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Accounting pronouncements recently adopted (Tables)

12 Months Ended

Dec. 31, 2018

Accounting Changes and Error Corrections [Abstract]

Schedule of Effects of Adopting New Revenue Standard

The following table summarizes the effects of adopting the new revenue standard on the Company's consolidated statements of operations and comprehensive income for the year ended December 31, 2018:

(in thousands)		As Reported				Adjustments				Balances without adoption of Topic 606
Revenue (note 19)		$	410,061			$	1,940			$	412,001
Project costs		152,943				1,637				154,580
Gross profit		$	69,076			$	303			$	69,379
Operating income before the undernoted		$	29,980			$	303			$	30,283
Equity earnings in affiliates and joint ventures (note 13(a))		(60		)		(168		)		(228		)
Income before income taxes		$	21,417			$	471			$	21,888
Deferred income tax expense (note 11)		6,096				127				6,223
Net income and comprehensive income		$	15,321			$	344			$	15,665

The following table summarizes the effects of adopting the new revenue standard on the Company's consolidated statements of cash flows for the year ended December 31, 2018:

(in thousands)		As Reported				Adjustments				Balances without adoption of Topic 606
Cash provided by (used in):
Operating activities:
Net income and comprehensive income		$	15,321			$	344			$	15,665
Deferred income tax expense (note 11)		6,096				127				6,223
Net changes in non-cash working capital (note 23(b))		14,178				(471		)		13,707
		109,371				—				109,371
Decrease in cash		$	11,322			$	—			$	11,322

The following table summarizes the effects of adopting the new revenue standard on the Company's consolidated balance sheets at December 31, 2018:

(in thousands)		As Reported				Adjustments				Balances without adoption of Topic 606
Assets
Current assets
Accounts receivable, net (notes 6 and 19(c))		$	82,399			$	(9,809	)		$	72,590
Contract assets (note 19(c))		10,673				(10,673		)		—
Unbilled revenue		—				22,421				22,421
		130,379				1,939				132,318
Other assets (note 10)		10,204				(1,636		)		8,568
Investments in affiliates and joint ventures (note 13(a))		11,788				168				11,956
		$	689,800			$	471			$	690,271
Liabilities and Shareholders' Equity
Current liabilities
Contract liabilities		$	4,032			$	(4,032	)		$	—
Billings in excess of costs incurred and estimated earnings on uncompleted contracts		—				4,032				4,032
		148,895				—				148,895
Deferred tax liabilities (note 11)		44,787				127				44,914
		$	539,585			$	127			$	539,712
Shareholders' Equity
Deficit		(113,917		)		344				(113,573		)
		$	149,721			$	344			$	150,065
Total Liabilities and Equity		$	689,800			$	471			$	690,271

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- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

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