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Financial instruments - Risk management and fair value (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Foreign Currency Risk Exposure

The following chart summarizes the Company’s foreign currency risk exposure (assets and liabilities denominated in foreign currency) as of December 31:


	2020		2019
Assets
Cash and cash equivalents	$	12,322	$	22,818
Accounts receivable, net		27,670		73,018
Other assets		18,942		15,726

Total assets	$	58,934	$	111,562
Liabilities
Accounts payable		20,142		51,313
Taxes payable		13,757		37,137
Other liabilities		11,387		18,513

Total liabilities	$	45,286	$	106,963

Net position	$	13,648	$	4,599

Movement in Allowance for Impairment for Short and Long-term Investments at Amortized Cost

The movement in the allowance for impairment for short and long-term investments at amortized cost for the year ended December 31 was as follows:


	2020			2019
Balance at beginning of year	$	(957	)	$	(1,218	)
(Additions)/Reversal		(260	)		261

Balance at end of year	$	(1,217	)	$	(957	)

Summary of Credit Risk Exposure on Trade Receivables using Provision Matrix

Set out below is the information about the credit risk exposure on the Company’s trade receivables using a provision matrix as of December 31:


	2020
			Days past due
	Total		Current			<30			30-60			60-90			>90
Expected credit loss rate				0.0	%		0.1	%		2.5	%		3.7	%		41.5	%
Gross carrying amount	$	72,172	$	50,180		$	3,554		$	1,867		$	1,228		$	15,343
Expected credit loss	$	6,483	$	20		$	3		$	46		$	46		$	6,368

	2019
			Days past due
	Total		Current			<30			30-60			60-90			>90
Expected credit loss rate				0.1	%		2.3	%		3.7	%		12.0	%		33.3	%
Gross carrying amount	$	137,499	$	111,778		$	6,170		$	2,786		$	1,636		$	15,129
Expected credit loss	$	5,579	$	99		$	141		$	104		$	196		$	5,039

Summary of Financial Liabilities According to Maturity Date

The table below summarizes the Company’s financial liabilities according to their maturity date. The amounts in the table are the contractual undiscounted cash flows. Balances due within twelve months equal their carrying balances as the impact of discounting is not significant.

December 31, 2020


	Note		Carrying amount		Contractual cash flow		Less than twelve months		Between 1 and 4 years		More than 4 years
Non-derivative financial liabilities
Loans and borrowings		18	$	1,163,900	$	1,287,203	$	155,902	$	834,145	$	297,156
Lease liabitity		14		230,510		246,495		90,244		147,530		8,720
Account payable		19		63,461		63,461		63,461		—		—
Account payable to related parties		19		2,970		2,970		2,970		—		—

			$1,460,841		$1,600,129		$312,577		$981,675		$305,876

December 31, 2019


	Note		Carrying amount		Contractual cash flow		Less than twelve months		Between 1 and 4 years		More than 4 years
Non-derivative financial liabilities
Loans and borrowings		18	$	1,060,765	$	1,197,635	$	146,434	$	556,257	$	494,944
Lease liabitity		14		304,564		329,029		107,556		212,408		9,065
Account payable		19		119,332		119,332		119,332		—		—
Account payable to related parties		19		14,086		14,086		14,086		—		—

			$1,498,747		$1,660,082		$387,408		$768,665		$504,009

Summary of Carrying Amount and Fair Values of Financial Assets and Financial Liabilities

Set out below is a comparison, by class, of the carrying amounts and fair values of the Company’s financial instruments, other than those with carrying amounts that are reasonable approximations of fair values:


			Carrying amount				Fair Value
	Note		2020		2019		2020		2019
Financial assets
Long-term investments		9		119,617		134,347		120,938		155,051

Financial liabilities
Loans and borrowings		18		1,163,900		1,060,765		1,327,282		1,068,961

Summary of Company's financial instruments measured at fair value


	Fair value measurement as of reporting date
	2020		Quoted prices in active markets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Non - recurring fair value measurements
Assets
Asset held for sale		135,542		—		—		135,542

Total assets	$	135,542	$	—	$	—	$	135,542

Recurring fair value measurements
Liabilities
Derivative financial instruments		245,560		—		245,560		—

Total liabilities	$	245,560	$	—	$	245,560	$	—

Summary of key Assumptions used to Determine the Fair Value of Assets Held For Sale

Company’s approach and the key assumptions used to determine the fair value less costs of disposal of the assets held for sale were as follows:


	Unobservable input	Value assigned to key assumption			Approach to determining key assumption
Asset held for sale	Sales price		145,399		Average of purchase proposals received
Asset held for sale	Cost of disposal		(9,857	)	Estimated based on the Company’s experience with disposal of similar assets.