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FINANCIAL RISK MANAGEMENT (Tables)
 12 Months Ended
Mar. 31, 2018
Disclosure of notes and other explanatory information [Abstract]  
Disclosure of how entity manages liquidity risk
The following tables present a maturity analysis based on contractual maturity date, of the Company’s financial liabilities based on expected cash flows. Cash flows from derivatives presented either as derivative assets or liabilities have been included, as the Company manages its derivative contracts on a gross basis. The amounts are the contractual undiscounted cash flows. All amounts contractually denominated in foreign currency are presented in Canadian dollar equivalent amounts using the period-end spot rate except as otherwise stated:
   
Carrying
 
Contractual

 
 
0-12

 
13-24

 
25-36

 
37-48

 
49-60

 
 
As at March 31, 2018
Amount
 
Cash Flows
 
 
Months

 
Months

 
Months

 
Months

 
Months

Thereafter
 
Non-derivative financial
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

liabilities
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Accounts payable
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

and accrued liabilities (1)
 
$
588.4

 
$
588.4

 
$
588.4

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Total long-term debt (2)
 
1,262.9

 
1,643.5

 
88.3

 
262.1

 
91.6

 
212.2

 
75.8

 
913.5

Other non-current liabilities (3)
 
167.5

 
422.7

 
—

 
18.8

 
18.6

 
43.0

 
30.9

 
311.4

  
 
$
2,018.8

 
$
2,654.6

 
$
676.7

 
$
280.9

 
$
110.2

 
$
255.2

 
$
106.7

 
$
1,224.9

Derivative financial  
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

instruments
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Forward foreign  
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

currency contracts (4)
 
$
10.8

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Outflow
 
 

 
$
1,351.4

 
$
1,146.5

 
$
162.0

 
$
22.4

 
$
12.8

 
$
6.7

 
$
1.0

Inflow
 
 

 
(1,339.0
)
 
(1,136.7
)
 
(160.2
)
 
(22.1
)
 
(12.5
)
 
(6.4
)
 
(1.1
)
Swap derivatives on total
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

long-term debt (5)
 
(10.7
)
 
(12.7
)
 
(2.2
)
 
(1.8
)
 
(1.8
)
 
(1.8
)
 
(1.7
)
 
(3.4
)
Embedded foreign currency  
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

derivatives (6)
 
(0.9
)
 
(0.9
)
 
(0.9
)
 
—

 
—

 
—

 
—

 
—

Equity swap agreement
 
(1.5
)
 
(1.5
)
 
(1.5
)
 
—

 
—

 
—

 
—

 
—

  
 
$
(2.3
)
 
$
(2.7
)
 
$
5.2

 
$
—

 
$
(1.5
)
 
$
(1.5
)
 
$
(1.4
)
 
$
(3.5
)
  
 
$
2,016.5

 
$
2,651.9

 
$
681.9

 
$
280.9

 
$
108.7

 
$
253.7

 
$
105.3

 
$
1,221.4

   
 
Carrying

Contractual
 
 
0-12

 
13-24

 
25-36

 
37-48

 
49-60

 
 
As at March 31, 2017
 
Amount

Cash Flows
 
 
Months

 
Months

 
Months

 
Months

 
Months

Thereafter
 
Non-derivative financial
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

liabilities
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Accounts payable and  
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

accrued liabilities (1)
 
$
615.0

 
$
615.0

 
$
615.0

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Total long-term debt (2)
 
1,258.2

 
1,683.1

 
99.3

 
79.8

 
258.2

 
85.7

 
215.4

 
944.7

Other non-current liabilities (3)
 
146.6

 
393.3

 
—

 
19.7

 
18.2

 
17.9

 
26.6

 
310.9

  
 
$
2,019.8

 
$
2,691.4

 
$
714.3

 
$
99.5

 
$
276.4

 
$
103.6

 
$
242.0

 
$
1,255.6

Derivative financial  
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

instruments
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Forward foreign  
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

currency contracts (4)
 
$
1.6

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Outflow
 
 

 
$
1,380.4

 
$
1,140.5

 
$
167.1

 
$
63.9

 
$
8.2

 
$
0.7

 
$
—

Inflow
 
 

 
(1,375.8
)
 
(1,139.3
)
 
(165.7
)
 
(62.2
)
 
(8.1
)
 
(0.5
)
 
—

Swap derivatives on total
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

long-term debt (5)
 
(16.0
)
 
(19.0
)
 
(4.1
)
 
(2.6
)
 
(2.1
)
 
(2.1
)
 
(2.1
)
 
(6.0
)
Embedded foreign currency
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

derivatives (6)
 
(1.8
)
 
(1.8
)
 
(1.5
)
 
(0.3
)
 
—

 
—

 
—

 
—

Equity swap agreement
 
(3.0
)
 
(3.0
)
 
(3.0
)
 
—

 
—

 
—

 
—

 
—

  
 
$
(19.2
)
 
$
(19.2
)
 
$
(7.4
)
 
$
(1.5
)
 
$
(0.4
)
 
$
(2.0
)
 
$
(1.9
)
 
$
(6.0
)
  
 
$
2,000.6

 
$
2,672.2

 
$
706.9

 
$
98.0

 
$
276.0

 
$
101.6

 
$
240.1

 
$
1,249.6

(1) Includes trade accounts payable, accrued liabilities, interest payable and certain payroll-related liabilities.
(2) Contractual cash flows include contractual interest and principal payments related to debt obligations and excludes transaction costs.
(3) Includes non-current royalty obligations and other non-current liabilities.
(4) Outflows and inflows are presented in CDN equivalent using the contractual forward foreign currency rate and include forward foreign currency contracts either
presented as derivative liabilities or derivative assets.
(5) Includes interest rate swap and cross currency swap contracts either presented as derivative liabilities or derivative assets.
(6) Includes embedded foreign currency derivatives either presented as derivative liabilities or derivative assets.
Disclosure of foreign currency risk exposure
The consolidated forward foreign currency contracts outstanding are as follows:
 (amounts in millions, except average rate)
 
 
 
2018

 
 

 
2017

  
 
Notional

(1)
Average

 
Notional

(1)
Average

Currencies (sold/bought)
 
Amount

 
Rate

 
Amount

 
Rate

USD/CDN
 
 

 
 
 
 
 
 
Less than 1 year
 
$
572.2

 
0.79

 
$
567.7

 
0.74

Between 1 and 3 years
 
131.6

 
0.78

 
158.5

 
0.77

Between 3 and 5 years
 
20.2

 
0.80

 
8.6

 
0.77

CDN/EUR
 
 
 
 

 
 

 
 

Less than 1 year
 
40.1

 
1.57

 
33.3

 
1.45

Between 1 and 3 years
 
—

 
—

 
15.2

 
1.45

EUR/CDN
 
 

 
 

 
 

 
 

Less than 1 year
 
125.6

 
0.65

 
79.7

 
0.69

Between 1 and 3 years
 
2.5

 
0.63

 
4.9

 
0.67

Between 3 and 5 years
 
0.2

 
0.59

 
—

 
—

GBP/CDN
 
 

 
 

 
 

 
 

Less than 1 year
 
72.4

 
0.56

 
116.3

 
0.58

Between 1 and 3 years
 
19.4

 
0.57

 
9.9

 
0.55

Between 3 and 5 years
 
—

 
—

 
0.1

 
0.51

CDN/GBP
 
 

 
 

 
 

 
 

Less than 1 year
 
33.4

 
1.80

 
25.7

 
1.73

Between 1 and 3 years
 
—

 
—

 
3.1

 
1.74

CDN/USD
 
 

 
 

 
 

 
 

Less than 1 year
 
132.3

 
1.28

 
130.0

 
1.32

Between 1 and 3 years
 
5.8

 
1.29

 
8.7

 
1.33

GBP/USD
 
 

 
 

 
 

 
 

Less than 1 year
 
31.0

 
0.71

 
76.8

 
0.76

Between 1 and 3 years
 
12.8

 
0.76

 
11.1

 
0.69

Other currencies
 
 

 
 

 
 

 
 

Less than 1 year
 
139.6

 
—

 
111.1

 
—

Between 1 and 3 years
 
12.3

 
—

 
19.6

 
—

Total
 
$
1,351.4

 
 

 
$
1,380.3

 
 

(1) Exchange rates as at the end of the respective fiscal years were used to translate amounts in foreign currencies.
Sensitivity analysis for types of market risk
The following table presents the Company’s exposure to foreign currency risk of financial instruments and the pre-tax effects on net income and OCI as a result of a reasonably possible strengthening of 5% in the relevant foreign currency against the Canadian dollar as at March 31. This analysis assumes all other variables remain constant.
 
USD
€
GBP
 
 
Net

 
 

 
Net

 
 

 
Net

 
 

 
 
Income

 
OCI

 
Income

 
OCI

 
Income

 
OCI

2018
 
$
4.6

 
$
(17.3
)
 
$
0.6

 
$
(1.6
)
 
$
(0.3
)
 
$
(1.6
)
2017
 
$
(3.3
)
 
$
(10.6
)
 
$
0.2

 
$
(0.8
)
 
$
(0.5
)
 
$
(1.7
)
Disclosure of letters of credit and guarantees
 
 
2018

 
2017

Advance payment
 
$
56.7

 
$
64.3

Contract performance
 
39.6

 
47.7

Lease obligations
 
36.2

 
35.3

Financial obligations
 
88.7

 
88.1

Other
 
2.2

 
2.8

  
 
$
223.4

 
$
238.2