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DEBT FACILITIES (Tables) | 12 Months Ended
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Mar. 31, 2018
Debt and Financing Obligations [Abstract] |
Disclosure of detailed information about borrowings | Long-term debt, net of transaction costs is as follows:
(amounts in millions) |  | 2018 |  |  | 2017 |
Total recourse debt |  | $ | 1,174.9 |  |  | $ | 1,192.8 |
Total non-recourse debt (1) |  | 86.0 |  |  | 62.6 |
Total long-term debt |  | $ | 1,260.9 |  |  | $ | 1,255.4 |
Less: current portion of long-term debt |  | 35.2 |  |  | 31.2 |
Less: current portion of finance leases |  | 17.0 |  |  | 20.7 |
|  | $ | 1,208.7 |  |  | $ | 1,203.5 |
(1) Non-recourse debt is a debt in a subsidiary for which recourse is limited to the assets, equity, interest and undertaking of such subsidiary and not CAE Inc.
Details of the recourse debt are as follows:
|  | 2018 |  |  | 2017 |
Unsecured senior notes ($125.0 and US$225.0 maturing between December 2019 and December 2027), floating interest rates based on bankers’ acceptances rate plus a spread on $50.0 million and interest rates ranging from 3.59% and 4.15% for remaining $75.0 and US$225.0 |  | $ | 415.0 |  |  | $ | 424.0 |
Unsecured senior notes of US$60.0 maturing in June 2019 (2017 - US$60.0), interest rate of 7.66% payable semi-annually in June and December |  | 75.7 |  |  | 77.9 |
Unsecured senior notes (US$100.0 maturing in August 2021 and US$50.0 maturing in August 2026), average blended rate of 4.47% payable semi-annually in August and February |  | 193.4 |  |  | 199.3 |
Obligations under finance lease, with various maturities from April 2018 to October 2036, interest rates from 3.49% to 10.68% |  | 145.4 |  |  | 173.3 |
Term loan maturing in June 2018 of US$2.9 and £0.6 (2017 – US$14.6 and £2.8), combined coupon rate of post-swap debt of 8.01% (2017 – 7.97%) |  | 5.1 |  |  | 23.6 |
R&D obligation from a government agency maturing in July 2029 (i) |  | 167.7 |  |  | 160.5 |
R&D obligation from a government agency maturing in July 2035 (ii) |  | 132.6 |  |  | 92.0 |
Term loan maturing in January 2020 of €1.3 (2017 – €2.0), floating interest rate of EURIBOR plus a spread |  | 1.8 |  |  | 2.7 |
Term loans, with maturities between October 2020 and December 2021, of US$14.5 (2017 – US$18.7), average blended rate of 3.31% |  | 18.7 |  |  | 24.9 |
Other debt of US$11.0 maturing March 2024, floating interest of 0.80% |  | 14.2 |  |  | 14.6 |
Term loan maturing in December 2021 of US$4.1, average blended rate of 3.28% |  | 5.3 |  |  | — |
Total recourse debt, net amount |  | $ | 1,174.9 |  |  | $ | 1,192.8 |
(i) Represents an interest-bearing long-term obligation with the Government of Canada relative to Project Falcon, an R&D program that ended in fiscal 2014, for a maximum amount of $250.0 million. The discounted value of the debt recognized amounted to $167.7 million as at March 31, 2018 (2017 – $160.5 million); (ii) Represents an interest-bearing long-term obligation with the Government of Canada relative to Project Innovate, an R&D program announced in fiscal 2014 and extending over five and a half years, for a maximum amount of $250.0 million. The aggregate amount recognized in fiscal 2018 was $226.5 million (2017 – $169.9 million). The discounted value of the debt recognized amounted to $132.6 million as at March 31, 2018 (2017 – $92.0 million).
Disclosure of reconciliation of liabilities arising from financing activities | Information on the change in liabilities for which cash flows have been classified as financing activities in the statement of cash flows is presented below.
|  | Revolving |  |  |  |  |  |  |
| Unsecured Credit |  |  | Long-term |  |  | Finance |  |  |
|  | Facilities |  |  | debt |  |  | Leases |  |  | Total |
Balance at beginning of year |  | $ | — |  |  | $ | 1,082.1 |  |  | $ | 173.3 |  |  | $ | 1,255.4 |
Changes from financing cash flows |  |  |  |  |  |  |  |
Proceeds, net of transaction costs |  | 106.0 |  |  | 37.8 |  |  | — |  |  | 143.8 |
Repayments |  | (106.0 | ) |  | (33.4 | ) |  | (25.0 | ) |  | (164.4 | )
Total changes from financing cash flows |  | $ | — |  |  | $ | 4.4 |  |  | $ | (25.0 | ) |  | $ | (20.6 | )
Additions through a business combination (Note 3) |  | — |  |  | 37.7 |  |  | — |  |  | 37.7 |
Non-cash changes: |  |  |  |  |  |  |  |
Effect of foreign currency exchange differences |  | — |  |  | (19.2 | ) |  | (3.7 | ) |  | (22.9 | )
Others |  | — |  |  | (1.3 | ) |  | — |  |  | (1.3 | )
Interests |  | — |  |  | 11.8 |  |  | 0.8 |  |  | 12.6 |
Total non-cash changes |  | $ | — |  |  | $ | (8.7 | ) |  | $ | (2.9 | ) |  | $ | (11.6 | )
Balance at end of year |  | $ | — |  |  | $ | 1,115.5 |  |  | $ | 145.4 |  |  | $ | 1,260.9 |
Disclosure of maturity analysis for non-derivate financial liabilities | The present value of the obligations under finance lease are as follows:
|  | 2018 |  |  | 2017 |
Gross future minimum lease payments |  | $ | 201.8 |  |  | $ | 240.4 |
Less: future finance charges on finance leases |  | 47.2 |  |  | 58.3 |
Less: discounted guaranteed residual values of leased assets |  | 9.2 |  |  | 8.8 |
Present value of future minimum lease payments |  | $ | 145.4 |  |  | $ | 173.3 |
The future minimum lease payments of the obligations under finance lease are as follows:
|  |  |  | 2018 |  |  |  |  |  | 2017 |
| Gross future |  | Present value of |  | Gross future |  | Present value of |
| minimum lease |  | future minimum |  | minimum lease |  | future minimum |
| payments |  | lease payments |  | payments |  | lease payments |
No later than 1 year |  | $ | 25.8 |  |  | $ | 17.0 |  |  | $ | 30.1 |  |  | $ | 20.7 |
Later than 1 year and no later than 5 years |  | 105.8 |  |  | 81.0 |  |  | 123.3 |  |  | 92.0 |
Later than 5 years |  | 70.2 |  |  | 47.4 |  |  | 87.0 |  |  | 60.6 |
|  | $ | 201.8 |  |  | $ | 145.4 |  |  | $ | 240.4 |  |  | $ | 173.3 |
Details of the non-recourse debt are as follows:
|  | 2018 |  |  | 2017 |
Term loan maturing in April 2018 of £0.7 (2017 – £0.2), interest rate of 13.50% |  | $ | 1.3 |  |  | $ | 0.4 |
Term loan maturing in March 2028 of US$43.5 (2017 – US$47.1), interest rate of LIBOR plus 2.50% (i) |  | 55.8 |  |  | 62.2 |
Term loans, with maturities between June 2021 and December 2025, of US $22.3, floating interest rate of LIBOR plus a fixed spread |  | 28.9 |  |  | — |
Total non-recourse debt, net amount |  | $ | 86.0 |  |  | $ | 62.6 |
(i) Represents collateralized non-recourse financing for a term loan to finance a training centre in Brunei. The subsidiary may also avail an additional amount of up to US $12.0 million in the form of letters of credit. Payments required to meet the retirement provisions of the long-term debt are as follows:
|  | 2018 |  |  | 2017 |
No later than 1 year |  | $ | 35.6 |  |  | $ | 31.9 |
Later than 1 year and no later than 5 years |  | 450.2 |  |  | 414.8 |
Later than 5 years |  | 631.7 |  |  | 638.2 |
Total payments required |  | $ | 1,117.5 |  |  | $ | 1,084.9 |
Less: transaction costs |  | (2.0 | ) |  | (2.8 | )
|  | $ | 1,115.5 |  |  | $ | 1,082.1 |

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