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v3.19.2

FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended
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Mar. 31, 2019
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, 2019 | Amount |  | Cash Flows |  |  | Months |  |  | Months |  |  | Months |  |  | Months |  |  | Months |  | Thereafter |
Non-derivative financial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
and accrued liabilities (1) | $ | 770.8 |  | $ | 770.8 |  | $ | 770.8 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Total long-term debt (2) |  | 2,335.4 |  |  | 3,393.0 |  |  | 359.8 |  |  | 251.7 |  |  | 200.3 |  |  | 239.4 |  |  | 228.6 |  |  | 2,113.2 |
Other non-current liabilities (3) |  | 175.9 |  |  | 413.0 |  |  | 0.3 |  |  | 19.3 |  |  | 44.2 |  |  | 31.6 |  |  | 32.6 |  |  | 285.0 |
| $ | 3,282.1 |  | $ | 4,576.8 |  | $ | 1,130.9 |  | $ | 271.0 |  | $ | 244.5 |  | $ | 271.0 |  | $ | 261.2 |  | $ | 2,398.2 |
Derivative financial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
currency contracts (4) | $ | 9.0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outflow |  |  |  | $ | 1,708.0 |  | $ | 1,448.0 |  | $ | 186.4 |  | $ | 55.0 |  | $ | 16.3 |  | $ | 1.0 |  | $ | 1.3 |
Inflow |  |  |  |  | (1,699.0 | ) |  | (1,437.1 | ) |  | (189.4 | ) |  | (54.7 | ) |  | (15.5 | ) |  | (1.0 | ) |  | (1.3 | )
Swap derivatives on total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
long-term debt (5) |  | (11.1 | ) |  | (12.7 | ) |  | (2.1 | ) |  | (2.0 | ) |  | (2.0 | ) |  | (2.0 | ) |  | (1.9 | ) |  | (2.7 | )
Embedded foreign currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives (6) |  | (0.1 | ) |  | (0.1 | ) |  | (0.1 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Equity swap agreement |  | (10.4 | ) |  | (10.4 | ) |  | (10.4 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| $ | (12.6 | ) | $ | (14.2 | ) | $ | (1.7 | ) | $ | (5.0 | ) | $ | (1.7 | ) | $ | (1.2 | ) | $ | (1.9 | ) | $ | (2.7 | )
| $ | 3,269.5 |  | $ | 4,562.6 |  | $ | 1,129.2 |  | $ | 266.0 |  | $ | 242.8 |  | $ | 269.8 |  | $ | 259.3 |  | $ | 2,395.5 |
|  | 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 |
|  | Restated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-derivative financial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
accrued liabilities (1) | $ | 588.2 |  | $ | 588.2 |  | $ | 588.2 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
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 |
| $ | 2,018.6 |  | $ | 2,654.4 |  | $ | 676.5 |  | $ | 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) |  | (10.6 | ) |  | (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 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| $ | (2.2 | ) | $ | (2.7 | ) | $ | 5.2 |  | $ | — |  | $ | (1.5 | ) | $ | (1.5 | ) | $ | (1.4 | ) | $ | (3.5 | )
| $ | 2,016.4 |  | $ | 2,651.7 |  | $ | 681.7 |  | $ | 280.9 |  | $ | 108.7 |  | $ | 253.7 |  | $ | 105.3 |  | $ | 1,221.4 |
(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) |  |  |  | 2019 |  |  |  |  |  | 2018 |
|  | Notional |  | (1) | Average |  |  | Notional |  | (1) | Average |
Currencies (sold/bought) |  | Amount |  |  | Rate |  |  | Amount |  |  | Rate |
USD/CDN |  |  |  |  |  |  |  |  |
Less than 1 year | $ | 717.4 |  |  | 0.77 |  | $ | 572.2 |  |  | 0.79 |
Between 1 and 3 years |  | 167.3 |  |  | 0.77 |  |  | 131.6 |  |  | 0.78 |
Between 3 and 5 years |  | 17.4 |  |  | 0.79 |  |  | 20.2 |  |  | 0.80 |
Over 5 years |  | 1.3 |  |  | 0.79 |  |  | — |  |  | — |
CDN/EUR |  |  |  |  |  |  |  |  |  |  |
Less than 1 year |  | 40.1 |  |  | 1.51 |  |  | 40.1 |  |  | 1.57 |
EUR/CDN |  |  |  |  |  |  |  |  |  |  |  |
Less than 1 year |  | 166.2 |  |  | 0.65 |  |  | 125.6 |  |  | 0.65 |
Between 1 and 3 years |  | 71.3 |  |  | 0.61 |  |  | 2.5 |  |  | 0.63 |
Between 3 and 5 years |  | — |  |  | — |  |  | 0.2 |  |  | 0.59 |
GBP/CDN |  |  |  |  |  |  |  |  |  |  |  |
Less than 1 year |  | 49.8 |  |  | 0.58 |  |  | 72.4 |  |  | 0.56 |
Between 1 and 3 years |  | 1.8 |  |  | 0.55 |  |  | 19.4 |  |  | 0.57 |
CDN/GBP |  |  |  |  |  |  |  |  |  |  |  |
Less than 1 year |  | 5.3 |  |  | 1.74 |  |  | 33.4 |  |  | 1.80 |
CDN/USD |  |  |  |  |  |  |  |  |  |  |  |
Less than 1 year |  | 282.9 |  |  | 1.33 |  |  | 132.3 |  |  | 1.28 |
Between 1 and 3 years |  | — |  |  | — |  |  | 5.8 |  |  | 1.29 |
GBP/USD |  |  |  |  |  |  |  |  |  |  |  |
Less than 1 year |  | 22.0 |  |  | 0.76 |  |  | 31.0 |  |  | 0.71 |
Between 1 and 3 years |  | 1.0 |  |  | 0.74 |  |  | 12.8 |  |  | 0.76 |
Other currencies |  |  |  |  |  |  |  |  |  |  |  |
Less than 1 year |  | 164.2 |  |  | — |  |  | 139.6 |  |  | — |
Between 1 and 3 years |  | — |  |  | — |  |  | 12.3 |  |  | — |
Total | $ | 1,708.0 |  |  |  |  | $ | 1,351.4 |  |  |  |
(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 |
2019 |  | $ | 3.0 |  |  | $ | (17.2 | ) |  | $ | (0.4 | ) |  | $ | (4.0 | ) |  | $ | 1.2 |  |  | $ | (0.2 | )
2018 |  | 4.6 |  |  | (17.3 | ) |  | 0.6 |  |  | (1.6 | ) |  | (0.3 | ) |  | (1.6 | )
Disclosure of letters of credit and guarantees |
|  | 2019 |  |  | 2018 |
Advance payment | $ | 44.7 |  | $ | 56.7 |
Contract performance |  | 42.3 |  |  | 39.6 |
Lease obligations |  | 39.9 |  |  | 36.2 |
Financial obligations |  | 76.9 |  |  | 88.7 |
Other |  | 1.2 |  |  | 2.2 |
| $ | 205.0 |  | $ | 223.4 |

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