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Segmented Information | 12 Months Ended
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Dec. 31, 2024
Disclosure of geographical areas [abstract] |
Segmented Information | Note 33. Segmented Information The Company has identified three reporting segments for external reporting: • NAM consists of operations in Canada and the USA. • LATAM consists of operations in Argentina, Bolivia, Brazil, Colombia, Mexico, and Peru. • EH consists of operations in the Middle East, Africa, Europe, Australia and Asia. Each segment generates revenue from the EI, AMS and ES product lines. The accounting policies of these reportable operating segments are the same as those described in Note 3 "Summary of Material Accounting Policies". For internal Management reporting, the Company’s Chief Operating Decision Maker (“CODM”) has identified four operating segments which include: Canada, USA, LATAM, and EH. Each of the operating segments are supported by the Corporate head office. Corporate overheads are allocated to the operating segments based on revenue. In assessing its reporting and operating segments, the Company considered geographic locations, economic characteristics, the nature of products and services provided, the nature of production processes, the types of customers for its products and services, and distribution methods used. These considerations also factored into the decision to combine Canada and the USA into one reporting segment. For each of the operating segments, the CODM reviews internal management reports on at least a quarterly basis. For the twelve months ended December 31, 2024, the Company had no individual customer which accounted for more that 10 percent of its revenue (December 31, 2023 – none). During the second quarter of 2024, the CODM reassessed how it analyzes the gross margin for each of the Company’s product lines, which resulted in the disaggregation of gross margin by product line and impacted operating income in the reporting segments for the year ended December 31, 2023. The impact to the reporting segments operating income for the year ended December 31, 2023, is a decrease of $1 million for NAM and an increase of $1 million for EH. Total consolidated gross margin and operating income remained unchanged. The CODM also reassessed how it analyzes the total assets of each of the Company’s reporting segments. The CODM relies on information about each of the reporting segments’ “EI assets – operating leases” and “EI assets – finance leases receivable”. Such information includes the operating effectiveness of these assets and the returns on the related operating and finance leases. In order to provide relevant information, the Company reclassified intercompany loans to Corporate from the respective reporting segments to conform to the current year presentation. The impact on segment assets for December 31, 2023, is a decrease of $183 million for NAM; a decrease of $6 million for EH; an increase of $3 million for LATAM and an increase of $186 million for Corporate. The impact on segment assets for January 1, 2023, was an increase of $8 million and $3 million for EH and LATAM and a decrease of $11 million for Corporate. The following tables provide certain financial information by the Company’s reporting segments. Revenue and Operating Income
|  | NAM |  |  | LATAM |  |  | EH |  |  | Total |
Years ended December 31, |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Segment revenue |  | $ | 1,626 |  |  | $ | 1,449 |  |  | $ | 407 |  |  | $ | 351 |  |  | $ | 447 |  |  | $ | 588 |  |  | $ | 2,480 |  |  | $ | 2,388 |
Intersegment revenue |  |  | (62 | ) |  |  | (36 | ) |  |  | - |  |  |  | (1 | ) |  |  | (4 | ) |  |  | (8 | ) |  |  | (66 | ) |  |  | (45 | )
Revenue |  | $ | 1,564 |  |  | $ | 1,413 |  |  | $ | 407 |  |  | $ | 350 |  |  | $ | 443 |  |  | $ | 580 |  |  | $ | 2,414 |  |  | $ | 2,343 |
EI |  |  | 146 |  |  |  | 127 |  |  |  | 257 |  |  |  | 248 |  |  |  | 265 |  |  |  | 201 |  |  |  | 668 |  |  |  | 576 |
AMS |  |  | 279 |  |  |  | 286 |  |  |  | 70 |  |  |  | 57 |  |  |  | 159 |  |  |  | 140 |  |  |  | 508 |  |  |  | 483 |
ES |  |  | 1,139 |  |  |  | 1,000 |  |  |  | 80 |  |  |  | 45 |  |  |  | 19 |  |  |  | 239 |  |  |  | 1,238 |  |  |  | 1,284 |
Revenue |  |  | 1,564 |  |  |  | 1,413 |  |  |  | 407 |  |  |  | 350 |  |  |  | 443 |  |  |  | 580 |  |  |  | 2,414 |  |  |  | 2,343 |
EI |  |  | 76 |  |  |  | 72 |  |  |  | 182 |  |  |  | 184 |  |  |  | 199 |  |  |  | 135 |  |  |  | 457 |  |  |  | 391 |
AMS |  |  | 231 |  |  |  | 233 |  |  |  | 51 |  |  |  | 44 |  |  |  | 125 |  |  |  | 114 |  |  |  | 407 |  |  |  | 391 |
ES |  |  | 915 |  |  |  | 840 |  |  |  | 65 |  |  |  | 37 |  |  |  | 66 |  |  |  | 227 |  |  |  | 1,046 |  |  |  | 1,104 |
COGS 1 |  |  | 1,222 |  |  |  | 1,145 |  |  |  | 298 |  |  |  | 265 |  |  |  | 390 |  |  |  | 476 |  |  |  | 1,910 |  |  |  | 1,886 |
EI |  |  | 70 |  |  |  | 55 |  |  |  | 75 |  |  |  | 64 |  |  |  | 66 |  |  |  | 66 |  |  |  | 211 |  |  |  | 185 |
AMS |  |  | 48 |  |  |  | 53 |  |  |  | 19 |  |  |  | 13 |  |  |  | 34 |  |  |  | 26 |  |  |  | 101 |  |  |  | 92 |
ES |  |  | 224 |  |  |  | 160 |  |  |  | 15 |  |  |  | 8 |  |  |  | (47 | ) |  |  | 12 |  |  |  | 192 |  |  |  | 180 |
Gross Margin |  |  | 342 |  |  |  | 268 |  |  |  | 109 |  |  |  | 85 |  |  |  | 53 |  |  |  | 104 |  |  |  | 504 |  |  |  | 457 |
SG&A 1 |  |  | 177 |  |  |  | 144 |  |  |  | 64 |  |  |  | 53 |  |  |  | 86 |  |  |  | 96 |  |  |  | 327 |  |  |  | 293 |
FX loss (gain) |  |  | (1 | ) |  |  | - |  |  |  | 5 |  |  |  | 43 |  |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | 43 |
Operating income (loss) |  | $ | 166 |  |  | $ | 124 |  |  | $ | 40 |  |  | $ | (11 | ) |  | $ | (33 | ) |  | $ | 8 |  |  | $ | 173 |  |  | $ | 121 |
1 Depreciation and amortization for the reporting segments are recorded in COGS and SG&A. During the year-ended December 31, 2024 the amount of depreciation and amortization in NAM was $74 million (December 31, 2023 – $69 million); LATAM was $53 million (December 31, 2023 – $48 million); and EH was $58 million (December 31, 2023 – $81 million). Segment Assets
|  | NAM |  |  | LATAM |  |  | EH |  |  | Total |
As at December 31, |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
EI assets – operating leases |  | $ | 286 |  |  | $ | 298 |  |  | $ | 185 |  |  | $ | 209 |  |  | $ | 242 |  |  | $ | 357 |  |  | $ | 713 |  |  | $ | 864 |
EI assets – finance leases receivable |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 238 |  |  |  | 204 |  |  |  | 238 |  |  |  | 204 |
Goodwill 1 |  |  | 164 |  |  |  | 167 |  |  |  | - |  |  |  | - |  |  |  | 258 |  |  |  | 266 |  |  |  | 422 |  |  |  | 433 |
Other segment assets |  |  | 586 |  |  |  | 734 |  |  |  | 316 |  |  |  | 272 |  |  |  | 309 |  |  |  | 264 |  |  |  | 1,211 |  |  |  | 1,270 |
Corporate |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 207 |  |  |  | 187 |
Total segment assets |  | $ | 1,036 |  |  | $ | 1,199 |  |  | $ | 501 |  |  | $ | 481 |  |  | $ | 1,047 |  |  | $ | 1,091 |  |  | $ | 2,791 |  |  | $ | 2,958 |
|  | NAM |  |  | LATAM |  |  | EH |  |  | Total |
|  | Dec 31, 2023 |  |  | Jan 1, 2023 |  |  | Dec 31, 2023 |  |  | Jan 1, 2023 |  |  | Dec 31, 2023 |  |  | Jan 1, 2023 |  |  | Dec 31, 2023 |  |  | Jan 1, 2023 |
EI assets – operating leases |  | $ | 298 |  |  | $ | 342 |  |  | $ | 209 |  |  | $ | 195 |  |  | $ | 357 |  |  | $ | 377 |  |  | $ | 864 |  |  | $ | 914 |
EI assets – finance leases receivable |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 26 |  |  |  | 204 |  |  |  | 191 |  |  |  | 204 |  |  |  | 217 |
Goodwill 1 |  |  | 167 |  |  |  | 166 |  |  |  | - |  |  |  | 66 |  |  |  | 266 |  |  |  | 266 |  |  |  | 433 |  |  |  | 498 |
Other segment assets |  |  | 734 |  |  |  | 841 |  |  |  | 272 |  |  |  | 395 |  |  |  | 264 |  |  |  | 52 |  |  |  | 1,270 |  |  |  | 1,288 |
Corporate |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 187 |  |  |  | 227 |
Total segment assets |  | $ | 1,199 |  |  | $ | 1,349 |  |  | $ | 481 |  |  | $ | 682 |  |  | $ | 1,091 |  |  | $ | 886 |  |  | $ | 2,958 |  |  | $ | 3,144 |
1 Total amount of goodwill in the Canada and USA operating segments at December 31, 2024, were $28 million and $136 million, respectively (December 31, 2023 – $31 million and $136 million, January 1, 2023 – $30 million and $136 million, respectively).

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