assets other than financial instruments, deferred tax assets and employee benefits assets | 7,870.4 | 7,166.3 |
Canada | ||
Disclosure of operating segments [line items] | ||
External revenue | 372 | 366.8 |
Non-current assets other than financial instruments, deferred tax assets and employee benefits assets | 1,641.2 | 1,570.8 |
United States | ||
Disclosure of operating segments [line items] | ||
External revenue | 2,184.7 | 1,682.5 |
Non-current assets other than financial instruments, deferred tax assets and employee benefits assets | 4,049.8 | 3,554.2 |
United Kingdom | ||
Disclosure of operating segments [line items] | ||
External revenue | 264.2 | 208.5 |
Non-current assets other than financial instruments, deferred tax assets and employee benefits assets | 383.9 | 370.4 |
Rest of Americas | ||
Disclosure of operating segments [line items] | ||
External revenue | 89.6 | 78.4 |
Non-current assets other than financial instruments, deferred tax assets and employee benefits assets | 180.8 | 177 |
Europe | ||
Disclosure of operating segments [line items] | ||
External revenue | 574 | 473.4 |
Non-current assets other than financial instruments, deferred tax assets and employee benefits assets | 982.4 | 916.3 |
Asia | ||
Disclosure of operating segments [line items] | ||
External revenue | 627 | 472.2 |
Non-current assets other than financial instruments, deferred tax assets and employee benefits assets | 519.8 | 498.1 |
Oceania and Africa | ||
Disclosure of operating segments [line items] | ||
External revenue | 91.8 | 89.5 |
Non-current assets other than financial instruments, deferred tax assets and employee benefits assets | $ 112.5 | $ 79.5 |
OTHER (GAINS) AND LOSSES (Detai
OTHER (GAINS) AND LOSSES (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Analysis of income and expense [abstract] | ||
Net gain on foreign currency exchange differences | $ (11.7) | $ (0.9) |
Cloud computing transition adjustment | 0 | 13.4 |
Remeasurement of royalty obligations | (8.8) | (23.8) |
Remeasurement of contingent consideration arising on business combinations | 2.6 | (11.4) |
Other | (4.9) | (14.3) |
Other (gains) and losses | $ (22.8) | $ (37) |
OTHER (GAINS) AND LOSSES - Narr
OTHER (GAINS) AND LOSSES - Narrative (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Analysis of income and expense [abstract] | ||
Cloud computing transition adjustment (Note 4) | $ 0 | $ 13.4 |
RESTRUCTURING, INTEGRATION AN_3
RESTRUCTURING, INTEGRATION AND ACQUISITION COSTS - Analysis (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Restructuring, Integration and Acquisition costs [Abstract] | ||
Integration and acquisition costs | $ 66.3 | $ 87.8 |
Impairment of non-financial assets – net | 2.3 | 37.1 |
Severances and other employee related costs | 2.7 | 6.9 |
Other costs | 2.8 | 15.1 |
Impairment reversal of non-financial assets following their repurposing and optimization | (9.8) | 0 |
Restructuring, integration and acquisition costs | $ 64.3 | $ 146.9 |
RESTRUCTURING, INTEGRATION AN_4
RESTRUCTURING, INTEGRATION AND ACQUISITION COSTS - Narrative (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | ||
Integration and acquisition costs | $ 66.3 | $ 87.8 |
Impairment reversal of non-financial assets following their repurposing and optimization | 9.8 | 0 |
Defense and Security | ||
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | ||
Impairment reversal of non-financial assets following their repurposing and optimization | 6.8 | |
Civil Aviation | ||
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | ||
Impairment reversal of non-financial assets following their repurposing and optimization | 3 | |
L3Harris' Military Training business | ||
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | ||
Integration and acquisition costs | 17.6 | 63.5 |
Sabre AirCentre airline operations portfolio | ||
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | ||
Integration and acquisition costs | $ 48.9 | $ 18.1 |
FINANCE EXPENSE - NET (Details)
FINANCE EXPENSE - NET (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Finance expense: | ||
Long-term debt (other than lease liabilities) | $ 141.6 | $ 104.1 |
Lease liabilities | 18.3 | 16 |
Royalty obligations | 10.9 | 11.9 |
Employee benefits obligations (Note 19) | 3.3 | 5.3 |
Other | 24.9 | 13.2 |
Borrowing costs capitalized | (7.9) | (7.1) |
Finance expense | 191.1 | 143.4 |
Finance income: | ||
Loans and investment in finance leases | (10.3) | (9.1) |
Other | (3.1) | (3.7) |
Finance income | (13.4) | (12.8) |
Finance expense – net | $ 177.7 | $ 130.6 |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Income Taxes (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax [Abstract] | ||
Earnings before income taxes | $ 296.3 | $ 153.6 |
Canadian statutory income tax rates (in percent) | 26.53% | 26.54% |
Income taxes at Canadian statutory rates | $ 78.6 | $ 40.8 |
Effect of differences in tax rates in other jurisdictions | (3.5) | (16.8) |
Unrecognized tax benefits and tax benefits not previously recognized | 1.4 | 2.2 |
(Non-taxable revenues) Non-deductible expenses | (2.8) | |
(Non-taxable revenues) Non-deductible expenses | 1.5 | |
Tax impact on after-tax profit of equity accounted investees | (13) | (12.1) |
Prior years' tax adjustments | 0.5 | (1.5) |
Other | 3.2 | (10.5) |
Income tax expense | $ 64.4 | $ 3.6 |
Effective tax rate (in percent) | 22% | 2% |
INCOME TAXES - Components of th
INCOME TAXES - Components of the Provision for the Income Tax Expense (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Current income tax expense : | ||
Current year | $ 53.2 | $ 30.4 |
Prior years' tax adjustments | 0.8 | 3.1 |
Deferred income tax (recovery) expense: | ||
Tax benefit not previously recognized used to reduce the deferred tax expense | (2.2) | (4.1) |
Change in income tax rates | 0 | (6.6) |
Origination and reversal of temporary differences | 12.6 | (19.2) |
Income tax expense | $ 64.4 | $ 3.6 |
INCOME TAXES - Movements In Tem
INCOME TAXES - Movements In Temporary Differences (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset), beginning of period | $ 23.7 | $ (18.6) |
Recognized in income | (10.4) | 29.9 |
Recognized in OCI | (9.8) | (37.7) |
Recognized in equity | 0 | 3.7 |
Business combinations | (2.1) | 47 |
Foreign currency exchange differences | (5.6) | (0.6) |
Deferred tax liability (asset), end of period | (4.2) | 23.7 |
Non-capital loss carryforwards | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset), beginning of period | 96.9 | 48.1 |
Recognized in income | (3.3) | 48.3 |
Recognized in OCI | 0 | 0 |
Recognized in equity | 0 | 0 |
Business combinations | 0 | 0.2 |
Foreign currency exchange differences | 5.7 | 0.3 |
Deferred tax liability (asset), end of period | 99.3 | 96.9 |
Unclaimed research & development expenditures | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset), beginning of period | 86.6 | 70.8 |
Recognized in income | 75.8 | 15.9 |
Recognized in OCI | 0 | 0 |
Recognized in equity | 0 | 0 |
Business combinations | 0 | (0.1) |
Foreign currency exchange differences | (0.1) | 0 |
Deferred tax liability (asset), end of period | 162.3 | 86.6 |
Capital loss carryforwards | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset), beginning of period | 4.4 | 1.1 |
Recognized in income | 4.9 | 1 |
Recognized in OCI | 0 | 0 |
Recognized in equity | 0 | 0 |
Business combinations | 0 | 2.3 |
Foreign currency exchange differences | 0 | 0 |
Deferred tax liability (asset), end of period | 9.3 | 4.4 |
Investment tax credits | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset), beginning of period | (85.4) | (76.4) |
Recognized in income | 3.3 | (9) |
Recognized in OCI | 0 | 0 |
Recognized in equity | 0 | 0 |
Business combinations | 0 | 0 |
Foreign currency exchange differences | 0 | 0 |
Deferred tax liability (asset), end of period | (82.1) | (85.4) |
Property, plant and equipment and right-of-use of assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset), beginning of period | (86.2) | (75.2) |
Recognized in income | (23.8) | (6.5) |
Recognized in OCI | 0 | 0 |
Recognized in equity | 0 | 0 |
Business combinations | (2.8) | (4.6) |
Foreign currency exchange differences | (7) | 0.1 |
Deferred tax liability (asset), end of period | (119.8) | (86.2) |
Intangible assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset), beginning of period | (90.2) | (92.5) |
Recognized in income | (19.6) | 8.3 |
Recognized in OCI | 0 | 0 |
Recognized in equity | 0 | 0 |
Business combinations | 0 | (5.9) |
Foreign currency exchange differences | (4.9) | (0.1) |
Deferred tax liability (asset), end of period | (114.7) | (90.2) |
Deferred revenues, contract assets and contract liabilities | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset), beginning of period | 1.2 | 1.5 |
Recognized in income | (21.6) | (42.2) |
Recognized in OCI | 0 | 0 |
Recognized in equity | 0 | 0 |
Business combinations | 1.5 | 41.6 |
Foreign currency exchange differences | (0.3) | 0.3 |
Deferred tax liability (asset), end of period | (19.2) | 1.2 |
Foreign currency exchange difference | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset), beginning of period | 2.6 | (1.4) |
Recognized in income | (8.9) | 9.2 |
Recognized in OCI | 4.2 | (4.9) |
Recognized in equity | 0 | 0 |
Business combinations | 0 | 0 |
Foreign currency exchange differences | (0.3) | (0.3) |
Deferred tax liability (asset), end of period | (2.4) | 2.6 |
Derivative financial assets and liabilities | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset), beginning of period | (0.2) | (6.5) |
Recognized in income | 5 | 6.2 |
Recognized in OCI | 5.7 | 0.6 |
Recognized in equity | 0 | 0 |
Business combinations | (0.8) | 0 |
Foreign currency exchange differences | (1.1) | (0.5) |
Deferred tax liability (asset), end of period | 8.6 | (0.2) |
Defined benefit obligation | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset), beginning of period | 27.2 | 57.2 |
Recognized in income | 0.2 | 4.3 |
Recognized in OCI | (19.7) | (33.4) |
Recognized in equity | 0 | 0 |
Business combinations | 0 | 0 |
Foreign currency exchange differences | 0 | (0.9) |
Deferred tax liability (asset), end of period | 7.7 | 27.2 |
Amounts not currently deductible | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset), beginning of period | 83.1 | 65 |
Recognized in income | (4.7) | 4.6 |
Recognized in OCI | 0 | 0 |
Recognized in equity | 0 | 0 |
Business combinations | 0 | 13.5 |
Foreign currency exchange differences | 1.9 | 0 |
Deferred tax liability (asset), end of period | 80.3 | 83.1 |
Other | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset), beginning of period | (16.3) | (10.3) |
Recognized in income | (17.7) | (10.2) |
Recognized in OCI | 0 | 0 |
Recognized in equity | 0 | 3.7 |
Business combinations | 0 | 0 |
Foreign currency exchange differences | 0.5 | 0.5 |
Deferred tax liability (asset), end of period | $ (33.5) | $ (16.3) |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - CAD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax assets | $ 81.5 | $ 88.7 |
Deferred income tax liability | 2,866.1 | 2,468.6 |
Deductible temporary differences | 115.5 | $ 118.8 |
Unrecognized | 204.2 | |
No expiry date | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized | 146 | |
Capital Losses | No expiry date | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized | $ 19.9 |
INCOME TAXES - Non-capital Loss
INCOME TAXES - Non-capital Losses (Details) $ in Millions | Mar. 31, 2023 CAD ($) |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unrecognized | $ 204.2 |
Recognized | 380.5 |
2024-2028 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unrecognized | 31.4 |
Recognized | 18.4 |
2029-2043 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unrecognized | 26.8 |
Recognized | 149.9 |
No expiry date | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unrecognized | 146 |
Recognized | $ 212.2 |
SHARE CAPITAL, EARNINGS PER S_3
SHARE CAPITAL, EARNINGS PER SHARE AND DIVIDENDS - Narrative (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Jul. 02, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |||
Number of shares issued and fully paid (in shares) | 317,906,290 | 317,024,123 | |
Number of subscription receipts issued (in shares) | 22,400,000 | ||
Aggregate gross proceeds | $ 700 | ||
Earned interest | 0.4 | ||
Issuance related costs | 31 | ||
Income tax recovery | $ 8.2 | ||
Common shares (in shares) | 2,176,800 | 663,430 |
SHARE CAPITAL, EARNINGS PER S_4
SHARE CAPITAL, EARNINGS PER SHARE AND DIVIDENDS - Earnings per share computation (Details) - shares | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | ||
Weighted average number of common shares outstanding (in shares) | 317,660,608 | 311,016,278 |
Effect of dilutive stock options (in shares) | 756,871 | 1,885,078 |
Weighted average number of common shares outstanding for diluted earnings per share calculation (in shares) | 318,417,479 | 312,901,356 |
ACCOUNTS RECEIVABLE (Details)
ACCOUNTS RECEIVABLE (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of financial assets [line items] | ||
Accounts receivable | $ 479.3 | $ 446 |
Investment in finance leases (Note 14) | 13.5 | 21.6 |
Receivables from related parties (Note 31) | 57.5 | 40.3 |
Other receivables | 90.9 | 76.9 |
Credit loss allowances | (25.5) | (27.9) |
Total accounts receivable | 615.7 | 556.9 |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | ||
Credit loss allowances, beginning of year | (27.9) | (34.4) |
Additions | (3.2) | (4.7) |
Amounts charged off | 4.7 | 8.9 |
Unused amounts reversed | 1.9 | 0.8 |
Foreign currency exchange differences | (1) | 1.5 |
Credit loss allowances, end of year | (25.5) | (27.9) |
Gross carrying amount | Current trade receivables | ||
Disclosure of financial assets [line items] | ||
Accounts receivable | 280.6 | 230.4 |
Gross carrying amount | 1-30 days | ||
Disclosure of financial assets [line items] | ||
Accounts receivable | 68.4 | 50.4 |
Gross carrying amount | 31-60 days | ||
Disclosure of financial assets [line items] | ||
Accounts receivable | 28.3 | 29 |
Gross carrying amount | 61-90 days | ||
Disclosure of financial assets [line items] | ||
Accounts receivable | 16.8 | 15 |
Gross carrying amount | Greater than 90 days | ||
Disclosure of financial assets [line items] | ||
Accounts receivable | $ 85.2 | $ 121.2 |
BALANCE FROM CONTRACTS WITH C_3
BALANCE FROM CONTRACTS WITH CUSTOMERS - Net Contract Assets (Liabilities) (Details) - CAD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Revenue From Contracts With Customers1 [Abstract] | ||
Contract assets | $ 693.8 | $ 608.3 |
Contract assets - non-current (Note 15) | 41.9 | 34.1 |
Contract liabilities - current | (905.7) | (788.3) |
Contract liabilities - non-current (Note 20) | (94) | (130.3) |
Net contract liabilities | $ (264) | $ (276.2) |
BALANCE FROM CONTRACTS WITH C_4
BALANCE FROM CONTRACTS WITH CUSTOMERS - Narrative (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue that was included in contract liability balance | $ 632.2 | $ 482.6 |
(Reversal of) revenue from performance obligations satisfied or partially satisfied in previous periods | (11.3) | $ (55.5) |
Remaining performance obligations | $ 5,956 | |
No later than 1 year | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Performance obligations recognition expectation (in percent) | 40% | |
Later than one year | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Performance obligations recognition expectation (in percent) | 26% |
INVENTORIES - Summary of Invent
INVENTORIES - Summary of Inventories (Details) - CAD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Inventories [Abstract] | ||
Work in progress | $ 282.4 | $ 291.5 |
Raw materials, supplies and manufactured products | 301 | 228.3 |
Total inventories | $ 583.4 | $ 519.8 |
INVENTORIES - Narrative (Detail
INVENTORIES - Narrative (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Inventories [Abstract] | ||
Cost of inventories recognised as expense during period | $ 494 | $ 413.9 |
Impairment of inventories to net realizable value | $ 5.6 | $ 5.2 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Summaries of Property, Plant and Equipment (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, start | $ 2,129.3 | $ 1,969.4 |
Business combinations (Note 2) | 96.5 | |
Disposals | (7.5) | (3.8) |
Depreciation | (163.1) | (147) |
(Impairment) reversal – net | 1.7 | |
Impairment | (24.3) | |
Transfers and others | 5.4 | 3.3 |
Foreign currency exchange differences | 117.9 | (58.7) |
Property, plant and equipment, end | 2,387.1 | 2,129.3 |
Property, plant and equipment not subject to operating leases | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Additions | 268.8 | 272.2 |
Purchase of assets under lease (Note 14) | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Additions | 34.6 | 21.7 |
Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, start | 3,297.6 | |
Property, plant and equipment, end | 3,723.5 | 3,297.6 |
Accumulated depreciation and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, start | (1,168.3) | |
Property, plant and equipment, end | (1,336.4) | (1,168.3) |
Buildings and land | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, start | 320.1 | 282.1 |
Business combinations (Note 2) | 52.1 | |
Disposals | (3.6) | (2.2) |
Depreciation | (23.3) | (21.4) |
(Impairment) reversal – net | 0 | |
Impairment | (13.8) | |
Transfers and others | 27.6 | 1.1 |
Foreign currency exchange differences | 13.7 | (7.2) |
Property, plant and equipment, end | 369.1 | 320.1 |
Buildings and land | Property, plant and equipment not subject to operating leases | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Additions | 34.6 | 29.4 |
Buildings and land | Purchase of assets under lease (Note 14) | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Additions | 0 | 0 |
Buildings and land | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, start | 561.9 | |
Property, plant and equipment, end | 623.9 | 561.9 |
Buildings and land | Accumulated depreciation and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, start | (241.8) | |
Property, plant and equipment, end | (254.8) | (241.8) |
Simulators | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, start | 1,415.1 | 1,423.1 |
Business combinations (Note 2) | 18.7 | |
Disposals | (3.2) | (0.4) |
Depreciation | (113.2) | (101.1) |
(Impairment) reversal – net | 2.1 | |
Impairment | (10.5) | |
Transfers and others | 208.8 | 97.6 |
Foreign currency exchange differences | 88.6 | (48.5) |
Property, plant and equipment, end | 1,652.9 | 1,415.1 |
Simulators | Property, plant and equipment not subject to operating leases | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Additions | 20.1 | 14.5 |
Simulators | Purchase of assets under lease (Note 14) | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Additions | 34.6 | 21.7 |
Simulators | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, start | 2,180.7 | |
Property, plant and equipment, end | 2,558.1 | 2,180.7 |
Simulators | Accumulated depreciation and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, start | (765.6) | |
Property, plant and equipment, end | (905.2) | (765.6) |
Machinery and equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, start | 66.2 | 48.3 |
Business combinations (Note 2) | 21.5 | |
Disposals | (0.1) | (0.1) |
Depreciation | (21.2) | (19.3) |
(Impairment) reversal – net | (0.1) | |
Impairment | 0 | |
Transfers and others | (5.5) | 1.1 |
Foreign currency exchange differences | 3.1 | (0.8) |
Property, plant and equipment, end | 59.1 | 66.2 |
Machinery and equipment | Property, plant and equipment not subject to operating leases | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Additions | 16.7 | 15.5 |
Machinery and equipment | Purchase of assets under lease (Note 14) | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Additions | 0 | 0 |
Machinery and equipment | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, start | 209.2 | |
Property, plant and equipment, end | 208.9 | 209.2 |
Machinery and equipment | Accumulated depreciation and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, start | (143) | |
Property, plant and equipment, end | (149.8) | (143) |
Aircraft | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, start | 71.5 | 76.1 |
Business combinations (Note 2) | 2.1 | |
Disposals | (0.6) | (1.1) |
Depreciation | (5.4) | (5.2) |
(Impairment) reversal – net | (0.3) | |
Impairment | 0 | |
Transfers and others | 6 | (1) |
Foreign currency exchange differences | 5.1 | (1) |
Property, plant and equipment, end | 76.5 | 71.5 |
Aircraft | Property, plant and equipment not subject to operating leases | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Additions | 0.2 | 1.6 |
Aircraft | Purchase of assets under lease (Note 14) | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Additions | 0 | 0 |
Aircraft | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, start | 89.4 | |
Property, plant and equipment, end | 103.1 | 89.4 |
Aircraft | Accumulated depreciation and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, start | (17.9) | |
Property, plant and equipment, end | (26.6) | (17.9) |
Assets under construction | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, start | 256.4 | 139.8 |
Business combinations (Note 2) | 2.1 | |
Disposals | 0 | 0 |
Depreciation | 0 | 0 |
(Impairment) reversal – net | 0 | |
Impairment | 0 | |
Transfers and others | (231.5) | (95.5) |
Foreign currency exchange differences | 7.4 | (1.2) |
Property, plant and equipment, end | 229.5 | 256.4 |
Assets under construction | Property, plant and equipment not subject to operating leases | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Additions | 197.2 | 211.2 |
Assets under construction | Purchase of assets under lease (Note 14) | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Additions | 0 | 0 |
Assets under construction | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, start | 256.4 | |
Property, plant and equipment, end | 229.5 | 256.4 |
Assets under construction | Accumulated depreciation and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, start | 0 | |
Property, plant and equipment, end | $ 0 | $ 0 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Depreciation | $ 163.1 | $ 147 |
Cost of sales | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Depreciation | 161.5 | 145 |
Research and development expenses | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Depreciation | 0 | 0.5 |
Selling, general and administrative expenses | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Depreciation | $ 1.6 | $ 1.5 |
INTANGIBLE ASSETS - Intangible
INTANGIBLE ASSETS - Intangible Assets Reconciliation (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets, start | $ 3,796.3 | $ 2,055.8 |
Business combinations (Note 2) | 1,812.4 | |
Business combinations (Note 2) | 27 | |
Amortization | (122.9) | (109.5) |
Impairment | 6.3 | 4.2 |
Cloud computing transition adjustment (Note 4) | 0 | (13.4) |
Transfers and others | (5.5) | (1.9) |
Foreign currency exchange differences | 223.2 | (33.5) |
Intangible assets, end | 4,050.8 | 3,796.3 |
Cost | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets, start | 4,586.7 | |
Intangible assets, end | 4,990.7 | 4,586.7 |
Accumulated amortization and impairment | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets, start | (790.4) | |
Intangible assets, end | (939.9) | (790.4) |
Goodwill | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets, start | 2,464.3 | 1,173.2 |
Business combinations (Note 2) | 1,316.8 | |
Business combinations (Note 2) | 35.8 | |
Amortization | 0 | 0 |
Impairment | 0 | 0 |
Cloud computing transition adjustment (Note 4) | 0 | |
Transfers and others | 0 | 0 |
Foreign currency exchange differences | 163.2 | (25.7) |
Intangible assets, end | 2,663.3 | 2,464.3 |
Goodwill | Cost | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets, start | 2,501.8 | |
Intangible assets, end | 2,699.7 | 2,501.8 |
Goodwill | Accumulated amortization and impairment | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets, start | (37.5) | |
Intangible assets, end | (36.4) | (37.5) |
Capitalized development costs | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets, start | 234.4 | 215.7 |
Business combinations (Note 2) | 2.2 | |
Business combinations (Note 2) | 0 | |
Amortization | (31.1) | (32.7) |
Impairment | 6.3 | 4.2 |
Cloud computing transition adjustment (Note 4) | 0 | |
Transfers and others | (3.7) | (2.1) |
Foreign currency exchange differences | 1.7 | (0.1) |
Intangible assets, end | 294.7 | 234.4 |
Capitalized development costs | Cost | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets, start | 480.9 | |
Intangible assets, end | 573.3 | 480.9 |
Capitalized development costs | Accumulated amortization and impairment | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets, start | (246.5) | |
Intangible assets, end | (278.6) | (246.5) |
Customer relationships | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets, start | 575 | 297.5 |
Business combinations (Note 2) | 323.7 | |
Business combinations (Note 2) | (11.8) | |
Amortization | (44.4) | (40.7) |
Impairment | 0 | 0 |
Cloud computing transition adjustment (Note 4) | 0 | |
Transfers and others | (1.3) | (0.1) |
Foreign currency exchange differences | 36.8 | (5.4) |
Intangible assets, end | 554.3 | 575 |
Customer relationships | Cost | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets, start | 794.7 | |
Intangible assets, end | 829.6 | 794.7 |
Customer relationships | Accumulated amortization and impairment | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets, start | (219.7) | |
Intangible assets, end | (275.3) | (219.7) |
Licenses | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets, start | 262.8 | 279.4 |
Business combinations (Note 2) | 0 | |
Business combinations (Note 2) | 0 | |
Amortization | (16.1) | (16) |
Impairment | 0 | 0 |
Cloud computing transition adjustment (Note 4) | 0 | |
Transfers and others | 0 | (0.1) |
Foreign currency exchange differences | 6.7 | (0.5) |
Intangible assets, end | 253.4 | 262.8 |
Licenses | Cost | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets, start | 312.8 | |
Intangible assets, end | 320.9 | 312.8 |
Licenses | Accumulated amortization and impairment | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets, start | (50) | |
Intangible assets, end | (67.5) | (50) |
Technology, software and ERP | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets, start | 243.7 | 71.5 |
Business combinations (Note 2) | 169.7 | |
Business combinations (Note 2) | 3 | |
Amortization | (29.5) | (18.3) |
Impairment | 0 | 0 |
Cloud computing transition adjustment (Note 4) | (13.4) | |
Transfers and others | (0.9) | 0.4 |
Foreign currency exchange differences | 14 | (1.2) |
Intangible assets, end | 269.6 | 243.7 |
Technology, software and ERP | Cost | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets, start | 445.4 | |
Intangible assets, end | 513.2 | 445.4 |
Technology, software and ERP | Accumulated amortization and impairment | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets, start | (201.7) | |
Intangible assets, end | (243.6) | (201.7) |
Other intangible assets | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets, start | 16.1 | 18.5 |
Business combinations (Note 2) | 0 | |
Business combinations (Note 2) | 0 | |
Amortization | (1.8) | (1.8) |
Impairment | 0 | 0 |
Cloud computing transition adjustment (Note 4) | 0 | |
Transfers and others | 0.4 | 0 |
Foreign currency exchange differences | 0.8 | (0.6) |
Intangible assets, end | 15.5 | 16.1 |
Other intangible assets | Cost | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets, start | 51.1 | |
Intangible assets, end | 54 | 51.1 |
Other intangible assets | Accumulated amortization and impairment | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets, start | (35) | |
Intangible assets, end | (38.5) | (35) |
Additions – internal development | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Additions | 126.4 | 90.6 |
Additions – internal development | Goodwill | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Additions | 0 | 0 |
Additions – internal development | Capitalized development costs | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Additions | 87.1 | 55.6 |
Additions – internal development | Customer relationships | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Additions | 0 | 0 |
Additions – internal development | Licenses | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Additions | 0 | 0 |
Additions – internal development | Technology, software and ERP | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Additions | 39.3 | 35 |
Additions – internal development | Other intangible assets | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Additions | $ 0 | $ 0 |
INTANGIBLE ASSETS - Narrative (
INTANGIBLE ASSETS - Narrative (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of detailed information about intangible assets [line items] | ||
Increase in discount rate (in percent) | 1% | |
Decrease in growth rate (in percent) | 1% | |
Civil Aviation, Defense and Security and Healthcare | ||
Disclosure of detailed information about intangible assets [line items] | ||
Growth rate used to extrapolate cash flow projections (in years) | 5 years | |
Bottom of range | ||
Disclosure of detailed information about intangible assets [line items] | ||
Discount rate (in percent) | 8% | |
Bottom of range | Civil Aviation, Defense and Security and Healthcare | ||
Disclosure of detailed information about intangible assets [line items] | ||
Estimated growth rate (in percent) | 2% | |
Top of range | ||
Disclosure of detailed information about intangible assets [line items] | ||
Discount rate (in percent) | 15% | |
Top of range | Civil Aviation, Defense and Security and Healthcare | ||
Disclosure of detailed information about intangible assets [line items] | ||
Estimated growth rate (in percent) | 3% | |
Cost of sales | ||
Disclosure of detailed information about intangible assets [line items] | ||
Amortization | $ 92.9 | $ 77.2 |
Research and development expenses | ||
Disclosure of detailed information about intangible assets [line items] | ||
Amortization | 29 | 30.6 |
Selling, general and administrative expenses | ||
Disclosure of detailed information about intangible assets [line items] | ||
Amortization | $ 1 | $ 1.7 |
INTANGIBLE ASSETS - Goodwill Re
INTANGIBLE ASSETS - Goodwill Reconciliation (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill at the start of the period | $ 2,464.3 | $ 1,173.2 |
Business combinations (Note 2) | 35.8 | 1,316.8 |
Foreign currency exchange differences | 163.2 | (25.7) |
Goodwill at the end of the period | 2,663.3 | 2,464.3 |
Civil Aviation | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill at the start of the period | 1,046.8 | 789.2 |
Business combinations (Note 2) | 25.6 | 283.4 |
Foreign currency exchange differences | 53.2 | (25.8) |
Goodwill at the end of the period | 1,125.6 | 1,046.8 |
Defense and Security | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill at the start of the period | 1,305.8 | 279.3 |
Business combinations (Note 2) | 10.2 | 1,025.6 |
Foreign currency exchange differences | 101.3 | 0.9 |
Goodwill at the end of the period | 1,417.3 | 1,305.8 |
Healthcare | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill at the start of the period | 111.7 | 104.7 |
Business combinations (Note 2) | 0 | 7.8 |
Foreign currency exchange differences | 8.7 | (0.8) |
Goodwill at the end of the period | $ 120.4 | $ 111.7 |
LEASES - Schedule of Right-Of-U
LEASES - Schedule of Right-Of-Use Assets (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets, beginning balance | $ 373 | $ 308.5 |
Additions and remeasurements | 128.2 | 119.6 |
Business combinations (Note 2) | 32.7 | |
Depreciation | (50.1) | (48.4) |
Impairment | (8.1) | |
Purchase of assets under lease (Note 14) | (34.6) | (21.7) |
Transfers and others | (8.7) | (3) |
Foreign currency exchange differences | 19.1 | (6.6) |
Right-of-use assets, ending balance | 426.9 | 373 |
Cost of sales | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Depreciation | (47.5) | (46) |
Selling, general and administrative expense | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Depreciation | (2.6) | (2.4) |
Buildings and land | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets, beginning balance | 255.3 | 212 |
Additions and remeasurements | 120.9 | 59.4 |
Business combinations (Note 2) | 32.7 | |
Depreciation | (36.6) | (31.2) |
Impairment | (8.1) | |
Purchase of assets under lease (Note 14) | 0 | 0 |
Transfers and others | (6.1) | (3.3) |
Foreign currency exchange differences | 13.2 | (6.2) |
Right-of-use assets, ending balance | 346.7 | 255.3 |
Simulators | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets, beginning balance | 90.5 | 65.9 |
Additions and remeasurements | 7.3 | 60 |
Business combinations (Note 2) | 0 | |
Depreciation | (9.9) | (13.8) |
Impairment | 0 | |
Purchase of assets under lease (Note 14) | (34.6) | (21.7) |
Transfers and others | (2.3) | 0.5 |
Foreign currency exchange differences | 5.9 | (0.4) |
Right-of-use assets, ending balance | 56.9 | 90.5 |
Machinery and equipment | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets, beginning balance | 15.5 | 18.1 |
Additions and remeasurements | 0 | 0.2 |
Business combinations (Note 2) | 0 | |
Depreciation | (2.8) | (2.6) |
Impairment | 0 | |
Purchase of assets under lease (Note 14) | 0 | 0 |
Transfers and others | (0.3) | (0.2) |
Foreign currency exchange differences | 0 | 0 |
Right-of-use assets, ending balance | 12.4 | 15.5 |
Aircraft | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets, beginning balance | 11.7 | 12.5 |
Additions and remeasurements | 0 | 0 |
Business combinations (Note 2) | 0 | |
Depreciation | (0.8) | (0.8) |
Impairment | 0 | |
Purchase of assets under lease (Note 14) | 0 | 0 |
Transfers and others | 0 | 0 |
Foreign currency exchange differences | 0 | 0 |
Right-of-use assets, ending balance | $ 10.9 | $ 11.7 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of leases [Abstract] | ||
Depreciation | $ 50.1 | $ 48.4 |
Short-term lease, low-value assets, and variable lease payments expenses | 16.8 | 15.4 |
Net book value of property, plant and equipment leased under operating lease to third parties | $ 76.1 | $ 51.8 |
LEASES - Schedule of Undiscount
LEASES - Schedule of Undiscounted Lease Payments to be Received Under Operating Leases (Details) - CAD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total undiscounted lease payments receivable | $ 147.6 | $ 145.1 |
Less than 1 year | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total undiscounted lease payments receivable | 33 | 36.3 |
Between 1 and 2 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total undiscounted lease payments receivable | 32.6 | 24.1 |
Between 2 and 3 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total undiscounted lease payments receivable | 30 | 23.3 |
Between 3 and 4 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total undiscounted lease payments receivable | 21.7 | 21 |
Between 4 and 5 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total undiscounted lease payments receivable | 16.5 | 13.6 |
More than 5 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total undiscounted lease payments receivable | $ 13.8 | $ 26.8 |
LEASES - Schedule of Undiscou_2
LEASES - Schedule of Undiscounted Lease Payments to be Received Under Finance Leases (Details) - CAD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Total undiscounted lease payments receivable | $ 204.4 | $ 187.2 |
Unearned finance income | (68) | (59.1) |
Discounted unguaranteed residual values of leased assets | (10.7) | (9.4) |
Total investment in finance leases | 125.7 | 118.7 |
Current portion (Note 9) | 13.5 | 21.6 |
Non-current portion (Note 15) | 112.2 | 97.1 |
Less than 1 year | ||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Total undiscounted lease payments receivable | 16.6 | 24.9 |
Between 1 and 2 years | ||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Total undiscounted lease payments receivable | 14.6 | 12 |
Between 2 and 3 years | ||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Total undiscounted lease payments receivable | 15.1 | 12.9 |
Between 3 and 4 years | ||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Total undiscounted lease payments receivable | 16.3 | 11.1 |
Between 4 and 5 years | ||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Total undiscounted lease payments receivable | 13.6 | 11.8 |
More than 5 years | ||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Total undiscounted lease payments receivable | $ 128.2 | $ 114.5 |
OTHER NON-CURRENT ASSETS (Detai
OTHER NON-CURRENT ASSETS (Details) - CAD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Miscellaneous assets [abstract] | ||
Contract assets (Note 10) | $ 41.9 | $ 34.1 |
Prepaid rent to a portfolio investment | 13.4 | 18.2 |
Advances to a portfolio investment | 10.7 | 10.5 |
Advance payments for property, plant and equipment | 30.7 | 0 |
Investment in finance leases (Note 14) | 112.2 | 97.1 |
Non-current receivables | 42.8 | 42 |
Investment tax credits | 325.3 | 315.1 |
Other | 43.6 | 32.7 |
Other non-current assets | $ 620.6 | $ 549.7 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - CAD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Accounts payable trade | $ 522.1 | $ 436.2 |
Accrued and other liabilities | 498.6 | 514.7 |
Amount due to related parties (Note 31) | 5.7 | 5.1 |
Current portion of royalty obligations | 10.3 | 19.1 |
Accounts payable and accrued liabilities | $ 1,036.7 | $ 975.1 |
PROVISIONS (Details)
PROVISIONS (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Reconciliation of changes in other provisions [abstract] | ||
Provisions at beginning of period | $ 57.3 | |
Additions | 16.1 | |
Amount used | (27.9) | |
Reversal of unused amounts | (3.9) | |
Foreign currency exchange differences | 1.3 | |
Transfers and others | 3.9 | |
Provisions at end of period | 46.8 | |
Current portion | 26.7 | $ 36.7 |
Non-current portion | 20.1 | $ 20.6 |
Restoration and simulator removal | ||
Reconciliation of changes in other provisions [abstract] | ||
Provisions at beginning of period | 9.4 | |
Additions | 0.2 | |
Amount used | 0 | |
Reversal of unused amounts | (1) | |
Foreign currency exchange differences | 0.4 | |
Transfers and others | 0.2 | |
Provisions at end of period | 9.2 | |
Current portion | 0 | |
Non-current portion | 9.2 | |
Restructuring | ||
Reconciliation of changes in other provisions [abstract] | ||
Provisions at beginning of period | 9.2 | |
Additions | 4.3 | |
Amount used | (10.8) | |
Reversal of unused amounts | (1.6) | |
Foreign currency exchange differences | 0.2 | |
Transfers and others | (0.2) | |
Provisions at end of period | 1.1 | |
Current portion | 1.1 | |
Non-current portion | 0 | |
Legal | ||
Reconciliation of changes in other provisions [abstract] | ||
Provisions at beginning of period | 8 | |
Additions | 0.1 | |
Amount used | (5.8) | |
Reversal of unused amounts | (0.6) | |
Foreign currency exchange differences | 0.1 | |
Transfers and others | 0 | |
Provisions at end of period | 1.8 | |
Current portion | 1.5 | |
Non-current portion | 0.3 | |
Warranties | ||
Reconciliation of changes in other provisions [abstract] | ||
Provisions at beginning of period | 25 | |
Additions | 9.8 | |
Amount used | (11.3) | |
Reversal of unused amounts | (0.1) | |
Foreign currency exchange differences | 0.2 | |
Transfers and others | 0.3 | |
Provisions at end of period | 23.9 | |
Current portion | 15.5 | |
Non-current portion | 8.4 | |
Other | ||
Reconciliation of changes in other provisions [abstract] | ||
Provisions at beginning of period | 5.7 | |
Additions | 1.7 | |
Amount used | 0 | |
Reversal of unused amounts | (0.6) | |
Foreign currency exchange differences | 0.4 | |
Transfers and others | 3.6 | |
Provisions at end of period | 10.8 | |
Current portion | 8.6 | |
Non-current portion | $ 2.2 |
DEBT FACILITIES - Long-term Deb
DEBT FACILITIES - Long-term Debt (Details) | Mar. 31, 2023 CAD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CAD ($) |
Disclosure of detailed information about borrowings [line items] | |||
Current | $ 214,600,000 | $ 241,800,000 | |
Non-current | 3,035,500,000 | 2,804,400,000 | |
U.S. dollar, fixed rate - 3.60% to 4.90% | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount | $ 947,000,000 | ||
Current | 18,500,000 | 17,400,000 | |
Non-current | $ 1,257,900,000 | 1,176,500,000 | |
U.S. dollar, fixed rate - 3.60% to 4.90% | Bottom of range | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate (in percent) | 3.60% | 3.60% | |
U.S. dollar, fixed rate - 3.60% to 4.90% | Top of range | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate (in percent) | 4.90% | 4.90% | |
Canadian dollar, fixed rate - 4.15% | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate (in percent) | 4.15% | 4.15% | |
Notional amount | $ 24,300,000 | ||
Current | 2,900,000 | 2,900,000 | |
Non-current | 21,400,000 | 24,200,000 | |
U.S. dollar, variable rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount | $ 350,000,000 | ||
Current | 67,000,000 | 69,700,000 | |
Non-current | 405,400,000 | 443,100,000 | |
Canadian dollar, variable rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount | 29,600,000 | ||
Current | 5,600,000 | 5,600,000 | |
Non-current | 23,800,000 | 29,400,000 | |
Other | |||
Disclosure of detailed information about borrowings [line items] | |||
Current | 15,200,000 | 14,100,000 | |
Non-current | 47,400,000 | 58,400,000 | |
U.S. dollar | |||
Disclosure of detailed information about borrowings [line items] | |||
Current | 55,700,000 | 66,100,000 | |
Non-current | 241,300,000 | 164,600,000 | |
Other | |||
Disclosure of detailed information about borrowings [line items] | |||
Current | 25,500,000 | 32,900,000 | |
Non-current | 133,400,000 | 131,400,000 | |
Canadian dollar | |||
Disclosure of detailed information about borrowings [line items] | |||
Current | 24,200,000 | 33,100,000 | |
Non-current | 471,900,000 | 439,900,000 | |
U.S. dollar, variable rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Current | 0 | 0 | |
Non-current | $ 433,000,000 | $ 336,900,000 |
DEBT FACILITIES - Narrative (De
DEBT FACILITIES - Narrative (Details) $ in Millions, $ in Millions | Mar. 31, 2023 USD ($) | Oct. 31, 2022 USD ($) | Oct. 31, 2022 CAD ($) | Sep. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2022 CAD ($) |
Disclosure of detailed information about borrowings [line items] | ||||||
Unsecured revolving credit facility | $ 1,000 | $ 850 | $ 300 | |||
USD $175 million term loan maturing 2024 | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Notional amount | $ 175 | |||||
USD $50 million term loan maturing 2022 | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Notional amount | $ 50 | |||||
Term Loan, maturing 2027 | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Notional amount | $ 850 | |||||
Unsecured revolving credit facility | $ 1,000 | |||||
Term Loan, maturing 2026 | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Unsecured revolving credit facility | $ 300 |
DEBT FACILITIES - Financing Act
DEBT FACILITIES - Financing Activities (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities, beginning | $ 3,046.2 | $ 2,351.5 |
Net proceeds from borrowing under revolving credit facilities | 44.5 | 344.6 |
Proceeds from long-term debt | 31.2 | 429.1 |
Repayment of long-term debt | (161) | (132.1) |
Repayment of lease liabilities | (83.4) | (89.5) |
Total changes from financing cash flows | (168.7) | 552.1 |
Business combinations (Note 2) | 35.1 | |
Foreign currency exchange differences | 223.3 | (28.1) |
Additions and remeasurement of lease liabilities | 128.2 | 119.6 |
Accretion | 25 | 25.3 |
Other | (3.9) | (9.3) |
Total non-cash changes | 372.6 | 142.6 |
Liabilities arising from financing activities, end | 3,250.1 | 3,046.2 |
Unsecured senior notes | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities, beginning | 1,221 | 1,249.5 |
Net proceeds from borrowing under revolving credit facilities | 0 | 0 |
Proceeds from long-term debt | 0 | 0 |
Repayment of long-term debt | (21.8) | (20.5) |
Repayment of lease liabilities | 0 | 0 |
Total changes from financing cash flows | (21.8) | (20.5) |
Business combinations (Note 2) | 0 | |
Foreign currency exchange differences | 101.1 | (8.5) |
Additions and remeasurement of lease liabilities | 0 | 0 |
Accretion | 0 | 0 |
Other | 0.4 | 0.5 |
Total non-cash changes | 101.5 | (8) |
Liabilities arising from financing activities, end | 1,300.7 | 1,221 |
Term loans | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities, beginning | 620.3 | 331.2 |
Net proceeds from borrowing under revolving credit facilities | 0 | 0 |
Proceeds from long-term debt | 0 | 402.3 |
Repayment of long-term debt | (106.1) | (110.8) |
Repayment of lease liabilities | 0 | 0 |
Total changes from financing cash flows | (106.1) | 291.5 |
Business combinations (Note 2) | 0.2 | |
Foreign currency exchange differences | 48.9 | (4.1) |
Additions and remeasurement of lease liabilities | 0 | 0 |
Accretion | 0 | 0 |
Other | 1.3 | 1.5 |
Total non-cash changes | 50.2 | (2.4) |
Liabilities arising from financing activities, end | 564.4 | 620.3 |
Lease liabilities | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities, beginning | 395 | 347.2 |
Net proceeds from borrowing under revolving credit facilities | 0 | 0 |
Proceeds from long-term debt | 0 | 0 |
Repayment of long-term debt | 0 | 0 |
Repayment of lease liabilities | (83.4) | (89.5) |
Total changes from financing cash flows | (83.4) | (89.5) |
Business combinations (Note 2) | 34.9 | |
Foreign currency exchange differences | 21.7 | (7.8) |
Additions and remeasurement of lease liabilities | 128.2 | 119.6 |
Accretion | 0 | 0 |
Other | (5.6) | (9.4) |
Total non-cash changes | 144.3 | 137.3 |
Liabilities arising from financing activities, end | 455.9 | 395 |
R&D obligations | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities, beginning | 473 | 423.6 |
Net proceeds from borrowing under revolving credit facilities | 0 | 0 |
Proceeds from long-term debt | 31.2 | 26.8 |
Repayment of long-term debt | (33.1) | (0.8) |
Repayment of lease liabilities | 0 | 0 |
Total changes from financing cash flows | (1.9) | 26 |
Business combinations (Note 2) | 0 | |
Foreign currency exchange differences | 0 | 0 |
Additions and remeasurement of lease liabilities | 0 | 0 |
Accretion | 25 | 25.3 |
Other | 0 | (1.9) |
Total non-cash changes | 25 | 23.4 |
Liabilities arising from financing activities, end | 496.1 | 473 |
Revolving credit facilities | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities, beginning | 336.9 | 0 |
Net proceeds from borrowing under revolving credit facilities | 44.5 | 344.6 |
Proceeds from long-term debt | 0 | 0 |
Repayment of long-term debt | 0 | 0 |
Repayment of lease liabilities | 0 | 0 |
Total changes from financing cash flows | 44.5 | 344.6 |
Business combinations (Note 2) | 0 | |
Foreign currency exchange differences | 51.6 | (7.7) |
Additions and remeasurement of lease liabilities | 0 | 0 |
Accretion | 0 | 0 |
Other | 0 | 0 |
Total non-cash changes | 51.6 | (7.7) |
Liabilities arising from financing activities, end | $ 433 | $ 336.9 |
EMPLOYEE BENEFITS OBLIGATIONS -
EMPLOYEE BENEFITS OBLIGATIONS - Narrative (Details) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 CAD ($) funded_defined_benefit_pension_plan shares | Mar. 31, 2022 CAD ($) shares | |
Disclosure of defined benefit plans [line items] | ||
Number of registered funded defined benefit pension plans | funded_defined_benefit_pension_plan | 3 | |
Number of registered funded defined benefit pension plans for employees | funded_defined_benefit_pension_plan | 2 | |
Number of registered funded defined benefit pension plans for designated executives | funded_defined_benefit_pension_plan | 1 | |
Letters of credit outstanding | $ 56.5 | $ 67 |
Post-employment benefits, expense (gain) | $ 38.5 | $ 40.7 |
Number of common shares in the pension plan assets (in shares) | shares | 0 | 0 |
Average duration of the defined benefit obligation (in years) | 16 years | |
Change in significant assumptions (in percent) | 0.25% | |
Cost of sales | ||
Disclosure of defined benefit plans [line items] | ||
Post-employment benefits, expense (gain) | $ 20.9 | $ 17.9 |
Research and development expenses | ||
Disclosure of defined benefit plans [line items] | ||
Post-employment benefits, expense (gain) | 5.8 | 7.7 |
Selling, general and administrative expenses | ||
Disclosure of defined benefit plans [line items] | ||
Post-employment benefits, expense (gain) | 8.5 | 9.8 |
Finance expense | ||
Disclosure of defined benefit plans [line items] | ||
Post-employment benefits, expense (gain) | 3.3 | 5.3 |
Capitalized pension costs | ||
Disclosure of defined benefit plans [line items] | ||
Post-employment benefits, expense (gain) | $ 3.2 | $ 1.7 |
EMPLOYEE BENEFITS OBLIGATIONS_2
EMPLOYEE BENEFITS OBLIGATIONS - Employee Benefit Obligation (Details) - CAD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure of defined benefit plans [line items] | |||
Employee benefits obligations - net | $ 40.8 | $ 109.7 | |
Employee benefit assets | (51.1) | 0 | |
Employee benefit obligations | 91.9 | 109.7 | |
Funded plans | |||
Disclosure of defined benefit plans [line items] | |||
Employee benefits obligations - net | (51) | 14.8 | |
Funded and unfunded defined benefit pension obligations | Funded plans | |||
Disclosure of defined benefit plans [line items] | |||
Employee benefits obligations - net | 590.7 | 638.7 | $ 761.5 |
Funded and unfunded defined benefit pension obligations | Unfunded plans | |||
Disclosure of defined benefit plans [line items] | |||
Employee benefits obligations - net | 91.8 | 94.9 | 102.6 |
Fair value of plan assets | Funded plans | |||
Disclosure of defined benefit plans [line items] | |||
Employee benefits obligations - net | $ (641.7) | $ (623.9) | $ (641.9) |
EMPLOYEE BENEFITS OBLIGATIONS_3
EMPLOYEE BENEFITS OBLIGATIONS - Movement In Defined Benefit Pension Obligation (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of net defined benefit liability (asset) [line items] | ||
Net defined benefit liability (asset), beginning of year | $ 109.7 | |
Actuarial loss (gain) arising from: | ||
Net defined benefit liability (asset), end of year | 40.8 | $ 109.7 |
Funded plans | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Net defined benefit liability (asset), beginning of year | 14.8 | |
Current service cost | 32.5 | 36.4 |
Interest cost | (24.1) | (16.9) |
Actuarial loss (gain) arising from: | ||
Net defined benefit liability (asset), end of year | (51) | 14.8 |
Funded plans | Present value of defined benefit obligation | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Net defined benefit liability (asset), beginning of year | 638.7 | 761.5 |
Current service cost | 32.5 | 36.4 |
Interest cost | 24.1 | 19.8 |
Past service cost | 0 | (5.9) |
Actuarial loss (gain) arising from: | ||
Experience adjustments | 25.7 | (2.4) |
Economic assumptions | (104.6) | (93.8) |
Demographic assumptions | 2.5 | 0 |
Employee contributions | 9.2 | 8.1 |
Pension benefits paid | (25.7) | (23.7) |
Settlements | (11.7) | (60.3) |
Foreign currency exchange differences | 0 | 1 |
Net defined benefit liability (asset), end of year | 590.7 | 638.7 |
Funded plans | Fair value of plan assets | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Net defined benefit liability (asset), beginning of year | (623.9) | (641.9) |
Interest cost | (24.1) | (16.9) |
Actuarial loss (gain) arising from: | ||
Return on plan assets, excluding amounts included in interest income | (11) | 18.2 |
Employer contributions | 33.4 | 25 |
Employee contributions | (9.2) | (8.1) |
Pension benefits paid | 25.7 | 23.7 |
Settlements | 11.7 | 60.3 |
Administrative costs | (0.6) | (1.1) |
Foreign currency exchange differences | 0.1 | (1.1) |
Net defined benefit liability (asset), end of year | (641.7) | (623.9) |
Unfunded plans | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Current service cost | 5.1 | 5.2 |
Interest cost | 3.3 | 2.4 |
Unfunded plans | Present value of defined benefit obligation | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Net defined benefit liability (asset), beginning of year | 94.9 | 102.6 |
Current service cost | 5.1 | 5.2 |
Interest cost | 3.3 | 2.4 |
Past service cost | 0.2 | 0.3 |
Actuarial loss (gain) arising from: | ||
Experience adjustments | 4.9 | (0.1) |
Economic assumptions | (13.7) | (11.1) |
Pension benefits paid | (3.5) | (3.7) |
Foreign currency exchange differences | (0.6) | 0.7 |
Net defined benefit liability (asset), end of year | 91.8 | 94.9 |
Canadian | Funded plans | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Current service cost | 32.5 | 35 |
Interest cost | (23.9) | (16.4) |
Canadian | Funded plans | Present value of defined benefit obligation | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Net defined benefit liability (asset), beginning of year | 631.8 | 687 |
Current service cost | 32.5 | 35 |
Interest cost | 23.9 | 19.2 |
Past service cost | 0 | 0 |
Actuarial loss (gain) arising from: | ||
Experience adjustments | 25.5 | (2.6) |
Economic assumptions | (102.8) | (92.1) |
Demographic assumptions | 2.6 | 0 |
Employee contributions | 9.2 | 7.8 |
Pension benefits paid | (25.5) | (22.5) |
Settlements | (11.7) | 0 |
Foreign currency exchange differences | 0 | 0 |
Net defined benefit liability (asset), end of year | 585.5 | 631.8 |
Canadian | Funded plans | Fair value of plan assets | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Net defined benefit liability (asset), beginning of year | (617.1) | (574.7) |
Interest cost | (23.9) | (16.4) |
Actuarial loss (gain) arising from: | ||
Return on plan assets, excluding amounts included in interest income | (10.1) | 16.6 |
Employer contributions | 33 | 25.1 |
Employee contributions | (9.2) | (7.8) |
Pension benefits paid | 25.5 | 22.5 |
Settlements | 11.7 | 0 |
Administrative costs | (0.6) | (1) |
Foreign currency exchange differences | 0 | 0 |
Net defined benefit liability (asset), end of year | (635.3) | (617.1) |
Canadian | Unfunded plans | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Current service cost | 4.1 | 4.4 |
Interest cost | 3 | 2.2 |
Canadian | Unfunded plans | Present value of defined benefit obligation | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Net defined benefit liability (asset), beginning of year | 82.6 | 88.6 |
Current service cost | 4.1 | 4.4 |
Interest cost | 3 | 2.2 |
Past service cost | 0 | 0 |
Actuarial loss (gain) arising from: | ||
Experience adjustments | 5.5 | 0.3 |
Economic assumptions | (11) | (9.8) |
Pension benefits paid | (2.9) | (3.1) |
Foreign currency exchange differences | 0 | 0 |
Net defined benefit liability (asset), end of year | 81.3 | 82.6 |
Foreign | Funded plans | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Current service cost | 0 | 1.4 |
Interest cost | (0.2) | (0.5) |
Foreign | Funded plans | Present value of defined benefit obligation | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Net defined benefit liability (asset), beginning of year | 6.9 | 74.5 |
Current service cost | 0 | 1.4 |
Interest cost | 0.2 | 0.6 |
Past service cost | 0 | (5.9) |
Actuarial loss (gain) arising from: | ||
Experience adjustments | 0.2 | 0.2 |
Economic assumptions | (1.8) | (1.7) |
Demographic assumptions | (0.1) | 0 |
Employee contributions | 0 | 0.3 |
Pension benefits paid | (0.2) | (1.2) |
Settlements | 0 | (60.3) |
Foreign currency exchange differences | 0 | 1 |
Net defined benefit liability (asset), end of year | 5.2 | 6.9 |
Foreign | Funded plans | Fair value of plan assets | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Net defined benefit liability (asset), beginning of year | (6.8) | (67.2) |
Interest cost | (0.2) | (0.5) |
Actuarial loss (gain) arising from: | ||
Return on plan assets, excluding amounts included in interest income | (0.9) | 1.6 |
Employer contributions | 0.4 | (0.1) |
Employee contributions | 0 | (0.3) |
Pension benefits paid | 0.2 | 1.2 |
Settlements | 0 | 60.3 |
Administrative costs | 0 | (0.1) |
Foreign currency exchange differences | 0.1 | (1.1) |
Net defined benefit liability (asset), end of year | (6.4) | (6.8) |
Foreign | Unfunded plans | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Current service cost | 1 | 0.8 |
Interest cost | 0.3 | 0.2 |
Foreign | Unfunded plans | Present value of defined benefit obligation | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Net defined benefit liability (asset), beginning of year | 12.3 | 14 |
Current service cost | 1 | 0.8 |
Interest cost | 0.3 | 0.2 |
Past service cost | 0.2 | 0.3 |
Actuarial loss (gain) arising from: | ||
Experience adjustments | (0.6) | (0.4) |
Economic assumptions | (2.7) | (1.3) |
Pension benefits paid | (0.6) | (0.6) |
Foreign currency exchange differences | (0.6) | 0.7 |
Net defined benefit liability (asset), end of year | $ 10.5 | $ 12.3 |
EMPLOYEE BENEFITS OBLIGATIONS_4
EMPLOYEE BENEFITS OBLIGATIONS - Net Periodic Costs (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of net defined benefit liability (asset) [line items] | ||
Net pension costs | $ 41.7 | $ 42.4 |
Funded plans | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Current service cost | 32.5 | 36.4 |
Interest cost and income | (24.1) | (16.9) |
Past service cost | 0 | (5.9) |
Administrative cost | 0.6 | 1.1 |
Net pension costs | 33.1 | 34.5 |
Funded plans | Present value of defined benefit obligation | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Current service cost | 32.5 | 36.4 |
Interest cost and income | 24.1 | 19.8 |
Unfunded plans | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Current service cost | 5.1 | 5.2 |
Interest cost and income | 3.3 | 2.4 |
Past service cost | 0.2 | 0.3 |
Net pension costs | 8.6 | 7.9 |
Unfunded plans | Present value of defined benefit obligation | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Current service cost | 5.1 | 5.2 |
Interest cost and income | 3.3 | 2.4 |
Canadian | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Net pension costs | 40.2 | 45.4 |
Canadian | Funded plans | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Current service cost | 32.5 | 35 |
Interest cost and income | (23.9) | (16.4) |
Past service cost | 0 | 0 |
Administrative cost | 0.6 | 1 |
Net pension costs | 33.1 | 38.8 |
Canadian | Funded plans | Present value of defined benefit obligation | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Current service cost | 32.5 | 35 |
Interest cost and income | 23.9 | 19.2 |
Canadian | Unfunded plans | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Current service cost | 4.1 | 4.4 |
Interest cost and income | 3 | 2.2 |
Past service cost | 0 | 0 |
Net pension costs | 7.1 | 6.6 |
Canadian | Unfunded plans | Present value of defined benefit obligation | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Current service cost | 4.1 | 4.4 |
Interest cost and income | 3 | 2.2 |
Foreign | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Net pension costs | 1.5 | (3) |
Foreign | Funded plans | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Current service cost | 0 | 1.4 |
Interest cost and income | (0.2) | (0.5) |
Past service cost | 0 | (5.9) |
Administrative cost | 0 | 0.1 |
Net pension costs | 0 | (4.3) |
Foreign | Funded plans | Present value of defined benefit obligation | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Current service cost | 0 | 1.4 |
Interest cost and income | 0.2 | 0.6 |
Foreign | Unfunded plans | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Current service cost | 1 | 0.8 |
Interest cost and income | 0.3 | 0.2 |
Past service cost | 0.2 | 0.3 |
Net pension costs | 1.5 | 1.3 |
Foreign | Unfunded plans | Present value of defined benefit obligation | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Current service cost | 1 | 0.8 |
Interest cost and income | $ 0.3 | $ 0.2 |
EMPLOYEE BENEFITS OBLIGATIONS_5
EMPLOYEE BENEFITS OBLIGATIONS - Plan Assets (Details) - CAD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of fair value of plan assets [line items] | ||
Plan assets | $ 641.7 | $ 623.9 |
Canadian plans | ||
Disclosure of fair value of plan assets [line items] | ||
Private and property investments | 191.7 | 164.8 |
Cash and cash equivalents | 14.4 | 12.1 |
Other | 1.1 | 0.8 |
Plan assets | 635.3 | 617.1 |
Foreign plans | ||
Disclosure of fair value of plan assets [line items] | ||
Equity funds | 2.3 | 2.6 |
Other | 0.8 | 0.6 |
Plan assets | 6.4 | 6.8 |
Government | Canadian plans | ||
Disclosure of fair value of plan assets [line items] | ||
Bond funds | 133.3 | 115.4 |
Corporate | Canadian plans | ||
Disclosure of fair value of plan assets [line items] | ||
Bond funds | 74.4 | 105.7 |
Corporate | Foreign plans | ||
Disclosure of fair value of plan assets [line items] | ||
Bond funds | 3.3 | 3.6 |
Quoted | ||
Disclosure of fair value of plan assets [line items] | ||
Plan assets | 5.6 | 6.2 |
Quoted | Canadian plans | ||
Disclosure of fair value of plan assets [line items] | ||
Private and property investments | 0 | 0 |
Cash and cash equivalents | 0 | 0 |
Other | 0 | 0 |
Plan assets | 0 | 0 |
Quoted | Foreign plans | ||
Disclosure of fair value of plan assets [line items] | ||
Equity funds | 2.3 | 2.6 |
Other | 0 | 0 |
Plan assets | 5.6 | 6.2 |
Quoted | Government | Canadian plans | ||
Disclosure of fair value of plan assets [line items] | ||
Bond funds | 0 | 0 |
Quoted | Corporate | Canadian plans | ||
Disclosure of fair value of plan assets [line items] | ||
Bond funds | 0 | 0 |
Quoted | Corporate | Foreign plans | ||
Disclosure of fair value of plan assets [line items] | ||
Bond funds | 3.3 | 3.6 |
Unquoted | ||
Disclosure of fair value of plan assets [line items] | ||
Plan assets | 636.1 | 617.7 |
Unquoted | Canadian plans | ||
Disclosure of fair value of plan assets [line items] | ||
Private and property investments | 191.7 | 164.8 |
Cash and cash equivalents | 14.4 | 12.1 |
Other | 1.1 | 0.8 |
Plan assets | 635.3 | 617.1 |
Unquoted | Foreign plans | ||
Disclosure of fair value of plan assets [line items] | ||
Equity funds | 0 | 0 |
Other | 0.8 | 0.6 |
Plan assets | 0.8 | 0.6 |
Unquoted | Government | Canadian plans | ||
Disclosure of fair value of plan assets [line items] | ||
Bond funds | 133.3 | 115.4 |
Unquoted | Corporate | Canadian plans | ||
Disclosure of fair value of plan assets [line items] | ||
Bond funds | 74.4 | 105.7 |
Unquoted | Corporate | Foreign plans | ||
Disclosure of fair value of plan assets [line items] | ||
Bond funds | 0 | 0 |
Canadian | Canadian plans | ||
Disclosure of fair value of plan assets [line items] | ||
Equity funds | 45.6 | 72.9 |
Canadian | Quoted | Canadian plans | ||
Disclosure of fair value of plan assets [line items] | ||
Equity funds | 0 | 0 |
Canadian | Unquoted | Canadian plans | ||
Disclosure of fair value of plan assets [line items] | ||
Equity funds | 45.6 | 72.9 |
Foreign | Canadian plans | ||
Disclosure of fair value of plan assets [line items] | ||
Equity funds | 174.8 | 145.4 |
Foreign | Quoted | Canadian plans | ||
Disclosure of fair value of plan assets [line items] | ||
Equity funds | 0 | 0 |
Foreign | Unquoted | Canadian plans | ||
Disclosure of fair value of plan assets [line items] | ||
Equity funds | $ 174.8 | $ 145.4 |
EMPLOYEE BENEFITS OBLIGATIONS_6
EMPLOYEE BENEFITS OBLIGATIONS - Significant Assumptions Weighted (Details) | Mar. 31, 2023 | Mar. 31, 2022 |
Canadian | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate (in percent) | 5.05% | 4.14% |
Compensation rate increases (in percent) | 3.66% | 3.65% |
Discount rate (in percent) | 4.14% | 3.32% |
Compensation rate increases (in percent) | 3.65% | 3.65% |
Foreign | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate (in percent) | 4.70% | 2.41% |
Compensation rate increases (in percent) | 2.54% | 2.66% |
Discount rate (in percent) | 2.41% | 1.06% |
Compensation rate increases (in percent) | 2.66% | 2.06% |
EMPLOYEE BENEFITS OBLIGATIONS_7
EMPLOYEE BENEFITS OBLIGATIONS - Future Mortality Rate (Details) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Male | at age 45 | Canada | CPM private tables | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Employee life expectancy | 23 years 8 months 12 days | 23 years 7 months 6 days |
Male | at age 45 | Germany | Heubeck RT2018G | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Employee life expectancy | 23 years 4 months 24 days | 23 years 2 months 12 days |
Male | at age 45 | United Kingdom | S2PxA CMI 2020 | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Employee life expectancy | 22 years 7 months 6 days | 23 years 1 month 6 days |
Male | at age 45 | United States | CPM private tables | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Employee life expectancy | 24 years 10 months 24 days | 24 years 10 months 24 days |
Male | at age 65 | Canada | CPM private tables | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Employee life expectancy | 22 years 2 months 12 days | 22 years 1 month 6 days |
Male | at age 65 | Germany | Heubeck RT2018G | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Employee life expectancy | 20 years 7 months 6 days | 20 years 6 months |
Male | at age 65 | United Kingdom | S2PxA CMI 2020 | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Employee life expectancy | 21 years 7 months 6 days | 22 years 1 month 6 days |
Male | at age 65 | United States | CPM private tables | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Employee life expectancy | 23 years 6 months | 23 years 4 months 24 days |
Female | at age 45 | Canada | CPM private tables | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Employee life expectancy | 26 years 1 month 6 days | 25 years 8 months 12 days |
Female | at age 45 | Germany | Heubeck RT2018G | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Employee life expectancy | 26 years 3 months 18 days | 26 years 2 months 12 days |
Female | at age 45 | United Kingdom | S2PxA CMI 2020 | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Employee life expectancy | 24 years 7 months 6 days | 25 years 2 months 12 days |
Female | at age 45 | United States | CPM private tables | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Employee life expectancy | 26 years 4 months 24 days | 26 years 4 months 24 days |
Female | at age 65 | Canada | CPM private tables | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Employee life expectancy | 24 years 9 months 18 days | 24 years 4 months 24 days |
Female | at age 65 | Germany | Heubeck RT2018G | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Employee life expectancy | 24 years | 23 years 10 months 24 days |
Female | at age 65 | United Kingdom | S2PxA CMI 2020 | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Employee life expectancy | 23 years 4 months 24 days | 24 years |
Female | at age 65 | United States | CPM private tables | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Employee life expectancy | 25 years 1 month 6 days | 25 years |
EMPLOYEE BENEFITS OBLIGATIONS_8
EMPLOYEE BENEFITS OBLIGATIONS - Significant Assumptions (Details) $ in Millions | Mar. 31, 2023 CAD ($) |
Disclosure of defined benefit plans [line items] | |
Change in significant assumptions (in percent) | 0.25% |
Discount rate | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in discount rate | $ (25.4) |
Increase (decrease) in compensation rate | 26.9 |
Compensation rate | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in discount rate | 8.7 |
Increase (decrease) in compensation rate | (8.3) |
Canadian | Discount rate | Funded plans | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in discount rate | (22.7) |
Increase (decrease) in compensation rate | 24.1 |
Canadian | Discount rate | Unfunded plans | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in discount rate | (2.3) |
Increase (decrease) in compensation rate | 2.4 |
Canadian | Compensation rate | Funded plans | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in discount rate | 8.4 |
Increase (decrease) in compensation rate | (8) |
Canadian | Compensation rate | Unfunded plans | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in discount rate | 0.3 |
Increase (decrease) in compensation rate | (0.3) |
Foreign | Discount rate | Funded plans | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in discount rate | (0.1) |
Increase (decrease) in compensation rate | 0.1 |
Foreign | Discount rate | Unfunded plans | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in discount rate | (0.3) |
Increase (decrease) in compensation rate | 0.3 |
Foreign | Compensation rate | Funded plans | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in discount rate | 0 |
Increase (decrease) in compensation rate | 0 |
Foreign | Compensation rate | Unfunded plans | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in discount rate | 0 |
Increase (decrease) in compensation rate | $ 0 |
EMPLOYEE BENEFITS OBLIGATIONS_9
EMPLOYEE BENEFITS OBLIGATIONS - Expected Employer Contributions (Details) $ in Millions | 12 Months Ended |
Mar. 31, 2023 CAD ($) | |
Expected employer contributions in funded plans | |
Disclosure of defined benefit plans [line items] | |
Expected employer contributions and expected benefits paid | $ 31.9 |
Expected benefits paid in unfunded plans | |
Disclosure of defined benefit plans [line items] | |
Expected employer contributions and expected benefits paid | 3.6 |
Canadian | Expected employer contributions in funded plans | |
Disclosure of defined benefit plans [line items] | |
Expected employer contributions and expected benefits paid | 31.9 |
Canadian | Expected benefits paid in unfunded plans | |
Disclosure of defined benefit plans [line items] | |
Expected employer contributions and expected benefits paid | 2.9 |
Foreign | Expected employer contributions in funded plans | |
Disclosure of defined benefit plans [line items] | |
Expected employer contributions and expected benefits paid | 0 |
Foreign | Expected benefits paid in unfunded plans | |
Disclosure of defined benefit plans [line items] | |
Expected employer contributions and expected benefits paid | $ 0.7 |
OTHER NON-CURRENT LIABILITIES_2
OTHER NON-CURRENT LIABILITIES (Details) - CAD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Contract liabilities (Note 10) | $ 94 | $ 130.3 |
Share-based payments liabilities (Note 23) | 63.2 | 70 |
Contingent consideration arising on business combinations | 0 | 3.7 |
Interest payable | 8.8 | 14.4 |
Other | 32.2 | 27.2 |
Other non-current liabilities | $ 198.2 | $ 245.6 |
SUPPLEMENTARY CASH FLOWS INFO_3
SUPPLEMENTARY CASH FLOWS INFORMATION (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Flow Statement [Abstract] | ||
Accounts receivable | $ 4.1 | $ 34.2 |
Contract assets | (66.6) | (49.3) |
Inventories | (65.6) | 107.3 |
Prepayments | (9.7) | (5.6) |
Income taxes | (13.2) | (11.5) |
Accounts payable and accrued liabilities | 21.8 | (24.6) |
Provisions | (15.3) | (25.8) |
Contract liabilities | 30 | (2.2) |
Increase (decrease) in working capital | (114.5) | 22.5 |
Interest paid | 174.7 | 93.8 |
Interest received | 13.3 | 13.1 |
Income taxes paid | $ 34.7 | $ 44.5 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of analysis of other comprehensive income by item [line items] | ||
Balances, beginning of year | $ 4,086.6 | $ 3,212.8 |
Other comprehensive (loss) income | 257 | (13.2) |
Balances, end of year | 4,588.9 | 4,086.6 |
Foreign currency exchange differences on translation of foreign operations | ||
Disclosure of analysis of other comprehensive income by item [line items] | ||
Balances, beginning of year | (29.4) | 64.5 |
Other comprehensive (loss) income | 212.2 | (93.9) |
Balances, end of year | 182.8 | (29.4) |
Net change in cash flow hedges | ||
Disclosure of analysis of other comprehensive income by item [line items] | ||
Balances, beginning of year | (0.5) | (5.2) |
Other comprehensive (loss) income | (13.8) | 4.7 |
Balances, end of year | (14.3) | (0.5) |
Net changes in financial assets carried at FVOCI | ||
Disclosure of analysis of other comprehensive income by item [line items] | ||
Balances, beginning of year | (1.3) | (1.2) |
Other comprehensive (loss) income | 0 | (0.1) |
Balances, end of year | (1.3) | (1.3) |
Accumulated other comprehensive income | ||
Disclosure of analysis of other comprehensive income by item [line items] | ||
Balances, beginning of year | (31.2) | 58.1 |
Other comprehensive (loss) income | 198.4 | (104.1) |
Other comprehensive loss (income) excluding cash flow hedges | 198.4 | (89.3) |
Balances, end of year | $ 167.2 | $ (31.2) |
SHARE-BASED PAYMENTS - Narrativ
SHARE-BASED PAYMENTS - Narrative (Details) | 12 Months Ended | |
Mar. 31, 2023 numberOfCategories $ / shares shares | Mar. 31, 2022 $ / shares shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of categories | numberOfCategories | 2 | |
Exercisable options (in years) | 4 years | |
Number of shares (in shares) | shares | 9,054,276 | 9,936,443 |
Weighted average market share price for stock options (in dollars per share) | $ / shares | $ 31.95 | $ 38.13 |
Number of trading days (in days) | 20 days | |
Vesting period (in years) | 3 years | |
Shares vested and outstanding, granted under previous plans (in shares) | shares | 850,393 | 922,665 |
Top of range | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Exercisable options (in years) | 7 years | |
Stock option plan | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Weighted average fair value of stock options (in dollars per share) | $ / shares | $ 10.85 | $ 11.53 |
Stock purchase plan | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Employer matching contribution, matching, percentage | 50% | |
Employer matching contribution, percent of employees' gross pay (in percent) | 3% | |
Performance share unit (PSU) plan | Top of range | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based payment arrangement (in percent) | 200% | |
Performance share unit (PSU) plan | Bottom of range | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based payment arrangement (in percent) | 0% |
SHARE-BASED PAYMENTS - Share-ba
SHARE-BASED PAYMENTS - Share-based Compensation Cost (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total share-based payments expense | $ 28.5 | $ 31 |
Impact of equity swap agreements (Note 29) | 5.3 | 9.2 |
Amount capitalized | (0.9) | (0.5) |
Share-based payments expense, net of equity swap (Note 24) | 32.9 | 39.7 |
Total carrying amount of share-based payments liabilities | 74.5 | 89.8 |
Current portion | 11.3 | 19.8 |
Non-current portion (Note 20) | 63.2 | 70 |
Stock option plan | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Equity-settled plan | 6.1 | 7.8 |
Stock purchase plan | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Cash-settled plans | 12.8 | 11.6 |
Deferred share unit (DSU) plans | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Cash-settled plans | 3.3 | 1.1 |
Cash-settled plans | 21.3 | 20.6 |
Restricted share unit (RSU) plans | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Cash-settled plans | 5.9 | 1.3 |
Cash-settled plans | 40.5 | 42.4 |
Performance share unit (PSU) plan | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Cash-settled plans | 0.4 | 9.2 |
Cash-settled plans | $ 12.7 | $ 26.8 |
SHARE-BASED PAYMENTS - ESOP Act
SHARE-BASED PAYMENTS - ESOP Activity (Details) | 12 Months Ended | |
Mar. 31, 2023 shares $ / shares | Mar. 31, 2022 shares $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Granted (in dollars per share) | $ 30.87 | $ 37.24 |
Options outstanding, end of year (in dollars per share) | 26.63 | |
Exercisable (in dollars per share) | $ 25.62 | |
Stock option plan | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Options outstanding, beginning of year (in shares) | shares | 6,783,444 | 7,476,902 |
Granted (in shares) | shares | 624,700 | 712,477 |
Exercised (in shares) | shares | (882,167) | (1,268,660) |
Forfeited (in shares) | shares | (202,440) | (134,275) |
Expired (in shares) | shares | 0 | (3,000) |
Options outstanding, end of year (in shares) | shares | 6,323,537 | 6,783,444 |
Exercisable (in shares) | shares | 3,877,399 | 3,395,732 |
Options outstanding, beginning of year (in dollars per share) | $ 25.08 | $ 23.39 |
Granted (in dollars per share) | 32.92 | 36.79 |
Exercised (in dollars per share) | 18.49 | 21.37 |
Forfeited (in dollars per share) | 29.28 | 28.57 |
Expired (in dollars per share) | 0 | 14.66 |
Options outstanding, end of year (in dollars per share) | 26.63 | 25.08 |
Exercisable (in dollars per share) | $ 25.62 | $ 23.35 |
SHARE-BASED PAYMENTS - ESOP Sum
SHARE-BASED PAYMENTS - ESOP Summarized (Details) | 12 Months Ended | ||
Mar. 31, 2023 shares $ / shares | Mar. 31, 2022 shares $ / shares | Mar. 31, 2021 shares $ / shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Weighted average remaining contractual life (in years) | 3 years 5 months 8 days | ||
Weighted average exercise price (in dollars per share) | $ 26.63 | ||
Exercisable (in dollars per share) | $ 25.62 | ||
Stock option plan | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of share options outstanding (in shares) | shares | 6,323,537 | 6,783,444 | 7,476,902 |
Weighted average exercise price (in dollars per share) | $ 26.63 | $ 25.08 | $ 23.39 |
Exercisable (in shares) | shares | 3,877,399 | 3,395,732 | |
Exercisable (in dollars per share) | $ 25.62 | $ 23.35 | |
$16.15 to $20.86 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of share options outstanding (in shares) | shares | 2,168,433 | ||
Weighted average remaining contractual life (in years) | 3 years 9 months 29 days | ||
Weighted average exercise price (in dollars per share) | $ 20.22 | ||
Exercisable (in shares) | shares | 1,073,383 | ||
Exercisable (in dollars per share) | $ 19.87 | ||
$16.15 to $20.86 | Minimum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Range of exercise prices (in dollars per share) | 16.15 | ||
$16.15 to $20.86 | Maximum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Range of exercise prices (in dollars per share) | $ 20.86 | ||
$21.61 to $27.14 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of share options outstanding (in shares) | shares | 1,978,304 | ||
Weighted average remaining contractual life (in years) | 1 year 9 months 14 days | ||
Weighted average exercise price (in dollars per share) | $ 24.80 | ||
Exercisable (in shares) | shares | 1,952,804 | ||
Exercisable (in dollars per share) | $ 24.83 | ||
$21.61 to $27.14 | Minimum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Range of exercise prices (in dollars per share) | 21.61 | ||
$21.61 to $27.14 | Maximum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Range of exercise prices (in dollars per share) | $ 27.14 | ||
$28.95 to $38.01 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of share options outstanding (in shares) | shares | 2,176,800 | ||
Weighted average remaining contractual life (in years) | 4 years 6 months 25 days | ||
Weighted average exercise price (in dollars per share) | $ 34.69 | ||
Exercisable (in shares) | shares | 851,212 | ||
Exercisable (in dollars per share) | $ 34.66 | ||
$28.95 to $38.01 | Minimum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Range of exercise prices (in dollars per share) | 28.95 | ||
$28.95 to $38.01 | Maximum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Range of exercise prices (in dollars per share) | $ 38.01 |
SHARE-BASED PAYMENTS - Assumpti
SHARE-BASED PAYMENTS - Assumptions (Details) - $ / shares | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based Payment Arrangements [Abstract] | ||
Common share price (in dollars per share) | $ 30.87 | $ 37.24 |
Exercise price (in dollars per share) | $ 32.92 | $ 36.79 |
Dividend yield (in percent) | 0.65% | 0.64% |
Expected volatility (in percent) | 42.12% | 40.51% |
Risk free interest rate (in percent) | 3.30% | 0.76% |
Expected stock option life (in years) | 4 years 6 months | 4 years |
SHARE-BASED PAYMENTS - DSU Acti
SHARE-BASED PAYMENTS - DSU Activity (Details) - Deferred share unit (DSU) plans - shares | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Units outstanding, beginning of year (in shares) | 634,342 | 550,742 |
Units granted (in shares) | 143,206 | 86,876 |
Units redeemed (in shares) | (79,568) | (3,276) |
Units outstanding, end of year (in shares) | 697,980 | 634,342 |
SHARE-BASED PAYMENTS - RSU and
SHARE-BASED PAYMENTS - RSU and PSU Activity (Details) - shares | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Restricted share unit (RSU) plans | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Units outstanding, beginning of year (in shares) | 1,529,704 | 1,430,524 |
Units granted (in shares) | 285,279 | 289,745 |
Units cancelled (in shares) | (31,505) | (13,690) |
Units redeemed (in shares) | 248,843 | 176,875 |
Units outstanding, end of year (in shares) | 1,534,635 | 1,529,704 |
Units vested, end of year (in shares) | 1,289,049 | 1,303,042 |
Performance share unit (PSU) plan | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Units outstanding, beginning of year (in shares) | 847,171 | 820,090 |
Units granted (in shares) | 817,218 | 571,459 |
Units cancelled (in shares) | (48,601) | (23,135) |
Units redeemed (in shares) | 467,486 | 521,243 |
Units outstanding, end of year (in shares) | 1,148,302 | 847,171 |
Units vested, end of year (in shares) | 687,120 | 570,457 |
EMPLOYEE COMPENSATION (Details)
EMPLOYEE COMPENSATION (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Employee Benefits [Abstract] | ||
Salaries and other short-term employee benefits | $ 1,564.5 | $ 1,326.2 |
Share-based payments expense, net of equity swap (Note 23) | 32.9 | 39.7 |
Post-employment benefits – defined benefit plans (Note 19) | 38.5 | 40.7 |
Post-employment benefits – defined contribution plans | 25.4 | 17.9 |
Termination benefits | 2.7 | 6.9 |
Total employee compensation expense | $ 1,664 | $ 1,431.4 |
GOVERNMENT PARTICIPATION (Detai
GOVERNMENT PARTICIPATION (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Government Grants [Abstract] | ||
Credited to non-financial assets | $ 19.6 | $ 15.9 |
Credited to income | 26.1 | 33.1 |
Contributions | $ 45.7 | $ 49 |
IMPAIRMENT OF NON-FINANCIAL A_2
IMPAIRMENT OF NON-FINANCIAL ASSETS - Changes In Goodwill (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill at the start of the period | $ 2,464.3 | $ 1,173.2 |
Business combinations (Note 2) | 1,812.4 | |
Foreign currency exchange differences | 223.2 | (33.5) |
Goodwill at the end of the period | 2,663.3 | 2,464.3 |
Civil Aviation | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill at the start of the period | 1,046.8 | 789.2 |
Goodwill at the end of the period | 1,125.6 | 1,046.8 |
Defense and Security | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill at the start of the period | 1,305.8 | 279.3 |
Goodwill at the end of the period | 1,417.3 | 1,305.8 |
Healthcare | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill at the start of the period | 111.7 | 104.7 |
Goodwill at the end of the period | 120.4 | 111.7 |
Goodwill | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Business combinations (Note 2) | 1,316.8 | |
Foreign currency exchange differences | $ 163.2 | $ (25.7) |
IMPAIRMENT OF NON-FINANCIAL A_3
IMPAIRMENT OF NON-FINANCIAL ASSETS - Narrative (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of reconciliation of changes in goodwill [line items] | |
Increase in discount rate (in percent) | 1% |
Decrease in growth rate (in percent) | 1% |
Bottom of range | |
Disclosure of reconciliation of changes in goodwill [line items] | |
Discount rate (in percent) | 8% |
Top of range | |
Disclosure of reconciliation of changes in goodwill [line items] | |
Discount rate (in percent) | 15% |
Civil Aviation, Defense and Security and Healthcare | |
Disclosure of reconciliation of changes in goodwill [line items] | |
Growth rate used to extrapolate cash flow projections (in years) | 5 years |
Civil Aviation, Defense and Security and Healthcare | Bottom of range | |
Disclosure of reconciliation of changes in goodwill [line items] | |
Estimated growth rate (in percent) | 2% |
Civil Aviation, Defense and Security and Healthcare | Top of range | |
Disclosure of reconciliation of changes in goodwill [line items] | |
Estimated growth rate (in percent) | 3% |
CONTINGENCIES AND COMMITMENTS -
CONTINGENCIES AND COMMITMENTS - Narrative (Details) $ in Millions | Mar. 31, 2023 CAD ($) |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Contractual lease commitments | $ 80.2 |
CONTINGENCIES AND COMMITMENTS_2
CONTINGENCIES AND COMMITMENTS (Details) - CAD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of Maturity Analysis of Operating and Finance Lease Payments | ||
Contractual capital commitments | $ 549 | $ 504.5 |
Less than 1 year | ||
Disclosure of Maturity Analysis of Operating and Finance Lease Payments | ||
Contractual capital commitments | 297.5 | 290.9 |
Between 1 and 5 years | ||
Disclosure of Maturity Analysis of Operating and Finance Lease Payments | ||
Contractual capital commitments | 249.6 | 210 |
Later than 5 years | ||
Disclosure of Maturity Analysis of Operating and Finance Lease Payments | ||
Contractual capital commitments | $ 1.9 | $ 3.6 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of fair value measurement of assets [line items] | ||
Financial assets (liabilities) | $ (2,832.2) | $ (2,495) |
Financial assets (liabilities), at fair value | (2,807.2) | (2,608.6) |
Changes in Level 3 Financial Instruments [Roll Forward] | ||
Financial assets (liabilities), beginning | (2,495) | |
Financial assets (liabilities), end | (2,832.2) | |
Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets (liabilities) | 1.4 | (2.3) |
Changes in Level 3 Financial Instruments [Roll Forward] | ||
Financial assets (liabilities), beginning | (2.3) | |
Total realized and unrealized losses included in income | (2.7) | |
Settlement | 6.4 | |
Financial assets (liabilities), end | 1.4 | |
Contingent consideration arising on business combinations | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets (liabilities) | 0 | (3.7) |
Changes in Level 3 Financial Instruments [Roll Forward] | ||
Financial assets (liabilities), beginning | (3.7) | |
Total realized and unrealized losses included in income | (2.7) | |
Settlement | 6.4 | |
Financial assets (liabilities), end | 0 | |
Equity investments | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets (liabilities) | 1.4 | 1.4 |
Changes in Level 3 Financial Instruments [Roll Forward] | ||
Financial assets (liabilities), beginning | 1.4 | |
Total realized and unrealized losses included in income | 0 | |
Settlement | 0 | |
Financial assets (liabilities), end | 1.4 | |
Financial liabilities at fair value through profit or loss, category | Forward foreign currency contracts | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets (liabilities) | (5.3) | 7 |
Financial assets (liabilities), at fair value | (5.3) | 7 |
Changes in Level 3 Financial Instruments [Roll Forward] | ||
Financial assets (liabilities), beginning | 7 | |
Financial assets (liabilities), end | (5.3) | |
Financial liabilities at fair value through profit or loss, category | Contingent consideration arising on business combinations | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 0 | (3.7) |
Financial liabilities, at fair value | 0 | (3.7) |
Financial liabilities at amortised cost | Accounts payable and accrued liabilities | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | (799.3) | (696.6) |
Financial liabilities, at fair value | (799.3) | (696.6) |
Financial liabilities at amortised cost | Total long-term debt | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | (2,800.3) | (2,658.8) |
Financial liabilities, at fair value | (2,788.2) | (2,765.4) |
Financial liabilities at amortised cost | Other non-current liabilities | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | (137.6) | (151.8) |
Financial liabilities, at fair value | (125.1) | (164.5) |
Financial assets at fair value through profit or loss, category | Cash and cash equivalents | Level 1 | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 217.6 | 346.1 |
Financial assets, at fair value | 217.6 | 346.1 |
Financial assets at fair value through profit or loss, category | Equity swap agreements | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets (liabilities) | (11.8) | (13) |
Financial assets (liabilities), at fair value | (11.8) | (13) |
Changes in Level 3 Financial Instruments [Roll Forward] | ||
Financial assets (liabilities), beginning | (13) | |
Financial assets (liabilities), end | (11.8) | |
Financial assets at fair value through other comprehensive income, category | Foreign currency and interest rate swap agreements | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets (liabilities) | 10.5 | 8.2 |
Financial assets (liabilities), at fair value | 10.5 | 8.2 |
Changes in Level 3 Financial Instruments [Roll Forward] | ||
Financial assets (liabilities), beginning | 8.2 | |
Financial assets (liabilities), end | 10.5 | |
Financial assets at fair value through other comprehensive income, category | Forward foreign currency contracts | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets (liabilities) | (20.5) | 8.3 |
Financial assets (liabilities), at fair value | (20.5) | 8.3 |
Changes in Level 3 Financial Instruments [Roll Forward] | ||
Financial assets (liabilities), beginning | 8.3 | |
Financial assets (liabilities), end | (20.5) | |
Financial assets at fair value through other comprehensive income, category | Equity investments | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 1.4 | 1.4 |
Financial assets, at fair value | 1.4 | 1.4 |
Loans and receivables | Accounts receivable | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 555.3 | 501.7 |
Financial assets, at fair value | 555.3 | 501.7 |
Loans and receivables | Investment in finance leases | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 125.7 | 118.7 |
Financial assets, at fair value | 126.1 | 124.4 |
Loans and receivables | Advances to a portfolio investment | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 10.7 | 10.5 |
Financial assets, at fair value | 10.7 | 10.5 |
Loans and receivables | Other assets | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 21.4 | 26.9 |
Financial assets, at fair value | $ 21.4 | $ 26.9 |
CAPITAL RISK MANAGEMENT (Detail
CAPITAL RISK MANAGEMENT (Details) - CAD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Capital Risk Management [Abstract] | |||
Total long-term debt (Note 18) | $ 3,250.1 | $ 3,046.2 | |
Less: cash and cash equivalents | (217.6) | (346.1) | $ (926.1) |
Net debt | 3,032.5 | 2,700.1 | |
Equity | 4,588.9 | 4,086.6 | $ 3,212.8 |
Total net debt plus equity | $ 7,621.4 | $ 6,786.7 | |
Net debt to capital (in percent) | 39.80% | 39.80% |
FINANCIAL RISK MANAGEMENT - Cre
FINANCIAL RISK MANAGEMENT - Credit Risk (Details) - CAD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | |||
Gross accounts receivable | $ 641.2 | $ 584.8 | |
Gross contract assets | 735.7 | 642.4 | |
Total | 1,376.9 | 1,227.2 | |
Credit loss allowances | $ (25.5) | $ (27.9) | $ (34.4) |
Expected credit loss rate (in percent) | 1.90% | 2.30% | |
Civil Aviation | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross accounts receivable | $ 354.1 | $ 293.4 | |
Gross contract assets | 160.6 | 137.2 | |
Total | 514.7 | 430.6 | |
Credit loss allowances | $ (23.1) | $ (25.7) | |
Expected credit loss rate (in percent) | 4.50% | 6% | |
Defense and Security | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross accounts receivable | $ 198.1 | $ 219.9 | |
Gross contract assets | 571.6 | 500.9 | |
Total | 769.7 | 720.8 | |
Credit loss allowances | $ (1) | $ (0.8) | |
Expected credit loss rate (in percent) | 0.10% | 0.10% | |
Healthcare | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross accounts receivable | $ 65.4 | $ 53.2 | |
Gross contract assets | 3.5 | 4.3 | |
Total | 68.9 | 57.5 | |
Credit loss allowances | $ (1.4) | $ (1.4) | |
Expected credit loss rate (in percent) | 2% | 2.40% | |
Amounts not allocated to a segment | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross accounts receivable | $ 23.6 | $ 18.3 | |
Gross contract assets | 0 | 0 | |
Total | 23.6 | 18.3 | |
Credit loss allowances | $ 0 | $ 0 | |
Expected credit loss rate (in percent) | 0% | 0% |
FINANCIAL RISK MANAGEMENT - Nar
FINANCIAL RISK MANAGEMENT - Narrative (Details) $ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2023 CAD ($) shares | Mar. 31, 2022 CAD ($) shares | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
Disclosure of detailed information about financial instruments [line items] | ||||
Line of credit facility, maximum borrowing capacity | $ 300 | $ 1,000 | $ 850 | |
Accounts receivable, maximum amount available to sell | $ 400 | 400 | ||
Accounts receivable, amount sold to financial institution | $ 266.7 | 213.9 | ||
Accounts receivable, amount sold to financial institution, fees | $ 42.4 | 21 | ||
Strengthening in the relevant foreign currency against the Canadian dollar (in percent) | 5% | 5% | ||
Net income | $ 231.9 | 150 | ||
Other comprehensive income (loss) | $ 257 | $ (13.2) | ||
Equity swap agreement, common shares (in shares) | shares | 2,700,000 | 2,700,000 | ||
Letters of credit and guarantees, net | $ 242.5 | $ 216.1 | ||
U.S. Federal Government | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Percentage of entity's revenue | 22% | 23% | ||
Interest rate risk | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Sensitivity analysis to interest rate change (in percent) | 1% | |||
Net income | $ (8.8) | $ (5) | ||
Other comprehensive income (loss) | $ 0 | $ 0 | ||
Bottom of range | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Terms of Indemnifications (in years) | 1 year | |||
Top of range | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Terms of Indemnifications (in years) | 2 years | |||
Unsecured senior notes, term loans and revolving credit facility | Hedges of net investment in foreign operations [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Debt | $ 1,054.8 | $ 1,068.8 | ||
Foreign currency and interest rate swap agreements | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Fixed interest rate (in percent) | 73% | 75% | 73% | 75% |
FINANCIAL RISK MANAGEMENT - Mat
FINANCIAL RISK MANAGEMENT - Maturity Analysis (Details) - CAD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Carrying amount | $ 4,187 | $ 3,898.3 |
Contractual cash flows | 5,330.3 | 4,907 |
Derivative financial instruments, carrying amount | 27.1 | (10.5) |
Derivative financial instruments, undiscounted cash flows | 27.7 | (6.3) |
Non-derivative financial liabilities and derivative financial instruments, carrying amount | 4,214.1 | 3,887.8 |
Non-derivative financial liabilities and derivative financial instruments, undiscounted cash flows | 5,358 | 4,900.7 |
Less than 1 year | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 1,157.4 | 1,034.3 |
Derivative financial instruments, undiscounted cash flows | 25.6 | (1.7) |
Non-derivative financial liabilities and derivative financial instruments, undiscounted cash flows | 1,183 | 1,032.6 |
Between 1 and 2 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 671.7 | 527.8 |
Derivative financial instruments, undiscounted cash flows | 0.9 | (3.8) |
Non-derivative financial liabilities and derivative financial instruments, undiscounted cash flows | 672.6 | 524 |
Between 2 and 3 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 421.6 | 378.5 |
Derivative financial instruments, undiscounted cash flows | 1.3 | (0.6) |
Non-derivative financial liabilities and derivative financial instruments, undiscounted cash flows | 422.9 | 377.9 |
Between 3 and 4 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 316.5 | 368 |
Derivative financial instruments, undiscounted cash flows | 0 | 0 |
Non-derivative financial liabilities and derivative financial instruments, undiscounted cash flows | 316.5 | 368 |
Between 4 and 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 697.4 | 603.2 |
Derivative financial instruments, undiscounted cash flows | (0.1) | (0.2) |
Non-derivative financial liabilities and derivative financial instruments, undiscounted cash flows | 697.3 | 603 |
More than 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 2,065.7 | 1,995.2 |
Derivative financial instruments, undiscounted cash flows | 0 | 0 |
Non-derivative financial liabilities and derivative financial instruments, undiscounted cash flows | 2,065.7 | 1,995.2 |
Accounts payable and accrued liabilities | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Carrying amount | 799.3 | 696.6 |
Contractual cash flows | 799.3 | 696.6 |
Accounts payable and accrued liabilities | Less than 1 year | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 799.3 | 696.6 |
Accounts payable and accrued liabilities | Between 1 and 2 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 0 | 0 |
Accounts payable and accrued liabilities | Between 2 and 3 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 0 | 0 |
Accounts payable and accrued liabilities | Between 3 and 4 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 0 | 0 |
Accounts payable and accrued liabilities | Between 4 and 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 0 | 0 |
Accounts payable and accrued liabilities | More than 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 0 | 0 |
Long-term debt (other than lease liabilities) | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Carrying amount | 2,794.2 | 2,651.2 |
Contractual cash flows | 2,794.2 | 2,651.2 |
Long-term debt (other than lease liabilities) | Less than 1 year | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 133.4 | 142.8 |
Long-term debt (other than lease liabilities) | Between 1 and 2 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 486.7 | 345.3 |
Long-term debt (other than lease liabilities) | Between 2 and 3 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 264.2 | 232.5 |
Long-term debt (other than lease liabilities) | Between 3 and 4 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 171.5 | 238.4 |
Long-term debt (other than lease liabilities) | Between 4 and 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 562.7 | 489.9 |
Long-term debt (other than lease liabilities) | More than 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 1,175.7 | 1,202.3 |
Interest and accretion | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Carrying amount | 0 | 0 |
Contractual cash flows | 734.5 | 741.3 |
Interest and accretion | Less than 1 year | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 120.2 | 81.9 |
Interest and accretion | Between 1 and 2 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 93.8 | 80.3 |
Interest and accretion | Between 2 and 3 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 73.9 | 70.6 |
Interest and accretion | Between 3 and 4 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 67.5 | 59.7 |
Interest and accretion | Between 4 and 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 53.9 | 48.7 |
Interest and accretion | More than 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 325.2 | 400.1 |
Lease liabilities | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Carrying amount | 455.9 | 395 |
Contractual cash flows | 724.6 | 487.8 |
Lease liabilities | Less than 1 year | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 104.5 | 113 |
Lease liabilities | Between 1 and 2 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 62.7 | 66.7 |
Lease liabilities | Between 2 and 3 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 55.9 | 44.2 |
Lease liabilities | Between 3 and 4 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 51.5 | 39.1 |
Lease liabilities | Between 4 and 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 47.6 | 34.4 |
Lease liabilities | More than 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 402.4 | 190.4 |
Other non-current liabilities | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Carrying amount | 137.6 | 155.5 |
Contractual cash flows | 277.7 | 330.1 |
Other non-current liabilities | Less than 1 year | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 0 | 0 |
Other non-current liabilities | Between 1 and 2 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 28.5 | 35.5 |
Other non-current liabilities | Between 2 and 3 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 27.6 | 31.2 |
Other non-current liabilities | Between 3 and 4 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 26 | 30.8 |
Other non-current liabilities | Between 4 and 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 33.2 | 30.2 |
Other non-current liabilities | More than 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flows | 162.4 | 202.4 |
Forward foreign currency contracts | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Derivative financial instruments, carrying amount | 25.8 | (15.3) |
Outflow | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Derivative financial instruments, undiscounted cash flows | 2,119.4 | 1,320.5 |
Outflow | Less than 1 year | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Derivative financial instruments, undiscounted cash flows | 1,852.8 | 1,175.3 |
Outflow | Between 1 and 2 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Derivative financial instruments, undiscounted cash flows | 186.3 | 118.1 |
Outflow | Between 2 and 3 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Derivative financial instruments, undiscounted cash flows | 66.5 | 15.4 |
Outflow | Between 3 and 4 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Derivative financial instruments, undiscounted cash flows | 13.8 | 11.7 |
Outflow | Between 4 and 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Derivative financial instruments, undiscounted cash flows | 0 | 0 |
Outflow | More than 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Derivative financial instruments, undiscounted cash flows | 0 | 0 |
Inflow | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Derivative financial instruments, undiscounted cash flows | (2,092.2) | (1,336.9) |
Inflow | Less than 1 year | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Derivative financial instruments, undiscounted cash flows | (1,832.5) | (1,188.6) |
Inflow | Between 1 and 2 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Derivative financial instruments, undiscounted cash flows | (182.2) | (121) |
Inflow | Between 2 and 3 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Derivative financial instruments, undiscounted cash flows | (64.1) | (15.7) |
Inflow | Between 3 and 4 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Derivative financial instruments, undiscounted cash flows | (13.4) | (11.6) |
Inflow | Between 4 and 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Derivative financial instruments, undiscounted cash flows | 0 | 0 |
Inflow | More than 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Derivative financial instruments, undiscounted cash flows | 0 | 0 |
Foreign currency and interest rate swap agreements | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Derivative financial instruments, carrying amount | (10.5) | (8.2) |
Derivative financial instruments, undiscounted cash flows | (11.3) | (2.9) |
Foreign currency and interest rate swap agreements | Less than 1 year | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Derivative financial instruments, undiscounted cash flows | (6.5) | (1.4) |
Foreign currency and interest rate swap agreements | Between 1 and 2 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Derivative financial instruments, undiscounted cash flows | (3.2) | (0.9) |
Foreign currency and interest rate swap agreements | Between 2 and 3 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Derivative financial instruments, undiscounted cash flows | (1.1) | (0.3) |
Foreign currency and interest rate swap agreements | Between 3 and 4 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Derivative financial instruments, undiscounted cash flows | (0.4) | (0.1) |
Foreign currency and interest rate swap agreements | Between 4 and 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Derivative financial instruments, undiscounted cash flows | (0.1) | (0.2) |
Foreign currency and interest rate swap agreements | More than 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Derivative financial instruments, undiscounted cash flows | 0 | 0 |
Equity swap agreements | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Derivative financial instruments, carrying amount | 11.8 | 13 |
Derivative financial instruments, undiscounted cash flows | 11.8 | 13 |
Equity swap agreements | Less than 1 year | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Derivative financial instruments, undiscounted cash flows | 11.8 | 13 |
Equity swap agreements | Between 1 and 2 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Derivative financial instruments, undiscounted cash flows | 0 | 0 |
Equity swap agreements | Between 2 and 3 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Derivative financial instruments, undiscounted cash flows | 0 | 0 |
Equity swap agreements | Between 3 and 4 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Derivative financial instruments, undiscounted cash flows | 0 | 0 |
Equity swap agreements | Between 4 and 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Derivative financial instruments, undiscounted cash flows | 0 | 0 |
Equity swap agreements | More than 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Derivative financial instruments, undiscounted cash flows | $ 0 | $ 0 |
FINANCIAL RISK MANAGEMENT - For
FINANCIAL RISK MANAGEMENT - Forward Foreign Currency Contracts (Details) - Currencies (sold/bought) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 CAD ($) | Mar. 31, 2022 CAD ($) | |
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Notional amount | $ 2,119.4 | $ 1,320.6 |
USD/CDN | Less than 1 year | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Notional amount | $ 864.6 | $ 514.5 |
Average rate (in percent) | 0.74 | 0.80 |
USD/CDN | Between 1 and 3 years | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Notional amount | $ 179.1 | $ 85 |
Average rate (in percent) | 0.76 | 0.78 |
USD/CDN | Between 3 and 5 years | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Notional amount | $ 12.8 | $ 11.5 |
Average rate (in percent) | 0.77 | 0.79 |
EUR/CDN | Less than 1 year | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Notional amount | $ 249.5 | $ 169.9 |
Average rate (in percent) | 0.68 | 0.67 |
EUR/CDN | Between 1 and 3 years | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Notional amount | $ 61.8 | $ 15.7 |
Average rate (in percent) | 0.71 | 0.65 |
EUR/CDN | Between 3 and 5 years | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Notional amount | $ 1 | $ 0.2 |
Average rate (in percent) | 0.70 | 0.64 |
GBP/CDN | Less than 1 year | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Notional amount | $ 73.4 | $ 72 |
Average rate (in percent) | 0.62 | 0.59 |
GBP/CDN | Between 1 and 3 years | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Notional amount | $ 1.2 | $ 2.3 |
Average rate (in percent) | 0.61 | 0.58 |
CDN/USD | Less than 1 year | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Notional amount | $ 323.4 | $ 132.1 |
Average rate (in percent) | 1.35 | 1.29 |
CDN/USD | Between 1 and 3 years | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Notional amount | $ 10.7 | $ 30.3 |
Average rate (in percent) | 1.31 | 1.28 |
Other currencies | Less than 1 year | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Notional amount | $ 341.9 | $ 286.8 |
Other currencies | Between 1 and 3 years | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Notional amount | $ 0 | $ 0.3 |
FINANCIAL RISK MANAGEMENT - Net
FINANCIAL RISK MANAGEMENT - Net Income and Other Comprehensive Income (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Net income | $ 231.9 | $ 150 |
Other comprehensive income (loss) | 257 | (13.2) |
USD | Currencies (sold/bought) | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Net income | 0.5 | (5.6) |
Other comprehensive income (loss) | (10.9) | (8) |
€ | Currencies (sold/bought) | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Net income | 0.6 | (2.1) |
Other comprehensive income (loss) | (5) | (0.7) |
GBP | Currencies (sold/bought) | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Net income | 0.2 | 0 |
Other comprehensive income (loss) | $ (0.1) | $ 0.1 |
FINANCIAL RISK MANAGEMENT - Let
FINANCIAL RISK MANAGEMENT - Letters Of Credit And Guarantees (Details) - CAD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of notes and other explanatory information [Abstract] | ||
Advance payments | $ 50.8 | $ 42 |
Contract performance | 106.7 | 83.9 |
Lease obligations | 21.4 | 19.5 |
Financial obligations | 59.7 | 69.2 |
Other | 3.9 | 1.5 |
Letters of credit and guarantees, net | $ 242.5 | $ 216.1 |
RELATED PARTY RELATIONSHIPS (De
RELATED PARTY RELATIONSHIPS (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Aug. 31, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of transactions between related parties [line items] | |||
Unrecognised share of profit of joint ventures | $ (0.1) | $ 1.6 | |
Cumulative unrecognised share of losses of joint ventures | 12.3 | 12.2 | |
Cumulative unrecognised share of comprehensive losses of joint ventures | $ 11.4 | $ 11.2 | |
Aviation Training Northeast Asia B.V. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest in joint venture (in percent) | 50% | 50% | |
CAE Flight and Simulator Services Korea, Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest in joint venture (in percent) | 50% | 50% | |
CAE Icelandair Flight Training ehf | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest in joint venture (in percent) | 33.30% | 33.30% | |
CAE-LIDER Training do Brasil Ltda. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest in joint venture (in percent) | 50% | 50% | |
CAE Melbourne Flight Training Pty Ltd | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest in joint venture (in percent) | 50% | 50% | |
CAE Middle East Pilot Services L.L.C | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest in joint venture (in percent) | 49% | 49% | |
CAE Simulation Training Private Limited | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest in joint venture (in percent) | 50% | 50% | |
Embraer CAE Training Services, LLC | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest in joint venture (in percent) | 49% | 49% | |
Emirates-CAE Flight Training (LLC) | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest in joint venture (in percent) | 49% | 49% | |
Flight Training Alliance GmbH | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest in joint venture (in percent) | 50% | 50% | |
Hatsoff Helicopter Training Private Limited | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest in joint venture (in percent) | 50% | 50% | |
Helicopter Training Media International GmbH | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest in joint venture (in percent) | 50% | 50% | |
HFTS Helicopter Flight Training Services GmbH | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest in joint venture (in percent) | 25% | 25% | |
JAL CAE Flight Training Co. Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest in joint venture (in percent) | 50% | 50% | |
Leonardo CAE Advanced Jet Training S.r.l. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest in joint venture (in percent) | 50% | 50% | |
National Flying Training Institute Private Limited | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest in joint venture (in percent) | 51% | 51% | |
Pegasus Uçus Egitim Merkezi A.S. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest in joint venture (in percent) | 49.90% | 49.90% | |
Philippine Academy for Aviation Training, Inc. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest in joint venture (in percent) | 40% | 40% | |
Rotorsim s.r.l. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest in joint venture (in percent) | 50% | 50% | |
Rotorsim USA LLC | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest in joint venture (in percent) | 50% | 50% | |
SimCom Holdings Inc. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest in joint venture (in percent) | 50% | 50% | |
Singapore CAE Flight Training Pte Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest in joint venture (in percent) | 50% | 50% | |
SkyWarrior Flight Training LLC | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest in joint venture (in percent) | 37% | 37% | |
Equity interests acquired (in percent) | 37% | ||
Cash transferred | $ 4.3 | ||
Xebec Government Services, LLC | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest in joint venture (in percent) | 49% | 49% | |
CAE Academia de Aviacion (Espana) S.L. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Arabia LLC | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 50% | 50% | |
CAE (UK) plc | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE (US) Inc. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Aircrew Training Services plc | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 76.50% | 76.50% | |
CAE Australia Pty Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Aviation Services Pte Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Aviation Training Australia Pty Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 0% | |
CAE Aviation Training B.V. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Aviation Training Peru S.A. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Bangkok Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Brunei Multi Purpose Training Centre Sdn Bhd | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 60% | 60% | |
CAE Center Amsterdam B.V. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Center Brussels N.V. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Centre Copenhagen A/S | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Centre Hong Kong Limited | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Centre Oslo AS | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Centre Stockholm AB | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE CFT B.V. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Civil Aviation Training Solutions, Inc. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Colombia Flight Training S.A.S. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Crew Solutions B.V | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Doss Aviation, Inc. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE El Salvador Flight Training S.A. de C.V. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 99.50% | 99.50% | |
CAE Engineering Korlatolt Felelossegu Tarsasag | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Entrenamiento de Vuelo Chile Limitada | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Flight Services Austria GmbH | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Flight Services New Zealand Limited. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Flight Services Poland Sp z.o.o | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Flight Services Sweden AB | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Flight Services USA, Inc. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Flight & Simulator Services Sdn. Bhd. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Flight Training (India) Private Limited | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Flight Training Center Mexico, S.A. de C.V. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE France SAS | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Global Academy Évora, SA | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE GmbH | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Healthcare Canada Inc. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Healthcare, Inc. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE India Private Limited | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Integrated Enterprise Solutions Australia Pty Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE International Holdings Limited | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Kuala Lumpur Sdn. Bhd. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Luxembourg Acquisition, S.à r.l. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Maritime Middle East L.L.C. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 49% | 49% | |
CAE Middle East L.L.C. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 49% | 49% | |
CAE Military Aviation Training Inc. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE New Zealand Pty Limited | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE North East Training Inc. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Oslo - Aviation Academy AS | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Oxford Aviation Academy Phoenix Inc. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Services GmbH | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Services Italia S.r.l. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Servicios Globales de Instrucción de Vuelo (España), S.L. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Shanghai Company, Limited | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE SimuFlite Inc. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Simulation Training Private Limited | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Simulator Services Inc. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Singapore (S.E.A.) Pte Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE South America Flight Training do Brasil Ltda. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE STS Limited | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Training & Services Brussels N.V. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Training & Services UK Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Training Norway AS | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE TSP Inc. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE USA Inc. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
CAE Vietnam Limited Liability Company | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
Medicor Lab Inc. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
Oxford Aviation Academy (Oxford) Limited | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
Parc Aviation Engineering Services Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
Parc Aviation Limited | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
Parc Aviation (UK) Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
Parc Interim Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
Pelesys Aviation Maintenance Training Inc. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
Pelesys Learning Systems Inc. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
Presagis Canada Inc. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
Presagis Europe (S.A.S) | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
Presagis USA Inc. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 100% | 100% | |
Servicios de Instrucción de Vuelo, S.L. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 80% | 80% | |
SIV Ops Training, S.L. | |||
Disclosure of transactions between related parties [line items] | |||
Equity interest (in percent) | 80% | 80% |
RELATED PARTY TRANSACTIONS - Ou
RELATED PARTY TRANSACTIONS - Outstanding Balances (Details) - CAD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of transactions between related parties [line items] | ||
Accounts receivable (Note 9) | $ 57.5 | $ 40.3 |
Contract assets | 735.7 | 642.4 |
Accounts payable and accrued liabilities (Note 16) | 5.7 | 5.1 |
Contract liabilities | 264 | 276.2 |
Joint ventures | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable (Note 9) | 59.5 | 49.7 |
Contract assets | 25.6 | 23 |
Other non-current assets | 17.1 | 12.8 |
Accounts payable and accrued liabilities (Note 16) | 5.7 | 5.1 |
Contract liabilities | 58 | 46.5 |
Other non-current liabilities | $ 0 | $ 1.5 |
RELATED PARTY TRANSACTIONS - Tr
RELATED PARTY TRANSACTIONS - Transactions (Details) - Joint ventures - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of transactions between related parties [line items] | ||
Revenue | $ 223 | $ 111.8 |
Purchases | 4.6 | 3.5 |
Other income | $ 1.2 | $ 3.8 |
RELATED PARTY TRANSACTIONS - Co
RELATED PARTY TRANSACTIONS - Compensation Of Key Management Personnel (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of related party transactions [Abstract] | ||
Salaries and other short-term employee benefits | $ 7.6 | $ 8.4 |
Post-employment benefits – defined benefit plans | 4.4 | 2.2 |
Share-based payments expense | 1.7 | 6.6 |
Key management personnel compensation | 13.7 | 17.2 |
Compensation earned by non-employee directors | $ 2.9 | $ 2.4 |