Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document And Entity Information [Abstract] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Cameco Corporation |
Entity Central Index Key | 0001009001 |
Entity Address, Address Line One | 2121 – 11th Street West |
Entity Address City or Town | Saskatoon |
Entity Address State Or Province | SK |
Entity Address, Postal Zip Code | S7M 1J3 |
Entity Address Country | CA |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Common Stock, Shares Outstanding | 395,797,732 |
Entity Emerging Growth Company | false |
Entity Interactive Data Current | Yes |
Consolidated statements of earn
Consolidated statements of earnings - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated statements of earnings [Abstract] | ||
Revenue from products and services | $ 1,862,925 | $ 2,091,661 |
Cost of products and services sold | 1,345,551 | 1,467,940 |
Depreciation and amortization | 275,749 | 327,973 |
Cost of sales | 1,621,300 | 1,795,913 |
Gross profit | 241,625 | 295,748 |
Administration | 124,869 | 141,552 |
Exploration | 13,686 | 20,283 |
Research and development | 6,058 | 1,757 |
Other operating expense | 2,732 | 59,616 |
Loss on disposal of assets | 1,869 | 2,303 |
Earnings from operations | 92,411 | 70,237 |
Finance costs | (98,622) | (111,779) |
Gain (loss) on derivatives | 32,269 | (81,081) |
Finance income | 29,760 | 22,071 |
Share of earnings from equity-accounted investee | 45,360 | 32,321 |
Other income (expense) | 33,840 | 108,160 |
Earnings before income taxes | 135,018 | 39,929 |
Income tax expense (recovery) | 61,077 | (126,306) |
Net earnings | 73,941 | 166,235 |
Net earnings (loss) attributable to: | ||
Equity holders | 74,000 | 166,323 |
Non-controlling interest | (59) | (88) |
Net earnings | $ 73,941 | $ 166,235 |
Earnings per common share attributable to equity holders: | ||
Basic | $ 0.19 | $ 0.42 |
Diluted | $ 0.19 | $ 0.42 |
Consolidated statements of comp
Consolidated statements of comprehensive income - CAD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Consolidated statements of comprehensive income [Abstract] | |||
Net earnings | $ 73,941,000 | $ 166,235,000 | |
Items that will not be reclassified to net earnings: | |||
Remeasurements of defined benefit liability | [1] | (8,112,000) | 6,226,000 |
Equity investments at FVOCI - net change in fair value | [2] | (4,044,000) | (9,728,000) |
Equity instruments at FVOCI - net change in fair value - equity-accounted investee | (709,000) | 0 | |
Items that are or may be reclassified to net earnings: | |||
Exchange differences on translation of foreign operations | (27,888,000) | (1,875,000) | |
Reclassification of foreign currency translation reserve to net earnings | 0 | (5,450,000) | |
Other comprehensive loss, net of taxes | (40,753,000) | (10,827,000) | |
Total comprehensive income (loss) | 33,188,000 | 155,408,000 | |
Other comprehensive income (loss) attributable to: | |||
Equity holders | (40,740,000) | (10,854,000) | |
Non-controlling interest | (13,000) | 27,000 | |
Other comprehensive loss for the year | (40,753,000) | (10,827,000) | |
Total comprehensive income (loss) attributable to: | |||
Equity holders | 33,260,000 | 155,469,000 | |
Non-controlling interest | (72,000) | (61,000) | |
Total comprehensive income (loss) for the year | 33,188,000 | 155,408,000 | |
Income tax on remeasurement of defined benefit liability | 2,301,000 | (2,200,000) | |
Income tax on equity investments at FVOCI - net change in fair value | $ 453,000 | $ 1,349,000 | |
[1] | Net of tax ( 2019 - $ 2,301 ; 2018 - $( 2,200 )) | ||
[2] | Net of tax ( 2019 - $ 453 ; 2018 - $ 1,349 ) |
Consolidated statements of fina
Consolidated statements of financial position - CAD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 1,062,431 | $ 711,528 |
Short-term investments | 0 | 391,025 |
Accounts receivable | 328,044 | 402,350 |
Current tax assets | 3,667 | 6,996 |
Inventories | 320,770 | 467,795 |
Supplies and prepaid expenses | 85,502 | 89,206 |
Current portion of long-term receivables, investments and other | 6,564 | 13,826 |
Total current assets | 1,806,978 | 2,082,726 |
Property, plant and equipment | 3,720,672 | 3,881,926 |
Intangible assets | 60,410 | 65,602 |
Long-term receivables, investments and other | 630,131 | 751,868 |
Investment in equity-accounted investee | 252,681 | 230,502 |
Deferred tax assets | 956,376 | 1,006,012 |
Total non-current assets | 5,620,270 | 5,935,910 |
Total assets | 7,427,248 | 8,018,636 |
Current liabilities | ||
Accounts payable and accrued liabilities | 181,799 | 224,754 |
Current tax liabilities | 6,290 | 19,633 |
Current portion of long-term debt | 0 | 499,599 |
Current portion of other liabilities | 33,073 | 79,573 |
Current portion of provisions | 56,248 | 52,316 |
Total current liabilities | 277,410 | 875,875 |
Long-term debt | 996,718 | 996,072 |
Other liabilities | 153,927 | 142,061 |
Provisions | 1,004,230 | 1,011,036 |
Deferred tax liabilities | 0 | 0 |
Total non-current liabilities | 2,154,875 | 2,149,169 |
Shareholders' equity | ||
Share capital | 1,862,749 | 1,862,652 |
Contributed surplus | 234,681 | 234,982 |
Retained earnings | 2,825,596 | 2,791,321 |
Other components of equity | 71,699 | 104,327 |
Total shareholders' equity attributable to equity holders | 4,994,725 | 4,993,282 |
Non-controlling interest | 238 | 310 |
Total shareholders' equity | 4,994,963 | 4,993,592 |
Total liabilities and shareholders' equity | $ 7,427,248 | $ 8,018,636 |
Consolidated statements of chan
Consolidated statements of changes in equity - CAD ($) $ in Thousands | Total | Share capital | Contributed surplus | Retained earnings | Foreign currency translation | Equity investments at FVOCI | Attributable to equity holders | Non-controling interest |
Balance beginning period at Dec. 31, 2017 | $ 4,859,659 | $ 1,862,652 | $ 224,812 | $ 2,650,417 | $ 112,341 | $ 9,066 | $ 4,859,288 | $ 371 |
Net earnings | 166,235 | 0 | 0 | 166,323 | 0 | 0 | 166,323 | (88) |
Other comprehensive income (loss) | (10,827) | 0 | 0 | 6,226 | (7,352) | (9,728) | (10,854) | 27 |
Total comprehensive income (loss) for the year | 155,408 | 0 | 0 | 172,549 | (7,352) | (9,728) | 155,469 | (61) |
Share-based compensation | 14,976 | 0 | 14,976 | 0 | 0 | 0 | 14,976 | 0 |
Restricted and performance share units released | (4,806) | 0 | (4,806) | 0 | 0 | 0 | (4,806) | 0 |
Dividends | (31,645) | 0 | 0 | (31,645) | 0 | 0 | (31,645) | 0 |
Balance ending period at Dec. 31, 2018 | 4,993,592 | 1,862,652 | 234,982 | 2,791,321 | 104,989 | (662) | 4,993,282 | 310 |
Net earnings | 73,941 | 0 | 0 | 74,000 | 0 | 0 | 74,000 | (59) |
Other comprehensive income (loss) | (40,753) | 0 | 0 | (8,112) | (27,875) | (4,753) | (40,740) | (13) |
Total comprehensive income (loss) for the year | 33,188 | 0 | 0 | 65,888 | (27,875) | (4,753) | 33,260 | (72) |
Share-based compensation | 14,342 | 0 | 14,342 | 0 | 0 | 0 | 14,342 | 0 |
Stock options exercised | 81 | 97 | (16) | 0 | 0 | 0 | 81 | 0 |
Restricted and performance share units released | (6,258) | 0 | (6,258) | 0 | 0 | 0 | (6,258) | 0 |
Modification of share-based arrangement | (8,369) | 0 | (8,369) | 0 | 0 | 0 | (8,369) | 0 |
Dividends | (31,613) | 0 | 0 | (31,613) | 0 | 0 | (31,613) | 0 |
Balance ending period at Dec. 31, 2019 | $ 4,994,963 | $ 1,862,749 | $ 234,681 | $ 2,825,596 | $ 77,114 | $ (5,415) | $ 4,994,725 | $ 238 |
Consolidated statements of cash
Consolidated statements of cash flows - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities | ||
Net earnings | $ 73,941 | $ 166,235 |
Adjustments for: | ||
Depreciation and amortization | 275,749 | 327,973 |
Deferred charges | (13,013) | 10,683 |
Unrealized loss (gain) on derivatives | (55,048) | 74,295 |
Share-based compensation | 14,342 | 14,976 |
Loss on disposal of assets | 1,869 | 2,303 |
Finance costs | 98,622 | 111,779 |
Finance income | (29,760) | (22,071) |
Share of earnings from equity-accounted investee | (45,360) | (32,321) |
Other expense (income) | 18,961 | (100,310) |
Other operating expense | 2,732 | 59,616 |
Income tax expense (recovery) | 61,077 | (126,306) |
Interest received | 30,944 | 18,311 |
Income taxes paid | (18,589) | (20,709) |
Dividends from equity-accounted investee | 14,079 | 0 |
Other operating items | 96,478 | 183,062 |
Net cash provided by operations | 527,024 | 667,516 |
Investing activities | ||
Additions to property, plant and equipment | (75,211) | (55,362) |
Decrease (increase) in short-term investments | 391,025 | (391,025) |
Decrease in long-term receivables, investments and other | 120,913 | 33,508 |
Proceeds from sale of property, plant and equipment | 679 | 1,249 |
Net cash provided by (used in) investing | 437,406 | (411,630) |
Financing activities | ||
Decrease in long-term debt | (500,000) | 0 |
Interest paid | (72,484) | (72,976) |
Proceeds from issuance of shares, stock option plan | 81 | 0 |
Lease principal payments | (2,904) | 0 |
Dividends paid | (31,613) | (71,224) |
Net cash used in financing | (606,920) | (144,200) |
Increase in cash and cash equivalents, during the year | 357,510 | 111,686 |
Exchange rate changes on foreign currency cash balances | (6,607) | 8,222 |
Cash and cash equivalents, beginning of year | 711,528 | 591,620 |
Cash and cash equivalents, end of year | 1,062,431 | 711,528 |
Cash and cash equivalents is comprised of: | ||
Cash | 427,986 | 317,296 |
Cash equivalents | $ 634,445 | $ 394,232 |
Cameco Corporation
Cameco Corporation | 12 Months Ended |
Dec. 31, 2019 | |
Corporation [Abstract] | |
Cameco Corporation | 1 . Cameco Corporation Cameco Corporation is incorporated under the Canada Business Corporations Act. The address of its registered office is 2121 11th Street West, Saskatoon, Saskatchewan, S7M 1J3. The consolidated financial statements as at and for the year ended December 31, 2019 comprise Cameco Corporation and its subsidiaries (collectively, the Company or Cameco) and the Company’s interests in ass ociates and joint arrangements. Cameco is one of the world’s largest providers of the uranium needed to generate clean, reliabl e baseload electricity around the globe. The Company currently has one mine operating in northern Saskatchewan, Cigar Lake, as well as a 40% interest in Joint Venture Inkai LLP (JV Inkai), a joint arrangement with Joint Stock Company National Atomic Compan y Kazatomprom (Kazatomprom) , located in Kazakhstan. JV Inkai is accounted for on an equity basis (see note 11 ) . It also has two operations in Northern Saskatchewan which are in care and maintenance. Rabbit Lake was placed in care and maintenance in the second quarter of 2016 while oper ations at McArthur River/Key Lake were suspended indefinitely in the third quarter of 2018 (see note 28 for financial statement impact). Cameco’s operations in the United States, Crow Butte and Smith Ranch-Highland, are also not currently producing as t he decision was made in 2016 to curtail production and defer all wellfield development. The Company is also a leading provider of nuclear fuel processing services, supplying much of the world’s reactor fleet with the fuel to generate one of the cleanest sources of electricity available today. It operates the world’s largest commercial refinery in Blind River, Ontario, controls about 25% of the world UF 6 primary conversion capacity in Port Hope, Ontario and is a leading manufacturer of fuel assemblies and reactor components for CANDU reactors at facilities in Port Hope and Cobourg, Ontario . |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies [Abstract] | |
Significant accounting policies | 2 . Significant accounting policies A. Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These consolidated financial statements were authorized for issuance by the Company’s board of directors on February 6 , 2020 . B. Basis of presentation These consolidated financial statements are presented in Canadian dollars, which is the Company’s functional currency. All financial information is presented in Canadian dollars , unless otherwise noted. A mounts presented in tabular format have been rounded to the nearest thousand except per share amounts and where otherwise noted. The consolidated financial statements have been prepared on the historical cost ba sis except for the following material items which are measured on an alternative basis at each reporting date: Derivative financial instruments Fair value through profit or loss (FVTPL) Equity investments Fair value through other comprehensive income (FVOCI) Liabilities for cash-settled share-based payment arrangements FVTPL Net defined benefit liability Fair value of plan assets less the present value of the defined benefit obligation The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenue and expenses. Actual results may vary from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods a ffected. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 5 . This summary of significant accounting policies is a desc ription of the accounting methods and practices that have been used in the preparation of these consolidated financial statements and is presented to assist the reader in interpreting the statements contained herein. These accounting policies have been app lied consistently to all entities within the consolidated group. C. Consolidation principles i. Business combinations The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Company. The Company measures goo dwill at the acquisition date as the fair value of the consideration transferred, including the recognized amount of any non-controlling interests in the acquiree, less the net recognized amount (generally fair value) of the identifiable assets acquired an d liabilities assumed, all measured as of the acquisition date. When the excess is negative, a bargain purchase gain is recognized immediately in earnings. In a business combination achieved in stages, the acquisition date fair value of the Company’s previ ously held equity interest in the acquiree is also considered in computing goodwill. Consideration transferred includes the fair values of the assets transferred, liabilities incurred and equity interests issued by the Company. Consideration also includes the fair value of any contingent consideration and share-based compensation awards that are replaced mandatorily in a business combination. The Company elects on a transaction-by-transaction basis whether to measure any non-controlling interest at fair val ue, or at their proportionate share of the recognized amount of the identifiable net assets of the acquiree, at the acquisition date. Acquisition-related costs are expensed as incurred, except for those costs related to the issue of debt or equity instrume nts. ii. Subsidiaries The consolidated financial statements include the accounts of Cameco and its subsidiaries. Subsidiaries are entities over which the Company has control. Subsidiaries are fully consolidated from the d ate on which control is acquired by the Company and are deconsolidated from the date that control ceases. iii. Investments in equity-accounted investees Cameco’s investments in equity-accounted investees include investments in associates . Associates are those entities over which the Company has significant influence, but not control or joint control, over the financial and operating policies. Significant influence is presumed to exist when the Company holds between 20% and 50% of the voting power of another entity, but can also arise where the Company holds less than 20% if it has the power to be actively involved and influential in policy decisions affecting the entity. Investments in associates are accounted for using the equity method. The equity method involves the recording of t he initial investment at cost and the subsequent adjusting of the carrying value of the investment for Cameco’s proportionate share of the earnings or loss and any other changes in the associates’ net assets, such as dividends. The cost of the investment i ncludes transaction costs. Adjustments are made to align the accounting policies of the associate with those of the Company before applying the equity method. When the Company’s share of losses exceeds its interest in an equity-accounted investee, the car rying amount of that interest is reduced to zero, and the recognition of further losses is discontinued except to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the associate. If the associate subse quently reports profits, Cameco resumes recognizing its share of those profits only after its share of the profits equals the share of losses not recognized. iv. Joint arrangements A joint arrangement can take the form of a joint operation or joint vent ure. All joint arrangements involve a contractual arrangement that establishes joint control. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabil ities, relating to the arrangement. A joint operation may or may not be structured through a separate vehicle. These arrangements involve joint control of one or more of the assets acquired or contributed for the purpose of the joint operation. The consoli dated financial statements of the Company include its share of the assets in such joint operations, together with its share of the liabilities, revenues and expenses arising jointly or otherwise from those operations. All such amounts are measured in accor dance with the terms of each arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. A joint venture is always structured through a separate vehicl e. It operates in the same way as other entities, controlling the assets of the joint venture, earning its own revenue and incurring its own liabilities and expenses. Interests in joint ventures are accounted for using the equity method of accounting, wher eby the Company’s proportionate interest in the assets, liabilities, revenues and expenses of jointly controlled entities are recognized on a single line in the consolidated statements of financial position and consolidated statements of earnings. The shar e of joint ventures results is recognized in the Company’s consolidated financial statements from the date that joint control commences until the date at which it ceases. v. Transactions eliminated on consolidation Intra-group balances and transactions , and any unrealized income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the investm ent to the extent of the Company’s interest in the investee. Unrealized losses are eliminated in the same manner as unrealized gains, but only to the extent that there is no evidence of impairment. D. Foreign currency translation Items included in the financial statements of each of Cameco’s subsidiaries, associates and joint arrangements are measured using their functional currency, which is the currency of the primary economic environment in which the entity operates. The consolidated financial statem ents are presented in Canadian dollars, which is Cameco’s functional and presentation currency. i. Foreign currency transactions Foreign currency transactions are translated into the respective functional currency of the Company and its entities using the exchange rates prevailing at the dates of the transactions. At the reporting date, monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rate at that date. Non-monetary items that ar e measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. The applicable exchange gains and losses arising on these transactions are reflected in earnings with the exception of forei gn exchange gains or losses on provisions for decommissioning and reclamation activities that are in a foreign currency, which are capitalized in property, plant and equipment. ii. Foreign operations The assets and liabilities of foreign operations, inc luding goodwill and fair value adjustments arising on acquisition, are translated to Canadian dollars at exchange rates at the reporting dates. The revenues and expenses of foreign operations are translated to Canadian dollars at exchange rates at the date s of the transactions. Foreign currency differences are recognized in other comprehensive income. When a foreign operation is disposed of, in whole , the relevant amount in the foreign currency translation account is transferred to earnings as part of the g ain or loss on disposal. When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising from such a monetary item are considered to form part of the net investment in a foreign operation, and are recognized in other comprehensive income and presented within equity in the foreign currency translation account. E. Cash and cash equivalents Cash and cash equivalents consists of balances with financial institutions and investments in money market instruments, which have a term to maturity of three months or less at the time of purchase and are classified as at amortized cost . F. Short-term investment s Short-term investments are comprised of money market instruments with terms to maturity between three and 12 months and are classified as at amortized cost. G. Inventories Inventories of broken ore, uranium concentrates, and refined and converted products are measured at the lower of cost and net realizable value. Cost includes direct materials, direct labour, operational overhead expenses and depreciation. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. Consumable supplies and spares are valued at the lower of cost or replacement value. H. Property, plant and equipment i. Buildings, plant and equipment and other Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment charges. The cost of self-constructed assets includes the cost of materials and direct labour, borrowing costs and any other costs directly attributable to bringing the assets to the location and condition necessary for them to be capable of operating in the manner intended by management, including the initial estimate of the cost of dismantling and removing the items and restoring the site on which they are located. When components of an item of property, plant and e quipment have different useful lives, they are accounted for as separate items of property, plant and equipment and depreciated separately. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds fr om disposal with the carrying amount of property, plant and equipment, and are recognized in earnings. ii. Mineral properties and mine development costs The decision to develop a mine property within a project area is based on an assessment of the comme rcial viability of the property, the availability of financing and the existence of markets for the product. Once the decision to proceed to development is made, development and other expenditures relating to the project area are deferred as part of assets under construction and disclosed as a component of property, plant and equipment with the intention that these will be depreciated by charges against earnings from future mining operations. No depreciation is charged against the property until the product ion stage commences. After a mine property has been brought into the production stage , costs of any additional work on that property are expensed as incurred, except for large development programs, which will be deferred and depreciated over the remaining life of the related assets. The production stage is reached when a mine property is in the condition necessary for it to be capable of operating in the manner intended by management. The criteria used to assess the start date of the production stage are de termined based on the nature of each mine construction project, including the complexity of a mine site. A range of factors is considered when determining whether the production stage has been reached, which includes, but is not limited to, the demonstrati on of sustainable production at or near the level intended (such as the demonstration of continuous throughput levels at or above a target percentage of the design capacity). iii. Depreciation Depreciation is calculated over the depreciable amount, which is the cost of the asset less its residual value. Assets which are unrelated to production are depreciated according to the straight-line method based on estimated useful lives as follows: Land Not depreciated Buildings 15 - 25 years Plant and equipment 3 - 15 years Furniture and fixtures 3 - 10 years Other 3 - 5 years Mining properties and certain mining and conversion assets for which the economic benefits from the asset are consumed in a pattern which is linked to the production level are depreciated according to the unit-of-production method. For conversion assets, the amount of depreciation is measured by the portion of the facilities' total estimated lifetime production that is produ ced in that period. For mining assets and properties, the amount of depreciation or depletion is measured by the portion of the mines' proven and probable mineral reserves recovered during the period. Depreciation methods, useful lives and residual values are reviewed at each reporting period and are adjusted if appropriate. iv. Borrowing costs Borrowing costs on funds directly attributable to finance the acquisition, production or construction of a qualifying asset are capitalized until such time as sub stantially all the activities necessary to prepare the qualifying asset for its intended use are complete. A qualifying asset is one that takes a substantial period of time to prepare for its intended use. Capitalization is discontinued when the asset ente rs the production stage or development ceases. Where the funds used to finance a project form part of general borrowings, interest is capitalized based on the weighted average interest rate applicable to the general borrowings outstanding during the period of construction. v. Repairs and maintenance The cost of replacing a component of property, plant and equipment is capitalized if it is probable that future economic benefits embodied within the component will flow to the Company. The carrying amount o f the replaced component is derecognized. Costs of routine maintenance and repair are charged to products and services sold. I. Goodwill and intangible assets Goodwill arising from the acquisition of subsidiaries is initially recognized at cost, measured as the excess of the fair value of the consideration paid over the fair value of the identifiable net assets acquired . At the date of acquisition, goodwill is allocated to the cash generating unit (CGU), or group of CGUs that is expected to receive the ec onomic benefits of the business combination . Goodwill is subsequently measured at cost, less accumulated impairment losses. Intangible assets acquired individually or as part of a group of assets are initially recognized at cost and measured subsequently a t cost less accumulated amortization and impairment losses. Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. The cost of a group of intangible assets acquired in a transaction, including those acquired in a business combination that meet the specified criteria for recognition apart from goodwill, is allocated to the individual assets acquired based on their relative fair values. Intangible assets that have finite us eful lives are amortized over their estimated remaining useful lives. Amortization methods and useful lives are reviewed at each reporting period and are adjusted if appropriate. J. Lease s Commencing in 2019 (see note 8 ), Cameco recognizes a right-of -use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which is the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any init ial direct costs incurred, less any lease incentives received, and subsequently at cost less any accumulated depreciation and impairment losses. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the cost of the right-of-use asset reflect s that the Company will exer cise a purchase option, in which case the right-of-use asset will be deprec iated on the same basis as that of property, plant and equipment . The lease liability is measured at amortized cost using the effective interest method. It is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or, if th at rate cannot be readily determined, the Company’s incremental borrowing rate. Generally, Cameco uses its incremental borrowing rate as the discount rate . Current borrowing rates available for classes of leased assets are compared with the rates of Cameco ’s existing debt facilities to ensure that use of the Company’s incremental borrowing rate is reasonable. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or exte nsion option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised . Cameco uses judgement in determining the lease term for some lease contracts that include renewal options. The assessment of whether the C ompany is reasonably certain to exercise such options impacts the lease term, which affects the amount of lease liabilities and right-of-use assets recognized . The Company has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-term leases that have a lease term of 12 months or less. The lease payments associated with these leases are recognized as an expense on a straight-line basis over the lease term . K. Finance income and finance costs Finance income comprises interest income on f unds invested . Interest income and interest expense are recognized in earnings as they accrue , using the effective interest method. Finance costs comprise interest and fees on borrowings, unwinding of the discount on pr ovisions and costs incurred on redemption of debentures . Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are expensed in the period incurred. L. Research and development costs Expend itures on research are charged against earnings when incurred. Development costs are recognized as assets when the Company can demonstrate technical feasibility and that the asset will generate probable future economic benefits. M. Impairment i. Non- derivative financial assets Cameco recognizes loss allowances for expected credit losses (ECLs) on financial assets measured at amortized cost, debt investments measured at FVOCI, and contract assets. It measures loss allowances at an amount equal to life time ECLs, except for debt securities that are determined to have low credit risk at the reporting date and other debt securities, loans advanced and bank balances for which credit risk has not increased significantly since initial recognition. For these, loss allowances are measured equal to 12-month ECLs. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument while 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk. ECLs are a probability-weighted estimate of credit losses. Credit losses are m easured as the present value of the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Company expects to receive. ECLs are discounted at the effective interest rate of the financial asset. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effor t. This includes both quantitative and qualitative information and analysis, based on the Company’s historical experience and informed credit assessment and including forward-looking information. The Company considers a financial asset to be in default whe n the borrower is unlikely to pay its credit obligations in full, without recourse by Cameco to actions such as realizing security (if any is held). The Company considers a debt security to have low credit risk when it is at least an A (low) DBRS or A- S&P rating. Financial assets carried at amortized cost and debt securities at FVOCI are assessed at each reporting date to determine whether they are ‘credit-impaired’ . A financial asset is ‘credit-impaired’ when one or more events that have a detrimental eff ect on the estimated future cash flows of the financial asset have occurred. E vidence can include significant financial difficulty of the borrower or issuer , a breach of contract, restructuring of an amount due to the Company on terms that the Company woul d not consider otherwise, indications that a debtor or issuer will enter bankruptcy or other financial reorganization , or the disappearance of an active market for a security . Loss allowances for financial assets measured at amortized cost are deducted fro m the gross carrying amount of the assets. For debt securities at FVOCI, the loss allowance is charged to earnings and is recognized in OCI. The gross carrying amount of a financial asset is written off when the Company has no reasonable expectations of re covering a financial asset in its entirety or a portion thereof . ii. Non-financial assets The carrying amounts of Cameco’s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such i ndication exists, then the asset’s recoverable amount is estimated. Goodwill is tested annually for impairment. For impairment testing, assets are grouped together into CGUs which are the smallest group of assets that generate cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Fair value is determined as the amount that would be obtained from the sale of the asset or CGU in an arm’s-length transaction between knowledgeable and willing parties. For exploration p roperties, fair value is based on the implied fair value of the resources in place using comparable market transaction metrics. An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its recoverable amount. Impairment losses are recognized in earnings. Impairment losses recognized in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. Impairment losses recognized in prior periods are assessed at each reporting date whenever events or changes in circumstances indicate that the impairment may have reversed. If the impairment has reversed, the carrying amount of the asset is increased to its recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. A reversal of an impairment loss is recognized immediately in earnings. An impairment loss in respect of goodwill is not reversed. N. Exploration and evaluation expenditures Exploration and evaluation expenditures are those expenditures incurred by the C ompany in connection with the exploration for and evaluation of mineral resources before the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. These expenditures include researching and analyzing existing exp loration data, conducting geological studies, exploratory drilling and sampling, and compiling prefeasibility and feasibility studies. Exploration and evaluation expenditures are charged against earnings as incurred, except when there is a high degree of c onfidence in the viability of the project and it is probable that these costs will be recovered through future development and exploitation. The technical feasibility and commercial viability of extracting a resource is considered to be determinable based on several factors, including the existence of proven and probable reserves and the demonstration that future economic benefits are probable. When an area is determined to be technically feasible and commercially viable, the exploration and evaluation asse ts attributable to that area are first tested for impairment and then transferred to property, plant and equipment. Exploration and evaluation costs that have been acquired in a business combination or asset acquisition are capitalized under the scope of I FRS 6, Exploration for and Evaluation of Mineral Resources , and are reported as part of property, plant and equipment. O. Provisions A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation tha t can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the risk-adjusted expected future cash flows at a pre-tax risk-free rate that reflects current market assessments of the time value of money. The unwinding of the discount is recognized as a finance cost . i. Environmental restoration The mining, extraction and processing activities of the Company normally give rise to obligations for sit e closure and environmental restoration. Closure and restoration can include facility decommissioning and dismantling, removal or treatment of waste materials, as well as site and land restoration. The Company provides for the closure, reclamation and deco mmissioning of its operating sites in the financial period when the related environmental disturbance occurs, based on the estimated future costs using information available at the reporting date. Costs included in the provision comprise all closure and re storation activity expected to occur gradually over the life of the operation and at the time of closure. Routine operating costs that may impact the ultimate closure and restoration activities, such as waste material handling conducted as a normal part of a mining or production process, are not included in the provision. The timing of the actual closure and restoration expenditure is dependent upon a number of factors such as the life and nature of the asset, the operating licence conditions and the enviro nment in which the mine operates. Closure and restoration provisions are measured at the expected value of future cash flows, discounted to their present value using a current pre-tax risk-free rate. Significant judgments and estimates are involved in deri ving the expectations of future activities and the amount and timing of the associated cash flows. At the time a provision is initially recognized, to the extent that it is probable that future economic benefits associated with the reclamation, decommissio ning and restoration expenditure will flow to the Company, the corresponding cost is capitalized as an asset. The capitalized cost of closure and restoration activities is recognized in property, plant and equipment and depreciated on a unit-of-production basis. The value of the provision is gradually increased over time as the effect of discounting unwinds. The unwinding of the discount is an expense recognized in finance costs. Closure and rehabilitation provisions are also adjusted for changes in estimat es. The provision is reviewed at each reporting date for changes to obligations, legislation or discount rates that effect change in cost estimates or life of operations. The cost of the related asset is adjusted for changes in the provision resulting from changes in estimated cash flows or discount rates, and the adjusted cost of the asset is depreciated prospectively. ii. Waste disposal The refining, conversion and manufacturing processes generate certain uranium-contaminated waste. The Company has est ablished strict procedures to ensure this waste is disposed of safely. A provision for waste disposal costs in respect of these materials is recognized when they are generated. Costs associated with the disposal, the timing of cash flows and discount rates are estimated both at initial recognition and subsequent measurement. P. Employee future benefits i. Pension obligations The Company accrues its obligations under employee benefit plans. The Company has both defined benefit and defined contribution plans. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. The Company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. A defined benefit plan is a pension plan other than a defined contribution plan. Typically, defined benefit plans define an amount of pension benefit that an empl oyee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability recognized in the consolidated statements of financial position in respect of defined benefit pension plans is the prese nt value of the defined benefit obligation at the reporting date less the fair value of plan assets. The defined benefit obligation is calculated annually, by qualified independent actuaries using the projected unit credit method prorated on ser |
Accounting standards
Accounting standards | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Standards [Abstract] | |
Accounting standards | 3 . Accounting standards A. Changes in accounting policy On January 1, 2019 , Cameco adopted the new standard, IFRS 16, Leases (IFRS 16) and the interpretation, IFRIC 23, Uncertainty over Income Tax Treatments (IFRIC 23) as issued by the IASB . i. Leases IFRS 16 eliminates the dual model for lessees, which distinguishes between on-balance sheet finance leases and off-balance sheet operating leases. Instead, there is a single, on-balance sheet accounting model that is similar to finance le ase accounting under IAS 17 . Cameco adopted IFRS 16 using the modified retrospective approach which does not require comparat ive information to be restated. The following practical expedients were used during initial application: No reassessment of whether a contract i s, or contains, a lease at the date of initial application. Contracts that were not identified as leases under IAS 17 and IFRIC 4 were not reassessed for whether there is a lease under IFRS 16 ; Reliance on an assessment under IAS 37 for onerous contracts as an alternative to perf orming an impairment review; No recognition of right-of-use assets and liabilities for leases for which the lease term ends within 12 months of the date of initial application or for leases of low value assets; and Use of hindsight when determining the lea se terms. When measuring lease liabilities for leases that were classified as operating, lease payments were discounted using Cameco’s incremental borrowing rate at January 1, 2019, which was 4.65%. Adoption of the standard did not have a material impact o n the consolidated financial statements. See notes 8 , 14 and 26 . ii. Income tax IFRIC 23 provides guidance on the accounting for current and deferred tax liabilities and assets in circumstances in which there is uncertainty over income tax treatm ents. The adoption of the standard did not have a material impact on the financial statements: |
Determination of fair values
Determination of fair values | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Measurement [Abstract] | |
Determination of fair values | 4 . Determination of fair values A number of the Company’s accounting policies and disclosures require the measurement of fair value, for both financial and non-financial assets and liabilities. The fair value of an asset or liability is generally estimated as the amount that would be received on sale of an asset, or paid to transfer a liability in an orderly transaction between market participants at the reporting date. Fair values of assets and liabilities traded in an active market are determined by reference to last quoted prices, in the principal market for the asset or liability. In the absence of an active market for an asset or liability, fair values are determined based on market quotes fo r assets or liabilities with similar characteristics and risk profiles, or through other valuation techniques. Fair values determined using valuation techniques require the use of inputs, which are obtained from external, readily observable market data whe n available. In some circumstances, inputs that are not based on observable data must be used. In these cases, the estimated fair values may be adjusted in order to account for valuation uncertainty, or to reflect the assumptions that market participants w ould use in pricing the asset or liability. All fair value measurements are categorized into one of three hierarchy levels, described below, for disclosure purposes. Each level is based on the transparency of the inputs used to measure the fair values of assets and liabilities: Level 1 – Values based on unadjusted quoted prices in active markets that are accessible at the reporting date for identical assets or liabilities. Level 2 – Values based on quoted prices in markets that are not active or model inpu ts that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 3 – Values based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair valu e measurement. When the inputs used to measure fair value fall within more than one level of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measuremen t in its entirety. Transfers between levels of the fair value hierarchy are recognized at the end of the reporting period during which the transfer occurred. There were no transfers between level 1, level 2, or level 3 during the period. Cameco does not ha ve any recurring fair value measurements that are categorized as level 3 as of the reporting date. Further information about the techniques and assumptions used to measure fair values is included in the following notes: Note 24 - Share-based compensation plans Note 26 - Financial instruments and risk management |
Use of estimates and judgments
Use of estimates and judgments | 12 Months Ended |
Dec. 31, 2019 | |
Use Of Estimates And Judgments [Abstract] | |
Use of estimates and judgments | 5 . Use of estimates and judgments The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenues and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estima tes are revised and in any future period affected. Information about critical judgments in applying the accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements is discussed below. Furthe r details of the nature of these judgments, estimates and assumptions may be found in the relevant notes to the consolidated financial statements. A. Recoverability of long-lived and intangible assets Cameco assesses the carrying values of property, plan t and equipment, and intangible assets when there is an indication of possible impairment. Goodwill and intangible assets not yet available for use or with indefinite useful lives are tested for impairment annually. If it is determined that carrying values of assets or goodwill cannot be recovered, the unrecoverable amounts are charged against current earnings. Recoverability is dependent upon assumptions and judgments regarding market conditions, costs of production, sustaining capital requirements and min eral reserves. Other assumptions used in the calculation of recoverable amounts are discount rates, future cash flows and profit margins. A material change in assumptions may significantly impact the potential impairment of these assets. B. Cash generati ng units In performing impairment assessments of long-lived assets, assets that cannot be assessed individually are grouped together into the smallest group of assets that generates cash inflows that are largely independent of the cash inflows from other a ssets or groups of assets. Management is required to exercise judgment in identifying these CGUs. C. Provisions for decommissioning and reclamation of assets Significant decommissioning and reclamation activities are often not undertaken until near the e nd of the useful lives of the productive assets. Regulatory requirements and alternatives with respect to these activities are subject to change over time. A significant change to either the estimated costs , timing of the cash flows or mineral reserves may result in a material change in the amount charged to earnings. D. I ncome taxes Cameco operates in a number of tax jurisdictions and is, therefore, required to estimate its income taxes in each of these tax jurisdictions in preparing its consolidated fin ancial statements. In calculating income taxes, consideration is given to factors such as tax rates in the different jurisdictions, non-deductible expenses, changes in tax law and management’s expectations of future operating results. Cameco estimates defe rred income taxes based on temporary differences between the income and losses reported in its consolidated financial statements and its taxable income and losses as determined under the applicable tax laws. The tax effect of these temporary differences is recorded as deferred tax assets or liabilities in the consolidated financial statements. The calculation of income taxes requires the use of judgment and estimates. The determination of the recoverability of deferred tax assets is de pendent on assumptions and judg ments regarding future market conditions, production rates and intercompany sales , which can materially impact estimated future taxable income . If these judgments and estimates prove to be inaccurate, future earn ings may be materially impacted. E. Mineral reserves Depreciation on property, plant and equip ment is primarily calculated using the unit-of-production method. This method allocates the cost of an asset to each period based on current period production as a portion of total lifetime production or a portion of estimated mineral reserves. Estimates o f life-of-mine and amounts of mineral reserves are updated annually and are subject to judgment and significant change over time. If actual mineral reserves prove to be significantly different than the estimates, there could be a material impact on the amo unts of depreciation charged to earnings. F. Gain on restructuring The gain recorded on the restructuring of JV Inkai was calculated based on the fair value of the asset being given up. The determination of fair value requires Cameco to make assumptions, estimates and judgments, some of which are inherently subjective . |
Accounts receivable
Accounts receivable | 12 Months Ended |
Dec. 31, 2019 | |
Trade And Other Receivables [Abstract] | |
Accounts receivable | 6 . Accounts receivable 2019 2018 Trade receivables $ 321,638 $ 392,865 GST/VAT receivables 4,614 3,711 Other receivables 1,792 5,774 Total $ 328,044 $ 402,350 The Company’s exposure to credit and currency risks as well as credit losses related to trade and other receiva bles, excluding goods and services tax (G ST)/value added tax (VAT) rec eivables, is disclosed in note 26 . |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Classes Of Inventories [Abstract] | |
Inventories | 7 . Inventories 2019 2018 Uranium Concentrate $ 204,123 $ 335,276 Broken ore 51,094 51,545 255,217 386,821 Fuel services 62,701 75,541 Other 2,852 5,433 Total $ 320,770 $ 467,795 Cameco expensed $ 1,398 ,000,000 of inventory as cost of sales during 2019 ( 2018 - $ 1,501,000,000 ). Included in cost of sa les for the year ended December 31, 2018 is a $ 29,296 ,000 net write-down to reflect net realizable value. No write-down was recorded in the current year . |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Property, plant and equipment | 8 . Property, plant and equipment At December 31, 2019 Land Plant Furniture Exploration and and and Under and buildings equipment fixtures construction evaluation Total Cost Beginning of year $ 5,089,908 $ 2,654,944 $ 80,083 $ 63,465 $ 1,121,061 $ 9,009,461 Additions 2,327 7,179 158 65,482 65 75,211 Transfers 17,157 28,453 951 (46,561) - - Change in reclamation provision [note 15] 24,883 - - - - 24,883 Disposals (923) (3,486) (142) (507) (693) (5,751) Effect of movements in exchange rates (32,642) (8,925) (181) (17) (48,593) (90,358) End of year 5,100,710 2,678,165 80,869 81,862 1,071,840 9,013,446 Accumulated depreciation and impairment Beginning of year 2,835,037 1,697,178 74,860 36,799 483,661 5,127,535 Depreciation charge 128,579 105,700 2,057 - - 236,336 Change in reclamation provision [note 15] 2,732 - - - - 2,732 Disposals (225) (2,194) (139) - (639) (3,197) Effect of movements in exchange rates (30,035) (7,635) (177) - (24,636) (62,483) End of year 2,936,088 1,793,049 76,601 36,799 458,386 5,300,923 Right-of-use assets Beginning of year - - - - - - Additions 3,517 5,768 851 - - 10,136 Disposals - (9) - - - (9) Depreciation charge (871) (675) (432) - - (1,978) End of year 2,646 5,084 419 - - 8,149 Net book value at December 31, 2019 $ 2,167,268 $ 890,200 $ 4,687 $ 45,063 $ 613,454 $ 3,720,672 At December 31, 2018 Land Plant Furniture Exploration and and and Under and buildings equipment fixtures construction evaluation Total Cost Beginning of year $ 5,045,112 $ 2,729,635 $ 90,817 $ 154,731 $ 1,120,280 $ 9,140,575 Additions 1,944 7,274 - 45,516 628 55,362 Transfers 104,760 20,044 288 (129,436) 4,344 - Change in reclamation provision 132,317 - - - - 132,317 Disposals (186) (7,355) (4,714) (1,663) (414) (14,332) JV Inkai restructuring (a) (245,882) (109,748) (6,624) (5,739) - (367,993) Effect of movements in exchange rates 51,843 15,094 316 56 (3,777) 63,532 End of year 5,089,908 2,654,944 80,083 63,465 1,121,061 9,009,461 Accumulated depreciation and impairment Beginning of year 2,717,249 1,611,460 80,752 55,832 483,390 4,948,683 Depreciation charge 120,754 111,465 3,217 - - 235,436 Transfers 13,036 6,333 (322) (19,047) - - Change in reclamation provision 59,616 - - - - 59,616 Disposals (185) (5,853) (4,647) - - (10,685) JV Inkai restructuring (a) (123,919) (38,783) (4,441) - - (167,143) Effect of movements in exchange rates 48,486 12,556 301 14 271 61,628 End of year 2,835,037 1,697,178 74,860 36,799 483,661 5,127,535 Net book value at December 31, 2018 $ 2,254,871 $ 957,766 $ 5,223 $ 26,666 $ 637,400 $ 3,881,926 Cameco has contractual capital commitments of approximately $ 38 ,000,000 at December 31, 2019 . Certain of the contractual commitments may contain cancellation clauses, however the Company discloses the commitments based on management’s intent to fulfill the contract. The majority of this amount i s expected to be incurred in 2020 . (a) Effective January 1, 2018, Cameco’s ownership interest in JV Inkai was reduced to 40 % r esulting in JV Inkai being accounted for on an equity basis instead of proportionate consolidation (see note 11 ). |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2019 | |
Intangible Assets And Goodwill [Abstract] | |
Goodwill and intangible assets | 9 . I ntangible assets A. Reconciliation of carrying amount At December 31, 2019 Intellectual Contracts property Total Cost Beginning of year $ 119,371 $ 118,819 $ 238,190 Effect of movements in exchange rates (5,664) - (5,664) End of year 113,707 118,819 232,526 Accumulated amortization and impairment Beginning of year 115,434 57,154 172,588 Amortization charge 1,181 3,868 5,049 Effect of movements in exchange rates (5,521) - (5,521) End of year 111,094 61,022 172,116 Net book value at December 31, 2019 $ 2,613 $ 57,797 $ 60,410 At December 31, 2018 Intellectual Contracts property Total Cost Beginning of year $ 109,812 $ 118,819 $ 228,631 Effect of movements in exchange rates 9,559 - 9,559 End of year 119,371 118,819 238,190 Accumulated amortization and impairment Beginning of year 104,939 53,680 158,619 Amortization charge 1,325 3,474 4,799 Effect of movements in exchange rates 9,170 - 9,170 End of year 115,434 57,154 172,588 Net book value at December 31, 2018 $ 3,937 $ 61,665 $ 65,602 B. Amortization The intangible asset values relate to intellectual property acquired with Cameco Fuel Manufacturing Inc. (CFM) and purchase and sales contracts acquired with NUKEM. The CFM intellectual property is being amortized on a unit-of-production basis over its remaining life. Amortization is allocated to the cost of inventory and is recognized in cost of products and services sold as inventory is sold. The NUKEM purchase and sales contracts will be amortized to earnings over the remaining terms of the underlying contracts, which extend to 2022. Amortization of the purchase contracts is allocated to the cost of inventory and is included in cost of products and services sold as inventory is sold. Sa les contracts are amortized to revenue. |
Long-term receivables, investme
Long-term receivables, investments and other | 12 Months Ended |
Dec. 31, 2019 | |
Categories Of Noncurrent Financial Assets [Abstract] | |
Long-term receivables, investments and other | 10 . Long-term receivables, investments and other 2019 2018 Investments in equity securities [note 26] (a) $ 24,408 $ 28,916 Derivatives [note 26] 10,504 3,881 Advances receivable from JV Inkai [note 31] - 124,533 Investment tax credits 95,474 95,246 Amounts receivable related to tax dispute [note 21] 303,222 303,222 Product loan (b) 176,904 176,904 Other 26,183 32,992 636,695 765,694 Less current portion (6,564) (13,826) Net $ 630,131 $ 751,868 (a) At January 1, 2018, Cameco designated the investments shown below as equity securities at FVOCI because these equity securities represent investments that the Company intends to hold for the long term for strategic purposes . There were no dividends recognized on any of these investments during the year. 2019 2018 Investment in Denison Mines Corp. $ 13,292 $ 15,507 Investment in UEX Corporation 7,253 8,754 Investment in ISO Energy Ltd. 1,481 1,777 Investment in GoviEx 2,000 2,313 Other 382 565 $ 24,408 $ 28,916 (b) During 2018, as a result of the decision to temporarily suspend production at the McArthur River mine, Cameco loaned 5,400 ,000 pounds of uranium concentrate to its joint venture partner, Orano Canada Inc., (Orano). Orano is obligated to repay us in kind with uranium concentrate no later than December 31, 2023 . The loan wa s recorded at Cameco’s weighted average cost of inventory . |
Equity-accounted investee
Equity-accounted investee | 12 Months Ended |
Dec. 31, 2019 | |
Investments accounted for using equity method [Abstract] | |
Equity-accounted investee | 11 . Equity-accounted investee JV Inkai is the operator of the Inkai uranium deposit located in Kazakhstan. Cameco holds a 40% interest and Kazatomprom holds a 60% interest in JV Inkai . Cameco does not have joint control over the joint venture and a s a result, Cameco accounts f or JV Inkai on an equity basis. JV Inkai is a uranium mining and milling operation that utilizes in-situ recovery (ISR) technology to extract uranium. The participants in JV Inkai purchase uranium from Inkai and, in turn, derive revenue directly from the sale of such product to third-party customers. The following tables summarize the financial information of JV Inkai (100%) : 2019 2018 Cash and cash equivalents $ 16,699 $ 41,717 Other current assets 139,324 160,784 Non-current assets 398,721 407,816 Current liabilities (71,162) (151,728) Non-current liabilities (41,508) (41,746) Net assets $ 442,074 $ 416,843 2019 2018 Revenue from products and services $ 261,860 $ 203,359 Cost of products and services sold (64,199) (52,172) Depreciation and amortization (27,740) (27,504) Finance income 651 160 Finance costs (2,939) (6,251) Other expense (23,767) (30,419) Income tax expense (30,999) (20,860) Net earnings 112,867 66,313 Other comprehensive loss (1,773) - Total comprehensive income $ 111,094 $ 66,313 The following table reconciles the summarized financial information to the carrying amount of Cameco’s interest in JV Inkai: 2019 2018 Opening net assets $ 416,843 $ 374,650 Total comprehensive income (a) 111,094 66,313 Dividends declared (66,369) - Impact of foreign exchange (19,494) (24,120) Closing net assets 442,074 416,843 Cameco's share of net assets 176,830 166,737 Consolidating adjustments (b) (30,633) (33,978) Fair value increment (c) 91,697 94,633 Dividends declared but not received 13,859 - Impact of foreign exchange 928 3,110 Carrying amount in the statement of financial position at December 31, 2019 $ 252,681 $ 230,502 (a) Cameco’s share of earnings from equity-accounted investee as reported on the statement of earnings will not equal its share of JV Inkai’s other comprehensive income when Cameco receives dividends from JV Inkai that are not in proportion to its 40% ownership interest. (b) In addition to its proportionate share of earnings from JV Inkai, Cameco records certain consolidating adjustments to eliminate unrealized profit and amortize historical diffe rences in accounting policies. This amount is amortized t o earnings over units of production . (c) Following the restructuring, in addition to the adjustments noted in (b), Cameco also amortize s the fair values assigned to assets and liabilities at the time of the restructuring over units of production . |
Accounts payable and accrued li
Accounts payable and accrued liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Trade And Other Current Payables [Abstract] | |
Accounts payable and accrued liabilities | 12 . Accounts payable and accrued liabilities 2019 2018 Trade payables $ 100,407 $ 123,219 Non-trade payables 66,815 92,183 Payables due to related parties 14,577 9,352 Total $ 181,799 $ 224,754 The Company’s exposure to currency and liquidity risk related to trade and other payables is disclosed in note 26 . |
Long-term debt
Long-term debt | 12 Months Ended |
Dec. 31, 2019 | |
Noncurrent Liabilities [Abstract] | |
Long-term debt | 13 . Long-term debt 2019 2018 Unsecured debentures Series D - 5.67% debentures due September 2, 2019 $ - $ 499,599 Series E - 3.75% debentures due November 14, 2022 399,152 398,873 Series F - 5.09% debentures due November 14, 2042 99,302 99,286 Series G - 4.19% debentures due June 24, 2024 498,264 497,913 996,718 1,495,671 Less current portion - (499,599) Total $ 996,718 $ 996,072 Cameco has a $ 1,00 0,000,000 unsecured revolving credit facility that is available until November 1, 2023 . Upon mutual agreement, the facility can be extended for an additional year on the anniversary date. In addition to direct borrowings under the facility, up to $ 100,000,000 can be used for the issuance of letters of credit and, to the extent necessary, it may be used to provide liquidity support for the Company’s commercial paper program. The agreement also provides the ability to increase the rev olving credit facility above $ 1,00 0,000,000 by increments no less than $ 50,000,000 , to a total of $ 1,2 50,000,000 . The facility ranks equally with all of Cameco’s other senior debt. As of December 31, 2019 and 2018 , there were no amounts outstanding u nder this facility. Cameco has $ 1,719,120 ,000 ( 2018 - $ 1,716,473 ,000 ) in letter of credit facilities. Outstanding and committed letters of credit at December 31, 2019 amou nted to $ 1,528,603,000 ( 2018 - $ 1,572,984 ,000 ), the majority of which relat e to future decommissioning and reclamation liabilities (note 15 ). Cameco is bound by a covenant in its revolving credit facility. The covenant requires a funded debt to tangible net worth ratio equal to or less than 1 :1. Non-compliance with this coven ant could result in accelerated payment and termination of the revolving credi t facility. At December 31, 2019 , Cameco was in compliance with the covenant and does not expect its operating and investing activities in 2020 to be constrained by it . The Company has arranged for standby product loan facilities with three different counterpa rties. The arrangements allow it to borrow up to 1.2 million kgU of UF 6 conversion services over the period 2020 to 2022 with repayment in kind up to March 31, 2023 . Un der the loan facilities, standby fees of up to 1 % are payable based on the market value of the facilities and interest is payable on the market value of any amounts drawn at rates ranging from 0.5 % to 2.0 % . The table below represents currently scheduled maturities of long-term debt: 2020 2021 2022 2023 2024 Thereafter Total $ - - 399,152 - 498,264 99,302 $ 996,718 |
Other liabilities
Other liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities [Abstract] | |
Other liabilities | 14 . Other liabilities 2019 2018 Deferred sales [note 17] $ 17,418 $ 30,727 Derivatives [note 26] 12,524 61,387 Accrued pension and post-retirement benefit liability [note 25] 80,737 68,255 Lease obligation 12,869 - Other 63,452 61,265 187,000 221,634 Less: current portion (33,073) (79,573) Net $ 153,927 $ 142,061 Expenses related to short-term leases and leases of low-value assets were insignificant during 2019 . |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2019 | |
Provisions [Abstract] | |
Provisions | 15 . Provisions Reclamation Waste disposal Total Beginning of year $ 1,053,892 $ 9,460 $ 1,063,352 Changes in estimates and discount rates [note 8] Capitalized in property, plant and equipment 22,151 - 22,151 Recognized in earnings 2,732 645 3,377 Provisions used during the period (31,933) (457) (32,390) Unwinding of discount [note 19] 20,634 155 20,789 Effect of movements in exchange rates (16,801) - (16,801) End of period $ 1,050,675 $ 9,803 $ 1,060,478 Current $ 54,806 $ 1,442 $ 56,248 Non-current 995,869 8,361 1,004,230 $ 1,050,675 $ 9,803 $ 1,060,478 A. Reclamation provision Cameco's estimates of future decommissioning obligations are based on reclamation standards that satisfy regulatory requirements. Elements of uncertainty in estimating these amounts include potential changes in regulatory requirements, decommissioning and reclamation alternatives and amounts to be recovered from other parties. Cameco estimates total undiscounted future decommissioning and reclamation costs for its existing operating assets to be $ 1,127,487 ,000 ( 2018 - $ 1 ,157,208 ,000 ). The expected timing of these outflows is based on life-of-mine plans with the majority of expenditu res expected to occur after 2024 . These estimates are reviewed by Cameco technical personnel as required by regulatory agencies or more freque ntly as circumstances warrant. In connection with future decommissioning and reclamation costs, Cameco has provided financial assurances of $ 994,129 ,000 ( 2018 - $ 1,050,546 ,000 ) in the form of letters of credit to satisfy current regulatory requirement s. The reclamation provision relates to the following segments: 2019 2018 Uranium $ 831,352 $ 828,781 Fuel services 219,323 225,111 Total $ 1,050,675 $ 1,053,892 B. Waste disposal The fuel services segment consists of the Blind River refinery, Port Hope conversion facility and Cameco Fuel Manufacturing Inc. . The refining, conversion and manufacturing processes generate certain uranium contaminated waste. These include contaminated combustible material (paper, rags, gloves, etc.) and contaminated non-combustible material (metal parts, soil from excavations, building and roofing materials, spent uranium concentrate drums, etc.). These materials can in some instanc es be recycled or reprocessed. A provision for waste disposal costs in respect of these materials is recognized when they are generated. Cameco estimates total undiscounted future costs related to existing waste disposal to be $ 8,451 ,000 ( 2018 - $ 9,617, 000 ). The majority of these expenditures are expecte d to occur within the next five years. |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Classes Of Share Capital [Abstract] | |
Share capital | 16 . Share capital Authorized share capital: Unlimited number of first preferred shares Unlimited number of second preferred shares Unlimited number of voting common shares, no stated par value, not convertible or redeemable, and One Class B share A. Common Shares Number issued (number of shares) 2019 2018 Beginning of year 395,792,732 395,792,732 Issued: Stock option plan [note 24] 5,000 - End of year 395,797,732 395,792,732 All issued shares are fully paid. H olders of the common shares are entitled to exercise one vote per share at meetings of shareholders, are entitled to receive dividends if, as and when declared by our Board of Directors and are entitled to participate in any distribution of remaining assets following a liqui dation. The shares of Cameco are widely held and no shareholder, resident in Canada, is allowed to own more than 25 % of the Company’s outstanding common shares, either individually or together with as sociates. A non-resident of Canada is not allowed to own more than 15 %. In addition, no more than 25 % of total shareholder votes cast may be cast by non-resident shareholders. B. Class B share One Class B share issued during 1988 and assigned $ 1 of share capital entitles the shareholder to vote separately as a class in respect of any proposal to locate the head office of Cameco to a place not in the province of Saskatchewan . C. Dividends Dividends on Cameco Corporation common shares are declared in Canadian dollars. For the year ended December 31, 2019 , the dividend declared per sh are was $ 0.08 (December 31, 2018 - $ 0. 08 ). |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenue [abstract] | |
Disclosure Of Revenue Explanatory | 17 . Revenue Cameco’s sales contracts with customers contain both fixed and market-related pricing. Fixed-price contracts are typically based on a term-price indicator at the time the contract is accepted and escalated over the term of the contract. Market-related contracts are based on either the spot price or long-term price, and the price is quoted at the time of delivery rather than at the time the contract is accepted. These contracts often include a floor and/or ceiling prices, which are usually escalated over the term of the contract. Escalation is generally based o n a consumer price index. The Company’s contracts contain either one of these pricing mechanisms or a combination of the two. There is no variable consideration in the contracts and t herefore no revenue is considered constrained at the time of delivery . Cameco expenses the incremental costs of obtaining a contract as incurred as the amortization period is less than a year. The following table summarizes Cameco’s sales disaggregated by geographical region and contract type and includes a reconciliation to the Company ’s r eportable segments (note 28 ): For the year ended December 31, 2019 Uranium Fuel services Other Total Customer geographical region Americas $ 569,535 $ 206,226 $ 59,300 $ 835,061 Europe 288,134 79,629 3,587 371,350 Asia 556,140 84,422 15,952 656,514 $ 1,413,809 $ 370,277 $ 78,839 $ 1,862,925 Contract type Fixed-price $ 349,021 $ 305,383 $ 69,703 $ 724,107 Market-related 1,064,788 64,894 9,136 1,138,818 $ 1,413,809 $ 370,277 $ 78,839 $ 1,862,925 For the year ended December 31, 2018 Uranium Fuel services Other Total Customer geographical region Americas $ 695,678 $ 191,791 $ 69,012 $ 956,481 Europe 275,096 50,000 10,693 335,789 Asia 713,282 72,198 13,911 799,391 $ 1,684,056 $ 313,989 $ 93,616 $ 2,091,661 Contract type Fixed-price $ 577,143 $ 293,400 $ 83,706 $ 954,249 Market-related 1,106,913 20,589 9,910 1,137,412 $ 1,684,056 $ 313,989 $ 93,616 $ 2,091,661 Deferred sales The following table provides information about contract liabilities (note 14 ) from contracts with customers: 2019 2018 Beginning of year $ 30,727 $ 29,148 Additions 9,783 25,695 Recognized in revenue (23,067) (24,025) Effect of movements in exchange rates (25) (91) End of year $ 17,418 $ 30,727 Deferred sales primarily relates to advance consideration received from customers for future conversion deliveries and fuel fabrication services as well as revenue related to the storage of uranium and converted uranium held at Cameco facilities. The revenue related to the fuel fabrication services and storage is recognized over time while the revenue related to future conversion deliveries is expected to be recognized between 2020 and 2025 . Cameco recognized $ 78,000 of revenue ( 2018 - $ 5,468,00 0 reduction of revenue) during 2019 from performance obligations satisfied (or partially satisfied) in previous periods. This is due to the difference between actual pricing indices and the estimates at the time of invoicing. Future sales commitments Ca m eco’s sales portfolio consists of short and long-term sales commitments. The contracts can be executed well in advance of a delivery and include both fixed and market-related pricing. The following table summarizes the expected future revenue, by segment, related to only fixed-price contracts with remaining future deliveries as follows: 2020 2021 2022 2023 2024 Thereafter Total Uranium $ 271,642 $ 183,422 $ 145,920 $ 169,234 $ 166,015 $ 532,429 $ 1,468,662 Fuel services 274,755 265,126 212,562 150,266 150,773 593,612 1,647,094 Other 4,030 4,212 - - - - 8,242 Total $ 550,427 $ 452,760 $ 358,482 $ 319,500 $ 316,788 $ 1,126,041 $ 3,123,998 The sales contracts are denominated largely in US dollars and converted from US to Canadian dollars at a rate of $ 1.30 . The amounts in the table represent the consideration the Company will be entitled to receive when it satisfies the remaining performance obligations in the contracts. The amounts include assumptions about volumes for contracts that have volume flexibility. Cameco’s total revenue that will be earned will also include revenue from contracts with market-related pricing. The Company has elected to exclude these amounts from the table as the transaction price will not be known until the time of delivery. Contracts with an original duration of one year or less have been included in the table. |
Employee benefit expense
Employee benefit expense | 12 Months Ended |
Dec. 31, 2019 | |
Classes Of Employee Benefits Expense [Abstract] | |
Employee benefit expense | 18 . Employee benefit expense The following employee benefit expenses are included in cost of products and services sold, administration, exploration, research and development and property, plant and equipment: 2019 2018 Wages and salaries $ 238,000 $ 305,367 Statutory and company benefits 41,972 50,477 Expenses related to defined benefit plans [note 25] 4,790 3,527 Expenses related to defined contribution plans [note 25] 11,767 13,431 Equity-settled share-based compensation [note 24] 17,469 18,821 Cash-settled share-based compensation [note 24] (1,437) 3,597 Total $ 312,561 $ 395,220 |
Finance costs
Finance costs | 12 Months Ended |
Dec. 31, 2019 | |
Finance Costs [Abstract] | |
Finance costs | 19 . Finance costs 2019 2018 Interest on long-term debt $ 63,136 $ 73,039 Unwinding of discount on provisions [note 15] 20,789 23,681 Other charges 14,697 15,059 Total $ 98,622 $ 111,779 No borrowing costs were determined to be eligible for capitalization during the year . |
Other income (expense)
Other income (expense) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income Expense [Abstract] | |
Other income (expense) | 20 . Other income (expense) 2019 2018 Arbitration award (a) $ 52,801 $ - Foreign exchange gains (18,961) 26,205 Gain on restructuring of JV Inkai (b) - 48,570 Sale of exploration interests (c) - 25,027 Contract restructuring - 6,201 Other - 2,157 Total $ 33,840 $ 108,160 (a) In the third quarter of 2019 , Cameco received an award from the tribunal of international arbitrators (Tribunal) with respect to its contract dispute with Tokyo Electric Power Company Holdings, Inc. (TEPCO). The Tribunal rejected TEPCO’s assertion that it had the right to terminate its uranium supply agreement and awarded damages of $ 40,300,000 (US). Damages were based on the Tribunal’s interpretation of losses under this supply agreement . (b) Effective January 1, 2018, Cameco’s ownership interest in JV Inkai was reduced from 60 % to 40 % based on an implementation agreement with Kazatomprom. Cameco recognized a gain on the change in ownership interests of $ 48,570,000 . Included in this gain is $ 5,450,000 which has been reclassified from the foreign c urrency translation reserve to net earnings . (c) In 2018, Cameco sold its interest in the Wheeler River Joint Venture to Denison Mines Corp. in exchange for 24,615,000 common shares (note 10 ). Cameco recorded a gain of $ 17,231,000 on the transaction . |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax [Absract] | |
Income taxes | 21 . Income taxes A. Significant components of deferred tax assets and liabilities Recognized in earnings As at December 31 2019 2018 2019 2018 Assets Property, plant and equipment $ 74,039 $ 119,132 $ 319,185 $ 245,206 Provision for reclamation 2,325 (36,622) 193,514 191,189 Inventories (2,163) 1,137 - 2,163 Foreign exploration and development (14) (14) 5,267 5,281 Income tax losses (gains) (108,839) 39,289 390,341 499,180 Defined benefit plan actuarial losses - - 7,947 5,646 Long-term investments and other (17,377) 24,169 40,423 57,347 Deferred tax assets (52,029) 147,091 956,677 1,006,012 Liabilities Inventories 301 - 301 - Deferred tax liabilities 301 - 301 - Net deferred tax asset (liability $ (52,330) $ 147,091 $ 956,376 $ 1,006,012 Deferred tax allocated as 2019 2018 Deferred tax assets $ 956,376 $ 1,006,012 Deferred tax liabilities - - Net deferred tax asset $ 956,376 $ 1,006,012 Cameco has recorded a deferred tax asset of $956,376,000 (December 31, 2018 - $1,006,012,000). The realization of this deferred tax asset is dependent upon the generation of future taxable income in certain jurisdictions during the periods in which the Company’s deferred t ax assets are available. The Company considers whether it is probable that all or a portion of the deferred tax assets w ill not be realized. In making this assessment, management considers all available evidence, including recent financial operations, projected future taxable income and tax planning strategies. Based on projections of future taxable income over the periods in which the deferred tax assets are available, realization of these deferred tax assets is probable and consequently the deferred tax assets have been recorded . B. Movement in net deferred tax assets and liabilities 2019 2018 Deferred tax asset at beginning of year $ 1,006,012 $ 848,704 Recovery (expense) for the year in net earnings (52,330) 147,091 Recovery (expense) for the year in other comprehensive income 2,754 (851) Change to equity accounting - JV Inkai - 10,849 Effect of movements in exchange rates (60) 219 End of year $ 956,376 $ 1,006,012 C. Significant components of unrecognized deferred tax assets 2019 2018 Income tax losses $ 280,330 $ 270,154 Property, plant and equipment 2,321 2,344 Provision for reclamation 75,082 88,036 Long-term investments and other 70,380 72,500 Total $ 428,113 $ 433,034 D. Tax rate reconciliation T he provision for income taxes differs from the amount computed by applying the combined expected federal and provincial income tax rate to earnings before income taxes. The reasons for these differences are as follows: 2019 2018 Earnings before income taxes and non-controlling interest $ 135,018 $ 39,929 Combined federal and provincial tax rate 26.9% 26.9% Computed income tax expense 36,320 10,741 Increase (decrease) in taxes resulting from: Difference between Canadian rates and rates applicable to subsidiaries in other countries 5,558 (78,138) Change in unrecognized deferred tax assets 19,646 18,027 Share-based compensation plans 1,146 1,292 Change in tax provision related to transfer pricing - (61,000) Non-deductible (non-taxable) capital amounts - (13,249) Income in equity-accounted investee (12,074) - Change in uncertain tax positions 2,572 (3,517) Other permanent differences 7,909 (462) Income tax expense (recovery) $ 61,077 $ (126,306) E. Earnings and income taxes by jurisdiction 2019 2018 Earnings (loss) before income taxes Canada $ 229,429 $ (257,291) Foreign (94,411) 297,220 $ 135,018 $ 39,929 Current income taxes Canada $ 7,969 $ 5,913 Foreign 778 14,872 $ 8,747 $ 20,785 Deferred income taxes (recovery) Canada $ 60,010 $ (149,284) Foreign (7,680) 2,193 $ 52,330 $ (147,091) Income tax expense (recovery) $ 61,077 $ (126,306) F. Reassessments Canada In 2008, as part of the ongoing annual audits of Cameco's Canadian tax returns, Canada Revenue Agency (CRA) disputed the transfer pricing structure and methodology used by Cameco and its wholly owned Swiss subsidiary, Cameco Europe Ltd., in respect of sale and purchase agreements for uranium products. From December 2008 to date, CRA issued notices of reassessment for the taxation years 2003 through 2013, which in aggregate have increased Cameco's income for Canadian tax purpos es by approximately $ 5,700,000,000 . CRA has also issued notices of reassessment for transfer pricing penalties for the years 2007 through 2011 in the amount of $ 371,000,000 . It is uncertain whether CRA will reassess Cameco's tax returns for subsequent year s on a similar basis and if these will require Cameco to make future remittances or provide security on receipt of the reassessments . On September 26 , 2018 , the Tax Court of Canada (Tax Court) ruled in our favour in our case with the Canada Revenue Agency (CRA) for the 2003, 2005 and 2006 tax years . The Tax Court ruled that our marketing and trading structure involving foreign subsidiaries and the related transfer pricing methodology used for certain intercompany uranium purchase and sale agreements were in full compliance with Canadian laws for the three tax years in question. While the dec ision applies only to the three tax years in question , we believe there is nothing in the decision that would warrant a materially different o utcome for subsequent tax ye ars . We expect to recover any amounts remitted or secured as a result of the reassessments . On October 25, 2018, CRA filed a notice of appeal with the Federal Court of Appeal. We anticipate that it will take about two years from the start of the appeal pro cess to receive a decision from the Federal Court of Appeal . We expect the Tax Court’s decision to be upheld on appeal. We expect any further actions regarding the tax years 2007 through 2013 will be suspended until the three years covered in th e decision are finally resolved . Despite the fact that we believe there is no basis to do so, and it is not our view of the likely outcome, CRA may continue to reassess us using the methodology it used to reassess the 2003 through 2013 tax years . In that scenario, an d including the $ 5,700,000,000 already reassessed, we expect to receive notices of reassessment for a total of approximately $ 8,700,000,000 for the years 2003 through 2019, which would increase Cameco’s income for Canadian tax purposes and result in a rela ted tax expense of approximately $ 2,600,000,000 . In addition to penalties already imposed, CRA may continue to apply penalties to taxation years subsequent to 2011. As a result, we estimate that cash taxes and transfer pricing penalties would be between $ 1 ,950,000,000 and $ 2,150,000,000 . In addition, we estimate there would be interest and instalment penalties applied that would be material to Cameco. While in dispute, we would be responsible for remitting or otherwise securing 50 % of the cash taxes and tra nsfer pricing penalties (between $ 970,000,000 and $ 1,070,000,000 ), plus related interest and instalment penalties assessed, which would be material to Cameco . Under Canadian federal and provincial tax rules, the amount required to be remitted each year wil l depend on the amount of income reassessed in that year and the availability of elective deductions. CRA disallowed the use of any loss carry-backs to be applied to any transfer pricing adjustment, starting with the 2008 tax year. In light of our view of the likely outcome of the case, we expect to recover the amounts remitted to CRA, including cash taxes, interest and penalties totalling $ 303,222,000 already paid as at December 31, 2019 (December 31, 2018 - $ 303,222,000 ) (note 10 ). In addition to the cash remitted, we have provided $ 480,000,000 in letters of credit to secure 50 % of the cash taxes and related interest. Management believes that the ultimate resolution will not be material to Cameco's financial position, results of operations or liquidit y in the year(s) of resolution. Resolution of this matter as stipulated by CRA would be material to Cameco’s financial position, results of operations or liquidity in the year(s) of resolution and other unfavourable outcomes for the years 2003 to date coul d be material to Cameco's financial position, results of operations and cash flows in the year(s) of resolutio n . G. Income tax losses At December 31, 2019 , income tax losses carried forward of $2,509,669 ,000 ( 2018 - $ 2,809,926 ,000 ) are available to reduce taxable income. These losses expire as follows: Date of expiry Canada US Other Total 2026 $ - $ - $ 80,000 $ 80,000 2030 47 - - 47 2031 - 20,859 - 20,859 2032 272 22,464 - 22,736 2033 173,691 38,296 - 211,987 2034 322,359 21,125 - 343,484 2035 372,558 14,699 - 387,257 2036 209,265 44,674 - 253,939 2037 143 33,462 - 33,605 2038 5,581 51,896 - 57,477 2039 6,524 40,559 - 47,083 No expiry - - 1,051,195 1,051,195 $ 1,090,440 $ 288,034 $ 1,131,195 $ 2,509,669 Included in the t able above is $ 1,048,264 ,000 ( 2018 - $ 987,639 ,000 ) of temporary differences related to loss carry forwards whe re no future benefit has been recognized . |
Per share amounts
Per share amounts | 12 Months Ended |
Dec. 31, 2019 | |
Per Share Amounts [Abstract] | |
Per share amounts | 22 . Per s hare amounts Per share amounts have been calculated based on the weighted average number of common shares outstanding during the period. The weighted average number of paid shares outstanding in 2019 was 395,796,677 ( 2018 - 395, 792,732 ). 2019 2018 Basic earnings per share computation Net earnings attributable to equity holders $ 74,000 $ 166,323 Weighted average common shares outstanding 395,797 395,793 Basic earnings per common share $ 0.19 $ 0.42 Diluted earnings per share computation Net earnings attributable to equity holders $ 74,000 $ 166,323 Weighted average common shares outstanding 395,797 395,793 Dilutive effect of stock options 258 257 Weighted average common shares outstanding, assuming dilution 396,055 396,050 Diluted earnings per common share $ 0.19 $ 0.42 |
Supplemental cash flow informat
Supplemental cash flow information | 12 Months Ended |
Dec. 31, 2019 | |
Statement Of Cash Flows Disclosure [Abstract] | |
Statements of cash flows | 23 . Supplemental cash flow information Other operating items included in the statements of cash flows are as follows: 2019 2018 Changes in non-cash working capital: Accounts receivable $ 58,488 $ (44,353) Inventories 113,388 241,496 Supplies and prepaid expenses 3,612 52,192 Accounts payable and accrued liabilities (62,250) (39,616) Reclamation payments (32,390) (31,311) Other 15,630 4,654 Total $ 96,478 $ 183,062 The changes arising from financing activities were as follows: Long-term Interest Dividends Share debt (a) payable payable capital Total Balance at January 1, 2019 $ 1,495,671 $ 13,539 $ - $ 1,862,652 $ 3,371,862 Changes from financing cash flows: Dividends paid - - (31,613) - (31,613) Interest paid - (72,484) - - (72,484) Shares issued, stock option plan - - - 81 81 Repayment of long-term debt (500,000) - - - (500,000) Total cash changes (500,000) (72,484) (31,613) 81 (604,016) Non-cash changes: Amorization of issue costs 1,047 - - - 1,047 Dividends declared - - 31,613 - 31,613 Interest expense - 61,780 - - 61,780 Lease interest expense - 309 - - 309 Shares issued, stock option plan - - - 16 16 Foreign exchange - (114) - - (114) Total non-cash changes 1,047 61,975 31,613 16 94,651 Balance at December 31, 2019 $ 996,718 $ 3,030 $ - $ 1,862,749 $ 2,862,497 (a) Includes current portion of long-term debt |
Share-based compensation plans
Share-based compensation plans | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] | |
Share-based compensation plans | 24 . Share-based compensation plans The Company has the following equity-settled plans: A. Stock option plan T he Company has established a stock option plan under which options to purchase common shares may be granted to employees of Cameco. Options granted under the stock option plan have an exercise price of not less than the closing price quoted on the Toronto Stock Exchange (TSX) for the common shares of Cameco on the trading day prior to the date on which the option is granted. The options carry vesting periods of one to three years, and expire eight years from the date granted . The aggregate number of common shares that may be issued pursuant to the Cameco stock option plan shall not exceed 43,017,198 of which 27,875 ,28 9 shares have been issued. Stock option transactions for the respective years were as follows: (Number of options) 2019 2018 Beginning of year 8,820,805 8,324,666 Options granted 886,740 1,473,430 Options forfeited (270,025) (315,340) Options expired (815,423) (661,951) Options exercised [note 16] (5,000) - End of year 8,617,097 8,820,805 Exercisable 6,290,380 6,007,557 Weighted average exercise prices were as follows: 2019 2018 Beginning of year $19.75 $22.19 Options granted 15.27 11.32 Options forfeited 22.59 25.43 Options expired 38.43 28.90 Options exercised 16.38 - End of year $17.44 $19.75 Exercisable $18.90 $22.83 Total options outstanding and exercisable at December 31, 2019 were as follows: Options outstanding Options exercisable Option price per share Number Weighted average remaining life Weighted average exercisable price Number Weighted average exercisable price $11.32 - 15.83 3,733,210 5.7 $13.50 1,406,493 $13.52 $15.84 - 26.81 4,883,887 1.9 $20.45 4,883,887 $20.45 8,617,097 6,290,380 The foregoing options have expiry dates ranging from May 14, 2020 to February 28, 2027. B . Restricted share unit (RSU) The Company has established an RSU plan whereby it provides each plan participant an annual grant of RSUs in an amount determined by the bo ard. Each RSU represents one phantom common share that entitles the participant to a payment of one Cameco common share purchased on the open market, or cash with an equivalent market value, at the board’s discretion. The RSUs carry vesting periods of one to three years , and the final value of the units will be based on the value of Cameco common shares at the end of the vesting periods. During the vesting period, dividend equivalents accrue to the participants in the form of additional share units as of ea ch normal cash dividend payment date of Cameco’s common shares. As of December 31, 2019 , the total number of RSUs held by the participants was 443,274, ( 2018 - 456,704 ). C. Employee share ownership plan Cameco also has an employee share ownership p lan, whereby both employee and Company contributions are used to purchase shares on the open market for employees. The Company’s contributions are expensed during the year of contribution. Under the plan, employees have the opportunity to participate in th e program to a maximum of 6% of eligible earnings each year with Cameco matching the first 3% of employee-paid shares by 50%. Cameco contributes $1,000 of shares annually to each employee that is enrolled in the plan . Shares purchased with Company contribu tions and with dividends paid on such shares become unrestricted 12 months from the date on which such shares were purchased . At December 31, 2019 , there were 2,253 participants in the plan ( 2018 - 2,317 ). The total number of shares purchased in 2019 with Company contributions was 235,915 ( 2018 - 304,147 ). In 2019 , the Company’s contributions totaled $ 3,127,000 ( 2018 - $ 3,845,000 ). Cameco records compensation expense under its equity-settled plans with an offsetting credit to contributed s urplus, to reflect the estimated fair value of units granted to employees. During the year, the Company recognized the following expenses under these plans: 2019 2018 Stock option plan $ 4,418 $ 4,744 Performance share unit plan (a) 7,245 7,690 Restricted share unit plan 2,679 2,542 Employee share ownership plan 3,127 3,845 Total $ 17,469 $ 18,821 (a) In the fourth quarter, the performance share unit plan was amended to allow eligible participants to elect payout of their grants in cash or shares, provided they have met their share ownership requirements. As a result, this plan is now considered cash-settled. This amount represents the expense recorded prior to the plan modification. Fair value measurement of equity-settled plans The fair value of the units granted through the performance share unit plan was determined based on Monte Carlo simulation and t he fair value of options granted under the stock option plan was measured based on the Black -Scholes option-pricing model. T he fair value of RSUs granted was determined based on their intrinsic value on the date of grant. Expected volatility was estimated by considering historic average share price volatility. The inputs used in the measurement o f the fair values at grant date of the equity-settled share-based payment plans were as follows: Stock option plan PSU RSU Number of options granted 886,740 477,250 212,496 Expected vesting - 106% - Average strike price $15.27 - $15.33 Expected dividend $0.08 - - Expected volatility 36% 38% - Risk-free interest rate 1.8% 1.8% - Expected life of option 4.9 years 3.0 years - Expected forfeitures 7% 12% 15% Weighted average grant date fair values $4.92 $15.33 $15.33 The Company has the following cash-settled plans: A. Deferred share unit (DSU) Cameco offers a DSU plan to non-employee directors. A DSU is a notional unit that reflects the market value of a single common share of Cameco. 60% of each director’s annual retainer is paid in DSUs. In addition, on an annual basis, directors can elect to receive 25%, 50%, 75% or 100% of the remaining 40% of their annual retainer and any additional fees in the form of DSUs . If a director meets their ownership requirements, the director may elect to take 25%, 50%, 75% or 100% of their annual retainer and any fees in cash, with the balance, if any, to be paid in DSUs. Each DSU fully vests upon award . Dividend equivalents accrue to the participants in the form of additional share units as of each normal cash dividend payment date of Cameco’s common shares. The DSUs will be redeemed for cash upon a director leaving the board. The redemption amount will be based upon the weighted average of the closing prices of the common shares of Cameco on the TSX for the last 20 trading days prior to the redemption date multiplied by the number of DSUs held by the d irector. As of December 31, 2019 , the total number of DSUs held by participating direc tors was 474,266 ( 2018 - 528,483 ). B. Ex ecutive performance share unit (PSU) The Company has established a PSU plan whereby it provides each plan participant an annual grant of PSUs in an amount determined by the board. Each PSU represents one phantom common share that entitles the participant to a payment of one Cameco common share purchased on the open market, or cash with an equivalent market value, at the participant’s discretion, at the end of each three-year period if certain performance and vesting criteria have been met. The final value of the PSUs will be based on the value of Cameco common shares at the end of the three-year period and the number of PSUs that ultimately vest. During the vesting period, dividend equivalents accrue to the participants in the form of additional share units as of each normal cash dividend payment date of Cameco’s common shares. Vesting of PSUs at the end of the three-year period will be based on total shareholder return over the three years, Cameco’s ability to meet its annual operating targets and whether t he participating executive remains employed by Cameco at the end of the three-year vesting period . If the participant elects a cash payout, the redemption amount will be based on the volume-weighted average trading price of Cameco’s common shares on March 1 or, if March 1 is not a trading day, on the first trading day following March 1. As of December 31, 2019 , the total number of PSUs held by the participants, after adjusting for forfeitures on retirement, was 1,465,618 ( 2018 - 1,343,971 ). C. Phant om stock option Cameco makes annual grants of bonuses to eligible non-North American employees in the form of phantom stock options. Employees receive the equivalent value of shares in cash when exercised. Options granted under the phantom stock option pla n have an award value equal to the closing price quoted on the TSX for the common shares of Cameco on the trading day prior to the date on which the option is granted. The options vest over three years and expire eight years from the date granted . As of De cember 31, 2019 , the number of options held by participating employees was 406,270 ( 2018 - 353,580 ) with exercise prices ranging from $ 11.32 to $ 26.81 per share ( 2018 - $ 11.32 to $ 39.53 ) and a weighted average exercise price of $ 16.48 ( 2018 - $ 17.74 ). Cameco has recognized the following expenses (recoveries) under its cash-settled plans: 2019 2018 Deferred share unit plan $ (1,001) $ 2,922 Performance share unit plan (a) - - Phantom stock option plan (436) 675 Total $ (1,437) $ 3,597 (a) The modification to the PSU plan resulted in a reclassification, at the date of modification, of $ 8,369,000 from equity to liabilities. The liability recognized on the date of the modification was less than the amount previously recognized as an increase in equity. Since the plan modification did not change the performance and vesting criteria, no incremental fair value was granted. At December 31, 2019 , a liability of $ 14,577,000 ( 2018 - $ 9,352,000 ) was included in the consolidated statem ents of financial position to recognize accrued but unpaid expenses for cash-settled plans. Fair value measurement of cash-settled plans The fair value of the units granted through the PSU plan was determined based on Monte Carlo simulation and the fair va lue of the phantom stock option plan was measured based on the Black-Scholes option-pricing model. Expected volatility is estimated by considering historic average share price volatility. The inputs used in the measurement of the fair values of the cash-se ttled share-based payment plans at the grant and reporting dates were as follows: PSUs Phantom stock options Grant date Reporting date Grant date Reporting date Mar 1, 2019 Dec 31, 2019 Mar 1, 2019 Dec 31, 2019 Number of units 477,250 1,465,618 68,890 406,720 Expected vesting 106% 80% - - Average strike price - - $15.27 $16.48 Expected dividend - - $0.08 $0.08 Expected volatility 38% 31% 37% 35% Risk-free interest rate 1.8% 1.7% 1.5% 1.7% Expected life of option 3.0 years 1.4 years 4.5 years 4.0 years Expected forfeitures 12% 10% 8% 8% Weighted average measurement date fair values $15.33 $10.07 $5.07 $2.14 In addition to these inputs, other features of the PSU grant were incorporated into the measurement of fair value. The market condition based on total shareholder return was incorporated by utilizing a Monte Carlo simulation. The non-market criteria relating to realized selling prices and operating targets have been incorporated into the valuation at both grant and reporting date by reviewing prior history and corporate budgets. |
Pension and other post-retireme
Pension and other post-retirement benefits | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Defined Benefit Plans [Abstract] | |
Pension and other post-retirement benefits | 25 . Pension and other post-retirement benefits Cameco maintains both defined benefit and defined contribution plans providing pension benefits to substantially all of its employees. All regular and temporary employees participate in a registered defined contribution plan. This plan is registered under the Pension Benefits Standard Act, 1985. In addition, all Canadian-based executives participate in a non-registered supplemental execu tive pension plan which is a defined benefit plan. Under the supplemental executive pension plan (SEPP) , Cameco provides a lump sum benefit equal to the present value of a lifetime pension benefit based on the executive’s length of service and final average earnings. The plan provides for unreduced benefits to be paid at the normal retirement age of 65, however unreduced ben efits could be paid if the executive was at least 60 years of age and had 20 years of service at retirement. This program provides for a benefit determined by a formula based on earnings and service, reduced by the benefits payable under the registered bas e plan. Security is provided for the SEPP benefits through a letter of credit held by the plan’s trustee. The face amount of the letter of credit is determined each year based on the wind-up liabilities of the supplemental plan, less any plan assets curren tly held with the trustee. A valuation is required annually to determine the letter of credit amount. Benefits will continue to be paid from plan assets until the fund is exhausted, at which time Cameco will begin paying benefits from corporate assets. Cam eco also maintains non-pension post-retirement plans (“other benefit plans”) which are defined benefit plans that cover such benefits as group life insurance and supplemental health and dental coverage to elig ible employees and their depende nts. The costs related to these plans are charged to earnings in the period during which the employment services are rendered. These plans are funded by Cameco as benefit claims are made. The board of directors of Cameco has final responsibility and accountability for th e Cameco retirement programs. The board is ultimately responsible for managing the programs to comply with applicable legislation, providing oversight over the general functions and setting certain policies. Cameco expects to pay $ 1,106 ,000 in contribution s and letter of credit fees to i ts defined benefit plans in 2020 . The post-retirement plans expose Cameco to actuarial risks, such as longevity risk, market risk, interest rate risk, liquidity risk and foreign currency risk. The other benefit plans expo se Cameco to risks of higher supplemental health and dental utilization than expected. However, the other benefit plans have limits on Cameco’s annual benefits payable. The effective da te of the most recent valuation for funding purposes on the registered defined benefit pension plans is January 1, 2018 . The next planned effective date f or valuations is January 1, 2021 . Cameco has more than one defined benefit plan and has generally provided aggregated disclosures in respect of these plans, on the basis tha t these plans are not exposed to materially different risks. Information relating to Cameco’s defined benefit plans is shown in the following table: Pension benefit plans Other benefit plans 2019 2018 2019 2018 Fair value of plan assets, beginning of year $ 7,177 $ 8,061 $ - $ - Interest income on plan assets 262 259 - - Return on assets excluding interest income 280 (292) - - Employer contributions - 61 - - Benefits paid (912) (910) - - Administrative costs paid (1) (2) - - Fair value of plan assets, end of year $ 6,806 $ 7,177 $ - $ - Defined benefit obligation, beginning of year $ 54,271 $ 55,972 $ 21,161 $ 26,893 Current service cost 1,586 1,670 817 1,429 Interest cost 1,807 1,668 841 946 Actuarial loss (gain) arising from: - demographic assumptions - - - (192) - financial assumptions 6,925 (3,776) 2,877 (1,887) - experience adjustment 777 56 114 (2,919) Past service cost - - - (1,929) Benefits paid (1,705) (2,028) (855) (1,180) Foreign exchange (1,073) 709 - - Defined benefit obligation, end of year $ 62,588 $ 54,271 $ 24,955 $ 21,161 Defined benefit liability [note 14] $ (55,782) $ (47,094) $ (24,955) $ (21,161) The percentages of the total fair value of assets in the pension plans for each asset category at December 31 were as follows: Pension benefit plans 2019 2018 Asset category (a) Canadian equity securities 9% 9% U.S. equity securities 12% 0% Global equity securities 9% 21% Canadian fixed income 30% 29% Other (b) 40% 41% Total 100% 100% (a) The defined benefit plan assets contain no material amounts of related p arty assets at December 31, 2019 and 2018 respectively. (b) Relates to the value of the refundable tax account held by the Canada Revenue Agency. The refundable total is approximately equal to half of the sum of the realized investment income plus employer contributions less half of the benefits paid by the plan . The following represents the components of net pension and other benefit expense included primarily as part of administration: Pension benefit plans Other benefit plans 2019 2018 2019 2018 Current service cost $ 1,586 $ 1,670 $ 817 $ 1,429 Net interest cost 1,545 1,409 841 946 Past service cost - - - (1,929) Administration cost 1 2 - - Defined benefit expense [note 18] 3,132 3,081 1,658 446 Defined contribution pension expense [note 18] 11,767 13,431 - - Net pension and other benefit expense $ 14,899 $ 16,512 $ 1,658 $ 446 The total amount of actuarial losses (gains) recognized in other comprehensive income is: Pension benefit plans Other benefit plans 2019 2018 2019 2018 Actuarial loss (gain) $ 7,702 $ (3,720) $ 2,991 $ (4,998) Return on plan assets excluding interest income (280) 292 - - $ 7,422 $ (3,428) $ 2,991 $ (4,998) The assumptions used to determine the Company’s defined benefit obligation and net pension and other benefit expense were as follows at December 31 (expressed as weighted averages): Pension benefit plans Other benefit plans 2019 2018 2019 2018 Discount rate - obligation 3.0% 3.7% 3.1% 3.9% Discount rate - expense 3.7% 3.4% 3.9% 3.4% Rate of compensation increase 3.0% 3.0% - - Initial health care cost trend rate - - 6.0% 6.0% Cost trend rate declines to - - 5.0% 5.0% Year the rate reaches its final level - - 2022 2022 Dental care cost trend rate - - 5.0% 5.0% At December 31, 2019 , the weighted average duration of the defined benefit obligation for the pension p lans was 20.0 years ( 2018 - 19.4 years) and for the other benefit p lans was 15.2 years ( 2018 - 14.3 years). A 1% change at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the following: Pension benefit plans Other benefit plans Increase Decrease Increase Decrease Discount rate $ (8,141) $ 10,595 $ (3,284) $ 4,133 Rate of compensation increase 2,832 (2,608) n/a n/a A 1% change in any of the other assumptions would not have a significant impact on the defined benefit obligation. The methods and assumptions used in preparing the sensitivity analyses are the same as the methods and assumptions used in determining the financial position of Cameco ’s plans as at December 31, 2019 . The sensitivity analyses are determined by varying the sensitivity assumption and leaving all other assumptions unchanged. Therefore, the sensitivity analyses do not recognize any interdependence in the assumptions. The methods and assumptions used in determining the above sensitivity are consistent with t he methods and assumptions used in the previous year. In addition, an increase of one year in the expected lifetime of plan participants in the pension benefit plans would increase the defined benefit obligation by $ 1,621 ,000 . To measure the longevity risk for these plans, the mortality rates were reduced such that the average life expectancy for all members increased by one year. The reduced mortality rates were subsequently used to re-measure the defined benefit obligation of the entire plan. |
Financial instruments and relat
Financial instruments and related risk management | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Financial Instruments [Abstract] | |
Financial instruments and related risk management | 26 . Financial instruments and related risk management Cameco is exposed in varying degrees to a variety of risks from its use of financial instruments. Management and the board of directors, both separately and together, discuss the principal risks of our businesses. The board sets policies for the implementation of systems to manage, monitor and mitigate identifiable risks. Cameco’s risk management objective in relation to these instruments is to protect and minimize volatility in cash flow. The types of risks Cameco is exposed to, the source of risk exposure and how each is managed is outlined below. Market risk Market risk is the risk that changes in market prices, such as commodity prices, foreign currency exchange rates and interest rates, will aff ect the Company’s earnings or the fair value of its financial instruments. Cameco engages in various business activities which expose the Company to market risk. As part of its overall risk management strategy, Cameco uses derivatives to manage some of its exposures to market risk that result from these activities. Derivative instruments may include financial and physical forward contracts. Such contracts may be used to establish a fixed price for a commodity, an interest-bearing obligation or a cash flow d enominated in a foreign currency. Market risks are monitored regularly against defined risk limits and tolerances. Cameco’s actual exposure to these market risks is constantly changing as the Company’s portfolios of foreign currency , interest rate and comm odity contracts change . The types of market risk exposure and the way in which such exposure is managed are as follows: A. Commodity price risk As a significant producer and supplier of uranium and nuclear fuel processing services, Cameco bears significant exposure to changes in prices for these products. A substantial change in prices will affect the Company’s net earnings and operating cash flows. Prices for Cameco’s products are volatile and are influenced by numerous factors beyond the Compan y’s control, such as supply and demand fundamentals and geopolitical events. Cameco’s sales contracting strategy focuses on reducing the volatility in future earnings and cash flow, while providing both protection against decreases in market price and rete ntion of exposure to future market price increases. To mitigate the risks associated with the fluctuations in the market price for uranium products, Cameco seeks to maintain a portfolio of uranium product sales contracts with a variety of delivery dates an d pricing mechanisms that provide a degree of protection from pricing volatility. B. Foreign exchange risk The relationship between the Canadian and US dollar affects finan cial results of the uranium business as well as the fuel services business. Sales of uranium product, conversion and fuel manufacturing services are routinely denominated in US dollars while production costs are largely denominated in Canadian dollars. Cam eco attempts to provide some protection against exchange rate fluctuations by planned hedging activity designed to smooth volatility. To mitigate risks associated with foreign currency, Cameco enters into forward sales and option contracts to establish a p rice for future delivery of the foreign currency. These foreign currency contracts are not designated as hedges and are recorded at fair value with changes in fair value recognized in earnings. Cameco also has a natural hedge against US currency fluctuatio ns because a portion of its annual cash outlays, including purchases of uranium and conversion services, is denominated in US dollars. Cameco holds a number of financial instruments denominated in foreign currencies that expose the Company to foreign excha nge risk. Cameco measures its exposure to foreign exchange risk on financial instruments as the change in carrying values that would occur as a result of reasonably possible changes in foreign exchange rates, holding all other variables constant. As of the reporting date, the Company has determined its pre-tax exposure to foreign currency exchange risk on financial instruments to be as follows based on a 5 % weakening of the Canadian dollar: Carrying value Currency (Cdn) Gain (loss) Cash and cash equivalents USD $ 120,675 $ 6,034 Accounts receivable USD 280,877 14,044 Net foreign currency derivatives USD (4,333) (30,851) A 5% strengthening of the Canadian dollar against the currencies above at December 31, 2019 would have had an equal but opposite effect on the amounts shown above, assuming all other variables remained constant. C. Interest rate risk The Company has a strategy of minimizing its expo sure to interest rate risk by maintaining target levels of fixed and variable rate borrowings. The proportions of outstanding debt carrying fixed and variable interest rates are reviewed by senior management to ensure that these levels are within approved pol icy limits. At December 31, 2019 , the proportion of Cameco’s outstanding debt that carries fixed interest rates is 85 % ( 2018 - 67 %). Cameco is exposed to interest rate risk through its interest rate swap contracts whereby fixed rate payments on a notional amount of $ 150,000,000 of the Series E senior unsecured debentures were swapped for variable rate payments. The Series E swaps terminate on November 14, 2022. Under the terms of the swaps, Cameco makes interest payments based on the three-month Ca nada Dealer Offered Rate plus an average margin of 1.2 % and receives fixed interest payments of 3.75 %. The Series D swaps terminate d on September 2, 2019. At December 31, 2019 , the fair value of Cam eco’s interest rate swap net asset was $ 2,313,000 ( 2018 - $ 856 ,000 ). Cameco measures its exposure to interest rate risk as the change in cash flows that would occur as a result of reasonably possible changes in interest rates, holding all other variables constant. As of the reporting date, the Company has d etermined the impact on earnings of a 1 % increase in interest rate on its interest rate contracts to be a loss of $ 1,524,000 . Counterparty credit risk Counterparty credit risk is associated with the ability of counterparties to satisfy their contractual obligations to Cameco, including both payment and performance. The maximum exposure to credit risk, as represented by the carrying amount of the financial assets, at December 31 was: 2019 2018 Cash and cash equivalents $ 1,062,431 $ 711,528 Short-term investments - 391,025 Accounts receivable [note 6] 323,430 398,639 Advances receivable from JV Inkai [note 31] - 124,533 Derivative assets [note 10] 10,504 3,881 Cash and cash equivalents Cameco held cash and cash equivalents of $ 1,062 ,000,000 at December 31, 2019 ( 2018 - $ 712 ,000,000). Cameco mitigates its credit risk by ensuring that balances are held with counterparties with high credit ratings. The Company monitors the credit rating of its counterparties on a monthly basis and has controls in place to ensure prescribed exposure limits with each counterparty are adhered to. Impairment on cash and cash equivalents has been measured on a 12-month ECL basis and reflects the short maturities of the exposures. The Company considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties. Cameco has assessed its counterparty credi t risk on cash and cash equivalents by applying historic global default rates to outstanding cash balances based on S&P rating. The conclusion of this assessment is that the loss allowance is insignificant. Accounts receivable Cameco’s sales of uranium product, conversion and fuel manufacturing services expose the Company to the risk of non-payment. Cameco manages the risk of non-payment by monitoring the c redit-worthiness of its customers and seeking pre-payment or other forms of payment security from customers with an unacceptable level of credit risk. A summary of the Company’s exposure to credit risk for trade receivables is as follows: Carrying value Investment grade credit rating $ 244,315 Non-investment grade credit rating 77,323 Total gross carrying amount $ 321,638 Loss allowance - Net $ 321,638 At December 31, 2019 , there were no significant concentrations of credit risk and no amounts were held as collateral. Historically, Cameco has experienced minimal customer defaults and, as a result, considers the credit quality of its accounts receivable to be high. Cameco uses customer credit rating data, historic default rates and aged receivable analysis to measure the ECLs of trade receivables from corporate customers, which comprise a small number of large balances. Since the Company has no t experienced customer defaults in the past, applying historic default rates in calculating ECLs, as well as considering forward-looking information, resulted in an insignificant allowance for losses. The following table provides information about Cameco ’s aged trade receivables as at December 31, 2019 : Corporate Other customers customers Total Current (not past due) $ 274,249 $ 5,306 279,555 1-30 days past due 39,690 1,221 40,911 More than 30 days past due 301 871 1,172 Total $ 314,240 $ 7,398 321,638 L iquidity risk Financial liquidity represents Cameco’s ability to fund future operating activities and investments. Cameco ensures that there is sufficient capital in order to meet short-term bu siness requirements, after taking into account cash flows from operations and the Company’s holdings of cash and cash equivalents. The Company believes that these sources will be sufficient to cover the likely short-term and long-term cash requirements. The table below outlines the Company’s available debt facilities at December 31, 2019: Outstanding and Total amount committed Amount available Unsecured revolving credit facility $ 1,000,000 $ - $ 1,000,000 Letter of credit facilities [note 13] 1,719,120 1,528,603 190,517 The tables below present a maturity analysis of Cameco’s financial liabilities, including principal and interest, based on the expected cash flows from the reporting date to the contractual maturity date: Due in Carrying Contractual less than Due in 1-3 Due in 3-5 Due after 5 amount cash flows 1 year years years years Accounts payable and accrued liabilities $ 181,799 $ 181,799 $ 181,799 $ - $ - $ - Long-term debt 996,718 1,000,000 - 400,000 500,000 100,000 Foreign currency contracts 4,333 4,333 4,168 165 - - Lease obligation [note 14] 12,869 14,004 3,967 8,031 2,006 - Total contractual repayments $ 1,195,719 $ 1,200,136 $ 189,934 $ 408,196 $ 502,006 $ 100,000 Due in less than Due in 1-3 Due in 3-5 Due after 5 Total 1 year years years years Total interest payments on long-term debt $ 266,820 $ 41,040 $ 82,080 $ 52,080 $ 91,620 Measurement of fair values A. Accounting classifications and fair values The following tables summarize the carrying amounts and accounting classifications of Cameco’s financial instruments at the reporting date: At December 31, 2019 FVTPL Amortized cost FVOCI - designated Total Financial assets Cash and cash equivalents $ - $ 1,062,431 $ - $ 1,062,431 Accounts receivable [note 6] - 328,044 - 328,044 Derivative assets [note 10] Foreign currency contracts 8,191 - - 8,191 Interest rate contracts 2,313 - - 2,313 Investments in equity securities [note 10] - - 24,408 24,408 $ 10,504 $ 1,390,475 $ 24,408 $ 1,425,387 Financial liabilities Accounts payable and accrued liabilities [note 12] $ - $ 181,799 $ - $ 181,799 Lease obligation [note 14] - 12,869 - 12,869 Derivative liabilities [note 14] Foreign currency contracts 12,524 - - 12,524 Long-term debt [note 13] - 996,718 - 996,718 12,524 1,191,386 - 1,203,910 Net $ (2,020) $ 199,089 $ 24,408 $ 221,477 At December 31, 2018 FVTPL Amortized cost FVOCI - designated Total Financial assets Cash and cash equivalents $ - $ 711,528 $ - $ 711,528 Short-term investments - 391,025 - 391,025 Accounts receivable [note 6] - 402,350 - 402,350 Derivative assets [note 10] Foreign currency contracts 2,201 - - 2,201 Interest rate contracts 1,680 - - 1,680 Investments in equity securities [note 10] - - 28,916 28,916 Advances receivable from Inkai [note 31] - 124,533 - 124,533 $ 3,881 $ 1,629,436 $ 28,916 $ 1,662,233 Financial liabilities Accounts payable and accrued liabilities [note 12] $ - $ 224,754 $ - $ 224,754 Current portion of long-term debt [note 13] - 499,599 - 499,599 Derivative liabilities [note 14] Foreign currency contracts 54,866 - - 54,866 Interest rate contracts 823 - - 823 Uranium contracts 5,698 - - 5,698 Long-term debt [note 13] - 996,072 - 996,072 61,387 1,720,425 - 1,781,812 Net $ (57,506) $ (90,989) $ 28,916 $ (119,579) Cameco has pledged $ 195,729 ,000 of cash as security against certain of its letter of credit facilities. This cash is being used as collateral for an interest rate reduction on the letter of credit facilities. The collateral account has a term of five years effective July 1, 2018. Cameco retains full access to this cash . The investments in equity securities represent investments that Cameco intends to hold for the long-term for strategic purposes. As permitted by IFRS 9, these investments have been desi gnated at the date of initial application as measured at FVOCI. The accumulated fair value reserve related to these investments will never be reclassified to profit or loss. Cameco has not irrevocably designated a financial asset that would otherwise meet the requirements to be measured at amortized cost at FVOCI or FVTPL to eliminate or significantly reduce an accounting mismatch that would otherwise arise. The following tables summarize the carrying amounts and fair values of Cameco’s financial instrument s, including their levels in the fair value hierarchy: As at December 31, 2019 Fair value Carrying value Level 1 Level 2 Total Derivative assets [note 10] Foreign currency contracts $ 8,191 $ - $ 8,191 $ 8,191 Interest rate contracts 2,313 - 2,313 2,313 Investments in equity securities [note 10] 24,408 24,408 - 24,408 Derivative liabilities [note 14] Foreign currency contracts (12,524) - (12,524) (12,524) Long-term debt [note 13] (996,718) - (1,111,923) (1,111,923) Net $ (974,330) $ 24,408 $ (1,113,943) $ (1,089,535) As at December 31, 2018 Fair value Carrying value Level 1 Level 2 Total Derivative assets [note 10] Foreign currency contracts $ 2,201 $ - $ 2,201 $ 2,201 Interest rate contracts 1,680 - 1,680 1,680 Investments in equity securities [note 10] 28,916 28,916 - 28,916 Current portion of long-term debt [note 13] (499,599) - (511,210) (511,210) Derivative liabilities [note 14] Foreign currency contracts (54,866) - (54,866) (54,866) Interest rate contracts (823) - (823) (823) Uranium contracts (5,698) - (5,698) (5,698) Long-term debt [note 13] (996,072) - (1,111,782) (1,111,782) Net $ (1,524,261) $ 28,916 $ (1,680,498) $ (1,651,582) The preceding tables exclude fair value information for financial instruments whose carrying amounts are a reasonable approximation of fair value. The carrying value of Cameco’s cash and cash equivalents, short-term investments, accounts receivable, and accounts payable and accrued liabilities approximates its fair value as a result of the short-term nature of the instruments. There were no transfers between level 1 and level 2 during the period. Cameco does not have any financial instruments that ar e classified as level 3 as of the reporting date. B. Financial instruments measured at fair value Cameco measures its derivative financial instruments, material investments in equity securities, current portion of long-term debt and long-term debt at fai r value. Investments in publicly held equity securities are classified as a recurring level 1 fair value measurement while derivative financial instruments and long-term debt are classified as a recurring level 2 fair value measurement. The fair value of investments in equity securities is determined using quoted share prices observed in the principal market for the securities as of the reporting date. The fair value of Cameco’s long-term debt is determined using quoted market yields as of the reporting date, which ranged from 1.7 % to 1.8 % ( 2018 - 1.9 % to 2.2 %). Foreign currency derivatives consist of foreign currency forward contracts, options and swaps. The fair value of foreign currency options is measured based on the Black Scholes option-pricing model. The fair value of foreign currency forward contracts and swaps is measured using a market approach, based on the d ifference between contracted foreign exchange rates and quoted forward exchange rates as of the reporting date. Interest rate derivatives consist of interest rate swap contracts. The fair value of interest rate swaps is determined by discounting expected future cash flows from the contracts. The future cash flows are determined by measuring the difference between fixed interest payments to be received and floating interest payments to be made to the counterparty based on Canada Dealer Offer Rate forward in terest rate curves. Uranium contract derivative s consist of price swaps. The fair value of uranium price swaps is determined by discounting e xpected future cash flows from the contracts. The future cash flows are determined by measuring the difference between fixed purchases or sales under contracted prices, and floating purchases or sales based on Numerco forward uranium price curves. The swaps were settled during the year so there were none outstanding at the reporting date. Where ap plicable, the fair value of the derivatives reflects the credit risk of the instrument and includes adjustments to take into account the credit risk of the Company and counterparty. These adjustments are based on credit ratings and yield curves observed in active markets at the reporting date. Derivatives The following table summarizes the fair value of derivatives and classification on the consolidated statements of financial position: 2019 2018 Non-hedge derivatives: Foreign currency contracts $ (4,333) $ (52,665) Interest rate contracts 2,313 857 Uranium contracts - (5,698) Net $ (2,020) $ (57,506) Classification: Current portion of long-term receivables, investments and other [note 10] $ 4,144 $ 1,028 Long-term receivables, investments and other [note 10] 6,360 2,853 Current portion of other liabilities [note 14] (7,505) (35,534) Other liabilities [note 14] (5,019) (25,853) Net $ (2,020) $ (57,506) The following table summarizes the different components of the gains (losses) on derivatives included in net earnings: 2019 2018 Non-hedge derivatives: Foreign currency contracts $ 31,863 $ (85,967) Interest rate contracts 2,068 2,032 Uranium contracts (1,662) 2,854 Net $ 32,269 $ (81,081) |
Capital management
Capital management | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of objectives policies and processes for managing capital abstract | |
Capital management | 27 . Capital management Cameco’s management considers its capital structure to consist of bank overdrafts, long-term debt, short-term debt (net of cash and cash equivalents and short-term investments), non-controlling interest and shareholders’ equity . Cameco’ s capital structure reflects its strategy and the environment in which it operate s. Delivering returns to long- term sha reholders is a top priority. The Company’s objective is to maximize cash flow while maintaining its investment grade rating thro ugh close capital management of our balance sheet metrics. C apital re sources are managed to allow it to support achievement of its goals while managing financial risks such as the continued weakness in the market, litigation risk and refinancing risk . The overall objecti ves for managing capital in 2019 reflect the environment that the Company is operating in, similar to the prior comparative period. The capital structure at December 31 was as follows: 2019 2018 Current portion of long-term debt [note 13] $ - $ 499,599 Long-term debt [note 13] 996,718 996,072 Cash and cash equivalents (1,062,431) (711,528) Short-term investments - (391,025) Net debt (65,713) 393,118 Non-controlling interest 238 310 Shareholders' equity 4,994,725 4,993,282 Total equity 4,994,963 4,993,592 Total capital $ 4,929,250 $ 5,386,710 Cameco is bound by certain covenants in its general credit facilities. These covenants place restrictions on total debt, including guarantees and set minimum levels for ne t worth. As of December 31, 2019 , Cameco met these requirements. |
Segmented information
Segmented information | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Operating Segments [Abstract] | |
Segmented information | 28 . Segmented information Cameco has two reportabl e segments: uranium and fuel services. Cameco's reportable segments are strategic business units with different products, processes and marketing strategies . The uranium segment involves the exploration for, mining, milling, purchase and sale of uranium co ncentrate. The fuel services segment involves the refining, conversion and fabrication of uranium concentrate and the purchase and sale of conversion services. Cost of sales in the uranium segment includes care and maintenance costs for our operations tha t currently have production suspensions. Cameco expensed $ 153,924 ,000 ( 2018 - $ 212,511 ,000 ) of care and maintenance c osts during the year, including $ 260,000 ( 2018 - $ 32,111,000 ) of severance costs . This had a negative impact on gross profit in the u ranium segment. Accounting policies used in each segment are consistent with the policies outlined in the summary of significant accounting policies. Segment revenues, expenses and results include transactions between segments incurred in the ordinary cour se of business. These transactions are priced on an arm’s length basis, are eliminated on consolidation and are reflected in the “other” column. A. Business segments - 2019 For the year ended December 31, 2019 Uranium Fuel services Other Total Revenue $ 1,413,809 $ 370,277 $ 78,839 $ 1,862,925 Expenses Cost of products and services sold 1,041,922 234,423 69,206 1,345,551 Depreciation and amortization 218,832 45,856 11,061 275,749 Cost of sales 1,260,754 280,279 80,267 1,621,300 Gross profit (loss) 153,055 89,998 (1,428) 241,625 Administration - - 124,869 124,869 Exploration 13,686 - - 13,686 Research and development - - 6,058 6,058 Other operating expense 2,732 - - 2,732 Loss on disposal of assets 1,869 - - 1,869 Finance costs - - 98,622 98,622 Gain on derivatives - - (32,269) (32,269) Finance income - - (29,760) (29,760) Share of earnings from equity-accounted investee (45,360) - - (45,360) Other expense (income) (52,801) - 18,961 (33,840) Earnings (loss) before income taxes 232,929 89,998 (187,909) 135,018 Income tax expense 61,077 Net earnings 73,941 Capital expenditures for the year $ 48,092 $ 27,117 $ 2 $ 75,211 For the year ended December 31, 2018 Uranium Fuel services Other Total Revenue $ 1,684,056 $ 313,989 $ 93,616 $ 2,091,661 Expenses Cost of products and services sold 1,138,940 219,240 109,760 1,467,940 Depreciation and amortization 277,171 35,977 14,825 327,973 Cost of sales 1,416,111 255,217 124,585 1,795,913 Gross profit (loss) 267,945 58,772 (30,969) 295,748 Administration - - 141,552 141,552 Exploration 20,283 - - 20,283 Research and development - - 1,757 1,757 Other operating expense 59,616 - - 59,616 Loss on disposal of assets 1,008 1,264 31 2,303 Finance costs - - 111,779 111,779 Loss on derivatives - - 81,081 81,081 Finance income - - (22,071) (22,071) Share of earnings from equity-accounted investee (32,321) - - (32,321) Other income (81,955) - (26,205) (108,160) Earnings (loss) before income taxes 301,314 57,508 (318,893) 39,929 Income tax recovery (126,306) Net earnings 166,235 Capital expenditures for the year $ 44,114 $ 11,226 $ 22 $ 55,362 B. Geographic segments Revenue is attributed to the geographic location based on the location of the entity providing the services. The Company’s revenue from external customers is as follows: 2019 2018 United States $ 1,295,195 $ 1,660,727 Canada 567,730 424,079 Switzerland - 4,038 Germany - 2,817 $ 1,862,925 $ 2,091,661 The Company’s non-current assets, excluding deferred tax assets and financial instruments, by geographic location are as follows: 2019 2018 Canada $ 3,267,376 $ 3,401,828 Australia 392,500 414,084 United States 121,102 131,526 Kazakhstan 80 49 Germany 24 41 $ 3,781,082 $ 3,947,528 Major customer s Cameco relies on a small number of customers to purchase a significant portion of its uranium concentrates and uranium conversion services. During 2019 , revenues from two customers of Cameco’s uranium and fuel services segments represented approximately $ 422,740,000 ( 2018 - $ 204,594,000 ), approximately 24 % ( 2018 - 10 %) of Cameco’s total revenues from these segments. As customers are relatively few in number, accounts receivable from any individual customer may periodically exceed 10% of accounts receivable depending on delivery schedule. |
Group entities
Group entities | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Significant Investments In Subsidiaries [Abstract] | |
Group entities | 29 . Group entities The following are the principal subsidiaries and associates of the Company: Principal place Ownership interest of business 2019 2018 Subsidiaries: Cameco Fuel Manufacturing Inc. Canada 100% 100% Cameco Marketing Inc. Canada 100% 100% Cameco Inc. US 100% 100% Power Resources, Inc. US 100% 100% Crow Butte Resources, Inc. US 100% 100% NUKEM, Inc. US 100% 100% Cameco Australia Pty. Ltd. Australia 100% 100% Cameco Europe Ltd. Switzerland 100% 100% Associates: JV Inkai Kazakhstan 40% 40% |
Joint operations
Joint operations | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Joint Operations [Abstract] | |
Joint operations | 30 . Joint operations Cameco conducts a portion of its exploration, development, mining and milling activities through joint operations located around the world. Operations are governed by agreements that provide for joint control of the strategic operating, investing and financing activities among the partners. These agreements were considered in the determination of joint control. Cameco’s significant Canadian uranium joint operation interests are McArthur River, Key Lake and Cigar Lake. The Canad ian uranium joint operations allocate uranium production to each joint operation participant and the joint operation participant derives revenue directly from the sale of such product. Mining and milling expenses incurred by joint operations are included i n the cost of inventory . Cameco reflects its proportionate interest in these assets and liabilities as follows: Principal place of business Ownership 2019 2018 Total assets McArthur River Canada 69.81% $ 1,046,556 $ 1,065,562 Key Lake Canada 83.33% 524,324 537,233 Cigar Lake Canada 50.03% 1,354,399 1,503,863 $ 2,925,279 $ 3,106,658 Total liabilities McArthur River 69.81% $ 32,132 $ 32,829 Key Lake 83.33% 227,562 222,369 Cigar Lake 50.03% 47,396 38,478 $ 307,090 $ 293,676 |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of transactions between related parties [Abstract] | |
Related parties | 31 . Related parties A. Transactions with key management personnel Key management personnel are those persons that have the authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly. Key management personnel of the Company include executive officers, vice-presidents, other senior managers and members of the board of directors. In addition to their salaries, Cameco also provides non-cash benefits to executive officers and vice-presidents an d contributes to pensio n plans on their behalf (note 25 ). Senior management and directors also participate in the Company’s share-b ased compensation plans (note 24 ). Executive officers are subject to terms of notice ranging from three to six months. Upon resignation at the Company’s request, they are entitled to termination benefits of up to the lesser of 18 to 24 months or the period remaining until age 65. The termination benefits include gross salary plus the target short-term incentive bonus for t he year in which termination occurs . Compensation for key management personnel was comprised of: 2019 2018 Short-term employee benefits $ 21,225 $ 24,821 Share-based compensation (a) 12,034 12,796 Post-employment benefits 5,542 4,323 Termination benefits 272 860 Total $ 39,073 $ 42,800 (a) Excludes deferred share units held by directors (see note 24). B. Other related party transactions Cameco funded JV Inkai’s project development costs through an unsecured shareholder loan. The limit of the loan facility is $ 175,000 ,000 (US) and advances under the facility bear interest at a rate of LIB OR plus 2% . At December 31, 2019 , there was no balance outstanding as the loan was fully repaid in the third quarter ( 2018 - $ 124,533,000 ($ 91,320 ,000 (US) ) (notes 10 and 30 ) . For the year ended December 31, 2019 , Cameco recorded interest income of $ 1,87 8,000 relating to this balance ( 2018 - $ 5,603,000 ). Cameco purchases uranium concentrates from JV Inkai . For the year ended December 31, 2019 , Cameco had purchases of $ 112,861 ,000 ($ 84,827 ,000 (US)) ( 2018 - $ 94,063,000 ($ 72,007,000 (US))) . Cameco received a cash dividend from JV Inkai of $ 14,079,000 ($ 10,635,000 (US)) ( 2018 - nil ). |
Comparative Figures
Comparative Figures | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of reclassifications or changes in presentation [Abstract] | |
Comparative figures | 32 . Comparative Figures Certain prior year balances have been reclassified to conform to the current financial statement presentation . |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies [Abstract] | |
Statement of compliance | A. Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These consolidated financial statements were authorized for issuance by the Company’s board of directors on February 6 , 2020 . |
Basis of presentation | B. Basis of presentation These consolidated financial statements are presented in Canadian dollars, which is the Company’s functional currency. All financial information is presented in Canadian dollars , unless otherwise noted. A mounts presented in tabular format have been rounded to the nearest thousand except per share amounts and where otherwise noted. The consolidated financial statements have been prepared on the historical cost ba sis except for the following material items which are measured on an alternative basis at each reporting date: Derivative financial instruments Fair value through profit or loss (FVTPL) Equity investments Fair value through other comprehensive income (FVOCI) Liabilities for cash-settled share-based payment arrangements FVTPL Net defined benefit liability Fair value of plan assets less the present value of the defined benefit obligation The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenue and expenses. Actual results may vary from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods a ffected. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 5 . This summary of significant accounting policies is a desc ription of the accounting methods and practices that have been used in the preparation of these consolidated financial statements and is presented to assist the reader in interpreting the statements contained herein. These accounting policies have been app lied consistently to all entities within the consolidated group. |
Consolidation principles | C. Consolidation principles |
Business combinations | i. Business combinations The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Company. The Company measures goo dwill at the acquisition date as the fair value of the consideration transferred, including the recognized amount of any non-controlling interests in the acquiree, less the net recognized amount (generally fair value) of the identifiable assets acquired an d liabilities assumed, all measured as of the acquisition date. When the excess is negative, a bargain purchase gain is recognized immediately in earnings. In a business combination achieved in stages, the acquisition date fair value of the Company’s previ ously held equity interest in the acquiree is also considered in computing goodwill. Consideration transferred includes the fair values of the assets transferred, liabilities incurred and equity interests issued by the Company. Consideration also includes the fair value of any contingent consideration and share-based compensation awards that are replaced mandatorily in a business combination. The Company elects on a transaction-by-transaction basis whether to measure any non-controlling interest at fair val ue, or at their proportionate share of the recognized amount of the identifiable net assets of the acquiree, at the acquisition date. Acquisition-related costs are expensed as incurred, except for those costs related to the issue of debt or equity instrume nts. |
Subsidiaries | ii. Subsidiaries The consolidated financial statements include the accounts of Cameco and its subsidiaries. Subsidiaries are entities over which the Company has control. Subsidiaries are fully consolidated from the d ate on which control is acquired by the Company and are deconsolidated from the date that control ceases. |
Investments in equity-accounted investees | iii. Investments in equity-accounted investees Cameco’s investments in equity-accounted investees include investments in associates . Associates are those entities over which the Company has significant influence, but not control or joint control, over the financial and operating policies. Significant influence is presumed to exist when the Company holds between 20% and 50% of the voting power of another entity, but can also arise where the Company holds less than 20% if it has the power to be actively involved and influential in policy decisions affecting the entity. Investments in associates are accounted for using the equity method. The equity method involves the recording of t he initial investment at cost and the subsequent adjusting of the carrying value of the investment for Cameco’s proportionate share of the earnings or loss and any other changes in the associates’ net assets, such as dividends. The cost of the investment i ncludes transaction costs. Adjustments are made to align the accounting policies of the associate with those of the Company before applying the equity method. When the Company’s share of losses exceeds its interest in an equity-accounted investee, the car rying amount of that interest is reduced to zero, and the recognition of further losses is discontinued except to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the associate. If the associate subse quently reports profits, Cameco resumes recognizing its share of those profits only after its share of the profits equals the share of losses not recognized. |
Joint arrangements | iv. Joint arrangements A joint arrangement can take the form of a joint operation or joint vent ure. All joint arrangements involve a contractual arrangement that establishes joint control. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabil ities, relating to the arrangement. A joint operation may or may not be structured through a separate vehicle. These arrangements involve joint control of one or more of the assets acquired or contributed for the purpose of the joint operation. The consoli dated financial statements of the Company include its share of the assets in such joint operations, together with its share of the liabilities, revenues and expenses arising jointly or otherwise from those operations. All such amounts are measured in accor dance with the terms of each arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. A joint venture is always structured through a separate vehicl e. It operates in the same way as other entities, controlling the assets of the joint venture, earning its own revenue and incurring its own liabilities and expenses. Interests in joint ventures are accounted for using the equity method of accounting, wher eby the Company’s proportionate interest in the assets, liabilities, revenues and expenses of jointly controlled entities are recognized on a single line in the consolidated statements of financial position and consolidated statements of earnings. The shar e of joint ventures results is recognized in the Company’s consolidated financial statements from the date that joint control commences until the date at which it ceases. |
Transactions eliminated on consolidation | v. Transactions eliminated on consolidation Intra-group balances and transactions , and any unrealized income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the investm ent to the extent of the Company’s interest in the investee. Unrealized losses are eliminated in the same manner as unrealized gains, but only to the extent that there is no evidence of impairment. |
Foreign currency translation | D. Foreign currency translation Items included in the financial statements of each of Cameco’s subsidiaries, associates and joint arrangements are measured using their functional currency, which is the currency of the primary economic environment in which the entity operates. The consolidated financial statem ents are presented in Canadian dollars, which is Cameco’s functional and presentation currency. i. Foreign currency transactions Foreign currency transactions are translated into the respective functional currency of the Company and its entities using the exchange rates prevailing at the dates of the transactions. At the reporting date, monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rate at that date. Non-monetary items that ar e measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. The applicable exchange gains and losses arising on these transactions are reflected in earnings with the exception of forei gn exchange gains or losses on provisions for decommissioning and reclamation activities that are in a foreign currency, which are capitalized in property, plant and equipment. ii. Foreign operations The assets and liabilities of foreign operations, inc luding goodwill and fair value adjustments arising on acquisition, are translated to Canadian dollars at exchange rates at the reporting dates. The revenues and expenses of foreign operations are translated to Canadian dollars at exchange rates at the date s of the transactions. Foreign currency differences are recognized in other comprehensive income. When a foreign operation is disposed of, in whole , the relevant amount in the foreign currency translation account is transferred to earnings as part of the g ain or loss on disposal. When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising from such a monetary item are considered to form part of the net investment in a foreign operation, and are recognized in other comprehensive income and presented within equity in the foreign currency translation account. |
Cash and cash equivalents | E. Cash and cash equivalents Cash and cash equivalents consists of balances with financial institutions and investments in money market instruments, which have a term to maturity of three months or less at the time of purchase and are classified as at amortized cost . |
Short-term investments | F. Short-term investment s Short-term investments are comprised of money market instruments with terms to maturity between three and 12 months and are classified as at amortized cost. |
Inventories | G. Inventories Inventories of broken ore, uranium concentrates, and refined and converted products are measured at the lower of cost and net realizable value. Cost includes direct materials, direct labour, operational overhead expenses and depreciation. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. Consumable supplies and spares are valued at the lower of cost or replacement value. |
Property, plant and equipment | H. Property, plant and equipment |
Buildings, plants, equipment | i. Buildings, plant and equipment and other Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment charges. The cost of self-constructed assets includes the cost of materials and direct labour, borrowing costs and any other costs directly attributable to bringing the assets to the location and condition necessary for them to be capable of operating in the manner intended by management, including the initial estimate of the cost of dismantling and removing the items and restoring the site on which they are located. When components of an item of property, plant and e quipment have different useful lives, they are accounted for as separate items of property, plant and equipment and depreciated separately. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds fr om disposal with the carrying amount of property, plant and equipment, and are recognized in earnings. |
Mineral properties and mine development costs | ii. Mineral properties and mine development costs The decision to develop a mine property within a project area is based on an assessment of the comme rcial viability of the property, the availability of financing and the existence of markets for the product. Once the decision to proceed to development is made, development and other expenditures relating to the project area are deferred as part of assets under construction and disclosed as a component of property, plant and equipment with the intention that these will be depreciated by charges against earnings from future mining operations. No depreciation is charged against the property until the product ion stage commences. After a mine property has been brought into the production stage , costs of any additional work on that property are expensed as incurred, except for large development programs, which will be deferred and depreciated over the remaining life of the related assets. The production stage is reached when a mine property is in the condition necessary for it to be capable of operating in the manner intended by management. The criteria used to assess the start date of the production stage are de termined based on the nature of each mine construction project, including the complexity of a mine site. A range of factors is considered when determining whether the production stage has been reached, which includes, but is not limited to, the demonstrati on of sustainable production at or near the level intended (such as the demonstration of continuous throughput levels at or above a target percentage of the design capacity). |
Depreciation | iii. Depreciation Depreciation is calculated over the depreciable amount, which is the cost of the asset less its residual value. Assets which are unrelated to production are depreciated according to the straight-line method based on estimated useful lives as follows: Land Not depreciated Buildings 15 - 25 years Plant and equipment 3 - 15 years Furniture and fixtures 3 - 10 years Other 3 - 5 years Mining properties and certain mining and conversion assets for which the economic benefits from the asset are consumed in a pattern which is linked to the production level are depreciated according to the unit-of-production method. For conversion assets, the amount of depreciation is measured by the portion of the facilities' total estimated lifetime production that is produ ced in that period. For mining assets and properties, the amount of depreciation or depletion is measured by the portion of the mines' proven and probable mineral reserves recovered during the period. Depreciation methods, useful lives and residual values are reviewed at each reporting period and are adjusted if appropriate. |
Borrowing costs | iv. Borrowing costs Borrowing costs on funds directly attributable to finance the acquisition, production or construction of a qualifying asset are capitalized until such time as sub stantially all the activities necessary to prepare the qualifying asset for its intended use are complete. A qualifying asset is one that takes a substantial period of time to prepare for its intended use. Capitalization is discontinued when the asset ente rs the production stage or development ceases. Where the funds used to finance a project form part of general borrowings, interest is capitalized based on the weighted average interest rate applicable to the general borrowings outstanding during the period of construction. |
Repairs and maintenance | v. Repairs and maintenance The cost of replacing a component of property, plant and equipment is capitalized if it is probable that future economic benefits embodied within the component will flow to the Company. The carrying amount o f the replaced component is derecognized. Costs of routine maintenance and repair are charged to products and services sold. |
Goodwill and intangible assets | I. Goodwill and intangible assets Goodwill arising from the acquisition of subsidiaries is initially recognized at cost, measured as the excess of the fair value of the consideration paid over the fair value of the identifiable net assets acquired . At the date of acquisition, goodwill is allocated to the cash generating unit (CGU), or group of CGUs that is expected to receive the ec onomic benefits of the business combination . Goodwill is subsequently measured at cost, less accumulated impairment losses. Intangible assets acquired individually or as part of a group of assets are initially recognized at cost and measured subsequently a t cost less accumulated amortization and impairment losses. Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. The cost of a group of intangible assets acquired in a transaction, including those acquired in a business combination that meet the specified criteria for recognition apart from goodwill, is allocated to the individual assets acquired based on their relative fair values. Intangible assets that have finite us eful lives are amortized over their estimated remaining useful lives. Amortization methods and useful lives are reviewed at each reporting period and are adjusted if appropriate. |
Leased assets | J. Lease s Commencing in 2019 (see note 8 ), Cameco recognizes a right-of -use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which is the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any init ial direct costs incurred, less any lease incentives received, and subsequently at cost less any accumulated depreciation and impairment losses. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the cost of the right-of-use asset reflect s that the Company will exer cise a purchase option, in which case the right-of-use asset will be deprec iated on the same basis as that of property, plant and equipment . The lease liability is measured at amortized cost using the effective interest method. It is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or, if th at rate cannot be readily determined, the Company’s incremental borrowing rate. Generally, Cameco uses its incremental borrowing rate as the discount rate . Current borrowing rates available for classes of leased assets are compared with the rates of Cameco ’s existing debt facilities to ensure that use of the Company’s incremental borrowing rate is reasonable. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or exte nsion option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised . Cameco uses judgement in determining the lease term for some lease contracts that include renewal options. The assessment of whether the C ompany is reasonably certain to exercise such options impacts the lease term, which affects the amount of lease liabilities and right-of-use assets recognized . The Company has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-term leases that have a lease term of 12 months or less. The lease payments associated with these leases are recognized as an expense on a straight-line basis over the lease term . |
Finance income and finance costs | K. Finance income and finance costs Finance income comprises interest income on f unds invested . Interest income and interest expense are recognized in earnings as they accrue , using the effective interest method. Finance costs comprise interest and fees on borrowings, unwinding of the discount on pr ovisions and costs incurred on redemption of debentures . Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are expensed in the period incurred. |
Research and development costs | L. Research and development costs Expend itures on research are charged against earnings when incurred. Development costs are recognized as assets when the Company can demonstrate technical feasibility and that the asset will generate probable future economic benefits. |
Impairment | M. Impairment |
Non-derivative financial assets | i. Non- derivative financial assets Cameco recognizes loss allowances for expected credit losses (ECLs) on financial assets measured at amortized cost, debt investments measured at FVOCI, and contract assets. It measures loss allowances at an amount equal to life time ECLs, except for debt securities that are determined to have low credit risk at the reporting date and other debt securities, loans advanced and bank balances for which credit risk has not increased significantly since initial recognition. For these, loss allowances are measured equal to 12-month ECLs. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument while 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk. ECLs are a probability-weighted estimate of credit losses. Credit losses are m easured as the present value of the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Company expects to receive. ECLs are discounted at the effective interest rate of the financial asset. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effor t. This includes both quantitative and qualitative information and analysis, based on the Company’s historical experience and informed credit assessment and including forward-looking information. The Company considers a financial asset to be in default whe n the borrower is unlikely to pay its credit obligations in full, without recourse by Cameco to actions such as realizing security (if any is held). The Company considers a debt security to have low credit risk when it is at least an A (low) DBRS or A- S&P rating. Financial assets carried at amortized cost and debt securities at FVOCI are assessed at each reporting date to determine whether they are ‘credit-impaired’ . A financial asset is ‘credit-impaired’ when one or more events that have a detrimental eff ect on the estimated future cash flows of the financial asset have occurred. E vidence can include significant financial difficulty of the borrower or issuer , a breach of contract, restructuring of an amount due to the Company on terms that the Company woul d not consider otherwise, indications that a debtor or issuer will enter bankruptcy or other financial reorganization , or the disappearance of an active market for a security . Loss allowances for financial assets measured at amortized cost are deducted fro m the gross carrying amount of the assets. For debt securities at FVOCI, the loss allowance is charged to earnings and is recognized in OCI. The gross carrying amount of a financial asset is written off when the Company has no reasonable expectations of re covering a financial asset in its entirety or a portion thereof . |
Non-financial assets | ii. Non-financial assets The carrying amounts of Cameco’s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such i ndication exists, then the asset’s recoverable amount is estimated. Goodwill is tested annually for impairment. For impairment testing, assets are grouped together into CGUs which are the smallest group of assets that generate cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Fair value is determined as the amount that would be obtained from the sale of the asset or CGU in an arm’s-length transaction between knowledgeable and willing parties. For exploration p roperties, fair value is based on the implied fair value of the resources in place using comparable market transaction metrics. An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its recoverable amount. Impairment losses are recognized in earnings. Impairment losses recognized in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. Impairment losses recognized in prior periods are assessed at each reporting date whenever events or changes in circumstances indicate that the impairment may have reversed. If the impairment has reversed, the carrying amount of the asset is increased to its recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. A reversal of an impairment loss is recognized immediately in earnings. An impairment loss in respect of goodwill is not reversed. |
Exploration and evaluation expenditures | N. Exploration and evaluation expenditures Exploration and evaluation expenditures are those expenditures incurred by the C ompany in connection with the exploration for and evaluation of mineral resources before the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. These expenditures include researching and analyzing existing exp loration data, conducting geological studies, exploratory drilling and sampling, and compiling prefeasibility and feasibility studies. Exploration and evaluation expenditures are charged against earnings as incurred, except when there is a high degree of c onfidence in the viability of the project and it is probable that these costs will be recovered through future development and exploitation. The technical feasibility and commercial viability of extracting a resource is considered to be determinable based on several factors, including the existence of proven and probable reserves and the demonstration that future economic benefits are probable. When an area is determined to be technically feasible and commercially viable, the exploration and evaluation asse ts attributable to that area are first tested for impairment and then transferred to property, plant and equipment. Exploration and evaluation costs that have been acquired in a business combination or asset acquisition are capitalized under the scope of I FRS 6, Exploration for and Evaluation of Mineral Resources , and are reported as part of property, plant and equipment. |
Provisions | O. Provisions A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation tha t can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the risk-adjusted expected future cash flows at a pre-tax risk-free rate that reflects current market assessments of the time value of money. The unwinding of the discount is recognized as a finance cost . |
Environmental restoration | i. Environmental restoration The mining, extraction and processing activities of the Company normally give rise to obligations for sit e closure and environmental restoration. Closure and restoration can include facility decommissioning and dismantling, removal or treatment of waste materials, as well as site and land restoration. The Company provides for the closure, reclamation and deco mmissioning of its operating sites in the financial period when the related environmental disturbance occurs, based on the estimated future costs using information available at the reporting date. Costs included in the provision comprise all closure and re storation activity expected to occur gradually over the life of the operation and at the time of closure. Routine operating costs that may impact the ultimate closure and restoration activities, such as waste material handling conducted as a normal part of a mining or production process, are not included in the provision. The timing of the actual closure and restoration expenditure is dependent upon a number of factors such as the life and nature of the asset, the operating licence conditions and the enviro nment in which the mine operates. Closure and restoration provisions are measured at the expected value of future cash flows, discounted to their present value using a current pre-tax risk-free rate. Significant judgments and estimates are involved in deri ving the expectations of future activities and the amount and timing of the associated cash flows. At the time a provision is initially recognized, to the extent that it is probable that future economic benefits associated with the reclamation, decommissio ning and restoration expenditure will flow to the Company, the corresponding cost is capitalized as an asset. The capitalized cost of closure and restoration activities is recognized in property, plant and equipment and depreciated on a unit-of-production basis. The value of the provision is gradually increased over time as the effect of discounting unwinds. The unwinding of the discount is an expense recognized in finance costs. Closure and rehabilitation provisions are also adjusted for changes in estimat es. The provision is reviewed at each reporting date for changes to obligations, legislation or discount rates that effect change in cost estimates or life of operations. The cost of the related asset is adjusted for changes in the provision resulting from changes in estimated cash flows or discount rates, and the adjusted cost of the asset is depreciated prospectively. |
Waste disposal | ii. Waste disposal The refining, conversion and manufacturing processes generate certain uranium-contaminated waste. The Company has est ablished strict procedures to ensure this waste is disposed of safely. A provision for waste disposal costs in respect of these materials is recognized when they are generated. Costs associated with the disposal, the timing of cash flows and discount rates are estimated both at initial recognition and subsequent measurement. |
Employee future benefits | P. Employee future benefits |
Pension obligations | i. Pension obligations The Company accrues its obligations under employee benefit plans. The Company has both defined benefit and defined contribution plans. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. The Company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. A defined benefit plan is a pension plan other than a defined contribution plan. Typically, defined benefit plans define an amount of pension benefit that an empl oyee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability recognized in the consolidated statements of financial position in respect of defined benefit pension plans is the prese nt value of the defined benefit obligation at the reporting date less the fair value of plan assets. The defined benefit obligation is calculated annually, by qualified independent actuaries using the projected unit credit method prorated on service and ma nagement's best estimate of expected plan investment performance, salary escalation, retirement ages of employees and expected health care costs. The present value of the defined benefit obligation is determined by discounting the estimated future cash out flows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related pension liability. The Company recognizes all actuar ial gains and losses arising from defined benefit plans in other comprehensive income, and reports them in retained earnings. When the benefits of a plan are improved, the portion of the increased benefit relating to past service by employees is recognized immediately in earnings. For defined contribution plans, the contributions are recognized as employee benefit expense in earnings in the periods during which services are rendered by employees. Prepaid contributions are recognized as an asset to the exten t that a cash refund or a reduction in future payments is available. |
Other post-retirement benefits plans | ii. Other post-retirement benefit plans The Company provides certain post-retirement health care benefits to its retirees. The entitlement to these benefits is usually conditional on t he employee remaining in service up to retirement age and the completion of a minimum service period. The expected costs of these benefits are accrued over the period of employment using the same accounting methodology as used for defined benefit pension p lans. Actuarial gains and losses are recognized in other comprehensive income in the period in which they arise. These obligations are valued annually by independent qualified actuaries. |
Short-term employee benefits | iii. Short-term employee benefits Short-term employee benefit oblig ations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus plans if the Company has a present legal or constructive obligation t o pay this amount as a result of past service provided by the employee, and the obligation can be measured reliably. |
Explanation of termination benefits | iv. Termination benefits Termination benefits are payable when employment is terminated by the Company before the normal retirement date , or whenever an employee accepts an entity’s offer of benefits in exchange for termination of employment. Cameco recognizes termination benefits as an expense at the earlier of when the Company can no longer withdraw the offer of those benefits and when t he Company recognizes costs for a restructuring. If benefits are payable more than 12 months after the reporting period, they are discounted to their present value. |
Share-based compensation | v. Share-based compensation For equity-settled plans, the grant date fair value of shar e-based compensation awards granted to employees is recognized as an employee benefit expense, with a corresponding increase in equity, over the period that the employees unconditionally become entitled to the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and vesting conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that meet the related service and non-market pe rformance conditions at the vesting date. For cash-settled plans, the fair value of the amount payable to employees is recognized as an expense, with a corresponding increase in liabilities, over the period that the employees unconditionally become entitle d to payment. The liability is re - measured at each reporting date and at settlement date. Any changes in the fair value of the liability are recognized as employee benefit expense in earnings. When the terms and conditions of equit y-settled plans at the ti me they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the mod ified terms and conditions are both determined at the date of the modification. Any excess of the modified fa ir value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value . Cameco’s contributions under the employee share ownership plan are expensed during the year of contribution. Shares purchased with Company contributions and with dividends paid on such shares become unrestricted on January 1 of the sec ond plan year following the date on which such shares were purchased. |
Revenue recognition | Q. Revenue recognition Cameco su pplies uranium concentrates, uranium conversion services , fabrication services and other services . Revenue is measured based on the consideration specif ied in a contract with a customer. The Company recognizes revenue when it transfers control, as described below, over a good or service to a customer. Customers do not have the right to return products. Cameco’s sales arrangements with its customers are pu rsuant to enforceable contract s that indicate the nature and timing of satisfaction of performance obligations, including significant payment terms, where payment is usually due in 30 days . Each delivery is considered a separate performance obligation unde r the contract. Uranium supply In a uranium supply arrangement, Cameco is contractually obligated to provide uranium concentrates to its cus tomers. Cameco-owned uranium may be physically delivered to either the customer or to conversion facilities (Convert ers) . For deliveries to customers, terms in the sales contract specify the location of delivery. Revenue is recognized when the uranium has been delivered and accepted by the customer at that location. When uranium is delivered to Converters, the Converter will credit Cameco’s account for the volume of accepted uraniu m. Based on delivery terms in the sales contract with its customer, Cameco instructs the Converter to transfer title of a contractually specified quantity of uranium to the customer’s account a t the Conver ter’s facility. At this point, control has been transferred and C ameco recognizes revenue for the uranium supply. Toll conversion services In a toll conversion arrangement, Cameco is contractually obligated to convert customer-owned uranium to a chemical state suitable for enrichment. Based on delivery terms in a sales contract with its customer, Cameco either (i) physically delivers converted uranium to enrichment facilities (Enrichers) where it instructs the Enricher to transfer title of a con tractually specified quantity of converted uranium to the customer’s account at the Enricher’s facility, or (ii) transfers title of a contractually specified quantity of converted uranium to either an Enricher’s account or the customer’s account at Cameco’ s Port Hope conversion facility . At this point, the customer obtains control and C ameco recognizes revenue for the toll conversion services. Conversion supply A conversion supply arrangement is a combination of uranium supply and toll conversion services. Cameco is contractually obligated to provide converte d uranium to its customer s. Based on delivery terms in the sales contract , Cameco either (i) physically delivers converted uranium to the Enricher where it instructs the Enricher to transfer title of a contractually specified quantity of converted uranium to the customer’s account at the Enricher’s facility, or (ii) transfers title of a contractually specified quantity of converted uranium to either an Enricher’s account or a customer’s account at Cameco ’s Port Hope conversion facility. At this point, the customer obtains control and Cameco recognizes revenue for both the uranium supplied and the conversion service provided . Fabrication services In a fabrication services arrangement, Cameco is contractual ly obligated to provide fuel bundles or reactor components to its customers. In a contract for fuel bundles, the bundles are inspected and accepted by the customer at Cameco’s Port Hope fabrication facility or another location based on delivery terms in th e sales contract. At this point, the customer obtains control and Cameco recognizes revenue for the fabrication services. In some contracts for reactor components, the components are made to a customer’s specification and if a contract is terminated by the customer, Cameco is entitled to reimbursement of the costs incurred to date, including a reasonable margin. Since the customer controls all of the work in progress as the products are being manufactured, revenue and associated costs are recognized over ti me, before the goods are delivered to the customer’s premises. Revenue is recognized on the basis of units produced as the contracts reflect a per unit basis. Revenue from these contracts represents an insignificant portion of Cameco’s total revenue. In ot her contracts where the reactor components are not made to a specific customer’s specification, when the components are delivered to the location specified in the contract, the customer obtains control and Cameco recognizes revenue for the services. Other services Uranium concentrates and converted uranium are regulated products and can only be stored at regulated facilities. In a storage arrangement, Cameco is contractually obligated to store uranium products at its facilities on behalf of the customer. Ca meco invoices the customer in accordance with the contract terms and recognizes revenue on a monthly basis. Cameco also provides customers with transportation of its uranium products. In the contractual arrangements where Cameco is acting as the principal, revenue is recognized as the product is delivered . |
Financial instruments | R. Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another . Trade receivables and debt s ecurities are initially recognized when they are originated. All other financial assets and liabilities are initially recognized when the company becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade recei vable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition or issue. A trade re ceivable without a significant financing component is initially measured at the transaction price . |
Non-derivative financial assets and financial liabilities | i. Financial assets On initial recognition , financial assets are classified as measured at : amortized cost, fair value through other comprehensive income , or fair value through profit or loss based on the Company’s business model for managing its financial assets and their cash flow characteristics. Classifications are not changed subsequent to initial recognition unless the Company changes its business mo del for managing its financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in business model. Amortized cost A financial asset is measured at amortized cost if it is not designated as at fair value through profit or loss, is held within a business model whose objective is to hold assets to collect contractual cash flows and its contractual terms give rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding . Assets in this category are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss, as is any gain or loss on derecognition. Fair value through other comprehensive income (FVOCI) A debt investment is measured at FVOCI if it is not designated as at fair value through profit or lo ss, is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and its contractual terms give rise to cash flows on specified dates that are solely payments of principal and interest o n the principal amount outstanding . These assets are subsequently measured at fair value . Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are re cognized in other comprehensive income (OCI) . On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. On initial recognition of an equity investment that is not held for trading, Cameco may irrevocably elect to present subsequent changes in the investments fair value in OCI. This election is made on an investment by investment basis. These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend c learly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. Fair value through profit or loss (FVTPL) All financial assets not classified as measured at amortized cost or FVOCI are measured at FVTPL . This includes all derivative financial asset s. On initial recognition, the C ompany may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Derecognition of financial assets Cameco derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which it neither transfers or retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. If the Company enters into a transaction whereby it transfers assets recognized in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets, the transferred assets would not be derecognized. ii. Financial liabilitie s On initi al recognition, financial liabilities are classified as measured at amortized cost or FVTPL . A financial liability is classified as FVTPL if it is classified as held-for- trading, is a derivative or is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost using the ef fective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss as is any gain or loss on derecognition. A financial liability is derecognized when its contractual obligations are discharged or cancelled, or expire. The Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair val ue. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss. |
Derivative financial instruments | iii. Derivative financi al instruments The Company holds derivative financial instruments to reduce exposure to fluctuations in foreign currency exchange rates and interest rates. Embedded derivatives are separated from the host contract and accounted for separately if the host c ontract is not a financial asset and certain criteria are met. D erivative fi nancial instruments are initially measured at fair value in the consolidated statements of financial position, with any directly attributable transact ion costs recognized in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes in fair value are recognized in profit or loss . The purpose of hedging transactions is to modify the Company’s exposure to one or more risks by cre ating an offset between changes in t he fair value of, or the cash flows attributable to, the hedged item and the hedging item. When hedge accounting is appropriate, the hedging relationship is designated as a fair value hedge, a cash flow hedge, or a forei gn currency risk hedge related to a net investment in a foreign operation. The Company does not have any instruments that have been designated as hedge transactions at December 31, 2019 and 2018 . |
Income tax | S. Income tax Income tax expense is comprised of cur rent and deferred taxes. Current tax and deferred tax are recognized in earnings except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income. Current tax is the expected tax payabl e or receivable on the taxable income or loss for the year, using tax rates enacted or substantially enacted at the reporting date, and any adjustments to tax payable in respect of previous years. Current tax assets and liabilities are measured at the amou nt expected to be paid or recovered from the taxation authorities. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purp oses. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied b y the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is reco gnized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is proba ble that future taxable income will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and a re reduced to the extent that it is no longer probable that the related tax benefit will be realized. The Company’s exposure to uncertain tax positions is evaluated and a provision is made where it is probable that this exposure will materialize. |
Share capital | T. Shar e capital Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares are recognized as a reduction of equity, net of any tax effects. |
Earnings per share | U. Earnings per share The Company presents basic and diluted earnings per share data for its common shares. Earnings per share is calculated by dividing the net earnings attributable to equity holders of the Company by the weighted average number of common shares outstanding. Diluted earnings per share is determined by adju sting the net earnings attributable to equity holders of the Company and the weighted average number of common shares outstanding, for the effects of all dilutive potential common shares. The calculation of diluted earnings per share assumes that outstandi ng options which are dilutive to earnings per share are exercised and the proceeds are used to repurchase shares of the Company at the average market price of the shares for the period. The effect is to increase the number of shares used to calculate dilut ed earnings per share. |
Segment reporting | V. Segment reporting An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any o f the Company’s other segments. To be classified as a segment, discrete financial information must be available and operating results must be regularly reviewed by the Company’s executive team . Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment, and intangible assets other than goodwill. |
Significant accounting polici_3
Significant accounting policies (Table) | 12 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies [Abstract] | |
Basis of presentation | Derivative financial instruments Fair value through profit or loss (FVTPL) Equity investments Fair value through other comprehensive income (FVOCI) Liabilities for cash-settled share-based payment arrangements FVTPL Net defined benefit liability Fair value of plan assets less the present value of the defined benefit obligation |
Disclosure of estimated useful lives | Land Not depreciated Buildings 15 - 25 years Plant and equipment 3 - 15 years Furniture and fixtures 3 - 10 years Other 3 - 5 years |
Accounts receivable (Tables)
Accounts receivable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Trade And Other Receivables [Abstract] | |
Schedule of accounts receivable | 2019 2018 Trade receivables $ 321,638 $ 392,865 GST/VAT receivables 4,614 3,711 Other receivables 1,792 5,774 Total $ 328,044 $ 402,350 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Classes Of Inventories [Abstract] | |
Schedule of Inventories | 2019 2018 Uranium Concentrate $ 204,123 $ 335,276 Broken ore 51,094 51,545 255,217 386,821 Fuel services 62,701 75,541 Other 2,852 5,433 Total $ 320,770 $ 467,795 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property plant and equipment table | At December 31, 2019 Land Plant Furniture Exploration and and and Under and buildings equipment fixtures construction evaluation Total Cost Beginning of year $ 5,089,908 $ 2,654,944 $ 80,083 $ 63,465 $ 1,121,061 $ 9,009,461 Additions 2,327 7,179 158 65,482 65 75,211 Transfers 17,157 28,453 951 (46,561) - - Change in reclamation provision [note 15] 24,883 - - - - 24,883 Disposals (923) (3,486) (142) (507) (693) (5,751) Effect of movements in exchange rates (32,642) (8,925) (181) (17) (48,593) (90,358) End of year 5,100,710 2,678,165 80,869 81,862 1,071,840 9,013,446 Accumulated depreciation and impairment Beginning of year 2,835,037 1,697,178 74,860 36,799 483,661 5,127,535 Depreciation charge 128,579 105,700 2,057 - - 236,336 Change in reclamation provision [note 15] 2,732 - - - - 2,732 Disposals (225) (2,194) (139) - (639) (3,197) Effect of movements in exchange rates (30,035) (7,635) (177) - (24,636) (62,483) End of year 2,936,088 1,793,049 76,601 36,799 458,386 5,300,923 Right-of-use assets Beginning of year - - - - - - Additions 3,517 5,768 851 - - 10,136 Disposals - (9) - - - (9) Depreciation charge (871) (675) (432) - - (1,978) End of year 2,646 5,084 419 - - 8,149 Net book value at December 31, 2019 $ 2,167,268 $ 890,200 $ 4,687 $ 45,063 $ 613,454 $ 3,720,672 At December 31, 2018 Land Plant Furniture Exploration and and and Under and buildings equipment fixtures construction evaluation Total Cost Beginning of year $ 5,045,112 $ 2,729,635 $ 90,817 $ 154,731 $ 1,120,280 $ 9,140,575 Additions 1,944 7,274 - 45,516 628 55,362 Transfers 104,760 20,044 288 (129,436) 4,344 - Change in reclamation provision 132,317 - - - - 132,317 Disposals (186) (7,355) (4,714) (1,663) (414) (14,332) JV Inkai restructuring (a) (245,882) (109,748) (6,624) (5,739) - (367,993) Effect of movements in exchange rates 51,843 15,094 316 56 (3,777) 63,532 End of year 5,089,908 2,654,944 80,083 63,465 1,121,061 9,009,461 Accumulated depreciation and impairment Beginning of year 2,717,249 1,611,460 80,752 55,832 483,390 4,948,683 Depreciation charge 120,754 111,465 3,217 - - 235,436 Transfers 13,036 6,333 (322) (19,047) - - Change in reclamation provision 59,616 - - - - 59,616 Disposals (185) (5,853) (4,647) - - (10,685) JV Inkai restructuring (a) (123,919) (38,783) (4,441) - - (167,143) Effect of movements in exchange rates 48,486 12,556 301 14 271 61,628 End of year 2,835,037 1,697,178 74,860 36,799 483,661 5,127,535 Net book value at December 31, 2018 $ 2,254,871 $ 957,766 $ 5,223 $ 26,666 $ 637,400 $ 3,881,926 (a) Effective January 1, 2018, Cameco’s ownership interest in JV Inkai was reduced to 40 % r esulting in JV Inkai being accounted for on an equity basis instead of proportionate consolidation (see note 11 ). |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Intangible Assets And Goodwill [Abstract] | |
Reconciliation of carrying amount of goodwill and intangibles | At December 31, 2019 Intellectual Contracts property Total Cost Beginning of year $ 119,371 $ 118,819 $ 238,190 Effect of movements in exchange rates (5,664) - (5,664) End of year 113,707 118,819 232,526 Accumulated amortization and impairment Beginning of year 115,434 57,154 172,588 Amortization charge 1,181 3,868 5,049 Effect of movements in exchange rates (5,521) - (5,521) End of year 111,094 61,022 172,116 Net book value at December 31, 2019 $ 2,613 $ 57,797 $ 60,410 At December 31, 2018 Intellectual Contracts property Total Cost Beginning of year $ 109,812 $ 118,819 $ 228,631 Effect of movements in exchange rates 9,559 - 9,559 End of year 119,371 118,819 238,190 Accumulated amortization and impairment Beginning of year 104,939 53,680 158,619 Amortization charge 1,325 3,474 4,799 Effect of movements in exchange rates 9,170 - 9,170 End of year 115,434 57,154 172,588 Net book value at December 31, 2018 $ 3,937 $ 61,665 $ 65,602 |
Long-term receivables, invest_2
Long-term receivables, investments and other (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Categories Of Noncurrent Financial Assets [Abstract] | |
Long-term receivables, investments and other | 2019 2018 Investments in equity securities [note 26] (a) $ 24,408 $ 28,916 Derivatives [note 26] 10,504 3,881 Advances receivable from JV Inkai [note 31] - 124,533 Investment tax credits 95,474 95,246 Amounts receivable related to tax dispute [note 21] 303,222 303,222 Product loan (b) 176,904 176,904 Other 26,183 32,992 636,695 765,694 Less current portion (6,564) (13,826) Net $ 630,131 $ 751,868 (a) At January 1, 2018, Cameco designated the investments shown below as equity securities at FVOCI because these equity securities represent investments that the Company intends to hold for the long term for strategic purposes . There were no dividends recognized on any of these investments during the year. (b) During 2018, as a result of the decision to temporarily suspend production at the McArthur River mine, Cameco loaned 5,400 ,000 pounds of uranium concentrate to its joint venture partner, Orano Canada Inc., (Orano). Orano is obligated to repay us in kind with uranium concentrate no later than December 31, 2023 . The loan wa s recorded at Cameco’s weighted average cost of inventory . |
Equity securities designated at FVOCI | 2019 2018 Investment in Denison Mines Corp. $ 13,292 $ 15,507 Investment in UEX Corporation 7,253 8,754 Investment in ISO Energy Ltd. 1,481 1,777 Investment in GoviEx 2,000 2,313 Other 382 565 $ 24,408 $ 28,916 |
Equity-accounted investee (Tabl
Equity-accounted investee (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments accounted for using equity method [Abstract] | |
Equity method investment summarized financial information balance sheet explanatory | The following tables summarize the financial information of JV Inkai (100%) : 2019 2018 Cash and cash equivalents $ 16,699 $ 41,717 Other current assets 139,324 160,784 Non-current assets 398,721 407,816 Current liabilities (71,162) (151,728) Non-current liabilities (41,508) (41,746) Net assets $ 442,074 $ 416,843 |
Equity method investment summarized financial information income statement explanatory | 2019 2018 Revenue from products and services $ 261,860 $ 203,359 Cost of products and services sold (64,199) (52,172) Depreciation and amortization (27,740) (27,504) Finance income 651 160 Finance costs (2,939) (6,251) Other expense (23,767) (30,419) Income tax expense (30,999) (20,860) Net earnings 112,867 66,313 Other comprehensive loss (1,773) - Total comprehensive income $ 111,094 $ 66,313 |
Reconciliation of summarized financial information to carrying amount | The following table reconciles the summarized financial information to the carrying amount of Cameco’s interest in JV Inkai: 2019 2018 Opening net assets $ 416,843 $ 374,650 Total comprehensive income (a) 111,094 66,313 Dividends declared (66,369) - Impact of foreign exchange (19,494) (24,120) Closing net assets 442,074 416,843 Cameco's share of net assets 176,830 166,737 Consolidating adjustments (b) (30,633) (33,978) Fair value increment (c) 91,697 94,633 Dividends declared but not received 13,859 - Impact of foreign exchange 928 3,110 Carrying amount in the statement of financial position at December 31, 2019 $ 252,681 $ 230,502 (a) Cameco’s share of earnings from equity-accounted investee as reported on the statement of earnings will not equal its share of JV Inkai’s other comprehensive income when Cameco receives dividends from JV Inkai that are not in proportion to its 40% ownership interest. (b) In addition to its proportionate share of earnings from JV Inkai, Cameco records certain consolidating adjustments to eliminate unrealized profit and amortize historical diffe rences in accounting policies. This amount is amortized t o earnings over units of production . (c) Following the restructuring, in addition to the adjustments noted in (b), Cameco also amortize s the fair values assigned to assets and liabilities at the time of the restructuring over units of production . |
Accounts payable and accrued _2
Accounts payable and accrued liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Trade And Other Current Payables [Abstract] | |
Schedule of payable and accrued liabilities | 2019 2018 Trade payables $ 100,407 $ 123,219 Non-trade payables 66,815 92,183 Payables due to related parties 14,577 9,352 Total $ 181,799 $ 224,754 |
Long-term debt (Tables)
Long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Noncurrent Liabilities [Abstract] | |
Long-term debt table | 2019 2018 Unsecured debentures Series D - 5.67% debentures due September 2, 2019 $ - $ 499,599 Series E - 3.75% debentures due November 14, 2022 399,152 398,873 Series F - 5.09% debentures due November 14, 2042 99,302 99,286 Series G - 4.19% debentures due June 24, 2024 498,264 497,913 996,718 1,495,671 Less current portion - (499,599) Total $ 996,718 $ 996,072 The table below represents currently scheduled maturities of long-term debt: 2020 2021 2022 2023 2024 Thereafter Total $ - - 399,152 - 498,264 99,302 $ 996,718 |
Other liabilities (Tables)
Other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities [Abstract] | |
Other liabilities | 2019 2018 Deferred sales [note 17] $ 17,418 $ 30,727 Derivatives [note 26] 12,524 61,387 Accrued pension and post-retirement benefit liability [note 25] 80,737 68,255 Lease obligation 12,869 - Other 63,452 61,265 187,000 221,634 Less: current portion (33,073) (79,573) Net $ 153,927 $ 142,061 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Provisions [Abstract] | |
Roll Forward of provisions for reclamation and waste disposal | Reclamation Waste disposal Total Beginning of year $ 1,053,892 $ 9,460 $ 1,063,352 Changes in estimates and discount rates [note 8] Capitalized in property, plant and equipment 22,151 - 22,151 Recognized in earnings 2,732 645 3,377 Provisions used during the period (31,933) (457) (32,390) Unwinding of discount [note 19] 20,634 155 20,789 Effect of movements in exchange rates (16,801) - (16,801) End of period $ 1,050,675 $ 9,803 $ 1,060,478 Current $ 54,806 $ 1,442 $ 56,248 Non-current 995,869 8,361 1,004,230 $ 1,050,675 $ 9,803 $ 1,060,478 |
Reclamation provisions | 2019 2018 Uranium $ 831,352 $ 828,781 Fuel services 219,323 225,111 Total $ 1,050,675 $ 1,053,892 |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Classes Of Share Capital [Abstract] | |
Common shares issued | Number issued (number of shares) 2019 2018 Beginning of year 395,792,732 395,792,732 Issued: Stock option plan [note 24] 5,000 - End of year 395,797,732 395,792,732 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue [abstract] | |
Revenue - Disaggregation | Uranium Fuel services Other Total Customer geographical region Americas $ 569,535 $ 206,226 $ 59,300 $ 835,061 Europe 288,134 79,629 3,587 371,350 Asia 556,140 84,422 15,952 656,514 $ 1,413,809 $ 370,277 $ 78,839 $ 1,862,925 Contract type Fixed-price $ 349,021 $ 305,383 $ 69,703 $ 724,107 Market-related 1,064,788 64,894 9,136 1,138,818 $ 1,413,809 $ 370,277 $ 78,839 $ 1,862,925 Uranium Fuel services Other Total Customer geographical region Americas $ 695,678 $ 191,791 $ 69,012 $ 956,481 Europe 275,096 50,000 10,693 335,789 Asia 713,282 72,198 13,911 799,391 $ 1,684,056 $ 313,989 $ 93,616 $ 2,091,661 Contract type Fixed-price $ 577,143 $ 293,400 $ 83,706 $ 954,249 Market-related 1,106,913 20,589 9,910 1,137,412 $ 1,684,056 $ 313,989 $ 93,616 $ 2,091,661 |
Revenue - Contract liabilities | 2019 2018 Beginning of year $ 30,727 $ 29,148 Additions 9,783 25,695 Recognized in revenue (23,067) (24,025) Effect of movements in exchange rates (25) (91) End of year $ 17,418 $ 30,727 |
Revenue - Remaining performance obligations | 2020 2021 2022 2023 2024 Thereafter Total Uranium $ 271,642 $ 183,422 $ 145,920 $ 169,234 $ 166,015 $ 532,429 $ 1,468,662 Fuel services 274,755 265,126 212,562 150,266 150,773 593,612 1,647,094 Other 4,030 4,212 - - - - 8,242 Total $ 550,427 $ 452,760 $ 358,482 $ 319,500 $ 316,788 $ 1,126,041 $ 3,123,998 |
Employee benefit expense (Table
Employee benefit expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Classes Of Employee Benefits Expense [Abstract] | |
Employee benefit expenses | 2019 2018 Wages and salaries $ 238,000 $ 305,367 Statutory and company benefits 41,972 50,477 Expenses related to defined benefit plans [note 25] 4,790 3,527 Expenses related to defined contribution plans [note 25] 11,767 13,431 Equity-settled share-based compensation [note 24] 17,469 18,821 Cash-settled share-based compensation [note 24] (1,437) 3,597 Total $ 312,561 $ 395,220 |
Finance costs (Tables)
Finance costs (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Finance Costs [Abstract] | |
Schedule of finance costs | 2019 2018 Interest on long-term debt $ 63,136 $ 73,039 Unwinding of discount on provisions [note 15] 20,789 23,681 Other charges 14,697 15,059 Total $ 98,622 $ 111,779 |
Other income (expense) (Tables)
Other income (expense) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income Expense [Abstract] | |
Other income (expense) table | 2019 2018 Arbitration award (a) $ 52,801 $ - Foreign exchange gains (18,961) 26,205 Gain on restructuring of JV Inkai (b) - 48,570 Sale of exploration interests (c) - 25,027 Contract restructuring - 6,201 Other - 2,157 Total $ 33,840 $ 108,160 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax [Absract] | |
Schedule of Deferred tax assets and liabilities | Recognized in earnings As at December 31 2019 2018 2019 2018 Assets Property, plant and equipment $ 74,039 $ 119,132 $ 319,185 $ 245,206 Provision for reclamation 2,325 (36,622) 193,514 191,189 Inventories (2,163) 1,137 - 2,163 Foreign exploration and development (14) (14) 5,267 5,281 Income tax losses (gains) (108,839) 39,289 390,341 499,180 Defined benefit plan actuarial losses - - 7,947 5,646 Long-term investments and other (17,377) 24,169 40,423 57,347 Deferred tax assets (52,029) 147,091 956,677 1,006,012 Liabilities Inventories 301 - 301 - Deferred tax liabilities 301 - 301 - Net deferred tax asset (liability $ (52,330) $ 147,091 $ 956,376 $ 1,006,012 Deferred tax allocated as 2019 2018 Deferred tax assets $ 956,376 $ 1,006,012 Deferred tax liabilities - - Net deferred tax asset $ 956,376 $ 1,006,012 2019 2018 Deferred tax asset at beginning of year $ 1,006,012 $ 848,704 Recovery (expense) for the year in net earnings (52,330) 147,091 Recovery (expense) for the year in other comprehensive income 2,754 (851) Change to equity accounting - JV Inkai - 10,849 Effect of movements in exchange rates (60) 219 End of year $ 956,376 $ 1,006,012 2019 2018 Income tax losses $ 280,330 $ 270,154 Property, plant and equipment 2,321 2,344 Provision for reclamation 75,082 88,036 Long-term investments and other 70,380 72,500 Total $ 428,113 $ 433,034 |
Schedule of Tax rate reconciliation | 2019 2018 Earnings before income taxes and non-controlling interest $ 135,018 $ 39,929 Combined federal and provincial tax rate 26.9% 26.9% Computed income tax expense 36,320 10,741 Increase (decrease) in taxes resulting from: Difference between Canadian rates and rates applicable to subsidiaries in other countries 5,558 (78,138) Change in unrecognized deferred tax assets 19,646 18,027 Share-based compensation plans 1,146 1,292 Change in tax provision related to transfer pricing - (61,000) Non-deductible (non-taxable) capital amounts - (13,249) Income in equity-accounted investee (12,074) - Change in uncertain tax positions 2,572 (3,517) Other permanent differences 7,909 (462) Income tax expense (recovery) $ 61,077 $ (126,306) |
Schedule of Earnings and income taxes by jurisdiction | 2019 2018 Earnings (loss) before income taxes Canada $ 229,429 $ (257,291) Foreign (94,411) 297,220 $ 135,018 $ 39,929 Current income taxes Canada $ 7,969 $ 5,913 Foreign 778 14,872 $ 8,747 $ 20,785 Deferred income taxes (recovery) Canada $ 60,010 $ (149,284) Foreign (7,680) 2,193 $ 52,330 $ (147,091) Income tax expense (recovery) $ 61,077 $ (126,306) |
Schedule of Income tax losses | Date of expiry Canada US Other Total 2026 $ - $ - $ 80,000 $ 80,000 2030 47 - - 47 2031 - 20,859 - 20,859 2032 272 22,464 - 22,736 2033 173,691 38,296 - 211,987 2034 322,359 21,125 - 343,484 2035 372,558 14,699 - 387,257 2036 209,265 44,674 - 253,939 2037 143 33,462 - 33,605 2038 5,581 51,896 - 57,477 2039 6,524 40,559 - 47,083 No expiry - - 1,051,195 1,051,195 $ 1,090,440 $ 288,034 $ 1,131,195 $ 2,509,669 |
Per share amounts (Tables)
Per share amounts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Per Share Amounts [Abstract] | |
Schedule of Earnings Per Share computation per common share | 2019 2018 Basic earnings per share computation Net earnings attributable to equity holders $ 74,000 $ 166,323 Weighted average common shares outstanding 395,797 395,793 Basic earnings per common share $ 0.19 $ 0.42 Diluted earnings per share computation Net earnings attributable to equity holders $ 74,000 $ 166,323 Weighted average common shares outstanding 395,797 395,793 Dilutive effect of stock options 258 257 Weighted average common shares outstanding, assuming dilution 396,055 396,050 Diluted earnings per common share $ 0.19 $ 0.42 |
Supplemental cash flow inform_2
Supplemental cash flow information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Of Cash Flows Disclosure [Abstract] | |
Statements of detailed information of cash flow | 2019 2018 Changes in non-cash working capital: Accounts receivable $ 58,488 $ (44,353) Inventories 113,388 241,496 Supplies and prepaid expenses 3,612 52,192 Accounts payable and accrued liabilities (62,250) (39,616) Reclamation payments (32,390) (31,311) Other 15,630 4,654 Total $ 96,478 $ 183,062 |
Reconciliation of liabilities arising from financing activities | Long-term Interest Dividends Share debt (a) payable payable capital Total Balance at January 1, 2019 $ 1,495,671 $ 13,539 $ - $ 1,862,652 $ 3,371,862 Changes from financing cash flows: Dividends paid - - (31,613) - (31,613) Interest paid - (72,484) - - (72,484) Shares issued, stock option plan - - - 81 81 Repayment of long-term debt (500,000) - - - (500,000) Total cash changes (500,000) (72,484) (31,613) 81 (604,016) Non-cash changes: Amorization of issue costs 1,047 - - - 1,047 Dividends declared - - 31,613 - 31,613 Interest expense - 61,780 - - 61,780 Lease interest expense - 309 - - 309 Shares issued, stock option plan - - - 16 16 Foreign exchange - (114) - - (114) Total non-cash changes 1,047 61,975 31,613 16 94,651 Balance at December 31, 2019 $ 996,718 $ 3,030 $ - $ 1,862,749 $ 2,862,497 (a) Includes current portion of long-term debt |
Share-based compensation plans
Share-based compensation plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] | |
Schedule of number of stock options and weighted avearge exercisable price | (Number of options) 2019 2018 Beginning of year 8,820,805 8,324,666 Options granted 886,740 1,473,430 Options forfeited (270,025) (315,340) Options expired (815,423) (661,951) Options exercised [note 16] (5,000) - End of year 8,617,097 8,820,805 Exercisable 6,290,380 6,007,557 Weighted average exercise prices were as follows: 2019 2018 Beginning of year $19.75 $22.19 Options granted 15.27 11.32 Options forfeited 22.59 25.43 Options expired 38.43 28.90 Options exercised 16.38 - End of year $17.44 $19.75 Exercisable $18.90 $22.83 |
Total options outstanding and exercisable | Total options outstanding and exercisable at December 31, 2019 were as follows: Options outstanding Options exercisable Option price per share Number Weighted average remaining life Weighted average exercisable price Number Weighted average exercisable price $11.32 - 15.83 3,733,210 5.7 $13.50 1,406,493 $13.52 $15.84 - 26.81 4,883,887 1.9 $20.45 4,883,887 $20.45 8,617,097 6,290,380 The foregoing options have expiry dates ranging from May 14, 2020 to February 28, 2027. |
Compensation expense under equity settled plans | 2019 2018 Stock option plan $ 4,418 $ 4,744 Performance share unit plan (a) 7,245 7,690 Restricted share unit plan 2,679 2,542 Employee share ownership plan 3,127 3,845 Total $ 17,469 $ 18,821 (a) In the fourth quarter, the performance share unit plan was amended to allow eligible participants to elect payout of their grants in cash or shares, provided they have met their share ownership requirements. As a result, this plan is now considered cash-settled. This amount represents the expense recorded prior to the plan modification. |
Expenses (recoveries) cash-settled plans | 2019 2018 Deferred share unit plan $ (1,001) $ 2,922 Performance share unit plan (a) - - Phantom stock option plan (436) 675 Total $ (1,437) $ 3,597 (a) The modification to the PSU plan resulted in a reclassification, at the date of modification, of $ 8,369,000 from equity to liabilities. The liability recognized on the date of the modification was less than the amount previously recognized as an increase in equity. Since the plan modification did not change the performance and vesting criteria, no incremental fair value was granted. |
Equity-settled plan [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Inputs measurement fair value of sharebased plans | Stock option plan PSU RSU Number of options granted 886,740 477,250 212,496 Expected vesting - 106% - Average strike price $15.27 - $15.33 Expected dividend $0.08 - - Expected volatility 36% 38% - Risk-free interest rate 1.8% 1.8% - Expected life of option 4.9 years 3.0 years - Expected forfeitures 7% 12% 15% Weighted average grant date fair values $4.92 $15.33 $15.33 |
Phantom Stock Option Plan [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Inputs measurement fair value of sharebased plans | PSUs Phantom stock options Grant date Reporting date Grant date Reporting date Mar 1, 2019 Dec 31, 2019 Mar 1, 2019 Dec 31, 2019 Number of units 477,250 1,465,618 68,890 406,720 Expected vesting 106% 80% - - Average strike price - - $15.27 $16.48 Expected dividend - - $0.08 $0.08 Expected volatility 38% 31% 37% 35% Risk-free interest rate 1.8% 1.7% 1.5% 1.7% Expected life of option 3.0 years 1.4 years 4.5 years 4.0 years Expected forfeitures 12% 10% 8% 8% Weighted average measurement date fair values $15.33 $10.07 $5.07 $2.14 |
Pension and other post-retire_2
Pension and other post-retirement benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Defined Benefit Plans [Abstract] | |
Information related to defined benefit plan | Pension benefit plans Other benefit plans 2019 2018 2019 2018 Fair value of plan assets, beginning of year $ 7,177 $ 8,061 $ - $ - Interest income on plan assets 262 259 - - Return on assets excluding interest income 280 (292) - - Employer contributions - 61 - - Benefits paid (912) (910) - - Administrative costs paid (1) (2) - - Fair value of plan assets, end of year $ 6,806 $ 7,177 $ - $ - Defined benefit obligation, beginning of year $ 54,271 $ 55,972 $ 21,161 $ 26,893 Current service cost 1,586 1,670 817 1,429 Interest cost 1,807 1,668 841 946 Actuarial loss (gain) arising from: - demographic assumptions - - - (192) - financial assumptions 6,925 (3,776) 2,877 (1,887) - experience adjustment 777 56 114 (2,919) Past service cost - - - (1,929) Benefits paid (1,705) (2,028) (855) (1,180) Foreign exchange (1,073) 709 - - Defined benefit obligation, end of year $ 62,588 $ 54,271 $ 24,955 $ 21,161 Defined benefit liability [note 14] $ (55,782) $ (47,094) $ (24,955) $ (21,161) |
Percentages of the total fair value of assets pension plan | Pension benefit plans 2019 2018 Asset category (a) Canadian equity securities 9% 9% U.S. equity securities 12% 0% Global equity securities 9% 21% Canadian fixed income 30% 29% Other (b) 40% 41% Total 100% 100% (a) The defined benefit plan assets contain no material amounts of related p arty assets at December 31, 2019 and 2018 respectively. (b) Relates to the value of the refundable tax account held by the Canada Revenue Agency. The refundable total is approximately equal to half of the sum of the realized investment income plus employer contributions less half of the benefits paid by the plan . |
Components of net pension and other benefit expense | The following represents the components of net pension and other benefit expense included primarily as part of administration: Pension benefit plans Other benefit plans 2019 2018 2019 2018 Current service cost $ 1,586 $ 1,670 $ 817 $ 1,429 Net interest cost 1,545 1,409 841 946 Past service cost - - - (1,929) Administration cost 1 2 - - Defined benefit expense [note 18] 3,132 3,081 1,658 446 Defined contribution pension expense [note 18] 11,767 13,431 - - Net pension and other benefit expense $ 14,899 $ 16,512 $ 1,658 $ 446 |
Amount of actuarial losses (gains) recognized in other comprehensive income | The total amount of actuarial losses (gains) recognized in other comprehensive income is: Pension benefit plans Other benefit plans 2019 2018 2019 2018 Actuarial loss (gain) $ 7,702 $ (3,720) $ 2,991 $ (4,998) Return on plan assets excluding interest income (280) 292 - - $ 7,422 $ (3,428) $ 2,991 $ (4,998) |
Defined benefit obligation and net pension and other benefit expense [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Assumptions to determine defined benefit obligations and expense | The assumptions used to determine the Company’s defined benefit obligation and net pension and other benefit expense were as follows at December 31 (expressed as weighted averages): Pension benefit plans Other benefit plans 2019 2018 2019 2018 Discount rate - obligation 3.0% 3.7% 3.1% 3.9% Discount rate - expense 3.7% 3.4% 3.9% 3.4% Rate of compensation increase 3.0% 3.0% - - Initial health care cost trend rate - - 6.0% 6.0% Cost trend rate declines to - - 5.0% 5.0% Year the rate reaches its final level - - 2022 2022 Dental care cost trend rate - - 5.0% 5.0% |
1% Change in assumptions [member] | Defined benefit obligation and net pension and other benefit expense [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Assumptions to determine defined benefit obligations and expense | A 1% change at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the following: Pension benefit plans Other benefit plans Increase Decrease Increase Decrease Discount rate $ (8,141) $ 10,595 $ (3,284) $ 4,133 Rate of compensation increase 2,832 (2,608) n/a n/a A 1% change in any of the other assumptions would not have a significant impact on the defined benefit obligation. |
Financial instruments and rel_2
Financial instruments and related risk management (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Financial Instruments [Abstract] | |
Pre-tax exposure to foreign currency exchange risk | Carrying value Currency (Cdn) Gain (loss) Cash and cash equivalents USD $ 120,675 $ 6,034 Accounts receivable USD 280,877 14,044 Net foreign currency derivatives USD (4,333) (30,851) |
Counterparty credit risk, as represented by the carrying amount of the financial assets | 2019 2018 Cash and cash equivalents $ 1,062,431 $ 711,528 Short-term investments - 391,025 Accounts receivable [note 6] 323,430 398,639 Advances receivable from JV Inkai [note 31] - 124,533 Derivative assets [note 10] 10,504 3,881 |
Exposure to credit risk for trade receivables | Carrying value Investment grade credit rating $ 244,315 Non-investment grade credit rating 77,323 Total gross carrying amount $ 321,638 Loss allowance - Net $ 321,638 |
Aged trade receivables | Corporate Other customers customers Total Current (not past due) $ 274,249 $ 5,306 279,555 1-30 days past due 39,690 1,221 40,911 More than 30 days past due 301 871 1,172 Total $ 314,240 $ 7,398 321,638 |
Liquidity risk, company's available debt facilities | The table below outlines the Company’s available debt facilities at December 31, 2019: Outstanding and Total amount committed Amount available Unsecured revolving credit facility $ 1,000,000 $ - $ 1,000,000 Letter of credit facilities [note 13] 1,719,120 1,528,603 190,517 |
Maturity analysis of financial liabilities | The tables below present a maturity analysis of Cameco’s financial liabilities, including principal and interest, based on the expected cash flows from the reporting date to the contractual maturity date: Due in Carrying Contractual less than Due in 1-3 Due in 3-5 Due after 5 amount cash flows 1 year years years years Accounts payable and accrued liabilities $ 181,799 $ 181,799 $ 181,799 $ - $ - $ - Long-term debt 996,718 1,000,000 - 400,000 500,000 100,000 Foreign currency contracts 4,333 4,333 4,168 165 - - Lease obligation [note 14] 12,869 14,004 3,967 8,031 2,006 - Total contractual repayments $ 1,195,719 $ 1,200,136 $ 189,934 $ 408,196 $ 502,006 $ 100,000 Due in less than Due in 1-3 Due in 3-5 Due after 5 Total 1 year years years years Total interest payments on long-term debt $ 266,820 $ 41,040 $ 82,080 $ 52,080 $ 91,620 |
Carrying amounts and accounting classifications | At December 31, 2019 FVTPL Amortized cost FVOCI - designated Total Financial assets Cash and cash equivalents $ - $ 1,062,431 $ - $ 1,062,431 Accounts receivable [note 6] - 328,044 - 328,044 Derivative assets [note 10] Foreign currency contracts 8,191 - - 8,191 Interest rate contracts 2,313 - - 2,313 Investments in equity securities [note 10] - - 24,408 24,408 $ 10,504 $ 1,390,475 $ 24,408 $ 1,425,387 Financial liabilities Accounts payable and accrued liabilities [note 12] $ - $ 181,799 $ - $ 181,799 Lease obligation [note 14] - 12,869 - 12,869 Derivative liabilities [note 14] Foreign currency contracts 12,524 - - 12,524 Long-term debt [note 13] - 996,718 - 996,718 12,524 1,191,386 - 1,203,910 Net $ (2,020) $ 199,089 $ 24,408 $ 221,477 At December 31, 2018 FVTPL Amortized cost FVOCI - designated Total Financial assets Cash and cash equivalents $ - $ 711,528 $ - $ 711,528 Short-term investments - 391,025 - 391,025 Accounts receivable [note 6] - 402,350 - 402,350 Derivative assets [note 10] Foreign currency contracts 2,201 - - 2,201 Interest rate contracts 1,680 - - 1,680 Investments in equity securities [note 10] - - 28,916 28,916 Advances receivable from Inkai [note 31] - 124,533 - 124,533 $ 3,881 $ 1,629,436 $ 28,916 $ 1,662,233 Financial liabilities Accounts payable and accrued liabilities [note 12] $ - $ 224,754 $ - $ 224,754 Current portion of long-term debt [note 13] - 499,599 - 499,599 Derivative liabilities [note 14] Foreign currency contracts 54,866 - - 54,866 Interest rate contracts 823 - - 823 Uranium contracts 5,698 - - 5,698 Long-term debt [note 13] - 996,072 - 996,072 61,387 1,720,425 - 1,781,812 Net $ (57,506) $ (90,989) $ 28,916 $ (119,579) |
Fair value measurement, carrying amounts | As at December 31, 2019 Fair value Carrying value Level 1 Level 2 Total Derivative assets [note 10] Foreign currency contracts $ 8,191 $ - $ 8,191 $ 8,191 Interest rate contracts 2,313 - 2,313 2,313 Investments in equity securities [note 10] 24,408 24,408 - 24,408 Derivative liabilities [note 14] Foreign currency contracts (12,524) - (12,524) (12,524) Long-term debt [note 13] (996,718) - (1,111,923) (1,111,923) Net $ (974,330) $ 24,408 $ (1,113,943) $ (1,089,535) As at December 31, 2018 Fair value Carrying value Level 1 Level 2 Total Derivative assets [note 10] Foreign currency contracts $ 2,201 $ - $ 2,201 $ 2,201 Interest rate contracts 1,680 - 1,680 1,680 Investments in equity securities [note 10] 28,916 28,916 - 28,916 Current portion of long-term debt [note 13] (499,599) - (511,210) (511,210) Derivative liabilities [note 14] Foreign currency contracts (54,866) - (54,866) (54,866) Interest rate contracts (823) - (823) (823) Uranium contracts (5,698) - (5,698) (5,698) Long-term debt [note 13] (996,072) - (1,111,782) (1,111,782) Net $ (1,524,261) $ 28,916 $ (1,680,498) $ (1,651,582) |
Fair value of derivative instruments and classification | 2019 2018 Non-hedge derivatives: Foreign currency contracts $ (4,333) $ (52,665) Interest rate contracts 2,313 857 Uranium contracts - (5,698) Net $ (2,020) $ (57,506) Classification: Current portion of long-term receivables, investments and other [note 10] $ 4,144 $ 1,028 Long-term receivables, investments and other [note 10] 6,360 2,853 Current portion of other liabilities [note 14] (7,505) (35,534) Other liabilities [note 14] (5,019) (25,853) Net $ (2,020) $ (57,506) |
Summary of components of non-hedge derivative gains losses | The following table summarizes the different components of the gains (losses) on derivatives included in net earnings: 2019 2018 Non-hedge derivatives: Foreign currency contracts $ 31,863 $ (85,967) Interest rate contracts 2,068 2,032 Uranium contracts (1,662) 2,854 Net $ 32,269 $ (81,081) |
Capital management (Tables)
Capital management (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of objectives policies and processes for managing capital abstract | |
Capital management | The capital structure at December 31 was as follows: 2019 2018 Current portion of long-term debt [note 13] $ - $ 499,599 Long-term debt [note 13] 996,718 996,072 Cash and cash equivalents (1,062,431) (711,528) Short-term investments - (391,025) Net debt (65,713) 393,118 Non-controlling interest 238 310 Shareholders' equity 4,994,725 4,993,282 Total equity 4,994,963 4,993,592 Total capital $ 4,929,250 $ 5,386,710 |
Segmented information (Tables)
Segmented information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Operating Segments [Abstract] | |
Business segments | A. Business segments - 2019 For the year ended December 31, 2019 Uranium Fuel services Other Total Revenue $ 1,413,809 $ 370,277 $ 78,839 $ 1,862,925 Expenses Cost of products and services sold 1,041,922 234,423 69,206 1,345,551 Depreciation and amortization 218,832 45,856 11,061 275,749 Cost of sales 1,260,754 280,279 80,267 1,621,300 Gross profit (loss) 153,055 89,998 (1,428) 241,625 Administration - - 124,869 124,869 Exploration 13,686 - - 13,686 Research and development - - 6,058 6,058 Other operating expense 2,732 - - 2,732 Loss on disposal of assets 1,869 - - 1,869 Finance costs - - 98,622 98,622 Gain on derivatives - - (32,269) (32,269) Finance income - - (29,760) (29,760) Share of earnings from equity-accounted investee (45,360) - - (45,360) Other expense (income) (52,801) - 18,961 (33,840) Earnings (loss) before income taxes 232,929 89,998 (187,909) 135,018 Income tax expense 61,077 Net earnings 73,941 Capital expenditures for the year $ 48,092 $ 27,117 $ 2 $ 75,211 For the year ended December 31, 2018 Uranium Fuel services Other Total Revenue $ 1,684,056 $ 313,989 $ 93,616 $ 2,091,661 Expenses Cost of products and services sold 1,138,940 219,240 109,760 1,467,940 Depreciation and amortization 277,171 35,977 14,825 327,973 Cost of sales 1,416,111 255,217 124,585 1,795,913 Gross profit (loss) 267,945 58,772 (30,969) 295,748 Administration - - 141,552 141,552 Exploration 20,283 - - 20,283 Research and development - - 1,757 1,757 Other operating expense 59,616 - - 59,616 Loss on disposal of assets 1,008 1,264 31 2,303 Finance costs - - 111,779 111,779 Loss on derivatives - - 81,081 81,081 Finance income - - (22,071) (22,071) Share of earnings from equity-accounted investee (32,321) - - (32,321) Other income (81,955) - (26,205) (108,160) Earnings (loss) before income taxes 301,314 57,508 (318,893) 39,929 Income tax recovery (126,306) Net earnings 166,235 Capital expenditures for the year $ 44,114 $ 11,226 $ 22 $ 55,362 |
Geographic segments | Revenue is attributed to the geographic location based on the location of the entity providing the services. The Company’s revenue from external customers is as follows: 2019 2018 United States $ 1,295,195 $ 1,660,727 Canada 567,730 424,079 Switzerland - 4,038 Germany - 2,817 $ 1,862,925 $ 2,091,661 The Company’s non-current assets, excluding deferred tax assets and financial instruments, by geographic location are as follows: 2019 2018 Canada $ 3,267,376 $ 3,401,828 Australia 392,500 414,084 United States 121,102 131,526 Kazakhstan 80 49 Germany 24 41 $ 3,781,082 $ 3,947,528 |
Group entities (Tables)
Group entities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Significant Investments In Subsidiaries [Abstract] | |
Ownership interest in subsidiaries | Principal place Ownership interest of business 2019 2018 Subsidiaries: Cameco Fuel Manufacturing Inc. Canada 100% 100% Cameco Marketing Inc. Canada 100% 100% Cameco Inc. US 100% 100% Power Resources, Inc. US 100% 100% Crow Butte Resources, Inc. US 100% 100% NUKEM, Inc. US 100% 100% Cameco Australia Pty. Ltd. Australia 100% 100% Cameco Europe Ltd. Switzerland 100% 100% Associates: JV Inkai Kazakhstan 40% 40% |
Joint operations (Tables)
Joint operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Joint Operations [Abstract] | |
Joint operations proportionate interest in net assets table | Cameco reflects its proportionate interest in these assets and liabilities as follows: Principal place of business Ownership 2019 2018 Total assets McArthur River Canada 69.81% $ 1,046,556 $ 1,065,562 Key Lake Canada 83.33% 524,324 537,233 Cigar Lake Canada 50.03% 1,354,399 1,503,863 $ 2,925,279 $ 3,106,658 Total liabilities McArthur River 69.81% $ 32,132 $ 32,829 Key Lake 83.33% 227,562 222,369 Cigar Lake 50.03% 47,396 38,478 $ 307,090 $ 293,676 |
Related parties (Tables)
Related parties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of transactions between related parties [Abstract] | |
Compensation for key management personnel | Compensation for key management personnel was comprised of: 2019 2018 Short-term employee benefits $ 21,225 $ 24,821 Share-based compensation (a) 12,034 12,796 Post-employment benefits 5,542 4,323 Termination benefits 272 860 Total $ 39,073 $ 42,800 (a) Excludes deferred share units held by directors (see note 24). |
Accounts Receivable (Details)
Accounts Receivable (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Trade And Other Receivables [Abstract] | ||
Trade receivables | $ 321,638 | $ 392,865 |
GST/VAT receivables | 4,614 | 3,711 |
Other receivables | 1,792 | 5,774 |
Total | $ 328,044 | $ 402,350 |
Inventories (Details)
Inventories (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Operating Segments [Line Items] | ||
Total inventory | $ 320,770,000 | $ 467,795,000 |
Cost of sales | 1,398,000,000 | 1,501,000,000 |
Net write-down | 0 | 29,296,000 |
Uranium [Member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Concentrate | 204,123,000 | 335,276,000 |
Broken ore | 51,094,000 | 51,545,000 |
Total inventory | 255,217,000 | 386,821,000 |
Fuel Services [Member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Total inventory | 62,701,000 | 75,541,000 |
Other Segment [Member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Total inventory | $ 2,852,000 | $ 5,433,000 |
Property, plant and equipment_2
Property, plant and equipment (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment - Beginning of year | $ 3,881,926 | ||
Disclosure of quantitative information about right of use assets [Abstract] | |||
Right-of-use assets - beginning of year | 0 | ||
Additions | 10,136 | ||
Disposals | (9) | ||
Depreciation charge | (1,978) | ||
Right-of-use assets - end of year | 8,149 | $ 0 | |
Property, plant and equipment - End of year | 3,720,672 | 3,881,926 | |
Cost [Member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment - Beginning of year | 9,009,461 | 9,140,575 | |
Additions | 75,211 | 55,362 | |
Transfers | 0 | 0 | |
Change in reclamation provision | 24,883 | 132,317 | |
Disposals | (5,751) | (14,332) | |
JV Inkai restructuring | [1] | (367,993) | |
Effect of movements in exchange rates | (90,358) | 63,532 | |
Disclosure of quantitative information about right of use assets [Abstract] | |||
Property, plant and equipment - End of year | 9,013,446 | 9,009,461 | |
Accumulated depreciation and impairment [Member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment - Beginning of year | 5,127,535 | 4,948,683 | |
Depreciation charge | 236,336 | 235,436 | |
Transfers | 0 | ||
Change in reclamation provision | 2,732 | 59,616 | |
Disposals | (3,197) | (10,685) | |
JV Inkai restructuring | [1] | (167,143) | |
Effect of movements in exchange rates | (62,483) | 61,628 | |
Disclosure of quantitative information about right of use assets [Abstract] | |||
Property, plant and equipment - End of year | 5,300,923 | 5,127,535 | |
Land and buildgings [Member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment - Beginning of year | 2,254,871 | ||
Disclosure of quantitative information about right of use assets [Abstract] | |||
Right-of-use assets - beginning of year | 0 | ||
Additions | 3,517 | ||
Disposals | 0 | ||
Depreciation charge | (871) | ||
Right-of-use assets - end of year | 2,646 | 0 | |
Property, plant and equipment - End of year | 2,167,268 | 2,254,871 | |
Land and buildgings [Member] | Cost [Member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment - Beginning of year | 5,089,908 | 5,045,112 | |
Additions | 2,327 | 1,944 | |
Transfers | 17,157 | 104,760 | |
Change in reclamation provision | 24,883 | 132,317 | |
Disposals | (923) | (186) | |
JV Inkai restructuring | [1] | (245,882) | |
Effect of movements in exchange rates | (32,642) | 51,843 | |
Disclosure of quantitative information about right of use assets [Abstract] | |||
Property, plant and equipment - End of year | 5,100,710 | 5,089,908 | |
Land and buildgings [Member] | Accumulated depreciation and impairment [Member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment - Beginning of year | 2,835,037 | 2,717,249 | |
Depreciation charge | 128,579 | 120,754 | |
Transfers | 13,036 | ||
Change in reclamation provision | 2,732 | 59,616 | |
Disposals | (225) | (185) | |
JV Inkai restructuring | [1] | (123,919) | |
Effect of movements in exchange rates | (30,035) | 48,486 | |
Disclosure of quantitative information about right of use assets [Abstract] | |||
Property, plant and equipment - End of year | 2,936,088 | 2,835,037 | |
Plant and equipment [member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment - Beginning of year | 957,766 | ||
Disclosure of quantitative information about right of use assets [Abstract] | |||
Right-of-use assets - beginning of year | 0 | ||
Additions | 5,768 | ||
Disposals | (9) | ||
Depreciation charge | (675) | ||
Right-of-use assets - end of year | 5,084 | 0 | |
Property, plant and equipment - End of year | 890,200 | 957,766 | |
Plant and equipment [member] | Cost [Member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment - Beginning of year | 2,654,944 | 2,729,635 | |
Additions | 7,179 | 7,274 | |
Transfers | 28,453 | 20,044 | |
Change in reclamation provision | 0 | 0 | |
Disposals | (3,486) | (7,355) | |
JV Inkai restructuring | [1] | (109,748) | |
Effect of movements in exchange rates | (8,925) | 15,094 | |
Disclosure of quantitative information about right of use assets [Abstract] | |||
Property, plant and equipment - End of year | 2,678,165 | 2,654,944 | |
Plant and equipment [member] | Accumulated depreciation and impairment [Member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment - Beginning of year | 1,697,178 | 1,611,460 | |
Depreciation charge | 105,700 | 111,465 | |
Transfers | 6,333 | ||
Change in reclamation provision | 0 | 0 | |
Disposals | (2,194) | (5,853) | |
JV Inkai restructuring | [1] | (38,783) | |
Effect of movements in exchange rates | (7,635) | 12,556 | |
Disclosure of quantitative information about right of use assets [Abstract] | |||
Property, plant and equipment - End of year | 1,793,049 | 1,697,178 | |
Furniture and fixtures [Member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment - Beginning of year | 5,223 | ||
Disclosure of quantitative information about right of use assets [Abstract] | |||
Right-of-use assets - beginning of year | 0 | ||
Additions | 851 | ||
Disposals | 0 | ||
Depreciation charge | (432) | ||
Right-of-use assets - end of year | 419 | 0 | |
Property, plant and equipment - End of year | 4,687 | 5,223 | |
Furniture and fixtures [Member] | Cost [Member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment - Beginning of year | 80,083 | 90,817 | |
Additions | 158 | 0 | |
Transfers | 951 | 288 | |
Change in reclamation provision | 0 | 0 | |
Disposals | (142) | (4,714) | |
JV Inkai restructuring | [1] | (6,624) | |
Effect of movements in exchange rates | (181) | 316 | |
Disclosure of quantitative information about right of use assets [Abstract] | |||
Property, plant and equipment - End of year | 80,869 | 80,083 | |
Furniture and fixtures [Member] | Accumulated depreciation and impairment [Member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment - Beginning of year | 74,860 | 80,752 | |
Depreciation charge | 2,057 | 3,217 | |
Transfers | (322) | ||
Change in reclamation provision | 0 | 0 | |
Disposals | (139) | (4,647) | |
JV Inkai restructuring | [1] | (4,441) | |
Effect of movements in exchange rates | (177) | 301 | |
Disclosure of quantitative information about right of use assets [Abstract] | |||
Property, plant and equipment - End of year | 76,601 | 74,860 | |
Under constructions [Member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment - Beginning of year | 26,666 | ||
Disclosure of quantitative information about right of use assets [Abstract] | |||
Right-of-use assets - beginning of year | 0 | ||
Additions | 0 | ||
Disposals | 0 | ||
Depreciation charge | 0 | ||
Right-of-use assets - end of year | 0 | 0 | |
Property, plant and equipment - End of year | 45,063 | 26,666 | |
Under constructions [Member] | Cost [Member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment - Beginning of year | 63,465 | 154,731 | |
Additions | 65,482 | 45,516 | |
Transfers | (46,561) | (129,436) | |
Change in reclamation provision | 0 | 0 | |
Disposals | (507) | (1,663) | |
JV Inkai restructuring | [1] | (5,739) | |
Effect of movements in exchange rates | (17) | 56 | |
Disclosure of quantitative information about right of use assets [Abstract] | |||
Property, plant and equipment - End of year | 81,862 | 63,465 | |
Under constructions [Member] | Accumulated depreciation and impairment [Member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment - Beginning of year | 36,799 | 55,832 | |
Depreciation charge | 0 | 0 | |
Transfers | (19,047) | ||
Change in reclamation provision | 0 | 0 | |
Disposals | 0 | 0 | |
JV Inkai restructuring | [1] | 0 | |
Effect of movements in exchange rates | 0 | 14 | |
Disclosure of quantitative information about right of use assets [Abstract] | |||
Property, plant and equipment - End of year | 36,799 | 36,799 | |
Exploration and evaluation [Member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment - Beginning of year | 637,400 | ||
Disclosure of quantitative information about right of use assets [Abstract] | |||
Right-of-use assets - beginning of year | 0 | ||
Additions | 0 | ||
Disposals | 0 | ||
Depreciation charge | 0 | ||
Right-of-use assets - end of year | 0 | 0 | |
Property, plant and equipment - End of year | 613,454 | 637,400 | |
Exploration and evaluation [Member] | Cost [Member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment - Beginning of year | 1,121,061 | 1,120,280 | |
Additions | 65 | 628 | |
Transfers | 0 | 4,344 | |
Change in reclamation provision | 0 | 0 | |
Disposals | (693) | (414) | |
JV Inkai restructuring | [1] | 0 | |
Effect of movements in exchange rates | (48,593) | (3,777) | |
Disclosure of quantitative information about right of use assets [Abstract] | |||
Property, plant and equipment - End of year | 1,071,840 | 1,121,061 | |
Exploration and evaluation [Member] | Accumulated depreciation and impairment [Member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment - Beginning of year | 483,661 | 483,390 | |
Depreciation charge | 0 | 0 | |
Transfers | 0 | ||
Change in reclamation provision | 0 | 0 | |
Disposals | (639) | 0 | |
JV Inkai restructuring | [1] | 0 | |
Effect of movements in exchange rates | (24,636) | 271 | |
Disclosure of quantitative information about right of use assets [Abstract] | |||
Property, plant and equipment - End of year | $ 458,386 | $ 483,661 | |
[1] | Effective January 1, 2018, Cameco’s ownership interest in JV Inkai was reduced to 40 % r esulting in JV Inkai being accounted for on an equity basis instead of proportionate consolidation (see note 11 ). |
Property, plant and equipment_3
Property, plant and equipment (Narrative) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Property Plant And Equipment [Line Items] | ||
Contracutal capital commitments | $ 38,000,000 | |
JV Inkai Associate [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Ownership interest in JV Inkai | 40.00% | 40.00% |
Intangible assets (Details)
Intangible assets (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of carrying amount [Line Items] | ||
Intangible assets, beginning of year | $ 65,602 | |
Intangible assets, end of year | 60,410 | $ 65,602 |
Cost [Member] | ||
Reconciliation of carrying amount [Line Items] | ||
Intangible assets, beginning of year | 238,190 | 228,631 |
Effect of movements in exchange rates | (5,664) | 9,559 |
Intangible assets, end of year | 232,526 | 238,190 |
Accumulated amortization [member] | ||
Reconciliation of carrying amount [Line Items] | ||
Intangible assets, beginning of year | 172,588 | 158,619 |
Amortization charge | 5,049 | 4,799 |
Effect of movements in exchange rates | (5,521) | 9,170 |
Intangible assets, end of year | 172,116 | 172,588 |
Contracts [member] | ||
Reconciliation of carrying amount [Line Items] | ||
Intangible assets, beginning of year | 3,937 | |
Intangible assets, end of year | 2,613 | 3,937 |
Contracts [member] | Cost [Member] | ||
Reconciliation of carrying amount [Line Items] | ||
Intangible assets, beginning of year | 119,371 | 109,812 |
Effect of movements in exchange rates | (5,664) | 9,559 |
Intangible assets, end of year | 113,707 | 119,371 |
Contracts [member] | Accumulated amortization [member] | ||
Reconciliation of carrying amount [Line Items] | ||
Intangible assets, beginning of year | 115,434 | 104,939 |
Amortization charge | 1,181 | 1,325 |
Effect of movements in exchange rates | (5,521) | 9,170 |
Intangible assets, end of year | 111,094 | 115,434 |
Intellectual Property [member] | ||
Reconciliation of carrying amount [Line Items] | ||
Intangible assets, beginning of year | 61,665 | |
Intangible assets, end of year | 57,797 | 61,665 |
Intellectual Property [member] | Cost [Member] | ||
Reconciliation of carrying amount [Line Items] | ||
Intangible assets, beginning of year | 118,819 | 118,819 |
Effect of movements in exchange rates | 0 | 0 |
Intangible assets, end of year | 118,819 | 118,819 |
Intellectual Property [member] | Accumulated amortization [member] | ||
Reconciliation of carrying amount [Line Items] | ||
Intangible assets, beginning of year | 57,154 | 53,680 |
Amortization charge | 3,868 | 3,474 |
Effect of movements in exchange rates | 0 | 0 |
Intangible assets, end of year | $ 61,022 | $ 57,154 |
Long-term receivables, invest_3
Long-term receivables, investments and other (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019CAD ($)lb | Dec. 31, 2018CAD ($) | ||
Categories Of Noncurrent Financial Assets [Abstract] | |||
Investments in equity securities | [1] | $ 24,408 | $ 28,916 |
Derivatives | 10,504 | 3,881 | |
Advances receivable from JV Inkai LLP | 0 | 124,533 | |
Investment tax credits | 95,474 | 95,246 | |
Amounts receivable related to tax dispute | 303,222 | 303,222 | |
Product loan | [2] | 176,904 | 176,904 |
Other | 26,183 | 32,992 | |
Total (current and non current portion) | 636,695 | 765,694 | |
Less current portion | (6,564) | (13,826) | |
Net | $ 630,131 | $ 751,868 | |
Uranium [Member] | |||
Disclosure of products and services [line items] | |||
Product loan maturity | December 31, 2023 | ||
Product loan quantity | lb | 5,400,000 | ||
[1] | At January 1, 2018, Cameco designated the investments shown below as equity securities at FVOCI because these equity securities represent investments that the Company intends to hold for the long term for strategic purposes . There were no dividends recognized on any of these investments during the year. | ||
[2] | During 2018, as a result of the decision to temporarily suspend production at the McArthur River mine, Cameco loaned 5,400 ,000 pounds of uranium concentrate to its joint venture partner, Orano Canada Inc., (Orano). Orano is obligated to repay us in kind with uranium concentrate no later than December 31, 2023 . The loan wa s recorded at Cameco’s weighted average cost of inventory . |
Long-term receivables, invest_4
Long-term receivables, investments and other - Equity investments (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of FV of investments in equity instruments designated as measured at FVOCI | |||
Investments in equity securities | [1] | $ 24,408 | $ 28,916 |
Denison [Member] | |||
Disclosure of FV of investments in equity instruments designated as measured at FVOCI | |||
Investments in equity securities | 13,292 | 15,507 | |
UEX [Member] | |||
Disclosure of FV of investments in equity instruments designated as measured at FVOCI | |||
Investments in equity securities | 7,253 | 8,754 | |
GoviEx [Member] | |||
Disclosure of FV of investments in equity instruments designated as measured at FVOCI | |||
Investments in equity securities | 2,000 | 2,313 | |
ISO Energy [Member] | |||
Disclosure of FV of investments in equity instruments designated as measured at FVOCI | |||
Investments in equity securities | 1,481 | 1,777 | |
Other [Member] | |||
Disclosure of FV of investments in equity instruments designated as measured at FVOCI | |||
Investments in equity securities | $ 382 | $ 565 | |
[1] | At January 1, 2018, Cameco designated the investments shown below as equity securities at FVOCI because these equity securities represent investments that the Company intends to hold for the long term for strategic purposes . There were no dividends recognized on any of these investments during the year. |
Equity-accounted investee - Ass
Equity-accounted investee - Associate financial position (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of significant investments in associates [Line Items] | |||
Cash and cash equivalents | $ 1,062,431 | $ 711,528 | $ 591,620 |
Non-current assets | 5,620,270 | 5,935,910 | |
Current liabilities | (277,410) | (875,875) | |
Non-current liabilities | (2,154,875) | (2,149,169) | |
JV Inkai [Member] | |||
Disclosure of significant investments in associates [Line Items] | |||
Cash and cash equivalents | 16,699 | 41,717 | |
Other current assets | 139,324 | 160,784 | |
Non-current assets | 398,721 | 407,816 | |
Current liabilities | (71,162) | (151,728) | |
Non-current liabilities | (41,508) | (41,746) | |
Net assets | $ 442,074 | $ 416,843 | $ 374,650 |
Equity-accounted investee - A_2
Equity-accounted investee - Associate statement of earnings (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure of significant investments in associates [Line Items] | |||
Revenue from products and services | $ 1,862,925 | $ 2,091,661 | |
Cost of products and services sold | (1,345,551) | (1,467,940) | |
Depreciation and amortization | (275,749) | (327,973) | |
Finance income | 29,760 | 22,071 | |
Finance costs | (98,622) | (111,779) | |
Other expense | (33,840) | (108,160) | |
Income tax expense | (61,077) | 126,306 | |
Net earnings | 73,941 | 166,235 | |
Other comprehensive income (loss) | (40,753) | (10,827) | |
Total comprehensive income (loss) | 33,188 | 155,408 | |
JV Inkai [Member] | |||
Disclosure of significant investments in associates [Line Items] | |||
Revenue from products and services | 261,860 | 203,359 | |
Cost of products and services sold | (64,199) | (52,172) | |
Depreciation and amortization | (27,740) | (27,504) | |
Finance income | 651 | 160 | |
Finance costs | (2,939) | (6,251) | |
Other expense | (23,767) | (30,419) | |
Income tax expense | (30,999) | (20,860) | |
Net earnings | 112,867 | 66,313 | |
Other comprehensive income (loss) | (1,773) | 0 | |
Total comprehensive income (loss) | [1] | $ 111,094 | $ 66,313 |
[1] | Cameco’s share of earnings from equity-accounted investee as reported on the statement of earnings will not equal its share of JV Inkai’s other comprehensive income when Cameco receives dividends from JV Inkai that are not in proportion to its 40% ownership interest. |
Equity-accounted investee - Rec
Equity-accounted investee - Reconciliation of carrying amount (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure of significant investments in associates [Line Items] | |||
Total comprehensive income | $ 33,188 | $ 155,408 | |
Investment in equity-accounted investee | 252,681 | 230,502 | |
JV Inkai Associate [Member] | |||
Disclosure of significant investments in associates [Line Items] | |||
Opening net assets | 416,843 | 374,650 | |
Total comprehensive income | [1] | 111,094 | 66,313 |
Dividends declared | (66,369) | 0 | |
Impact of foreign exchange | (19,494) | (24,120) | |
Closing net assets | 442,074 | 416,843 | |
Cameco's share of net assets | 176,830 | 166,737 | |
Consolidating adjustments | [2] | (30,633) | (33,978) |
Fair value increment | [3] | 91,697 | 94,633 |
Dividends declared but not yet received | 13,859 | 0 | |
Impact of foreign exchange | 928 | 3,110 | |
Investment in equity-accounted investee | $ 252,681 | $ 230,502 | |
[1] | Cameco’s share of earnings from equity-accounted investee as reported on the statement of earnings will not equal its share of JV Inkai’s other comprehensive income when Cameco receives dividends from JV Inkai that are not in proportion to its 40% ownership interest. | ||
[2] | In addition to its proportionate share of earnings from JV Inkai, Cameco records certain consolidating adjustments to eliminate unrealized profit and amortize historical diffe rences in accounting policies. This amount is amortized t o earnings over units of production | ||
[3] | Following the restructuring, in addition to the adjustments noted in (b), Cameco also amortize s the fair values assigned to assets and liabilities at the time of the restructuring over units of production |
Accounts payable and accrued _3
Accounts payable and accrued liabilities (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Trade And Other Current Payables [Abstract] | ||
Trade payables | $ 100,407 | $ 123,219 |
Non-trade payables | 66,815 | 92,183 |
Payables due to related parties | 14,577 | 9,352 |
Total | $ 181,799 | $ 224,754 |
Long term debt - Schedules (Det
Long term debt - Schedules (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about borrowings [line items] | ||
Unsecured debentures | $ 996,718 | $ 1,495,671 |
Less current portion | 0 | (499,599) |
Long-term debt | 996,718 | 996,072 |
2020 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Unsecured debentures | 0 | |
2021 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Unsecured debentures | 0 | |
2022 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Unsecured debentures | 399,152 | |
2023 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Unsecured debentures | 0 | |
2024 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Unsecured debentures | 498,264 | |
Thereafter [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Unsecured debentures | 99,302 | |
Series D [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Unsecured debentures | $ 0 | |
Stated interest rates on debentures | 5.67% | |
Maturity date of borrowings | September 2, 2019 | |
Series E [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Unsecured debentures | $ 399,152 | |
Stated interest rates on debentures | 3.75% | |
Maturity date of borrowings | November 14, 2022 | |
Series F [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Unsecured debentures | $ 99,302 | $ 99,286 |
Stated interest rates on debentures | 5.09% | |
Maturity date of borrowings | November 14, 2042 | |
Series G [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Unsecured debentures | $ 498,264 | |
Stated interest rates on debentures | 4.19% | |
Maturity date of borrowings | June 24, 2024 |
Long term debt - Schedules (Nar
Long term debt - Schedules (Narrative) (Details) | Dec. 31, 2019CAD ($) | Dec. 31, 2018CAD ($) |
Revolving Credit Facilities [Abstract] | ||
Gross Unsecured Revolving Credit Facility Available | $ 1,000,000,000 | |
Maximum Letters of credit under the facility | 100,000,000 | |
Increase in revolving credit facility with minimum Increments | 50,000,000 | |
Maximum unsecured revolving credit facility | 1,250,000,000 | |
Unsecured loans received | 0 | |
Outstanding letters of credit facility | 1,528,603,000 | $ 1,572,984,000 |
Gross Letters Of Credit Committments | $ 1,719,120,000 | $ 1,716,473,000 |
Debt to tangible net worth ratio | 1 |
Long-term debt - Product loan d
Long-term debt - Product loan details (Details) - Fuel Services [Member] kg in Millions | 12 Months Ended |
Dec. 31, 2019kg | |
Range [member] | |
Disclosure of detailed information about borrowings [line items] | |
Available UF6 quantity | 1.2 |
UF6 product loan maturity | March 31, 2023 |
Standby interest rate | 1.00% |
Bottom of range [member] | |
Disclosure of detailed information about borrowings [line items] | |
Interest rate | 0.50% |
Top of range [member] | |
Disclosure of detailed information about borrowings [line items] | |
Interest rate | 2.00% |
Other liabilities (Details)
Other liabilities (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other Liabilities [Abstract] | ||
Deferred sales | $ 17,418 | $ 30,727 |
Derivatives | 12,524 | 61,387 |
Accrued pension and post-retirement benefit liability | 80,737 | 68,255 |
Lease obligation | 12,869 | 0 |
Other | 63,452 | 61,265 |
Total other liabilities | 187,000 | 221,634 |
Less current portion | (33,073) | (79,573) |
Net | $ 153,927 | $ 142,061 |
Other liabilities (Narrative) (
Other liabilities (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities [Abstract] | |
Short-term leases | Expenses related to short-term leases and leases of low-value assets were insignificant during 2019. |
Low-value leases | Expenses related to short-term leases and leases of low-value assets were insignificant during 2019. |
Provisions (Details)
Provisions (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Provisions [Line Items] | ||
Beginning of year | $ 1,063,352,000 | |
Changes in estimates and discont rates [Abstract] | ||
Capitalized in property, plant and equipment | 22,151,000 | |
Recognized in earnings | 3,377,000 | |
Provisions used during the period | (32,390,000) | $ (31,311,000) |
Unwinding of discount | 20,789,000 | |
Effect of movements in exchange rates | (16,801,000) | |
End of period | 1,060,478,000 | 1,063,352,000 |
Current | 56,248,000 | 52,316,000 |
Non-current | 1,004,230,000 | 1,011,036,000 |
Outstanding letters of credit facility | 1,528,603,000 | 1,572,984,000 |
Reclamation [Member] | ||
Provisions [Line Items] | ||
Beginning of year | 1,053,892,000 | |
Changes in estimates and discont rates [Abstract] | ||
Capitalized in property, plant and equipment | 22,151,000 | |
Recognized in earnings | 2,732,000 | |
Provisions used during the period | (31,933,000) | |
Unwinding of discount | 20,634,000 | |
Effect of movements in exchange rates | (16,801,000) | |
End of period | 1,050,675,000 | 1,053,892,000 |
Current | 54,806,000 | |
Non-current | 995,869,000 | |
Estimated total future decommissioning and reclamation costs | $ 1,127,487,000 | 1,157,208,000 |
Description of period, majority of expenditures will occur | 2024 | |
Outstanding letters of credit facility | $ 994,129,000 | 1,050,546,000 |
Reclamation [Member] | Uranium [Member] | ||
Provisions [Line Items] | ||
Beginning of year | 828,781,000 | |
Changes in estimates and discont rates [Abstract] | ||
End of period | 831,352,000 | 828,781,000 |
Reclamation [Member] | Fuel Services [Member] | ||
Provisions [Line Items] | ||
Beginning of year | 225,111,000 | |
Changes in estimates and discont rates [Abstract] | ||
End of period | 219,323,000 | 225,111,000 |
Waste Disposal [Member] | ||
Provisions [Line Items] | ||
Beginning of year | 9,460,000 | |
Changes in estimates and discont rates [Abstract] | ||
Capitalized in property, plant and equipment | 0 | |
Recognized in earnings | 645,000 | |
Provisions used during the period | (457,000) | |
Unwinding of discount | 155,000 | |
Effect of movements in exchange rates | 0 | |
End of period | 9,803,000 | 9,460,000 |
Current | 1,442,000 | |
Non-current | 8,361,000 | |
Waste Disposal [Member] | Fuel Services [Member] | ||
Changes in estimates and discont rates [Abstract] | ||
Estimated total future decommissioning and reclamation costs | $ 8,451,000 | $ 9,617,000 |
Share Capital (Details)
Share Capital (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Number of issued shares [Line Items] | ||
Beginning of year | 395,792,732 | 395,792,732 |
Stock option plan | 5,000 | 0 |
End of year | 395,797,732 | 395,792,732 |
Common shares [member] | ||
Number of issued shares [Line Items] | ||
Common shares par value | no | |
Class B share preferences | no shareholder, resident in Canada, is allowed to own more than 25% of the Company’s outstanding common shares, either individually or together with associates. A non-resident of Canada is not allowed to own more than 15%. In addition, no more than 25% of total shareholder votes cast may be cast by non-resident shareholders. | |
Dividends Paid Ordinary Shares Per Share | $ 0.08 | $ 0.08 |
Common shares [member] | Share Holder Resident [Member] | Maximum [member] | ||
Number of issued shares [Line Items] | ||
Ownership in Cameco | 25.00% | 25.00% |
Common shares [member] | Share Holder Non-Resident [Member] | Maximum [member] | ||
Number of issued shares [Line Items] | ||
Ownership in Cameco | 15.00% | 15.00% |
Percentage Votes Of Ordinary Shares Of Company | 25.00% | 25.00% |
Class B Shares [Member] | ||
Number of issued shares [Line Items] | ||
Class B share par value | $ 1 | |
Class B share preferences | entitles the shareholder to vote separately as a class in respect of any proposal to locate the head office of Cameco to a place not in the province of Saskatchewan |
Revenue - Disaggregation (Detai
Revenue - Disaggregation (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Reportable Segments Member | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | $ 1,862,925 | $ 2,091,661 |
Uranium [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 1,413,809 | 1,684,056 |
Fuel Services [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 370,277 | 313,989 |
Other Segment [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 78,839 | 93,616 |
Fixed price Contracts Member | Reportable Segments Member | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 724,107 | 954,249 |
Fixed price Contracts Member | Uranium [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 349,021 | 577,143 |
Fixed price Contracts Member | Fuel Services [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 305,383 | 293,400 |
Fixed price Contracts Member | Other Segment [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 69,703 | 83,706 |
Market Price Contracts Member [Member] | Reportable Segments Member | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 1,138,818 | 1,137,412 |
Market Price Contracts Member [Member] | Uranium [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 1,064,788 | 1,106,913 |
Market Price Contracts Member [Member] | Fuel Services [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 64,894 | 20,589 |
Market Price Contracts Member [Member] | Other Segment [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 9,136 | 9,910 |
Americas [Member] | Reportable Segments Member | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 835,061 | 956,481 |
Americas [Member] | Uranium [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 569,535 | 695,678 |
Americas [Member] | Fuel Services [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 206,226 | 191,791 |
Americas [Member] | Other Segment [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 59,300 | 69,012 |
Europe [Member] | Reportable Segments Member | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 371,350 | 335,789 |
Europe [Member] | Uranium [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 288,134 | 275,096 |
Europe [Member] | Fuel Services [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 79,629 | 50,000 |
Europe [Member] | Other Segment [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 3,587 | 10,693 |
Asia [Member] | Reportable Segments Member | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 656,514 | 799,391 |
Asia [Member] | Uranium [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 556,140 | 713,282 |
Asia [Member] | Fuel Services [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 84,422 | 72,198 |
Asia [Member] | Other Segment [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | $ 15,952 | $ 13,911 |
Revenue - Deferred revenue (Det
Revenue - Deferred revenue (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Contract Liabilities Abstract | ||
Beginning of year | $ 30,727 | $ 29,148 |
Additions | 9,783 | 25,695 |
Recognized in revenue | (23,067) | (24,025) |
Effect of movements in exchange rates | (25) | (91) |
End of year | $ 17,418 | $ 30,727 |
Revenue - Future sales commitme
Revenue - Future sales commitments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019CAD ($) | |
Reportable Segments Member | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | $ 3,123,998 |
USD/CAD average foreign exchange rate | 1.3 |
Reportable Segments Member | 2020 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | $ 550,427 |
Reportable Segments Member | 2021 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 452,760 |
Reportable Segments Member | 2022 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 358,482 |
Reportable Segments Member | 2023 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 319,500 |
Reportable Segments Member | 2024 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 316,788 |
Reportable Segments Member | Thereafter [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 1,126,041 |
Uranium [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 1,468,662 |
Uranium [Member] | 2020 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 271,642 |
Uranium [Member] | 2021 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 183,422 |
Uranium [Member] | 2022 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 145,920 |
Uranium [Member] | 2023 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 169,234 |
Uranium [Member] | 2024 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 166,015 |
Uranium [Member] | Thereafter [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 532,429 |
Fuel Services [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 1,647,094 |
Fuel Services [Member] | 2020 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 274,755 |
Fuel Services [Member] | 2021 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 265,126 |
Fuel Services [Member] | 2022 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 212,562 |
Fuel Services [Member] | 2023 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 150,266 |
Fuel Services [Member] | 2024 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 150,773 |
Fuel Services [Member] | Thereafter [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 593,612 |
Other Segment [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 8,242 |
Other Segment [Member] | 2020 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 4,030 |
Other Segment [Member] | 2021 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 4,212 |
Other Segment [Member] | 2022 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 0 |
Other Segment [Member] | 2023 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 0 |
Other Segment [Member] | 2024 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 0 |
Other Segment [Member] | Thereafter [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | $ 0 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue [abstract] | ||
Revenue From Performance Obligations Satisfied Or Partially Satisfied In Previous Periods | $ 78,000 | |
Explanation Of Effect That Timing Of Satisfaction Of Performance Obligations And Typical Timing Of Payment Have On Contract Assets And Contract Liabilities Explanatory | The revenue related to the fuel fabrication services and storage is recognized over time while the revenue related to future conversion deliveries is expected to be recognized between 2020 and 2025 . | |
Statement That Practical Expedient About Incremental Costs Of Obtaining Contract Has Been Used | Cameco expenses the incremental costs of obtaining a contract as incurred as the amortization period is less than a year. | |
Disclosure Of Information About Methods Inputs And Assumptions Used For Determining Transaction Price Explanatory | Ca m eco’s sales portfolio consists of short and long-term sales commitments. The contracts can be executed well in advance of a delivery and include both fixed and market-related pricing. | |
ExplanationOfWhetherAnyConsiderationFromContractsWithCustomersIsNotIncludedInDisclosureOfTransactionPriceAllocatedToRemainingPerformanceObligations | Cameco’s total revenue that will be earned will also include revenue from contracts with market-related pricing. The Company has elected to exclude these amounts from the table as the transaction price will not be known until the time of delivery. | |
Reduction Of Revenue From Performance Obligation | $ 5,468,000 |
Employee benefit expense (Detai
Employee benefit expense (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Classes Of Employee Benefits Expense [Abstract] | ||
Wages and salaries | $ 238,000 | $ 305,367 |
Statutory and company benefits | 41,972 | 50,477 |
Expenses related to defined benefit plans | 4,790 | 3,527 |
Expenses related to defined contribution plans | 11,767 | 13,431 |
Equity-settled share-based compensation | 17,469 | 18,821 |
Cash-settled share-based compensation | (1,437) | 3,597 |
Employee benefit expense | $ 312,561 | $ 395,220 |
Finance cost (Details)
Finance cost (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Borrowing costs [abstract] | ||
Interest on long-term debt | $ 63,136 | $ 73,039 |
Unwinding of discount on provisions | 20,789 | 23,681 |
Other charges | 14,697 | 15,059 |
Finance costs | 98,622 | $ 111,779 |
Borrowing costs capitalised | $ 0 |
Other income (expense) (Details
Other income (expense) (Details) | 12 Months Ended | |||||
Dec. 31, 2019CAD ($) | Dec. 31, 2019USD ($) | [1] | Dec. 31, 2018CAD ($) | |||
Other Income Expense [Abstract] | ||||||
Arbitration award | $ 52,801,000 | [1] | $ 40,300,000 | $ 0 | ||
Foreign exchange gains (losses) | 18,961,000 | (26,205,000) | ||||
Gain on restructuring of JV Inkai | 0 | 48,570,000 | [2] | |||
Sale of exploration interests | 0 | 25,027,000 | [3] | |||
Contract restructuring | 0 | 6,201,000 | ||||
Other | 0 | 2,157,000 | ||||
Total other income (expense) | $ 33,840,000 | $ 108,160,000 | ||||
[1] | In the third quarter of 2019 , Cameco received an award from the tribunal of international arbitrators (Tribunal) with respect to its contract dispute with Tokyo Electric Power Company Holdings, Inc. (TEPCO). The Tribunal rejected TEPCO’s assertion that it had the right to terminate its uranium supply agreement and awarded damages of $ 40,300,000 (US). Damages were based on the Tribunal’s interpretation of losses under this supply agreement . | |||||
[2] | Effective January 1, 2018, Cameco’s ownership interest in JV Inkai was reduced from 60 % to 40 % based on an implementation agreement with Kazatomprom. Cameco recognized a gain on the change in ownership interests of $ 48,570,000 . Included in this gain is $ 5,450,000 which has been reclassified from the foreign c urrency translation reserve to net earnings . | |||||
[3] | In 2018, Cameco sold its interest in the Wheeler River Joint Venture to Denison Mines Corp. in exchange for 24,615,000 common shares (note 10 ). Cameco recorded a gain of $ 17,231,000 on the transaction |
Other income (expense) - Narrat
Other income (expense) - Narrative (Details) - CAD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of significant investments in associates [Line Items] | ||||
Gain on restructuring of JV Inkai | $ 0 | $ 48,570,000 | [1] | |
Reclassification of foreign currency translation reserve to net earnings | 0 | 5,450,000 | ||
Disclosure of financial assets [line items] | ||||
Sale of exploration interests | $ 0 | 25,027,000 | [2] | |
Denison [Member] | ||||
Disclosure of financial assets [line items] | ||||
Sale of exploration interests | $ 17,231,000 | |||
Number of shares owned | 24,615,000 | |||
JV Inkai Associate [Member] | ||||
Disclosure of significant investments in associates [Line Items] | ||||
Ownership | 40.00% | 60.00% | ||
[1] | Effective January 1, 2018, Cameco’s ownership interest in JV Inkai was reduced from 60 % to 40 % based on an implementation agreement with Kazatomprom. Cameco recognized a gain on the change in ownership interests of $ 48,570,000 . Included in this gain is $ 5,450,000 which has been reclassified from the foreign c urrency translation reserve to net earnings . | |||
[2] | In 2018, Cameco sold its interest in the Wheeler River Joint Venture to Denison Mines Corp. in exchange for 24,615,000 common shares (note 10 ). Cameco recorded a gain of $ 17,231,000 on the transaction |
Income Taxes - Significant comp
Income Taxes - Significant components of deferred tax assets and liabilities (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset, recognized in earnings | $ (52,330) | $ 147,091 | |
Deferred tax assets | 956,376 | 1,006,012 | |
Deferred tax liabilities | 0 | 0 | |
Net deferred tax asset | 956,376 | 1,006,012 | $ 848,704 |
Property, plant and equipment [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset, recognized in earnings | 74,039 | 119,132 | |
Net deferred tax assets | 319,185 | 245,206 | |
Provision for reclamation [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset, recognized in earnings | 2,325 | (36,622) | |
Net deferred tax assets | 193,514 | 191,189 | |
Inventories [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset, recognized in earnings | (2,163) | 1,137 | |
Net deferred tax assets | 0 | 2,163 | |
Net deferred tax liabilities | 301 | 0 | |
Foreign exploration and development [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset, recognized in earnings | (14) | (14) | |
Net deferred tax assets | 5,267 | 5,281 | |
Income tax losses (gains) [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset, recognized in earnings | (108,839) | 39,289 | |
Net deferred tax assets | 390,341 | 499,180 | |
Defined benefit plan actuarial losses [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset, recognized in earnings | 0 | 0 | |
Net deferred tax assets | 7,947 | 5,646 | |
Long-term investments and other, deferred tax assets [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset, recognized in earnings | (17,377) | 24,169 | |
Net deferred tax assets | 40,423 | 57,347 | |
Deferred tax assets [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset, recognized in earnings | (52,029) | 147,091 | |
Net deferred tax assets | 956,677 | 1,006,012 | |
Inventories [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset, recognized in earnings | 301 | 0 | |
Deferred tax liabilities [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset, recognized in earnings | 301 | 0 | |
Net deferred tax liabilities | $ 301 | $ 0 |
Income Taxes - Movement in net
Income Taxes - Movement in net deferred tax assets and liabilities (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred tax asset, beginning of year | $ 1,006,012 | $ 848,704 |
Recovery for the year in net earnings | (52,330) | 147,091 |
Recovery (expense) for the year in other comprehensive income | 2,754 | (851) |
Change to equity accounting - JV Inkai | 0 | 10,849 |
Effect of movements in exchange rates | (60) | 219 |
Net deferred tax asset, end of year | $ 956,376 | $ 1,006,012 |
Income Taxes - Significant co_2
Income Taxes - Significant components of unrecognized deferred tax assets (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | $ 428,113 | $ 433,034 |
Income tax losses (gains) [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 280,330 | 270,154 |
Property, plant and equipment, deferred tax assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 2,321 | 2,344 |
Provision for reclamation [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 75,082 | 88,036 |
Long-term investments and other, deferred tax assets [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | $ 70,380 | $ 72,500 |
Income Taxes - Tax rate reconci
Income Taxes - Tax rate reconciliation (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation Of Accounting Profit Multiplied By Applicable Tax Rates [Abstract] | ||
Earnings (loss) before income taxes and non-controlling interest | $ 135,018 | $ 39,929 |
Combined federal and provincial tax rate | 26.90% | 26.90% |
Computed income tax expense (recovery) | $ 36,320 | $ 10,741 |
Increase Decrease In Taxes Abstract | ||
Difference between Canadian rates and rates applicable to subsidiaries in other countries | 5,558 | (78,138) |
Change in unrecognized deferred tax assets | 19,646 | 18,027 |
Share-based compensation plans | 1,146 | 1,292 |
Change in tax provision related to transfer pricing | 0 | (61,000) |
Non-deductible (non-taxable) capital amounts | 0 | (13,249) |
Income in equity-accounted investee | (12,074) | 0 |
Change in uncertain tax positions | 2,572 | (3,517) |
Other permanent differences | 7,909 | (462) |
Income tax expense (recovery) | $ 61,077 | $ (126,306) |
Income Taxes - Earnings and inc
Income Taxes - Earnings and income taxes by jurisdiction (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of geographical areas [line items] | ||
Earnings (loss) before income taxes | $ 135,018 | $ 39,929 |
Current income taxes | 8,747 | 20,785 |
Deferred income taxes (recovery) | 52,330 | (147,091) |
Income tax expense (recovery) | 61,077 | (126,306) |
Canada [member] | ||
Disclosure of geographical areas [line items] | ||
Earnings (loss) before income taxes | 229,429 | (257,291) |
Current income taxes | 7,969 | 5,913 |
Deferred income taxes (recovery) | 60,010 | (149,284) |
Foreign [member] | ||
Disclosure of geographical areas [line items] | ||
Earnings (loss) before income taxes | (94,411) | 297,220 |
Current income taxes | 778 | 14,872 |
Deferred income taxes (recovery) | $ (7,680) | $ 2,193 |
Income Taxes - Income tax losse
Income Taxes - Income tax losses carried forward (Details) - CAD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | $ 1,048,264,000 | $ 987,639,000 |
Unused tax loss carry forward | 2,509,669,000 | |
Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 1,090,440,000 | |
US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 288,034,000 | |
Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 1,131,195,000 | |
Unused tax expiry 2026 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 80,000,000 | |
Unused tax expiry 2026 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2026 [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2026 [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 80,000,000 | |
Unused tax expiry 2030 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 47,000 | |
Unused tax expiry 2030 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 47,000 | |
Unused tax expiry 2030 [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2030 [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2031 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 20,859,000 | |
Unused tax expiry 2031 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2031 [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 20,859,000 | |
Unused tax expiry 2031 [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2032 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 22,736,000 | |
Unused tax expiry 2032 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 272,000 | |
Unused tax expiry 2032 [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 22,464,000 | |
Unused tax expiry 2032 [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2033 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 211,987,000 | |
Unused tax expiry 2033 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 173,691,000 | |
Unused tax expiry 2033 [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 38,296,000 | |
Unused tax expiry 2033 [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2034 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 343,484,000 | |
Unused tax expiry 2034 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 322,359,000 | |
Unused tax expiry 2034 [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 21,125,000 | |
Unused tax expiry 2034 [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2035 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 387,257,000 | |
Unused tax expiry 2035 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 372,558,000 | |
Unused tax expiry 2035 [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 14,699,000 | |
Unused tax expiry 2035 [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2036 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 253,939,000 | |
Unused tax expiry 2036 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 209,265,000 | |
Unused tax expiry 2036 [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 44,674,000 | |
Unused tax expiry 2036 [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2037 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 33,605,000 | |
Unused tax expiry 2037 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 143,000 | |
Unused tax expiry 2037 [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 33,462,000 | |
Unused tax expiry 2037 [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2038 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 57,477,000 | |
Unused tax expiry 2038 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 5,581,000 | |
Unused tax expiry 2038 [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 51,896,000 | |
Unused tax expiry 2038 [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2039 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 47,083,000 | |
Unused tax expiry 2039 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 6,524,000 | |
Unused tax expiry 2039 [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 40,559,000 | |
Unused tax expiry 2039 [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry No expiry [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 1,051,195,000 | |
Unused tax expiry No expiry [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry No expiry [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry No expiry [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | $ 1,051,195,000 |
Income Taxes - Narratives (Deta
Income Taxes - Narratives (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Provisions [Line Items] | ||
Corresponding increase in tax expense | $ 8,747,000 | $ 20,785,000 |
Letters of credit oustanding | 1,528,603,000 | 1,572,984,000 |
Canadian Revenue Agency [member] | ||
Provisions [Line Items] | ||
Amount of potential taxable income consequences from tax dispute | $ 5,700,000,000 | |
Percentage of taxes and interest charges | 50.00% | |
Penalties related to transfer pricing [member] | Canadian Revenue Agency [member] | ||
Provisions [Line Items] | ||
Provision for CRA transfer price dispute | $ 371,000,000 | |
Provision for uncertain tax positions [member] | Canadian Revenue Agency [member] | ||
Provisions [Line Items] | ||
Corresponding increase in tax expense | 2,600,000,000 | |
Receivables from tax authorities | 303,222,000 | $ 303,222,000 |
Letters of credit oustanding | $ 480,000,000 | |
Percentage of taxes and interest charges | 50.00% | |
Provision for uncertain tax positions [member] | Canadian Revenue Agency [member] | Bottom of range [member] | ||
Provisions [Line Items] | ||
Amount of potential taxable income consequences from tax dispute | $ 5,700,000,000 | |
Provision for uncertain tax positions [member] | Canadian Revenue Agency [member] | Top of range [member] | ||
Provisions [Line Items] | ||
Amount of potential taxable income consequences from tax dispute | 8,700,000,000 | |
Provision for uncertain tax positions [member] | Penalties related to cash taxes and transfer pricing [member] | Canadian Revenue Agency [member] | Bottom of range [member] | ||
Provisions [Line Items] | ||
Provision for CRA transfer price dispute | 1,950,000,000 | |
Provision for uncertain tax positions [member] | Penalties related to cash taxes and transfer pricing [member] | Canadian Revenue Agency [member] | Top of range [member] | ||
Provisions [Line Items] | ||
Provision for CRA transfer price dispute | 2,150,000,000 | |
Provision for uncertain tax positions [member] | 50% Penalties related to cash tax and transfer pricing [member] | Canadian Revenue Agency [member] | Bottom of range [member] | ||
Provisions [Line Items] | ||
Provision for CRA transfer price dispute | 970,000,000 | |
Provision for uncertain tax positions [member] | 50% Penalties related to cash tax and transfer pricing [member] | Canadian Revenue Agency [member] | Top of range [member] | ||
Provisions [Line Items] | ||
Provision for CRA transfer price dispute | $ 1,070,000,000 |
Per share amounts (Details)
Per share amounts (Details) - CAD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Basic earnings (loss) per share computation | ||
Net earnings (loss) attributable to equity holders | $ 74,000 | $ 166,323 |
Weighted average common shares outstanding | 395,796,677 | 395,792,732 |
Basic earnings (loss) per common share | $ 0.19 | $ 0.42 |
Diluted earnings (loss) per share computation | ||
Net earnings (loss) attributable to equity holders | $ 74,000 | $ 166,323 |
Weighted average common shares outstanding | 395,796,677 | 395,792,732 |
Dilutive effect of stock options | 258,000 | 257,000 |
Weighted average common shares outstanding, assuming dilution | 396,055,000 | 396,050,000 |
Diluted earnings (loss) per common share | $ 0.19 | $ 0.42 |
Supplemental cash flow inform_3
Supplemental cash flow information (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in non-cash working capital | ||
Accounts receivable | $ 58,488 | $ (44,353) |
Inventories | 113,388 | 241,496 |
Supplies and prepaid expenses | 3,612 | 52,192 |
Accounts payable and accrued liabilities | (62,250) | (39,616) |
Reclamation payments | (32,390) | (31,311) |
Other | 15,630 | 4,654 |
Total | $ 96,478 | $ 183,062 |
Supplemental cash flow inform_4
Supplemental cash flow information - Financing activities (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Beginning balance | $ 3,371,862 | |
Changes from financing cash flows: | ||
Dividends paid | (31,613) | $ (71,224) |
Interest paid | (72,484) | (72,976) |
Shares issued, stock option plan | 81 | 0 |
Repayment of long-term debt | (500,000) | 0 |
Total cash changes | (606,920) | (144,200) |
Non-cash changes: | ||
Amortization of issue costs | 1,047 | |
Dividends declared | 31,613 | |
Interest expense | 61,780 | |
Lease interest expense | 309 | |
Shares issued, stock option plan | 16 | |
Foreign exchange | (114) | |
Total non-cash changes | 94,651 | |
Ending balance | 2,862,497 | 3,371,862 |
Long-term borrowings [member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Beginning balance | 1,495,671 | |
Changes from financing cash flows: | ||
Dividends paid | 0 | |
Interest paid | 0 | |
Shares issued, stock option plan | 0 | |
Repayment of long-term debt | (500,000) | |
Total cash changes | (500,000) | |
Non-cash changes: | ||
Amortization of issue costs | 1,047 | |
Dividends declared | 0 | |
Interest expense | 0 | |
Lease interest expense | 0 | |
Shares issued, stock option plan | 0 | |
Foreign exchange | 0 | |
Total non-cash changes | 1,047 | |
Ending balance | 996,718 | 1,495,671 |
Interest payable [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Beginning balance | 13,539 | |
Changes from financing cash flows: | ||
Dividends paid | 0 | |
Interest paid | (72,484) | |
Shares issued, stock option plan | 0 | |
Repayment of long-term debt | 0 | |
Total cash changes | (72,484) | |
Non-cash changes: | ||
Amortization of issue costs | 0 | |
Dividends declared | 0 | |
Interest expense | 61,780 | |
Lease interest expense | 309 | |
Shares issued, stock option plan | 0 | |
Foreign exchange | (114) | |
Total non-cash changes | 61,975 | |
Ending balance | 3,030 | 13,539 |
Dividends Payable [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Beginning balance | 0 | |
Changes from financing cash flows: | ||
Dividends paid | (31,613) | |
Interest paid | 0 | |
Shares issued, stock option plan | 0 | |
Repayment of long-term debt | 0 | |
Total cash changes | (31,613) | |
Non-cash changes: | ||
Amortization of issue costs | 0 | |
Dividends declared | 31,613 | |
Interest expense | 0 | |
Lease interest expense | 0 | |
Shares issued, stock option plan | 0 | |
Foreign exchange | 0 | |
Total non-cash changes | 31,613 | |
Ending balance | 0 | 0 |
Share capital [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Beginning balance | 1,862,652 | |
Changes from financing cash flows: | ||
Dividends paid | 0 | |
Interest paid | 0 | |
Shares issued, stock option plan | 81 | |
Repayment of long-term debt | 0 | |
Total cash changes | 81 | |
Non-cash changes: | ||
Amortization of issue costs | 0 | |
Dividends declared | 0 | |
Interest expense | 0 | |
Lease interest expense | 0 | |
Shares issued, stock option plan | 16 | |
Foreign exchange | 0 | |
Total non-cash changes | 16 | |
Ending balance | $ 1,862,749 | $ 1,862,652 |
Share-based compensation plan_2
Share-based compensation plans - Share options number and weighted average price (Details) | 12 Months Ended | |||
Dec. 31, 2019shares$ / shares | Dec. 31, 2018shares$ / shares | Dec. 31, 2019shares$ / shares | Dec. 31, 2018shares$ / shares | |
Number And Weighted Average Exercise Prices Of Share Options [Abstract] | ||||
Beginning of year | 8,820,805 | 8,324,666 | ||
Options granted | 886,740 | 1,473,430 | ||
Options forfeited | (270,025) | (315,340) | ||
Options expired | (815,423) | (661,951) | ||
Options exercised | (5,000) | 0 | ||
End of year | 8,617,097 | 8,820,805 | ||
Weighted average exercisable price - beginning of year | $ / shares | $ 19.75 | $ 22.19 | ||
Weighted average exercisable price for options granted | $ / shares | 15.27 | 11.32 | ||
Weighted average exercisable price for options forfeited | $ / shares | 22.59 | 25.43 | ||
Weighted average exercisable price for options expired | $ / shares | 38.43 | 28.9 | ||
Weighted average exercise price for options exercised | $ / shares | 16.38 | 0 | ||
Weighted average exercisable price - end of year | $ / shares | $ 17.44 | $ 19.75 | ||
Exercisable | 6,290,380 | 6,007,557 | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number Of Outstanding Share Options | 8,617,097 | 8,820,805 | 8,617,097 | 8,820,805 |
Weighted Average Exercise Price Of Share Options Outstanding In Sharebased Payment Arrangement | $ / shares | $ 17.44 | $ 22.19 | $ 17.44 | $ 19.75 |
Number Of Share Options Exercisable In Sharebased Payment Arrangement | 6,290,380 | 6,007,557 | ||
Options exercisable - Weighted average exercisable price | $ / shares | $ 18.9 | $ 22.83 | ||
$11.32 - 15.83 [member] | ||||
Number And Weighted Average Exercise Prices Of Share Options [Abstract] | ||||
End of year | 3,733,210 | |||
Weighted average exercisable price - end of year | $ / shares | $ 13.5 | |||
Exercisable | 1,406,493 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number Of Outstanding Share Options | 3,733,210 | 3,733,210 | ||
Options outstanding - Weighted average remaining life | 5 years 8 months 12 days | |||
Weighted Average Exercise Price Of Share Options Outstanding In Sharebased Payment Arrangement | $ / shares | $ 13.5 | $ 13.5 | ||
Number Of Share Options Exercisable In Sharebased Payment Arrangement | 1,406,493 | |||
Options exercisable - Weighted average exercisable price | $ / shares | $ 13.52 | |||
$15.84 - 26.81 [member] | ||||
Number And Weighted Average Exercise Prices Of Share Options [Abstract] | ||||
End of year | 4,883,887 | |||
Weighted average exercisable price - end of year | $ / shares | $ 20.45 | |||
Exercisable | 4,883,887 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number Of Outstanding Share Options | 4,883,887 | 4,883,887 | ||
Options outstanding - Weighted average remaining life | 1 year 10 months 24 days | |||
Weighted Average Exercise Price Of Share Options Outstanding In Sharebased Payment Arrangement | $ / shares | $ 20.45 | $ 20.45 | ||
Number Of Share Options Exercisable In Sharebased Payment Arrangement | 4,883,887 | |||
Options exercisable - Weighted average exercisable price | $ / shares | $ 20.45 |
Share-based compensation plan_3
Share-based compensation plans - equity-settled and cash-settled (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total compensation expenses under equity settled plans | $ 17,469 | $ 18,821 |
Expenses (recoveries) under its cash-settled plan | (1,437) | 3,597 |
Stock Option Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total compensation expenses under equity settled plans | 4,418 | 4,744 |
Performance Share Unit Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total compensation expenses under equity settled plans | 7,245 | 7,690 |
Restricted Share Unit Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total compensation expenses under equity settled plans | 2,679 | 2,542 |
Employee Share Ownership Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total compensation expenses under equity settled plans | 3,127 | 3,845 |
Deferred Share Unit Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expenses (recoveries) under its cash-settled plan | (1,001) | 2,922 |
Phantom Stock Option Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expenses (recoveries) under its cash-settled plan | $ (436) | $ 675 |
Share-based compensation plan_4
Share-based compensation plans - Inputs used in the measurement (Details) | 12 Months Ended | ||
Dec. 31, 2019CAD ($)sharesyr$ / shares | Dec. 31, 2018shares$ / shares | Dec. 31, 2017shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of options granted | shares | 886,740 | 1,473,430 | |
Average strike price | $ 15.27 | $ 11.32 | |
Number of options, reporting date | shares | 8,617,097 | 8,820,805 | 8,324,666 |
Average strike price, reporting date | $ 18.9 | $ 22.83 | |
Stock Option Plan [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of options granted | shares | 886,740 | ||
Expected vesting | 0.00% | ||
Average strike price | $ 15.27 | ||
Expected dividend | $ | $ 0.08 | ||
Expected volatility | 36.00% | ||
Risk-free interest rate | 1.80% | ||
Expected life of option | yr | 4.9 | ||
Expected forfeitures | 7.00% | ||
Weighted average grant date fair values | $ 4.92 | ||
Performance Share Unit Plan [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of options granted | shares | 477,250 | ||
Expected vesting | 106.00% | ||
Average strike price | $ 0 | ||
Expected dividend | $ | $ 0 | ||
Expected volatility | 38.00% | ||
Risk-free interest rate | 1.80% | ||
Expected life of option | yr | 3 | ||
Expected forfeitures | 12.00% | ||
Weighted average grant date fair values | $ 15.33 | ||
Number of options, reporting date | shares | 1,465,618 | ||
Expected vesting, reporting date | 80.00% | ||
Average strike price, reporting date | $ 0 | ||
Expected dividend, reporting date | $ | $ 0 | ||
Expected volatility, reporting date | 31.00% | ||
Risk free interest rate, reporting date | 1.70% | ||
Expected life of option, reporting date | yr | 1.4 | ||
Expected forfeitures, reporting date | 10.00% | ||
Weighted average share price, reporting date | $ 10.07 | ||
Restricted Share Unit Plan [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of options granted | shares | 212,496 | ||
Expected vesting | 0.00% | ||
Average strike price | $ 15.33 | ||
Expected dividend | $ | $ 0 | ||
Expected volatility | 0.00% | ||
Risk-free interest rate | 0.00% | ||
Expected life of option | yr | 0 | ||
Expected forfeitures | 15.00% | ||
Weighted average grant date fair values | $ 15.33 | ||
Phantom Stock Option Plan [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of options granted | shares | 68,890 | ||
Expected vesting | 0.00% | ||
Average strike price | $ 15.27 | ||
Expected dividend | $ | $ 0.08 | ||
Expected volatility | 37.00% | ||
Risk-free interest rate | 1.50% | ||
Expected life of option | yr | 4.5 | ||
Expected forfeitures | 8.00% | ||
Weighted average grant date fair values | $ 5.07 | ||
Number of options, reporting date | shares | 406,720 | ||
Expected vesting, reporting date | 0.00% | ||
Average strike price, reporting date | $ 16.48 | $ 17.74 | |
Expected dividend, reporting date | $ | $ 0.08 | ||
Expected volatility, reporting date | 35.00% | ||
Risk free interest rate, reporting date | 1.70% | ||
Expected life of option, reporting date | yr | 4 | ||
Expected forfeitures, reporting date | 8.00% | ||
Weighted average share price, reporting date | $ 2.14 |
Share-based compensation plan_5
Share-based compensation plans - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2019CAD ($)sharesNumber_employees$ / shares | Dec. 31, 2018CAD ($)sharesNumber_employees$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Stock options held | 6,290,380 | 6,007,557 |
Options exercisable - Weighted average exercisable price | $ / shares | $ 18.9 | $ 22.83 |
Modification of sharebased payments restricted and performance shares | $ | $ (8,369,000) | |
Stock Option Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting period | The options carry vesting periods of one to three years, and expire eight years from the date granted | |
Authorized shares | 43,017,198 | |
Outstanding shares | 27,875,289 | |
Performance Share Unit Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Stock options held | 1,465,618 | 1,343,971 |
Options exercisable - Weighted average exercisable price | $ / shares | $ 0 | |
Restricted Share Unit Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting period | The RSUs carry vesting periods of one to three years | |
Stock options held | 443,274 | 456,704 |
Employee Share Ownership Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting period | Shares purchased with Company contributions and with dividends paid on such shares become unrestricted 12 months from the date on which such shares were purchased | |
Employers contribution per employee | Under the plan, employees have the opportunity to participate in the program to a maximum of 6% of eligible earnings each year with Cameco matching the first 3% of employee-paid shares by 50%. Cameco contributes $1,000 of shares annually to each employee that is enrolled in the plan | |
Number of participants | Number_employees | 2,253 | 2,317 |
Total number of shares purchased | 235,915 | 304,147 |
Total amount of employer's contribution | $ | $ 3,127,000 | $ 3,845,000 |
Deferred Share Unit Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting period | Each DSU fully vests upon award | |
Stock options held | 474,266 | 528,483 |
Description of method of settlement for share-based payment arrangement | 60% of each director’s annual retainer is paid in DSUs. In addition, on an annual basis, directors can elect to receive 25%, 50%, 75% or 100% of the remaining 40% of their annual retainer and any additional fees in the form of DSUs | |
Phantom Stock Option Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting period | vest over three years and expire eight years from the date granted | |
Stock options held | 406,270 | 353,580 |
Options exercisable - Weighted average exercisable price | $ / shares | $ 16.48 | $ 17.74 |
Phantom Stock Option Plan [member] | Bottom of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Exercise prices range | $ / shares | 11.32 | 11.32 |
Phantom Stock Option Plan [member] | Top of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Exercise prices range | $ / shares | $ 26.81 | $ 39.53 |
Cash Settled Plan [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Liabilities from share-based payment transactions | $ | $ 14,577,000 | $ 9,352,000 |
Pension and other post-retire_3
Pension and other post-retirement benefits - Defined benefit plans (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Actuarial loss (gain) arising from: | ||
Administration | $ 124,869 | $ 141,552 |
Pension plans [member] | ||
Disclosure of benefit plans [line items] | ||
Current service cost | 1,586 | 1,670 |
Interest income or cost | (1,545) | (1,409) |
Return on assets excluding interest income | (280) | 292 |
Pension plans [member] | Plan assets [member] | ||
Disclosure of benefit plans [line items] | ||
Fair value of plan assets, beginning of year | 7,177 | 8,061 |
Interest income or cost | 262 | 259 |
Return on assets excluding interest income | 280 | (292) |
Employer contributions | 0 | 61 |
Actuarial loss (gain) arising from: | ||
Benefits paid | (912) | (910) |
Administration | (1) | (2) |
Fair value of plan assets, end of year | 6,806 | 7,177 |
Pension plans [member] | Defined benefit obligations [member] | ||
Disclosure of benefit plans [line items] | ||
Defined benefit obligation, beginning of year | 54,271 | 55,972 |
Current service cost | 1,586 | 1,670 |
Interest income or cost | 1,807 | 1,668 |
Actuarial loss (gain) arising from: | ||
- demographic assumptions | 0 | 0 |
- financial assumptions | 6,925 | (3,776) |
- experience adjustment | 777 | 56 |
Past service cost | 0 | 0 |
Benefits paid | (1,705) | (2,028) |
Foreign exchange | (1,073) | 709 |
Defined benefit obligation, end of year | 62,588 | 54,271 |
Defined benefit liability | (55,782) | (47,094) |
Other Benefit Plans [Member] | ||
Disclosure of benefit plans [line items] | ||
Current service cost | 817 | 1,429 |
Interest income or cost | (841) | (946) |
Return on assets excluding interest income | 0 | 0 |
Actuarial loss (gain) arising from: | ||
Past service cost | 0 | (1,929) |
Defined benefit liability | (24,955) | (21,161) |
Other Benefit Plans [Member] | Defined benefit obligations [member] | ||
Disclosure of benefit plans [line items] | ||
Defined benefit obligation, beginning of year | 21,161 | 26,893 |
Current service cost | 817 | 1,429 |
Interest income or cost | 841 | 946 |
Actuarial loss (gain) arising from: | ||
- demographic assumptions | 0 | (192) |
- financial assumptions | 2,877 | (1,887) |
- experience adjustment | 114 | (2,919) |
Past service cost | 0 | (1,929) |
Benefits paid | (855) | (1,180) |
Foreign exchange | 0 | 0 |
Defined benefit obligation, end of year | $ 24,955 | $ 21,161 |
Pension and other post-retire_4
Pension and other post-retirement benefits - percentages of the total fair value of assets (Details) - Pension plans [member] - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure of benefit plans [line items] | |||
The percentages of the total fair value of assets | [1] | 100.00% | 100.00% |
Description of the refundable tax account held by CRA | equal to half of the sum of the realized investment income plus employer contributions less half of the benefits paid by the plan | ||
Related Parties [member] | |||
Disclosure of benefit plans [line items] | |||
Defined benefit plan assets | $ 0 | $ 0 | |
Canadian Equity Securities [member] | |||
Disclosure of benefit plans [line items] | |||
The percentages of the total fair value of assets | 9.00% | 9.00% | |
US equity securities [Member] | |||
Disclosure of benefit plans [line items] | |||
The percentages of the total fair value of assets | 12.00% | 0.00% | |
Global Equity Securities [member] | |||
Disclosure of benefit plans [line items] | |||
The percentages of the total fair value of assets | 9.00% | 21.00% | |
Canadian Fixed Income [member] | |||
Disclosure of benefit plans [line items] | |||
The percentages of the total fair value of assets | 30.00% | 29.00% | |
Other [member] | |||
Disclosure of benefit plans [line items] | |||
The percentages of the total fair value of assets | [2] | 40.00% | 41.00% |
[1] | The defined benefit plan assets contain no material amounts of related p arty assets at December 31, 2019 and 2018 respectively. | ||
[2] | Relates to the value of the refundable tax account held by the Canada Revenue Agency. The refundable total is approximately equal to half of the sum of the realized investment income plus employer contributions less half of the benefits paid by the plan . |
Pension and other post-retire_5
Pension and other post-retirement benefits - components of net pension and other benefit expense (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of benefit plans [line items] | ||
Defined benefit expense | $ 4,790 | $ 3,527 |
Defined contribution pension expense | 11,767 | 13,431 |
Employee benefit expense | 312,561 | 395,220 |
Pension plans [member] | ||
Disclosure of benefit plans [line items] | ||
Current service cost | 1,586 | 1,670 |
Interest income or cost | 1,545 | 1,409 |
Administration cost | 1 | 2 |
Defined benefit expense | 3,132 | 3,081 |
Defined contribution pension expense | 11,767 | 13,431 |
Employee benefit expense | 14,899 | 16,512 |
Amount of actuarial losses (gains) recognized in other comprehensive income | ||
Actuarial loss (gain) | 7,702 | (3,720) |
Return on assets excluding interest income | (280) | 292 |
Total actuarial losses (gains) recognized in other comprehensive income | 7,422 | (3,428) |
Other Benefit Plans [Member] | ||
Disclosure of benefit plans [line items] | ||
Current service cost | 817 | 1,429 |
Interest income or cost | 841 | 946 |
Past service cost | 0 | (1,929) |
Administration cost | 0 | 0 |
Defined benefit expense | 1,658 | 446 |
Defined contribution pension expense | 0 | 0 |
Employee benefit expense | 1,658 | 446 |
Amount of actuarial losses (gains) recognized in other comprehensive income | ||
Actuarial loss (gain) | 2,991 | (4,998) |
Return on assets excluding interest income | 0 | 0 |
Total actuarial losses (gains) recognized in other comprehensive income | $ 2,991 | $ (4,998) |
Pension and other post-retire_6
Pension and other post-retirement benefits - Assumptions and 1% change (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Pension plans [member] | ||
Assumptions defined benefit obligation and net pension and other benefit expense | ||
Discount rate - obligation | 3.00% | 3.70% |
Discount rate - expense | 3.70% | 3.40% |
Rate of compensation increase | 3.00% | 3.00% |
Pension plans [member] | Discount rate [member] | ||
Sensitivity analysis of actuarial assumptions | ||
Increase in actuarial assumption by | 1.00% | |
Increase in defined benefit obligation | $ 10,595,000 | |
Decrease in actuarial assumption by | 1.00% | |
Decrease in defined benefit obligation | $ (8,141,000) | |
Pension plans [member] | Rate of compensation increase [member] | ||
Sensitivity analysis of actuarial assumptions | ||
Increase in actuarial assumption by | 1.00% | |
Increase in defined benefit obligation | $ 2,832,000 | |
Decrease in actuarial assumption by | 1.00% | |
Decrease in defined benefit obligation | $ (2,608,000) | |
Pension plans [member] | Increase of one year in the expected lifetime [member] | ||
Sensitivity analysis of actuarial assumptions | ||
Increase in defined benefit obligation | $ 1,621,000 | |
Other Benefit Plans [Member] | ||
Assumptions defined benefit obligation and net pension and other benefit expense | ||
Discount rate - obligation | 3.10% | 3.90% |
Discount rate - expense | 3.90% | 3.40% |
Initial health care cost trend rate | 6.00% | 6.00% |
Cost trend rate declines to | 5.00% | 5.00% |
Year the rate reaches its final level | 2022 | 2022 |
Dental care cost trend rate | 5.00% | 5.00% |
Other Benefit Plans [Member] | Discount rate [member] | ||
Sensitivity analysis of actuarial assumptions | ||
Increase in actuarial assumption by | 1.00% | |
Increase in defined benefit obligation | $ 4,133,000 | |
Decrease in actuarial assumption by | 1.00% | |
Decrease in defined benefit obligation | $ (3,284,000) |
Pension and other post-retire_7
Pension and other post-retirement benefits - Narrative (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of benefit plans [line items] | ||
Description of Retirement benefit plan | Under the supplemental executive pension plan (SEPP), Cameco provides a lump sum benefit equal to the present value of a lifetime pension benefit based on the executive’s length of service and final average earnings. | |
Description of Retirement benefits promised to participants | The plan provides for unreduced benefits to be paid at the normal retirement age of 65, however unreduced benefits could be paid if the executive was at least 60 years of age and had 20 years of service at retirement. This program provides for a benefit determined by a formula based on earnings and service, reduced by the benefits payable under the registered base plan. | |
2020 [Member] | ||
Disclosure of benefit plans [line items] | ||
Contributions and fees payable | $ 1,106,000 | |
Pension plans [member] | ||
Disclosure of benefit plans [line items] | ||
Description of the refundable tax account held by CRA | equal to half of the sum of the realized investment income plus employer contributions less half of the benefits paid by the plan | |
Weighted Average Length Of Time Of Defined Benefit Obligation | 20 years | 19 years 4 months 24 days |
Pension plans [member] | Increase of one year in the expected lifetime [member] | ||
Disclosure of benefit plans [line items] | ||
Change in defined benefit obligations due to increase in actuarial assumption | $ 1,621,000 | |
Other Benefit Plans [Member] | ||
Disclosure of benefit plans [line items] | ||
Weighted Average Length Of Time Of Defined Benefit Obligation | 15 years 2 months 12 days | 14 years 3 months 18 days |
Financial instruments - related
Financial instruments - related risk management (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | $ 1,425,387 | $ 1,662,233 | |
Financial liabilities | (1,203,910) | (1,781,812) | |
Gain (loss) on derivatives | 32,269 | (81,081) | |
Finance income | 29,760 | 22,071 | |
Disclosure of credit risk exposure [abstract] | |||
Cash and cash equivalents | 1,062,431 | 711,528 | $ 591,620 |
Short-term investments | 0 | 391,025 | |
Advances receivable from JV Inkai LLP | 0 | 124,533 | |
Derivative assets | $ 10,504 | 3,881 | |
USD currency risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage increase or decrease in CAD$ | 5.00% | ||
USD currency risk [member] | Cash and cash equivalents [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | $ 120,675 | ||
Gain (loss), foreign exchange | 6,034 | ||
USD currency risk [member] | Accounts receivable [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | 280,877 | ||
Gain (loss), foreign exchange | 14,044 | ||
USD currency risk [member] | Net foreign currency derivatives [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities | (4,333) | ||
Gain (loss), foreign exchange | (30,851) | ||
Credit risk [member] | |||
Disclosure of credit risk exposure [abstract] | |||
Cash and cash equivalents | 1,062,431 | 711,528 | |
Short-term investments | 0 | 391,025 | |
Accounts receivable | 323,430 | 398,639 | |
Advances receivable from JV Inkai LLP | 0 | 124,533 | |
Derivative assets | $ 10,504 | $ 3,881 |
Financial Instruments - Exposur
Financial Instruments - Exposure to credit risk receivables (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | $ 321,638 | $ 392,865 |
Loss allowance | 0 | |
Net | 321,638 | |
Investment grade rating [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 244,315 | |
Non-investment grade rating [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | $ 77,323 |
Financial Instruments - Aging o
Financial Instruments - Aging of trade receivables (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | $ 321,638 | $ 392,865 |
Corporate customers [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 314,240 | |
Other customers [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 7,398 | |
Current (not past due) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 279,555 | |
Current (not past due) | Corporate customers [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 274,249 | |
Current (not past due) | Other customers [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 5,306 | |
1-30 days past due | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 40,911 | |
1-30 days past due | Corporate customers [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 39,690 | |
1-30 days past due | Other customers [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 1,221 | |
More than 30 days past due | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 1,172 | |
More than 30 days past due | Corporate customers [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 301 | |
More than 30 days past due | Other customers [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | $ 871 |
Financial instruments - Liquidi
Financial instruments - Liquidity Risk Tables (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Carrying amount | $ 1,203,910 | $ 1,781,812 |
Contractual cash flows | 1,200,136 | |
Total interest payments on long-term debt | 266,820 | |
Due in less than one year [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 189,934 | |
Total interest payments on long-term debt | 41,040 | |
Due in one to three years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 408,196 | |
Total interest payments on long-term debt | 82,080 | |
Due in three to five years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 502,006 | |
Total interest payments on long-term debt | 52,080 | |
Due after five years [member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 100,000 | |
Total interest payments on long-term debt | 91,620 | |
Accounts Payable and Accrued Liabilities [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Carrying amount | 181,799 | |
Contractual cash flows | 181,799 | |
Accounts Payable and Accrued Liabilities [Member] | Due in less than one year [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 181,799 | |
Accounts Payable and Accrued Liabilities [Member] | Due in one to three years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 0 | |
Accounts Payable and Accrued Liabilities [Member] | Due in three to five years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 0 | |
Accounts Payable and Accrued Liabilities [Member] | Due after five years [member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 0 | |
Long-Term Debt [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Carrying amount | 996,718 | |
Contractual cash flows | 1,000,000 | |
Long-Term Debt [Member] | Due in less than one year [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 0 | |
Long-Term Debt [Member] | Due in one to three years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 400,000 | |
Long-Term Debt [Member] | Due in three to five years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 500,000 | |
Long-Term Debt [Member] | Due after five years [member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 100,000 | |
Foreign currency contracts [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Carrying amount | 4,333 | |
Contractual cash flows | 4,333 | |
Foreign currency contracts [Member] | Due in less than one year [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 4,168 | |
Foreign currency contracts [Member] | Due in one to three years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 165 | |
Foreign currency contracts [Member] | Due in three to five years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 0 | |
Foreign currency contracts [Member] | Due after five years [member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 0 | |
Lease obligation | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Carrying amount | 12,869 | |
Contractual cash flows | 14,004 | |
Lease obligation | Due in less than one year [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 3,967 | |
Lease obligation | Due in one to three years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 8,031 | |
Lease obligation | Due in three to five years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 2,006 | |
Lease obligation | Due after five years [member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 0 | |
Unsecured revolving credit facility [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Maximum borrowing capacity | 1,000,000 | |
Committed and outstanding | 0 | |
Available borrowing facility | 1,000,000 | |
Letter of credit facilities [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Maximum borrowing capacity | 1,719,120 | |
Committed and outstanding | 1,528,603 | |
Available borrowing facility | $ 190,517 |
Financial instruments - Measure
Financial instruments - Measurement of fair values (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financial assets [Abstract] | ||||
Cash and cash equivalents | $ 1,062,431 | $ 711,528 | $ 591,620 | |
Short-term investments | 0 | 391,025 | ||
Derivative assets | 10,504 | 3,881 | ||
Accounts receivable | 328,044 | 402,350 | ||
Investments in equity securities | [1] | 24,408 | 28,916 | |
Advances receivable from JV Inkai LLP | 0 | 124,533 | ||
Financial assets | 1,425,387 | 1,662,233 | ||
Financial liabilities [Abstract] | ||||
Accounts payable and accrued liabilities | 181,799 | 224,754 | ||
Lease obligation | 12,869 | 0 | ||
Current portion of long-term debt | 0 | 499,599 | ||
Derivative liabilities | 12,524 | 61,387 | ||
Long-term debt | 996,718 | 996,072 | ||
Financial liabilities | 1,203,910 | 1,781,812 | ||
Net | 221,477 | (119,579) | ||
Foreign currency contracts [Member] | ||||
Financial assets [Abstract] | ||||
Derivative assets | 8,191 | 2,201 | ||
Financial liabilities [Abstract] | ||||
Derivative liabilities | 12,524 | 54,866 | ||
Interest rate contracts [member] | ||||
Financial assets [Abstract] | ||||
Derivative assets | 2,313 | 1,680 | ||
Financial liabilities [Abstract] | ||||
Derivative liabilities | 0 | 823 | ||
Uranium contracts [Member] | ||||
Financial liabilities [Abstract] | ||||
Derivative liabilities | 0 | 5,698 | ||
Fair value through profit or loss [member] | ||||
Financial liabilities [Abstract] | ||||
Financial liabilities | 12,524 | 61,387 | ||
Net | (2,020) | (57,506) | ||
Fair value through profit or loss [member] | Foreign currency contracts [Member] | ||||
Financial liabilities [Abstract] | ||||
Derivative liabilities | 12,524 | 54,866 | ||
Fair value through profit or loss [member] | Interest rate contracts [member] | ||||
Financial liabilities [Abstract] | ||||
Derivative liabilities | 0 | 823 | ||
Fair value through profit or loss [member] | Uranium contracts [Member] | ||||
Financial liabilities [Abstract] | ||||
Derivative liabilities | 0 | 5,698 | ||
Financial liabilities at amortised cost category [Member] | ||||
Financial liabilities [Abstract] | ||||
Accounts payable and accrued liabilities | 181,799 | 224,754 | ||
Lease obligation | 12,869 | |||
Current portion of long-term debt | 0 | 499,599 | ||
Long-term debt | 996,718 | 996,072 | ||
Financial liabilities | 1,191,386 | 1,720,425 | ||
Net | 199,089 | (90,989) | ||
Fair value through profit or loss [member] | ||||
Financial assets [Abstract] | ||||
Financial assets | 10,504 | 3,881 | ||
Fair value through profit or loss [member] | Foreign currency contracts [Member] | ||||
Financial assets [Abstract] | ||||
Derivative assets | 8,191 | 2,201 | ||
Fair value through profit or loss [member] | Interest rate contracts [member] | ||||
Financial assets [Abstract] | ||||
Derivative assets | 2,313 | 1,680 | ||
Financial assets at amortised cost category [Member] | ||||
Financial assets [Abstract] | ||||
Cash and cash equivalents | 1,062,431 | 711,528 | ||
Short-term investments | 0 | 391,025 | ||
Accounts receivable | 328,044 | 402,350 | ||
Advances receivable from JV Inkai LLP | 0 | 124,533 | ||
Financial assets | 1,390,475 | 1,629,436 | ||
Financial liabilities [Abstract] | ||||
Net | 199,089 | (90,989) | ||
Investments in equity instruments measured at FVOCI [Member] | ||||
Financial assets [Abstract] | ||||
Investments in equity securities | 24,408 | 28,916 | ||
Financial assets | 24,408 | 28,916 | ||
Financial liabilities [Abstract] | ||||
Net | $ 24,408 | $ 28,916 | ||
[1] | At January 1, 2018, Cameco designated the investments shown below as equity securities at FVOCI because these equity securities represent investments that the Company intends to hold for the long term for strategic purposes . There were no dividends recognized on any of these investments during the year. |
Financial instruments - Measu_2
Financial instruments - Measurement of fair values hierarchy levels (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about financial instruments [line items] | |||
Derivative assets | $ 10,504 | $ 3,881 | |
Investments in equity securities | [1] | 24,408 | 28,916 |
Current portion of long-term debt | 0 | (499,599) | |
Derivative liabilities | (12,524) | (61,387) | |
Long-term debt | (996,718) | (996,072) | |
Net financial instruments | (974,330) | (1,524,261) | |
Foreign currency contracts [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Derivative assets | 8,191 | 2,201 | |
Derivative liabilities | (12,524) | (54,866) | |
Interest rate contracts [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Derivative assets | 2,313 | 1,680 | |
Derivative liabilities | 0 | (823) | |
Uranium contracts [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Derivative liabilities | 0 | (5,698) | |
Level 1 of fair value hierarchy [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Investments in equity securities | 24,408 | 28,916 | |
Net financial instruments | 24,408 | 28,916 | |
Level 2 of fair value hierarchy [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current portion of long-term debt | 0 | (511,210) | |
Long-term debt | (1,111,923) | (1,111,782) | |
Net financial instruments | (1,113,943) | (1,680,498) | |
Level 2 of fair value hierarchy [member] | Foreign currency contracts [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Derivative assets | 8,191 | 2,201 | |
Derivative liabilities | (12,524) | (54,866) | |
Level 2 of fair value hierarchy [member] | Interest rate contracts [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Derivative assets | 2,313 | 1,680 | |
Derivative liabilities | 0 | (823) | |
Level 2 of fair value hierarchy [member] | Uranium contracts [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Derivative liabilities | 0 | (5,698) | |
Fair value [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Investments in equity securities | 24,408 | 28,916 | |
Current portion of long-term debt | 0 | (511,210) | |
Long-term debt | (1,111,923) | (1,111,782) | |
Net financial instruments | (1,089,535) | (1,651,582) | |
Fair value [member] | Foreign currency contracts [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Derivative assets | 8,191 | 2,201 | |
Derivative liabilities | (12,524) | (54,866) | |
Fair value [member] | Interest rate contracts [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Derivative assets | 2,313 | 1,680 | |
Derivative liabilities | 0 | (823) | |
Fair value [member] | Uranium contracts [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Derivative liabilities | $ 0 | $ (5,698) | |
[1] | At January 1, 2018, Cameco designated the investments shown below as equity securities at FVOCI because these equity securities represent investments that the Company intends to hold for the long term for strategic purposes . There were no dividends recognized on any of these investments during the year. |
Financial instruments - Derivat
Financial instruments - Derivatives (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about financial instruments [line items] | ||
Net | $ (2,020) | $ (57,506) |
Gain (loss) | 32,269 | (81,081) |
Current portion of other liabilities [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net | (7,505) | (35,534) |
Other liabilities [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net | (5,019) | (25,853) |
Current portion of long-term receivables, investments and other [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net | 4,144 | 1,028 |
Long-term receivables, investments and other [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net | 6,360 | 2,853 |
Foreign currency contracts [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net | (4,333) | (52,665) |
Gain (loss) | 31,863 | (85,967) |
Interest rate swap contracts [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net | 2,313 | 857 |
Gain (loss) | 2,068 | 2,032 |
Uranium contracts [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net | 0 | (5,698) |
Gain (loss) | $ (1,662) | $ 2,854 |
Financial instruments - Narrati
Financial instruments - Narrative (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [line items] | |||
Gain (loss) | $ 32,269,000 | $ (81,081,000) | |
Cash and cash equivalents | 1,062,431,000 | 711,528,000 | $ 591,620,000 |
Short-term investments | 0 | $ 391,025,000 | |
Pledged cash as security | $ 195,729,000 | ||
Bottom of range [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Quoted market yields | 1.70% | 1.90% | |
Top of range [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Quoted market yields | 1.80% | 2.20% | |
Interest rate swap contracts [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gain (loss) | $ 2,068,000 | $ 2,032,000 | |
Credit risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Cash and cash equivalents | 1,062,431,000 | 711,528,000 | |
Short-term investments | $ 0 | $ 391,025,000 | |
Interest rate risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Proportion of outstanding debt that carries fixed rate | 85.00% | 67.00% | |
Interest rate risk [member] | Interest rate swap contracts [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage increase in interest rate | 1.00% | ||
Gain (loss) | $ 1,524,000 | ||
Fair value of Cameco's interest rate swap assets | 2,313,000 | $ 856,000 | |
Interest rate risk [member] | Interest rate swap contracts [member] | Series E senior unsecured debenture [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Notional amount | $ 150,000,000 | ||
Interest rate risk [member] | Interest rate swap contracts [member] | Series E senior unsecured debenture [Member] | Floating interest rate [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest rate basis | the three-month Canada Dealer Offered Rate | ||
Margin rate | 1.20% | ||
Interest rate risk [member] | Interest rate swap contracts [member] | Series E senior unsecured debenture [Member] | Fixed interest rate [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest rate | 3.75% |
Capital management (Details)
Capital management (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of objectives policies and processes for managing capital abstract | |||
Current portion of long-term debt | $ 0 | $ 499,599 | |
Long-term debt | 996,718 | 996,072 | |
Cash and cash equivalents | (1,062,431) | (711,528) | $ (591,620) |
Short-term investments | 0 | (391,025) | |
Net debt | (65,713) | 393,118 | |
Non-controlling interest | 238 | 310 | |
Shareholders' equity | 4,994,725 | 4,993,282 | |
Total shareholders' equity | 4,994,963 | 4,993,592 | $ 4,859,659 |
Total capital | $ 4,929,250 | $ 5,386,710 |
Segmented information - Narrati
Segmented information - Narrative (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Operating Segments [Abstract] | ||
Segment information | Cameco has two reportable segments: uranium and fuel services. Cameco's reportable segments are strategic business units with different products, processes and marketing strategies. | |
Care and maintenance | $ 153,924,000 | $ 212,511,000 |
Severance costs | $ 260,000 | $ 32,111,000 |
Segmented information - Busines
Segmented information - Business segments (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Operating Segments [Line Items] | ||
Revenue | $ 1,862,925 | $ 2,091,661 |
Cost of products and services sold | 1,345,551 | 1,467,940 |
Depreciation and amortization | 275,749 | 327,973 |
Cost of sales | 1,621,300 | 1,795,913 |
Gross profit | 241,625 | 295,748 |
Administration | 124,869 | 141,552 |
Exploration | 13,686 | 20,283 |
Research and development | 6,058 | 1,757 |
Other operating expense | 2,732 | 59,616 |
Loss on disposal of assets | 1,869 | 2,303 |
Finance costs | 98,622 | 111,779 |
Gain on derivatives | (32,269) | 81,081 |
Finance income | (29,760) | (22,071) |
Share of earnings from equity-accounted investee | (45,360) | (32,321) |
Other expense (income) | (33,840) | (108,160) |
Earnings before income taxes | 135,018 | 39,929 |
Income tax expense (recovery) | 61,077 | (126,306) |
Net earnings | 73,941 | 166,235 |
Capital expenditures for the year | 75,211 | 55,362 |
Uranium [Member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Revenue | 1,413,809 | 1,684,056 |
Cost of products and services sold | 1,041,922 | 1,138,940 |
Depreciation and amortization | 218,832 | 277,171 |
Cost of sales | 1,260,754 | 1,416,111 |
Gross profit | 153,055 | 267,945 |
Administration | 0 | 0 |
Exploration | 13,686 | 20,283 |
Research and development | 0 | 0 |
Other operating expense | 2,732 | 59,616 |
Loss on disposal of assets | 1,869 | 1,008 |
Finance costs | 0 | 0 |
Gain on derivatives | 0 | 0 |
Finance income | 0 | 0 |
Share of earnings from equity-accounted investee | (45,360) | (32,321) |
Other expense (income) | (52,801) | (81,955) |
Earnings before income taxes | 232,929 | 301,314 |
Capital expenditures for the year | 48,092 | 44,114 |
Fuel Service [Member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Revenue | 370,277 | 313,989 |
Cost of products and services sold | 234,423 | 219,240 |
Depreciation and amortization | 45,856 | 35,977 |
Cost of sales | 280,279 | 255,217 |
Gross profit | 89,998 | 58,772 |
Administration | 0 | 0 |
Exploration | 0 | 0 |
Research and development | 0 | 0 |
Other operating expense | 0 | 0 |
Loss on disposal of assets | 0 | 1,264 |
Finance costs | 0 | 0 |
Gain on derivatives | 0 | 0 |
Finance income | 0 | 0 |
Share of earnings from equity-accounted investee | 0 | 0 |
Other expense (income) | 0 | 0 |
Earnings before income taxes | 89,998 | 57,508 |
Capital expenditures for the year | 27,117 | 11,226 |
Other Segment [Member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Revenue | 78,839 | 93,616 |
Cost of products and services sold | 69,206 | 109,760 |
Depreciation and amortization | 11,061 | 14,825 |
Cost of sales | 80,267 | 124,585 |
Gross profit | (1,428) | (30,969) |
Administration | 124,869 | 141,552 |
Exploration | 0 | 0 |
Research and development | 6,058 | 1,757 |
Other operating expense | 0 | 0 |
Loss on disposal of assets | 0 | 31 |
Finance costs | 98,622 | 111,779 |
Gain on derivatives | (32,269) | 81,081 |
Finance income | (29,760) | (22,071) |
Share of earnings from equity-accounted investee | 0 | 0 |
Other expense (income) | 18,961 | (26,205) |
Earnings before income taxes | (187,909) | (318,893) |
Capital expenditures for the year | $ 2 | $ 22 |
Segmented information - Geograp
Segmented information - Geographical segment (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of geographical areas [line items] | ||
Revenue | $ 1,862,925 | $ 2,091,661 |
Non-current assets | 3,781,082 | 3,947,528 |
Canada [member] | ||
Disclosure of geographical areas [line items] | ||
Revenue | 567,730 | 424,079 |
Non-current assets | 3,267,376 | 3,401,828 |
Australia [Member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 392,500 | 414,084 |
United States [Member] | ||
Disclosure of geographical areas [line items] | ||
Revenue | 1,295,195 | 1,660,727 |
Non-current assets | 121,102 | 131,526 |
Kazakhstan [Member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 80 | 49 |
Germany [Member] | ||
Disclosure of geographical areas [line items] | ||
Revenue | 0 | 2,817 |
Non-current assets | 24 | 41 |
Switzerland [Member] | ||
Disclosure of geographical areas [line items] | ||
Revenue | $ 0 | $ 4,038 |
Segmented information - Major c
Segmented information - Major customers (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of major customers [line items] | ||
Revenue | $ 1,862,925,000 | $ 2,091,661,000 |
One customer of Cameco's uranium and fuel services segments [member] | ||
Disclosure of major customers [line items] | ||
Revenue | $ 422,740,000 | $ 204,594,000 |
Percentage of entity's revenue | 24.00% | 10.00% |
Information about major customers | As customers are relatively few in number, accounts receivable from any individual customer may periodically exceed 10% of accounts receivable depending on delivery schedule. |
Group entities (Details)
Group entities (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
JV Inkai Associate [Member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership interest in associates | 40.00% | 40.00% |
Principal place of business of associate | Kazakhstan | |
Cameco Fuel Manufacturing Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership interest in subsidiaries | 100.00% | 100.00% |
Principal place of business of subsidiary | Canada | |
Cameco Marketing Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership interest in subsidiaries | 100.00% | 100.00% |
Principal place of business of subsidiary | Canada | |
Cameco Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership interest in subsidiaries | 100.00% | 100.00% |
Principal place of business of subsidiary | US | |
Power Resources, Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership interest in subsidiaries | 100.00% | 100.00% |
Principal place of business of subsidiary | US | |
Crow Butte Resources, Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership interest in subsidiaries | 100.00% | 100.00% |
Principal place of business of subsidiary | US | |
NUKEM, Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership interest in subsidiaries | 100.00% | 100.00% |
Principal place of business of subsidiary | US | |
Cameco Australia Pty. Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership interest in subsidiaries | 100.00% | 100.00% |
Principal place of business of subsidiary | Australia | |
Cameco Europe Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership interest in subsidiaries | 100.00% | 100.00% |
Principal place of business of subsidiary | Switzerland |
Joint operations (Details)
Joint operations (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of joint operations [line items] | ||
Total assets | $ 7,427,248 | $ 8,018,636 |
Joint operations [member] | ||
Disclosure of joint operations [line items] | ||
Total assets | 2,925,279 | 3,106,658 |
Total liabilities | $ 307,090 | 293,676 |
McArthur River [Member] | ||
Disclosure of joint operations [line items] | ||
Ownership | 69.81% | |
Principal place of business | Canada | |
Total assets | $ 1,046,556 | 1,065,562 |
Total liabilities | $ 32,132 | 32,829 |
Key Lake [Member] | ||
Disclosure of joint operations [line items] | ||
Ownership | 83.33% | |
Principal place of business | Canada | |
Total assets | $ 524,324 | 537,233 |
Total liabilities | $ 227,562 | 222,369 |
Cigar Lake [Member] | ||
Disclosure of joint operations [line items] | ||
Ownership | 50.03% | |
Principal place of business | Canada | |
Total assets | $ 1,354,399 | 1,503,863 |
Total liabilities | $ 47,396 | $ 38,478 |
Related parties (Details)
Related parties (Details) | 12 Months Ended | |||||
Dec. 31, 2019CAD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Disclosure of transactions between related parties [line items] | ||||||
Short-term employee benefits | $ 21,225,000 | $ 24,821,000 | ||||
Share-based compensation | 12,034,000 | 12,796,000 | ||||
Post-employment benefits | 5,542,000 | 4,323,000 | ||||
Termination benefits | 272,000 | 860,000 | ||||
Total compensation | 39,073,000 | 42,800,000 | ||||
Dividends from equity-accounted investee | $ 14,079,000 | 0 | ||||
Key management personnel of entity or parent [member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Description of any retirement benefit plan termination terms | Upon resignation at the Company’s request, they are entitled to termination benefits of up to the lesser of 18 to 24 months or the period remaining until age 65. The termination benefits include gross salary plus the target short-term incentive bonus for the year in which termination occurs | Upon resignation at the Company’s request, they are entitled to termination benefits of up to the lesser of 18 to 24 months or the period remaining until age 65. The termination benefits include gross salary plus the target short-term incentive bonus for the year in which termination occurs | ||||
Inkai [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Loan facilities | $ 175,000,000 | |||||
Interest rate basis | LIBOR plus 2% | LIBOR plus 2% | ||||
Interest income | $ 1,878,000 | 5,603,000 | ||||
Loan oustanding | 0 | 124,533,000 | $ 0 | $ 91,320,000 | ||
Purchases | 112,861,000 | $ 84,827,000 | 94,063,000 | $ 72,007,000 | ||
Dividends from equity-accounted investee | $ 14,079,000 | $ 10,635,000 | $ 0 | $ 0 |