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v3.21.2

FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended
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Mar. 31, 2021
Disclosure of notes and other explanatory information [Abstract] |
Credit risk and credit loss allowances for accounts receivable and contract assets by segment | As at March 31, 2021, exposure to credit risk and credit loss allowances for accounts receivable and contract assets by segments are as follows:
|  | Civil Aviation Training Solutions |  | Defence and Security |  | Healthcare |  | Amounts not allocated to a segment |  | Total
Gross accounts receivable | $ | 297.1 |  | $ | 178.3 |  | $ | 62.4 |  | $ | 15.2 |  | $ | 553.0 |
Gross contract assets |  | 53.6 |  |  | 406.1 |  |  | 2.2 |  |  | — |  |  | 461.9 |
Total | $ | 350.7 |  | $ | 584.4 |  | $ | 64.6 |  | $ | 15.2 |  | $ | 1,014.9 |
Credit loss allowances | $ | (32.8) |  | $ | (0.2) |  | $ | (1.4) |  | $ | — |  | $ | (34.4) |
As a % |  | 9.4 | % |  | — | % |  | 2.2 | % |  | — | % |  | 3.4 | %
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, excluding liabilities for subscription receipts, 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:
|  |  |  |  |  |  | Between | Between | Between | Between |  |
| Carrying | Contractual | Less than |  | 1 and |  | 2 and |  | 3 and |  | 4 and | More than
As at March 31, 2021 | amount | cash flows |  | 1 year |  | 2 years |  | 3 years |  | 4 years |  | 5 years |  | 5 years
Non-derivative financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities (1) | $ | 674.9 |  | $ | 674.9 |  | $ | 674.9 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Total long-term debt (2) |  | 2,358.0 |  |  | 2,954.5 |  |  | 291.4 |  |  | 238.1 |  |  | 230.0 |  |  | 320.0 |  |  | 151.7 |  |  | 1,723.3 |
Other non-current liabilities (3) |  | 185.4 |  |  | 376.3 |  |  | — |  |  | 29.3 |  |  | 41.0 |  |  | 31.1 |  |  | 30.7 |  |  | 244.2 |
| $ | 3,218.3 |  | $ | 4,005.7 |  | $ | 966.3 |  | $ | 267.4 |  | $ | 271.0 |  | $ | 351.1 |  | $ | 182.4 |  | $ | 1,967.5 |
Net derivative financial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
liabilities (assets) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign currency contracts (4) | $ | (24.0) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outflow |  |  | $ | 2,449.7 |  |  | 2,157.6 |  |  | 233.0 |  |  | 49.8 |  |  | 9.3 |  |  | — |  |  | — |
Inflow |  |  |  | (2,475.3) |  |  | (2,175.6) |  |  | (238.8) |  |  | (51.3) |  |  | (9.6) |  |  | — |  |  | — |
Foreign currency and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
interest rate swap agreements |  | (5.1) |  |  | (3.9) |  |  | (1.2) |  |  | (1.2) |  |  | (0.9) |  |  | (0.3) |  |  | (0.2) |  |  | (0.1) |
Equity swap agreements |  | 0.6 |  |  | 0.6 |  |  | 0.6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| $ | (28.5) |  | $ | (28.9) |  | $ | (18.6) |  | $ | (7.0) |  | $ | (2.4) |  | $ | (0.6) |  | $ | (0.2) |  | $ | (0.1) |
| $ | 3,189.8 |  | $ | 3,976.8 |  | $ | 947.7 |  | $ | 260.4 |  | $ | 268.6 |  | $ | 350.5 |  | $ | 182.2 |  | $ | 1,967.4 |
|  |  |  |  |  |  | Between | Between | Between | Between |  |
|  | Carrying | Contractual | Less than |  | 1 and |  | 2 and |  | 3 and |  | 4 and | More than
As at March 31, 2020 |  | amount | cash flows |  | 1 year |  | 2 years |  | 3 years |  | 4 years |  | 5 years |  | 5 years
Non-derivative financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities (1) | $ | 709.1 |  | $ | 709.1 |  | $ | 709.1 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Total long-term debt (2) |  | 3,305.2 |  |  | 4,319.8 |  |  | 296.5 |  |  | 555.1 |  |  | 564.8 |  |  | 383.4 |  |  | 340.1 |  |  | 2,179.9 |
Other non-current liabilities (3) |  | 182.0 |  |  | 397.8 |  |  | 0.7 |  |  | 49.8 |  |  | 31.2 |  |  | 32.1 |  |  | 32.4 |  |  | 251.6 |
| $ | 4,196.3 |  | $ | 5,426.7 |  | $ | 1,006.3 |  | $ | 604.9 |  | $ | 596.0 |  | $ | 415.5 |  | $ | 372.5 |  | $ | 2,431.5 |
Net derivative financial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
liabilities (assets) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign currency contracts (4) | $ | 38.8 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outflow |  |  | $ | 1,862.5 |  | $ | 1,636.1 |  | $ | 171.0 |  | $ | 42.4 |  | $ | 9.2 |  | $ | 3.8 |  | $ | — |
Inflow |  |  |  | (1,822.8) |  |  | (1,606.6) |  |  | (164.8) |  |  | (39.4) |  |  | (8.5) |  |  | (3.5) |  |  | — |
Foreign currency and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
interest rate swap agreements |  | 0.3 |  |  | (6.3) |  |  | 7.8 |  |  | (4.0) |  |  | (3.9) |  |  | (3.0) |  |  | (2.2) |  |  | (1.0) |
Equity swap agreements |  | 55.5 |  |  | 55.5 |  |  | 55.5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| $ | 94.6 |  | $ | 88.9 |  | $ | 92.8 |  | $ | 2.2 |  | $ | (0.9) |  | $ | (2.3) |  | $ | (1.9) |  | $ | (1.0) |
| $ | 4,290.9 |  | $ | 5,515.6 |  | $ | 1,099.1 |  | $ | 607.1 |  | $ | 595.1 |  | $ | 413.2 |  | $ | 370.6 |  | $ | 2,430.5 |
(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 Canadian dollar equivalent using the contractual forward foreign currency rate.
Disclosure of foreign currency risks | The forward foreign currency contracts outstanding are as follows:
(amounts in millions, except average rate) |  |  |  | 2021 |  |  |  | 2020
|  | Notional |  | Average |  | Notional |  | Average
Currencies (sold/bought) |  | amount | (1) | rate |  | amount | (1) | rate
USD/CDN |  |  |  |  |  |  |  |
Less than 1 year | $ | 530.9 |  |  | 0.77 |  | $ | 833.7 |  |  | 0.74 |
Between 1 and 3 years |  | 127.4 |  |  | 0.77 |  |  | 176.4 |  |  | 0.76 |
Between 3 and 5 years |  | 20.5 |  |  | 0.78 |  |  | 13.0 |  |  | 0.77 |
EUR/CDN |  |  |  |  |  |  |  |
Less than 1 year |  | 88.4 |  |  | 1.54 |  |  | 180.5 |  |  | 0.64 |
Between 1 and 3 years |  | 95.2 |  |  | 1.57 |  |  | 12.3 |  |  | 0.60 |
GBP/CDN |  |  |  |  |  |  |  |
Less than 1 year |  | 52.7 |  |  | 0.57 |  |  | 71.5 |  |  | 0.59 |
Between 1 and 3 years |  | 11.5 |  |  | 0.58 |  |  | 0.2 |  |  | 0.60 |
CDN/USD |  |  |  |  |  |  |  |
Less than 1 year |  | 1,224.7 |  |  | 1.27 |  |  | 289.7 |  |  | 1.36 |
Between 1 and 3 years |  | 31.0 |  |  | 1.37 |  |  | 23.7 |  |  | 1.32 |
Other currencies |  |  |  |  |  |  |  |
Less than 1 year |  | 260.8 |  |  | n.a. |  | 247.5 |  |  | n.a.
Between 1 and 3 years |  | 1.5 |  |  | n.a. |  | 0.8 |  |  | n.a.
Between 3 and 5 years |  | 5.0 |  |  | n.a. |  | 13.2 |  |  | n.a.
Total | $ | 2,449.6 |  |  |  | $ | 1,862.5 |  |  |
(1) Exchange rates as at the end of the respective periods 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 income |  | OCI | Net income |  | OCI | Net income |  | OCI
2021 |  | $ | 7.9 |  |  | $ | 28.9 |  |  | $ | 4.6 |  |  | $ | (3.8) |  |  | $ | (0.5) |  |  | $ | (0.7) |
2020 |  | 4.8 |  |  | (19.6) |  |  | (0.5) |  |  | (3.1) |  |  | 0.2 |  |  | (0.4) |
Disclosure of letters of credit and guarantees |
|  | 2021 |  | 2020
Advance payments | $ | 41.0 |  | $ | 36.0 |
Contract performance |  | 46.4 |  |  | 44.0 |
Lease obligations |  | 30.1 |  |  | 37.1 |
Financial obligations |  | 70.3 |  |  | 63.0 |
Other |  | 8.4 |  |  | 9.5 |
| $ | 196.2 |  | $ | 189.6 |

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