XML 41 R17.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Investments in affiliates and joint ventures | 12 Months Ended
--- | ---
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Investments in affiliates and joint ventures | 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 | %
Barrooghumba WPH Pty Ltd. |  | 50 | %
Ngaliku WPH Pty Ltd. |  | 50 | %
Dene North Site Services Partnership(i) |  | 49 | %
(i)As of January 1, 2023, 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, 2023 |  | December 31, 2022
Balance, beginning of the year |  | $ | 75,637 |  |  | $ | 55,974 |
Additions arising from the acquisition of MacKellar |  | 85 |  |  | — |
Share of net income |  | 25,815 |  |  | 37,053 |
Dividends and advances received from affiliates and joint ventures |  | (21,543) |  |  | (12,760) |
Intercompany eliminations and other |  | 1,441 |  |  | (4,630) |
Balance, end of the year |  | $ | 81,435 |  |  | $ | 75,637 |
Barrooghumba WPH Pty Ltd. and Ngaliku WPH Pty Ltd. have been added through the acquisition of MacKellar (note 21). Both entities are established joint venture operations of MacKellar, and they continue in their operations following the acquisition. On January 1, 2023, the Dene North Site Services ("DNSS") partnership was dissolved and commenced wind up activities. The Company purchased equipment from the partnership for $2,600, offset by the receipt of final cash distributions of $2,213, resulting in a net cash outflow of $387. a) Affiliate and joint venture condensed financial data 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, 2023 |  | Nuna |  | MNALP |  | Fargo |  | Other entities |  | Total
Assets |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 9,944 |  |  | $ | 4,184 |  |  | $ | 87,418 |  |  | $ | 222 |  |  | $ | 101,768 |
Other current assets |  | 34,937 |  |  | 36,060 |  |  | 4,556 |  |  | 4,593 |  |  | 80,146 |
Non-current assets |  | 23,884 |  |  | 37,103 |  |  | 172,818 |  |  | 10,434 |  |  | 244,239 |
Total assets |  | $ | 68,765 |  |  | $ | 77,347 |  |  | $ | 264,792 |  |  | $ | 15,249 |  |  | $ | 426,153 |
Liabilities |  |  |  |  |  |  |  |  |  |
Contract liabilities |  | $ | 7,817 |  |  | $ | — |  |  | $ | 76,481 |  |  | $ | 52 |  |  | $ | 84,350 |
Other current liabilities (excluding current portion of long-term debt) |  | 5,145 |  |  | 29,216 |  |  | 33,122 |  |  | 1,871 |  |  | 69,354 |
Long-term debt (including current portion) |  | 9,631 |  |  | 36,596 |  |  | 132,818 |  |  | 6,221 |  |  | 185,266 |
Non-current liabilities |  | 4,985 |  |  | — |  |  | 589 |  |  | 174 |  |  | 5,748 |
Total liabilities |  | $ | 27,578 |  |  | $ | 65,812 |  |  | $ | 243,010 |  |  | $ | 8,318 |  |  | $ | 344,718 |
Net investments in affiliates and joint ventures |  | $ | 41,187 |  |  | $ | 11,535 |  |  | $ | 21,782 |  |  | $ | 6,931 |  |  | $ | 81,435 |
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 |  |  | 39,106 |  |  | 1,776 |  |  | 3,495 |  |  | 126,524 |
Non-current assets |  | 18,422 |  |  | 29,143 |  |  | 93,007 |  |  | 12,510 |  |  | 153,082 |
Total assets |  | $ | 107,128 |  |  | $ | 69,716 |  |  | $ | 176,109 |  |  | $ | 16,805 |  |  | $ | 369,758 |
Liabilities |  |  |  |  |  |  |  |  |  |
Contract liabilities |  | $ | 8,788 |  |  | $ | — |  |  | $ | 66,490 |  |  | $ | 4 |  |  | $ | 75,282 |
Other current liabilities (excluding current portion of long-term debt) |  | 21,858 |  |  | 38,397 |  |  | 11,967 |  |  | 1,415 |  |  | 73,637 |
Long-term debt (including current portion) |  | 17,900 |  |  | 26,180 |  |  | 89,295 |  |  | 5,906 |  |  | 139,281 |
Non-current liabilities |  | 4,778 |  |  | — |  |  | 612 |  |  | 531 |  |  | 5,921 |
Total liabilities |  | $ | 53,324 |  |  | $ | 64,577 |  |  | $ | 168,364 |  |  | $ | 7,856 |  |  | $ | 294,121 |
Net investments in affiliates and joint ventures |  | $ | 53,804 |  |  | $ | 5,139 |  |  | $ | 7,745 |  |  | $ | 8,949 |  |  | $ | 75,637 |
Included within our portion of Nuna's December 31, 2023, current assets are contract assets of $8,701 from variable consideration related to unapproved contract modifications (December 31, 2022 - $1,391). Statements of Operations
Year ended December 31, 2023 |  | Nuna |  | MNALP |  | Fargo |  | Other entities |  | Total
Revenue |  | $ | 165,741 |  |  | $ | 395,040 |  |  | $ | 117,543 |  |  | $ | 7,975 |  |  | $ | 686,299 |
Gross profit |  | 9,622 |  |  | 13,954 |  |  | 25,353 |  |  | 709 |  |  | 49,638 |
Income (loss) before taxes |  | 1,246 |  |  | 10,869 |  |  | 15,344 |  |  | (639) |  |  | 26,820 |
Net income (loss) |  | $ | 1,098 |  |  | $ | 10,869 |  |  | $ | 14,522 |  |  | $ | (674) |  |  | $ | 25,815 |
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 |
b) 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, 2023 |  | December 31, 2022
Accounts receivable |  | $ | 41,157 |  |  | $ | 65,294 |
Contract assets |  | 12,019 |  |  | — |
Other assets |  | 350 |  |  | 2,444 |
Accounts payable and accrued liabilities |  | 15,087 |  |  | 13,773 |
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, 2023 and 2022, revenue earned from these services was $773,512 and $666,069, respectively. The majority of services are 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 invoices the external customer and are settled when MNALP receives payment. At December 31, 2023, MNALP had recorded accounts receivable of $61,111 on its balance sheet (December 31, 2022 - $66,680).

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//810/tableOfContent + Details
Name: | us-gaap_VariableInterestEntityDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration