Property, Plant And Equipment And Rental Equipment

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Property, Plant And Equipment And Rental Equipment

NOTE 4. PROPERTY, PLANT AND EQUIPMENT AND RENTAL EQUIPMENT

During the three months ended March 31, 2022, the Company added $0.9 million in property, plant and equipment (March 31, 2021 – $1.3 million) and $2.5 million in rental equipment (March 31, 2021 – $11.3 million). The impact of foreign exchange movements on assets denominated in a foreign currency during the three months ended March 31, 2022 was a decrease of $1.1 million on property, plant and equipment and a decrease of $5.1 million on rental equipment (March 31, 2021 – decrease of $1.2 million and $9.7 million, respectively).

Depreciation of property, plant and equipment and rental equipment included in earnings for the three months ended March 31, 2022 was $16.3 million (March 31, 2021 – $15.7 million), of which $15.9 million was included in cost of goods sold (March 31, 2021 – $15.2 million) and $0.4 million was included in selling and administrative expenses (March 31, 2021 – $0.5 million).

During the first quarter of 2022, the Company reclassified certain prior period amounts between cost of goods sold and selling and administrative expenses, refer to Note 1 for more details. As a result, $0.4 million of property, plant and equipment depreciation was reclassified from selling and administrative expenses to cost of goods sold.

NOTE 9. PROPERTY, PLANT AND EQUIPMENT AND RENTAL EQUIPMENT


	Land			Building			Equipment			Assets under construction			Total property, plant and equipment			Rental equipment
Cost
January 1, 2021	$	18,471		$	112,179		$	63,844		$	4,050		$	198,544		$	881,684
Additions		—			—			831			4,323			5,154			52,187
Reclassification		—			2,327			2,566			(5,297	)		(404	)		—
Disposals		—			(66	)		(2,436	)		—			(2,502	)		(82,304	)
Currency translation effects		(60	)		(419	)		(313	)		(8	)		(800	)		(11,833	)

December 31, 2021	$	18,411		$	114,021		$	64,492		$	3,068		$	199,992		$	839,734

Accumulated depreciation
January 1, 2021	$	—		$	(44,334	)	$	(51,574	)	$	—		$	(95,908	)	$	(243,870	)
Depreciation charge		—			(5,956	)		(4,451	)		—			(10,407	)		(55,466	)
Impairment		—			—			—			—			—			(537	)
Disposals		—			66			2,351			—			2,417			62,990
Currency translation effects		—			137			183			—			320			7,477

December 31, 2021	$	—		$	(50,087	)	$	(53,491	)	$	—		$	(103,578	)	$	(229,406	)

Net book value – December 31, 2021	$	18,411		$	63,934		$	11,001		$	3,068		$	96,414		$	610,328


	Land			Building			Equipment			Assets under construction			Total property, plant and equipment			Rental equipment
Cost
January 1, 2020	$	18,756		$	105,130		$	63,386		$	10,304		$	197,576		$	917,204
Additions		—			198			1,176			8,500			9,874			123,879
Reclassification		—			9,213			3,324			(14,956	)		(2,419	)		—
Disposals		—			(76	)		(3,120	)		—			(3,196	)		(119,251	)
Currency translation effects		(285	)		(2,286	)		(922	)		202			(3,291	)		(40,148	)

December 31, 2020	$	18,471		$	112,179		$	63,844		$	4,050		$	198,544		$	881,684

Accumulated depreciation
January 1, 2020	$	—		$	(39,262	)	$	(49,763	)	$	—		$	(89,025	)	$	(275,109	)
Depreciation charge		—			(5,945	)		(5,558	)		—			(11,503	)		(51,360	)
Impairment		—			—			—			—			—			(2,607	)
Disposals		—			71			3,055			—			3,126			67,054
Currency translation effects		—			802			692			—			1,494			18,152

December 31, 2020	$	—		$	(44,334	)	$	(51,574	)	$	—		$	(95,908	)	$	(243,870	)

Net book value – December 31, 2020	$	18,471		$	67,845		$	12,270		$	4,050		$	102,636		$	637,814


	Land			Building			Equipment			Assets under construction			Total property, plant and equipment			Rental equipment
Cost
January 1, 2019	$	23,034		$	88,668		$	59,685		$	11,641		$	183,028		$	798,999
Additions		—			1,557			1,283			43,482			46,322			217,068
Reclassification		—			33,403			8,167			(44,338	)		(2,768	)		—
Disposals		(3,531	)		(14,663	)		(3,898	)		—			(22,092	)		(51,811	)
Currency translation effects		(747	)		(3,835	)		(1,851	)		(481	)		(6,914	)		(47,052	)

December 31, 2019	$	18,756		$	105,130		$	63,386		$	10,304		$	197,576		$	917,204

Accumulated depreciation
January 1, 2019	$	—		$	(45,216	)	$	(49,106	)	$	—		$	(94,322	)	$	(260,510	)
Depreciation charge		—			(5,039	)		(5,740	)		—			(10,779	)		(52,916	)
Impairment		—			—			—			—			—			(26,414	)
Disposals		—			9,441			3,748			—			13,189			45,969
Currency translation effects		—			1,552			1,335			—			2,887			18,762

December 31, 2019	$	—		$	(39,262	)	$	(49,763	)	$	—		$	(89,025	)	$	(275,109	)

Net book value – December 31, 2019	$	18,756		$	65,868		$	13,623		$	10,304		$	108,551		$	642,095

During the fourth quarter of 2021 and 2020, the Company recorded a disposition of certain rental equipment that was recognized as a finance lease. Refer to Note 11 for further details on these finance lease transactions.

Depreciation of property, plant and equipment and rental equipment included in earnings (loss) for the year ended December 31

, 2021

was $65.9

million (December 31, 2020

–

$62.9

million; December 31

, 2019

–

$63.7

million), of which $64.1

million was included in cost of goods sold (December 31, 2020

–

$61.2

million; December 31

, 2019

–

$61.7

million) and $1.8

million was included in selling and administrative expenses (December 31, 2020

–

$1.7

million; December 31

, 2019

–

$2.0

million).

Impairment of rental equipment included in earnings for the year ended December 31, 2021 was $0.5 million (December 31, 2020 – $2.6 million; December 31, 2019 – $26.4

million).

The Company reclassified certain amounts between cost of goods sold and selling and administrative expenses, refer to Note 2(a) for more details. The impact of the reclassification on property, plant and equipment depreciation from selling and administrative expenses to cost of goods sold is $1.9

million for the year ended December 31, 2021 (December 31, 2020 – $2.0

million; December 31, 2019 – $1.6

million).