Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Document Information [Line Items] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | TFI INTERNATIONAL INC. |
Entity Central Index Key | 0001588823 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Current Fiscal Year End Date | --12-31 |
ICFR Auditor Attestation Flag | true |
Entity Common Stock, Shares Outstanding | 93,397,985 |
Entity Emerging Growth Company | false |
Title of 12(b) Security | Common Shares, no par value |
Trading Symbol | TFII |
Security Exchange Name | NYSE |
Entity File Number | 001-35446 |
Entity Incorporation, State or Country Code | CA |
Entity Primary SIC Number | 4210 |
Entity Address, Address Line One | 8801 Trans-Canada Highway |
Entity Address, Address Line Two | Suite 500 |
Entity Address, City or Town | Saint-Laurent |
Entity Address, State or Province | QC |
Entity Address, Postal Zip Code | H4S 1Z6 |
Entity Address, Country | CA |
City Area Code | 514 |
Local Phone Number | 331-4000 |
Document Annual Report | true |
Annual Information Form | true |
Audited Annual Financial Statements | false |
Document Registration Statement | false |
Entity Address City Or Town | Saint-Laurent |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | 8801 Trans-Canada Highway |
Entity Address, Address Line Two | Suite 500 |
Entity Address, City or Town | Saint-Laurent |
Entity Address, Postal Zip Code | H4S 1Z6 |
City Area Code | 514 |
Local Phone Number | 331-4000 |
Contact Personnel Name | Alain Bedard |
Entity Address City Or Town | Saint-Laurent |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | ||
Assets | |||||
Cash and cash equivalents | $ 4,297 | ||||
Trade and other receivables | 597,873 | $ 452,241 | [1] | $ 463,075 | |
Inventoried supplies | 8,761 | 10,659 | [1] | ||
Current taxes recoverable | 7,606 | 13,211 | [1] | ||
Prepaid expenses | 29,904 | 27,777 | [1] | ||
Derivative financial instruments | [1] | 30 | |||
Assets held for sale | 4,331 | 3,561 | [1] | ||
Other assets | [1] | 19,105 | |||
Current assets | 652,772 | 526,584 | [1] | ||
Property and equipment | 1,074,428 | 1,125,429 | [1] | ||
Right-of-use assets | 337,285 | 334,168 | [1] | ||
Intangible assets | 1,749,773 | 1,505,160 | [1] | ||
Other assets | 23,899 | 8,655 | [1] | 24,685 | |
Deferred tax assets | 11,207 | 8,824 | [1] | 4,698 | |
Non-current assets | 3,196,592 | 2,982,236 | [1] | ||
Total assets | 3,849,364 | 3,508,820 | [1] | ||
Liabilities | |||||
Bank indebtedness | [1] | 2,927 | |||
Trade and other payables | 468,238 | 341,443 | [1] | 348,618 | |
Current taxes payable | 33,220 | 4,658 | [1] | ||
Provisions | 17,452 | 18,264 | [1] | 18,372 | |
Other financial liabilities | 4,031 | 2,043 | [1] | ||
Derivative financial instruments | [1] | 649 | |||
Long-term debt | 42,997 | 41,305 | [1] | ||
Lease liabilities | 88,522 | 76,326 | [1] | ||
Current liabilities | 654,460 | 487,615 | [1] | ||
Long-term debt | 829,547 | 1,302,002 | [1] | 1,071,751 | |
Lease liabilities | 267,464 | 279,265 | [1] | ||
Employee benefits | 15,502 | 14,310 | [1] | ||
Provisions | 36,803 | 22,522 | [1] | ||
Other financial liabilities | 22,699 | 2,810 | [1] | ||
Derivative financial instruments | [1] | 684 | |||
Deferred tax liabilities | 232,712 | 240,320 | [1] | 212,535 | |
Non-current liabilities | 1,404,727 | 1,861,913 | [1] | ||
Total liabilities | 2,059,187 | 2,349,528 | [1] | ||
Equity | |||||
Share capital | 1,120,049 | 678,915 | [1] | ||
Contributed surplus | 19,783 | 19,549 | [1] | ||
Accumulated other comprehensive income | (154,723) | (173,398) | [1] | ||
Retained earnings | 805,068 | 634,226 | [1] | ||
Equity attributable to owners of the Company | 1,790,177 | 1,159,292 | [1] | ||
Total liabilities and equity | $ 3,849,364 | $ 3,508,820 | [1] | ||
Previously Reported IFRS 16 | |||||
Assets | |||||
Trade and other receivables | [1] | 463,075 | |||
Inventoried supplies | [1] | 9,350 | |||
Current taxes recoverable | [1] | 9,541 | |||
Prepaid expenses | [1] | 28,256 | |||
Derivative financial instruments | [1] | 3,980 | |||
Assets held for sale | [1] | 5,551 | |||
Current assets | [1] | 519,753 | |||
Property and equipment | [1] | 1,023,595 | |||
Intangible assets | [1] | 1,393,854 | |||
Other assets | [1] | 24,685 | |||
Deferred tax assets | [1] | 4,698 | |||
Derivative financial instruments | [1] | 2,159 | |||
Non-current assets | [1] | 2,448,991 | |||
Total assets | [1] | 2,968,744 | |||
Liabilities | |||||
Bank indebtedness | [1] | 9,041 | |||
Trade and other payables | [1] | 348,618 | |||
Current taxes payable | [1] | 13,892 | |||
Provisions | [1] | 18,372 | |||
Other financial liabilities | [1] | 1,446 | |||
Long-term debt | [1] | 89,679 | |||
Current liabilities | [1] | 481,048 | |||
Long-term debt | [1] | 1,071,751 | |||
Employee benefits | [1] | 11,824 | |||
Provisions | [1] | 31,375 | |||
Other financial liabilities | [1] | 4,329 | |||
Deferred tax liabilities | [1] | 212,535 | |||
Non-current liabilities | [1] | 1,331,814 | |||
Total liabilities | [1] | 1,812,862 | |||
Equity | |||||
Share capital | [1] | 697,232 | |||
Contributed surplus | [1] | 19,082 | |||
Accumulated other comprehensive income | [1] | (200,029) | |||
Retained earnings | [1] | 639,597 | |||
Equity attributable to owners of the Company | [1] | 1,155,882 | |||
Total liabilities and equity | [1] | $ 2,968,744 | |||
[1] | Recasted for change in presentation currency (see note 2c)) |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | |||
Income Statement [Abstract] | ||||
Revenue | $ 3,484,303 | $ 3,477,576 | [1] | |
Fuel surcharge | 296,831 | 425,969 | [1] | |
Total revenue | 3,781,134 | 3,903,545 | [1] | |
Materials and services expenses | 2,051,835 | 2,134,720 | [1] | |
Personnel expenses | 888,185 | 980,785 | [1] | |
Other operating expenses | 150,572 | 156,121 | [1] | |
Depreciation of property and equipment | 170,520 | 168,720 | [1] | |
Depreciation of right-of-use assets | 80,496 | 77,326 | [1] | |
Amortization of intangible assets | 48,213 | 49,701 | [1] | |
Gain on sale of business | (306) | |||
Bargain purchase gain | (4,008) | (8,014) | [1] | |
Gain on sale of rolling stock and equipment | (7,888) | (15,386) | [1] | |
Gain on derecognition of right-of-use assets | (1,159) | (1,716) | [1] | |
Loss (gain) on sale of land and buildings | 6 | (9) | [1] | |
Gain on sale of assets held for sale | (11,899) | (21,571) | [1] | |
Total operating expenses | 3,364,567 | 3,520,677 | [1] | |
Operating income | 416,567 | 382,868 | [1] | |
Finance (income) costs | ||||
Finance income | (2,776) | (2,285) | [1] | |
Finance costs | 56,686 | 64,392 | [1] | |
Net finance costs | 53,910 | 62,107 | [1] | |
Income before income tax | 362,657 | 320,761 | [1] | |
Income tax expense | 86,982 | 76,536 | [1] | |
Net income from continuing operations | 275,675 | 244,225 | [1] | |
Net loss from discontinued operations | [1] | (10,548) | ||
Net income for the year attributable to owners of the Company | $ 275,675 | $ 233,677 | [1] | |
Earnings per share attributable to owners of the Company | ||||
Basic earnings per share | $ 3.09 | $ 2.80 | [1] | |
Diluted earnings per share | 3.03 | 2.74 | [1] | |
Earnings per share from continuing operations attributable to owners of the Company | ||||
Basic earnings per share | 3.09 | 2.93 | [1] | |
Diluted earnings per share | $ 3.03 | $ 2.86 | [1] | |
[1] | Recasted for changes in presentation currency (see note 2c)) and mark-to-market gain (loss) on deferred share units presentation (see note 24) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | |||
Statement Of Comprehensive Income [Abstract] | ||||
Net income for the year attributable to owners of the Company | $ 275,675 | $ 233,677 | [1] | |
Items that may be reclassified to income or loss in future years: | ||||
Foreign currency translation differences | 21,182 | 17,476 | [1] | |
Net investment hedge, net of tax | (2,010) | 12,158 | [1] | |
Changes in fair value of cash flow hedge, net of tax | (487) | (7,394) | [1] | |
Employee benefits, net of tax | (10) | 32 | [1] | |
Items that may never be reclassified to income | ||||
Defined benefit plan remeasurement | (1,623) | (1,228) | [1] | |
Items directly reclassified to retained earnings: | ||||
Unrealized gain on investment in equity securities measured at fair value through OCI, net of tax | [1] | 970 | ||
Other comprehensive income for the year, net of tax | 17,052 | 22,014 | [1] | |
Total comprehensive income for the year attributable to owners of the Company | $ 292,727 | $ 255,691 | [1] | |
[1] | Recasted for change in presentation currency (see note 2c)) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Share Capital | Contributed Surplus | Accumulated Unrealized Loss on Employee Benefit Plans | Accumulated Cash Flow Hedge Gain (Loss) | Accumulated Foreign Currency Translation Differences & Net Investment Hedge | Accumulated Unrealized Loss on Investment in Equity Securities | Retained Earnings | ||
Balance at Dec. 31, 2018 | [1] | $ 1,155,882 | $ 697,232 | $ 19,082 | $ (401) | $ 7,881 | $ (203,150) | $ (4,359) | $ 639,597 | |
Adjustment on initial application of IFRS 16 | (18,880) | (18,880) | ||||||||
Net income for the year | 233,677 | [1] | 233,677 | |||||||
Other comprehensive income (loss) for the year, net of tax | 22,014 | [1] | 32 | (7,394) | 29,634 | 970 | (1,228) | |||
Realized loss on equity securities, net of tax | 4,360 | 3,389 | (3,389) | |||||||
Total comprehensive income (loss) for the year | 255,691 | 32 | (7,394) | 29,634 | $ 4,359 | 229,060 | ||||
Share-based payment transactions | 6,227 | 6,227 | ||||||||
Stock options exercised | 16,347 | 20,580 | (4,233) | |||||||
Dividends to owners of the Company | (61,631) | (61,631) | ||||||||
Repurchase of own shares | (192,456) | (39,621) | (152,835) | |||||||
Net settlement of restricted share units | (1,888) | 724 | (1,527) | (1,085) | ||||||
Total transactions with owners, recorded directly in equity | (233,401) | (18,317) | 467 | (215,551) | ||||||
Balance at Dec. 31, 2019 | [1] | 1,159,292 | 678,915 | 19,549 | (369) | 487 | (173,516) | 634,226 | ||
Net income for the year | 275,675 | 275,675 | ||||||||
Other comprehensive income (loss) for the year, net of tax | 17,052 | (10) | (487) | 19,172 | (1,623) | |||||
Total comprehensive income (loss) for the year | 292,727 | (10) | $ (487) | 19,172 | 274,052 | |||||
Share-based payment transactions | 7,046 | 7,046 | ||||||||
Stock options exercised | 21,361 | 25,915 | (4,554) | |||||||
Issuance of shares, net of expenses | 425,350 | 425,350 | ||||||||
Dividends to owners of the Company | (72,735) | (72,735) | ||||||||
Repurchase of own shares | (38,021) | (12,025) | (25,996) | |||||||
Net settlement of restricted share units | (4,843) | 1,894 | (2,258) | (4,479) | ||||||
Total transactions with owners, recorded directly in equity | 338,158 | 441,134 | 234 | (103,210) | ||||||
Balance at Dec. 31, 2020 | $ 1,790,177 | $ 1,120,049 | $ 19,783 | $ (379) | $ (154,344) | $ 805,068 | ||||
[1] | Recasted for change in presentation currency (see note 2c)) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | |||
Cash flows from operating activities | ||||
Net income for the year | $ 275,675 | $ 233,677 | [1] | |
Net loss from discontinued operations | [2] | (10,548) | ||
Net income from continuing operations | 275,675 | 244,225 | [2] | |
Adjustments for | ||||
Depreciation of property and equipment | 170,520 | 168,720 | ||
Depreciation of right-of-use assets | 80,496 | 77,326 | ||
Amortization of intangible assets | 48,213 | 49,701 | ||
Share-based payment transactions | 7,046 | 6,227 | ||
Net finance costs | 53,910 | 62,107 | ||
Income tax expense | 86,982 | 76,536 | ||
Gain on sale of business | (306) | |||
Bargain purchase gain | (4,008) | (8,014) | ||
Gain on sale of property and equipment | (7,882) | (15,395) | ||
Gain on derecognition of right-of-use assets | (1,159) | (1,716) | ||
Gain on sale of assets held for sale | (11,899) | (21,571) | ||
Provisions and employee benefits | 6,274 | (3,696) | ||
Adjustments to reconcile profit (loss) | 703,862 | 634,450 | ||
Net change in non-cash operating working capital | 33,661 | 16,337 | ||
Cash generated from operating activities before the following | 737,523 | 650,787 | ||
Interest paid | (50,366) | (65,075) | ||
Income tax paid | (73,256) | (85,216) | ||
Settlement of derivative contract | (3,039) | |||
Net cash from continuing operating activities | 610,862 | 500,496 | ||
Net cash used in discontinued operating activities | (12,022) | |||
Net cash from operating activities | 610,862 | 488,474 | ||
Cash flows from investing activities | ||||
Purchases of property and equipment | (142,710) | (261,295) | ||
Proceeds from sale of property and equipment | 52,116 | 71,754 | ||
Proceeds from sale of assets held for sale | 24,480 | 39,146 | ||
Purchases of intangible assets | (1,665) | (3,636) | ||
Proceeds from sale of business | 2,351 | |||
Business combinations, net of cash acquired | (327,650) | (150,912) | ||
Proceeds from sale of intangible assets | 201 | |||
Purchases of investments | (7,446) | (600) | ||
Proceeds from sale of investments | 1,814 | |||
Proceeds from collection of promissory notes | 18,892 | |||
Others | 3,151 | (329) | ||
Net cash used in continuing investing activities | (378,481) | (303,857) | ||
Cash flows from financing activities | ||||
Decrease in bank indebtedness | (2,231) | (6,083) | ||
Proceeds from long-term debt | 33,175 | 328,045 | ||
Repayment of long-term debt | 191,221 | 103,247 | ||
Net decrease in revolving facilities | (326,201) | (88,229) | ||
Repayment of lease liabilities | (82,587) | (75,072) | ||
Increase (decrease) in other financial liabilities | 4,738 | (1,556) | ||
Dividends paid | (67,604) | (60,478) | ||
Repurchase of own shares | (38,021) | (192,455) | ||
Proceeds from the issuance of common shares, net of expenses | 425,350 | |||
Proceeds from exercise of stock options | 21,361 | 16,347 | ||
Repurchase of own shares for restricted share unit settlement | (4,843) | (1,889) | ||
Net cash used in continuing financing activities | (228,084) | $ (184,617) | ||
Net change in cash and cash equivalents | 4,297 | |||
Cash and cash equivalents, end of year | $ 4,297 | |||
[1] | Recasted for change in presentation currency (see note 2c)) | |||
[2] | Recasted for changes in presentation currency (see note 2c)) and mark-to-market gain (loss) on deferred share units presentation (see note 24) |
Reporting entity
Reporting entity | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of General Information About Financial Statements [Abstract] | |
Reporting entity | 1. Reporting entity TFI International Inc. (the “Company”) is incorporated under the Canada Business Corporations Act The consolidated financial statements of the Company as at and for the years ended December 31, 2020 and 2019 comprise the Company and its subsidiaries (together referred to as the “Group” and individually as “Group entities”). The Group is involved in the provision of transportation and logistics services across the United States, Canada and Mexico. |
Basis of preparation
Basis of preparation | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Basis Of Preparation Of Financial Statements [Abstract] | |
Basis of preparation | 2. Basis of preparation a) Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These consolidated financial statements were authorized for issue by the Board of Directors on February 18, 2021. b) Basis of measurement These consolidated financial statements have been prepared on the historical cost basis except for the following material items in the statements of financial position: • investment in equity securities, derivative financial instruments and contingent considerations are measured at fair value; • liabilities for cash-settled share-based payment arrangements are measured at fair value in accordance with IFRS 2; • the defined benefit pension plan liability is recognized as the net total of the present value of the defined benefit obligation less the fair value of the plan assets; and • assets and liabilities acquired in business combinations are measured at fair value at acquisition date. These consolidated financial statements are expressed in U.S. dollars, except where otherwise indicated. c) Functional and presentation currency The Company has elected to change its presentation currency from Canadian dollars (“CAD” or “CDN$”) to United States dollars (“U.S. dollars” or “USD”) effective December 31, 2020. Management is of the view that financial reporting in USD provides a more relevant presentation of the group’s financial position in comparison to its peers. The change in presentation currency is a voluntary change which is accounted for retrospectively. For comparative purposes, the historical consolidated financial statements have been recast to U.S. dollars using the procedures outlined below: • Consolidated Statements of Income, Comprehensive Income, and Cash Flows have been translated into U.S. dollars using average foreign currency rates prevailing for the relevant periods. • Assets and liabilities in the Consolidated Statement of Financial Position have been translated into U.S. dollars at the closing foreign currency rates on the relevant balance sheet dates. • Equity in the Consolidated Statement of Financial Position and Consolidated Statement of Changes in Equity, including foreign currency translation reserve and net investment hedge, retained earnings, share capital, contributed surplus and other reserves, have been translated into U.S. dollars using historical rates. • Consolidated Earnings per share and dividend disclosures have also been translated to U.S. dollars to reflect the change in presentation currency. The Company has also presented an opening consolidated statement of financial position as at January 1, 2019 in USD which does not reflect adjustments related to the adoption of IFRS 16, which has been derived from the consolidated financial statements as at and for the year ended December 31, 2018. The Company’s consolidated financial statements are now presented in U.S. dollars. All information in these consolidated financial statements is presented in USD unless otherwise specified. The Company’s functional currency remains Canadian dollar. Translation gains and losses from the application of the U.S. dollar as the presentation currency while the Canadian dollar is the functional currency are included as part of the cumulative foreign currency translation adjustment. All financial information presented in U.S. dollars has been rounded to the nearest thousand. d) Use of estimates and judgments The preparation of the accompanying financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions about future events. These estimates and the underlying assumptions affect the reported amounts of assets and liabilities, the disclosures about contingent assets and liabilities, and the reported amounts of revenues and expenses. Such estimates include the valuation of goodwill and intangible assets, the measurement of identified assets and liabilities acquired in business combinations, income tax provisions and the self-insurance and other provisions and contingencies. These estimates and assumptions are based on management’s best estimates and judgments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. Actual results could differ from these estimates. Changes in those estimates and assumptions resulting from changes in the economic environment will be reflected in the financial statements of future periods. Information about critical judgments, assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year is included in the following notes: Note 5 – Establishing the fair value of intangible assets related to business combinations; Note 11 – Determining estimates and assumptions related to the determination of the recoverable amount of goodwill when it is tested for impairment; and Note 17 – Determining estimates and assumptions related to the evaluation of provisions for self-insurance and litigations. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Significant accounting policies | 3. Significant accounting policies The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements, unless otherwise indicated. The accounting policies have been applied consistently by Group entities. a) Basis of consolidation i) Business combinations The Group measures goodwill as the fair value of the consideration transferred including the fair value of liabilities resulting from contingent consideration arrangements, less the net recognized amount of the identifiable assets acquired and liabilities assumed, all measured at fair value as of the acquisition date. When the excess is negative, a bargain purchase gain is recognized immediately in income or loss. Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination, are expensed as incurred. ii) Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has the right to, variable returns from its involvement with the entity and has the ability to affect those through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. iii) Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. b) Foreign currency translation i) Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of the Group’s entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rate in effect at the reporting date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the period, adjusted for effective interest and payments during the period, and the amortized cost in foreign currency translated at the exchange rate at the end of the reporting period. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated at the rate in effect on the transaction date. Income and expense items denominated in foreign currency are translated at the date of the transactions. Gains and losses are included in income or loss. ii) Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on business combinations, are translated to Canadian dollars at exchange rates in effect at the reporting date. The income and expenses of foreign operations are translated to Canadian dollars at the average exchange rate in effect during the reporting period. Foreign currency differences are recognized in other comprehensive income (“OCI”) in the accumulated foreign currency translation differences account. When a foreign operation is disposed of, the relevant amount in the cumulative amount of foreign currency translation differences is transferred to income or loss as part of the income or loss on disposal. On the partial disposal of a subsidiary while retaining control, the relevant proportion of such cumulative amount is reattributed to non-controlling interest. In any other partial disposal of a foreign operation, the relevant proportion is reclassified to income or loss. Foreign exchange gains or losses arising from a monetary item receivable from or payable to a foreign operation, the settlement of which is neither planned nor likely to occur in the foreseeable future and which in substance is considered to form part of the net investment in the foreign operation, are recognized in other comprehensive income in the accumulated foreign currency translation differences account. Translation gains and losses from the application of U.S dollars as the presentation currency while the Canadian dollar is the functional currency are included as part of the cumulative foreign currency translation adjustment. c) Financial instruments i) Non-derivative financial assets The Group initially recognizes financial assets on the trade date at which the Group becomes a party to the contractual provisions of the instrument. Financial assets are initially measured at fair value, except for trade receivables which are initially measured at their transaction price when the trade receivables do not contain a significant financing component. If the financial asset is not subsequently accounted for at fair value through profit or loss, then the initial measurement includes transaction costs that are directly attributable to the asset’s acquisition or origination. On initial recognition, the Group classifies its financial assets as subsequently measured at either amortized cost or fair value, depending on its business model for managing the financial assets and the contractual cash flow characteristics of the financial assets and depending on the purpose for which the financial assets were acquired. The Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Group is recognized as a separate asset or liability. Financial assets and liabilities are offset and the net amount is presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Financial assets measured at amortized cost A financial asset is subsequently measured at amortized cost, using the effective interest method and net of any impairment loss, if: • The asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and • The contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and/or interest. The Group currently classifies its cash equivalents, trade and other receivables and long-term non-trade receivables included in other non-current assets as financial assets measured at amortized cost. The Group recognizes loss allowances for expected credit losses on financial assets measured at amortized cost. The Group uses historical trends of the probability of default, the timing of recoveries and the amount of loss incurred, adjusted for management’s judgement as to whether current economic and credit conditions are such that the actual losses are likely to be greater or less than suggested by historical trends. An impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. Losses are recognized in income or loss and reflected in an allowance account against trade and other receivables. Financial assets measured at fair value These assets are measured at fair value and changes therein, including any interest or dividend income, are recognized in income or loss. However, for investments in equity instruments that are not held for trading, the Group may elect at initial recognition to present gains and losses in other comprehensive income. For such investments measured at fair value through other comprehensive income, gains and losses are never reclassified to profit or loss, and no impairment is recognized in profit or loss. Dividends earned from such investments are recognized in profit or loss, unless the dividend clearly represents a repayment of part of the cost of the investment. Financial assets measured at fair value through other comprehensive income On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment’s fair value in OCI. This election is made on an investment-by-investment basis. ii) Non-derivative financial liabilities The Group initially recognizes debt issued and subordinated liabilities on the date that they are originated. All other financial liabilities are recognized initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument. A financial liability is derecognized when its contractual obligations are discharged or cancelled or expire. Financial liabilities are classified into financial liabilities measured at amortized cost and financial liabilities measured at fair value. Financial liabilities measured at amortized cost A financial liability is subsequently measured at amortized cost, using the effective interest method. The Group currently classifies bank indebtedness, trade and other payables and long-term debt as financial liabilities measured at amortized cost. Financial liabilities measured at fair value Financial liabilities at fair value are initially recognized at fair value and are re-measured at each reporting date with any changes therein recognized in net earnings. The Group currently classifies its contingent consideration liability in connection with a business acquisition as a financial liability measured at fair value. iii) Share capital Common shares Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares and stock options are recognized as a deduction to share capital, net of any tax effects. When share capital recognized as equity is repurchased, share capital is reduced by the amount equal to weighted average historical cost of repurchased equity. The excess amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from retained earnings. iv) Derivative financial instruments The Group uses derivative financial instruments to manage its foreign currency and interest rate risk exposures. Embedded derivatives are separated from the host contract and accounted for separately if the economic characteristics and risks of the host contract and the embedded derivative are not closely related, a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative, and the combined instrument is not measured at fair value through income or loss. Derivatives and embedded derivatives are recognized initially at fair value; related transaction costs are recognized in income or loss as incurred. Subsequent to initial recognition, derivatives and embedded derivatives are measured at fair value, and changes therein are recognized in net change in fair value of foreign exchange derivatives in income or loss with the exception of net change in fair value of cross currency interest rate swap contracts recognized in net foreign exchange gain or loss in income or loss. d) Hedge accounting Management’s risk strategy is focused on reducing the variability in profit or losses and cash flows associated with exposure to market risks. Hedge accounting is used to reduce this variability to an acceptable level. The hedges employed by the Group reduce the currency and interest rate fluctuation exposures. On the initial designation of a hedging relationship, the Group formally documents the relationship between the hedging instrument and the hedged items, including the risk management objectives and strategy in undertaking the hedge transaction, together with the methods that will be used to assess the effectiveness of the hedging relationship. The Group makes an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, whether the hedging instruments are expected to be effective in offsetting the changes in the fair value or cash flows of the respective hedged items throughout the period for which the hedge is designated. Net investment hedge The Group designates a portion of its U.S. dollar denominated debt as a hedging item in a net investment hedge. The Group applies hedge accounting to foreign currency differences arising between the functional currency of the foreign operation and the Company’s functional currency (CAD), regardless of whether the net investment is held directly or through an intermediate parent. Foreign currency differences arising on the translation of a financial liability designated as a hedge of a net investment in foreign operations are recognized in other comprehensive income to the extent that the hedge is effective, and are presented in the currency translation differences account within equity. To the extent that the hedge is ineffective, such differences are recognized in income or loss. When the hedged net investment is disposed of, the relevant amount in the translation reserve is transferred to income or loss as part of the gain or loss on disposal. Cash flow hedges When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognized asset or liability or a highly probable forecasted transaction that could affect income or loss, the effective portion of changes in the fair value of the derivatives is recognized in other comprehensive income and presented in accumulated other comprehensive income as part of equity. The amount recognized in other comprehensive income is removed and included in net earnings under the same line item in the consolidated statement of earnings and comprehensive income as the hedged item, in the same period that the hedged cash flows affect income or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated, exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognized in other comprehensive income remains in accumulated other comprehensive income until the forecasted transaction affects income or loss. If the forecasted transaction is no longer expected to occur, then the balance in accumulated other comprehensive income is recognized immediately in income or loss. e) Property and equipment Property and equipment are accounted for at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset and borrowing costs on qualifying assets. When parts of an item of property and equipment have different useful lives, they are accounted for as separate items (major components) of property and equipment. Gains and losses on disposal of an item of property and equipment are determined by comparing the proceeds from disposal with the carrying amount of property and equipment, and are recognized in net income or loss. Depreciation is based on the cost of an asset less its residual value and is recognized in income or loss over the estimated useful life of each component of an item of property and equipment. The depreciation method and useful lives are as follows: Categories Basis Useful lives Buildings Straight-line 15 – 40 years Rolling stock Primarily straight-line 3 – 20 years Equipment Primarily straight-line 5 – 12 years Depreciation methods, useful lives and residual values are reviewed at each financial year-end and adjusted prospectively, if appropriate. Property and equipment are reviewed for impairment in accordance with IAS 36 Impairment of Assets f) Intangible assets i) Goodwill Goodwill that arises upon business combinations is included in intangible assets. Goodwill is not amortized and is measured at cost less accumulated impairment losses. ii) Other intangible assets Intangible assets consist of customer relationships, trademarks, non-compete agreements and information technology. The Group determines the fair value of the customer relationship intangible assets using the discounted cash flow model and internally developed assumptions including: 1. Forecasted revenue attributable to existing customer contracts and relationships; 2. Estimated annual attrition rate; 3. Forecasted operating margins; and 4. Discount rates The internally developed assumptions are based on limited observable market information which cause measurement uncertainty, and the fair value of the customer related intangible assets are sensitive to changes to these assumptions. Intangible assets that are acquired by the Group and have finite lives are measured at cost less accumulated amortization and accumulated impairment losses. Intangible assets with finite lives are amortized on a straight-line basis over the following estimated useful lives: Categories Useful lives Customer relationships 5 – 20 years Trademarks* 5 – 20 years Non-compete agreements 3 – 10 years Information technology 5 – 7 years * Includes indefinite useful life assets. They are reviewed at least annually for impairment (see note 11). Useful lives are reviewed at each financial year-end and adjusted prospectively, if appropriate. g) Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: • the contract involves the use of an identified asset – this may be specific explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, the asset is not identified; • the Group has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and • the Group has the right to direct the use of the asset. The Group has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. At inception or on reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, less any lease incentives received. The assets are depreciated to the earlier of the end of the useful life of the right-of-use asset or the lease term using the straight-line method as this most closely reflects the expected pattern consumption of the future economic benefits. The lease term includes periods covered by an option to extend if the Group is reasonably certain to exercise that option. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that cannot be readily determined, the Group's incremental borrowing rate. The incremental borrowing rate is a function of the Group’s incremental borrowing rate, the nature of the underlying asset, the location of the asset and the length of the lease. Generally, the Group uses its incremental borrowing rate as the discount rate. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in the future lease payments arising from a change in an index or rate, if there is a change in the Group's estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or leases and leases of low-value assets. The Group recognises these lease payments as an expense on a straight-line basis over the lease term. Prior to adoption of IFRS 16, the Company applied IAS 17 and IFRIC 4 and leases with terms which indicated that the Group assumed substantially all the risks and rewards of ownership were classified as finance leases. Upon initial recognition the leased asset was measured at an amount equal to the lower of its fair value and the present value of the minimum lease payments. Subsequent to initial recognition, the asset was accounted for in accordance with the accounting policy applicable to that asset. Other leases were operating leases and the leased assets were not recognized in the Group’s statements of financial position. On the initial application, a right-of-use asset and a lease liability were recorded as of January 1, 2019, for all outstanding lease contracts that met the definition of a lease, with any difference recorded in retained earnings, being recognized. An additional impact of $6.1 million on provisions and retained earnings was recognized for previously recorded straight-line rental costs under IAS 17. The Group also recognized a deferred tax liability which was recorded directly to retained earnings, and reclassed any assets recorded as finance lease from property and equipment to right-of-use assets, and the corresponding finance lease liability from long-term debt to the new lease liability presentation. As reported as at December 31, 2018 Adjustments Restated balance as at January 1, 2019 Property and equipment 1,023,595 (19,406 ) 1,004,189 Right-of-use assets - 341,505 341,505 Provisions (including current portion) (49,747 ) 6,092 (43,655 ) Long-term debt (including current portion) (1,161,430 ) 6,718 (1,154,712 ) Lease liabilities (including current portion) - (361,107 ) (361,107 ) Deferred tax liabilities (212,535 ) 7,376 (205,159 ) Retained earnings (639,597 ) 18,880 (620,717 ) The following table reconciles the Group’s operating lease obligations at December 31, 2018, as previously disclosed in the Group’s audited annual consolidated financial statements, to the lease obligation recognized on initial application of IFRS 16 at January 1, 2019: Operating lease commitment as at December 31, 2018 370,995 Finance lease liability as at December 31, 2018 6,717 Discounted using the incremental borrowing rate at January 1, 2019 (53,249 ) Recognition exemption for short-term leases (11,469 ) Extension options reasonably certain to be exercised 48,113 Lease liabilities recognized at January 1, 2019 361,107 h) Inventoried supplies Inventoried supplies consist primarily of repair parts and fuel and are measured at the lower of cost and net realizable value. i) Impairment Non-financial assets The carrying amounts of the Group’s non-financial assets other than inventoried supplies and deferred tax assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. For goodwill, the recoverable amount is estimated on December 31 of each year. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit”, or “CGU”). For the purposes of goodwill impairment testing, goodwill acquired in a business combination is allocated to the group of CGUs (usually a Group’s operating segment), that is expected to benefit from the synergies of the combination. This allocation is subject to an operating segment ceiling test and reflects the lowest level at which that goodwill is monitored for internal reporting purposes. The Company performs goodwill impairment testing annually, or more frequently if events or circumstances indicate the carrying value of a CGU, which is a Group’s operating segment, may exceed the recoverable amount of the CGU. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or group of assets. The fair value less cost to sell is based on market comparable multiples applied to forecasted earnings before financial expenses, income taxes, depreciation and amortization ("adjusted EBITDA") for the next year, which takes into account financial forecasts approved by senior management. The Group’s corporate assets do not generate separate cash inflows. If there is an indication that a corporate asset may be impaired, then the recoverable amount is determined for the CGU to which the corporate asset belongs. An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses recognized in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the units, if any, and then to reduce the carrying amounts of the other assets in the unit (group of units) on a prorata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. Impairment losses and impairment reversals are recognized in income or loss. j) Assets held for sale Non-current assets are classified as held-for-sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use. Such assets are generally measured at the lower of their carrying amount and fair value less costs to sell. Impairment losses on initial classification as held-for-sale or held-for-distribution and subsequent gains and losses on remeasurement are recognized in income or loss. Once classified as held-for-sale, intangible assets and property and equipment are no longer amortized or depreciated. k) Employee benefits i) Defined contribution plans A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognized as an employee benefit expense in income or loss in the periods during which services are rendered by employees. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available. ii) Defined benefit plans The Group’s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their services in the current and prior periods discounting that amount and deducting the fair value of any plan assets. The discount rate is the yield at the reporting date on AA credit-rated bonds that have maturity dates approximating the terms of the Group’s obligations and that are denominated in the same currency in which the benefits are expected to be paid. The calculation is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a benefit to the Group, the recognized asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. In order to calculate the present value of economic benefits, consideration is given to any minimum funding requirements that apply to any plan in the Group. Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognized immediately in other comprehensive income. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognized in profit or loss. When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognized immediately in profit or loss. The Group recognizes gains and losses on the settlement of a defined benefit plan when the settlement occurs. iii) Short-term employee benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or income-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. iv) Share-based payment transactions The grant date fair value of equity share-based payment awards granted to employees is recognized as a personnel expense, with a corresponding increase in contributed surplus, over the period that the employees unconditionally become entitled to the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that do meet the related service condition at the vesting date. The fair value of the amount payable to board members in respect of deferred share unit (“DSU”), which are to be settled in cash, is recognized as an expense with a corresponding increase in liabilities. The liability is remeasured at each reporting date until settlement. The Group presents mark-to-market (gain) loss on DSUs in personnel expenses. v) Termination benefits Termination benefits are expensed at the earlier of when the Group can no longer withdraw the offer of those benefits and when the Group recognises costs for a restructuring. If benefits are not expected to be fully settled within 12 months of the end of the reporting period, then they are discounted. l) Provisions A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. Where discounting is used, the unwinding of the discount is recognized as finance cost. Self-Insurance Self-insurance provisions represent the uninsured portion of outstanding claims at |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Operating Segments [Abstract] | |
Segment reporting | 4 . Segment reporting The Group operates within the transportation and logistics industry in the United States, Canada and Mexico in different reportable segments, as described below. The reportable segments are managed independently as they require different technology and capital resources. For each of the operating segments, the Group’s CEO reviews internal management reports. The following summary describes the operations in each of the Group’s reportable segments: Package and Courier: Pickup, transport and delivery of items across North America. Less-Than-Truckload: Pickup, consolidation, transport and delivery of smaller loads. Truckload (a) Full loads carried directly from the customer to the destination using a closed van or specialized equipment to meet customers’ specific needs. Includes expedited transportation, flatbed, tank, container and dedicated services. Logistics: Asset-light logistics services, including brokerage, freight forwarding and transportation management, as well as small package parcel delivery. (a) The Truckload reporting segment represents the aggregation of the Canadian Conventional Truckload, U.S. Conventional Truckload, and Specialized Truckload operating segments. The aggregation of the segment was analyzed using management’s judgment in accordance with IFRS 8. The operating segments were determined to be similar with respect to the nature of services offered and the methods used to distribute their services, additionally, they have similar economic characteristics with respect to long-term expected gross margin, levels of capital invested and market place trends. Information regarding the results of each reportable segment is included below. Performance is measured based on segment operating income or loss. This measure is included in the internal management reports that are reviewed by the Group’s CEO and refers to “Operating income (loss)” in the consolidated statements of income. Segment’s operating income or loss is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries. Package Less- and Than- Courier Truckload Truckload Logistics Corporate Eliminations Total 2020 External revenue 478,707 516,720 1,569,835 919,041 - - 3,484,303 External fuel surcharge 47,393 66,144 161,680 21,614 - - 296,831 Inter-segment revenue and fuel surcharge 3,055 6,371 16,844 4,475 - (30,745 ) - Total revenue 529,155 589,235 1,748,359 945,130 - (30,745 ) 3,781,134 Operating income (loss) 78,753 87,950 206,346 84,459 (40,941 ) - 416,567 Selected items: Depreciation and amortization 25,357 50,354 188,979 33,429 1,110 - 299,229 Loss on sale of land and buildings - (1 ) - (5 ) - - (6 ) Gain (loss) on sale of assets held for sale 91 (56 ) 11,864 - - - 11,899 Gain on sale of business - - 306 - - - 306 Bargain purchase gain - - - 4,008 - - 4,008 Intangible assets 193,288 189,579 907,170 457,098 2,638 - 1,749,773 Total assets 387,919 593,653 2,100,900 729,690 37,202 - 3,849,364 Total liabilities 123,970 219,234 478,630 226,218 1,011,268 (133 ) 2,059,187 Additions to property and equipment 17,304 22,829 101,477 760 444 - 142,814 2019 External revenue 470,192 619,949 1,645,025 742,410 - - 3,477,576 External fuel surcharge 65,515 99,538 231,470 29,446 - - 425,969 Inter-segment revenue and fuel surcharge 3,903 7,761 15,060 2,977 - (29,701 ) - Total revenue 539,610 727,248 1,891,555 774,833 - (29,701 ) 3,903,545 Operating income (loss) 82,228 82,230 192,172 57,447 (31,209 ) - 382,868 Selected items: Depreciation and amortization 24,893 52,920 182,817 33,597 1,520 - 295,747 Gain on sale of land and buildings - - 9 - - - 9 Gain (loss) on sale of assets held for sale 843 8,509 12,339 - (120 ) - 21,571 Intangible assets 190,135 188,448 860,671 262,691 3,215 - 1,505,160 Total assets 371,037 595,806 2,067,191 421,843 52,943 - 3,508,820 Total liabilities 119,642 230,282 417,545 128,013 1,454,047 - 2,349,528 Additions to property and equipment 13,404 49,553 192,820 2,224 5,697 - 263,698 Geographical information Revenue is attributed to geographical locations based on the origin of service’s location. Total revenue Package Less- and Than- Courier Truckload Truckload Logistics Eliminations Total 2020 Canada 529,155 517,199 725,347 239,413 (26,019 ) 1,985,095 United States - 72,036 1,023,012 686,811 (4,726 ) 1,777,133 Mexico - - - 18,906 - 18,906 Total 529,155 589,235 1,748,359 945,130 (30,745 ) 3,781,134 2019 Canada 539,610 607,086 799,396 216,232 (28,352 ) 2,133,972 United States - 120,162 1,092,159 542,911 (1,349 ) 1,753,883 Mexico - - - 15,690 - 15,690 Total 539,610 727,248 1,891,555 774,833 (29,701 ) 3,903,545 Segment assets are based on the geographical location of the assets. December 31, 2020 December 31, 2019 January 1, 2019 Property and equipment, right-of-use assets and intangible assets Canada 1,802,417 1,777,333 1,412,726 United States 1,342,720 1,169,446 987,813 Mexico 16,349 17,978 16,910 3,161,486 2,964,757 2,417,449 |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Business Combinations [Abstract] | |
Business Combinations | 5. Business combinations a) Business combinations In line with the Group’s growth strategy, the Group acquired thirteen businesses during 2020, of which DLS Worldwide (“DLS”), which was renamed “TForce Worldwide” in November 2020, was considered material. All other acquisitions, including R.R. Donnelley & Sons Company, were not considered to be material. These transactions were concluded in order to add density in the Group’s current network and further expand value-added services. On November 2, 2020, the Group completed the acquisition of DLS, a business unit of R.R. Donnelley & Sons Company. DLS provides logistics services through a third-party logistics network of internal sales personnel, commissioned sales agents, and approximately 140 agent-stations. The purchase price for this business acquisition totalled $225.0 million, which has been paid in cash. During the year ended December 31, 2020, DLS contributed revenue and net income of $98.3 million and $1.5 million, respectively since the acquisition. On March 2, 2020, the Group completed the acquisition of the courier service business of R.R. Donnelley & Sons Company. The purchase price for this business acquisition totalled $10.6 million, which has been paid in cash. The estimated fair value of the identifiable net assets acquired, including the fair value of the customer relationships acquired, exceeded the purchase price, resulting in an estimated bargain purchase gain of $4.0 million in the logistics segment. During the year ended December 31, 2020, the thirteen businesses, in aggregate, contributed revenue and net income of $213.2 million and $4.6 million respectively since the acquisitions. Had the Group acquired these thirteen businesses on January 1, 2020, as per management’s best estimates, the revenue and net income for these entities would have been $807.2 million and $31.9 million, respectively. In determining these estimated amounts, management assumed that the fair value adjustments that arose on the date of acquisition would have been the same had the acquisitions occurred on January 1, 2020. During 2020, transaction costs of $0.8 million have been expensed in other operating expenses in the consolidated statements of income in relation to the above-mentioned business acquisitions. As of the reporting date, the Group had not completed the purchase price allocation over the identifiable net assets and goodwill of the 2020 acquisitions. Information to confirm fair value of certain assets and liabilities is still to be obtained for these acquisitions. As the Group obtains more information, the allocation will be completed. The information that was available to the Group regarding DLS was affected by the proximity of the acquisition to its year-end. The table below presents the purchase price allocation based on the best information available to the Group to date. Identifiable assets acquired and liabilities assumed Note DLS Others* December 31, 2020 December 31, 2019 Cash and cash equivalents - 3,332 3,332 15,339 Trade and other receivables 93,520 29,373 122,893 34,260 Inventoried supplies and prepaid expenses 824 1,509 2,333 5,774 Property and equipment 9 262 23,741 24,003 66,703 Right-of-use assets 10 285 39,928 40,213 11,039 Intangible assets 11 65,404 31,125 96,529 47,088 Other assets 4,630 - 4,630 79 Trade and other payables (54,845 ) (9,149 ) (63,994 ) (24,778 ) Income tax payable - (445 ) (445 ) (4,636 ) Provisions 17 - (338 ) (338 ) (1,424 ) Other non-current liabilities (14,374 ) - (14,374 ) (370 ) Long-term debt 14 - (5,365 ) (5,365 ) (8,655 ) Lease liabilities 15 (285 ) (40,192 ) (40,477 ) (11,039 ) Deferred tax liabilities - (6,653 ) (6,653 ) (16,541 ) Total identifiable net assets 95,421 66,866 162,287 112,839 Total consideration transferred 225,007 106,595 331,602 166,941 Goodwill 11 129,586 43,737 173,323 62,116 Bargain purchase gain - (4,008 ) (4,008 ) (8,014 ) Cash 225,007 105,975 330,982 166,251 Contingent consideration - 620 620 690 Total consideration transferred 225,007 106,595 331,602 166,941 * Includes non-material adjustments to prior year's acquisitions The trade receivables comprise gross amounts due of $127.4 million, of which $4.5 million was expected to be uncollectible at the acquisition date. Of the goodwill and intangible assets acquired through business combinations in 2020, $21.2 million is deductible for tax purposes (2019 - $19.2 million). During 2019, the Group acquired eight businesses, of which Schilli Corporation (“Schilli”), which was renamed BTC East in September 2019, was considered material. On February 22, 2019, the Group completed the acquisition of Schilli. Based in St. Louis, Schilli specializes in the transportation of dry and liquid bulk and offers dedicated fleet solutions and other value-add services throughout the Midwest, Southeast and Gulf Coast regions of the United States. The purchase price for this business acquisition totalled $58.2 million, which had been paid in cash. During the year ended December 31, 2019, Schilli contributed revenue and net income of $53.2 million and $2.3 million, respectively since the acquisition. On April 29, 2019, the Group completed the acquisition of certain assets of BeavEx Incorporated Inc. and its affiliates Guardian Medical Logistics, JNJW Enterprises Inc. and USXP LLC (collectively “BeavEx”). The purchase price for this business acquisition totalled $7.2 million, which had been paid in cash. The fair value of the identifiable net assets acquired, including the fair value of the customer relationships acquired, exceeded the purchase price, resulting in a bargain purchase gain of $8.0 million in the logistics segment. During 2019, transaction costs of $0.1 million have been expensed in other operating expenses in the consolidated statements of income in relation to the above-mentioned business acquisitions. b) Goodwill The goodwill is attributable mainly to the premium of an established business operation with a good reputation in the transportation industry, and the synergies expected to be achieved from integrating the acquired entity into the Group’s existing business. The goodwill arising in the business combinations has been allocated to operating segments as indicated in the table below, which represents the lowest level at which goodwill is monitored internally. Operating segment Reportable segment December 31, 2020* December 31, 2019 Less-Than-Truckload Less-Than-Truckload 3,872 - U.S. Truckload Truckload 330 - Specialized Truckload Truckload 33,718 50,692 Logistics Logistics 135,403 11,424 173,323 62,116 * Includes non-material adjustments to prior year's acquisitions c ) Adjustment to the provisional amounts of prior year’s business combinations The 2019 annual consolidated financial statements included details of the Group’s business combinations and set out provisional fair values relating to the consideration paid and net assets acquired of Schilli and various other non-material acquisitions. These acquisitions were accounted for under the provisions of IFRS 3. As required by IFRS 3, the provisional fair values have been reassessed in light of information obtained during the measurement period following the acquisition. Consequently, the fair value of certain assets acquired, and liabilities assumed of Schilli and the other non-material acquisitions in fiscal 2019 have been adjusted and finalized in 2020. No material adjustments were required to the provisional fair values for these prior period’s business combinations, and have been included with the acquisitions of 2020. |
Discontinued operations
Discontinued operations | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Discontinued Operations [Abstract] | |
Discontinued operations | 6. Discontinued operations In 2019, the Group received an unfavorable ruling on an accident claim, resulting in a loss of $10.6 million ($12.4 million, net of tax of $1.8 million). The incident occurred in an operating division which was part of the discontinued rig moving segment. The rig moving segment was classified as discontinued on September 30, 2015. The net cash outflows from discontinued operations was $12.0 million during the second quarter of 2019 ($13.8 million, net of tax of $1.8 million). The basic and diluted loss per share for the year ended December 31, 2019 from discontinued operations is $0.13 and $0.12, respectively. |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2020 | |
Trade And Other Current Receivables [Abstract] | |
Trade and other receivables | 7. Trade and other receivables December 31, 2020 December 31, 2019 January 1, 2019 Trade receivables 570,609 442,148 443,718 Other receivables 27,264 10,093 19,357 597,873 452,241 463,075 The Group’s exposure to credit and currency risks related to trade and other receivables is disclosed in note 26 a) and d). Trade receivables at December 31, 2020 include $13.5 million of in-transit revenue balances (December 31, 2019 – $7.6 million; January 1, 2019 - $7.9 million). Due to the short-term nature of the transportation and logistics services provided by the Group, these services are expected to be completed within the week following the year-end. |
Additional cash flow informatio
Additional cash flow information | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Information About Additional Cash Flow Information [Abstract] | |
Additional cash flow information | 8. Additional cash flow information Net change in non-cash operating working capital 2020 2019* Trade and other receivables (16,399 ) 58,763 Inventoried supplies 2,200 2,292 Prepaid expenses 192 3,839 Trade and other payables 47,668 (48,557 ) 33,661 16,337 * Recasted for changes in presentation (see note 24) |
Property and equipment
Property and equipment | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Property and equipment | 9. Property and equipment Land and Rolling Note buildings stock Equipment Total Cost Balance at January 1, 2019 276,144 1,119,520 114,972 1,510,636 Additions through business combinations 5 4,816 59,684 2,203 66,703 Other additions 39,733 211,796 12,169 263,698 Disposals (2,617 ) (126,388 ) (9,747 ) (138,752 ) Reclassification to assets held for sale (21,226 ) (2,684 ) - (23,910 ) Transfer to right-of-use assets - (29,316 ) - (29,316 ) Effect of movements in exchange rates 11,827 34,701 5,699 52,227 Balance at December 31, 2019 308,677 1,267,313 125,296 1,701,286 Additions through business combinations 5 1,771 21,634 598 24,003 Other additions 19,331 112,645 10,838 142,814 Disposals (731 ) (133,149 ) (5,134 ) (139,014 ) Reclassification to assets held for sale (19,201 ) (9,971 ) - (29,172 ) Sale of business (484 ) (3,395 ) (283 ) (4,162 ) Effect of movements in exchange rates 5,441 12,540 2,919 20,900 Balance at December 31, 2020 314,804 1,267,617 134,234 1,716,655 Depreciation Balance at January 1, 2019 56,093 356,377 74,571 487,041 Depreciation for the year 8,886 149,622 10,212 168,720 Disposals (2,419 ) (71,325 ) (8,649 ) (82,393 ) Reclassification to assets held for sale (6,321 ) (2,244 ) - (8,565 ) Transfer to right-of-use assets - (9,910 ) - (9,910 ) Effect of movements in exchange rates 2,370 14,643 3,951 20,964 Balance at December 31, 2019 58,609 437,163 80,085 575,857 Depreciation for the year 8,462 151,369 10,689 170,520 Disposals (657 ) (89,676 ) (4,447 ) (94,780 ) Reclassification to assets held for sale (7,326 ) (8,488 ) - (15,814 ) Sale of business (329 ) (2,494 ) (253 ) (3,076 ) Effect of movements in exchange rates 1,058 6,448 2,014 9,520 Balance at December 31, 2020 59,817 494,322 88,088 642,227 Net carrying amounts At January 1, 2019 220,051 763,143 40,401 1,023,595 At December 31, 2019 250,068 830,150 45,211 1,125,429 At December 31, 2020 254,987 773,295 46,146 1,074,428 As at December 31, 2020, $2.5 million is included in trade and other payables for the purchases of property and equipment (December 31, 2019 – 2.4, January 1, 2019 - nil). Security At December 31 2020, certain rolling stock are pledged as security for conditional sales contracts, with a carrying amount of $140.7 million (December 31, 2019 - $138.6 million, January 1, 2019 - $131.2 million) (see note 14). |
Right-of-use Assets
Right-of-use Assets | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Abstract] | |
Right-of-use assets | 10. Right-of-use assets Land and Rolling Note buildings stock Equipment Total Cost Initial recognition of IFRS 16 414,866 95,884 1,422 512,172 Transfer from property and equipment - 29,316 - 29,316 Other additions 22,287 41,041 351 63,679 Additions through business combinations 5 8,916 2,123 - 11,039 Derecognition* (35,299 ) (10,388 ) (10 ) (45,697 ) Effect of movements in exchange rates 19,327 6,114 70 25,511 Balance at December 31, 2019 430,097 164,090 1,833 596,020 Other additions 18,869 30,353 1,003 50,225 Additions through business combinations 5 13,716 26,497 - 40,213 Derecognition* (18,524 ) (32,111 ) (589 ) (51,224 ) Effect of movements in exchange rates 7,948 2,335 43 10,326 Balance at December 31, 2020 452,106 191,164 2,290 645,560 Depreciation Initial recognition of IFRS 16 152,052 37,493 528 190,073 Transfer from property and equipment - 9,910 - 9,910 Depreciation 50,697 26,128 501 77,326 Derecognition* (16,953 ) (8,817 ) (1 ) (25,771 ) Effect of movements in exchange rates 7,888 2,439 (13 ) 10,314 Balance at December 31, 2019 193,684 67,153 1,015 261,852 Depreciation 48,628 31,247 621 80,496 Derecognition* (14,573 ) (25,371 ) (428 ) (40,372 ) Effect of movements in exchange rates 4,802 1,474 23 6,299 Balance at December 31, 2020 232,541 74,503 1,231 308,275 Net carrying amounts At December 31, 2019 236,413 96,937 818 334,168 At December 31, 2020 219,565 116,661 1,059 337,285 * Derecognized right-of-use assets include negotiated asset purchases and extinguishments resulting from accidents as well as fully amortized or end of term right-of-use assets. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Intangible Assets [Abstract] | |
Intangible assets | 11. Intangible assets Other intangible assets Non- Customer compete Information Note Goodwill relationships Trademarks agreements technology Total Cost Balance at January 1, 2019 1,227,671 427,307 81,303 8,521 18,124 1,762,926 Additions through business combinations* 5 62,116 41,237 2,541 3,272 38 109,204 Other additions - - - - 3,636 3,636 Disposals - (205 ) - - - (205 ) Extinguishments - (1,110 ) - (167 ) (1,768 ) (3,045 ) Effect of movements in exchange rates 41,343 14,199 1,911 307 814 58,574 Balance at December 31, 2019 1,331,130 481,428 85,755 11,933 20,844 1,931,090 Additions through business combinations* 5 173,323 88,692 627 3,984 3,226 269,852 Other additions - - - - 1,665 1,665 Sale of business (715 ) - - - (30 ) (745 ) Extinguishments - (1,397 ) (1,014 ) (1,456 ) (440 ) (4,307 ) Effect of movements in exchange rates 19,888 6,219 1,034 227 483 27,851 Balance at December 31, 2020 1,523,626 574,942 86,402 14,688 25,748 2,225,406 Amortization and impairment losses Balance at January 1, 2019 143,982 174,228 34,160 2,649 14,053 369,072 Amortization for the year - 41,058 5,022 1,875 1,746 49,701 Disposals - (4 ) - - - (4 ) Extinguishments - (1,110 ) - (167 ) (1,768 ) (3,045 ) Effect of movements in exchange rates 2,908 5,592 999 113 594 10,206 Balance at December 31, 2019 146,890 219,764 40,181 4,470 14,625 425,930 Amortization for the year - 39,580 3,897 2,160 2,576 48,213 Sale of business - - - - (28 ) (28 ) Extinguishments - (1,397 ) (1,014 ) (1,456 ) (440 ) (4,307 ) Effect of movements in exchange rates 1,126 3,652 572 130 345 5,825 Balance at December 31, 2020 148,016 261,599 43,636 5,304 17,078 475,633 Net carrying amounts At January 1, 2019 1,083,689 253,079 47,143 5,872 4,071 1,393,854 At December 31, 2019 1,184,240 261,664 45,574 7,463 6,219 1,505,160 At December 31, 2020 1,375,610 313,343 42,766 9,384 8,670 1,749,773 * Includes non-material adjustments to prior year's acquisitions In 2020, the Group reassessed useful lives of some operational trademarks from finite to indefinite representing a carrying value of $6.3 million. Brand recognition as well as management intent to keep the brands indefinitely were decisive factors leading to this conclusion. At the time of change in estimate, which is applied prospectively, the Group tested these trademarks for impairment, resulting in no impairment charge. At December 31, 2020, the Group performed its annual impairment testing for indefinite life trademarks. The Group estimated the value in use to be $42.6 million (2019 - $26.7 million) compared to its carrying value of $31.6 million (2019 - $25.3 million), resulting in no impairment charge. Management used the relief-from-royalty method and discount rates between 6.6% and 9.7% (2019 – between 8.5% and 9.7%) in its analysis. At December 31, 2020, the Group performed its annual goodwill impairment tests for operating segments which represent the lowest level within the Group at which the goodwill is monitored for internal management purposes. The aggregate carrying amounts of goodwill allocated to each unit are as follows: Reportable segment / operating segment December 31, 2020 December 31, 2019 January 1, 2019 Package and Courier 189,533 185,695 176,793 Less-Than-Truckload 136,914 130,389 124,138 Truckload Canadian Truckload 86,416 84,666 80,607 U.S. Truckload 244,824 243,914 242,236 Specialized Truckload 394,303 353,516 288,903 Logistics 323,620 186,060 171,012 1,375,610 1,184,240 1,083,689 The results as at December 31, 2020 determined that the recoverable amounts of the Group’s operating segments exceeded their respective carrying amounts. The recoverable amounts of the Group’s operating segments were determined using the value in use approach. The value in use methodology is based on discounted future cash flows. Management believes that the discounted future cash flows method is appropriate as it allows more precise valuation of specific future cash flows. In assessing value in use, the estimated future cash flows are discounted to their present value using pre-tax discount rates as follows: Reportable segment / operating segment 2020 2019 Package and Courier 9.1 % 9.7 % Less-Than-Truckload 9.1 % 9.2 % Truckload Canadian Truckload 11.5 % 11.7 % U.S. Truckload 10.3 % 10.7 % Specialized Truckload 10.3 % 11.2 % Logistics 8.5 % 9.7 % The discount rates were estimated based on past experience, and industry average weighted average cost of capital, which were based on a possible range of debt leveraging of 40.0% (2019 – 50.0%) at a market interest rate of 5.9% (2019 – 7.7%). First year cash flows were projected based on forecasted cash flows which are based on previous operating results adjusted to reflect current economic conditions. For a further 4-year period, cash flows were extrapolated using an average growth rate of 2.0% (2019 – 2.0%) in revenues and margins were adjusted where deemed appropriate. The terminal value growth rate was 2.0% (2019 – 2.0%). The values assigned to the key assumptions represent management’s assessment of future trends in the transportation industry and were based on both external and internal sources (historical data). |
Other assets
Other assets | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Other Assets [Abstract] | |
Other assets | 12. Other assets December 31, 2020 December 31, 2019 January 1, 2019 Restricted cash - 3,309 3,128 Security deposits 3,143 3,164 2,525 Investments in equity securities 9,727 1,071 1,098 Indemnification asset 4,736 - - Other 6,293 1,111 1,304 Promissory note - 19,105 16,630 23,899 27,760 24,685 Presented as : Current other assets - 19,105 - Non-current other assets 23,899 8,655 24,685 Restricted cash consisted of cash held as potential claims collateral pursuant to re-insurance agreements under the Group’s insurance program. The restrictions on cash are no longer required as at December 31, 2020. On February 1, 2016, the Company sold the Waste Management segment (“Waste”) to GFL Environmental Inc. (“GFL”) for a total consideration of $575 million (CAD $800 million), which included an unsecured promissory note of $18 million (CAD $25 million) yielding 3% interest with a term of 4 years. On February 1, 2020, the promissory note was collected in full by the Company. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2020 | |
Trade And Other Payables [Abstract] | |
Trade and other payables | 13. Trade and other payables December 31, 2020 December 31, 2019 January 1, 2019 Trade payables and accrued expenses 327,619 238,405 247,376 Personnel accrued expenses 119,334 86,733 86,043 Dividend payable 21,285 16,305 15,199 468,238 341,443 348,618 The Group’s exposure to currency and liquidity risk related to trade and other payables is disclosed in note 26. |
Long-term debt
Long-term debt | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Detailed Information About Borrowings [Abstract] | |
Long-term debt | 14. Long-term debt This note provides information about the contractual terms of the Group’s interest-bearing long-term debt, which are measured at amortized cost. For more information about the Group’s exposure to interest rate, foreign exchange currency and liquidity, see note 26. December 31, 2020 December 31, 2019 January 1, 2019 Non-current liabilities Unsecured revolving facilities 123,666 454,465 542,849 Unsecured term loan 321,852 469,008 365,639 Unsecured debenture 156,479 153,141 91,501 Unsecured senior notes 150,000 150,000 - Conditional sales contracts 77,550 75,388 69,068 Finance lease liabilities - - 2,694 829,547 1,302,002 1,071,751 Current liabilities Current portion of unsecured revolving facilities 7,461 9,216 - Current portion of conditional sales contracts 35,536 32,089 30,728 Current portion of unsecured term loan - - 54,927 Current portion of finance lease liabilities - - 4,024 42,997 41,305 89,679 Terms and conditions of outstanding long-term debt are as follows: 2020 2019 Currency Nominal interest rate Year of maturity Face value Carrying amount Face value Carrying amount Unsecured revolving facility a CAD BA + 1.45% 2023 41,700 32,279 140,600 106,114 Unsecured revolving facility a USD Libor + 1.45% 2023 92,634 91,387 349,906 348,351 Unsecured revolving facility b USD Libor + 1.45% 2021 7,461 7,461 9,216 9,216 Unsecured term loan a CAD BA + 1.45% 2022 410,000 321,852 610,000 469,008 Unsecured debenture c CAD 3.32% - 4.22% 2024 200,000 156,479 200,000 153,141 Unsecured senior notes d USD 3.85% 2026 150,000 150,000 150,000 150,000 Conditional sales contracts e Mainly CAD 1.49% - 4.72% 2021-2027 143,796 113,086 139,591 107,477 872,544 1,343,307 The table below summarizes changes to the long-term debt: Note 2020 2019 Balance at beginning of year 1,343,307 1,161,430 Transfer to lease liabilities - (6,718 ) Proceeds from long-term debt 33,175 328,045 Business combinations 5 5,365 8,655 Repayment of long-term debt (191,221 ) (103,247 ) Net decrease in revolving facilities (326,201 ) (88,229 ) Accretion of deferred financing fees 1,214 1,705 Effect of movements in exchange rates 4,588 55,697 Effect of movements in exchange rates - OCI hedge 2,317 (14,031 ) Balance at end of year 872,544 1,343,307 a) Unsecured revolving credit facility and term loans On December 18, 2020, the Group repaid, without penalty, the first tranche of CAD $200 million of its term loan which was due in June 2021. The revolving credit facility is unsecured and can be extended annually. The total available amount under this revolving facility is CAD $1,200 million. The agreement provides, under certain conditions, an additional $196.5 million of credit availability (CAD $245 million and USD $5 million). Based on certain ratios, the interest rate will vary between banker's acceptance rate (or Libor rate on USD denominated debt) plus applicable margin, which can vary between 120 basis points and 200 basis points. As of December 31, 2020, the credit facility’s interest rate on CAD denominated debt was 2.9% (2019 – 3.8%) and on USD denominated debt was 1.6% (2019 – 3.4%). The Group is subject to certain covenants regarding the maintenance of financial ratios and was in compliance with these covenants at year-end (see note 26 (f)). The remaining second tranche of term loan of CAD $410 million is unsecured and is On February 1, 2019, the CAD $500 million unsecured term loan was amended to increase the indebtedness to CAD $575 million. On February 11, 2019, the related incremental funds were used to reimburse a separate CAD $75 million unsecured term loan that was due to mature in August 2019. Deferred financing fees of $0.1 million were recognized on the increase. On February 1, 2019, the Group renegotiated the pricing grid of both its revolving credit facility and CAD $575 million term loan. The CAD $575 million term loan remained within the confines of the credit facility, but has a pricing grid different than the revolving credit facility and each of the two tranches have their own pricing grid. Deferred financing fees of $0.2 million were recognized on the pricing grid revision. On June 27, 2019, the Group extended its existing revolving credit facility by one year, to June 2023. Deferred financing fees of $0.7 million were recognized on the extension. On June 27, 2019, the Group extended the maturity of the CAD $575 million unsecured term loan by one year for each tranche, CAD $200 million due in June 2021 and CAD $375 million due in June 2022. Deferred financing fees of $0.4 million were recognized on the extension. On December 27, 2019, the CAD $575 million unsecured term loan was amended to increase the indebtedness to CAD $610 million. Deferred financing fees of $0.1 million were recognized on the increase. b) Unsecured revolving facility On November 21, 2020, the Group renewed its credit facility for one year. The credit facility is unsecured and provides an availability of $25 million maturing in November 2021. Interest rate is following the same pricing grid applicable for the USD denominated debt in the CAD $1,200 million revolving credit facility. As of December 31, 2020, the credit facility’s interest rate was 1.6% (2019 – 3.4%). The Group is subject to certain covenants regarding the maintenance of financial ratios and was in compliance with these covenants at year-end (see note 26 (f)). On November 22, 2019, the Group entered into a new revolving credit facility agreement. The credit facility is unsecured and provides an availability of $25 million maturing in November 2020. Interest rate is following the same pricing grid applicable for the USD denominated debt in the CAD $1,200 million revolving credit facility. c) Unsecured debenture The unsecured debenture is maturing in On December 20, 2019, the unsecured debenture was amended to increase the indebtedness by CAD $75 million, to CAD $200 million, and to extend maturity date by four years, to December 2024. d) Unsecured senior notes This loan takes the form of senior notes each carrying an interest rate of 3.85% and with a December 2026 maturity date. These notes may be prepaid at any time prior to maturity date, in part or in total, at 100% of the principal amount and the make-whole amount determined at the prepayment date with respect to such principal amount. e) Conditional sales contracts Conditional sales contracts are secured by rolling stock having a carrying value of $140.7 million (December 31, 2019 - $138.6 million, January 1, 2019 - $131.2 million) (see note 9). f) Principal installments of other long-term debt payable during the subsequent years are as follows: Less than 1 to 5 More than 1 year years 5 years Total Unsecured revolving facilities 7,461 125,428 - 132,889 Unsecured term loan - 322,200 - 322,200 Unsecured debenture - 157,171 - 157,171 Unsecured senior notes - - 150,000 150,000 Conditional sales contracts 35,536 77,093 457 113,086 42,997 681,892 150,457 875,346 |
Lease liabilities
Lease liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Lease Liabilities [Abstract] | |
Lease liabilities | 15. Lease liabilities December 31, 2020 December 31, 2019 Current portion of lease liabilities 88,522 76,326 Long-term portion of lease liabilities 267,464 279,265 355,986 355,591 The table below summarizes changes to the lease liabilities: Note 2020 2019 Balance at beginning of year 355,591 - Business combinations 5 40,477 11,039 Additions 50,225 63,679 Derecognition* (12,011 ) (21,642 ) Repayment (82,587 ) (75,072 ) Effect of movements in exchange rates 4,291 16,480 Initial recognition on transition to IFRS 16 on January 1, 2019 - 354,389 Transfer of finance leases from long-term debt - 6,718 Balance at end of year 355,986 355,591 * Derecognized lease liabilities include negotiated asset purchases and extinguishments resulting from accidents. The incremental borrowing rate used on average for 2020 is 3.56% (2019 – 2.66%). Extension options Some real estate leases contain extension options exercisable by the Group. Where practicable, the Group seeks to include extension options in new leases to provide operational flexibility. The Group assesses at the lease commencement date whether it is reasonably certain to exercise the extension options. The Group reassesses whether it is reasonably certain to exercise the options if there are significant events or significant changes in circumstances within its control. The lease liabilities include future lease payments of $21.1 million (2019 – $38.8 million) related to extension options that the Group is reasonably certain to exercise. The Group has estimated that the potential future lease payments, should it exercise the remaining extension options, would result in an increase in lease liabilities of $352.1 million (2019 - $357.1 million). The Group does not have a significant exposure to termination options and penalties. Variable lease payments Some leases contain variable lease payments which are not included in the measurement of the lease liability. These payments include, amongst others, common area maintenance fees, municipal taxes and vehicle maintenance fees. The expense related to variable lease payments for the year ended December 31, 2020 was $17.4 million (2019 - $18.1 million). Sub-leases The Group sub-leases some of its properties. Income from sub-leasing right-of-use assets for the year ended December 31, 2020 was $13.8 million (2019 - $12.3 million), presented in “Other operating expenses”. Contractual cash flows The total contractual cash flow maturities of the Group’s lease liabilities are as follows: 2020 Less than 1 year 99,570 Between 1 and 5 years 222,140 More than 5 years 75,510 397,220 For the year ended December 31, 2020, operating lease expenses of $26.1 million (2019 – $33.3 million) were recognized in the consolidated statement of income for leases that either did not meet the definition of a lease under IFRS 16, which was adopted on January 1, 2019, or were excluded based on practical expedients applied at transition. |
Employee benefits
Employee benefits | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Information About Defined Benefit Plans [Abstract] | |
Employee benefits | 16. Employee benefits The Group sponsors defined benefit pension plans for 161 of its employees (2019 – 165). These plans are all within Canada and include one unregistered plan. All the defined benefit plans are no longer offered to employees and two defined benefits plan in the past have been converted prospectively to defined contribution plans. Therefore, the future obligation will only vary by actuarial re-measurements. With the exception of one plan, all other plans do not have recurring contributions for employees. These plans are still required to fund past service costs. The remaining plan is fully funded by the Group. The Group measures its accrued benefit obligations and the fair value of plan assets for accounting purposes as at December 31 of each year. The most recent actuarial valuation of the pension plans for funding purposes was as of December 31, 2019 and the next required valuation will be as of December 31, 2020. In addition to the above-mentioned defined benefit plans, the Group sponsors an employee severance plan in Mexico. At December 31, 2020, total obligation under this arrangement amounted to $1.1 million ($1.0 million in 2019 and $0.8 million in 2018). Information about the Group’s defined benefit pension plans is as follows: December 31, 2020 December 31, 2019 January 1, 2019 Accrued benefit obligation 35,529 31,449 27,579 Fair value of plan assets (21,147 ) (18,108 ) (16,581 ) Plan deficit - employee benefit liability 14,382 13,341 10,998 Plan assets comprise: December 31, 2020 December 31, 2019 January 1, 2019 Equity securities 6 % 16 % 31 % Debt securities 91 % 81 % 57 % Other 3 % 3 % 12 % All equity and debt securities have quoted prices in active markets. Debt securities are held through mutual funds and primarily hold investments with ratings of AAA or AA, based on Moody’s ratings. The other asset categories are real estate investment trusts. Movement in the present value of the accrued benefit obligation for defined benefit plans: 2020 2019 Accrued benefit obligation, beginning of year 31,449 27,579 Current service cost 528 496 Interest cost 948 1,105 Benefits paid (1,539 ) (1,277 ) Remeasurement (gain) loss arising from: - Financial assumptions 3,563 2,267 - Experience (343 ) (152 ) Settlement 113 - Effect of movements in exchange rates 810 1,431 Accrued benefit obligation, end of year 35,529 31,449 Movement in the fair value of plan assets for defined benefit plans: 2020 2019 Fair value of plan assets, beginning of year 18,108 16,581 Interest income 544 665 Employer contributions 2,519 970 Benefits paid (1,539 ) (1,277 ) Fair value remeasurement 1,129 467 Plan administration expenses (124 ) (145 ) Effect of movements in exchange rates 510 847 Fair value of plan assets, end of year 21,147 18,108 Expense recognized in income or loss: 2020 2019 Current service cost 528 496 Net interest cost 404 440 Plan administration expenses 124 145 Settlement 113 - Pension expense 1,169 1,081 Actual return on plan assets 1,673 1,132 Actuarial losses recognized in other comprehensive income: 2020 2019 Amount accumulated in retained earnings, beginning of year 11,100 9,451 Recognized during the year 2,204 1,649 Amount accumulated in retained earnings, end of year 13,304 11,100 Recognized during the year, net of tax 1,623 1,228 The significant actuarial assumptions used (expressed as weighted average): December 31, 2020 December 31, 2019 January 1, 2019 Accrued benefit obligation: Discount rate at 2.4 % 3.3 % 4.0 % Future salary increases 1.2 % 1.5 % 1.5 % Employee benefit expense: Discount rate at 3.3 % 4.0 % 3.5 % Rate of return on plan assets at 3.3 % 4.0 % 3.5 % Future salary increases 1.2 % 1.5 % 1.2 % Assumptions regarding future mortality are based on published statistics and mortality tables. The current longevities underlying the value of the liabilities in the defined benefit plans are as follows: December 31, 2020 December 31, 2019 January 1, 2019 Longevity at age 65 for current pensioners Males 22.1 22.0 21.9 Females 24.7 24.7 24.6 Longevity at age 65 for current members aged 45 Males 23.5 23.5 23.4 Females 26.1 26.0 26.0 At December 31, 2020 the weighted-average duration of the defined benefit obligation was 12.5 The following table presents the impact of changes of major assumptions on the defined benefit obligation for the years ended: 2020 2019 Increase Decrease Increase Decrease Discount rate (1% movement) (3,022 ) 3,650 (3,186 ) 3,884 Life expectancy (1-year movement) 138 (246 ) 755 (845 ) Historical information: 2020 2019 2018 2017 2016 Present value of the accrued benefit obligation 35,529 31,449 27,579 38,811 34,216 Fair value of plan assets (21,147 ) (18,108 ) (16,581 ) (25,366 ) (23,579 ) Deficit in the plan 14,382 13,341 10,998 13,445 10,637 Experience adjustments arising on plan obligations 3,220 2,116 (2,427 ) 2,378 393 Experience adjustments arising on plan assets 1,129 467 (815 ) 351 813 The Group expects approximately $0.3 million in contributions to be paid to its defined benefit plans in 2021. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2020 | |
Provisions [Abstract] | |
Provisions | 17. Provisions Self insurance Other Total Balance at January 1, 2019 36,757 12,990 49,747 Additions through business combinations 5 508 916 1,424 Provisions made during the year 58,030 5,200 63,230 Provisions used during the year (47,977 ) (17,228 ) (65,205 ) Provisions reversed during the year (9,127 ) (421 ) (9,548 ) Unwind of discount on long-term provisions 326 - 326 Effect of movements in exchange rates 671 141 812 Balance at January 1, 2020 39,188 1,598 40,786 Additions through business combinations 5 - 338 338 Provisions made during the year 48,534 9,685 58,219 Provisions used during the year (32,439 ) (4,060 ) (36,499 ) Provisions reversed during the year (8,795 ) (1,177 ) (9,972 ) Unwind of discount on long-term provisions 1,012 - 1,012 Sale of business (47 ) - (47 ) Effect of movements in exchange rates 280 138 418 Balance at December 31, 2020 47,733 6,522 54,255 December 31, 2020 Current provisions 14,040 3,412 17,452 Non-current provisions 33,693 3,110 36,803 December 31, 2019 Current provisions 16,909 1,355 18,264 Non-current provisions 22,279 243 22,522 January 1, 2019 Current provisions 15,951 2,421 18,372 Non-current provisions 20,805 10,570 31,375 Self-insurance provisions represent the uninsured portion of outstanding claims at year-end. The current portion reflects the amount expected to be paid in the following year. 2019 - 2.2%) |
Deferred tax assets and liabili
Deferred tax assets and liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Tax Assets And Liabilities [Abstract] | |
Deferred tax assets and liabilities | 18. Deferred tax assets and liabilities December 31, 2020 December 31, 2019 January 1, 2019 Property and equipment (178,087 ) (188,604 ) (156,310 ) Intangible assets (74,041 ) (79,346 ) (76,682 ) Derivative financial instruments and investment in equity securities - 443 (923 ) Long-term debt 4,852 5,886 1,684 Employee benefits 10,634 7,449 5,460 Provisions 15,151 9,874 12,580 Tax losses 94 14,603 7,294 Other (108 ) (1,801 ) (940 ) Net deferred tax liabilities (221,505 ) (231,496 ) (207,837 ) Presented as: Deferred tax assets 11,207 8,824 4,698 Deferred tax liabilities (232,712 ) (240,320 ) (212,535 ) Movement in temporary differences during the year: Balance Recognized Recognized Acquired Balance January 1, in income directly in business December 31, 2019 or loss in equity combinations 2019 Property and equipment (156,310 ) (20,699 ) (3,633 ) (7,962 ) (188,604 ) Intangible assets (76,682 ) 8,584 (2,669 ) (8,579 ) (79,346 ) Long-term debt 1,684 (3,445 ) 7,647 - 5,886 Employee benefits 5,460 1,279 710 - 7,449 Provisions 12,580 (2,912 ) 206 - 9,874 Tax losses 7,294 7,384 (75 ) - 14,603 Other (1,863 ) (1,362 ) 1,867 - (1,358 ) Net deferred tax liabilities (207,837 ) (11,171 ) 4,053 (16,541 ) (231,496 ) Balance Recognized Recognized Acquired Balance December 31, in income directly in business December 31, 2019 or loss in equity combinations 2020 Property and equipment (188,604 ) 12,981 (1,206 ) (1,411 ) (178,087 ) Intangible assets (79,346 ) 11,396 (880 ) (5,211 ) (74,041 ) Long-term debt 5,886 (1,104 ) 70 - 4,852 Employee benefits 7,449 2,387 798 - 10,634 Provisions 9,874 5,191 86 - 15,151 Tax losses 14,603 (14,396 ) (113 ) - 94 Other (1,358 ) 735 545 (30 ) (108 ) Net deferred tax liabilities (231,496 ) 17,190 (701 ) (6,653 ) (221,505 ) |
Share capital and other compone
Share capital and other components of equity | 12 Months Ended |
Dec. 31, 2020 | |
Share Capital And Other Components Of Equity [Abstract] | |
Share capital and other components of equity | 19. Share capital and other components of equity The Company is authorized to issue an unlimited number of common shares and preferred shares, issuable in series. Both common and preferred shares are without par value. All issued shares are fully paid. The common shares entitle the holders thereof to one vote per share. The holders of the common shares are entitled to receive dividends as declared from time to time. Subject to the rights, privileges, restrictions and conditions attached to any other class of shares of the Company, the holders of the common shares are entitled to receive the remaining property of the Company upon its dissolution, liquidation or winding-up. The preferred shares may be issued in one or more series, with such rights and conditions as may be determined by resolution of the Directors who shall determine the designation, rights, privileges, conditions and restrictions to be attached to the preferred shares of such series. There are no voting rights attached to the preferred shares except as prescribed by law. In the event of the liquidation, dissolution or winding-up of the Company, or any other distribution of assets of the Company among its shareholders, the holders of the preferred shares of each series are entitled to receive, with priority over the common shares and any other shares ranking junior to the preferred shares of the Company, an amount equal to the redemption price for such shares, plus an amount equal to any dividends declared thereon but unpaid and not more. The preferred shares for each series are also entitled to such other preferences over the common shares and any other shares ranking junior to the preferred shares as may be determined as to their respective series authorized to be issued. The preferred shares of each series shall be on a parity basis with the preferred shares of every other series with respect to payment of dividends and return of capital. There are no preferred shares currently issued and outstanding. During the first quarter of fiscal 2020, the Company completed an initial public offering on the New York Stock Exchange. The Company issued a total of 6,900,000 common shares, that were issued at a price of $33.35 per share for gross proceeds to the Company of $230,115,000. The Company incurred share issuance costs of approximately $13.2 million of which $12.6 million were recorded to share capital and $0.6 million were recognized in the consolidated statement of income. During the third quarter of fiscal 2020, the Company completed a common share offering in the United States and Canada. The Company issued a total of 5,060,000 common shares, that were issued at a price of $43.25 per share for gross proceeds to the Company of $218,845,000. The Company incurred share issuance costs of approximately $11.0 million which were fully recorded to share capital . The following table summarizes the number of common shares issued: (in number of shares) Note 2020 2019 Balance, beginning of year 81,450,326 86,397,588 Repurchase and cancellation of own shares (1,542,155 ) (6,409,446 ) Issuance of shares 11,960,000 - Stock options exercised 21 1,529,814 1,462,184 Balance, end of year 93,397,985 81,450,326 The following table summarizes the share capital issued and fully paid: 2020 2019 Balance, beginning of year 678,915 697,232 Issuance of shares, net of expenses 425,350 - Repurchase and cancellation of own shares (12,025 ) (39,621 ) Cash consideration of stock options exercised 21,361 16,347 Ascribed value credited to share capital on stock options exercised 4,554 4,233 Issuance of shares on settlement of RSUs 1,894 724 Balance, end of year 1,120,049 678,915 Pursuant to the normal course issuer bid (“NCIB”) which began on October 14, 2020 and ending on October 13, 2021, the Company is authorized to repurchase for cancellation up to a maximum of 7,000,000 of its common shares under certain conditions. As at December 31, 2020, and since the inception of this NCIB, the Company has not repurchased and cancelled any shares. During 2020, the Company repurchased 1,542,155 common shares at a weighted average price of $24.64 (CAD $34.13) per share for a total purchase price of $38.0 million relating to the NCIB. During 2019, the Company repurchased 6,409,446 common shares at a weighted average price of 30.03 (CAD $39.89) per share for a total purchase price of $192.5 million relating to a previous NCIB. The excess of the purchase price paid over the carrying value of the shares repurchased in the amount of $26.0 million (2019 – $152.8 million) was charged to retained earnings as share repurchase premium. Contributed surplus The contributed surplus account is used to record amounts arising on the issue of equity-settled share-based payment awards (see note 21). Accumulated other comprehensive income (“AOCI”) At December 31, 2020 and 2019 and January 1, 2019, AOCI is comprised of accumulated foreign currency translation differences arising from the translation of the financial statements of foreign operations, financial assets measured at fair value through OCI, gain or loss on net investment hedge, realized gains on investments, cash flow hedges and defined benefit plan remeasurement gain or loss. Dividends In 2020, the Company declared quarterly dividends amounting to a total of $0.80 (CAD $1.07) per outstanding common share when the dividend was declared (2019 – $0.74 (CAD $0.98)) for a total of $72.7 million (2019 - $61.6 million). The Board of Directors approved a quarterly dividend of $0.23 per outstanding common share of the Company’s capital, for an expected aggregate payment of $21.5 million to be paid on April 15, 2021 to shareholders of record at the close of business on March 31, 2021. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per share | 20. Earnings per share Basic earnings per share The basic earnings per share and the weighted average number of common shares outstanding have been calculated as follows: (in thousands of dollars and number of shares) 2020 2019 Net income attributable to owners of the Company 275,675 233,677 Issued common shares, beginning of period 81,450,326 86,397,588 Effect of stock options exercised 858,488 846,690 Effect of repurchase of own shares (1,204,210 ) (3,854,133 ) Effect of share issuance 8,008,750 - Weighted average number of common shares 89,113,354 83,390,145 Earnings per share – basic (in dollars) 3.09 2.80 Earnings per share from continuing operations – basic (in dollars) 3.09 2.93 Diluted earnings per share The diluted earnings per share and the weighted average number of common shares outstanding after adjustment for the effects of all dilutive common shares have been calculated as follows: (in thousands of dollars and number of shares) 2020 2019 Net income attributable to owners of the Company 275,675 233,677 Weighted average number of common shares 89,113,354 83,390,145 Dilutive effect: Stock options and restricted share units 1,821,452 1,974,038 Weighted average number of diluted common shares 90,934,806 85,364,183 Earnings per share - diluted (in dollars) 3.03 2.74 Earnings per share from continuing operations - diluted (in dollars) 3.03 2.86 As at December 31, 2020, 99,485 stock options were excluded from the calculation of diluted earnings per share (2019 – 900,545) as these options were deemed to be anti-dilutive. The average market value of the Company’s shares for purposes of calculating the dilutive effect of stock options was based on quoted market prices for the period during which the options were outstanding. |
Share-based payment arrangement
Share-based payment arrangements | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] | |
Share-based payment arrangements | 21. Share-based payment arrangements Stock option plan (equity-settled) The Company offers a stock option plan for the benefit of certain of its employees. The maximum number of shares that can be issued upon the exercise of options granted under the current 2012 stock option plan is 5,979,201. Each stock option entitles its holder to receive one common share upon exercise. The exercise price payable for each option is determined by the Board of Directors at the date of grant, and may not be less than the volume weighted average trading price of the Company’s shares for the last five trading days immediately preceding the grant date. The options vest in equal installments over three years and the expense is recognized following the accelerated method as each installment is fair valued separately and recorded over the respective vesting periods. The table below summarizes the changes in the outstanding stock options: (in thousands of options and in dollars) 2020 2019 Weighted Weighted Number average Number average of exercise of exercise options price options price Balance, beginning of year 4,422 21.56 5,031 17.66 Granted 99 40.41 909 30.71 Exercised (1,530 ) 16.73 (1,462 ) 13.58 Forfeited (9 ) 27.87 (56 ) 28.14 Balance, end of year 2,982 24.65 4,422 21.56 Options exercisable, end of year 2,111 22.34 3,040 18.45 The following table summarizes information about stock options outstanding and exercisable at December 31, 2020: (in thousands of options and in dollars) Options outstanding Options exercisable Weighted average Number remaining Number of contractual life of Exercise prices options (in years) options 23.40 241 0.6 241 19.12 517 1.6 517 18.83 598 2.6 598 26.82 227 3.1 227 23.70 470 4.1 276 30.71 830 5.2 252 40.41 99 6.6 - 2,982 3.4 2,111 Of the options outstanding at December 31, 2020, a total of 2,502,339 (2019 – 3,463,098) are held by key management personnel. The weighted average share price at the date of exercise for stock options exercised in 2020 was $33.78 (2019 – $32.02). In 2020, the Group recognized a compensation expense of $1.7 million (2019 - $3.3 million) On July 27, 2020, the Board of Directors approved the grant of 99,485 stock options under the Company’s stock option plan of which 99,485 were granted to key management personnel. The options vest in equal installments over three years and have a life of seven years. The fair value of the stock options granted was estimated using the Black-Scholes option pricing model using the following weighted average assumptions: July 27, 2020 February 27, 2019 Exercise price 40.41 30.71 Average expected option life 4.5 years 4.5 years Risk-free interest rate 0.71 % 1.88 % Expected stock price volatility* 26.29 % 24.30 % Average dividend yield 2.62 % 2.72 % Weighted average fair value per option of options granted 6.73 6.74 * Expected stock price volatility is based on the historical volatility of the Group’s stock over a period commensurate with the expected term of the award. Deferred share unit plan for board members (cash-settled) The Company offers a deferred share unit (“DSU”) plan for its board members. Under this plan, board members may elect to receive cash, DSUs or a combination of both for their compensation. The following table provides the number of DSUs related to this plan: (in units) 2020 2019 Balance, beginning of year 348,031 306,042 Board members compensation 29,168 34,144 Paid (11,512 ) - Dividends paid in units 8,239 7,845 Balance, end of year 373,926 348,031 In 2020, the Group recognized, as a result of DSUs, a compensation expense of $1.1 million (2019 - $1.1 million) with a corresponding increase to trade and other payables. In addition, in personnel expenses, the Group recognized a mark-to-market loss on DSUs of $6.5 million (2019 – $2.5 million). As at December 31, 2020, the total carrying amount of liabilities for cash-settled arrangements recorded in trade and other payables amounted to $19.2 million (2019 - $11.9 million, 2018- $7.9 million). Performance contingent restricted share unit and performance share unit plans (equity-settled) The Company offers an equity incentive plan for the benefit of senior employees of the Group. In February 2020, upon the recommendation of the Human Resources and Compensation Committee, the Board approved the following changes to the long-term incentive plan (“LTIP”) policy for designated eligible participants in 2020 and future years. Each participant’s annual LTIP allocation will be split in two equally weighted awards of performance share units (“PSUs”) and of restricted share units (‘’RSUs’’). The PSUs are subject to both performance and time cliff vesting conditions on the third anniversary of the award whereas the RSUs will only be subject to a time cliff vesting condition on the third anniversary of the award. The performance conditions attached to the PSUs will be equally weighted between absolute earnings before interest and income tax and relative total shareholder return (“TSR”). For purposes of the relative TSR portion, there are two equally weighted comparisons: the first portion is compared against the TSR of a group of transportation industry peers and the second portion is compared against the S&P/TSX60 index. RSUs awarded under the equity incentive plan prior to 2020 will vest in December of the second year from the grant date. Upon satisfaction of the required service period, the plan provides for settlement of the award through shares. Restricted share units On February 7, 2020, the Company granted a total of 145,218 RSUs under the Company’s equity incentive plan of which 95,358 were granted to key management personnel, at that date. The fair value of the RSUs is determined to be the share price fair value at the date of the grant and is recognized as a share-based compensation expense, through contributed surplus, over the vesting period. The fair value of the RSUs granted was $32.41 per unit. The table below summarizes changes (in thousands of RSUs and in dollars) 2020 2019 Weighted Weighted Number average Number average of grant date of grant date RSUs fair value RSUs fair value Balance, beginning of year 239 28.08 147 24.87 Granted 145 32.41 153 30.70 Reinvested 8 29.74 7 27.45 Settled (92 ) 23.75 (59 ) 26.73 Forfeited (1 ) 31.06 (9 ) 28.66 Balance, end of year 299 31.54 239 28.08 The following table summarizes information about RSUs outstanding and exercisable as at December 31, 2020: (in thousands of RSUs and in dollars) RSUs outstanding Remaining Number of contractual life Grant date fair value RSUs (in years) 30.70 152 1.0 32.41 147 2.1 299 1.5 The weighted average share price at the date of settlement of RSUs vested in 2020 was $53.10 (2019 – $32.80). The excess of the purchase price paid over the carrying value of shares repurchased for settlement of the award, in the amount of $4.5 million (2019 – $1.1 million), was charged to retained earnings as share repurchase premium. In 2020, the Group recognized, as a result of RSUs, a compensation expense of $3.7 million (2019 - $2.9 million) with a corresponding increase to contributed surplus. Of the RSUs outstanding at December 31, 2020, a total of 196,343 (2019 – 155,974) are held by key management personnel. Performance share units On February 7, 2020, the Company granted a total of 145,218 PSUs under the Company’s equity incentive plan of which 95,358 were granted to key management personnel, at that date. The fair value of the PSUs is determined using the share market price at the date of the grant and reflects the impact of satisfying the market conditions. The share-based compensation expense is recognized, through contributed surplus, over the vesting period. The fair value of the PSUs granted was $32.41 per unit. The table below summarizes changes to the outstanding PSUs: (in thousands of PSUs and in dollars) 2020 Weighted Number average of grant date PSUs fair value Balance, beginning of period - - Granted 145 32.41 Reinvested 2 32.41 Balance, end of period 147 32.41 The following table summarizes information about PSUs outstanding and exercisable as at December 31, 2020: (in thousands of PSUs and in dollars) PSUs outstanding Remaining Number of contractual life Grant date fair value PSUs (in years) 32.41 147 2.1 In 2020, the Group recognized, as a result of PSUs, a compensation expense of $1.6 million with a corresponding increase to contributed surplus. Of the PSUs outstanding at December 31, 2020, a total of 96,984 are held by key management personnel. |
Materials and services expenses
Materials and services expenses | 12 Months Ended |
Dec. 31, 2020 | |
Material Income And Expense [Abstract] | |
Materials and services expenses | 22. Materials and services expenses The Group’s materials and services expenses are primarily costs related to independent contractors and vehicle operation expenses. Vehicle operation expenses consists primarily of fuel costs, repairs and maintenance, insurance, permits and operating supplies. 2020 2019 Independent contractors 1,535,394 1,521,388 Vehicle operation expenses 516,441 613,332 2,051,835 2,134,720 |
Personnel expenses
Personnel expenses | 12 Months Ended |
Dec. 31, 2020 | |
Personnel Expense [Abstract] | |
Personnel expenses | 23. Personnel expenses Note 2020 2019 Short-term employee benefits 857,217 958,619 Contributions to defined contribution plans 7,925 6,153 Current and past service costs related to defined benefit plans 16 528 496 Termination benefits 7,863 5,702 Equity-settled share-based payment transactions 21 7,046 6,227 Cash-settled share-based payment transactions 21 7,606 3,588 888,185 980,785 |
Finance Income and Finance Cost
Finance Income and Finance Costs | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Finance Income And Finance Costs [Abstract] | |
Finance income and finance costs | 2 4 . Finance income and finance costs Recognized in income or loss: Costs (income) 2020 2019* Interest expense on long-term debt and accretion of deferred financing fees 34,967 43,949 Interest expense on lease liabilities 12,443 13,983 Interest income and accretion on promissory note (1,051 ) (2,285 ) Net change in fair value and accretion expense of contingent considerations 224 199 Net foreign exchange (gain) loss (1,237 ) 220 Net change in fair value of interest rate derivatives (488 ) - Other financial expenses 9,052 6,041 Net finance costs 53,910 62,107 Presented as: Finance income (2,776 ) (2,285 ) Finance costs 56,686 64,392 * Effective January 1, 2020, the Group presents mark-to-market (gain) loss on DSUs in personnel expenses. Therefore, $2.5 million loss on mark-to-market on DSUs for the year ended December 31, 2019 have been recast to adhere to the newly adopted presentation. |
Income tax expense
Income tax expense | 12 Months Ended |
Dec. 31, 2020 | |
Major Components Of Tax Expense Income [Abstract] | |
Income tax expense | 2 5 . Income tax expense Income tax recognized in income or loss: 2020 2019 Current tax expense Current year 103,080 66,905 Adjustment for prior years 1,092 (2,204 ) 104,172 64,701 Deferred tax expense (recovery) Origination and reversal of temporary differences (7,536 ) 8,345 Variation in tax rate 70 (2,370 ) Adjustment for prior years (9,724 ) 5,860 (17,190 ) 11,835 Income tax expense 86,982 76,536 Income tax recognized in other comprehensive income: 2020 2019 Tax Tax Before (benefit) Net of Before (benefit) Net of tax expense tax Tax expense tax Foreign currency translation differences 21,182 - 21,182 17,476 - 17,476 Defined benefit plan remeasurement gains (losses) (2,204 ) (581 ) (1,623 ) (1,649 ) (421 ) (1,228 ) Employee benefit (14 ) (4 ) (10 ) 45 14 32 Gain (loss) on net investment hedge (2,317 ) (307 ) (2,010 ) 14,031 1,873 12,158 Loss on cash flow hedge (488 ) (1 ) (487 ) (10,007 ) (2,613 ) (7,394 ) Change in fair value of investment in equity securities - - - 5,039 679 4,360 Reclassification to retained earnings of accumulated unrealized loss on investment in equity securities - - - (3,936 ) (546 ) (3,390 ) 16,159 (893 ) 17,052 20,999 (1,014 ) 22,014 Reconciliation of effective tax rate: 2020 2019 Income before income tax 362,657 320,761 Income tax using the Company’s statutory tax rate 26.5 % 96,104 26.6 % 85,322 Increase (decrease) resulting from: Rate differential between jurisdictions -1.2 % (4,452 ) -3.0 % (9,623 ) Variation in tax rate 0.0 % 70 -0.7 % (2,370 ) Non deductible expenses 2.4 % 8,704 1.1 % 3,528 Tax deductions and tax exempt income -2.8 % (10,176 ) -2.2 % (7,057 ) Adjustment for prior years -2.4 % (8,632 ) 1.1 % 3,528 Multi-jurisdiction tax 0.3 % 913 1.0 % 3,208 Treasury Regulations, interpretive guidance clarifying the U.S. Tax Reform Bill 1.2 % 4,451 0.0 % - 24.0 % 86,982 23.9 % 76,536 On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (“U.S. Tax Reform”). The U.S. Tax Reform reduces the U.S. federal corporate income tax rate from 35% to 21%, effective as of January 1, 2018. The U.S. Tax Reform also allows for immediate capital expensing of new investments in certain qualified depreciable assets made after September 27, 2017, which will be phased down starting in year 2023. The U.S. Tax Reform introduces important changes to U.S. corporate income tax laws that may significantly affect the Group in future years including the creation of a new Base Erosion Anti-abuse Tax (BEAT) that subjects certain payments from U.S. corporations to foreign related parties to additional taxes, and limitations to the deduction for net interest expense incurred by U.S. corporations. On April 7, 2020, the U.S. Treasury Department issued Treasury Regulations, interpretive guidance clarifying the U.S. Tax Reform Bill. As anticipated, a tax benefit relating to 2019 and Q1 2020 was disallowed, resulting in a one-time tax expense of $7.3 million in the second quarter of 2020. On July 23, 2020, the U.S. Treasury Department issued final regulations on changes made to the U.S. Tax Reform Bill. It introduces a High-Tax Exception under the Global Intangible Low-taxed Income (GILTI) provisions. A tax benefit relating to 2018 and 2019 was recorded, resulting in a one-time tax recovery of $2.0 million in 2020. For the year ended December 31, 2020, the total impact from these new regulations was $4.5 million following positive adjustments recorded in the fourth quarter of 2020. |
Financial instruments and finan
Financial instruments and financial risk management | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Financial Instruments [Abstract] | |
Financial instruments and financial risk management | 2 6 . Financial instruments and financial risk management Derivative financial instruments designated as effective cash flow hedge instruments' fair values were as follows: December 31, 2020 December 31, 2019 January 1, 2019 Current assets Interest rate derivatives - 30 3,980 Non-current assets Interest rate derivatives - - 2,159 Current liabilities Interest rate derivatives - 649 - Non-current liabilities Interest rate derivatives - 684 - As at December 31, 2020 and 2019, the impact to income or loss and other comprehensive income is as follows: Finance (loss) income Other comprehensive (loss) income 2020 2019 2020 2019 Derivative financial instruments measured at fair value through other comprehensive income: Interest rate derivatives (488) - 488 10,007 (488) - 488 10,007 Risks In the normal course of its operations and through its financial assets and liabilities, the Group is exposed to the following risks: • credit risk • liquidity risk • market risk. This note presents information about the Group’s exposure to each of the above risks, the Group’s objectives and processes for managing risk, and the Group’s management of capital. Further quantitative disclosures are included throughout these consolidated financial statements. Risk management framework The Group’s management identifies and analyzes the risks faced by the Group, sets appropriate risk limits and controls, and monitors risks and adherence to limits. Risk management is reviewed regularly to reflect changes in market conditions and the Group’s activities. The Board of Directors has overall responsibility of the Group’s risk management framework. The Board of Directors monitors the Group’s risks through its audit committee. The audit committee reports regularly to the Board of Directors on its activities. The Group’s audit committee oversees how management monitors and manages the Group’s risks and is assisted in its oversight role by the Group’s internal audit. Internal audit undertakes both regular and ad hoc reviews of risk, the results of which are reported to the audit committee. a) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligation, and arises principally from the Group’s trade receivables. The Group grants credit to its customers in the ordinary course of business. Management believes that the credit risk of trade receivables is limited due to the following reasons: • There is a broad base of customers with dispersion across different market segments; • No single customer accounts for more than 5% of the Group’s revenue; • Approximately 94.9% (2019 – 94.2%) of the Group’s trade receivables are not past due or 30 days or less past due; • Bad debt expense has been less than 0.1% Exposure to credit risk The Group’s maximum credit exposure corresponds to the carrying amount of the financial assets. The maximum exposure to credit risk at the reporting date was: December 31, 2020 December 31, 2019 January 1, 2019 Trade and other receivables 597,873 452,241 463,075 Promissory note - 19,105 16,630 Derivative financial assets - 30 6,140 597,873 471,376 485,844 Impairment losses The aging of trade and other receivables at the reporting date was: Total Impairment Total Impairment 2020 2020 2019 2019 Not past due 447,517 224 345,953 - Past due 1 – 30 days 104,491 1,211 80,642 669 Past due 31 – 60 days 26,601 3,439 17,467 2,008 Past due more than 60 days 30,792 6,654 14,871 4,015 609,401 11,528 458,933 6,692 The movement in the allowance for expected credit loss in respect of trade and other receivables during the year was as follows: 2020 2019 Balance, beginning of year 6,692 5,095 Business combinations 4,473 398 Bad debt expenses 2,749 2,161 Amount written off and recoveries (2,795 ) (1,237 ) Effect of movements in exchange rates 409 275 Balance, end of year 11,528 6,692 b) Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to its reputation. Cash inflows and cash outflows requirements from Group’s entities are monitored closely and separately to ensure the Group optimizes its cash return on investment. Typically, the Group ensures that it has sufficient cash to meet expected operational expenses; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted. The Group monitors its short and medium-term liquidity needs on an ongoing basis using forecasting tools. In addition, the Group maintains revolving facilities, which have $825 million availability at December 31, 2020 (2019 - $466 million) and an additional $196.5 million credit available (CAD $245 million and USD $5 million). The additional credit is available under certain conditions under the Group’s syndicated bank agreement (2019 - $192.5 million, CAD $245 million and USD $5 million). The following are the contractual maturities of the financial liabilities, including estimated interest payment: Carrying Contractual Less than 1 to 2 2 to 5 More than amount cash flows 1 year years years 5 years 2020 Trade and other payables 468,238 468,238 468,238 - - - Long-term debt 872,544 953,425 65,697 539,317 192,087 156,324 Other financial liability 19,793 11,017 4,016 2,395 1,607 2,999 1,360,575 1,432,680 537,951 541,712 193,694 159,323 2019 Bank indebtedness 2,927 2,927 2,927 - - - Trade and other payables 341,443 341,443 341,443 - - - Long-term debt 1,343,307 1,508,763 85,255 595,574 666,210 161,725 Derivatives financial liabilities 1,333 1,333 649 342 342 - Other financial liability 3,984 4,158 2,079 2,079 - - 1,692,994 1,858,624 432,352 597,995 666,551 161,725 It is not expected that the contractual cash flows could occur significantly earlier, or at significantly different amounts. c) Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposure within acceptable parameters, while optimizing the return. The Group buys and sells derivatives, and also incurs financial liabilities, in order to manage market risks. All such transactions are carried out within the guidelines set by the Group’s management and it does not use derivatives for speculative purposes. d) Currency risk The Group is exposed to currency risk on financial assets and liabilities, sales and purchases that are denominated in a currency other than the respective functional currencies of Group entities. Primarily the Canadian entities are exposed to U.S. dollars and entities having a functional currency other than the Canadian dollars (foreign operations) are not significantly exposed to currency risk. The Group mitigates and manages its future USD cash flow by creating offsetting positions through the use of foreign exchange contracts periodically and USD debt. To mitigate its financial net liabilities exposure to foreign currency risk related to Canadian entities, the Group designated a portion of its U.S. dollar denominated debt as a hedging item in a net investment hedge. The Group’s financial assets and liabilities exposure to foreign currency risk related to Canadian entities was as follows based on notional amounts: 2020 2019 Trade and other receivables 36,250 30,733 Trade and other payables (2,162 ) (2,573 ) Long-term debt (225,393 ) (478,566 ) Balance sheet exposure (191,305 ) (450,406 ) Long-term debt designated as investment hedge 225,000 325,000 Net balance sheet exposure 33,695 (125,406 ) The Group estimates its annual net USD denominated cash flow from operating activities at approximately $280 million (2019 - $330 million). This cash flow is earned evenly throughout the year. The following exchange rates applied during the year: December 31, 2020 December 31, 2019 January 1, 2019 Average USD for the year ended 1.3415 1.3269 1.2957 Closing USD as at 1.2725 1.2988 1.3642 Sensitivity analysis A 1-cent increase in the U.S. dollar at the reporting date, assuming all other variables, in particular interest rates, remain constant, would have increased (decreased) equity and income or loss by the amounts shown below. The analysis is performed on the same basis for 2019. 2020 2019 1-cent 1-cent 1-cent 1-cent Increase Decrease Increase Decrease Balance sheet exposure (1,503 ) 1,503 (3,468 ) 3,468 Long-term debt designated as investment hedge 1,768 (1,768 ) 2,502 (2,502 ) Net balance sheet exposure 265 (265 ) (966 ) 966 Net impact on change in fair value of foreign exchange derivatives is not significant. e) Interest rate risk The Group’s intention is to minimize its exposure to changes in interest rates by maintaining a significant portion of fixed-rate interest-bearing long-term debt. This is achieved by entering into interest rate swaps. The Group enters into interest rate swaps designated for cash flow hedges. During 2020, three hedging relationships ended due to the repayment of the hedged items. At December 31, 2020, the Group has no interest rate swaps that hedge variable interest debt set using the 30-day Libor rate (2019 – $325 million). A $0.5 million loss, $0.5 million net of tax, (2019 – $10.0 million loss, $7.4 million net of tax) was recorded on the marking-to-market of the interest rate derivative to other comprehensive income for these cash flow hedges. Ineffectiveness in hedging stems from differences between the hedged item and hedging instruments with respect to interest rate characteristics, currency, notional values and term. For the year ended December 31, 2020, the derivatives that were designated as cash flow hedges were considered to be fully effective and no ineffectiveness has been recognized in net income. At December 31, 2020 and 2019, the interest rate profile of the Group’s carrying amount interest-bearing financial instruments excluding the effects of interest rate derivatives was: 2020 2019 Fixed rate instruments 419,565 410,618 Variable rate instruments 452,979 932,689 872,544 1,343,307 The Group’s interest rate derivatives are as follows: 2020 2019 Notional Notional Notional Notional Average Contract Average Contract Fair Average Contract Average Contract Fair B.A. Amount Libor Amount value B.A. Amount Libor Amount value rate CAD rate USD USD rate CAD rate USD USD Coverage period: Less than 1 year - - - - - 0.99 % 75,000 1.90 % 293,750 (619 ) 1 to 2 years - - - - - 0.00 % - 1.92 % 100,000 (342 ) 2 to 3 years - - - - - 0.00 % - 1.92 % 100,000 (342 ) Liability - (1,303 ) Presented as: Current assets - 30 Current liabilities - (649 ) Non-current liabilities - (684 ) The fair value of the interest rate swaps has been estimated using industry standard valuation models which use rates published on financial capital markets, adjusted for credit risk. Fair value sensitivity analysis for fixed rate instruments The Group does not account for any fixed rate financial liabilities at fair value through income or loss. Therefore a change in interest rates at the reporting date would not affect income or loss. Cash flow sensitivity analysis for variable rate instruments A 1% change in interest rates at the reporting date would have increased (decreased) equity and net income or net loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. The analysis is performed on the same basis for 2019. 2020 2019 1% increase 1% decrease 1% increase 1% decrease Interest on variable rate instrument (3,311 ) 3,311 (4,455 ) 4,455 Impact on instruments used in cash flow hedge: 2020 2019 1% increase 1% decrease 1% increase 1% decrease Interest on variable rate instrument - - (2,577 ) 2,577 Interest on interest rate swaps - - 2,577 (2,577 ) - - - - Net impact on change in fair value of interest rate swaps is not significant. f) Capital management For the purposes of capital management, capital consists of share capital and retained earnings of the Group. The Group's objectives when managing capital are: • To ensure proper capital investment in order to provide stability and competitiveness to its operations; • To ensure sufficient liquidity to pursue its growth strategy and undertake selective acquisitions; • To maintain an appropriate debt level so that there are no financial constraints on the use of capital; and • To maintain investors, creditors and market confidence. The Group seeks to maintain a balance between the highest returns that might be possible with higher level of borrowings and the advantages and security by a sound capital position. The Group monitors its long-term debt using the ratios below to maintain an appropriate debt level. The Group’s debt-to-equity and debt-to-capitalization ratios are as follows: 2020 2019 Long-term debt 872,544 1,343,307 Shareholders' equity 1,790,177 1,159,292 Debt-to-equity ratio 0.49 1.16 Debt-to-capitalization ratio 1 0.33 0.54 1 There were no changes in the Group’s approach to capital management during the year. The Group’s credit facility agreement requires monitoring two ratios on a quarterly basis. The first is a ratio of total debt plus letters of credit and some other long-term liabilities to net income or loss from continuing operations before finance income and costs, income tax expense (recovery), depreciation, amortization, impairment of intangible assets, bargain purchase gain, and gain or loss on sale of land and buildings, assets held for sale and intangible assets (“Adjusted EBITDA”). The second is a ratio of adjusted earnings before interest, income taxes, depreciation and amortization and rent expense (“EBITDAR”), and, including last twelve months adjusted EBITDAR from acquisitions to interest and net rent expenses. These ratios are measured on a consolidated last twelve-month basis and are calculated as prescribed by the credit agreement which, among other things, requires the exclusion of the impact of IFRS 16. These ratios must be kept below a certain threshold so as not to breach a covenant in the Group’s syndicated bank. At December 31, 2020 and 2019, the Group was in compliance with its financial covenants. Management believes that the Group has sufficient liquidity to continue both its operations as well as its acquisition strategy. Upon maturity of the Group’s long-term debt, the Group’s management and its Board of Directors will assess if the long-term debt should be renewed at its original value, increased or decreased based on the then required capital need, credit availability and future interest rates. g) Accounting classification and fair values The fair values of financial assets and liabilities, together with the carrying amounts shown in the statements of financial position, are as follows: December 31, 2020 December 31, 2019 January 1, 2019 Carrying Fair Carrying Fair Carrying Fair Amount Value Amount Value Amount Value Financial assets Assets carried at fair value Derivative financial instruments - - 30 30 6,139 6,139 Investment in equity securities 9,727 9,727 1,071 1,071 1,098 1,098 Assets carried at amortized cost Trade and other receivables 597,873 597,873 452,241 452,241 463,075 463,075 Promissory note - - 19,105 19,105 16,630 16,630 607,600 607,600 472,447 472,447 486,942 486,942 Financial liabilities Liabilities carried at fair value Derivative financial instruments - - 1,333 1,333 - - Other financial liability 26,730 26,730 4,853 4,853 5,775 5,775 Liabilities carried at amortized cost Bank indebtedness - - 2,927 2,927 9,041 9,041 Trade and other payables 468,238 468,238 341,443 341,443 348,618 348,618 Long-term debt 872,544 876,829 1,343,307 1,346,286 1,161,430 1,207,408 1,367,512 1,371,797 1,693,863 1,696,842 1,524,864 1,570,842 Interest rates used for determining fair value The interest rates used to discount estimated cash flows, when applicable, are based on the government yield curve at December 31 plus an adequate credit spread, and were as follows: 2020 2019 Long-term debt 2.5 % 3.3 % Fair value hierarchy Group’s financial assets and liabilities recorded at fair value on a recurring basis are investment in equity securities and the derivative financial instruments discussed above. Investment in equity securities is measured using level-3 inputs of the fair value hierarchy and derivative financial instruments are measured using level-2 inputs. The fair value of the promissory note represents the present value of the future cash flows, based on the interest rate of the note, discounted by the company specific rate of the counterparty of the note. The company specific rate is comprised of a risk-free market rate and a company specific premium based on their risk profile. The counterparty to the note is GFL, a private company, for which limited publicly available information exists. At the issuance of the promissory note, the fair value was established using public information on the source of funding to acquire the Waste Management segment. Subsequent to the initial measurement, adjustments to the company risk premium are made based on the analysis of published financial information and on significant macro environmental factors impacting their segment. The risk-free market rate is publicly available. |
Contingencies, letters of credi
Contingencies, letters of credit and other commitments | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Commitments And Contingencies [Abstract] | |
Contingencies, letters of credit and other commitments | 2 7 . Contingencies, letters of credit and other commitments a) Contingencies There are pending operational and personnel related claims against the Group. In the opinion of management, these claims are adequately provided for in long-term provisions on the consolidated statements of financial position and settlement should not have a significant impact on the Group’s financial position or results of operations. b) Letters of credit As at December 31, 2020, the Group had $29.5 million of outstanding letters of credit (2019 - $32.1 million). c) Other commitments As at December 31, 2020, the Group had $117.1 million of purchase commitments (2019 – $27.1 million) and $44.1 million of purchase orders for leases that the Group intends to enter into and that are expected to materialize within a year (2019 – $9.0 million). |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related parties | 2 8 . Related parties Parent and ultimate controlling party There is no single ultimate controlling party. The shares of the Company are widely held. Transactions with key management personnel Board members of the Company, executive officers and top managers of major Group’s entities are deemed to be key management personnel. Key management personnel compensation In addition to their salaries, the Company also provides non-cash benefits to board members and executive officers. Executive officers also participate in the Company’s stock option and performance contingent restricted share unit and performance share unit plans and board members are entitled to deferred share units, as described in note 21. Costs incurred for key management personnel in relation to these plans are detailed below. Key management personnel compensation comprised: 2020 2019 Short-term benefits 13,906 11,244 Post-employment benefits 704 645 Equity-settled share-based payment transactions 4,627 3,700 Cash-settled share-based payment transactions 1,086 1,107 20,323 16,696 |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Nonadjusting Events After Reporting Period [Abstract] | |
Subsequent events | 2 9 . Subsequent events The Company has signed a definitive agreement to acquire UPS Freight, the Less-Than-Truckload and dedicated truckload divisions of United Parcel Service, Inc. for $800 million on a cash-free, debt-free basis before working capital and other adjustments, which is expected to close in the second quarter of 2021 subject to customary closing conditions including regulatory approvals. On January 13, 2021, the Company received $500 million in proceeds from the issuance of a new debt taking the form of unsecured senior notes consisting of four tranches maturing between January 2029 and January 2036 and bearing interest between 3.15% and 3.50%. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Basis of consolidation | a) Basis of consolidation i) Business combinations The Group measures goodwill as the fair value of the consideration transferred including the fair value of liabilities resulting from contingent consideration arrangements, less the net recognized amount of the identifiable assets acquired and liabilities assumed, all measured at fair value as of the acquisition date. When the excess is negative, a bargain purchase gain is recognized immediately in income or loss. Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination, are expensed as incurred. ii) Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has the right to, variable returns from its involvement with the entity and has the ability to affect those through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. iii) Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. |
Foreign currency translation | b) Foreign currency translation i) Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of the Group’s entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rate in effect at the reporting date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the period, adjusted for effective interest and payments during the period, and the amortized cost in foreign currency translated at the exchange rate at the end of the reporting period. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated at the rate in effect on the transaction date. Income and expense items denominated in foreign currency are translated at the date of the transactions. Gains and losses are included in income or loss. ii) Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on business combinations, are translated to Canadian dollars at exchange rates in effect at the reporting date. The income and expenses of foreign operations are translated to Canadian dollars at the average exchange rate in effect during the reporting period. Foreign currency differences are recognized in other comprehensive income (“OCI”) in the accumulated foreign currency translation differences account. When a foreign operation is disposed of, the relevant amount in the cumulative amount of foreign currency translation differences is transferred to income or loss as part of the income or loss on disposal. On the partial disposal of a subsidiary while retaining control, the relevant proportion of such cumulative amount is reattributed to non-controlling interest. In any other partial disposal of a foreign operation, the relevant proportion is reclassified to income or loss. Foreign exchange gains or losses arising from a monetary item receivable from or payable to a foreign operation, the settlement of which is neither planned nor likely to occur in the foreseeable future and which in substance is considered to form part of the net investment in the foreign operation, are recognized in other comprehensive income in the accumulated foreign currency translation differences account. Translation gains and losses from the application of U.S dollars as the presentation currency while the Canadian dollar is the functional currency are included as part of the cumulative foreign currency translation adjustment. |
Financial instruments | c) Financial instruments i) Non-derivative financial assets The Group initially recognizes financial assets on the trade date at which the Group becomes a party to the contractual provisions of the instrument. Financial assets are initially measured at fair value, except for trade receivables which are initially measured at their transaction price when the trade receivables do not contain a significant financing component. If the financial asset is not subsequently accounted for at fair value through profit or loss, then the initial measurement includes transaction costs that are directly attributable to the asset’s acquisition or origination. On initial recognition, the Group classifies its financial assets as subsequently measured at either amortized cost or fair value, depending on its business model for managing the financial assets and the contractual cash flow characteristics of the financial assets and depending on the purpose for which the financial assets were acquired. The Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Group is recognized as a separate asset or liability. Financial assets and liabilities are offset and the net amount is presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Financial assets measured at amortized cost A financial asset is subsequently measured at amortized cost, using the effective interest method and net of any impairment loss, if: • The asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and • The contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and/or interest. The Group currently classifies its cash equivalents, trade and other receivables and long-term non-trade receivables included in other non-current assets as financial assets measured at amortized cost. The Group recognizes loss allowances for expected credit losses on financial assets measured at amortized cost. The Group uses historical trends of the probability of default, the timing of recoveries and the amount of loss incurred, adjusted for management’s judgement as to whether current economic and credit conditions are such that the actual losses are likely to be greater or less than suggested by historical trends. An impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. Losses are recognized in income or loss and reflected in an allowance account against trade and other receivables. Financial assets measured at fair value These assets are measured at fair value and changes therein, including any interest or dividend income, are recognized in income or loss. However, for investments in equity instruments that are not held for trading, the Group may elect at initial recognition to present gains and losses in other comprehensive income. For such investments measured at fair value through other comprehensive income, gains and losses are never reclassified to profit or loss, and no impairment is recognized in profit or loss. Dividends earned from such investments are recognized in profit or loss, unless the dividend clearly represents a repayment of part of the cost of the investment. Financial assets measured at fair value through other comprehensive income On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment’s fair value in OCI. This election is made on an investment-by-investment basis. ii) Non-derivative financial liabilities The Group initially recognizes debt issued and subordinated liabilities on the date that they are originated. All other financial liabilities are recognized initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument. A financial liability is derecognized when its contractual obligations are discharged or cancelled or expire. Financial liabilities are classified into financial liabilities measured at amortized cost and financial liabilities measured at fair value. Financial liabilities measured at amortized cost A financial liability is subsequently measured at amortized cost, using the effective interest method. The Group currently classifies bank indebtedness, trade and other payables and long-term debt as financial liabilities measured at amortized cost. Financial liabilities measured at fair value Financial liabilities at fair value are initially recognized at fair value and are re-measured at each reporting date with any changes therein recognized in net earnings. The Group currently classifies its contingent consideration liability in connection with a business acquisition as a financial liability measured at fair value. iii) Share capital Common shares Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares and stock options are recognized as a deduction to share capital, net of any tax effects. When share capital recognized as equity is repurchased, share capital is reduced by the amount equal to weighted average historical cost of repurchased equity. The excess amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from retained earnings. iv) Derivative financial instruments The Group uses derivative financial instruments to manage its foreign currency and interest rate risk exposures. Embedded derivatives are separated from the host contract and accounted for separately if the economic characteristics and risks of the host contract and the embedded derivative are not closely related, a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative, and the combined instrument is not measured at fair value through income or loss. Derivatives and embedded derivatives are recognized initially at fair value; related transaction costs are recognized in income or loss as incurred. Subsequent to initial recognition, derivatives and embedded derivatives are measured at fair value, and changes therein are recognized in net change in fair value of foreign exchange derivatives in income or loss with the exception of net change in fair value of cross currency interest rate swap contracts recognized in net foreign exchange gain or loss in income or loss. |
Hedge accounting | d) Hedge accounting Management’s risk strategy is focused on reducing the variability in profit or losses and cash flows associated with exposure to market risks. Hedge accounting is used to reduce this variability to an acceptable level. The hedges employed by the Group reduce the currency and interest rate fluctuation exposures. On the initial designation of a hedging relationship, the Group formally documents the relationship between the hedging instrument and the hedged items, including the risk management objectives and strategy in undertaking the hedge transaction, together with the methods that will be used to assess the effectiveness of the hedging relationship. The Group makes an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, whether the hedging instruments are expected to be effective in offsetting the changes in the fair value or cash flows of the respective hedged items throughout the period for which the hedge is designated. Net investment hedge The Group designates a portion of its U.S. dollar denominated debt as a hedging item in a net investment hedge. The Group applies hedge accounting to foreign currency differences arising between the functional currency of the foreign operation and the Company’s functional currency (CAD), regardless of whether the net investment is held directly or through an intermediate parent. Foreign currency differences arising on the translation of a financial liability designated as a hedge of a net investment in foreign operations are recognized in other comprehensive income to the extent that the hedge is effective, and are presented in the currency translation differences account within equity. To the extent that the hedge is ineffective, such differences are recognized in income or loss. When the hedged net investment is disposed of, the relevant amount in the translation reserve is transferred to income or loss as part of the gain or loss on disposal. Cash flow hedges When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognized asset or liability or a highly probable forecasted transaction that could affect income or loss, the effective portion of changes in the fair value of the derivatives is recognized in other comprehensive income and presented in accumulated other comprehensive income as part of equity. The amount recognized in other comprehensive income is removed and included in net earnings under the same line item in the consolidated statement of earnings and comprehensive income as the hedged item, in the same period that the hedged cash flows affect income or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated, exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognized in other comprehensive income remains in accumulated other comprehensive income until the forecasted transaction affects income or loss. If the forecasted transaction is no longer expected to occur, then the balance in accumulated other comprehensive income is recognized immediately in income or loss. |
Property and equipment | e) Property and equipment Property and equipment are accounted for at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset and borrowing costs on qualifying assets. When parts of an item of property and equipment have different useful lives, they are accounted for as separate items (major components) of property and equipment. Gains and losses on disposal of an item of property and equipment are determined by comparing the proceeds from disposal with the carrying amount of property and equipment, and are recognized in net income or loss. Depreciation is based on the cost of an asset less its residual value and is recognized in income or loss over the estimated useful life of each component of an item of property and equipment. The depreciation method and useful lives are as follows: Categories Basis Useful lives Buildings Straight-line 15 – 40 years Rolling stock Primarily straight-line 3 – 20 years Equipment Primarily straight-line 5 – 12 years Depreciation methods, useful lives and residual values are reviewed at each financial year-end and adjusted prospectively, if appropriate. Property and equipment are reviewed for impairment in accordance with IAS 36 Impairment of Assets |
Intangible assets | f) Intangible assets i) Goodwill Goodwill that arises upon business combinations is included in intangible assets. Goodwill is not amortized and is measured at cost less accumulated impairment losses. ii) Other intangible assets Intangible assets consist of customer relationships, trademarks, non-compete agreements and information technology. The Group determines the fair value of the customer relationship intangible assets using the discounted cash flow model and internally developed assumptions including: 1. Forecasted revenue attributable to existing customer contracts and relationships; 2. Estimated annual attrition rate; 3. Forecasted operating margins; and 4. Discount rates The internally developed assumptions are based on limited observable market information which cause measurement uncertainty, and the fair value of the customer related intangible assets are sensitive to changes to these assumptions. Intangible assets that are acquired by the Group and have finite lives are measured at cost less accumulated amortization and accumulated impairment losses. Intangible assets with finite lives are amortized on a straight-line basis over the following estimated useful lives: Categories Useful lives Customer relationships 5 – 20 years Trademarks* 5 – 20 years Non-compete agreements 3 – 10 years Information technology 5 – 7 years * Includes indefinite useful life assets. They are reviewed at least annually for impairment (see note 11). Useful lives are reviewed at each financial year-end and adjusted prospectively, if appropriate. |
Leases | g) Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: • the contract involves the use of an identified asset – this may be specific explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, the asset is not identified; • the Group has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and • the Group has the right to direct the use of the asset. The Group has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. At inception or on reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, less any lease incentives received. The assets are depreciated to the earlier of the end of the useful life of the right-of-use asset or the lease term using the straight-line method as this most closely reflects the expected pattern consumption of the future economic benefits. The lease term includes periods covered by an option to extend if the Group is reasonably certain to exercise that option. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that cannot be readily determined, the Group's incremental borrowing rate. The incremental borrowing rate is a function of the Group’s incremental borrowing rate, the nature of the underlying asset, the location of the asset and the length of the lease. Generally, the Group uses its incremental borrowing rate as the discount rate. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in the future lease payments arising from a change in an index or rate, if there is a change in the Group's estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or leases and leases of low-value assets. The Group recognises these lease payments as an expense on a straight-line basis over the lease term. Prior to adoption of IFRS 16, the Company applied IAS 17 and IFRIC 4 and leases with terms which indicated that the Group assumed substantially all the risks and rewards of ownership were classified as finance leases. Upon initial recognition the leased asset was measured at an amount equal to the lower of its fair value and the present value of the minimum lease payments. Subsequent to initial recognition, the asset was accounted for in accordance with the accounting policy applicable to that asset. Other leases were operating leases and the leased assets were not recognized in the Group’s statements of financial position. On the initial application, a right-of-use asset and a lease liability were recorded as of January 1, 2019, for all outstanding lease contracts that met the definition of a lease, with any difference recorded in retained earnings, being recognized. An additional impact of $6.1 million on provisions and retained earnings was recognized for previously recorded straight-line rental costs under IAS 17. The Group also recognized a deferred tax liability which was recorded directly to retained earnings, and reclassed any assets recorded as finance lease from property and equipment to right-of-use assets, and the corresponding finance lease liability from long-term debt to the new lease liability presentation. As reported as at December 31, 2018 Adjustments Restated balance as at January 1, 2019 Property and equipment 1,023,595 (19,406 ) 1,004,189 Right-of-use assets - 341,505 341,505 Provisions (including current portion) (49,747 ) 6,092 (43,655 ) Long-term debt (including current portion) (1,161,430 ) 6,718 (1,154,712 ) Lease liabilities (including current portion) - (361,107 ) (361,107 ) Deferred tax liabilities (212,535 ) 7,376 (205,159 ) Retained earnings (639,597 ) 18,880 (620,717 ) The following table reconciles the Group’s operating lease obligations at December 31, 2018, as previously disclosed in the Group’s audited annual consolidated financial statements, to the lease obligation recognized on initial application of IFRS 16 at January 1, 2019: Operating lease commitment as at December 31, 2018 370,995 Finance lease liability as at December 31, 2018 6,717 Discounted using the incremental borrowing rate at January 1, 2019 (53,249 ) Recognition exemption for short-term leases (11,469 ) Extension options reasonably certain to be exercised 48,113 Lease liabilities recognized at January 1, 2019 361,107 |
Inventoried supplies | h) Inventoried supplies Inventoried supplies consist primarily of repair parts and fuel and are measured at the lower of cost and net realizable value. |
Impairment | i) Impairment Non-financial assets The carrying amounts of the Group’s non-financial assets other than inventoried supplies and deferred tax assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. For goodwill, the recoverable amount is estimated on December 31 of each year. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit”, or “CGU”). For the purposes of goodwill impairment testing, goodwill acquired in a business combination is allocated to the group of CGUs (usually a Group’s operating segment), that is expected to benefit from the synergies of the combination. This allocation is subject to an operating segment ceiling test and reflects the lowest level at which that goodwill is monitored for internal reporting purposes. The Company performs goodwill impairment testing annually, or more frequently if events or circumstances indicate the carrying value of a CGU, which is a Group’s operating segment, may exceed the recoverable amount of the CGU. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or group of assets. The fair value less cost to sell is based on market comparable multiples applied to forecasted earnings before financial expenses, income taxes, depreciation and amortization ("adjusted EBITDA") for the next year, which takes into account financial forecasts approved by senior management. The Group’s corporate assets do not generate separate cash inflows. If there is an indication that a corporate asset may be impaired, then the recoverable amount is determined for the CGU to which the corporate asset belongs. An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses recognized in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the units, if any, and then to reduce the carrying amounts of the other assets in the unit (group of units) on a prorata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. Impairment losses and impairment reversals are recognized in income or loss. |
Assets held for sale | j) Assets held for sale Non-current assets are classified as held-for-sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use. Such assets are generally measured at the lower of their carrying amount and fair value less costs to sell. Impairment losses on initial classification as held-for-sale or held-for-distribution and subsequent gains and losses on remeasurement are recognized in income or loss. Once classified as held-for-sale, intangible assets and property and equipment are no longer amortized or depreciated. |
Employee benefits | k) Employee benefits i) Defined contribution plans A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognized as an employee benefit expense in income or loss in the periods during which services are rendered by employees. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available. ii) Defined benefit plans The Group’s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their services in the current and prior periods discounting that amount and deducting the fair value of any plan assets. The discount rate is the yield at the reporting date on AA credit-rated bonds that have maturity dates approximating the terms of the Group’s obligations and that are denominated in the same currency in which the benefits are expected to be paid. The calculation is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a benefit to the Group, the recognized asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. In order to calculate the present value of economic benefits, consideration is given to any minimum funding requirements that apply to any plan in the Group. Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognized immediately in other comprehensive income. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognized in profit or loss. When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognized immediately in profit or loss. The Group recognizes gains and losses on the settlement of a defined benefit plan when the settlement occurs. iii) Short-term employee benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or income-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. iv) Share-based payment transactions The grant date fair value of equity share-based payment awards granted to employees is recognized as a personnel expense, with a corresponding increase in contributed surplus, over the period that the employees unconditionally become entitled to the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that do meet the related service condition at the vesting date. The fair value of the amount payable to board members in respect of deferred share unit (“DSU”), which are to be settled in cash, is recognized as an expense with a corresponding increase in liabilities. The liability is remeasured at each reporting date until settlement. The Group presents mark-to-market (gain) loss on DSUs in personnel expenses. v) Termination benefits Termination benefits are expensed at the earlier of when the Group can no longer withdraw the offer of those benefits and when the Group recognises costs for a restructuring. If benefits are not expected to be fully settled within 12 months of the end of the reporting period, then they are discounted. |
Provisions | l) Provisions A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. Where discounting is used, the unwinding of the discount is recognized as finance cost. Self-Insurance Self-insurance provisions represent the uninsured portion of outstanding claims at year-end . The provision represents an accrual for estimated future disbursements associated with the self-insured portion for claims filed at year-end and incurred but not reported, related to cargo loss, bodily injury, worker’s compensation and property damages. The estimates are based on the Group’s historical experience including settlement patterns and payment trends. The most significant assumptions in the estimation process include the consideration of historical claim experience, severity factors affecting the amounts ultimately paid, and current and expected levels of cost per claims. Changes in assumptions and experience could cause these estimates to change significantly in the near term. |
Revenue recognition | m) Revenue recognition The Group’s normal business operations consist of the provision of transportation and logistics services. All revenue relating to normal business operations is recognized over time in the statement of income. The stage of completion of the service is determined using the proportion of days completed to date compared to the estimated total days of the service. Revenue is presented net of trade discounts and volume rebates. Revenue is recognized as services are rendered, when the control of promised services is transferred to customers in an amount that reflects the consideration the Group expects to be entitled to receive in exchange for those services measured based on the consideration specified in a contract with the customers. The Group considers the contract with customers to include the general transportation service agreement and the individual bill of ladings with customers. Based on the evaluation of the control model, certain businesses, mainly in the Less-Than-Truckload segment, act as the principal within their revenue arrangements. The affected businesses report transportation revenue gross of associated purchase transportation costs rather than net of such amounts within the consolidated statements of income. |
Finance income and finance costs | n ) Finance income and finance costs Finance income comprises interest income on funds invested, dividend income and interest and accretion on promissory note. Interest income is recognized as it accrues in income or loss, using the effective interest method. Finance costs comprise interest expense on bank indebtedness and long-term debt, unwinding of the discount on provisions and impairment losses recognized on financial assets (other than trade receivables). Fair value gains or losses on derivative financial instruments and on contingent considerations, and foreign currency gains and losses are reported on a net basis as either finance income or cost. |
Income taxes | o ) Income taxes Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in income or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable income or loss, and differences relating to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable income will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. |
Earnings per share | p ) Earnings per share The Group presents basic and diluted earnings per share (“EPS”) data for its common shares. Basic EPS is calculated by dividing the income or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period, adjusted for own shares held, if any. Diluted EPS is determined by adjusting the income or loss attributable to common shareholders and the weighted average number of common shares outstanding, adjusted for own shares held, for the effects of all dilutive potential common shares, which comprise convertible debentures, warrants, and restricted share units and stock options granted to employees. |
Segment reporting | q ) Segment reporting An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group’s other components. All operating segments’ operating results are reviewed regularly by the Group’s chief executive officer (“CEO”) to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. Segment results that are reported to the CEO include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly corporate assets (primarily the Group’s headquarters), head office expenses, income tax assets, liabilities and expenses, as well as long-term debt and interest expense thereon. Sales between the Group’s segments are measured at the exchange amount. Transactions, other than sales, are measured at carrying value. Segment capital expenditure is the total cost incurred during the period to acquire property and equipment, and intangible assets other than goodwill. |
Government grants | r ) Government grants The Group recognizes a government grant when there is reasonable assurance it will comply with the conditions required to qualify for the grant, and that the grant will be received. The Group recognizes government grants as a reduction to the expense that the grant is intended to offset. |
New standards and interpretations adopted during the year | s ) New standards and interpretations adopted during the year Definition of a business (Amendments to IFRS 3): On October 22, 2018, the IASB issued amendments to IFRS 3 that seek to clarify whether a transaction results in an asset or a business acquisition. The amendments apply to businesses acquired in annual reporting periods beginning on or after January 1, 2020. The amendments include an election to use a concentration test. This is a simplified assessment that results in an asset acquisition if substantially all of the fair value of the gross assets is concentrated in a single identifiable asset or a group of similar identifiable assets. If a preparer chooses not to apply the concentration test, or the test fails, then the assessment focuses on the existence of a substantive process. The adoption of the amendments did not have a material impact on the Group’s consolidated financial statements at the date of adoption. Amendments to Hedge Accounting Requirements - IBOR Reform and its Effects on Financial Reporting (Phase 1): On September 26, 2019, the IASB issued amendments for some of its requirements for hedge accounting in IFRS 9 Financial Instruments and IAS 39 Financial Instruments: Recognition and Measurement, as well as the related Standard on disclosures, IFRS 7 Financial Instruments: Disclosures in relation to Phase 1 of IBOR Reform and its Effects on Financial Reporting project. The amendments are effective from January 1, 2020. The amendments address issues affecting financial reporting in the period leading up to IBOR reform, are mandatory and apply to all hedging relationships directly affected by uncertainties related to IBOR reform. The amendments modify some specific hedge accounting requirements to provide relief from potential effects of the uncertainty caused by the IBOR reform in the following areas: • the ‘highly probable’ requirement, • prospective assessments, • retrospective assessments (for IAS 39), and • eligibility of risk components. The adoption of the amendments on January 1, 2020 did not have a material impact on the Group’s consolidated financial statements. As at December 31, 2020, the Group has no interest rate swaps that hedge variable interest debt. New standards and interpretations not yet adopted The following new standards are not yet effective for the year ended December 31, 2020, and have not been applied in preparing these consolidated financial statements: Classification of Liabilities as Current or Non-current (Amendments to IAS 1) On January 23, 2020, the IASB issued amendments to IAS 1 Presentation of Financial Statements Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37) On May 14, 2020, the IASB issued Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37) • the incremental costs – e.g. direct labour and materials; and • an allocation of other direct costs – e.g. an allocation of the depreciation charge for an item of property and equipment used in fulfilling the contract. The extent of the impact of adoption of the amendments has not yet been determined. Interest Rate Benchmark Reform—Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) On August 27, 2020, the IASB finalized its response to the ongoing reform of inter-bank offered rates and other interest rate benchmarks by issuing a package of amendments to IFRS Standards. The amendments are effective for annual periods beginning on or after January 1, 2021. Earlier application is permitted. The amendments complement those issued in 2019 as part of Phase 1 amendments and mainly relate to: • changes to contractual cash flows—a company will not have to derecognise the carrying amount of financial instruments for changes required by the reform, but will instead update the effective interest rate to reflect the change to the alternative benchmark rate; • hedge accounting—a company will not have to discontinue its hedge accounting solely because it makes changes required by the reform, if the hedge meets other hedge accounting criteria; and • disclosures—a company will be required to disclose information about new risks arising from the reform and how it manages the transition to alternative benchmark rates. The extent of the impact of the adoption of the amendments depends upon debt and hedge transactions impacted by reference rate reform in future periods. |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Summary of Depreciation Method and Useful Lives | The depreciation method and useful lives are as follows: Categories Basis Useful lives Buildings Straight-line 15 – 40 years Rolling stock Primarily straight-line 3 – 20 years Equipment Primarily straight-line 5 – 12 years |
Summary of Estimated Useful Lives of Intangible Assets with Finite Lives are Amortized on Straight-line Basis | Intangible assets with finite lives are amortized on a straight-line basis over the following estimated useful lives: Categories Useful lives Customer relationships 5 – 20 years Trademarks* 5 – 20 years Non-compete agreements 3 – 10 years Information technology 5 – 7 years * Includes indefinite useful life assets. They are reviewed at least annually for impairment (see note 11). |
Summary of Restatement | As reported as at December 31, 2018 Adjustments Restated balance as at January 1, 2019 Property and equipment 1,023,595 (19,406 ) 1,004,189 Right-of-use assets - 341,505 341,505 Provisions (including current portion) (49,747 ) 6,092 (43,655 ) Long-term debt (including current portion) (1,161,430 ) 6,718 (1,154,712 ) Lease liabilities (including current portion) - (361,107 ) (361,107 ) Deferred tax liabilities (212,535 ) 7,376 (205,159 ) Retained earnings (639,597 ) 18,880 (620,717 ) |
Reconciliation of Groups Operating Lease Obligations | The following table reconciles the Group’s operating lease obligations at December 31, 2018, as previously disclosed in the Group’s audited annual consolidated financial statements, to the lease obligation recognized on initial application of IFRS 16 at January 1, 2019: Operating lease commitment as at December 31, 2018 370,995 Finance lease liability as at December 31, 2018 6,717 Discounted using the incremental borrowing rate at January 1, 2019 (53,249 ) Recognition exemption for short-term leases (11,469 ) Extension options reasonably certain to be exercised 48,113 Lease liabilities recognized at January 1, 2019 361,107 |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Operating Segments [Abstract] | |
Information Regarding Results of Reportable Segment | Information regarding the results of each reportable segment is included below. Performance is measured based on segment operating income or loss. This measure is included in the internal management reports that are reviewed by the Group’s CEO and refers to “Operating income (loss)” in the consolidated statements of income. Segment’s operating income or loss is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries. Package Less- and Than- Courier Truckload Truckload Logistics Corporate Eliminations Total 2020 External revenue 478,707 516,720 1,569,835 919,041 - - 3,484,303 External fuel surcharge 47,393 66,144 161,680 21,614 - - 296,831 Inter-segment revenue and fuel surcharge 3,055 6,371 16,844 4,475 - (30,745 ) - Total revenue 529,155 589,235 1,748,359 945,130 - (30,745 ) 3,781,134 Operating income (loss) 78,753 87,950 206,346 84,459 (40,941 ) - 416,567 Selected items: Depreciation and amortization 25,357 50,354 188,979 33,429 1,110 - 299,229 Loss on sale of land and buildings - (1 ) - (5 ) - - (6 ) Gain (loss) on sale of assets held for sale 91 (56 ) 11,864 - - - 11,899 Gain on sale of business - - 306 - - - 306 Bargain purchase gain - - - 4,008 - - 4,008 Intangible assets 193,288 189,579 907,170 457,098 2,638 - 1,749,773 Total assets 387,919 593,653 2,100,900 729,690 37,202 - 3,849,364 Total liabilities 123,970 219,234 478,630 226,218 1,011,268 (133 ) 2,059,187 Additions to property and equipment 17,304 22,829 101,477 760 444 - 142,814 2019 External revenue 470,192 619,949 1,645,025 742,410 - - 3,477,576 External fuel surcharge 65,515 99,538 231,470 29,446 - - 425,969 Inter-segment revenue and fuel surcharge 3,903 7,761 15,060 2,977 - (29,701 ) - Total revenue 539,610 727,248 1,891,555 774,833 - (29,701 ) 3,903,545 Operating income (loss) 82,228 82,230 192,172 57,447 (31,209 ) - 382,868 Selected items: Depreciation and amortization 24,893 52,920 182,817 33,597 1,520 - 295,747 Gain on sale of land and buildings - - 9 - - - 9 Gain (loss) on sale of assets held for sale 843 8,509 12,339 - (120 ) - 21,571 Intangible assets 190,135 188,448 860,671 262,691 3,215 - 1,505,160 Total assets 371,037 595,806 2,067,191 421,843 52,943 - 3,508,820 Total liabilities 119,642 230,282 417,545 128,013 1,454,047 - 2,349,528 Additions to property and equipment 13,404 49,553 192,820 2,224 5,697 - 263,698 |
Summary of Geographical information | Revenue is attributed to geographical locations based on the origin of service’s location. Total revenue Package Less- and Than- Courier Truckload Truckload Logistics Eliminations Total 2020 Canada 529,155 517,199 725,347 239,413 (26,019 ) 1,985,095 United States - 72,036 1,023,012 686,811 (4,726 ) 1,777,133 Mexico - - - 18,906 - 18,906 Total 529,155 589,235 1,748,359 945,130 (30,745 ) 3,781,134 2019 Canada 539,610 607,086 799,396 216,232 (28,352 ) 2,133,972 United States - 120,162 1,092,159 542,911 (1,349 ) 1,753,883 Mexico - - - 15,690 - 15,690 Total 539,610 727,248 1,891,555 774,833 (29,701 ) 3,903,545 Segment assets are based on the geographical location of the assets. December 31, 2020 December 31, 2019 January 1, 2019 Property and equipment, right-of-use assets and intangible assets Canada 1,802,417 1,777,333 1,412,726 United States 1,342,720 1,169,446 987,813 Mexico 16,349 17,978 16,910 3,161,486 2,964,757 2,417,449 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Business Combinations [Abstract] | |
Summary of Purchase Price Allocations | The table below presents the purchase price allocation based on the best information available to the Group to date. Identifiable assets acquired and liabilities assumed Note DLS Others* December 31, 2020 December 31, 2019 Cash and cash equivalents - 3,332 3,332 15,339 Trade and other receivables 93,520 29,373 122,893 34,260 Inventoried supplies and prepaid expenses 824 1,509 2,333 5,774 Property and equipment 9 262 23,741 24,003 66,703 Right-of-use assets 10 285 39,928 40,213 11,039 Intangible assets 11 65,404 31,125 96,529 47,088 Other assets 4,630 - 4,630 79 Trade and other payables (54,845 ) (9,149 ) (63,994 ) (24,778 ) Income tax payable - (445 ) (445 ) (4,636 ) Provisions 17 - (338 ) (338 ) (1,424 ) Other non-current liabilities (14,374 ) - (14,374 ) (370 ) Long-term debt 14 - (5,365 ) (5,365 ) (8,655 ) Lease liabilities 15 (285 ) (40,192 ) (40,477 ) (11,039 ) Deferred tax liabilities - (6,653 ) (6,653 ) (16,541 ) Total identifiable net assets 95,421 66,866 162,287 112,839 Total consideration transferred 225,007 106,595 331,602 166,941 Goodwill 11 129,586 43,737 173,323 62,116 Bargain purchase gain - (4,008 ) (4,008 ) (8,014 ) Cash 225,007 105,975 330,982 166,251 Contingent consideration - 620 620 690 Total consideration transferred 225,007 106,595 331,602 166,941 * Includes non-material adjustments to prior year's acquisitions |
Disclosure of Goodwill Allocated To Segments Explanatory | The goodwill arising in the business combinations has been allocated to operating segments as indicated in the table below, which represents the lowest level at which goodwill is monitored internally. Operating segment Reportable segment December 31, 2020* December 31, 2019 Less-Than-Truckload Less-Than-Truckload 3,872 - U.S. Truckload Truckload 330 - Specialized Truckload Truckload 33,718 50,692 Logistics Logistics 135,403 11,424 173,323 62,116 * Includes non-material adjustments to prior year's acquisitions |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Trade And Other Current Receivables [Abstract] | |
Summary of Detailed Information about Trade and Other Receivables | December 31, 2020 December 31, 2019 January 1, 2019 Trade receivables 570,609 442,148 443,718 Other receivables 27,264 10,093 19,357 597,873 452,241 463,075 |
Additional cash flow informat_2
Additional cash flow information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Information About Additional Cash Flow Information [Abstract] | |
Summary of Net Change in Non-cash Operating Working Capital | Net change in non-cash operating working capital 2020 2019* Trade and other receivables (16,399 ) 58,763 Inventoried supplies 2,200 2,292 Prepaid expenses 192 3,839 Trade and other payables 47,668 (48,557 ) 33,661 16,337 * Recasted for changes in presentation (see note 24) |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Summary of Property and Equipment | Land and Rolling Note buildings stock Equipment Total Cost Balance at January 1, 2019 276,144 1,119,520 114,972 1,510,636 Additions through business combinations 5 4,816 59,684 2,203 66,703 Other additions 39,733 211,796 12,169 263,698 Disposals (2,617 ) (126,388 ) (9,747 ) (138,752 ) Reclassification to assets held for sale (21,226 ) (2,684 ) - (23,910 ) Transfer to right-of-use assets - (29,316 ) - (29,316 ) Effect of movements in exchange rates 11,827 34,701 5,699 52,227 Balance at December 31, 2019 308,677 1,267,313 125,296 1,701,286 Additions through business combinations 5 1,771 21,634 598 24,003 Other additions 19,331 112,645 10,838 142,814 Disposals (731 ) (133,149 ) (5,134 ) (139,014 ) Reclassification to assets held for sale (19,201 ) (9,971 ) - (29,172 ) Sale of business (484 ) (3,395 ) (283 ) (4,162 ) Effect of movements in exchange rates 5,441 12,540 2,919 20,900 Balance at December 31, 2020 314,804 1,267,617 134,234 1,716,655 Depreciation Balance at January 1, 2019 56,093 356,377 74,571 487,041 Depreciation for the year 8,886 149,622 10,212 168,720 Disposals (2,419 ) (71,325 ) (8,649 ) (82,393 ) Reclassification to assets held for sale (6,321 ) (2,244 ) - (8,565 ) Transfer to right-of-use assets - (9,910 ) - (9,910 ) Effect of movements in exchange rates 2,370 14,643 3,951 20,964 Balance at December 31, 2019 58,609 437,163 80,085 575,857 Depreciation for the year 8,462 151,369 10,689 170,520 Disposals (657 ) (89,676 ) (4,447 ) (94,780 ) Reclassification to assets held for sale (7,326 ) (8,488 ) - (15,814 ) Sale of business (329 ) (2,494 ) (253 ) (3,076 ) Effect of movements in exchange rates 1,058 6,448 2,014 9,520 Balance at December 31, 2020 59,817 494,322 88,088 642,227 Net carrying amounts At January 1, 2019 220,051 763,143 40,401 1,023,595 At December 31, 2019 250,068 830,150 45,211 1,125,429 At December 31, 2020 254,987 773,295 46,146 1,074,428 |
Right-of-use assets (Tables)
Right-of-use assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Abstract] | |
Summary of Right-of-Use Assets | Land and Rolling Note buildings stock Equipment Total Cost Initial recognition of IFRS 16 414,866 95,884 1,422 512,172 Transfer from property and equipment - 29,316 - 29,316 Other additions 22,287 41,041 351 63,679 Additions through business combinations 5 8,916 2,123 - 11,039 Derecognition* (35,299 ) (10,388 ) (10 ) (45,697 ) Effect of movements in exchange rates 19,327 6,114 70 25,511 Balance at December 31, 2019 430,097 164,090 1,833 596,020 Other additions 18,869 30,353 1,003 50,225 Additions through business combinations 5 13,716 26,497 - 40,213 Derecognition* (18,524 ) (32,111 ) (589 ) (51,224 ) Effect of movements in exchange rates 7,948 2,335 43 10,326 Balance at December 31, 2020 452,106 191,164 2,290 645,560 Depreciation Initial recognition of IFRS 16 152,052 37,493 528 190,073 Transfer from property and equipment - 9,910 - 9,910 Depreciation 50,697 26,128 501 77,326 Derecognition* (16,953 ) (8,817 ) (1 ) (25,771 ) Effect of movements in exchange rates 7,888 2,439 (13 ) 10,314 Balance at December 31, 2019 193,684 67,153 1,015 261,852 Depreciation 48,628 31,247 621 80,496 Derecognition* (14,573 ) (25,371 ) (428 ) (40,372 ) Effect of movements in exchange rates 4,802 1,474 23 6,299 Balance at December 31, 2020 232,541 74,503 1,231 308,275 Net carrying amounts At December 31, 2019 236,413 96,937 818 334,168 At December 31, 2020 219,565 116,661 1,059 337,285 * Derecognized right-of-use assets include negotiated asset purchases and extinguishments resulting from accidents as well as fully amortized or end of term right-of-use assets. |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Intangible Assets [Abstract] | |
Summary of Reconciliation of Goodwill and Intangible Assets | Other intangible assets Non- Customer compete Information Note Goodwill relationships Trademarks agreements technology Total Cost Balance at January 1, 2019 1,227,671 427,307 81,303 8,521 18,124 1,762,926 Additions through business combinations* 5 62,116 41,237 2,541 3,272 38 109,204 Other additions - - - - 3,636 3,636 Disposals - (205 ) - - - (205 ) Extinguishments - (1,110 ) - (167 ) (1,768 ) (3,045 ) Effect of movements in exchange rates 41,343 14,199 1,911 307 814 58,574 Balance at December 31, 2019 1,331,130 481,428 85,755 11,933 20,844 1,931,090 Additions through business combinations* 5 173,323 88,692 627 3,984 3,226 269,852 Other additions - - - - 1,665 1,665 Sale of business (715 ) - - - (30 ) (745 ) Extinguishments - (1,397 ) (1,014 ) (1,456 ) (440 ) (4,307 ) Effect of movements in exchange rates 19,888 6,219 1,034 227 483 27,851 Balance at December 31, 2020 1,523,626 574,942 86,402 14,688 25,748 2,225,406 Amortization and impairment losses Balance at January 1, 2019 143,982 174,228 34,160 2,649 14,053 369,072 Amortization for the year - 41,058 5,022 1,875 1,746 49,701 Disposals - (4 ) - - - (4 ) Extinguishments - (1,110 ) - (167 ) (1,768 ) (3,045 ) Effect of movements in exchange rates 2,908 5,592 999 113 594 10,206 Balance at December 31, 2019 146,890 219,764 40,181 4,470 14,625 425,930 Amortization for the year - 39,580 3,897 2,160 2,576 48,213 Sale of business - - - - (28 ) (28 ) Extinguishments - (1,397 ) (1,014 ) (1,456 ) (440 ) (4,307 ) Effect of movements in exchange rates 1,126 3,652 572 130 345 5,825 Balance at December 31, 2020 148,016 261,599 43,636 5,304 17,078 475,633 Net carrying amounts At January 1, 2019 1,083,689 253,079 47,143 5,872 4,071 1,393,854 At December 31, 2019 1,184,240 261,664 45,574 7,463 6,219 1,505,160 At December 31, 2020 1,375,610 313,343 42,766 9,384 8,670 1,749,773 * Includes non-material adjustments to prior year's acquisitions |
Summary of Aggregate Carrying Amounts of Goodwill Allocated to Each Units | The aggregate carrying amounts of goodwill allocated to each unit are as follows: Reportable segment / operating segment December 31, 2020 December 31, 2019 January 1, 2019 Package and Courier 189,533 185,695 176,793 Less-Than-Truckload 136,914 130,389 124,138 Truckload Canadian Truckload 86,416 84,666 80,607 U.S. Truckload 244,824 243,914 242,236 Specialized Truckload 394,303 353,516 288,903 Logistics 323,620 186,060 171,012 1,375,610 1,184,240 1,083,689 |
Summary of Pretax Discount Rates | In assessing value in use, the estimated future cash flows are discounted to their present value using pre-tax discount rates as follows: Reportable segment / operating segment 2020 2019 Package and Courier 9.1 % 9.7 % Less-Than-Truckload 9.1 % 9.2 % Truckload Canadian Truckload 11.5 % 11.7 % U.S. Truckload 10.3 % 10.7 % Specialized Truckload 10.3 % 11.2 % Logistics 8.5 % 9.7 % |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Other Assets [Abstract] | |
Summary of Other Assets | December 31, 2020 December 31, 2019 January 1, 2019 Restricted cash - 3,309 3,128 Security deposits 3,143 3,164 2,525 Investments in equity securities 9,727 1,071 1,098 Indemnification asset 4,736 - - Other 6,293 1,111 1,304 Promissory note - 19,105 16,630 23,899 27,760 24,685 Presented as : Current other assets - 19,105 - Non-current other assets 23,899 8,655 24,685 |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Trade And Other Payables [Abstract] | |
Summary of Trade and Other Payables | December 31, 2020 December 31, 2019 January 1, 2019 Trade payables and accrued expenses 327,619 238,405 247,376 Personnel accrued expenses 119,334 86,733 86,043 Dividend payable 21,285 16,305 15,199 468,238 341,443 348,618 |
Long-term debt (Tables)
Long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Detailed Information About Borrowings [Abstract] | |
Summary of Contractual Terms of Groups Interest-bearing Long-term Debt Measured at Amortized Cost | December 31, 2020 December 31, 2019 January 1, 2019 Non-current liabilities Unsecured revolving facilities 123,666 454,465 542,849 Unsecured term loan 321,852 469,008 365,639 Unsecured debenture 156,479 153,141 91,501 Unsecured senior notes 150,000 150,000 - Conditional sales contracts 77,550 75,388 69,068 Finance lease liabilities - - 2,694 829,547 1,302,002 1,071,751 Current liabilities Current portion of unsecured revolving facilities 7,461 9,216 - Current portion of conditional sales contracts 35,536 32,089 30,728 Current portion of unsecured term loan - - 54,927 Current portion of finance lease liabilities - - 4,024 42,997 41,305 89,679 |
Summary of Terms and Conditions of Outstanding Long-term Debt | Terms and conditions of outstanding long-term debt are as follows: 2020 2019 Currency Nominal interest rate Year of maturity Face value Carrying amount Face value Carrying amount Unsecured revolving facility a CAD BA + 1.45% 2023 41,700 32,279 140,600 106,114 Unsecured revolving facility a USD Libor + 1.45% 2023 92,634 91,387 349,906 348,351 Unsecured revolving facility b USD Libor + 1.45% 2021 7,461 7,461 9,216 9,216 Unsecured term loan a CAD BA + 1.45% 2022 410,000 321,852 610,000 469,008 Unsecured debenture c CAD 3.32% - 4.22% 2024 200,000 156,479 200,000 153,141 Unsecured senior notes d USD 3.85% 2026 150,000 150,000 150,000 150,000 Conditional sales contracts e Mainly CAD 1.49% - 4.72% 2021-2027 143,796 113,086 139,591 107,477 872,544 1,343,307 |
Summary of Changes to Long-term Debt | The table below summarizes changes to the long-term debt: Note 2020 2019 Balance at beginning of year 1,343,307 1,161,430 Transfer to lease liabilities - (6,718 ) Proceeds from long-term debt 33,175 328,045 Business combinations 5 5,365 8,655 Repayment of long-term debt (191,221 ) (103,247 ) Net decrease in revolving facilities (326,201 ) (88,229 ) Accretion of deferred financing fees 1,214 1,705 Effect of movements in exchange rates 4,588 55,697 Effect of movements in exchange rates - OCI hedge 2,317 (14,031 ) Balance at end of year 872,544 1,343,307 |
Summary of Principal Installments of Other Long-Term Debt Payable during the Subsequent Years | Principal installments of other long-term debt payable during the subsequent years are as follows: Less than 1 to 5 More than 1 year years 5 years Total Unsecured revolving facilities 7,461 125,428 - 132,889 Unsecured term loan - 322,200 - 322,200 Unsecured debenture - 157,171 - 157,171 Unsecured senior notes - - 150,000 150,000 Conditional sales contracts 35,536 77,093 457 113,086 42,997 681,892 150,457 875,346 |
Lease liabilities (Tables)
Lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Lease Liabilities [Abstract] | |
Summary of Lease Liabilities | December 31, 2020 December 31, 2019 Current portion of lease liabilities 88,522 76,326 Long-term portion of lease liabilities 267,464 279,265 355,986 355,591 |
Summary of Changes to Lease Liabilities | The table below summarizes changes to the lease liabilities: Note 2020 2019 Balance at beginning of year 355,591 - Business combinations 5 40,477 11,039 Additions 50,225 63,679 Derecognition* (12,011 ) (21,642 ) Repayment (82,587 ) (75,072 ) Effect of movements in exchange rates 4,291 16,480 Initial recognition on transition to IFRS 16 on January 1, 2019 - 354,389 Transfer of finance leases from long-term debt - 6,718 Balance at end of year 355,986 355,591 * Derecognized lease liabilities include negotiated asset purchases and extinguishments resulting from accidents. |
Summary of Contractual Cash Flow Maturities of Lease Liabilities | The total contractual cash flow maturities of the Group’s lease liabilities are as follows: 2020 Less than 1 year 99,570 Between 1 and 5 years 222,140 More than 5 years 75,510 397,220 |
Employee benefits (Tables)
Employee benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Information About Defined Benefit Plans [Abstract] | |
Summary of Information About Group's Defined Benefit Pension Plans | Information about the Group’s defined benefit pension plans is as follows: December 31, 2020 December 31, 2019 January 1, 2019 Accrued benefit obligation 35,529 31,449 27,579 Fair value of plan assets (21,147 ) (18,108 ) (16,581 ) Plan deficit - employee benefit liability 14,382 13,341 10,998 |
Summary of Plan Assets | Plan assets comprise: December 31, 2020 December 31, 2019 January 1, 2019 Equity securities 6 % 16 % 31 % Debt securities 91 % 81 % 57 % Other 3 % 3 % 12 % |
Summary of Movement in Present Value of Accrued Benefit Obligation for Defined Plans | Movement in the present value of the accrued benefit obligation for defined benefit plans: 2020 2019 Accrued benefit obligation, beginning of year 31,449 27,579 Current service cost 528 496 Interest cost 948 1,105 Benefits paid (1,539 ) (1,277 ) Remeasurement (gain) loss arising from: - Financial assumptions 3,563 2,267 - Experience (343 ) (152 ) Settlement 113 - Effect of movements in exchange rates 810 1,431 Accrued benefit obligation, end of year 35,529 31,449 |
Summary of Movement in Fair Value of Plan Assets for Defined Benefit Plans | Movement in the fair value of plan assets for defined benefit plans: 2020 2019 Fair value of plan assets, beginning of year 18,108 16,581 Interest income 544 665 Employer contributions 2,519 970 Benefits paid (1,539 ) (1,277 ) Fair value remeasurement 1,129 467 Plan administration expenses (124 ) (145 ) Effect of movements in exchange rates 510 847 Fair value of plan assets, end of year 21,147 18,108 |
Summary of Expense Recognized in Income or Loss | Expense recognized in income or loss: 2020 2019 Current service cost 528 496 Net interest cost 404 440 Plan administration expenses 124 145 Settlement 113 - Pension expense 1,169 1,081 Actual return on plan assets 1,673 1,132 |
Summary of Actuarial Losses Recognized in Other Comprehensive Income | Actuarial losses recognized in other comprehensive income: 2020 2019 Amount accumulated in retained earnings, beginning of year 11,100 9,451 Recognized during the year 2,204 1,649 Amount accumulated in retained earnings, end of year 13,304 11,100 Recognized during the year, net of tax 1,623 1,228 |
Summary of Significant Actuarial Assumptions Used (Expressed as Weighted Average) | The significant actuarial assumptions used (expressed as weighted average): December 31, 2020 December 31, 2019 January 1, 2019 Accrued benefit obligation: Discount rate at 2.4 % 3.3 % 4.0 % Future salary increases 1.2 % 1.5 % 1.5 % Employee benefit expense: Discount rate at 3.3 % 4.0 % 3.5 % Rate of return on plan assets at 3.3 % 4.0 % 3.5 % Future salary increases 1.2 % 1.5 % 1.2 % |
Summary of Current Longevities Underlying Value of Liabilities in Defined Benefit Plans | The current longevities underlying the value of the liabilities in the defined benefit plans are as follows: December 31, 2020 December 31, 2019 January 1, 2019 Longevity at age 65 for current pensioners Males 22.1 22.0 21.9 Females 24.7 24.7 24.6 Longevity at age 65 for current members aged 45 Males 23.5 23.5 23.4 Females 26.1 26.0 26.0 |
Summary of Impact of Changes of Major Assumptions on Defined Benefit Obligation | The following table presents the impact of changes of major assumptions on the defined benefit obligation for the years ended: 2020 2019 Increase Decrease Increase Decrease Discount rate (1% movement) (3,022 ) 3,650 (3,186 ) 3,884 Life expectancy (1-year movement) 138 (246 ) 755 (845 ) |
Summary of Historical Information of Plans | Historical information: 2020 2019 2018 2017 2016 Present value of the accrued benefit obligation 35,529 31,449 27,579 38,811 34,216 Fair value of plan assets (21,147 ) (18,108 ) (16,581 ) (25,366 ) (23,579 ) Deficit in the plan 14,382 13,341 10,998 13,445 10,637 Experience adjustments arising on plan obligations 3,220 2,116 (2,427 ) 2,378 393 Experience adjustments arising on plan assets 1,129 467 (815 ) 351 813 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Provisions [Abstract] | |
Summary of Provisions | Self insurance Other Total Balance at January 1, 2019 36,757 12,990 49,747 Additions through business combinations 5 508 916 1,424 Provisions made during the year 58,030 5,200 63,230 Provisions used during the year (47,977 ) (17,228 ) (65,205 ) Provisions reversed during the year (9,127 ) (421 ) (9,548 ) Unwind of discount on long-term provisions 326 - 326 Effect of movements in exchange rates 671 141 812 Balance at January 1, 2020 39,188 1,598 40,786 Additions through business combinations 5 - 338 338 Provisions made during the year 48,534 9,685 58,219 Provisions used during the year (32,439 ) (4,060 ) (36,499 ) Provisions reversed during the year (8,795 ) (1,177 ) (9,972 ) Unwind of discount on long-term provisions 1,012 - 1,012 Sale of business (47 ) - (47 ) Effect of movements in exchange rates 280 138 418 Balance at December 31, 2020 47,733 6,522 54,255 December 31, 2020 Current provisions 14,040 3,412 17,452 Non-current provisions 33,693 3,110 36,803 December 31, 2019 Current provisions 16,909 1,355 18,264 Non-current provisions 22,279 243 22,522 January 1, 2019 Current provisions 15,951 2,421 18,372 Non-current provisions 20,805 10,570 31,375 |
Deferred tax assets and liabi_2
Deferred tax assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Tax Assets And Liabilities [Abstract] | |
Summary of Deferred Tax Assets and Liabilities | December 31, 2020 December 31, 2019 January 1, 2019 Property and equipment (178,087 ) (188,604 ) (156,310 ) Intangible assets (74,041 ) (79,346 ) (76,682 ) Derivative financial instruments and investment in equity securities - 443 (923 ) Long-term debt 4,852 5,886 1,684 Employee benefits 10,634 7,449 5,460 Provisions 15,151 9,874 12,580 Tax losses 94 14,603 7,294 Other (108 ) (1,801 ) (940 ) Net deferred tax liabilities (221,505 ) (231,496 ) (207,837 ) Presented as: Deferred tax assets 11,207 8,824 4,698 Deferred tax liabilities (232,712 ) (240,320 ) (212,535 ) |
Summary of Movement in Temporary Differences | Movement in temporary differences during the year: Balance Recognized Recognized Acquired Balance January 1, in income directly in business December 31, 2019 or loss in equity combinations 2019 Property and equipment (156,310 ) (20,699 ) (3,633 ) (7,962 ) (188,604 ) Intangible assets (76,682 ) 8,584 (2,669 ) (8,579 ) (79,346 ) Long-term debt 1,684 (3,445 ) 7,647 - 5,886 Employee benefits 5,460 1,279 710 - 7,449 Provisions 12,580 (2,912 ) 206 - 9,874 Tax losses 7,294 7,384 (75 ) - 14,603 Other (1,863 ) (1,362 ) 1,867 - (1,358 ) Net deferred tax liabilities (207,837 ) (11,171 ) 4,053 (16,541 ) (231,496 ) Balance Recognized Recognized Acquired Balance December 31, in income directly in business December 31, 2019 or loss in equity combinations 2020 Property and equipment (188,604 ) 12,981 (1,206 ) (1,411 ) (178,087 ) Intangible assets (79,346 ) 11,396 (880 ) (5,211 ) (74,041 ) Long-term debt 5,886 (1,104 ) 70 - 4,852 Employee benefits 7,449 2,387 798 - 10,634 Provisions 9,874 5,191 86 - 15,151 Tax losses 14,603 (14,396 ) (113 ) - 94 Other (1,358 ) 735 545 (30 ) (108 ) Net deferred tax liabilities (231,496 ) 17,190 (701 ) (6,653 ) (221,505 ) |
Share capital and other compo_2
Share capital and other components of equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share Capital And Other Components Of Equity [Abstract] | |
Summary of Number of Common Shares Issued | The following table summarizes the number of common shares issued: (in number of shares) Note 2020 2019 Balance, beginning of year 81,450,326 86,397,588 Repurchase and cancellation of own shares (1,542,155 ) (6,409,446 ) Issuance of shares 11,960,000 - Stock options exercised 21 1,529,814 1,462,184 Balance, end of year 93,397,985 81,450,326 |
Summary of Share Capital Issued and Fully Paid | The following table summarizes the share capital issued and fully paid: 2020 2019 Balance, beginning of year 678,915 697,232 Issuance of shares, net of expenses 425,350 - Repurchase and cancellation of own shares (12,025 ) (39,621 ) Cash consideration of stock options exercised 21,361 16,347 Ascribed value credited to share capital on stock options exercised 4,554 4,233 Issuance of shares on settlement of RSUs 1,894 724 Balance, end of year 1,120,049 678,915 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | Basic earnings per share The basic earnings per share and the weighted average number of common shares outstanding have been calculated as follows: (in thousands of dollars and number of shares) 2020 2019 Net income attributable to owners of the Company 275,675 233,677 Issued common shares, beginning of period 81,450,326 86,397,588 Effect of stock options exercised 858,488 846,690 Effect of repurchase of own shares (1,204,210 ) (3,854,133 ) Effect of share issuance 8,008,750 - Weighted average number of common shares 89,113,354 83,390,145 Earnings per share – basic (in dollars) 3.09 2.80 Earnings per share from continuing operations – basic (in dollars) 3.09 2.93 Diluted earnings per share The diluted earnings per share and the weighted average number of common shares outstanding after adjustment for the effects of all dilutive common shares have been calculated as follows: (in thousands of dollars and number of shares) 2020 2019 Net income attributable to owners of the Company 275,675 233,677 Weighted average number of common shares 89,113,354 83,390,145 Dilutive effect: Stock options and restricted share units 1,821,452 1,974,038 Weighted average number of diluted common shares 90,934,806 85,364,183 Earnings per share - diluted (in dollars) 3.03 2.74 Earnings per share from continuing operations - diluted (in dollars) 3.03 2.86 |
Share-based payment arrangeme_2
Share-based payment arrangements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] | |
Summary of Changes in Outstanding Stock Options | The table below summarizes the changes in the outstanding stock options: (in thousands of options and in dollars) 2020 2019 Weighted Weighted Number average Number average of exercise of exercise options price options price Balance, beginning of year 4,422 21.56 5,031 17.66 Granted 99 40.41 909 30.71 Exercised (1,530 ) 16.73 (1,462 ) 13.58 Forfeited (9 ) 27.87 (56 ) 28.14 Balance, end of year 2,982 24.65 4,422 21.56 Options exercisable, end of year 2,111 22.34 3,040 18.45 |
Summary of Information about Stock Options Outstanding and Exercisable | The following table summarizes information about stock options outstanding and exercisable at December 31, 2020: (in thousands of options and in dollars) Options outstanding Options exercisable Weighted average Number remaining Number of contractual life of Exercise prices options (in years) options 23.40 241 0.6 241 19.12 517 1.6 517 18.83 598 2.6 598 26.82 227 3.1 227 23.70 470 4.1 276 30.71 830 5.2 252 40.41 99 6.6 - 2,982 3.4 2,111 |
Schedule of Weighted Average Assumptions Used for Calculating Fair Value of Stock Options Granted | The fair value of the stock options granted was estimated using the Black-Scholes option pricing model using the following weighted average assumptions: July 27, 2020 February 27, 2019 Exercise price 40.41 30.71 Average expected option life 4.5 years 4.5 years Risk-free interest rate 0.71 % 1.88 % Expected stock price volatility* 26.29 % 24.30 % Average dividend yield 2.62 % 2.72 % Weighted average fair value per option of options granted 6.73 6.74 * Expected stock price volatility is based on the historical volatility of the Group’s stock over a period commensurate with the expected term of the award. |
Schedule of Deferred Share Unit Plan for Board Members | The following table provides the number of DSUs related to this plan: (in units) 2020 2019 Balance, beginning of year 348,031 306,042 Board members compensation 29,168 34,144 Paid (11,512 ) - Dividends paid in units 8,239 7,845 Balance, end of year 373,926 348,031 |
Restricted Share Units | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Summary of Changes to Outstanding Options | The table below summarizes changes (in thousands of RSUs and in dollars) 2020 2019 Weighted Weighted Number average Number average of grant date of grant date RSUs fair value RSUs fair value Balance, beginning of year 239 28.08 147 24.87 Granted 145 32.41 153 30.70 Reinvested 8 29.74 7 27.45 Settled (92 ) 23.75 (59 ) 26.73 Forfeited (1 ) 31.06 (9 ) 28.66 Balance, end of year 299 31.54 239 28.08 |
Summary of Information about Options Outstanding and Exercisable | The following table summarizes information about RSUs outstanding and exercisable as at December 31, 2020: (in thousands of RSUs and in dollars) RSUs outstanding Remaining Number of contractual life Grant date fair value RSUs (in years) 30.70 152 1.0 32.41 147 2.1 299 1.5 |
Performance Share Units | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Summary of Changes to Outstanding Options | The table below summarizes changes to the outstanding PSUs: (in thousands of PSUs and in dollars) 2020 Weighted Number average of grant date PSUs fair value Balance, beginning of period - - Granted 145 32.41 Reinvested 2 32.41 Balance, end of period 147 32.41 |
Summary of Information about Options Outstanding and Exercisable | The following table summarizes information about PSUs outstanding and exercisable as at December 31, 2020: (in thousands of PSUs and in dollars) PSUs outstanding Remaining Number of contractual life Grant date fair value PSUs (in years) 32.41 147 2.1 |
Materials and services expens_2
Materials and services expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Material Income And Expense [Abstract] | |
Summary of Materials and Services Expenses | 2020 2019 Independent contractors 1,535,394 1,521,388 Vehicle operation expenses 516,441 613,332 2,051,835 2,134,720 |
Personnel expenses (Tables)
Personnel expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Personnel Expense [Abstract] | |
Summary of Personnel Expenses | Note 2020 2019 Short-term employee benefits 857,217 958,619 Contributions to defined contribution plans 7,925 6,153 Current and past service costs related to defined benefit plans 16 528 496 Termination benefits 7,863 5,702 Equity-settled share-based payment transactions 21 7,046 6,227 Cash-settled share-based payment transactions 21 7,606 3,588 888,185 980,785 |
Finance Income and Finance Co_2
Finance Income and Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Finance Income And Finance Costs [Abstract] | |
Summary of Finance Income and Finance Costs | Recognized in income or loss: Costs (income) 2020 2019* Interest expense on long-term debt and accretion of deferred financing fees 34,967 43,949 Interest expense on lease liabilities 12,443 13,983 Interest income and accretion on promissory note (1,051 ) (2,285 ) Net change in fair value and accretion expense of contingent considerations 224 199 Net foreign exchange (gain) loss (1,237 ) 220 Net change in fair value of interest rate derivatives (488 ) - Other financial expenses 9,052 6,041 Net finance costs 53,910 62,107 Presented as: Finance income (2,776 ) (2,285 ) Finance costs 56,686 64,392 * Effective January 1, 2020, the Group presents mark-to-market (gain) loss on DSUs in personnel expenses. Therefore, $2.5 million loss on mark-to-market on DSUs for the year ended December 31, 2019 have been recast to adhere to the newly adopted presentation. |
Income tax expense (Tables)
Income tax expense (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Major Components Of Tax Expense Income [Abstract] | |
Summary of Income Tax Recognized in Income or Loss | Income tax recognized in income or loss: 2020 2019 Current tax expense Current year 103,080 66,905 Adjustment for prior years 1,092 (2,204 ) 104,172 64,701 Deferred tax expense (recovery) Origination and reversal of temporary differences (7,536 ) 8,345 Variation in tax rate 70 (2,370 ) Adjustment for prior years (9,724 ) 5,860 (17,190 ) 11,835 Income tax expense 86,982 76,536 |
Summary of Income Tax Recognized in Other Comprehensive Income | Income tax recognized in other comprehensive income: 2020 2019 Tax Tax Before (benefit) Net of Before (benefit) Net of tax expense tax Tax expense tax Foreign currency translation differences 21,182 - 21,182 17,476 - 17,476 Defined benefit plan remeasurement gains (losses) (2,204 ) (581 ) (1,623 ) (1,649 ) (421 ) (1,228 ) Employee benefit (14 ) (4 ) (10 ) 45 14 32 Gain (loss) on net investment hedge (2,317 ) (307 ) (2,010 ) 14,031 1,873 12,158 Loss on cash flow hedge (488 ) (1 ) (487 ) (10,007 ) (2,613 ) (7,394 ) Change in fair value of investment in equity securities - - - 5,039 679 4,360 Reclassification to retained earnings of accumulated unrealized loss on investment in equity securities - - - (3,936 ) (546 ) (3,390 ) 16,159 (893 ) 17,052 20,999 (1,014 ) 22,014 |
Summary of Reconciliation of Effective Tax Rate | Reconciliation of effective tax rate: 2020 2019 Income before income tax 362,657 320,761 Income tax using the Company’s statutory tax rate 26.5 % 96,104 26.6 % 85,322 Increase (decrease) resulting from: Rate differential between jurisdictions -1.2 % (4,452 ) -3.0 % (9,623 ) Variation in tax rate 0.0 % 70 -0.7 % (2,370 ) Non deductible expenses 2.4 % 8,704 1.1 % 3,528 Tax deductions and tax exempt income -2.8 % (10,176 ) -2.2 % (7,057 ) Adjustment for prior years -2.4 % (8,632 ) 1.1 % 3,528 Multi-jurisdiction tax 0.3 % 913 1.0 % 3,208 Treasury Regulations, interpretive guidance clarifying the U.S. Tax Reform Bill 1.2 % 4,451 0.0 % - 24.0 % 86,982 23.9 % 76,536 |
Financial Instruments and Fin_2
Financial Instruments and Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Financial Instruments [Abstract] | |
Summary of Derivative Financial Instruments Designated As Effective Cash Flow Hedge Instruments Fair Value | Derivative financial instruments designated as effective cash flow hedge instruments' fair values were as follows: December 31, 2020 December 31, 2019 January 1, 2019 Current assets Interest rate derivatives - 30 3,980 Non-current assets Interest rate derivatives - - 2,159 Current liabilities Interest rate derivatives - 649 - Non-current liabilities Interest rate derivatives - 684 - |
Summary of Impact to Income or Loss and Other Comprehensive Income | As at December 31, 2020 and 2019, the impact to income or loss and other comprehensive income is as follows: Finance (loss) income Other comprehensive (loss) income 2020 2019 2020 2019 Derivative financial instruments measured at fair value through other comprehensive income: Interest rate derivatives (488) - 488 10,007 (488) - 488 10,007 |
Summary of Maximum Exposure to Credit Risk | The Group’s maximum credit exposure corresponds to the carrying amount of the financial assets. The maximum exposure to credit risk at the reporting date was: December 31, 2020 December 31, 2019 January 1, 2019 Trade and other receivables 597,873 452,241 463,075 Promissory note - 19,105 16,630 Derivative financial assets - 30 6,140 597,873 471,376 485,844 |
Summary of Aging of Trade and Other Receivables | The aging of trade and other receivables at the reporting date was: Total Impairment Total Impairment 2020 2020 2019 2019 Not past due 447,517 224 345,953 - Past due 1 – 30 days 104,491 1,211 80,642 669 Past due 31 – 60 days 26,601 3,439 17,467 2,008 Past due more than 60 days 30,792 6,654 14,871 4,015 609,401 11,528 458,933 6,692 |
Summary of Movement in Allowance for Expected Credit Loss in Respect of Trade and Other Receivables | The movement in the allowance for expected credit loss in respect of trade and other receivables during the year was as follows: 2020 2019 Balance, beginning of year 6,692 5,095 Business combinations 4,473 398 Bad debt expenses 2,749 2,161 Amount written off and recoveries (2,795 ) (1,237 ) Effect of movements in exchange rates 409 275 Balance, end of year 11,528 6,692 |
Summary of Contractual Maturities of Financial Liabilities Including Estimated Interest Payment | The following are the contractual maturities of the financial liabilities, including estimated interest payment: Carrying Contractual Less than 1 to 2 2 to 5 More than amount cash flows 1 year years years 5 years 2020 Trade and other payables 468,238 468,238 468,238 - - - Long-term debt 872,544 953,425 65,697 539,317 192,087 156,324 Other financial liability 19,793 11,017 4,016 2,395 1,607 2,999 1,360,575 1,432,680 537,951 541,712 193,694 159,323 2019 Bank indebtedness 2,927 2,927 2,927 - - - Trade and other payables 341,443 341,443 341,443 - - - Long-term debt 1,343,307 1,508,763 85,255 595,574 666,210 161,725 Derivatives financial liabilities 1,333 1,333 649 342 342 - Other financial liability 3,984 4,158 2,079 2,079 - - 1,692,994 1,858,624 432,352 597,995 666,551 161,725 |
Summary of Financial Assets and Liabilities Exposure to Foreign Currency Risk | The Group’s financial assets and liabilities exposure to foreign currency risk related to Canadian entities was as follows based on notional amounts: 2020 2019 Trade and other receivables 36,250 30,733 Trade and other payables (2,162 ) (2,573 ) Long-term debt (225,393 ) (478,566 ) Balance sheet exposure (191,305 ) (450,406 ) Long-term debt designated as investment hedge 225,000 325,000 Net balance sheet exposure 33,695 (125,406 ) |
Summary of Exchange Rates Applied | The following exchange rates applied during the year: December 31, 2020 December 31, 2019 January 1, 2019 Average USD for the year ended 1.3415 1.3269 1.2957 Closing USD as at 1.2725 1.2988 1.3642 |
Summary of Sensitivity Analysis | A 1-cent increase in the U.S. dollar at the reporting date, assuming all other variables, in particular interest rates, remain constant, would have increased (decreased) equity and income or loss by the amounts shown below. The analysis is performed on the same basis for 2019. 2020 2019 1-cent 1-cent 1-cent 1-cent Increase Decrease Increase Decrease Balance sheet exposure (1,503 ) 1,503 (3,468 ) 3,468 Long-term debt designated as investment hedge 1,768 (1,768 ) 2,502 (2,502 ) Net balance sheet exposure 265 (265 ) (966 ) 966 |
Summary of Carrying Amount of Interest-bearing Financial Instruments Excluding Effects of Interest Rate Derivatives | At December 31, 2020 and 2019, the interest rate profile of the Group’s carrying amount interest-bearing financial instruments excluding the effects of interest rate derivatives was: 2020 2019 Fixed rate instruments 419,565 410,618 Variable rate instruments 452,979 932,689 872,544 1,343,307 |
Summary of Interest Rate Derivatives | The Group’s interest rate derivatives are as follows: 2020 2019 Notional Notional Notional Notional Average Contract Average Contract Fair Average Contract Average Contract Fair B.A. Amount Libor Amount value B.A. Amount Libor Amount value rate CAD rate USD USD rate CAD rate USD USD Coverage period: Less than 1 year - - - - - 0.99 % 75,000 1.90 % 293,750 (619 ) 1 to 2 years - - - - - 0.00 % - 1.92 % 100,000 (342 ) 2 to 3 years - - - - - 0.00 % - 1.92 % 100,000 (342 ) Liability - (1,303 ) Presented as: Current assets - 30 Current liabilities - (649 ) Non-current liabilities - (684 ) |
Summary of Amounts Increased (Decreased) Equity and Net Income or Net Loss due to 1% Change in Interest Rates | A 1% change in interest rates at the reporting date would have increased (decreased) equity and net income or net loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. The analysis is performed on the same basis for 2019. 2020 2019 1% increase 1% decrease 1% increase 1% decrease Interest on variable rate instrument (3,311 ) 3,311 (4,455 ) 4,455 Impact on instruments used in cash flow hedge: 2020 2019 1% increase 1% decrease 1% increase 1% decrease Interest on variable rate instrument - - (2,577 ) 2,577 Interest on interest rate swaps - - 2,577 (2,577 ) - - - - |
Summary of Debt-to-Equity and Debt-to-Capitalization Ratios | The Group monitors its long-term debt using the ratios below to maintain an appropriate debt level. The Group’s debt-to-equity and debt-to-capitalization ratios are as follows: 2020 2019 Long-term debt 872,544 1,343,307 Shareholders' equity 1,790,177 1,159,292 Debt-to-equity ratio 0.49 1.16 Debt-to-capitalization ratio 1 0.33 0.54 |
Summary of Fair Values of Financial Assets and Liabilities, Together with Carrying Amounts Shown in Statements of Financial Position | The fair values of financial assets and liabilities, together with the carrying amounts shown in the statements of financial position, are as follows: December 31, 2020 December 31, 2019 January 1, 2019 Carrying Fair Carrying Fair Carrying Fair Amount Value Amount Value Amount Value Financial assets Assets carried at fair value Derivative financial instruments - - 30 30 6,139 6,139 Investment in equity securities 9,727 9,727 1,071 1,071 1,098 1,098 Assets carried at amortized cost Trade and other receivables 597,873 597,873 452,241 452,241 463,075 463,075 Promissory note - - 19,105 19,105 16,630 16,630 607,600 607,600 472,447 472,447 486,942 486,942 Financial liabilities Liabilities carried at fair value Derivative financial instruments - - 1,333 1,333 - - Other financial liability 26,730 26,730 4,853 4,853 5,775 5,775 Liabilities carried at amortized cost Bank indebtedness - - 2,927 2,927 9,041 9,041 Trade and other payables 468,238 468,238 341,443 341,443 348,618 348,618 Long-term debt 872,544 876,829 1,343,307 1,346,286 1,161,430 1,207,408 1,367,512 1,371,797 1,693,863 1,696,842 1,524,864 1,570,842 |
Schedule of Interest Rates Used to Discount Estimated Cash Flows | The interest rates used to discount estimated cash flows, when applicable, are based on the government yield curve at December 31 plus an adequate credit spread, and were as follows: 2020 2019 Long-term debt 2.5 % 3.3 % |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Summary of Costs Incurred for Key Management Personnel | Key management personnel compensation comprised: 2020 2019 Short-term benefits 13,906 11,244 Post-employment benefits 704 645 Equity-settled share-based payment transactions 4,627 3,700 Cash-settled share-based payment transactions 1,086 1,107 20,323 16,696 |
Reporting Entity - Additional I
Reporting Entity - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of General Information About Financial Statements [Abstract] | |
Name of reporting entity or other means of identification | TFI International Inc. |
Domicile of entity | Canada |
Address of entity's registered office | 8801 Trans-Canada Highway, Suite 500, Montreal, Quebec, H4S 1Z6. |
Significant Accounting Polici_4
Significant Accounting Policies - Summary of Depreciation Method and Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Buildings | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Basis | Straight-line |
Buildings | Bottom of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful lives | 15 years |
Buildings | Top of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful lives | 40 years |
Rolling Stock | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Basis | Primarily straight-line |
Rolling Stock | Bottom of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful lives | 3 years |
Rolling Stock | Top of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful lives | 20 years |
Equipment | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Basis | Primarily straight-line |
Equipment | Bottom of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful lives | 5 years |
Equipment | Top of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful lives | 12 years |
Significant Accounting Polici_5
Significant Accounting Policies - Summary of Estimated Useful Lives of Intangible Assets with Finite Lives are Amortized on Straight-line Basis (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Customer Relationships | Bottom of Range | |
Disclosure Of Intangible Assets [Line Items] | |
Useful lives | 5 years |
Customer Relationships | Top of Range | |
Disclosure Of Intangible Assets [Line Items] | |
Useful lives | 20 years |
Trademarks | Bottom of Range | |
Disclosure Of Intangible Assets [Line Items] | |
Useful lives | 5 years |
Trademarks | Top of Range | |
Disclosure Of Intangible Assets [Line Items] | |
Useful lives | 20 years |
Non-compete Agreements | Bottom of Range | |
Disclosure Of Intangible Assets [Line Items] | |
Useful lives | 3 years |
Non-compete Agreements | Top of Range | |
Disclosure Of Intangible Assets [Line Items] | |
Useful lives | 10 years |
Information Technology | Bottom of Range | |
Disclosure Of Intangible Assets [Line Items] | |
Useful lives | 5 years |
Information Technology | Top of Range | |
Disclosure Of Intangible Assets [Line Items] | |
Useful lives | 7 years |
Significant Accounting Polici_6
Significant Accounting Policies - Additional Information (Details) $ in Millions | Jan. 01, 2019USD ($) |
Disclosure Of Significant Accounting Policies [Abstract] | |
Additional impact on provisions and retained earnings recognized for previously recorded straight-line rental costs under IAS 17 | $ 6.1 |
Significant Accounting Polici_7
Significant Accounting Policies - Summary of Restatement (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | ||
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | ||||||
Property and equipment | $ 1,074,428 | $ 1,125,429 | [1] | $ 1,023,595 | ||
Right-of-use assets | 337,285 | 334,168 | [1] | |||
Long-term debt (including current portion) | (829,547) | (1,302,002) | [1] | $ (1,071,751) | ||
Lease liabilities (including current portion) | (355,986) | (355,591) | ||||
Deferred tax liabilities | (232,712) | (240,320) | [1] | (212,535) | ||
Retained earnings | $ 805,068 | $ 634,226 | [1] | |||
Previously Reported IFRS 16 | ||||||
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | ||||||
Property and equipment | 1,023,595 | [1] | 1,023,595 | |||
Provisions (including current portion) | (49,747) | |||||
Long-term debt (including current portion) | (1,071,751) | [1] | (1,161,430) | |||
Deferred tax liabilities | (212,535) | [1] | (212,535) | |||
Retained earnings | 639,597 | [1] | (639,597) | |||
Adjustments | ||||||
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | ||||||
Property and equipment | (19,406) | |||||
Right-of-use assets | 341,505 | |||||
Provisions (including current portion) | 6,092 | |||||
Long-term debt (including current portion) | 6,718 | |||||
Lease liabilities (including current portion) | (361,107) | |||||
Deferred tax liabilities | 7,376 | |||||
Retained earnings | $ 18,880 | |||||
IFRS 16 | ||||||
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | ||||||
Property and equipment | 1,004,189 | |||||
Right-of-use assets | 341,505 | |||||
Provisions (including current portion) | (43,655) | |||||
Long-term debt (including current portion) | (1,154,712) | |||||
Lease liabilities (including current portion) | (361,107) | |||||
Deferred tax liabilities | (205,159) | |||||
Retained earnings | $ (620,717) | |||||
[1] | Recasted for change in presentation currency (see note 2c)) |
Significant Accounting Polici_8
Significant Accounting Policies - Reconciliation of Groups Operating Lease Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Lease Liabilities [Line Items] | ||||
Operating lease commitment as at December 31, 2018 | $ 370,995 | |||
Finance lease liability as at December 31, 2018 | $ 6,717 | |||
Lease liabilities recognized at January 1, 2019 | $ 355,986 | $ 355,591 | ||
IFRS 16 | ||||
Lease Liabilities [Line Items] | ||||
Discounted using the incremental borrowing rate at January 1, 2019 | $ (53,249) | |||
Recognition exemption for short-term leases | (11,469) | |||
Extension options reasonably certain to be exercised | 48,113 | |||
Lease liabilities recognized at January 1, 2019 | $ 361,107 |
Segment Reporting - Information
Segment Reporting - Information Regarding Results of Reportable Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure Of Operating Segments [Line Items] | ||||
External revenue | $ 3,484,303 | $ 3,477,576 | ||
External fuel surcharge | 296,831 | 425,969 | ||
Total revenue | 3,781,134 | 3,903,545 | [1] | |
Operating income (loss) | 416,567 | 382,868 | [1] | |
Depreciation and amortization | 299,229 | 295,747 | ||
Gain (loss) on sale of land and buildings | (6) | 9 | ||
Gain (loss) on sale of assets held for sale | 11,899 | 21,571 | ||
Gain on sale of business | 306 | |||
Bargain purchase gain | 4,008 | 8,014 | [1] | |
Intangible assets | 1,749,773 | 1,505,160 | [2] | $ 1,393,854 |
Total assets | 3,849,364 | 3,508,820 | [2] | |
Total liabilities | 2,059,187 | 2,349,528 | [2] | |
Additions to property and equipment | 142,814 | 263,698 | ||
Operating Segments | Package and Courier | ||||
Disclosure Of Operating Segments [Line Items] | ||||
External revenue | 478,707 | 470,192 | ||
External fuel surcharge | 47,393 | 65,515 | ||
Inter-segment revenue and fuel surcharge | 3,055 | 3,903 | ||
Total revenue | 529,155 | 539,610 | ||
Operating income (loss) | 78,753 | 82,228 | ||
Depreciation and amortization | 25,357 | 24,893 | ||
Gain (loss) on sale of assets held for sale | 91 | 843 | ||
Intangible assets | 193,288 | 190,135 | ||
Total assets | 387,919 | 371,037 | ||
Total liabilities | 123,970 | 119,642 | ||
Additions to property and equipment | 17,304 | 13,404 | ||
Operating Segments | Less-Than-Truckload | ||||
Disclosure Of Operating Segments [Line Items] | ||||
External revenue | 516,720 | 619,949 | ||
External fuel surcharge | 66,144 | 99,538 | ||
Inter-segment revenue and fuel surcharge | 6,371 | 7,761 | ||
Total revenue | 589,235 | 727,248 | ||
Operating income (loss) | 87,950 | 82,230 | ||
Depreciation and amortization | 50,354 | 52,920 | ||
Gain (loss) on sale of land and buildings | (1) | |||
Gain (loss) on sale of assets held for sale | (56) | 8,509 | ||
Intangible assets | 189,579 | 188,448 | ||
Total assets | 593,653 | 595,806 | ||
Total liabilities | 219,234 | 230,282 | ||
Additions to property and equipment | 22,829 | 49,553 | ||
Operating Segments | Truckload | ||||
Disclosure Of Operating Segments [Line Items] | ||||
External revenue | 1,569,835 | 1,645,025 | ||
External fuel surcharge | 161,680 | 231,470 | ||
Inter-segment revenue and fuel surcharge | 16,844 | 15,060 | ||
Total revenue | 1,748,359 | 1,891,555 | ||
Operating income (loss) | 206,346 | 192,172 | ||
Depreciation and amortization | 188,979 | 182,817 | ||
Gain (loss) on sale of land and buildings | 9 | |||
Gain (loss) on sale of assets held for sale | 11,864 | 12,339 | ||
Gain on sale of business | 306 | |||
Intangible assets | 907,170 | 860,671 | ||
Total assets | 2,100,900 | 2,067,191 | ||
Total liabilities | 478,630 | 417,545 | ||
Additions to property and equipment | 101,477 | 192,820 | ||
Operating Segments | Logistics | ||||
Disclosure Of Operating Segments [Line Items] | ||||
External revenue | 919,041 | 742,410 | ||
External fuel surcharge | 21,614 | 29,446 | ||
Inter-segment revenue and fuel surcharge | 4,475 | 2,977 | ||
Total revenue | 945,130 | 774,833 | ||
Operating income (loss) | 84,459 | 57,447 | ||
Depreciation and amortization | 33,429 | 33,597 | ||
Gain (loss) on sale of land and buildings | (5) | |||
Bargain purchase gain | 4,008 | |||
Intangible assets | 457,098 | 262,691 | ||
Total assets | 729,690 | 421,843 | ||
Total liabilities | 226,218 | 128,013 | ||
Additions to property and equipment | 760 | 2,224 | ||
Corporate | ||||
Disclosure Of Operating Segments [Line Items] | ||||
Operating income (loss) | (40,941) | (31,209) | ||
Depreciation and amortization | 1,110 | 1,520 | ||
Gain (loss) on sale of assets held for sale | (120) | |||
Intangible assets | 2,638 | 3,215 | ||
Total assets | 37,202 | 52,943 | ||
Total liabilities | 1,011,268 | 1,454,047 | ||
Additions to property and equipment | 444 | 5,697 | ||
Eliminations | ||||
Disclosure Of Operating Segments [Line Items] | ||||
Inter-segment revenue and fuel surcharge | (30,745) | (29,701) | ||
Total revenue | (30,745) | $ (29,701) | ||
Total liabilities | $ (133) | |||
[1] | Recasted for changes in presentation currency (see note 2c)) and mark-to-market gain (loss) on deferred share units presentation (see note 24) | |||
[2] | Recasted for change in presentation currency (see note 2c)) |
Segment Reporting - Summary of
Segment Reporting - Summary of Revenue Attributed to Geographical Locations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure Of Geographical Areas [Line Items] | |||
Total revenue | $ 3,781,134 | $ 3,903,545 | [1] |
Canada | |||
Disclosure Of Geographical Areas [Line Items] | |||
Total revenue | 1,985,095 | 2,133,972 | |
United States | |||
Disclosure Of Geographical Areas [Line Items] | |||
Total revenue | 1,777,133 | 1,753,883 | |
Mexico | |||
Disclosure Of Geographical Areas [Line Items] | |||
Total revenue | 18,906 | 15,690 | |
Operating Segments | Package and Courier | |||
Disclosure Of Geographical Areas [Line Items] | |||
Total revenue | 529,155 | 539,610 | |
Operating Segments | Package and Courier | Canada | |||
Disclosure Of Geographical Areas [Line Items] | |||
Total revenue | 529,155 | 539,610 | |
Operating Segments | Less-Than-Truckload | |||
Disclosure Of Geographical Areas [Line Items] | |||
Total revenue | 589,235 | 727,248 | |
Operating Segments | Less-Than-Truckload | Canada | |||
Disclosure Of Geographical Areas [Line Items] | |||
Total revenue | 517,199 | 607,086 | |
Operating Segments | Less-Than-Truckload | United States | |||
Disclosure Of Geographical Areas [Line Items] | |||
Total revenue | 72,036 | 120,162 | |
Operating Segments | Truckload | |||
Disclosure Of Geographical Areas [Line Items] | |||
Total revenue | 1,748,359 | 1,891,555 | |
Operating Segments | Truckload | Canada | |||
Disclosure Of Geographical Areas [Line Items] | |||
Total revenue | 725,347 | 799,396 | |
Operating Segments | Truckload | United States | |||
Disclosure Of Geographical Areas [Line Items] | |||
Total revenue | 1,023,012 | 1,092,159 | |
Operating Segments | Logistics | |||
Disclosure Of Geographical Areas [Line Items] | |||
Total revenue | 945,130 | 774,833 | |
Operating Segments | Logistics | Canada | |||
Disclosure Of Geographical Areas [Line Items] | |||
Total revenue | 239,413 | 216,232 | |
Operating Segments | Logistics | United States | |||
Disclosure Of Geographical Areas [Line Items] | |||
Total revenue | 686,811 | 542,911 | |
Operating Segments | Logistics | Mexico | |||
Disclosure Of Geographical Areas [Line Items] | |||
Total revenue | 18,906 | 15,690 | |
Eliminations | |||
Disclosure Of Geographical Areas [Line Items] | |||
Total revenue | (30,745) | (29,701) | |
Eliminations | Canada | |||
Disclosure Of Geographical Areas [Line Items] | |||
Total revenue | (26,019) | (28,352) | |
Eliminations | United States | |||
Disclosure Of Geographical Areas [Line Items] | |||
Total revenue | $ (4,726) | $ (1,349) | |
[1] | Recasted for changes in presentation currency (see note 2c)) and mark-to-market gain (loss) on deferred share units presentation (see note 24) |
Segment Reporting - Summary o_2
Segment Reporting - Summary of Segment Assets on Geographical Location (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure Of Segment Assets [Line Items] | |||
Property and equipment, right-of-use assets and intangible assets | $ 3,161,486 | $ 2,964,757 | $ 2,417,449 |
Canada | |||
Disclosure Of Segment Assets [Line Items] | |||
Property and equipment, right-of-use assets and intangible assets | 1,802,417 | 1,777,333 | 1,412,726 |
United States | |||
Disclosure Of Segment Assets [Line Items] | |||
Property and equipment, right-of-use assets and intangible assets | 1,342,720 | 1,169,446 | 987,813 |
Mexico | |||
Disclosure Of Segment Assets [Line Items] | |||
Property and equipment, right-of-use assets and intangible assets | $ 16,349 | $ 17,978 | $ 16,910 |
Business Combinations - Additio
Business Combinations - Additional Information (Details) $ in Thousands | Nov. 02, 2020USD ($)AgentStation | Mar. 02, 2020USD ($) | Apr. 29, 2019USD ($) | Feb. 22, 2019USD ($) | Dec. 31, 2020USD ($)Business | Dec. 31, 2019USD ($)Business | |
Disclosure Of Business Combinations [Line Items] | |||||||
Number of business acquired | Business | 13 | 8 | |||||
Purchase price | $ 331,602 | $ 166,941 | |||||
Bargain purchase gain | 4,008 | 8,014 | [1] | ||||
Revenue of acquiree since acquisition date | 213,200 | ||||||
Net income of acquiree since acquisition date | 4,600 | ||||||
Revenue of acquiree since acquisition date | 807,200 | ||||||
Net income of acquiree since acquisition date | 31,900 | ||||||
Transaction costs | 800 | 100 | |||||
Trade receivables | 127,400 | ||||||
Trade receivables expected to be uncollectible | 4,500 | ||||||
Goodwill and intangible assets deducted for tax purpose | 21,200 | $ 19,200 | |||||
DLS | |||||||
Disclosure Of Business Combinations [Line Items] | |||||||
Date of acquisition | Nov. 2, 2020 | ||||||
Number of agent stations | AgentStation | 140 | ||||||
Purchase price | $ 225,000 | 225,007 | |||||
Revenue of acquiree since acquisition date | 98,300 | ||||||
Net income of acquiree since acquisition date | $ 1,500 | ||||||
R.R. Donnelley & Sons Courier Service Business | |||||||
Disclosure Of Business Combinations [Line Items] | |||||||
Date of acquisition | Mar. 2, 2020 | ||||||
Purchase price | $ 10,600 | ||||||
R.R. Donnelley & Sons Courier Service Business | Logistics | |||||||
Disclosure Of Business Combinations [Line Items] | |||||||
Bargain purchase gain | $ 4,000 | ||||||
Schilli Corporation | |||||||
Disclosure Of Business Combinations [Line Items] | |||||||
Date of acquisition | Feb. 22, 2019 | ||||||
Purchase price | $ 58,200 | ||||||
Revenue of acquiree since acquisition date | 53,200 | ||||||
Net income of acquiree since acquisition date | $ 2,300 | ||||||
BeavEx Incorporated Inc. | |||||||
Disclosure Of Business Combinations [Line Items] | |||||||
Date of acquisition | Apr. 29, 2019 | ||||||
Purchase price | $ 7,200 | ||||||
Bargain purchase gain | $ 8,000 | ||||||
[1] | Recasted for changes in presentation currency (see note 2c)) and mark-to-market gain (loss) on deferred share units presentation (see note 24) |
Business Combinations - Summary
Business Combinations - Summary of Purchase Price Allocations (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Nov. 02, 2020 | ||
Disclosure Of Business Combinations [Line Items] | ||||
Cash and cash equivalents | $ 3,332 | $ 15,339 | ||
Trade and other receivables | 122,893 | 34,260 | ||
Inventoried supplies and prepaid expenses | 2,333 | 5,774 | ||
Property and equipment | 24,003 | 66,703 | ||
Right-of-use assets | 40,213 | 11,039 | ||
Intangible assets | 96,529 | 47,088 | ||
Other assets | 4,630 | 79 | ||
Trade and other payables | (63,994) | (24,778) | ||
Income tax payable | (445) | (4,636) | ||
Provisions | (338) | (1,424) | ||
Other non-current liabilities | (14,374) | (370) | ||
Long-term debt | (5,365) | (8,655) | ||
Lease liabilities | (40,477) | (11,039) | ||
Deferred tax liabilities | (6,653) | (16,541) | ||
Total identifiable net assets | 162,287 | 112,839 | ||
Total consideration transferred | 331,602 | 166,941 | ||
Goodwill | 173,323 | 62,116 | ||
Bargain purchase gain | (4,008) | (8,014) | [1] | |
Cash | 330,982 | 166,251 | ||
Contingent consideration | 620 | 690 | ||
Total consideration transferred | 331,602 | $ 166,941 | ||
DLS | ||||
Disclosure Of Business Combinations [Line Items] | ||||
Trade and other receivables | 93,520 | |||
Inventoried supplies and prepaid expenses | 824 | |||
Property and equipment | 262 | |||
Right-of-use assets | 285 | |||
Intangible assets | 65,404 | |||
Other assets | 4,630 | |||
Trade and other payables | (54,845) | |||
Other non-current liabilities | (14,374) | |||
Lease liabilities | (285) | |||
Total identifiable net assets | 95,421 | |||
Total consideration transferred | 225,007 | |||
Goodwill | 129,586 | |||
Cash | 225,007 | |||
Total consideration transferred | 225,007 | $ 225,000 | ||
Others | ||||
Disclosure Of Business Combinations [Line Items] | ||||
Cash and cash equivalents | 3,332 | |||
Trade and other receivables | 29,373 | |||
Inventoried supplies and prepaid expenses | 1,509 | |||
Property and equipment | 23,741 | |||
Right-of-use assets | 39,928 | |||
Intangible assets | 31,125 | |||
Trade and other payables | (9,149) | |||
Income tax payable | (445) | |||
Provisions | (338) | |||
Long-term debt | (5,365) | |||
Lease liabilities | (40,192) | |||
Deferred tax liabilities | (6,653) | |||
Total identifiable net assets | 66,866 | |||
Total consideration transferred | 106,595 | |||
Goodwill | 43,737 | |||
Bargain purchase gain | (4,008) | |||
Cash | 105,975 | |||
Contingent consideration | 620 | |||
Total consideration transferred | $ 106,595 | |||
[1] | Recasted for changes in presentation currency (see note 2c)) and mark-to-market gain (loss) on deferred share units presentation (see note 24) |
Business Combinations - Schedul
Business Combinations - Schedule of Goodwill Arising in the Business Combinations Allocated to Operating Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Business Combinations [Line Items] | ||
Goodwill allocated | $ 173,323 | $ 62,116 |
Less-Than-Truckload | ||
Disclosure Of Business Combinations [Line Items] | ||
Reportable segment | Less-Than-Truckload | |
Goodwill allocated | $ 3,872 | |
U.S. Truckload | ||
Disclosure Of Business Combinations [Line Items] | ||
Reportable segment | Truckload | |
Goodwill allocated | $ 330 | |
Specialized Truckload | ||
Disclosure Of Business Combinations [Line Items] | ||
Reportable segment | Truckload | |
Goodwill allocated | $ 33,718 | 50,692 |
Logistics | ||
Disclosure Of Business Combinations [Line Items] | ||
Reportable segment | Logistics | |
Goodwill allocated | $ 135,403 | $ 11,424 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | |||
Disclosure Of Discontinued Operations [Line Items] | ||||
Loss from discontinued operations, net | [1] | $ (10,548) | ||
Income before income tax | $ 362,657 | 320,761 | [1] | |
Cash outflows from discontinued operations, net | (12,022) | |||
Rig Moving | ||||
Disclosure Of Discontinued Operations [Line Items] | ||||
Loss from discontinued operations, net | (10,600) | |||
Income before income tax | (12,400) | |||
Loss from discontinued operations, tax | (1,800) | |||
Cash outflows from discontinued operations, net | 12,000 | |||
Cash outflows from discontinued operations, before tax | 13,800 | |||
Cash outflows from discontinued operations, tax | $ 1,800 | |||
Basic earnings (loss) per share from discontinued operations | $ (0.13) | |||
Diluted earnings (loss) per share from discontinued operations | $ (0.12) | |||
[1] | Recasted for changes in presentation currency (see note 2c)) and mark-to-market gain (loss) on deferred share units presentation (see note 24) |
Trade and Other Receivables - S
Trade and Other Receivables - Summary of Detailed Information about Trade and Other Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Trade And Other Current Receivables [Abstract] | ||||
Trade receivables | $ 570,609 | $ 442,148 | $ 443,718 | |
Other receivables | 27,264 | 10,093 | 19,357 | |
Trade and other receivables | $ 597,873 | $ 452,241 | [1] | $ 463,075 |
[1] | Recasted for change in presentation currency (see note 2c)) |
Trade and Other Receivables - A
Trade and Other Receivables - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Trade And Other Current Receivables [Abstract] | |||
Trade receivables included in transit revenue | $ 13.5 | $ 7.6 | $ 7.9 |
Additional Cash Flow Informat_3
Additional Cash Flow Information - Summary of Net Change in Non-cash Operating Working Capital (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Information About Additional Cash Flow Information [Abstract] | ||
Trade and other receivables | $ (16,399) | $ 58,763 |
Inventoried supplies | 2,200 | 2,292 |
Prepaid expenses | 192 | 3,839 |
Trade and other payables | 47,668 | (48,557) |
Increase (decrease) in working capital | $ 33,661 | $ 16,337 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | |||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | $ 1,125,429 | [1] | $ 1,023,595 | |
Other additions | 142,814 | 263,698 | ||
Depreciation for the year | 170,520 | 168,720 | [2] | |
Ending balance | 1,074,428 | 1,125,429 | [1] | |
Cost | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 1,701,286 | 1,510,636 | ||
Additions through business combinations | 24,003 | 66,703 | ||
Other additions | 142,814 | 263,698 | ||
Disposals | (139,014) | (138,752) | ||
Reclassification to assets held for sale | (29,172) | (23,910) | ||
Sale of business | (4,162) | |||
Transfer to right-of-use assets | (29,316) | |||
Effect of movements in exchange rates | 20,900 | 52,227 | ||
Ending balance | 1,716,655 | 1,701,286 | ||
Depreciation | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 575,857 | 487,041 | ||
Depreciation for the year | 170,520 | 168,720 | ||
Disposals | (94,780) | (82,393) | ||
Reclassification to assets held for sale | (15,814) | (8,565) | ||
Sale of business | (3,076) | |||
Transfer to right-of-use assets | (9,910) | |||
Effect of movements in exchange rates | 9,520 | 20,964 | ||
Ending balance | 642,227 | 575,857 | ||
Land and Buildings | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 250,068 | 220,051 | ||
Ending balance | 254,987 | 250,068 | ||
Land and Buildings | Cost | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 308,677 | 276,144 | ||
Additions through business combinations | 1,771 | 4,816 | ||
Other additions | 19,331 | 39,733 | ||
Disposals | (731) | (2,617) | ||
Reclassification to assets held for sale | (19,201) | (21,226) | ||
Sale of business | (484) | |||
Effect of movements in exchange rates | 5,441 | 11,827 | ||
Ending balance | 314,804 | 308,677 | ||
Land and Buildings | Depreciation | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 58,609 | 56,093 | ||
Depreciation for the year | 8,462 | 8,886 | ||
Disposals | (657) | (2,419) | ||
Reclassification to assets held for sale | (7,326) | (6,321) | ||
Sale of business | (329) | |||
Effect of movements in exchange rates | 1,058 | 2,370 | ||
Ending balance | 59,817 | 58,609 | ||
Rolling Stock | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 830,150 | 763,143 | ||
Ending balance | 773,295 | 830,150 | ||
Rolling Stock | Cost | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 1,267,313 | 1,119,520 | ||
Additions through business combinations | 21,634 | 59,684 | ||
Other additions | 112,645 | 211,796 | ||
Disposals | (133,149) | (126,388) | ||
Reclassification to assets held for sale | (9,971) | (2,684) | ||
Sale of business | (3,395) | |||
Transfer to right-of-use assets | (29,316) | |||
Effect of movements in exchange rates | 12,540 | 34,701 | ||
Ending balance | 1,267,617 | 1,267,313 | ||
Rolling Stock | Depreciation | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 437,163 | 356,377 | ||
Depreciation for the year | 151,369 | 149,622 | ||
Disposals | (89,676) | (71,325) | ||
Reclassification to assets held for sale | (8,488) | (2,244) | ||
Sale of business | (2,494) | |||
Transfer to right-of-use assets | (9,910) | |||
Effect of movements in exchange rates | 6,448 | 14,643 | ||
Ending balance | 494,322 | 437,163 | ||
Equipment | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 45,211 | 40,401 | ||
Ending balance | 46,146 | 45,211 | ||
Equipment | Cost | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 125,296 | 114,972 | ||
Additions through business combinations | 598 | 2,203 | ||
Other additions | 10,838 | 12,169 | ||
Disposals | (5,134) | (9,747) | ||
Sale of business | (283) | |||
Effect of movements in exchange rates | 2,919 | 5,699 | ||
Ending balance | 134,234 | 125,296 | ||
Equipment | Depreciation | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 80,085 | 74,571 | ||
Depreciation for the year | 10,689 | 10,212 | ||
Disposals | (4,447) | (8,649) | ||
Sale of business | (253) | |||
Effect of movements in exchange rates | 2,014 | 3,951 | ||
Ending balance | $ 88,088 | $ 80,085 | ||
[1] | Recasted for change in presentation currency (see note 2c)) | |||
[2] | Recasted for changes in presentation currency (see note 2c)) and mark-to-market gain (loss) on deferred share units presentation (see note 24) |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Property Plant And Equipment [Line Items] | |||
Purchase of property and equipment | $ 142,710 | $ 261,295 | |
Rolling Stock | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property and equipment pledged as security | $ 131,200 | 140,700 | 138,600 |
Trade and Other Payables | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Purchase of property and equipment | $ 0 | $ 2,500 | $ 2,400 |
Right-of-Use Assets - Summary o
Right-of-Use Assets - Summary of Right-of-Use Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||||
Beginning balance | [1] | $ 334,168 | ||
Depreciation of right-of-use assets | 80,496 | $ 77,326 | [2] | |
Ending balance | 337,285 | 334,168 | [1] | |
Cost | ||||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||||
Beginning balance | 596,020 | |||
Transfer from property and equipment | 29,316 | |||
Other additions | 50,225 | 63,679 | ||
Additions through business combinations | 40,213 | 11,039 | ||
Derecognition | (51,224) | (45,697) | ||
Effect of movements in exchange rates | 10,326 | 25,511 | ||
Ending balance | 645,560 | 596,020 | ||
Cost | IFRS 16 | ||||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||||
Beginning balance | 512,172 | |||
Depreciation | ||||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||||
Beginning balance | 261,852 | |||
Transfer from property and equipment | 9,910 | |||
Depreciation of right-of-use assets | 80,496 | 77,326 | ||
Derecognition | (40,372) | (25,771) | ||
Effect of movements in exchange rates | 6,299 | 10,314 | ||
Ending balance | 308,275 | 261,852 | ||
Depreciation | IFRS 16 | ||||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||||
Beginning balance | 190,073 | |||
Land and Buildings | ||||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||||
Beginning balance | 236,413 | |||
Ending balance | 219,565 | 236,413 | ||
Land and Buildings | Cost | ||||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||||
Beginning balance | 430,097 | |||
Other additions | 18,869 | 22,287 | ||
Additions through business combinations | 13,716 | 8,916 | ||
Derecognition | (18,524) | (35,299) | ||
Effect of movements in exchange rates | 7,948 | 19,327 | ||
Ending balance | 452,106 | 430,097 | ||
Land and Buildings | Cost | IFRS 16 | ||||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||||
Beginning balance | 414,866 | |||
Land and Buildings | Depreciation | ||||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||||
Beginning balance | 193,684 | |||
Depreciation of right-of-use assets | 48,628 | 50,697 | ||
Derecognition | (14,573) | (16,953) | ||
Effect of movements in exchange rates | 4,802 | 7,888 | ||
Ending balance | 232,541 | 193,684 | ||
Land and Buildings | Depreciation | IFRS 16 | ||||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||||
Beginning balance | 152,052 | |||
Rolling Stock | ||||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||||
Beginning balance | 96,937 | |||
Ending balance | 116,661 | 96,937 | ||
Rolling Stock | Cost | ||||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||||
Beginning balance | 164,090 | |||
Transfer from property and equipment | 29,316 | |||
Other additions | 30,353 | 41,041 | ||
Additions through business combinations | 26,497 | 2,123 | ||
Derecognition | (32,111) | (10,388) | ||
Effect of movements in exchange rates | 2,335 | 6,114 | ||
Ending balance | 191,164 | 164,090 | ||
Rolling Stock | Cost | IFRS 16 | ||||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||||
Beginning balance | 95,884 | |||
Rolling Stock | Depreciation | ||||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||||
Beginning balance | 67,153 | |||
Transfer from property and equipment | 9,910 | |||
Depreciation of right-of-use assets | 31,247 | 26,128 | ||
Derecognition | (25,371) | (8,817) | ||
Effect of movements in exchange rates | 1,474 | 2,439 | ||
Ending balance | 74,503 | 67,153 | ||
Rolling Stock | Depreciation | IFRS 16 | ||||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||||
Beginning balance | 37,493 | |||
Equipment | ||||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||||
Beginning balance | 818 | |||
Ending balance | 1,059 | 818 | ||
Equipment | Cost | ||||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||||
Beginning balance | 1,833 | |||
Other additions | 1,003 | 351 | ||
Derecognition | (589) | (10) | ||
Effect of movements in exchange rates | 43 | 70 | ||
Ending balance | 2,290 | 1,833 | ||
Equipment | Cost | IFRS 16 | ||||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||||
Beginning balance | 1,422 | |||
Equipment | Depreciation | ||||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||||
Beginning balance | 1,015 | |||
Depreciation of right-of-use assets | 621 | 501 | ||
Derecognition | (428) | (1) | ||
Effect of movements in exchange rates | 23 | (13) | ||
Ending balance | $ 1,231 | 1,015 | ||
Equipment | Depreciation | IFRS 16 | ||||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||||
Beginning balance | $ 528 | |||
[1] | Recasted for change in presentation currency (see note 2c)) | |||
[2] | Recasted for changes in presentation currency (see note 2c)) and mark-to-market gain (loss) on deferred share units presentation (see note 24) |
Intangible Assets - Summary of
Intangible Assets - Summary of Reconciliation of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | ||||
Beginning balance | $ 1,505,160 | [1] | $ 1,393,854 | |
Ending balance | 1,749,773 | 1,505,160 | [1] | |
Cost | ||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | ||||
Beginning balance | 1,931,090 | 1,762,926 | ||
Additions through business combinations | 269,852 | 109,204 | ||
Other additions | 1,665 | 3,636 | ||
Disposals | (205) | |||
Sale of business | (745) | |||
Extinguishments | (4,307) | (3,045) | ||
Effect of movements in exchange rates | 27,851 | 58,574 | ||
Ending balance | 2,225,406 | 1,931,090 | ||
Amortization and Impairment Losses | ||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | ||||
Beginning balance | 425,930 | 369,072 | ||
Amortization for the year | 48,213 | 49,701 | ||
Disposals | (4) | |||
Sale of business | (28) | |||
Extinguishments | (4,307) | (3,045) | ||
Effect of movements in exchange rates | 5,825 | 10,206 | ||
Ending balance | 475,633 | 425,930 | ||
Goodwill | ||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | ||||
Beginning balance | 1,184,240 | 1,083,689 | ||
Ending balance | 1,375,610 | 1,184,240 | ||
Goodwill | Cost | ||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | ||||
Beginning balance | 1,331,130 | 1,227,671 | ||
Additions through business combinations | 173,323 | 62,116 | ||
Sale of business | (715) | |||
Effect of movements in exchange rates | 19,888 | 41,343 | ||
Ending balance | 1,523,626 | 1,331,130 | ||
Goodwill | Amortization and Impairment Losses | ||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | ||||
Beginning balance | 146,890 | 143,982 | ||
Effect of movements in exchange rates | 1,126 | 2,908 | ||
Ending balance | 148,016 | 146,890 | ||
Customer Relationships | ||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | ||||
Beginning balance | 261,664 | 253,079 | ||
Ending balance | 313,343 | 261,664 | ||
Customer Relationships | Cost | ||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | ||||
Beginning balance | 481,428 | 427,307 | ||
Additions through business combinations | 88,692 | 41,237 | ||
Disposals | (205) | |||
Extinguishments | (1,397) | (1,110) | ||
Effect of movements in exchange rates | 6,219 | 14,199 | ||
Ending balance | 574,942 | 481,428 | ||
Customer Relationships | Amortization and Impairment Losses | ||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | ||||
Beginning balance | 219,764 | 174,228 | ||
Amortization for the year | 39,580 | 41,058 | ||
Disposals | (4) | |||
Extinguishments | (1,397) | (1,110) | ||
Effect of movements in exchange rates | 3,652 | 5,592 | ||
Ending balance | 261,599 | 219,764 | ||
Trademarks | ||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | ||||
Beginning balance | 45,574 | 47,143 | ||
Ending balance | 42,766 | 45,574 | ||
Trademarks | Cost | ||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | ||||
Beginning balance | 85,755 | 81,303 | ||
Additions through business combinations | 627 | 2,541 | ||
Extinguishments | (1,014) | |||
Effect of movements in exchange rates | 1,034 | 1,911 | ||
Ending balance | 86,402 | 85,755 | ||
Trademarks | Amortization and Impairment Losses | ||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | ||||
Beginning balance | 40,181 | 34,160 | ||
Amortization for the year | 3,897 | 5,022 | ||
Extinguishments | (1,014) | |||
Effect of movements in exchange rates | 572 | 999 | ||
Ending balance | 43,636 | 40,181 | ||
Non-compete Agreements | ||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | ||||
Beginning balance | 7,463 | 5,872 | ||
Ending balance | 9,384 | 7,463 | ||
Non-compete Agreements | Cost | ||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | ||||
Beginning balance | 11,933 | 8,521 | ||
Additions through business combinations | 3,984 | 3,272 | ||
Extinguishments | (1,456) | (167) | ||
Effect of movements in exchange rates | 227 | 307 | ||
Ending balance | 14,688 | 11,933 | ||
Non-compete Agreements | Amortization and Impairment Losses | ||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | ||||
Beginning balance | 4,470 | 2,649 | ||
Amortization for the year | 2,160 | 1,875 | ||
Extinguishments | (1,456) | (167) | ||
Effect of movements in exchange rates | 130 | 113 | ||
Ending balance | 5,304 | 4,470 | ||
Information Technology | ||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | ||||
Beginning balance | 6,219 | 4,071 | ||
Ending balance | 8,670 | 6,219 | ||
Information Technology | Cost | ||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | ||||
Beginning balance | 20,844 | 18,124 | ||
Additions through business combinations | 3,226 | 38 | ||
Other additions | 1,665 | 3,636 | ||
Sale of business | (30) | |||
Extinguishments | (440) | (1,768) | ||
Effect of movements in exchange rates | 483 | 814 | ||
Ending balance | 25,748 | 20,844 | ||
Information Technology | Amortization and Impairment Losses | ||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | ||||
Beginning balance | 14,625 | 14,053 | ||
Amortization for the year | 2,576 | 1,746 | ||
Sale of business | (28) | |||
Extinguishments | (440) | (1,768) | ||
Effect of movements in exchange rates | 345 | 594 | ||
Ending balance | $ 17,078 | $ 14,625 | ||
[1] | Recasted for change in presentation currency (see note 2c)) |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Intangible Assets [Line Items] | ||
Trade name ,value | $ 42,600,000 | $ 26,700,000 |
Discounted Cash Flow | ||
Disclosure Of Intangible Assets [Line Items] | ||
Debt leveraging interest rate | 40.00% | 50.00% |
Market interest rate | 5.90% | 7.70% |
Average growth rate | 2.00% | 2.00% |
Terminal value growth rate | 2.00% | 2.00% |
Trademarks | ||
Disclosure Of Intangible Assets [Line Items] | ||
Useful lives reassessed intangible assets | $ 6,300,000 | |
Impairment charges of reassessed intangible assets | 0 | |
Impairment charge | $ 0 | |
Bottom of Range | ||
Disclosure Of Intangible Assets [Line Items] | ||
Percentage of relief from royalty method used for impairment testing of intangible life | 6.60% | 8.50% |
Top of Range | ||
Disclosure Of Intangible Assets [Line Items] | ||
Percentage of relief from royalty method used for impairment testing of intangible life | 9.70% | 9.70% |
Carrying value | ||
Disclosure Of Intangible Assets [Line Items] | ||
Trade name ,value | $ 31,600,000 | $ 25,300,000 |
Intangible Assets - Summary o_2
Intangible Assets - Summary of Aggregate Carrying Amounts of Goodwill Allocated to Each Units (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure Of Intangible Assets [Line Items] | |||
Goodwill allocated | $ 173,323 | $ 62,116 | |
Less-Than-Truckload | |||
Disclosure Of Intangible Assets [Line Items] | |||
Goodwill allocated | 3,872 | ||
U.S. Truckload | |||
Disclosure Of Intangible Assets [Line Items] | |||
Goodwill allocated | 330 | ||
Specialized Truckload | |||
Disclosure Of Intangible Assets [Line Items] | |||
Goodwill allocated | 33,718 | 50,692 | |
Logistics | |||
Disclosure Of Intangible Assets [Line Items] | |||
Goodwill allocated | 135,403 | 11,424 | |
Operating Segment | |||
Disclosure Of Intangible Assets [Line Items] | |||
Goodwill allocated | 1,375,610 | 1,184,240 | $ 1,083,689 |
Operating Segment | Package and Courier | |||
Disclosure Of Intangible Assets [Line Items] | |||
Goodwill allocated | 189,533 | 185,695 | 176,793 |
Operating Segment | Less-Than-Truckload | |||
Disclosure Of Intangible Assets [Line Items] | |||
Goodwill allocated | 136,914 | 130,389 | 124,138 |
Operating Segment | Canadian Truckload | |||
Disclosure Of Intangible Assets [Line Items] | |||
Goodwill allocated | 86,416 | 84,666 | 80,607 |
Operating Segment | U.S. Truckload | |||
Disclosure Of Intangible Assets [Line Items] | |||
Goodwill allocated | 244,824 | 243,914 | 242,236 |
Operating Segment | Specialized Truckload | |||
Disclosure Of Intangible Assets [Line Items] | |||
Goodwill allocated | 394,303 | 353,516 | 288,903 |
Operating Segment | Logistics | |||
Disclosure Of Intangible Assets [Line Items] | |||
Goodwill allocated | $ 323,620 | $ 186,060 | $ 171,012 |
Intangible Assets - Summary o_3
Intangible Assets - Summary of Pre-tax Discount Rates (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Package and Courier | ||
Disclosure Of Intangible Assets [Line Items] | ||
Pre-tax discount rate applied to cash flow projections | 9.10% | 9.70% |
Less-Than-Truckload | ||
Disclosure Of Intangible Assets [Line Items] | ||
Pre-tax discount rate applied to cash flow projections | 9.10% | 9.20% |
Canadian Truckload | ||
Disclosure Of Intangible Assets [Line Items] | ||
Pre-tax discount rate applied to cash flow projections | 11.50% | 11.70% |
U.S. Truckload | ||
Disclosure Of Intangible Assets [Line Items] | ||
Pre-tax discount rate applied to cash flow projections | 10.30% | 10.70% |
Specialized Truckload | ||
Disclosure Of Intangible Assets [Line Items] | ||
Pre-tax discount rate applied to cash flow projections | 10.30% | 11.20% |
Logistics | ||
Disclosure Of Intangible Assets [Line Items] | ||
Pre-tax discount rate applied to cash flow projections | 8.50% | 9.70% |
Other Assets - Summary of Other
Other Assets - Summary of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | ||
Disclosure Of Other Assets [Abstract] | |||||
Restricted cash | $ 3,309 | $ 3,128 | |||
Security deposits | $ 3,143 | 3,164 | 2,525 | ||
Investments in equity securities | 9,727 | 1,071 | 1,098 | ||
Indemnification asset | 4,736 | ||||
Other | 6,293 | 1,111 | 1,304 | ||
Promissory note | 19,105 | 16,630 | |||
Total other assets | 23,899 | 27,760 | 24,685 | ||
Current other assets | [1] | 19,105 | |||
Non-current other assets | $ 23,899 | $ 8,655 | [1] | $ 24,685 | |
[1] | Recasted for change in presentation currency (see note 2c)) |
Other Assets - Additional Infor
Other Assets - Additional Information (Details) - Feb. 01, 2016 - Waste Management $ in Millions, $ in Millions | USD ($) | CAD ($) |
Other Assets [Line Items] | ||
Total consideration received | $ 575 | $ 800 |
Unsecured promissory note | $ 18 | $ 25 |
Yielding interest rate of unsecured promissory note | 3.00% | 3.00% |
Term of interest rate | 4 years | 4 years |
Trade and Other Payables - Summ
Trade and Other Payables - Summary of Trade and Other Payables (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Trade And Other Payables [Abstract] | ||||
Trade payables and accrued expenses | $ 327,619 | $ 238,405 | $ 247,376 | |
Personnel accrued expenses | 119,334 | 86,733 | 86,043 | |
Dividend payable | 21,285 | 16,305 | 15,199 | |
Trade and other payables | $ 468,238 | $ 341,443 | [1] | $ 348,618 |
[1] | Recasted for change in presentation currency (see note 2c)) |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Details) $ in Thousands, $ in Millions | Dec. 18, 2020CAD ($) | Dec. 27, 2019USD ($) | Dec. 27, 2019CAD ($) | Dec. 20, 2019CAD ($) | Jun. 27, 2019USD ($) | Feb. 11, 2019CAD ($) | Feb. 01, 2019USD ($) | Feb. 01, 2019CAD ($)Tranche | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2020CAD ($) | Nov. 21, 2020USD ($) | Nov. 21, 2020CAD ($) | Nov. 22, 2019USD ($) | Nov. 22, 2019CAD ($) | Jun. 27, 2019CAD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) |
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||
Borrowings | $ 872,544 | $ 1,343,307 | $ 1,161,430 | |||||||||||||||
Deferred financing fees | $ 700 | $ 0.1 | ||||||||||||||||
Unsecured term loan | 321,852 | 469,008 | $ 365,639 | |||||||||||||||
Repayment of long-term debt | $ 191,221 | 103,247 | ||||||||||||||||
Revolving credit facility extended term | 1 year | |||||||||||||||||
Revolving credit facility extended year | 2023-06 | |||||||||||||||||
Renewed term of credit facility | 1 year | |||||||||||||||||
Rolling stock carrying value | $ 140,700 | $ 138,600 | $ 131,200 | |||||||||||||||
Unsecured Term Loan | ||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||
Borrowings | $ 575 | 500 | $ 575 | |||||||||||||||
Deferred financing fees | $ 100 | $ 400 | ||||||||||||||||
Repayments of current borrowings | $ 200 | |||||||||||||||||
Repayment of long-term debt | $ 75 | |||||||||||||||||
Extended maturity | 1 year | |||||||||||||||||
Increase in indebtedness | 610 | |||||||||||||||||
Unsecured Term Loan | First Tranche | ||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||
Debt instrument interest rate | 1.90% | 3.30% | 1.90% | |||||||||||||||
Unsecured Term Loan | Second Tranche | ||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||
Debt instrument interest rate | 3.50% | |||||||||||||||||
Unsecured Term Loan | June 2022 | Second Tranche | ||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||
Borrowings | $ 410 | |||||||||||||||||
Unsecured Revolving Credit Facility | ||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||
Borrowings | 575 | $ 1,200 | $ 1,200 | $ 1,200 | ||||||||||||||
Deferred financing fees | $ 200 | |||||||||||||||||
Additional credit availability | $ 196,500 | |||||||||||||||||
Term loan credit facility | $ 575 | |||||||||||||||||
Number of tranches | Tranche | 2 | |||||||||||||||||
Unsecured Revolving Credit Facility | Bottom of Range | Libor Rate | ||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||
Credit facility, basis points | 1.20% | 1.20% | ||||||||||||||||
Unsecured Revolving Credit Facility | Top of Range | Libor Rate | ||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||
Credit facility, basis points | 2.00% | 2.00% | ||||||||||||||||
Unsecured Revolving Credit Facility | Canada, Dollars | ||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||
Additional credit availability | $ 245 | |||||||||||||||||
Debt instrument interest rate | 2.90% | 3.80% | 2.90% | |||||||||||||||
Unsecured Revolving Credit Facility | United States of America, Dollars | ||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||
Additional credit availability | $ 5,000 | |||||||||||||||||
Debt instrument interest rate | 1.60% | 3.40% | 1.60% | |||||||||||||||
Unsecured Term Loan Due in June 2021 | ||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||
Borrowings | 200 | |||||||||||||||||
Unsecured Term Loan Due in June 2022 | ||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||
Borrowings | $ 375 | |||||||||||||||||
New Unsecured Revolving Credit Facility | ||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||
Debt instrument interest rate | 1.60% | 3.40% | 1.60% | |||||||||||||||
New Unsecured Revolving Credit Facility | November 2020 | ||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||
Borrowings | $ 25,000 | $ 25,000 | ||||||||||||||||
Unsecured Debenture | ||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||
Extended maturity | 4 years | |||||||||||||||||
Debt instrument extend maturity date | 2024-12 | 2024-12 | ||||||||||||||||
Debt instrument effective rate | 3.57% | 3.77% | ||||||||||||||||
Unsecured Debenture | Bottom of Range | ||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||
Debt instrument interest rate | 3.32% | 3.32% | ||||||||||||||||
Increase in indebtedness | $ 75 | |||||||||||||||||
Unsecured Debenture | Top of Range | ||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||
Debt instrument interest rate | 4.22% | 4.22% | ||||||||||||||||
Increase in indebtedness | $ 200 | |||||||||||||||||
Unsecured Debenture | Canada, Dollars | ||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||
Borrowings | $ 156,479 | $ 153,141 | ||||||||||||||||
Year of maturity | 2024 | |||||||||||||||||
Unsecured Debenture | Canada, Dollars | Bottom of Range | ||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||
Debt instrument interest rate | 3.32% | 3.32% | ||||||||||||||||
Unsecured Debenture | Canada, Dollars | Top of Range | ||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||
Debt instrument interest rate | 4.22% | 4.22% | ||||||||||||||||
Unsecured Senior Notes | ||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||
Debt instrument interest rate | 3.85% | 3.85% | ||||||||||||||||
Year of maturity | December 2026 | |||||||||||||||||
Percentage of principal amount | 100.00% | 100.00% | ||||||||||||||||
Unsecured Senior Notes | United States of America, Dollars | ||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||
Borrowings | $ 150,000 | $ 150,000 | ||||||||||||||||
Debt instrument interest rate | 3.85% | 3.85% | ||||||||||||||||
Year of maturity | 2026 |
Long-term Debt - Summary of Con
Long-term Debt - Summary of Contractual Terms of Groups Interest-bearing Long-term Debt Measured at Amortized Cost (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Non-current liabilities | ||||
Unsecured revolving facilities | $ 123,666 | $ 454,465 | $ 542,849 | |
Unsecured term loan | 321,852 | 469,008 | 365,639 | |
Unsecured debenture | 156,479 | 153,141 | 91,501 | |
Unsecured senior notes | 150,000 | 150,000 | ||
Conditional sales contracts | 77,550 | 75,388 | 69,068 | |
Finance lease liabilities | 2,694 | |||
Non-current portion of non-current borrowings | 829,547 | 1,302,002 | [1] | 1,071,751 |
Current liabilities | ||||
Current portion of unsecured revolving facilities | 7,461 | 9,216 | ||
Current portion of conditional sales contracts | 35,536 | 32,089 | 30,728 | |
Current portion of unsecured term loan | 54,927 | |||
Current portion of finance lease liabilities | 4,024 | |||
Current borrowings and current portion of non-current borrowings | $ 42,997 | $ 41,305 | $ 89,679 | |
[1] | Recasted for change in presentation currency (see note 2c)) |
Long-term Debt - Summary of Ter
Long-term Debt - Summary of Terms and Conditions of Outstanding Long-term Debt (Details) $ in Thousands, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 27, 2019CAD ($) | Jun. 27, 2019CAD ($) | Feb. 01, 2019CAD ($) | Dec. 31, 2018USD ($) | |
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||
Carrying amount | $ 872,544 | $ 1,343,307 | $ 1,161,430 | |||
Unsecured Term Loan | ||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||
Carrying amount | $ 575 | $ 575 | $ 500 | |||
Unsecured Debenture | Bottom of Range | ||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||
Nominal interest rate | 3.32% | 3.32% | ||||
Unsecured Debenture | Top of Range | ||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||
Nominal interest rate | 4.22% | 4.22% | ||||
Unsecured Senior Notes | ||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||
Nominal interest rate | 3.85% | |||||
Year of maturity | December 2026 | |||||
Canada, Dollars | Unsecured Revolving Facility | BA | ||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||
Nominal interest rate | 1.45% | |||||
Year of maturity | 2023 | |||||
Face value | $ 41,700 | $ 140,600 | ||||
Carrying amount | $ 32,279 | 106,114 | ||||
Canada, Dollars | Unsecured Term Loan | BA | ||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||
Nominal interest rate | 1.45% | |||||
Year of maturity | 2022 | |||||
Face value | $ 410,000 | 610,000 | ||||
Carrying amount | $ 321,852 | 469,008 | ||||
Canada, Dollars | Unsecured Debenture | ||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||
Year of maturity | 2024 | |||||
Face value | $ 200,000 | 200,000 | ||||
Carrying amount | $ 156,479 | 153,141 | ||||
Canada, Dollars | Unsecured Debenture | Bottom of Range | ||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||
Nominal interest rate | 3.32% | |||||
Canada, Dollars | Unsecured Debenture | Top of Range | ||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||
Nominal interest rate | 4.22% | |||||
Canada, Dollars | Conditional Sales Contracts | ||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||
Face value | $ 143,796 | 139,591 | ||||
Carrying amount | $ 113,086 | 107,477 | ||||
Canada, Dollars | Conditional Sales Contracts | Bottom of Range | ||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||
Nominal interest rate | 1.49% | |||||
Year of maturity | 2021 | |||||
Canada, Dollars | Conditional Sales Contracts | Top of Range | ||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||
Nominal interest rate | 4.72% | |||||
Year of maturity | 2027 | |||||
United States of America, Dollars | Unsecured Revolving Facility | Libor | ||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||
Nominal interest rate | 1.45% | |||||
Year of maturity | 2021 | |||||
Face value | $ 7,461 | 9,216 | ||||
Carrying amount | $ 7,461 | 9,216 | ||||
United States of America, Dollars | Unsecured Revolving Credit Facility and Term Loans | Libor | ||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||
Nominal interest rate | 1.45% | |||||
Year of maturity | 2023 | |||||
Face value | $ 92,634 | 349,906 | ||||
Carrying amount | $ 91,387 | 348,351 | ||||
United States of America, Dollars | Unsecured Senior Notes | ||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||
Nominal interest rate | 3.85% | |||||
Year of maturity | 2026 | |||||
Face value | $ 150,000 | 150,000 | ||||
Carrying amount | $ 150,000 | $ 150,000 |
Long-term Debt - Summary of Cha
Long-term Debt - Summary of Changes to Long-term Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Detailed Information About Borrowings [Abstract] | ||
Balance at beginning of year | $ 1,343,307 | $ 1,161,430 |
Transfer to lease liabilities | (6,718) | |
Proceeds from long-term debt | 33,175 | 328,045 |
Business combinations | 5,365 | 8,655 |
Repayment of long-term debt | (191,221) | (103,247) |
Net decrease in revolving facilities | (326,201) | (88,229) |
Accretion of deferred financing fees | 1,214 | 1,705 |
Effect of movements in exchange rates | 4,588 | 55,697 |
Effect of movements in exchange rates - OCI hedge | 2,317 | (14,031) |
Balance at end of year | $ 872,544 | $ 1,343,307 |
Long-term Debt - Summary of Pri
Long-term Debt - Summary of Principal Installments of Other Long-Term Debt Payable during the Subsequent Years (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Principal installments of other long-term debt payable | $ 875,346 |
Less than 1 Year | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Principal installments of other long-term debt payable | 42,997 |
1 to 5 Years | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Principal installments of other long-term debt payable | 681,892 |
More than 5 Years | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Principal installments of other long-term debt payable | 150,457 |
Unsecured Revolving Facility | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Principal installments of other long-term debt payable | 132,889 |
Unsecured Revolving Facility | Less than 1 Year | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Principal installments of other long-term debt payable | 7,461 |
Unsecured Revolving Facility | 1 to 5 Years | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Principal installments of other long-term debt payable | 125,428 |
Unsecured Term Loan | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Principal installments of other long-term debt payable | 322,200 |
Unsecured Term Loan | 1 to 5 Years | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Principal installments of other long-term debt payable | 322,200 |
Unsecured Debenture | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Principal installments of other long-term debt payable | 157,171 |
Unsecured Debenture | 1 to 5 Years | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Principal installments of other long-term debt payable | 157,171 |
Unsecured Senior Notes | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Principal installments of other long-term debt payable | 150,000 |
Unsecured Senior Notes | More than 5 Years | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Principal installments of other long-term debt payable | 150,000 |
Conditional Sales Contracts | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Principal installments of other long-term debt payable | 113,086 |
Conditional Sales Contracts | Less than 1 Year | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Principal installments of other long-term debt payable | 35,536 |
Conditional Sales Contracts | 1 to 5 Years | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Principal installments of other long-term debt payable | 77,093 |
Conditional Sales Contracts | More than 5 Years | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Principal installments of other long-term debt payable | $ 457 |
Lease Liabilities - Summary of
Lease Liabilities - Summary of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Lease Liabilities [Abstract] | |||
Current portion of lease liabilities | $ 88,522 | $ 76,326 | [1] |
Long-term portion of lease liabilities | 267,464 | 279,265 | [1] |
Lease liabilities | $ 355,986 | $ 355,591 | |
[1] | Recasted for change in presentation currency (see note 2c)) |
Lease Liabilities - Summary o_2
Lease Liabilities - Summary of Changes to Lease Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease Liabilities [Abstract] | ||
Balance at beginning of year | $ 355,591 | |
Business combinations | 40,477 | $ 11,039 |
Additions | 50,225 | 63,679 |
Derecognition | (12,011) | (21,642) |
Repayment | (82,587) | (75,072) |
Effect of movements in exchange rates | 4,291 | 16,480 |
Initial recognition on transition to IFRS 16 on January 1, 2019 | 354,389 | |
Transfer of finance leases from long-term debt | 6,718 | |
Balance at end of year | $ 355,986 | $ 355,591 |
Lease Liabilities - Additional
Lease Liabilities - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease Liabilities [Abstract] | ||
Incremental borrowing rate | 3.56% | 2.66% |
Lease liabilities include future lease payments | $ 21.1 | $ 38.8 |
Increase in lease liabilities | 352.1 | 357.1 |
Expense related to variable lease payments | 17.4 | 18.1 |
Sub leasing right-of-use assets | 13.8 | 12.3 |
Operating lease expenses | $ 26.1 | $ 33.3 |
Lease Liabilities - Summary o_3
Lease Liabilities - Summary of Contractual Cash Flow Maturities of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Disclosure Of Maturity Analysis Of Operating Lease Payments [Line Items] | |
Total contractual cash flow maturities | $ 397,220 |
Less than 1 Year | |
Disclosure Of Maturity Analysis Of Operating Lease Payments [Line Items] | |
Total contractual cash flow maturities | 99,570 |
Between 1 and 5 Years | |
Disclosure Of Maturity Analysis Of Operating Lease Payments [Line Items] | |
Total contractual cash flow maturities | 222,140 |
More than 5 Years | |
Disclosure Of Maturity Analysis Of Operating Lease Payments [Line Items] | |
Total contractual cash flow maturities | $ 75,510 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020USD ($)Employee | Dec. 31, 2019USD ($)Employee | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Disclosure Of Defined Benefit Plans [Line Items] | ||||||
Number of employees sponsored under defined benefit pension plans | Employee | 161 | 165 | ||||
Employee severance plan | $ 35,529 | $ 31,449 | $ 27,579 | $ 27,579 | $ 38,811 | $ 34,216 |
Weighted-average duration of defined benefit obligation | 12 years 6 months | |||||
Estimate of contributions expected to be paid to plan for next annual reporting period | $ 300 | |||||
Mexico | ||||||
Disclosure Of Defined Benefit Plans [Line Items] | ||||||
Employee severance plan | $ 1,100 | $ 1,000 | $ 800 |
Employee Benefits - Summary of
Employee Benefits - Summary of Information about Group's Defined Benefit Pension Plans (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Information About Defined Benefit Plans [Abstract] | ||||||
Accrued benefit obligation | $ 35,529 | $ 31,449 | $ 27,579 | $ 27,579 | $ 38,811 | $ 34,216 |
Fair value of plan assets | (21,147) | (18,108) | (16,581) | (16,581) | (25,366) | (23,579) |
Plan deficit - employee benefit liability | $ 14,382 | $ 13,341 | $ 10,998 | $ 10,998 | $ 13,445 | $ 10,637 |
Employee Benefits - Summary o_2
Employee Benefits - Summary of Plan Assets (Details) | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure Of Information About Defined Benefit Plans [Abstract] | |||
Equity securities | 6.00% | 16.00% | 31.00% |
Debt securities | 91.00% | 81.00% | 57.00% |
Other | 3.00% | 3.00% | 12.00% |
Employee Benefits - Summary o_3
Employee Benefits - Summary of Movement in Present Value of Accrued Benefit Obligation for Defined Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Information About Defined Benefit Plans [Abstract] | ||
Accrued benefit obligation, beginning of year | $ 31,449 | $ 27,579 |
Current service cost | 528 | 496 |
Interest cost | 948 | 1,105 |
Benefits paid | (1,539) | (1,277) |
Remeasurement (gain) loss arising from: | ||
- Financial assumptions | 3,563 | 2,267 |
- Experience | (343) | (152) |
Settlement | 113 | |
Effect of movements in exchange rates | 810 | 1,431 |
Accrued benefit obligation, end of year | $ 35,529 | $ 31,449 |
Employee Benefits - Summary o_4
Employee Benefits - Summary of Movement in Fair Value of Plan Assets for Defined Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Defined Benefit Plans [Line Items] | ||
Fair value of plan assets, beginning of year | $ 18,108 | $ 16,581 |
Interest income | 948 | 1,105 |
Plan administration expenses | 124 | 145 |
Effect of movements in exchange rates | 810 | 1,431 |
Fair value of plan assets, end of year | 21,147 | 18,108 |
Plan Assets | ||
Disclosure Of Defined Benefit Plans [Line Items] | ||
Fair value of plan assets, beginning of year | 18,108 | 16,581 |
Interest income | 544 | 665 |
Employer contributions | 2,519 | 970 |
Benefits paid | (1,539) | (1,277) |
Fair value remeasurement | 1,129 | 467 |
Plan administration expenses | (124) | (145) |
Effect of movements in exchange rates | 510 | 847 |
Fair value of plan assets, end of year | $ 21,147 | $ 18,108 |
Employee Benefits - Summary o_5
Employee Benefits - Summary of Expense Recognized in Income or Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Defined Benefit Plans [Abstract] | ||
Current service cost | $ 528 | $ 496 |
Net interest cost | 404 | 440 |
Plan administration expenses | 124 | 145 |
Settlement | 113 | |
Pension expense | 1,169 | 1,081 |
Actual return on plan assets | $ 1,673 | $ 1,132 |
Employee Benefits - Summary o_6
Employee Benefits - Summary of Actuarial Losses Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Defined Benefit Plans [Abstract] | ||
Amount accumulated in retained earnings, beginning of year | $ 11,100 | $ 9,451 |
Recognized during the year | 2,204 | 1,649 |
Amount accumulated in retained earnings, end of year | 13,304 | 11,100 |
Recognized during the year, net of tax | $ 1,623 | $ 1,228 |
Employee Benefits - Summary o_7
Employee Benefits - Summary of Significant Actuarial Assumptions Used (Expressed as Weighted Average) (Details) | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Accrued Benefit Obligation | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Discount rate | 2.40% | 3.30% | 4.00% |
Future salary increases | 1.20% | 1.50% | 1.50% |
Employee Benefit Expense | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Discount rate | 3.30% | 4.00% | 3.50% |
Rate of return on plan assets at January 1 | 3.30% | 4.00% | 3.50% |
Future salary increases | 1.20% | 1.50% | 1.20% |
Employee Benefits - Summary o_8
Employee Benefits - Summary of Current Longevities Underlying Value of Liabilities in Defined Benefit Plans (Details) | Jan. 01, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Longevity at Age 65 for Current Pensioners | Males | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Current longevity | 21 years 10 months 24 days | 22 years 1 month 6 days | 22 years |
Longevity at Age 65 for Current Pensioners | Females | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Current longevity | 24 years 7 months 6 days | 24 years 8 months 12 days | 24 years 8 months 12 days |
Longevity at Age 65 for Current Members Aged 45 | Males | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Current longevity | 23 years 4 months 24 days | 23 years 6 months | 23 years 6 months |
Longevity at Age 65 for Current Members Aged 45 | Females | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Current longevity | 26 years | 26 years 1 month 6 days | 26 years |
Employee Benefits - Summary o_9
Employee Benefits - Summary of Impact of Changes of Major Assumptions on Defined Benefit Obligation (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Discount Rate (1% Movement) | ||
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | ||
Increase | $ 3,022 | $ 3,186 |
Decrease | (3,650) | (3,884) |
Life Expectancy (1-Year Movement) | ||
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | ||
Increase | 138 | 755 |
Decrease | $ (246) | $ (845) |
Employee Benefits - Summary _10
Employee Benefits - Summary of Impact of Changes of Major Assumptions on Defined Benefit Obligation (Parenthetical) (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Discount Rate (1% Movement) | ||
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | ||
Percentage of reasonably possible increase in actuarial assumption | 1.00% | 1.00% |
Life Expectancy (1-Year Movement) | ||
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | ||
Duration of reasonably possible increase In actuarial assumption | 1 year | 1 year |
Employee Benefits - Summary _11
Employee Benefits - Summary of Historical Information of Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2019 | |
Surplus Deficit In Plan [Abstract] | ||||||
Present value of the accrued benefit obligation | $ 35,529 | $ 31,449 | $ 27,579 | $ 38,811 | $ 34,216 | $ 27,579 |
Fair value of plan assets | (21,147) | (18,108) | (16,581) | (25,366) | (23,579) | (16,581) |
Plan deficit - employee benefit liability | 14,382 | 13,341 | 10,998 | 13,445 | 10,637 | $ 10,998 |
Experience adjustments arising on plan obligations | 3,220 | 2,116 | (2,427) | 2,378 | 393 | |
Experience adjustments arising on plan assets | $ 1,129 | $ 467 | $ (815) | $ 351 | $ 813 |
Provisions - Summary of Provisi
Provisions - Summary of Provisions (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | ||
Provisions [Line Items] | ||||
Beginning balance | $ 40,786 | $ 49,747 | ||
Additions through business combinations | 338 | 1,424 | ||
Provisions made during the year | 58,219 | 63,230 | ||
Provisions used during the year | (36,499) | (65,205) | ||
Provisions reversed during the year | (9,972) | (9,548) | ||
Unwind of discount on long-term provisions | 1,012 | 326 | ||
Business disposal | (47) | |||
Effect of movements in exchange rates | 418 | 812 | ||
Ending balance | 54,255 | 40,786 | ||
Current provisions | 17,452 | 18,264 | [1] | $ 18,372 |
Non-current provisions | 36,803 | 22,522 | 31,375 | |
Self Insurance | ||||
Provisions [Line Items] | ||||
Beginning balance | 39,188 | 36,757 | ||
Additions through business combinations | 508 | |||
Provisions made during the year | 48,534 | 58,030 | ||
Provisions used during the year | (32,439) | (47,977) | ||
Provisions reversed during the year | (8,795) | (9,127) | ||
Unwind of discount on long-term provisions | 1,012 | 326 | ||
Business disposal | (47) | |||
Effect of movements in exchange rates | 280 | 671 | ||
Ending balance | 47,733 | 39,188 | ||
Current provisions | 14,040 | 16,909 | 15,951 | |
Non-current provisions | 33,693 | 22,279 | 20,805 | |
Other | ||||
Provisions [Line Items] | ||||
Beginning balance | 1,598 | 12,990 | ||
Additions through business combinations | 338 | 916 | ||
Provisions made during the year | 9,685 | 5,200 | ||
Provisions used during the year | (4,060) | (17,228) | ||
Provisions reversed during the year | (1,177) | (421) | ||
Effect of movements in exchange rates | 138 | 141 | ||
Ending balance | 6,522 | 1,598 | ||
Current provisions | 3,412 | 1,355 | 2,421 | |
Non-current provisions | $ 3,110 | $ 243 | $ 10,570 | |
[1] | Recasted for change in presentation currency (see note 2c)) |
Provisions - Additional Informa
Provisions - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Provisions [Abstract] | ||
Discount rate of provision | 0.70% | 2.20% |
Deferred Tax Assets and Liabi_3
Deferred Tax Assets and Liabilities - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||||
Net deferred tax liabilities | $ (221,505) | $ (231,496) | $ (207,837) | ||
Deferred tax assets | 11,207 | 8,824 | [1] | 4,698 | |
Deferred tax liabilities | (232,712) | (240,320) | [1] | (212,535) | |
Property and Equipment | |||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||||
Deferred tax assets and liabilities | (178,087) | (188,604) | (156,310) | $ (156,310) | |
Intangible Assets | |||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||||
Deferred tax assets and liabilities | (74,041) | (79,346) | (76,682) | (76,682) | |
Derivative Financial Instruments and Investment in Equity Securities | |||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||||
Deferred tax assets and liabilities | 443 | (923) | |||
Long-Term Debt | |||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||||
Deferred tax assets and liabilities | 4,852 | 5,886 | 1,684 | 1,684 | |
Employee Benefits | |||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||||
Deferred tax assets and liabilities | 10,634 | 7,449 | 5,460 | 5,460 | |
Provisions | |||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||||
Deferred tax assets and liabilities | 15,151 | 9,874 | 12,580 | 12,580 | |
Tax Losses | |||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||||
Deferred tax assets and liabilities | 94 | 14,603 | 7,294 | $ 7,294 | |
Other | |||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||||
Deferred tax assets and liabilities | $ (108) | $ (1,801) | $ (940) | ||
[1] | Recasted for change in presentation currency (see note 2c)) |
Deferred Tax Assets and Liabi_4
Deferred Tax Assets and Liabilities - Summary of Movement in Temporary Differences (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property and Equipment | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Beginning Balance | $ (188,604) | $ (156,310) |
Deferred tax expense recognized in income or loss | 12,981 | (20,699) |
Deferred tax recognized in directly in equity | (1,206) | (3,633) |
Acquired in business combinations | (1,411) | (7,962) |
Ending Balance | (178,087) | (188,604) |
Intangible Assets | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Beginning Balance | (79,346) | (76,682) |
Deferred tax expense recognized in income or loss | 11,396 | 8,584 |
Deferred tax recognized in directly in equity | (880) | (2,669) |
Acquired in business combinations | (5,211) | (8,579) |
Ending Balance | (74,041) | (79,346) |
Long-Term Debt | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Beginning Balance | 5,886 | 1,684 |
Deferred tax expense recognized in income or loss | (1,104) | (3,445) |
Deferred tax recognized in directly in equity | 70 | 7,647 |
Ending Balance | 4,852 | 5,886 |
Employee Benefits | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Beginning Balance | 7,449 | 5,460 |
Deferred tax expense recognized in income or loss | 2,387 | 1,279 |
Deferred tax recognized in directly in equity | 798 | 710 |
Ending Balance | 10,634 | 7,449 |
Provisions | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Beginning Balance | 9,874 | 12,580 |
Deferred tax expense recognized in income or loss | 5,191 | (2,912) |
Deferred tax recognized in directly in equity | 86 | 206 |
Ending Balance | 15,151 | 9,874 |
Tax Losses | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Beginning Balance | 14,603 | 7,294 |
Deferred tax expense recognized in income or loss | (14,396) | 7,384 |
Deferred tax recognized in directly in equity | (113) | (75) |
Ending Balance | 94 | 14,603 |
Other | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Beginning Balance | (1,358) | (1,863) |
Deferred tax expense recognized in income or loss | 735 | (1,362) |
Deferred tax recognized in directly in equity | 545 | 1,867 |
Acquired in business combinations | (30) | |
Ending Balance | (108) | (1,358) |
Net Deferred Tax Liabilities | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Beginning Balance | (231,496) | (207,837) |
Deferred tax expense recognized in income or loss | 17,190 | (11,171) |
Deferred tax recognized in directly in equity | (701) | 4,053 |
Acquired in business combinations | (6,653) | (16,541) |
Ending Balance | $ (221,505) | $ (231,496) |
Share Capital and Other Compo_3
Share Capital and Other Components of Equity - Additional Information (Details) | Feb. 17, 2021USD ($)$ / shares | Dec. 31, 2020USD ($)shares | Sep. 30, 2020USD ($)$ / sharesshares | Mar. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2020USD ($)VoteVotingRight$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Oct. 13, 2021shares | Dec. 31, 2018shares |
Share Capital And Other Components Of Equity [Line Items] | ||||||||||
Number of shares issued | shares | 81,450,326 | 81,450,326 | 86,397,588 | |||||||
Proceeds from the issuance of common shares, net of expenses | $ 425,350,000 | |||||||||
Common Shares | ||||||||||
Share Capital And Other Components Of Equity [Line Items] | ||||||||||
Common stock voting rights (vote per share) | Vote | 1 | |||||||||
Number of shares issued | shares | 93,397,985 | 93,397,985 | 93,397,985 | 81,450,326 | 81,450,326 | 86,397,588 | ||||
Excess of purchase price charged to retained earnings as share repurchase premium | $ 26,000,000 | $ 152,800,000 | ||||||||
Quarterly dividends declared per share | (per share) | $ 0.80 | $ 1.07 | $ 0.74 | $ 0.98 | ||||||
Dividend payables | $ 72,700,000 | $ 72,700,000 | $ 72,700,000 | $ 61,600,000 | $ 61,600,000 | |||||
Dividend payable of record date | Mar. 31, 2021 | |||||||||
Dividend payable date | Apr. 15, 2021 | |||||||||
Common Shares | Normal Course Issuer Bid | ||||||||||
Share Capital And Other Components Of Equity [Line Items] | ||||||||||
Number of shares repurchased and cancelled | shares | 0 | |||||||||
Number of shares repurchased | shares | 1,542,155 | 6,409,446 | ||||||||
Weighted average price per share repurchased common shares | (per share) | $ 24.64 | $ 34.13 | $ 30.03 | $ 39.89 | ||||||
Total purchase price of common shares | $ 38,000,000 | $ 192,500,000 | ||||||||
Common Shares | Events After Reporting Period | ||||||||||
Share Capital And Other Components Of Equity [Line Items] | ||||||||||
Quarterly dividends declared per share | $ / shares | $ 0.23 | |||||||||
Dividend payables | $ 21,500,000 | |||||||||
Common Shares | Events After Reporting Period | Normal Course Issuer Bid | ||||||||||
Share Capital And Other Components Of Equity [Line Items] | ||||||||||
Authorized to repurchase for cancellation of shares | shares | 7,000,000 | |||||||||
Common Shares | Initial Public Offering (IPO) | ||||||||||
Share Capital And Other Components Of Equity [Line Items] | ||||||||||
Number of shares issued | shares | 6,900,000 | |||||||||
Shares issued, price per share | $ / shares | $ 33.35 | |||||||||
Proceeds from the issuance of common shares, net of expenses | $ 230,115,000 | |||||||||
Share issuance costs | 13,200,000 | |||||||||
Share issuance costs, recorded | 12,600,000 | |||||||||
Share issuance costs, recognized | $ 600,000 | |||||||||
Common Shares | Common Share Offering | ||||||||||
Share Capital And Other Components Of Equity [Line Items] | ||||||||||
Number of shares issued | shares | 5,060,000 | |||||||||
Shares issued, price per share | $ / shares | $ 43.25 | |||||||||
Proceeds from the issuance of common shares, net of expenses | $ 218,845,000 | |||||||||
Share issuance costs | 11,000,000 | |||||||||
Share issuance costs, recorded | $ 11,000,000 | |||||||||
Preference Shares | ||||||||||
Share Capital And Other Components Of Equity [Line Items] | ||||||||||
Number of voting rights | VotingRight | 0 | |||||||||
Number of shares issued | shares | 0 | 0 | 0 | |||||||
Number of shares outstanding | shares | 0 | 0 | 0 |
Share Capital and Other Compo_4
Share Capital and Other Components of Equity - Summary of Number of Common Shares Issued (Details) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Classes Of Share Capital [Line Items] | ||
Balance, beginning of year | 81,450,326 | 86,397,588 |
Issuance of shares | 8,008,750 | |
Balance, end of year | 81,450,326 | |
Common Shares | ||
Disclosure Of Classes Of Share Capital [Line Items] | ||
Balance, beginning of year | 81,450,326 | 86,397,588 |
Repurchase and cancellation of own shares | (1,542,155) | (6,409,446) |
Issuance of shares | 11,960,000 | |
Stock options exercised | 1,529,814 | 1,462,184 |
Balance, end of year | 93,397,985 | 81,450,326 |
Share Capital and Other Compo_5
Share Capital and Other Components of Equity - Summary of Share Capital Issued and Fully Paid (Details) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Number Of Shares Issued [Abstract] | ||
Balance, beginning of year | 678,915 | 697,232 |
Issuance of shares, net of expenses | 425,350 | |
Repurchase and cancellation of own shares | (12,025) | (39,621) |
Cash consideration of stock options exercised | 21,361 | 16,347 |
Ascribed value credited to share capital on stock options exercised | 4,554 | 4,233 |
Issuance of shares on settlement of RSUs | 1,894 | 724 |
Balance, end of year | 1,120,049 | 678,915 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Basic Earnings Per Share and Weighted Average Number of Common Shares Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Earnings Per Share [Abstract] | |||
Net income attributable to owners of the Company | $ 275,675 | $ 233,677 | [1] |
Balance, beginning of year | 81,450,326 | 86,397,588 | |
Effect of stock options exercised | 858,488 | 846,690 | |
Effect of repurchase of own shares | (1,204,210) | (3,854,133) | |
Effect of share issuance | 8,008,750 | ||
Weighted average number of common shares | 89,113,354 | 83,390,145 | |
Earnings per share – basic (in dollars) | $ 3.09 | $ 2.80 | [1] |
Earnings per share from continuing operations – basic (in dollars) | $ 3.09 | $ 2.93 | [1] |
[1] | Recasted for changes in presentation currency (see note 2c)) and mark-to-market gain (loss) on deferred share units presentation (see note 24) |
Earnings Per Share - Schedule_2
Earnings Per Share - Schedule of Diluted Earnings Per Share and Weighted Average Number of Common Shares Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Earnings Per Share [Abstract] | |||
Net income attributable to owners of the Company | $ 275,675 | $ 233,677 | [1] |
Weighted average number of common shares | 89,113,354 | 83,390,145 | |
Dilutive effect of Stock options and restricted share units | 1,821,452 | 1,974,038 | |
Weighted average number of diluted common shares | 90,934,806 | 85,364,183 | |
Earnings per share - diluted (in dollars) | $ 3.03 | $ 2.74 | [1] |
Earnings per share from continuing operations - diluted (in dollars) | $ 3.03 | $ 2.86 | [1] |
[1] | Recasted for changes in presentation currency (see note 2c)) and mark-to-market gain (loss) on deferred share units presentation (see note 24) |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Stock options excluded from the calculation of diluted earnings per share | 99,485 | 900,545 |
Share Based Payment Arrangement
Share Based Payment Arrangements - Additional Information (Details) $ / shares in Units, $ in Millions | Jul. 27, 2020shares | Feb. 07, 2020shares$ / shares | Dec. 31, 2020USD ($)shares$ / shares | Dec. 31, 2019USD ($)shares$ / shares | Dec. 31, 2018USD ($)shares |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Weighted average share price at the date of exercise for stock options exercised | $ / shares | $ 33.78 | $ 32.02 | |||
Key Management Personnel | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of options, Options outstanding | 2,502,339 | 3,463,098 | |||
Stock Option Plan (Equity-settled) | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Maximum number of shares issuable upon exercise of options granted | 5,979,201 | ||||
Share-based compensation award, vesting period | 3 years | 3 years | |||
Compensation expense | $ | $ 1.7 | $ 3.3 | |||
Number of share options granted | 99,485 | ||||
Share-based compensation award, expiration period | 7 years | ||||
Stock Option Plan (Equity-settled) | Key Management Personnel | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of share options granted | 99,485 | ||||
Deferred Share Unit | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Compensation expense | $ | 1.1 | 1.1 | |||
Mark-to-market gain (loss) in personnel expenses | $ | (6.5) | (2.5) | |||
Deferred Share Unit | Trade and Other Payables | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Liabilities from share-based payment transactions | $ | 19.2 | 11.9 | $ 7.9 | ||
Restricted Share Units | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Compensation expense | $ | $ 3.7 | $ 2.9 | |||
Number of equity instruments granted | 145,000 | 153,000 | |||
Weighted average price per share repurchased common shares | $ / shares | $ 53.10 | $ 32.80 | |||
Share repurchase premium | $ | $ 4.5 | $ 1.1 | |||
Number of outstanding instruments | 299,000 | 239,000 | 147,000 | ||
Restricted Share Units | Equity Incentive Plan | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of equity instruments granted | 145,218 | ||||
Fair value of RSU granted, per unit | $ / shares | $ 32.41 | ||||
Restricted Share Units | Key Management Personnel | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of outstanding instruments | 196,343 | 155,974 | |||
Restricted Share Units | Key Management Personnel | Equity Incentive Plan | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of equity instruments granted | 95,358 | ||||
Performance Share Units | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Compensation expense | $ | $ 1.6 | ||||
Number of equity instruments granted | 145,000 | ||||
Number of outstanding instruments | 147,000 | ||||
Performance Share Units | Equity Incentive Plan | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of equity instruments granted | 145,218 | ||||
Fair value of PSUs granted, per unit | $ / shares | $ 32.41 | ||||
Performance Share Units | Key Management Personnel | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of outstanding instruments | 96,984 | ||||
Performance Share Units | Key Management Personnel | Equity Incentive Plan | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of equity instruments granted | 95,358 |
Share Based Payment Arrangeme_2
Share Based Payment Arrangements - Summary of Changes in Outstanding Stock Options (Details) | 12 Months Ended | |
Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Number of options, Exercised | (4,554) | (4,233) |
Stock Options | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Number of options, beginning of year | 4,422,000 | 5,031,000 |
Number of options, Granted | 99,000 | 909,000 |
Number of options, Exercised | (1,530,000) | (1,462,000) |
Number of options, Forfeited | (9,000) | (56,000) |
Number of options, end of year | 2,982,000 | 4,422,000 |
Number of options, Options exercisable, end of year | 2,111,000 | 3,040,000 |
Weighted average exercise price, beginning of year | $ / shares | $ 21.56 | $ 17.66 |
Weighted average exercise price, Granted | $ / shares | 40.41 | 30.71 |
Weighted average exercise price, Exercised | $ / shares | 16.73 | 13.58 |
Weighted average exercise price, Forfeited | $ / shares | 27.87 | 28.14 |
Weighted average exercise price, end of year | $ / shares | 24.65 | 21.56 |
Weighted average exercise price, Options exercisable, end of year | $ / shares | $ 22.34 | $ 18.45 |
Share Based Payment Arrangeme_3
Share Based Payment Arrangements - Summary of Information about Stock Options Outstanding and Exercisable (Details) - Stock Options shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares | Dec. 31, 2018shares | |
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Number of options, Options outstanding | 2,982 | 4,422 | 5,031 |
Weighted average remaining contractual life (in years) | 3 years 4 months 24 days | ||
Number of options, Options exercisable | 2,111 | 3,040 | |
Exercise Price 23.40 | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Exercise prices | $ / shares | $ 23.40 | ||
Number of options, Options outstanding | 241 | ||
Weighted average remaining contractual life (in years) | 7 months 6 days | ||
Number of options, Options exercisable | 241 | ||
Exercise Price 19.12 | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Exercise prices | $ / shares | $ 19.12 | ||
Number of options, Options outstanding | 517 | ||
Weighted average remaining contractual life (in years) | 1 year 7 months 6 days | ||
Number of options, Options exercisable | 517 | ||
Exercise Price 18.83 | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Exercise prices | $ / shares | $ 18.83 | ||
Number of options, Options outstanding | 598 | ||
Weighted average remaining contractual life (in years) | 2 years 7 months 6 days | ||
Number of options, Options exercisable | 598 | ||
Exercise Price 26.82 | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Exercise prices | $ / shares | $ 26.82 | ||
Number of options, Options outstanding | 227 | ||
Weighted average remaining contractual life (in years) | 3 years 1 month 6 days | ||
Number of options, Options exercisable | 227 | ||
Exercise Price 23.70 | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Exercise prices | $ / shares | $ 23.70 | ||
Number of options, Options outstanding | 470 | ||
Weighted average remaining contractual life (in years) | 4 years 1 month 6 days | ||
Number of options, Options exercisable | 276 | ||
Exercise Price 30.71 | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Exercise prices | $ / shares | $ 30.71 | ||
Number of options, Options outstanding | 830 | ||
Weighted average remaining contractual life (in years) | 5 years 2 months 12 days | ||
Number of options, Options exercisable | 252 | ||
Exercise Price 40.41 | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Exercise prices | $ / shares | $ 40.41 | ||
Number of options, Options outstanding | 99 | ||
Weighted average remaining contractual life (in years) | 6 years 7 months 6 days |
Share Based Payment Arrangeme_4
Share Based Payment Arrangements - Schedule of Weighted Average Assumptions Used for Calculating Fair Value of Stock Options Granted (Details) - Black-scholes Option Pricing Model | Jul. 27, 2020yr$ / shares | Feb. 27, 2019yr$ / shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Exercise price | $ 40.41 | $ 30.71 | |
Average expected option life | yr | 4.5 | 4.5 | |
Risk-free interest rate | 0.71% | 1.88% | |
Expected stock price volatility | [1] | 26.29% | 24.30% |
Average dividend yield | 2.62% | 2.72% | |
Weighted average fair value per option of options granted | $ 6.73 | $ 6.74 | |
[1] | Expected stock price volatility is based on the historical volatility of the Group’s stock over a period commensurate with the expected term of the award. |
Share Based Payment Arrangeme_5
Share Based Payment Arrangements - Schedule of Deferred Share Unit Plan for Board Members (Details) - Deferred Share Unit - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Deferred Share Unit Plan for Board Members [line items] | ||
Balance, beginning of year | 348,031 | 306,042 |
Board members compensation | 29,168 | 34,144 |
Paid | (11,512) | |
Dividends paid in units | 8,239 | 7,845 |
Balance, end of year | 373,926 | 348,031 |
Share Based Payment Arrangeme_6
Share Based Payment Arrangements - Summary of Changes to Outstanding RSUs (Details) - Restricted Share Units shares in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Number of equity instruments, Balance, beginning of year | shares | 239 | 147 |
Number of equity instruments, Granted | shares | 145 | 153 |
Number of equity instruments, Reinvested | shares | 8 | 7 |
Number of equity instruments, Settled | shares | (92) | (59) |
Number of equity instruments, Forfeited | shares | (1) | (9) |
Number of equity instruments, Balance, end of year | shares | 299 | 239 |
Weighted average grant date fair value, Balance, beginning of year | $ | $ 28.08 | $ 24.87 |
Weighted average grant date fair value, Granted | $ | 32.41 | 30.70 |
Weighted average grant date fair value, Reinvested | $ | 29.74 | 27.45 |
Weighted average grant date fair value, Settled | $ | 23.75 | 26.73 |
Weighted average grant date fair value, Forfeited | $ | 31.06 | 28.66 |
Weighted average grant date fair value, Balance, end of year | $ | $ 31.54 | $ 28.08 |
Share Based Payment Arrangeme_7
Share Based Payment Arrangements - Summary of Information about RSUs Outstanding and Exercisable (Details) - Restricted Share Units shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)shares | Dec. 31, 2019shares | Dec. 31, 2018shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Number of outstanding instruments | 299 | 239 | 147 |
Weighted average remaining contractual life (in years) | 1 year 6 months | ||
30.70 | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Grant date fair value | $ | $ 30.70 | ||
Number of outstanding instruments | 152 | ||
Weighted average remaining contractual life (in years) | 1 year | ||
32.41 | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Grant date fair value | $ | $ 32.41 | ||
Number of outstanding instruments | 147 | ||
Weighted average remaining contractual life (in years) | 2 years 1 month 6 days |
Share Based Payment Arrangeme_8
Share Based Payment Arrangements - Summary of Changes to Outstanding PSUs (Details) - Performance Share Units shares in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Number of equity instruments, Granted | shares | 145 |
Number of equity instruments, Reinvested | shares | 2 |
Number of equity instruments, Balance, end of year | shares | 147 |
Weighted average grant date fair value, Granted | $ | $ 32.41 |
Weighted average grant date fair value, Reinvested | $ | 32.41 |
Weighted average grant date fair value, Balance, end of year | $ | $ 32.41 |
Share Based Payment Arrangeme_9
Share Based Payment Arrangements - Summary of Information about PSUs Outstanding and Exercisable (Details) - Performance Share Units shares in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Number of outstanding instruments | 147 |
32.41 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Grant date fair value | $ | $ 32.41 |
Number of outstanding instruments | 147 |
Weighted average remaining contractual life (in years) | 2 years 1 month 6 days |
Materials and Services Expens_3
Materials and Services Expenses - Summary of Materials and Services Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Material Income And Expense [Abstract] | |||
Independent contractors | $ 1,535,394 | $ 1,521,388 | |
Vehicle operation expenses | 516,441 | 613,332 | |
Total materials and services expenses | $ 2,051,835 | $ 2,134,720 | [1] |
[1] | Recasted for changes in presentation currency (see note 2c)) and mark-to-market gain (loss) on deferred share units presentation (see note 24) |
Personnel Expenses - Summary of
Personnel Expenses - Summary of Personnel Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Classes Of Employee Benefits Expense [Abstract] | |||
Short-term employee benefits | $ 857,217 | $ 958,619 | |
Contributions to defined contribution plans | 7,925 | 6,153 | |
Current and past service costs related to defined benefit plans | 528 | 496 | |
Termination benefits | 7,863 | 5,702 | |
Equity-settled share-based payment transactions | 7,046 | 6,227 | |
Cash-settled share-based payment transactions | 7,606 | 3,588 | |
Personnel expenses | $ 888,185 | $ 980,785 | [1] |
[1] | Recasted for changes in presentation currency (see note 2c)) and mark-to-market gain (loss) on deferred share units presentation (see note 24) |
Personnel Expenses - Additional
Personnel Expenses - Additional Information (Details) - 12 months ended Dec. 31, 2021 | USD ($) | CAD ($) |
Personnel Expense [Abstract] | ||
Percentage of employee wages received as subsidy | 75.00% | 75.00% |
Employee wages received as subsidy per employee per week | $ 631 | $ 847 |
Eligibility to receive wage subsidy | Canadian employer needs to have sustained a 30% decrease in revenues (15% for the first claim period) as compared to the same period in the previous year or to the average monthly sales recognized in January and February 2020 for the periods prior to July 5, 2020 | Canadian employer needs to have sustained a 30% decrease in revenues (15% for the first claim period) as compared to the same period in the previous year or to the average monthly sales recognized in January and February 2020 for the periods prior to July 5, 2020 |
CEWS recognized | $ 52,300,000 |
Finance Income and Finance Co_3
Finance Income and Finance Costs - Summary of Finance Income and Finance Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure Of Finance Income And Finance Costs [Abstract] | |||
Interest expense on long-term debt and accretion of deferred financing fees | $ 34,967 | $ 43,949 | |
Interest expense on lease liabilities | 12,443 | 13,983 | |
Interest income and accretion on promissory note | (1,051) | (2,285) | |
Net change in fair value and accretion expense of contingent considerations | 224 | 199 | |
Net foreign exchange (gain) loss | (1,237) | 220 | |
Net change in fair value of interest rate derivatives | (488) | ||
Other financial expenses | 9,052 | 6,041 | |
Net finance costs | 53,910 | 62,107 | |
Finance income | (2,776) | (2,285) | [1] |
Finance costs | $ 56,686 | $ 64,392 | [1] |
[1] | Recasted for changes in presentation currency (see note 2c)) and mark-to-market gain (loss) on deferred share units presentation (see note 24) |
Finance Income and Finance Co_4
Finance Income and Finance Costs - Summary of Finance Income and Finance costs Parenthetical (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Disclosure Of Finance Income And Finance Costs [Abstract] | |
Mark-to-market gain (loss) on deferred share units, (have been recasted) | $ 2.5 |
Income Tax Expense - Summary of
Income Tax Expense - Summary of Income Tax Recognized in Income or Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Current tax expense | |||
Current year | $ 103,080 | $ 66,905 | |
Adjustment for prior years | 1,092 | (2,204) | |
Total | 104,172 | 64,701 | |
Deferred tax expense (recovery) | |||
Origination and reversal of temporary differences | (7,536) | 8,345 | |
Variation in tax rate | 70 | (2,370) | |
Adjustment for prior years | (9,724) | 5,860 | |
Income tax expense | $ 86,982 | $ 76,536 | [1] |
[1] | Recasted for changes in presentation currency (see note 2c)) and mark-to-market gain (loss) on deferred share units presentation (see note 24) |
Income Tax Expense - Summary _2
Income Tax Expense - Summary of Income Tax Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Income Tax Relating To Components Of Other Comprehensive Income [Abstract] | |||
Foreign currency translation differences, Before tax | $ 21,182 | $ 17,476 | [1] |
Defined benefit plan remeasurement gains (losses), Before tax | (2,204) | (1,649) | |
Employee benefit, Before tax | (14) | 45 | |
Gain (loss) on net investment hedge, Before tax | (2,317) | 14,031 | |
Loss on cash flow hedge, Before tax | (488) | (10,007) | |
Change in fair value of investment in equity securities, Before tax | 5,039 | ||
Reclassification to retained earnings of accumulated unrealized loss on investment in equity securities, Before tax | (3,936) | ||
Income tax recognized in other comprehensive income, before tax | 16,159 | 20,999 | |
Defined benefit plan remeasurement gains (losses), Tax (expenses) benefit | (581) | (421) | |
Employee benefit, Tax (expenses) benefit | (4) | 14 | |
Gain (loss) on net investment hedge, Tax (Benefit) expenses | (307) | 1,873 | |
Loss on cash flow hedge,Tax (expenses) benefit | (1) | (2,613) | |
Change in fair value of investment in equity securities, Tax (benefit) expenses | 679 | ||
Reclassification to retained earnings of accumulated unrealized loss on investment in equity securities,Tax (expenses) benefit | (546) | ||
Income tax recognized in other comprehensive income, Tax (expense) benefit | (893) | (1,014) | |
Foreign currency translation differences net of tax | 21,182 | 17,476 | |
Defined benefit plan remeasurement gains (losses) net of tax | (1,623) | (1,228) | |
Employee benefit net of tax | 10 | (32) | |
Gain (loss) on net investment hedge net of tax | (2,010) | 12,158 | |
Loss on cash flow hedge net of tax | (487) | (7,394) | |
Change in fair value of investment in equity securities net of tax | 4,360 | ||
Reclassification to retained earnings of accumulated unrealized loss on investment in equity securities net of tax | (3,390) | ||
Other comprehensive income for the year, net of tax | $ 17,052 | $ 22,014 | [1] |
[1] | Recasted for change in presentation currency (see note 2c)) |
Income Tax Expense - Summary _3
Income Tax Expense - Summary of Reconciliation of Effective Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
In Dollars | |||
Income before income tax | $ 362,657 | $ 320,761 | |
Income tax using the Company’s statutory tax rate | 96,104 | 85,322 | |
Rate differential between jurisdictions | (4,452) | (9,623) | |
Variation in tax rate | 70 | (2,370) | |
Non deductible expenses | 8,704 | 3,528 | |
Tax deductions and tax exempt income | (10,176) | (7,057) | |
Adjustment for prior years | (8,632) | 3,528 | |
Multi-jurisdiction tax | 913 | 3,208 | |
Treasury Regulations, interpretive guidance clarifying the U.S. Tax Reform Bill | 4,451 | ||
Income tax expense | $ 86,982 | $ 76,536 | [1] |
In Percent | |||
Income tax using the Company’s statutory tax rate | 26.50% | 26.60% | |
Rate differential between jurisdictions | (1.20%) | (3.00%) | |
Variation in tax rate | 0.00% | (0.70%) | |
Non deductible expenses | 2.40% | 1.10% | |
Tax deductions and tax exempt income | (2.80%) | (2.20%) | |
Adjustment for prior years | (2.40%) | 1.10% | |
Multi-jurisdiction tax | 0.30% | 1.00% | |
Treasury Regulations, interpretive guidance clarifying the U.S. Tax Reform Bill | 1.20% | 0.00% | |
Average effective tax rate | 24.00% | 23.90% | |
[1] | Recasted for changes in presentation currency (see note 2c)) and mark-to-market gain (loss) on deferred share units presentation (see note 24) |
Income Tax Expense - Additional
Income Tax Expense - Additional Information (Details) - USD ($) $ in Millions | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2020 |
Major Components Of Tax Expense Income [Abstract] | |||||
U.S. federal corporate income tax rate | 21.00% | 35.00% | |||
Income tax expense recovery | $ 7.3 | $ 2 | |||
Tax effect from change in corporate income tax law | $ 4.5 |
Financial Instruments and Fin_3
Financial Instruments and Financial Risk Management - Summary of Derivative Financial Instruments Designated as Effective Cash Flow Hedge Instruments Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
Current assets | ||
Current assets interest rate derivatives | $ 30 | $ 3,980 |
Non-current assets | ||
Non-current assets interest rate derivatives | $ 2,159 | |
Current liabilities | ||
Current liabilities interest rate derivatives | 649 | |
Non-current liabilities | ||
Non-current liabilities interest rate derivatives | $ 684 |
Financial Instruments and Fin_4
Financial Instruments and Financial Risk Management - Summary of Impact to Income or Loss and Other Comprehensive Income (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finance (Loss) Income | ||
Disclosure Of Fair Value Of Investments In Equity Instruments Designated As Measured At Fair Value Through Other Comprehensive Income [Line Items] | ||
Derivative financial instruments measured at fair value through income or loss | $ (488) | |
Finance (Loss) Income | Interest Rate Derivatives | ||
Disclosure Of Fair Value Of Investments In Equity Instruments Designated As Measured At Fair Value Through Other Comprehensive Income [Line Items] | ||
Derivative financial instruments measured at fair value through income or loss | (488) | |
Other Comprehensive (Loss) Income | ||
Disclosure Of Fair Value Of Investments In Equity Instruments Designated As Measured At Fair Value Through Other Comprehensive Income [Line Items] | ||
Derivative financial instruments measured at fair value through other comprehensive income | 488 | $ 10,007 |
Other Comprehensive (Loss) Income | Interest Rate Derivatives | ||
Disclosure Of Fair Value Of Investments In Equity Instruments Designated As Measured At Fair Value Through Other Comprehensive Income [Line Items] | ||
Derivative financial instruments measured at fair value through other comprehensive income | $ 488 | $ 10,007 |
Financial Instruments and Fin_5
Financial Instruments and Financial Risk Management - Additional Information (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2019CAD ($) | |
Disclosure Of Financial Instruments [Line Items] | ||||
Customer information | No single customer accounts for more than 5% of the Group’s revenue; | |||
Group's revenue | 5.00% | |||
Percentage of trade receivables that are not past due or 30 days or less past due | 94.90% | 94.20% | ||
Trade receivables description | Approximately 95.0% (2019 – 94.2%) of the Group’s trade receivables are not past due or 30 days or less past due; | |||
Gain (loss) on net investment hedge net of tax | $ (2,010,000) | $ 12,158,000 | ||
Change in interest rates | 1.00% | |||
Liquidity Risk | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Amounts available under revolving credit facility | $ 825,000,000 | 466,000,000 | ||
Additional amounts available under revolving credit facility | 196,500,000 | 192,500,000 | ||
Currency Risk | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Estimated annual net US$ denominated cash flow from operating activities | 280,000,000 | 330,000,000 | ||
Interest Rate Risk | Cash Flow Hedges | Interest Rate Swap | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Gain (loss) on net investment hedge net of tax | (500,000) | (10,000,000) | ||
Net of tax, loss on cash flow hedge recognised in other comprehensive income | (500,000) | (7,400,000) | ||
Interest Rate Risk | 30-day Libor Rate | Cash Flow Hedges | Interest Rate Swap | Variable Interest | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Variable interest debt | 0 | 325,000,000 | ||
Canada, Dollars | Liquidity Risk | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Additional amounts available under revolving credit facility | $ 245 | $ 245 | ||
United States of America, Dollars | Liquidity Risk | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Additional amounts available under revolving credit facility | $ 5,000,000 | $ 5,000,000 | ||
Top of Range | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Bad debt expense to consolidated revenue | 0.10% |
Financial Instruments and Fin_6
Financial Instruments and Financial Risk Management - Summary of Maximum Exposure to Credit Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure Of Financial Instruments [Line Items] | |||
Maximum exposure to credit risk | $ 597,873 | $ 471,376 | $ 485,844 |
Trade and Other Receivables | |||
Disclosure Of Financial Instruments [Line Items] | |||
Maximum exposure to credit risk | $ 597,873 | 452,241 | 463,075 |
Promissory Note | |||
Disclosure Of Financial Instruments [Line Items] | |||
Maximum exposure to credit risk | 19,105 | 16,630 | |
Derivative Financial Assets | |||
Disclosure Of Financial Instruments [Line Items] | |||
Maximum exposure to credit risk | $ 30 | $ 6,140 |
Financial Instruments and Fin_7
Financial Instruments and Financial Risk Management - Summary of Aging of Trade and Other Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Trade And Other Current Receivables Line Item | ||
Trade and other receivables | $ 609,401 | $ 458,933 |
Impairment | 11,528 | 6,692 |
Not Past Due | ||
Trade And Other Current Receivables Line Item | ||
Trade and other receivables | 447,517 | 345,953 |
Impairment | 224 | |
Past Due 1 – 30 Days | ||
Trade And Other Current Receivables Line Item | ||
Trade and other receivables | 104,491 | 80,642 |
Impairment | 1,211 | 669 |
Past Due 31 – 60 Days | ||
Trade And Other Current Receivables Line Item | ||
Trade and other receivables | 26,601 | 17,467 |
Impairment | 3,439 | 2,008 |
Past Due More Than 60 Days | ||
Trade And Other Current Receivables Line Item | ||
Trade and other receivables | 30,792 | 14,871 |
Impairment | $ 6,654 | $ 4,015 |
Financial Instruments and Fin_8
Financial Instruments and Financial Risk Management - Summary of Movement in Allowance for Expected Credit Loss in Respect of Trade and Other Receivables (Details) - Trade and Other Receivables - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Trade And Other Current Receivables Line Item | ||
Balance, beginning of year | $ 6,692 | $ 5,095 |
Business combinations | 4,473 | 398 |
Bad debt expenses | 2,749 | 2,161 |
Amount written off and recoveries | (2,795) | (1,237) |
Effect of movements in exchange rates | 409 | 275 |
Balance, end of year | $ 11,528 | $ 6,692 |
Financial Instruments and Fin_9
Financial Instruments and Financial Risk Management - Summary of Contractual Maturities of Financial Liabilities Including Estimated Interest Payment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities | $ 1,367,512 | $ 1,693,863 | $ 1,524,864 |
Liquidity Risk | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities | 1,360,575 | 1,692,994 | |
Bank indebtedness | 2,927 | ||
Trade and other payables | 468,238 | 341,443 | |
Long-term debt | 953,425 | 1,508,763 | |
Derivatives financial liabilities | 1,333 | ||
Other financial liability | 11,017 | 4,158 | |
Contractual cash flows | 1,432,680 | 1,858,624 | |
Liquidity Risk | Bank Indebtedness | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities | 2,927 | ||
Liquidity Risk | Trade and Other Payables | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities | 468,238 | 341,443 | |
Liquidity Risk | Long-term Debt | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities | 872,544 | 1,343,307 | |
Liquidity Risk | Derivatives Financial Liabilities | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities | 1,333 | ||
Liquidity Risk | Other Financial Liability | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities | 19,793 | 3,984 | |
Liquidity Risk | Less than 1 Year | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities | 537,951 | 432,352 | |
Liquidity Risk | Less than 1 Year | Bank Indebtedness | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities | 2,927 | ||
Liquidity Risk | Less than 1 Year | Trade and Other Payables | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities | 468,238 | 341,443 | |
Liquidity Risk | Less than 1 Year | Long-term Debt | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities | 65,697 | 85,255 | |
Liquidity Risk | Less than 1 Year | Derivatives Financial Liabilities | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities | 649 | ||
Liquidity Risk | Less than 1 Year | Other Financial Liability | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities | 4,016 | 2,079 | |
Liquidity Risk | 1 to 2 Years | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities | 541,712 | 597,995 | |
Liquidity Risk | 1 to 2 Years | Long-term Debt | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities | 539,317 | 595,574 | |
Liquidity Risk | 1 to 2 Years | Derivatives Financial Liabilities | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities | 342 | ||
Liquidity Risk | 1 to 2 Years | Other Financial Liability | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities | 2,395 | 2,079 | |
Liquidity Risk | 2 to 5 Years | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities | 193,694 | 666,551 | |
Liquidity Risk | 2 to 5 Years | Long-term Debt | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities | 192,087 | 666,210 | |
Liquidity Risk | 2 to 5 Years | Derivatives Financial Liabilities | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities | 342 | ||
Liquidity Risk | 2 to 5 Years | Other Financial Liability | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities | 1,607 | ||
Liquidity Risk | More than 5 Years | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities | 159,323 | 161,725 | |
Liquidity Risk | More than 5 Years | Long-term Debt | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities | 156,324 | $ 161,725 | |
Liquidity Risk | More than 5 Years | Other Financial Liability | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities | $ 2,999 |
Financial Instruments and Fi_10
Financial Instruments and Financial Risk Management - Summary of Financial Assets and Liabilities Exposure to Foreign Currency Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Disclosure Of Financial Instruments [Line Items] | ||||
Trade and other receivables | $ 609,401 | $ 458,933 | ||
Long-term debt | (829,547) | (1,302,002) | [1] | $ (1,071,751) |
Currency Risk | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Trade and other receivables | 36,250 | 30,733 | ||
Trade and other payables | (2,162) | (2,573) | ||
Long-term debt | (225,393) | (478,566) | ||
Balance sheet exposure | (191,305) | (450,406) | ||
Long-term debt designated as investment hedge | 225,000 | 325,000 | ||
Net balance sheet exposure | $ 33,695 | $ (125,406) | ||
[1] | Recasted for change in presentation currency (see note 2c)) |
Financial Instruments and Fi_11
Financial Instruments and Financial Risk Management - Summary of Exchange Rates Applied (Details) - Currency Risk - United States of America, Dollars - Rate | Jan. 01, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Financial Instruments [Line Items] | |||
Average USD for the year ended | 1.2957 | 1.3415 | 1.3269 |
Closing USD as at | 1.3642 | 1.2725 | 1.2988 |
Financial Instruments and Fi_12
Financial Instruments and Financial Risk Management - Summary of Sensitivity Analysis (Details) - Currency Risk - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Financial Instruments [Line Items] | ||
Balance sheet exposure | $ (191,305) | $ (450,406) |
Long-term debt designated as investment hedge | 225,000 | 325,000 |
Net balance sheet exposure | 33,695 | (125,406) |
1-cent Increase | ||
Disclosure Of Financial Instruments [Line Items] | ||
Balance sheet exposure | (1,503) | (3,468) |
Long-term debt designated as investment hedge | 1,768 | 2,502 |
Net balance sheet exposure | 265 | (966) |
1-cent Decrease | ||
Disclosure Of Financial Instruments [Line Items] | ||
Balance sheet exposure | 1,503 | 3,468 |
Long-term debt designated as investment hedge | (1,768) | (2,502) |
Net balance sheet exposure | $ (265) | $ 966 |
Financial Instruments and Fi_13
Financial Instruments and Financial Risk Management - Summary of Carrying Amount of Interest-bearing Financial Instruments Excluding Effects of Interest Rate Derivatives (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Financial Instruments By Type Of Interest Rate [Line Items] | |||
Carrying amount | $ 872,544 | $ 1,343,307 | $ 1,161,430 |
Fixed Rate Instruments | |||
Disclosure Of Financial Instruments By Type Of Interest Rate [Line Items] | |||
Carrying amount | 419,565 | 410,618 | |
Variable Interest | |||
Disclosure Of Financial Instruments By Type Of Interest Rate [Line Items] | |||
Carrying amount | $ 452,979 | $ 932,689 |
Financial Instruments and Fi_14
Financial Instruments and Financial Risk Management - Summary of Interest Rate Derivatives (Details) - 12 months ended Dec. 31, 2019 | USD ($) | CAD ($) |
Liability | ||
Disclosure Of Financial Instruments By Type Of Interest Rate [Line Items] | ||
Fair value | $ (1,303,000) | |
Current Liabilities | ||
Disclosure Of Financial Instruments By Type Of Interest Rate [Line Items] | ||
Fair value | (649,000) | |
Non-Current Liabilities | ||
Disclosure Of Financial Instruments By Type Of Interest Rate [Line Items] | ||
Fair value | (684,000) | |
Current Assets | ||
Disclosure Of Financial Instruments By Type Of Interest Rate [Line Items] | ||
Fair value | $ 30,000 | |
Less than 1 Year | ||
Disclosure Of Financial Instruments By Type Of Interest Rate [Line Items] | ||
Average B.A. rate | 0.99% | |
Notional Contract Amount | $ 293,750,000 | $ 75,000,000 |
Average Libor rate | 1.90% | |
Fair value | $ (619,000) | |
1 to 2 Years | ||
Disclosure Of Financial Instruments By Type Of Interest Rate [Line Items] | ||
Average B.A. rate | 0.00% | |
Notional Contract Amount | $ 100,000,000 | |
Average Libor rate | 1.92% | |
Fair value | $ (342,000) | |
2 to 3 Years | ||
Disclosure Of Financial Instruments By Type Of Interest Rate [Line Items] | ||
Average B.A. rate | 0.00% | |
Notional Contract Amount | $ 100,000,000 | |
Average Libor rate | 1.92% | |
Fair value | $ (342,000) |
Financial Instruments and Fi_15
Financial Instruments and Financial Risk Management - Summary of Amounts Increased (Decreased) Equity and Net Income or Net Loss due to 1% Change in Interest Rates (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
1% Increase | Interest on Variable Rate Instrument | ||
Disclosure Of Financial Instruments [Line Items] | ||
Increased (decreased) equity and net income or net loss by one percentage change in interest rates | $ (3,311) | $ (4,455) |
1% Increase | Impact on Instruments Used in Cash Flow Hedge | Interest on Variable Rate Instrument | ||
Disclosure Of Financial Instruments [Line Items] | ||
Increased (decreased) equity and net income or net loss by one percentage change in interest rates | (2,577) | |
1% Increase | Impact on Instruments Used in Cash Flow Hedge | Interest on Interest Rate Swaps | ||
Disclosure Of Financial Instruments [Line Items] | ||
Increased (decreased) equity and net income or net loss by one percentage change in interest rates | 2,577 | |
1% Decrease | Interest on Variable Rate Instrument | ||
Disclosure Of Financial Instruments [Line Items] | ||
Increased (decreased) equity and net income or net loss by one percentage change in interest rates | $ 3,311 | 4,455 |
1% Decrease | Impact on Instruments Used in Cash Flow Hedge | Interest on Variable Rate Instrument | ||
Disclosure Of Financial Instruments [Line Items] | ||
Increased (decreased) equity and net income or net loss by one percentage change in interest rates | 2,577 | |
1% Decrease | Impact on Instruments Used in Cash Flow Hedge | Interest on Interest Rate Swaps | ||
Disclosure Of Financial Instruments [Line Items] | ||
Increased (decreased) equity and net income or net loss by one percentage change in interest rates | $ (2,577) |
Financial Instruments and Fi_16
Financial Instruments and Financial Risk Management - Summary of Debt-to-Equity and Debt-to-Capitalization Ratios (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |||
Disclosure Of Financial Instruments [Abstract] | |||||
Long-term debt | $ 872,544 | $ 1,343,307 | $ 1,161,430 | ||
Shareholders' equity | $ 1,790,177 | $ 1,159,292 | [1] | $ 1,155,882 | [1] |
Debt-to-equity ratio | 0.49 | 1.16 | |||
Debt-to-capitalization ratio | 0.33 | 0.54 | |||
[1] | Recasted for change in presentation currency (see note 2c)) |
Financial Instruments and Fi_17
Financial Instruments and Financial Risk Management - Summary of Fair Values of Financial Assets and Liabilities, Together with Carrying Amounts Shown in Statements of Financial Position (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure Of Financial Instruments [Line Items] | |||
Financial assets, Carrying Amount | $ 607,600 | $ 472,447 | $ 486,942 |
Financial assets, Fair Value | 607,600 | 472,447 | 486,942 |
Financial liabilities, Carrying Amount | 1,367,512 | 1,693,863 | 1,524,864 |
Financial liabilities, Fair Value | 1,371,797 | 1,696,842 | 1,570,842 |
Assets Carried at Fair Value | Derivative Financial Instruments | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial assets, Carrying Amount | 30 | 6,139 | |
Financial assets, Fair Value | 30 | 6,139 | |
Assets Carried at Fair Value | Investment in Equity Securities | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial assets, Carrying Amount | 9,727 | 1,071 | 1,098 |
Financial assets, Fair Value | 9,727 | 1,071 | 1,098 |
Assets Carried at Amortized Cost | Trade and Other Receivables | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial assets, Carrying Amount | 597,873 | 452,241 | 463,075 |
Financial assets, Fair Value | 597,873 | 452,241 | 463,075 |
Assets Carried at Amortized Cost | Promissory Note | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial assets, Carrying Amount | 19,105 | 16,630 | |
Financial assets, Fair Value | 19,105 | 16,630 | |
Liabilities Carried at Fair Value | Derivative Financial Instruments | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities, Carrying Amount | 1,333 | ||
Financial liabilities, Fair Value | 1,333 | ||
Liabilities Carried at Fair Value | Other Financial Liability | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities, Carrying Amount | 26,730 | 4,853 | 5,775 |
Financial liabilities, Fair Value | 26,730 | 4,853 | 5,775 |
Liabilities Carried at Amortized Cost | Bank Indebtedness | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities, Carrying Amount | 2,927 | 9,041 | |
Financial liabilities, Fair Value | 2,927 | 9,041 | |
Liabilities Carried at Amortized Cost | Trade and Other Payables | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities, Carrying Amount | 468,238 | 341,443 | 348,618 |
Financial liabilities, Fair Value | 468,238 | 341,443 | 348,618 |
Liabilities Carried at Amortized Cost | Long-term Debt | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities, Carrying Amount | 872,544 | 1,343,307 | 1,161,430 |
Financial liabilities, Fair Value | $ 876,829 | $ 1,346,286 | $ 1,207,408 |
Financial Instruments and Fi_18
Financial Instruments and Financial Risk Management - Schedule of Interest Rates Used to Discount Estimated Cash Flows (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Long-term Debt | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Interest rates used to discount estimated cash flows | 2.50% | 3.30% |
Contingencies, letters of cre_2
Contingencies, letters of credit and other commitments - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Commitments And Contingencies [Abstract] | ||
Outstanding letter of credit | $ 29.5 | $ 32.1 |
Purchase commitments | 117.1 | 27.1 |
Purchase order for leases | $ 44.1 | $ 9 |
Related Parties - Additional In
Related Parties - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2020Party | |
Related Party Transactions [Abstract] | |
Number of ultimate parent of group | 0 |
Related Parties - Summary of Co
Related Parties - Summary of Costs Incurred for Key Management Personnel (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transactions [Abstract] | ||
Short-term benefits | $ 13,906 | $ 11,244 |
Post-employment benefits | 704 | 645 |
Equity-settled share-based payment transactions | 4,627 | 3,700 |
Cash-settled share-based payment transactions | 1,086 | 1,107 |
Key management personnel compensation | $ 20,323 | $ 16,696 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands | Jan. 13, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 29, 2021 |
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||
Price to acquire business unit | $ 800,000 | |||
Proceeds from long-term debt | 33,175 | $ 328,045 | ||
Purchase price | $ 331,602 | $ 166,941 | ||
Major Business Combination | Fleetway Transport Inc. | ||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||
Purchase price | $ 21,000 | |||
Unsecured Senior Notes | ||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||
Debt instrument interest rate | 3.85% | |||
Unsecured Senior Notes | New Debt as Unsecured Senior Notes | ||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||
Proceeds from long-term debt | $ 500,000 | |||
Unsecured Senior Notes | New Debt as Unsecured Senior Notes | Bottom of Range | ||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||
Debt instrument interest rate | 3.15% | |||
Unsecured Senior Notes | New Debt as Unsecured Senior Notes | Top of Range | ||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||
Debt instrument interest rate | 3.50% |