- The fair value of the 2014 U.S. Senior Notes, the 2021 U.S. Senior Notes, the 2021 CAD Senior Notes, the 2024 CAD Senior Notes, the unsecured committed revolving credit facility, the unsecured committed term loan credit facility and the other long-term debt is estimated by discounting expected cash flows at rates currently offered to the Company for debts of the same remaining maturities and conditions;

- The fair value of long-term bonds included in funds held for clients and in long-term investments is determined by discounting the future cash flows using observable inputs, such as interest rate yield curves or credit spreads, or according to similar transactions on an arm's-length basis;


		As at September 30, 2024		As at September 30, 2023
	Level	Carrying amount	Fair value	Carrying amount	Fair value
		$	$	$	$























2014 U.S. Senior Notes	Level 2	—	—	473,808	464,806

2021 U.S. Senior Notes	Level 2	1,342,758	1,223,120	1,342,714	1,132,649
2021 CAD Senior Notes	Level 2	597,212	564,768	596,550	503,984
2024 CAD Senior Notes	Level 2	746,144	759,375	—	—
Other long-term debt	Level 2	2,194	2,119	10,363	9,839
		2,688,308	2,549,382	2,423,435	2,111,278


	Level	As at September 30, 2024		As at September 30, 2023
		$		$
Financial assets
FVTE
Cash and cash equivalents	Level 2		1,461,145		1,568,291
Cash included in funds held for clients (Note 5)	Level 2		233,584		269,792
Deferred compensation plan assets (Note 11)	Level 1		112,270		88,076
			1,806,999		1,926,159
Derivative financial instruments designated as hedging instruments
Current derivative financial instruments included in current financial assets	Level 2
Cross-currency swaps			—		83,626
Foreign currency forward contracts			5,055		12,505

Long-term derivative financial instruments (Note 11)	Level 2
Cross-currency swaps			—		16,130
Foreign currency forward contracts			2,644		5,875

			7,699		118,136
FVOCI
Short-term investments included in current financial assets	Level 2		3,279		7,332
Long-term bonds included in funds held for clients (Note 5)	Level 2		223,196		138,935
Long-term investments (Note 11)	Level 2		24,209		17,113
			250,684		163,380
Financial liabilities
Derivative financial instruments designated as hedging instruments
Current derivative financial instruments	Level 2
Cross-currency swaps			—		2,183
Foreign currency forward contracts			13,073		2,330

Long-term derivative financial instruments	Level 2
Cross-currency swaps			9,500		—
Foreign currency forward contracts			10,204		1,700

			32,777		6,213

The Company analyzes its interest rate risk exposure on an ongoing basis using various scenarios to simulate refinancing or the renewal of existing positions. Based on these scenarios, a change in the interest rate of 1% would not have had a significant impact on net earnings as of September 30, 2024, considering that the 2014 U.S. Senior Notes were fully repaid earlier in 2024, no amounts have been drawn on the unsecured committed revolving credit facility and all other outstanding debts bear fixed interest rates.

The Company operates internationally and is exposed to risk from changes in foreign currency exchange rates. The Company mitigates this risk principally through foreign currency denominated debt and derivative financial instruments, which includes foreign currency forward contracts and cross-currency swaps.

Finally, the Company enters into foreign currency forward contracts to hedge the variability in various foreign currency exchange rates on future revenues. Hedging relationships are designated and documented at inception and quarterly effectiveness assessments are performed during the year.


					As at September 30, 2024	As at September 30, 2023
Receive Notional	Receive Rate	Pay Notional	Pay rate	Maturity	Fair value	Fair value
					$	$
Hedges of net investments in European operations
$1,270,000	From 1.62% to 4.15%	€866,365	From (0.14)% to 3.70%	From September 2027 to 2029	(7,806)	22,966
$136,274	From 3.57% to 3.63%	£75,842	From 2.67% to 2.80%	September 2024	—	11,972
$80,000	4.15%	kr609,940	From 3.49% to 3.51%	September 2029	(1,694)	12,087
Hedges of net investments in European operations and cash flow hedges on unsecured committed term loan credit facility
U.S.$500,000	SOFR 1 month +1.10%	€443,381	From 1.14% to 1.22%	December 2023	—	44,386
Cash flow hedges of 2014 U.S. Senior Notes
U.S.$215,000	From 3.74% to 4.06%	$284,793	From 3.49% to 3.81%	September 2024	—	6,163
Total					(9,500)	97,574

During the year ended September 30, 2024, the Company entered into Canadian dollar to euro fixed for fixed cross-currency swap agreements for a notional amount of $670,000,000, related to the 2024 CAD Senior Notes which have maturity dates of September 2027 and September 2029. The cross-currency swaps were designated as hedging instruments on the Company’s net investment in European operations. In addition, during the year ended September 30, 2024, the Company entered into Canadian dollar to Swedish krona fixed for fixed cross-currency swap agreements for a notional amount of $80,000,000, related to the 2024 CAD Senior Notes which has a maturity date of September 2029. The cross-currency swaps were designated as hedging instruments on the Company’s net investment in Swedish operations.

During the year ended September 30, 2024, the Company settled cross-currency swaps with a notional amount of $954,832,000 for a net gain of $38,943,000 for which $7,811,000 related to the cash flow hedge was recorded in net finance costs and $31,132,000 related to the net investment hedge was recognized in other comprehensive income and will be transferred to earnings when the net investment is disposed of.


		Average contract rates		As at September 30, 2024	As at September 30, 2023
Foreign currency forward contracts	Notional	Less than one year	More than one year	Fair value	Fair value
				$	$
USD/INR	U.S.$359,901	85.23	88.92	2,091	(973)
CAD/INR	$381,045	64.11	65.75	314	4,497
EUR/INR	€112,863	94.45	99.84	(1,156)	5,076
GBP/INR	£107,169	106.93	112.11	(8,700)	3,501
SEK/INR	kr157,427	8.18	8.67	(720)	(33)
GBP/EUR	£202,819	1.18	—	(5,763)	649
EUR/MAD	€22,947	10.66	—	(548)	135
EUR/CZK	€16,771	24.64	25.05	(473)	(92)

Others	$65,784			(623)	1,590
Total				(15,578)	14,350

The following table details the Company's sensitivity to a 10% strengthening of the euro, the U.S. dollar, the British pound and the Swedish krona, foreign currency rates on net earnings and on other comprehensive income (loss). The sensitivity analysis on net earnings presents the impact of foreign currency denominated financial instruments and adjusts their translation at period end for a 10% strengthening in foreign currency rates. The sensitivity analysis on other comprehensive income (loss) presents the impact of a 10% strengthening in foreign currency rates on the fair value of foreign currency forward contracts designated as cash flow hedges and on net investment hedges.


				2024				2023
	euro impact	U.S. dollar impact	British pound impact	Swedish krona impact	euro impact	U.S. dollar impact	British pound impact	Swedish krona impact
	$	$	$	$	$	$	$	$
Increase in net earnings	150	1,359	1,179	521	1,384	3,598	692	466
Decrease in other comprehensive income (loss)	(174,239)	(180,405)	(17,269)	(9,631)	(155,000)	(190,539)	(29,436)	(7,005)

Liquidity risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial assets. The Company’s activities are financed through a combination of the cash flows from operations, borrowing under existing unsecured committed revolving credit facility, the issuance of debt and the issuance of equity. One of management’s primary goals is to maintain an optimal level of liquidity through the active management of the assets and liabilities as well as the cash flows. The Company regularly monitors its cash forecasts to ensure it has sufficient flexibility under its available liquidity to meet its obligations.

The following tables summarize the carrying amount and the contractual maturities of both the interest and principal portion of financial liabilities. All amounts contractually denominated in foreign currency are presented in Canadian dollar equivalent amounts using the period-end spot rate or floating rate.


As at September 30, 2024	Carrying amount	Contractual cash flows	Less than one year	Between one and three years	Between three and five years	Beyond five years
	$	$	$	$	$	$
Non-derivative financial liabilities
Accounts payable and accrued liabilities	999,790	999,790	999,790	—	—	—
Accrued compensation and employee-related liabilities	1,165,903	1,165,903	1,165,903	—	—	—

2021 U.S. Senior Notes	1,342,758	1,462,053	24,191	847,526	24,868	565,468
2021 CAD Senior Notes	597,212	650,400	12,600	25,200	612,600	—
2024 CAD Senior Notes	746,144	879,191	30,623	361,245	487,323	—

Lease liabilities	620,095	697,298	173,061	254,475	166,326	103,436
Other long-term debt	2,194	2,312	1,028	823	197	264
Clients’ funds obligations	504,515	504,515	504,515	—	—	—
Derivative financial liabilities
Cash flow hedges of future revenue	23,277
Outflow		744,758	186,439	545,077	13,242	—
(Inflow)		(758,162)	(175,510)	(568,052)	(14,600)	—
Cross-currency swaps	9,500
Outflow		1,496,435	26,090	353,834	1,116,511	—
(Inflow)		(1,518,971)	(40,681)	(381,060)	(1,097,230)	—
	6,011,388	6,325,522	2,908,049	1,439,068	1,309,237	669,168


As at September 30, 2023	Carrying amount	Contractual cash flows	Less than one year	Between one and three years	Between three and five years	Beyond five years
	$	$	$	$	$	$
Non-derivative financial liabilities
Accounts payable and accrued liabilities	924,659	924,659	924,659	—	—	—
Accrued compensation and employee-related liabilities	1,100,566	1,100,566	1,100,566	—	—	—
2014 U.S. Senior Notes	473,808	492,722	492,722	—	—	—
2021 U.S. Senior Notes	1,342,714	1,488,774	24,233	860,746	24,910	578,885
2021 CAD Senior Notes	596,550	663,000	12,600	25,200	625,200	—
Unsecured committed term loan credit facility	676,886	687,419	687,419	—	—	—
Lease liabilities	641,963	722,284	221,877	238,009	139,275	123,123
Other long-term debt	10,363	10,448	8,353	1,328	449	318
Clients’ funds obligations	493,638	493,638	493,638	—	—	—
Derivative financial liabilities
Cash flow hedges of future revenue	4,030
Outflow		328,455	155,450	163,091	9,914	—
(Inflow)		(331,954)	(154,116)	(166,967)	(10,871)	—
Cross-currency swaps	2,183
Outflow		93,311	93,311	—	—	—
(Inflow)		(91,353)	(91,353)	—	—	—


	6,267,360	6,581,969	3,969,359	1,121,407	788,877	702,326

As at September 30, 2024, the Company held cash and cash equivalents, funds held for clients, short-term investments and long-term investments of $1,995,413,000 ($2,081,463,000 as at September 30, 2023). The Company also had available $1,496,355,000 in unsecured committed revolving credit facility ($1,495,858,000 as at September 30, 2023). As at September 30, 2024, trade accounts receivable amounted to $1,117,712,000 (Note 4) ($1,152,880,000 as at September 30, 2023). Given the Company’s available liquid resources as compared to the timing of the payments of liabilities, management assesses the Company’s liquidity risk to be low.

The Company takes on exposure to credit risk, which is the risk that a counterparty will be unable to pay amounts in full when due. Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, accounts receivable, work in progress, long-term investments and derivative financial instruments with a positive fair value. The maximum exposure of credit risk is generally represented by the carrying amount of these items reported on the consolidated balance sheets.

The Company is exposed to credit risk in connection with long-term investments through the possible inability of borrowers to meet the terms of their obligations. The Company mitigates this risk by investing primarily in high credit quality corporate and government bonds with a credit rating of A- or higher. The application of the low credit exemption had no material impact on the Company's consolidated financial statements.

The Company has accounts receivable derived from clients engaged in various industries including government; financial services; manufacturing, retail and distribution; communications and utilities; and health that are not concentrated in any specific geographic area. These specific industries may be affected by economic factors that may impact trade accounts receivable. However, management does not believe that the Company is subject to any significant credit risk in view of the Company’s large and diversified client base and that any single industry or geographic region represents a significant credit risk to the Company. Historically, the Company has not made any significant write-offs and had low bad debt ratios. The application of the simplified approach to measure expected credit losses for trade accounts receivable and work in progress had no material impact on the Company's consolidated financial statements.

The following table sets forth details of the age of trade accounts receivable that are past due:


	2024	2023
	$	$
Not past due	1,005,651	1,034,795
Past due 1-30 days	71,445	82,536
Past due 31-60 days	18,352	17,630
Past due 61-90 days	11,957	9,925
Past due more than 90 days	13,367	10,913
	1,120,772	1,155,799
Allowance for doubtful accounts	(3,060)	(2,919)
	1,117,712	1,152,880

In addition, the exposure to credit risk of cash, cash equivalents and cash included in funds held for clients and derivatives financial instruments is limited given that the Company deals mainly with a diverse group of high-grade financial institutions and that derivatives agreements are generally subject to master netting agreements, such as the International Swaps and Derivatives Association, which provide for net settlement of all outstanding contracts with the counterparty in case of an event of default.