Investments in affiliates and joint ventures

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Investments in affiliates and joint ventures

The following is a summary of the Company's interests in its various affiliates and joint ventures, which it accounts for using the equity method:


Affiliate or joint venture name:	Interest
Nuna Group of Companies ("Nuna")
Nuna Logistics Ltd.	49	%
North American Nuna Joint Venture	50	%
Nuna East Ltd.	37	%
Nuna Pang Contracting Ltd.	37	%
Nuna West Mining Ltd.	49	%
Mikisew North American Limited Partnership ("MNALP")	49	%
Fargo joint ventures "Fargo"
ASN Constructors ("ASN")	30	%
Red River Valley Alliance LLC ("RRVA")	15	%
NAYL Realty Inc.	49	%
BNA Remanufacturing Limited Partnership	50	%
Dene North Site Services Partnership(i)	49	%

(i)Subsequent to December 2022, the Dene North Site Services Partnership has been dissolved.

The following table summarizes the movement in the investments in affiliates and joint ventures balance during the year:


	December 31, 2022		December 31, 2021
Balance, beginning of the year	$	55,974	$	46,263
Investments in affiliates and joint ventures	—		2,321
Share of net income	37,053		21,860
Dividends from affiliates and joint ventures	(12,760)		(11,270)
Intercompany eliminations	(4,630)		(3,200)
Balance, end of the year	$	75,637	$	55,974

The financial information for the Company's share of the investments in affiliates and joint ventures accounted for using the equity method is summarized as follows:

Balance Sheets


December 31, 2022	Nuna		MNALP		Fargo		Other entities		Total
Assets
Cash	$	6,559	$	1,467	$	81,326	$	800	$	90,152
Other current assets	82,147		41,820		1,776		3,495		129,238
Non-current assets	18,422		27,428		93,007		12,510		151,367
Total assets	$	107,128	$	70,715	$	176,109	$	16,805	$	370,757
Liabilities
Current liabilities	$	40,382	$	43,381	$	78,457	$	1,529	$	163,749
Non-current liabilities	12,942		22,195		89,907		6,327		131,371
Total liabilities	$	53,324	$	65,576	$	168,364	$	7,856	$	295,120
Net investments in affiliates and joint ventures	$	53,804	$	5,139	$	7,745	$	8,949	$	75,637


December 31, 2021	Nuna		MNALP		Fargo		Other entities		Total
Assets
Cash	$	13,992	$	2,758	$	38,688	$	734	$	56,172
Other current assets	32,363		20,032		—		3,758		56,153
Non-current assets	24,092		10,966		285		7,618		42,961
Total assets	$	70,447	$	33,756	$	38,973	$	12,110	$	155,286
Liabilities
Current liabilities	$	15,819	$	22,059	$	38,573	$	986	$	77,437
Non-current liabilities	9,586		7,356		—		4,933		21,875
Total liabilities	$	25,405	$	29,415	$	38,573	$	5,919	$	99,312
Net investments in affiliates and joint ventures	$	45,042	$	4,341	$	400	$	6,191	$	55,974

Statements of Operations


Year ended December 31, 2022	Nuna		MNALP		Fargo		Other entities		Total
Revenue	$	213,745	$	330,259	$	40,598	$	11,431	$	596,033
Gross profit	30,667		10,216		6,575		2,123		49,581
Income before taxes	21,741		8,825		7,049		1,881		39,496
Net income	$	19,298	$	8,825	$	7,049	$	1,881	$	37,053


Year ended December 31, 2021	Nuna		MNALP		Fargo		Other entities		Total
Revenue	$	147,187	$	171,425	$	6,296	$	7,532	$	332,440
Gross profit	28,357		2,762		1,079		1,443		33,641
Income before taxes	20,600		2,750		397		1,317		25,064
Net income	$	17,396	$	2,750	$	397	$	1,317	$	21,860

Related parties

The following table provides the material aggregate outstanding balances with affiliates and joint ventures. Accounts payable and accrued liabilities due to joint ventures and affiliates do not bear interest, are unsecured and without fixed terms of repayment. Accounts receivable from certain joint ventures and affiliates bear interest at various rates, and all other accounts receivable amounts are non-interest bearing.


	December 31, 2022		December 31, 2021
Accounts receivable	$	65,294	$	31,050
Other assets	2,444		2,162
Accounts payable and accrued liabilities	13,773		286

The Company enters into transactions with a number of its joint ventures and affiliates that involve providing services primarily consisting of subcontractor services, equipment rental revenue and sales of equipment and components. These transactions were conducted in the normal course of operations, which were established and agreed to as consideration by the related parties. For the years ended December 31, 2022 and 2021, revenue earned from these services was $666,069 and $356,592, respectively. The majority of services are being completed through the Mikisew North American Limited Partnership ("MNALP") which performs the role of contractor and subcontracts work to the Company. Accounts receivable balances from MNALP are recorded when MNALP bills the external customer and are settled when MNALP receives payment. At December 31, 2022, MNALP had recorded accounts receivable of $66,680 on their balance sheet (December 31, 2021 - $32,296).