Cover
Cover | 12 Months Ended |
Dec. 31, 2020shares | |
Document Type | 40-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2020 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-33161 |
Entity Registrant Name | North American Construction Group Ltd. |
Entity Incorporation, State or Country Code | Z4 |
Entity Primary SIC Number | 1629 |
Entity Address, Address Line One | 27287 - 100 Avenue |
Entity Address, City or Town | Acheson, |
Entity Address, State or Province | AB |
Entity Address, Postal Zip Code | ,T7X 6H8 |
City Area Code | (780) |
Local Phone Number | 960-7171 |
Title of 12(b) Security | Common Shares |
Trading Symbol | NOA |
Security Exchange Name | NYSE |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Entity Common Stock, Shares Outstanding | 31,011,831 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Entity Central Index Key | 0001368519 |
Amendment Flag | false |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Business Contact | |
Contact Personnel Name | CT Corporation System |
Entity Address, Address Line One | 111 Eighth Avenue |
Entity Address, Address Line Two | 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 | 894-8940 |
Consolidated Balance Sheets
Consolidated Balance Sheets - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash | $ 43,915 | $ 5,544 |
Accounts receivable | 36,373 | 66,746 |
Contract assets | 7,034 | 19,193 |
Inventories | 19,174 | 21,649 |
Prepaid expenses and deposits | 4,999 | 4,245 |
Assets held for sale | 4,129 | 424 |
Derivative financial instruments | 4,334 | 0 |
Total current assets | 119,958 | 117,801 |
Property, plant and equipment, net of accumulated depreciation $302,682 (2019 – $276,185) | 633,704 | 587,729 |
Operating lease right-of-use assets | 18,192 | 21,841 |
Investments in affiliates and joint ventures | 44,050 | 42,908 |
Other assets | 6,617 | 6,718 |
Deferred tax assets | 16,407 | 15,655 |
Total assets | 838,928 | 792,652 |
Current liabilities | ||
Accounts payable | 41,369 | 88,201 |
Accrued liabilities | 19,111 | 17,560 |
Contract liabilities | 1,512 | 23 |
Current portion of long-term debt | 16,307 | 18,514 |
Less: current portion of leases | 26,895 | 29,206 |
Current portion of operating lease liabilities | 4,004 | 3,799 |
Total current liabilities | 109,198 | 157,303 |
Long-term debt | 341,547 | 313,443 |
Finance lease obligations | 42,577 | 47,072 |
Operating lease liabilities | 14,118 | 17,710 |
Other long-term obligations | 18,850 | 24,504 |
Deferred tax liabilities | 64,195 | 52,501 |
Total Liabilities | 590,485 | 612,533 |
Shareholders' equity | ||
Common shares (authorized – unlimited number of voting common shares; issued and outstanding – December 31, 2020 - 31,011,831 (December 31, 2019 – 27,502,912)) | 255,064 | 225,966 |
Treasury shares (December 31, 2020 - 1,845,201 (December 31, 2019 - 1,725,467)) | (18,002) | (15,911) |
Additional paid-in capital | 46,536 | 49,919 |
Deficit | (35,155) | (79,855) |
Shareholders' equity | 248,443 | 180,119 |
Total liabilities and shareholders' equity | 838,928 | 792,652 |
Contingencies | ||
Subsequent event |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Property, plant and equipment, accumulated depreciation | $ 302,682 | $ 276,185 |
Common shares, issued (in shares) | 31,011,831 | 27,502,912 |
Common shares, outstanding (in shares) | 31,011,831 | 27,502,912 |
Treasury shares (in shares) | 1,845,201 | 1,725,467 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||
Revenue | $ 500,374 | $ 719,067 |
Project costs | 139,452 | 277,646 |
Equipment costs | 177,532 | 243,427 |
Cost, Depreciation | 89,008 | 101,582 |
Gross profit | 94,382 | 96,412 |
General and administrative expenses | 24,102 | 36,898 |
Loss (gain) on disposal of property, plant and equipment | 757 | (31) |
Amortization of intangible assets | 578 | 711 |
Operating income | 68,945 | 58,834 |
Interest expense, net | 18,681 | 21,623 |
Equity earnings in affiliates and joint ventures | (5,942) | (2,780) |
Net realized and unrealized gain on derivative financial instruments | (4,266) | 0 |
Income before income taxes | 60,472 | 39,991 |
Current income tax expense | 0 | 13 |
Deferred income tax expense | 11,264 | 2,845 |
Net income and comprehensive income | 49,208 | 37,133 |
Net income and comprehensive income | 49,208 | 37,133 |
Net income attributable to noncontrolling interest | 0 | (255) |
Net income and comprehensive income available to shareholders | 49,208 | 36,878 |
Net income and comprehensive income available to shareholders | $ 49,208 | $ 36,878 |
Per share information | ||
Basic net income per share (in CAD per share) | $ 1.75 | $ 1.45 |
Diluted net income per share (in CAD per share) | $ 1.60 | $ 1.23 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - CAD ($) $ in Thousands | Total | Common shares | Treasury shares | Additional paid-in capital | Deficit | Total | Noncontrolling interest |
Beginning balance at Dec. 31, 2018 | $ 150,215 | $ 221,773 | $ (11,702) | $ 53,567 | $ (113,917) | $ 149,721 | $ 494 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income and comprehensive income available to shareholders | 37,133 | 36,878 | 36,878 | 255 | |||
Net income and comprehensive income | 37,133 | 36,878 | 36,878 | 255 | |||
Dividends ($0.12 per share in 2019 and $0.16 in 2020) | (3,066) | (3,066) | (3,066) | ||||
Exercise of stock options | 1,953 | 3,248 | (1,295) | 1,953 | |||
Conversion of convertible debentures | 945 | 945 | 945 | ||||
Purchase of treasury shares | (10,387) | (10,387) | (10,387) | ||||
Stock-based compensation | 3,825 | 6,178 | (2,353) | 3,825 | |||
Distributions to (from) affiliates and joint venture partners | (30) | 250 | 250 | (280) | |||
Effect of change in presentation of NL Partnership | (469) | (469) | |||||
Ending balance at Dec. 31, 2019 | 180,119 | 225,966 | (15,911) | 49,919 | (79,855) | 180,119 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income and comprehensive income available to shareholders | 49,208 | 49,208 | 49,208 | ||||
Net income and comprehensive income | 49,208 | 49,208 | 49,208 | ||||
Dividends ($0.12 per share in 2019 and $0.16 in 2020) | (4,508) | (4,508) | (4,508) | ||||
Exercise of stock options | 537 | 895 | (358) | 537 | |||
Conversion of convertible debentures | 38,066 | 38,066 | 38,066 | ||||
Share purchase programs | (9,108) | (9,863) | 755 | (9,108) | |||
Purchase of treasury shares | (9,893) | (9,893) | (9,893) | ||||
Stock-based compensation | 4,022 | 7,802 | (3,780) | 4,022 | |||
Ending balance at Dec. 31, 2020 | $ 248,443 | $ 255,064 | $ (18,002) | $ 46,536 | $ (35,155) | $ 248,443 | $ 0 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends paid (in CAD per share) | $ 0.16 | $ 0.12 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities: | ||
Net income and comprehensive income | $ 49,208 | $ 37,133 |
Net income and comprehensive income | 49,208 | 37,133 |
Adjustments to reconcile net income to cash from operating activities: | ||
Depreciation | 89,008 | 101,582 |
Amortization of intangible assets | 578 | 711 |
Amortization of deferred financing costs | 1,091 | 969 |
Loss (gain) on disposal of property, plant and equipment | 757 | (31) |
Net realized and unrealized gain on derivative financial instruments | (4,266) | 0 |
Stock-based compensation expense | 1,944 | 9,443 |
Cash settlement of directors' deferred share unit plan | (103) | (5,084) |
Equity earnings in affiliates and joint ventures | (5,942) | (2,780) |
Dividends and advances received from affiliates and joint ventures | 6,591 | 4,382 |
Other adjustments to cash from operating activities | (46) | 255 |
Deferred income tax expense | 11,264 | 2,845 |
Net changes in non-cash working capital | (2,812) | 8,519 |
Total operating activities | 147,272 | 157,944 |
Investing activities: | ||
Cash reclassification to investments in affiliates and joint ventures from change in presentation of NL Partnership | 0 | (10,630) |
Purchase of property, plant and equipment | (117,300) | (157,026) |
Additions to intangible assets | (272) | (422) |
Proceeds on disposal of property, plant and equipment | 2,913 | 4,462 |
Investment in affiliates and joint ventures | (1,810) | 0 |
Net repayments of loans to affiliates and joint ventures | 2,896 | 2,938 |
Total investing activities | (113,573) | (160,678) |
Financing activities: | ||
Proceeds from long-term debt | 145,457 | 227,750 |
Repayment of long-term debt | (82,297) | (186,881) |
Financing costs | (965) | (2,689) |
Repayment of finance lease obligations | (34,688) | (38,160) |
Distribution paid to noncontrolling interest of affiliates | 0 | (280) |
Dividend payments | (4,371) | (2,536) |
Proceeds from exercise of stock options | 537 | 1,953 |
Share purchase program | (9,108) | 0 |
Purchase of treasury shares | (9,893) | (10,387) |
Total financing activities | 4,672 | (11,230) |
Increase (decrease) in cash | 38,371 | (13,964) |
Cash, beginning of year | 5,544 | 19,508 |
Cash, end of year | $ 43,915 | $ 5,544 |
Nature of operations
Nature of operations | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of operations | Nature of operations North American Construction Group Ltd. ("NACG" or the “Company”), was formed under the Canada Business Corporations Act. The Company and its predecessors have been operating continuously since 1953 primarily in western Canada but also in other parts of Canada and the United States, providing a wide range of mining and heavy construction services to customers in the resource development and industrial construction sectors. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant accounting policies | Significant accounting policies a) Basis of presentation These consolidated financial statements are prepared in accordance with United States generally accepted accounting principles ("US GAAP"). These consolidated financial statements include the accounts of the Company, its wholly-owned, Canadian and United States incorporated subsidiaries and, via certain of its subsidiaries, the Company also holds investments in other Canadian corporations, partnerships and joint ventures. All significant intercompany transactions and balances are eliminated upon consolidation. The Company consolidates variable interest entities (“VIE”) for which it is considered to be the primary beneficiary as well as voting interest entities in which it has a controlling financial interest as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation, and related standards. Ownership represented by other parties that do not control the entities are presented in the consolidated financial statements as activities and balances attributable to non-controlling interests. Investees and joint ventures over which the Company exercises significant influence are accounted for using the equity method and are included in “investments in affiliates and joint ventures” within the accompanying consolidated balance sheets. The Company has elected to apply the provision available to entities operating within the construction industry to apply proportionate consolidation to unincorporated entities that would otherwise be accounted for using the equity method. b) Use of estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures reported in these consolidated financial statements and accompanying notes and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Significant estimates and judgments made by management include: • the assessment of the percentage of completion on time-and-materials, unit-price, lump-sum and cost-plus contracts with defined scope (including estimated total costs and provisions for estimated losses) and the recognition of claims and change orders on revenue contracts; • the determination of whether an acquisition meets the definition of a business combination; • the fair value of the assets acquired and liabilities assumed as part of an acquisition; • the evaluation of whether the Company is a primary beneficiary of an entity or has a controlling interest in an investee and is required to consolidate; • assumptions used in impairment testing; and • estimates and assumptions used in the determination of the allowance for credit losses, the recoverability of deferred tax assets and the useful lives of property, plant and equipment and intangible assets. The accuracy of the Company’s revenue and profit recognition in a given period is dependent on the accuracy of the estimates of the cost to complete each project. Cost estimates for all significant projects use a detailed “bottom up” approach and the Company believes its experience allows it to provide reasonably dependable estimates. There are a number of factors that can contribute to changes in estimates of contract costs and profitability that are recognized in the period in which such adjustments are determined. The most significant of these include: • the completeness and accuracy of the original bid; • costs associated with added scope changes; • extended overhead due to owner, weather and other delays; • subcontractor performance issues; • changes in economic indices used for the determination of escalation or de-escalation for contractual rates on long-term contracts; • changes in productivity expectations; • site conditions that differ from those assumed in the original bid; • contract incentive and penalty provisions; • the availability and skill level of workers in the geographic location of the project; and • a change in the availability and proximity of equipment and materials. The foregoing factors as well as the mix of contracts at different margins may cause fluctuations in gross profit between periods. With many projects of varying levels of complexity and size in process at any given time, changes in estimates can offset each other without materially impacting the Company’s profitability. Major changes in cost estimates, particularly in larger, more complex projects, can have a significant effect on profitability. In March 2020, the COVID-19 outbreak was declared a pandemic by the World Health Organization. In addition, commodity prices declined significantly due to a dispute between major oil-producing countries combined with the impact of the COVID-19 pandemic. In recent months, certain oil-producing countries have attempted to manage supply, which has brought some recovery and stability to commodity prices, but the operating and economic environment remains uncertain. Governments worldwide, including in Canada, have enacted emergency measures to combat the spread of the virus, including the implementation of travel bans, quarantine periods and social distancing. These factors have created material disruptions to businesses globally, resulting in an economic slowdown. While governments and central banks have instituted significant monetary and fiscal interventions designed to stabilize economic conditions, the success of these measures is not yet determinable. The majority of the Company’s customers are concentrated in the resource and mining industries. These challenging operating environments may have significant adverse impacts on the Company, including, but not limited to: • deferral or cessation of ongoing or planned projects with customers, which could result in material declines in revenue and cash flows; • declines in revenue, operating margins, and cash flow, which could result in asset impairment charges, inability to comply with debt covenants, and a reduction in funds available for capital spending; • the ability to raise additional debt or equity financing in the future at favorable terms; and • restructuring charges as the Company aligns its structure and operating model to the environment. As this situation continues to evolve, the ultimate duration and magnitude of the impact on the economy and the financial effect on the Company is not known. Estimates and judgments made by management in the preparation of these financial statements are subject to a higher degree of measurement uncertainty during this period. Management continues to monitor the situation and has taken certain steps to mitigate the likelihood of occurrence of the events described above. The Company is managing both variable and fixed operating costs during this crisis and is taking part in the Canada Emergency Wage Subsidy. Sustaining capital maintenance costs are variable in nature, so the Company continues to implement a reduced capital plan. c) Revenue recognition The Company's revenue source falls into one of two categories: construction services or operations support. Construction services are related to mine development or expansion projects and are generally funded from customers' capital budgets. The Company provides construction services under lump-sum, unit-price, time-and materials and cost-plus contracts. When the commercial terms are lump-sum and unit-price, the contract scope and value is typically defined. Time-and-materials and cost-plus contracts are generally undefined in scope and total price. Operations support services revenue is mainly generated under long-term site-services agreements with the customers (master service agreement and multiple use contracts). These agreements clearly define whether commitment to volume or scope of services over the life of the contract is included or excluded. When excluded, work under the agreement is awarded through shorter-term work authorizations under the general terms of the agreement. The Company generally provides operations support services under either time-and-materials or unit-price contracts depending on factors such as the degree of complexity, the completeness of engineering and the required schedule. Significant estimates are required in the revenue recognition process including assessment of the percentage of completion, identification of performance obligations, and estimation of variable consideration, including the extent of any constraints. The Company’s invoicing frequency and payment terms are in accordance with negotiated customer contracts. Customer invoicing can range between daily and monthly and payment terms generally range between net 15 and net 60 days. The Company does not typically include extended payment terms in its contracts with customers. Under these payment terms, the customer pays progress payments based on actual work or milestones completed. When payment terms do not align with revenue recognition, the variance is recorded to either contract liabilities or contract assets, as appropriate. Customer contracts do not generally include a significant financing component because the Company does not expect the period between customer payment and transfer of control to exceed one year. The Company does not adjust consideration for the effects of a significant financing component if the period of time between the transfer of control and the customer payment is less than one year. The Company accounts for a contract when it has approval and commitments from both parties, the rights of the parties are identified, the payment terms are identified, the contract has commercial substance and the collectability of consideration is probable. Each contract is evaluated to determine if it includes more than one performance obligation. This evaluation requires significant judgement and the determination that the contract contains more than one performance obligation could change the amount of revenue and profit recorded in a given period. The majority of the Company's contracts with defined scope include one significant integrated service, where the Company is responsible for ensuring the individual goods and services are incorporated into one combined output. Such contracts are accounted for as one performance obligation. When more than one distinct good or service is contracted, the contract is separated into more than one performance obligation and the total transaction price is allocated to each performance obligation based upon stand-alone selling prices. When a stand-alone selling price is not observable, it is estimated using a suitable method. The total transaction price can be comprised of fixed consideration and variable consideration, such as profit incentives, discounts and performance bonuses or penalties. When a contract includes variable consideration, the amount included in the total transaction price is based on the expected value or the mostly likely amount, constrained to an amount that it is probable a significant reversal will not occur. Significant judgement is involved in determining if a variable consideration amount should be constrained. In applying this constraint, the Company considers both the likelihood of a revenue reversal arising from an uncertain future event and the magnitude of the revenue reversal if the uncertain event were to occur or fail to occur. The following circumstances are considered to be possible indicators of significant revenue reversals: • The amount of consideration is highly susceptible to factors outside the Company’s influence, such as judgement of actions of third parties and weather conditions; • The length of time between the recognition of revenue and the expected resolution; • The Company’s experience with similar circumstances and similar customers, specifically when such items have predictive value; • The Company’s history of resolution and whether that resolution includes price concessions or changing payment terms; and • The range of possible consideration amounts. The Company's performance obligations are typically satisfied by transferring control over time, for which revenue is recognized using the percentage of completion method, measured by the ratio of costs incurred to date to estimated total costs. For defined scope contracts, the cost-to-cost method faithfully depicts the Company’s performance because the transfer of the asset to the customer occurs as costs are incurred. The costs of items that do not relate to the performance obligation, particularly in the early stages of the contract, are excluded from costs incurred to date. Pre-construction activities, such as mobilization and site setup, are recognized as contract costs on the Consolidated Balance Sheets and amortized over the life of the project. These costs are excluded from the cost-to- cost calculation. The Company has elected to apply the ‘as-invoiced’ practical expedient to recognize revenue in the amount to which the Company has a right to invoice for all contracts in which the value of the performance completed to date directly corresponds with the right to consideration. This will be applied to all contracts, where applicable, and the majority of undefined scope work is expected to use this practical expedient. The length of the Company’s contracts varies from less than one year for typical contracts to several years for certain larger contracts. Project costs include all direct labour, material, subcontract and equipment costs and those indirect costs related to contract performance such as indirect labour and supplies. General and administrative expenses are charged to expenses as incurred. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in project performance, project conditions, and estimated profitability, including those arising from profit incentives, penalty provisions and final contract settlements, may result in revisions to costs and revenue that are recognized in the period in which such adjustments are determined. Once a project is underway, the Company will often experience changes in conditions, client requirements, specifications, designs, materials and work schedules. Generally, a “change order” will be negotiated with the customer to modify the original contract to approve both the scope and price of the change. Occasionally, disagreements arise regarding changes, their nature, measurement, timing and other characteristics that impact costs and revenue under the contract. When a change becomes a point of dispute between the Company and a customer, the Company will assess the legal enforceability of the change to determine if a contract modification exists. The Company considers a contract modification to exist when the modification either creates new or changes the existing enforceable rights and obligations. Most contract modifications are for goods and services that are not distinct from the existing contract due to the integrated services provided in the context of the contract and are accounted for as part of the existing contract. Therefore, the effect of a contract modification on the transaction price and the Company's measure of progress for the performance obligation to which it relates is recognized as an adjustment to revenue on a cumulative catch-up basis. If a contract modification is approved in scope and not price, the associated revenue is treated as variable consideration, subject to constraint. This can lead to a situation where costs are recognized in one period and revenue is recognized when customer agreement is obtained or claim resolution occurs, which can be in subsequent periods. In certain instances, the Company’s long-term contracts allow its customers to unilaterally reduce or eliminate scope of work without cause. These instances represent higher risk due to uncertainty of total contract value and estimated costs to complete; therefore, potentially impacting revenue recognition in future periods. Revenue is measured based on consideration specified in the customer contract, and excludes any amounts collected on behalf of third parties. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specified revenue producing transaction, that are collected by the Company for a customer, are excluded from revenue. d) Balance sheet classifications A one-year time period is typically used as the basis for classifying current assets and liabilities. However, there is a possibility that amounts receivable and payable under construction contracts (principally holdbacks) may extend beyond one year and would be included in current assets and liabilities. e) Cash Cash includes cash on hand and bank balances net of outstanding cheques. f) Accounts receivable and contract assets Accounts receivable are recorded when the Company has an unconditional right to consideration arising from performance of contracts with customers. Accounts receivable may be comprised of amounts billed to customers and amounts that have been earned but have not yet been billed. Such unbilled but earned amounts generally arise when a billing period ends prior to the end of the reporting period. When this occurs, revenue equal to the earned and unbilled amount is accrued. Such accruals are classified as accounts receivable on the balance sheet, even though they are not yet billed, as they represent consideration for work that has been completed prior to the period end where the Company has an unconditional right to consideration. Contract assets include unbilled amounts representing revenue recognized from work performed where the Company does not yet have an unconditional right to compensation. These balances generally relate to (i) revenue accruals on contracts where the percentage of completion method of revenue recognition requires an accrual over what has been billed and (ii) revenue recognized from variable consideration related to unpriced contract modifications. The Company reviews its accounts receivable amounts regularly and outstanding amounts are written down to their expected realizable value when they are determined not to be fully collectible. This generally occurs when the customer has indicated an inability to pay, the Company is unable to communicate with the customer over an extended period of time, and other methods to obtain payment have not been successful. Bad debt expense is charged to project costs in the Consolidated Statements of Operations and Comprehensive Income in the period the account is determined to be doubtful. Estimates of the allowance for credit losses are determined on a customer-by-customer evaluation of collectability at each reporting date taking into consideration the following factors: the length of time the receivable has been outstanding, specific knowledge of each customer’s financial condition and historical experience. The Company reviews its contract assets regularly and assesses any amounts that are not billed within the next billing cycle to confirm collectability. g) Contract costs The Company occasionally incurs costs to obtain contracts (reimbursable bid costs) and to fulfill contracts (fulfillment costs). If these costs meet certain criteria, they are capitalized as contract costs, included within other assets on the Consolidated Balance Sheets. Capitalized costs are amortized based on the transfer of goods or services to which the assets relate and are included in project costs. Reimbursable bid costs meet the criteria for capitalization when these costs will be reimbursed by the owner regardless of the outcome of the bid. Generally, this occurs when the Company has been selected as the preferred bidder for a project. The Company recognizes reimbursable bid costs as an expense when incurred if the amortization period of the asset that the entity would have otherwise recognized is one year or less. Costs to fulfill a contract meet the criteria for capitalization if they relate directly to a specifically identifiable contract, they generate or enhance resources that will be used to satisfy future performance obligations and if the costs are expected to be recovered. The costs that meet this criterion are often mobilization and site set-up costs. Contract costs are recorded within other assets on the Consolidated Balance Sheets. h) Remaining performance obligations Remaining performance obligation represents the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period. Certain of the Company's long-term contracts can allow customers to unilaterally reduce or eliminate the scope of the contracted work without cause. These long-term contracts represent higher risk due to uncertainty of total contract value and estimated costs to complete; therefore, potentially impacting revenue recognition in future periods. Excluded from this disclosure are amounts where the Company recognizes revenue as-invoiced (note 6(d)). Remaining performance obligations are recorded within contract assets and contract liabilities on the Consolidated Balance Sheets. i) Contract liabilities Contract liabilities consist of advance payments and billings in excess of costs incurred and estimated earnings on uncompleted contracts. j) Allowance for credit losses The Company records allowance for credit losses using the expected credit loss model upon the initial recognition of financial assets. The Company's financial assets include contract assets and accounts receivable. The estimate of expected credit loss considers historical credit loss information that is adjusted for current economic and credit conditions. Bad debt expense is charged to project costs in the Consolidated Statements of Operations and Comprehensive Income in the period the allowance is recognized. The counterparties to the majority of the Company's financial assets are major oil producers with a long history of no credit losses. k) Inventories Inventories are carried at the lower of cost and net realizable value, and consist primarily of supplies, tires, tracks, track frames, fuel and lubricants. Cost is determined using the weighted-average method. During the second quarter of 2019, management performed a comprehensive review of its inventory accounting policy and determined that certain parts initially expensed upon purchase should instead be recorded as inventory when acquired and expensed when ultimately utilized. As a result, inventories reported in previous periods were understated by the amount of parts that remained on hand at the respective balance sheets date. Previously reported equipment costs were overstated by the net amount of any such inventory purchased in excess of amounts utilized in a given reporting period. The Company recorded an out-of-period correction to increase inventories and decrease equipment costs by $2,775 ($2,040 net of deferred tax) during the year ended December 31, 2019. Management concluded the impact of these adjustments were not material to any previously issued annual financial statements. l) Property, plant and equipment Property, plant and equipment are recorded at cost. Equipment under finance lease is recorded at the present value of minimum lease payments at the inception of the lease. Major components of heavy construction equipment in use such as engines and drive trains are recorded separately. The capitalized interest is amortized at the same rate as the respective asset. Depreciation is not recorded until an asset is available for use. Depreciation is calculated based on the cost, net of the estimated residual value, over the estimated useful life of the assets on the following bases and rates: Assets Basis Rate Heavy equipment Units of production 3,000 - 120,000 hours Major component parts in use Units of production 2,500 - 50,000 hours Other equipment Straight-line 5 - 10 years Licensed motor vehicles Straight-line 5 - 10 years Office and computer equipment Straight-line 4 - 10 years Furnishings, fixtures and facilities Straight-line 10 - 30 years Buildings Straight-line 10 - 50 years Leasehold improvements Straight-line Over shorter of estimated useful life and lease term Land No depreciation No depreciation The costs for periodic repairs and maintenance are expensed to the extent the expenditures serve only to restore the assets to their normal operating condition without enhancing their service potential or extending their useful lives. m) Intangible assets Acquired intangible assets with finite lives are recorded at historical cost net of accumulated amortization and accumulated impairment losses, if any. The cost of intangible assets acquired in an asset acquisition are recorded at cost based upon relative fair value as at the acquisition date. Costs incurred to increase the future benefit of intangible assets are capitalized. Intangible assets are recorded within other assets on the Consolidated Balance Sheets. Intangible assets with definite lives are amortized over their estimated useful lives and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and method for an intangible asset with a finite useful life are reviewed at the end of each reporting period. Estimated useful lives of definite lived intangible assets and corresponding amortization method are: Assets Basis Rate Internal-use software Straight-line 4 years Partnership relationship Straight-line 5 years n) Impairment of long-lived assets Long-lived assets or asset groups held and used including property, plant and equipment and identifiable intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the undiscounted future cash flows expected to result from the use and eventual disposition of an asset or group of assets is less than its carrying amount, it is considered to be impaired. The Company measures the impairment loss as the amount by which the carrying amount of the asset or group of assets exceeds its fair value, which is charged to the Consolidated Statements of Operations and Comprehensive Income. In determining whether an impairment exists, the Company makes assumptions about the future cash flows expected from the use of its long-lived assets, such as: applicable industry performance and prospects; general business and economic conditions that prevail and are expected to prevail; expected growth; maintaining its customer base; and, achieving cost reductions. There can be no assurance that expected future cash flows will be realized, or will be sufficient to recover the carrying amount of long-lived assets. Furthermore, the process of determining fair values is subjective and requires management to exercise judgment in making assumptions about future results, including revenue and cash flow projections and discount rates. At each reporting period, the Company reviews the carrying value of its long-lived assets for indications of impairment. At March 31, 2020 impairment indicators were detected as a result of the uncertainty in the economic environment, relating to the suppression of commodity prices combined with the impact of the COVID-19 pandemic. The Company completed an impairment test comparing the net carrying value of its long-lived assets to the estimated undiscounted net cash flows to be generated from use of those assets and concluded that they are recoverable and, as such, no impairment was recorded. At December 31, 2020, there were no impairment indicators identified, as there had been no material declines in the operating environment or expected financial results as compared to March 31, 2020. o) Assets held for sale Long-lived assets are classified as held for sale when certain criteria are met, which include: • management, having the authority to approve the action, commits to a plan to sell the assets; • the assets are available for immediate sale in their present condition; • an active program to locate buyers and other actions to sell the assets have been initiated; • the sale of the assets is probable and their transfer is expected to qualify for recognition as a completed sale within one year; • the assets are being actively marketed at reasonable prices in relation to their fair value; and • it is unlikely that significant changes will be made to the plan to sell the assets or that the plan will be withdrawn. A long-lived asset that is newly acquired and will be sold rather than held and used is classified as held for sale if the one year requirement is met and if the other requirements are expected to be met within a short period following the asset acquisition. Assets to be disposed of by sale are reported at the lower of their carrying amount or estimated fair value less costs to sell and are disclosed separately on the Consolidated Balance Sheets. These assets are not depreciated. Equipment disposal decisions are made using an approach in which a target life is set for each type of equipment. The target life is based on the manufacturer’s recommendations and the Company’s past experience in the various operating environments. Once a piece of equipment reaches its target life it is evaluated to determine if disposal is warranted based on its expected operating cost and reliability in its current state. If the expected operating cost exceeds the target operating cost for the fleet or if the expected reliability is lower than the target reliability of the fleet, the unit is considered for disposal. Expected operating costs and reliability are based on the past history of the unit and experience in the various operating environments. Once the Company has determined that the equipment will be disposed, and the criteria for assets held for sale are met, the unit is recorded in assets held for sale at the lower of depreciated cost or net realizable value. p) Foreign currency translation The functional currency of the Company and its subsidiaries is Canadian Dollars. Transactions denominated in foreign currencies are recorded at the rate of exchange on the transaction date. Monetary assets and liabilities, denominated in foreign currencies, are translated into Canadian Dollars at the rate of exchange prevailing at the balance sheet date. Foreign exchange gains and losses are included in the determination of earnings and included under general and administrative costs on the Consolidated Statements of Operations and Comprehensive Income. q) Fair value measurement Fair value measurements are categorized using a valuation hierarchy for disclosure of the inputs used to measure fair value, which prioritizes the inputs into three broad levels. Fair values included in Level 1 are determined by reference to quoted prices in active markets for identical assets and liabilities. Fair values included in Level 2 include valuations using inputs based on observable market data, either directly or indirectly other than the quoted prices. Level 3 valuations are based on inputs that are not based on observable market data. The classification of a fair value within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. r) Income taxes The Company uses the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized based on the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period of enactment. A valuation allowance is recorded against any deferred tax asset if it is more likely than not that the asset will not be realized. The Company recognizes the effect of income tax positions only if those positions are more likely than not (greater than 50%) of being sustained. Changes in recognition or measurement are reflected in the period in which the change in judgement occurs. The Company accrues interest and penalties for uncertain tax positions in the period in which these uncertainties are identified. Interest and penalties are included in “General and adminis |
Accounting pronouncements recen
Accounting pronouncements recently adopted | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting pronouncements recently adopted | Accounting pronouncements recently adopted a) Financial instruments - credit losses The Company adopted the new standard for credit losses effective January 1, 2020, which amends the impairment model of financial instruments to require the immediate recognition of expected losses rather than incurred losses. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326). The Company applied a modified retrospective approach where the cumulative effect adjustment is recognized to the opening balance of equity at adoption (January 1, 2020). This transition method allowed the Company to not apply the new guidance, including disclosure requirements, to the comparative period presented. The adoption of this new standard did not have a material impact to the financial statements. Due to the limited historical default rates, there was no adjustment to opening equity at adoption. b) Fair value measurement The Company adopted the new standard for fair value measurement effective January 1, 2020. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. This accounting standard update was issued to improve the effectiveness of disclosure requirements on fair value measurement. The adoption of this new standard did not have a material impact to the financial statements. c) Internal-use software The Company adopted the new standard for internal-use software effective January 1, 2020. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. This accounting standard update was issued to clarify the accounting for implementation costs in cloud computing arrangements. The adoption of this new standard did not have a material impact to the financial statements. d) Related party guidance for variable interest entities |
Recent accounting pronouncement
Recent accounting pronouncements not yet adopted | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent accounting pronouncements not yet adopted | Recent accounting pronouncements not yet adopted Debt with conversion and other optionsIn September 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options and Derivatives and Hedging - Contracts in Entity's own Equity. This accounting standard update was issued to address issues identified as a result of the complexity associated with applying GAAP for certain financial instruments with characteristics of liabilities and equity. This standard is effective January 1, 2022 with early adoption permitted. The Company is assessing the impact that the adoption of this standard may have on its consolidated financial statements. |
Accounts receivable
Accounts receivable | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Accounts receivable | Accounts receivable December 31, 2020 December 31, 2019 Trade $ 23,692 $ 38,686 Holdbacks 64 7,152 Accrued trade receivables 8,445 13,174 Contract receivables $ 32,201 $ 59,012 Other 4,172 7,734 $ 36,373 $ 66,746 Holdbacks represent amounts up to 10% of the contract value under certain contracts that the customer is contractually entitled to withhold until completion of the project or until certain project milestones are achieved. Information about the Company’s exposure to credit risks and impairment losses for trade and other receivables is included in note 14(d). |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue a) Disaggregation of revenue Year ended December 31, 2020 2019 Revenue by source Operations support services $ 493,407 $ 586,757 Construction services 6,967 132,310 $ 500,374 $ 719,067 By commercial terms Time-and-materials $ 263,854 $ 343,156 Unit-price 225,667 375,911 Lump-sum 10,853 — $ 500,374 $ 719,067 Revenue recognition method As-invoiced $ 341,999 $ 467,013 Cost-to-cost percent complete 158,375 252,054 $ 500,374 $ 719,067 b) Contract balances December 31, December 31, 2019 Contract assets $ 7,034 $ 19,193 Contract liabilities 1,512 23 The following table provides information about significant changes in the contract assets: Year ended December 31, 2020 2019 Balance, beginning of year $ 19,193 $ 10,673 Transferred to receivables from contract assets recognized at the beginning of the period (16,516) (10,276) Decreases due to derecognition of unpriced contract modifications (2,677) — Increases as a result of changes to the estimate of the stage of completion, excluding amounts transferred in the period 6,909 14,892 Increases as a result of work completed, but not yet an unconditional right to consideration 125 5,736 Decreases due to effect of change in presentation of NL Partnership — (1,832) Balance, end of year $ 7,034 $ 19,193 The following table provides information about significant changes in the contract liabilities: Year ended December 31, 2020 2019 Balance, beginning of year $ 23 $ 4,032 Revenue recognized that was included in the contract liability balance at the beginning of the period (23) (4,031) Increases due to cash received, excluding amounts recognized as revenue during the period 1,512 174 Decreases due to effect of change in presentation of NL Partnership — (152) Balance, end of year $ 1,512 $ 23 The following table provides information about revenue recognized from performance obligations that were satisfied (or partially satisfied) in previous periods: Year ended December 31, 2020 2019 Revenue recognized $ 1,403 $ 1,857 These amounts relate to cumulative catch-up adjustments arising from changes in estimated project costs on cost-to-cost percent complete jobs and final settlement of constrained variable consideration. c) Unpriced contract modifications The Company recognized revenue from variable consideration related to unpriced contract modifications for the year ended December 31, 2020 of $nil (December 31, 2019 - $4,936). The Company has recorded amounts in contract assets related to uncollected consideration from revenue recognized on unpriced contract modifications as at December 31, 2020 of $nil (December 31, 2019 - $5,312). The change in unpriced contract modifications during the year ended December 31, 2020 was largely due to resolved unpriced contract modifications. d) Transaction price allocated to the remaining performance obligations The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period. Included is all consideration from contracts with customers, excluding amounts that are recognized using the as-invoiced method and any constrained amounts of revenue. For the year ended December 31, 2021 $ 87,289 2022 11,717 2023 11,717 2024 9,270 2025 6,823 $ 126,816 e) Contract costs The following table summarizes contract costs included within other assets on the Consolidated Balance Sheets. December 31, December 31, 2019 Fulfillment costs $ 1,432 $ 1,016 Reimbursable bid costs 537 — $ 1,969 $ 1,016 During the year ended December 31, 2020, fulfillment costs of $2,256 were capitalized and reimbursable bid costs of $537 were capitalized (December 31, 2019 - $1,016 and $nil, respectively). |
Long term debt
Long term debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long term debt | Long-term debt Note December 31, 2020 December 31, 2019 Credit Facility 7(a) $ 220,000 $ 190,000 Convertible debentures 7(b) 55,000 94,031 Mortgages 21,206 21,739 Financing obligations 7(c) 51,118 15,435 Promissory notes 7(d) 12,726 14,648 Unamortized deferred financing costs 7(e) (2,196) (3,896) $ 357,854 $ 331,957 Less: current portion of long-term debt (16,307) (18,514) $ 341,547 $ 313,443 The aggregate maturities of long-term debt for each of the five years subsequent to December 31, 2020 are: $16.3 million in 2021, $16.8 million in 2022, $237.4 million in 2023, $15.1 million in 2024 and $1.3 million in 2025. a) Credit facility On October 8, 2020 the Company entered into an amendment to our Amended and Restated Credit Agreement (the "Credit Facility") with a banking syndicate led by National Bank Financial Inc. that increased allowed borrowing under the revolving loan ("Revolver") to $325.0 million with the ability to increase the maximum borrowings by an additional $25.0 million, subject to certain conditions. This facility matures on October 8, 2023, with an option to extend on an annual basis. The Credit Facility permits finance lease obligations to a limit of $150.0 million and certain other borrowings outstanding to a limit of $20.0 million. During the year ended December 31, 2020, financing costs of $965 were incurred in connection with the amended Credit Facility and are included in other assets on the Consolidated Balance Sheets. On November 23, 2018 the Company entered into an Amended and Restated Credit Agreement (the "Previous Credit Facility") with a banking syndicate led by National Bank Financial Inc. The Previous Credit Facility was compromised solely of a revolving loan which allowed borrowings up to $300.0 million, of which letters of credit may not exceed $25.0 million, with an ability to increase the maximum borrowings by an additional $50.0 million subject to certain conditions. The Previous Facility permitted finance lease obligations to a limit of $150.0 million and other borrowings outstanding of $20.0 million. As at December 31, 2020, there was $0.9 million (December 31, 2019 - $0.9 million) in issued letters of credit under the Credit Facility and the unused borrowing availability was $104.1 million (December 31, 2019 - $109.1 million). As at December 31, 2020, there was $29.4 million in borrowing availability under finance lease obligations (December 31, 2019 - $53.9 million). Borrowing availability under finance lease obligations considers the current and long-term portion of finance lease obligations, financing obligations and equipment promissory notes. The Credit Facility has two financial covenants that must be tested quarterly on a trailing four-quarter basis. As at December 31, 2020, the Company was in compliance with its financial covenants. • The first covenant is the Senior Leverage Ratio which is Bank Senior Debt plus outstanding letters of credit compared to Bank EBITDA less NACG Acheson Ltd. rental revenue. ◦ "Bank Senior Debt" is defined as the Company's long-term debt, finance leases and outstanding letters of credit, excluding Convertible Debentures, deferred financing costs, mortgages related to NACG Acheson Ltd. and debt related to investment in affiliates and joint ventures. ◦ "Bank EBITDA" is defined as earnings before interest, taxes, depreciation and amortization, excluding the effects of unrealized foreign exchange gain or loss, realized and unrealized gain or loss on derivative financial instruments, cash and non-cash stock-based compensation expense, gain or loss on disposal of property, plant and equipment, and certain other non-cash items included in the calculation of net income. The Senior Leverage Ratio must be less than or equal to 3.0:1. In the event the Company enters into a material acquisition, the maximum allowable Senior Leverage Ratio would include a step up of 0.50x for four quarters following the acquisition. • The second covenant is the Fixed Charge Coverage Ratio which is defined as Bank EBITDA less cash taxes compared to Fixed Charges. ◦ "Fixed Charges" is defined as cash interest, scheduled payments on debt, unfunded cash distributions by the Company and unfunded capital expenditures. • The Fixed Charge Coverage Ratio is to be maintained at a ratio greater than 1.15:1. The Credit Facility bears interest at Canadian prime rate, U.S. Dollar Base Rate, Canadian bankers’ acceptance rate or London interbank offered rate ("LIBOR") (all such terms as used or defined in the Credit Facility), plus applicable margins. The Company is also subject to non-refundable standby fees, 0.40% to 0.75% depending on the Company's Total Debt / Bank EBITDA Ratio. Total debt ("Total Debt") is defined in the Credit Facility as long-term debt including finance leases and letters of credit, excluding convertible debentures, deferred financing costs, the mortgage related to NACG Acheson Ltd., and other non-recourse debt. The Credit Facility is secured by a first priority lien on all of the Company's existing and after-acquired property excluding the Company's first securities interests on the BDC mortgage. Due to the November 1, 2019 reorganization of the NL Partnership, amounts outstanding under the Nuna Credit Facility as at December 31, 2019 are now included in investments in affiliates and joint ventures on the Consolidated Balance Sheets (note 10). b) Convertible debentures December 31, December 31, 2019 5.00% convertible debentures $ 55,000 $ 55,000 5.50% convertible debentures — 39,031 $ 55,000 $ 94,031 The terms of the convertible debentures are summarized as follows: Date of issuance Maturity Conversion price Share equivalence per $1000 debenture Debt issuance costs 5.00% convertible debentures March 20, 2019 March 31, 2026 $ 26.25 $ 38.0952 $ 2,691 Interest on the convertible debentures is payable semi-annually on March 31 and September 30 of each year. The 5.00% convertible debentures are redeemable under certain conditions after a change in control has occurred. If a change in control occurs, the Company is required to offer to purchase all of the convertible debentures at a price equal to 101% of the principal amount plus accrued and unpaid interest to the date of purchase. The 5.50% convertible debentures were issued March 15, 2017 and the Company incurred debt issuance costs of $2,133. The debentures were expected to mature on March 31, 2024 and were convertible, at the option of the Company, at a conversion price of $10.85. On April 6, 2020, the 5.50% convertible debentures were redeemed in accordance with their terms. The Company satisfied the redemption price through the issuance of 4,583,655 common shares. Accrued and unpaid interest was settled in cash. The principal amount of debentures derecognized was $38,605. In the three months ended March 31, 2020, a principal amount of $426 was converted into 39,261 common shares. On March 23, 2020 the Company entered into a swap agreement related to shares expected to be issued upon redemption of the 5.50% convertible debentures. This swap agreement was settled in April 2020 in accordance with its stated terms and resulted in the recognition of a realized loss of $2,210 based on the difference between the conversion price of the shares under the terms of the 5.50% convertible notes and the expected price of the Company’s shares at the settlement date. In April 2020, an additional swap agreement was entered into with respect to these shares. As at December 31, 2020, the Company recognized a realized gain of $2,142 and an unrealized gain of $4,334 on this agreement based on the difference between the par value of the converted shares and the expected price of the Company's shares at contract maturity. This swap agreement is expected to mature in June 2021. c) Financing obligations The Company accounts for sale-leaseback transactions where control of the asset does not transfer as a financing transaction rather than a finance lease. During the year ended December 31, 2020, the Company recorded new financing obligations of $45,357. The finance contracts expire between June 2024 and May 2025 and bear interest at rates between 2.38% and 3.34%. The finance obligations are secured by the corresponding property, plant and equipment. d) Promissory note During the year ended December 31, 2020, the Company recorded a new equipment promissory note of $15,100. The contract expires May 2024 and bears interest at 3.45%. The promissory note is secured by the corresponding property, plant and equipment. During the year ended December 31, 2020, the Company settled and made payment of $17,022 towards promissory notes. e) Deferred financing costs December 31, 2020 December 31, 2019 Cost $ 2,784 $ 4,918 Accumulated amortization 588 1,022 $ 2,196 $ 3,896 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Property, plant and equipment December 31, 2020 Cost Accumulated Net Book Value Owned assets Heavy equipment $ 352,948 $ 102,624 $ 250,324 Major component parts in use 326,022 111,583 214,439 Other equipment 41,934 27,041 14,893 Licensed motor vehicles 16,387 10,592 5,795 Office and computer equipment 6,337 4,137 2,200 Land 10,472 — 10,472 Buildings 22,701 3,062 19,639 776,801 259,039 517,762 Assets under finance lease Heavy equipment 97,871 25,454 72,417 Major component parts in use 52,798 16,264 36,534 Other equipment 5,287 966 4,321 Licensed motor vehicles 3,629 959 2,670 159,585 43,643 115,942 Total property, plant and equipment $ 936,386 $ 302,682 $ 633,704 December 31, 2019 Cost Accumulated Net Book Value Owned assets Heavy equipment $ 299,298 $ 70,031 $ 229,267 Major component parts in use 252,328 92,161 160,167 Other equipment 40,344 25,328 15,016 Licensed motor vehicles 14,270 9,463 4,807 Office and computer equipment 5,154 3,511 1,643 Land 13,829 — 13,829 Buildings 26,281 2,421 23,860 651,504 202,915 448,589 Assets under finance lease Heavy equipment 132,270 43,466 88,804 Major component parts in use 71,706 27,918 43,788 Other equipment 2,126 264 1,862 Licensed motor vehicles 5,617 1,551 4,066 Office and computer equipment 691 71 620 212,410 73,270 139,140 Total property, plant and equipment $ 863,914 $ 276,185 $ 587,729 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | LeasesThe Company has finance and operating leases for heavy equipment, shop facilities, vehicles and office facilities. These leases have lease terms of one a) Lease expenses and (income) Year ended December 31, 2020 2019 Short-term lease expense $ 14,555 $ 36,179 Operating lease expense 4,740 4,435 Operating lease income (8,118) (3,074) The Company generates operating lease income from the sublease of certain office facilities and heavy equipment rentals. During the year ended December 31, 2020, depreciation of equipment under finance leases was $17,147 (December 31, 2019 - $26,416). b) Supplemental balance sheet information December 31, December 31, 2019 Net book value of property, plant and equipment under finance leases $115,942 $139,140 Weighted-average remaining lease term (in years): Finance leases 3.0 3.1 Operating leases 8.1 8.3 Weighted-average discount rate: Finance leases 3.66 % 3.94 % Operating leases 4.79 % 4.80 % c) Maturity analysis The future minimum lease payments and receipts from non-cancellable operating leases as at December 31, 2020 for the periods shown are as follows: Payments Receipts For the year ending December 31, Finance Leases Operating Leases Operating leases 2021 $ 28,969 $ 4,768 $ 8,179 2022 22,735 3,702 7,276 2023 13,942 2,413 6,121 2024 6,442 1,193 493 2025 and thereafter 1,358 10,160 — Total minimum lease payments $ 73,446 $ 22,236 $ 22,069 Less: amount representing interest (3,974) (4,114) Carrying amount of minimum lease payments $ 69,472 $ 18,122 Less: current portion of leases (26,895) (4,004) $ 42,577 $ 14,118 |
Leases | LeasesThe Company has finance and operating leases for heavy equipment, shop facilities, vehicles and office facilities. These leases have lease terms of one a) Lease expenses and (income) Year ended December 31, 2020 2019 Short-term lease expense $ 14,555 $ 36,179 Operating lease expense 4,740 4,435 Operating lease income (8,118) (3,074) The Company generates operating lease income from the sublease of certain office facilities and heavy equipment rentals. During the year ended December 31, 2020, depreciation of equipment under finance leases was $17,147 (December 31, 2019 - $26,416). b) Supplemental balance sheet information December 31, December 31, 2019 Net book value of property, plant and equipment under finance leases $115,942 $139,140 Weighted-average remaining lease term (in years): Finance leases 3.0 3.1 Operating leases 8.1 8.3 Weighted-average discount rate: Finance leases 3.66 % 3.94 % Operating leases 4.79 % 4.80 % c) Maturity analysis The future minimum lease payments and receipts from non-cancellable operating leases as at December 31, 2020 for the periods shown are as follows: Payments Receipts For the year ending December 31, Finance Leases Operating Leases Operating leases 2021 $ 28,969 $ 4,768 $ 8,179 2022 22,735 3,702 7,276 2023 13,942 2,413 6,121 2024 6,442 1,193 493 2025 and thereafter 1,358 10,160 — Total minimum lease payments $ 73,446 $ 22,236 $ 22,069 Less: amount representing interest (3,974) (4,114) Carrying amount of minimum lease payments $ 69,472 $ 18,122 Less: current portion of leases (26,895) (4,004) $ 42,577 $ 14,118 |
Investments in affiliates and j
Investments in affiliates and joint ventures | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Investments in affiliates and joint ventures | Investments in affiliates and joint ventures The Company accounts for these investments as follows: Investee name: Interest Consolidation Nuna East Ltd. 37 % Equity method Nuna Pang Contracting Ltd. 37 % Equity method Nuna West Mining Ltd. 49 % Equity method 1229181 B.C Ltd. 49 % Equity method North American Nuna Joint Venture 50 % Equity method NAYL Realty Inc. 49 % Equity method BNA Remanufacturing Limited Partnership 50 % Equity method Dene North Site Services Partnership 49 % Proportionate Mikisew North American Limited Partnership 49 % Proportionate Upon initial acquisition of the interest in the Nuna Logistics Partnership ("NL Partnership"), the Company accounted for this investment using proportionate consolidation. On November 1, 2019, the Company entered into a transaction to reorganize its investment in the NL Partnership. Subsequent to the reorganization, the Company's investment in the NL Partnership is held through 1229181 B.C. Ltd. and the Company changed its presentation of NL Partnership and applied the equity method prospectively as of November 1, 2019. The assets and liabilities of the NL Partnership were reclassified from the respective accounts to the investment in affiliates and joint ventures. During the year ended December 31, 2020, North American Nuna Joint Venture was formed between the Company and NL Partnership for the purpose of bidding on certain projects. Equity earnings in affiliates and joint ventures includes both the Company's direct share of the earnings of this joint venture and the portion recognized via its investment in NL Partnership. The Company is not the primary beneficiary of this variable interest entity because it does not have the power to direct the activities that most significantly impact the entity’s economic performance. The following table summarizes the movement in the investments in affiliates and joint ventures balance during the year: December 31, 2020 December 31, 2019 Balance, beginning of the year $ 42,908 $ 11,788 Additions due to change in presentation of NL Partnership — 37,025 Additions 2,790 — Share of net income 5,942 2,780 Dividends, repayments of loans and other adjustments (7,590) (8,685) Balance, end of the year $ 44,050 $ 42,908 During the year ended December 31, 2020, the Company invested $1,810 in cash and $980 in property, plant and equipment for the investments in NAYL Realty Inc. and BNA Remanufacturing Limited Partnership. The financial information for the share of the Company's share of the investments in affiliates and joint ventures accounted for using the equity method is summarized as follows: Balance Sheets December 31, December 31, Assets Current assets $ 51,727 $ 33,734 Non-current assets 40,858 21,370 Total assets $ 92,585 $ 55,104 Liabilities Current liabilities $ 24,200 $ 10,590 Non-current liabilities 24,335 2,614 Total liabilities $ 48,535 $ 13,204 Statements of Operations and Comprehensive Income Year ended December 31, 2020 2019 Revenues $ 59,944 $ 24,689 Gross profit 9,833 5,148 Income before taxes 7,717 3,782 Net income and comprehensive income 5,942 2,780 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes Income tax expense differs from the amount that would be computed by applying the Federal and Provincial statutory income tax rates to income before income taxes. The reasons for the differences are as follows: Year ended December 31, 2020 2019 Income before income taxes $ 60,472 $ 39,991 Tax rate 23.00 % 26.50 % Expected expense $ 13,909 $ 10,598 Decrease related to: Impact of enacted future statutory income tax rates (211) (5,797) Rate differential on equity earnings in affiliates and joint ventures (1,606) (859) Other (828) (1,097) Deferred income tax expense $ 11,264 $ 2,845 Current income tax expense — 13 Total income tax expense $ 11,264 $ 2,858 The deferred tax assets and liabilities are summarized below: December 31, 2020 December 31, 2019 Deferred tax assets: Non-capital and net capital loss carryforwards $ 40,758 $ 44,763 Finance lease obligations 27,736 27,220 Stock-based compensation 2,872 3,393 Other 1,990 682 Subtotal $ 73,356 $ 76,058 Less: valuation allowance (391) (881) $ 72,965 $ 75,177 Deferred tax liabilities: Contract assets $ 1,524 $ 4,805 Property, plant and equipment 117,768 106,104 Other 1,461 1,114 $ 120,753 $ 112,023 Net deferred income tax liability $ 47,788 $ 36,846 Classified as: December 31, 2020 December 31, 2019 Deferred tax asset $ 16,407 $ 15,655 Deferred tax liability (64,195) (52,501) $ (47,788) $ (36,846) The Company and its subsidiaries file income tax returns in the Canadian federal jurisdiction, multiple provincial jurisdictions, the U.S. federal jurisdiction and two U.S state jurisdictions. At December 31, 2020, the Company has a deferred tax asset of $40,367 resulting from non-capital loss carryforwards of $175,507, which expire as follows: December 31, 2020 2026 $ 279 2031 179 2032 4,672 2033 5,893 2034 819 2036 3,125 2037 17,799 2038 86,979 2039 39,470 2040 16,292 $ 175,507 At December 31, 2020, the Company has recorded a valuation allowance against the deferred tax asset of $391 resulting from net capital loss carryforwards of $3,399, which have an indefinite life. On October 20, 2020, Bill 35 was substantively enacted which accelerated the previous Job Creation Tax Cut, resulting in a reduction to the Alberta general corporate income tax rate from 10% to 8% on July 1, 2020. Due to the reduction in Alberta general corporate income tax rate, the Company has remeasured its deferred tax assets and deferred tax liabilities as at December 31, 2020. |
Accrued liabilities
Accrued liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued liabilities | Accrued liabilities Note December 31, 2020 December 31, 2019 Payroll liabilities $ 11,929 $ 11,973 Income and other taxes payable 3,216 38 Dividends payable 15(c) 1,167 1,030 Accrued interest payable 856 1,557 Liabilities related to short-term rentals 730 2,405 Other 1,213 557 $ 19,111 $ 17,560 |
Other long term obligations
Other long term obligations | 12 Months Ended |
Dec. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Other long-term obligations | Other long-term obligations Note December 31, 2020 December 31, 2019 Directors' deferred stock unit plan 17(c) $ 10,761 $ 14,375 Deferred gain on sale-leaseback 13(a) 4,748 6,593 Other 3,341 3,536 $ 18,850 $ 24,504 a) Deferred gain on sale-leaseback Changes in deferred gains on sale-leaseback transactions of heavy equipment are summarized below. December 31, 2020 December 31, 2019 Balance, beginning of year $ 6,593 $ 8,438 Amortization of deferred gain on sale-leaseback (1,845) (1,845) Balance, end of year $ 4,748 $ 6,593 The gain on sale was deferred and is being amortized in the Consolidated Statements of Operations and Comprehensive Income over the expected useful life of the equipment. |
Financial instruments and risk
Financial instruments and risk management | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial instruments and risk management | Financial instruments and risk management a) Fair value measurements In determining the fair value of financial instruments, the Company uses a variety of methods and assumptions that are based on market conditions and risks existing on each reporting date. Standard market conventions and techniques, such as discounted cash flow analysis are used to determine the fair value of the Company’s financial instruments. All methods of fair value measurement result in a general approximation of fair value and such value may never actually be realized. The fair values of the Company’s cash, accounts receivable, contract assets, loans to affiliates and joint ventures, accounts payable, accrued liabilities and contract liabilities approximate their carrying amounts due to the nature of the instrument or the relatively short periods to maturity for the instruments. The Credit Facility has a carrying value that approximates the fair value due to the floating rate nature of the debt . The promissory notes and mortgages have carrying values that are not materially different than their fair values due to similar instruments bearing similar interest rates. Financial instruments with carrying amounts that differ from their fair values are as follows: December 31, 2020 December 31, 2019 Fair Value Hierarchy Level Carrying Fair Carrying Fair Convertible debentures Level 1 55,000 52,250 94,031 112,970 Financing obligations Level 2 51,118 49,938 15,435 13,647 b) Risk management The Company is exposed to liquidity, market and credit risks associated with its financial instruments. The Company will from time to time use various financial instruments to reduce market risk exposures from changes in foreign currency exchange rates and interest rates. Management performs a risk assessment on a continual basis to help ensure that all significant risks related to the Company and its operations have been reviewed and assessed to reflect changes in market conditions and the Company’s operating activities. In response to the economic slowdown caused by COVID-19, the Government of Canada introduced the Canada Emergency Wage Subsidy, an employer assistance program. For the year ended December 31, 2020, the Company recognized $28,232 of salary and wage subsidies presented as reductions of project costs, equipment costs and general and administrative expenses of $16,241, $9,107 and $2,884 respectively. c) Market risk Market risk is the risk that the future revenue or operating expense related cash flows, the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices such as foreign currency exchange rates and interest rates. The level of market risk to which the Company is exposed at any point in time varies depending on market conditions, expectations of future price or market rate movements and composition of the Company’s financial assets and liabilities held, non-trading physical assets and contract portfolios. To manage the exposure related to changes in market risk, the Company has used various risk management techniques. Such instruments may be used to establish a fixed price for a commodity, an interest bearing obligation or a cash flow denominated in a foreign currency. The sensitivities provided below are hypothetical and should not be considered to be predictive of future performance or indicative of earnings on these contracts. i) Foreign exchange risk The Company regularly transacts in foreign currencies when purchasing equipment and spare parts as well as certain general and administrative goods and services. These exposures are generally of a short-term nature and the impact of changes in exchange rates has not been significant in the past. The Company may fix its exposure in either the Canadian Dollar or the US Dollar for these short term transactions, if material. ii) Interest rate risk The Company is exposed to interest rate risk from the possibility that changes in interest rates will affect future cash flows or the fair values of its financial instruments. Interest expense on borrowings with floating interest rates, including the Company’s Credit Facility, varies as market interest rates change. At December 31, 2020, the Company held $220.0 million of floating rate debt pertaining to its Credit Facility (December 31, 2019 – $190.0 million). As at December 31, 2020, holding all other variables constant, a 100 basis point change to interest rates on the outstanding floating rate debt will result in $2.2 million corresponding change in annual interest expense. The fair value of financial instruments with fixed interest rates fluctuate with changes in market interest rates. However, these fluctuations do not affect earnings, as the Company’s debt is carried at amortized cost and the carrying value does not change as interest rates change. The Company manages its interest rate risk exposure by using a mix of fixed and variable rate debt. d) Credit risk Credit risk is the risk that financial loss to the Company may be incurred if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Company manages the credit risk associated with its cash by holding its funds with what it believes to be reputable financial institutions. The Company is also exposed to credit risk through its accounts receivable and contract assets. Credit risk for trade and other accounts receivables and contract assets are managed through established credit monitoring activities. The following customers accounted for 10% or more of total revenues: Year ended December 31, 2020 2019 Customer A 45 % 33 % Customer B 30 % 22 % Customer C 11 % 13 % Customer D 10 % 27 % The concentration risk is mitigated primarily by the customers being large investment grade organizations. The credit worthiness of new customers is subject to review by management through consideration of the type of customer and the size of the contract. At December 31, 2020 and December 31, 2019, the following customers represented 10% or more of accounts receivable and contract assets: December 31, 2020 December 31, 2019 Customer 1 39 % 36 % Customer 2 20 % 12 % Customer 3 16 % 13 % Customer 4 — % 25 % The Company’s exposure to credit risk for accounts receivable and contract assets is as follows: December 31, 2020 December 31, 2019 Trade accounts receivable $ 23,692 $ 38,686 Holdbacks 64 7,152 Accrued trade receivables 8,445 13,174 Contract receivables, included in accounts receivable $ 32,201 $ 59,012 Other receivables 4,172 7,734 Total accounts receivable $ 36,373 $ 66,746 Contract assets 7,034 19,193 Total $ 43,407 $ 85,939 Payment terms are per the negotiated customer contracts and generally range between net 15 days and net 60 days. As at December 31, 2020 and December 31, 2019, trade receivables and holdbacks are aged as follows: December 31, 2020 December 31, 2019 Not past due $ 21,725 $ 35,409 Past due 1-30 days 1,821 10,380 Past due 31-60 days 85 5 More than 61 days 125 44 Total $ 23,756 $ 45,838 As at |
Shares
Shares | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Shares | Shares a) Common shares Common shares Treasury shares Common shares, net of treasury shares Issued and outstanding at December 31, 2018 27,088,816 (2,084,611) 25,004,205 Issued upon exercise of stock options 327,000 — 327,000 Issued upon conversion of convertible debentures 87,096 — 87,096 Purchase of treasury shares — (735,857) (735,857) Settlement of certain equity classified stock-based compensation — 1,095,001 1,095,001 Issued and outstanding at December 31, 2019 27,502,912 (1,725,467) 25,777,445 Issued upon exercise of stock options 109,100 — 109,100 Issued upon conversion of convertible debentures 4,622,916 — 4,622,916 Retired through share purchase program (1,223,097) — (1,223,097) Purchase of treasury shares — (907,462) (907,462) Settlement of certain equity classified stock-based compensation — 787,728 787,728 Issued and outstanding at December 31, 2020 31,011,831 (1,845,201) 29,166,630 Upon settlement of certain equity classified stock-based compensation during the year ended December 31, 2020, the Company repurchased 372,628 shares for $3,576 to satisfy the recipient tax withholding requirements (year ended December 31, 2019 - 513,540 shares for $7,246). The repurchased shares are included in the purchase of treasury shares for settlement of certain equity classified stock-based compensation. b) Net income per share Year ended December 31, 2020 2019 Net income available to common shareholders $ 49,208 $ 36,878 Interest from convertible debentures (after tax) 2,370 3,590 Diluted net income available to common shareholders $ 51,578 $ 40,468 Weighted-average number of common shares 28,165,130 25,444,374 Weighted-average effect of dilutive securities Dilutive effect of treasury shares 1,949,717 1,898,645 Dilutive effect of stock options 90,741 255,378 Dilutive effect of 5.00% convertible debentures 2,095,236 1,647,487 Dilutive effect of 5.50% convertible debentures — 3,597,327 Weighted-average number of diluted common shares 32,300,824 32,843,211 Basic net income per share $ 1.75 $ 1.45 Diluted net income per share $ 1.60 $ 1.23 For the year ended December 31, 2020, all securities were dilutive (year ended December 31, 2019, all securities were dilutive). Commencing on March 12, 2020, the Company engaged in a normal course issuer bid ("NCIB") under which a maximum number of 2,300,000 common shares were authorized to be purchased. During the year ended December 31, 2020, the Company purchased and subsequently cancelled 1,223,097 shares under this NCIB, which resulted in a decrease of common shares of $9,863 and an increase to additional paid-in capital of $755. Subsequent to the year ended December 31, 2020, the Company purchased and subsequently cancelled 377,500 shares under this NCIB, which resulted in a decrease of common shares of $3,068 and an increase to additional paid-in capital of $1,838. c) Dividends Date declared Per share Shareholders on record as of Paid or payable to shareholders Total paid or payable Q4 2019 October 29, 2019 $ 0.04 November 30, 2019 January 3, 2020 $ 1,030 Q1 2020 February 18, 2020 $ 0.04 March 5, 2020 April 3, 2020 $ 1,023 Q2 2020 May 5, 2020 $ 0.04 May 29, 2020 July 3, 2020 $ 1,162 Q3 2020 July 28, 2020 $ 0.04 August 31, 2020 October 2, 2020 $ 1,156 Q4 2020 October 27, 2020 $ 0.04 November 30, 2020 January 8, 2021 $ 1,167 |
Interest expense, net
Interest expense, net | 12 Months Ended |
Dec. 31, 2020 | |
Interest Expense [Abstract] | |
Interest expense, net | Interest expense, net Year ended December 31, 2020 2019 Credit facilities $ 8,189 $ 9,826 Convertible debentures 3,299 4,318 Finance lease obligations 3,184 3,691 Mortgages 999 963 Promissory notes 664 1,691 Financing obligations 1,265 272 Amortization of deferred financing costs 1,091 969 Interest expense $ 18,691 $ 21,730 Other interest income (10) (107) $ 18,681 $ 21,623 |
Stock-based compensation
Stock-based compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based compensation | Stock-based compensation Stock-based compensation expenses included in general and administrative expenses are as follows: Year ended December 31, Note 2020 2019 Restricted share unit plan 17(a) $ 1,991 $ 1,933 Performance restricted share unit plan 17(b) 2,031 1,892 Deferred stock unit plan 17(c) (2,078) 5,618 $ 1,944 $ 9,443 a) Restricted share unit plan Restricted Share Units (“RSU”) are granted each year to executives and other key employees with respect to services to be provided in that year and the following two years. The majority of RSUs vest at the end of a three-year term. The Company settles RSUs with common shares purchased on the open market through a trust arrangement. Number of units Weighted-average exercise price Outstanding at December 31, 2018 948,093 5.88 Granted 193,450 13.40 Vested (465,194) 4.15 Forfeited (26,272) 6.01 Outstanding at December 31, 2019 650,077 9.35 Granted 298,142 8.55 Vested (269,484) 6.19 Forfeited (37,264) 8.81 Outstanding at December 31, 2020 641,471 10.34 At December 31, 2020, there were approximately $3,290 of unrecognized compensation costs related to non-vested share-based payment arrangements under the RSU plan (December 31, 2019 – $3,104) and these costs are expected to be recognized over the weighted-average remaining contractual life of the RSUs of 1.6 years (December 31, 2019 – 1.3 years). During the year ended December 31, 2020, 269,484 units vested, which were settled with common shares purchased through a trust arrangement (December 31, 2019 - 465,194 units vested, of which 426,514 were settled with common shares purchased through a trust arrangement). b) Performance restricted share unit plan Performance Restricted Share Units ("PSU") are granted each year to senior management employees with respect to services to be provided in that year and the following two years. The PSUs vest at the end of a three-year term and are subject to performance criteria approved by the Human Resources and Compensation Committee at the grant date. The Company settles PSUs with common shares purchased through a trust arrangement. Number of units Weighted-average exercise price Outstanding at December 31, 2018 741,117 5.92 Granted 122,274 13.12 Vested (372,924) 4.45 Forfeited (8,560) 8.09 Outstanding at December 31, 2019 481,907 8.85 Granted 211,754 8.55 Vested (201,104) 8.51 Outstanding at December 31, 2020 492,557 8.86 At December 31, 2020, there were approximately $3,405 of total unrecognized compensation costs related to non–vested share–based payment arrangements under the PSU plan (December 31, 2019 - $2,905) and these costs are expected to be recognized over the weighted-average remaining contractual life of the PSUs of 1.6 years (December 31, 2019 - 1.2 years). During the year ended December 31, 2020, 201,104 units vested, which were settled with common shares purchased through a trust arrangement at a factor of 2.00 common shares per PSU based on performance against grant date criteria (December 31, 2019 - 372,924 units at a factor of 2.00 vested, of which 334,244 units were settled). The Company estimated the fair value of the PSUs granted during the years ended December 31, 2020 and 2019 using a Monte Carlo simulation with the following assumptions: 2020 2019 Risk-free interest rate 0.30 % 1.43 % Expected volatility 48.71 % 40.12 % c) Deferred stock unit plan Prior to January 1, 2021, under the Company’s shareholding guidelines non-officer directors of the Company were required to receive at least 50% and up to 100% of their annual fixed remuneration in the form of DSUs, at their election. The shareholding guidelines were amended effective January 1, 2021 to require directors to take at least 60% and up to 100% of their annual fixed remuneration in the form of DSUs if they do not meet shareholding guidelines, and to take between 0% and 100% if of their annual fixed remuneration in the form of DSUs if they do meet shareholding guidelines. In addition to directors, eligible executives can elect to receive up to 50% of their annual short term incentive plan compensation in the form of DSUs. The DSUs vest immediately upon issuance and are only redeemable upon departure, retirement or death of the participant. DSU holders that are not US taxpayers may elect to defer the redemption date until a date no later than December 1 of the calendar year following the year in which the departure, retirement or death occurred. Number of units Outstanding at December 31, 2018 1,126,239 Granted 82,191 Redeemed (307,385) Outstanding at December 31, 2019 901,045 Granted 114,020 Redeemed (9,562) Outstanding at December 31, 2020 1,005,503 At December 31, 2020, the fair market value of these units was $12.42 per unit (December 31, 2019 – $15.95 per unit). At December 31, 2020, the current portion of DSU liabilities of $1,728 was included in accrued liabilities (December 31, 2019 - $nil) and the long-term portion of DSU liabilities of $10,761 was included in other long-term obligations (December 31, 2019 - $14,375) in the Consolidated Balance Sheets. During the year ended December 31, 2020, there were 9,562 units redeemed and settled in cash for $103 (December 31, 2019 - 307,385 units were redeemed and settled in cash for $5,084). There is no unrecognized compensation expense related to the DSUs since these awards vest immediately upon issuance. d) Share option plan Under the 2004 Amended and Restated Share Option Plan, which was approved and became effective in 2006, directors, officers, employees and certain service providers to the Company are eligible to receive stock options to acquire voting common shares in the Company. Each stock option provides the right to acquire one common share in the Company and expires ten years from the grant date or on termination of employment. Options may be exercised at a price determined at the time the option is awarded, and vest as follows: no options vest on the award date and twenty percent vest on each subsequent anniversary date. For the year ended December 31, 2020, 2,382,019 shares are reserved and authorized for issuance under the share option plan. Number of options Weighted-average Outstanding at December 31, 2018 565,600 5.40 Exercised (i) (327,000) 5.97 Outstanding at December 31, 2019 238,600 4.61 Exercised (i) (109,100) 4.91 Forfeited or expired (4,500) 10.13 Outstanding at December 31, 2020 125,000 4.16 (i) All stock options exercised resulted in new common shares being issued (note 15(a)). Cash received from options exercised for the year ended December 31, 2020 was $537 (2019 - $1,953). For the year ended December 31, 2020, the total intrinsic value of options exercised, calculated as the market value at the exercise date less exercise price, multiplied by the number of units exercised, was $535 (December 31, 2019 - $3,274). The following table summarizes information about stock options outstanding at December 31, 2020: Options outstanding and exercisable Exercise price Number Weighted-average Weighted- $2.75 73,400 1.7 years $ 2.75 $5.91 31,100 3.0 years $ 5.91 $6.56 20,500 0.9 years $ 6.56 125,000 1.9 years $ 4.16 At December 31, 2019, the weighted-average remaining contractual life of outstanding options was 2.4 years and the weighted-average exercise price was $4.61. The fair value of options vested during the year ended December 31, 2020 was $nil (December 31, 2019 – $nil). At December 31, 2020, the Company had 125,000 exercisable options (December 31, 2019 – 238,600) with a weighted-average exercise price of $4.16 (December 31, 2019 – $4.61). |
Other information
Other information | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Other information | Other information a) Supplemental cash flow information Year ended December 31, 2020 2019 Cash paid during the year for: Interest $ 18,526 $ 20,039 Cash received during the year for: Interest 151 72 Non-cash transactions: Addition of property, plant and equipment by means of finance leases 27,882 28,107 Decrease to property, plant and equipment upon investment contribution to affiliates and joint ventures (980) — Increase in assets held for sale, offset by property, plant and equipment 7,127 4,230 Non-cash working capital exclusions: Net decrease in accounts receivable relating to other adjustments to investments in affiliates and joint ventures (911) — Net decrease in accrued liabilities related to conversion of bonus compensation to deferred stock units 294 428 Net decrease in other accrued liabilities — 582 Net increase in accrued liabilities related to the current portion of deferred stock units liability (1,727) — Net increase in accrued liabilities related to dividend payable (137) (530) Net decrease in long-term portion of payroll liabilities — 536 Non-cash working capital transactions related to the reorganization of investments in affiliates and joint ventures: Decrease in accounts receivable — (10,260) Decrease in contract assets — (1,832) Decrease in inventory — (4,321) Decrease in prepaid expenses — (341) Decrease in contract costs — (349) Decrease in accounts payable — 3,859 Decrease in accrued liabilities — 1,615 Decrease in contract liabilities — 152 b) Net change in non-cash working capital The table below represents the cash (used in) provided by non-cash working capital: Year ended December 31, 2020 2019 Operating activities: Accounts receivable $ 29,462 $ 5,393 Contract assets 12,159 (10,352) Inventories 2,475 (12,579) Contract costs (953) 943 Prepaid expenses and deposits (593) (663) Accounts payable (46,832) 28,600 Accrued liabilities (19) 1,034 Contract liabilities 1,489 (3,857) $ (2,812) $ 8,519 |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related party transactions | Related party transactions Amounts payable and receivables from joint ventures and affiliates are unsecured and without fixed terms of repayment. Accounts receivable from certain joint ventures and affiliates bear interest at various rates, and all other accounts receivable amounts are non-interest bearing. The following table provides the balance sheet balances with North American Nuna Joint Venture, NL Partnership and its affiliates: December 31, 2020 December 31, 2019 Accounts receivable $ 1,179 $ 1,202 Other assets 1,432 — Accounts payable and accrued liabilities 5,296 251 In June of 2019, the Company purchased heavy equipment from the NL Partnership for $1,300 settled in cash. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | ContingenciesDuring the normal course of the Company's operations, various disputes, legal and tax matters are pending. In the opinion of management involving the use of significant judgement and estimates, these matters will not have a material effect on the Company's consolidated financial statements. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation These consolidated financial statements are prepared in accordance with United States generally accepted accounting principles ("US GAAP"). These consolidated financial statements include the accounts of the Company, its wholly-owned, Canadian and United States incorporated subsidiaries and, via certain of its subsidiaries, the Company also holds investments in other Canadian corporations, partnerships and joint ventures. All significant intercompany transactions and balances are eliminated upon consolidation. The Company consolidates variable interest entities (“VIE”) for which it is considered to be the primary beneficiary as well as voting interest entities in which it has a controlling financial interest as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation, and related standards. Ownership represented by other parties that do not control the entities are presented in the consolidated financial statements as activities and balances attributable to non-controlling interests. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures reported in these consolidated financial statements and accompanying notes and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Significant estimates and judgments made by management include: • the assessment of the percentage of completion on time-and-materials, unit-price, lump-sum and cost-plus contracts with defined scope (including estimated total costs and provisions for estimated losses) and the recognition of claims and change orders on revenue contracts; • the determination of whether an acquisition meets the definition of a business combination; • the fair value of the assets acquired and liabilities assumed as part of an acquisition; • the evaluation of whether the Company is a primary beneficiary of an entity or has a controlling interest in an investee and is required to consolidate; • assumptions used in impairment testing; and • estimates and assumptions used in the determination of the allowance for credit losses, the recoverability of deferred tax assets and the useful lives of property, plant and equipment and intangible assets. The accuracy of the Company’s revenue and profit recognition in a given period is dependent on the accuracy of the estimates of the cost to complete each project. Cost estimates for all significant projects use a detailed “bottom up” approach and the Company believes its experience allows it to provide reasonably dependable estimates. There are a number of factors that can contribute to changes in estimates of contract costs and profitability that are recognized in the period in which such adjustments are determined. The most significant of these include: • the completeness and accuracy of the original bid; • costs associated with added scope changes; • extended overhead due to owner, weather and other delays; • subcontractor performance issues; • changes in economic indices used for the determination of escalation or de-escalation for contractual rates on long-term contracts; • changes in productivity expectations; • site conditions that differ from those assumed in the original bid; • contract incentive and penalty provisions; • the availability and skill level of workers in the geographic location of the project; and • a change in the availability and proximity of equipment and materials. The foregoing factors as well as the mix of contracts at different margins may cause fluctuations in gross profit between periods. With many projects of varying levels of complexity and size in process at any given time, changes in estimates can offset each other without materially impacting the Company’s profitability. Major changes in cost estimates, particularly in larger, more complex projects, can have a significant effect on profitability. In March 2020, the COVID-19 outbreak was declared a pandemic by the World Health Organization. In addition, commodity prices declined significantly due to a dispute between major oil-producing countries combined with the impact of the COVID-19 pandemic. In recent months, certain oil-producing countries have attempted to manage supply, which has brought some recovery and stability to commodity prices, but the operating and economic environment remains uncertain. Governments worldwide, including in Canada, have enacted emergency measures to combat the spread of the virus, including the implementation of travel bans, quarantine periods and social distancing. These factors have created material disruptions to businesses globally, resulting in an economic slowdown. While governments and central banks have instituted significant monetary and fiscal interventions designed to stabilize economic conditions, the success of these measures is not yet determinable. The majority of the Company’s customers are concentrated in the resource and mining industries. These challenging operating environments may have significant adverse impacts on the Company, including, but not limited to: • deferral or cessation of ongoing or planned projects with customers, which could result in material declines in revenue and cash flows; • declines in revenue, operating margins, and cash flow, which could result in asset impairment charges, inability to comply with debt covenants, and a reduction in funds available for capital spending; • the ability to raise additional debt or equity financing in the future at favorable terms; and • restructuring charges as the Company aligns its structure and operating model to the environment. As this situation continues to evolve, the ultimate duration and magnitude of the impact on the economy and the financial effect on the Company is not known. Estimates and judgments made by management in the preparation of these financial statements are subject to a higher degree of measurement uncertainty during this period. Management continues to monitor the situation and has taken certain steps to mitigate the likelihood of occurrence of the events described above. The Company is managing both variable and fixed operating costs during this crisis and is taking part in the Canada Emergency Wage Subsidy. Sustaining capital maintenance costs are variable in nature, so the Company continues to implement a reduced capital plan. |
Revenue recognition | Revenue recognitionThe Company's revenue source falls into one of two categories: construction services or operations support. Construction services are related to mine development or expansion projects and are generally funded from customers' capital budgets. The Company provides construction services under lump-sum, unit-price, time-and materials and cost-plus contracts. When the commercial terms are lump-sum and unit-price, the contract scope and value is typically defined. Time-and-materials and cost-plus contracts are generally undefined in scope and total price. Operations support services revenue is mainly generated under long-term site-services agreements with the customers (master service agreement and multiple use contracts). These agreements clearly define whether commitment to volume or scope of services over the life of the contract is included or excluded. When excluded, work under the agreement is awarded through shorter-term work authorizations under the general terms of the agreement. The Company generally provides operations support services under either time-and-materials or unit-price contracts depending on factors such as the degree of complexity, the completeness of engineering and the required schedule. Significant estimates are required in the revenue recognition process including assessment of the percentage of completion, identification of performance obligations, and estimation of variable consideration, including the extent of any constraints. The Company’s invoicing frequency and payment terms are in accordance with negotiated customer contracts. Customer invoicing can range between daily and monthly and payment terms generally range between net 15 and net 60 days. The Company does not typically include extended payment terms in its contracts with customers. Under these payment terms, the customer pays progress payments based on actual work or milestones completed. When payment terms do not align with revenue recognition, the variance is recorded to either contract liabilities or contract assets, as appropriate. Customer contracts do not generally include a significant financing component because the Company does not expect the period between customer payment and transfer of control to exceed one year. The Company does not adjust consideration for the effects of a significant financing component if the period of time between the transfer of control and the customer payment is less than one year. The Company accounts for a contract when it has approval and commitments from both parties, the rights of the parties are identified, the payment terms are identified, the contract has commercial substance and the collectability of consideration is probable. Each contract is evaluated to determine if it includes more than one performance obligation. This evaluation requires significant judgement and the determination that the contract contains more than one performance obligation could change the amount of revenue and profit recorded in a given period. The majority of the Company's contracts with defined scope include one significant integrated service, where the Company is responsible for ensuring the individual goods and services are incorporated into one combined output. Such contracts are accounted for as one performance obligation. When more than one distinct good or service is contracted, the contract is separated into more than one performance obligation and the total transaction price is allocated to each performance obligation based upon stand-alone selling prices. When a stand-alone selling price is not observable, it is estimated using a suitable method. The total transaction price can be comprised of fixed consideration and variable consideration, such as profit incentives, discounts and performance bonuses or penalties. When a contract includes variable consideration, the amount included in the total transaction price is based on the expected value or the mostly likely amount, constrained to an amount that it is probable a significant reversal will not occur. Significant judgement is involved in determining if a variable consideration amount should be constrained. In applying this constraint, the Company considers both the likelihood of a revenue reversal arising from an uncertain future event and the magnitude of the revenue reversal if the uncertain event were to occur or fail to occur. The following circumstances are considered to be possible indicators of significant revenue reversals: • The amount of consideration is highly susceptible to factors outside the Company’s influence, such as judgement of actions of third parties and weather conditions; • The length of time between the recognition of revenue and the expected resolution; • The Company’s experience with similar circumstances and similar customers, specifically when such items have predictive value; • The Company’s history of resolution and whether that resolution includes price concessions or changing payment terms; and • The range of possible consideration amounts. The Company's performance obligations are typically satisfied by transferring control over time, for which revenue is recognized using the percentage of completion method, measured by the ratio of costs incurred to date to estimated total costs. For defined scope contracts, the cost-to-cost method faithfully depicts the Company’s performance because the transfer of the asset to the customer occurs as costs are incurred. The costs of items that do not relate to the performance obligation, particularly in the early stages of the contract, are excluded from costs incurred to date. Pre-construction activities, such as mobilization and site setup, are recognized as contract costs on the Consolidated Balance Sheets and amortized over the life of the project. These costs are excluded from the cost-to- cost calculation. The Company has elected to apply the ‘as-invoiced’ practical expedient to recognize revenue in the amount to which the Company has a right to invoice for all contracts in which the value of the performance completed to date directly corresponds with the right to consideration. This will be applied to all contracts, where applicable, and the majority of undefined scope work is expected to use this practical expedient. The length of the Company’s contracts varies from less than one year for typical contracts to several years for certain larger contracts. Project costs include all direct labour, material, subcontract and equipment costs and those indirect costs related to contract performance such as indirect labour and supplies. General and administrative expenses are charged to expenses as incurred. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in project performance, project conditions, and estimated profitability, including those arising from profit incentives, penalty provisions and final contract settlements, may result in revisions to costs and revenue that are recognized in the period in which such adjustments are determined. Once a project is underway, the Company will often experience changes in conditions, client requirements, specifications, designs, materials and work schedules. Generally, a “change order” will be negotiated with the customer to modify the original contract to approve both the scope and price of the change. Occasionally, disagreements arise regarding changes, their nature, measurement, timing and other characteristics that impact costs and revenue under the contract. When a change becomes a point of dispute between the Company and a customer, the Company will assess the legal enforceability of the change to determine if a contract modification exists. The Company considers a contract modification to exist when the modification either creates new or changes the existing enforceable rights and obligations. Most contract modifications are for goods and services that are not distinct from the existing contract due to the integrated services provided in the context of the contract and are accounted for as part of the existing contract. Therefore, the effect of a contract modification on the transaction price and the Company's measure of progress for the performance obligation to which it relates is recognized as an adjustment to revenue on a cumulative catch-up basis. If a contract modification is approved in scope and not price, the associated revenue is treated as variable consideration, subject to constraint. This can lead to a situation where costs are recognized in one period and revenue is recognized when customer agreement is obtained or claim resolution occurs, which can be in subsequent periods. In certain instances, the Company’s long-term contracts allow its customers to unilaterally reduce or eliminate scope of work without cause. These instances represent higher risk due to uncertainty of total contract value and estimated costs to complete; therefore, potentially impacting revenue recognition in future periods. Revenue is measured based on consideration specified in the customer contract, and excludes any amounts collected on behalf of third parties. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specified revenue producing transaction, that are collected by the Company for a customer, are excluded from revenue. g) Contract costs The Company occasionally incurs costs to obtain contracts (reimbursable bid costs) and to fulfill contracts (fulfillment costs). If these costs meet certain criteria, they are capitalized as contract costs, included within other assets on the Consolidated Balance Sheets. Capitalized costs are amortized based on the transfer of goods or services to which the assets relate and are included in project costs. Reimbursable bid costs meet the criteria for capitalization when these costs will be reimbursed by the owner regardless of the outcome of the bid. Generally, this occurs when the Company has been selected as the preferred bidder for a project. The Company recognizes reimbursable bid costs as an expense when incurred if the amortization period of the asset that the entity would have otherwise recognized is one year or less. Costs to fulfill a contract meet the criteria for capitalization if they relate directly to a specifically identifiable contract, they generate or enhance resources that will be used to satisfy future performance obligations and if the costs are expected to be recovered. The costs that meet this criterion are often mobilization and site set-up costs. Contract costs are recorded within other assets on the Consolidated Balance Sheets. h) Remaining performance obligations Remaining performance obligation represents the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period. Certain of the Company's long-term contracts can allow customers to unilaterally reduce or eliminate the scope of the contracted work without cause. These long-term contracts represent higher risk due to uncertainty of total contract value and estimated costs to complete; therefore, potentially impacting revenue recognition in future periods. Excluded from this disclosure are amounts where the Company recognizes revenue as-invoiced (note 6(d)). Remaining performance obligations are recorded within contract assets and contract liabilities on the Consolidated Balance Sheets. i) Contract liabilities Contract liabilities consist of advance payments and billings in excess of costs incurred and estimated earnings on uncompleted contracts. |
Balance sheet classifications | Balance sheet classificationsA one-year time period is typically used as the basis for classifying current assets and liabilities. However, there is a possibility that amounts receivable and payable under construction contracts (principally holdbacks) may extend beyond one year and would be included in current assets and liabilities. |
Cash | CashCash includes cash on hand and bank balances net of outstanding cheques. |
Accounts receivable and contract assets | Accounts receivable and contract assets Accounts receivable are recorded when the Company has an unconditional right to consideration arising from performance of contracts with customers. Accounts receivable may be comprised of amounts billed to customers and amounts that have been earned but have not yet been billed. Such unbilled but earned amounts generally arise when a billing period ends prior to the end of the reporting period. When this occurs, revenue equal to the earned and unbilled amount is accrued. Such accruals are classified as accounts receivable on the balance sheet, even though they are not yet billed, as they represent consideration for work that has been completed prior to the period end where the Company has an unconditional right to consideration. Contract assets include unbilled amounts representing revenue recognized from work performed where the Company does not yet have an unconditional right to compensation. These balances generally relate to (i) revenue accruals on contracts where the percentage of completion method of revenue recognition requires an accrual over what has been billed and (ii) revenue recognized from variable consideration related to unpriced contract modifications. The Company reviews its accounts receivable amounts regularly and outstanding amounts are written down to their expected realizable value when they are determined not to be fully collectible. This generally occurs when the customer has indicated an inability to pay, the Company is unable to communicate with the customer over an extended period of time, and other methods to obtain payment have not been successful. Bad debt expense is charged to project costs in the Consolidated Statements of Operations and Comprehensive Income in the period the account is determined to be doubtful. Estimates of the allowance for credit losses are determined on a customer-by-customer evaluation of collectability at each reporting date taking into consideration the following factors: the length of time the receivable has been outstanding, specific knowledge of each customer’s financial condition and historical experience. The Company reviews its contract assets regularly and assesses any amounts that are not billed within the next billing cycle to confirm collectability. |
Allowance for doubtful accounts | Allowance for credit lossesThe Company records allowance for credit losses using the expected credit loss model upon the initial recognition of financial assets. The Company's financial assets include contract assets and accounts receivable. The estimate of expected credit loss considers historical credit loss information that is adjusted for current economic and credit conditions. Bad debt expense is charged to project costs in the Consolidated Statements of Operations and Comprehensive Income in the period the allowance is recognized. The counterparties to the majority of the Company's financial assets are major oil producers with a long history of no credit losses. |
Inventories | InventoriesInventories are carried at the lower of cost and net realizable value, and consist primarily of supplies, tires, tracks, track frames, fuel and lubricants. Cost is determined using the weighted-average method. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment are recorded at cost. Equipment under finance lease is recorded at the present value of minimum lease payments at the inception of the lease. Major components of heavy construction equipment in use such as engines and drive trains are recorded separately. The capitalized interest is amortized at the same rate as the respective asset. Depreciation is not recorded until an asset is available for use. Depreciation is calculated based on the cost, net of the estimated residual value, over the estimated useful life of the assets on the following bases and rates: Assets Basis Rate Heavy equipment Units of production 3,000 - 120,000 hours Major component parts in use Units of production 2,500 - 50,000 hours Other equipment Straight-line 5 - 10 years Licensed motor vehicles Straight-line 5 - 10 years Office and computer equipment Straight-line 4 - 10 years Furnishings, fixtures and facilities Straight-line 10 - 30 years Buildings Straight-line 10 - 50 years Leasehold improvements Straight-line Over shorter of estimated useful life and lease term Land No depreciation No depreciation The costs for periodic repairs and maintenance are expensed to the extent the expenditures serve only to restore the assets to their normal operating condition without enhancing their service potential or extending their useful lives. |
Intangible assets | Intangible assets Acquired intangible assets with finite lives are recorded at historical cost net of accumulated amortization and accumulated impairment losses, if any. The cost of intangible assets acquired in an asset acquisition are recorded at cost based upon relative fair value as at the acquisition date. Costs incurred to increase the future benefit of intangible assets are capitalized. Intangible assets are recorded within other assets on the Consolidated Balance Sheets. Intangible assets with definite lives are amortized over their estimated useful lives and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and method for an intangible asset with a finite useful life are reviewed at the end of each reporting period. Estimated useful lives of definite lived intangible assets and corresponding amortization method are: Assets Basis Rate Internal-use software Straight-line 4 years Partnership relationship Straight-line 5 years |
Impairment of long-lived assets | Impairment of long-lived assetsLong-lived assets or asset groups held and used including property, plant and equipment and identifiable intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the undiscounted future cash flows expected to result from the use and eventual disposition of an asset or group of assets is less than its carrying amount, it is considered to be impaired. The Company measures the impairment loss as the amount by which the carrying amount of the asset or group of assets exceeds its fair value, which is charged to the Consolidated Statements of Operations and Comprehensive Income. In determining whether an impairment exists, the Company makes assumptions about the future cash flows expected from the use of its long-lived assets, such as: applicable industry performance and prospects; general business and economic conditions that prevail and are expected to prevail; expected growth; maintaining its customer base; and, achieving cost reductions. There can be no assurance that expected future cash flows will be realized, or will be sufficient to recover the carrying amount of long-lived assets. Furthermore, the process of determining fair values is subjective and requires management to exercise judgment in making assumptions about future results, including revenue and cash flow projections and discount rates.At each reporting period, the Company reviews the carrying value of its long-lived assets for indications of impairment. |
Assets held for sale | Assets held for sale Long-lived assets are classified as held for sale when certain criteria are met, which include: • management, having the authority to approve the action, commits to a plan to sell the assets; • the assets are available for immediate sale in their present condition; • an active program to locate buyers and other actions to sell the assets have been initiated; • the sale of the assets is probable and their transfer is expected to qualify for recognition as a completed sale within one year; • the assets are being actively marketed at reasonable prices in relation to their fair value; and • it is unlikely that significant changes will be made to the plan to sell the assets or that the plan will be withdrawn. A long-lived asset that is newly acquired and will be sold rather than held and used is classified as held for sale if the one year requirement is met and if the other requirements are expected to be met within a short period following the asset acquisition. Assets to be disposed of by sale are reported at the lower of their carrying amount or estimated fair value less costs to sell and are disclosed separately on the Consolidated Balance Sheets. These assets are not depreciated. Equipment disposal decisions are made using an approach in which a target life is set for each type of equipment. The target life is based on the manufacturer’s recommendations and the Company’s past experience in the various operating environments. Once a piece of equipment reaches its target life it is evaluated to determine if disposal is warranted based on its expected operating cost and reliability in its current state. If the expected operating cost exceeds the target operating cost for the fleet or if the expected reliability is lower than the target reliability of the fleet, the unit is considered for disposal. Expected operating costs and reliability are based on the past history of the unit and experience in the various operating environments. Once the Company has determined that the equipment |
Foreign currency translation | Foreign currency translationThe functional currency of the Company and its subsidiaries is Canadian Dollars. Transactions denominated in foreign currencies are recorded at the rate of exchange on the transaction date. Monetary assets and liabilities, denominated in foreign currencies, are translated into Canadian Dollars at the rate of exchange prevailing at the balance sheet date. Foreign exchange gains and losses are included in the determination of earnings and included under general and administrative costs on the Consolidated Statements of Operations and Comprehensive Income. |
Fair value measurement | Fair value measurementFair value measurements are categorized using a valuation hierarchy for disclosure of the inputs used to measure fair value, which prioritizes the inputs into three broad levels. Fair values included in Level 1 are determined by reference to quoted prices in active markets for identical assets and liabilities. Fair values included in Level 2 include valuations using inputs based on observable market data, either directly or indirectly other than the quoted prices. Level 3 valuations are based on inputs that are not based on observable market data. The classification of a fair value within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. |
Income taxes | Income taxesThe Company uses the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized based on the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period of enactment. A valuation allowance is recorded against any deferred tax asset if it is more likely than not that the asset will not be realized.The Company recognizes the effect of income tax positions only if those positions are more likely than not (greater than 50%) of being sustained. Changes in recognition or measurement are reflected in the period in which the change in judgement occurs. The Company accrues interest and penalties for uncertain tax positions in the period in which these uncertainties are identified. Interest and penalties are included in “General and administrative expenses” in the Consolidated Statements of Operations and Comprehensive Income. |
Stock-based compensation | Stock-based compensation The Company has a Restricted Share Unit (“RSU”) Plan which is described in note 17(a). RSUs are generally granted effective July 1 of each fiscal year with respect to services to be provided in that fiscal year and the following two five The Company has a Performance Restricted Share Unit ("PSU") plan which is described in note 17(b). The PSUs vest at the end of a three-year term and are subject to the performance criteria approved by the Human Resources and Compensation Committee at the date of the grant. Such performance criterion includes the passage of time and is based upon the improvement of total shareholder return ("TSR") as compared to a defined company Canadian peer group. TSR is calculated using the fair market values of voting common shares at the grant date, the fair market value of voting common shares at the vesting date and the total dividends declared and paid throughout the vesting period. The grants are measured at fair value on the grant date using a Monte Carlo model. At the maturity date, the Human Resources and Compensation Committee will assess actual performance against the performance criteria and determine the number of PSUs that have been earned. The Company intends to settle all PSUs with common shares purchased on the open market through a trust arrangement. The Company recognizes compensation cost over the three-year term of the PSU in the Consolidated Statements of Operations and Comprehensive Income, with a corresponding increase to additional paid-in capital. The Company has a Deferred Stock Unit (“DSU”) Plan which is described in note 17(c). The DSU plan enables directors and executives to receive all or a portion of their annual fee or annual executive bonus compensation in the form of DSUs and are settled in cash. Compensation expense is calculated based on the number of DSUs multiplied by the fair market value of each DSU as determined by the volume weighted-average trading price of the Company’s common shares for the five The Company has a Share Option Plan which is described in note 17(d). The Company accounts for all stock-based compensation payments that are settled by the issuance of equity instruments at fair value. Compensation cost is measured using the Black-Scholes model at the grant date and is expensed on a straight-line basis over the award’s vesting period, with a corresponding increase to additional paid-in capital. Upon exercise of a stock option, share capital is recorded at the sum of proceeds received and the related amount of additional paid-in capital. As stock-based compensation expense recognized in the Consolidated Statements of Earnings is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimated. |
Net income per share | Net income per share Basic net income per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period (see note 15(b)). Diluted net income per share is computed by dividing net income available to common shareholders by the weighted-average number of shares outstanding during the year, adjusted for dilutive share amounts. The diluted per share amounts are calculated using the treasury stock method and the if-converted method. |
Leases | Leases The Company adopted the new standard for leases, Topic 842, effective January 1, 2019. The Company applied the “Modified Retrospective” method where the cumulative effect adjustment is recognized to the opening balance of equity at January 1, 2019 and comparative period financial information was not adjusted. The Company elected to adopt the package of practical expedients available upon transition, and therefore did not reassess: (1) whether expired or existing contracts contain leases under the new definition of a lease, (2) lease classification for expired or existing leases, or (3) whether previously capitalized initial direct costs would qualify for capitalization under Topic 842. In addition, the Company elected to use hindsight when considering the likelihood that lessee options to extend or terminate a lease or purchase the underlying assets will be exercised. The adoption of this new standard had an impact on the Company’s Consolidated Balance Sheets where the Company was required to recognize ROU assets and lease liabilities for operating leases. However, there was no adjustment to opening equity at January 1, 2019. As a result of adoption Topic 842, on January 1, 2019 the Company recognized operating lease liabilities of $17,410 (of which $3,407 was current and $14,003 was non-current) and operating lease ROU assets of $16,021. ROU assets are net of $1,389 related to deferred lease inducements previously included in other long-term obligations. In addition, the Company reclassified its capital lease obligations (of which $32,250 was current and $54,318 was noncurrent) to the corresponding finance lease obligations captions on the Consolidated Balance Sheets. For lessee accounting, the Company determines whether a contract is or contains a lease at inception of the contract. At the lease commencement date, the Company recognizes a right-of-use ("ROU") asset and a lease liability. The ROU asset for operating and finance leases are included in operating lease right-of-use assets and property, plant and equipment, respectively, on the Consolidated Balance Sheets. The lease liability for operating and finance leases are included in operating lease liabilities and finance lease obligations, respectively. Operating and finance lease assets and liabilities are initially measured at the present value of lease payments at the commencement date. Subsequently, finance lease liabilities are measured at amortized cost using the effective interest rate method and operating lease liabilities are measured at the present value of unpaid lease payments. As most of the Company’s operating lease contracts do not provide the implicit interest rate, nor can the implicit interest rate be readily determined, the Company uses its incremental borrowing rate as the discount rate for determining the present value of lease payments. The Company's incremental borrowing rate for a lease is the rate that the Company would pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company uses the lease implicit interest rate when it is determinable. The lease term for all of the Company's leases includes the non-cancellable period of the lease plus any period covered by options to extend (or not to terminate) the lease term when it is reasonably certain that the Company will exercise that option. Lease payments are comprised of fixed payments owed over the lease term and the exercise price of a purchase option if the Company is reasonably certain to exercise the option. The ROU assets for both operating and finance leases are initially measured at cost, which consists of the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred, less any lease incentives received. Subsequently, the ROU assets for finance leases are amortized on a straight-line basis from the lease commencement date to the earlier of the end of its useful life or the end of the lease term. For finance leases, ROU asset depreciation expense is recognized and presented separately from interest expense on the lease liability through depreciation and interest expense, net, respectively. The ROU asset for operating leases is measured at the amortized value of the ROU asset. For operating leases, amortization of the ROU asset is calculated as the current-period lease cost adjusted by the lease liability accretion to the then outstanding lease balance. Lease expense of the operating lease ROU asset is recognized on a straight-line basis over the remaining lease term through general and administrative expenses. ROU assets for operating and finance leases are reduced by any accumulated impairment losses. The Company's existing accounting policy for impairment of long-lived assets is applied to determine whether an ROU asset is impaired, and if so, the amount of the impairment loss to be recognized. The Company monitors for events or changes in circumstances that require a reassessment of one or more of its leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset. The Company generally accounts for contracts with lease and non-lease components separately. This involves allocating the consideration in the contract to the lease and non-lease components based on each component’s relative standalone price. For certain leases, the Company has elected to apply the practical expedient to account for the lease and non-lease components together as a single lease component. Non-lease components include common area maintenance and machine maintenance. For those leases, the lease payments used to measure the lease liability include all of the fixed consideration in the contract. ROU assets and lease liabilities for all leases that have a lease term of 12 months or less ("short-term leases") are not recognized. The Company recognizes its short-term lease payments as an expense on a straight-line basis over the lease term. Short-term lease variable payments are recognized in the period in which the payment is assessed. For lessor accounting, the Company entered into contracts to sublease certain operating property leases to third parties and generally accounts for lease and non-lease components of subleases separately. The Company also entered into agreements as a lessor for equipment leases. If any of the following criteria are met, the Company classifies the lease as a sales-type lease: • The lease transfers ownership of the underlying asset to the lessee by the end of the lease term; • The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise; • The lease term is for the major part of the remaining economic life of the underlying asset. However, if the commencement date falls at or near the end of the economic life of the underlying asset, this criterion shall not be used for purposes of classifying the lease; • The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset. • The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. When none of these criteria are met, the Company classifies the lease as an operating lease unless both of the following criteria are met, in which case the Company records the lease as a direct financing lease: • The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments and/or any other third party unrelated to the lessor equals or exceeds substantially all of the fair value of the underlying asset. • It is probable that the lessor will collect the lease payments plus any amount necessary to satisfy a residual value guarantee. |
Deferred financing costs | Deferred financing costsUnderwriting, legal and other direct costs incurred in connection with the issuance of debt are presented as deferred financing costs. Deferred financing costs related to the mortgage and the issuance of Convertible Debentures are included within liabilities on the Consolidated Balance Sheets and are amortized using the effective interest rate method over the term to maturity. Deferred financing costs related to revolving facilities under the credit facilities are included within other assets on the Consolidated Balance Sheets and are amortized ratably over the term of the Credit Facility. |
Investments in affiliates and joint ventures | Investments in affiliates and joint ventures Upon inception or acquisition of a contractual agreement, the Company performs an assessment to determine whether the arrangement contains a variable interest in a legal entity and whether that legal entity is a variable interest entity ("VIE"). Where it is concluded that the Company is the primary beneficiary of a VIE, the Company will consolidate the accounts of that VIE. Other qualitative factors that are considered include decision-making responsibilities, the VIE capital structure, risk and rewards sharing, contractual agreements with the VIE, voting rights and level of involvement of other parties. The Company assesses the primary beneficiary determination for a VIE on an ongoing basis as changes occur in the facts and circumstances related to a VIE. If an entity is determined not to be a VIE, the voting interest entity model will be applied. The maximum exposure to loss as a result of involvement with the VIE is the Company’s share of the investee’s net assets. The Company utilizes the equity method to account for its interests in affiliates and joint ventures that the Company does not control but over which it exerts significant influence. The equity method is typically used when it has an ownership interest of between 20% and 50% in an entity, provided the Company is able to exercise significant influence over the investee’s operations. Significant influence is the power to participate in the financial and operating policy decisions of the investee. Under the equity method, the investment in an affiliate or a joint venture is initially recognized at cost. Transaction costs that are incremental and directly attributable to the investment in the affiliate or joint venture are included in the cost. The total initial cost of the investment is attributable to the net assets in the equity investee at fair value and additional assets acquired including intangible assets. The carrying amount of investment is adjusted to recognize changes in the Company’s share of net assets of the affiliate or joint venture since the acquisition date. The aggregate of the Company’s share of profit or loss of affiliates and joint ventures is shown on the face of the Consolidated Statements of Operations and Comprehensive Income, representing profit or loss after tax and noncontrolling interests in the subsidiaries of the affiliate or joint venture. Transactions between the Company and the affiliate or joint venture are eliminated to the extent of the interest in the affiliate or joint venture. After application of the equity method, the Company determines whether it is necessary to recognize an impairment loss on its investment in its affiliate or joint venture. At each reporting date, the Company determines whether there is objective evidence that the investment in the affiliate or joint venture is impaired. If there is such evidence, the Company calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognizes the loss within "equity earnings in affiliates and joint ventures" in the Consolidated Statements of Operations and Comprehensive Income. Upon loss of significant influence over the associate or joint control over the joint venture, the Company measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the associate or joint venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from disposal is recognized in the Consolidated Statements of Operations and Comprehensive Income. |
Government assistance | Government assistanceThe Company may receive compensation from government-funded assistance, which provides compensation for expenses incurred. These amounts are recognized in the Consolidated Statements of Operations and Comprehensive Income on a systematic basis in the periods in which the expenses are recognized. These amounts are presented as a reduction to the related expense. |
Derivative instruments | Derivative instrumentsThe Company uses derivative financial instruments to manage financial risks from fluctuations in share prices. These instruments included swap agreements related to the conversion of convertible debentures. Such instruments were only used for risk management purposes. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. Derivative financial instruments are subject to standard terms and conditions, financial controls, management and risk monitoring procedures. These derivative financial instruments were not designated as hedges for accounting purposes and were recorded at fair value with realized and unrealized gains and losses recognized in the Consolidated Statements of Operations. |
Accounting pronouncements recently adopted and not yet adopted | Accounting pronouncements recently adopted a) Financial instruments - credit losses The Company adopted the new standard for credit losses effective January 1, 2020, which amends the impairment model of financial instruments to require the immediate recognition of expected losses rather than incurred losses. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326). The Company applied a modified retrospective approach where the cumulative effect adjustment is recognized to the opening balance of equity at adoption (January 1, 2020). This transition method allowed the Company to not apply the new guidance, including disclosure requirements, to the comparative period presented. The adoption of this new standard did not have a material impact to the financial statements. Due to the limited historical default rates, there was no adjustment to opening equity at adoption. b) Fair value measurement The Company adopted the new standard for fair value measurement effective January 1, 2020. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. This accounting standard update was issued to improve the effectiveness of disclosure requirements on fair value measurement. The adoption of this new standard did not have a material impact to the financial statements. c) Internal-use software The Company adopted the new standard for internal-use software effective January 1, 2020. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. This accounting standard update was issued to clarify the accounting for implementation costs in cloud computing arrangements. The adoption of this new standard did not have a material impact to the financial statements. d) Related party guidance for variable interest entities |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of depreciation of property, plant and equipment | Depreciation is calculated based on the cost, net of the estimated residual value, over the estimated useful life of the assets on the following bases and rates: Assets Basis Rate Heavy equipment Units of production 3,000 - 120,000 hours Major component parts in use Units of production 2,500 - 50,000 hours Other equipment Straight-line 5 - 10 years Licensed motor vehicles Straight-line 5 - 10 years Office and computer equipment Straight-line 4 - 10 years Furnishings, fixtures and facilities Straight-line 10 - 30 years Buildings Straight-line 10 - 50 years Leasehold improvements Straight-line Over shorter of estimated useful life and lease term Land No depreciation No depreciation December 31, 2020 Cost Accumulated Net Book Value Owned assets Heavy equipment $ 352,948 $ 102,624 $ 250,324 Major component parts in use 326,022 111,583 214,439 Other equipment 41,934 27,041 14,893 Licensed motor vehicles 16,387 10,592 5,795 Office and computer equipment 6,337 4,137 2,200 Land 10,472 — 10,472 Buildings 22,701 3,062 19,639 776,801 259,039 517,762 Assets under finance lease Heavy equipment 97,871 25,454 72,417 Major component parts in use 52,798 16,264 36,534 Other equipment 5,287 966 4,321 Licensed motor vehicles 3,629 959 2,670 159,585 43,643 115,942 Total property, plant and equipment $ 936,386 $ 302,682 $ 633,704 December 31, 2019 Cost Accumulated Net Book Value Owned assets Heavy equipment $ 299,298 $ 70,031 $ 229,267 Major component parts in use 252,328 92,161 160,167 Other equipment 40,344 25,328 15,016 Licensed motor vehicles 14,270 9,463 4,807 Office and computer equipment 5,154 3,511 1,643 Land 13,829 — 13,829 Buildings 26,281 2,421 23,860 651,504 202,915 448,589 Assets under finance lease Heavy equipment 132,270 43,466 88,804 Major component parts in use 71,706 27,918 43,788 Other equipment 2,126 264 1,862 Licensed motor vehicles 5,617 1,551 4,066 Office and computer equipment 691 71 620 212,410 73,270 139,140 Total property, plant and equipment $ 863,914 $ 276,185 $ 587,729 |
Schedule of useful lives of definite lived intangible assets | Estimated useful lives of definite lived intangible assets and corresponding amortization method are: Assets Basis Rate Internal-use software Straight-line 4 years Partnership relationship Straight-line 5 years |
Accounts receivable (Tables)
Accounts receivable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Schedule of accounts receivable | December 31, 2020 December 31, 2019 Trade $ 23,692 $ 38,686 Holdbacks 64 7,152 Accrued trade receivables 8,445 13,174 Contract receivables $ 32,201 $ 59,012 Other 4,172 7,734 $ 36,373 $ 66,746 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of revenue | Year ended December 31, 2020 2019 Revenue by source Operations support services $ 493,407 $ 586,757 Construction services 6,967 132,310 $ 500,374 $ 719,067 By commercial terms Time-and-materials $ 263,854 $ 343,156 Unit-price 225,667 375,911 Lump-sum 10,853 — $ 500,374 $ 719,067 Revenue recognition method As-invoiced $ 341,999 $ 467,013 Cost-to-cost percent complete 158,375 252,054 $ 500,374 $ 719,067 |
Contract balances | December 31, December 31, 2019 Contract assets $ 7,034 $ 19,193 Contract liabilities 1,512 23 The following table provides information about significant changes in the contract assets: Year ended December 31, 2020 2019 Balance, beginning of year $ 19,193 $ 10,673 Transferred to receivables from contract assets recognized at the beginning of the period (16,516) (10,276) Decreases due to derecognition of unpriced contract modifications (2,677) — Increases as a result of changes to the estimate of the stage of completion, excluding amounts transferred in the period 6,909 14,892 Increases as a result of work completed, but not yet an unconditional right to consideration 125 5,736 Decreases due to effect of change in presentation of NL Partnership — (1,832) Balance, end of year $ 7,034 $ 19,193 The following table provides information about significant changes in the contract liabilities: Year ended December 31, 2020 2019 Balance, beginning of year $ 23 $ 4,032 Revenue recognized that was included in the contract liability balance at the beginning of the period (23) (4,031) Increases due to cash received, excluding amounts recognized as revenue during the period 1,512 174 Decreases due to effect of change in presentation of NL Partnership — (152) Balance, end of year $ 1,512 $ 23 The following table provides information about revenue recognized from performance obligations that were satisfied (or partially satisfied) in previous periods: Year ended December 31, 2020 2019 Revenue recognized $ 1,403 $ 1,857 |
Schedule remaining performance obligations | For the year ended December 31, 2021 $ 87,289 2022 11,717 2023 11,717 2024 9,270 2025 6,823 $ 126,816 |
Summary of contract costs | The following table summarizes contract costs included within other assets on the Consolidated Balance Sheets. December 31, December 31, 2019 Fulfillment costs $ 1,432 $ 1,016 Reimbursable bid costs 537 — $ 1,969 $ 1,016 |
Long term debt (Tables)
Long term debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of long term debt | Note December 31, 2020 December 31, 2019 Credit Facility 7(a) $ 220,000 $ 190,000 Convertible debentures 7(b) 55,000 94,031 Mortgages 21,206 21,739 Financing obligations 7(c) 51,118 15,435 Promissory notes 7(d) 12,726 14,648 Unamortized deferred financing costs 7(e) (2,196) (3,896) $ 357,854 $ 331,957 Less: current portion of long-term debt (16,307) (18,514) $ 341,547 $ 313,443 December 31, 2020 December 31, 2019 Cost $ 2,784 $ 4,918 Accumulated amortization 588 1,022 $ 2,196 $ 3,896 |
Schedule of convertible debt | Due to the November 1, 2019 reorganization of the NL Partnership, amounts outstanding under the Nuna Credit Facility as at December 31, 2019 are now included in investments in affiliates and joint ventures on the Consolidated Balance Sheets (note 10). b) Convertible debentures December 31, December 31, 2019 5.00% convertible debentures $ 55,000 $ 55,000 5.50% convertible debentures — 39,031 $ 55,000 $ 94,031 The terms of the convertible debentures are summarized as follows: Date of issuance Maturity Conversion price Share equivalence per $1000 debenture Debt issuance costs 5.00% convertible debentures March 20, 2019 March 31, 2026 $ 26.25 $ 38.0952 $ 2,691 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Depreciation is calculated based on the cost, net of the estimated residual value, over the estimated useful life of the assets on the following bases and rates: Assets Basis Rate Heavy equipment Units of production 3,000 - 120,000 hours Major component parts in use Units of production 2,500 - 50,000 hours Other equipment Straight-line 5 - 10 years Licensed motor vehicles Straight-line 5 - 10 years Office and computer equipment Straight-line 4 - 10 years Furnishings, fixtures and facilities Straight-line 10 - 30 years Buildings Straight-line 10 - 50 years Leasehold improvements Straight-line Over shorter of estimated useful life and lease term Land No depreciation No depreciation December 31, 2020 Cost Accumulated Net Book Value Owned assets Heavy equipment $ 352,948 $ 102,624 $ 250,324 Major component parts in use 326,022 111,583 214,439 Other equipment 41,934 27,041 14,893 Licensed motor vehicles 16,387 10,592 5,795 Office and computer equipment 6,337 4,137 2,200 Land 10,472 — 10,472 Buildings 22,701 3,062 19,639 776,801 259,039 517,762 Assets under finance lease Heavy equipment 97,871 25,454 72,417 Major component parts in use 52,798 16,264 36,534 Other equipment 5,287 966 4,321 Licensed motor vehicles 3,629 959 2,670 159,585 43,643 115,942 Total property, plant and equipment $ 936,386 $ 302,682 $ 633,704 December 31, 2019 Cost Accumulated Net Book Value Owned assets Heavy equipment $ 299,298 $ 70,031 $ 229,267 Major component parts in use 252,328 92,161 160,167 Other equipment 40,344 25,328 15,016 Licensed motor vehicles 14,270 9,463 4,807 Office and computer equipment 5,154 3,511 1,643 Land 13,829 — 13,829 Buildings 26,281 2,421 23,860 651,504 202,915 448,589 Assets under finance lease Heavy equipment 132,270 43,466 88,804 Major component parts in use 71,706 27,918 43,788 Other equipment 2,126 264 1,862 Licensed motor vehicles 5,617 1,551 4,066 Office and computer equipment 691 71 620 212,410 73,270 139,140 Total property, plant and equipment $ 863,914 $ 276,185 $ 587,729 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of lease expenses and income | Year ended December 31, 2020 2019 Short-term lease expense $ 14,555 $ 36,179 Operating lease expense 4,740 4,435 Operating lease income (8,118) (3,074) |
Schedule of operating lease income | December 31, December 31, 2019 Net book value of property, plant and equipment under finance leases $115,942 $139,140 Weighted-average remaining lease term (in years): Finance leases 3.0 3.1 Operating leases 8.1 8.3 Weighted-average discount rate: Finance leases 3.66 % 3.94 % Operating leases 4.79 % 4.80 % |
Schedule of future minimum lease payments for operating leases | The future minimum lease payments and receipts from non-cancellable operating leases as at December 31, 2020 for the periods shown are as follows: Payments Receipts For the year ending December 31, Finance Leases Operating Leases Operating leases 2021 $ 28,969 $ 4,768 $ 8,179 2022 22,735 3,702 7,276 2023 13,942 2,413 6,121 2024 6,442 1,193 493 2025 and thereafter 1,358 10,160 — Total minimum lease payments $ 73,446 $ 22,236 $ 22,069 Less: amount representing interest (3,974) (4,114) Carrying amount of minimum lease payments $ 69,472 $ 18,122 Less: current portion of leases (26,895) (4,004) $ 42,577 $ 14,118 |
Schedule of future minimum lease payments for finance leases | The future minimum lease payments and receipts from non-cancellable operating leases as at December 31, 2020 for the periods shown are as follows: Payments Receipts For the year ending December 31, Finance Leases Operating Leases Operating leases 2021 $ 28,969 $ 4,768 $ 8,179 2022 22,735 3,702 7,276 2023 13,942 2,413 6,121 2024 6,442 1,193 493 2025 and thereafter 1,358 10,160 — Total minimum lease payments $ 73,446 $ 22,236 $ 22,069 Less: amount representing interest (3,974) (4,114) Carrying amount of minimum lease payments $ 69,472 $ 18,122 Less: current portion of leases (26,895) (4,004) $ 42,577 $ 14,118 |
Schedule of future minimum lease payments for lessor operating leases | The future minimum lease payments and receipts from non-cancellable operating leases as at December 31, 2020 for the periods shown are as follows: Payments Receipts For the year ending December 31, Finance Leases Operating Leases Operating leases 2021 $ 28,969 $ 4,768 $ 8,179 2022 22,735 3,702 7,276 2023 13,942 2,413 6,121 2024 6,442 1,193 493 2025 and thereafter 1,358 10,160 — Total minimum lease payments $ 73,446 $ 22,236 $ 22,069 Less: amount representing interest (3,974) (4,114) Carrying amount of minimum lease payments $ 69,472 $ 18,122 Less: current portion of leases (26,895) (4,004) $ 42,577 $ 14,118 |
Investments in affiliates and_2
Investments in affiliates and joint ventures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of variable interest entities | The Company accounts for these investments as follows: Investee name: Interest Consolidation Nuna East Ltd. 37 % Equity method Nuna Pang Contracting Ltd. 37 % Equity method Nuna West Mining Ltd. 49 % Equity method 1229181 B.C Ltd. 49 % Equity method North American Nuna Joint Venture 50 % Equity method NAYL Realty Inc. 49 % Equity method BNA Remanufacturing Limited Partnership 50 % Equity method Dene North Site Services Partnership 49 % Proportionate Mikisew North American Limited Partnership 49 % Proportionate |
Schedule of investments in affiliates and joint ventures | The Company accounts for these investments as follows: Investee name: Interest Consolidation Nuna East Ltd. 37 % Equity method Nuna Pang Contracting Ltd. 37 % Equity method Nuna West Mining Ltd. 49 % Equity method 1229181 B.C Ltd. 49 % Equity method North American Nuna Joint Venture 50 % Equity method NAYL Realty Inc. 49 % Equity method BNA Remanufacturing Limited Partnership 50 % Equity method Dene North Site Services Partnership 49 % Proportionate Mikisew North American Limited Partnership 49 % Proportionate The following table summarizes the movement in the investments in affiliates and joint ventures balance during the year: December 31, 2020 December 31, 2019 Balance, beginning of the year $ 42,908 $ 11,788 Additions due to change in presentation of NL Partnership — 37,025 Additions 2,790 — Share of net income 5,942 2,780 Dividends, repayments of loans and other adjustments (7,590) (8,685) Balance, end of the year $ 44,050 $ 42,908 The financial information for the share of the Company's share of the investments in affiliates and joint ventures accounted for using the equity method is summarized as follows: Balance Sheets December 31, December 31, Assets Current assets $ 51,727 $ 33,734 Non-current assets 40,858 21,370 Total assets $ 92,585 $ 55,104 Liabilities Current liabilities $ 24,200 $ 10,590 Non-current liabilities 24,335 2,614 Total liabilities $ 48,535 $ 13,204 Statements of Operations and Comprehensive Income Year ended December 31, 2020 2019 Revenues $ 59,944 $ 24,689 Gross profit 9,833 5,148 Income before taxes 7,717 3,782 Net income and comprehensive income 5,942 2,780 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of differences between tax provision and Federal and Provincial statutory income taxes | The reasons for the differences are as follows: Year ended December 31, 2020 2019 Income before income taxes $ 60,472 $ 39,991 Tax rate 23.00 % 26.50 % Expected expense $ 13,909 $ 10,598 Decrease related to: Impact of enacted future statutory income tax rates (211) (5,797) Rate differential on equity earnings in affiliates and joint ventures (1,606) (859) Other (828) (1,097) Deferred income tax expense $ 11,264 $ 2,845 Current income tax expense — 13 Total income tax expense $ 11,264 $ 2,858 |
Schedule of deferred tax assets and liabilities | The deferred tax assets and liabilities are summarized below: December 31, 2020 December 31, 2019 Deferred tax assets: Non-capital and net capital loss carryforwards $ 40,758 $ 44,763 Finance lease obligations 27,736 27,220 Stock-based compensation 2,872 3,393 Other 1,990 682 Subtotal $ 73,356 $ 76,058 Less: valuation allowance (391) (881) $ 72,965 $ 75,177 Deferred tax liabilities: Contract assets $ 1,524 $ 4,805 Property, plant and equipment 117,768 106,104 Other 1,461 1,114 $ 120,753 $ 112,023 Net deferred income tax liability $ 47,788 $ 36,846 Classified as: December 31, 2020 December 31, 2019 Deferred tax asset $ 16,407 $ 15,655 Deferred tax liability (64,195) (52,501) $ (47,788) $ (36,846) |
Schedule of non-capital losses for income tax purposes | At December 31, 2020, the Company has a deferred tax asset of $40,367 resulting from non-capital loss carryforwards of $175,507, which expire as follows: December 31, 2020 2026 $ 279 2031 179 2032 4,672 2033 5,893 2034 819 2036 3,125 2037 17,799 2038 86,979 2039 39,470 2040 16,292 $ 175,507 |
Accrued liabilities (Tables)
Accrued liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of accrued liabilities | Note December 31, 2020 December 31, 2019 Payroll liabilities $ 11,929 $ 11,973 Income and other taxes payable 3,216 38 Dividends payable 15(c) 1,167 1,030 Accrued interest payable 856 1,557 Liabilities related to short-term rentals 730 2,405 Other 1,213 557 $ 19,111 $ 17,560 |
Other long term obligations (Ta
Other long term obligations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of other long term obligations | Note December 31, 2020 December 31, 2019 Directors' deferred stock unit plan 17(c) $ 10,761 $ 14,375 Deferred gain on sale-leaseback 13(a) 4,748 6,593 Other 3,341 3,536 $ 18,850 $ 24,504 |
Schedule of deferred gain on sale-leaseback | December 31, 2020 December 31, 2019 Balance, beginning of year $ 6,593 $ 8,438 Amortization of deferred gain on sale-leaseback (1,845) (1,845) Balance, end of year $ 4,748 $ 6,593 |
Financial instruments and ris_2
Financial instruments and risk management (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial instruments with carrying amounts that differ from fair values | Financial instruments with carrying amounts that differ from their fair values are as follows: December 31, 2020 December 31, 2019 Fair Value Hierarchy Level Carrying Fair Carrying Fair Convertible debentures Level 1 55,000 52,250 94,031 112,970 Financing obligations Level 2 51,118 49,938 15,435 13,647 |
Schedule of major customers | The following customers accounted for 10% or more of total revenues: Year ended December 31, 2020 2019 Customer A 45 % 33 % Customer B 30 % 22 % Customer C 11 % 13 % Customer D 10 % 27 % At December 31, 2020 and December 31, 2019, the following customers represented 10% or more of accounts receivable and contract assets: December 31, 2020 December 31, 2019 Customer 1 39 % 36 % Customer 2 20 % 12 % Customer 3 16 % 13 % Customer 4 — % 25 % |
Schedule of maximum exposure to credit risk for accounts receivable and unbilled revenue | The Company’s exposure to credit risk for accounts receivable and contract assets is as follows: December 31, 2020 December 31, 2019 Trade accounts receivable $ 23,692 $ 38,686 Holdbacks 64 7,152 Accrued trade receivables 8,445 13,174 Contract receivables, included in accounts receivable $ 32,201 $ 59,012 Other receivables 4,172 7,734 Total accounts receivable $ 36,373 $ 66,746 Contract assets 7,034 19,193 Total $ 43,407 $ 85,939 |
Schedule of trade receivables aging | As at December 31, 2020 and December 31, 2019, trade receivables and holdbacks are aged as follows: December 31, 2020 December 31, 2019 Not past due $ 21,725 $ 35,409 Past due 1-30 days 1,821 10,380 Past due 31-60 days 85 5 More than 61 days 125 44 Total $ 23,756 $ 45,838 |
Shares (Tables)
Shares (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of common shares | Common shares Treasury shares Common shares, net of treasury shares Issued and outstanding at December 31, 2018 27,088,816 (2,084,611) 25,004,205 Issued upon exercise of stock options 327,000 — 327,000 Issued upon conversion of convertible debentures 87,096 — 87,096 Purchase of treasury shares — (735,857) (735,857) Settlement of certain equity classified stock-based compensation — 1,095,001 1,095,001 Issued and outstanding at December 31, 2019 27,502,912 (1,725,467) 25,777,445 Issued upon exercise of stock options 109,100 — 109,100 Issued upon conversion of convertible debentures 4,622,916 — 4,622,916 Retired through share purchase program (1,223,097) — (1,223,097) Purchase of treasury shares — (907,462) (907,462) Settlement of certain equity classified stock-based compensation — 787,728 787,728 Issued and outstanding at December 31, 2020 31,011,831 (1,845,201) 29,166,630 |
Schedule of net income per share | Year ended December 31, 2020 2019 Net income available to common shareholders $ 49,208 $ 36,878 Interest from convertible debentures (after tax) 2,370 3,590 Diluted net income available to common shareholders $ 51,578 $ 40,468 Weighted-average number of common shares 28,165,130 25,444,374 Weighted-average effect of dilutive securities Dilutive effect of treasury shares 1,949,717 1,898,645 Dilutive effect of stock options 90,741 255,378 Dilutive effect of 5.00% convertible debentures 2,095,236 1,647,487 Dilutive effect of 5.50% convertible debentures — 3,597,327 Weighted-average number of diluted common shares 32,300,824 32,843,211 Basic net income per share $ 1.75 $ 1.45 Diluted net income per share $ 1.60 $ 1.23 |
Schedule of dividends | Date declared Per share Shareholders on record as of Paid or payable to shareholders Total paid or payable Q4 2019 October 29, 2019 $ 0.04 November 30, 2019 January 3, 2020 $ 1,030 Q1 2020 February 18, 2020 $ 0.04 March 5, 2020 April 3, 2020 $ 1,023 Q2 2020 May 5, 2020 $ 0.04 May 29, 2020 July 3, 2020 $ 1,162 Q3 2020 July 28, 2020 $ 0.04 August 31, 2020 October 2, 2020 $ 1,156 Q4 2020 October 27, 2020 $ 0.04 November 30, 2020 January 8, 2021 $ 1,167 |
Interest expense net (Tables)
Interest expense net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Interest Expense [Abstract] | |
Schedule of interest expense | Year ended December 31, 2020 2019 Credit facilities $ 8,189 $ 9,826 Convertible debentures 3,299 4,318 Finance lease obligations 3,184 3,691 Mortgages 999 963 Promissory notes 664 1,691 Financing obligations 1,265 272 Amortization of deferred financing costs 1,091 969 Interest expense $ 18,691 $ 21,730 Other interest income (10) (107) $ 18,681 $ 21,623 |
Stock-based compensation (Table
Stock-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of stock-based compensation expenses included in general and administrative expenses | Stock-based compensation expenses included in general and administrative expenses are as follows: Year ended December 31, Note 2020 2019 Restricted share unit plan 17(a) $ 1,991 $ 1,933 Performance restricted share unit plan 17(b) 2,031 1,892 Deferred stock unit plan 17(c) (2,078) 5,618 $ 1,944 $ 9,443 |
Schedule of performance restricted share units | Number of units Weighted-average exercise price Outstanding at December 31, 2018 741,117 5.92 Granted 122,274 13.12 Vested (372,924) 4.45 Forfeited (8,560) 8.09 Outstanding at December 31, 2019 481,907 8.85 Granted 211,754 8.55 Vested (201,104) 8.51 Outstanding at December 31, 2020 492,557 8.86 |
Schedule of assumptions used in estimate of fair value | The Company estimated the fair value of the PSUs granted during the years ended December 31, 2020 and 2019 using a Monte Carlo simulation with the following assumptions: 2020 2019 Risk-free interest rate 0.30 % 1.43 % Expected volatility 48.71 % 40.12 % |
Schedule of stock plan activity | Number of units Outstanding at December 31, 2018 1,126,239 Granted 82,191 Redeemed (307,385) Outstanding at December 31, 2019 901,045 Granted 114,020 Redeemed (9,562) Outstanding at December 31, 2020 1,005,503 |
Schedule of stock options activity | Number of options Weighted-average Outstanding at December 31, 2018 565,600 5.40 Exercised (i) (327,000) 5.97 Outstanding at December 31, 2019 238,600 4.61 Exercised (i) (109,100) 4.91 Forfeited or expired (4,500) 10.13 Outstanding at December 31, 2020 125,000 4.16 (i) All stock options exercised resulted in new common shares being issued (note 15(a)). |
Summary of information about stock options outstanding | The following table summarizes information about stock options outstanding at December 31, 2020: Options outstanding and exercisable Exercise price Number Weighted-average Weighted- $2.75 73,400 1.7 years $ 2.75 $5.91 31,100 3.0 years $ 5.91 $6.56 20,500 0.9 years $ 6.56 125,000 1.9 years $ 4.16 |
Equity classified restricted share unit plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of restricted share unit plan activity | Number of units Weighted-average exercise price Outstanding at December 31, 2018 948,093 5.88 Granted 193,450 13.40 Vested (465,194) 4.15 Forfeited (26,272) 6.01 Outstanding at December 31, 2019 650,077 9.35 Granted 298,142 8.55 Vested (269,484) 6.19 Forfeited (37,264) 8.81 Outstanding at December 31, 2020 641,471 10.34 |
Other information (Tables)
Other information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of net change in non-cash working capital | Year ended December 31, 2020 2019 Cash paid during the year for: Interest $ 18,526 $ 20,039 Cash received during the year for: Interest 151 72 Non-cash transactions: Addition of property, plant and equipment by means of finance leases 27,882 28,107 Decrease to property, plant and equipment upon investment contribution to affiliates and joint ventures (980) — Increase in assets held for sale, offset by property, plant and equipment 7,127 4,230 Non-cash working capital exclusions: Net decrease in accounts receivable relating to other adjustments to investments in affiliates and joint ventures (911) — Net decrease in accrued liabilities related to conversion of bonus compensation to deferred stock units 294 428 Net decrease in other accrued liabilities — 582 Net increase in accrued liabilities related to the current portion of deferred stock units liability (1,727) — Net increase in accrued liabilities related to dividend payable (137) (530) Net decrease in long-term portion of payroll liabilities — 536 Non-cash working capital transactions related to the reorganization of investments in affiliates and joint ventures: Decrease in accounts receivable — (10,260) Decrease in contract assets — (1,832) Decrease in inventory — (4,321) Decrease in prepaid expenses — (341) Decrease in contract costs — (349) Decrease in accounts payable — 3,859 Decrease in accrued liabilities — 1,615 Decrease in contract liabilities — 152 |
Schedule of non-cash transactions | The table below represents the cash (used in) provided by non-cash working capital: Year ended December 31, 2020 2019 Operating activities: Accounts receivable $ 29,462 $ 5,393 Contract assets 12,159 (10,352) Inventories 2,475 (12,579) Contract costs (953) 943 Prepaid expenses and deposits (593) (663) Accounts payable (46,832) 28,600 Accrued liabilities (19) 1,034 Contract liabilities 1,489 (3,857) $ (2,812) $ 8,519 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | The following table provides the balance sheet balances with North American Nuna Joint Venture, NL Partnership and its affiliates: December 31, 2020 December 31, 2019 Accounts receivable $ 1,179 $ 1,202 Other assets 1,432 — Accounts payable and accrued liabilities 5,296 251 |
Significant accounting polici_4
Significant accounting policies - Property, plant and equipment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Heavy equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3000 hours |
Heavy equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 120000 hours |
Major component parts in use | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3000 hours |
Major component parts in use | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 50000 hours |
Other equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Other equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Licensed motor vehicles | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Licensed motor vehicles | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Office and computer equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 4 years |
Office and computer equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Furnishings, fixtures and facilities | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Furnishings, fixtures and facilities | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 30 years |
Buildings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Buildings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 50 years |
Significant accounting polici_5
Significant accounting policies - Intangible assets (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Internal-use software | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, useful life | 4 years |
Partnership relationship | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, useful life | 5 years |
Significant accounting polici_6
Significant accounting policies - Stock-based compensation (Details) - CAD ($) | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equipment expense | $ 177,532,000 | $ 243,427,000 | ||
Impairment of long-lived assets | $ 0 | $ 0 | ||
Number of trading days used to determine weighted average trading price of common shares | 5 days | |||
Inventory Error | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equipment expense | (2,775,000) | |||
Equipment expense net | $ (2,040,000) | |||
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Ownership percentage | 20.00% | 20.00% | ||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Ownership percentage | 50.00% | 50.00% | ||
Restricted Share Unit (RSU) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award service period | 2 years | |||
Award vesting period | 3 years | |||
Compensation expense recognition period | 3 years | |||
Phantom Share Units (PSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Compensation expense recognition period | 3 years |
Significant accounting polici_7
Significant accounting policies - Leases (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease liabilities | $ 18,122 | ||
Current portion of operating lease liabilities | 4,004 | $ 3,799 | |
Non-current portion of operating lease liabilities | 14,118 | 17,710 | |
Operating lease right-of-use assets | 18,192 | 21,841 | |
Less: current portion of leases | 26,895 | 29,206 | |
Finance lease obligations, noncurrent | $ 42,577 | $ 47,072 | |
Topic 842 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease liabilities | $ 17,410 | ||
Current portion of operating lease liabilities | 3,407 | ||
Non-current portion of operating lease liabilities | 14,003 | ||
Operating lease right-of-use assets | 16,021 | ||
Deferred lease inducements | 1,389 | ||
Less: current portion of leases | 32,250 | ||
Finance lease obligations, noncurrent | 54,318 | ||
Reclassification from current capital lease obligations | 32,250 | ||
Reclassification from non-current capital lease obligations | $ 54,318 |
Accounts receivable (Details)
Accounts receivable (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Receivables [Abstract] | ||
Trade | $ 23,692 | $ 38,686 |
Holdbacks | 64 | 7,152 |
Accrued trade receivables | 8,445 | 13,174 |
Contract receivables | 32,201 | 59,012 |
Other | 4,172 | 7,734 |
Total accounts receivable | $ 36,373 | $ 66,746 |
Accounts receivable – holdback percentage | 10.00% |
Revenue - Disaggregation of rev
Revenue - Disaggregation of revenue (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 500,374 | $ 719,067 |
As-invoiced | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 341,999 | 467,013 |
Cost-to-cost percent complete | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 158,375 | 252,054 |
Time-and-materials | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 263,854 | 343,156 |
Unit-price | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 225,667 | 375,911 |
Lump-sum | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 10,853 | 0 |
Operations support services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 493,407 | 586,757 |
Construction services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 6,967 | $ 132,310 |
Revenue - Contract balances (De
Revenue - Contract balances (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 7,034 | $ 19,193 |
Contract liabilities | 1,512 | 23 |
Contract Assets [Roll Forward] | ||
Balance, beginning of year | 19,193 | 10,673 |
Transferred to receivables from contract assets recognized at the beginning of the period | (16,516) | (10,276) |
Decreases due to derecognition of unpriced contract modifications | (2,677) | 0 |
Increases as a result of changes to the estimate of the stage of completion, excluding amounts transferred in the period | 6,909 | 14,892 |
Increases as a result of work completed, but not yet an unconditional right to consideration | 125 | 5,736 |
Decreases due to effect of change in presentation of NL Partnership | 0 | (1,832) |
Balance, end of year | 7,034 | 19,193 |
Contract Liabilities [Roll Forward] | ||
Balance, beginning of year | 23 | 4,032 |
Revenue recognized that was included in the contract liability balance at the beginning of the period | (23) | (4,031) |
Increases due to cash received, excluding amounts recognized as revenue during the period | 1,512 | 174 |
Decreases due to effect of change in presentation of NL Partnership | 0 | (152) |
Balance, end of year | 1,512 | 23 |
Performance Obligation | ||
Revenue recognized | $ 1,403 | $ 1,857 |
Revenue - Unpriced contract mod
Revenue - Unpriced contract modifications (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 500,374,000 | $ 719,067,000 |
Variable consideration - unpriced contract modifications | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 4,936,000 |
Uncollected consideration | $ 0 | $ 5,312,000 |
Revenue - Contract costs (Detai
Revenue - Contract costs (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Capitalized Contract Cost [Line Items] | ||
Contract costs | $ 1,969,000 | $ 1,016,000 |
Fulfillment costs | ||
Capitalized Contract Cost [Line Items] | ||
Contract costs | 1,432,000 | 1,016,000 |
Reimbursable bid costs | ||
Capitalized Contract Cost [Line Items] | ||
Contract costs | 537,000 | 0 |
Fulfillment costs | $ 2,256,000 | $ 1,016,000 |
Revenue - Remaining performance
Revenue - Remaining performance obligations (Details) $ in Thousands | Dec. 31, 2020CAD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 126,816 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 87,289 |
Remaining performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 11,717 |
Remaining performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 11,717 |
Remaining performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 9,270 |
Remaining performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 6,823 |
Remaining performance obligation, period | 1 year |
Long term debt - Schedule of Lo
Long term debt - Schedule of Long Term Debt (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Long-term Debt, Excluding Current Maturities [Abstract] | ||
Long-term debt, gross | $ 357,854 | $ 331,957 |
Unamortized deferred financing costs | (2,196) | (3,896) |
Less: current portion of long-term debt | (16,307) | (18,514) |
Long-term portion of debt | 341,547 | 313,443 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2021 | 16,300 | |
2022 | 16,800 | |
2023 | 237,400 | |
2024 | 15,100 | |
2025 | 1,300 | |
Credit Facility | ||
Long-term Debt, Excluding Current Maturities [Abstract] | ||
Long-term debt, gross | 220,000 | 190,000 |
Convertible debentures | ||
Long-term Debt, Excluding Current Maturities [Abstract] | ||
Long-term debt, gross | 55,000 | 94,031 |
Mortgages | ||
Long-term Debt, Excluding Current Maturities [Abstract] | ||
Long-term debt, gross | 21,206 | 21,739 |
Financing obligations | ||
Long-term Debt, Excluding Current Maturities [Abstract] | ||
Long-term debt, gross | 51,118 | 15,435 |
Promissory notes | ||
Long-term Debt, Excluding Current Maturities [Abstract] | ||
Long-term debt, gross | $ 12,726 | $ 14,648 |
Long term debt - Credit Facilit
Long term debt - Credit Facility Narrative (Details) | 12 Months Ended | |||
Dec. 31, 2020CAD ($)convenant | Dec. 31, 2019CAD ($) | Oct. 08, 2020CAD ($) | Nov. 23, 2018CAD ($) | |
Line of Credit Facility [Line Items] | ||||
Financing costs | $ 965,000 | $ 2,689,000 | ||
Credit facility | Revolver | Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity of credit facility | $ 325,000,000 | $ 300,000,000 | ||
Additional borrowing limit | 25,000,000 | 50,000,000 | ||
Finance lease borrowing limit | 150,000,000 | 150,000,000 | ||
Other outstanding debt limit | $ 20,000,000 | 20,000,000 | ||
Financing costs | 965,000 | |||
Amount outstanding during period | 900,000 | 900,000 | ||
Unused borrowing availability under the revolving facility | 104,100,000 | 109,100,000 | ||
Unused borrowing availability under finance lease obligations | $ 29,400,000 | $ 53,900,000 | ||
Number of financial covenants | convenant | 2 | |||
Senior leverage ratio, step-up | 0.50 | |||
Fixed charge ratio | 1.15 | |||
Credit facility | Revolver | Minimum | Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Standby fees percentage | 0.40% | |||
Credit facility | Revolver | Maximum | Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Standby fees percentage | 0.75% | |||
Credit facility | Letter of credit | Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity of credit facility | $ 25,000,000 | |||
Debt covenant period, tranche two | Credit facility | Revolver | Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Senior leverage ratio | 3 |
Long term debt - Convertible De
Long term debt - Convertible Debentures (Details) | Apr. 30, 2020CAD ($) | Apr. 06, 2020CAD ($)shares | Apr. 30, 2020CAD ($) | Mar. 31, 2020CAD ($)shares | Dec. 31, 2020CAD ($) | Dec. 31, 2019CAD ($) | Mar. 23, 2020 | Mar. 20, 2019CAD ($) | Mar. 20, 2019$ / shares | Mar. 15, 2017CAD ($) | Mar. 15, 2017$ / shares |
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 357,854,000 | $ 331,957,000 | |||||||||
Debt issuance costs | 2,196,000 | 3,896,000 | |||||||||
Net realized gain (loss) | 4,266,000 | 0 | |||||||||
Settled promissory notes | 17,022,000 | ||||||||||
Interest Rate Swap | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Net realized gain (loss) | $ 2,142,000 | $ (2,210,000) | |||||||||
Unrealized gain | 4,334,000 | ||||||||||
Five Point Five Zero Percent Convertible Debentures | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 38,605,000 | $ 426,000 | |||||||||
Issuance of common shares | shares | 4,583,655,000 | 39,261,000 | |||||||||
Financing obligations | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | 51,118,000 | 15,435,000 | |||||||||
Debt instrument related obligations | $ 45,357,000 | ||||||||||
Financing obligations | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 2.38% | ||||||||||
Financing obligations | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 3.34% | ||||||||||
Convertible Subordinated Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 55,000,000 | 94,031,000 | |||||||||
Redemption price as a percentage of the principal amount | 101.00% | ||||||||||
Wrote off unamortized deferred financing costs | $ 1,286,000 | ||||||||||
Convertible Subordinated Debt | FIve Point Zero Percent Convertible Debentures | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 55,000,000 | $ 55,000,000 | |||||||||
Interest rate | 5.00% | 5.00% | |||||||||
Conversion price (in CAD per share) | $ / shares | $ 26.25 | ||||||||||
Share equivalence per $1000 debenture | $ 38.0952 | ||||||||||
Debt issuance costs | $ 2,691,000 | ||||||||||
Convertible Subordinated Debt | Five Point Five Zero Percent Convertible Debentures | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 0 | $ 39,031,000 | |||||||||
Interest rate | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | ||||
Conversion price (in CAD per share) | $ / shares | $ 10.85 | ||||||||||
Debt issuance costs | $ 2,133,000 | ||||||||||
Secured Debt | Equipment Promissory Note | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 3.45% | ||||||||||
Debt instrument, face amount | $ 15,100,000 |
Long term debt - Deferred Finan
Long term debt - Deferred Financing (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Cost | $ 2,784 | $ 4,918 |
Accumulated amortization | 588 | 1,022 |
Net Book Value | $ 2,196 | $ 3,896 |
Property. plant and equipment (
Property. plant and equipment (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Owned assets, cost | $ 776,801 | $ 651,504 |
Owned assets, accumulated depreciation | 259,039 | 202,915 |
Owned assets, net book value | 517,762 | 448,589 |
Assets under finance lease, cost | 159,585 | 212,410 |
Assets under finance least, accumulated depreciation | 43,643 | 73,270 |
Net book value of property, plant and equipment under finance leases | 115,942 | 139,140 |
Total plant and equipment, cost | 936,386 | 863,914 |
Property, plant and equipment, accumulated depreciation | 302,682 | 276,185 |
Property, plant and equipment, net of accumulated depreciation $302,682 (2019 – $276,185) | 633,704 | 587,729 |
Heavy equipment | ||
Property, Plant and Equipment [Line Items] | ||
Owned assets, cost | 352,948 | 299,298 |
Owned assets, accumulated depreciation | 102,624 | 70,031 |
Owned assets, net book value | 250,324 | 229,267 |
Assets under finance lease, cost | 97,871 | 132,270 |
Assets under finance least, accumulated depreciation | 25,454 | 43,466 |
Net book value of property, plant and equipment under finance leases | 72,417 | 88,804 |
Major component parts in use | ||
Property, Plant and Equipment [Line Items] | ||
Owned assets, cost | 326,022 | 252,328 |
Owned assets, accumulated depreciation | 111,583 | 92,161 |
Owned assets, net book value | 214,439 | 160,167 |
Assets under finance lease, cost | 52,798 | 71,706 |
Assets under finance least, accumulated depreciation | 16,264 | 27,918 |
Net book value of property, plant and equipment under finance leases | 36,534 | 43,788 |
Other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Owned assets, cost | 41,934 | 40,344 |
Owned assets, accumulated depreciation | 27,041 | 25,328 |
Owned assets, net book value | 14,893 | 15,016 |
Assets under finance lease, cost | 5,287 | 2,126 |
Assets under finance least, accumulated depreciation | 966 | 264 |
Net book value of property, plant and equipment under finance leases | 4,321 | 1,862 |
Licensed motor vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Owned assets, cost | 16,387 | 14,270 |
Owned assets, accumulated depreciation | 10,592 | 9,463 |
Owned assets, net book value | 5,795 | 4,807 |
Assets under finance lease, cost | 3,629 | 5,617 |
Assets under finance least, accumulated depreciation | 959 | 1,551 |
Net book value of property, plant and equipment under finance leases | 2,670 | 4,066 |
Office and computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Owned assets, cost | 6,337 | 5,154 |
Owned assets, accumulated depreciation | 4,137 | 3,511 |
Owned assets, net book value | 2,200 | 1,643 |
Assets under finance lease, cost | 691 | |
Assets under finance least, accumulated depreciation | 71 | |
Net book value of property, plant and equipment under finance leases | 620 | |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Owned assets, cost | 10,472 | 13,829 |
Owned assets, accumulated depreciation | 0 | 0 |
Owned assets, net book value | 10,472 | 13,829 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Owned assets, cost | 22,701 | 26,281 |
Owned assets, accumulated depreciation | 3,062 | 2,421 |
Owned assets, net book value | $ 19,639 | $ 23,860 |
Leases - Narrative (Details)
Leases - Narrative (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Leases for terms | 5 years | |
Depreciation of equipment under finance leases | $ 17,147 | $ 26,416 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, finance lease, renewal term | 1 year | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, finance lease, renewal term | 15 years |
Leases - Lease expenses and (in
Leases - Lease expenses and (income) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Short-term lease expense | $ 14,555 | $ 36,179 |
Operating lease expense | 4,740 | 4,435 |
Operating lease income | $ (8,118) | $ (3,074) |
Leases - Supplemental balance s
Leases - Supplemental balance sheet information (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Net book value of property, plant and equipment under finance leases | $ 115,942 | $ 139,140 |
Weighted-average remaining lease term (in years): | ||
Finance leases | 3 years | 3 years 1 month 6 days |
Operating leases | 8 years 1 month 6 days | 8 years 3 months 18 days |
Weighted-average discount rate: | ||
Finance leases | 3.66% | 3.94% |
Operating leases | 4.79% | 4.80% |
Leases - Maturity analysis (Det
Leases - Maturity analysis (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Payments Finance Leases | ||
2021 | $ 28,969 | |
2022 | 22,735 | |
2023 | 13,942 | |
2024 | 6,442 | |
2025 and thereafter | 1,358 | |
Total minimum lease payments | 73,446 | |
Less: amount representing interest | (3,974) | |
Carrying amount of minimum lease payments | 69,472 | |
Less: current portion of leases | (26,895) | $ (29,206) |
Finance lease obligations | 42,577 | 47,072 |
Payments Operating Leases | ||
2021 | 4,768 | |
2022 | 3,702 | |
2023 | 2,413 | |
2024 | 1,193 | |
2025 and thereafter | 10,160 | |
Total minimum lease payments | 22,236 | |
Less: amount representing interest | (4,114) | |
Carrying amount of minimum lease payments | 18,122 | |
Less: current portion of capital leases | (4,004) | (3,799) |
Operating lease liabilities | 14,118 | $ 17,710 |
Receipts Operating Leases | ||
2021 | 8,179 | |
2022 | 7,276 | |
2023 | 6,121 | |
2024 | 493 | |
2025 and thereafter | 0 | |
Total minimum lease payments | $ 22,069 |
Investments in affiliates and_3
Investments in affiliates and joint ventures - Ownership Percentages (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Nuna East Ltd. | |
Variable Interest Entity [Line Items] | |
NL Partnership Interest in equity method investments | 37.00% |
Nuna Pang Contracting Ltd. | |
Variable Interest Entity [Line Items] | |
NL Partnership Interest in equity method investments | 37.00% |
Nuna West Mining Ltd. | |
Variable Interest Entity [Line Items] | |
NL Partnership Interest in equity method investments | 49.00% |
1229181 B.C Ltd. | |
Variable Interest Entity [Line Items] | |
NL Partnership Interest in equity method investments | 49.00% |
North American Nuna Joint Venture | |
Variable Interest Entity [Line Items] | |
NL Partnership Interest in equity method investments | 50.00% |
NAYL Realty Inc. | |
Variable Interest Entity [Line Items] | |
NL Partnership Interest in equity method investments | 49.00% |
BNA Remanufacturing Limited Partnership | |
Variable Interest Entity [Line Items] | |
NL Partnership Interest in equity method investments | 50.00% |
Dene North Site Services Partnership | Variable Interest Entity, Not Primary Beneficiary | |
Variable Interest Entity [Line Items] | |
NL Partnership Interest in VIEs | 49.00% |
Mikisew North American Limited Partnership | Variable Interest Entity, Not Primary Beneficiary | |
Variable Interest Entity [Line Items] | |
NL Partnership Interest in VIEs | 49.00% |
Investments in affiliates and_4
Investments in affiliates and joint ventures - Summary of Movement in Investments In Affiliates and Joint Ventures (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Equity Method Investment, Financial Statement, Reported Amounts [Roll Forward] | ||
Share of net income | $ 49,208 | $ 37,133 |
Equity method investments | ||
Equity Method Investment, Financial Statement, Reported Amounts [Roll Forward] | ||
Balance, beginning of the year | 42,908 | 11,788 |
Additions | 2,790 | 0 |
Share of net income | 5,942 | 2,780 |
Dividends, repayments of loans and other adjustments | (7,590) | (8,685) |
Balance, end of the year | 44,050 | 42,908 |
Nuna Logistics Partnership | Equity method investments | ||
Equity Method Investment, Financial Statement, Reported Amounts [Roll Forward] | ||
Additions | $ 0 | $ 37,025 |
Investments in affiliates and_5
Investments in affiliates and joint ventures - Balance Sheets (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Current assets | $ 119,958 | $ 117,801 |
Total assets | 838,928 | 792,652 |
Liabilities | ||
Current liabilities | 109,198 | 157,303 |
Total Liabilities | 590,485 | 612,533 |
Equity method investments | ||
Assets | ||
Current assets | 51,727 | 33,734 |
Non-current assets | 40,858 | 21,370 |
Total assets | 92,585 | 55,104 |
Liabilities | ||
Current liabilities | 24,200 | 10,590 |
Non-current liabilities | 24,335 | 2,614 |
Total Liabilities | $ 48,535 | $ 13,204 |
Investments in affiliates and_6
Investments in affiliates and joint ventures - Statements of Operations and Comprehensive Income (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | ||
Gross profit | $ 94,382 | $ 96,412 |
Net income and comprehensive income | 49,208 | 37,133 |
Equity method investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 59,944 | 24,689 |
Gross profit | 9,833 | 5,148 |
Income before taxes | 7,717 | 3,782 |
Net income and comprehensive income | $ 5,942 | $ 2,780 |
Investments in affiliates and_7
Investments in affiliates and joint ventures - Narrative (Details) - Equity method investments $ in Thousands | Dec. 31, 2020CAD ($) |
NAYL Realty Inc. | |
Variable Interest Entity [Line Items] | |
Cash | $ 1,810 |
BNA Remanufacturing Limited Partnership | |
Variable Interest Entity [Line Items] | |
Property, plant and equipment | $ 980 |
Income taxes - Expense (benefit
Income taxes - Expense (benefit) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Income before income taxes | $ 60,472 | $ 39,991 |
Tax rate | 23.00% | 26.50% |
Expected expense | $ 13,909 | $ 10,598 |
Decrease related to: | ||
Impact of enacted future statutory income tax rates | (211) | (5,797) |
Rate differential on equity earnings in affiliates and joint ventures | (1,606) | (859) |
Other | (828) | (1,097) |
Deferred income tax expense | 11,264 | 2,845 |
Current income tax expense | 0 | 13 |
Total income tax expense | $ 11,264 | $ 2,858 |
Income taxes - Deferred tax ass
Income taxes - Deferred tax assets and liabilities (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Non-capital and net capital loss carryforwards | $ 40,758 | $ 44,763 |
Finance lease obligations | 27,736 | 27,220 |
Stock-based compensation | 2,872 | 3,393 |
Other | 1,990 | 682 |
Subtotal | 73,356 | 76,058 |
Less: valuation allowance | (391) | (881) |
Deferred tax assets, net of valuation allowance | 72,965 | 75,177 |
Deferred tax liabilities: | ||
Contract assets | 1,524 | 4,805 |
Property, plant and equipment | 117,768 | 106,104 |
Other | 1,461 | 1,114 |
Deferred tax liabilities, gross | 120,753 | 112,023 |
Net deferred income tax liability | 47,788 | 36,846 |
Classified as: | ||
Deferred tax asset | 16,407 | 15,655 |
Deferred tax liability | (64,195) | (52,501) |
Net deferred income tax liability | $ (47,788) | $ (36,846) |
Income taxes - Narrative (Detai
Income taxes - Narrative (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Deferred tax assets, non-capital operating loss carryforwards | $ 40,367 | |
Non-capital losses for income tax purposes | 175,507 | |
Valuation allowance, amount | 391 | $ 881 |
Operating loss carryforwards, not subject to expiration | $ 3,399 |
Income taxes - Expiration of no
Income taxes - Expiration of non-capital losses for income tax purposes (Details) $ in Thousands | Dec. 31, 2020CAD ($) |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $ 175,507 |
2026 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 279 |
2031 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 179 |
2032 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 4,672 |
2033 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 5,893 |
2034 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 819 |
2036 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 3,125 |
2037 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 17,799 |
2038 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 86,979 |
2039 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 39,470 |
2040 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $ 16,292 |
Accrued liabilities (Details)
Accrued liabilities (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Payroll liabilities | $ 11,929 | $ 11,973 |
Income and other taxes payable | 3,216 | 38 |
Dividends payable | 1,167 | 1,030 |
Accrued interest payable | 856 | 1,557 |
Liabilities related to short-term rentals | 730 | 2,405 |
Other | 1,213 | 557 |
Accrued liabilities | $ 19,111 | $ 17,560 |
Other long-term obligations - S
Other long-term obligations - Schedule of other long term obligations (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Other Liabilities, Noncurrent [Abstract] | |||
Directors' deferred stock unit plan | $ 10,761 | $ 14,375 | |
Deferred gain on sale-leaseback | 4,748 | 6,593 | $ 8,438 |
Other | 3,341 | 3,536 | |
Other long term obligations | $ 18,850 | $ 24,504 |
Other long-term obligations - O
Other long-term obligations - Other liabilities and obligations (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred gain on sale-leaseback [Roll Forward] | ||
Balance, beginning of year | $ 6,593 | $ 8,438 |
Amortization of deferred gain on sale-leaseback | (1,845) | (1,845) |
Balance, end of year | $ 4,748 | $ 6,593 |
Financial instruments and ris_3
Financial instruments and risk management - Financial instruments (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Level 1 | Carrying Amount | Convertible debentures | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt | $ 55,000 | $ 94,031 |
Level 1 | Fair Value | Convertible debentures | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt | 52,250 | 112,970 |
Level 2 | Carrying Amount | Financing obligations | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt | 51,118 | 15,435 |
Level 2 | Fair Value | Financing obligations | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt | $ 49,938 | $ 13,647 |
Financial instruments and ris_4
Financial instruments and risk management - Risk management (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
COVID-19 | ||
Concentration Risk [Line Items] | ||
Salary and wage subsidies | $ 28,232 | |
Reduction in project costs | 16,241 | |
Reduction in equipment expense | 9,107 | |
Reduction in general and administrative costs | $ 2,884 | |
Customer A | Revenues | Major customers | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 45.00% | 33.00% |
Customer B | Revenues | Major customers | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 30.00% | 22.00% |
Customer C | Revenues | Major customers | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 11.00% | 13.00% |
Customer D | Revenues | Major customers | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 10.00% | 27.00% |
Customer 1 | Accounts receivable and contract assets | Major customers | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 39.00% | 36.00% |
Customer 2 | Accounts receivable and contract assets | Major customers | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 20.00% | 12.00% |
Customer 3 | Accounts receivable and contract assets | Major customers | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 16.00% | 13.00% |
Customer 4 | Accounts receivable and contract assets | Major customers | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 0.00% | 25.00% |
Credit Facility | ||
Concentration Risk [Line Items] | ||
Outstanding balance, long-term debt | $ 220,000 | $ 190,000 |
Basis on variable rate, adjustment | 1.00% | |
Corresponding change in annual interest expense | $ 2,200 |
Financial instruments and ris_5
Financial instruments and risk management - Maximum credit exposure (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | |||
Trade accounts receivable | $ 23,692 | $ 38,686 | |
Holdbacks | 64 | 7,152 | |
Accrued trade receivables | 8,445 | 13,174 | |
Contract receivables, included in accounts receivable | 32,201 | 59,012 | |
Other receivables | 4,172 | 7,734 | |
Total accounts receivable | 36,373 | 66,746 | |
Contract assets | 7,034 | 19,193 | $ 10,673 |
Total | $ 43,407 | $ 85,939 |
Financial instruments and ris_6
Financial instruments and risk management - Trade receivables (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Not past due | $ 21,725,000 | $ 35,409,000 |
Past due 1-30 days | 1,821,000 | 10,380,000 |
Past due 31-60 days | 85,000 | 5,000 |
More than 61 days | 125,000 | 44,000 |
Total | 23,756,000 | 45,838,000 |
Allowance for doubtful accounts | $ 0 | $ 0 |
Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Payment terms | 15 days | |
Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Payment terms | 60 days |
Shares - Common shares (Details
Shares - Common shares (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance, outstanding (in shares) | 25,777,445 | 25,004,205 |
Issued upon exercise of stock options (in shares) | 109,100 | 327,000 |
Issued upon conversion of convertible debentures (in shares) | 4,622,916 | 87,096 |
Retired through share purchase programs (in shares) | (1,223,097) | |
Purchase of treasury shares (in shares) | (907,462) | (735,857) |
Settlement of certain equity classified stock-based compensation (in shares) | 787,728 | 1,095,001 |
Ending balance, outstanding (in shares) | 29,166,630 | 25,777,445 |
Shares to satisfy recipient tax withholding requirements (in shares) | 372,628,000 | 513,540,000 |
Satisfaction of recipient tax withholding | $ 3,576 | $ 7,246 |
Common shares | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance, outstanding (in shares) | 27,502,912 | 27,088,816 |
Issued upon exercise of stock options (in shares) | 109,100 | 327,000 |
Issued upon conversion of convertible debentures (in shares) | 4,622,916 | 87,096 |
Retired through share purchase programs (in shares) | (1,223,097) | |
Purchase of treasury shares (in shares) | 0 | 0 |
Settlement of certain equity classified stock-based compensation (in shares) | 0 | 0 |
Ending balance, outstanding (in shares) | 31,011,831 | 27,502,912 |
Treasury shares | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance, outstanding (in shares) | (1,725,467) | (2,084,611) |
Issued upon exercise of stock options (in shares) | 0 | 0 |
Issued upon conversion of convertible debentures (in shares) | 0 | 0 |
Retired through share purchase programs (in shares) | 0 | |
Purchase of treasury shares (in shares) | (907,462) | (735,857) |
Settlement of certain equity classified stock-based compensation (in shares) | 787,728 | 1,095,001 |
Ending balance, outstanding (in shares) | (1,845,201) | (1,725,467) |
Shares - Net income per share (
Shares - Net income per share (Details) - CAD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2020 | Apr. 06, 2020 | Mar. 23, 2020 | Mar. 15, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Net income available to common shareholders | $ 49,208 | $ 36,878 | ||||
Interest from convertible debentures (after tax) | 2,370 | 3,590 | ||||
Diluted net income available to common shareholders | $ 51,578 | $ 40,468 | ||||
Weighted average number of common shares (in shares) | 28,165,130 | 25,444,374 | ||||
Weighted-average effect of dilutive securities | ||||||
Dilutive effect of treasury shares (in shares) | 1,949,717 | 1,898,645 | ||||
Dilutive effect of stock options (in shares) | 90,741 | 255,378 | ||||
Weighted average number of diluted common shares (in shares) | 32,300,824 | 32,843,211 | ||||
Basic net income per share (in CAD per share) | $ 1.75 | $ 1.45 | ||||
Diluted net income per share (in CAD per share) | $ 1.60 | $ 1.23 | ||||
FIve Point Zero Percent Convertible Debentures | ||||||
Weighted-average effect of dilutive securities | ||||||
Dilutive effect of convertible debentures (in shares) | 2,095,236 | 1,647,487 | ||||
Five Point Five Zero Percent Convertible Debentures | ||||||
Weighted-average effect of dilutive securities | ||||||
Dilutive effect of convertible debentures (in shares) | 0 | 3,597,327 | ||||
Convertible Subordinated Debt | FIve Point Zero Percent Convertible Debentures | ||||||
Weighted-average effect of dilutive securities | ||||||
Interest rate | 5.00% | 5.00% | ||||
Convertible Subordinated Debt | Five Point Five Zero Percent Convertible Debentures | ||||||
Weighted-average effect of dilutive securities | ||||||
Interest rate | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% |
Shares - Share purchase program
Shares - Share purchase program (Details) - CAD ($) $ in Thousands | 2 Months Ended | 12 Months Ended | |
Feb. 17, 2021 | Dec. 31, 2020 | Mar. 12, 2020 | |
Equity, Class of Treasury Stock [Line Items] | |||
Shares purchased and subsequently cancelled during period (in shares) | 1,223,097 | ||
Share Repurchase Program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Maximum number of shares to be purchased (in shares) | 2,300,000,000 | ||
Common shares | |||
Equity, Class of Treasury Stock [Line Items] | |||
Shares purchased and subsequently cancelled during period (in shares) | 1,223,097 | ||
Common shares | Share Repurchase Program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Shares purchased and subsequently cancelled during period (in shares) | 1,223,097,000 | ||
Increase (decrease) as a result of the retirement of shares | $ (9,863) | ||
Common shares | Share Repurchase Program | Subsequent event | |||
Equity, Class of Treasury Stock [Line Items] | |||
Shares purchased and subsequently cancelled during period (in shares) | 377,500,000 | ||
Increase (decrease) as a result of the retirement of shares | $ (3,068) | ||
Additional paid-in capital | Subsequent event | |||
Equity, Class of Treasury Stock [Line Items] | |||
Increase (decrease) as a result of the retirement of shares | $ 1,838 | ||
Additional paid-in capital | Share Repurchase Program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Increase (decrease) as a result of the retirement of shares | $ 755 |
Shares - Dividends (Details)
Shares - Dividends (Details) $ in Thousands | Jan. 08, 2021CAD ($) | Oct. 02, 2020CAD ($) | Jul. 03, 2020CAD ($) | Apr. 03, 2020CAD ($) | Jan. 03, 2020CAD ($) | Dec. 31, 2020$ / shares | Sep. 30, 2020$ / shares | Jun. 30, 2020$ / shares | Mar. 31, 2020$ / shares | Dec. 31, 2019$ / shares | Dec. 31, 2020CAD ($) | Dec. 31, 2019CAD ($) |
Equity, Class of Treasury Stock [Line Items] | ||||||||||||
Per share | $ / shares | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | |||||||
Total paid or payable | $ 1,156 | $ 1,162 | $ 1,023 | $ 1,030 | $ 4,508 | $ 3,066 | ||||||
Subsequent event | ||||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||||
Total paid or payable | $ 1,167 |
Interest expense net (Details)
Interest expense net (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Interest Expense [Line Items] | ||
Amortization of deferred financing costs | $ 1,091 | $ 969 |
Interest expense | 18,691 | 21,730 |
Other interest income | (10) | (107) |
Total interest expense, net | 18,681 | 21,623 |
Credit Facility | ||
Schedule of Interest Expense [Line Items] | ||
Interest on long term debt | 8,189 | 9,826 |
Convertible debentures | ||
Schedule of Interest Expense [Line Items] | ||
Interest on long term debt | 3,299 | 4,318 |
Finance lease obligations | ||
Schedule of Interest Expense [Line Items] | ||
Interest on long term debt | 3,184 | 3,691 |
Mortgages | ||
Schedule of Interest Expense [Line Items] | ||
Interest on long term debt | 999 | 963 |
Promissory notes | ||
Schedule of Interest Expense [Line Items] | ||
Interest on long term debt | 664 | 1,691 |
Financing obligations | ||
Schedule of Interest Expense [Line Items] | ||
Interest on long term debt | $ 1,265 | $ 272 |
Stock-based compensation - Stoc
Stock-based compensation - Stock-based compensation expenses (Details) - General and administrative expenses - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expenses | $ 1,944 | $ 9,443 |
Equity classified restricted share unit plan | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expenses | 1,991 | 1,933 |
Performance restricted share unit plan | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expenses | 2,031 | 1,892 |
Liability classified deferred stock unit plan | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expenses | $ (2,078) | $ 5,618 |
Stock-based compensation - Rest
Stock-based compensation - Restricted share unit plan (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020CAD ($)$ / sharesshares | Dec. 31, 2019CAD ($)$ / sharesshares | Dec. 31, 2019CAD ($)$ / sharesshares | |
Performance restricted share units (PSUs) | |||
Number of units | |||
Beginning balance (in shares) | 481,907 | 741,117 | 741,117 |
Granted (in shares) | 211,754 | 122,274 | 122,274 |
Vested (in shares) | (201,104) | (372,924) | (372,924) |
Forfeited (in shares) | (8,560) | (8,560) | |
Ending balance (in shares) | 492,557 | 481,907 | 481,907 |
Weighted-average exercise price $ per share | |||
Outstanding, beginning of period (CAD per unit) | $ / shares | $ 8.85 | $ 5.92 | |
Granted, Weighted average exercise price (CAD per unit) | $ / shares | 8.55 | 13.12 | |
Vested, Weighted average exercise price (CAD per unit) | $ / shares | 8.51 | 4.45 | |
Forfeited, Weighted average exercise price (CAD per unit) | $ / shares | $ 8.09 | ||
Outstanding, end of period (CAD per unit) | $ / shares | $ 8.86 | $ 8.85 | |
Vested (in shares) | 201,104 | 372,924 | 372,924 |
Liability classified restricted share unit plan | Restricted share units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period for recognition in years following grant | 2 years | ||
Award vesting period | 3 years | ||
Equity classified restricted share unit plan | Restricted share units (RSUs) | |||
Number of units | |||
Beginning balance (in shares) | 650,077 | 948,093 | 948,093 |
Granted (in shares) | 298,142 | 193,450 | 193,450 |
Vested (in shares) | (269,484) | (465,194) | (465,194) |
Forfeited (in shares) | (37,264) | (26,272) | (26,272) |
Ending balance (in shares) | 641,471 | 650,077 | 650,077 |
Weighted-average exercise price $ per share | |||
Outstanding, beginning of period (CAD per unit) | $ / shares | $ 9.35 | $ 5.88 | |
Granted, Weighted average exercise price (CAD per unit) | $ / shares | 8.55 | 13.40 | |
Vested, Weighted average exercise price (CAD per unit) | $ / shares | 6.19 | 4.15 | |
Forfeited, Weighted average exercise price (CAD per unit) | $ / shares | 8.81 | 6.01 | |
Outstanding, end of period (CAD per unit) | $ / shares | $ 10.34 | $ 9.35 | |
Total unrecognized compensation costs related to non-vested non-option share-based payment arrangements | $ | $ 3,290 | $ 3,104 | $ 3,104 |
Period for award recognition | 1 year 7 months 6 days | 1 year 3 months 18 days | 1 year 3 months 18 days |
Vested (in shares) | 269,484 | 465,194 | 465,194 |
Settled (in shares) | 426,514 | 426,514 | |
Equity classified restricted share unit plan | Performance restricted share units (PSUs) | |||
Number of units | |||
Vested (in shares) | (201,104) | (372,924) | (372,924) |
Weighted-average exercise price $ per share | |||
Total unrecognized compensation costs related to non-vested non-option share-based payment arrangements | $ | $ 3,405 | $ 2,905 | $ 2,905 |
Period for award recognition | 1 year 7 months 6 days | 1 year 2 months 12 days | 1 year 2 months 12 days |
Vested (in shares) | 201,104 | 372,924 | 372,924 |
Settled (in shares) | 334,244 | 334,244 |
Stock-based compensation - Perf
Stock-based compensation - Performance and deferred stock unit plan (Details) | 12 Months Ended | ||
Dec. 31, 2020CAD ($)$ / sharesshares | Dec. 31, 2019CAD ($)$ / sharesshares | Dec. 31, 2019CAD ($)$ / shares$ / shares | |
Performance restricted share units (PSUs) | |||
Number of units | |||
Beginning balance (in shares) | 481,907 | 741,117 | |
Granted (in shares) | 211,754 | 122,274 | |
Vested/redeemed (in shares) | (201,104) | (372,924) | |
Forfeited (in shares) | (8,560) | ||
Ending balance (in shares) | 492,557 | 481,907 | |
Weighted-average exercise price $ per share | |||
Outstanding, beginning of period (CAD per unit) | $ / shares | $ 8.85 | $ 5.92 | |
Granted, Weighted average exercise price (CAD per unit) | $ / shares | 8.55 | 13.12 | |
Vested/redeemed, Weighted average exercise price (CAD per unit) | $ / shares | 8.51 | 4.45 | |
Forfeited, Weighted average exercise price (CAD per unit) | $ / shares | $ 8.09 | ||
Outstanding, end of period (CAD per unit) | $ / shares | $ 8.86 | $ 8.85 | |
Vested (in shares) | 201,104 | 372,924 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Risk-free interest rate | 0.30% | 1.43% | |
Expected volatility | 48.71% | 40.12% | |
Performance restricted share unit plan | Performance restricted share units (PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance restricted share unit plan granted to the services to be provided | 2 years | ||
Award vesting period | 3 years | ||
Equity classified restricted share unit plan | Performance restricted share units (PSUs) | |||
Number of units | |||
Vested/redeemed (in shares) | (201,104) | (372,924) | |
Weighted-average exercise price $ per share | |||
Total unrecognized compensation costs related to non-vested non-option share-based payment arrangements | $ | $ 3,405,000 | $ 2,905,000 | $ 2,905,000 |
Period for award recognition | 1 year 7 months 6 days | 1 year 2 months 12 days | |
Vested (in shares) | 201,104 | 372,924 | |
Settled (in shares) | 334,244 | ||
Settlement ratio, per PSU (in shares) | 2 | 2 | |
Deferred share unit plan | Deferred stock units (DSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Percentage of annual bonus eligible for deferred stock units | 50.00% | ||
Liability classified deferred stock unit plan | Deferred stock units (DSUs) | |||
Number of units | |||
Beginning balance (in shares) | 901,045 | 1,126,239 | |
Granted (in shares) | 114,020 | 82,191 | |
Vested/redeemed (in shares) | (9,562) | (307,385) | |
Ending balance (in shares) | 1,005,503 | 901,045 | |
Weighted-average exercise price $ per share | |||
Total unrecognized compensation costs related to non-vested non-option share-based payment arrangements | $ | $ 0 | ||
Vested (in shares) | 9,562 | 307,385 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Fair market value (CAD per share) | $ / shares | $ 12.42 | $ 15.95 | $ 15.95 |
Award units settled during the period | $ | $ 103,000 | $ 5,084,000 | |
Liability classified deferred stock unit plan | Deferred stock units (DSUs) | Accrued liabilities | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Current portion of award obligation | $ | 1,728,000 | 0 | $ 0 |
Liability classified deferred stock unit plan | Deferred stock units (DSUs) | Other liabilities | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Non-current portion of award obligation | $ | $ 10,761,000 | $ 14,375,000 | $ 14,375,000 |
Stock-based compensation - Shar
Stock-based compensation - Share options plan (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CAD ($)shares | Dec. 31, 2020$ / sharesshares | Dec. 31, 2019CAD ($)shares | Dec. 31, 2019$ / shares | |
Number of options | ||||
Exercised (in shares)) | (109,100) | (327,000) | ||
Forfeited or expired (in shares) | (4,500) | |||
Weighted average exercise price $ per share | ||||
Forfeited or expired (CAD per share) | $ / shares | $ 10.13 | |||
Proceeds from options exercised | $ | $ 537 | $ 1,953 | ||
Share option plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expiration period | 10 years | |||
Vesting percentage | 20.00% | |||
Number of shares authorized for issuance (in shares) | 2,382,019,000 | 2,382,019,000 | ||
Number of options | ||||
Beginning balance (in shares) | 238,600 | 565,600 | ||
Exercised (in shares)) | (109,100) | (327,000) | ||
Ending balance (in shares) | 125,000 | 238,600 | ||
Weighted average exercise price $ per share | ||||
Beginning balance (CAD per share) | $ / shares | $ 5.40 | |||
Exercised (CAD per share) | $ / shares | $ 4.91 | $ 5.97 | ||
Ending balance (CAD per share) | $ / shares | $ 4.16 | |||
Proceeds from options exercised | $ | $ 537 | $ 1,953 | ||
Total intrinsic value of options exercised | $ | $ 535 | $ 3,274 |
Stock-based compensation - Opti
Stock-based compensation - Options by exercise price range (Details) | 12 Months Ended | |||||
Dec. 31, 2020$ / shares | Dec. 31, 2020CAD ($)shares | Dec. 31, 2019CAD ($)shares | Dec. 31, 2020CAD ($)$ / sharesshares | Dec. 31, 2019$ / shares | Dec. 31, 2019CAD ($)$ / sharesshares | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||
Options outstanding, Number (in shares) | shares | 125,000 | |||||
Options outstanding, Weighted average remaining life | 1 year 10 months 24 days | |||||
Options outstanding, Weighted average exercise price (in CAD per share) | $ 4.16 | |||||
Compensation costs related to non-vested awards not yet recognized | $ | $ 0 | $ 0 | ||||
Stock options granted | shares | 0 | 0 | ||||
$2.75 | ||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||
Exercise price (CAD per share) | $ 2.75 | |||||
Options outstanding, Number (in shares) | shares | 73,400 | |||||
Options outstanding, Weighted average remaining life | 1 year 8 months 12 days | |||||
Options outstanding, Weighted average exercise price (in CAD per share) | 2.75 | |||||
$5.91 | ||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||
Exercise price (CAD per share) | 5.91 | |||||
Options outstanding, Number (in shares) | shares | 31,100 | |||||
Options outstanding, Weighted average remaining life | 3 years | |||||
Options outstanding, Weighted average exercise price (in CAD per share) | 5.91 | |||||
$6.56 | ||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||
Exercise price (CAD per share) | 6.56 | |||||
Options outstanding, Number (in shares) | shares | 20,500 | |||||
Options outstanding, Weighted average remaining life | 10 months 24 days | |||||
Options outstanding, Weighted average exercise price (in CAD per share) | $ 6.56 | |||||
Share option plan | ||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||
Options outstanding, Weighted average remaining life | 2 years 4 months 24 days | |||||
Options outstanding, Weighted average exercise price (in CAD per share) | $ 4.61 | |||||
Options exercisable, Weighted average exercise price (in CAD per share) | (per share) | $ 4.16 | $ 4.61 | ||||
Fair value of options vested | $ | $ 0 | $ 0 | ||||
Total options exercisable (in shares) | shares | 125,000 | 238,600 |
Other information - Non-cash (D
Other information - Non-cash (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid during the year for: | ||
Interest | $ 18,526 | $ 20,039 |
Cash received during the year for: | ||
Interest | 151 | 72 |
Non-cash transactions: | ||
Addition of property, plant and equipment by means of finance leases | 27,882 | 28,107 |
Decrease to property, plant and equipment upon investment contribution to affiliates and joint ventures | (980) | 0 |
Increase in assets held for sale, offset by property, plant and equipment | 7,127 | 4,230 |
Non-cash working capital exclusions: | ||
Net decrease in accounts receivable relating to other adjustments to investments in affiliates and joint ventures | (911) | 0 |
Net decrease in accrued liabilities related to conversion of bonus compensation to deferred stock units | 294 | 428 |
Net decrease in other accrued liabilities | 0 | 582 |
Net increase in accrued liabilities related to the current portion of deferred stock units liability | (1,727) | 0 |
Net increase in accrued liabilities related to dividend payable | (137) | (530) |
Net decrease in long-term portion of payroll liabilities | 0 | 536 |
Non-cash working capital transactions related to the reorganization of investments in affiliates and joint ventures: | ||
Decrease in accounts receivable | 0 | (10,260) |
Decrease in contract assets | 0 | (1,832) |
Decrease in inventory | 0 | (4,321) |
(Decrease) increase in prepaid expenses | 0 | (341) |
Decrease in contract costs | 0 | (349) |
Decrease (increase) in accounts payable | 0 | 3,859 |
Decrease (increase) in accrued liabilities | 0 | 1,615 |
Decrease (increase) in contract liabilities | 0 | 152 |
Operating activities: | ||
Accounts receivable | 29,462 | 5,393 |
Contract assets | 12,159 | (10,352) |
Inventories | 2,475 | (12,579) |
Contract costs | (953) | 943 |
Prepaid expenses and deposits | (593) | (663) |
Accounts payable | (46,832) | 28,600 |
Accrued liabilities | (19) | 1,034 |
Contract liabilities | 1,489 | (3,857) |
Net changes in non-cash working capital | $ (2,812) | $ 8,519 |
Related party transactions (Det
Related party transactions (Details) - CAD ($) $ in Thousands | 1 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Corporate Joint Venture | |||
Related Party Transaction [Line Items] | |||
Accounts receivable | $ 1,179 | $ 1,202 | |
Other assets | 1,432 | 0 | |
Accounts payable and accrued liabilities | $ 5,296 | $ 251 | |
Heavy equipment | Nuna Logistics Partnership | |||
Related Party Transaction [Line Items] | |||
Purchase of heavy equipment | $ 1,300 |