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Financial Instruments (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Disclosure of detailed information about financial instruments [abstract]

Summary of detailed information about financial instruments

The Company has designated its financial instruments as follows:

December 31, 2021		Carrying value				Estimated fair value
Financial Assets
Cash and cash equivalents		$	172,758			$	172,758
Derivative instruments in designated hedge accounting relationships			294				294
Loans and receivables:
Accounts receivable			212,206				212,206
Contract assets			82,760				82,760
Long-term receivables			24,172				27,471
Financial Liabilities
Derivative instruments in designated hedge accounting relationships			180				180
Other financial liabilities:
Accounts payable and accrued liabilities			240,747				240,747
Long-term debt – Bank Facility			30,522				30,522
Long-term debt – Asset-Based Facility			37,411				37,411
Long-term debt – Notes			266,865				280,295
Other long-term liabilities			15,785				15,785

December 31, 2020		Carrying value				Estimated fair value
Financial Assets
Cash and cash equivalents		$	95,676			$	95,676
Derivative instruments in designated hedge accounting relationships			491				491
Loans and receivables:
Accounts receivable			213,375				213,375
Contract assets			66,722				66,722
Long-term receivables			31,910				35,696
Financial Liabilities
Derivative instruments in designated hedge accounting relationships			371				371
Other financial liabilities:
Accounts payable and accrued liabilities			182,152				182,152
Current portion of long-term debt - Notes			40,000				40,610
Long-term debt – Bank Facility			84,369				84,369
Long-term debt – Notes			267,810				284,605
Other long-term liabilities			10,967				10,967

Summary of fair value measurement of financial assets and financial liabilities

		Carrying value				Fair Value
						Level 1				Level 2				Level 3
Financial Assets
Derivative financial instruments		$	294			$	—			$	294			$	—
Long-term receivables		$	24,172			$	—			$	27,471			$	—
Financial Liabilities
Derivative financial instruments		$	180			$	—			$	180			$	—
Long-term debt – Notes		$	266,865			$	—			$	280,295			$	—

Summary of detailed information about hedging instruments

The following table summarizes the Company’s commitments to buy and sell foreign currencies as at June 30, 2022:

Notional amount

Maturity

Canadian Dollar Denominated Contracts

Purchase contracts

USD

$

20,387

July 2022 – April 2023

Sales contracts

USD

(17,895

)

July 2022 – May 2023

Purchase contracts

EUR

3,568

October 2022 – March 2023

Sales contracts

EUR

(2,453

)

March 2023

The following table summarizes the Company’s commitments to buy and sell foreign currencies as at December 31, 2021:

Notional amount

Maturity

Canadian Dollar Denominated Contracts

Purchase contracts

USD

16,119

January 2022 – June 2022

Sales contracts

USD

(10,849

)

January 2022 – September 2022

Purchase contracts

EUR

1,091

June 2022

Sales contracts

EUR

(641

)

June 2022

Summary of earnings before tax due to weakening of foreign currency

The following table shows the sensitivity to a 5.0 percent weakening of the Canadian dollar against the U.S. dollar, Australian dollar, and Brazilian real.

Canadian dollar weakens by 5 percent		USD				AUD				BRL
Earnings from foreign operations
Earnings before income taxes		$	1,632			$	(149	)		$	92
Financial instruments held in foreign operations
Other comprehensive income		$	14,454			$	334			$	300
Financial instruments held in Canadian operations
Earnings before income taxes		$	(9,510	)		$	—			$	—

Canadian dollar weakens by 5 percent		USD				AUD				BRL
Earnings before income taxes		$	1,776			$	(90	)		$	167

Summary of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities

The following table shows the Company’s sensitivity to a five percent weakening of the Canadian dollar against the U.S. dollar, Australian dollar, and Brazilian real. A five percent strengthening of the Canadian dollar would have an equal and opposite effect. This sensitivity analysis relates to the position as at December 31, 2021 and for the year then ended.

Canadian dollar weakens by 5 percent		USD				AUD				BRL
Financial instruments held in foreign operations
Other comprehensive income		$	14,019			$	908			$	221
Financial instruments held in Canadian operations
Earnings before income taxes		$	(9,633	)		$	—			$	—

Summary of maturity analysis for derivative and non derivative financial liabilities

A liquidity analysis of the Company’s financial instruments has been completed on a maturity basis. The following table outlines the cash flows, including interest associated with the maturity of the Company’s financial liabilities, as at June 30, 2022:

		Less than 3 months				3 months to 1 year				Greater than 1 year				Total
Derivative financial instruments
Foreign currency forward contracts		$	60			$	126			$	—			$	186
Accounts payable and accrued liabilities			278,166				—				—				278,166
Long-term debt – Bank Facility			—				4,735				46,624				51,359
Long-term debt – Asset-Based Facility			—				—				27,029				27,029
Long-term debt – Notes			—				—				270,505				270,505
Other long-term liabilities			—				—				12,413				12,413

A liquidity analysis of the Company’s financial instruments has been completed on a maturity basis. The following table outlines the cash flows, including interest associated with the maturity of the Company’s financial liabilities, as at December 31, 2021:

		Less than 3 months				3 months to 1 year				Greater than 1 year				Total
Derivative financial instruments
Foreign currency forward contracts		$	124			$	56			$	—			$	180
Accounts payable and accrued liabilities			240,747				—				—				240,747
Long-term debt – Bank Facility			—				—				30,522				30,522
Long-term debt – Asset-Based Facility			—				—				37,411				37,411
Long-term debt – Notes			—				—				266,865				266,865
Other long-term liabilities			—				—				15,785				15,785

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