Cover
Cover | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2021 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 1-10928 |
Entity Registrant Name | INTERTAPE POLYMER GROUP INC. |
Entity Incorporation, State or Country Code | Z4 |
Entity Address, Address Line One | 9999 Cavendish Blvd. |
Entity Address, Address Line Two | Suite 200 |
Entity Address, City or Town | Ville St. Laurent |
Entity Address, State or Province | QC |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | H4M 2X5 |
Contact Personnel Email Address | jcrystal@itape.com |
Entity Common Stock, Shares Outstanding | 59,284,947 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Central Index Key | 0000880224 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | 100 Paramount Drive |
Entity Address, Address Line Two | Suite 300 |
Entity Address, City or Town | Sarasota |
Entity Address, State or Province | FL |
Entity Address, Postal Zip Code | 34232 |
Contact Personnel Name | Jeffrey Crystal |
City Area Code | 941 |
Local Phone Number | 739-7522 |
TORONTO STOCK EXCHANGE | |
Document Information [Line Items] | |
Title of 12(g) Security | Common Shares, without nominal or par value |
Trading Symbol | ITP |
OTC PINK MARKETPLACE | |
Document Information [Line Items] | |
Title of 12(g) Security | Common Shares, without nominal or par value |
Trading Symbol | ITPOF |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | Raymond Chabot Grant Thornton LLP |
Auditor Location | Montréal, Canada |
Auditor Firm ID | 1232 |
Consolidated Earnings
Consolidated Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Profit or loss [abstract] | |||
Revenue (Note 21) | $ 1,531,469 | $ 1,213,028 | $ 1,158,519 |
Cost of sales | 1,191,495 | 924,244 | 911,644 |
Gross profit | 339,974 | 288,784 | 246,875 |
Selling, general and administrative expenses | 177,139 | 157,486 | 136,674 |
Research expenses | 11,882 | 11,196 | 12,527 |
Operating expenses | 189,021 | 168,682 | 149,201 |
Operating profit before manufacturing facility closures, restructuring and other related charges | 150,953 | 120,102 | 97,674 |
Manufacturing facility closures, restructuring and other related charges (Note 4) | 0 | 4,328 | 5,136 |
Operating profit | 150,953 | 115,774 | 92,538 |
Finance costs (income) (Note 3) | |||
Interest | 27,676 | 29,436 | 31,690 |
Other expense (income), net | 29,208 | (6,238) | 3,314 |
Finance costs (income) | 56,884 | 23,198 | 35,004 |
Earnings before income tax expense | 94,069 | 92,576 | 57,534 |
Income tax expense (benefit) (Note 5) | |||
Current | 22,113 | 25,595 | 17,195 |
Deferred | 1,951 | (6,474) | (885) |
Income tax expense (benefit) | 24,064 | 19,121 | 16,310 |
Net earnings | 70,005 | 73,455 | 41,224 |
Net earnings attributable to: | |||
Company shareholders | 67,813 | 72,670 | 41,216 |
Non-controlling interests | 2,192 | 785 | 8 |
Net earnings | $ 70,005 | $ 73,455 | $ 41,224 |
Earnings per share attributable to Company shareholders (Note 6) | |||
Basic (in dollars per share) | $ 1.15 | $ 1.23 | $ 0.70 |
Diluted (in dollars per share) | $ 1.12 | $ 1.22 | $ 0.70 |
Consolidated Comprehensive Inco
Consolidated Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||||
Statement of comprehensive income [abstract] | |||||||
Net earnings | $ 70,005 | $ 73,455 | $ 41,224 | ||||
Other comprehensive income (loss) | |||||||
Change in fair value of interest rate swap agreements designated as cash flow hedges (Note 24) | [1] | 1,806 | [2] | (2,027) | [3] | (3,057) | [4] |
Reclassification adjustments for amounts recognized in earnings related to interest rate swap agreements (Note 24) | 0 | 0 | (503) | ||||
Change in cumulative translation adjustments | [5] | 5,212 | (3,028) | [6] | (7,798) | ||
Net gain (loss) arising from hedge of a net investment in foreign operations (Note 24) | [7] | (11,012) | [8] | 5,724 | [9] | 10,235 | [10] |
Items that will be reclassified subsequently to net earnings | (3,994) | 669 | (1,123) | ||||
Remeasurement of defined benefit liability (Note 20) | [11] | 3,939 | [12] | (480) | [13] | 589 | [14] |
Items that will not be reclassified subsequently to net earnings | 3,939 | (480) | 589 | ||||
Other comprehensive (loss) income | (55) | 189 | (534) | ||||
Comprehensive (loss) income for the year | 69,950 | 73,644 | 40,690 | ||||
Comprehensive income (loss) for the year attributable to: | |||||||
Company shareholders | 67,889 | 73,006 | 40,783 | ||||
Non-controlling interests | 2,061 | 638 | (93) | ||||
Comprehensive (loss) income for the year | $ 69,950 | $ 73,644 | $ 40,690 | ||||
[1] | Presented net of deferred income tax expense (benefit) of $577 in 2021, ($658) in 2020 and ($359) in 2019. | ||||||
[2] | Presented net of deferred income tax expense of $577. | ||||||
[3] | Presented net of deferred income tax benefit of $658. | ||||||
[4] | Presented net of deferred income tax benefit of $359 | ||||||
[5] | Presented net of deferred income tax expense of $281 in 2020 (nil in 2021 and 2019). | ||||||
[6] | Presented net of deferred income tax expense of $281. | ||||||
[7] | Presented net of deferred income tax expense of $1,589 in 2021, $764 in 2020 and $45 in 2019. | ||||||
[8] | Presented net of deferred income tax expense of $1,589. | ||||||
[9] | Presented net of deferred income tax expense of $764. | ||||||
[10] | Presented net of deferred income tax expense of $45. | ||||||
[11] | Presented net of deferred income tax expense (benefit) of $1,366 in 2021, ($216) in 2020, and $173 in 2019. | ||||||
[12] | Presented net of deferred income tax expense of $1,366. | ||||||
[13] | Presented net of deferred income tax benefit of $216. | ||||||
[14] | Presented net of deferred income tax expense of $173. |
Consolidated Comprehensive In_2
Consolidated Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of comprehensive income [abstract] | |||
Deferred income tax expense (benefit) relating to change in fair value of interest rate swap agreements designated as cash flow hedges | $ 577 | $ (658) | $ (359) |
Deferred income tax expense (benefit) related to cumulative translation adjustments | 0 | 281 | 0 |
Deferred income tax expense (benefit) related to net investments in foreign operations | 1,589 | 764 | 45 |
Deferred income tax expense (benefit) related to remeasurement of defined benefit liability | $ 1,366 | $ (216) | $ 173 |
Consolidated Changes in Equity
Consolidated Changes in Equity $ in Thousands | USD ($)shares | Total equity attributable to Company shareholdersUSD ($) | Capital stockUSD ($)shares | Contributed surplusUSD ($) | Accumulated other comprehensive (loss), TotalUSD ($) | Cumulative translation adjustment accountUSD ($) | Reserve for cash flow hedgesUSD ($) | DeficitUSD ($) | Non-controlling interestUSD ($) | |||
Beginning balance, equity (in shares) at Dec. 31, 2018 | shares | 58,650,310 | |||||||||||
Beginning balance, equity at Dec. 31, 2018 | $ 261,428 | $ 249,847 | $ 350,267 | $ 17,074 | $ (21,680) | $ (24,170) | $ 2,490 | $ (95,814) | $ 11,581 | |||
Transactions with owners | ||||||||||||
Exercise of stock options (Note 18) (in shares) | shares | 359,375 | 359,375 | ||||||||||
Exercise of stock options (Note 18) | $ 3,278 | 3,278 | $ 3,278 | |||||||||
Change in excess tax benefit on exercised share-based awards (Note 5) | 0 | 0 | 38 | (38) | ||||||||
Change in excess tax benefit on outstanding share-based awards (Note 5) | 21 | 21 | 21 | |||||||||
Share-based compensation (Note 18) | 645 | 645 | 701 | (56) | [1] | |||||||
Share-based compensation expense credited to capital on options exercised (Note 18) | 0 | 0 | $ 976 | (976) | ||||||||
Dividends on common shares (Note 18) | (33,834) | (33,834) | (33,834) | |||||||||
Increase (decrease) in transactions with owners (in shares) | shares | 359,375 | |||||||||||
Increase (decrease) in equity excluding comprehensive income | (29,890) | (29,890) | $ 4,292 | (292) | (33,890) | |||||||
Net earnings | 41,224 | 41,216 | 41,216 | 8 | ||||||||
Other comprehensive income (loss) | ||||||||||||
Change in fair value of interest rate swap agreements designated as cash flow hedges (Note 24) | [2] | (3,057) | [3] | (3,057) | (3,057) | (3,057) | ||||||
Reclassification adjustments for amounts recognized in earnings related to interest rate swap agreements (Note 24) | (503) | (503) | (503) | (503) | ||||||||
Remeasurement of defined benefit liability (Note 20) | [5] | 589 | [4] | 589 | 589 | |||||||
Change in cumulative translation adjustments | (7,798) | [6] | (7,697) | (7,697) | (7,697) | (101) | ||||||
Net gain (loss) arising from hedge of a net investment in foreign operations (Note 24) | [8] | 10,235 | [7] | 10,235 | 10,235 | 10,235 | ||||||
Other comprehensive (loss) income | (534) | (433) | (1,022) | 2,538 | (3,560) | 589 | (101) | |||||
Comprehensive (loss) income for the year | 40,690 | 40,783 | (1,022) | 2,538 | (3,560) | 41,805 | (93) | |||||
Ending balance, equity (in shares) at Dec. 31, 2019 | shares | 59,009,685 | |||||||||||
Ending balance, equity at Dec. 31, 2019 | $ 272,228 | 260,740 | $ 354,559 | 16,782 | (22,702) | (21,632) | (1,070) | (87,899) | 11,488 | |||
Transactions with owners | ||||||||||||
Exercise of stock options (Note 18) (in shares) | shares | 17,362 | 17,362 | ||||||||||
Exercise of stock options (Note 18) | $ 271 | 271 | $ 271 | |||||||||
Change in excess tax benefit on exercised share-based awards (Note 5) | 0 | |||||||||||
Change in excess tax benefit on outstanding share-based awards (Note 5) | 5,306 | 5,306 | 5,306 | |||||||||
Share-based compensation (Note 18) | 738 | 738 | 738 | |||||||||
Share-based compensation expense credited to capital on options exercised (Note 18) | 0 | 0 | $ 50 | (50) | ||||||||
Dividends on common shares (Note 18) | (35,405) | (35,405) | (35,405) | |||||||||
Increase (decrease) in transactions with owners (in shares) | shares | 17,362 | |||||||||||
Increase (decrease) in equity excluding comprehensive income | (29,090) | (29,090) | $ 321 | 5,994 | (35,405) | |||||||
Net earnings | 73,455 | 72,670 | 72,670 | 785 | ||||||||
Other comprehensive income (loss) | ||||||||||||
Change in fair value of interest rate swap agreements designated as cash flow hedges (Note 24) | [9] | (2,027) | [3] | (2,027) | (2,027) | (2,027) | ||||||
Reclassification adjustments for amounts recognized in earnings related to interest rate swap agreements (Note 24) | 0 | |||||||||||
Remeasurement of defined benefit liability (Note 20) | [10] | (480) | [4] | (480) | (480) | |||||||
Change in cumulative translation adjustments | [11] | (3,028) | [6] | (2,881) | (2,881) | (2,881) | (147) | |||||
Net gain (loss) arising from hedge of a net investment in foreign operations (Note 24) | [12] | 5,724 | [7] | 5,724 | 5,724 | 5,724 | ||||||
Other comprehensive (loss) income | 189 | 336 | 816 | 2,843 | (2,027) | (480) | (147) | |||||
Comprehensive (loss) income for the year | 73,644 | 73,006 | 816 | 2,843 | (2,027) | 72,190 | 638 | |||||
Dividend paid to non-controlling interest in GPCP Inc. | $ (100) | (100) | ||||||||||
Ending balance, equity (in shares) at Dec. 31, 2020 | shares | 59,027,047 | 59,027,047 | ||||||||||
Ending balance, equity at Dec. 31, 2020 | $ 316,682 | 304,656 | $ 354,880 | 22,776 | (21,886) | (18,789) | (3,097) | (51,114) | 12,026 | |||
Transactions with owners | ||||||||||||
Exercise of stock options (Note 18) (in shares) | shares | 257,900 | 257,900 | ||||||||||
Exercise of stock options (Note 18) | $ 2,664 | 2,664 | $ 2,664 | |||||||||
Change in excess tax benefit on exercised share-based awards (Note 5) | 0 | 0 | 672 | (672) | ||||||||
Change in excess tax benefit on outstanding share-based awards (Note 5) | 824 | 824 | 824 | |||||||||
Share-based compensation (Note 18) | 879 | 879 | 879 | |||||||||
Share-based compensation expense credited to capital on options exercised (Note 18) | 0 | 0 | $ 737 | (737) | ||||||||
Dividends on common shares (Note 18) | (38,751) | (38,751) | (38,751) | |||||||||
Increase (decrease) in transactions with owners (in shares) | shares | 257,900 | |||||||||||
Increase (decrease) in equity excluding comprehensive income | (34,384) | (34,384) | $ 4,073 | 294 | (38,751) | |||||||
Net earnings | 70,005 | 67,813 | 67,813 | 2,192 | ||||||||
Other comprehensive income (loss) | ||||||||||||
Change in fair value of interest rate swap agreements designated as cash flow hedges (Note 24) | [13] | 1,806 | [3] | 1,806 | 1,806 | 1,806 | ||||||
Reclassification adjustments for amounts recognized in earnings related to interest rate swap agreements (Note 24) | 0 | |||||||||||
Remeasurement of defined benefit liability (Note 20) | [14] | 3,939 | [4] | 3,939 | 3,939 | |||||||
Change in cumulative translation adjustments | 5,212 | [6] | 5,343 | 5,343 | 5,343 | (131) | ||||||
Net gain (loss) arising from hedge of a net investment in foreign operations (Note 24) | [15] | (11,012) | [7] | (11,012) | (11,012) | (11,012) | ||||||
Other comprehensive (loss) income | (55) | 76 | (3,863) | (5,669) | 1,806 | 3,939 | (131) | |||||
Comprehensive (loss) income for the year | $ 69,950 | 67,889 | (3,863) | (5,669) | 1,806 | 71,752 | 2,061 | |||||
Ending balance, equity (in shares) at Dec. 31, 2021 | shares | 59,284,947 | 59,284,947 | ||||||||||
Ending balance, equity at Dec. 31, 2021 | $ 352,248 | $ 338,161 | $ 358,953 | $ 23,070 | $ (25,749) | $ (24,458) | $ (1,291) | $ (18,113) | $ 14,087 | |||
[1] | Presented net of income tax benefit of $3. | |||||||||||
[2] | Presented net of deferred income tax benefit of $359 | |||||||||||
[3] | Presented net of deferred income tax expense (benefit) of $577 in 2021, ($658) in 2020 and ($359) in 2019. | |||||||||||
[4] | Presented net of deferred income tax expense (benefit) of $1,366 in 2021, ($216) in 2020, and $173 in 2019. | |||||||||||
[5] | Presented net of deferred income tax expense of $173. | |||||||||||
[6] | Presented net of deferred income tax expense of $281 in 2020 (nil in 2021 and 2019). | |||||||||||
[7] | Presented net of deferred income tax expense of $1,589 in 2021, $764 in 2020 and $45 in 2019. | |||||||||||
[8] | Presented net of deferred income tax expense of $45. | |||||||||||
[9] | Presented net of deferred income tax benefit of $658. | |||||||||||
[10] | Presented net of deferred income tax benefit of $216. | |||||||||||
[11] | Presented net of deferred income tax expense of $281. | |||||||||||
[12] | Presented net of deferred income tax expense of $764. | |||||||||||
[13] | Presented net of deferred income tax expense of $577. | |||||||||||
[14] | Presented net of deferred income tax expense of $1,366. | |||||||||||
[15] | Presented net of deferred income tax expense of $1,589. |
Consolidated Changes in Equity
Consolidated Changes in Equity (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Statement of changes in equity [abstract] | |
Deferred income tax expense (benefit) relating to cash flow hedges included in other comprehensive income | $ (359) |
Deferred income tax expense (benefit) related to remeasurement of defined benefit plan included in other comprehensive income | 173 |
Deferred income tax expense (benefit) related to cumulative translation adjustments | 0 |
Deferred income tax expense (benefit) related to net investments in foreign operations | 45 |
Income tax expense (benefit) related to share-based compensation through deficit | $ (3) |
Consolidated Cash Flows
Consolidated Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES | |||
Net earnings | $ 70,005 | $ 73,455 | $ 41,224 |
Adjustments to net earnings | |||
Depreciation and amortization | 65,547 | 63,840 | 61,415 |
Income tax expense | 24,064 | 19,121 | 16,310 |
Interest expense | 27,676 | 29,436 | 31,690 |
Early redemption premium and other costs (Note 14) | 14,412 | 0 | 0 |
Non-cash charges in connection with manufacturing facility closures, restructuring and other related charges (Note 4) | 0 | 596 | 799 |
Impairment of inventories (Note 7) | 5,240 | 1,179 | 2,877 |
Share-based compensation expense (Note 18) | 21,655 | 22,879 | 501 |
Pension and other post-retirement expense related to defined benefit plans | 1,944 | 2,057 | 2,073 |
Contingent consideration liability fair value adjustment (Note 24) | 0 | (11,005) | 0 |
Valuation adjustment to non-controlling interest put options (Note 24) | 12,007 | 2,470 | 3,339 |
(Gain) loss on foreign exchange | (48) | 38 | (790) |
Other adjustments for non-cash items | 573 | 868 | 1,484 |
Income taxes paid, net | (25,846) | (24,610) | (11,995) |
Contributions to defined benefit plans | (1,178) | (1,129) | (1,261) |
Cash flows from operating activities before changes in working capital items | 216,051 | 179,195 | 147,666 |
Changes in working capital items | |||
Trade receivables | (40,726) | (25,947) | (3,893) |
Inventories | (86,759) | (4,742) | 4,341 |
Other current assets | (3,471) | 383 | 127 |
Accounts payable and accrued liabilities | 91,440 | 29,014 | (11,571) |
Share-based compensation settlements | (13,205) | 0 | 0 |
Provisions | (2,923) | 1,682 | (1,658) |
Increase (decrease) in working capital items | (55,644) | 390 | (12,654) |
Cash flows from operating activities | 160,407 | 179,585 | 135,012 |
INVESTING ACTIVITIES | |||
Acquisition of subsidiaries, net of cash acquired (Note 19) | (34,660) | (35,704) | 0 |
Purchases of property, plant and equipment | (81,268) | (45,828) | (48,165) |
Purchase of intangible assets | (5,627) | (1,854) | (2,259) |
Other investing activities | 192 | 579 | 1,508 |
Cash flows from investing activities | (121,363) | (82,807) | (48,916) |
FINANCING ACTIVITIES | |||
Proceeds from borrowings (Note 14) | 797,429 | 302,031 | 190,673 |
Repayment of borrowings and lease liabilities (Note 14) | (739,127) | (325,881) | (225,902) |
Payments of debt issue costs (Note 14) | (8,279) | 0 | (70) |
Payments of early redemption premium and other costs (Note 14) | (14,444) | 0 | 0 |
Interest paid | (27,907) | (28,764) | (32,934) |
Proceeds from exercise of stock options (Note 18) | 2,664 | 271 | 3,278 |
Dividends paid (Note 18) | (38,641) | (35,386) | (33,992) |
Dividends paid to non-controlling interest in GPCP Inc. | 0 | (100) | 0 |
Other financing activities | 1,223 | 0 | 82 |
Cash flows from financing activities | (27,082) | (87,829) | (98,865) |
Net increase in cash | 11,962 | 8,949 | (12,769) |
Effect of foreign exchange differences on cash | (2,137) | 471 | 1,165 |
Cash, beginning of year | 16,467 | 7,047 | 18,651 |
Cash, end of year | $ 26,292 | $ 16,467 | $ 7,047 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash | $ 26,292 | $ 16,467 |
Trade receivables (Note 24) | 203,984 | 162,235 |
Inventories (Note 7) | 280,323 | 194,516 |
Other current assets (Note 8) | 32,110 | 21,048 |
Current assets | 542,709 | 394,266 |
Property, plant and equipment (Note 9) | 459,356 | 415,214 |
Goodwill (Note 11) | 151,834 | 132,894 |
Intangible assets (Note 12) | 138,725 | 124,274 |
Deferred tax assets (Note 5) | 24,579 | 29,677 |
Other assets (Note 10) | 16,549 | 13,310 |
Total assets | 1,333,752 | 1,109,635 |
Current liabilities | ||
Accounts payable and accrued liabilities | 280,353 | 180,446 |
Share-based compensation liabilities, current (Note 18) | 19,089 | 17,769 |
Non-controlling interest put options, current (Note 24) | 27,523 | 0 |
Provisions and contingent consideration, current (Note 16) | 4,504 | 4,222 |
Borrowings and lease liabilities, current (Notes 14 and 15) | 18,119 | 26,219 |
Current liabilities | 349,588 | 228,656 |
Borrowings and lease liabilities, non-current (Notes 14 and 15) | 537,142 | 463,745 |
Pension, post-retirement and other long-term employee benefits (Note 20) | 15,807 | 19,826 |
Share-based compensation liabilities, non-current (Note 18) | 19,850 | 13,664 |
Non-controlling interest put options, non-current (Note 24) | 0 | 15,758 |
Deferred tax liabilities (Note 5) | 38,925 | 34,108 |
Provisions and contingent consideration, non-current (Note 16) | 7,645 | 2,430 |
Other liabilities (Note 17) | 12,547 | 14,766 |
Total liabilities | 981,504 | 792,953 |
EQUITY | ||
Capital stock (Note 18) | 358,953 | 354,880 |
Contributed surplus (Note 18) | 23,070 | 22,776 |
Deficit | (18,113) | (51,114) |
Accumulated other comprehensive loss | (25,749) | (21,886) |
Total equity attributable to Company shareholders | 338,161 | 304,656 |
Non-controlling interests | 14,087 | 12,026 |
Total equity | 352,248 | 316,682 |
Total liabilities and equity | $ 1,333,752 | $ 1,109,635 |
GENERAL BUSINESS DESCRIPTION
GENERAL BUSINESS DESCRIPTION | 12 Months Ended |
Dec. 31, 2021 | |
Entity Information [Abstract] | |
GENERAL BUSINESS DESCRIPTION | GENERAL BUSINESS DESCRIPTION Intertape Polymer Group Inc. (the “Parent Company”), incorporated under the Canada Business Corporations Act , has its principal administrative offices in Montreal, Québec, Canada and in Sarasota, Florida, USA. The address of the Parent Company’s registered office is 800 Place Victoria, Suite 3700, Montreal, Québec H4Z 1E9, c/o Fasken Martineau DuMoulin LLP. The Parent Company’s common shares are listed on the Toronto Stock Exchange (“TSX”) in Canada. Details of the Parent Company and its subsidiaries (collectively referred to as the “Company”) are set out in Note 2. The Company develops, manufactures and sells a variety of paper-and-film based pressure sensitive and water-activated tapes, stretch and shrink films, protective packaging, engineered coated products and packaging machinery for industrial and retail use. Intertape Polymer Group Inc. is the Company’s ultimate parent. |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract] | |
ACCOUNTING POLICIES | ACCOUNTING POLICIES Basis of Presentation and Statement of Compliance The consolidated financial statements present the Company’s consolidated balance sheets as of December 31, 2021 and 2020, as well as its consolidated earnings, comprehensive income, cash flows, and changes in equity for each of the years in the three-year period ended December 31, 2021. These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) and are expressed in United States (“US”) dollars and are rounded to the nearest thousands, except for shares, per share data and as otherwise noted. The consolidated financial statements were authorized for issuance by the Company’s Board of Directors on March 10, 2022. New Standards adopted as of January 1, 2021 In the prior year, the Company adopted the Phase 1 amendments Interest Rate Benchmark Reform—Amendments to IFRS 9, IAS 39 and IFRS 7 . These amendments modify specific hedge accounting requirements to allow hedge accounting to continue for affected hedges during the period of uncertainty before the hedged items or hedging instruments are amended as a result of the interest rate benchmark reform. In the current year, the Company adopted the Phase 2 amendments Interest Rate Benchmark Reform—Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 . There was no material impact to the Company’s financial statements as a result of adopting Interest Rate Benchmark Reform—Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16. Adopting these amendments enables the Company to reflect the effects of transitioning from interbank offered rates ("IBOR") to alternative benchmark interest rates without giving rise to accounting impacts that would not provide useful information to users of financial statements. The amendments have been applied retrospectively. The Company will continue to apply the Phase 1 amendments until the uncertainty arising from the interest rate benchmark reform with respect to the timing and the amount of the underlying cash flows to which the Company is exposed ends. The Company expects this uncertainty will continue until the Company’s contracts that reference IBORs are amended to specify the date on which the interest rate benchmark will be replaced and the basis for the cash flows of the alternative benchmark rate are determined. The Company has floating rate debt, linked to the London Inter-bank Offered Rate, which it cash flow hedges using interest rate swaps. Details of the financial instruments affected by the interest rate benchmark reform together with a summary of the actions taken by the Company to manage the risks relating to the reform and the accounting impact, including the impact on hedge accounting relationships, appear in Note 24. In the current year, the Company has applied a number of amendments to IFRS Standards and Interpretations issued by the IASB that are effective for annual periods beginning on or after January 1, 2021. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. New Standards and Interpretations Issued but Not Yet Effective As of the date of authorization of the Company's financial statements, certain new standards, amendments and interpretations, and improvements to existing standards have been published by the IASB but are not yet effective and have not been adopted early by the Company. Management anticipates that all of the relevant pronouncements will be adopted in the first reporting period following the date of application. Information on new standards, amendments and interpretations, and improvements to existing standards, which could potentially impact the Company’s financial statements, are detailed as follows: On January 23, 2020, the IASB published Classification of Liabilities as Current or Non-current (Amendments to IAS 1), which affect only the presentation of liabilities as current or non-current in the statement of financial position and not the amount or timing of recognition of any asset, liability, income or expenses, or the information disclosed about those items. The amendments clarify that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period, specify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability, explain that rights are in existence if covenants are complied with at the end of the reporting period, and introduce a definition of ‘settlement’ to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. The amendments are effective on January 1, 2023 and will be applied retrospectively. Management is currently assessing, but has not yet determined, the impact on the Company’s financial statements. On May 14, 2020, the IASB published Property, Plant and Equipment: Proceeds Before Intended Use (Amendments to IAS 16) , which prohibits deducting amounts received from selling items produced while preparing the asset for its intended use from the cost of property, plant and equipment. Instead, such sales proceeds and related costs will be recognized in earnings. The amendments are effective on January 1, 2022. The amendments are applied retrospectively, but only to items of property, plant and equipment that are brought to the location and condition necessary for them to be capable of operating in the manner intended by management on or after the beginning of the earliest period presented in the financial statements in which the Company first applies the amendments. The Company will recognize the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at the beginning of that earliest period presented. Management has completed its analysis of the guidance and does not currently expect it to materially impact the Company’s financial statements. On May 7, 2021, the IASB published Deferred Tax Related to Assets and Liabilities Arising From a Single Transaction (Amendments to IAS 12) , which clarifies that the initial recognition exemption does not apply to transactions in which both deductible and taxable temporary differences will result in the recognition of equal deferred tax assets and liabilities, and that the Company is required to recognize deferred tax on such transactions. The amendments are effective on January 1, 2023. Management is currently assessing, but has not yet determined, the impact on the Company’s financial statements. Certain other new standards and interpretations have been issued but are not expected to have a material impact on the Company’s financial statements. Basis of Measurement The consolidated financial statements have been prepared on the historical cost basis, except for certain financial instruments that are measured at revalued amounts or fair values at the end of each reporting period and the Company’s pension plans, post-retirement plans and other long-term employee benefit plans, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2 - Share-based Payment, leasing transactions that are within the scope of IFRS 16 - Leases , and measurements that have some similarities to fair value but are not fair value, such as net realizable value in IAS 2 - Inventories or value in use in IAS 36 - Impairment of Assets. Principal Accounting Policies Basis of Consolidation The consolidated financial statements include the accounts of the Parent Company and entities controlled by the Company (its subsidiaries). Control is achieved when (i) the Company has power over the investee, (ii) is exposed, or has rights, to variable returns from its involvement with the investee, and (iii) has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, subsidiaries acquired or disposed of during the year are reflected in the Company's earnings from the date the Company gains control until the date when the Company ceases to control the subsidiary. Non-controlling interests in subsidiaries is presented in the consolidated balance sheets as a separate component of equity that is distinct from shareholders' equity. The carrying amount of the Company's interests and the non‑controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Changes in the Company's interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. Earnings and each component of other comprehensive income are attributed to the owners of the Company and to the non‑controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Company and to the non‑controlling interests based on their respective ownership interests, even if this results in the non‑controlling interests having a deficit balance. All intercompany assets and liabilities, equity, income, expenses and cash flows relating to transactions between subsidiaries of the Company are eliminated on consolidation, including unrealized gains and losses on transactions between the consolidated entities. IPG Asia Private Limited ("IPG Asia") and Capstone Polyweave Private Limited ("Capstone") have a fiscal year-end of March 31 due to Indian legislation. However, for consolidation purposes, the financial information for IPG Asia and Capstone is presented as of the same date as the Parent Company. All other subsidiaries have a reporting date identical to that of the Parent Company. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Parent Company. Details of the Parent Company’s subsidiaries are as follows: Name of Subsidiary Principal Country of Incorporation Proportion of Ownership December 31, 2021 December 31, 2020 Better Packages, Inc. Manufacturing United States 100% 100% Capstone Polyweave Private Limited Manufacturing India 55% 55% FIBOPE Portuguesa-Filmes Biorientados, S.A. Manufacturing Portugal 100% 100% GPCP, Inc. Manufacturing United States 50.1% 50.1% Intertape Packaging UK Limited Manufacturing Great Britain 100% —% Intertape Polymer Corp. Manufacturing United States 100% 100% Intertape Polymer Europe GmbH Distribution Germany 100% 100% Intertape Polymer Inc. Manufacturing Canada 100% 100% Intertape Polymer Japan GK Distribution Japan 100% 100% Intertape Polymer Woven USA Inc. Manufacturing United States 100% 100% Intertape Woven Products Services, S.A. de C.V. Non-operating Mexico 100% 100% Intertape Woven Products, S.A. de C.V. Non-operating Mexico 100% 100% IPG Asia Private Limited (1) Manufacturing India 100% 100% IPG (US) Holdings Inc. Holding United States 100% 100% IPG (US) Inc. Holding United States 100% 100% IPG Mauritius Holding Company Ltd Holding Mauritius 100% 100% IPG Mauritius II Ltd Holding Mauritius 100% 100% IPG Mauritius Ltd Holding Mauritius 100% 100% Nuevopak Global Limited Holding Hong Kong 100% —% Nuevopak GmbH Manufacturing Germany 100% —% Nuevopak (Jiangmen) Environmental & Technology Company Ltd Manufacturing China 100% —% Nuevopak Technology Company Limited Holding Hong Kong 100% —% Octo Packaging Limited Holding Hong Kong 100% —% Polyair Canada Limited Manufacturing Canada 100% 100% Polyair Corporation Manufacturing United States 100% 100% Spuntech Fabrics Inc. Holding Canada 100% 100% (1) Formerly known as Powerband Industries Private Limited. Business Acquisitions The Company applies the acquisition method of accounting for business acquisitions. The consideration transferred by the Company to obtain control of a subsidiary, or a group of assets that qualifies as a business, is measured at fair value, which is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred, and the equity interests issued by the Company in exchange for control of the acquiree. Acquisition costs are expensed as incurred. Assets acquired and liabilities assumed are generally measured at their acquisition-date fair values. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Company reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (which cannot exceed one year from the acquisition date), or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognized as of that date. When the consideration transferred by the Company in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the total consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are made retrospectively, with corresponding adjustments against goodwill. Changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments are made in the current period, with corresponding adjustments recognized in earnings. Refer to Note 19 for more information regarding business acquisitions. Non-controlling Interests Non-controlling interests represent the equity in subsidiaries that are not attributable, directly or indirectly, to the Parent Company. A non-controlling interest is initially recognized as the proportionate share of the identifiable net assets of the subsidiary on the date of its acquisition and is subsequently adjusted for the non-controlling interest’s share of the acquired subsidiary’s earnings and any changes to capital, including dividends paid to the non-controlling interest, as well as changes in foreign currency exchange rates where applicable. Foreign Currency Translation Functional and presentation currency The consolidated financial statements are presented in US dollars, which is the Company’s presentation currency. Items included in the financial statements of each of the consolidated entities are measured using the currency of the primary economic environment in which such entity operates (the “functional currency”). The significant functional currencies of the different consolidated entities include the US dollar, Canadian dollar ("CDN"), Indian rupee ("INR") and Euro. The Company has other functional currencies that are not considered significant for each of the years in the three-year period ended December 31, 2021. The Parent Company's functional currency is CDN, which is different than the Company's presentation currency. The Company elected to present its consolidated financial statements in US dollars as it is the predominate currency of the consolidated entities and as a result, most of the Company's cash flows are in US dollars. For the purpose of presenting consolidated financial statements, all assets, liabilities and transactions of entities with a functional currency other than the US dollar are translated to US dollars upon consolidation. On consolidation, assets and liabilities have been translated to US dollars using the closing exchange rate in effect at the balance sheet date, and revenues and expenses are translated at each month-end’s average exchange rate. The resulting translation adjustments are recognized in other consolidated comprehensive income (loss) ("OCI") and accumulated in a foreign exchange translation reserve (attributed to non-controlling interests as appropriate). When a foreign operation is partially disposed of or sold, exchange differences that were recorded in equity are recognized in earnings as part of the gain or loss on sale. When there is no reduction in the ownership percentage, exchange differences recorded in equity will remain in equity until the foreign operation is partially or fully disposed of or sold. Goodwill arising on the acquisition of a foreign entity is treated as an asset of the foreign entity and translated at the closing rate. Exchange differences arising are charged or credited to OCI and recognized in the cumulative translation adjustment account within accumulated OCI in equity. Foreign currency transactions and balances Transactions denominated in currencies other than the functional currency of a consolidated entity are translated into the functional currency of that entity using the exchange rates prevailing at the date of each transaction. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Foreign exchange gains or losses arising on settlement or translation of monetary items are recognized in earnings in finance costs (income) - other expense (income), net in the period in which they arise, except (i) when deferred in OCI as a qualifying hedge (refer to Note 24) or (ii) exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur in the foreseeable future (therefore forming part of the net investment in the foreign operation) which is recognized in OCI until disposal or partial disposal of the net investment at which time it is reclassified to profit or loss. Tax charges and credits attributable to exchange differences on qualifying hedges are also recognized in OCI. Segment Reporting The Company operates in various geographic locations and develops, manufactures and sells a variety of products to a diverse customer base. Most of the Company’s products are made from similar processes. A vast majority of the Company’s products, while brought to market through various distribution channels, generally have similar economic characteristics. The Company’s decisions about resources to be allocated are predominantly determined as a whole based on the Company’s operational, management and reporting structure. The chief operating decision maker primarily assesses the Company’s performance as a single reportable segment. Revenue Recognition The Company recognizes revenues from the sale of goods classified within six product categories: tape, film, engineered coated products, protective packaging, packaging machinery and other. Refer to Note 21 for additional information on revenue by product category and geographical location. The vast majority of the Company's customer arrangements contain a single performance obligation to transfer manufactured goods. Revenue is recognized when control of goods has transferred to customers. Control is considered transferred in accordance with the terms of sale, generally when goods are shipped to external customers as that is generally when legal title, physical possession and risks and rewards of goods/services transfers to the customer. The normal credit term is 30 days upon delivery. Revenue is recognized at the transaction price that the Company expects to be entitled. In determining the transaction price, the Company considers the effects of variable consideration. The main sources of variable consideration for the Company are customer rebates and cash discounts. These incentives are recorded as a reduction to revenue at the time of the initial sale using the most-likely amount estimation method. The most-likely amount method is based on the single most likely outcome from a range of possible consideration outcomes. The range of possible consideration outcomes are primarily derived from the following inputs: sales terms, historical experience, trend analysis, and projected market conditions in the various markets served. Because the Company serves numerous markets, the sales incentive programs offered vary across businesses, but the most common incentive relates to amounts paid or credited to customers for achieving defined volume levels or growth objectives. There are no material instances where variable consideration is constrained and not recorded at the initial time of sale. Certain contracts provide a customer with a right to return goods if certain conditions are met. Product returns are recorded as a reduction to revenue and refund liability based on anticipated sales returns that occur in the normal course of business. At the same time, the Company has a right to recover the product when customers exercise their right of return, and the Company consequently recognizes a right to returned goods assets and a corresponding adjustment to cost of sales. At this time, the Company believes it is highly unlikely that a significant reversal in the cumulative revenue recognized will occur given the consistent level of claims over previous years. Refer to the section below entitled " Allowance for expected credit loss and revenue adjustments " for additional discussion. Sales, use, value-added, and other excise taxes are not recognized in revenue. Borrowing Costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily takes a substantial period of time to get ready for its intended use or sale, are added to the cost of those assets until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognized in earnings within interest in finance costs in the period in which they are incurred. Borrowing costs consist of interest and other costs incurred in connection with the borrowing of funds. Research Expenses Research expenses are expensed as they are incurred, net of any related investment tax credits, unless the criteria for capitalization of development expenses are met. Government Grants Grants from governments are recognized at their fair value when there is a reasonable assurance that the grant will be received and / or earned, and any specified conditions will be met. Government grants are recognized in earnings on a systematic basis over the periods in which the Company recognizes as expenses the related costs for which the grants are intended to compensate. Specifically, grants received in relation to the purchase and construction of plant and equipment are included in non-current liabilities as deferred income in other liabilities and are recognized in earnings on a straight-line basis over the estimated useful life of the related asset. Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Company with no future related costs are recognized in earnings in the period in which they become receivable. The benefit of a government loan at a below-market rate of interest is treated as a government grant, measured as the difference between proceeds received and the fair value of the loan based on prevailing market interest rates. Share-Based Compensation Expense Stock options Stock option expense is based on the grant date fair value of the awards expected to vest over the vesting period. Forfeitures are estimated at the time of the grant and are included in the measurement of the expense and are subsequently adjusted to reflect actual events. For awards with graded vesting, the fair value of each tranche is recognized on a straight-line basis over its vesting period. Any consideration paid by participants on exercise of stock options is credited to capital stock together with any related share-based compensation expense originally recorded in contributed surplus. If the amount of the tax deduction (or estimated future tax deduction) exceeds the amount of the related cumulative remuneration expense for stock options, this indicates that the tax deduction relates not only to remuneration expense but also to an equity item. In this situation, the Company recognizes the excess of the associated current or deferred tax to contributed surplus prior to an award being exercised, and any such amounts are transferred to capital stock upon exercise of the award. Deferred share units Deferred share units ("DSUs") are settled in cash only and, as a result, the corresponding liability is remeasured to fair value at the end of each reporting period. The fair value of DSUs is based on the volume weighted average trading price ("VWAP") of the Company’s common shares on the TSX for the five Performance share units Performance share unit ("PSUs") are settled in cash only and, as a result, the corresponding liability is remeasured to fair value at the end of each reporting period. PSUs granted during the three years ending December 31, 2021 are subject to market (50 percent) and non-market performance conditions (50 percent) as well as a time-based vesting condition. Accordingly, the fair value of such PSUs is based 50 percent on a Monte Carlo valuation model at each reporting date and 50 percent on the Company's VWAP of common shares on the TSX for the five settled, expire or are otherwise cancelled. The corresponding liability is recorded on the Company’s consolidated balance sheet under the caption share-based compensation liabilities, current for amounts expected to settle in the next twelve months and share-based compensation liabilities, non-current for amounts expected to settle in more than twelve months. The cash payment at settlement is calculated based on the number of settled PSUs held by the participant, multiplied by the VWAP of the Company’s common shares on the TSX for the five PSUs granted prior to December 31, 2017 which settled during the three years ending December 31, 2021 were subject only to a market performance condition (100 percent) and time-based vesting condition. Restricted share units Restricted share units ("RSUs") are settled in cash only and, as a result, the corresponding liability is remeasured to fair value at the end of each reporting period. The fair value of RSUs is based on the VWAP of the Company’s common shares on the TSX for the five five Refer to Note 18 for more information regarding share-based payments. Income Taxes Current and deferred taxes are recognized in the consolidated statement of earnings, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity, respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. Current tax Current tax is based on the results for the period as adjusted for items that are not taxable or deductible. Current tax is calculated using tax rates and laws enacted or substantially enacted at the reporting date in the countries in which the Company operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation. A provision is recognized for those matters for which the tax determination is uncertain, but it is considered probable that there will be a future outflow of funds to a tax authority. The provisions are measured at the best estimate of the amount expected to become payable. The assessment is based on the judgment of tax professionals within the Company supported by previous experience in respect of such activities and in certain cases based on specialist independent tax advice. As of December 31, 2021 and 2020, the Company does not have any matters for which the tax determination is uncertain and as such, no provision has been recognized. Deferred tax Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that future taxable income will be available against which they can be utilized. This is assessed based on the Company’s forecast of future operating results, adjusted for significant non-taxable income and expenses and specific limits on the use of any unused tax loss or credit. Deferred tax is calculated using tax rates and laws enacted or substantially enacted at the reporting date in the countries where the Company operates, and which are expected to apply when the related deferred income tax asset is realized, or the deferred tax liability is settled. The carrying amounts of deferred tax assets are reviewed at each reporting period and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at each reporting period and are recognized to the extent that it has become probable that future taxable income will allow the deferred tax asset to be recovered. Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off the recognized amounts and the deferred taxes relate to the same taxable entity and the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. Earnings Per Share Basic earnings per share is calculated by dividing the net earnings attributable to Company shareholders by the weighted average number of common shares outstanding during the period, including the effect of stock option activity and common shares repurchased. Diluted earnings per share is calculated by dividing the net earnings attributable to Company shareholders by the weighted average number of common shares outstanding during the period, including the effect of stock option activity and common shares repurchased and for the effects of all dilutive potential outstanding stock options. Dilutive potential outstanding stock options includes the total number of additional common shares that would have been issued by the Company assuming stock options with exercise prices below the average market price for the period were exercised and reduced by the number of shares that the Company could have repurchased if it had used the assumed proceeds from the exercise of stock options to repurchase them on the open market at the average share price for the period. Refer to Note 6 for more information regarding earnings per share. Financial Instruments Financial assets and liabilities are recognized when the Company becomes party to the contractual provisions of the financial instrument. Financial assets are derecognized when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and all substantial risks and r |
INFORMATION INCLUDED IN CONSOLI
INFORMATION INCLUDED IN CONSOLIDATED EARNINGS | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
INFORMATION INCLUDED IN CONSOLIDATED EARNINGS | INFORMATION INCLUDED IN CONSOLIDATED EARNINGS The following table describes the charges incurred by the Company which are included in the Company’s consolidated earnings for each of the years in the three-year period ended December 31, 2021: 2021 2020 2019 $ $ $ Employee benefit expense Wages, salaries and other short-term benefits 277,910 242,113 227,043 Termination benefits (Note 16) 74 4,110 2,274 Share-based compensation expense (Note 18) 21,655 22,879 501 Pension, post-retirement and other long-term employee benefit plans (Note 20): Defined benefit plans 1,944 2,057 2,139 Defined contributions plans 8,245 6,824 7,142 309,828 277,983 239,099 Finance costs (income) - Interest Interest on borrowings and lease liabilities (1) 23,804 28,684 32,472 Amortization and write-off of debt issue costs on borrowings 5,149 1,210 1,194 Interest capitalized to property, plant and equipment (1,277) (458) (1,976) 27,676 29,436 31,690 Finance costs (income) - Other expense (income), net Early redemption premium and other costs (Note 14) 14,412 — — Foreign exchange (gain) loss (48) 38 (790) Valuation adjustment made to non-controlling interest put options (Note 24) 12,007 2,470 3,339 Change in fair value of contingent consideration — (11,005) — Other costs, net 2,837 2,259 765 29,208 (6,238) 3,314 Additional information Depreciation of property, plant and equipment (Note 9) 51,871 50,237 51,030 Amortization of intangible assets (Note 12) 13,676 13,603 10,385 Impairment of assets, net (Note 13) 6,044 2,359 4,549 (1) Presented net of $1.2 million in interest reimbursements as a result of interest subsidy programs for the year ended December 31, 2021. Reimbursements were nil for the years ended December 31, 2020 and 2019. |
MANUFACTURING FACILITY CLOSURES
MANUFACTURING FACILITY CLOSURES, RESTRUCTURING AND OTHER RELATED CHARGES | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring provision [abstract] | |
MANUFACTURING FACILITY CLOSURES, RESTRUCTURING AND OTHER RELATED CHARGES | MANUFACTURING FACILITY CLOSURES, RESTRUCTURING AND OTHER RELATED CHARGES There were no manufacturing facility closures, restructuring and other related charges incurred by the Company for the year ended December 31, 2021. The following table describes the charges incurred by the Company which are included in the Company’s consolidated earnings for each of the years in the two-year period ended December 31, 2020 under the caption manufacturing facility closures, restructuring and other related charges: 2020 2019 $ $ Impairment of property, plant and equipment, net — 669 Equipment relocation 38 156 Revaluation and impairment of inventories, net 596 130 Termination benefits and other labor related costs, net 3,389 1,874 Restoration and idle facility costs, net 270 1,978 Professional fees, net 40 393 Other recoveries (5) (64) 4,328 5,136 Charges incurred during the year ended December 31, 2020 were mainly the result of employee restructuring initiatives which began in the second quarter in response to COVID-19 uncertainties. Charges incurred were composed of $3.7 million in cash charges mainly related to termination benefits, restoration and ongoing idle facility costs and $0.6 million in non-cash impairments of inventory. Charges incurred during the year ended December 31, 2019 were mainly the result of the Montreal, Quebec manufacturing facility closure at the end of 2019 and the Johnson City, Tennessee manufacturing facility closure at the end of 2018. Charges incurred were composed of $4.3 million in cash charges mainly related to termination benefits, restoration and ongoing idle facility costs and $0.8 million of non-cash impairments of property, plant and equipment and inventory. As of December 31, 2021, restructuring provisions of $1.7 million ($3.6 million in 2020) are included in provisions on the consolidated balance sheets within environmental and termination benefits and other. Refer to Note 16 for more information on provisions. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
INCOME TAXES | INCOME TAXES The reconciliation of the combined Canadian federal and provincial statutory income tax rate to the Company’s effective income tax rate is detailed as follows for each of the years in the three-year period ended December 31, 2021: 2021 2020 2019 % % % Combined Canadian federal and provincial income tax rate 27.5 27.8 28.4 Foreign earnings/losses taxed at higher income tax rates 0.1 — 0.2 Foreign earnings/losses taxed at lower income tax rates (1.6) (4.3) (4.8) Prior period adjustments 0.4 (0.5) 0.5 Nondeductible expenses (nontaxable income) 4.5 (1.9) 1.1 Impact of other differences (2.6) 1.6 (2.3) Canadian deferred tax assets (recognized) not recognized (3.1) (1.8) 4.3 Derecognition (recognition) of deferred tax assets 0.4 (0.2) (1.3) Proposed tax assessment (1) — — 2.2 Effective income tax rate 25.6 20.7 28.3 (1) Proposed tax assessment refers to a $2.3 million proposed state income tax assessment and the related interest expense recorded in the second quarter of 2019 which resulted from the denial of the utilization of certain net operating losses generated in tax years 2000-2006. The major components of income tax expense (benefit) are outlined below for each of the years in the three-year period ended December 31, 2021: 2021 2020 2019 $ $ $ Current income tax expense 22,113 25,595 17,195 Deferred tax expense (benefit) Derecognition (recognition) of US deferred tax assets 396 (153) (701) US temporary differences (83) (6,605) 3,988 Canadian deferred tax assets (recognized) not recognized (2,887) (1,660) 2,474 Recognition of Canadian deferred tax assets — — (22) Canadian temporary differences 4,999 1,674 (5,678) Temporary differences in other jurisdictions (474) 270 (946) Total deferred income tax expense (benefit) 1,951 (6,474) (885) Total tax expense for the year 24,064 19,121 16,310 The amount of income taxes relating to components of OCI for each of the years in the three-year period ended December 31, 2021 is outlined below: Amount before Deferred Amount net of $ $ $ For the year ended December 31, 2021 Deferred tax expense on remeasurement of defined benefit liability 5,305 (1,366) 3,939 Deferred tax expense on change in fair value of interest rate swap agreements designated as cash flow hedges 2,383 (577) 1,806 Deferred tax expense on gain arising from hedge of a net investment in foreign operations (9,423) (1,589) (11,012) (1,735) (3,532) (5,267) For the year ended December 31, 2020 Deferred tax benefit on remeasurement of defined benefit liability (696) 216 (480) Deferred tax benefit on change in fair value of interest rate swap agreements designated as cash flow hedges (2,685) 658 (2,027) Deferred tax expense on foreign exchange related impacts arising from intercompany settlements 2,117 (281) 1,836 Deferred tax expense on gain arising from hedge of a net investment in foreign operations 6,488 (764) 5,724 5,224 (171) 5,053 For the year ended December 31, 2019 Deferred tax expense on remeasurement of defined benefit liability 762 (173) 589 Deferred tax benefit on change in fair value of interest rate swap agreements designated as cash flow hedges (3,416) 359 (3,057) Deferred tax expense on gain arising from hedge of a net investment in foreign operations 10,280 (45) 10,235 7,626 141 7,767 The amount of recognized deferred tax assets and liabilities is outlined below as of December 31, 2021: Deferred tax Deferred tax Net $ $ $ Tax credits, losses, carryforwards and other tax deductions 8,842 — 8,842 Property, plant and equipment 10,142 (57,501) (47,359) Pension and other post-retirement benefits 3,210 — 3,210 Share-based payments 13,558 — 13,558 Accounts payable and accrued liabilities 10,146 — 10,146 Goodwill and other intangibles 7,768 (24,405) (16,637) Trade and other receivables 679 — 679 Inventories 2,150 — 2,150 Lease liabilities 10,475 — 10,475 Other 2,091 (1,501) 590 Deferred tax assets and liabilities 69,061 (83,407) (14,346) Presented in the consolidated balance sheets as: December 31, $ Deferred tax assets 24,579 Deferred tax liabilities (38,925) (14,346) The amount of recognized deferred tax assets and liabilities is outlined below as of December 31, 2020: Deferred tax Deferred tax Net $ $ $ Tax credits, losses, carryforwards and other tax deductions 10,465 — 10,465 Property, plant and equipment 15,882 (52,956) (37,074) Pension and other post-retirement benefits 4,231 — 4,231 Share-based payments 11,929 — 11,929 Accounts payable and accrued liabilities 8,945 — 8,945 Goodwill and other intangibles 7,083 (23,121) (16,038) Trade and other receivables 1,152 — 1,152 Inventories 1,530 — 1,530 Lease liabilities 9,616 — 9,616 Other 2,481 (1,668) 813 Deferred tax assets and liabilities 73,314 (77,745) (4,431) Presented in the consolidated balance sheets as: December 31, $ Deferred tax assets 29,677 Deferred tax liabilities (34,108) (4,431) Nature of evidence supporting recognition of deferred tax assets In assessing the recoverability of deferred tax assets, management determines, at each balance sheet date, whether it is more likely than not that a portion or all of its deferred tax assets will be realized. This determination is based on quantitative and qualitative assessments by management and the weighing of all available evidence, both positive and negative. Such evidence includes the scheduled reversal of deferred tax liabilities, projected future taxable income and the implementation of tax planning strategies. As of December 31, 2021 and 2020, respectively, management analyzed all available evidence and determined it is more likely than not that substantially all of the Company’s deferred tax assets in the US and Canadian operating entities will be realized. Accordingly, the Company continues to recognize the majority of its deferred tax assets in the US and Canadian operating entities. With respect to the deferred tax assets at the Canadian corporate holding entity, the Parent Company, management determined it appropriate that the Parent Company's deferred tax assets should continue not to be fully recognized as of December 31, 2021 and 2020, respectively. The Canadian deferred tax assets remain available to the Company in order to reduce its taxable income in future periods. The following table outlines the changes in the deferred tax assets and liabilities during the year ended December 31, 2020: Balance January 1, 2020 Recognized in Recognized in Recognized in Balance December 31, $ $ $ $ $ Deferred tax assets Tax credits, losses, carryforwards and other tax deductions 11,638 (892) — (281) 10,465 Property, plant and equipment 16,020 (138) — — 15,882 Pension and other post-retirement benefits 3,966 30 — 235 4,231 Share-based payments 1,766 4,857 5,306 — 11,929 Accounts payable and accrued liabilities 6,022 2,923 — — 8,945 Goodwill and other intangibles 7,028 55 — — 7,083 Trade and other receivables 688 464 — — 1,152 Inventories 1,918 (388) — — 1,530 Lease liabilities 9,832 (216) — — 9,616 Other 863 1,722 — (104) 2,481 59,741 8,417 5,306 (150) 73,314 Deferred tax liabilities Property, plant and equipment (52,871) (85) — — (52,956) Goodwill and other intangibles (22,893) (228) — — (23,121) Other (908) (760) — — (1,668) (76,672) (1,073) — — (77,745) Deferred tax assets and liabilities (16,931) 7,344 5,306 (150) (4,431) Impact due to foreign exchange rates (870) — (21) Total recognized 6,474 5,306 (171) The following table outlines the changes in the deferred tax assets and liabilities during the year ended December 31, 2021: Balance January 1, 2021 Recognized in Recognized in Recognized in Business Balance December 31, $ $ $ $ $ $ Deferred tax assets Tax credits, losses, carryforwards and other tax deductions 10,465 (1,751) — — 128 8,842 Property, plant and equipment 15,882 (5,740) — — — 10,142 Pension and other post-retirement benefits 4,231 339 — (1,360) — 3,210 Share-based payments 11,929 1,477 152 — — 13,558 Accounts payable and accrued liabilities 8,945 1,201 — — — 10,146 Goodwill and other intangibles 7,083 1,609 — — (924) 7,768 Trade and other receivables 1,152 (473) — — — 679 Inventories 1,530 576 — — 44 2,150 Lease liabilities 9,616 812 — — 47 10,475 Other 2,481 1,733 — (2,123) — 2,091 73,314 (217) 152 (3,483) (705) 69,061 Deferred tax liabilities Property, plant and equipment (52,956) (4,387) — — (158) (57,501) Goodwill and other intangibles (23,121) 2,282 — — (3,566) (24,405) Other (1,668) 569 — — (402) (1,501) (77,745) (1,536) — — (4,126) (83,407) Deferred tax assets and liabilities (4,431) (1,753) 152 (3,483) (4,831) (14,346) Impact due to foreign exchange rates (198) — (49) Total recognized (1,951) 152 (3,532) Deductible temporary differences and unused tax losses for which no deferred tax asset is recognized in the consolidated balance sheets are as follows: December 31, December 31, $ $ Tax losses, carryforwards and other tax deductions 44,523 47,829 Share-based payments 8,852 7,231 53,375 55,060 The following table presents the amounts and expiration dates relating to unused tax credits in Canada for which no asset is recognized in the consolidated balance sheets as of December 31: 2021 2020 $ $ 2021 — 209 2022 476 476 2023 235 236 2024 222 222 2025 375 376 2026 287 288 2027 262 262 2028 304 305 2029 242 243 2030 221 221 2031 323 324 2032 194 194 2033 238 238 2034 210 211 2035 559 560 2036 367 367 2037 265 266 2038 665 666 2039 266 266 2040 240 266 2041 240 — Total tax credits derecognized 6,191 6,196 The following table presents the year of expiration of the Company’s operating losses carried forward in Canada as of December 31, 2021: Deferred tax assets not recognized Federal Provincial $ $ 2026 6,047 6,047 2029 563 563 2030 126 126 2031 — — 2037 2,567 2,567 2038 — — 2039 — — 9,303 9,303 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The weighted average number of common shares outstanding is as follows for each of the years in the three-year period ended December 31, 2021: 2021 2020 2019 Basic 59,127,025 59,010,485 58,798,488 Effect of stock options 1,389,081 620,388 190,646 Diluted 60,516,106 59,630,873 58,989,134 Stock options that were anti-dilutive and excluded from the calculation of weighted average diluted common shares for each of the years in the three-year period ended December 31, 2021 were as follows: 2021 2020 2019 Anti-dilutive stock options 243,152 612,601 505,812 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of inventories [Abstract] | |
INVENTORIES | INVENTORIES Inventory is composed of the following for the years ended: December 31, December 31, $ $ Raw materials 91,232 61,051 Work in process 62,128 38,850 Finished goods 103,329 72,535 Parts and supplies 23,634 22,080 280,323 194,516 The Company recorded impairments of inventories to net realizable value in the Company’s consolidated earnings as an expense for each of the years in the three-year period ended December 31, 2021 as follows: 2021 2020 2019 $ $ $ Impairments recorded in manufacturing facility closures, restructuring and other related charges — 596 634 Reversals of impairments recorded in manufacturing facility closures, restructuring and other related charges — — (504) Impairments recorded in cost of sales 5,240 1,179 2,877 5,240 1,775 3,007 Refer to Note 13 for information regarding impairments of inventories. The amount of inventories included in the Company’s consolidated earnings in cost of sales for each of the years in the three-year period ended December 31, 2021 is as follows: 2021 2020 2019 $ $ $ Inventories recognized in cost of sales 1,088,649 843,717 836,600 |
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of prepayments and other assets [Abstract] | |
OTHER CURRENT ASSETS | OTHER CURRENT ASSETS Other current assets are composed of the following for the years ended: December 31, December 31, $ $ Prepaid expenses 11,058 9,086 Income taxes receivable and prepaid 10,688 3,280 Sales and other taxes receivable and credits 4,756 3,988 Supplier rebates receivable 2,982 2,596 Reserve for inventory returns 1,002 1,196 Other 1,624 902 32,110 21,048 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT The following table outlines the changes to property, plant and equipment during the year ended December 31, 2020: Land Buildings Manufacturing Computer Furniture, Construction in Total $ $ $ $ $ $ $ Gross carrying amount Balance as of December 31, 2019 12,192 193,831 755,613 44,724 5,294 14,411 1,026,065 Additions – right-of-use assets — 2,284 974 — 806 — 4,064 Additions – separately acquired — — — — — 45,464 45,464 Assets placed into service — 2,528 18,054 1,493 289 (22,364) — Disposals — (54) (1,902) (7) (541) (86) (2,590) Foreign exchange and other (79) 1,605 3,216 247 217 (98) 5,108 Balance as of December 31, 2020 12,113 200,334 776,611 46,467 6,180 37,327 1,079,032 Accumulated depreciation and impairments Balance as of December 31, 2019 609 81,055 486,127 39,453 3,510 — 610,754 Depreciation (1) — 11,314 35,745 2,211 1,146 — 50,416 Impairments — — 127 — — 86 213 Disposals — (54) (845) (7) (531) (86) (1,523) Foreign exchange and other 515 3,034 217 192 — 3,958 Balance as of December 31, 2020 609 92,830 524,188 41,874 4,317 — 663,818 Net carrying amount as of December 31, 2020 11,504 107,504 252,423 4,593 1,863 37,327 415,214 The following table outlines the changes to property, plant and equipment during the year ended December 31, 2021: Land Buildings Manufacturing Computer Furniture, Construction in Total $ $ $ $ $ $ $ Gross carrying amount Balance as of December 31, 2020 12,113 200,334 776,611 46,467 6,180 37,327 1,079,032 Additions – right-of-use assets — 7,977 1,782 — 519 — 10,278 Additions – separately acquired — — — — — 88,532 88,532 Additions through business acquisitions — 309 1,290 — 58 — 1,657 Assets placed into service — 4,549 44,180 1,517 128 (50,374) — Disposals — (3,195) (25,425) (1,118) (633) (513) (30,884) Foreign exchange and other (187) (827) (5,215) — (136) 665 (5,700) Balance as of December 31, 2021 11,926 209,147 793,223 46,866 6,116 75,637 1,142,915 Accumulated depreciation and impairments Balance as of December 31, 2020 609 92,830 524,188 41,874 4,317 — 663,818 Depreciation (1) — 12,319 36,298 2,247 1,122 — 51,986 Impairments — 72 219 — — 513 804 Disposals — (3,195) (25,033) (1,118) (619) (513) (30,478) Foreign exchange and other — (413) (2,046) (9) (103) — (2,571) Balance as of December 31, 2021 609 101,613 533,626 42,994 4,717 — 683,559 Net carrying amount as of December 31, 2021 11,317 107,534 259,597 3,872 1,399 75,637 459,356 (1) The difference between the depreciation additions presented above and depreciation expense included in the Company’s consolidated earnings is the amortization of government grants recognized in deferred income for the purchase and construction of plant and equipment in the amount of $0.1 million and $0.2 million as of December 31, 2021 and 2020, respectively. When the assets are placed into service, the deferred income is recognized as a credit to depreciation expense through cost of sales on a systematic basis over the related assets’ useful lives. Refer to Note 14 for additional information on the Company's forgivable government loans. Capital expenditures incurred in the year ended December 31, 2021 consisted primarily of $43.2 million to expand production capacity in the Company's highest growth product categories, specifically water-activated tape, wovens, protective packaging and films, as well as $17.1 million for cost savings initiatives and digital transformation and $21.0 million for regular maintenance. As of December 31, 2021, the Company had commitments to suppliers to purchase machinery and equipment totalling $26.2 million, primarily to support the above mentioned initiatives. It is expected that such amounts will be paid out in the next twelve months and will be funded by the Company's borrowings and cash flows from operating activities. Capital expenditures incurred in the year ended December 31, 2020 were primarily to support investments in e-commerce related production capacity, maintenance needs, initiatives supporting the efficiency and effectiveness of operations and other strategic initiatives. During the year ended December 31, 2021, the loss on disposals amounted to $0.1 million ($0.3 million and $0.6 million loss on disposals in 2020 and 2019, respectively). Supplemental information regarding property, plant and equipment is as follows for the years ended: December 31, December 31, Interest capitalized to property, plant and equipment $1,277 $458 Weighted average capitalization rates 4.14 % 4.94 % Additional information on the carrying amount of the right-of-use assets by class of assets and related depreciation expense is as follows as of and for the years ended: Buildings Manufacturing equipment Furniture, Total $ $ $ $ December 31, 2021: Carrying amount 34,586 14,264 716 49,566 Depreciation expense 6,316 3,270 852 10,438 December 31, 2020: Carrying amount 32,795 15,916 917 49,628 Depreciation expense 5,923 3,230 746 9,899 |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of other assets [Abstract] | |
OTHER ASSETS | OTHER ASSETS Other assets are composed of the following for the years ended: December 31, December 31, $ $ Corporate owned life insurance held in grantor trust 10,735 7,988 Pension benefits (1) 3,539 3,024 Deposits 1,120 1,083 Prepaid software licensing 722 786 Cash surrender value of officers’ life insurance 418 408 Other 15 21 16,549 13,310 (1) Refer to Note 20 for additional information regarding employee benefit plans. |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2021 | |
Intangible Assets [Abstract] | |
GOODWILL | GOODWILL The following table outlines the changes in goodwill during the period: Total $ Balance as of December 31, 2019 107,677 Acquired through business acquisition (1) 25,640 Foreign exchange (423) Balance as of December 31, 2020 132,894 Acquired through business acquisition (1) 19,789 Foreign exchange (849) Balance as of December 31, 2021 151,834 (1) Refer to Note 19 for additional information regarding the Company's recent business acquisitions. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS The following tables outline the changes in intangible assets during the period: License Customer lists (1) Software (2) Patents/ Trademark/Trade names (3) Non-compete Total $ $ $ $ $ $ Gross carrying amount Balance as of December 31, 2019 190 105,497 8,618 15,053 8,034 137,392 Additions – separately acquired — — 1,881 — — 1,881 Additions through business acquisitions — 18,462 — 1,616 1,441 21,519 Disposals — — (421) — — (421) Foreign exchange and other — (207) — 135 (180) (252) Balance as of December 31, 2020 190 123,752 10,078 16,804 9,295 160,119 Accumulated amortization and impairments Balance as of December 31, 2019 190 16,122 2,506 382 3,143 22,343 Amortization — 10,406 1,449 257 1,491 13,603 Disposals — — (371) — — (371) Impairments — — 371 — — 371 Foreign exchange and other — (49) — 2 (54) (101) Balance as of December 31, 2020 190 26,479 3,955 641 4,580 35,845 Net carrying amount as of December 31, 2020 — 97,273 6,123 16,163 4,715 124,274 License Customer lists (1) Software (2) Patents/ Trademark/Trade names (3) Non-compete Total $ $ $ $ $ $ Gross carrying amount Balance as of December 31, 2020 190 123,752 10,078 16,804 9,295 160,119 Additions – separately acquired — — 3,268 3,503 — 6,771 Additions through business acquisitions — 8,343 30 12,152 1,126 21,651 Disposals (75) (2,344) — — — (2,419) Foreign exchange and other — (296) (20) (87) (122) (525) Balance as of December 31, 2021 115 129,455 13,356 32,372 10,299 185,597 Accumulated amortization and impairments Balance as of December 31, 2020 190 26,479 3,955 641 4,580 35,845 Amortization — 9,331 1,982 706 1,657 13,676 Disposals (75) (2,344) — — — (2,419) Foreign exchange and other — (141) 4 (14) (79) (230) Balance as of December 31, 2021 115 33,325 5,941 1,333 6,158 46,872 Net carrying amount as of December 31, 2021 — 96,130 7,415 31,039 4,141 138,725 (1) Includes customer relationships related to the Company's acquisition of Polyair Inter Pack Inc. on August 3, 2018, with a carrying amount of $54.9 million and $59.6 million as of December 31, 2021 and 2020, respectively. These customer relationships will be fully amortized in the year 2033. (2) Includes $0.1 million and $0.4 million of acquired software licenses during the years ended December 31, 2021 and 2020, respectively. (3) Includes trademarks and trade names not subject to amortization totalling $22.9 million and $16.1 million as of December 31, 2021 and 2020, respectively. During the year ended December 31, 2021, the loss on disposals was nil ($0.1 million in 2020 and nil in 2019, respectively). |
IMPAIRMENT OF ASSETS
IMPAIRMENT OF ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of impairment of assets [Abstract] | |
IMPAIRMENT OF ASSETS | IMPAIRMENT OF ASSETS CGU Determination and Indicators of Impairment In updating its determination of CGUs and applying any related indicators of impairment, the Company took into consideration any manufacturing facility closures and other related activities that may have taken place over the course of the year; the expected costs, timeline, and future benefits expected from its major capital expenditure projects; the impact of acquisitions; as well as changes in the interdependencies of cash flows among the Company’s manufacturing sites. As a result of this analysis, the Company’s CGUs consist of the following: • The tapes, films and protective packaging CGU (the "TF&P CGU") includes the Company’s tape, film and protective packaging manufacturing locations in the United States, Canada, India, Hong Kong, China, Germany, and the United Kingdom. • The engineered coated products CGU (the “ECP CGU") includes the Company’s engineered coated products manufacturing facilities located in the United States, Canada, and India. • As discussed in Note 19, the Company acquired the operating assets of Nortech in February 2020, which consists of one manufacturing facility (the "Nortech CGU") that operates largely on a standalone basis and with its own customer base. • The Company has an additional CGU consisting of a single manufacturing facility located in Portugal, which does not contain any long-lived intangible assets or goodwill and, therefore, is not subject to annual impairment testing. There were no indicators of impairment for the TF&P CGU and the ECP CGU. During the year ended December 31, 2021 and 2020, however, management concluded there were indicators of impairment for the Nortech CGU due to the impact of, and macroeconomic events resulting from, COVID-19 and other delays in the acquisition integration efforts. Due to the existence of recorded goodwill and indefinite-lived intangible assets associated with the TF&P CGU, the ECP CGU and the Nortech CGU, the Company conducted impairment tests as discussed further below. The tests did not result in any impairment being recognized as of December 31, 2021 and 2020. Unrelated to the impairment tests performed at the CGU level, there were impairments of certain individual assets as disclosed in the impairments table further below. The Company also considers indicators, if any exist, for the reversal of prior impairment charges recorded. This analysis of indicators is based on the recent and projected results of CGUs and specific asset groups that were previously impaired. For the years ended December 31, 2021 and 2020, these analyses did not result in any impairment reversals. Impairment Testing All of the Company’s carrying amounts of goodwill, intangible assets with indefinite useful lives and software not yet available for use as of December 31, 2021 and 2020 relate to the TF&P CGU, the ECP CGU and the Nortech CGU. The Company performed the required annual impairment testing for these asset groups during the fourth quarter of 2021 and 2020. The impairment test for the asset groups was determined based on their value in use. Key assumptions used in each discounted cash flow projection, management’s approach to determine the value assigned to each key assumption, and other information as required for the asset groups are outlined in the tables below. Changes in key assumptions used that the Company believes are reasonably possible would not cause the carrying amounts of the asset groups to exceed their recoverable amounts, in which case impairments would otherwise be recognized. Revenue and other future assumptions used in these models were prepared in accordance with IAS 36 – Impairment of Assets and do not include the benefit from obtaining, or the incremental costs to obtain, growth initiatives or cost reduction programs that the Company may be planning but has not yet undertaken within its current asset base. Details of the key assumptions used in impairment tests performed as of December 31, 2021 are outlined below: TF&P CGU ECP CGU Nortech CGU Carrying amount allocated to the asset group: Goodwill $120,601 $5,593 $25,640 Intangible assets with indefinite useful lives $21,281 — $1,616 Results of test performed as of December 31, 2021: Forecast period annual revenue growth rates (1) 15% in 2022, 3% in 2023, tapering down to 2% thereafter 14% in 2022, 3% thereafter 77% in 2022, 19% in 2023, 29% in 2024, tapering down to 3% thereafter Discount rate (2) 7.9 % 10.9 % 11.6 % Cash flows beyond the forecast period have been extrapolated using a steady growth rate of (3) 2 % 3 % 3 % Income tax rate (4) 28.0 % 27.0 % 25.5 % (1) For the TF&P CGU and for the ECP CGU, the projected revenue growth rates for the period are consistent with the Company's recent history of sales volumes within the asset group, as well as the Company’s expectation that its sales will at least match gross domestic product growth. For 2022, anticipated revenue growth used in these analyses is partially attributable to expected increases in selling prices due to the passing through of higher costs to customers. For the TF&P CGU, projections assume that the Company’s revenue will grow due to growth in the e-commerce channel and areas of recent capital investment in the short term, and consistent with United States gross domestic product average projections over the longer term. For the ECP CGU, projections expect additional revenue from recent capacity expansion investments made in the short term, and sustained growth levels consistent with United States gross domestic product over the longer term. For the Nortech CGU, projections expect the business to achieve growth due to acquisition integration improvements to both scale production and optimize the cost/pricing structure, which is expected to add long-term value to the Company, despite slower than anticipated revenue and lower margins during 2020 and 2021. The initial high rate of growth currently anticipated in 2022 is largely due to continued recovery from COVID-19 pressures and expected improvements in operational performance. (2) The discount rate used is the estimated weighted average cost of capital for the asset group, using observable market rates and data based on a set of publicly traded industry peers. (3) Cash flows beyond the forecast period have been primarily extrapolated at or below the projected long-term average growth rates for the asset groups. (4) The income tax rate represents an estimated effective tax rate based on enacted or substantively enacted rates. Sensitivity analysis performed as of December 31, 2021 using reasonably possible changes in key assumptions above are outlined below: TF&P CGU ECP CGU Nortech CGU Forecast period annual revenue growth rates 15% in 2022, 0% in 2023 through 2030, and 2% thereafter 14% in 2022, 1% in 2023 through 2030, and 3% thereafter 0% in 2022 and 2023, 77% in 2024, 19% in 2025, 29% in 2026, tapering down to 3% thereafter Discount rate 9.9 % 12.9 % 13.6 % Cash flows beyond the forecast period have been extrapolated using a steady growth rate of 1 % 1 % 2 % Income tax rate 35.0 % 37.0 % 28.0 % There was no indication of any impairment resulting from changing the individual assumptions above. Details of the key assumptions used in impairment tests performed as of December 31, 2020 are outlined below: T&F Group (1) ECP CGU Nortech CGU Carrying amount allocated to the asset group Goodwill $101,568 $5,686 $25,640 Intangible assets with indefinite useful lives $14,493 — $1,616 Results of test performed as of December 31, 2020: Forecast period annual revenue growth rates (2) 9% in 2021, 2%-3% thereafter 12% in 2021, 3% in 2022, tapering down to 3% thereafter 35% in 2021, 55% in 2022, tapering down to 3% thereafter Discount rate (3) 8.8 % 11.6 % 12.5 % Cash flows beyond the forecast period have been extrapolated using a steady growth rate of (4) 2 % 3 % 3 % Income tax rate (5) 28.0 % 27.0 % 25.5 % (1) The tapes and films CGU (the "T&F CGU") includes the Company’s tape and film manufacturing locations in the United States, Canada and India. In 2020, the Company's subsidiaries Polyair Canada Limited, Polyair Corp. and GPCP, Inc. (collectively, "Polyair") continued to be considered a separate CGU by management, despite integration efforts making significant progress in 2019 and in 2020, and in continuing towards furthering operational alignment and interdependency of cash flows within the T&F CGU. Management monitored the goodwill balance of Polyair combined with the T&F CGU assets as it remained focused on achieving its strategic plan of developing significant acquisition synergies and, as a result of those synergies, having greater interdependencies of cash flows. Accordingly, the assets of Polyair were included in the tapes and film impairment test (the “T&F Group”). (2) For the T&F Group and for the ECP CGU, the projected revenue growth rates for the period are consistent with the Company's recent history of sales volumes within the asset group, as well as the Company’s expectation that its sales will at least match gross domestic product growth. For 2021, anticipated revenue growth used in these analyses is partially attributable to expected increases in selling prices due to the passing through of higher raw material costs to customers. For the T&F Group, projections assume that the Company’s revenue will grow due to growth in the e-commerce channel and areas of recent capital investment in the short term, and consistent with United States gross domestic product average projections over the longer term. For the ECP CGU, projections expect additional revenue from recent capacity expansion investments made and recovery from COVID-19 demand disruptions in the short term, and sustained growth levels consistent with United States gross domestic product over the longer term. For the Nortech CGU, projections expect the business to achieve growth in the acquisition business case, which has been delayed by national lockdowns and restricted customer capital expenditures due to the global COVID-19 pandemic. The initial high rate of growth anticipated in 2021 is largely due to an expected recovery from these delays in fulfilling the customer order backlog. (3) The discount rate used is the estimated weighted average cost of capital for the asset group, using observable market rates and data based on a set of publicly traded industry peers. (4) Cash flows beyond the forecast period have been primarily extrapolated at or below the projected long-term average growth rates for the asset groups. (5) The income tax rate represents an estimated effective tax rate based on enacted or substantively enacted rates. Sensitivity analysis performed as of December 31, 2020 using reasonably possible changes in key assumptions above are outlined below: T&F Group ECP CGU Nortech CGU Forecast period annual revenue growth rates 9% in 2021, 0% thereafter 12% in 2021, 1% thereafter 0% in 2021 and 2022, 109% in 2023, 21% in 2023, 17% in 2024, tapering down to 3% thereafter Discount rate 11.0 % 12.6 % 14.5 % Cash flows beyond the forecast period have been extrapolated using a steady growth rate of 1 % 1 % 2 % Income tax rate 35.0 % 37.0 % 28.0 % There was no indication of any impairment resulting from changing the individual assumptions above. Impairments Impairments recognized during the year ended December 31, 2021 and 2020 are presented in the table below. There were no reversals of impairments recognized during the year ended December 31, 2021 and 2020. 2021 2020 $ $ Classes of assets impaired Manufacturing facility closures, restructuring and other related charges Inventories — 596 — 596 Cost of sales Inventories 5,240 1,179 Property, plant and equipment Buildings 72 — Manufacturing equipment 219 127 Construction in progress 513 86 Intangibles — 371 6,044 1,763 Total 6,044 2,359 The assets impaired during the year ended December 31, 2021 were primarily impairments of inventories related to (i) Nortech net realizable value write-downs and returned product and (ii) slow-moving and obsolete goods. The assets impaired during the year ended December 31, 2020 were primarily impairments of inventories related to slow-moving and obsolete goods, including inventory associated with the Montreal, Quebec manufacturing facility closure. The Company used its best estimate in assessing the likely outcome for each of the assets. The recoverable amount of the assets in all cases was fair value less costs to sell. |
BORROWINGS
BORROWINGS | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings [abstract] | |
BORROWINGS | BORROWINGS Borrowings are composed of the following for the years ended: December 31, December 31, Maturity Weighted average $ Weighted average $ 2021 Senior Unsecured Notes (a) June 2029 4.38 % 395,614 — % — 2018 Senior Unsecured Notes (b) October 2026 — % — 7.00 % 246,236 2021 Credit Facility (c) June 2026 2.16 % 96,116 — % — 2018 Credit Facility (d) June 2023 — % — 3.07 % 185,162 2018 Capstone Credit Facility (e) Various until June 2023 5.17 % 11,389 6.47 % 10,505 Partially forgivable government loans (f) Various until June 2026 1.25 % 4,628 1.25 % 5,265 Lease liabilities (g) Various until December 2034 5.89 % 44,801 6.12 % 42,122 Other borrowings (h) Various until December 2025 0.77% - 4.70% 2,713 0.82% - 9.31% 674 Total borrowings 555,261 489,964 Less: borrowings and lease liabilities, current 18,119 26,219 Total borrowings and lease liabilities, non-current 537,142 463,745 The aggregate principal amounts of the related borrowings and lease liabilities in the table above are presented net of debt issuance costs of $8.3 million and $5.1 million as of December 31, 2021 and 2020, respectively, and imputed interest of $0.2 million and $0.3 million as of December 31, 2021 and 2020, respectively, netting to $8.1 million and $4.8 million as of December 31, 2021 and 2020, respectively. Refer to Note 24 for a maturity analysis on borrowings. (a) 2021 Senior Unsecured Notes On June 8, 2021, the Company completed the private placement of $400.0 million aggregate principal amount of senior unsecured notes due June 15, 2029 ("2021 Senior Unsecured Notes"). The Company incurred debt issuance costs of $5.0 million which were capitalized and are being amortized using the straight-line method over the eight-year term. The 2021 Senior Unsecured Notes bear interest at a rate of 4.375% per annum, payable semi-annually, in cash, in arrears on June 15 and December 15 of each year, beginning on December 15, 2021. The Company used the net proceeds from the 2021 Senior Unsecured Notes to redeem its previously outstanding 2018 Senior Unsecured Notes (defined below), to repay a portion of the borrowings outstanding under its 2018 Credit Facility (defined below) and to pay related fees and expenses, as well as for general corporate purposes. As of December 31, 2021, the 2021 Senior Unsecured Notes outstanding balance amounted to $400.0 million ($395.6 million, net of $4.4 million in unamortized debt issuance costs). On or after June 15, 2024, the Company may redeem the 2021 Senior Unsecured Notes at its option, in whole or in part, on certain redemption dates and at certain redemption prices specified in the indenture, plus any accrued and unpaid interest. In addition, prior to June 15, 2024, the Company may redeem the 2021 Senior Unsecured Notes at its option, in whole or in part, from time to time, at a redemption price equal to 100% of the principal amount of the notes redeemed, plus an applicable premium specified in the indenture, plus any accrued and unpaid interest. If the Company experiences a change of control, it may be required to offer to repurchase the 2021 Senior Unsecured Notes at a purchase price equal to 101% of their aggregate principal amount plus any accrued and unpaid interest up to, but excluding, the date of such repurchase. The 2021 Senior Unsecured Notes indenture contains usual and customary incurrence-based covenants that are generally less restrictive than covenants under the 2021 Credit Facility (defined below) and, among other things, limit the Company's ability to incur additional debt; pay dividends, redeem stock or make other distributions; enter into certain types of transactions with affiliates; incur liens on assets; make certain restricted payments and investments; engage in certain asset sales, including sale and leaseback transactions; agree to certain restrictions on the ability of restricted subsidiaries to make payments to the Company; and merge, consolidate, transfer or dispose of substantially all assets. Certain of these covenants will be suspended if the 2021 Senior Unsecured Notes are assigned an investment grade rating by Standard & Poor's Rating Services and Moody's Investors Services, Inc. None of these covenants are considered restrictive to the Company’s operations and, as of December 31, 2021, the Company was in compliance with all of these debt covenants. The 2021 Senior Unsecured Notes are guaranteed by all direct and indirect subsidiaries of the Parent Company that are borrowers or guarantors under the 2021 Credit Facility. Under the terms of the indenture, any direct or indirect subsidiaries that in the future become borrowers or guarantors under the 2021 Credit Facility shall also be guarantors of the 2021 Senior Unsecured Notes. (b) 2018 Senior Unsecured Notes On June 16, 2021, the Company's $250.0 million 7.00% senior unsecured notes ("2018 Senior Unsecured Notes") were redeemed in full, resulting in satisfaction and discharge of the obligation. In connection with the redemption of its 2018 Senior Unsecured Notes, the Company wrote-off debt issuance costs of $3.6 million which are recorded as interest expense under the caption finance costs (income) in earnings, and recognized an early redemption premium and other costs of $14.4 million recorded as other expense (income), net under the caption finance costs (income) in earnings. On October 15, 2018, the Company completed the private placement of its 2018 Senior Unsecured Notes due October 15, 2026. The 2018 Senior Unsecured Notes bore interest at a rate of 7.00% per annum, which was payable semi-annually, in cash, in arrears on April 15 and October 15 of each year, beginning on April 15, 2019. The 2018 Senior Unsecured Notes' indenture contained usual and customary incurrence-based covenants that were generally less restrictive than covenants under the 2018 Credit Facility and 2021 Credit Facility and, among other things, limited the Company's ability to incur additional debt; pay dividends, redeem stock or make other distributions; enter into certain types of transactions with affiliates; incur liens on assets; make certain restricted payments and investments; engage in certain asset sales, including sale and leaseback transactions; agree to certain restrictions on the ability of restricted subsidiaries to make payments to the Company; and merge, consolidate, transfer or dispose of substantially all assets. The indenture allowed for suspension of certain covenants if the 2018 Senior Unsecured Notes were assigned an investment grade rating by Standard & Poor's Rating Services and Moody's Investors Services, Inc. None of these covenants were considered restrictive to the Company’s operations. The 2018 Senior Unsecured Notes were guaranteed by all direct and indirect subsidiaries of the Parent Company that were borrowers or guarantors under the 2018 Credit Facility. Under the terms of the indenture, any direct or indirect subsidiaries that became borrowers or guarantors under the 2018 Credit Facility were also considered guarantors of the 2018 Senior Unsecured Notes. (c) 2021 Credit Facility On June 14, 2021, the Company entered into a new five-year, $600.0 million credit facility (“2021 Credit Facility”) with a syndicated lending group, amending and extending the Company's 2018 Credit Facility that was due to mature in June 2023. The 2018 Credit Facility's outstanding balance of $112.8 million at the time of amendment was transferred to the 2021 Credit Facility. In securing the 2021 Credit Facility, the Company incurred debt issuance costs amounting to $3.4 million which, in addition to the remaining unamortized debt issuance costs on the 2018 Credit Facility, were capitalized and are being amortized using the straight-line method over the five-year term of the loan. The 2021 Credit Facility consists of a $600.0 million revolving credit facility, as well as an incremental accordion feature of $300.0 million, which would enable the Company to increase the limit of this facility (subject to the credit agreement's terms and lender approval) to $900.0 million, if needed. The 2021 Credit Facility matures on June 12, 2026 and bears an interest rate based, at the Company’s option, on the London Inter-bank Offered Rate ("LIBOR") (or a lender-approved comparable or successor rate), the Federal Funds Rate, or Bank of America’s prime rate, plus a spread varying between 10 and 235 basis points (110 basis points as of December 31, 2021) depending on the debt instrument's benchmark interest rate and the consolidated secured net leverage ratio. As of December 31, 2021, the 2021 Credit Facility's outstanding principal balance amounted to $100.0 million ($96.1 million, net of $3.9 million in unamortized debt issuance costs). Including $2.3 million in standby letters of credit, total utilization under the 2021 Credit Facility amounted to $102.3 million. Accordingly, the Company’s unused availability as of December 31, 2021 amounted to $497.7 million. The 2021 Credit Facility has two financial covenants, a consolidated secured net leverage ratio not to be more than 4.00 to 1.00, with an allowable temporary increase to 4.50 to 1.00 for the quarter in which the Company consummates an acquisition with a price not less than $50.0 million and the following three quarters, and a consolidated interest coverage ratio not to be less than 2.25 to 1.00. The Company was in compliance with the consolidated secured net leverage ratio and consolidated interest coverage ratio, which were 0.47 and 10.73 respectively, as of December 31, 2021. In addition, the 2021 Credit Facility has certain non-financial covenants, such as covenants regarding indebtedness, investments, and asset dispositions. The Company was in compliance with all covenants as of, and during the year ended, December 31, 2021. The 2021 Credit Facility is secured by a first priority lien on all personal property of the Company and all current and future material subsidiaries who are borrowers or guarantors under the facility. (d) 2018 Credit Facility The Company's five-year, $600.0 million credit facility entered into on June 14, 2018 and due in June 2023 ("2018 Credit Facility") was amended and extended on June 14, 2021 as part of entering into the 2021 Credit Facility, as discussed above. In securing the 2018 Credit Facility, the Company incurred debt issue costs amounting to $2.7 million which were capitalized and were being amortized using the straight-line method over the five-year term of the loan. At the time the Company entered into the 2021 Credit Facility, the remaining unamortized debt issuance costs on the 2018 Credit Facility totalled $1.1 million, which are now being amortized using the straight-line method over the five-year term of the 2021 Credit Facility. The 2018 Credit Facility consisted of a $400.0 million revolving credit facility (“2018 Revolving Credit Facility”) and a $200.0 million term loan (“2018 Term Loan”). The 2018 Term Loan included amortization features of $65.0 million through March 2023 ($5.0 million in 2018, $10.0 million in 2019, $12.5 million in 2020, $15.0 million in 2021, $17.5 million in 2022, and $5.0 million in 2023), and the remaining balance was due upon maturity in June 2023. Repayments of borrowings under the 2018 Term Loan were not available to be borrowed again in the future. The 2018 Credit Facility also included an incremental accordion feature of $200.0 million, which enabled the Company to increase the limit of this facility (subject to the credit agreement's terms and lender approval) if needed. The 2018 Credit Facility bore an interest rate based, at the Company’s option, on LIBOR, the Federal Funds Rate, or Bank of America’s prime rate, plus a spread varying between 25 and 250 basis points (150 basis points as of December 31, 2020) depending on the debt instrument's benchmark interest rate and the consolidated secured net leverage ratio. The 2018 Credit Facility was secured by a first priority lien on all personal property of the Company and all previous material subsidiaries who were borrowers or guarantors under the facility. The 2018 Credit Facility had, in summary, two financial covenants: (i) a consolidated secured net leverage ratio not to be more than 3.70 to 1.00 with an allowable temporary increase to 4.20 to 1.00 for the quarters in which the Company consummated an acquisition with a price not less than $50.0 million and the following three quarters and (ii) a consolidated interest coverage ratio not to be less than 2.75 to 1.00. In addition, the 2018 Credit Facility had certain non-financial covenants, such as covenants regarding indebtedness, investments, and asset dispositions. (e) 2018 Capstone Credit Facility On February 6, 2018, Capstone, one of the Company's subsidiaries, entered into an INR 975.0 million ($15.0 million) credit facility ("2018 Capstone Credit Facility"). The 2018 Capstone Credit Facility consists of an INR 585.0 million ($9.0 million) term loan facility ("Capstone Term Loan Facility") for financing capital expenditures and INR 390.0 million ($6.0 million) working capital facility ("Capstone Working Capital Facility") and bears interest based on the prevailing Indian Marginal Cost-Lending Rate ("IMCLR"). Any repayments of borrowings under the Capstone Term Loan Facility are not available to be borrowed again in the future. The 2018 Capstone Working Capital Facility and the balance of the Capstone Term Loan Facility mature in June 2023. Funding under the Capstone Term Loan Facility is committed, while the Capstone Working Capital Facility is uncommitted. Borrowings under the 2018 Capstone Credit Facility are guaranteed by the Parent Company and are otherwise unsecured. As of December 31, 2021, the 2018 Capstone Credit Facility credit limit was INR 975.0 million ($13.1 million). The Capstone Term Loan Facility had an outstanding balance of INR 564.1 million ($7.6 million), and the Capstone Working Capital Facility outstanding balance was INR 283.4 million ($3.8 million) for a total gross outstanding amount of INR 847.5 million ($11.4 million). As of December 31, 2021, the 2018 Capstone Credit Facility's unused availability was INR 106.6 million ($1.4 million), composed entirely of uncommitted funding. USD amounts presented above are translated from INR and are impacted by fluctuations in the USD and INR exchange rates. (f) Partially forgivable government loans In August 2015, one of the Company’s wholly-owned subsidiaries entered into a partially forgivable loan with the Agencia para Investmento Comercio Externo de Portugal, EPE ("AICEP"), the Portuguese agency for investment and external trade, as part of financing a capital expansion project. Based on the terms of the agreement, up to 50% of the loan could be forgiven as long as certain conditions were met, namely satisfying certain 2019 targets, including financial metrics and headcount additions, to be confirmed and communicated after the conclusion of the project. The Company had determined there was reasonable assurance that the forgiveness requirements would be satisfied and as a result €2.1 million ($2.4 million) was reclassified to deferred income in other liabilities as of December 31, 2019. On February 11, 2021, the AICEP formally approved for 45% of the original cash proceeds borrowed to be forgiven. The partially forgivable loan is non-interest bearing with semi-annual installments of principal due from July 2018 through January 2025. To reflect the benefit of the interest-free status, the loan was discounted to its estimated fair value using a discount rate of 1.25% which reflects the borrowing cost of the Company’s wholly-owned subsidiary. As of December 31, 2021, the loan had an outstanding balance of €1.4 million ($1.5 million) and a fair value of €1.3 million ($1.5 million). The difference between the outstanding balance and the fair value of the loan is the benefit derived from the interest-free loan which is recognized as deferred income in other liabilities until the assets are placed into service. When the capital expansion assets are placed into service, the deferred income is recognized in earnings through cost of sales on a systematic basis over the related assets’ useful lives. The unamortized deferred income, which consists of the benefits of both meeting the loan forgiveness requirements and the interest-free loan status, is €1.7 million ($1.9 million) as of December 31, 2021 (€1.9 million ($2.3 million) as of December 31, 2020) and is included in the Company's consolidated balance sheet in the caption other liabilities. In February 2018, the same subsidiary entered into a second partially forgivable loan with the AICEP to finance an additional capital expansion project. Based on the terms of the agreement, up to 60% of the loan could be forgiven in 2023 as long as certain conditions were met, namely satisfying certain 2022 targets, including financial metrics and headcount additions. The partially forgivable loan is non-interest bearing and semi-annual installments of principal are due from December 2020 through June 2026. To reflect the benefit of the interest-free status, the loan was discounted to its estimated fair value using a discount rate of 1.25% which reflects the borrowing cost of the Company’s wholly-owned subsidiary. As of December 31, 2021, the loan had an outstanding balance of €2.9 million ($3.3 million) and a fair value of €2.8 million ($3.1 million). The difference between the outstanding balance and the fair value of the loan is the benefit derived from the interest-free loan and is recognized as deferred income. Additionally, once the Company has determined there is reasonable assurance that the forgiveness requirements will be satisfied, the portion of the loan that is no longer repayable will be reclassified to deferred income in other liabilities. The deferred income will be recognized in earnings through cost of sales on a systematic basis over the related assets’ useful lives when the capital expansion assets are placed into service. The unamortized deferred income is €0.2 million ($0.2 million) as of December 31, 2021 and December 31, 2020 and is included in the Company's consolidated balance sheet in the caption other liabilities. Imputed interest expense is recorded over the life of the loans so that at the end of the loan periods the amounts to be reimbursed will equal the nominal amounts. Interest expense of less than $0.1 million was recognized on these loans during the years ended December 31, 2021 and 2020. USD amounts presented above are translated from Euros and are impacted by fluctuations in the USD and Euro exchange rates. (g) Refer to Note 15 for more information regarding lease liabilities. (h) Other borrowings IPG Asia Credit Facility One of the Company's subsidiaries, IPG Asia, has a credit facility consisting of an INR 375.0 million ($5.0 million) working capital facility that renews annually, is due upon demand and bears interest based on the prevailing IMCLR ("IPG Asia Credit Facility"). The IPG Asia Credit Facility is guaranteed by the Parent Company, and certain local assets (with a carrying amount of $39.2 million as of December 31, 2021) are required to be pledged. IPG Asia is prohibited from granting liens on its assets without the consent of the lender under the IPG Asia Credit Facility. Funding under the IPG Asia Credit Facility is not committed and could be withdrawn by the lender with 10 days' notice. Additionally, under the terms of the IPG Asia Credit Facility, IPG Asia's debt to net worth ratio (as defined by the IPG Asia Credit Facility credit agreement) must be maintained below 3.00. IPG Asia was in compliance with the debt to net worth ratio which was 0.04 as of December 31, 2021. As of December 31, 2021, the IPG Asia Credit Facility’s outstanding balance was INR 63.5 million ($0.9 million). Including INR 167.6 million ($2.2 million) in letters of credit, total utilization under the IPG Asia Credit Facility amounted to INR 231.1 million ($3.1 million). The IPG Asia Credit Facility's unused availability as of December 31, 2021 amounted to INR 143.9 million ($1.9 million), composed of uncommitted funding. USD amounts presented above are translated from INR and are impacted by fluctuations in the USD and INR exchange rates. Short-term Credit Line One of the Company’s wholly-owned subsidiaries has a short-term credit line for up to €2.5 million ($2.8 million) for the purpose of financing a capital expansion project. As of December 31, 2021, €1.5 million ($1.7 million) of the short-term credit line was utilized. No amounts were outstanding under the short-term credit line as of December 31, 2020. The credit line bears interest at the rate of the twelve-month Euro Interbank Offered Rate with a floor of 0% plus a premium (75 basis points as of December 31, 2021 and 2020). The short-term credit line matures in September 2022 and is renewable annually, with interest due quarterly and billed in arrears. Vehicle Loans One of the Company's subsidiaries has various loans related to the purchase of vehicles. The loans' outstanding principal balances amounted to €0.1 million ($0.1 million) as of December 31, 2021. The loans are repaid in annual installments through December 2025. Reconciliation of liabilities arising from financing activities The changes in the Company’s liabilities arising from financing activities can be classified as follows: Borrowings, Borrowings, Lease liabilities Total $ $ $ $ Balance as of December 31, 2019 443,819 20,235 44,756 508,810 Cash flows: Proceeds 234,972 67,059 — 302,031 Repayments (248,903) (70,397) (6,581) (325,881) Non-cash: Lease additions — — 4,064 4,064 Lease disposals — — (203) (203) Amortization of debt issuance costs 1,210 — — 1,210 Foreign exchange and other (23) (130) 86 (67) Reclassification (2,364) 2,364 — — Balance as of December 31, 2020 428,711 19,131 42,122 489,964 Borrowings, Borrowings, Lease liabilities Total $ $ $ $ Balance as of December 31, 2020 428,711 19,131 42,122 489,964 Cash flows: Proceeds 716,555 80,874 — 797,429 Repayments (653,472) (77,852) (7,803) (739,127) Debt issuance costs (1) (8,421) — — (8,421) Non-cash: Lease additions — — 10,278 10,278 Lease disposals — — (68) (68) Additions through business acquisitions — — 250 250 Amortization of debt issuance costs 1,502 — — 1,502 Write-off of debt issuance costs 3,647 — — 3,647 Foreign exchange and other (192) (23) 22 (193) Reclassification 14,650 (14,650) — — Balance as of December 31, 2021 502,980 7,480 44,801 555,261 (1) Includes debt issuance costs of $0.1 million that were accrued for but unpaid as of December 31, 2021. |
LEASE LIABILITIES
LEASE LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of quantitative information about leases for lessee [abstract] | |
LEASE LIABILITIES | LEASE LIABILITIES The Company has building leases for office space for corporate and shared service functions, manufacturing facilities and warehouse space for inventory, manufacturing equipment leases (e.g. forklifts, tractor trailers, and storage containers) and automobile leases. Refer to Note 9 for additional information regarding right-of-use-assets. Each lease generally imposes a restriction that, unless there is a contractual right for the Company to sublet the asset to another party, the right-of-use asset can only be used by the Company. Leases are either non-cancellable or may only be cancelled by incurring a termination fee. Some leases contain an option to purchase the underlying leased asset outright at the end of the lease, or to extend the lease for an additional term. For leases of office buildings and manufacturing facilities the Company must keep the properties in a good state of repair and return the properties in their original condition at the end of the lease. Further, the Company must insure items of property, plant and equipment and incur maintenance fees on such items in accordance with the lease contracts. Lease liabilities are presented in the consolidated balance sheet under the caption borrowings and lease liabilities current and non-current as follows: December 31, 2021 December 31, 2020 $ $ Lease liabilities (current) 10,639 7,088 Lease liabilities (non-current) 34,162 35,034 44,801 42,122 Interest expense relating to payments on lease liabilities was approximately $2.4 million and $2.7 million for the years ended December 31, 2021 and 2020, respectively, and is included in interest expense under the caption finance costs (income) in earnings. As of December 31, 2021, the Company's leases fall into the following categories, by class of right-of-use asset: Count of leases Buildings Manufacturing equipment Furniture, office equipment and other Total right-of-use assets Right-of-use assets leased 40 157 57 254 Leases with extension options 21 35 1 57 Extension options reasonably certain to exercise 10 — — 10 Leases with options to purchase 1 8 3 12 Purchase options reasonably certain to exercise 1 5 — 6 Leases with variable payments linked to an index — 36 — 36 Leases with termination options, none of which are reasonably certain to exercise 6 — 1 7 Lease terms on the Company's leasing activities by class of right-of-use asset recognized on the balance sheet are as follows: Buildings Manufacturing equipment Furniture, office equipment and other Range of remaining term 1-156 months 1-84 months 1-46 months Average remaining lease term 40 months 21 months 14 months Rent expense relating to payments not included in the measurement of lease liabilities was approximately $2.5 million and $1.8 million for the years ended December 31, 2021 and 2020, respectively, and is composed of the following: December 31, 2021 December 31, 2020 $ $ Short-term leases 837 826 Leases of low value assets 123 81 Variable lease payments 1,508 850 2,468 1,757 Refer to the Liquidity section of Note 24 for the disclosure of minimum lease liabilities due. As of December 31, 2021, the Company had commitments of $4.2 million, respectively, for short-term leases and leases of manufacturing equipment, furniture, office equipment, and other which had not yet commenced. Total cash outflow for leases for the twelve months ended December 31, 2021 and 2020 was $12.7 million and $11.0 million, respectively. |
PROVISIONS AND CONTINGENT CONSI
PROVISIONS AND CONTINGENT CONSIDERATION | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of other provisions [abstract] | |
PROVISIONS AND CONTINGENT CONSIDERATION | PROVISIONS AND CONTINGENT CONSIDERATION The reconciliation of the Company’s provisions is as follows: Environmental Restoration Termination Litigation Contingent consideration Total $ $ $ $ $ $ Balance as of December 31, 2019 1,524 1,586 961 764 — 4,835 Provisions assumed through business acquisitions — — — 100 — 100 Additional provisions — 80 4,162 258 11,005 (1) 15,505 Amounts used (127) — (2,654) (8) — (2,789) Amounts reversed — — (52) — (11,005) (11,057) Net foreign exchange differences — 10 48 — — 58 Balance as of December 31, 2020 1,397 1,676 2,465 1,114 — 6,652 Amount presented as current 819 50 2,370 983 — 4,222 Amount presented as non-current 578 1,626 95 131 — 2,430 Balance as of December 31, 2020 1,397 1,676 2,465 1,114 — 6,652 Provisions assumed through business acquisitions — 88 — — — 88 Additional provisions — 12 314 208 8,305 8,839 Amounts used (165) — (1,842) (1,034) — (3,041) Amounts reversed (50) — (240) (106) — (396) Net foreign exchange differences — 1 (1) (1) 9 8 Balance as of December 31, 2021 1,182 1,777 696 181 8,314 12,150 Amount presented as current 670 — 413 78 3,344 4,505 Amount presented as non-current 512 1,777 283 103 4,970 7,645 Balance as of December 31, 2021 1,182 1,777 696 181 8,314 12,150 (1) Includes increases resulting from net present value discounting of $0.2 million. Refer to Note 24 for additional information regarding the Company's contingent consideration arrangements. The environmental provision activity during the years ended December 31, 2021 and 2020 is primarily related to the Columbia, South Carolina facility. The restoration provision pertains to leases at manufacturing facilities where the Company is obligated to restore the leased properties to the same condition that existed at the lease commencement date. The estimated expenses will not be incurred until the end of the lease terms which, is not in the next twelve months, and only occurs if the lease is not renewed. Termination benefits activity during the years ended December 31, 2021 and 2020 relate primarily to employee restructuring initiatives started in 2020 in response to COVID-19 uncertainties. Refer to Note 4 for additional information on manufacturing facility closures, restructuring and other related charges. The Company records liabilities for legal proceedings in those instances where it can reasonably estimate the amount of the loss and where liability is probable. The Company is engaged from time-to-time in various legal proceedings and claims that have arisen in the ordinary course of business. The outcome of all of the proceedings and claims against the Company is subject to future resolution, including the uncertainties of litigation. Based on information currently known to the Company and after consultation with outside legal counsel, management currently believes that the probable ultimate resolution of any such proceedings and claims, individually or in the aggregate, will not have a material adverse effect on the financial condition of the Company, taken as a whole as of December 31, 2021. The Company is party to certain contingent consideration arrangements as part of the Nortech Acquisition (defined in Note 19) and Nuevopak Acquisition (defined in Note 19), which require the Company to make future payments, if specified future events occur or conditions are met, based on the provisions contained within the respective acquisition's purchase agreement. Refer to Note 24 for additional information regarding the Company's contingent consideration arrangements. As of December 31, 2021, and 2020, no reimbursements are expected to be received by the Company for any of the provided amounts and there were no contingent assets at any of the financial statement reporting dates covered by these consolidated financial statements. |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of other liabilities [Abstract] | |
OTHER LIABILITIES | OTHER LIABILITIES Other liabilities are composed of the following for the years ended: December 31, December 31, $ $ Deferred compensation (1) 6,584 3,943 Deferred income on partially forgivable government loans (2) 2,098 2,525 Interest rate swap agreements (3) 1,642 4,025 Contract liabilities 938 565 Royalty liabilities 926 301 Deferred social security tax (4) — 3,239 Other 359 168 12,547 14,766 (1) Refer to Note 20 for additional information on other long-term employee benefit plans. (2) Refer to Note 14 for additional information on deferred income on partially forgivable government loans. (3) Refer to Note 24 for additional information regarding the fair value of interest rate swap agreements. (4) The Coronavirus, Aid, Relief and Economic Security Act enacted in 2020 allows employers to defer until a future period the deposit and payment of the employer's share of Social Security taxes in the United States. The amount herein represents the long-term portion of these deferred payroll taxes with the short-term portion recorded on the Company’s consolidated balance sheet under the caption accounts payable and accrued liabilities. |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of share capital, reserves and other equity interest [Abstract] | |
CAPITAL STOCK | CAPITAL STOCK Authorized The Company is authorized to issue an unlimited number of common shares without par value. Class “A” preferred shares, issuable in series, rank in priority to the common shares with respect to dividends and return of capital on dissolution. The Board of Directors is authorized to fix, before issuance, the designation, rights, privileges, restrictions and conditions attached to the shares of each series. No Class A preferred shares have been issued. Common Shares The Company’s common shares outstanding as of December 31, 2021 and 2020, were 59,284,947 and 59,027,047, respectively. Dividends Cash dividends paid to shareholders are as follows for each of the years in the three-year period ended December 31, 2021: Declared Date Paid date Per common Shareholder Common Aggregate payment (1) $ $ March 12, 2019 March 29, 2019 0.1400 March 22, 2019 58,665,310 8,189 May 8, 2019 June 28, 2019 0.1400 June 14, 2019 58,877,185 8,352 August 7, 2019 September 30, 2019 0.1475 September 16, 2019 58,877,185 8,709 November 8, 2019 December 30, 2019 0.1475 December 16, 2019 58,939,685 8,742 March 12, 2020 March 31, 2020 0.1475 March 23, 2020 59,009,685 8,807 May 12, 2020 June 30, 2020 0.1475 June 15, 2020 59,009,685 8,651 August 12, 2020 September 30, 2020 0.1475 September 15, 2020 59,009,685 8,574 November 11, 2020 December 31, 2020 0.1575 December 16, 2020 59,019,546 9,354 March 11, 2021 March 31, 2021 0.1575 March 22, 2021 59,027,047 9,237 May 11, 2021 June 30, 2021 0.1575 June 16, 2021 59,027,047 9,214 August 10, 2021 September 30, 2021 0.1700 September 16, 2021 59,284,947 10,039 November 11, 2021 December 31, 2021 0.1700 December 17, 2021 59,284,947 10,151 (1) Aggregate dividend payment amounts presented in the table above are adjusted for the impact of foreign exchange rates on cash payments to shareholders. Share Repurchases On July 23, 2021, the Company renewed its normal course issuer bid ("NCIB"), under which it is permitted to repurchase for cancellation up to 4,000,000 common shares of the Company at prevailing market prices during the twelve-month period ending July 22, 2022. As of December 31, 2021 and March 10, 2022, 4,000,000 shares remained available for repurchase under the NCIB. The Company's two previous NCIBs, which each allowed repurchases for cancellation up to 4,000,000 common shares, expired on July 22, 2021 and July 22, 2020, respectively. There were no share repurchases during the years ended December 31, 2021 and 2020. Stock Options The Company's prior Executive Stock Option Plan ("ESOP"), which was adopted in 1992 and last ratified on June 4, 2015, elapsed on June 4, 2018. In accordance with the TSX rules, no further grants of stock options have been made under the prior ESOP since June 4, 2018. On March 12, 2019, the Board of Directors adopted a new Executive Stock Option Plan ("2019 ESOP") and on June 6, 2019, shareholders approved the 2019 ESOP at the Company's Annual Meeting of Shareholders. 2019 ESOP (approved on June 6, 2019) Stock options outstanding under the 2019 ESOP are equity-settled and expire no later than ten years after the date of the grant and can be used only to purchase stock and may not be redeemed for cash. Stock options may be granted only to employees and consultants of the Company and its subsidiaries and will vest based on the vesting schedule determined at the discretion of the Board of Directors. All stock options that have been granted under the 2019 ESOP vest one-third on each of the first three Prior ESOP (elapsed on June 4, 2018) Stock options outstanding under the prior ESOP are equity-settled and expire no later than ten years after the date of the grant and can be used only to purchase stock and may not be redeemed for cash. Stock options granted to key employees and executives vested one-third on each of the first three anniversaries of the date of grant. Stock options granted to directors who are not officers of the Company vested 25% on the grant date and 25% on each of the first three All stock options granted, under both plans described above, were granted at a price determined and approved by the Board of Directors, which cannot be less than the closing price of the Company's common shares on the TSX for the day immediately preceding the effective date of the grant. The changes in number of stock options outstanding were as follows for each of the years in the three-year period ended December 31, 2021: 2021 2020 2019 Weighted Number of Weighted Number of Weighted Number of CDN$ CDN$ CDN$ Balance, beginning of year 11.25 2,449,222 16.49 1,010,901 14.59 1,009,793 Granted 29.34 243,152 7.94 1,533,183 17.54 392,986 Exercised 12.90 (257,900) 19.94 (17,362) 12.34 (359,375) Forfeited — — 12.34 (77,500) 15.85 (32,503) Balance, end of year 12.88 2,434,474 11.25 2,449,222 16.49 1,010,901 Shares issued upon exercise of stock options during 2021, 2020 and 2019 had a weighted average fair value per share at exercise of $24.41, $20.11 and $13.06, respectively. The following table summarizes information about stock options outstanding and exercisable for each of the years in the three-year period ended December 31, 2021: Options outstanding Options exercisable Range of exercise prices (CDN$) Number Weighted Weighted Number Weighted CDN$ CDN$ December 31, 2021 $7.94 1,501,231 5.82 7.94 479,111 7.94 $12.55 140,000 2.21 12.55 140,000 12.55 $17.54 338,604 4.84 17.54 215,109 17.54 $21.76 211,487 3.97 21.76 211,487 21.76 $29.34 243,152 6.47 29.34 — — 2,434,474 5.38 12.88 1,045,707 13.33 December 31, 2020 $7.94 1,533,183 6.76 7.94 — — $12.04 to $12.55 320,000 2.82 12.30 320,000 12.30 $17.54 362,982 5.67 17.54 115,994 17.54 $21.76 233,057 4.71 21.76 152,084 21.76 2,449,222 5.89 11.25 588,078 15.78 December 31, 2019 $12.04 to $12.55 397,500 3.13 12.30 397,500 12.30 $17.54 370,483 6.62 17.54 — — $21.76 242,918 5.61 21.76 80,973 21.76 1,010,901 5.01 16.49 478,473 13.90 The weighted average fair value of stock options granted was estimated using the Black-Scholes option pricing model. The following table summarizes information about the weighted average fair value of stock options granted during each of the years in the three-year period ending December 31, 2021, including the weighted average assumptions used in the model: December 31, 2021 December 31, 2020 December 31, 2019 Weighted average fair value of stock options granted $4.25 $0.44 $2.21 Weighted average model assumptions: Expected life 5.5 years 5.5 years 4.9 years Expected volatility (1) 27.63 % 34.18 % 29.79 % Risk-free interest rate 1.09 % 0.75 % 1.44 % Expected dividends 3.07 % 10.79 % 4.27 % Stock price at grant date CDN$ 29.34 CDN$ 7.94 CDN$ 17.54 Exercise price of awards CDN$ 29.34 CDN$ 7.94 CDN$ 17.54 Foreign exchange rate USD to CDN 1.2482 1.4526 1.3380 (1) Expected volatility was calculated by applying a weighted average of the daily closing price on the TSX for a term commensurate with the expected life of the grant. Restricted Share Units A RSU is a right to receive a cash payment equal to the five The following table summarizes information about RSUs for each of the years in the three-year period ended December 31, 2021: 2021 2020 2019 RSUs granted 81,981 281,326 120,197 Weighted average fair value per RSU granted $ 23.88 $ 6.07 $ 13.74 RSUs forfeited 3,349 8,643 7,412 RSUs settled 106,906 — — Weighted average fair value per RSU settled 23.84 — — Cash settlements (1) 2,733 — — (1) Includes a cash payment of dividend equivalents on RSUs equaling the product that results from multiplying the number of settled RSUs by the amount of cash dividends per common share declared and paid by the Company from the date of grant of the RSUs to the settlement date. The following table summarizes information about RSUs outstanding as of: December 31, December 31, RSUs outstanding 469,468 497,287 Weighted average fair value per RSU outstanding $ 20.21 $ 18.91 Performance Share Units A PSU is a right to receive a cash payment equal to the five Grant details for PSUs granted prior to December 31, 2017: The PSUs granted prior to December 31, 2017 were eligible to vest from 0% to 150% of the Target Shares ("Target Shares" reflects 100% of the PSUs granted) based on the Company's total shareholder return ("TSR") ranking relative to a specified peer group of companies (the "Peer Group") over the measurement period as outlined in the table below: TSR Ranking Relative to the Peer Group Percent of Target Shares Vested 76th percentile or higher 150 % 51st-75th percentile 100 % 25th-50th percentile 50 % Less than the 25th percentile 0 % The performance and vesting period was the period from the date of grant through the third anniversary of the date of grant. The PSUs were expensed over the vesting period. On August 7, 2019, the Board of Directors amended the terms of the PSU awards granted in 2017 only to modify the performance adjustment factor specific to the TSR ranking relative to the Peer Group over the performance measurement period. The amendment was intended to align the performance adjustment factors with the market practice of interpolating as well as the recent practice of the Company. As amended, the TSR performance adjustment factor was determined as follows (interpolated on a straight-line basis): TSR Ranking Relative to the Peer Group Percent of Target Shares Vested 75th percentile or above 150 % 50th percentile 100 % 25th percentile 50 % Less than the 25th percentile 0 % Grant details for PSUs granted subsequent to December 31, 2017 and prior to December 31, 2019: The number of PSUs granted in 2018 and 2019 that will be eligible to vest can range from 0% to 175% of the Target Shares as determined by multiplying the number of PSUs awarded by the adjustment factors as follows: • 50% based on the Company's TSR ranking relative to the Peer Group over the measurement period as set out in the table below; and • 50% based on the Company's average return on invested capital over the measurement period as compared to internally developed thresholds (the “ROIC Performance”) as set out in the table below. Grant details for PSUs granted subsequent to December 31, 2019: The number of PSUs granted subsequent to December 31, 2019 that will be eligible to vest can range from 0% to 175% of the Target Shares as determined by multiplying the number of PSUs awarded by the adjustment factors as follows: • 25% based on the Company's TSR ranking relative to the S&P North America SmallCap Materials (Industry Group) Index (the "Index Group") over the measurement period as set out in the table below; • 25% based on the Company's TSR ranking relative to the Peer Group over the measurement period as set out in the table below; and • 50% based on the Company's ROIC Performance as set out in the table below. The relative TSR performance adjustment factor is determined as follows: TSR Ranking Relative to the Index Group/Peer Group Percent of Target Shares Vested 90th percentile or higher 200 % 75th percentile 150 % 50th percentile 100 % 25th percentile 50 % Less than the 25th percentile 0 % The ROIC Performance adjustment factor is determined as follows: ROIC Performance Percent of Target Shares Vested 1st Tier 0 % 2nd Tier 50 % 3rd Tier 100 % 4th Tier 150 % The TSR performance and ROIC Performance adjustment factors between the numbers set out in the two tables above are interpolated on a straight-line basis. The performance period is the period from January 1st in the year of grant through December 31st of the third calendar year following the date of grant. The PSUs are expensed over the vesting period beginning from the date of grant through February 15th of the fourth calendar year following the date of grant. The following table summarizes information about PSUs for each of the years in the three-year period ended December 31, 2021: 2021 2020 2019 PSUs granted 200,982 694,777 291,905 Weighted average fair value per PSU granted $ 29.02 $ 5.59 $ 14.28 PSUs forfeited/cancelled 10,046 25,923 23,739 PSUs added/(cancelled) by performance factor (1) 143,512 (346,887) (401,319) PSUs settled 409,670 — — Weighted average fair value per PSU settled $ 23.84 $ — $ — Cash payment on settlement (2) $ 10,472 $ — $ — (1) The table below provides further information regarding the PSUs settled included in the table above. The number of PSUs settled reflects the performance adjustments to the Target Shares: Grant Date Date Settled Target Shares Performance PSUs settled March 21, 2016 March 21, 2019 371,158 0 % — December 20, 2016 December 20, 2019 30,161 0 % — March 20, 2017 March 20, 2020 346,887 0 % — March 21, 2018 March 23, 2021 266,158 153.9 % 409,670 (2) Includes a cash payment of dividend equivalents on PSUs equaling the product that results from multiplying the number of settled PSUs by the amount of cash dividends per common share declared and paid by the Company from the date of grant of the PSUs to the settlement date. The weighted average fair value of PSUs granted in the three-year period ended December 31, 2021 were based 50% on the VWAP of the Company's common shares on the TSX for the five 2021 2020 2019 5 day VWAP at grant date CDN$ 29.78 CDN$ 8.63 CDN$ 18.31 Monte Carlo simulation model assumptions: Expected life 3 years 3 years 3 years Expected volatility (1) 45 % 36 % 25 % US risk-free interest rate 0.28 % 0.3 % 2.36 % Canadian risk-free rate 0.46 % 0.59 % 1.6 % Expected dividends (2) CDN$ 0.00 CDN$ 0.00 CDN$ 0.00 Performance period starting price (3) CDN$ 24.20 CDN$ 16.25 CDN$ 16.36 Stock price as of estimation date CDN$ 29.27 CDN$ 7.24 CDN$ 18.06 (1) Expected volatility was calculated based on the daily dividend adjusted closing price change on the TSX for a term commensurate with the expected life of the grant. (2) A participant will receive a cash payment from the Company upon PSU settlement that is equivalent to the number of settled PSUs multiplied by the amount of cash dividends per share declared and paid by the Company between the date of grant and the settlement date. As such, there is no impact from expected future dividends in the Monte Carlo simulation model. (3) The performance period starting price is measured as the VWAP for the common shares of the Company on the TSX on the grant date. The following table summarizes information about PSUs outstanding as of: December 31, December 31, PSUs outstanding 1,149,196 1,223,053 Weighted average fair value per PSU outstanding $ 29.35 $ 28.53 Based on the Company’s performance adjustment factors as of December 31, 2021, the number of PSUs earned if all of the outstanding awards were to be settled at December 31, 2021, would be as follows: Grant Date Performance March 21, 2019 127.1 % March 23, 2020 157.6 % March 22, 2021 118.0 % Deferred Share Unit Plan A DSU is a right to receive a cash payment equal to the five The following table summarizes information about DSUs for each of the years in the three-year period ended December 31, 2021: 2021 2020 2019 DSUs granted 67,554 115,114 72,434 Weighted average fair value per DSU granted $ 22.93 $ 10.26 $ 13.83 The following table summarizes information about DSUs outstanding as of: December 31, December 31, DSUs outstanding 454,095 386,541 Weighted average fair value per DSU outstanding $ 20.21 $ 18.91 Summary of Share-based Compensation Expense and Share-based Compensation Liabilities The following table summarizes share-based compensation expense (benefit) recorded in earnings in SG&A for each of the years in the three-year period ended December 31, 2021: 2021 2020 2019 $ $ $ Stock options 879 738 701 PSUs 15,253 14,829 (2,057) DSUs 1,546 3,819 914 RSUs 3,977 3,493 943 21,655 22,879 501 The following table summarizes share-based liabilities recorded in the consolidated balance sheets for the years ended: December 31, December 31, Share-based compensation liabilities, current $ $ PSUs (1) 7,921 8,446 DSUs (2) 8,852 7,354 RSUs (1) 2,316 1,969 19,089 17,769 Share-based compensation liabilities, non-current PSUs (1) 15,850 10,743 RSUs (1) 4,000 2,921 19,850 13,664 (1) Includes dividend equivalents accrued on awards. (2) Includes dividend equivalent grants. Change in Contributed Surplus The following table summarizes the activity in the consolidated changes in equity under the caption contributed surplus for each of the years in the three-year period ended December 31, 2021: 2021 2020 2019 $ $ $ Change in excess tax benefit on exercised share-based awards (672) — (38) Change in excess tax benefit on outstanding share-based awards 824 5,306 21 Share-based compensation expense credited to capital on options exercised (737) (50) (976) Share-based compensation expense for stock options 879 738 701 Increase (decrease) in contributed surplus 294 5,994 (292) |
BUSINESS ACQUISITIONS
BUSINESS ACQUISITIONS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about business combination [abstract] | |
BUSINESS ACQUISITIONS | BUSINESS ACQUISITIONS Nuevopak Global Limited Acquisition On July 30, 2021, the Company acquired 100% of the outstanding equity in Nuevopak Global Limited ("Nuevopak") for $43.0 million, net of cash balances acquired (the "Nuevopak Acquisition"). This amount includes potential earn-out consideration of up to $9.0 million to be paid upon the achievement of certain operational milestones within three years from the date of closing. (Refer to Note 24 for further discussion of this contingent consideration and the inputs used in management's estimation of fair value.) Nuevopak designs and develops a range of machines that provide void-fill and cushioning protective packaging solutions primarily targeting protective paper packaging solutions. Nuevopak supplies the Company with paper dispensing machines and converted paper for protective packaging distribution in North America. Nuevopak is headquartered in Hong Kong with subsidiaries in Jiangmen, China and Scheden, Germany. The Nuevopak Acquisition is expected to further strengthen the Company's product bundle and secure a broader suite of sustainable packaging solutions, while enabling the Company to secure dispensing machine supply, vertically integrate its paper converting operation, and expand its market share. Excluding working capital adjustments, cash balances acquired and the contingent consideration arrangement noted above, the purchase price was $34.8 million. The consideration paid in cash was financed using funds available under the Company's revolving credit facility. Customary representations and warranties, covenants and indemnification provisions were included in the share purchase agreement. The transaction is being accounted for using the acquisition method of accounting. The net consideration paid on the closing date for the acquisition described above was as follows: July 30, 2021 $ Consideration paid in cash 35,402 Estimated fair value of contingent consideration arrangement (1) 8,305 Consideration transferred 43,707 Less: cash balances acquired 742 Consideration transferred, net of cash acquired 42,965 (1) The gross contractual contingent consideration amount of $9.0 million is included in the gross consideration total at its net present value as of the date of acquisition when the contingency was entered into, with expected cash outflows discounted using a rate of 4.74%. Refer to Note 24 for further discussion of this financial liability and inputs used in management's estimation of fair value. Fair values of net identifiable assets acquired at the date of acquisition were as follows: July 30, 2021 $ Current assets Cash 742 Trade receivables (1) 1,167 Inventories 5,305 Other current assets 996 Property, plant and equipment 1,657 Intangible assets 21,651 Deferred tax assets 11 31,529 Current liabilities Accounts payable and accrued liabilities 3,519 Borrowings and lease liabilities, current 155 Borrowings and lease liabilities, non-current 95 Deferred tax liabilities 3,754 Provisions, non-current 88 7,611 Fair value of net identifiable assets acquired 23,918 (1) The gross contractual amounts receivable were $1.2 million. As of December 31, 2021, the Company has collected substantially all of the trade receivables that were outstanding as of the date of acquisition. The fair value of goodwill at the date of acquisition was as follows: July 30, 2021 $ Consideration transferred 43,707 Less: fair value of net identifiable assets acquired 23,918 Goodwill 19,789 Goodwill recognized is primarily related to growth expectations, expected future profitability, and expected revenue and cost synergies. The Company does not expect goodwill to be deductible for income tax purposes. The Nuevopak Acquisition’s impact on the Company’s consolidated earnings was as follows: July 31 through December 31, 2021 $ Revenue 2,889 Net loss 804 Had the Nuevopak Acquisition been effective as of January 1, 2021, the impact on the Company’s consolidated earnings would have been as follows: Twelve Months Ended December 31, 2021 $ Revenue 7,668 Net loss 2,159 The Company's acquisition-related costs of $1.7 million are excluded from the consideration transferred and are included in the Company’s consolidated earnings, primarily in selling, general and administrative expenses for the year ended December 31, 2021. Nortech Packaging Acquisition On February 11, 2020, the Company acquired substantially all of the operating assets of Nortech Packaging LLC and Custom Assembly Solutions, Inc. (collectively, "Nortech") for an aggregate purchase price of $46.5 million, net of cash balances acquired (the "Nortech Acquisition"). This amount includes potential earn-out consideration of up to $12.0 million, contingent upon certain future performance measures of the acquired assets to be determined following the two-year anniversary of the acquisition date. (Refer to Note 24 for further discussion of this financial liability and inputs used in management's estimation of fair value.) Nortech manufactures, assembles and services automated packaging machines under the Nortech Packaging and Tishma Technologies brands. The acquisition expands the Company’s product bundle into technologies that the Company believes are increasingly critical to automation in packaging. Excluding working capital adjustments, cash balances acquired and the contingent consideration arrangement noted above, the purchase price was $36.5 million. The consideration paid in cash was financed using funds available under the Company's revolving credit facility. As of December 31, 2021, the former owners of Nortech have in escrow approximately $2.4 million ($4.7 million as of December 31, 2020) related to customary representations, warranties and covenants in the asset purchase agreement, which contains customary indemnification provisions. The transaction is being accounted for using the acquisition method of accounting. The net cash consideration paid on the closing date for the acquisition described above was as follows: February 11, 2020 $ Consideration paid in cash 36,188 Estimated fair value of contingent consideration arrangement (1) 10,806 Consideration transferred 46,994 Less: cash balances acquired 484 Consideration transferred, net of cash acquired 46,510 (1) The gross contractual contingent consideration amount of $12.0 million is included in the gross consideration total at its net present value when the contingency was entered into on the date of acquisition, which is discounted over two years using a discount rate of 5.38%. Subsequent to the acquisition, and as of December 31, 2021 and 2020, management concluded that any payment toward this obligation was not probable due to the impact of, and macroeconomic events resulting from, COVID-19 and other delays in the acquisition integration efforts. Refer to Note 24 for further discussion of this financial liability and inputs used in management's estimation of fair value. The fair values of net identifiable assets acquired at the date of acquisition were as follows: February 11, 2020 $ Current assets Cash 484 Trade receivables (1) 2,749 Inventories 5,123 Other current assets 199 Property, plant and equipment 921 Intangible assets 21,519 30,995 Current liabilities Accounts payable and accrued liabilities 9,493 Borrowings and lease liabilities, current 143 Borrowings and lease liabilities, non-current 5 9,641 Fair value of net identifiable assets acquired 21,354 (1) The gross contractual amounts receivable were $3.2 million. As of December 31, 2021, the Company has collected approximately $2.9 million of the outstanding trade receivables, with $0.3 million expected to remain uncollected. The fair value of goodwill at the date of acquisition was as follows: February 11, 2020 $ Consideration transferred 46,994 Less: fair value of net identifiable assets acquired 21,354 Goodwill 25,640 Goodwill recognized is primarily related to growth expectations, revenue synergies, and expected future profitability. The Company expects all of the recorded goodwill to be deductible for income tax purposes. The Nortech Acquisition’s impact on the Company’s consolidated earnings was as follows: February 12 through December 31, 2020 $ Revenue 11,674 Net loss 2,103 Had the Nortech Acquisition been effective as of January 1, 2020, the impact on the Company’s consolidated earnings would have been as follows: Twelve Months Ended December 31, 2020 $ Revenue 16,424 Net loss 1,332 |
PENSION, POST-RETIREMENT AND OT
PENSION, POST-RETIREMENT AND OTHER LONG-TERM EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of employee benefits [Abstract] | |
PENSION, POST-RETIREMENT AND OTHER LONG-TERM EMPLOYEE BENEFIT PLANS | PENSION, POST-RETIREMENT AND OTHER LONG-TERM EMPLOYEE BENEFIT PLANS The Company has several contributory and non-contributory defined contribution plans and defined benefit plans for substantially all its employees in Canada and the US. Defined contribution plans In the US, the Company maintains a savings retirement plan (401(k) Plan) for the benefit of certain employees who have been employed for at least 90 days. Contribution to this plan is at the discretion of the Company. Among investment options available to participants is a common trust fund that holds cash and common shares of the Company. The Company also maintains 401(k) plans according to the terms of certain collective bargaining agreements. The Company also contributes to multi-employer plans for employees covered by certain collective bargaining agreements. In Canada, the Company maintains defined contribution pension plans for certain employees and contributes amounts equal to up to 4% of each participant’s eligible salary. The amount expensed with respect to the defined contribution plans for the years ended December 31, was $8.2 million in 2021, $6.8 million in 2020 and $7.1 million in 2019. Defined benefit plans In the US, the Company has three defined benefit pension plans for certain union hourly and non-union salaried employees. Benefits for employees are based on compensation and years of service for salaried employees and fixed benefits per month for each year of service for hourly employees. In Canada, certain non-union hourly employees of the Company are covered by a plan which provides a fixed benefit per month for each year of service. In the US, the Company provides group health care benefits to certain eligible retired employees. In Canada, the Company provides group health care, dental and life insurance benefits for certain eligible retired employees. All defined benefit plans described above are closed to new entrants. Supplementary executive retirement plans The Company has Supplementary Executive Retirement Plans (“SERPs”) to provide supplemental pension benefits to certain current and former key executives. The SERPs are not funded and provide for an annual pension benefit, from retirement or termination date, in amounts ranging from $0.2 million to $0.6 million, annually. Other long-term employee benefit plans In the US, the Company provides a deferred compensation plan to certain employees. Earnings and losses on the deferral and amounts due to the participants are payable based on participant elections. Assets are held in a Rabbi trust and are composed of corporate owned life insurance policies. Participant investment selections are used to direct the allocation of funds underlying the corporate owned life insurance policies. As of December 31, 2021 and 2020, the deferred compensation plan assets totalled $8.3 million and $5.7 million, respectively, and are presented in other assets in the consolidated balance sheets. As of December 31, 2021 and 2020, the deferred compensation plan liabilities totalled $8.3 million and $5.6 million, respectively, and are presented in the consolidated balance sheets under the captions accounts payable and accrued liabilities for amounts expected to settle in the next twelve months and other liabilities for amounts not expected to settle in the next twelve months. Governance and oversight The defined contribution and defined benefit pension plans sponsored by the Company are subject to the requirements of the Employee Retirement Income Security Act and related legislation in the US and the Canadian Income Tax Act and provincial legislation in Ontario and Nova Scotia. In addition, all actuarial computations related to defined benefit plans are based on actuarial assumptions and methods determined in accordance with the generally recognized and accepted actuarial principles and practices prescribed by the Actuarial Standards Board, the American Academy of Actuaries and the Canadian Institute of Actuaries. Minimum funding requirements are computed based on methodologies and assumptions dictated by regulation in the US and Canada. The Company’s practice is to fund at least the statutory minimum required amount for each defined benefit plan’s plan year. However, the Company may make additional discretionary contributions as deemed necessary. The Company’s Retirement Plans Committee, composed of management and benefits personnel, makes investment decisions for the Company’s pension plans. The asset liability matching strategy of the pension plans and plan asset performance is reviewed at least semi-annually in terms of risk and return profiles with external investment management advisors, actuaries and plan trustees. The Committee, together with external investment management advisors, actuaries and plan trustees, has established a target mix of equity, fixed income, and alternative securities based on funded status level and other variables of each defined benefit plan. The assets of the funded or partially funded defined benefit pension plans are held separately from those of the Company in funds under the control of trustees. Information Relating to the Various Benefit Plans A reconciliation of the defined benefit obligations and plan assets is presented in the table below for the years ended: Pension plans Other plans December 31, December 31, December 31, December 31, $ $ $ $ Defined benefit obligations Balance, beginning of year 100,209 91,148 3,018 2,907 Current service cost 1,177 1,132 64 62 Interest cost 2,230 2,701 65 80 Benefits paid (4,561) (4,456) (210) (78) Actuarial losses (gains) from demographic assumptions 225 (666) 1 (4) Actuarial (gains) losses from financial assumptions (5,654) 9,561 (155) 105 Experience losses (gains) 1 282 (55) (88) Foreign exchange rate adjustment (30) 507 (2) 34 Balance, end of year 93,597 100,209 2,726 3,018 Fair value of plan assets Balance, beginning of year 86,425 79,003 — — Interest income 1,867 2,297 — — Return on plan assets (excluding amounts included in net interest expense) (332) 8,494 — — Contributions by the employer 968 1,051 210 78 Benefits paid (4,561) (4,456) (210) (78) Administration expenses (275) (379) — — Foreign exchange rate adjustment (37) 415 — — Balance, end of year 84,055 86,425 — — Funded status – deficit 9,542 13,784 2,726 3,018 The defined benefit obligations and fair value of plan assets broken down by geographical locations is as follows for the years ended: December 31, 2021 US Canada Total $ $ $ Defined benefit obligations 76,206 20,117 96,323 Fair value of plan assets (66,657) (17,398) (84,055) Deficit in plans 9,549 2,719 12,268 December 31, 2020 US Canada Total $ $ $ Defined benefit obligations 81,883 21,344 103,227 Fair value of plan assets (69,649) (16,776) (86,425) Deficit in plans 12,234 4,568 16,802 The defined benefit obligations for pension plans broken down by funding status are as follows for the years ended: December 31, December 31, $ $ Wholly unfunded 12,445 13,460 Wholly funded or partially funded 81,152 86,749 Total obligations 93,597 100,209 A reconciliation of pension and other post-retirement benefits recognized in the consolidated balance sheets is as follows for the years ended: December 31, December 31, $ $ Pension Plans Present value of the defined benefit obligations 93,597 100,209 Fair value of the plan assets 84,055 86,425 Deficit in plans 9,542 13,784 Assets recognized in other assets 3,539 3,024 Liabilities recognized 13,081 16,808 Pension benefits recognized in balance sheets 9,542 13,784 Other plans Present value of the defined benefit obligations and deficit in the plans 2,726 3,018 Liabilities recognized 2,726 3,018 Total plans Total assets recognized in other assets 3,539 3,024 Total liabilities recognized 15,807 19,826 Total pension and other post-retirement benefits recognized in balance sheets 12,268 16,802 The composition of plan assets based on the fair value was as follows for the years ended: December 31, December 31, $ $ Asset category Cash 42 78 Equity instruments 11,580 14,838 Fixed income instruments 72,433 71,509 Total 84,055 86,425 Approximately 100% of equity and fixed income instruments as of December 31, 2021 and 2020, respectively, were held in mutual funds or pooled separate accounts valued at net asset value ("NAV") provided by the fund administrator. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding. Units of participation in pooled separate accounts invested in mutual funds and common stock, are valued based on the NAV of the underlying investments held in the pooled separate accounts at year-end. None of the benefit plan assets were invested in any of the Company’s own equity or financial instruments or in any property or other asset that was used by the Company. The following tables present the defined benefit expenses recognized in consolidated earnings for each of the years in the three-year period ended December 31, 2021: Pension plans Other plans 2021 2020 2019 2021 2020 2019 $ $ $ $ $ $ Current service cost 1,177 1,132 1,036 64 62 60 Administration expenses 275 379 422 — — — Net interest expense 363 404 515 65 80 106 Net costs recognized in the statement of consolidated earnings 1,815 1,915 1,973 129 142 166 Total plans 2021 2020 2019 $ $ $ Current service cost 1,241 1,194 1,096 Administration expenses 275 379 422 Net interest expense 428 484 621 Net costs recognized in the statement of consolidated earnings 1,944 2,057 2,139 The table below presents the defined benefit liability or asset remeasurement recognized in OCI for each of the years in the three-year period ended December 31, 2021: Pension plans Other plans 2021 2020 2019 2021 2020 2019 $ $ $ $ $ $ Actuarial (losses) gains from demographic assumptions (225) 666 542 (1) 4 (17) Actuarial gains (losses) from financial assumptions 5,654 (9,561) (10,924) 155 (105) (209) Experience (losses) gains (1) (282) (692) 55 88 273 Return on plan assets (excluding amounts included in net interest expense) (332) 8,494 11,789 — — — Total amounts recognized in OCI 5,096 (683) 715 209 (13) 47 The Company currently expects to contribute a total of $1.0 million to its defined benefit pension plans and $0.2 million to its health and welfare plans in 2022. The weighted average duration of the defined benefit obligations as of December 31, 2021 and 2020 is 12 years for US plans and 17 years for Canadian plans, for both periods. The significant weighted average assumptions which were used to measure defined benefit obligations are as follows for the years ended: US plans Canadian plans December 31, December 31, December 31, December 31, Discount rate Pension plans (end of the year) (1) 2.58 % 2.15 % 3.00 % 2.55 % Pension plans (current service cost) (2) 2.34 % 3.10 % 2.60 % 3.20 % Other plans (end of the year) (1) 2.17 % 1.65 % 3.00 % 2.55 % Other plans (current service cost) (2) 1.99 % 2.82 % 2.60 % 3.20 % Life expectancy at age 65 (in years) (3) Current pensioner - Male 20 19 22 22 Current pensioner - Female 22 21 25 25 Current member aged 45 - Male 21 21 24 23 Current member aged 45 - Female 23 23 26 26 (1) Represents the discount rate used to calculate the accrued benefit obligation at the end of the year and applied to other components such as interest cost in the following year. (2) Represents the discount rate used to calculate annual service cost. (3) Utilizes mortality tables issued by the Society of Actuaries and the Canadian Institute of Actuaries. Significant actuarial assumptions for defined benefit obligation measurement purposes are the discount rate and mortality rate. The sensitivity analysis below has been determined based on reasonably possible changes in the assumptions, in isolation from one another, occurring at the end of the reporting period. This analysis may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in the assumptions would occur in isolation from one another as some of the assumptions may be correlated. An increase or decrease of 1% in the discount rate or an increase or decrease of one year in mortality rate would result in the following increase (decrease) in the defined benefit obligations: December 31, December 31, $ $ Discount rate Increase of 1% (11,388) (12,590) Decrease of 1% 14,058 15,637 Mortality rate Life expectancy increased by one year 3,229 3,491 Life expectancy decreased by one year (3,313) (3,588) |
SUPPLEMENTAL DISCLOSURES BY GEO
SUPPLEMENTAL DISCLOSURES BY GEOGRAPHIC LOCATION AND PRODUCT LINE | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Geographical Areas And Products [Abstract] | |
SUPPLEMENTAL DISCLOSURES BY GEOGRAPHIC LOCATION AND PRODUCT LINE | SUPPLEMENTAL DISCLOSURES BY GEOGRAPHIC LOCATION AND PRODUCT LINE The following table presents geographic information about revenue attributed to countries based on the location of external customers for each of the years in the three-year period ended December 31, 2021: 2021 2020 2019 $ $ $ Revenue Canada 151,949 119,287 104,842 Germany 37,615 25,387 26,082 United States 1,206,868 966,729 923,239 Other 135,037 101,625 104,356 Total revenue 1,531,469 1,213,028 1,158,519 The following table presents geographic information about long-lived assets by country based on the location of the assets for the years ended: December 31, December 31, $ $ Property, plant and equipment Canada 31,473 34,984 India 58,301 54,518 Portugal 27,398 24,720 United Kingdom 11,801 — United States 329,682 300,950 Other 701 42 Total property, plant and equipment 459,356 415,214 Goodwill Canada 12,289 12,309 Germany 8,629 — Hong Kong 10,781 — India 26,455 26,905 United States 93,680 93,680 Total goodwill 151,834 132,894 Intangible assets Canada 15,326 13,167 Hong Kong 21,128 — India 9,482 12,389 United Kingdom 790 — United States 91,999 98,718 Total intangible assets 138,725 124,274 Other assets Canada 149 165 India 312 192 Portugal 33 34 United States 16,055 12,919 Total other assets 16,549 13,310 The following table presents revenue information based on revenues for the following product categories for each of the years in the three-year period ended December 31, 2021: 2021 2020 2019 $ $ $ Revenue Tape 799,576 658,911 632,950 Film 250,181 181,180 184,398 Engineered coated products 206,315 159,933 162,955 Protective packaging 188,902 152,710 135,605 Packaging machinery 81,087 54,870 33,621 Other 5,408 5,424 8,990 1,531,469 1,213,028 1,158,519 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2021 | |
Related Party [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS The Company’s key personnel include all non-executive directors on the Board (ten in 2021 and 2020 and eight in 2019) and senior executive level members of management (eight in 2021 and 2020 and six in 2019). Key personnel remuneration includes the following expenses for each of the years in the three-year period ended December 31, 2021: 2021 2020 2019 $ $ $ Short-term benefits including employee salaries and bonuses and director retainer and committee fees 7,655 8,845 6,124 Post-employment and other long-term benefits 703 593 604 Share-based compensation expense 11,292 12,894 1,152 Total remuneration 19,650 22,332 7,880 |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of commitments [Abstract] | |
COMMITMENTS | COMMITMENTS Commitments Under Service Contracts The Company entered into a ten-year electricity service contract for one of its manufacturing facilities on November 12, 2013. The service date of the contract commenced in August 2014. The Company is committed to monthly minimum usage requirements over the term of the contract. The Company was provided installation at no cost and is receiving economic development incentive credits and maintenance of the required energy infrastructure at the manufacturing facility as part of the contract. The credits are expected to reduce the overall cost of electricity consumed by the facility over the term of the contract. Effective August 1, 2015, the Company entered into an amendment lowering the minimum usage requirements over the term of the contract. In addition, a new monthly facility charge has been incurred by the Company over the term of the contract. The Company estimates that service billings will total approximately $1.7 million annually for 2022 and 2023 and $1.0 million in 2024, when the contract expires. Certain penalty clauses exist within the electricity service contract related to early cancellation after the service date of the contract. The costs related to early cancellation penalties include termination fees based on anticipated service billings over the term of the contract and capital expense recovery charges. While the Company does not expect to cancel the contract prior to the end of its term, the penalties that would apply to early cancellation could total as much as $1.9 million as of December 31, 2021. This amount is expected to decline annually until the expiration of the contract assuming there are insignificant fluctuations in kilowatt hour peak demand. The Company has entered into agreements with various other utility suppliers to fix certain energy costs, including natural gas, through December 2024 for minimum amounts of consumption at several of its manufacturing facilities. The Company estimates that utility billings will total approximately $5.6 million over the term of the contracts based on the contracted fixed terms and current market rate assumptions. The Company is also required by the agreements to pay any difference between the fixed price agreed to with the utility and the sales amount received by the utility for resale to a third party if the Company fails to meet the minimum consumption required by the agreements. In the event of early termination, the Company is required to pay the utility suppliers the difference between the contracted amount and the current market value of the energy, adjusted for present value, of any future agreed upon minimum usage. Neither party will be liable for failure to perform for reasons of “force majeure” as defined in the agreements. The Company has entered into agreements with various service companies for the provision of services including machine assembly and supply, energy consultation, and software access through June 2025. In the event of early termination, the Company would be required to pay the remaining fees owed under the agreements which totalled $1.1 million as of December 31, 2021. Commitments to Suppliers The Company obtains certain raw materials from suppliers under consignment agreements. The suppliers retain ownership of raw materials until the earlier of when the materials are consumed in production or auto billings are triggered based upon maturity. The consignment agreements involve short-term commitments that typically mature within 30 to 60 days of inventory receipt and are typically renewed on an ongoing basis. The Company may be subject to fees in the event the Company requires storage in excess of 30 to 60 days. As of December 31, 2021, the Company had on hand $12.2 million of raw material owned by its suppliers. The Company has entered into agreements with various raw material suppliers to purchase minimum quantities of certain raw materials at fixed rates through December 2022 totaling approximately $22.3 million as of December 31, 2021. The Company is also required by the agreements to pay any storage costs incurred by the applicable supplier in the event the Company delays shipment in excess of 30 days. In the event the Company defaults under the terms of an agreement, an arbitrator will determine fees and penalties due to the applicable supplier. Neither party will be liable for failure to perform for reasons of “force majeure” as defined in the agreements. The Company currently knows of no event, trend or uncertainty that may affect the availability or benefits of these arrangements now or in the future. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS Classification and Fair Value of Financial Instruments The classification of financial instruments, as well as their carrying amounts, are as follows for the years ended: Amortized cost Fair value Derivatives used $ $ $ December 31, 2021 Financial assets Cash 26,292 — — Trade receivables 203,984 — — Supplier rebates and other receivables 5,247 — — Total financial assets 235,523 — — Financial liabilities Accounts payable and accrued liabilities (1) 235,449 — — Interest rate swap agreements — — 1,642 Borrowings (2) 510,460 — — Non-controlling interest put options — 27,523 — Contingent consideration liability — 8,314 — Total financial liabilities 745,909 35,837 1,642 December 31, 2020 Financial assets Cash 16,467 — — Trade receivables 162,235 — — Supplier rebates and other receivables 4,627 — — Total financial assets 183,329 — — Financial liabilities Accounts payable and accrued liabilities (1) 140,011 — — Interest rate swap agreements — — 4,025 Borrowings (2) 447,842 — — Non-controlling interest put options — 15,758 — Total financial liabilities 587,853 15,758 4,025 (1) Excludes employee benefits and taxes payable (2) Excludes lease liabilities Total interest expense (calculated using the effective interest method) for financial assets or financial liabilities that are not at fair value through earnings are as follows for each of the years in the three-year period ended December 31, 2021: 2021 2020 2019 $ $ $ Interest expense calculated using the effective interest rate method 26,574 27,243 31,040 Hierarchy of financial instruments The Company categorizes its financial instruments into a three-level fair value measurement hierarchy as follows: Level 1: The fair value is determined directly by reference to unadjusted quoted prices in active markets for identical assets and liabilities. Level 2: The fair value is estimated using a valuation technique based on observable market data, either directly or indirectly. Level 3: The fair value is estimated using a valuation technique based on unobservable data. The Company ensures, to the extent possible, that its valuation techniques and assumptions incorporate all factors that market participants would consider in setting a price and are consistent with accepted economic methods for pricing financial instruments. There were no transfers between Level 1 and Level 2 in 2021 or 2020. The carrying amounts of the following financial assets and liabilities are considered a reasonable approximation of fair value given their short maturity periods: • cash • trade receivables • supplier rebates and other receivables (excluding interest subsidies receivable) • accounts payable and accrued liabilities (excluding employee benefits and taxes payable) Borrowings (Excluding Lease Liabilities) The company's borrowings, other than the 2021 Senior Unsecured Notes and 2018 Senior Unsecured Notes discussed below, consist primarily of variable rate debt. The corresponding fair values are estimated using observable market interest rates of similar variable rate loans with similar risk and credit standing. Accordingly, the carrying amounts are considered to be a reasonable approximation of the fair values. In June 2021, the Company redeemed its 2018 Senior Unsecured Notes and issued its 2021 Senior Unsecured Notes. The fair value of both the 2021 Senior Unsecured Notes and 2018 Senior Unsecured Notes is based on the trading levels and bid/offer prices observed by a market participant. As of December 31, 2021, the 2021 Senior Unsecured Notes had a carrying value, including unamortized debt issuance cost, of $395.6 million, and a fair value of $400.1 million. As of December 31, 2020, the 2018 Senior Unsecured Notes had a carrying value, including unamortized debt issuance costs, of $246.2 million, and a fair value of $265.4 million, respectively. As of December 31, 2021, and 2020, the Company categorizes its borrowings as Level 2 on the three-level fair value hierarchy. Refer to Note 14 for additional information on borrowings. Interest Rate Swap Agreements The Company measures the fair value of its interest rate swap agreements using discounted cash flows. Future cash flows are estimated based on forward interest rates (from observable yield curves at the end of a reporting period) and contract interest rates, discounted at a rate that reflects the credit risk of various counterparties. As of December 31, 2021 and 2020, the Company categorizes its interest rate swaps as Level 2 on the three-level fair value hierarchy. Non-controlling interest put options The Company is party to a shareholders’ agreement that contains put options, which provide each of the non-controlling interest shareholders of the Company's 55% controlling ownership stake in Capstone with the right to require the Company to purchase their retained interest at a variable purchase price following a five-year lock-in period ending on June 22, 2022. The agreed-upon purchase price is equal to the fair market valuation as determined through a future negotiation or, as needed, a valuation to be performed by an independent and qualified expert at the time of exercise. Finalization of the acquisition resulted in the initial recognition of $10.9 million in present obligations recorded in non-controlling interest put options, and a corresponding reduction of equity on the consolidated balance sheet as of December 31, 2018. During the years ended December 31, 2021 and 2020, the fair market valuation of the obligation was reassessed by management resulting in a $12.0 million and $2.5 million increase in the liability, respectively, and a corresponding loss recorded in finance costs (income) in other expense (income), net. The amounts recorded on the consolidated balance sheets for this obligation are $27.5 million in non-controlling interest put options, current as of December 31, 2021 and $15.8 million in non-controlling interest put options, non-current as of December 31, 2020. The Company categorizes its non-controlling interest put options as Level 3 of the fair value hierarchy. The Company measures the fair value of its non-controlling interest put options by estimating the present value of future net cash inflows from earnings associated with the proportionate shares that are subject to sale to the Company pursuant to an exercise event. These estimations are intended to approximate the redemption value of the options as indicated in the shareholders’ agreement. The estimation was calculated using significant unobservable inputs including estimations of undiscounted future annual cash inflows ranging between approximately $1.5 million and $8.5 million as of December 31, 2021 and $1.5 million and $5.0 million as of December 31, 2020 . A discount rate of 11% was used, which the Company believes to be commensurate with the risks inherent in the ownership interest as of December 31, 2021 and 2020. The fair value of the liability is sensitive to changes in projected earnings and thereby, future cash inflows, and the discount rate applied to those future cash inflows, which could have resulted in a higher or lower fair value measurement. A reconciliation of the carrying amount of non-controlling interest put options follows for the years ended December 31, 2021 and 2020: Non-controlling interest put options $ Balance as of December 31, 2019 13,634 Foreign exchange (346) Valuation adjustment made to non-controlling interest put options 2,470 Balance as of December 31, 2020 15,758 Foreign exchange (242) Valuation adjustment made to non-controlling interest put options 12,007 Balance as of December 31, 2021 27,523 Contingent Consideration Arrangements The Company categorizes contingent consideration liabilities as Level 3 of the fair value hierarchy, meaning that the fair value is estimated using a valuation technique based on unobservable market data. The Company measures the fair value of its contingent consideration arrangements by estimating the present value of probable future net cash outflows from the settlement of the earn-out related provisions contained within the respective acquisition's purchase agreement. Nortech Packaging LLC and Custom Assembly Solutions, Inc. In connection with the Nortech Acquisition, the Company is required to pay up to $12.0 million to the former owners of Nortech if the acquired assets generated an excess of certain profit thresholds, as defined in the asset purchase agreement, measured over the two-year period following the date of acquisition, which ended February 11, 2022. As of the date of the Nortech Acquisition, management deemed it probable that the entire amount of contingent consideration would be paid after the two-year anniversary of the acquisition date, and therefore recorded a $10.8 million financial liability representing the discounted net present value of the $12.0 million potential obligation. During the second quarter of 2020, however, management concluded that any payment toward this obligation was no longer probable due to the impact of, and macroeconomic events resulting from COVID-19 and other delays in the acquisition integration efforts. As a result, the Company recorded an adjustment to the related liability in the amount of $11.0 million, with an off-setting gain (net of accretion expense) recorded in finance costs (income) in other expense (income), net. Following the expiration of this two-year period, no amount is expected to be paid by the Company as it relates to this obligation and, therefore, a nil value has been recorded as of December 31, 2021 and 2020. The fair value estimations as of the date of the acquisition and as of December 31, 2021 and 2020 were calculated using significant unobservable inputs including estimations of undiscounted future net cash flows (as measured according to the asset purchase agreement) to be generated by Nortech, which management had previously estimated as of the date of the acquisition to be in excess of $12.5 million over the two-year period following the date of acquisition, but now estimates as of December 31, 2021 and 2020 to be less than $11.8 million, which represents the minimum threshold for the additional consideration payment according to the asset purchase agreement. A discount rate of 5.38% was used in estimating the net present value of the estimated future cash outflows which represents the Company's estimated incremental borrowing rate as of the date of acquisition and through the date of maturity of the obligation. The fair value of the liability is sensitive to changes in projected profits and thereby, future cash outflows, and the discount rate applied to those future cash outflows, which could have resulted in a higher or lower fair value measurement. Nuevopak Global Limited In connection with the Nuevopak Acquisition, the Company may be required to pay up to $9.0 million of additional consideration to the former owner of Nuevopak upon the achievement of certain milestones related to operational integration and capacity expansion, as specified in the share purchase agreement. Management estimated the fair value of the contingent consideration and recognized a corresponding liability on the consolidated balance sheet on the date of acquisition in the amount of $8.3 million, $3.3 million of which is recorded in provisions and contingent consideration, current, for amounts expected to settle in the next twelve months and $5.0 million of which is recorded in provisions and contingent consideration, non-current, for amounts expected to settle in more than twelve months. The fair value of the contingent consideration is reassessed at each reporting date with changes recognized in earnings in finance costs (income) in other finance expense (income), net. As of December 31, 2021, management estimates the fair value to be $8.3 million. The fair value estimations as of the date of acquisition and as of December 31, 2021 were calculated using significant unobservable inputs consisting of management's estimation of the timing and overall likelihood of achieving the operational milestones established in the share purchase agreement. Management currently believes that these milestones will be achieved within one A reconciliation of the carrying amount of contingent consideration liabilities follows for the years ended December 31, 2021 and 2020: Nortech Acquisition Nuevopak Acquisition $ $ Balance as of December 31, 2019 — — Contingent consideration recorded as a result of the Nortech Acquisition 10,806 — Increases resulting from net present value discounting 199 — Fair value adjustment recorded in finance costs (income) (11,005) — Balance as of December 31, 2020 — — Contingent consideration recorded as a result of the Nuevopak Acquisition — 8,305 Foreign exchange 9 Balance as of December 31, 2021 — 8,314 Refer to Note 19 for more information regarding business acquisitions. Exchange Risk While the Company is mainly exposed to the currency of the US dollar, a portion of its business is conducted in other currencies. Changes in the exchange rates for other currencies into US dollars can increase or decrease revenues, operating profit, earnings and the carrying values of assets and liabilities. The following table details the Company’s sensitivity to a 10% strengthening of other currencies against the US dollar, and the related impact on finance costs (income) - other expense (income), net. For a 10% weakening of the other currencies against the US dollar, there would be an equal and opposite impact on finance costs (income) - other expense (income), net. The estimated increase (decrease) to finance cost (income) - other expense (income), net from financial assets and financial liabilities resulting from a 10% strengthening of other currencies against the US dollar, everything else being equal, would be as follows as of December 31: 2021 2020 USD$ USD$ Canadian dollar (10,597) (3,786) Indian Rupee (2,594) (2,525) (13,191) (6,311) The Company's primary strategy to minimize its risk of foreign currency exposure is to ensure that the Financial Risk Management Committee: • monitors the Company's exposures and cash flows, taking into account the large extent of naturally offsetting exposures, • considers the Company's ability to adjust its selling prices due to foreign currency movements and other market conditions, and • considers borrowing under available debt facilities in the most advantageous manner, after considering interest rates, foreign currency exposures, expected cash flows and other factors. Hedge of net investment in foreign operations A foreign currency exposure arises from the Parent Company’s net investment in its USD functional currency subsidiary, IPG (US) Holdings Inc. The risk arises from the fluctuations in the USD and CDN current exchange rate, which causes the amount of the net investment in IPG (US) Holdings Inc. to vary. In 2018, the Parent Company completed the private placement of its USD denominated 2018 Senior Unsecured Notes which resulted in additional equity investments in IPG (US) Holdings Inc. In June 2021, the Parent Company redeemed its 2018 Senior Unsecured Notes and issued its 2021 Senior Unsecured Notes. In conjunction with the issuance of the 2021 Senior Unsecured Notes, the Parent Company repaid external borrowings held by IPG (US) Holdings Inc., which resulted in an even greater net investment in IPG (US) Holdings Inc., from a hedging perspective. Both the 2018 Senior Unsecured Notes and the 2021 Senior Unsecured Notes (collectively "Senior Unsecured Notes") were and are being used to hedge the Company’s exposure to the USD foreign exchange risk on this investment. Gains or losses on the retranslation of this borrowing are transferred to OCI to offset any gains or losses on translation of the net investment in the subsidiary. The Senior Unsecured Notes are included as a liability in the borrowings line on the consolidated balance sheets. There is an economic relationship between the hedged item and the hedging instrument as the net investment creates a translation risk that will match the foreign exchange risk on the USD borrowing designated as the hedging instrument. The Company has established a hedge ratio of 1:1 as the underlying risk of the hedging instrument is identical to the hedge risk component. Hedge ineffectiveness will arise when the amount of the investment in the foreign subsidiary becomes lower than the outstanding amount of the Senior Unsecured Notes. Hedge ineffectiveness is recorded in finance costs (income) in other expense (income), net. To assess hedge effectiveness, the Parent Company determines the economic relationship between the hedging instrument and the hedged item by comparing changes in the carrying amount of the Senior Unsecured Notes that is attributable to a change in the current exchange rate, with changes in the investment in the foreign operation that are attributable to a change in the current exchange rate. The changes in value related to the Senior Unsecured Notes designated as a hedging instrument, in the hedge of a net investment, are as follows for the years ended December 31: 2021 2020 $ $ (Loss) gain from change in value of the Senior Unsecured Notes used for calculating hedge ineffectiveness (10,789) 6,488 (Loss) gain from Senior Unsecured Notes recognized in OCI (9,423) 6,488 Loss from hedge ineffectiveness recognized in earnings in finance costs (income) in other expense (income), net (1,385) — Foreign exchange gains recognized in cumulative translation adjustments in the statement of changes in equity 19 — Deferred tax expense on change in value of the Senior Unsecured Notes recognized in OCI (1,589) (764) The notional and carrying amounts of the Senior Unsecured Notes are as follows as of: December 31, December 31, $ $ Notional Amount 400,000 250,000 Carrying Amount 395,614 246,236 The amounts related to the net investment in IPG (US) Holdings, Inc., designated as the hedged item in the hedge of a net investment, are as follows for the years ended December 31: 2021 2020 $ $ Gain (loss) from change in value of IPG (US) Holdings, Inc. used for calculating hedge ineffectiveness 9,423 (6,488) The cumulative amounts included in the foreign currency translation reserve related to the net investment in IPG (US) Holdings, Inc., designated as the hedged item in the hedge of a net investment, is as follows as of: December 31, December 31, $ $ Cumulative (loss) gain included in foreign currency translation reserve in OCI (2,076) 7,347 Interest Rate Risk The Company is exposed to a risk of change in cash flows due to the fluctuations in interest rates applicable on its variable rate borrowings. The Company’s overall risk management objective is to minimize the long-term cost of debt, taking into account short-term and long-term earnings and cash flow volatility. The Company’s primary strategy to minimize exposure associated with variable rate borrowings is to ensure the Financial Risk Management Committee monitors the Company’s amount of variable rate borrowings, taking into account the current and expected interest rate environment, the Company’s leverage and sensitivity to earnings and cash flows due to changes in interest rates. The Company’s risk management objective at this time is to mitigate the variability in 30-day LIBOR based cash flows. To help accomplish this objective, the Company enters into interest rate swap agreements. The Company was party to the following interest rate swap agreements which are qualifying cash flow hedges designated as hedging instruments as of December 31, 2021 and 2020: Effective Date Maturity Notional amount Settlement Fixed interest June 8, 2017 June 20, 2022 40,000 Monthly 1.79 August 20, 2018 August 18, 2023 60,000 Monthly 2.045 The interest rate swap agreements involve the exchange of periodic payments excluding the notional principal amount upon which the payments are based. For qualifying cash flow hedges, these payments are recorded as an adjustment of interest expense on the hedged debt instruments and the related amount payable to or receivable from counterparties is included as an adjustment to accrued interest. There is an economic relationship between the hedged item and the hedging instrument as the terms of the interest rate swap match the terms of the corresponding variable rate borrowing and it is expected that the value of the interest rate swap contracts and the value of the corresponding hedged items will systematically change in the opposite direction in response to movements in the underlying interest rates. The Company has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the interest rate swap is identical to the hedged risk component. The main source of hedge ineffectiveness which could exist in these hedge relationships is the effect of the counterparty and the Company’s own credit risk on the fair value of the interest rate swap contracts, which is not reflected in the fair value of the hedged item attributable to the change in interest rates. The Company elects to use the hypothetical derivative methodology to measure the ineffectiveness of its hedging relationships in a given reporting period to be recorded in earnings. Under the hypothetical derivative method, the actual interest rate swaps would be recorded at fair value on the consolidated balance sheet, and accumulated OCI would be adjusted to a balance that reflects the lesser of either the cumulative change in the fair value of the actual interest rate swaps or the cumulative change in the fair value of the hypothetical derivatives. The determination of the fair values of both the hypothetical derivative and the actual interest rate swaps will use discounted cash flows based on the relevant interest rate swap curves. The amount of ineffectiveness, if any, recorded in earnings in finance costs (income) in other expense (income), net, would be equal to the excess of the cumulative change in the fair value of the actual interest rate swaps over the cumulative change in the fair value of the hypothetical derivatives. Amounts previously included as part of OCI are transferred to earnings in the period during which the hedged item impacts net earnings. The following table summarizes activity related to interest rate swap agreements designated as hedging instruments for the years ended December 31: 2021 2020 $ $ Gain (loss) from change in fair value of the interest rate swap agreements designated as hedging instruments recognized in OCI (1) 2,383 (2,685) Deferred tax (expense) benefit on change in fair value of the interest rate swap agreements designated as hedging instruments recognized in OCI (577) 658 (1) The hedging loss recognized in OCI before tax is equal to the change in fair value used for measuring effectiveness. There is no ineffectiveness recognized in earnings. The following table summarizes balances related to interest rate swap agreements designated as hedging instruments as of: December 31, December 31, $ $ Carrying amount included in other liabilities 1,642 4,025 Cumulative loss in cash flow hedge reserve, included in OCI, for continuing hedges (1,291) (3,097) As of December 31, 2021, and 2020, the impact on the Company’s finance costs in interest expense from a 1.0% increase in interest rates, assuming all other variables remained equal, would be an increase of approximately $0.1 million and $1.0 million, respectively. Interest Rate Benchmark Reform The LIBOR interest rate benchmark continues to be the subject of proposals for reform. The Company is exposed to the LIBOR interest rate benchmark as a result of its interest rate swap agreements (designated as hedging instruments) and its variable rate borrowings (the hedged item). It is expected that a transition away from the widespread use of LIBOR to alternative rates will occur before June 2023 and that alternative reference rate(s) will be established. The full impact of such reforms and actions, together with any transition away from LIBOR, remains unclear. The Company has applied the following reliefs that were introduced by Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39 and IFRS 7) in September 2019: • When considering the ‘highly probable’ requirement, the Company has assumed that the LIBOR interest rate on which the Company’s hedged borrowings is based does not change as a result of LIBOR reform. • In assessing whether the hedge is expected to be highly effective on a forward-looking basis, the Company has assumed that the LIBOR interest rate on which the cash flows of the hedged borrowings and the interest rate swap agreements that hedges it are based is not altered by LIBOR reform. As a result, the Company will retain the cumulative gain or loss in the cash flow hedge reserve for designated cash flow hedges that are subject to interest rate benchmark reforms, even though there is uncertainty around the timing and amount of the cash flows of the hedged items. In the event the Company no longer expects the hedged future cash flows to occur due to reasons other than interest rate benchmark reform, the cumulative gain or loss will be immediately reclassified to profit or loss. In the current year, the Company adopted the Phase 2 amendments Interest Rate Benchmark Reform—Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 . Adopting these amendments enables the Company to reflect the effects of transitioning from LIBOR to alternative benchmark interest rates without giving rise to accounting impacts that would not provide useful information to users of financial statements. The Company will continue to apply Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39 and IFRS 7) until there is no longer uncertainty around the timing and the amount of the underlying cash flows to which the Company is exposed. The Company has assumed that this uncertainty will not end until the Company’s contracts that reference LIBOR are amended to specify the date on which the interest rate benchmark will be replaced, the cash flows of the alternative benchmark rate, and the relevant spread adjustment. The Company's 2021 Credit Facility contains benchmark replacement provisions, however, the Company has had no amendments to its interest rate swap agreements as it pertains to interest rate benchmark reform as of December 31, 2021. Concentration and Credit Risk Credit risk results from the possibility that a loss may occur from the failure of another party to perform according to the terms of the contract. Generally, the carrying amount reported on the Company’s consolidated balance sheet for its financial assets exposed to credit risk, net of any applicable provisions for losses, represents the maximum amount exposed to credit risk. Financial assets that potentially subject the Company to credit risk consist primarily of cash, trade receivables and supplier rebate receivables and other receivables. Cash Credit risk associated with cash is substantially mitigated by ensuring that these financial assets are primarily placed with major financial institutions. The Company performs an ongoing review and evaluation of the possible changes in the status and creditworthiness of its counterparties. Revenue and trade receivables There was one customer as of December 31, 2021 and 2020 with sales that accounted for approximately 13% of the Company's total revenue for the years then ended. This one customer had trade receivables that accounted for 17% of the Company’s total trade receivables as of December 31, 2021 and 2020. These trade receivables were current as of December 31, 2021 and 2020, and the Company believes its credit risk with respect to this customer is limited due to the customer's strong financial condition, creditworthiness, payment history, and relationship with the Company. The Company's customer base is diverse and there we re no other individual customers that accounted for more than 5% of the Company’s revenue or trade receivables as of December 31, 2021 and 2020. The Company believes its credit risk with respect to trade receivables overall is limited due to the Company’s credit evaluation process, its reasonably short collection terms, the creditworthiness of its customers and its credit insurance coverage. The Company regularly monitors its credit risk exposures and takes steps to mitigate the likelihood of these exposures resulting in actual losses. The following table presents an analysis of the age of trade receivables and related balance as of: December 31, December 31, $ $ Current 172,877 138,798 Past due accounts not impaired 1 – 30 days past due 20,988 15,257 31 – 60 days past due 4,728 2,798 61 – 90 days past due 1,383 1,299 Over 90 days past due 4,008 4,083 31,107 23,437 Allowance for expected credit loss 1,044 1,268 Gross accounts receivable 205,028 163,503 The Company’s allowance for expected credit loss reflects expected credit losses using a provision matrix model, supplemented by an allowance for individually impaired trade receivables. The provision matrix is based on the Company’s historic credit loss experience, adjusted for any change in risk of the trade receivable population based on credit monitoring indicators, and expectations of general economic conditions that might affect the collection of trade receivables. The provision matrix applies fixed provision rates depending on the number of days that a trade receivable is past due, with higher rates applied the longer a balance is past due. Trade receivables outstanding longer than the agreed upon payment terms are considered past due. The Company determines its allowance for individually impaired trade receivables by considering a number of factors, including notices of liquidation, information provided by credit monitoring services, the length of time trade receivables are past due, the customer’s current ability to pay its obligation to the Company, the customer’s history of paying balances when they are past due, historical results and the condition of the general economy and the industry as a whole. After considering the factors above, at December 31, 2021, the Company has determined there is no significant increase or decrease in its trade receivable credit risk since their initial recognitio n, including the impacts of COVID-19. The Company writes off trade receivables when they are determined to be uncollectible and any payments subsequently received on such trade receivables are credited to the allowance for expected credit loss. Amounts are written-off based on the final results of bankruptcy or liquidation proceedings, as well as consideration of local statutes of limitations and other regulations permitting or requiring the write-off of trade receivables. Substantially all of the trade receivables written off during the year ended December 31, 2021 are not subject to enforcement activity. The Company’s maximum exposure to credit risk at the end of the reporting period would be the gross accounts receivable balance shown in the table above. In general, the Company does not hold collateral with respect to its trade receivables. The following table presents a continuity summary of the Company’s allowance for expected credit loss as of and for the years ended December 31: 2021 2020 $ $ Balance, beginning of year 1,268 909 Additions 493 545 Recoveries (104) — Write-offs (613) (197) Foreign exchange — 11 Balance, end of year 1,044 1,268 Supplier rebates and other receivables The Company's believes its credit risk associated with supplier rebates and other receivables is limited considering the amount is not material, the Company’s large size, the diverse base of counterparties and geography. Liquidity Risk Liquidity risk is the risk that the Company will not be able to meet its financial liabilities and obligations as they become due. The Company is exposed to this risk mainly through its borrowings, finance lease liabilities, accounts payable and accrued liabilities and its option liabilities. The Company finances its operations through a combination of cash flows from operations and borrowings. The Company's liquidity risk management process serves to maintain a sufficient amount of cash and to ensure that the Company has financing sources for a sufficient authorized amount. The Company establishes budgets, cash estimates and cash management policies to ensure it has the necessary funds to fulfill its obligations for the foreseeable future and ensure adequate liquidity on a long-term basis. The following maturity analysis for financial liabilities is based on the remaining contractual maturities as of the balance sheet date. The amounts dis |
POST REPORTING EVENTS
POST REPORTING EVENTS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of events after reporting period [Abstract] | |
POST REPORTING EVENTS | POST REPORTING EVENTS Adjusting Events No adjusting events have occurred between the reporting date of these consolidated financial statements and the date of authorization. Non-Adjusting Events No significant non-adjusting events have occurred between the reporting date of these consolidated financial statements and the date of authorization with the exception of the items discussed below. On January 13, 2022, the Company acquired substantially all of the operating assets of Syfan Manufacturing, Inc. ("Syfan USA") for $18.0 million, subject to post-closing adjustments. The former owners of Syfan USA have in escrow $2.5 million for any potential indemnification requirements related to the customary representations, warranties and covenants in the purchase agreement. The Company financed the acquisition with funds available under its 2021 Credit Facility. Syfan USA manufactures polyolefin shrink film products at a facility in Everetts, North Carolina, serving customers in a variety of end use applications. The acquisition of Syfan USA is expected to expand the Company’s existing shrink film production capacity in North America, allowing the Company to better service the growing demand of its customer base. The transaction will be accounted for using the acquisition method of accounting, and the Company expects a significant part of the purchase price to be allocated to goodwill and intangible assets. The Company also expects a significant portion of the goodwill to be deductible for income tax purposes. Management is not yet able to provide a full breakout of the purchase price allocation due to the timing of the acquisition and to anticipated post-closing working capital adjustments. On March 7, 2022, the Company entered into a definitive agreement to be acquired by an affiliate of Clearlake Capital Group, L.P. (together with certain of its affiliates, “Clearlake”). Under the terms of the agreement, Clearlake agreed to acquire the outstanding shares of the Company for CDN$40.50 per share in an all-cash transaction valued at approximately US$2.6 billion, including net debt. Upon completion of the transaction, the Company will become a privately held company. The transaction, which will be effected pursuant to a court-approved plan of arrangement, is expected to close in the third quarter of 2022. The transaction is not subject to a financing condition but is subject to customary closing conditions, including receipt of shareholder, regulatory and court approvals. |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract] | |
Basis of Presentation and Statement of Compliance | Basis of Presentation and Statement of Compliance The consolidated financial statements present the Company’s consolidated balance sheets as of December 31, 2021 and 2020, as well as its consolidated earnings, comprehensive income, cash flows, and changes in equity for each of the years in the three-year period ended December 31, 2021. These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) and are expressed in United States (“US”) dollars and are rounded to the nearest thousands, except for shares, per share data and as otherwise noted. The consolidated financial statements were authorized for issuance by the Company’s Board of Directors on March 10, 2022. |
New Standards Adopted as of January 1, 2021 | New Standards adopted as of January 1, 2021 In the prior year, the Company adopted the Phase 1 amendments Interest Rate Benchmark Reform—Amendments to IFRS 9, IAS 39 and IFRS 7 . These amendments modify specific hedge accounting requirements to allow hedge accounting to continue for affected hedges during the period of uncertainty before the hedged items or hedging instruments are amended as a result of the interest rate benchmark reform. In the current year, the Company adopted the Phase 2 amendments Interest Rate Benchmark Reform—Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 . There was no material impact to the Company’s financial statements as a result of adopting Interest Rate Benchmark Reform—Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16. Adopting these amendments enables the Company to reflect the effects of transitioning from interbank offered rates ("IBOR") to alternative benchmark interest rates without giving rise to accounting impacts that would not provide useful information to users of financial statements. The amendments have been applied retrospectively. The Company will continue to apply the Phase 1 amendments until the uncertainty arising from the interest rate benchmark reform with respect to the timing and the amount of the underlying cash flows to which the Company is exposed ends. The Company expects this uncertainty will continue until the Company’s contracts that reference IBORs are amended to specify the date on which the interest rate benchmark will be replaced and the basis for the cash flows of the alternative benchmark rate are determined. The Company has floating rate debt, linked to the London Inter-bank Offered Rate, which it cash flow hedges using interest rate swaps. Details of the financial instruments affected by the interest rate benchmark reform together with a summary of the actions taken by the Company to manage the risks relating to the reform and the accounting impact, including the impact on hedge accounting relationships, appear in Note 24. |
New Standards and Interpretations Issued but Not Yet Effective | New Standards and Interpretations Issued but Not Yet Effective As of the date of authorization of the Company's financial statements, certain new standards, amendments and interpretations, and improvements to existing standards have been published by the IASB but are not yet effective and have not been adopted early by the Company. Management anticipates that all of the relevant pronouncements will be adopted in the first reporting period following the date of application. Information on new standards, amendments and interpretations, and improvements to existing standards, which could potentially impact the Company’s financial statements, are detailed as follows: On January 23, 2020, the IASB published Classification of Liabilities as Current or Non-current (Amendments to IAS 1), which affect only the presentation of liabilities as current or non-current in the statement of financial position and not the amount or timing of recognition of any asset, liability, income or expenses, or the information disclosed about those items. The amendments clarify that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period, specify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability, explain that rights are in existence if covenants are complied with at the end of the reporting period, and introduce a definition of ‘settlement’ to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. The amendments are effective on January 1, 2023 and will be applied retrospectively. Management is currently assessing, but has not yet determined, the impact on the Company’s financial statements. On May 14, 2020, the IASB published Property, Plant and Equipment: Proceeds Before Intended Use (Amendments to IAS 16) , which prohibits deducting amounts received from selling items produced while preparing the asset for its intended use from the cost of property, plant and equipment. Instead, such sales proceeds and related costs will be recognized in earnings. The amendments are effective on January 1, 2022. The amendments are applied retrospectively, but only to items of property, plant and equipment that are brought to the location and condition necessary for them to be capable of operating in the manner intended by management on or after the beginning of the earliest period presented in the financial statements in which the Company first applies the amendments. The Company will recognize the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at the beginning of that earliest period presented. Management has completed its analysis of the guidance and does not currently expect it to materially impact the Company’s financial statements. On May 7, 2021, the IASB published Deferred Tax Related to Assets and Liabilities Arising From a Single Transaction (Amendments to IAS 12) , which clarifies that the initial recognition exemption does not apply to transactions in which both deductible and taxable temporary differences will result in the recognition of equal deferred tax assets and liabilities, and that the Company is required to recognize deferred tax on such transactions. The amendments are effective on January 1, 2023. Management is currently assessing, but has not yet determined, the impact on the Company’s financial statements. |
Basis of Measurement | Basis of Measurement The consolidated financial statements have been prepared on the historical cost basis, except for certain financial instruments that are measured at revalued amounts or fair values at the end of each reporting period and the Company’s pension plans, post-retirement plans and other long-term employee benefit plans, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2 - Share-based Payment, leasing transactions that are within the scope of IFRS 16 - Leases , and measurements that have some similarities to fair value but are not fair value, such as net realizable value in IAS 2 - Inventories or value in use in IAS 36 - Impairment of Assets. |
Basis of Consolidation | Basis of Consolidation The consolidated financial statements include the accounts of the Parent Company and entities controlled by the Company (its subsidiaries). Control is achieved when (i) the Company has power over the investee, (ii) is exposed, or has rights, to variable returns from its involvement with the investee, and (iii) has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, subsidiaries acquired or disposed of during the year are reflected in the Company's earnings from the date the Company gains control until the date when the Company ceases to control the subsidiary. Non-controlling interests in subsidiaries is presented in the consolidated balance sheets as a separate component of equity that is distinct from shareholders' equity. The carrying amount of the Company's interests and the non‑controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Changes in the Company's interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. Earnings and each component of other comprehensive income are attributed to the owners of the Company and to the non‑controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Company and to the non‑controlling interests based on their respective ownership interests, even if this results in the non‑controlling interests having a deficit balance. All intercompany assets and liabilities, equity, income, expenses and cash flows relating to transactions between subsidiaries of the Company are eliminated on consolidation, including unrealized gains and losses on transactions between the consolidated entities. IPG Asia Private Limited ("IPG Asia") and Capstone Polyweave Private Limited ("Capstone") have a fiscal year-end of March 31 due to Indian legislation. However, for consolidation purposes, the financial information for IPG Asia and Capstone is presented as of the same date as the Parent Company. All other subsidiaries have a reporting date identical to that of the Parent Company. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Parent Company. |
Business Acquisitions | Business Acquisitions The Company applies the acquisition method of accounting for business acquisitions. The consideration transferred by the Company to obtain control of a subsidiary, or a group of assets that qualifies as a business, is measured at fair value, which is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred, and the equity interests issued by the Company in exchange for control of the acquiree. Acquisition costs are expensed as incurred. Assets acquired and liabilities assumed are generally measured at their acquisition-date fair values. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Company reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (which cannot exceed one year from the acquisition date), or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognized as of that date. When the consideration transferred by the Company in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the total consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as |
Non-controlling Interests | Non-controlling Interests Non-controlling interests represent the equity in subsidiaries that are not attributable, directly or indirectly, to the Parent Company. A non-controlling interest is initially recognized as the proportionate share of the identifiable net assets of the subsidiary on the date of its acquisition and is subsequently adjusted for the non-controlling interest’s share of the acquired subsidiary’s earnings and any changes to capital, including dividends paid to the non-controlling interest, as well as changes in foreign currency exchange rates where applicable. |
Foreign Currency Translation | Foreign Currency Translation Functional and presentation currency The consolidated financial statements are presented in US dollars, which is the Company’s presentation currency. Items included in the financial statements of each of the consolidated entities are measured using the currency of the primary economic environment in which such entity operates (the “functional currency”). The significant functional currencies of the different consolidated entities include the US dollar, Canadian dollar ("CDN"), Indian rupee ("INR") and Euro. The Company has other functional currencies that are not considered significant for each of the years in the three-year period ended December 31, 2021. The Parent Company's functional currency is CDN, which is different than the Company's presentation currency. The Company elected to present its consolidated financial statements in US dollars as it is the predominate currency of the consolidated entities and as a result, most of the Company's cash flows are in US dollars. For the purpose of presenting consolidated financial statements, all assets, liabilities and transactions of entities with a functional currency other than the US dollar are translated to US dollars upon consolidation. On consolidation, assets and liabilities have been translated to US dollars using the closing exchange rate in effect at the balance sheet date, and revenues and expenses are translated at each month-end’s average exchange rate. The resulting translation adjustments are recognized in other consolidated comprehensive income (loss) ("OCI") and accumulated in a foreign exchange translation reserve (attributed to non-controlling interests as appropriate). When a foreign operation is partially disposed of or sold, exchange differences that were recorded in equity are recognized in earnings as part of the gain or loss on sale. When there is no reduction in the ownership percentage, exchange differences recorded in equity will remain in equity until the foreign operation is partially or fully disposed of or sold. Goodwill arising on the acquisition of a foreign entity is treated as an asset of the foreign entity and translated at the closing rate. Exchange differences arising are charged or credited to OCI and recognized in the cumulative translation adjustment account within accumulated OCI in equity. Foreign currency transactions and balances Transactions denominated in currencies other than the functional currency of a consolidated entity are translated into the functional currency of that entity using the exchange rates prevailing at the date of each transaction. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Foreign exchange gains or losses arising on settlement or translation of monetary items are recognized in earnings in finance costs (income) - other expense (income), net in the period in which they arise, except (i) when deferred in OCI as a qualifying hedge (refer to Note 24) or (ii) exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur in the foreseeable future (therefore forming part of the net investment in the foreign operation) which is recognized in OCI until disposal or partial disposal of the net investment at which time it is |
Segment Reporting | Segment Reporting The Company operates in various geographic locations and develops, manufactures and sells a variety of products to a diverse customer base. Most of the Company’s products are made from similar processes. A vast majority of the Company’s products, while brought to market through various distribution channels, generally have similar economic characteristics. The Company’s decisions about resources to be allocated are predominantly determined as a whole based on the Company’s operational, management and reporting structure. The chief operating decision maker primarily assesses the Company’s performance as a single reportable segment. |
Revenue Recognition | Revenue Recognition The Company recognizes revenues from the sale of goods classified within six product categories: tape, film, engineered coated products, protective packaging, packaging machinery and other. Refer to Note 21 for additional information on revenue by product category and geographical location. The vast majority of the Company's customer arrangements contain a single performance obligation to transfer manufactured goods. Revenue is recognized when control of goods has transferred to customers. Control is considered transferred in accordance with the terms of sale, generally when goods are shipped to external customers as that is generally when legal title, physical possession and risks and rewards of goods/services transfers to the customer. The normal credit term is 30 days upon delivery. Revenue is recognized at the transaction price that the Company expects to be entitled. In determining the transaction price, the Company considers the effects of variable consideration. The main sources of variable consideration for the Company are customer rebates and cash discounts. These incentives are recorded as a reduction to revenue at the time of the initial sale using the most-likely amount estimation method. The most-likely amount method is based on the single most likely outcome from a range of possible consideration outcomes. The range of possible consideration outcomes are primarily derived from the following inputs: sales terms, historical experience, trend analysis, and projected market conditions in the various markets served. Because the Company serves numerous markets, the sales incentive programs offered vary across businesses, but the most common incentive relates to amounts paid or credited to customers for achieving defined volume levels or growth objectives. There are no material instances where variable consideration is constrained and not recorded at the initial time of sale. Certain contracts provide a customer with a right to return goods if certain conditions are met. Product returns are recorded as a reduction to revenue and refund liability based on anticipated sales returns that occur in the normal course of business. At the same time, the Company has a right to recover the product when customers exercise their right of return, and the Company consequently recognizes a right to returned goods assets and a corresponding adjustment to cost of sales. At this time, the Company believes it is highly unlikely that a significant reversal in the cumulative revenue recognized will occur given the consistent level of claims over previous years. Refer to the section below entitled " Allowance for expected credit loss and revenue adjustments " for additional discussion. |
Borrowing Costs | Borrowing Costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily takes a substantial period of time to get ready for its intended use or sale, are added to the cost of those assets until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognized in earnings within interest in finance costs in the period in which they are incurred. Borrowing costs consist of interest and other costs incurred in connection with the borrowing of funds. |
Research Expenses | Research Expenses Research expenses are expensed as they are incurred, net of any related investment tax credits, unless the criteria for capitalization of development expenses are met. |
Government Grants | Government Grants Grants from governments are recognized at their fair value when there is a reasonable assurance that the grant will be received and / or earned, and any specified conditions will be met. Government grants are recognized in earnings on a systematic basis over the periods in which the Company recognizes as expenses the related costs for which the grants are intended to compensate. Specifically, grants received in relation to the purchase and construction of plant and equipment are included in non-current liabilities as deferred income in other liabilities and are recognized in earnings on a straight-line basis over the estimated useful life of the related asset. Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Company with no future related costs are recognized in earnings in the period in which they become receivable. The benefit of a government loan at a below-market rate of interest is treated as a government grant, measured as the difference between proceeds received and the fair value of the loan based on prevailing market interest rates. |
Share-Based Compensation Expense | Share-Based Compensation Expense Stock options Stock option expense is based on the grant date fair value of the awards expected to vest over the vesting period. Forfeitures are estimated at the time of the grant and are included in the measurement of the expense and are subsequently adjusted to reflect actual events. For awards with graded vesting, the fair value of each tranche is recognized on a straight-line basis over its vesting period. Any consideration paid by participants on exercise of stock options is credited to capital stock together with any related share-based compensation expense originally recorded in contributed surplus. If the amount of the tax deduction (or estimated future tax deduction) exceeds the amount of the related cumulative remuneration expense for stock options, this indicates that the tax deduction relates not only to remuneration expense but also to an equity item. In this situation, the Company recognizes the excess of the associated current or deferred tax to contributed surplus prior to an award being exercised, and any such amounts are transferred to capital stock upon exercise of the award. Deferred share units Deferred share units ("DSUs") are settled in cash only and, as a result, the corresponding liability is remeasured to fair value at the end of each reporting period. The fair value of DSUs is based on the volume weighted average trading price ("VWAP") of the Company’s common shares on the TSX for the five Performance share units Performance share unit ("PSUs") are settled in cash only and, as a result, the corresponding liability is remeasured to fair value at the end of each reporting period. PSUs granted during the three years ending December 31, 2021 are subject to market (50 percent) and non-market performance conditions (50 percent) as well as a time-based vesting condition. Accordingly, the fair value of such PSUs is based 50 percent on a Monte Carlo valuation model at each reporting date and 50 percent on the Company's VWAP of common shares on the TSX for the five settled, expire or are otherwise cancelled. The corresponding liability is recorded on the Company’s consolidated balance sheet under the caption share-based compensation liabilities, current for amounts expected to settle in the next twelve months and share-based compensation liabilities, non-current for amounts expected to settle in more than twelve months. The cash payment at settlement is calculated based on the number of settled PSUs held by the participant, multiplied by the VWAP of the Company’s common shares on the TSX for the five PSUs granted prior to December 31, 2017 which settled during the three years ending December 31, 2021 were subject only to a market performance condition (100 percent) and time-based vesting condition. Restricted share units Restricted share units ("RSUs") are settled in cash only and, as a result, the corresponding liability is remeasured to fair value at the end of each reporting period. The fair value of RSUs is based on the VWAP of the Company’s common shares on the TSX for the five five |
Income Taxes | Income Taxes Current and deferred taxes are recognized in the consolidated statement of earnings, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity, respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. Current tax Current tax is based on the results for the period as adjusted for items that are not taxable or deductible. Current tax is calculated using tax rates and laws enacted or substantially enacted at the reporting date in the countries in which the Company operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation. A provision is recognized for those matters for which the tax determination is uncertain, but it is considered probable that there will be a future outflow of funds to a tax authority. The provisions are measured at the best estimate of the amount expected to become payable. The assessment is based on the judgment of tax professionals within the Company supported by previous experience in respect of such activities and in certain cases based on specialist independent tax advice. As of December 31, 2021 and 2020, the Company does not have any matters for which the tax determination is uncertain and as such, no provision has been recognized. Deferred tax Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that future taxable income will be available against which they can be utilized. This is assessed based on the Company’s forecast of future operating results, adjusted for significant non-taxable income and expenses and specific limits on the use of any unused tax loss or credit. Deferred tax is calculated using tax rates and laws enacted or substantially enacted at the reporting date in the countries where the Company operates, and which are expected to apply when the related deferred income tax asset is realized, or the deferred tax liability is settled. The carrying amounts of deferred tax assets are reviewed at each reporting period and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at each reporting period and are recognized to the extent that it has become probable that future taxable income will allow the deferred tax asset to be recovered. Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off the recognized amounts and the deferred taxes relate to the same taxable entity and the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. |
Earnings Per Share | Earnings Per Share Basic earnings per share is calculated by dividing the net earnings attributable to Company shareholders by the weighted average number of common shares outstanding during the period, including the effect of stock option activity and common shares repurchased. Diluted earnings per share is calculated by dividing the net earnings attributable to Company shareholders by the weighted average number of common shares outstanding during the period, including the effect of stock option activity and common shares repurchased and for the effects of all dilutive potential outstanding stock options. Dilutive potential outstanding stock options includes the total number of additional common shares that would have been issued by the Company assuming stock options with exercise prices below the average market price for the period were exercised and reduced by the number of shares that the Company could have repurchased if it had used the assumed proceeds from the exercise of stock options to repurchase them on the open market at the average share price for the period. |
Financial Instruments | Financial Instruments Financial assets and liabilities are recognized when the Company becomes party to the contractual provisions of the financial instrument. Financial assets are derecognized when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and all substantial risks and rewards are transferred. A financial liability is derecognized when it is extinguished, discharged, cancelled or when it expires. Classification and initial measurement of financial assets The Company’s financial assets consist of cash, trade receivables, and supplier rebates and other receivables. Financial assets, other than those designated and effective as hedging instruments, are classified at initial recognition into one of the following categories: • measured at amortized cost, • fair value through earnings, or • fair value through OCI. The classification of financial assets at initial recognition depends on the financial asset's contractual cash flow characteristics and the Company's business model for managing them. In the case of financial assets not at fair value through earnings, and with the exception of trade receivables that do not contain a significant financing component, the Company initially measures a financial asset at its fair value adjusted for transaction costs. In the case of financial assets at fair value through earnings, transaction costs directly attributable to the acquisition of financial assets or financial liabilities are recognized immediately in earnings. Trade receivables that do not contain a significant financing component or for which the Company has applied the practical expedient are measured at the transaction price determined under IFRS 15 - Revenue from Contracts with Customers . Refer to the accounting policies discussed above in Revenue Recognition. Subsequent measurement In subsequent periods, the measurement of financial instruments depends on their classification. The classification is determined by both the Company’s business model for managing the financial asset and the contractual cash flow characteristics of the financial asset. Financial assets are measured at amortized cost if the assets meet the following conditions (and are not designated as fair value through earnings): • the financial asset is held within a business model whose objective is to hold the financial assets and collect its contractual cash flows • the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, these are measured at amortized cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. The Company's cash, trade receivables, supplier rebates and other receivables fall into this category of financial instruments. The expense relating to the allowance for expected credit loss is recognized in earnings in selling, general and administrative expense ("SG&A"). In the periods presented the Company does not have any financial assets categorized as fair value through OCI. Financial assets that are held within a different business model other than ‘hold to collect’ or ‘hold to collect and sell’ are categorized at fair value through earnings. Further, irrespective of business model, financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through earnings. Assets in this category are measured at fair value with gains or losses recognized in earnings. The fair values of financial assets in this category are determined by reference to active market transactions or using a valuation technique where no active market exists. All derivative financial instruments fall into this category, except for those designated and effective as hedging instruments, for which the hedge accounting requirements apply (see below). Impairment of financial assets The Company recognizes a loss allowance for expected credit losses arising from financial assets. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The Company applies a simplified approach for calculating expected credit losses for trade and other receivables. The Company recognizes a loss allowance based on lifetime expected credit losses at each reporting date. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial instrument. In calculating, the Company uses its historical experience, external indicators and forward-looking information to calculate the expected credit losses using a provision matrix. The Company assesses impairment of trade receivables on a collective basis as they possess shared credit risk characteristics and have been grouped based on the days past due. Refer to Note 24 for a detailed analysis of how the impairment requirements of IFRS 9 - Financial Instruments ("IFRS 9") are applied. Classification and measurement of financial liabilities The Company’s financial liabilities include accounts payable and accrued liabilities (excluding employee benefits and taxes payable), borrowings (excluding lease liabilities), contingent consideration liabilities, non-controlling interest put options, and interest rate swap agreements. Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Company designated a financial liability at fair value through earnings. Subsequently, financial liabilities are measured at amortized cost using the effective interest method, except for derivatives and financial liabilities designated at fair value through earnings. The Company's accounts payable and accrued liabilities (excluding employee benefits and taxes payable) and borrowings (excluding lease liabilities) fall into this category of financial instruments. Derivatives (other than those that are designated and effective as hedging instruments) and financial liabilities designated at fair value through earnings are carried subsequently at fair value with gains or losses recognized in earnings. The Company's non-controlling interest put options and contingent consideration liabilities fall into this category of financial instruments. Changes in the fair values of the non-controlling interest put options and contingent consideration liabilities are recognized in earnings in finance costs. Refer to Note 24 for more information regarding the fair value measurement and classification of put options relating to the Capstone non-controlling interest, and contingent consideration liabilities. All interest-related charges for financial liabilities measured at amortized cost are recognized in earnings in finance costs. Discounting is omitted where the effect of discounting is immaterial. Derivative instruments and hedging Derivatives are recognized initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognized in earnings immediately unless the derivative is designated and effective as a hedging instrument, in which event, the timing of the recognition in earnings depends on the nature of the hedge relationship. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Derivatives are not offset in the financial statements unless the Company has both a legally enforceable right and intention to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than twelve months and it is not due to be realized or settled within twelve months. Other derivatives are presented as current assets or current liabilities. The Company applies hedge accounting to arrangements that qualify and are designated for hedge accounting treatment. For the purpose of hedge accounting, hedges are classified as: • fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment; • cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognized firm commitment; or • hedges of a net investment in foreign operations. When the requirements for hedge accounting are met at inception, the Company may designate a certain financial instrument as a hedging instrument in a hedge relationship. Upon designation, the Company documents the relationships between the hedging instrument and the hedged item, including the risk management objectives and strategy in undertaking the hedge transaction, and the methods that will be used to assess the effectiveness of the hedging relationship. At inception of a hedge relationship and at each subsequent reporting date, the Company evaluates if the hedging relationship qualifies for hedge accounting under IFRS 9, which requires the following conditions to be met: • there is an economic relationship between the hedged item and the hedging instrument; • the effect of credit risk does not dominate the value changes that result from that economic relationship; and • the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the entity actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item. Cash flow hedges The Company has certain interest rate swap agreements designated as cash flow hedges. These arrangements have been entered into to mitigate the risk of change in cash flows due to the fluctuations in interest rates applicable on the Company's floating rate borrowings. Such derivative financial instruments used for hedge accounting are recognized initially at fair value on the date on which the derivative contract is entered into and are subsequently reported at fair value in the consolidated balance sheets. To the extent that the hedge is effective, changes in the fair value of the derivatives designated as hedging instruments in cash flow hedges are recognized in OCI and are included within the reserve for cash flow hedges in equity. Any ineffectiveness in the hedge relationship is recognized immediately in earnings. Hedge accounting is discontinued prospectively when a derivative instrument ceases to satisfy the conditions for hedge accounting or is sold or liquidated. If the hedging relationship ceases to meet the effectiveness conditions, hedge accounting is discontinued, and the related gain or loss is held in the equity reserve until reclassified to the consolidated statement of earnings in the same period or periods during which the hedged future cash flows affect earnings. If the hedged item ceases to exist before the end of the original hedge term, the unrealized hedge gain or loss in OCI is reclassified immediately in the consolidated statement of earnings. Interest rate swap agreements that economically hedge the risk of changes in cash flows due to the fluctuations in interest rates applicable on the Company's variable rate borrowings, but for which hedge accounting is not applied, are measured at fair value through earnings. Refer to Note 24 for more information regarding interest rate swap agreements. Hedge of a net investment in foreign operations Hedges of a net investment in foreign operations, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for similar to cash flow hedges. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognized in OCI and any gains or losses relating to the ineffective portion are recognized in the statement of earnings. On disposal of a foreign operation, the cumulative value of any such gains or losses recorded in equity is reclassified immediately in earnings. |
Cash | CashCash comprises cash at banks and on hand. |
Inventories | Inventories Inventories consists of raw materials, works in process, finished goods and parts and supplies. Inventories are measured at the lower of cost or net realizable value. Cost is assigned by using the first in, first out cost formula, and includes all costs of purchases, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Trade discounts, rebates and other similar items are deducted in determining the costs of purchases. The cost of work in process and finished goods includes the cost of raw materials, direct labor and a systematic allocation of fixed and variable production overhead incurred in converting materials into finished goods. The allocation of fixed production overheads to the cost of conversion is based on the normal capacity of the manufacturing facilities. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation, accumulated impairment losses and the applicable investment tax credits earned. The cost of an item of property, plant and equipment, excluding leases which are discussed in the Leases section below, includes its purchase price or manufactured cost including costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management and, where applicable, borrowing costs, and an initial estimate of the costs of dismantling and removing the item and restoring the leased site on which it is located. Depreciation is recognized using the straight-line method over the estimated useful lives of like assets as outlined below or, if lower, over the terms of the related leases: Years Land Indefinite Buildings and related major components 3 to 60 Manufacturing equipment and related major components 3 to 30 Computer equipment and software 3 to 15 Furniture, office equipment and other 3 to 10 Assets related to restoration provisions Expected remaining term of the lease Right-of-use assets are depreciated over the shorter period of the lease term and the useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation methods, useful lives and residual values related to property, plant and equipment are reviewed at each reporting date, or more frequently when there is an indication that they have changed and are adjusted if necessary. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment, and are depreciated over their respective useful lives. Depreciation of an asset begins when it is available for use in the location and condition necessary for it to be capable of operating in the manner intended by management. Manufacturing equipment under construction is not depreciated. Depreciation of an asset ceases at the earlier of the date on which the asset is classified as held for sale or is included in a disposal group that is classified as held for sale, and the date on which the asset is disposed. The cost of replacing a part of an item of property, plant and equipment is recognized in the carrying amount of the asset if it is probable that the future economic benefits embodied within the part will flow to the Company, and its cost can be measured reliably. At the same time, the carrying amount of the replaced part is assessed for impairment. The costs of the day-to-day servicing of property, plant and equipment, and repairs and maintenance are recognized in earnings as incurred. An item of property, plant and equipment is derecognized upon disposal or impaired when no future economic benefits are expected to arise from the continued use of the asset. Gains or losses arising from the disposal of property, plant and equipment are determined as the difference between the net disposal proceeds and the carrying amount of the assets and are recognized in earnings in the category consistent with the function of the property, plant and equipment. Depreciation expense is recognized in earnings in the expense category consistent with the function of the property, plant and equipment. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable net assets acquired in business acquisitions. Goodwill is carried at cost less any accumulated impairment losses. |
Intangible Assets | Intangible Assets Intangible assets acquired separately When intangible assets are purchased separately, the cost is comprised of the purchase price and any directly attributable cost of preparing the asset for its intended use. Intangible assets with finite lives are carried at cost less accumulated amortization and accumulated impairment losses. Intangible assets with indefinite lives that are acquired separately are carried at cost less accumulated impairment losses. The Company has trademarks and trade names which are identifiable intangible assets for which the expected useful life is indefinite. The trademarks and trade names represent the value of brand names primarily acquired in business acquisitions, which management expects will provide benefits to the Company for an indefinite period. When intangible assets are purchased with a group of assets, the cost of the group of assets is allocated to the individual identifiable assets and liabilities on the basis of their relative fair values at the date of purchase. Internally generated intangible assets An internally-generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all of the following conditions have been demonstrated: • the technical feasibility of completing the intangible asset so that it will be available for use or sale; • the intention to complete the intangible asset and use or sell it; • the ability to use or sell the intangible asset; • the ways in which the intangible asset can generate probable future economic benefits; • the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and • the ability to measure reliably the expenditure attributable to the intangible asset during its development. For capitalized internally developed software, directly attributable costs include employee costs incurred on solution development and implementation along with an appropriate portion of borrowing costs. Where no internally generated intangible asset can be recognized, development expenditure is recognized in the earnings in the period in which it is incurred. Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Intangible assets acquired in a business combination Intangible assets acquired in a business combination and recognized separately from goodwill are recognized initially at their fair value at the acquisition date (which is regarded as their cost). Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Amortization is recognized using the straight-line method over their estimated useful lives as follows: Years Customer lists, license agreements and software 1 to 20 Patents and trademarks being amortized 2 to 15 Non-compete agreements 3 to 10 The amortization methods, useful lives and residual values related to intangible assets are reviewed at each reporting date, or more frequently when there is an indication that they have changed and adjusted if necessary, with the effect of any changes in estimate being accounted for on a prospective basis. Amortization begins when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. Amortization expense is recognized in earnings in the expense category consistent with the function of the intangible asset. An intangible asset is derecognized on disposal, or when no future economic benefits are expected from use. The gain or loss on disposal is determined as the difference between the net disposal proceeds and the carrying amount of the asset and is recognized in earnings in the expense category consistent with the function of the intangible asset. |
Impairment Testing of Long-Lived Assets | Impairment Testing of Long-Lived Assets At each reporting date, the Company reviews the carrying amounts of its intangible assets, goodwill and property, plant and equipment to determine whether there is any indication that those assets have suffered any impairment loss. If any such indication exists, or when required annual impairment testing is performed on intangible assets including software applications in development and not yet available for use and trademark and trade names with indefinite useful lives, the recoverable amount of the asset is estimated to determine the extent of the impairment loss, if any exists. For impairment assessment purposes, assets are grouped at the lowest levels for which there are largely independent cash inflows, known as a "cash-generating unit" or "CGU". An impairment loss is recognized for the amount by which the asset's (or CGU's) carrying amount exceeds its recoverable amount. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of other assets or groups of assets. Where the asset does not generate cash flows that are independent from other assets, the Company estimates the recoverable amount of the CGU to which the asset belongs. Goodwill is allocated to those CGUs that are expected to benefit from synergies of related business acquisitions and that represent the lowest level within the group at which management monitors goodwill. The recoverable amount is the higher of its value in use and its fair value less costs of disposal. To determine the value in use, management estimates the expected future cash flows from each CGU and determines an appropriate discount rate in order to calculate the present value of those cash flows. Fair value in this case represents the price that would be received to sell an asset or CGU in an orderly transaction between market participants, less the associated costs of disposal. The Company determines the recoverable amount and compares it with the carrying amount. If the carrying amount exceeds the recoverable amount, an impairment loss is recognized for the difference. Impairment losses are recognized in earnings in the expense category consistent with the function of the associated corresponding property, plant and equipment or intangible asset. Impairment losses recognized with respect to CGUs are allocated first to reduce the carrying amount of any goodwill allocated to that CGU, and then to reduce the carrying amounts of other assets within the unit or group of units on a pro rata basis applied to the carrying amount of each asset in the unit or group of units. With the exclusion of goodwill, whose impairment losses may not be reversed, an assessment is made at each reporting date as to whether there is any indication that previously recognized asset impairment losses may no longer exist or may have decreased. In this case, the Company will estimate the recoverable amount of that asset and, if appropriate, record a partial or entire reversal of the previously recognized impairment. Upon such reversal, the adjusted carrying amount of the asset will not exceed the carrying amount that would have been determined (net of amortization or depreciation) had no impairment loss been recognized for the asset in prior years. Goodwill is subject to impairment testing at least annually, or more frequently if events or changes in circumstances indicate the carrying amount may be impaired. Goodwill is considered to be impaired when the carrying amount of the CGU or group of CGUs to which the goodwill has been allocated exceeds its fair value. Any resulting impairment loss would be recognized in the statement of earnings. |
Provisions | Provisions Provisions represent liabilities to the Company for which the amount or timing is uncertain. Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Provisions are measured at the present value of the expected consideration to settle the obligation which, when the effect of the time value of money is material, is determined using a discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision during the period to reflect the passage of time is recognized in earnings as a finance cost. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, and if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably, a receivable is recognized as an asset. A provision is recorded in connection with environmental expenditures relating to existing conditions caused by past operations that do not contribute to current or future cash flows. Provisions for liabilities related to anticipated remediation costs are recorded on a discounted basis, if the effects of discounting are material, when they are probable and reasonably estimable, and when a present obligation exists as a result of a past event. Environmental expenditures for capital projects that contribute to current or future operations generally are capitalized and depreciated over their estimated useful lives. A provision is recorded in connection with the estimated future costs to restore leased property to their original condition, as required by the terms and conditions of the lease, and are recognized when the obligation is incurred, either at the commencement date of the lease or as a consequence of having used the underlying asset during a particular period of the lease, at the Company's best estimate of the expenditure that would be required to restore the asset. The liability and a corresponding asset are recorded on the Company’s consolidated balance sheet under the captions provisions, and property, plant and equipment (buildings), respectively. The provision is reviewed at the end of each reporting period to reflect the passage of time, changes in the discount rate and changes in the estimated future restoration costs. The Company amortizes the amount capitalized to property, plant and equipment on a straight-line basis over the expected lease term and recognizes a financial cost in connection with the discounted liability over the same period. Changes in the liability are added to, or deducted from, the cost of the related asset in the current period. These changes to the capitalized cost result in an adjustment to depreciation and interest. A provision is recorded in connection with termination benefits at the earlier of the date on which the Company can no longer withdraw the offer of those benefits and the date on which the Company recognizes costs related to restructuring activities. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. If benefits are not expected to be settled wholly within 12 months of the end of the reporting period, they are presented on a discounted basis, if the effects of discounting are material. The Company is engaged from time-to-time in various legal proceedings and claims that have arisen in the ordinary course of business. The Company records liabilities for legal proceedings in those instances where it can reasonably estimate the amount of the loss and where liability is probable. |
Pension, Post-Retirement and Other Long-term Employee Benefits | Pension, Post-Retirement and Other Long-term Employee Benefits The Company has defined contribution plans, defined benefit pension plans, other post-retirement benefit plans, and other long-term employee benefit plans for certain of its employees in Canada and the US. Defined contribution plans A defined contribution plan is a post-retirement benefit plan under which the Company pays fixed contributions into a separate entity and to which it will have no legal or constructive obligation to pay future amounts. The Company contributes to several state plans, multi-employer plans, retirement savings plans and insurance funds for individual employees that are considered defined contribution plans. Contributions to defined contribution pension plans are recognized as an employee benefit expense in consolidated earnings in the periods during which services are rendered by employees. Defined benefit plans A defined benefit plan is a post-retirement benefit plan other than a defined contribution plan. For defined benefit pension plans, other post-retirement benefit plans and other long-term employee benefit plans, the benefits expense and the related obligations are actuarially determined on a quarterly basis by independent qualified actuaries using the projected unit credit method when the effects of discounting are material. The asset or liability related to a defined benefit plan recognized in the consolidated balance sheet is the present value of the defined benefit obligation at the end of the reporting period, less the fair value of plan assets, together with adjustments for the asset ceiling and minimum funding liabilities. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows. Defined benefit expenses consist of: current service costs, past service costs, net interest expense, and settlement gains and losses. Defined benefit expenses are recognized in consolidated earnings in cost of sales and selling and administrative expenses. Current service cost is recognized in consolidated earnings in the periods during which services are rendered by employees and is calculated using a separate discount rate to reflect the longer duration of future benefit payments associated with the additional year of service to be earned by the plan's active participants. Past service costs are recognized in consolidated earnings immediately following the introduction of, or changes to, a pension plan. Net interest expense is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. Gains and losses on settlement of a defined benefit plan are recognized in consolidated earnings when the settlement occurs. Remeasurements, comprising actuarial gains and losses, the effect of the asset ceiling, the effect of minimum funding requirements and the return on plan assets (excluding amounts included in net interest expense) are recognized immediately in OCI, net of income taxes, and in deficit. For funded plans, surpluses are recognized only to the extent that the surplus is considered recoverable. Recoverability is primarily based on the extent to which the Company can unilaterally reduce future contributions to the plan. Any reduction in the recognized asset is recognized in OCI, net of income taxes, and in deficit. An additional liability is recognized based on the minimum funding requirement of a plan when the Company does not have an unconditional right to the plan surplus. The liability and any subsequent remeasurement of that liability is recognized in OCI, net of income taxes, and in deficit. Other |
Leases | Leases The Company assesses whether a contract is or contains a lease, at inception of the contract. Contracts that meet the definition of a lease are recognized on the balance sheet as a right-of-use asset and a corresponding lease liability, unless they are determined to be low value (such as small office equipment) or short-term leases (defined as leases with a lease term of 11 months or less). Lease payments related to low value and short-term leases are recognized in earnings on a straight-line basis over the lease term. The classification of a short-term lease is re-assessed if the terms of the lease are changed. At the lease commencement date, the lease liability is measured as the present value of the lease payments unpaid at that date, including non-lease components, discounted using the interest rate implicit in the lease if that rate is readily available or the Company’s incremental borrowing rate determined by reference to current market rates for a similarly rated industrial company issuing debt for maturities approximating the term of the lease. Lease payments are apportioned between the finance cost and the liability. The finance charge is recognized in earnings in finance costs and is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed payments), variable payments based on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from options reasonably certain to be exercised. At the lease commencement date, the right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred, an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease payments made in advance of the lease commencement date (net of any incentives received). Right-of-use assets are depreciated on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. Lease term includes extension and early termination options when it is reasonably certain that the Company will exercise the option. The lease liability is remeasured to reflect any reassessment or modification, and the corresponding adjustment is reflected in the right-of-use asset, or earnings if the right-of-use asset is already fully depreciated. In the consolidated balance sheets, the right-of-use assets have been included under the caption property, plant and equipment and lease liabilities are presented under the caption borrowings and lease liabilities, current for amounts expected to settle in the next twelve months and borrowings and lease liabilities, non-current for amounts expected to settle in more than twelve months. Variable lease payments that are not recognized as a lease liability include usage charges on manufacturing equipment, inventory handling charges at warehouses and common area maintenance on office buildings and manufacturing facilities. Variable lease payments are expensed in the period they are incurred. |
Equity | Equity Capital stock represents the amount received on issuance of shares (less any issuance costs and net of taxes) and share-based compensation expense credited to capital on stock options exercised, less common shares repurchased equal to the carrying value. Contributed surplus includes amounts related to equity-settled share-based compensation until such equity instruments are exercised or settled, in which case the amounts are transferred to capital stock or reversed upon forfeiture if not vested. Accumulated other comprehensive income consists of the cumulative translation adjustment account and the reserve for cash flow hedges. The cumulative translation adjustment account comprises all foreign currency translation differences arising on the translation of the consolidated entities that use a functional currency different than US dollars, as well as the effective portion of the foreign currency differences arising from the Company's hedge of its net investment in foreign operations. The reserve for cash flow hedges includes gains and losses on certain derivative financial instruments designated as hedging instruments until such time as the hedged forecasted cash flows affect earnings. Deficit includes all current and prior period earnings or losses, the excess of the purchase price paid over the carrying value of common share repurchases, dividends on common shares, and the remeasurement of the defined benefit liability net of income tax expense (benefit). |
Dividends | Dividends Dividend distributions to the Company’s shareholders are recognized as a liability in the consolidated balance sheets if not paid in the period in which dividends are approved by the Company’s Board of Directors. |
Critical Accounting Judgments, Estimates and Assumptions | Critical Accounting Judgments, Estimates and AssumptionsThe preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Significant changes in the underlying assumptions could result in significant changes to these estimates. Consequently, management reviews these estimates on a regular basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Information about these significant judgments, assumptions and estimates that have the most significant effect on the recognition and measurement of assets, liabilities, income and expenses are summarized below. |
Deferred income taxes | Deferred income taxesDeferred tax assets are recognized for unused tax losses and tax credits to the extent that it is probable that future taxable income will be available against which the losses can be utilized. These estimates are reviewed at every reporting date. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of the reversal of existing timing differences, future taxable income and future tax planning strategies. |
Determination of the aggregation of operating segments | Segment Reporting The Company operates in various geographic locations and develops, manufactures and sells a variety of products to a diverse customer base. Most of the Company’s products are made from similar processes. A vast majority of the Company’s products, while brought to market through various distribution channels, generally have similar economic characteristics. The Company’s decisions about resources to be allocated are predominantly determined as a whole based on the Company’s operational, management and reporting structure. The chief operating decision maker primarily assesses the Company’s performance as a single reportable segment. |
Key Sources of Estimation Uncertainty | Key Sources of Estimation Uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. Impairments At the end of each reporting period, the Company performs a test of impairment on assets subject to depreciation and amortization if there are indicators of impairment. CGUs containing goodwill or intangible assets having indefinite useful lives are tested at least annually, regardless of the existence of impairment indicators. An impairment loss is recognized when the carrying value of an asset or CGU exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The value in use is based on estimated discounted net future cash inflows, which are derived from management's financial forecast models of the estimated remaining useful life of the asset or CGU, and do not include restructuring activities to which the Company is not yet formally committed, nor any anticipated significant future investments expected to enhance the performance of the asset or CGU being tested. The calculated value in use varies depending on the discount rate applied to the estimated discounted cash flows, the estimated future cash flows, and the growth rate used for extrapolation purposes. Refer to Note 13 for more information regarding asset impairment testing. Pension, post-retirement and other long-term employee benefits The cost of defined benefit pension plans and other post-retirement benefit plans and the present value of the related obligations are determined using actuarial valuations that require assumptions such as the discount rate to measure obligations, expected mortality and the expected health care cost trend. These assumptions are developed by management with the assistance of independent actuaries and are based on current actuarial benchmarks and management’s historical experience. Discount rates are determined close to each period-end by reference to market yields of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and have terms to maturity approximating the terms of the related pension benefit obligation. Actual results will differ from estimated results, which are based on assumptions. Refer to Note 20 for more information regarding the costs and obligations related to the pension, post-retirement and other long-term employee benefit plans and the sensitivity of those amounts to changes in these assumptions. Uncertain tax positions The Company is subject to taxation in numerous jurisdictions and may have transactions and calculations during the course of business for which the ultimate tax determination is uncertain. The Company maintains provisions for uncertain tax positions that it believes appropriately reflects its risk. These provisions are made using the best estimate of the amount expected to be paid based on a qualitative assessment of all relevant factors. The Company reviews the adequacy of these provisions at the end of the reporting period. However, it is possible that at some future date, liabilities in excess of the Company’s provisions could result from audits by, or litigation with, the relevant taxing authorities. As of December 31, 2021 and 2020, the Company does not have any matters for which the tax determination is uncertain and as such, no provision has been recognized. Refer to Note 5 for more information regarding income taxes. Useful lives of depreciable assets The Company depreciates property, plant and equipment over the estimated useful lives of the assets. Right-of-use assets are depreciated over the shorter period of the lease term and the useful life of the underlying asset. In determining the estimated useful life of these assets, significant judgment is required. Judgment is required to determine whether events or circumstances warrant a revision to the remaining periods of depreciation and amortization. The Company considers expectations of the in-service period of these assets in determining these estimates. The Company assesses the estimated useful life of these assets at each reporting date. If the Company determines that the useful life of an asset is different from the original assessment, changes to depreciation and amortization will be applied prospectively. The estimates of cash flows used to assess the potential impairment of these assets are also subject to measurement uncertainty. Actual results may vary due to technical or commercial obsolescence, particularly with respect to information technology and manufacturing equipment. Right-of-use assets and lease liabilities Extension and early termination options are included in a number of leases across the Company. These are used to maximize operational flexibility in terms of managing assets used in the Company's operations. In determining the lease term and lease payments to be included in the measurement of the corresponding right-of-use asset and lease liability, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise an early termination option. Extension options (or periods after early termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not early terminated). The lease term is reassessed if an option is actually exercised (or not exercised) or the Company becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. Refer to Note 15 for information regarding lease liabilities. Net realizable value of inventories Inventories are measured at the lower of cost or net realizable value. In estimating net realizable values of inventories, management takes into account the most reliable evidence available at the time the estimate is made. Provisions for slow-moving and obsolete inventories are made based on the age and estimated net realizable value of inventories. The assessment of the provision involves management judgment and estimates associated with expected disposition of the inventory. Refer to Note 7 for information regarding inventories and write-downs of inventories. Allowance for expected credit loss and revenue adjustments During each reporting period, the Company makes an assessment of whether trade accounts receivable are collectible from customers. Accordingly, management establishes an allowance for estimated losses arising from non-payment and other revenue adjustments. The Company’s allowance for expected credit loss reflects lifetime expected credit losses using a provision matrix model, supplemented by an allowance for individually impaired trade receivables. The provision matrix is based on the Company’s historic credit loss experience, adjusted for any change in risk of the trade receivable population based on credit monitoring indicators, and expectations of general economic conditions that might affect the collection of trade receivables. The provision matrix applies fixed provision rates depending on the number of days that a trade receivable is past due, with higher rates applied the longer a balance is past due. The Company also records reductions to revenue for estimated returns, claims, customer rebates, and other incentives. These incentives are recorded as a reduction to revenue at the time of the initial sale using the most-likely amount estimation method. The most-likely amount method is based on the single most likely outcome from a range of possible consideration outcomes. The range of possible outcomes are primarily derived from the following inputs: sales terms, historical experience, trend analysis, and projected market conditions in the various markets served. If future collections and trends differ from estimates, future earnings will be affected. Refer to Note 24 for more information regarding the allowance for expected credit loss and the related credit risks. Provisions Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows, when the effect of the time value of money is material. The Company's provisions include environmental and restoration obligations, termination benefits and litigation provisions. Refer to Note 16 for more information regarding provisions. Share-based compensation The estimation of share-based compensation fair value and expense requires the selection of an appropriate pricing model. The model used by the Company for stock options is the Black-Scholes pricing model. The Black-Scholes model requires the Company to make significant judgments regarding the assumptions used within the model, the most significant of which are the expected volatility of the Company’s own common shares, the probable life of awards granted, the time of exercise, the risk-free interest rate commensurate with the term of the awards, and the expected dividend yield. The model used by the Company for PSU awards subject to a market performance condition is the Monte Carlo simulation model. The Monte Carlo model requires the Company to make significant judgments regarding the assumptions used within the model, the most significant of which are the expected volatility of the Company’s own common shares as well as those of a peer group and the risk-free interest rate commensurate with the term of the awards. For PSU awards subject to a non-market performance condition, management estimates the expected achievement of performance criteria using long-range forecasting models. Refer to Note 18 for more information regarding share-based payments. Business acquisitions Management uses various valuation techniques when determining the fair values of certain assets and liabilities acquired in a business combination. Refer to Note 19 for more information regarding business acquisitions. COVID-19 The Company is closely monitoring the impacts of the coronavirus ("COVID-19") pandemic as a trigger for changes in critical accounting judgments, estimates and assumptions. Given the dynamic nature of the pandemic (including its duration and the severity of its impact on the global economy and the applicable governmental responses), the extent to which the COVID-19 pandemic impacts the Company’s future results will depend on unknown future developments and any further impact on the global economy and the markets in which the Company operates and sells its products, all of which remain highly uncertain and cannot be accurately predicted at this time. During the year ended December 31, 2020, and as a result of the impact of COVID-19, the Company recorded (i) a fair value adjustment to its contingent consideration related to the acquisition of Nortech Packaging LLC and Custom Assembly Solutions, Inc. (refer to Note 19 for more information on the Company's acquisition and Note 24 for more information on the Company's contingent consideration liability) and (ii) certain termination benefits related to a restructuring plan the Company initiated i |
ACCOUNTING POLICIES (Tables)
ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract] | |
Schedule of details of Parent Company's subsidiaries | Details of the Parent Company’s subsidiaries are as follows: Name of Subsidiary Principal Country of Incorporation Proportion of Ownership December 31, 2021 December 31, 2020 Better Packages, Inc. Manufacturing United States 100% 100% Capstone Polyweave Private Limited Manufacturing India 55% 55% FIBOPE Portuguesa-Filmes Biorientados, S.A. Manufacturing Portugal 100% 100% GPCP, Inc. Manufacturing United States 50.1% 50.1% Intertape Packaging UK Limited Manufacturing Great Britain 100% —% Intertape Polymer Corp. Manufacturing United States 100% 100% Intertape Polymer Europe GmbH Distribution Germany 100% 100% Intertape Polymer Inc. Manufacturing Canada 100% 100% Intertape Polymer Japan GK Distribution Japan 100% 100% Intertape Polymer Woven USA Inc. Manufacturing United States 100% 100% Intertape Woven Products Services, S.A. de C.V. Non-operating Mexico 100% 100% Intertape Woven Products, S.A. de C.V. Non-operating Mexico 100% 100% IPG Asia Private Limited (1) Manufacturing India 100% 100% IPG (US) Holdings Inc. Holding United States 100% 100% IPG (US) Inc. Holding United States 100% 100% IPG Mauritius Holding Company Ltd Holding Mauritius 100% 100% IPG Mauritius II Ltd Holding Mauritius 100% 100% IPG Mauritius Ltd Holding Mauritius 100% 100% Nuevopak Global Limited Holding Hong Kong 100% —% Nuevopak GmbH Manufacturing Germany 100% —% Nuevopak (Jiangmen) Environmental & Technology Company Ltd Manufacturing China 100% —% Nuevopak Technology Company Limited Holding Hong Kong 100% —% Octo Packaging Limited Holding Hong Kong 100% —% Polyair Canada Limited Manufacturing Canada 100% 100% Polyair Corporation Manufacturing United States 100% 100% Spuntech Fabrics Inc. Holding Canada 100% 100% |
Schedule of estimated useful lives of property, plant and equipment | Depreciation is recognized using the straight-line method over the estimated useful lives of like assets as outlined below or, if lower, over the terms of the related leases: Years Land Indefinite Buildings and related major components 3 to 60 Manufacturing equipment and related major components 3 to 30 Computer equipment and software 3 to 15 Furniture, office equipment and other 3 to 10 Assets related to restoration provisions Expected remaining term of the lease |
Schedule of estimated useful lives of intangible assets | Amortization is recognized using the straight-line method over their estimated useful lives as follows: Years Customer lists, license agreements and software 1 to 20 Patents and trademarks being amortized 2 to 15 Non-compete agreements 3 to 10 |
INFORMATION INCLUDED IN CONSO_2
INFORMATION INCLUDED IN CONSOLIDATED EARNINGS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Schedule of charges incurred by the Company included in Consolidated Earnings | The following table describes the charges incurred by the Company which are included in the Company’s consolidated earnings for each of the years in the three-year period ended December 31, 2021: 2021 2020 2019 $ $ $ Employee benefit expense Wages, salaries and other short-term benefits 277,910 242,113 227,043 Termination benefits (Note 16) 74 4,110 2,274 Share-based compensation expense (Note 18) 21,655 22,879 501 Pension, post-retirement and other long-term employee benefit plans (Note 20): Defined benefit plans 1,944 2,057 2,139 Defined contributions plans 8,245 6,824 7,142 309,828 277,983 239,099 Finance costs (income) - Interest Interest on borrowings and lease liabilities (1) 23,804 28,684 32,472 Amortization and write-off of debt issue costs on borrowings 5,149 1,210 1,194 Interest capitalized to property, plant and equipment (1,277) (458) (1,976) 27,676 29,436 31,690 Finance costs (income) - Other expense (income), net Early redemption premium and other costs (Note 14) 14,412 — — Foreign exchange (gain) loss (48) 38 (790) Valuation adjustment made to non-controlling interest put options (Note 24) 12,007 2,470 3,339 Change in fair value of contingent consideration — (11,005) — Other costs, net 2,837 2,259 765 29,208 (6,238) 3,314 Additional information Depreciation of property, plant and equipment (Note 9) 51,871 50,237 51,030 Amortization of intangible assets (Note 12) 13,676 13,603 10,385 Impairment of assets, net (Note 13) 6,044 2,359 4,549 (1) Presented net of $1.2 million in interest reimbursements as a result of interest subsidy programs for the year ended December 31, 2021. Reimbursements were nil for the years ended December 31, 2020 and 2019. |
MANUFACTURING FACILITY CLOSUR_2
MANUFACTURING FACILITY CLOSURES, RESTRUCTURING AND OTHER RELATED CHARGES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring provision [abstract] | |
Schedule of manufacturing facility closures, restructuring and other related charges | The following table describes the charges incurred by the Company which are included in the Company’s consolidated earnings for each of the years in the two-year period ended December 31, 2020 under the caption manufacturing facility closures, restructuring and other related charges: 2020 2019 $ $ Impairment of property, plant and equipment, net — 669 Equipment relocation 38 156 Revaluation and impairment of inventories, net 596 130 Termination benefits and other labor related costs, net 3,389 1,874 Restoration and idle facility costs, net 270 1,978 Professional fees, net 40 393 Other recoveries (5) (64) 4,328 5,136 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Schedule of Company's effective income tax rate reconciliation | The reconciliation of the combined Canadian federal and provincial statutory income tax rate to the Company’s effective income tax rate is detailed as follows for each of the years in the three-year period ended December 31, 2021: 2021 2020 2019 % % % Combined Canadian federal and provincial income tax rate 27.5 27.8 28.4 Foreign earnings/losses taxed at higher income tax rates 0.1 — 0.2 Foreign earnings/losses taxed at lower income tax rates (1.6) (4.3) (4.8) Prior period adjustments 0.4 (0.5) 0.5 Nondeductible expenses (nontaxable income) 4.5 (1.9) 1.1 Impact of other differences (2.6) 1.6 (2.3) Canadian deferred tax assets (recognized) not recognized (3.1) (1.8) 4.3 Derecognition (recognition) of deferred tax assets 0.4 (0.2) (1.3) Proposed tax assessment (1) — — 2.2 Effective income tax rate 25.6 20.7 28.3 |
Schedule of major components of income tax expense (benefit) | The major components of income tax expense (benefit) are outlined below for each of the years in the three-year period ended December 31, 2021: 2021 2020 2019 $ $ $ Current income tax expense 22,113 25,595 17,195 Deferred tax expense (benefit) Derecognition (recognition) of US deferred tax assets 396 (153) (701) US temporary differences (83) (6,605) 3,988 Canadian deferred tax assets (recognized) not recognized (2,887) (1,660) 2,474 Recognition of Canadian deferred tax assets — — (22) Canadian temporary differences 4,999 1,674 (5,678) Temporary differences in other jurisdictions (474) 270 (946) Total deferred income tax expense (benefit) 1,951 (6,474) (885) Total tax expense for the year 24,064 19,121 16,310 |
Schedule of income tax expense (benefit) relating to components of other comprehensive income (loss) | The amount of income taxes relating to components of OCI for each of the years in the three-year period ended December 31, 2021 is outlined below: Amount before Deferred Amount net of $ $ $ For the year ended December 31, 2021 Deferred tax expense on remeasurement of defined benefit liability 5,305 (1,366) 3,939 Deferred tax expense on change in fair value of interest rate swap agreements designated as cash flow hedges 2,383 (577) 1,806 Deferred tax expense on gain arising from hedge of a net investment in foreign operations (9,423) (1,589) (11,012) (1,735) (3,532) (5,267) For the year ended December 31, 2020 Deferred tax benefit on remeasurement of defined benefit liability (696) 216 (480) Deferred tax benefit on change in fair value of interest rate swap agreements designated as cash flow hedges (2,685) 658 (2,027) Deferred tax expense on foreign exchange related impacts arising from intercompany settlements 2,117 (281) 1,836 Deferred tax expense on gain arising from hedge of a net investment in foreign operations 6,488 (764) 5,724 5,224 (171) 5,053 For the year ended December 31, 2019 Deferred tax expense on remeasurement of defined benefit liability 762 (173) 589 Deferred tax benefit on change in fair value of interest rate swap agreements designated as cash flow hedges (3,416) 359 (3,057) Deferred tax expense on gain arising from hedge of a net investment in foreign operations 10,280 (45) 10,235 7,626 141 7,767 |
Schedule of recognized deferred tax assets and liabilities | The amount of recognized deferred tax assets and liabilities is outlined below as of December 31, 2021: Deferred tax Deferred tax Net $ $ $ Tax credits, losses, carryforwards and other tax deductions 8,842 — 8,842 Property, plant and equipment 10,142 (57,501) (47,359) Pension and other post-retirement benefits 3,210 — 3,210 Share-based payments 13,558 — 13,558 Accounts payable and accrued liabilities 10,146 — 10,146 Goodwill and other intangibles 7,768 (24,405) (16,637) Trade and other receivables 679 — 679 Inventories 2,150 — 2,150 Lease liabilities 10,475 — 10,475 Other 2,091 (1,501) 590 Deferred tax assets and liabilities 69,061 (83,407) (14,346) Presented in the consolidated balance sheets as: December 31, $ Deferred tax assets 24,579 Deferred tax liabilities (38,925) (14,346) The amount of recognized deferred tax assets and liabilities is outlined below as of December 31, 2020: Deferred tax Deferred tax Net $ $ $ Tax credits, losses, carryforwards and other tax deductions 10,465 — 10,465 Property, plant and equipment 15,882 (52,956) (37,074) Pension and other post-retirement benefits 4,231 — 4,231 Share-based payments 11,929 — 11,929 Accounts payable and accrued liabilities 8,945 — 8,945 Goodwill and other intangibles 7,083 (23,121) (16,038) Trade and other receivables 1,152 — 1,152 Inventories 1,530 — 1,530 Lease liabilities 9,616 — 9,616 Other 2,481 (1,668) 813 Deferred tax assets and liabilities 73,314 (77,745) (4,431) Presented in the consolidated balance sheets as: December 31, $ Deferred tax assets 29,677 Deferred tax liabilities (34,108) (4,431) |
Schedule of changes in deferred tax assets and liabilities | The following table outlines the changes in the deferred tax assets and liabilities during the year ended December 31, 2020: Balance January 1, 2020 Recognized in Recognized in Recognized in Balance December 31, $ $ $ $ $ Deferred tax assets Tax credits, losses, carryforwards and other tax deductions 11,638 (892) — (281) 10,465 Property, plant and equipment 16,020 (138) — — 15,882 Pension and other post-retirement benefits 3,966 30 — 235 4,231 Share-based payments 1,766 4,857 5,306 — 11,929 Accounts payable and accrued liabilities 6,022 2,923 — — 8,945 Goodwill and other intangibles 7,028 55 — — 7,083 Trade and other receivables 688 464 — — 1,152 Inventories 1,918 (388) — — 1,530 Lease liabilities 9,832 (216) — — 9,616 Other 863 1,722 — (104) 2,481 59,741 8,417 5,306 (150) 73,314 Deferred tax liabilities Property, plant and equipment (52,871) (85) — — (52,956) Goodwill and other intangibles (22,893) (228) — — (23,121) Other (908) (760) — — (1,668) (76,672) (1,073) — — (77,745) Deferred tax assets and liabilities (16,931) 7,344 5,306 (150) (4,431) Impact due to foreign exchange rates (870) — (21) Total recognized 6,474 5,306 (171) The following table outlines the changes in the deferred tax assets and liabilities during the year ended December 31, 2021: Balance January 1, 2021 Recognized in Recognized in Recognized in Business Balance December 31, $ $ $ $ $ $ Deferred tax assets Tax credits, losses, carryforwards and other tax deductions 10,465 (1,751) — — 128 8,842 Property, plant and equipment 15,882 (5,740) — — — 10,142 Pension and other post-retirement benefits 4,231 339 — (1,360) — 3,210 Share-based payments 11,929 1,477 152 — — 13,558 Accounts payable and accrued liabilities 8,945 1,201 — — — 10,146 Goodwill and other intangibles 7,083 1,609 — — (924) 7,768 Trade and other receivables 1,152 (473) — — — 679 Inventories 1,530 576 — — 44 2,150 Lease liabilities 9,616 812 — — 47 10,475 Other 2,481 1,733 — (2,123) — 2,091 73,314 (217) 152 (3,483) (705) 69,061 Deferred tax liabilities Property, plant and equipment (52,956) (4,387) — — (158) (57,501) Goodwill and other intangibles (23,121) 2,282 — — (3,566) (24,405) Other (1,668) 569 — — (402) (1,501) (77,745) (1,536) — — (4,126) (83,407) Deferred tax assets and liabilities (4,431) (1,753) 152 (3,483) (4,831) (14,346) Impact due to foreign exchange rates (198) — (49) Total recognized (1,951) 152 (3,532) |
Schedule of deductible temporary differences and unused tax losses for which no deferred tax asset is recognized | Deductible temporary differences and unused tax losses for which no deferred tax asset is recognized in the consolidated balance sheets are as follows: December 31, December 31, $ $ Tax losses, carryforwards and other tax deductions 44,523 47,829 Share-based payments 8,852 7,231 53,375 55,060 |
Schedule of expiration dates relating to unused tax credits | The following table presents the amounts and expiration dates relating to unused tax credits in Canada for which no asset is recognized in the consolidated balance sheets as of December 31: 2021 2020 $ $ 2021 — 209 2022 476 476 2023 235 236 2024 222 222 2025 375 376 2026 287 288 2027 262 262 2028 304 305 2029 242 243 2030 221 221 2031 323 324 2032 194 194 2033 238 238 2034 210 211 2035 559 560 2036 367 367 2037 265 266 2038 665 666 2039 266 266 2040 240 266 2041 240 — Total tax credits derecognized 6,191 6,196 |
Schedule of expiration dates of operating losses carried forward | The following table presents the year of expiration of the Company’s operating losses carried forward in Canada as of December 31, 2021: Deferred tax assets not recognized Federal Provincial $ $ 2026 6,047 6,047 2029 563 563 2030 126 126 2031 — — 2037 2,567 2,567 2038 — — 2039 — — 9,303 9,303 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Schedule of weighted average number of common shares outstanding | The weighted average number of common shares outstanding is as follows for each of the years in the three-year period ended December 31, 2021: 2021 2020 2019 Basic 59,127,025 59,010,485 58,798,488 Effect of stock options 1,389,081 620,388 190,646 Diluted 60,516,106 59,630,873 58,989,134 |
Schedule of anti-dilutive stock options | Stock options that were anti-dilutive and excluded from the calculation of weighted average diluted common shares for each of the years in the three-year period ended December 31, 2021 were as follows: 2021 2020 2019 Anti-dilutive stock options 243,152 612,601 505,812 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of inventories [Abstract] | |
Schedule of inventory | Inventory is composed of the following for the years ended: December 31, December 31, $ $ Raw materials 91,232 61,051 Work in process 62,128 38,850 Finished goods 103,329 72,535 Parts and supplies 23,634 22,080 280,323 194,516 |
Schedule of recorded impairments and reversal of impairment losses of inventory | The Company recorded impairments of inventories to net realizable value in the Company’s consolidated earnings as an expense for each of the years in the three-year period ended December 31, 2021 as follows: 2021 2020 2019 $ $ $ Impairments recorded in manufacturing facility closures, restructuring and other related charges — 596 634 Reversals of impairments recorded in manufacturing facility closures, restructuring and other related charges — — (504) Impairments recorded in cost of sales 5,240 1,179 2,877 5,240 1,775 3,007 |
Schedule of amount of inventories included in the Company’s consolidated earnings as an expense | The amount of inventories included in the Company’s consolidated earnings in cost of sales for each of the years in the three-year period ended December 31, 2021 is as follows: 2021 2020 2019 $ $ $ Inventories recognized in cost of sales 1,088,649 843,717 836,600 |
OTHER CURRENT ASSETS (Tables)
OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of prepayments and other assets [Abstract] | |
Schedule of other current assets | Other current assets are composed of the following for the years ended: December 31, December 31, $ $ Prepaid expenses 11,058 9,086 Income taxes receivable and prepaid 10,688 3,280 Sales and other taxes receivable and credits 4,756 3,988 Supplier rebates receivable 2,982 2,596 Reserve for inventory returns 1,002 1,196 Other 1,624 902 32,110 21,048 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of changes in property, plant and equipment | The following table outlines the changes to property, plant and equipment during the year ended December 31, 2020: Land Buildings Manufacturing Computer Furniture, Construction in Total $ $ $ $ $ $ $ Gross carrying amount Balance as of December 31, 2019 12,192 193,831 755,613 44,724 5,294 14,411 1,026,065 Additions – right-of-use assets — 2,284 974 — 806 — 4,064 Additions – separately acquired — — — — — 45,464 45,464 Assets placed into service — 2,528 18,054 1,493 289 (22,364) — Disposals — (54) (1,902) (7) (541) (86) (2,590) Foreign exchange and other (79) 1,605 3,216 247 217 (98) 5,108 Balance as of December 31, 2020 12,113 200,334 776,611 46,467 6,180 37,327 1,079,032 Accumulated depreciation and impairments Balance as of December 31, 2019 609 81,055 486,127 39,453 3,510 — 610,754 Depreciation (1) — 11,314 35,745 2,211 1,146 — 50,416 Impairments — — 127 — — 86 213 Disposals — (54) (845) (7) (531) (86) (1,523) Foreign exchange and other 515 3,034 217 192 — 3,958 Balance as of December 31, 2020 609 92,830 524,188 41,874 4,317 — 663,818 Net carrying amount as of December 31, 2020 11,504 107,504 252,423 4,593 1,863 37,327 415,214 The following table outlines the changes to property, plant and equipment during the year ended December 31, 2021: Land Buildings Manufacturing Computer Furniture, Construction in Total $ $ $ $ $ $ $ Gross carrying amount Balance as of December 31, 2020 12,113 200,334 776,611 46,467 6,180 37,327 1,079,032 Additions – right-of-use assets — 7,977 1,782 — 519 — 10,278 Additions – separately acquired — — — — — 88,532 88,532 Additions through business acquisitions — 309 1,290 — 58 — 1,657 Assets placed into service — 4,549 44,180 1,517 128 (50,374) — Disposals — (3,195) (25,425) (1,118) (633) (513) (30,884) Foreign exchange and other (187) (827) (5,215) — (136) 665 (5,700) Balance as of December 31, 2021 11,926 209,147 793,223 46,866 6,116 75,637 1,142,915 Accumulated depreciation and impairments Balance as of December 31, 2020 609 92,830 524,188 41,874 4,317 — 663,818 Depreciation (1) — 12,319 36,298 2,247 1,122 — 51,986 Impairments — 72 219 — — 513 804 Disposals — (3,195) (25,033) (1,118) (619) (513) (30,478) Foreign exchange and other — (413) (2,046) (9) (103) — (2,571) Balance as of December 31, 2021 609 101,613 533,626 42,994 4,717 — 683,559 Net carrying amount as of December 31, 2021 11,317 107,534 259,597 3,872 1,399 75,637 459,356 (1) The difference between the depreciation additions presented above and depreciation expense included in the Company’s consolidated earnings is the amortization of government grants recognized in deferred income for the purchase and construction of plant and equipment in the amount of $0.1 million |
Schedule of supplemental information regarding property, plant and equipment | Supplemental information regarding property, plant and equipment is as follows for the years ended: December 31, December 31, Interest capitalized to property, plant and equipment $1,277 $458 Weighted average capitalization rates 4.14 % 4.94 % Additional information on the carrying amount of the right-of-use assets by class of assets and related depreciation expense is as follows as of and for the years ended: Buildings Manufacturing equipment Furniture, Total $ $ $ $ December 31, 2021: Carrying amount 34,586 14,264 716 49,566 Depreciation expense 6,316 3,270 852 10,438 December 31, 2020: Carrying amount 32,795 15,916 917 49,628 Depreciation expense 5,923 3,230 746 9,899 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of other assets [Abstract] | |
Schedule of other assets | Other assets are composed of the following for the years ended: December 31, December 31, $ $ Corporate owned life insurance held in grantor trust 10,735 7,988 Pension benefits (1) 3,539 3,024 Deposits 1,120 1,083 Prepaid software licensing 722 786 Cash surrender value of officers’ life insurance 418 408 Other 15 21 16,549 13,310 (1) Refer to Note 20 for additional information regarding employee benefit plans. |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Intangible Assets [Abstract] | |
Schedule of changes in goodwill | The following table outlines the changes in goodwill during the period: Total $ Balance as of December 31, 2019 107,677 Acquired through business acquisition (1) 25,640 Foreign exchange (423) Balance as of December 31, 2020 132,894 Acquired through business acquisition (1) 19,789 Foreign exchange (849) Balance as of December 31, 2021 151,834 (1) Refer to Note 19 for additional information regarding the Company's recent business acquisitions. |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [abstract] | |
Schedule of changes in intangible assets | The following tables outline the changes in intangible assets during the period: License Customer lists (1) Software (2) Patents/ Trademark/Trade names (3) Non-compete Total $ $ $ $ $ $ Gross carrying amount Balance as of December 31, 2019 190 105,497 8,618 15,053 8,034 137,392 Additions – separately acquired — — 1,881 — — 1,881 Additions through business acquisitions — 18,462 — 1,616 1,441 21,519 Disposals — — (421) — — (421) Foreign exchange and other — (207) — 135 (180) (252) Balance as of December 31, 2020 190 123,752 10,078 16,804 9,295 160,119 Accumulated amortization and impairments Balance as of December 31, 2019 190 16,122 2,506 382 3,143 22,343 Amortization — 10,406 1,449 257 1,491 13,603 Disposals — — (371) — — (371) Impairments — — 371 — — 371 Foreign exchange and other — (49) — 2 (54) (101) Balance as of December 31, 2020 190 26,479 3,955 641 4,580 35,845 Net carrying amount as of December 31, 2020 — 97,273 6,123 16,163 4,715 124,274 License Customer lists (1) Software (2) Patents/ Trademark/Trade names (3) Non-compete Total $ $ $ $ $ $ Gross carrying amount Balance as of December 31, 2020 190 123,752 10,078 16,804 9,295 160,119 Additions – separately acquired — — 3,268 3,503 — 6,771 Additions through business acquisitions — 8,343 30 12,152 1,126 21,651 Disposals (75) (2,344) — — — (2,419) Foreign exchange and other — (296) (20) (87) (122) (525) Balance as of December 31, 2021 115 129,455 13,356 32,372 10,299 185,597 Accumulated amortization and impairments Balance as of December 31, 2020 190 26,479 3,955 641 4,580 35,845 Amortization — 9,331 1,982 706 1,657 13,676 Disposals (75) (2,344) — — — (2,419) Foreign exchange and other — (141) 4 (14) (79) (230) Balance as of December 31, 2021 115 33,325 5,941 1,333 6,158 46,872 Net carrying amount as of December 31, 2021 — 96,130 7,415 31,039 4,141 138,725 (1) Includes customer relationships related to the Company's acquisition of Polyair Inter Pack Inc. on August 3, 2018, with a carrying amount of $54.9 million and $59.6 million as of December 31, 2021 and 2020, respectively. These customer relationships will be fully amortized in the year 2033. (2) Includes $0.1 million and $0.4 million of acquired software licenses during the years ended December 31, 2021 and 2020, respectively. (3) Includes trademarks and trade names not subject to amortization totalling $22.9 million and $16.1 million as of December 31, 2021 and 2020, respectively. |
IMPAIRMENT OF ASSETS (Tables)
IMPAIRMENT OF ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of impairment of assets [Abstract] | |
Schedule of sensitivity analysis and key assumptions used for impairments testing on assets | Details of the key assumptions used in impairment tests performed as of December 31, 2021 are outlined below: TF&P CGU ECP CGU Nortech CGU Carrying amount allocated to the asset group: Goodwill $120,601 $5,593 $25,640 Intangible assets with indefinite useful lives $21,281 — $1,616 Results of test performed as of December 31, 2021: Forecast period annual revenue growth rates (1) 15% in 2022, 3% in 2023, tapering down to 2% thereafter 14% in 2022, 3% thereafter 77% in 2022, 19% in 2023, 29% in 2024, tapering down to 3% thereafter Discount rate (2) 7.9 % 10.9 % 11.6 % Cash flows beyond the forecast period have been extrapolated using a steady growth rate of (3) 2 % 3 % 3 % Income tax rate (4) 28.0 % 27.0 % 25.5 % (1) For the TF&P CGU and for the ECP CGU, the projected revenue growth rates for the period are consistent with the Company's recent history of sales volumes within the asset group, as well as the Company’s expectation that its sales will at least match gross domestic product growth. For 2022, anticipated revenue growth used in these analyses is partially attributable to expected increases in selling prices due to the passing through of higher costs to customers. For the TF&P CGU, projections assume that the Company’s revenue will grow due to growth in the e-commerce channel and areas of recent capital investment in the short term, and consistent with United States gross domestic product average projections over the longer term. For the ECP CGU, projections expect additional revenue from recent capacity expansion investments made in the short term, and sustained growth levels consistent with United States gross domestic product over the longer term. For the Nortech CGU, projections expect the business to achieve growth due to acquisition integration improvements to both scale production and optimize the cost/pricing structure, which is expected to add long-term value to the Company, despite slower than anticipated revenue and lower margins during 2020 and 2021. The initial high rate of growth currently anticipated in 2022 is largely due to continued recovery from COVID-19 pressures and expected improvements in operational performance. (2) The discount rate used is the estimated weighted average cost of capital for the asset group, using observable market rates and data based on a set of publicly traded industry peers. (3) Cash flows beyond the forecast period have been primarily extrapolated at or below the projected long-term average growth rates for the asset groups. (4) The income tax rate represents an estimated effective tax rate based on enacted or substantively enacted rates. Sensitivity analysis performed as of December 31, 2021 using reasonably possible changes in key assumptions above are outlined below: TF&P CGU ECP CGU Nortech CGU Forecast period annual revenue growth rates 15% in 2022, 0% in 2023 through 2030, and 2% thereafter 14% in 2022, 1% in 2023 through 2030, and 3% thereafter 0% in 2022 and 2023, 77% in 2024, 19% in 2025, 29% in 2026, tapering down to 3% thereafter Discount rate 9.9 % 12.9 % 13.6 % Cash flows beyond the forecast period have been extrapolated using a steady growth rate of 1 % 1 % 2 % Income tax rate 35.0 % 37.0 % 28.0 % Details of the key assumptions used in impairment tests performed as of December 31, 2020 are outlined below: T&F Group (1) ECP CGU Nortech CGU Carrying amount allocated to the asset group Goodwill $101,568 $5,686 $25,640 Intangible assets with indefinite useful lives $14,493 — $1,616 Results of test performed as of December 31, 2020: Forecast period annual revenue growth rates (2) 9% in 2021, 2%-3% thereafter 12% in 2021, 3% in 2022, tapering down to 3% thereafter 35% in 2021, 55% in 2022, tapering down to 3% thereafter Discount rate (3) 8.8 % 11.6 % 12.5 % Cash flows beyond the forecast period have been extrapolated using a steady growth rate of (4) 2 % 3 % 3 % Income tax rate (5) 28.0 % 27.0 % 25.5 % (1) The tapes and films CGU (the "T&F CGU") includes the Company’s tape and film manufacturing locations in the United States, Canada and India. In 2020, the Company's subsidiaries Polyair Canada Limited, Polyair Corp. and GPCP, Inc. (collectively, "Polyair") continued to be considered a separate CGU by management, despite integration efforts making significant progress in 2019 and in 2020, and in continuing towards furthering operational alignment and interdependency of cash flows within the T&F CGU. Management monitored the goodwill balance of Polyair combined with the T&F CGU assets as it remained focused on achieving its strategic plan of developing significant acquisition synergies and, as a result of those synergies, having greater interdependencies of cash flows. Accordingly, the assets of Polyair were included in the tapes and film impairment test (the “T&F Group”). (2) For the T&F Group and for the ECP CGU, the projected revenue growth rates for the period are consistent with the Company's recent history of sales volumes within the asset group, as well as the Company’s expectation that its sales will at least match gross domestic product growth. For 2021, anticipated revenue growth used in these analyses is partially attributable to expected increases in selling prices due to the passing through of higher raw material costs to customers. For the T&F Group, projections assume that the Company’s revenue will grow due to growth in the e-commerce channel and areas of recent capital investment in the short term, and consistent with United States gross domestic product average projections over the longer term. For the ECP CGU, projections expect additional revenue from recent capacity expansion investments made and recovery from COVID-19 demand disruptions in the short term, and sustained growth levels consistent with United States gross domestic product over the longer term. For the Nortech CGU, projections expect the business to achieve growth in the acquisition business case, which has been delayed by national lockdowns and restricted customer capital expenditures due to the global COVID-19 pandemic. The initial high rate of growth anticipated in 2021 is largely due to an expected recovery from these delays in fulfilling the customer order backlog. (3) The discount rate used is the estimated weighted average cost of capital for the asset group, using observable market rates and data based on a set of publicly traded industry peers. (4) Cash flows beyond the forecast period have been primarily extrapolated at or below the projected long-term average growth rates for the asset groups. (5) The income tax rate represents an estimated effective tax rate based on enacted or substantively enacted rates. Sensitivity analysis performed as of December 31, 2020 using reasonably possible changes in key assumptions above are outlined below: T&F Group ECP CGU Nortech CGU Forecast period annual revenue growth rates 9% in 2021, 0% thereafter 12% in 2021, 1% thereafter 0% in 2021 and 2022, 109% in 2023, 21% in 2023, 17% in 2024, tapering down to 3% thereafter Discount rate 11.0 % 12.6 % 14.5 % Cash flows beyond the forecast period have been extrapolated using a steady growth rate of 1 % 1 % 2 % Income tax rate 35.0 % 37.0 % 28.0 % |
Schedule of impairments (reversals of impairments) recognized on assets | Impairments recognized during the year ended December 31, 2021 and 2020 are presented in the table below. There were no reversals of impairments recognized during the year ended December 31, 2021 and 2020. 2021 2020 $ $ Classes of assets impaired Manufacturing facility closures, restructuring and other related charges Inventories — 596 — 596 Cost of sales Inventories 5,240 1,179 Property, plant and equipment Buildings 72 — Manufacturing equipment 219 127 Construction in progress 513 86 Intangibles — 371 6,044 1,763 Total 6,044 2,359 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings [abstract] | |
Schedule of borrowings | Borrowings are composed of the following for the years ended: December 31, December 31, Maturity Weighted average $ Weighted average $ 2021 Senior Unsecured Notes (a) June 2029 4.38 % 395,614 — % — 2018 Senior Unsecured Notes (b) October 2026 — % — 7.00 % 246,236 2021 Credit Facility (c) June 2026 2.16 % 96,116 — % — 2018 Credit Facility (d) June 2023 — % — 3.07 % 185,162 2018 Capstone Credit Facility (e) Various until June 2023 5.17 % 11,389 6.47 % 10,505 Partially forgivable government loans (f) Various until June 2026 1.25 % 4,628 1.25 % 5,265 Lease liabilities (g) Various until December 2034 5.89 % 44,801 6.12 % 42,122 Other borrowings (h) Various until December 2025 0.77% - 4.70% 2,713 0.82% - 9.31% 674 Total borrowings 555,261 489,964 Less: borrowings and lease liabilities, current 18,119 26,219 Total borrowings and lease liabilities, non-current 537,142 463,745 |
Schedule of changes in Company's liabilities arising from financing activities | The changes in the Company’s liabilities arising from financing activities can be classified as follows: Borrowings, Borrowings, Lease liabilities Total $ $ $ $ Balance as of December 31, 2019 443,819 20,235 44,756 508,810 Cash flows: Proceeds 234,972 67,059 — 302,031 Repayments (248,903) (70,397) (6,581) (325,881) Non-cash: Lease additions — — 4,064 4,064 Lease disposals — — (203) (203) Amortization of debt issuance costs 1,210 — — 1,210 Foreign exchange and other (23) (130) 86 (67) Reclassification (2,364) 2,364 — — Balance as of December 31, 2020 428,711 19,131 42,122 489,964 Borrowings, Borrowings, Lease liabilities Total $ $ $ $ Balance as of December 31, 2020 428,711 19,131 42,122 489,964 Cash flows: Proceeds 716,555 80,874 — 797,429 Repayments (653,472) (77,852) (7,803) (739,127) Debt issuance costs (1) (8,421) — — (8,421) Non-cash: Lease additions — — 10,278 10,278 Lease disposals — — (68) (68) Additions through business acquisitions — — 250 250 Amortization of debt issuance costs 1,502 — — 1,502 Write-off of debt issuance costs 3,647 — — 3,647 Foreign exchange and other (192) (23) 22 (193) Reclassification 14,650 (14,650) — — Balance as of December 31, 2021 502,980 7,480 44,801 555,261 (1) Includes debt issuance costs of $0.1 million that were accrued for but unpaid as of December 31, 2021. |
LEASE LIABILITIES (Tables)
LEASE LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of quantitative information about leases for lessee [abstract] | |
Schedule of lease liability balance sheet location | Lease liabilities are presented in the consolidated balance sheet under the caption borrowings and lease liabilities current and non-current as follows: December 31, 2021 December 31, 2020 $ $ Lease liabilities (current) 10,639 7,088 Lease liabilities (non-current) 34,162 35,034 44,801 42,122 |
Summary of additional information about leasing activities for lessee | As of December 31, 2021, the Company's leases fall into the following categories, by class of right-of-use asset: Count of leases Buildings Manufacturing equipment Furniture, office equipment and other Total right-of-use assets Right-of-use assets leased 40 157 57 254 Leases with extension options 21 35 1 57 Extension options reasonably certain to exercise 10 — — 10 Leases with options to purchase 1 8 3 12 Purchase options reasonably certain to exercise 1 5 — 6 Leases with variable payments linked to an index — 36 — 36 Leases with termination options, none of which are reasonably certain to exercise 6 — 1 7 Lease terms on the Company's leasing activities by class of right-of-use asset recognized on the balance sheet are as follows: Buildings Manufacturing equipment Furniture, office equipment and other Range of remaining term 1-156 months 1-84 months 1-46 months Average remaining lease term 40 months 21 months 14 months |
Schedule of lease liability rent expense | Rent expense relating to payments not included in the measurement of lease liabilities was approximately $2.5 million and $1.8 million for the years ended December 31, 2021 and 2020, respectively, and is composed of the following: December 31, 2021 December 31, 2020 $ $ Short-term leases 837 826 Leases of low value assets 123 81 Variable lease payments 1,508 850 2,468 1,757 |
PROVISIONS AND CONTINGENT CON_2
PROVISIONS AND CONTINGENT CONSIDERATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of other provisions [abstract] | |
Schedule of reconciliation of provisions and contingent consideration | The reconciliation of the Company’s provisions is as follows: Environmental Restoration Termination Litigation Contingent consideration Total $ $ $ $ $ $ Balance as of December 31, 2019 1,524 1,586 961 764 — 4,835 Provisions assumed through business acquisitions — — — 100 — 100 Additional provisions — 80 4,162 258 11,005 (1) 15,505 Amounts used (127) — (2,654) (8) — (2,789) Amounts reversed — — (52) — (11,005) (11,057) Net foreign exchange differences — 10 48 — — 58 Balance as of December 31, 2020 1,397 1,676 2,465 1,114 — 6,652 Amount presented as current 819 50 2,370 983 — 4,222 Amount presented as non-current 578 1,626 95 131 — 2,430 Balance as of December 31, 2020 1,397 1,676 2,465 1,114 — 6,652 Provisions assumed through business acquisitions — 88 — — — 88 Additional provisions — 12 314 208 8,305 8,839 Amounts used (165) — (1,842) (1,034) — (3,041) Amounts reversed (50) — (240) (106) — (396) Net foreign exchange differences — 1 (1) (1) 9 8 Balance as of December 31, 2021 1,182 1,777 696 181 8,314 12,150 Amount presented as current 670 — 413 78 3,344 4,505 Amount presented as non-current 512 1,777 283 103 4,970 7,645 Balance as of December 31, 2021 1,182 1,777 696 181 8,314 12,150 (1) Includes increases resulting from net present value discounting of $0.2 million. Refer to Note 24 for additional information regarding the Company's contingent consideration arrangements. |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of other liabilities [Abstract] | |
Schedule of detailed information about other liabilities | Other liabilities are composed of the following for the years ended: December 31, December 31, $ $ Deferred compensation (1) 6,584 3,943 Deferred income on partially forgivable government loans (2) 2,098 2,525 Interest rate swap agreements (3) 1,642 4,025 Contract liabilities 938 565 Royalty liabilities 926 301 Deferred social security tax (4) — 3,239 Other 359 168 12,547 14,766 (1) Refer to Note 20 for additional information on other long-term employee benefit plans. (2) Refer to Note 14 for additional information on deferred income on partially forgivable government loans. (3) Refer to Note 24 for additional information regarding the fair value of interest rate swap agreements. (4) The Coronavirus, Aid, Relief and Economic Security Act enacted in 2020 allows employers to defer until a future period the deposit and payment of the employer's share of Social Security taxes in the United States. The amount herein represents the long-term portion of these deferred payroll taxes with the short-term portion recorded on the Company’s consolidated balance sheet under the caption accounts payable and accrued liabilities. |
CAPITAL STOCK (Tables)
CAPITAL STOCK (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of share capital, reserves and other equity interest [Abstract] | |
Schedule of cash dividends paid | Cash dividends paid to shareholders are as follows for each of the years in the three-year period ended December 31, 2021: Declared Date Paid date Per common Shareholder Common Aggregate payment (1) $ $ March 12, 2019 March 29, 2019 0.1400 March 22, 2019 58,665,310 8,189 May 8, 2019 June 28, 2019 0.1400 June 14, 2019 58,877,185 8,352 August 7, 2019 September 30, 2019 0.1475 September 16, 2019 58,877,185 8,709 November 8, 2019 December 30, 2019 0.1475 December 16, 2019 58,939,685 8,742 March 12, 2020 March 31, 2020 0.1475 March 23, 2020 59,009,685 8,807 May 12, 2020 June 30, 2020 0.1475 June 15, 2020 59,009,685 8,651 August 12, 2020 September 30, 2020 0.1475 September 15, 2020 59,009,685 8,574 November 11, 2020 December 31, 2020 0.1575 December 16, 2020 59,019,546 9,354 March 11, 2021 March 31, 2021 0.1575 March 22, 2021 59,027,047 9,237 May 11, 2021 June 30, 2021 0.1575 June 16, 2021 59,027,047 9,214 August 10, 2021 September 30, 2021 0.1700 September 16, 2021 59,284,947 10,039 November 11, 2021 December 31, 2021 0.1700 December 17, 2021 59,284,947 10,151 (1) Aggregate dividend payment amounts presented in the table above are adjusted for the impact of foreign exchange rates on cash payments to shareholders. |
Schedule of changes in number of options outstanding | The changes in number of stock options outstanding were as follows for each of the years in the three-year period ended December 31, 2021: 2021 2020 2019 Weighted Number of Weighted Number of Weighted Number of CDN$ CDN$ CDN$ Balance, beginning of year 11.25 2,449,222 16.49 1,010,901 14.59 1,009,793 Granted 29.34 243,152 7.94 1,533,183 17.54 392,986 Exercised 12.90 (257,900) 19.94 (17,362) 12.34 (359,375) Forfeited — — 12.34 (77,500) 15.85 (32,503) Balance, end of year 12.88 2,434,474 11.25 2,449,222 16.49 1,010,901 |
Schedule of stock options outstanding and exercisable | The following table summarizes information about stock options outstanding and exercisable for each of the years in the three-year period ended December 31, 2021: Options outstanding Options exercisable Range of exercise prices (CDN$) Number Weighted Weighted Number Weighted CDN$ CDN$ December 31, 2021 $7.94 1,501,231 5.82 7.94 479,111 7.94 $12.55 140,000 2.21 12.55 140,000 12.55 $17.54 338,604 4.84 17.54 215,109 17.54 $21.76 211,487 3.97 21.76 211,487 21.76 $29.34 243,152 6.47 29.34 — — 2,434,474 5.38 12.88 1,045,707 13.33 December 31, 2020 $7.94 1,533,183 6.76 7.94 — — $12.04 to $12.55 320,000 2.82 12.30 320,000 12.30 $17.54 362,982 5.67 17.54 115,994 17.54 $21.76 233,057 4.71 21.76 152,084 21.76 2,449,222 5.89 11.25 588,078 15.78 December 31, 2019 $12.04 to $12.55 397,500 3.13 12.30 397,500 12.30 $17.54 370,483 6.62 17.54 — — $21.76 242,918 5.61 21.76 80,973 21.76 1,010,901 5.01 16.49 478,473 13.90 |
Schedule of assumptions to calculate weighted average fair value of other equity instruments | The following table summarizes information about the weighted average fair value of stock options granted during each of the years in the three-year period ending December 31, 2021, including the weighted average assumptions used in the model: December 31, 2021 December 31, 2020 December 31, 2019 Weighted average fair value of stock options granted $4.25 $0.44 $2.21 Weighted average model assumptions: Expected life 5.5 years 5.5 years 4.9 years Expected volatility (1) 27.63 % 34.18 % 29.79 % Risk-free interest rate 1.09 % 0.75 % 1.44 % Expected dividends 3.07 % 10.79 % 4.27 % Stock price at grant date CDN$ 29.34 CDN$ 7.94 CDN$ 17.54 Exercise price of awards CDN$ 29.34 CDN$ 7.94 CDN$ 17.54 Foreign exchange rate USD to CDN 1.2482 1.4526 1.3380 (1) Expected volatility was calculated by applying a weighted average of the daily closing price on the TSX for a term commensurate with the expected life of the grant. The weighted average fair value of PSUs granted in the three-year period ended December 31, 2021 were based 50% on the VWAP of the Company's common shares on the TSX for the five 2021 2020 2019 5 day VWAP at grant date CDN$ 29.78 CDN$ 8.63 CDN$ 18.31 Monte Carlo simulation model assumptions: Expected life 3 years 3 years 3 years Expected volatility (1) 45 % 36 % 25 % US risk-free interest rate 0.28 % 0.3 % 2.36 % Canadian risk-free rate 0.46 % 0.59 % 1.6 % Expected dividends (2) CDN$ 0.00 CDN$ 0.00 CDN$ 0.00 Performance period starting price (3) CDN$ 24.20 CDN$ 16.25 CDN$ 16.36 Stock price as of estimation date CDN$ 29.27 CDN$ 7.24 CDN$ 18.06 (1) Expected volatility was calculated based on the daily dividend adjusted closing price change on the TSX for a term commensurate with the expected life of the grant. (2) A participant will receive a cash payment from the Company upon PSU settlement that is equivalent to the number of settled PSUs multiplied by the amount of cash dividends per share declared and paid by the Company between the date of grant and the settlement date. As such, there is no impact from expected future dividends in the Monte Carlo simulation model. (3) The performance period starting price is measured as the VWAP for the common shares of the Company on the TSX on the grant date. |
Schedule of changes in number of other equity instruments outstanding | The following table summarizes information about RSUs for each of the years in the three-year period ended December 31, 2021: 2021 2020 2019 RSUs granted 81,981 281,326 120,197 Weighted average fair value per RSU granted $ 23.88 $ 6.07 $ 13.74 RSUs forfeited 3,349 8,643 7,412 RSUs settled 106,906 — — Weighted average fair value per RSU settled 23.84 — — Cash settlements (1) 2,733 — — (1) Includes a cash payment of dividend equivalents on RSUs equaling the product that results from multiplying the number of settled RSUs by the amount of cash dividends per common share declared and paid by the Company from the date of grant of the RSUs to the settlement date. The following table summarizes information about RSUs outstanding as of: December 31, December 31, RSUs outstanding 469,468 497,287 Weighted average fair value per RSU outstanding $ 20.21 $ 18.91 The following table summarizes information about PSUs for each of the years in the three-year period ended December 31, 2021: 2021 2020 2019 PSUs granted 200,982 694,777 291,905 Weighted average fair value per PSU granted $ 29.02 $ 5.59 $ 14.28 PSUs forfeited/cancelled 10,046 25,923 23,739 PSUs added/(cancelled) by performance factor (1) 143,512 (346,887) (401,319) PSUs settled 409,670 — — Weighted average fair value per PSU settled $ 23.84 $ — $ — Cash payment on settlement (2) $ 10,472 $ — $ — (1) The table below provides further information regarding the PSUs settled included in the table above. The number of PSUs settled reflects the performance adjustments to the Target Shares: Grant Date Date Settled Target Shares Performance PSUs settled March 21, 2016 March 21, 2019 371,158 0 % — December 20, 2016 December 20, 2019 30,161 0 % — March 20, 2017 March 20, 2020 346,887 0 % — March 21, 2018 March 23, 2021 266,158 153.9 % 409,670 (2) Includes a cash payment of dividend equivalents on PSUs equaling the product that results from multiplying the number of settled PSUs by the amount of cash dividends per common share declared and paid by the Company from the date of grant of the PSUs to the settlement date. The following table summarizes information about PSUs outstanding as of: December 31, December 31, PSUs outstanding 1,149,196 1,223,053 Weighted average fair value per PSU outstanding $ 29.35 $ 28.53 The following table summarizes information about DSUs for each of the years in the three-year period ended December 31, 2021: 2021 2020 2019 DSUs granted 67,554 115,114 72,434 Weighted average fair value per DSU granted $ 22.93 $ 10.26 $ 13.83 The following table summarizes information about DSUs outstanding as of: December 31, December 31, DSUs outstanding 454,095 386,541 Weighted average fair value per DSU outstanding $ 20.21 $ 18.91 |
Schedule of performance percentage of awards granted | The PSUs granted prior to December 31, 2017 were eligible to vest from 0% to 150% of the Target Shares ("Target Shares" reflects 100% of the PSUs granted) based on the Company's total shareholder return ("TSR") ranking relative to a specified peer group of companies (the "Peer Group") over the measurement period as outlined in the table below: TSR Ranking Relative to the Peer Group Percent of Target Shares Vested 76th percentile or higher 150 % 51st-75th percentile 100 % 25th-50th percentile 50 % Less than the 25th percentile 0 % TSR Ranking Relative to the Peer Group Percent of Target Shares Vested 75th percentile or above 150 % 50th percentile 100 % 25th percentile 50 % Less than the 25th percentile 0 % The relative TSR performance adjustment factor is determined as follows: TSR Ranking Relative to the Index Group/Peer Group Percent of Target Shares Vested 90th percentile or higher 200 % 75th percentile 150 % 50th percentile 100 % 25th percentile 50 % Less than the 25th percentile 0 % The ROIC Performance adjustment factor is determined as follows: ROIC Performance Percent of Target Shares Vested 1st Tier 0 % 2nd Tier 50 % 3rd Tier 100 % 4th Tier 150 % Based on the Company’s performance adjustment factors as of December 31, 2021, the number of PSUs earned if all of the outstanding awards were to be settled at December 31, 2021, would be as follows: Grant Date Performance March 21, 2019 127.1 % March 23, 2020 157.6 % March 22, 2021 118.0 % |
Schedule of share-based compensation expense and liabilities | The following table summarizes share-based compensation expense (benefit) recorded in earnings in SG&A for each of the years in the three-year period ended December 31, 2021: 2021 2020 2019 $ $ $ Stock options 879 738 701 PSUs 15,253 14,829 (2,057) DSUs 1,546 3,819 914 RSUs 3,977 3,493 943 21,655 22,879 501 The following table summarizes share-based liabilities recorded in the consolidated balance sheets for the years ended: December 31, December 31, Share-based compensation liabilities, current $ $ PSUs (1) 7,921 8,446 DSUs (2) 8,852 7,354 RSUs (1) 2,316 1,969 19,089 17,769 Share-based compensation liabilities, non-current PSUs (1) 15,850 10,743 RSUs (1) 4,000 2,921 19,850 13,664 (1) Includes dividend equivalents accrued on awards. (2) Includes dividend equivalent grants. |
Schedule of activity in contributed surplus | The following table summarizes the activity in the consolidated changes in equity under the caption contributed surplus for each of the years in the three-year period ended December 31, 2021: 2021 2020 2019 $ $ $ Change in excess tax benefit on exercised share-based awards (672) — (38) Change in excess tax benefit on outstanding share-based awards 824 5,306 21 Share-based compensation expense credited to capital on options exercised (737) (50) (976) Share-based compensation expense for stock options 879 738 701 Increase (decrease) in contributed surplus 294 5,994 (292) |
BUSINESS ACQUISITIONS (Tables)
BUSINESS ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about business combination [abstract] | |
Disclosure of detailed information about business combinations | The net consideration paid on the closing date for the acquisition described above was as follows: July 30, 2021 $ Consideration paid in cash 35,402 Estimated fair value of contingent consideration arrangement (1) 8,305 Consideration transferred 43,707 Less: cash balances acquired 742 Consideration transferred, net of cash acquired 42,965 (1) The gross contractual contingent consideration amount of $9.0 million is included in the gross consideration total at its net present value as of the date of acquisition when the contingency was entered into, with expected cash outflows discounted using a rate of 4.74%. Refer to Note 24 for further discussion of this financial liability and inputs used in management's estimation of fair value. The net cash consideration paid on the closing date for the acquisition described above was as follows: February 11, 2020 $ Consideration paid in cash 36,188 Estimated fair value of contingent consideration arrangement (1) 10,806 Consideration transferred 46,994 Less: cash balances acquired 484 Consideration transferred, net of cash acquired 46,510 (1) The gross contractual contingent consideration amount of $12.0 million is included in the gross consideration total at its net present value when the contingency was entered into on the date of acquisition, which is discounted over two years using a discount rate of 5.38%. Subsequent to the acquisition, and as of December 31, 2021 and 2020, management concluded that any payment toward this obligation was not probable due to the impact of, and macroeconomic events resulting from, COVID-19 and other delays in the acquisition integration efforts. Refer to Note 24 for further discussion of this financial liability and inputs used in management's estimation of fair value. |
Schedule of fair value of net identifiable assets acquired and goodwill | Fair values of net identifiable assets acquired at the date of acquisition were as follows: July 30, 2021 $ Current assets Cash 742 Trade receivables (1) 1,167 Inventories 5,305 Other current assets 996 Property, plant and equipment 1,657 Intangible assets 21,651 Deferred tax assets 11 31,529 Current liabilities Accounts payable and accrued liabilities 3,519 Borrowings and lease liabilities, current 155 Borrowings and lease liabilities, non-current 95 Deferred tax liabilities 3,754 Provisions, non-current 88 7,611 Fair value of net identifiable assets acquired 23,918 (1) The gross contractual amounts receivable were $1.2 million. As of December 31, 2021, the Company has collected substantially all of the trade receivables that were outstanding as of the date of acquisition. The fair value of goodwill at the date of acquisition was as follows: July 30, 2021 $ Consideration transferred 43,707 Less: fair value of net identifiable assets acquired 23,918 Goodwill 19,789 The fair values of net identifiable assets acquired at the date of acquisition were as follows: February 11, 2020 $ Current assets Cash 484 Trade receivables (1) 2,749 Inventories 5,123 Other current assets 199 Property, plant and equipment 921 Intangible assets 21,519 30,995 Current liabilities Accounts payable and accrued liabilities 9,493 Borrowings and lease liabilities, current 143 Borrowings and lease liabilities, non-current 5 9,641 Fair value of net identifiable assets acquired 21,354 (1) The gross contractual amounts receivable were $3.2 million. As of December 31, 2021, the Company has collected approximately $2.9 million of the outstanding trade receivables, with $0.3 million expected to remain uncollected. The fair value of goodwill at the date of acquisition was as follows: February 11, 2020 $ Consideration transferred 46,994 Less: fair value of net identifiable assets acquired 21,354 Goodwill 25,640 |
Schedule of acquisition's impact on Company's consolidated earnings | The Nuevopak Acquisition’s impact on the Company’s consolidated earnings was as follows: July 31 through December 31, 2021 $ Revenue 2,889 Net loss 804 The Nortech Acquisition’s impact on the Company’s consolidated earnings was as follows: February 12 through December 31, 2020 $ Revenue 11,674 Net loss 2,103 |
Schedule of pro-forma earnings had the acquisitions been effective as of January 1 | Had the Nuevopak Acquisition been effective as of January 1, 2021, the impact on the Company’s consolidated earnings would have been as follows: Twelve Months Ended December 31, 2021 $ Revenue 7,668 Net loss 2,159 Had the Nortech Acquisition been effective as of January 1, 2020, the impact on the Company’s consolidated earnings would have been as follows: Twelve Months Ended December 31, 2020 $ Revenue 16,424 Net loss 1,332 |
PENSION, POST-RETIREMENT AND _2
PENSION, POST-RETIREMENT AND OTHER LONG-TERM EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of employee benefits [Abstract] | |
Schedule of reconciliation of defined benefit obligations and plan assets | A reconciliation of the defined benefit obligations and plan assets is presented in the table below for the years ended: Pension plans Other plans December 31, December 31, December 31, December 31, $ $ $ $ Defined benefit obligations Balance, beginning of year 100,209 91,148 3,018 2,907 Current service cost 1,177 1,132 64 62 Interest cost 2,230 2,701 65 80 Benefits paid (4,561) (4,456) (210) (78) Actuarial losses (gains) from demographic assumptions 225 (666) 1 (4) Actuarial (gains) losses from financial assumptions (5,654) 9,561 (155) 105 Experience losses (gains) 1 282 (55) (88) Foreign exchange rate adjustment (30) 507 (2) 34 Balance, end of year 93,597 100,209 2,726 3,018 Fair value of plan assets Balance, beginning of year 86,425 79,003 — — Interest income 1,867 2,297 — — Return on plan assets (excluding amounts included in net interest expense) (332) 8,494 — — Contributions by the employer 968 1,051 210 78 Benefits paid (4,561) (4,456) (210) (78) Administration expenses (275) (379) — — Foreign exchange rate adjustment (37) 415 — — Balance, end of year 84,055 86,425 — — Funded status – deficit 9,542 13,784 2,726 3,018 |
Schedule of disclosure of defined benefit plans | The defined benefit obligations and fair value of plan assets broken down by geographical locations is as follows for the years ended: December 31, 2021 US Canada Total $ $ $ Defined benefit obligations 76,206 20,117 96,323 Fair value of plan assets (66,657) (17,398) (84,055) Deficit in plans 9,549 2,719 12,268 December 31, 2020 US Canada Total $ $ $ Defined benefit obligations 81,883 21,344 103,227 Fair value of plan assets (69,649) (16,776) (86,425) Deficit in plans 12,234 4,568 16,802 The significant weighted average assumptions which were used to measure defined benefit obligations are as follows for the years ended: US plans Canadian plans December 31, December 31, December 31, December 31, Discount rate Pension plans (end of the year) (1) 2.58 % 2.15 % 3.00 % 2.55 % Pension plans (current service cost) (2) 2.34 % 3.10 % 2.60 % 3.20 % Other plans (end of the year) (1) 2.17 % 1.65 % 3.00 % 2.55 % Other plans (current service cost) (2) 1.99 % 2.82 % 2.60 % 3.20 % Life expectancy at age 65 (in years) (3) Current pensioner - Male 20 19 22 22 Current pensioner - Female 22 21 25 25 Current member aged 45 - Male 21 21 24 23 Current member aged 45 - Female 23 23 26 26 (1) Represents the discount rate used to calculate the accrued benefit obligation at the end of the year and applied to other components such as interest cost in the following year. (2) Represents the discount rate used to calculate annual service cost. (3) Utilizes mortality tables issued by the Society of Actuaries and the Canadian Institute of Actuaries. |
Schedule of funded status of defined benefit plans | The defined benefit obligations for pension plans broken down by funding status are as follows for the years ended: December 31, December 31, $ $ Wholly unfunded 12,445 13,460 Wholly funded or partially funded 81,152 86,749 Total obligations 93,597 100,209 |
Schedule of reconciliation of pension and other post-retirement benefits recognized in Balance Sheets | A reconciliation of pension and other post-retirement benefits recognized in the consolidated balance sheets is as follows for the years ended: December 31, December 31, $ $ Pension Plans Present value of the defined benefit obligations 93,597 100,209 Fair value of the plan assets 84,055 86,425 Deficit in plans 9,542 13,784 Assets recognized in other assets 3,539 3,024 Liabilities recognized 13,081 16,808 Pension benefits recognized in balance sheets 9,542 13,784 Other plans Present value of the defined benefit obligations and deficit in the plans 2,726 3,018 Liabilities recognized 2,726 3,018 Total plans Total assets recognized in other assets 3,539 3,024 Total liabilities recognized 15,807 19,826 Total pension and other post-retirement benefits recognized in balance sheets 12,268 16,802 |
Schedule of composition of plan assets based on fair value | The composition of plan assets based on the fair value was as follows for the years ended: December 31, December 31, $ $ Asset category Cash 42 78 Equity instruments 11,580 14,838 Fixed income instruments 72,433 71,509 Total 84,055 86,425 |
Schedule of defined benefit expenses recognized in Consolidated Earnings | The following tables present the defined benefit expenses recognized in consolidated earnings for each of the years in the three-year period ended December 31, 2021: Pension plans Other plans 2021 2020 2019 2021 2020 2019 $ $ $ $ $ $ Current service cost 1,177 1,132 1,036 64 62 60 Administration expenses 275 379 422 — — — Net interest expense 363 404 515 65 80 106 Net costs recognized in the statement of consolidated earnings 1,815 1,915 1,973 129 142 166 Total plans 2021 2020 2019 $ $ $ Current service cost 1,241 1,194 1,096 Administration expenses 275 379 422 Net interest expense 428 484 621 Net costs recognized in the statement of consolidated earnings 1,944 2,057 2,139 |
Schedule of defined benefit plan liability remeasurement recognized in OCI | The table below presents the defined benefit liability or asset remeasurement recognized in OCI for each of the years in the three-year period ended December 31, 2021: Pension plans Other plans 2021 2020 2019 2021 2020 2019 $ $ $ $ $ $ Actuarial (losses) gains from demographic assumptions (225) 666 542 (1) 4 (17) Actuarial gains (losses) from financial assumptions 5,654 (9,561) (10,924) 155 (105) (209) Experience (losses) gains (1) (282) (692) 55 88 273 Return on plan assets (excluding amounts included in net interest expense) (332) 8,494 11,789 — — — Total amounts recognized in OCI 5,096 (683) 715 209 (13) 47 |
Schedule of sensitivity analysis for actuarial assumptions | The sensitivity analysis below has been determined based on reasonably possible changes in the assumptions, in isolation from one another, occurring at the end of the reporting period. This analysis may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in the assumptions would occur in isolation from one another as some of the assumptions may be correlated. An increase or decrease of 1% in the discount rate or an increase or decrease of one year in mortality rate would result in the following increase (decrease) in the defined benefit obligations: December 31, December 31, $ $ Discount rate Increase of 1% (11,388) (12,590) Decrease of 1% 14,058 15,637 Mortality rate Life expectancy increased by one year 3,229 3,491 Life expectancy decreased by one year (3,313) (3,588) |
SUPPLEMENTAL DISCLOSURES BY G_2
SUPPLEMENTAL DISCLOSURES BY GEOGRAPHIC LOCATION AND PRODUCT LINE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Geographical Areas And Products [Abstract] | |
Schedule of geographic location and revenues | The following table presents geographic information about revenue attributed to countries based on the location of external customers for each of the years in the three-year period ended December 31, 2021: 2021 2020 2019 $ $ $ Revenue Canada 151,949 119,287 104,842 Germany 37,615 25,387 26,082 United States 1,206,868 966,729 923,239 Other 135,037 101,625 104,356 Total revenue 1,531,469 1,213,028 1,158,519 The following table presents geographic information about long-lived assets by country based on the location of the assets for the years ended: December 31, December 31, $ $ Property, plant and equipment Canada 31,473 34,984 India 58,301 54,518 Portugal 27,398 24,720 United Kingdom 11,801 — United States 329,682 300,950 Other 701 42 Total property, plant and equipment 459,356 415,214 Goodwill Canada 12,289 12,309 Germany 8,629 — Hong Kong 10,781 — India 26,455 26,905 United States 93,680 93,680 Total goodwill 151,834 132,894 Intangible assets Canada 15,326 13,167 Hong Kong 21,128 — India 9,482 12,389 United Kingdom 790 — United States 91,999 98,718 Total intangible assets 138,725 124,274 Other assets Canada 149 165 India 312 192 Portugal 33 34 United States 16,055 12,919 Total other assets 16,549 13,310 |
Schedule of revenue by product line | The following table presents revenue information based on revenues for the following product categories for each of the years in the three-year period ended December 31, 2021: 2021 2020 2019 $ $ $ Revenue Tape 799,576 658,911 632,950 Film 250,181 181,180 184,398 Engineered coated products 206,315 159,933 162,955 Protective packaging 188,902 152,710 135,605 Packaging machinery 81,087 54,870 33,621 Other 5,408 5,424 8,990 1,531,469 1,213,028 1,158,519 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party [Abstract] | |
Schedule of Company's key personnel remuneration | The Company’s key personnel include all non-executive directors on the Board (ten in 2021 and 2020 and eight in 2019) and senior executive level members of management (eight in 2021 and 2020 and six in 2019). Key personnel remuneration includes the following expenses for each of the years in the three-year period ended December 31, 2021: 2021 2020 2019 $ $ $ Short-term benefits including employee salaries and bonuses and director retainer and committee fees 7,655 8,845 6,124 Post-employment and other long-term benefits 703 593 604 Share-based compensation expense 11,292 12,894 1,152 Total remuneration 19,650 22,332 7,880 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of financial assets | The classification of financial instruments, as well as their carrying amounts, are as follows for the years ended: Amortized cost Fair value Derivatives used $ $ $ December 31, 2021 Financial assets Cash 26,292 — — Trade receivables 203,984 — — Supplier rebates and other receivables 5,247 — — Total financial assets 235,523 — — Financial liabilities Accounts payable and accrued liabilities (1) 235,449 — — Interest rate swap agreements — — 1,642 Borrowings (2) 510,460 — — Non-controlling interest put options — 27,523 — Contingent consideration liability — 8,314 — Total financial liabilities 745,909 35,837 1,642 December 31, 2020 Financial assets Cash 16,467 — — Trade receivables 162,235 — — Supplier rebates and other receivables 4,627 — — Total financial assets 183,329 — — Financial liabilities Accounts payable and accrued liabilities (1) 140,011 — — Interest rate swap agreements — — 4,025 Borrowings (2) 447,842 — — Non-controlling interest put options — 15,758 — Total financial liabilities 587,853 15,758 4,025 (1) Excludes employee benefits and taxes payable (2) Excludes lease liabilities |
Schedule of financial liabilities | The classification of financial instruments, as well as their carrying amounts, are as follows for the years ended: Amortized cost Fair value Derivatives used $ $ $ December 31, 2021 Financial assets Cash 26,292 — — Trade receivables 203,984 — — Supplier rebates and other receivables 5,247 — — Total financial assets 235,523 — — Financial liabilities Accounts payable and accrued liabilities (1) 235,449 — — Interest rate swap agreements — — 1,642 Borrowings (2) 510,460 — — Non-controlling interest put options — 27,523 — Contingent consideration liability — 8,314 — Total financial liabilities 745,909 35,837 1,642 December 31, 2020 Financial assets Cash 16,467 — — Trade receivables 162,235 — — Supplier rebates and other receivables 4,627 — — Total financial assets 183,329 — — Financial liabilities Accounts payable and accrued liabilities (1) 140,011 — — Interest rate swap agreements — — 4,025 Borrowings (2) 447,842 — — Non-controlling interest put options — 15,758 — Total financial liabilities 587,853 15,758 4,025 (1) Excludes employee benefits and taxes payable (2) Excludes lease liabilities |
Schedule of interest income and expenses relating to financial assets and financial liabilities | Total interest expense (calculated using the effective interest method) for financial assets or financial liabilities that are not at fair value through earnings are as follows for each of the years in the three-year period ended December 31, 2021: 2021 2020 2019 $ $ $ Interest expense calculated using the effective interest rate method 26,574 27,243 31,040 |
Schedule of reconciliation of the carrying amount of financial instruments classified as Level 3 | A reconciliation of the carrying amount of non-controlling interest put options follows for the years ended December 31, 2021 and 2020: Non-controlling interest put options $ Balance as of December 31, 2019 13,634 Foreign exchange (346) Valuation adjustment made to non-controlling interest put options 2,470 Balance as of December 31, 2020 15,758 Foreign exchange (242) Valuation adjustment made to non-controlling interest put options 12,007 Balance as of December 31, 2021 27,523 |
Schedule of reconciliation of the carrying amount of contingent consideration | A reconciliation of the carrying amount of contingent consideration liabilities follows for the years ended December 31, 2021 and 2020: Nortech Acquisition Nuevopak Acquisition $ $ Balance as of December 31, 2019 — — Contingent consideration recorded as a result of the Nortech Acquisition 10,806 — Increases resulting from net present value discounting 199 — Fair value adjustment recorded in finance costs (income) (11,005) — Balance as of December 31, 2020 — — Contingent consideration recorded as a result of the Nuevopak Acquisition — 8,305 Foreign exchange 9 Balance as of December 31, 2021 — 8,314 |
Schedule of sensitivity analysis of exchange risk for financial instruments | The following table details the Company’s sensitivity to a 10% strengthening of other currencies against the US dollar, and the related impact on finance costs (income) - other expense (income), net. For a 10% weakening of the other currencies against the US dollar, there would be an equal and opposite impact on finance costs (income) - other expense (income), net. The estimated increase (decrease) to finance cost (income) - other expense (income), net from financial assets and financial liabilities resulting from a 10% strengthening of other currencies against the US dollar, everything else being equal, would be as follows as of December 31: 2021 2020 USD$ USD$ Canadian dollar (10,597) (3,786) Indian Rupee (2,594) (2,525) (13,191) (6,311) |
Schedule of information about items designated as hedging instruments of net investment | The changes in value related to the Senior Unsecured Notes designated as a hedging instrument, in the hedge of a net investment, are as follows for the years ended December 31: 2021 2020 $ $ (Loss) gain from change in value of the Senior Unsecured Notes used for calculating hedge ineffectiveness (10,789) 6,488 (Loss) gain from Senior Unsecured Notes recognized in OCI (9,423) 6,488 Loss from hedge ineffectiveness recognized in earnings in finance costs (income) in other expense (income), net (1,385) — Foreign exchange gains recognized in cumulative translation adjustments in the statement of changes in equity 19 — Deferred tax expense on change in value of the Senior Unsecured Notes recognized in OCI (1,589) (764) The notional and carrying amounts of the Senior Unsecured Notes are as follows as of: December 31, December 31, $ $ Notional Amount 400,000 250,000 Carrying Amount 395,614 246,236 The amounts related to the net investment in IPG (US) Holdings, Inc., designated as the hedged item in the hedge of a net investment, are as follows for the years ended December 31: 2021 2020 $ $ Gain (loss) from change in value of IPG (US) Holdings, Inc. used for calculating hedge ineffectiveness 9,423 (6,488) The cumulative amounts included in the foreign currency translation reserve related to the net investment in IPG (US) Holdings, Inc., designated as the hedged item in the hedge of a net investment, is as follows as of: December 31, December 31, $ $ Cumulative (loss) gain included in foreign currency translation reserve in OCI (2,076) 7,347 |
Schedule of terms of interest swap agreements | The Company was party to the following interest rate swap agreements which are qualifying cash flow hedges designated as hedging instruments as of December 31, 2021 and 2020: Effective Date Maturity Notional amount Settlement Fixed interest June 8, 2017 June 20, 2022 40,000 Monthly 1.79 August 20, 2018 August 18, 2023 60,000 Monthly 2.045 The following table summarizes activity related to interest rate swap agreements designated as hedging instruments for the years ended December 31: 2021 2020 $ $ Gain (loss) from change in fair value of the interest rate swap agreements designated as hedging instruments recognized in OCI (1) 2,383 (2,685) Deferred tax (expense) benefit on change in fair value of the interest rate swap agreements designated as hedging instruments recognized in OCI (577) 658 (1) The hedging loss recognized in OCI before tax is equal to the change in fair value used for measuring effectiveness. There is no ineffectiveness recognized in earnings. The following table summarizes balances related to interest rate swap agreements designated as hedging instruments as of: December 31, December 31, $ $ Carrying amount included in other liabilities 1,642 4,025 Cumulative loss in cash flow hedge reserve, included in OCI, for continuing hedges (1,291) (3,097) |
Schedule of age of trade receivables | The following table presents an analysis of the age of trade receivables and related balance as of: December 31, December 31, $ $ Current 172,877 138,798 Past due accounts not impaired 1 – 30 days past due 20,988 15,257 31 – 60 days past due 4,728 2,798 61 – 90 days past due 1,383 1,299 Over 90 days past due 4,008 4,083 31,107 23,437 Allowance for expected credit loss 1,044 1,268 Gross accounts receivable 205,028 163,503 |
Schedule of continuity summary of the Company’s allowance for doubtful accounts | The following table presents a continuity summary of the Company’s allowance for expected credit loss as of and for the years ended December 31: 2021 2020 $ $ Balance, beginning of year 1,268 909 Additions 493 545 Recoveries (104) — Write-offs (613) (197) Foreign exchange — 11 Balance, end of year 1,044 1,268 |
Schedule of maturity analysis for non-derivative financial liabilities | The maturity analysis for financial liabilities and finance lease liabilities is as follows for the years ended: Non-controlling Contingent consideration liability (1) Interest on borrowings (1) Lease Interest on lease Accounts payable (2) Total $ $ $ $ $ $ $ $ December 31, 2021 Current maturity 27,523 3,500 7,480 20,311 10,639 2,182 235,449 307,084 2023 — 3,500 8,815 18,761 7,714 1,714 — 40,504 2024 — 2,000 1,235 17,500 5,655 1,322 — 27,712 2025 — — 1,000 17,500 4,924 1,030 — 24,454 2026 — — 100,376 17,597 3,504 779 — 122,256 2027 and thereafter — — 400,000 42,487 12,365 2,522 — 457,374 27,523 9,000 518,906 134,156 44,801 9,549 235,449 979,384 Non-controlling Contingent consideration liability Borrowings (1) Interest on Borrowings (1) Lease Interest on lease Accounts payable (2) Total $ $ $ $ $ $ $ $ December 31, 2020 Current maturity — — 19,131 22,813 7,088 2,303 140,011 191,346 2022 15,758 — 18,663 22,197 9,013 1,853 — 67,484 2023 — — 163,025 19,224 6,473 1,424 — 190,146 2024 — — 1,183 17,500 4,577 1,070 — 24,330 2025 — — 817 17,500 3,869 817 — 23,003 2026 and thereafter — — 250,408 13,125 11,102 2,745 — 277,380 15,758 — 453,227 112,359 42,122 10,212 140,011 773,689 (1) Excludes lease liabilities |
Schedule of the Company's capital structure | The capital structure of the Company consists of cash, borrowings and equity. A summary of the Company’s capital structure is as follows for the years ended: December 31, 2021 December 31, 2020 $ $ Cash 26,292 16,467 Borrowings (excluding lease liabilities) 510,460 447,842 Total equity 352,248 316,682 |
ACCOUNTING POLICIES - Parent Co
ACCOUNTING POLICIES - Parent Company's Subsidiaries (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Better Packages, Inc. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of Ownership Interest and Voting Power Held as of: | 100.00% | 100.00% |
Capstone Polyweave Private Limited | ||
Disclosure of subsidiaries [line items] | ||
Proportion of Ownership Interest and Voting Power Held as of: | 55.00% | 55.00% |
FIBOPE Portuguesa-Filmes Biorientados, S.A. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of Ownership Interest and Voting Power Held as of: | 100.00% | 100.00% |
GPCP, Inc. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of Ownership Interest and Voting Power Held as of: | 50.10% | 50.10% |
Intertape Packaging UK Limited | ||
Disclosure of subsidiaries [line items] | ||
Proportion of Ownership Interest and Voting Power Held as of: | 100.00% | 0.00% |
Intertape Polymer Corp. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of Ownership Interest and Voting Power Held as of: | 100.00% | 100.00% |
Intertape Polymer Europe GmbH | ||
Disclosure of subsidiaries [line items] | ||
Proportion of Ownership Interest and Voting Power Held as of: | 100.00% | 100.00% |
Intertape Polymer Inc. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of Ownership Interest and Voting Power Held as of: | 100.00% | 100.00% |
Intertape Polymer Japan GK | ||
Disclosure of subsidiaries [line items] | ||
Proportion of Ownership Interest and Voting Power Held as of: | 100.00% | 100.00% |
Intertape Polymer Woven USA Inc. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of Ownership Interest and Voting Power Held as of: | 100.00% | 100.00% |
Intertape Woven Products Services, S.A. de C.V. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of Ownership Interest and Voting Power Held as of: | 100.00% | 100.00% |
Intertape Woven Products, S.A. de C.V. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of Ownership Interest and Voting Power Held as of: | 100.00% | 100.00% |
IPG Asia Private Limited | ||
Disclosure of subsidiaries [line items] | ||
Proportion of Ownership Interest and Voting Power Held as of: | 100.00% | 100.00% |
IPG (US) Holdings Inc. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of Ownership Interest and Voting Power Held as of: | 100.00% | 100.00% |
IPG (US) Inc. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of Ownership Interest and Voting Power Held as of: | 100.00% | 100.00% |
IPG Mauritius Holding Company Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of Ownership Interest and Voting Power Held as of: | 100.00% | 100.00% |
IPG Mauritius II Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of Ownership Interest and Voting Power Held as of: | 100.00% | 100.00% |
IPG Mauritius Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of Ownership Interest and Voting Power Held as of: | 100.00% | 100.00% |
Nuevopak Global Limited | ||
Disclosure of subsidiaries [line items] | ||
Proportion of Ownership Interest and Voting Power Held as of: | 100.00% | 0.00% |
Nuevopak GmbH | ||
Disclosure of subsidiaries [line items] | ||
Proportion of Ownership Interest and Voting Power Held as of: | 100.00% | 0.00% |
Nuevopak (Jiangmen) Environmental & Technology Company Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of Ownership Interest and Voting Power Held as of: | 100.00% | 0.00% |
Nuevopak Technology Company Limited | ||
Disclosure of subsidiaries [line items] | ||
Proportion of Ownership Interest and Voting Power Held as of: | 100.00% | 0.00% |
Octo Packaging Limited | ||
Disclosure of subsidiaries [line items] | ||
Proportion of Ownership Interest and Voting Power Held as of: | 100.00% | 0.00% |
Polyair Canada Limited | ||
Disclosure of subsidiaries [line items] | ||
Proportion of Ownership Interest and Voting Power Held as of: | 100.00% | 100.00% |
Polyair Corporation | ||
Disclosure of subsidiaries [line items] | ||
Proportion of Ownership Interest and Voting Power Held as of: | 100.00% | 100.00% |
Spuntech Fabrics Inc. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of Ownership Interest and Voting Power Held as of: | 100.00% | 100.00% |
ACCOUNTING POLICIES - Revenue R
ACCOUNTING POLICIES - Revenue Recognition (Details) | 12 Months Ended |
Dec. 31, 2021product | |
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract] | |
Number of products | 6 |
Credit term upon delivery | 30 days |
ACCOUNTING POLICIES - Share-Bas
ACCOUNTING POLICIES - Share-Based Compensation (Details) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | |
DSUs | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Awards threshold consecutive trading days | 5 days | 5 days | 5 days | |
PSUs | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Awards threshold consecutive trading days | 5 days | 5 days | 5 days | |
Awards percentage based on monte carlo simulation model | 50.00% | 50.00% | 50.00% | |
Awards percentage based on volume weighted average trading price (VWAP) | 50.00% | 50.00% | 50.00% | |
PSUs market performance conditions | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Awards percentage based on monte carlo simulation model | 50.00% | 50.00% | 50.00% | |
PSUs market performance conditions | Prior to December 2017 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Awards percentage based on monte carlo simulation model | 100.00% | |||
PSUs non-market performance conditions | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Awards percentage based on volume weighted average trading price (VWAP) | 50.00% | 50.00% | 50.00% | |
RSUs | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Awards threshold consecutive trading days | 5 days | 5 days | 5 days |
ACCOUNTING POLICIES - Property,
ACCOUNTING POLICIES - Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Buildings and related major components | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets | 3 years |
Buildings and related major components | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets | 60 years |
Manufacturing equipment and related major components | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets | 3 years |
Manufacturing equipment and related major components | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets | 30 years |
Computer equipment and software | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets | 3 years |
Computer equipment and software | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets | 15 years |
Furniture, office equipment and other | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets | 3 years |
Furniture, office equipment and other | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets | 10 years |
ACCOUNTING POLICIES - Intangibl
ACCOUNTING POLICIES - Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Customer lists, license agreements and software | Bottom of range | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful lives | 1 year |
Customer lists, license agreements and software | Top of range | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful lives | 20 years |
Patents and trademarks being amortized | Bottom of range | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful lives | 2 years |
Patents and trademarks being amortized | Top of range | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful lives | 15 years |
Non-compete agreements | Bottom of range | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful lives | 3 years |
Non-compete agreements | Top of range | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful lives | 10 years |
ACCOUNTING POLICIES - Determina
ACCOUNTING POLICIES - Determination of the Aggregation of Operating Segments (Details) | 12 Months Ended |
Dec. 31, 2021segment | |
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract] | |
Number of operating segments | 2 |
Number of reporting segments | 1 |
INFORMATION INCLUDED IN CONSO_3
INFORMATION INCLUDED IN CONSOLIDATED EARNINGS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee benefit expense | |||
Wages, salaries and other short-term benefits | $ 277,910 | $ 242,113 | $ 227,043 |
Termination benefits (Note 16) | 74 | 4,110 | 2,274 |
Share-based compensation expense (Note 18) | 21,655 | 22,879 | 501 |
Pension, post-retirement and other long-term employee benefit plans (Note 20): | |||
Defined benefit plans | 1,944 | 2,057 | 2,139 |
Defined contributions plans | 8,245 | 6,824 | 7,142 |
Employee benefits expense | 309,828 | 277,983 | 239,099 |
Finance costs (income) - Interest | |||
Interest on borrowings and lease liabilities | 23,804 | 28,684 | 32,472 |
Amortization and write-off of debt issue costs on borrowings | 5,149 | 1,210 | 1,194 |
Interest capitalized to property, plant and equipment | (1,277) | (458) | (1,976) |
Interest expense | 27,676 | 29,436 | 31,690 |
Finance costs (income) - Other expense (income), net | |||
Early redemption premium and other costs (Note 14) | 14,412 | 0 | 0 |
(Gain) loss on foreign exchange | (48) | 38 | (790) |
Valuation adjustment made to non-controlling interest put options (Note 24) | 12,007 | 2,470 | 3,339 |
Change in fair value of contingent consideration liability (Note 24) | 0 | (11,005) | 0 |
Other costs, net | 2,837 | 2,259 | 765 |
Other finance costs expense (income), net | 29,208 | (6,238) | 3,314 |
Additional information | |||
Depreciation of property, plant and equipment (Note 9) | 51,871 | 50,237 | 51,030 |
Amortization of intangible assets (Note 12) | 13,676 | 13,603 | 10,385 |
Impairment of assets, net (Note 13) | 6,044 | 2,359 | 4,549 |
Interest reimbursements | $ 1,200 | $ 0 | $ 0 |
MANUFACTURING FACILITY CLOSUR_3
MANUFACTURING FACILITY CLOSURES, RESTRUCTURING AND OTHER RELATED CHARGES - Schedule of Manufacturing Facility Closures, Restructuring and Other Related Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Restructuring And Related Costs [Line Items] | |||
Manufacturing facility closures, restructuring and other related charges | $ 0 | $ 4,328 | $ 5,136 |
Restructuring | |||
Schedule Of Restructuring And Related Costs [Line Items] | |||
Impairment of property, plant and equipment, net | 0 | 669 | |
Equipment relocation | 38 | 156 | |
Revaluation and impairment of inventories, net | 596 | 130 | |
Termination benefits and other labor related costs, net | 3,389 | 1,874 | |
Restoration and idle facility costs, net | 270 | 1,978 | |
Professional fees, net | 40 | 393 | |
Other recoveries | (5) | (64) | |
Manufacturing facility closures, restructuring and other related charges | $ 4,328 | $ 5,136 |
MANUFACTURING FACILITY CLOSUR_4
MANUFACTURING FACILITY CLOSURES, RESTRUCTURING AND OTHER RELATED CHARGES - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Restructuring And Related Costs [Line Items] | |||
Restructuring charges | $ 0 | $ 4,328 | $ 5,136 |
Restructuring provision | |||
Schedule Of Restructuring And Related Costs [Line Items] | |||
Other provisions | $ 1,700 | 3,600 | |
COVID-19 | |||
Schedule Of Restructuring And Related Costs [Line Items] | |||
Restructuring charges | 3,700 | ||
Restructuring | |||
Schedule Of Restructuring And Related Costs [Line Items] | |||
Restructuring charges | 4,328 | 5,136 | |
Impairment of inventories | $ 596 | 130 | |
Montreal, Quebec Manufacturing Facility And Johnson City, Tennessee Manufacturing Facility | Facility Closing | |||
Schedule Of Restructuring And Related Costs [Line Items] | |||
Restructuring charges | 4,300 | ||
Non-cash impairment charges | $ 800 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) $ in Millions | Dec. 31, 2021USD ($) |
Canada Tax Authority | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Capital loss carryforwards | $ 15.6 |
Capital loss carryforwards, tax benefits recognized | 0 |
Provincial | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses | 46.3 |
Unused tax losses, tax benefits not recognized | 1 |
State | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses | 70.7 |
Unused tax losses, tax benefits not recognized | $ 2.4 |
INCOME TAXES - Income Tax Rate
INCOME TAXES - Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | ||||
Combined Canadian federal and provincial income tax rate | 27.50% | 27.80% | 28.40% | |
Foreign earnings/losses taxed at higher income tax rates | 0.10% | 0.00% | 0.20% | |
Foreign earnings/losses taxed at lower income tax rates | (1.60%) | (4.30%) | (4.80%) | |
Prior period adjustments | 0.40% | (0.50%) | 0.50% | |
Nondeductible expenses (nontaxable income) | 4.50% | (1.90%) | 1.10% | |
Impact of other differences | (2.60%) | 1.60% | (2.30%) | |
Canadian deferred tax assets (recognized) not recognized | (3.10%) | (1.80%) | 4.30% | |
Derecognition (recognition) of deferred tax assets | 0.40% | (0.20%) | (1.30%) | |
Proposed tax assessment | 0.00% | 0.00% | 2.20% | |
Effective income tax rate | 25.60% | 20.70% | 28.30% | |
Proposed state income tax assessment | $ 2.3 |
INCOME TAXES - Major Components
INCOME TAXES - Major Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Current income tax expense | $ 22,113 | $ 25,595 | $ 17,195 |
Deferred tax expense (benefit) | |||
Total deferred income tax expense (benefit) | 1,951 | (6,474) | (885) |
Income tax expense (benefit) | 24,064 | 19,121 | 16,310 |
Foreign Tax Authority | U.S. | |||
Deferred tax expense (benefit) | |||
Derecognition (recognition) of deferred tax assets | 396 | (153) | (701) |
Temporary differences | (83) | (6,605) | 3,988 |
Foreign Tax Authority | Other Jurisdictions | |||
Deferred tax expense (benefit) | |||
Temporary differences | (474) | 270 | (946) |
Canadian Tax Authority | |||
Deferred tax expense (benefit) | |||
Derecognition (recognition) of deferred tax assets | 0 | 0 | (22) |
Temporary differences | 4,999 | 1,674 | (5,678) |
Canadian deferred tax assets (recognized) not recognized | $ (2,887) | $ (1,660) | $ 2,474 |
INCOME TAXES - Components of Ot
INCOME TAXES - Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||||
Amount before income tax | |||||||
Deferred tax expense on remeasurement of defined benefit liability | $ 5,305 | $ (696) | $ 762 | ||||
Deferred tax expense on change in fair value of interest rate swap agreements designated as cash flow hedges | 2,383 | (2,685) | (3,416) | ||||
Deferred tax expense on foreign exchange related impacts arising from intercompany settlements | 2,117 | ||||||
Deferred tax expense on gain arising from hedge of a net investment in foreign operations | (9,423) | 6,488 | 10,280 | ||||
Deferred tax expense, before tax | (1,735) | 5,224 | 7,626 | ||||
Deferred income taxes | |||||||
Deferred tax expense on remeasurement of defined benefit liability | (1,366) | 216 | (173) | ||||
Deferred tax benefit on change in fair value of interest rate swap agreements designated as cash flow hedges | (577) | 658 | 359 | ||||
Deferred tax expense on foreign exchange related impacts arising from intercompany settlements | (281) | ||||||
Deferred tax expense on gain arising from hedge of a net investment in foreign operations | (1,589) | (764) | (45) | ||||
Deferred tax expense, tax | (3,532) | (171) | 141 | ||||
Amount net of income taxes | |||||||
Deferred tax expense on remeasurement of defined benefit liability | [1] | 3,939 | [2] | (480) | [3] | 589 | [4] |
Deferred tax benefit on change in fair value of interest rate swap agreements designated as cash flow hedges | [5] | 1,806 | [6] | (2,027) | [7] | (3,057) | [8] |
Deferred tax expense on foreign exchange related impacts arising from intercompany settlements | 1,836 | ||||||
Deferred tax expense on gain arising from hedge of a net investment in foreign operations | [9] | (11,012) | [10] | 5,724 | [11] | 10,235 | [12] |
Deferred tax expense, net of tax | $ (5,267) | $ 5,053 | $ 7,767 | ||||
[1] | Presented net of deferred income tax expense (benefit) of $1,366 in 2021, ($216) in 2020, and $173 in 2019. | ||||||
[2] | Presented net of deferred income tax expense of $1,366. | ||||||
[3] | Presented net of deferred income tax benefit of $216. | ||||||
[4] | Presented net of deferred income tax expense of $173. | ||||||
[5] | Presented net of deferred income tax expense (benefit) of $577 in 2021, ($658) in 2020 and ($359) in 2019. | ||||||
[6] | Presented net of deferred income tax expense of $577. | ||||||
[7] | Presented net of deferred income tax benefit of $658. | ||||||
[8] | Presented net of deferred income tax benefit of $359 | ||||||
[9] | Presented net of deferred income tax expense of $1,589 in 2021, $764 in 2020 and $45 in 2019. | ||||||
[10] | Presented net of deferred income tax expense of $1,589. | ||||||
[11] | Presented net of deferred income tax expense of $764. | ||||||
[12] | Presented net of deferred income tax expense of $45. |
INCOME TAXES - Recognized Defer
INCOME TAXES - Recognized Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | $ 69,061 | $ 73,314 | |
Deferred tax liabilities | (83,407) | (77,745) | |
Net | (14,346) | (4,431) | $ (16,931) |
Deferred tax assets | 24,579 | 29,677 | |
Deferred tax liabilities | (38,925) | (34,108) | |
Tax credits, losses, carryforwards and other tax deductions | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 8,842 | 10,465 | |
Deferred tax liabilities | 0 | 0 | |
Net | 8,842 | 10,465 | |
Property, plant and equipment | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 10,142 | 15,882 | |
Deferred tax liabilities | (57,501) | (52,956) | |
Net | (47,359) | (37,074) | |
Pension and other post-retirement benefits | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 3,210 | 4,231 | |
Deferred tax liabilities | 0 | 0 | |
Net | 3,210 | 4,231 | |
Share-based payments | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 13,558 | 11,929 | |
Deferred tax liabilities | 0 | 0 | |
Net | 13,558 | 11,929 | |
Accounts payable and accrued liabilities | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 10,146 | 8,945 | |
Deferred tax liabilities | 0 | 0 | |
Net | 10,146 | 8,945 | |
Goodwill and other intangibles | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 7,768 | 7,083 | |
Deferred tax liabilities | (24,405) | (23,121) | |
Net | (16,637) | (16,038) | |
Trade and other receivables | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 679 | 1,152 | |
Deferred tax liabilities | 0 | 0 | |
Net | 679 | 1,152 | |
Inventories | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 2,150 | 1,530 | |
Deferred tax liabilities | 0 | 0 | |
Net | 2,150 | 1,530 | |
Lease liabilities | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 10,475 | 9,616 | |
Deferred tax liabilities | 0 | 0 | |
Net | 10,475 | 9,616 | |
Other | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 2,091 | 2,481 | |
Deferred tax liabilities | (1,501) | (1,668) | |
Net | $ 590 | $ 813 |
INCOME TAXES - Changes in Defer
INCOME TAXES - Changes in Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets, beginning balance | $ 29,677 | |
Deferred tax liabilities, beginning balance | (34,108) | |
Changes in deferred tax liability (asset) [abstract] | ||
Recognized in earnings (with translation adjustments) | (1,951) | $ 6,474 |
Recognized in contributed surplus | 152 | 5,306 |
Recognized in OCI | (3,532) | (171) |
Deferred tax assets, ending balance | 24,579 | 29,677 |
Deferred tax liabilities, ending balance | (38,925) | (34,108) |
Deferred tax assets and liabilities, beginning balance | (4,431) | (16,931) |
Deferred tax assets and liabilities, recognized in earnings (with translations adjustments) | (1,753) | 7,344 |
Deferred tax assets and liabilities, recognized in contributed surplus | 152 | 5,306 |
Deferred tax assets and liabilities, recognized in other comprehensive income | (3,483) | (150) |
Deferred tax assets and liabilities, business acquisitions | (4,831) | |
Deferred tax assets and liabilities, ending balance | (14,346) | (4,431) |
Impact due to foreign exchange rates, recognized in earnings (with translation adjustments) | (198) | (870) |
Impact due to foreign exchange rates, recognized in contributed surplus | 0 | 0 |
Impact due to foreign exchange rates, recognized in other comprehensive income | (49) | (21) |
Deferred tax assets | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets, beginning balance | 73,314 | 59,741 |
Changes in deferred tax liability (asset) [abstract] | ||
Recognized in earnings (with translation adjustments) | (217) | 8,417 |
Recognized in contributed surplus | 152 | 5,306 |
Recognized in OCI | (3,483) | (150) |
Business acquisitions | (705) | |
Deferred tax assets, ending balance | 69,061 | 73,314 |
Deferred tax assets, Tax credits, losses, carryforwards and other tax deductions | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets, beginning balance | 10,465 | 11,638 |
Changes in deferred tax liability (asset) [abstract] | ||
Recognized in earnings (with translation adjustments) | (1,751) | (892) |
Recognized in contributed surplus | 0 | 0 |
Recognized in OCI | 0 | (281) |
Business acquisitions | 128 | |
Deferred tax assets, ending balance | 8,842 | 10,465 |
Deferred tax assets and liabilities, beginning balance | 10,465 | |
Deferred tax assets and liabilities, ending balance | 8,842 | 10,465 |
Deferred tax assets, Property, plant and equipment | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets, beginning balance | 15,882 | 16,020 |
Changes in deferred tax liability (asset) [abstract] | ||
Recognized in earnings (with translation adjustments) | (5,740) | (138) |
Recognized in contributed surplus | 0 | 0 |
Recognized in OCI | 0 | 0 |
Business acquisitions | 0 | |
Deferred tax assets, ending balance | 10,142 | 15,882 |
Deferred tax assets and liabilities, beginning balance | (37,074) | |
Deferred tax assets and liabilities, ending balance | (47,359) | (37,074) |
Deferred tax assets, Pension and other post-retirement benefits | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets, beginning balance | 4,231 | 3,966 |
Changes in deferred tax liability (asset) [abstract] | ||
Recognized in earnings (with translation adjustments) | 339 | 30 |
Recognized in contributed surplus | 0 | 0 |
Recognized in OCI | (1,360) | 235 |
Business acquisitions | 0 | |
Deferred tax assets, ending balance | 3,210 | 4,231 |
Deferred tax assets and liabilities, beginning balance | 4,231 | |
Deferred tax assets and liabilities, ending balance | 3,210 | 4,231 |
Deferred tax assets, Stock-based payments | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets, beginning balance | 11,929 | 1,766 |
Changes in deferred tax liability (asset) [abstract] | ||
Recognized in earnings (with translation adjustments) | 1,477 | 4,857 |
Recognized in contributed surplus | 152 | 5,306 |
Recognized in OCI | 0 | 0 |
Business acquisitions | 0 | |
Deferred tax assets, ending balance | 13,558 | 11,929 |
Deferred tax assets and liabilities, beginning balance | 11,929 | |
Deferred tax assets and liabilities, ending balance | 13,558 | 11,929 |
Deferred tax assets, Accounts payable and accrued liabilities | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets, beginning balance | 8,945 | 6,022 |
Changes in deferred tax liability (asset) [abstract] | ||
Recognized in earnings (with translation adjustments) | 1,201 | 2,923 |
Recognized in contributed surplus | 0 | 0 |
Recognized in OCI | 0 | 0 |
Business acquisitions | 0 | |
Deferred tax assets, ending balance | 10,146 | 8,945 |
Deferred tax assets, Goodwill and other intangibles | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets, beginning balance | 7,083 | 7,028 |
Changes in deferred tax liability (asset) [abstract] | ||
Recognized in earnings (with translation adjustments) | 1,609 | 55 |
Recognized in contributed surplus | 0 | 0 |
Recognized in OCI | 0 | 0 |
Business acquisitions | (924) | |
Deferred tax assets, ending balance | 7,768 | 7,083 |
Deferred tax assets and liabilities, beginning balance | (16,038) | |
Deferred tax assets and liabilities, ending balance | (16,637) | (16,038) |
Deferred tax assets, Trade and other receivables | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets, beginning balance | 1,152 | 688 |
Changes in deferred tax liability (asset) [abstract] | ||
Recognized in earnings (with translation adjustments) | (473) | 464 |
Recognized in contributed surplus | 0 | 0 |
Recognized in OCI | 0 | 0 |
Business acquisitions | 0 | |
Deferred tax assets, ending balance | 679 | 1,152 |
Deferred tax assets and liabilities, beginning balance | 1,152 | |
Deferred tax assets and liabilities, ending balance | 679 | 1,152 |
Deferred tax assets, Inventories | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets, beginning balance | 1,530 | 1,918 |
Changes in deferred tax liability (asset) [abstract] | ||
Recognized in earnings (with translation adjustments) | 576 | (388) |
Recognized in contributed surplus | 0 | 0 |
Recognized in OCI | 0 | 0 |
Business acquisitions | 44 | |
Deferred tax assets, ending balance | 2,150 | 1,530 |
Deferred tax assets and liabilities, beginning balance | 1,530 | |
Deferred tax assets and liabilities, ending balance | 2,150 | 1,530 |
Deferred tax assets, Lease liabilities | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets, beginning balance | 9,616 | 9,832 |
Changes in deferred tax liability (asset) [abstract] | ||
Recognized in earnings (with translation adjustments) | 812 | (216) |
Recognized in contributed surplus | 0 | 0 |
Recognized in OCI | 0 | 0 |
Business acquisitions | 47 | |
Deferred tax assets, ending balance | 10,475 | 9,616 |
Deferred tax assets and liabilities, beginning balance | 9,616 | |
Deferred tax assets and liabilities, ending balance | 10,475 | 9,616 |
Deferred tax assets, Other | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets, beginning balance | 2,481 | 863 |
Changes in deferred tax liability (asset) [abstract] | ||
Recognized in earnings (with translation adjustments) | 1,733 | 1,722 |
Recognized in contributed surplus | 0 | 0 |
Recognized in OCI | (2,123) | (104) |
Business acquisitions | 0 | |
Deferred tax assets, ending balance | 2,091 | 2,481 |
Deferred tax liabilities | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax liabilities, beginning balance | (77,745) | (76,672) |
Changes in deferred tax liability (asset) [abstract] | ||
Recognized in earnings (with translation adjustments) | (1,536) | (1,073) |
Recognized in contributed surplus | 0 | 0 |
Recognized in OCI | 0 | 0 |
Business acquisitions | (4,126) | |
Deferred tax liabilities, ending balance | (83,407) | (77,745) |
Deferred tax liabilities, Property, plant and equipment | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax liabilities, beginning balance | (52,956) | (52,871) |
Changes in deferred tax liability (asset) [abstract] | ||
Recognized in earnings (with translation adjustments) | (4,387) | (85) |
Recognized in contributed surplus | 0 | 0 |
Recognized in OCI | 0 | 0 |
Business acquisitions | (158) | |
Deferred tax liabilities, ending balance | (57,501) | (52,956) |
Deferred tax liabilities, Goodwill and other intangibles | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax liabilities, beginning balance | (23,121) | (22,893) |
Changes in deferred tax liability (asset) [abstract] | ||
Recognized in earnings (with translation adjustments) | 2,282 | (228) |
Recognized in contributed surplus | 0 | 0 |
Recognized in OCI | 0 | 0 |
Business acquisitions | (3,566) | |
Deferred tax liabilities, ending balance | (24,405) | (23,121) |
Deferred tax liabilities, Other | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax liabilities, beginning balance | (1,668) | (908) |
Changes in deferred tax liability (asset) [abstract] | ||
Recognized in earnings (with translation adjustments) | 569 | (760) |
Recognized in contributed surplus | 0 | 0 |
Recognized in OCI | 0 | 0 |
Business acquisitions | (402) | |
Deferred tax liabilities, ending balance | $ (1,501) | $ (1,668) |
INCOME TAXES - Deductible Tempo
INCOME TAXES - Deductible Temporary Differences and Unused Tax Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | $ 53,375 | $ 55,060 |
Tax losses, carryforwards and other tax deductions | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | 44,523 | 47,829 |
Share-based payments | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | $ 8,852 | $ 7,231 |
INCOME TAXES - Expiration Dates
INCOME TAXES - Expiration Dates Relating to Unused Tax Credits (Details) - Canada Tax Authority - Canadian Tax Authority - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total tax credits derecognized | $ 6,191 | $ 6,196 |
2021 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total tax credits derecognized | 0 | 209 |
2022 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total tax credits derecognized | 476 | 476 |
2023 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total tax credits derecognized | 235 | 236 |
2024 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total tax credits derecognized | 222 | 222 |
2025 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total tax credits derecognized | 375 | 376 |
2026 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total tax credits derecognized | 287 | 288 |
2027 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total tax credits derecognized | 262 | 262 |
2028 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total tax credits derecognized | 304 | 305 |
2029 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total tax credits derecognized | 242 | 243 |
2030 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total tax credits derecognized | 221 | 221 |
2031 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total tax credits derecognized | 323 | 324 |
2032 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total tax credits derecognized | 194 | 194 |
2033 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total tax credits derecognized | 238 | 238 |
2034 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total tax credits derecognized | 210 | 211 |
2035 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total tax credits derecognized | 559 | 560 |
2036 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total tax credits derecognized | 367 | 367 |
2037 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total tax credits derecognized | 265 | 266 |
2038 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total tax credits derecognized | 665 | 666 |
2039 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total tax credits derecognized | 266 | 266 |
2040 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total tax credits derecognized | 240 | 266 |
2041 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total tax credits derecognized | $ 240 | $ 0 |
INCOME TAXES - Expiration Dat_2
INCOME TAXES - Expiration Dates of Operating Losses Carried Forward (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | $ 53,375 | $ 55,060 |
Canada Tax Authority | Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | 9,303 | |
Canada Tax Authority | Federal | 2026 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | 6,047 | |
Canada Tax Authority | Federal | 2029 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | 563 | |
Canada Tax Authority | Federal | 2030 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | 126 | |
Canada Tax Authority | Federal | 2031 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | 0 | |
Canada Tax Authority | Federal | 2037 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | 2,567 | |
Canada Tax Authority | Federal | 2038 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | 0 | |
Canada Tax Authority | Federal | 2039 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | 0 | |
Canada Tax Authority | Provincial | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | 9,303 | |
Canada Tax Authority | Provincial | 2026 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | 6,047 | |
Canada Tax Authority | Provincial | 2029 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | 563 | |
Canada Tax Authority | Provincial | 2030 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | 126 | |
Canada Tax Authority | Provincial | 2031 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | 0 | |
Canada Tax Authority | Provincial | 2037 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | 2,567 | |
Canada Tax Authority | Provincial | 2038 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | 0 | |
Canada Tax Authority | Provincial | 2039 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | $ 0 |
EARNINGS PER SHARE - Weighted A
EARNINGS PER SHARE - Weighted Average Number of Common Shares Outstanding (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings per share [abstract] | |||
Basic (in shares) | 59,127,025 | 59,010,485 | 58,798,488 |
Effect of stock options (in shares) | 1,389,081 | 620,388 | 190,646 |
Diluted (in shares) | 60,516,106 | 59,630,873 | 58,989,134 |
EARNINGS PER SHARE - Anti-Dilut
EARNINGS PER SHARE - Anti-Dilutive Stock Options (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock options | |||
Earnings per share [line items] | |||
Stock options that were anti-dilutive and not included in diluted earnings per share calculations (in shares) | 243,152 | 612,601 | 505,812 |
INVENTORIES - Composition of In
INVENTORIES - Composition of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of inventories [Abstract] | ||
Raw materials | $ 91,232 | $ 61,051 |
Work in process | 62,128 | 38,850 |
Finished goods | 103,329 | 72,535 |
Parts and supplies | 23,634 | 22,080 |
Current inventories | $ 280,323 | $ 194,516 |
INVENTORIES - Impairments of In
INVENTORIES - Impairments of Inventories (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of inventories [Line Items] | |||
Recorded impairments of inventories | $ 5,240 | $ 1,775 | $ 3,007 |
Manufacturing facility closures, restructuring and other related charges | |||
Disclosure of inventories [Line Items] | |||
Recorded impairments of inventories | 0 | 596 | 634 |
Reversal of impairments of inventories | 0 | 0 | (504) |
Cost of sales | |||
Disclosure of inventories [Line Items] | |||
Recorded impairments of inventories | $ 5,240 | $ 1,179 | $ 2,877 |
INVENTORIES - Inventories inclu
INVENTORIES - Inventories included in the Company’s Consolidated Earnings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of inventories [Abstract] | |||
Inventories recognized in cost of sales | $ 1,088,649 | $ 843,717 | $ 836,600 |
OTHER CURRENT ASSETS (Details)
OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of prepayments and other assets [Abstract] | ||
Prepaid expenses | $ 11,058 | $ 9,086 |
Income taxes receivable and prepaid | 10,688 | 3,280 |
Sales and other taxes receivable and credits | 4,756 | 3,988 |
Supplier rebates receivable | 2,982 | 2,596 |
Reserve for inventory returns | 1,002 | 1,196 |
Other | 1,624 | 902 |
Other current assets | $ 32,110 | $ 21,048 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Changes During the Period (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | $ 415,214 | |
Ending balance | 459,356 | $ 415,214 |
Amortization of government grants | 100 | 200 |
Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 1,079,032 | 1,026,065 |
Additions – right-of-use assets | 10,278 | 4,064 |
Additions – separately acquired | 88,532 | 45,464 |
Additions through business acquisitions | 1,657 | |
Assets placed into service | 0 | 0 |
Disposals | 30,884 | 2,590 |
Foreign exchange and other | (5,700) | 5,108 |
Ending balance | 1,142,915 | 1,079,032 |
Accumulated depreciation and impairments | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | (663,818) | (610,754) |
Depreciation | 51,986 | 50,416 |
Impairments | 804 | 213 |
Disposals | (30,478) | (1,523) |
Foreign exchange and other | 2,571 | (3,958) |
Ending balance | (683,559) | (663,818) |
Land | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 11,504 | |
Ending balance | 11,317 | 11,504 |
Land | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 12,113 | 12,192 |
Additions – right-of-use assets | 0 | 0 |
Additions – separately acquired | 0 | 0 |
Additions through business acquisitions | 0 | |
Assets placed into service | 0 | 0 |
Disposals | 0 | 0 |
Foreign exchange and other | (187) | (79) |
Ending balance | 11,926 | 12,113 |
Land | Accumulated depreciation and impairments | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | (609) | (609) |
Depreciation | 0 | 0 |
Impairments | 0 | 0 |
Disposals | 0 | 0 |
Foreign exchange and other | 0 | |
Ending balance | (609) | (609) |
Buildings | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 107,504 | |
Ending balance | 107,534 | 107,504 |
Buildings | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 200,334 | 193,831 |
Additions – right-of-use assets | 7,977 | 2,284 |
Additions – separately acquired | 0 | 0 |
Additions through business acquisitions | 309 | |
Assets placed into service | 4,549 | 2,528 |
Disposals | 3,195 | 54 |
Foreign exchange and other | (827) | 1,605 |
Ending balance | 209,147 | 200,334 |
Buildings | Accumulated depreciation and impairments | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | (92,830) | (81,055) |
Depreciation | 12,319 | 11,314 |
Impairments | 72 | 0 |
Disposals | (3,195) | (54) |
Foreign exchange and other | 413 | (515) |
Ending balance | (101,613) | (92,830) |
Manufacturing equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 252,423 | |
Ending balance | 259,597 | 252,423 |
Manufacturing equipment | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 776,611 | 755,613 |
Additions – right-of-use assets | 1,782 | 974 |
Additions – separately acquired | 0 | 0 |
Additions through business acquisitions | 1,290 | |
Assets placed into service | 44,180 | 18,054 |
Disposals | 25,425 | 1,902 |
Foreign exchange and other | (5,215) | 3,216 |
Ending balance | 793,223 | 776,611 |
Manufacturing equipment | Accumulated depreciation and impairments | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | (524,188) | (486,127) |
Depreciation | 36,298 | 35,745 |
Impairments | 219 | 127 |
Disposals | (25,033) | (845) |
Foreign exchange and other | 2,046 | (3,034) |
Ending balance | (533,626) | (524,188) |
Computer equipment and software | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 4,593 | |
Ending balance | 3,872 | 4,593 |
Computer equipment and software | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 46,467 | 44,724 |
Additions – right-of-use assets | 0 | 0 |
Additions – separately acquired | 0 | 0 |
Additions through business acquisitions | 0 | |
Assets placed into service | 1,517 | 1,493 |
Disposals | 1,118 | 7 |
Foreign exchange and other | 0 | 247 |
Ending balance | 46,866 | 46,467 |
Computer equipment and software | Accumulated depreciation and impairments | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | (41,874) | (39,453) |
Depreciation | 2,247 | 2,211 |
Impairments | 0 | 0 |
Disposals | (1,118) | (7) |
Foreign exchange and other | 9 | (217) |
Ending balance | (42,994) | (41,874) |
Furniture, office equipment and other | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 1,863 | |
Ending balance | 1,399 | 1,863 |
Furniture, office equipment and other | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 6,180 | 5,294 |
Additions – right-of-use assets | 519 | 806 |
Additions – separately acquired | 0 | 0 |
Additions through business acquisitions | 58 | |
Assets placed into service | 128 | 289 |
Disposals | 633 | 541 |
Foreign exchange and other | (136) | 217 |
Ending balance | 6,116 | 6,180 |
Furniture, office equipment and other | Accumulated depreciation and impairments | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | (4,317) | (3,510) |
Depreciation | 1,122 | 1,146 |
Impairments | 0 | 0 |
Disposals | (619) | (531) |
Foreign exchange and other | 103 | (192) |
Ending balance | (4,717) | (4,317) |
Construction in progress | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 37,327 | |
Ending balance | 75,637 | 37,327 |
Construction in progress | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 37,327 | 14,411 |
Additions – right-of-use assets | 0 | 0 |
Additions – separately acquired | 88,532 | 45,464 |
Additions through business acquisitions | 0 | |
Assets placed into service | (50,374) | (22,364) |
Disposals | 513 | 86 |
Foreign exchange and other | 665 | (98) |
Ending balance | 75,637 | 37,327 |
Construction in progress | Accumulated depreciation and impairments | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 0 | 0 |
Depreciation | 0 | 0 |
Impairments | 513 | 86 |
Disposals | (513) | (86) |
Foreign exchange and other | 0 | 0 |
Ending balance | $ 0 | $ 0 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Commitments to suppliers to purchase machinery and equipment | $ 26,200 | ||
Losses on disposals of property, plant and equipment | 100 | $ 300 | $ 600 |
Gross carrying amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capital expenditures incurred | 88,532 | $ 45,464 | |
Gross carrying amount | Expand production capacity in highest growth categories | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capital expenditures incurred | 43,200 | ||
Gross carrying amount | Cost savings initiatives and digital transformation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capital expenditures incurred | 17,100 | ||
Gross carrying amount | Regular maintenance | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capital expenditures incurred | $ 21,000 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT - Supplemental information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |||
Interest capitalized to property, plant and equipment | $ 1,277 | $ 458 | $ 1,976 |
Weighted average capitalization rates | 4.14% | 4.94% |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT - Right-of-use assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Carrying amount | $ 49,566 | $ 49,628 |
Depreciation expense | 10,438 | 9,899 |
Buildings | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Carrying amount | 34,586 | 32,795 |
Depreciation expense | 6,316 | 5,923 |
Manufacturing equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Carrying amount | 14,264 | 15,916 |
Depreciation expense | 3,270 | 3,230 |
Furniture, office equipment and other | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Carrying amount | 716 | 917 |
Depreciation expense | $ 852 | $ 746 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of types of insurance contracts [line items] | ||
Pension benefits | $ 3,539 | $ 3,024 |
Deposits | 1,120 | 1,083 |
Prepaid software licensing | 722 | 786 |
Other | 15 | 21 |
Other non-current assets | 16,549 | 13,310 |
Corporate owned life insurance held in grantor trust | ||
Disclosure of types of insurance contracts [line items] | ||
Life insurance | 10,735 | 7,988 |
Cash surrender value of officers’ life insurance | ||
Disclosure of types of insurance contracts [line items] | ||
Life insurance | $ 418 | $ 408 |
GOODWILL (Details)
GOODWILL (Details) - Goodwill - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in goodwil | ||
Beginning balance | $ 132,894 | $ 107,677 |
Acquired through business combinations | 19,789 | 25,640 |
Foreign exchange | (849) | (423) |
Ending balance | $ 151,834 | $ 132,894 |
INTANGIBLE ASSETS - Changes in
INTANGIBLE ASSETS - Changes in Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in intangible assets other than goodwill [abstract] | ||
Beginning balance | $ 124,274 | |
Ending balance | 138,725 | $ 124,274 |
License agreements | ||
Changes in intangible assets other than goodwill [abstract] | ||
Beginning balance | 0 | |
Ending balance | 0 | 0 |
Customer lists | ||
Changes in intangible assets other than goodwill [abstract] | ||
Beginning balance | 97,273 | |
Ending balance | 96,130 | 97,273 |
Customer lists | Polyair | ||
Changes in intangible assets other than goodwill [abstract] | ||
Beginning balance | 59,600 | |
Ending balance | 54,900 | 59,600 |
Software | ||
Changes in intangible assets other than goodwill [abstract] | ||
Beginning balance | 6,123 | |
Ending balance | 7,415 | 6,123 |
Patents/ Trademarks/Trade names | ||
Changes in intangible assets other than goodwill [abstract] | ||
Beginning balance | 16,163 | |
Ending balance | 31,039 | 16,163 |
Patents/ Trademarks/Trade names | Patents/Trademarks/Trade Names with Indefinite Useful Life | ||
Changes in intangible assets other than goodwill [abstract] | ||
Beginning balance | 16,100 | |
Ending balance | 22,900 | 16,100 |
Non-compete agreements | ||
Changes in intangible assets other than goodwill [abstract] | ||
Beginning balance | 4,715 | |
Ending balance | 4,141 | 4,715 |
Software Licenses | ||
Changes in intangible assets other than goodwill [abstract] | ||
Additions – separately acquired | 100 | 400 |
Gross carrying amount | ||
Changes in intangible assets other than goodwill [abstract] | ||
Beginning balance | 160,119 | 137,392 |
Additions – separately acquired | 6,771 | 1,881 |
Additions through business acquisitions | 21,651 | 21,519 |
Disposals | 2,419 | 421 |
Foreign exchange and other | (525) | (252) |
Ending balance | 185,597 | 160,119 |
Gross carrying amount | License agreements | ||
Changes in intangible assets other than goodwill [abstract] | ||
Beginning balance | 190 | 190 |
Additions – separately acquired | 0 | 0 |
Additions through business acquisitions | 0 | 0 |
Disposals | 75 | 0 |
Foreign exchange and other | 0 | 0 |
Ending balance | 115 | 190 |
Gross carrying amount | Customer lists | ||
Changes in intangible assets other than goodwill [abstract] | ||
Beginning balance | 123,752 | 105,497 |
Additions – separately acquired | 0 | 0 |
Additions through business acquisitions | 8,343 | 18,462 |
Disposals | 2,344 | 0 |
Foreign exchange and other | (296) | (207) |
Ending balance | 129,455 | 123,752 |
Gross carrying amount | Software | ||
Changes in intangible assets other than goodwill [abstract] | ||
Beginning balance | 10,078 | 8,618 |
Additions – separately acquired | 3,268 | 1,881 |
Additions through business acquisitions | 30 | 0 |
Disposals | 0 | 421 |
Foreign exchange and other | (20) | 0 |
Ending balance | 13,356 | 10,078 |
Gross carrying amount | Patents/ Trademarks/Trade names | ||
Changes in intangible assets other than goodwill [abstract] | ||
Beginning balance | 16,804 | 15,053 |
Additions – separately acquired | 3,503 | 0 |
Additions through business acquisitions | 12,152 | 1,616 |
Disposals | 0 | 0 |
Foreign exchange and other | (87) | 135 |
Ending balance | 32,372 | 16,804 |
Gross carrying amount | Non-compete agreements | ||
Changes in intangible assets other than goodwill [abstract] | ||
Beginning balance | 9,295 | 8,034 |
Additions – separately acquired | 0 | 0 |
Additions through business acquisitions | 1,126 | 1,441 |
Disposals | 0 | 0 |
Foreign exchange and other | (122) | (180) |
Ending balance | 10,299 | 9,295 |
Accumulated depreciation and impairments | ||
Changes in intangible assets other than goodwill [abstract] | ||
Beginning balance | (35,845) | (22,343) |
Disposals | (2,419) | (371) |
Foreign exchange and other | 230 | 101 |
Amortization | 13,676 | 13,603 |
Impairments | 371 | |
Ending balance | (46,872) | (35,845) |
Accumulated depreciation and impairments | License agreements | ||
Changes in intangible assets other than goodwill [abstract] | ||
Beginning balance | (190) | (190) |
Disposals | (75) | 0 |
Foreign exchange and other | 0 | 0 |
Amortization | 0 | 0 |
Impairments | 0 | |
Ending balance | (115) | (190) |
Accumulated depreciation and impairments | Customer lists | ||
Changes in intangible assets other than goodwill [abstract] | ||
Beginning balance | (26,479) | (16,122) |
Disposals | (2,344) | 0 |
Foreign exchange and other | 141 | 49 |
Amortization | 9,331 | 10,406 |
Impairments | 0 | |
Ending balance | (33,325) | (26,479) |
Accumulated depreciation and impairments | Software | ||
Changes in intangible assets other than goodwill [abstract] | ||
Beginning balance | (3,955) | (2,506) |
Disposals | 0 | (371) |
Foreign exchange and other | (4) | 0 |
Amortization | 1,982 | 1,449 |
Impairments | 371 | |
Ending balance | (5,941) | (3,955) |
Accumulated depreciation and impairments | Patents/ Trademarks/Trade names | ||
Changes in intangible assets other than goodwill [abstract] | ||
Beginning balance | (641) | (382) |
Disposals | 0 | 0 |
Foreign exchange and other | 14 | (2) |
Amortization | 706 | 257 |
Impairments | 0 | |
Ending balance | (1,333) | (641) |
Accumulated depreciation and impairments | Non-compete agreements | ||
Changes in intangible assets other than goodwill [abstract] | ||
Beginning balance | (4,580) | (3,143) |
Disposals | 0 | 0 |
Foreign exchange and other | 79 | 54 |
Amortization | 1,657 | 1,491 |
Impairments | 0 | |
Ending balance | $ (6,158) | $ (4,580) |
INTANGIBLE ASSETS - Narrative (
INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about intangible assets [abstract] | |||
Loss on disposals of intangible assets other than goodwill | $ 0 | $ 0.1 | $ 0 |
IMPAIRMENT OF ASSETS - Narrativ
IMPAIRMENT OF ASSETS - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Feb. 11, 2020manufacturing_facility | |
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Impairment recognized | $ 6,044,000 | $ 2,359,000 | |
Reversal of impairment recognized | 0 | 0 | |
Impairment loss due to changes in assumptions | 0 | 0 | |
Nortech Packaging Acquisition | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Number of manufacturing facilities acquired as of acquisition date | manufacturing_facility | 1 | ||
Individual assets or cash-generating units | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Impairment recognized | 0 | 0 | |
Reversal of impairment recognized | $ 0 | $ 0 |
IMPAIRMENT OF ASSETS - Results
IMPAIRMENT OF ASSETS - Results of Tests Performed, Sensitivity Analysis and Key Assumptions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Carrying amount allocated to the asset group: | |||
Goodwill | $ 151,834 | $ 132,894 | |
Results of test performed: | |||
Income tax rate | 27.50% | 27.80% | 28.40% |
TF&P CGU | |||
Carrying amount allocated to the asset group: | |||
Goodwill | $ 120,601 | ||
Intangible assets with indefinite useful lives | $ 21,281 | ||
Results of test performed: | |||
Annual revenue growth rate year 1 | 15.00% | ||
Annual revenue growth rate year 2 | 3.00% | ||
Discount rate | 7.90% | ||
Cash flows beyond the forecast period have been extrapolated using a steady growth rate of | 2.00% | ||
Income tax rate | 28.00% | ||
Sensitivity analysis performed using reasonably possible changes in key assumptions | |||
Annual revenue growth rate year 1 | 15.00% | ||
Annual revenue growth rate after year 1 through year 9 | 0.00% | ||
Annual revenue growth rate after year 9 | 2.00% | ||
Discount rate | 9.90% | ||
Cash flows beyond fiscal year that have been extrapolated using a steady growth rate of | 1.00% | ||
Income tax rate | 35.00% | ||
TF&P CGU | Bottom of range | |||
Results of test performed: | |||
Annual revenue growth rate after year 2 | 2.00% | ||
ECP CGU | |||
Carrying amount allocated to the asset group: | |||
Goodwill | $ 5,593 | $ 5,686 | |
Intangible assets with indefinite useful lives | $ 0 | $ 0 | |
Results of test performed: | |||
Annual revenue growth rate year 1 | 14.00% | 12.00% | |
Annual revenue growth rate after year 1 | 3.00% | ||
Annual revenue growth rate year 2 | 3.00% | ||
Discount rate | 10.90% | 11.60% | |
Cash flows beyond the forecast period have been extrapolated using a steady growth rate of | 3.00% | 3.00% | |
Income tax rate | 27.00% | 27.00% | |
Sensitivity analysis performed using reasonably possible changes in key assumptions | |||
Annual revenue growth rate year 1 | 14.00% | 12.00% | |
Annual revenue growth rate after year 1 | 1.00% | ||
Annual revenue growth rate after year 1 through year 9 | 1.00% | ||
Annual revenue growth rate after year 9 | 3.00% | ||
Discount rate | 12.90% | 12.60% | |
Cash flows beyond fiscal year that have been extrapolated using a steady growth rate of | 1.00% | 1.00% | |
Income tax rate | 37.00% | 37.00% | |
ECP CGU | Bottom of range | |||
Results of test performed: | |||
Annual revenue growth rate after year 2 | 3.00% | ||
Nortech CGU | |||
Carrying amount allocated to the asset group: | |||
Goodwill | $ 25,640 | $ 25,640 | |
Intangible assets with indefinite useful lives | $ 1,616 | $ 1,616 | |
Results of test performed: | |||
Annual revenue growth rate year 1 | 77.00% | 35.00% | |
Annual revenue growth rate year 2 | 19.00% | 55.00% | |
Annual revenue growth rate year 3 | 29.00% | ||
Discount rate | 11.60% | 12.50% | |
Cash flows beyond the forecast period have been extrapolated using a steady growth rate of | 3.00% | 3.00% | |
Income tax rate | 25.50% | 25.50% | |
Sensitivity analysis performed using reasonably possible changes in key assumptions | |||
Annual revenue growth rate year 1 | 0.00% | 0.00% | |
Annual revenue growth rate year 2 | 0.00% | 0.00% | |
Annual revenue growth rate year 3 | 77.00% | 109.00% | |
Annual revenue growth rate year 4 | 19.00% | 21.00% | |
Annual revenue growth rate year 5 | 29.00% | 17.00% | |
Discount rate | 13.60% | 14.50% | |
Cash flows beyond fiscal year that have been extrapolated using a steady growth rate of | 2.00% | 2.00% | |
Income tax rate | 28.00% | 28.00% | |
Nortech CGU | Bottom of range | |||
Results of test performed: | |||
Annual revenue growth rate after year 2 | 3.00% | ||
Annual revenue growth rate after year 3 | 3.00% | ||
Sensitivity analysis performed using reasonably possible changes in key assumptions | |||
Annual revenue growth rate after year 5 | 3.00% | 3.00% | |
TF&P CGU | |||
Carrying amount allocated to the asset group: | |||
Goodwill | $ 101,568 | ||
Intangible assets with indefinite useful lives | $ 14,493 | ||
Results of test performed: | |||
Annual revenue growth rate year 1 | 9.00% | ||
Discount rate | 8.80% | ||
Cash flows beyond the forecast period have been extrapolated using a steady growth rate of | 2.00% | ||
Income tax rate | 28.00% | ||
Sensitivity analysis performed using reasonably possible changes in key assumptions | |||
Annual revenue growth rate year 1 | 9.00% | ||
Annual revenue growth rate after year 1 | 0.00% | ||
Discount rate | 11.00% | ||
Cash flows beyond fiscal year that have been extrapolated using a steady growth rate of | 1.00% | ||
Income tax rate | 35.00% | ||
TF&P CGU | Bottom of range | |||
Results of test performed: | |||
Annual revenue growth rate after year 1 | 2.00% | ||
TF&P CGU | Top of range | |||
Results of test performed: | |||
Annual revenue growth rate after year 1 | 3.00% |
IMPAIRMENT OF ASSETS - Impairme
IMPAIRMENT OF ASSETS - Impairments (Reversals of Impairments) Recognized (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | ||
Reversal of impairment recognized | $ 0 | $ 0 |
Impairment recognized | 6,044,000 | 2,359,000 |
Manufacturing facility closures, restructuring and other related charges | ||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | ||
Impairment recognized | 0 | 596,000 |
Manufacturing facility closures, restructuring and other related charges | Inventories | ||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | ||
Impairment recognized | 0 | 596,000 |
Cost of sales | ||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | ||
Impairment recognized | 6,044,000 | 1,763,000 |
Cost of sales | Inventories | ||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | ||
Impairment recognized | 5,240,000 | 1,179,000 |
Cost of sales | Buildings | ||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | ||
Impairment recognized | 72,000 | 0 |
Cost of sales | Manufacturing equipment | ||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | ||
Impairment recognized | 219,000 | 127,000 |
Cost of sales | Construction in progress | ||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | ||
Impairment recognized | 513,000 | 86,000 |
Cost of sales | Intangibles | ||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | ||
Impairment recognized | $ 0 | $ 371,000 |
BORROWINGS - Schedule of Borrow
BORROWINGS - Schedule of Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 16, 2021 | Jun. 14, 2021 | Jun. 08, 2021 | Dec. 31, 2020 | Oct. 15, 2018 |
Disclosure of detailed information about borrowings [line items] | ||||||
Total borrowings | $ 555,261 | $ 489,964 | ||||
Less: borrowings and lease liabilities, current | 18,119 | 26,219 | ||||
Total borrowings and lease liabilities, non-current | 537,142 | 463,745 | ||||
2021 Senior Unsecured Notes | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Total borrowings | $ 395,614 | $ 0 | ||||
2021 Senior Unsecured Notes | Weighted average | Effective Interest Rate | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Weighted average effective interest rate | 4.38% | 4.375% | 0.00% | |||
2018 Senior Unsecured Notes | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Total borrowings | $ 0 | $ 246,236 | ||||
2018 Senior Unsecured Notes | Effective Interest Rate | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Weighted average effective interest rate | 7.00% | |||||
2018 Senior Unsecured Notes | Weighted average | Effective Interest Rate | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Weighted average effective interest rate | 0.00% | 7.00% | 7.00% | |||
2021 Credit Facility | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Total borrowings | $ 96,116 | $ 0 | ||||
2021 Credit Facility | Weighted average | Effective Interest Rate | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Weighted average effective interest rate | 2.16% | 0.00% | ||||
2018 Credit Facility | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Total borrowings | $ 0 | $ 112,800 | $ 185,162 | |||
2018 Credit Facility | Weighted average | Effective Interest Rate | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Weighted average effective interest rate | 0.00% | 3.07% | ||||
2018 Capstone Credit Facility | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Total borrowings | $ 11,389 | $ 10,505 | ||||
2018 Capstone Credit Facility | Weighted average | Effective Interest Rate | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Weighted average effective interest rate | 5.17% | 6.47% | ||||
Partially Forgivable Government Loan | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Total borrowings | $ 4,628 | $ 5,265 | ||||
Partially Forgivable Government Loan | Weighted average | Effective Interest Rate | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Weighted average effective interest rate | 1.25% | 1.25% | ||||
Lease liabilities | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Total borrowings | $ 44,801 | $ 42,122 | ||||
Lease liabilities | Weighted average | Effective Interest Rate | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Weighted average effective interest rate | 5.89% | 6.12% | ||||
Other Borrowings | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Total borrowings | $ 2,713 | $ 674 | ||||
Other Borrowings | Weighted average, bottom of range | Effective Interest Rate | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Weighted average effective interest rate | 0.77% | 0.82% | ||||
Other Borrowings | Weighted average, top of range | Effective Interest Rate | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Weighted average effective interest rate | 4.70% | 9.31% |
BORROWINGS - Narrative (Details
BORROWINGS - Narrative (Details) ₨ in Millions | Jun. 16, 2021USD ($) | Jun. 14, 2021USD ($)quarter | Jun. 08, 2021USD ($) | Jun. 14, 2018USD ($)quarter | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2021INR (₨) | Feb. 11, 2021 | Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2019USD ($) | Oct. 15, 2018 | Feb. 28, 2018 | Feb. 06, 2018USD ($) | Feb. 06, 2018INR (₨) | Aug. 31, 2015 |
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | $ 555,261,000 | $ 489,964,000 | ||||||||||||||||||
Debt issuance costs | $ 8,279,000 | $ 0 | $ 70,000 | |||||||||||||||||
Borrowing term | 5 years | |||||||||||||||||||
Write off of debt issue costs on borrowings | 5,149,000 | 1,210,000 | 1,194,000 | |||||||||||||||||
Early redemption premium and other costs | 14,412,000 | 0 | 0 | |||||||||||||||||
Unused borrowing facilities | 502,100,000 | |||||||||||||||||||
Unused borrowing facilities, uncommitted | 4,400,000 | |||||||||||||||||||
Deferred income | 2,098,000 | 2,525,000 | ||||||||||||||||||
Interest expense | 23,804,000 | 28,684,000 | $ 32,472,000 | |||||||||||||||||
Deferred financing costs netting | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | (8,300,000) | (5,100,000) | ||||||||||||||||||
Imputed interest | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | 200,000 | 300,000 | ||||||||||||||||||
Debt issuance costs, net of imputed interest | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | 8,100,000 | 4,800,000 | ||||||||||||||||||
2021 Senior Unsecured Notes | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | 395,614,000 | $ 0 | ||||||||||||||||||
Aggregate principal amount | $ 400,000,000 | |||||||||||||||||||
Debt issuance costs | $ 5,000,000 | |||||||||||||||||||
Borrowing term | 8 years | |||||||||||||||||||
2021 Senior Unsecured Notes | Borrowings, redemption period one | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Percentage of purchase price of aggregate principal amount plus accrued interest of debt that can be repurchased | 100.00% | |||||||||||||||||||
2021 Senior Unsecured Notes | Borrowings, redemption period two | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Percentage of purchase price of aggregate principal amount plus accrued interest of debt that can be repurchased | 101.00% | |||||||||||||||||||
2021 Senior Unsecured Notes | Deferred financing costs netting | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | (4,400,000) | |||||||||||||||||||
2021 Senior Unsecured Notes | Gross carrying amount | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | $ 400,000,000 | |||||||||||||||||||
2021 Senior Unsecured Notes | Weighted average | Effective Interest Rate | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Interest rate on borrowings | 4.375% | 4.38% | 4.38% | 4.38% | 0.00% | 0.00% | ||||||||||||||
2018 Senior Unsecured Notes | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | $ 0 | $ 246,236,000 | ||||||||||||||||||
Early redemption premium and other costs | $ 14,400,000 | |||||||||||||||||||
2018 Senior Unsecured Notes | Long-term borrowings | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Aggregate principal amount | 250,000,000 | |||||||||||||||||||
2018 Senior Unsecured Notes | Effective Interest Rate | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Interest rate on borrowings | 7.00% | |||||||||||||||||||
2018 Senior Unsecured Notes | Debt issuance costs | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Write off of debt issue costs on borrowings | $ 3,600,000 | |||||||||||||||||||
2018 Senior Unsecured Notes | Weighted average | Effective Interest Rate | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Interest rate on borrowings | 7.00% | 0.00% | 0.00% | 0.00% | 7.00% | 7.00% | ||||||||||||||
2021 Credit Facility | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | $ 96,116,000 | $ 0 | ||||||||||||||||||
Debt issuance costs | $ 3,400,000 | |||||||||||||||||||
Borrowing term | 5 years | 5 years | ||||||||||||||||||
Maximum borrowing capacity | $ 600,000,000 | |||||||||||||||||||
Standby letters of credit | 2,300,000 | |||||||||||||||||||
Unused borrowing facilities | $ 497,700,000 | |||||||||||||||||||
Borrowings, covenants, consolidated secured net leverage ratio, maximum | 4 | |||||||||||||||||||
Borrowings, covenants, temporary allowable increase in consolidated secured net leverage ratio | 4.50 | |||||||||||||||||||
Borrowings, covenants, acquisition price | $ 50,000,000 | |||||||||||||||||||
Borrowings, covenants, number of quarters following acquisition | quarter | 3 | |||||||||||||||||||
Borrowing, covenants, consolidated interest coverage ratio, maximum | 2.25 | |||||||||||||||||||
Borrowings, covenants, consolidated secured net leverage ratio, actual | 0.47 | 0.47 | 0.47 | |||||||||||||||||
Borrowings, covenants, consolidated interest coverage ratio, actual | 10.73 | 10.73 | 10.73 | |||||||||||||||||
2021 Credit Facility | Deferred financing costs netting | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | $ (3,900,000) | |||||||||||||||||||
2021 Credit Facility | Gross carrying amount | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | 100,000,000 | |||||||||||||||||||
2021 Credit Facility | Gross carrying amount including letters of credit | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | $ 102,300,000 | |||||||||||||||||||
2021 Credit Facility | LIBOR | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 1.10% | |||||||||||||||||||
2021 Credit Facility | Weighted average | Effective Interest Rate | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Interest rate on borrowings | 2.16% | 2.16% | 2.16% | 0.00% | 0.00% | |||||||||||||||
2021 Credit Facility | Bottom of range | LIBOR | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 0.10% | |||||||||||||||||||
2021 Credit Facility | Top of range | LIBOR | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2.35% | |||||||||||||||||||
Revolving Credit Facility 2021 | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Maximum borrowing capacity | $ 600,000,000 | |||||||||||||||||||
Incremental accordion feature | 300,000,000 | |||||||||||||||||||
Maximum borrowing capacity, including incremental accordion feature | 900,000,000 | |||||||||||||||||||
2018 Credit Facility | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | $ 112,800,000 | $ 0 | $ 185,162,000 | |||||||||||||||||
Debt issuance costs | $ 2,700,000 | |||||||||||||||||||
Borrowing term | 5 years | |||||||||||||||||||
Maximum borrowing capacity | $ 600,000,000 | |||||||||||||||||||
Debt covenant, consolidated secured net leverage ratio, maximum | 3.70 | |||||||||||||||||||
Debt covenant, temporary increase in consolidated secured net leverage ratio | 4.20 | |||||||||||||||||||
Debt covenant, acquisition price | $ 50,000,000 | |||||||||||||||||||
Debt covenant, number of quarters following acquisition | quarter | 3 | |||||||||||||||||||
Debt covenant, consolidated interest coverage ratio, maximum | 2.75 | |||||||||||||||||||
2018 Credit Facility | Deferred financing costs netting | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | $ (1,100,000) | |||||||||||||||||||
2018 Credit Facility | LIBOR | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 1.50% | 1.50% | ||||||||||||||||||
2018 Credit Facility | Weighted average | Effective Interest Rate | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Interest rate on borrowings | 0.00% | 0.00% | 0.00% | 3.07% | 3.07% | |||||||||||||||
2018 Credit Facility | Bottom of range | LIBOR | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 0.25% | |||||||||||||||||||
2018 Credit Facility | Top of range | LIBOR | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2.50% | |||||||||||||||||||
2018 Revolving Credit Facility | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Maximum borrowing capacity | $ 400,000,000 | |||||||||||||||||||
Incremental accordion feature | 200,000,000 | |||||||||||||||||||
2018 Term Loan | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Maximum borrowing capacity | 200,000,000 | |||||||||||||||||||
2018 Term Loan | Until March 2023 | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | 65,000,000 | |||||||||||||||||||
2018 Term Loan | 2018 | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | 5,000,000 | |||||||||||||||||||
2018 Term Loan | 2019 | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | 10,000,000 | |||||||||||||||||||
2018 Term Loan | 2020 | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | 12,500,000 | |||||||||||||||||||
2018 Term Loan | 2021 | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | 15,000,000 | |||||||||||||||||||
2018 Term Loan | 2022 | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | 17,500,000 | |||||||||||||||||||
2018 Term Loan | 2023 | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | $ 5,000,000 | |||||||||||||||||||
2018 Capstone Credit Facility | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | $ 11,389,000 | $ 10,505,000 | ||||||||||||||||||
Maximum borrowing capacity | 13,100,000 | ₨ 975 | $ 15,000,000 | ₨ 975 | ||||||||||||||||
Unused borrowing facilities, uncommitted | 1,400,000 | 106.6 | ||||||||||||||||||
2018 Capstone Credit Facility | Gross carrying amount | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | $ 11,400,000 | ₨ 847.5 | ||||||||||||||||||
2018 Capstone Credit Facility | Weighted average | Effective Interest Rate | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Interest rate on borrowings | 5.17% | 5.17% | 5.17% | 6.47% | 6.47% | |||||||||||||||
2018 Capstone Term Loan Facility | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | $ 7,600,000 | ₨ 564.1 | ||||||||||||||||||
Maximum borrowing capacity | 9,000,000 | 585 | ||||||||||||||||||
2018 Capstone Working Capital Facility | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | 3,800,000 | ₨ 283.4 | ||||||||||||||||||
Maximum borrowing capacity | $ 6,000,000 | ₨ 390 | ||||||||||||||||||
Partially Forgivable Government Loan | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | $ 4,628,000 | $ 5,265,000 | ||||||||||||||||||
Interest expense | $ 100,000 | $ 100,000 | ||||||||||||||||||
Partially Forgivable Government Loan | Weighted average | Effective Interest Rate | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Interest rate on borrowings | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% | |||||||||||||||
Partially Forgivable Government Loan August 2015 | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | € 1,400,000 | $ 1,500,000 | ||||||||||||||||||
Interest rate on borrowings | 0.00% | |||||||||||||||||||
Borrowings, percentage of principal amount forgivable (up to) | 50.00% | |||||||||||||||||||
Deferred income on forgivable government loans | € 2,100,000 | $ 2,400,000 | ||||||||||||||||||
Borrowings, percentage of principal amount forgiven | 45.00% | |||||||||||||||||||
Discount rate used to estimate fair value on interest-free loan | 1.25% | |||||||||||||||||||
Borrowings, net of imputed interest and deferred income | 1,300,000 | 1,500,000 | ||||||||||||||||||
Deferred income | 1,700,000 | 1,900,000 | € 1,900,000 | $ 2,300,000 | ||||||||||||||||
Partially Forgivable Government Loan February 2018 | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | 2,900,000 | 3,300,000 | ||||||||||||||||||
Interest rate on borrowings | 0.00% | |||||||||||||||||||
Borrowings, percentage of principal amount forgivable (up to) | 60.00% | |||||||||||||||||||
Discount rate used to estimate fair value on interest-free loan | 1.25% | |||||||||||||||||||
Borrowings, net of imputed interest and deferred income | 2,800,000 | 3,100,000 | ||||||||||||||||||
Deferred income | € 200,000 | 200,000 | 200,000 | 200,000 | ||||||||||||||||
IPG Asia credit facility | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | 900,000 | ₨ 63.5 | ||||||||||||||||||
Maximum borrowing capacity | 5,000,000 | 375 | ||||||||||||||||||
Standby letters of credit | 2,200,000 | 167.6 | ||||||||||||||||||
Unused borrowing facilities, uncommitted | 1,900,000 | ₨ 143.9 | ||||||||||||||||||
Financial assets pledged as collateral for liabilities | $ 39,200,000 | |||||||||||||||||||
Borrowings, period for lender to withdraw commitment | 10 days | |||||||||||||||||||
Borrowings, covenants, debt to net worth ratio, maximum | 3 | 3 | 3 | |||||||||||||||||
Borrowings, covenants, debt to net worth ratio, actual | 0.04 | 0.04 | 0.04 | |||||||||||||||||
IPG Asia credit facility | Gross carrying amount including letters of credit | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | $ 3,100,000 | ₨ 231.1 | ||||||||||||||||||
Short-Term Line Of Credit | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | € 1,500,000 | $ 1,700,000 | € 0 | $ 0 | ||||||||||||||||
Borrowings, adjustment to interest rate basis | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | |||||||||||||||
Maximum borrowing capacity | € 2,500,000 | $ 2,800,000 | ||||||||||||||||||
Short-Term Line Of Credit | Euro Interbank Offered Rate | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings, adjustment to interest rate basis, floor | 0.00% | 0.00% | 0.00% | |||||||||||||||||
Loan To Purchase Vehicle | ||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||
Borrowings | € 100,000 | $ 100,000 |
BORROWINGS - Liabilities Arisin
BORROWINGS - Liabilities Arising From Financing Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | $ 489,964 | $ 508,810 | |
Cash flows: | |||
Proceeds | 797,429 | 302,031 | $ 190,673 |
Repayments | (739,127) | (325,881) | (225,902) |
Debt issuance costs | (8,421) | ||
Non-cash: | |||
Lease additions | 10,278 | 4,064 | |
Lease disposals | (68) | (203) | |
Additions through business acquisitions | 250 | ||
Amortization of debt issuance costs | 1,502 | 1,210 | |
Write-off of debt issuance costs | 3,647 | ||
Foreign exchange and other | (193) | (67) | |
Reclassification | 0 | 0 | |
Ending balance | 555,261 | 489,964 | 508,810 |
Accrued debt issuance costs | 100 | ||
Borrowings, non-current (excluding lease liabilities) | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 428,711 | 443,819 | |
Cash flows: | |||
Proceeds | 716,555 | 234,972 | |
Repayments | (653,472) | (248,903) | |
Debt issuance costs | (8,421) | ||
Non-cash: | |||
Additions through business acquisitions | 0 | ||
Amortization of debt issuance costs | 1,502 | 1,210 | |
Write-off of debt issuance costs | 3,647 | ||
Foreign exchange and other | (192) | (23) | |
Reclassification | 14,650 | (2,364) | |
Ending balance | 502,980 | 428,711 | 443,819 |
Borrowings, current (excluding lease liabilities) | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 19,131 | 20,235 | |
Cash flows: | |||
Proceeds | 80,874 | 67,059 | |
Repayments | (77,852) | (70,397) | |
Debt issuance costs | 0 | ||
Non-cash: | |||
Additions through business acquisitions | 0 | ||
Amortization of debt issuance costs | 0 | 0 | |
Write-off of debt issuance costs | 0 | ||
Foreign exchange and other | (23) | (130) | |
Reclassification | (14,650) | 2,364 | |
Ending balance | 7,480 | 19,131 | 20,235 |
Lease liabilities | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 42,122 | 44,756 | |
Cash flows: | |||
Proceeds | 0 | 0 | |
Repayments | (7,803) | (6,581) | |
Debt issuance costs | 0 | ||
Non-cash: | |||
Lease additions | 10,278 | 4,064 | |
Lease disposals | (68) | (203) | |
Additions through business acquisitions | 250 | ||
Foreign exchange and other | 22 | 86 | |
Reclassification | 0 | 0 | |
Ending balance | $ 44,801 | $ 42,122 | $ 44,756 |
LEASE LIABILITIES - Narrative (
LEASE LIABILITIES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of quantitative information about leases for lessee [abstract] | ||
Interest expense on lease liabilities | $ 2.4 | $ 2.7 |
Lease commitments for short-term leases for which recognition exemption has been used | 4.2 | |
Cash outflow for leases | $ 12.7 | $ 11 |
LEASE LIABILITIES - Caption bor
LEASE LIABILITIES - Caption borrowings and lease liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of quantitative information about leases for lessee [abstract] | ||
Lease liabilities (current) | $ 10,639 | $ 7,088 |
Lease liabilities (non-current) | 34,162 | 35,034 |
Lease liabilities | $ 44,801 | $ 42,122 |
LEASE LIABILITIES - Leases by C
LEASE LIABILITIES - Leases by Category (Details) | Dec. 31, 2021extension_optionleasepurchase_option |
Additional information about leasing activities | |
Right-of-use assets leased (in leases) | 254 |
Leases with extension options (in leases) | 57 |
Extension options reasonably certain to exercise (in extension options) | extension_option | 10 |
Leases with options to purchase (in leases) | 12 |
Purchase options reasonably certain to exercise (in extension options) | purchase_option | 6 |
Leases with variable payments linked to an index (in leases) | 36 |
Leases with termination options, none of which are reasonably certain to exercise (in leases) | 7 |
Buildings | |
Additional information about leasing activities | |
Right-of-use assets leased (in leases) | 40 |
Leases with extension options (in leases) | 21 |
Extension options reasonably certain to exercise (in extension options) | extension_option | 10 |
Leases with options to purchase (in leases) | 1 |
Purchase options reasonably certain to exercise (in extension options) | purchase_option | 1 |
Leases with variable payments linked to an index (in leases) | 0 |
Leases with termination options, none of which are reasonably certain to exercise (in leases) | 6 |
Manufacturing equipment | |
Additional information about leasing activities | |
Right-of-use assets leased (in leases) | 157 |
Leases with extension options (in leases) | 35 |
Extension options reasonably certain to exercise (in extension options) | extension_option | 0 |
Leases with options to purchase (in leases) | 8 |
Purchase options reasonably certain to exercise (in extension options) | purchase_option | 5 |
Leases with variable payments linked to an index (in leases) | 36 |
Leases with termination options, none of which are reasonably certain to exercise (in leases) | 0 |
Furniture, office equipment and other | |
Additional information about leasing activities | |
Right-of-use assets leased (in leases) | 57 |
Leases with extension options (in leases) | 1 |
Extension options reasonably certain to exercise (in extension options) | extension_option | 0 |
Leases with options to purchase (in leases) | 3 |
Purchase options reasonably certain to exercise (in extension options) | purchase_option | 0 |
Leases with variable payments linked to an index (in leases) | 0 |
Leases with termination options, none of which are reasonably certain to exercise (in leases) | 1 |
LEASE LIABILITIES - Lease Terms
LEASE LIABILITIES - Lease Terms (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Buildings | Bottom of range | |
Additional information about leasing activities | |
Lease liability contract term | 1 month |
Buildings | Top of range | |
Additional information about leasing activities | |
Lease liability contract term | 156 months |
Buildings | Weighted average | |
Additional information about leasing activities | |
Lease liability contract term | 40 months |
Manufacturing equipment | Bottom of range | |
Additional information about leasing activities | |
Lease liability contract term | 1 month |
Manufacturing equipment | Top of range | |
Additional information about leasing activities | |
Lease liability contract term | 84 months |
Manufacturing equipment | Weighted average | |
Additional information about leasing activities | |
Lease liability contract term | 21 months |
Furniture, office equipment and other | Bottom of range | |
Additional information about leasing activities | |
Lease liability contract term | 1 month |
Furniture, office equipment and other | Top of range | |
Additional information about leasing activities | |
Lease liability contract term | 46 months |
Furniture, office equipment and other | Weighted average | |
Additional information about leasing activities | |
Lease liability contract term | 14 months |
LEASE LIABILITIES - Rent Expens
LEASE LIABILITIES - Rent Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of quantitative information about leases for lessee [abstract] | ||
Short-term leases | $ 837 | $ 826 |
Leases of low value assets | 123 | 81 |
Variable lease payments | 1,508 | 850 |
Rent expense relating to payments not included in the measurements of lease liabilities | $ 2,468 | $ 1,757 |
PROVISIONS AND CONTINGENT CON_3
PROVISIONS AND CONTINGENT CONSIDERATION - Reconciliation of Company's provisions and contingent consideration (Details) - USD ($) $ in Thousands | Feb. 11, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Reconciliation of changes in other provisions and contingent liabilities recognised in business combination [Abstract] | |||
Beginning balance | $ 6,652 | $ 4,835 | |
Provisions assumed through business acquisitions | 88 | 100 | |
Additional provisions | 8,839 | 15,505 | |
Amounts used | (3,041) | (2,789) | |
Amounts reversed | (396) | (11,057) | |
Net foreign exchange differences | 8 | 58 | |
Ending balance | 12,150 | 6,652 | |
Amount presented as current, total | 4,505 | 4,222 | |
Amount presented as non-current, total | 7,645 | 2,430 | |
Contingent consideration | |||
Reconciliation of changes in contingent liabilities recognised in business combination [abstract] | |||
Beginning balance | 0 | 0 | |
Provisions assumed through business acquisitions | 0 | 0 | |
Additional provisions | 8,305 | 11,005 | |
Amounts used | 0 | 0 | |
Amounts reversed | 0 | (11,005) | |
Net foreign exchange differences | 9 | 0 | |
Ending balance | 8,314 | 0 | |
Reconciliation of changes in other provisions and contingent liabilities recognised in business combination [Abstract] | |||
Amount presented as current, contingent consideration | 3,344 | 0 | |
Amount presented as non-current, contingent consideration | 4,970 | 0 | |
Contingent liabilities recognised in business combination | 8,314 | 0 | |
Nortech Packaging Acquisition | Contingent consideration | |||
Reconciliation of changes in contingent liabilities recognised in business combination [abstract] | |||
Additional provisions | $ 10,800 | ||
Environmental | |||
Reconciliation of changes in other provisions [abstract] | |||
Beginning balance | 1,397 | 1,524 | |
Provisions assumed through business acquisitions | 0 | 0 | |
Additional provisions | 0 | 0 | |
Amounts used | (165) | (127) | |
Amounts reversed | (50) | 0 | |
Net foreign exchange differences | 0 | 0 | |
Ending balance | 1,182 | 1,397 | |
Reconciliation of changes in other provisions and contingent liabilities recognised in business combination [Abstract] | |||
Amount presented as current, other provisions | 670 | 819 | |
Amount presented as non-current, other provisions | 512 | 578 | |
Restoration | |||
Reconciliation of changes in other provisions [abstract] | |||
Beginning balance | 1,676 | 1,586 | |
Provisions assumed through business acquisitions | 88 | 0 | |
Additional provisions | 12 | 80 | |
Amounts used | 0 | 0 | |
Amounts reversed | 0 | 0 | |
Net foreign exchange differences | 1 | 10 | |
Ending balance | 1,777 | 1,676 | |
Reconciliation of changes in other provisions and contingent liabilities recognised in business combination [Abstract] | |||
Amount presented as current, other provisions | 0 | 50 | |
Amount presented as non-current, other provisions | 1,777 | 1,626 | |
Termination benefits | |||
Reconciliation of changes in other provisions [abstract] | |||
Beginning balance | 2,465 | 961 | |
Provisions assumed through business acquisitions | 0 | 0 | |
Additional provisions | 314 | 4,162 | |
Amounts used | (1,842) | (2,654) | |
Amounts reversed | (240) | (52) | |
Net foreign exchange differences | (1) | 48 | |
Ending balance | 696 | 2,465 | |
Reconciliation of changes in other provisions and contingent liabilities recognised in business combination [Abstract] | |||
Amount presented as current, other provisions | 413 | 2,370 | |
Amount presented as non-current, other provisions | 283 | 95 | |
Litigation | |||
Reconciliation of changes in other provisions [abstract] | |||
Beginning balance | 1,114 | 764 | |
Provisions assumed through business acquisitions | 0 | 100 | |
Additional provisions | 208 | 258 | |
Amounts used | (1,034) | (8) | |
Amounts reversed | (106) | 0 | |
Net foreign exchange differences | (1) | 0 | |
Ending balance | 181 | 1,114 | |
Reconciliation of changes in other provisions and contingent liabilities recognised in business combination [Abstract] | |||
Amount presented as current, other provisions | 78 | 983 | |
Amount presented as non-current, other provisions | $ 103 | $ 131 |
PROVISIONS AND CONTINGENT CON_4
PROVISIONS AND CONTINGENT CONSIDERATION - Narrative (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of other provisions [abstract] | ||
Expected reimbursements on provisions | $ 0 | $ 0 |
Contingent assets recognized for expected reimbursements of provisions | $ 0 | $ 0 |
OTHER LIABILITIES (Details)
OTHER LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Liabilities | ||
Deferred employee compensation | $ 6,584 | $ 3,943 |
Deferred income on forgivable government loans | 2,098 | 2,525 |
Contract liabilities | 938 | 565 |
Royalty liabilities | 926 | 301 |
Deferred social security tax | 0 | 3,239 |
Other | 359 | 168 |
Other liabilities | 12,547 | 14,766 |
Interest rate swap agreements | ||
Other Liabilities | ||
Interest rate swap agreements | $ 1,642 | $ 4,025 |
CAPITAL STOCK - Narrative (Deta
CAPITAL STOCK - Narrative (Details) - $ / shares | Jul. 23, 2021 | Jun. 06, 2019 | Jun. 04, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 10, 2022 | Dec. 17, 2021 | Sep. 16, 2021 | Jun. 16, 2021 | Mar. 23, 2021 | Mar. 22, 2021 | Dec. 16, 2020 | Sep. 15, 2020 | Jul. 22, 2020 | Jun. 15, 2020 | Mar. 23, 2020 | Mar. 20, 2020 | Jan. 01, 2020 | Dec. 20, 2019 | Dec. 16, 2019 | Sep. 16, 2019 | Jul. 22, 2019 | Jun. 14, 2019 | Mar. 22, 2019 | Mar. 21, 2019 | Jan. 01, 2018 | Dec. 30, 2017 |
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Number of shares issued (in shares) | 59,284,947 | 59,284,947 | 59,027,047 | 59,027,047 | 59,019,546 | 59,009,685 | 59,009,685 | 59,009,685 | 58,939,685 | 58,877,185 | 58,877,185 | 58,665,310 | ||||||||||||||||
Number of shares outstanding (in shares) | 59,284,947 | 59,027,047 | 59,284,947 | 59,284,947 | 59,027,047 | 59,027,047 | 59,019,546 | 59,009,685 | 59,009,685 | 59,009,685 | 58,939,685 | 58,877,185 | 58,877,185 | 58,665,310 | ||||||||||||||
Common shares repurchased (in shares) | 0 | 0 | ||||||||||||||||||||||||||
Expiration period of awards | 10 years | 10 years | ||||||||||||||||||||||||||
Weighted average fair value at exercise of stock options exercised (in dollars per share) | $ 24.41 | $ 20.11 | $ 13.06 | |||||||||||||||||||||||||
Awards vesting percentage | 153.90% | 0.00% | 0.00% | 0.00% | ||||||||||||||||||||||||
Employee | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Stock options vesting period | 3 years | |||||||||||||||||||||||||||
Directors non-officers | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Stock options vesting period | 3 years | |||||||||||||||||||||||||||
Year one | Directors non-officers | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Awards vesting rights percentage | 25.00% | |||||||||||||||||||||||||||
Year one | Key employees and executives | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Awards vesting rights percentage | 33.33% | 33.33% | ||||||||||||||||||||||||||
Year two | Directors non-officers | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Awards vesting rights percentage | 25.00% | |||||||||||||||||||||||||||
Year two | Key employees and executives | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Awards vesting rights percentage | 33.33% | 33.33% | ||||||||||||||||||||||||||
Year three | Directors non-officers | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Awards vesting rights percentage | 25.00% | |||||||||||||||||||||||||||
Year three | Key employees and executives | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Awards vesting rights percentage | 33.33% | 33.33% | ||||||||||||||||||||||||||
Year four | Directors non-officers | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Awards vesting rights percentage | 25.00% | |||||||||||||||||||||||||||
RSUs | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Awards threshold consecutive trading days | 5 days | |||||||||||||||||||||||||||
PSUs | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Awards threshold consecutive trading days | 5 days | |||||||||||||||||||||||||||
Target Shares | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Awards percentage based in total shareholder return (TSR) | 100.00% | |||||||||||||||||||||||||||
DSUs | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Awards threshold consecutive trading days | 5 days | |||||||||||||||||||||||||||
Major ordinary share transactions | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Number of shares issued (in shares) | 59,284,947 | |||||||||||||||||||||||||||
Number of shares outstanding (in shares) | 59,284,947 | |||||||||||||||||||||||||||
NICB | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Number of common shares authorized for repurchase (in shares) | 4,000,000 | 4,000,000 | 4,000,000 | |||||||||||||||||||||||||
Stock repurchase period | 12 months | |||||||||||||||||||||||||||
Number of shares remained available for repurchase (in shares) | 4,000,000 | |||||||||||||||||||||||||||
NICB | Major ordinary share transactions | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Number of shares remained available for repurchase (in shares) | 4,000,000 | |||||||||||||||||||||||||||
Class A preferred shares | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Number of shares issued (in shares) | 0 | |||||||||||||||||||||||||||
Prior to December 2017 | Target Shares | Bottom of range | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Awards vesting percentage | 0.00% | |||||||||||||||||||||||||||
Prior to December 2017 | Target Shares | Top of range | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Awards vesting percentage | 150.00% | |||||||||||||||||||||||||||
Subsequent to December 2017 | PSUs | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Awards threshold consecutive trading days | 5 days | |||||||||||||||||||||||||||
Subsequent to December 2017 | Target Shares | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Awards percentage based on volume weighted average trading price (VWAP) | 50.00% | |||||||||||||||||||||||||||
Awards percentage based on monte carlo simulation model | 50.00% | |||||||||||||||||||||||||||
Subsequent To December 31, 2017 And Prior To December 31, 2019 | Target Shares | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Awards percentage based in total shareholder return (TSR) | 50.00% | |||||||||||||||||||||||||||
Awards percentage based on average returns on invested capital (ROIC) | 50.00% | |||||||||||||||||||||||||||
Subsequent To December 31, 2017 And Prior To December 31, 2019 | Target Shares | Bottom of range | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Awards vesting percentage | 0.00% | |||||||||||||||||||||||||||
Subsequent To December 31, 2017 And Prior To December 31, 2019 | Target Shares | Top of range | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Awards vesting percentage | 175.00% | |||||||||||||||||||||||||||
Subsequent To December 31, 2019 | Target Shares | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Awards percentage based on average returns on invested capital (ROIC) | 50.00% | |||||||||||||||||||||||||||
Subsequent To December 31, 2019 | Target Shares | Bottom of range | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Awards vesting percentage | 0.00% | |||||||||||||||||||||||||||
Subsequent To December 31, 2019 | Target Shares | Top of range | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Awards vesting percentage | 175.00% | |||||||||||||||||||||||||||
Subsequent To December 31, 2019 | Target Shares | S&P North America SmallCap Materials (Industry Group) Index | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Awards percentage based in total shareholder return (TSR) | 25.00% | |||||||||||||||||||||||||||
Subsequent To December 31, 2019 | Target Shares | Peer Group | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Awards percentage based in total shareholder return (TSR) | 25.00% |
CAPITAL STOCK - Cash Dividends
CAPITAL STOCK - Cash Dividends Paid (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 30, 2019 | Sep. 30, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | Dec. 17, 2021 | Sep. 16, 2021 | Jun. 16, 2021 | Mar. 22, 2021 | Dec. 16, 2020 | Sep. 15, 2020 | Jun. 15, 2020 | Mar. 23, 2020 | Dec. 16, 2019 | Sep. 16, 2019 | Jun. 14, 2019 | Mar. 22, 2019 |
Disclosure of share capital, reserves and other equity interest [Abstract] | ||||||||||||||||||||||||
Per common share amount (in dollars per share) | $ 0.1700 | $ 0.1700 | $ 0.1575 | $ 0.1575 | $ 0.1575 | $ 0.1475 | $ 0.1475 | $ 0.1475 | $ 0.1475 | $ 0.1475 | $ 0.1400 | $ 0.1400 | ||||||||||||
Number of shares issued (in shares) | 59,284,947 | 59,284,947 | 59,027,047 | 59,027,047 | 59,019,546 | 59,009,685 | 59,009,685 | 59,009,685 | 58,939,685 | 58,877,185 | 58,877,185 | 58,665,310 | ||||||||||||
Number of shares outstanding (in shares) | 59,284,947 | 59,027,047 | 59,284,947 | 59,284,947 | 59,027,047 | 59,027,047 | 59,019,546 | 59,009,685 | 59,009,685 | 59,009,685 | 58,939,685 | 58,877,185 | 58,877,185 | 58,665,310 | ||||||||||
Aggregate payment | $ 10,151 | $ 10,039 | $ 9,214 | $ 9,237 | $ 9,354 | $ 8,574 | $ 8,651 | $ 8,807 | $ 8,742 | $ 8,709 | $ 8,352 | $ 8,189 |
CAPITAL STOCK - Changes in Numb
CAPITAL STOCK - Changes in Number of Stock Options Outstanding (Details) | 12 Months Ended | ||
Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | |
Disclosure of share capital, reserves and other equity interest [Abstract] | |||
Balance, beginning of year, Weighted average exercise price (in CDN per share) | $ / shares | $ 11.25 | $ 16.49 | $ 14.59 |
Granted, Weighted average exercise price (in CDN per share) | $ / shares | 29.34 | 7.94 | 17.54 |
Exercised, Weighted average exercise price (in CDN per share) | $ / shares | 12.90 | 19.94 | 12.34 |
Forfeited, Weighted average exercise price (in CDN per share) | $ / shares | 0 | 12.34 | 15.85 |
Balance, end of year, Weighted average exercise price (in CDN per share) | $ / shares | $ 12.88 | $ 11.25 | $ 16.49 |
Balance, beginning of year, Number of options (in shares) | shares | 2,449,222 | 1,010,901 | 1,009,793 |
Granted, Number of options (in shares) | shares | 243,152 | 1,533,183 | 392,986 |
Exercised, Number of options (in shares) | shares | (257,900) | (17,362) | (359,375) |
Forfeited, Number of options (in shares) | shares | 0 | (77,500) | (32,503) |
Balance, end of year, Number of options (in shares) | shares | 2,434,474 | 2,449,222 | 1,010,901 |
CAPITAL STOCK - Stock Options O
CAPITAL STOCK - Stock Options Outstanding and Exercisable (Details) | 12 Months Ended | |||
Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | Dec. 31, 2018shares$ / shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Options outstanding, Number (in shares) | shares | 2,434,474 | 2,449,222 | 1,010,901 | 1,009,793 |
Options outstanding, Weighted average contractual life (years) | 5 years 4 months 17 days | 5 years 10 months 20 days | 5 years 3 days | |
Options outstanding, Weighted average exercise price (in CDN per share) | $ 12.88 | $ 11.25 | $ 16.49 | $ 14.59 |
Options exercisable, Number (in shares) | shares | 1,045,707 | 588,078 | 478,473 | |
Options exercisable, Weighted average exercise price (in CDN per share) | $ 13.33 | $ 15.78 | $ 13.90 | |
$12.04 to $12.55 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Options outstanding, Number (in shares) | shares | 320,000 | 397,500 | ||
Options outstanding, Weighted average contractual life (years) | 2 years 9 months 25 days | 3 years 1 month 17 days | ||
Options outstanding, Weighted average exercise price (in CDN per share) | $ 12.30 | $ 12.30 | ||
Options exercisable, Number (in shares) | shares | 320,000 | 397,500 | ||
Options exercisable, Weighted average exercise price (in CDN per share) | $ 12.30 | $ 12.30 | ||
$12.04 to $12.55 | Bottom of range | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Exercise price (in CDN per share) | 12.04 | 12.04 | ||
$12.04 to $12.55 | Top of range | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Exercise price (in CDN per share) | 12.55 | 12.55 | ||
$17.54 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Exercise price (in CDN per share) | $ 17.54 | $ 17.54 | $ 17.54 | |
Options outstanding, Number (in shares) | shares | 338,604 | 362,982 | 370,483 | |
Options outstanding, Weighted average contractual life (years) | 4 years 10 months 2 days | 5 years 8 months 1 day | 6 years 7 months 13 days | |
Options outstanding, Weighted average exercise price (in CDN per share) | $ 17.54 | $ 17.54 | $ 17.54 | |
Options exercisable, Number (in shares) | shares | 215,109 | 115,994 | 0 | |
Options exercisable, Weighted average exercise price (in CDN per share) | $ 17.54 | $ 17.54 | $ 0 | |
21.76 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Exercise price (in CDN per share) | $ 21.76 | $ 21.76 | $ 21.76 | |
Options outstanding, Number (in shares) | shares | 211,487 | 233,057 | 242,918 | |
Options outstanding, Weighted average contractual life (years) | 3 years 11 months 19 days | 4 years 8 months 15 days | 5 years 7 months 9 days | |
Options outstanding, Weighted average exercise price (in CDN per share) | $ 21.76 | $ 21.76 | $ 21.76 | |
Options exercisable, Number (in shares) | shares | 211,487 | 152,084 | 80,973 | |
Options exercisable, Weighted average exercise price (in CDN per share) | $ 21.76 | $ 21.76 | $ 21.76 | |
$7.94 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Exercise price (in CDN per share) | $ 7.94 | $ 7.94 | ||
Options outstanding, Number (in shares) | shares | 1,501,231 | 1,533,183 | ||
Options outstanding, Weighted average contractual life (years) | 5 years 9 months 25 days | 6 years 9 months 3 days | ||
Options outstanding, Weighted average exercise price (in CDN per share) | $ 7.94 | $ 7.94 | ||
Options exercisable, Number (in shares) | shares | 479,111 | 0 | ||
Options exercisable, Weighted average exercise price (in CDN per share) | $ 7.94 | $ 0 | ||
$12.55 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Exercise price (in CDN per share) | $ 12.55 | |||
Options outstanding, Number (in shares) | shares | 140,000 | |||
Options outstanding, Weighted average contractual life (years) | 2 years 2 months 15 days | |||
Options outstanding, Weighted average exercise price (in CDN per share) | $ 12.55 | |||
Options exercisable, Number (in shares) | shares | 140,000 | |||
Options exercisable, Weighted average exercise price (in CDN per share) | $ 12.55 | |||
$29.34 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Exercise price (in CDN per share) | $ 29.34 | |||
Options outstanding, Number (in shares) | shares | 243,152 | |||
Options outstanding, Weighted average contractual life (years) | 6 years 5 months 19 days | |||
Options outstanding, Weighted average exercise price (in CDN per share) | $ 29.34 | |||
Options exercisable, Number (in shares) | shares | 0 | |||
Options exercisable, Weighted average exercise price (in CDN per share) | $ 0 |
CAPITAL STOCK - Fair Value Inpu
CAPITAL STOCK - Fair Value Inputs of Stock Options Granted (Details) | 12 Months Ended | |||||
Dec. 31, 2021$ / shares | Dec. 31, 2021$ / shares | Dec. 31, 2020$ / shares | Dec. 31, 2020$ / shares | Dec. 31, 2019$ / shares | Dec. 31, 2019$ / shares | |
Disclosure of share capital, reserves and other equity interest [Abstract] | ||||||
Weighted average fair value of stock options granted ( in dollars per share) | $ 4.25 | $ 0.44 | $ 2.21 | |||
Expected life | 5 years 6 months | 5 years 6 months | 5 years 6 months | 5 years 6 months | 4 years 10 months 24 days | 4 years 10 months 24 days |
Expected volatility | 27.63% | 27.63% | 34.18% | 34.18% | 29.79% | 29.79% |
Risk-free interest rate | 1.09% | 1.09% | 0.75% | 0.75% | 1.44% | 1.44% |
Expected dividends | 3.07% | 3.07% | 10.79% | 10.79% | 4.27% | 4.27% |
Stock price at grant date (in CDN per share) | $ 29.34 | $ 7.94 | $ 17.54 | |||
Exercise price of awards (in CDN per share) | $ 29.34 | $ 7.94 | $ 17.54 | |||
Foreign exchange rate USD to CDN | 1.2482 | 1.2482 | 1.4526 | 1.4526 | 1.338 | 1.338 |
CAPITAL STOCK - Summarized Info
CAPITAL STOCK - Summarized Information About RSUs (Details) - RSUs $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)shares$ / shares | Dec. 31, 2020USD ($)shares$ / shares | Dec. 31, 2019USD ($)shares$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Granted (in shares) | 81,981 | 281,326 | 120,197 |
Weighted average fair value granted (in dollars per share) | $ / shares | $ 23.88 | $ 6.07 | $ 13.74 |
Forfeited (in shares) | 3,349 | 8,643 | 7,412 |
Settled (in shares) | 106,906 | 0 | 0 |
Weighted average fair value per PSU settled (in dollars per share) | $ / shares | $ 23.84 | $ 0 | $ 0 |
Cash payment on settlement | $ | $ 2,733 | $ 0 | $ 0 |
Outstanding (in shares) | 469,468 | 497,287 | |
Weighted average fair value per award outstanding (in dollars per share) | $ / shares | $ 20.21 | $ 18.91 |
CAPITAL STOCK - Performance Per
CAPITAL STOCK - Performance Percentage PSUs Granted (Details) - Target Shares | Aug. 07, 2019 | Jan. 01, 2018 | Dec. 30, 2017 |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
TSR performance percentage | 100.00% | ||
76th percentile or higher | Prior to December 2017 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
TSR performance percentage | 150.00% | ||
51st-75th percentile | Prior to December 2017 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
TSR performance percentage | 100.00% | ||
25th-50th percentile | Prior to December 2017 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
TSR performance percentage | 50.00% | ||
Less than the 25th percentile | Shares Granted Prior To 2017 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
TSR performance percentage | 0.00% | ||
Less than the 25th percentile | Prior to December 2017 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
TSR performance percentage | 0.00% | ||
Less than the 25th percentile | Subsequent to December 2017 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
TSR performance percentage | 0.00% | ||
75th percentile or above | Shares Granted Prior To 2017 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
TSR performance percentage | 150.00% | ||
50th percentile | Shares Granted Prior To 2017 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
TSR performance percentage | 100.00% | ||
50th percentile | Subsequent to December 2017 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
TSR performance percentage | 100.00% | ||
25th percentile | Shares Granted Prior To 2017 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
TSR performance percentage | 50.00% | ||
25th percentile | Subsequent to December 2017 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
TSR performance percentage | 50.00% | ||
90th percentile or higher | Subsequent to December 2017 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
TSR performance percentage | 200.00% | ||
75th percentile | Subsequent to December 2017 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
TSR performance percentage | 150.00% | ||
1st Tier | Subsequent to December 2017 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
ROIC performance percentage | 0.00% | ||
2nd Tier | Subsequent to December 2017 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
ROIC performance percentage | 50.00% | ||
3rd Tier | Subsequent to December 2017 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
ROIC performance percentage | 100.00% | ||
4th Tier | Subsequent to December 2017 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
ROIC performance percentage | 150.00% |
CAPITAL STOCK - Summarized In_2
CAPITAL STOCK - Summarized Information About PSUs (Details) $ / shares in Units, $ in Thousands | Mar. 23, 2021shares | Mar. 20, 2020shares | Dec. 20, 2019shares | Mar. 21, 2019shares | Dec. 31, 2021USD ($)shares$ / shares | Dec. 31, 2020USD ($)shares$ / shares | Dec. 31, 2019USD ($)shares$ / shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Awards vesting percentage | 153.90% | 0.00% | 0.00% | 0.00% | |||
PSUs | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Granted (in shares) | 200,982 | 694,777 | 291,905 | ||||
Weighted average fair value granted (in dollars per share) | $ / shares | $ 29.02 | $ 5.59 | $ 14.28 | ||||
Forfeited/cancelled (in shares) | 10,046 | 25,923 | 23,739 | ||||
PSUs added/(cancelled) by performance factor (in shares) | 143,512 | (346,887) | (401,319) | ||||
Settled (in shares) | 409,670 | 0 | 0 | 0 | 409,670 | 0 | 0 |
Weighted average fair value per PSU settled (in dollars per share) | $ / shares | $ 23.84 | $ 0 | $ 0 | ||||
Cash payment on settlement | $ | $ 10,472 | $ 0 | $ 0 | ||||
Target Shares | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Settled (in shares) | 266,158 | 346,887 | 30,161 | 371,158 |
CAPITAL STOCK - Fair Value In_2
CAPITAL STOCK - Fair Value Inputs of PSUs Granted (Details) - PSUs - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
5 day VWAP at grant date/Performance period starting price (in CDN per share) | $ 24.20 | $ 16.25 | $ 16.36 |
Expected life | 3 years | 3 years | 3 years |
Expected volatility | 45.00% | 36.00% | 25.00% |
Expected dividends (in CDN per share) | $ 0 | $ 0 | $ 0 |
Stock price as of estimation date (in CDN per share) | 29.27 | 7.24 | 18.06 |
Subsequent to December 2017 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
5 day VWAP at grant date/Performance period starting price (in CDN per share) | $ 29.78 | $ 8.63 | $ 18.31 |
US | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Risk-free interest rate | 0.28% | 0.30% | 2.36% |
Canada | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Risk-free interest rate | 0.46% | 0.59% | 1.60% |
CAPITAL STOCK - PSUs Outstandin
CAPITAL STOCK - PSUs Outstanding (Details) | Dec. 31, 2021shares$ / shares | Mar. 23, 2021 | Dec. 31, 2020shares$ / shares | Mar. 20, 2020 | Dec. 20, 2019 | Mar. 21, 2019 |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Awards vesting percentage | 153.90% | 0.00% | 0.00% | 0.00% | ||
PSUs | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Outstanding (in shares) | shares | 1,149,196 | 1,223,053 | ||||
Weighted average fair value per award outstanding (in dollars per share) | $ / shares | $ 29.35 | $ 28.53 | ||||
PSUs | March 21, 2019 | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Awards vesting percentage | 127.10% | |||||
PSUs | March 21, 2020 | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Awards vesting percentage | 157.60% | |||||
PSUs | March 22, 2021 | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Awards vesting percentage | 118.00% |
CAPITAL STOCK - Summarized In_3
CAPITAL STOCK - Summarized Information About DSUs (Details) - DSUs | 12 Months Ended | ||
Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Granted (in shares) | shares | 67,554 | 115,114 | 72,434 |
Weighted average fair value granted (in dollars per share) | $ / shares | $ 22.93 | $ 10.26 | $ 13.83 |
Outstanding (in shares) | shares | 454,095 | 386,541 | |
Weighted average fair value per award outstanding (in dollars per share) | $ / shares | $ 20.21 | $ 18.91 |
CAPITAL STOCK - Share-based Com
CAPITAL STOCK - Share-based Compensation Expense (Benefit) in SG&A (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation expense (benefit) | $ 21,655 | $ 22,879 | $ 501 |
Stock options | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation expense (benefit) | 879 | 738 | 701 |
PSUs | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation expense (benefit) | 15,253 | 14,829 | (2,057) |
DSUs | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation expense (benefit) | 1,546 | 3,819 | 914 |
RSUs | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation expense (benefit) | $ 3,977 | $ 3,493 | $ 943 |
CAPITAL STOCK - Share-based Lia
CAPITAL STOCK - Share-based Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation liabilities, current | $ 19,089 | $ 17,769 |
Share-based compensation liabilities, non-current | 19,850 | 13,664 |
PSUs | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation liabilities, current | 7,921 | 8,446 |
Share-based compensation liabilities, non-current | 15,850 | 10,743 |
DSUs | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation liabilities, current | 8,852 | 7,354 |
RSUs | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation liabilities, current | 2,316 | 1,969 |
Share-based compensation liabilities, non-current | $ 4,000 | $ 2,921 |
CAPITAL STOCK - Change in Contr
CAPITAL STOCK - Change in Contributed Surplus (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Change in excess tax benefit on exercised share-based awards | $ 0 | $ 0 | |
Change in excess tax benefit on outstanding share-based awards | 824 | $ 5,306 | 21 |
Share-based compensation expense credited to capital on options exercised | 0 | 0 | 0 |
Share-based compensation expense for stock options | 879 | 738 | 645 |
Increase (decrease) in contributed surplus | (34,384) | (29,090) | (29,890) |
Contributed surplus | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Change in excess tax benefit on exercised share-based awards | (672) | 0 | (38) |
Change in excess tax benefit on outstanding share-based awards | 824 | 5,306 | 21 |
Share-based compensation expense credited to capital on options exercised | (737) | (50) | (976) |
Share-based compensation expense for stock options | 879 | 738 | 701 |
Increase (decrease) in contributed surplus | 294 | 5,994 | (292) |
Contributed surplus | Stock options | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation expense for stock options | $ 879 | $ 738 | $ 701 |
BUSINESS ACQUISITIONS - Narrati
BUSINESS ACQUISITIONS - Narrative (Details) - USD ($) $ in Thousands | Jul. 30, 2021 | Feb. 11, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 |
Nortech Packaging Acquisition | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Consideration transferred | $ 46,510 | |||||
Contingent consideration | 10,806 | |||||
Consideration paid in cash, before adjustments | $ 36,500 | |||||
Acquisition-related costs | $ 800 | |||||
Contingent consideration, measurement period | 2 years | |||||
Escrow deposit | $ 2,400 | $ 4,700 | $ 4,700 | |||
Nortech Packaging Acquisition | Gross carrying amount | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Contingent consideration | $ 12,000 | |||||
Nortech Packaging Acquisition | Selling, general and administrative expense | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Acquisition-related costs | $ 100 | $ 700 | ||||
Nuevopak Global Limited | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Percentage of voting equity interests acquired | 100.00% | |||||
Consideration transferred | $ 42,965 | |||||
Contingent consideration | $ 8,305 | |||||
Contingent consideration recognised as of closing date, measurement period | 3 years | |||||
Consideration paid in cash, before adjustments | $ 34,800 | |||||
Acquisition-related costs | $ 1,700 | |||||
Nuevopak Global Limited | Gross carrying amount | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Contingent consideration | $ 9,000 |
BUSINESS ACQUISITIONS - Cash Co
BUSINESS ACQUISITIONS - Cash Consideration Paid (Details) | Feb. 11, 2020USD ($) | Jul. 30, 2021USD ($) |
Nuevopak Global Limited | ||
Disclosure of detailed information about business combination [line items] | ||
Consideration paid in cash | $ 35,402,000 | |
Estimated fair value of contingent consideration | 8,305,000 | |
Less: cash balances acquired | 742,000 | |
Consideration transferred | $ 42,965,000 | |
Nuevopak Global Limited | Contingent consideration | Discount rate | Level 3 of fair value hierarchy | ||
Disclosure of detailed information about business combination [line items] | ||
Discount rate applied on contingent consideration | 0.0474 | |
Nortech Packaging Acquisition | ||
Disclosure of detailed information about business combination [line items] | ||
Consideration paid in cash | $ 36,188,000 | |
Estimated fair value of contingent consideration | 10,806,000 | |
Less: cash balances acquired | 484,000 | |
Consideration transferred | $ 46,510,000 | |
Nortech Packaging Acquisition | Contingent consideration | Level 3 of fair value hierarchy | ||
Disclosure of detailed information about business combination [line items] | ||
Discount rate applied on contingent consideration, measurement period | 2 years | |
Nortech Packaging Acquisition | Contingent consideration | Discount rate | Level 3 of fair value hierarchy | ||
Disclosure of detailed information about business combination [line items] | ||
Discount rate applied on contingent consideration | 0.0538 | |
Gross carrying amount | Nuevopak Global Limited | ||
Disclosure of detailed information about business combination [line items] | ||
Estimated fair value of contingent consideration | $ 9,000,000 | |
Consideration transferred | $ 43,707,000 | |
Gross carrying amount | Nortech Packaging Acquisition | ||
Disclosure of detailed information about business combination [line items] | ||
Estimated fair value of contingent consideration | $ 12,000,000 | |
Consideration transferred | $ 46,994,000 |
BUSINESS ACQUISITIONS - Fair Va
BUSINESS ACQUISITIONS - Fair Value of Net Identifiable Assets Acquired (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Jul. 30, 2021 | Feb. 11, 2020 | |
Nuevopak Global Limited | |||
Current assets | |||
Cash | $ 742 | ||
Trade receivables | 1,167 | ||
Inventories | 5,305 | ||
Other current assets | 996 | ||
Property, plant and equipment | 1,657 | ||
Intangible assets | 21,651 | ||
Deferred tax assets | 11 | ||
Identifiable assets acquired | 31,529 | ||
Current liabilities | |||
Accounts payable and accrued liabilities | 3,519 | ||
Borrowings and lease liabilities, current | 155 | ||
Borrowings and lease liabilities, non-current | 95 | ||
Deferred tax liabilities | 3,754 | ||
Provisions, non-current | 88 | ||
Identifiable liabilities recognised | 7,611 | ||
Fair value of net identifiable assets acquired | 23,918 | ||
Gross contractual amounts receivable for acquired receivables | $ 1,200 | ||
Nortech Packaging Acquisition | |||
Current assets | |||
Cash | $ 484 | ||
Trade receivables | 2,749 | ||
Inventories | 5,123 | ||
Other current assets | 199 | ||
Property, plant and equipment | 921 | ||
Intangible assets | 21,519 | ||
Identifiable assets acquired | 30,995 | ||
Current liabilities | |||
Accounts payable and accrued liabilities | 9,493 | ||
Borrowings and lease liabilities, current | 143 | ||
Borrowings and lease liabilities, non-current | 5 | ||
Identifiable liabilities recognised | 9,641 | ||
Fair value of net identifiable assets acquired | 21,354 | ||
Gross contractual amounts receivable for acquired receivables | $ 3,200 | ||
Proceeds from collection of acquired receivables | $ 2,900 | ||
Trade receivables expected to remain uncollected | $ 300 |
BUSINESS ACQUISITIONS - Fair _2
BUSINESS ACQUISITIONS - Fair Value of Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Jul. 30, 2021 | Dec. 31, 2020 | Feb. 11, 2020 |
Disclosure of detailed information about business combination [line items] | ||||
Goodwill | $ 151,834 | $ 132,894 | ||
Nuevopak Global Limited | ||||
Disclosure of detailed information about business combination [line items] | ||||
Less: fair value of net identifiable assets acquired | $ 23,918 | |||
Goodwill | 19,789 | |||
Nuevopak Global Limited | Gross carrying amount | ||||
Disclosure of detailed information about business combination [line items] | ||||
Consideration transferred | $ 43,707 | |||
Nortech Packaging Acquisition | ||||
Disclosure of detailed information about business combination [line items] | ||||
Less: fair value of net identifiable assets acquired | $ 21,354 | |||
Goodwill | 25,640 | |||
Nortech Packaging Acquisition | Gross carrying amount | ||||
Disclosure of detailed information about business combination [line items] | ||||
Consideration transferred | $ 46,994 |
BUSINESS ACQUISITIONS - Impact
BUSINESS ACQUISITIONS - Impact on Company's Consolidated Earnings (Details) - USD ($) $ in Thousands | 5 Months Ended | 11 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about business combination [line items] | |||||
Revenue | $ 1,531,469 | $ 1,213,028 | $ 1,158,519 | ||
Net loss | $ (70,005) | $ (73,455) | $ (41,224) | ||
Nuevopak Global Limited | |||||
Disclosure of detailed information about business combination [line items] | |||||
Revenue | $ 2,889 | ||||
Net loss | $ 804 | ||||
Nortech Packaging Acquisition | |||||
Disclosure of detailed information about business combination [line items] | |||||
Revenue | $ 11,674 | ||||
Net loss | $ 2,103 |
BUSINESS ACQUISITIONS - Pro For
BUSINESS ACQUISITIONS - Pro Forma Earnings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Nortech Packaging Acquisition | ||
Disclosure of detailed information about business combination [line items] | ||
Revenue | $ 16,424 | |
Net loss | $ 1,332 | |
Nuevopak Global Limited | ||
Disclosure of detailed information about business combination [line items] | ||
Revenue | $ 7,668 | |
Net loss | $ 2,159 |
BUSINESS ACQUISITIONS - Changes
BUSINESS ACQUISITIONS - Changes in Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Jul. 30, 2021 |
Disclosure of detailed information about business combination [abstract] | ||
Beginning balance | $ 132,894 | |
Ending balance | $ 151,834 |
PENSION, POST-RETIREMENT AND _3
PENSION, POST-RETIREMENT AND OTHER LONG-TERM EMPLOYEE BENEFIT PLANS - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)plan | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Disclosure of defined benefit plans [line items] | |||
Expense related to the defined contribution plans | $ 8,245 | $ 6,824 | $ 7,142 |
Amount of equity and fixed income instruments held in mutual funds or exchange traded funds | 100.00% | 100.00% | |
U.S. | |||
Disclosure of defined benefit plans [line items] | |||
Minimum employment days to qualify for savings retirement plan | 90 days | ||
Number of defined benefit pension plans | plan | 3 | ||
Weighted average duration of defined benefit obligation | 12 years | 12 years | |
Canada | |||
Disclosure of defined benefit plans [line items] | |||
Company percent contribution of each participant's eligible salary (up to) | 4.00% | ||
Weighted average duration of defined benefit obligation | 17 years | 17 years | |
Corporate-owned Life Insurance Held in Rabbi Trust | |||
Disclosure of defined benefit plans [line items] | |||
Deferred compensation plan assets | $ 8,300 | $ 5,700 | |
Deferred compensation plan liabilities | 8,300 | $ 5,600 | |
SERPs | Top of range | |||
Disclosure of defined benefit plans [line items] | |||
Annual pension benefit | 600 | ||
SERPs | Bottom of range | |||
Disclosure of defined benefit plans [line items] | |||
Annual pension benefit | 200 | ||
Pension plans | |||
Disclosure of defined benefit plans [line items] | |||
Expected employer contributions | 1,000 | ||
Other plans | |||
Disclosure of defined benefit plans [line items] | |||
Expected employer contributions | $ 200 |
PENSION, POST-RETIREMENT AND _4
PENSION, POST-RETIREMENT AND OTHER LONG-TERM EMPLOYEE BENEFIT PLANS - Reconciliation of Defined Benefit Obligations and Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of changes in net defined benefit liability (assets) [Abstract] | |||
Current service cost | $ 1,241 | $ 1,194 | $ 1,096 |
Interest cost (income) | 428 | 484 | 621 |
Administration expenses | (275) | (379) | (422) |
Funded status – deficit | 12,268 | 16,802 | |
Pension plans | |||
Reconciliation of changes in net defined benefit liability (assets) [Abstract] | |||
Current service cost | 1,177 | 1,132 | 1,036 |
Interest cost (income) | 363 | 404 | 515 |
Actuarial losses (gains) from demographic assumptions | 225 | (666) | (542) |
Actuarial (gains) losses from financial assumptions | (5,654) | 9,561 | 10,924 |
Experience losses (gains) | 1 | 282 | 692 |
Return on plan assets (excluding amounts included in net interest expense) | (332) | 8,494 | 11,789 |
Administration expenses | (275) | (379) | (422) |
Funded status – deficit | 9,542 | 13,784 | |
Pension plans | Defined benefit obligations | |||
Reconciliation of changes in net defined benefit liability (assets) [Abstract] | |||
Net defined benefit liability (asset), balance beginning of year | 100,209 | 91,148 | |
Current service cost | 1,177 | 1,132 | |
Interest cost (income) | 2,230 | 2,701 | |
Benefits paid | (4,561) | (4,456) | |
Actuarial losses (gains) from demographic assumptions | 225 | (666) | |
Actuarial (gains) losses from financial assumptions | (5,654) | 9,561 | |
Experience losses (gains) | 1 | 282 | |
Foreign exchange rate adjustment | (30) | 507 | |
Net defined benefit liability (asset), balance end of year | 93,597 | 100,209 | 91,148 |
Pension plans | Fair value of plan assets | |||
Reconciliation of changes in net defined benefit liability (assets) [Abstract] | |||
Net defined benefit liability (asset), balance beginning of year | (86,425) | (79,003) | |
Interest cost (income) | (1,867) | (2,297) | |
Benefits paid | 4,561 | 4,456 | |
Foreign exchange rate adjustment | 37 | (415) | |
Return on plan assets (excluding amounts included in net interest expense) | (332) | 8,494 | |
Contributions by the employer | 968 | 1,051 | |
Administration expenses | (275) | (379) | |
Net defined benefit liability (asset), balance end of year | (84,055) | (86,425) | (79,003) |
Other plans | |||
Reconciliation of changes in net defined benefit liability (assets) [Abstract] | |||
Current service cost | 64 | 62 | 60 |
Interest cost (income) | 65 | 80 | 106 |
Actuarial losses (gains) from demographic assumptions | 1 | (4) | 17 |
Actuarial (gains) losses from financial assumptions | (155) | 105 | 209 |
Experience losses (gains) | (55) | (88) | (273) |
Return on plan assets (excluding amounts included in net interest expense) | 0 | 0 | 0 |
Administration expenses | 0 | 0 | 0 |
Funded status – deficit | 2,726 | 3,018 | |
Other plans | Defined benefit obligations | |||
Reconciliation of changes in net defined benefit liability (assets) [Abstract] | |||
Net defined benefit liability (asset), balance beginning of year | 3,018 | 2,907 | |
Current service cost | 64 | 62 | |
Interest cost (income) | 65 | 80 | |
Benefits paid | (210) | (78) | |
Actuarial losses (gains) from demographic assumptions | 1 | (4) | |
Actuarial (gains) losses from financial assumptions | (155) | 105 | |
Experience losses (gains) | (55) | (88) | |
Foreign exchange rate adjustment | (2) | 34 | |
Net defined benefit liability (asset), balance end of year | 2,726 | 3,018 | 2,907 |
Other plans | Fair value of plan assets | |||
Reconciliation of changes in net defined benefit liability (assets) [Abstract] | |||
Net defined benefit liability (asset), balance beginning of year | 0 | 0 | |
Interest cost (income) | 0 | 0 | |
Benefits paid | 210 | 78 | |
Foreign exchange rate adjustment | 0 | 0 | |
Return on plan assets (excluding amounts included in net interest expense) | 0 | 0 | |
Contributions by the employer | 210 | 78 | |
Administration expenses | 0 | 0 | |
Net defined benefit liability (asset), balance end of year | $ 0 | $ 0 | $ 0 |
PENSION, POST-RETIREMENT AND _5
PENSION, POST-RETIREMENT AND OTHER LONG-TERM EMPLOYEE BENEFIT PLANS - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of defined benefits plan | ||
Defined benefit obligations | $ 96,323 | $ 103,227 |
Fair value of plan assets | (84,055) | (86,425) |
Deficit in plans | 12,268 | 16,802 |
U.S. | ||
Disclosure of defined benefits plan | ||
Defined benefit obligations | 76,206 | 81,883 |
Fair value of plan assets | (66,657) | (69,649) |
Deficit in plans | 9,549 | 12,234 |
Canada | ||
Disclosure of defined benefits plan | ||
Defined benefit obligations | 20,117 | 21,344 |
Fair value of plan assets | (17,398) | (16,776) |
Deficit in plans | $ 2,719 | $ 4,568 |
PENSION, POST-RETIREMENT AND _6
PENSION, POST-RETIREMENT AND OTHER LONG-TERM EMPLOYEE BENEFIT PLANS - Funded Status of Plans (Details) - Defined benefit obligations - Pension plans - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligations | $ 93,597 | $ 100,209 | $ 91,148 |
Wholly unfunded | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligations | 12,445 | 13,460 | |
Wholly funded or partially funded | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligations | $ 81,152 | $ 86,749 |
PENSION, POST-RETIREMENT AND _7
PENSION, POST-RETIREMENT AND OTHER LONG-TERM EMPLOYEE BENEFIT PLANS - Reconciliation of Pension and Other Post-retirement Obligation (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of defined benefit plans [line items] | ||
Present value of the defined benefit obligations | $ 96,323 | $ 103,227 |
Fair value of the plan assets | 84,055 | 86,425 |
Deficit in plans | 12,268 | 16,802 |
Liabilities recognized | 15,807 | 19,826 |
Total assets recognized in other assets | 3,539 | 3,024 |
Total pension and other post-retirement benefits recognized in balance sheets | 12,268 | 16,802 |
Pension plans | ||
Disclosure of defined benefit plans [line items] | ||
Present value of the defined benefit obligations | 93,597 | 100,209 |
Fair value of the plan assets | 84,055 | 86,425 |
Deficit in plans | 9,542 | 13,784 |
Assets recognized in other assets | 3,539 | 3,024 |
Liabilities recognized | 13,081 | 16,808 |
Total pension and other post-retirement benefits recognized in balance sheets | 9,542 | 13,784 |
Other plans | ||
Disclosure of defined benefit plans [line items] | ||
Deficit in plans | 2,726 | 3,018 |
Liabilities recognized | $ 2,726 | $ 3,018 |
PENSION, POST-RETIREMENT AND _8
PENSION, POST-RETIREMENT AND OTHER LONG-TERM EMPLOYEE BENEFIT PLANS - Composition of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of employee benefits [Abstract] | ||
Cash | $ 42 | $ 78 |
Equity instruments | 11,580 | 14,838 |
Fixed income instruments | 72,433 | 71,509 |
Total | $ 84,055 | $ 86,425 |
PENSION, POST-RETIREMENT AND _9
PENSION, POST-RETIREMENT AND OTHER LONG-TERM EMPLOYEE BENEFIT PLANS - Defined Benefit Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of defined benefit plans [line items] | |||
Current service cost | $ 1,241 | $ 1,194 | $ 1,096 |
Administration expenses | 275 | 379 | 422 |
Net interest expense | 428 | 484 | 621 |
Net costs recognized in the statement of consolidated earnings | 1,944 | 2,057 | 2,139 |
Pension plans | |||
Disclosure of defined benefit plans [line items] | |||
Current service cost | 1,177 | 1,132 | 1,036 |
Administration expenses | 275 | 379 | 422 |
Net interest expense | 363 | 404 | 515 |
Net costs recognized in the statement of consolidated earnings | 1,815 | 1,915 | 1,973 |
Other plans | |||
Disclosure of defined benefit plans [line items] | |||
Current service cost | 64 | 62 | 60 |
Administration expenses | 0 | 0 | 0 |
Net interest expense | 65 | 80 | 106 |
Net costs recognized in the statement of consolidated earnings | $ 129 | $ 142 | $ 166 |
PENSION, POST-RETIREMENT AND_10
PENSION, POST-RETIREMENT AND OTHER LONG-TERM EMPLOYEE BENEFIT PLANS - Remeasurement Recognized in OCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension plans | |||
Disclosure of defined benefit plans [line items] | |||
Actuarial (losses) gains from demographic assumptions | $ (225) | $ 666 | $ 542 |
Actuarial gains (losses) from financial assumptions | 5,654 | (9,561) | (10,924) |
Experience (losses) gains | (1) | (282) | (692) |
Return on plan assets (excluding amounts included in net interest expense) | (332) | 8,494 | 11,789 |
Total amounts recognized in OCI | 5,096 | (683) | 715 |
Other plans | |||
Disclosure of defined benefit plans [line items] | |||
Actuarial (losses) gains from demographic assumptions | (1) | 4 | (17) |
Actuarial gains (losses) from financial assumptions | 155 | (105) | (209) |
Experience (losses) gains | 55 | 88 | 273 |
Return on plan assets (excluding amounts included in net interest expense) | 0 | 0 | 0 |
Total amounts recognized in OCI | $ 209 | $ (13) | $ 47 |
PENSION, POST-RETIREMENT AND_11
PENSION, POST-RETIREMENT AND OTHER LONG-TERM EMPLOYEE BENEFIT PLANS - Significant Weighted Average Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
US plans | Current pensioner - Male | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy at age 65 (in years) | 20 years | 19 years |
US plans | Current pensioner - Female | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy at age 65 (in years) | 22 years | 21 years |
US plans | Current member aged 45 - Male | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy at age 65 (in years) | 21 years | 21 years |
US plans | Current member aged 45 - Female | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy at age 65 (in years) | 23 years | 23 years |
US plans | Pension plans | (End of the Year) | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 2.58% | 2.15% |
US plans | Pension plans | (Current Service Cost) | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 2.34% | 3.10% |
US plans | Other plans | (End of the Year) | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 2.17% | 1.65% |
US plans | Other plans | (Current Service Cost) | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 1.99% | 2.82% |
Canadian plans | Current pensioner - Male | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy at age 65 (in years) | 22 years | 22 years |
Canadian plans | Current pensioner - Female | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy at age 65 (in years) | 25 years | 25 years |
Canadian plans | Current member aged 45 - Male | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy at age 65 (in years) | 24 years | 23 years |
Canadian plans | Current member aged 45 - Female | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy at age 65 (in years) | 26 years | 26 years |
Canadian plans | Pension plans | (End of the Year) | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 3.00% | 2.55% |
Canadian plans | Pension plans | (Current Service Cost) | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 2.60% | 3.20% |
Canadian plans | Other plans | (End of the Year) | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 3.00% | 2.55% |
Canadian plans | Other plans | (Current Service Cost) | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 2.60% | 3.20% |
PENSION, POST-RETIREMENT AND_12
PENSION, POST-RETIREMENT AND OTHER LONG-TERM EMPLOYEE BENEFIT PLANS - Sensitivity Analysis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Discount rate | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ (11,388) | $ (12,590) |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | 14,058 | 15,637 |
Mortality rate | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | 3,229 | 3,491 |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | $ (3,313) | $ (3,588) |
SUPPLEMENTAL DISCLOSURES BY G_3
SUPPLEMENTAL DISCLOSURES BY GEOGRAPHIC LOCATION AND PRODUCT LINE - Geographic Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of geographical areas [line items] | |||
Revenue | $ 1,531,469 | $ 1,213,028 | $ 1,158,519 |
Property, plant and equipment | 459,356 | 415,214 | |
Goodwill | 151,834 | 132,894 | |
Intangible assets | 138,725 | 124,274 | |
Other assets | 16,549 | 13,310 | |
Canada | |||
Disclosure of geographical areas [line items] | |||
Revenue | 151,949 | 119,287 | 104,842 |
Property, plant and equipment | 31,473 | 34,984 | |
Goodwill | 12,289 | 12,309 | |
Intangible assets | 15,326 | 13,167 | |
Other assets | 149 | 165 | |
Germany | |||
Disclosure of geographical areas [line items] | |||
Revenue | 37,615 | 25,387 | 26,082 |
Goodwill | 8,629 | 0 | |
Hong Kong | |||
Disclosure of geographical areas [line items] | |||
Goodwill | 10,781 | 0 | |
Intangible assets | 21,128 | 0 | |
India | |||
Disclosure of geographical areas [line items] | |||
Property, plant and equipment | 58,301 | 54,518 | |
Goodwill | 26,455 | 26,905 | |
Intangible assets | 9,482 | 12,389 | |
Other assets | 312 | 192 | |
Portugal | |||
Disclosure of geographical areas [line items] | |||
Property, plant and equipment | 27,398 | 24,720 | |
Other assets | 33 | 34 | |
United Kingdom | |||
Disclosure of geographical areas [line items] | |||
Property, plant and equipment | 11,801 | 0 | |
Intangible assets | 790 | 0 | |
United States | |||
Disclosure of geographical areas [line items] | |||
Revenue | 1,206,868 | 966,729 | 923,239 |
Property, plant and equipment | 329,682 | 300,950 | |
Goodwill | 93,680 | 93,680 | |
Intangible assets | 91,999 | 98,718 | |
Other assets | 16,055 | 12,919 | |
Other | |||
Disclosure of geographical areas [line items] | |||
Revenue | 135,037 | 101,625 | $ 104,356 |
Property, plant and equipment | $ 701 | $ 42 |
SUPPLEMENTAL DISCLOSURES BY G_4
SUPPLEMENTAL DISCLOSURES BY GEOGRAPHIC LOCATION AND PRODUCT LINE - Revenue by Product Categories (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of products and services [line items] | |||
Revenue | $ 1,531,469 | $ 1,213,028 | $ 1,158,519 |
Tape | |||
Disclosure of products and services [line items] | |||
Revenue | 799,576 | 658,911 | 632,950 |
Film | |||
Disclosure of products and services [line items] | |||
Revenue | 250,181 | 181,180 | 184,398 |
Engineered coated products | |||
Disclosure of products and services [line items] | |||
Revenue | 206,315 | 159,933 | 162,955 |
Protective packaging | |||
Disclosure of products and services [line items] | |||
Revenue | 188,902 | 152,710 | 135,605 |
Packaging machinery | |||
Disclosure of products and services [line items] | |||
Revenue | 81,087 | 54,870 | 33,621 |
Other | |||
Disclosure of products and services [line items] | |||
Revenue | $ 5,408 | $ 5,424 | $ 8,990 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)directorsenior_executive_level_management_member | Dec. 31, 2020USD ($)senior_executive_level_management_memberdirector | Dec. 31, 2019USD ($)senior_executive_level_management_memberdirector | |
Related Party [Abstract] | |||
Number of non-executive board of directors | director | 10 | 10 | 8 |
Number of members of senior executive level management | senior_executive_level_management_member | 8 | 8 | 6 |
Short-term benefits including employee salaries and bonuses and director retainer and committee fees | $ 7,655 | $ 8,845 | $ 6,124 |
Post-employment and other long-term benefits | 703 | 593 | 604 |
Share-based compensation expense | 11,292 | 12,894 | 1,152 |
Total remuneration | $ 19,650 | $ 22,332 | $ 7,880 |
COMMITMENTS (Details)
COMMITMENTS (Details) | Nov. 12, 2013USD ($)facility | Dec. 31, 2021USD ($) |
Disclosure of Purchase Commitments [Line Items] | ||
Early termination, remaining fees under commitments | $ 1,100,000 | |
Electricity Service Contract | ||
Disclosure of Purchase Commitments [Line Items] | ||
Term of contractual commitment | 10 years | |
Number of manufacturing facilities | facility | 1 | |
Contractual commitment, installation costs | $ 0 | |
Maximum early cancellation penalty under contractual commitment | 1,900,000 | |
Electricity Service Contract | Current maturity | ||
Disclosure of Purchase Commitments [Line Items] | ||
Minimum usage payment under contractual commitments | 1,700,000 | |
Electricity Service Contract | Later than one year | ||
Disclosure of Purchase Commitments [Line Items] | ||
Minimum usage payment under contractual commitments | 1,700,000 | |
Electricity Service Contract | Later than one year and not later than two years | ||
Disclosure of Purchase Commitments [Line Items] | ||
Minimum usage payment under contractual commitments | 1,000,000 | |
Utilities Contract | ||
Disclosure of Purchase Commitments [Line Items] | ||
Purchase commitment amount | 5,600,000 | |
Commitments to Suppliers | ||
Disclosure of Purchase Commitments [Line Items] | ||
Raw materials on hand owned by suppliers | $ 12,200,000 | |
Commitments to Suppliers | Bottom of range | ||
Disclosure of Purchase Commitments [Line Items] | ||
Term of consignment agreement to purchase from suppliers | 30 days | |
Term for excess storage to purchase from suppliers | 30 days | |
Commitments to Suppliers | Top of range | ||
Disclosure of Purchase Commitments [Line Items] | ||
Term of consignment agreement to purchase from suppliers | 60 days | |
Term for excess storage to purchase from suppliers | 60 days | |
Commitments to Suppliers | Fixed-price contract | ||
Disclosure of Purchase Commitments [Line Items] | ||
Purchase commitment amount | $ 22,300,000 | |
Term for shipment delays for storage fees | 30 days |
FINANCIAL INSTRUMENTS - Classif
FINANCIAL INSTRUMENTS - Classification of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Borrowings | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | $ 510,460 | $ 447,842 |
Amortized cost | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 745,909 | 587,853 |
Amortized cost | Accounts payable and accrued liabilities | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 235,449 | 140,011 |
Amortized cost | Borrowings | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 510,460 | 447,842 |
Fair value through earnings | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 35,837 | 15,758 |
Fair value through earnings | Non-controlling interest put options | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 27,523 | 15,758 |
Fair value through earnings | Contingent consideration liability | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 8,314 | |
Derivatives used for hedging (fair value through OCI) | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 1,642 | 4,025 |
Interest rate swap agreements | Cash flow hedges | Derivatives used for hedging (fair value through OCI) | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 1,642 | 4,025 |
Amortized cost | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 235,523 | 183,329 |
Amortized cost | Cash | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 26,292 | 16,467 |
Amortized cost | Trade receivables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 203,984 | 162,235 |
Amortized cost | Supplier rebates and other receivables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 5,247 | 4,627 |
Fair value through earnings | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 0 | 0 |
Derivatives used for hedging (fair value through OCI) | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | $ 0 | $ 0 |
FINANCIAL INSTRUMENTS - Interes
FINANCIAL INSTRUMENTS - Interest Expense Relating to Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about financial instruments [abstract] | |||
Interest expense calculated using the effective interest rate method | $ 26,574 | $ 27,243 | $ 31,040 |
FINANCIAL INSTRUMENTS - Narrati
FINANCIAL INSTRUMENTS - Narrative (Details) | Jul. 30, 2021USD ($) | Feb. 11, 2020USD ($) | May 11, 2018 | Jun. 30, 2020USD ($) | Dec. 31, 2021USD ($)customer | Dec. 31, 2020USD ($)customer | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Disclosure of detailed information about financial instruments [line items] | ||||||||
Borrowings | $ 555,261,000 | $ 489,964,000 | ||||||
Non-controlling interest put options, current | 27,523,000 | 0 | ||||||
Non-controlling interest put options, non-current | 0 | 15,758,000 | ||||||
Valuation adjustments | (12,007,000) | (2,470,000) | $ (3,339,000) | |||||
Provisions and contingent consideration, current | 4,504,000 | 4,222,000 | ||||||
Provisions and contingent consideration, non-current | 7,645,000 | 2,430,000 | ||||||
Cash | 26,292,000 | 16,467,000 | ||||||
Loan availability | 502,100,000 | |||||||
Loan availability, committed funding | 497,700,000 | |||||||
Loan availability, uncommitted funding | 4,400,000 | |||||||
Total cash and loan availability | 528,400,000 | 408,700,000 | ||||||
Contingent consideration | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Contingent liabilities recognized in business combination | 8,305,000 | 11,005,000 | ||||||
2021 Senior Unsecured Notes | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Borrowings | 395,614,000 | 0 | ||||||
Fair value of debt | 400,100,000 | |||||||
2018 Senior Unsecured Notes | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Borrowings | $ 0 | 246,236,000 | ||||||
Fair value of debt | $ 265,400,000 | |||||||
Exchange risk | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Sensitivity analysis, exchange risk, reasonably possible strengthening in rate, percent | 10.00% | 10.00% | ||||||
Sensitivity analysis, exchange risk, reasonably possible weakening in rate, percent | 10.00% | 10.00% | ||||||
Exchange risk | Hedges of net investment | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Hedge ratio | 1 | |||||||
Interest rate risk | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Sensitivity analysis, exchange risk, reasonably possible strengthening in rate, percent | 1.00% | 1.00% | ||||||
Reasonably possible change in risk variable, impact on finance costs | $ 100,000 | $ 1,000,000 | ||||||
Credit risk | Interest rate swap agreements | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Hedge ratio | 1 | |||||||
Price risk | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Sensitivity analysis, reasonably possible increase in rate, percentage | 10.00% | 10.00% | ||||||
Sensitivity analysis, price risk, reasonably possible change in rate, increase in cost of sales | $ 75,000,000 | $ 55,600,000 | ||||||
Sensitivity analysis, reasonably possible decrease in rate, percentage | 10.00% | 10.00% | ||||||
Bottom of range | Exchange risk | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Sensitivity analysis, exchange risk, reasonably possible strengthening in rate, percent | 10.00% | 10.00% | ||||||
Financial liabilities at fair value through profit or loss, category | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Financial liabilities | $ 35,837,000 | $ 15,758,000 | ||||||
Financial liabilities at fair value through profit or loss, category | Non-controlling interest put options | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Financial liabilities | 27,523,000 | 15,758,000 | ||||||
Airtrax Acquisition | Financial liabilities at fair value through profit or loss, category | Non-controlling interest put options | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Financial liabilities | $ 10,900,000 | |||||||
Nortech Packaging Acquisition | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Contingent consideration | $ 10,806,000 | |||||||
Contingent consideration, measurement period | 2 years | |||||||
Contingent consideration liability fair value adjustment | $ 11,000,000 | |||||||
Payment for contingent consideration liability | 0 | |||||||
Contingent consideration liabilities | 0 | 0 | ||||||
Undiscounted future net cash flows | $ 12,500,000 | 11,800,000 | 11,800,000 | |||||
Nortech Packaging Acquisition | Contingent consideration | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Contingent liabilities recognized in business combination | $ 10,800,000 | |||||||
Nuevopak Global Limited | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Contingent consideration | $ 8,305,000 | |||||||
Contingent consideration liabilities | 8,300,000 | |||||||
Provisions and contingent consideration, current | 3,300,000 | |||||||
Provisions and contingent consideration, non-current | 5,000,000 | |||||||
Level 3 of fair value hierarchy | Non-controlling interest put options | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Financial liabilities | 27,523,000 | 15,758,000 | $ 13,634,000 | |||||
Valuation adjustments | $ 12,007,000 | $ 2,470,000 | ||||||
Level 3 of fair value hierarchy | Nortech Packaging Acquisition | Contingent consideration | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Discount rate applied on contingent consideration, measurement period | 2 years | |||||||
Level 3 of fair value hierarchy | Nuevopak Global Limited | Bottom of range | Contingent consideration | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Discount rate applied on contingent consideration, measurement period | 1 year | |||||||
Level 3 of fair value hierarchy | Nuevopak Global Limited | Top of range | Contingent consideration | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Discount rate applied on contingent consideration, measurement period | 2 years | |||||||
Revenue | Credit risk | No Other Individual Customer | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Concentration of risk, percentage | 5.00% | 5.00% | ||||||
Revenue | Credit risk | Concentration Of Risk, Customer | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Concentration of risk, number of customers | customer | 1 | 1 | ||||||
Revenue | Credit risk | Concentration Of Risk, Customer | One Customer | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Concentration of risk, percentage | 13.00% | 13.00% | ||||||
Trade receivables | Credit risk | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Concentration of risk, number of customers | customer | 1 | 1 | ||||||
Trade receivables | Credit risk | No Other Individual Customer | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Concentration of risk, percentage | 5.00% | 5.00% | ||||||
Trade receivables | Credit risk | Concentration Of Risk, Customer | One Customer | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Concentration of risk, percentage | 17.00% | 17.00% | ||||||
Hedges of net investment | 2021 Senior Unsecured Notes | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Borrowings | $ 395,600,000 | |||||||
Hedges of net investment | 2018 Senior Unsecured Notes | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Borrowings | $ 246,200,000 | |||||||
Capstone | Airtrax Acquisition | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Proportion of ownership interests held by non-controlling interests | 55.00% | |||||||
Capstone | Level 3 of fair value hierarchy | Non-controlling interest put options | Bottom of range | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Undiscounted cash flows | 1,500,000 | 1,500,000 | ||||||
Capstone | Level 3 of fair value hierarchy | Non-controlling interest put options | Top of range | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Undiscounted cash flows | $ 8,500,000 | $ 5,000,000 | ||||||
Capstone | Non-controlling interest | Airtrax Acquisition | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Lock-in period | 5 years | |||||||
Discount rate | Level 3 of fair value hierarchy | Nortech Packaging Acquisition | Contingent consideration | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Discount rate applied to cash flow projections | 0.0538 | |||||||
Discount rate | Level 3 of fair value hierarchy | Nuevopak Global Limited | Contingent consideration | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Discount rate applied to cash flow projections | 0.0474 | |||||||
Discount rate | Capstone | Level 3 of fair value hierarchy | Non-controlling interest put options | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Discount rate applied to cash flow projections | 0.11 | 0.11 | ||||||
Gross carrying amount | 2021 Senior Unsecured Notes | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Borrowings | $ 400,000,000 | |||||||
Gross carrying amount | Nortech Packaging Acquisition | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Contingent consideration | $ 12,000,000 | |||||||
Gross carrying amount | Nortech Packaging Acquisition | Top of range | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Contingent consideration | $ 12,000,000 | |||||||
Gross carrying amount | Nuevopak Global Limited | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Contingent consideration | $ 9,000,000 |
FINANCIAL INSTRUMENTS - Reconci
FINANCIAL INSTRUMENTS - Reconciliation of Carrying Amount of Financial Instruments Classified as Level 3 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of the carrying amount of financial instruments [abstract] | |||
Foreign exchange | $ (48) | $ 38 | $ (790) |
Valuation adjustment made to non-controlling interest put options | (12,007) | (2,470) | (3,339) |
Level 3 | Non-controlling interest put options | |||
Reconciliation of the carrying amount of financial instruments [abstract] | |||
Balance at the beginning of the year | 15,758 | 13,634 | |
Foreign exchange | (242) | (346) | |
Valuation adjustment made to non-controlling interest put options | 12,007 | 2,470 | |
Balance at the end of the year | $ 27,523 | $ 15,758 | $ 13,634 |
FINANCIAL INSTRUMENTS - Recon_2
FINANCIAL INSTRUMENTS - Reconciliation of the Carrying Amount of Contingent Consideration (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in contingent liabilities recognised in business combination [abstract] | ||
Beginning balance | $ 792,953 | |
Ending balance | 981,504 | $ 792,953 |
Nortech Packaging Acquisition | Contingent consideration | ||
Reconciliation of changes in contingent liabilities recognised in business combination [abstract] | ||
Beginning balance | 0 | 0 |
Contingent consideration recorded as a result of acquisition | 10,806 | |
Increases resulting from net present value discounting | 199 | |
Fair value adjustment recorded in finance costs (income) | (11,005) | |
Ending balance | 0 | |
Nuevopak Acquisition | Contingent consideration | ||
Reconciliation of changes in contingent liabilities recognised in business combination [abstract] | ||
Beginning balance | 0 | |
Contingent consideration recorded as a result of acquisition | 8,305 | |
Foreign exchange | 9 | |
Ending balance | $ 8,314 | $ 0 |
FINANCIAL INSTRUMENTS - Sensiti
FINANCIAL INSTRUMENTS - Sensitivity Analysis of Foreign Currencies Against U.S. Dollar and Impact on Finance Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of financial assets and liabilities [Line Items] | ||
Increase (decrease) to finance cost-other expense (income), net | $ (13,191) | $ (6,311) |
Currency risk | Canadian dollar | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Increase (decrease) to finance cost-other expense (income), net | (10,597) | (3,786) |
Currency risk | Indian Rupee | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Increase (decrease) to finance cost-other expense (income), net | $ (2,594) | $ (2,525) |
FINANCIAL INSTRUMENTS - Changes
FINANCIAL INSTRUMENTS - Changes in Value Related to the Senior Unsecured Notes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about hedging instruments [line items] | |||
Deferred tax expense on change in value of the Senior Unsecured Notes recognized in OCI | $ (1,589) | $ (764) | $ (45) |
Hedges of net investment | Senior Unsecured Notes | |||
Disclosure of detailed information about hedging instruments [line items] | |||
(Loss) gain from change in value of the Senior Unsecured Notes used for calculating hedge ineffectiveness | (10,789) | 6,488 | |
(Loss) gain from Senior Unsecured Notes recognized in OCI | (9,423) | 6,488 | |
Loss from hedge ineffectiveness recognized in earnings in finance costs (income) in other expense (income), net | (1,385) | 0 | |
Foreign exchange gains recognized in cumulative translation adjustments in the statement of changes in equity | 19 | 0 | |
Deferred tax expense on change in value of the Senior Unsecured Notes recognized in OCI | $ (1,589) | $ (764) |
FINANCIAL INSTRUMENTS - Notiona
FINANCIAL INSTRUMENTS - Notional and Carrying Amounts of the Senior Unsecured Notes (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about hedging instruments [line items] | ||
Carrying Amount | $ 555,261 | $ 489,964 |
Senior Unsecured Notes | Hedges of net investment | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional Amount | 400,000 | 250,000 |
Carrying Amount | $ 395,614 | $ 246,236 |
FINANCIAL INSTRUMENTS - Net Inv
FINANCIAL INSTRUMENTS - Net Investment in IPG (US) Holdings, Inc. (Details) - Net investment in IPG (US) Holdings, Inc. - Hedges of net investment - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about hedging instruments [line items] | ||
Gain (loss) from change in value of IPG (US) Holdings, Inc. used for calculating hedge ineffectiveness | $ 9,423 | $ (6,488) |
Cumulative (loss) gain included in foreign currency translation reserve in OCI | $ (2,076) | $ 7,347 |
FINANCIAL INSTRUMENTS - Inter_2
FINANCIAL INSTRUMENTS - Interest Rate Swap Agreements (Details) - Interest rate risk - Qualifying cash flow hedges - Interest rate swap agreements - USD ($) $ in Thousands | Aug. 20, 2018 | Jun. 08, 2017 |
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount $ | $ 60,000 | $ 40,000 |
Fixed interest rate paid % | 2.045% | 1.79% |
FINANCIAL INSTRUMENTS - Activit
FINANCIAL INSTRUMENTS - Activity of Interest Rate Swap Agreements (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about hedging instruments [line items] | |||
Deferred tax (expense) benefit on change in fair value of the interest rate swap agreements designated as hedging instruments recognized in OCI | $ (577,000) | $ 658,000 | $ 359,000 |
Interest rate swap agreements | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Gain (loss) from change in fair value of the interest rate swap agreements designated as hedging instruments recognized in OCI | 2,383,000 | (2,685,000) | |
Deferred tax (expense) benefit on change in fair value of the interest rate swap agreements designated as hedging instruments recognized in OCI | (577,000) | 658,000 | |
Interest rate swap agreements | Reserve for cash flow hedges | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Gain (loss) on hedge ineffectiveness recognized in earnings | $ 0 | $ 0 |
FINANCIAL INSTRUMENTS - Balance
FINANCIAL INSTRUMENTS - Balances related to Interest Rate Swap Agreements (Details) - Interest rate swap agreements - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about hedging instruments [line items] | ||
Carrying amount included in other liabilities | $ 1,642 | $ 4,025 |
Cumulative loss in cash flow hedge reserve, included in OCI, for continuing hedges | $ (1,291) | $ (3,097) |
FINANCIAL INSTRUMENTS - Analysi
FINANCIAL INSTRUMENTS - Analysis of Age of Trade Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of financial assets [line items] | ||
Trade receivables | $ 203,984 | $ 162,235 |
Allowance for expected credit loss | 1,044 | 1,268 |
Past due accounts not impaired | ||
Disclosure of financial assets [line items] | ||
Trade receivables | 31,107 | 23,437 |
Current | Current | ||
Disclosure of financial assets [line items] | ||
Trade receivables | 172,877 | 138,798 |
1 – 30 days past due | Past due accounts not impaired | ||
Disclosure of financial assets [line items] | ||
Trade receivables | 20,988 | 15,257 |
31 – 60 days past due | Past due accounts not impaired | ||
Disclosure of financial assets [line items] | ||
Trade receivables | 4,728 | 2,798 |
61 – 90 days past due | Past due accounts not impaired | ||
Disclosure of financial assets [line items] | ||
Trade receivables | 1,383 | 1,299 |
Over 90 days past due | Past due accounts not impaired | ||
Disclosure of financial assets [line items] | ||
Trade receivables | 4,008 | 4,083 |
Gross carrying amount | ||
Disclosure of financial assets [line items] | ||
Trade receivables | $ 205,028 | $ 163,503 |
FINANCIAL INSTRUMENTS - Chang_2
FINANCIAL INSTRUMENTS - Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Balance, beginning of year | $ 1,268 | |
Balance, end of year | 1,044 | $ 1,268 |
Trade receivables | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Balance, beginning of year | 1,268 | 909 |
Additions | 493 | 545 |
Recoveries | (104) | 0 |
Write-offs | (613) | (197) |
Foreign exchange | 0 | 11 |
Balance, end of year | $ 1,044 | $ 1,268 |
FINANCIAL INSTRUMENTS - Maturit
FINANCIAL INSTRUMENTS - Maturity Analysis for Non-derivative Financial Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | $ 979,384 | $ 773,689 |
Current maturity | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 307,084 | 191,346 |
Later than one year and not later than two years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 40,504 | 67,484 |
Later than two years and not later than three years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 27,712 | 190,146 |
Later than three years and not later than four years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 24,454 | 24,330 |
Later than four years and not later than five years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 122,256 | 23,003 |
Later than five years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 457,374 | 277,380 |
Non-controlling interest put options | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 27,523 | 15,758 |
Non-controlling interest put options | Current maturity | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 27,523 | 0 |
Non-controlling interest put options | Later than one year and not later than two years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 0 | 15,758 |
Non-controlling interest put options | Later than two years and not later than three years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 0 | 0 |
Non-controlling interest put options | Later than three years and not later than four years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 0 | 0 |
Non-controlling interest put options | Later than four years and not later than five years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 0 | 0 |
Non-controlling interest put options | Later than five years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 0 | 0 |
Contingent consideration liability | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 9,000 | 0 |
Contingent consideration liability | Current maturity | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 3,500 | 0 |
Contingent consideration liability | Later than one year and not later than two years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 3,500 | 0 |
Contingent consideration liability | Later than two years and not later than three years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 2,000 | 0 |
Contingent consideration liability | Later than three years and not later than four years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 0 | 0 |
Contingent consideration liability | Later than four years and not later than five years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 0 | 0 |
Contingent consideration liability | Later than five years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 0 | 0 |
Borrowings | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 518,906 | 453,227 |
Borrowings | Current maturity | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 7,480 | 19,131 |
Borrowings | Later than one year and not later than two years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 8,815 | 18,663 |
Borrowings | Later than two years and not later than three years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 1,235 | 163,025 |
Borrowings | Later than three years and not later than four years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 1,000 | 1,183 |
Borrowings | Later than four years and not later than five years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 100,376 | 817 |
Borrowings | Later than five years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 400,000 | 250,408 |
Interests on borrowings | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 134,156 | 112,359 |
Interests on borrowings | Current maturity | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 20,311 | 22,813 |
Interests on borrowings | Later than one year and not later than two years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 18,761 | 22,197 |
Interests on borrowings | Later than two years and not later than three years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 17,500 | 19,224 |
Interests on borrowings | Later than three years and not later than four years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 17,500 | 17,500 |
Interests on borrowings | Later than four years and not later than five years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 17,597 | 17,500 |
Interests on borrowings | Later than five years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 42,487 | 13,125 |
Lease liabilities | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 44,801 | 42,122 |
Lease liabilities | Current maturity | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 10,639 | 7,088 |
Lease liabilities | Later than one year and not later than two years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 7,714 | 9,013 |
Lease liabilities | Later than two years and not later than three years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 5,655 | 6,473 |
Lease liabilities | Later than three years and not later than four years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 4,924 | 4,577 |
Lease liabilities | Later than four years and not later than five years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 3,504 | 3,869 |
Lease liabilities | Later than five years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 12,365 | 11,102 |
Interest on lease liabilities | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 9,549 | 10,212 |
Interest on lease liabilities | Current maturity | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 2,182 | 2,303 |
Interest on lease liabilities | Later than one year and not later than two years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 1,714 | 1,853 |
Interest on lease liabilities | Later than two years and not later than three years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 1,322 | 1,424 |
Interest on lease liabilities | Later than three years and not later than four years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 1,030 | 1,070 |
Interest on lease liabilities | Later than four years and not later than five years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 779 | 817 |
Interest on lease liabilities | Later than five years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 2,522 | 2,745 |
Accounts payable and accrued liabilities | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 235,449 | 140,011 |
Accounts payable and accrued liabilities | Current maturity | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 235,449 | 140,011 |
Accounts payable and accrued liabilities | Later than one year and not later than two years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 0 | 0 |
Accounts payable and accrued liabilities | Later than two years and not later than three years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 0 | 0 |
Accounts payable and accrued liabilities | Later than three years and not later than four years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 0 | 0 |
Accounts payable and accrued liabilities | Later than four years and not later than five years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | 0 | 0 |
Accounts payable and accrued liabilities | Later than five years | ||
Disclosure of maturity analysis for financial liabilities and finance lease liabilities | ||
Non-derivative financial liabilities and lease liabilities, undiscounted cash flows | $ 0 | $ 0 |
FINANCIAL INSTRUMENTS - Capital
FINANCIAL INSTRUMENTS - Capital Structure (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of financial liabilities [line items] | ||||
Cash | $ 26,292 | $ 16,467 | ||
Total equity | 352,248 | 316,682 | $ 272,228 | $ 261,428 |
Borrowings | ||||
Disclosure of financial liabilities [line items] | ||||
Borrowings (excluding lease liabilities) | $ 510,460 | $ 447,842 |
POST REPORTING EVENTS (Details)
POST REPORTING EVENTS (Details) $ / shares in Units, $ in Millions | Mar. 10, 2022USD ($)$ / sharesshares | Sep. 30, 2022$ / shares | Sep. 30, 2022USD ($) | Jan. 13, 2022USD ($) | Dec. 31, 2021shares | Dec. 17, 2021shares | Sep. 16, 2021shares | Jun. 16, 2021shares | Mar. 22, 2021shares | Dec. 31, 2020shares | Dec. 16, 2020shares | Sep. 15, 2020shares | Jun. 15, 2020shares | Mar. 23, 2020shares | Dec. 16, 2019shares | Sep. 16, 2019shares | Jun. 14, 2019shares | Mar. 22, 2019shares |
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||
Number of shares issued (in shares) | shares | 59,284,947 | 59,284,947 | 59,027,047 | 59,027,047 | 59,019,546 | 59,009,685 | 59,009,685 | 59,009,685 | 58,939,685 | 58,877,185 | 58,877,185 | 58,665,310 | ||||||
Number of shares outstanding (in shares) | shares | 59,284,947 | 59,284,947 | 59,284,947 | 59,027,047 | 59,027,047 | 59,027,047 | 59,019,546 | 59,009,685 | 59,009,685 | 59,009,685 | 58,939,685 | 58,877,185 | 58,877,185 | 58,665,310 | ||||
Major ordinary share transactions | ||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||
Cash dividends declared (in dollars per share) | $ / shares | $ 0.1700 | |||||||||||||||||
Estimated amount of dividend payment | $ | $ 10.1 | |||||||||||||||||
Number of shares issued (in shares) | shares | 59,284,947 | |||||||||||||||||
Number of shares outstanding (in shares) | shares | 59,284,947 | |||||||||||||||||
Major business combination | Syfan Manufacturing, Inc. | ||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||
Consideration transferred | $ | $ 18 | |||||||||||||||||
Escrow deposit | $ | $ 2.5 | |||||||||||||||||
Major business combination | Intertape Polymer Group Inc. | Clearlake Capital Group, L.P. | ||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||
Consideration transferred | $ | $ 2,600 | |||||||||||||||||
Share price (in CDN per share) | $ / shares | $ 40.50 |