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Equity-accounted investee | 12 Months Ended
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Dec. 31, 2020
Investments accounted for using equity method [Abstract] |
Equity-accounted investee | 11. Equity-accounted investee JV Inkai is the operator of the Inkai uranium deposit located in Kazakhstan. Cameco holds a 40% interest and Kazatomprom holds a 60% interest in JV Inkai. Cameco does not have joint control over the joint venture and a s a result, Cameco accounts f or JV Inkai on an equity basis. JV Inkai is a uranium mining and milling operation that utilizes in-situ recovery (ISR) technology to extract uranium. The participants in JV Inkai purchase uranium from Inkai and, in turn, derive revenue directly from the sale of such product to third-party customers. The following tables summarize the financial information of JV Inkai (100%):
|  | 2020 |  |  | 2019
Cash and cash equivalents | $ | 47,539 |  | $ | 16,699
Other current assets |  | 115,647 |  |  | 139,324
Non-current assets |  | 343,767 |  |  | 398,721
Current liabilities |  | (26,397) |  |  | (71,162)
Non-current liabilities |  | (39,991) |  |  | (41,508)
Net assets | $ | 440,565 |  | $ | 442,074
|  | 2020 |  |  | 2019
Revenue from products and services | $ | 252,764 |  | $ | 261,860
Cost of products and services sold |  | (57,358) |  |  | (64,199)
Depreciation and amortization |  | (24,081) |  |  | (27,740)
Finance income |  | 367 |  |  | 651
Finance costs |  | (825) |  |  | (2,939)
Other expense |  | (12,305) |  |  | (23,767)
Income tax expense |  | (44,804) |  |  | (30,999)
Net earnings |  | 113,758 |  |  | 112,867
Other comprehensive loss |  | (97) |  |  | (1,773)
Total comprehensive income | $ | 113,661 |  | $ | 111,094
The following table reconciles the summarized financial information to the carrying amount of Cameco’s interest in JV Inkai:
|  | 2020 |  |  | 2019
Opening net assets | $ | 442,074 |  | $ | 416,843
Total comprehensive income |  | 113,661 |  |  | 111,094
Dividends declared |  | (64,456) |  |  | (66,369)
Impact of foreign exchange |  | (50,714) |  |  | (19,494)
Closing net assets |  | 440,565 |  |  | 442,074
Cameco's share of net assets |  | 176,226 |  |  | 176,830
Consolidating adjustments(a) |  | (38,975) |  |  | (30,633)
Fair value increment(b) |  | 89,184 |  |  | 91,697
Dividends declared but not received |  | - |  |  | 13,859
Dividends in excess of ownership percentage(c) |  | (9,669) |  |  | -
Impact of foreign exchange |  | 2,922 |  |  | 928
Carrying amount in the statement of financial position at December 31, 2020 | $ | 219,688 |  | $ | 252,681
(a) Cameco records certain consolidating adjustments to eliminate unrealized profit and amortize historical diffe rences in accounting policies. This amount is amortized to earnings over units of production. (b) Upon restructuring, Cameco assigned fair values to the assets and liabilities of JV Inkai. This increment is amortized to earnings over units of production. (c) Cameco’s share of dividends follows its production purchase entitlements which is currently hig her than its ownership interest.

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- Definition The disclosure of investments accounted for using the equity method. [Refer: Investments accounted for using equity method] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2020-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2020-en-r&anchor=para_10_e&doctype=Standard -URIDate 2020-01-01 + Details
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