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Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about financial instruments [abstract]

Summary of detailed information about financial instruments

The Company has designated ifs financial instruments as follows:


December 31, 2023	Carrying value		Estimated fair value

Financial Assets

Cash and cash equivalents		$ 126,089	$	126,089

Short-term investments		14,425		14,425

Derivative instruments in designated hedge accounting relationships		594		594

Loans and receivables:

Accounts receivable		525,854		525,854

Financial Liabilities

Derivative instruments in designated hedge accounting relationships		1,019		1,019

Other financial liabilities:

Accounts payable and accrued liabilities		561,120		561,120

Other current liabilities		7,936		7,936

Long-term debt – Revolving Credit Facility		314,705		314,705

Long-term debt – Term Loan		171,938		171,938

Long-term debt – Notes		826,625		823,198

Other long-term liabilities		18,070		18,070

December 31, 2022	Carrying value		Estimated fair value

Financial Assets

Cash and cash equivalents	$	253,776	$	253,776

Derivative instruments in designated hedge accounting relationships		901		901

Loans and receivables:

Accounts receivable		455,841		455,841

Preferred shares receivable		27,954		28,702

Financial Liabilities

Derivative instruments in designated hedge accounting relationships		977		977

Other financial liabilities:

Accounts payable and accrued liabilities		628,086		628,086

Long-term debt – Revolving Credit Facility		459,202		459,202

Long-term debt – Term Loan		203,160		203,160

Long-term debt – Notes		846,500		869,288

Other long-term liabilities		21,757		21,757

Summary of fair value measurement of financial assets and financial liabilities


	Carrying value		Fair Value
	Carrying value		Level 1		Level 2		Level 3
Financial Assets
Short-term investments	$	14,425	$	-	$	14,425	$	-
Derivative financial instruments		594		-		594		-

Financial Liabilities
Derivative financial instruments	$	1,019	$	-	$	1,019	$	-
Long-term debt – Notes		826,625		-		823,198		-

Summary of detailed information about hedging instruments

The following table summarizes the Company’s commitments to buy and sell foreign currencies as at December 31, 2023:


		Notional amount	Maturity
Canadian Dollar Denominated Contracts
Purchase contracts	USD	$ 30,780	January 2024 –December 2024
Sales contracts	USD	(21,321)	January 2024 –November 2024

Summary of earnings before tax due to weakening of foreign currency


Canadian dollar weakens by five percent	USD		AUD		BRL
Earnings from foreign operations
Earnings before income taxes	$	5,920	$	28	$	(1,726)

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, 2023 and for the year then ended.


Canadian dollar weakens by five percent	USD		AUD		BRL
Financial instruments held in foreign operations

Other comprehensive income	$	12,446	$	639	$	246

Financial instruments held in Canadian operations

Earnings before income taxes	$	(10,042)	$	-	$	-

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 December 31, 2023:


($ thousands)	Less than 3 months		3 months to 1 year		Greater than 1 year		Total
Derivative financial instruments

Foreign currency forward contracts	$	596	$	423	$	-	$	1,019

Accounts payable and accrued liabilities		561,120		-		-		561,120

Other current liabilities		7,936		-		-		7,936

Long-term debt – Revolving Credit Facility		-		-		314,705		314,705

Long-term debt – Term Loan		13,226		39,678		119,034		171,938

Long-term debt – Notes		-		-		826,625		826,625

Other long-term liabilities		-		-		18,070		18,070

Summary of maturity analysis for financial assets held for managing liquidity risk


($ thousands)	December 31, 2023
Cash and cash equivalents	$	126,089
Short-term investments		14,425
Total Revolving Credit Facility (US$700,000)		925,820
Less:
Drawings on the Revolving Credit Facility		314,705
Letters of Credit 1		137,982
Available for future drawings	$	613,647

This represents the letters of credit that the Company has funded with the Revolving Credit Facility. Additional letters of credit of $48 million (US$36 million) are funded from the US$70 million LC Facility. Refer to Note 20 “Long-Term Debt” for more information.