Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document - Document and Entity Information [Abstract] | |
Document Type | 40-F/A |
Amendment Flag | true |
Amendment Description | Stantec Inc. (“Stantec”) is filing this Amendment No. 1 on Form 40-F/A (“Amendment No. 1”) to Stantec’s Annual Report on Form 40-F, dated February 28, 2019, (the “Original Form 40-F”) to correct clerical errors in the totaling of (i) accrued liabilities in Note 15 Trade and Other Payables and (ii) the percentage of revenue related to performance obligations that are unsatisfied that Stantec expects to recognize as contracts are completed over the next 18 months in Note 28 Revenue, as contained in Stantec’s 2018 audited consolidated financial statements filed as Exhibit 99.3 to the Original Form 40-F. In connection herewith, Stantec files the corrected financial statements as Exhibit 99.3, along with new Interactive Data Files related thereto, the consent of the Company’s independent registered public accounting firm and the principal executive officer and principal financial officer certifications required by Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002. Except as set forth above, this Amendment No. 1 does not modify or update any of the disclosures in the Original Form 40-F. This Amendment No. 1 speaks as of the time of filing the Original Form 40-F, and does not reflect events that may have occurred subsequent to such filing. |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | FY |
Trading Symbol | STN |
Entity Registrant Name | STANTEC INC |
Entity Central Index Key | 1,131,383 |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 111,860,105 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Current | ||
Cash and cash equivalents | $ 185.2 | $ 239.5 |
Cash in escrow | 7.9 | |
Trade and other receivables | 878.1 | 816.1 |
Unbilled receivables | 384.6 | 414.8 |
Contract assets | 59.7 | |
Income taxes recoverable | 47.9 | 61.6 |
Prepaid expenses | 56.8 | 54.3 |
Other assets | 23.2 | 14 |
Total current assets | 1,635.5 | 1,608.2 |
Non-current | ||
Property and equipment | 289.4 | 212.6 |
Goodwill | 1,621.2 | 1,556.6 |
Intangible assets | 247.7 | 262.4 |
Investments in joint ventures and associates | 9.4 | 11.9 |
Net employee defined benefit asset | 10 | 12.7 |
Deferred tax assets | 21.2 | 23.2 |
Other assets | 175.5 | 195.5 |
Total assets | 4,009.9 | 3,883.1 |
Current | ||
Trade and other payables | 567.2 | 704.6 |
Deferred revenue | 174.4 | 187.4 |
Income taxes payable | 2.9 | 11 |
Long-term debt | 48.5 | 198.2 |
Provisions | 42.4 | 28.1 |
Other liabilities | 23.2 | 26.2 |
Total current liabilities | 858.6 | 1,155.5 |
Non-current | ||
Income taxes payable | 15.9 | 18.3 |
Long-term debt | 885.2 | 541.4 |
Provisions | 78.2 | 68.1 |
Net employee defined benefit liability | 68.6 | 44.8 |
Deferred tax liabilities | 54.3 | 54.6 |
Other liabilities | 140.4 | 101.1 |
Total liabilities | 2,101.2 | 1,983.8 |
Shareholders' equity | ||
Share capital | 867.8 | 878.2 |
Contributed surplus | 24.8 | 21.5 |
Retained earnings | 851.2 | 947.1 |
Accumulated other comprehensive income | 163.1 | 49.5 |
Total shareholders' equity | 1,906.9 | 1,896.3 |
Non-controlling interests | 1.8 | 3 |
Total liabilities and equity | $ 4,009.9 | $ 3,883.1 |
Consolidated Statements of Inco
Consolidated Statements of Income - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Continuing operations | ||
Gross revenue | $ 4,283.8 | $ 4,028.7 |
Less subconsultant and other direct expenses | 928.6 | 854.9 |
Net revenue | 3,355.2 | 3,173.8 |
Direct payroll costs | 1,540 | 1,411.9 |
Gross margin | 1,815.2 | 1,761.9 |
Administrative and marketing expenses | 1,438.2 | 1,407.7 |
Depreciation of property and equipment | 50.1 | 52.2 |
Amortization of intangible assets | 65 | 73 |
Net interest expense | 28.7 | 25.9 |
Other net finance expense | 5.7 | 7.1 |
Share of income from joint ventures and associates | (1.6) | (2.7) |
Foreign exchange loss (gain) | 2.7 | (0.2) |
Gain on disposition of a subsidiary | (54.6) | |
Other expense (income) | 0.1 | (10) |
Income before income taxes and discontinued operations | 226.3 | 263.5 |
Income taxes | ||
Current | 54.5 | 192.9 |
Deferred | 0.5 | (26.4) |
Total income taxes | 55 | 166.5 |
Net income for the year from continuing operations | 171.3 | 97 |
Discontinued operations | ||
Net loss from discontinued operations, net of tax | (123.9) | |
Net income for the year | $ 47.4 | $ 97 |
Earnings (Loss) per share, basic and diluted | ||
Continuing operations | $ 1.51 | $ 0.85 |
Discontinued operations | (1.09) | |
Total basic and diluted earnings per share | $ 0.42 | $ 0.85 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of comprehensive income [abstract] | ||
Net income for the year | $ 47.4 | $ 97 |
Items that may be reclassified to net income in subsequent periods: | ||
Exchange differences on translation of foreign operations | 124.1 | (134.1) |
Realized exchange difference on disposition of a subsidiary | 0.1 | 13.8 |
Net unrealized loss on FVOCI financial assets | 1.1 | 0.5 |
Net realized gain on FVOCI financial assets transferred to income | (9.6) | |
Total items that may be reclassified to net income in subsequent periods | 125.3 | (129.4) |
Items not to be reclassified to net income: | ||
Remeasurement (loss) gain on net employee defined benefit liability net of deferred tax recovery of $2.0 (2017 - tax expense of $2.4) | (10.8) | 11.6 |
Other comprehensive income (loss) for the year, net of tax | 114.5 | (117.8) |
Total comprehensive income (loss) for the year, net of tax | $ 161.9 | $ (20.8) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of comprehensive income [abstract] | ||
Deferred tax related to remeasurement gains (losses) on net employee defined benefit liability | $ (2) | $ 2.4 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity $ in Millions | CAD ($) | Share capital [member]CAD ($)shares | Contributed surplus [member]CAD ($) | Retained earnings [member]CAD ($) | Accumulated other comprehensive income (loss) [member]CAD ($) |
Beginning balance at Dec. 31, 2016 | $ 1,975.7 | $ 871.8 | $ 18.7 | $ 917.9 | $ 167.3 |
Beginning balance, shares at Dec. 31, 2016 | shares | 114,081,229 | ||||
Net income | 97 | 97 | |||
Other comprehensive income | (117.8) | (117.8) | |||
Total comprehensive income | (20.8) | 97 | (117.8) | ||
Share options exercised for cash | 7.9 | $ 7.9 | |||
Share options exercised for cash, shares | 376,160 | ||||
Share-based compensation expense | 4.9 | 4.9 | |||
Shares repurchased under Normal Course Issuer Bid | (14.4) | $ (3.6) | (10.8) | ||
Shares repurchased under Normal Course Issuer Bid, shares | shares | (465,713) | ||||
Reclassification of fair value of share options previously expensed | $ 2.1 | (2.1) | |||
Dividends declared | (57) | (57) | |||
Ending balance (Previously stated [member]) at Dec. 31, 2017 | 1,896.3 | 878.2 | 21.5 | 947.1 | 49.5 |
Ending balance (Increase (decrease) due to application of IFRS 15 [member]) at Dec. 31, 2017 | (24.7) | (23.8) | (0.9) | ||
Ending balance (Adjusted balance [member]) at Dec. 31, 2017 | 1,871.6 | $ 878.2 | 21.5 | 923.3 | 48.6 |
Ending balance at Dec. 31, 2017 | 1,896.3 | ||||
Ending balance, shares (Previously stated [member]) at Dec. 31, 2017 | shares | 113,991,676 | ||||
Ending balance, shares at Dec. 31, 2017 | shares | 113,991,676 | ||||
Net income | Previously stated [member] | 21.2 | ||||
Net income | 47.4 | 47.4 | |||
Other comprehensive income | Previously stated [member] | 115.1 | ||||
Other comprehensive income | 114.5 | 114.5 | |||
Total comprehensive income | Previously stated [member] | 136.3 | ||||
Total comprehensive income | 161.9 | 47.4 | 114.5 | ||
Share options exercised for cash | 6.9 | $ 6.9 | |||
Share options exercised for cash, shares | 338,989 | ||||
Share-based compensation expense | 5.6 | 5.6 | |||
Shares repurchased under Normal Course Issuer Bid | (76.7) | $ (19.1) | (0.5) | (57.1) | |
Shares repurchased under Normal Course Issuer Bid, shares | shares | (2,470,560) | ||||
Reclassification of fair value of share options previously expensed | $ 1.8 | (1.8) | |||
Dividends declared | (62.4) | (62.4) | |||
Ending balance at Dec. 31, 2018 | $ 1,906.9 | $ 867.8 | $ 24.8 | $ 851.2 | $ 163.1 |
Ending balance, shares at Dec. 31, 2018 | shares | 111,860,105 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES | ||
Cash receipts from clients | $ 4,367.6 | $ 4,036.4 |
Cash paid to suppliers | (1,706.3) | (1,470.7) |
Cash paid to employees | (2,375.3) | (2,253) |
Interest received | 2.7 | 2.9 |
Interest paid | (30.5) | (28.1) |
Finance costs paid | (5.5) | (6.7) |
Income taxes paid | (59) | (44.7) |
Income taxes recovered | 11.5 | 18.3 |
Cash flows from operating activities from continuing operations | 205.2 | 254.4 |
Cash flows (used in) from operating activities from discontinued operations | (32.6) | 9.3 |
Net cash flows from operating activities | 172.6 | 263.7 |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES | ||
Business acquisitions, net of cash acquired | (122.2) | (85.1) |
Proceeds from lease inducements | 10.1 | 4.4 |
Proceeds on disposition of a subsidiary | 28.8 | 337.2 |
Cash sold on disposition of subsidiary | (49.1) | (0.6) |
Income taxes paid on disposition of subsidiary | (124.1) | |
Purchase of intangible assets | (9.4) | (5.2) |
Purchase of property and equipment | (124.8) | (58.9) |
Proceeds (purchase) from other investing activities | 3.7 | (5.1) |
Cash flows (used in) from investing activities from continuing operations | (262.9) | 62.6 |
Cash flows (used in) investing activities from discontinued operations, net of taxes paid | (3.2) | (2.3) |
Net cash flows (used in) from investing activities | (266.1) | 60.3 |
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES | ||
Net proceeds (repayment) from revolving credit facility | 312.3 | (203) |
Repayment of term loan | (150) | |
Repayment of other long-term debt | (0.3) | (2.5) |
Payment of finance lease obligations | (14.8) | (12.7) |
Repurchase of shares for cancellation | (74.7) | (14.4) |
Proceeds from issue of share capital | 6.9 | 7.9 |
Payment of dividends to shareholders | (61.3) | (55.5) |
Cash flows from (used in) financing activities from continuing operations | 18.1 | (280.2) |
Cash flows (used in) financing activities from discontinued operations | (0.1) | (0.9) |
Net cash flows from (used in) financing activities | 18 | (281.1) |
Foreign exchange gain (loss) on cash held in foreign currency | 21.2 | (14.3) |
Net (decrease) increase in cash and cash equivalents | (54.3) | 28.6 |
Cash and cash equivalents, beginning of the year | 239.5 | 210.9 |
Cash and cash equivalents, end of the year | $ 185.2 | $ 239.5 |
Corporate Information
Corporate Information | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Corporate Information | 1. Corporate Information The consolidated financial statements of Stantec Inc. (the Company) for the year ended December 31, 2018, were authorized for issuance in accordance with a resolution of the Company’s board of directors on February 27, 2019. The Company was incorporated under the Canada Business Corporations Act on March 23, 1984. Its shares are traded on the Toronto Stock Exchange (TSX) and New York Stock Exchange (NYSE) under the symbol STN. The Company’s registered office is located at Suite 400, 10220 - 103 Avenue, Edmonton, Alberta. The Company is domiciled in Canada. The Company is a provider of comprehensive professional services in the area of infrastructure and facilities for clients in the public and private sectors. The Company’s services include engineering, architecture, interior design, landscape architecture, surveying, environmental sciences, project management, and project economics, from initial project concept and planning through to design, construction administration, commissioning, maintenance, decommissioning, and remediation. |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Basis of Preparation | 2. Basis of Preparation These consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The accounting policies adopted in these consolidated financial statements are based on IFRS effective as at December 31, 2018. The consolidated financial statements have been prepared on a historical cost basis, unless otherwise stated in the significant accounting policies. The consolidated financial statements are presented in Canadian dollars, and all values, including United States dollars, are rounded to the nearest million ($000,000), except when otherwise indicated. In November 2018, the Company sold its Construction Services business, which was reported as discontinued operations. Prior period amounts were restated to conform to current period’s presentation, as prescribed by IFRS 5, Non-current |
Basis of Consolidation
Basis of Consolidation | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Basis of Consolidation | 3. Basis of Consolidation The consolidated financial statements include the accounts of the Company, its subsidiaries, and its structured entities as at December 31, 2018. Subsidiaries and structured entities are fully consolidated from the date of acquisition, which is the date the Company obtains control, and continue to be consolidated until the date that this control ceases. The financial statements of the subsidiaries and structured entities are prepared as at December 31, 2018, and December 31, 2017. All intercompany balances are eliminated. Joint ventures and associates are accounted for using the equity method, and joint operations are accounted for by the Company recognizing its share of assets, liabilities, revenue, and expenses of the joint operation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Significant Accounting Policies | 4. Summary of Significant Accounting Policies a) Cash and cash equivalents Cash and cash equivalents include cash and unrestricted investments. b) Property and equipment Property and equipment are recorded at cost less accumulated depreciation and any impairment losses. Cost includes the cost of replacing parts of property and equipment. When significant parts of property and equipment are required to be replaced in intervals, the Company recognizes those parts as individual assets with specific useful lives. All other repair and maintenance costs are recognized in the consolidated statements of income as incurred. Depreciation is calculated at annual rates designed to write off the costs of assets over their estimated useful lives as follows: Engineering equipment 5 to 10 years straight-line Office equipment 5 to 10 years straight-line Leasehold improvements straight-line over term of lease to a maximum of Other 5 to 50 years straight-line The assets’ residual values, useful lives, and methods of depreciation are reviewed at each financial year-end c) Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of a finite and indefinite intangible asset acquired in a business combination is its fair value as at the date of acquisition. Following initial recognition, finite intangible assets are carried at cost less any accumulated amortization and any impairment losses and indefinite intangible assets are carried at cost less any impairment loss. The Company’s intangible assets with finite lives are amortized over their useful economic lives on a straight-line basis. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at each financial year-end. The Company also incurs costs for third-party internet-based cloud computing services. These costs are expensed in administrative and marketing expenses over the period of the service agreement. Intangible assets acquired from business combinations The Company’s policy is to amortize client relationships with finite lives over periods ranging from 10 to 15 years. Contract backlog and finite trademarks are amortized over estimated lives of generally 1 to 3 years. Advantageous and disadvantageous lease commitments are amortized over the remaining lease term. The Company assigns value to acquired intangibles using the income approach, which involves quantifying the present value of net cash flows attributed to the subject asset. This, in turn, involves estimating the revenues and earnings expected from the asset. d) Leases The determination of whether an arrangement is or contains a lease is based on the substance of the arrangement at the inception date. A lease is an agreement whereby the lessor conveys to the lessee, the right to use an asset for an agreed period of time in return for a payment or series of payments. Finance leases, which transfer to the Company substantially all the risks and benefits incidental to ownership of the leased items, are capitalized at the inception of the lease at the fair value of the leased asset or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between finance charges and reduction of the lease liability, achieving a constant rate of interest on the remaining balance of the liability. Finance charges are recognized in the consolidated statements of income. Leased assets are depreciated over their useful lives. However, if there is no reasonable certainty that the Company will obtain ownership of the asset by the end of the lease term, the asset is depreciated over the shorter of either its estimated useful life or the lease term. The Company has finance leases for certain office and automotive equipment that are depreciated on a straight-line basis. The Company also has finance leases for software that are depreciated on a straight-line basis over periods ranging from three to seven years. Rental payments under operating leases are expensed evenly over the lease term. From time to time, the Company enters into or renegotiates premise operating leases that result in receiving lease inducement benefits. These benefits are accounted for as a reduction of rental expense over the terms of the associated leases. As well, from time to time, the Company enters into or renegotiates premise operating leases that include escalation clauses. The scheduled rent increases pursuant to lease escalation clauses are recognized on a straight-line basis over the lease terms. e) Investments in joint arrangements and associates Each joint arrangement of the Company is classified as either a joint venture or joint operation based on the rights and obligations arising from the contractual obligations between the parties to the arrangement. A joint arrangement that provides the Company with rights to the net assets of the arrangement is classified as a joint venture, and a joint arrangement that provides the Company with rights to the individual assets and obligations arising from the arrangement is classified as a joint operation. The Company accounts for a joint venture using the equity method (described below). The Company accounts for a joint operation by recognizing its share of assets, liabilities, revenues, and expenses of the joint operation and combining them line by line with similar items in the Company’s consolidated financial statements. The Company’s share of the after tax net income or loss of associates or joint ventures is recorded in the consolidated statements of income. Adjustments are made in the Company’s consolidated financial statements to eliminate its share of unrealized gains and losses resulting from transactions with its associates. If the financial statements of associates or joint arrangements are prepared for a date that is different from the Company’s date (due to the timing of finalizing and receiving information), adjustments are made for the effects of significant transactions or events that occur between that date and the date of the Company’s financial statements. When necessary, adjustments are made to bring the accounting policies in line with the Company’s. f) Provisions General Provisions are recognized when the Company has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. When the Company expects some or all of a provision to be reimbursed—for example, under an insurance contract—and when the reimbursement is virtually certain, the reimbursement is recognized as a separate asset. The expense relating to any provision is presented in the consolidated statements of income net of any reimbursement. If the effect of the time value of money is significant, provisions are discounted using a current pretax rate that reflects, where appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. Provision for self-insured liabilities The Company self-insures certain risks related to professional liability, automobile physical damages, and employment practices liability. The provision for self-insured liabilities includes estimates of the costs of reported claims (including potential claims that are probable of being asserted) and is based on estimates of loss using assumptions made by management, including consideration of actuarial projections. The provision for self-insured liabilities does not include unasserted claims where assertion by a third party is not probable. Provisions for claims The Company has claims that are not covered by its provisions for self-insured liabilities, including claims that are subject to exclusions under the Company’s commercial and captive insurance policies. Provisions are recognized for these claims in accordance with the preceding description of provisions under “General.” Contingent liabilities recognized in a business combination A contingent liability recognized in a business combination is initially measured at its fair value. Subsequently, it is measured in accordance with the preceding description of provisions under “General.” Onerous contracts The Company’s onerous contracts consist of lease exit liabilities and sublease losses. For lease exit liabilities, the Company accrues charges when it ceases to use an office space under an operating lease arrangement. Included in the liability is the present value of the remaining lease payments offset by the present value of estimated future rental income. g) Foreign currency translation The Company’s consolidated financial statements are presented in Canadian dollars, which is also the parent Company’s functional currency. Each entity in the Company determines its own functional currency, and items included in the financial statements of each entity are measured using that functional currency. The Company is mainly exposed to fluctuations in the US dollar and GBP. Transactions and balances Transactions in foreign currencies (those different from an entity’s functional currency) are initially translated into the functional currency of an entity using the foreign exchange rate at the transaction date. Subsequent to the transaction date, foreign currency transactions are measured as follows: • On the consolidated statements of financial position, monetary items are translated at the rate of exchange in effect at the reporting date. Non-monetary Non-monetary non-monetary • Revenue and expense items are translated at the exchange rate on the transaction date, except for depreciation and amortization, which are translated at historical exchange rates. Foreign operations The Company’s foreign operations are translated into its reporting currency (Canadian dollar) as follows: • Assets and liabilities are translated at the rate of exchange in effect at each consolidated statement of financial position date • Revenue and expense items (including depreciation and amortization) are translated at the average rate of exchange for the month The resulting unrealized exchange gains and losses on foreign subsidiaries are recognized in other comprehensive income (loss). h) Financial instruments Initial recognition and subsequent measurement Financial assets (except trade and other receivables and unbilled receivables that do not have a significant financing component) are initially recognized at fair value plus directly attributable transaction costs, except for financial assets at fair value through profit and loss (FVPL), for which transaction costs are expensed. Trade and other receivables and unbilled receivables that do not have a significant financing component are initially measured at the transaction price determined in accordance with IFRS 15. Purchases or sales of financial assets are accounted for at trade dates. Subsequent measurement of financial assets is at fair value through profit or loss, amortized cost, or fair value through other comprehensive income (FVOCI). The classification is based on two criteria: the Company’s business approach for managing the financial assets and whether the instruments’ contractual cash flows represent “solely payments of principal and interest” on the principal amount outstanding (the SPPI criterion). The business approach considers whether a Company’s objective is to receive cash flows from holding assets, from selling assets in a portfolio, or a combination of both. The Company reclassifies financial assets only when its business approach for managing those assets changes. • Amortized cost: Assets held for collection of contractual cash flows—when they meet the SPPI criterion—are measured at amortized cost using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified, or impaired. Items in this category include cash and cash equivalents, cash in escrow, receivables, and certain other financial assets. • FVOCI: Assets held in a business approach to both collect cash flows and sell the assets—when they meet the SPPI criterion—are measured at FVOCI. Bonds held for self-insured liabilities are included in this category. Changes in the carrying amount are reported in other comprehensive income (except impairments) until disposed of. At this time, the realized gains and losses are recognized in finance income. Interest income from these financial assets is included in interest income using the effective interest rate method. Impairment and foreign exchange gains and losses are reported in income. • FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL with realized and unrealized gains and losses reported in other income (expense). Equity securities held for self-insured liabilities and indemnifications are included in this category. Financial liabilities are initially recognized at fair value and, in the case of loans and borrowings, net of directly attributable transaction costs. Subsequent measurement of financial liabilities is at amortized cost using the EIR method. The EIR method discounts estimated future cash payments or receipts through the expected life of a financial instrument, and thereby calculates the amortized cost and subsequently allocates the interest income or expense over the life of the instrument. For trade and other payables and other financial liabilities, realized gains and losses are reported in income. For long-term debts, EIR amortization and realized gains and losses are recognized in net finance expense. Fair value After initial recognition, the fair values of financial instruments are based on the bid prices in quoted active markets for financial assets and on the ask prices for financial liabilities. For financial instruments not traded in active markets, fair values are determined using appropriate valuation techniques, which may include recent arm’s-length All financial instruments carried at fair value are categorized into one of the following: • Level 1 – quoted market prices in active markets for identical assets or liabilities at the measurement date • Level 2 – observable inputs other than quoted prices included within level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets or liabilities that are not active, or other inputs that are observable directly or indirectly • Level 3 – unobservable inputs for the assets and liabilities that reflect the reporting entity’s own assumptions and are not based on observable market data When forming estimates, the Company uses the most observable inputs available for valuation purposes. If a fair value measurement reflects inputs of different levels within the hierarchy, the financial instrument is categorized based on the lowest level of significant input. When determining fair value, the Company considers the principal or most advantageous market in which it would transact and the assumptions that market participants would use when pricing the asset or liability. For financial instruments recognized at fair value on a recurring basis, the Company determines whether transfers have occurred between levels of the hierarchy by reassessing categorizations at the end of each reporting period. Derivatives From time to time, the Company enters into foreign currency forward contracts to manage risk associated with net operating assets or liabilities denominated in foreign currencies. The Company’s policy is not to use these derivatives for trading or speculative purposes. i) Impairment The carrying amounts of the Company’s assets or group of assets, other than deferred tax assets, are reviewed at each reporting date to determine whether there is an indication of impairment. An asset may be impaired if objective evidence of impairment exists because of one or more events that have occurred after the initial recognition of the asset (referred to as a “loss event”) and if that loss event has an impact on the estimated future cash flows of the financial asset. When an indication of impairment exists or annual impairment testing for an asset is required, the asset’s recoverable amount is estimated. Financial assets and contract assets The Company recognizes an allowance for expected credit losses (ECLs) on financial assets and contract assets based on a 12-month 12-month When the carrying amount of financial assets or contract assets is reduced through an ECL allowance, the reduction is recognized in administrative and marketing expenses in the consolidated statements of income. Non-financial For non-financial arm’s-length Goodwill is not amortized but is evaluated for impairment annually (as at October 1) or more frequently if circumstances indicate that an impairment may occur or if a significant acquisition occurs between the annual impairment test date and December 31. The Company considers the relationship between its market capitalization and its book value, as well as other factors, when reviewing for indicators of impairment. Goodwill is assessed for impairment based on the CGUs or group of CGUs to which the goodwill relates. Any potential goodwill impairment is identified by comparing the recoverable amount of a CGU or group of CGUs to its carrying value which includes the allocated goodwill. If the recoverable amount is less than its carrying value, an impairment loss is recognized. An impairment loss of goodwill is not reversed. For other assets, an impairment loss may be reversed if the estimates used to determine the recoverable amount have changed. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount or the carrying amount that would have been determined, net of amortization or depreciation, had no impairment loss been recognized for the asset in prior years. The reversal is recognized in the consolidated statements of income. j) Revenue recognition The Company generates revenue from contracts in which goods or services are typically provided over time. Revenue is measured based on the consideration the Company expects to be entitled to in exchange for providing goods and services, excluding discounts, duty, and taxes collected from clients that are reimbursable to government authorities. While providing services, the Company incurs certain direct costs for subconsultants, subcontractors, and other expenses that are recoverable directly from clients. The recoverable amounts of these direct costs are included in the Company’s gross revenue. Since these direct costs can vary significantly from contract to contract, changes in gross revenue may not be indicative of the Company’s revenue trends. Therefore, the Company also reports net revenue, which is gross revenue less subconsultants, subcontractors, and other direct expenses. The Company assesses its revenue arrangements against specific criteria to determine whether it is acting as a principal or an agent. In general, the Company acts as a principal in its revenue arrangements because it obtains control of the goods or services before they are provided to the customer. Most of the Company’s contracts include a single performance obligation because the promise to transfer the individual goods or services is not separately identifiable from other promises in the contract and therefore is not distinct. The Company’s contracts may include multiple goods or services that are accounted for as separate performance obligations if they are distinct—if a good or service is separately identifiable from other items in the contract and if a customer can benefit from it. If a contract has multiple performance obligations, the consideration in the contract is allocated to each performance obligation based on the estimated stand-alone selling price. The Company transfers control of the goods or services it provides to clients over time and therefore recognizes revenue progressively as the services are performed. Revenue from fixed-fee variable-fee-with-ceiling time-and-material The timing of revenue recognition, billings, and cash collections results in trade and other receivables, holdbacks, unbilled receivables, contract assets, and deferred revenue (contract liabilities) in the consolidated statements of financial position. Amounts are typically invoiced as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals or when contractual milestones are achieved. Receivables represent amounts due from customers: trade and other receivables and holdbacks consist of invoiced amounts, and unbilled receivables consist of work in progress that has not yet been invoiced. Contract assets represent unbilled amounts where the right to payment is subject to more than the passage of time and includes performance-based incentives and services provided ahead of agreed contractual milestones. Contract assets are transferred to receivables when the right to consideration becomes unconditional. Deferred revenue (contract liabilities) represents amounts that have been invoiced but not yet recognized as revenue, including advance payments and billings in excess of revenue. Deferred revenue is recognized as revenue when (or as) the Company performs under the contract. Revenue is adjusted for the effects of a significant financing component when the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. Advance payments and holdbacks typically do not result in a significant financing component because the intent is to provide protection against the failure of one party to adequately complete some or all of its obligations under the contract. Deferred contract costs Contract costs are typically expensed as incurred. Contract costs are deferred if the costs are expected to be recoverable and if either of the following criteria is met: • The costs of obtaining the contract are incremental or explicitly chargeable to the customer • The fulfillment costs relate directly to the contract or an anticipated contract and generate or enhance the Company’s resources that will be used in satisfying performance obligations in the future Deferred contract costs are included in other assets in the consolidated statements of financial position and amortized over the period of expected benefit using the percentage of completion applied to estimated revenue. Amortization of deferred contract costs is included in other direct expenses in the consolidated statements of income. k) Employee benefit plans Defined benefit plans The Company sponsors defined benefit pension plans covering certain full-time employees and past employees, primarily in the United Kingdom. Benefits are based on final compensation and years of service. Benefit costs (determined separately for each plan using the projected unit credit method) are recognized over the periods that employees are expected to render services in return for those benefits. Remeasurements, comprising actuarial gains and losses and the return on the plan assets (excluding interest), are recognized immediately in the consolidated statements of financial position with a corresponding debit or credit to other comprehensive income in the period they occur. Remeasurements are not reclassified to net income in subsequent periods. The calculation of defined benefit obligations is performed annually by a qualified actuary. When the calculation results in a potential asset, the recognized asset is limited to the economic benefits available in the form of any future refunds or of reductions in future contributions to the plan. Past service costs are recognized in net income on the earlier of the date of the plan amendment or curtailment and the date that the Company recognizes related restructuring costs. Net interest is calculated by applying the discount rate to the net defined benefit liability or asset, adjusted for benefit and contribution payments during the year. The Company recognizes the following changes in the net defined benefit obligations under administrative and marketing expenses: service costs comprising current service costs, past service costs, gains and losses on curtailments and non-routine Defined contribution plans The Company also contributes to group retirement savings plans and an employee share purchase plan. Certain plans are based on employee contribution amounts and subject to maximum limits per employee. The Company accounts for defined contributions as an expense in the period the contributions are made. l) Taxes Current income tax Current income tax assets and liabilities for current and prior periods are measured at the amount expected to be recovered from or paid to taxation authorities. Tax rates and tax laws used to compute the amounts are those enacted or substantively enacted at the reporting date in the countries where the Company operates and generates taxable income. Current income tax that relates to items recognized directly in equity is recognized in equity and not in the consolidated statements of income. Management periodically evaluates positions taken in the tax returns when applicable tax regulations are subject to interpretation and then establishes an uncertain tax liability if appropriate. Income taxes payable are typically expected to be settled within twelve months of the year-end Deferred tax Deferred tax is determined using the liability method for temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences, carryforward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carryforward of unused tax credits and unused tax losses can be utilized. Deferred taxes are not recognized for the initial recognition of goodwill; the initial recognition of assets or liabilities, outside of a business combination, that affect neither accounting nor taxable profit; or the differences relating to investments in associates, subsidiaries, and interests in joint arrangements to the extent that the reversal can be controlled and it is probable that it will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be used. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled and are based on tax rates and tax laws that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognized outside income is also recognized outside income. Deferred tax items are recognized in correlation to the underlying transaction either in other comprehensive income or directly in equity. Deferred tax assets and deferred tax liabilities are offset when a legally enforceable right exists to set off tax assets against tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Sales tax Revenues, expenses, and assets, except trade receivables, are recognized net of the amount of sales tax recoverable from or payable to a taxation authority. Trade receivables and trade payables include sales tax. The net amount of sales tax recoverable from or payable to a taxation authority is included as part of trade receivables or trade payables (as appropriate) in the consolidated statements of financial position. m) Share-based payment transactions Under the Company’s share option plan, the board of directors may grant to officers and employees remuneration in the form of share-based payment transactions, whereby officers and employees render services as consideration for equity instruments (equity-settled transactions). Under the Company’s deferred share unit plan, the directors of the board of the Company may receive deferred share units (DSUs), each of which is equal to one common share. Under the Company’s long-term incentive plan, certain members of the senior leadership teams are granted performance share units (PSUs) that vest and are settled after a three-year period. DSUs and PSUs are share appreciation rights that can be settled only in cash (cash-settled transactions). Equity-settled transactions The cost of equity-settled transactions is measured at fair value at the grant date using a Black-Scholes option-pricing model. The cost of equity-settled transactions, together with a corresponding increase in equity, is recognized over the period in which the service conditions are fulfilled (the vesting period). For equity-settled transactions, the cumulative expense recognized at each reporting date until the vesting date reflects the extent to which the vesting period has expired and reflects the Company’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit to income for a period represents the movement in cumulative expense recognized as at the beginning and end of that period and is recorded in administrative and marketing expenses. No expense is recognized for awards that do not ultimately vest. Cash-settled transactions The cost of cash-settled transactions is measured initially at fair value at the grant date using a Black-Scholes option-pricing model. For DSUs, this fair value is expensed on issue with the recognition of a corresponding liability. For PSUs, the fair value is expensed over the vesting period. These liabilities are remeasured to fair value at each reporting date, up to and including the settlement date, with changes in fair value recognized in administrative and marketing expenses. n) Earnings per share Basic earnings per share is computed based on the weighted average number of common shares outstanding during the year. Diluted earnings per share is computed using the treasury stock method, which assumes that the cash that would be received on the exercise of options is applied to purchase shares at the average price during the year and that the difference between the number of shares issued on the exercise of options and the number of shares obtainable under this computation, on a weighted average basis, is added to the number of shares outstanding. Antidilutive options are not considered when computing diluted earnings per share. o) Business combinations and goodwill Business combinations are accounted for using the acquisition method, and the results of operations after the respective dates of acquisition are included in the consolidated statements of income. Acquisition-related costs are expensed when incurred in administrative and marketing expenses. The cost of an acquisition is measured as the consideration transferred at fair value at the acquisition date. Any contingent consideration to be transferred by the Company is recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration are recognized in other income. The consideration paid for acquisitions may be subject to price adjustment clauses included in the purchase agreements and may extend over a number of years. At each consolidated statement of financial position date, these price adjustment clauses are reviewed. This may result in an increase or decrease of the notes payable consideration (recorded on the acquisition date) to reflect either more or less non-cash For some acquisitions, additional payments may be made to the employees of an acquired company that are based on the employees’ continued service over an agreed time period. These additional payments are not included in the purchase price but are expensed as compensation when services are provided by the employees. Goodwill is initially measured at cost, which is the excess of the consideration transferred over the fair value of a Company’s net identifiable assets |
Significant Accounting Judgment
Significant Accounting Judgments, Estimates, and Assumptions | 12 Months Ended |
Dec. 31, 2018 | |
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Significant Accounting Judgments, Estimates, and Assumptions | 5. Significant Accounting Judgments, Estimates, and Assumptions Preparation of the Company’s consolidated financial statements requires management to make judgments, estimates, and assumptions that affect the reported amounts of revenues, expenses, assets, and liabilities, as well as the disclosure of contingent liabilities at the end of the reporting year. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods. Discussed below are the key management judgments and assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. a) Revenue recognition The Company accounts for its revenue from fixed-fee variable-fee-with-ceiling Contract costs include direct labor and direct costs for subconsultants, and other expenditures that are recoverable directly from clients. Progress on jobs is regularly reviewed by management and estimated costs to complete are revised based on the information available at the end of each reporting period. Contract cost estimates are based on various assumptions that can result in a change to contract profitability from one financial reporting period to another. Assumptions are made about labor productivity, the complexity of the work to be performed, the performance of subconsultants, and the accuracy of original bid estimates. Estimating total costs is subjective and requires management’s best judgments based on the information available at that time. On an ongoing basis, estimated revenue is updated to reflect the amount of consideration the Company expects to be entitled to in exchange for providing goods and services. Revenue estimates are affected by various uncertainties that depend on the outcome of future events, including change orders, claims, variable consideration, and contract provisions for performance-based incentives or penalties. Change orders are included in estimated revenue when management believes the Company has an enforceable right to the change order, the amount can be estimated reliably, and realization is highly probable. Claims against other parties, including subconsultants, are recognized as a reduction in costs using the same criteria. To evaluate these criteria, management considers the contractual or legal basis for the change order, the cause of any additional costs incurred, and the history of favorable negotiations for similar amounts. As change orders are not recognized until highly probable, it is possible for the Company to have substantial contract costs recognized in one accounting period and associated revenue or reductions in cost recognized in a later period. The Company’s contracts may include variable consideration such as revenue based on costs incurred and performance-based incentives or penalties. Variable consideration is estimated by determining the most likely amount the Company expects to be entitled to, unless the contract includes a range of possible outcomes for performance-based amounts. In that case, the expected value is determined using a probability weighting of the range of possible outcomes. Variable consideration, including change orders approved as to scope but unapproved as to price, is included in estimated revenue to the extent it is highly probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration are based on historical experience, anticipated performance, and management’s best judgment based on the information available at the time. Consideration in contracts with multiple performance obligations is allocated to the separate performance obligations based on estimates of stand-alone selling prices. The primary method used to estimate the stand-alone selling price is expected cost plus an appropriate margin. To determine the appropriate margin, management considers margins for comparable services under similar contracts in similar markets. Deferred contract costs are amortized over the period of expected benefit, which may include anticipated contracts. Estimating the costs to be deferred and the period of expected benefit is subjective and requires the use of management’s best judgments based on information available at that time. Changes in estimates are reflected in the period in which the circumstances that gave rise to the change became known and affect the Company’s revenue, unbilled receivables, contract assets, and deferred revenue. b) Provision for self-insured liabilities The Company self-insures certain risks, including professional liability, automobile liability, and employment practices liability. The accrual for self-insured liabilities includes estimates of the costs of reported claims and is based on estimates of loss using management’s assumptions, including consideration of actuarial projections. These estimates of loss are derived from loss history that is then subjected to actuarial techniques to determine the proposed liability. Estimates of loss may vary from those used in the actuarial projections and result in a larger loss than estimated. An increase in loss is recognized in the period that the loss is determined and increases the Company’s self-insured liabilities and reported expenses. c) Share-based payment transactions The Company measures the cost of share-based payment transactions by reference to the fair value of the equity instruments at the grant date. Estimating fair value for share-based payment transactions requires determining the most appropriate valuation model, which depends on the terms and conditions of the grant. The Company has chosen the Black-Scholes option-pricing model for equity-settled and cash-settled share-based payment transactions. Estimating fair value also requires determining the most appropriate inputs to the valuation model—including volatility in the price of the Company’s shares, a risk-free interest rate, and the expected hold period to exercise—and making assumptions about them. Changes to estimates are recorded in the period they are made and affect the Company’s administrative and marketing expenses, contributed surplus, and other liabilities. d) Business combinations In a business combination, the Company may acquire certain assets and assume certain liabilities of an acquired entity. The estimate of fair values for these transactions involves judgment to determine the fair values assigned to the tangible and intangible assets (i.e., backlog, client relationships, trademarks, software, and favorable and unfavorable leases) acquired and the liabilities assumed on the acquisition. Determining fair values involves a variety of assumptions, including revenue growth rates, client retention rates, expected operating income, and discount rates. From time to time, as a result of the timing of acquisitions in relation to the Company’s reporting schedule, certain estimates of fair values of assets and liabilities acquired may not be finalized at the initial time of reporting. These estimates are completed after the vendors’ final financial statements have been prepared and accepted by the Company, after detailed project portfolio reviews are performed, and when the valuations of intangible assets and other assets and liabilities acquired are finalized. Preliminary fair values are based on management’s best estimates of the acquired identifiable assets and liabilities at the acquisition date. During a measurement period not to exceed one year, adjustments to the initial estimates may be required to finalize the fair value of assets acquired and liabilities assumed. The Company will revise comparative information if these measurement period adjustments are material. After the measurement period, a revision to fair value may impact the Company’s net income. e) Impairment of goodwill Impairment exists when the carrying amount of an asset or CGU or group of CGUs exceeds its recoverable amount, which is the higher of its fair value less costs of disposal or its value in use. Fair value less costs of disposal is based on available data from binding sales transactions in an arms-length transaction of similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from budgets over an appropriate number of years and do not include restructuring activities that the Company is not yet committed to or significant future investments that will enhance the asset’s performance of the CGU or group of CGUs being tested. To arrive at the estimated recoverable amount, the Company uses estimates of economic and market information, including arms-length transactions for similar assets, growth rates in revenues, estimates of future expected changes in operating margins, cash expenditures, and estimates of capital expenditures. f) Employee benefit plans The cost of the defined benefit pension plans and the present value of the pension obligations are determined separately for each plan using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual future developments. These include determining the discount rate, mortality rates, future salary increases, inflation, and future pension increases. Due to the complexities involved in the valuation and its long-term nature, the defined benefit obligation and cost are highly sensitive to changes in these assumptions, particularly to the discount and mortality rates (although a portion of the pension plans has protection against improving mortality rates by utilizing guaranteed annuity rate contracts with an insurance company). All assumptions are reviewed annually. In determining the appropriate discount rate, management considers the interest rates of corporate bonds in currencies consistent with the currencies of the post-employment obligation and that have an ‘AA’ rating or above, as set by an internationally acknowledged rating agency, and extrapolated as needed along the yield curve to correspond with the expected term of the benefit obligation. The mortality rate is based on publicly available information in the actuarial profession’s publications plus any special geographical or occupational features of each plan’s membership. Mortality tables tend to change only at intervals in response to demographic changes. Future salary increases reflect the current estimate of management. Pension increases are calculated based on the terms of the individual plans and estimated future inflation rates. g) Fair value of financial instruments When the fair value of financial assets and financial liabilities recorded in the consolidated statements of financial position cannot be derived from active markets, it is determined using valuation techniques, including the discounted cash flow model. The inputs to these models are taken from observable markets if possible; otherwise a degree of judgment is required including considering inputs such as liquidity risk, credit risk, and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments and reported expenses and income. h) Taxes Uncertainties exist with respect to the interpretation of complex tax regulations and the amount and timing of deferred taxable income. The Company’s income tax assets and liabilities are based on interpretations of income tax legislation across various jurisdictions, primarily in Canada, United States, and the United Kingdom. The Company’s effective tax rate can change from year to year based on the mix of income among jurisdictions, changes in tax laws in these jurisdictions, and changes in the estimated value of deferred tax assets and liabilities. The Company’s income tax expense reflects an estimate of the taxes it expects to pay for the current year, as well as a provision for changes arising in the values of deferred tax assets and liabilities during the year. The tax value of these assets and liabilities is impacted by factors such as accounting estimates inherent in these balances, management’s expectations about future operating results, previous tax audits, and differing interpretations of tax regulations by the taxable entity and the responsible tax authorities. Differences in interpretation may arise for a wide variety of issues, depending on the conditions prevailing in the respective legal entity’s domicile. Management regularly assesses the likelihood of recovering value from deferred tax assets, such as loss carryforwards, as well as from deferred tax depreciation of capital assets, and adjusts the tax provision accordingly. Deferred tax assets are recognized for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized based on the likely timing and the level of future taxable profits, together with future tax-planning |
Recent Accounting Pronouncement
Recent Accounting Pronouncements and Changes to Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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Recent Accounting Pronouncements and Changes to Accounting Policies | 6. Recent Accounting Pronouncements and Changes to Accounting Policies a) Revenue from contracts with customers Effective January 1, 2018, the Company has adopted IFRS 15 Revenue from Contracts with Customers after-tax Revenue Construction Contracts. The Company used the practical expedient to apply IFRS 15 only to contracts not completed at January 1, 2018. In addition, the Company used the practical expedient to reflect the aggregate effect of all contract modifications that occurred before January 1, 2018, for the purposes of identifying the satisfied and unsatisfied performance obligations, determining the transaction price, and allocating the transaction price to the satisfied and unsatisfied performance obligations. Quantitative impact of significant changes On the adoption of IFRS 15, the after-tax Retained Earnings $ Change orders and claims (3.0 ) Significant financing component 1.7 Construction services - discontinued operations (22.6 ) Total impact of change in accounting policy, January 1, 2018 (23.9 ) Change orders and claims The Company previously included change orders and claims against the customer in estimated revenue at completion when it was probable the customer would approve or accept the amount and it could be reliably measured. Under IFRS 15, change orders and claims against the customer are included in estimated revenue at completion when management believes the Company has an enforceable right to the change order or claim, the amount can be estimated reliably, and realization is highly probable. To evaluate these criteria, management considers the cause of any additional costs incurred, the contractual or legal basis for additional revenue, and the history of favorable negotiations for similar amounts. Significant financing component The Company previously recognized holdbacks on long-term contracts at their discounted present value. Under IFRS 15, holdbacks do not typically result in a significant financing component because the intent is to provide protection against the failure of one party to adequately complete some or all obligations under the contract. As a result, holdbacks on long-term contracts are no longer discounted. Construction services Liquidated damages were previously included in estimated contract costs when it was considered probable that penalties would be incurred and paid. Under IFRS 15, liquidated damages are required to be included as a reduction in estimated revenue and the estimates are based on the weighting of probable outcomes. Presentation of contract balances The Company reclassified certain amounts in the consolidated statements of financial position to comply with IFRS 15. Amounts that will be billed based on contractual milestones or on achievement of performance-based targets that were previously presented as unbilled receivables are now included in contract assets. In addition, contract asset and deferred revenue balances are now presented on a net basis for each contract. This reclassification had no impact on shareholders’ equity as of January 1, 2018. Impacts on financial statements The following tables summarize the impacts of adopting IFRS 15 in the Company’s consolidated financial statements as of December 31, 2018. Consolidated statement of financial position December 31, 2018 As Reported $ Before IFRS 15 $ Increase (Decrease) $ Current assets Unbilled receivables 384.6 444.4 (59.8 ) Contract assets 59.7 - 59.7 Other assets 23.2 20.3 2.9 Non-current Deferred tax assets 21.2 21.8 (0.6 ) Other assets 175.5 167.3 8.2 Current liabilities Deferred revenue 174.4 165.7 8.7 Shareholders’ equity Retained earnings 851.2 848.9 2.3 Accumulated other comprehensive income 163.1 163.7 (0.6 ) Consolidated statements of income and comprehensive income (loss) For the year ended December 31, 2018 As Reported $ Before IFRS 15 $ Increase (Decrease) $ Net income Gross revenue 4,283.8 4,287.9 (4.1 ) Subconsultant/subcontractor and other direct expenses 928.6 937.1 (8.5 ) Total income taxes 55.0 53.8 1.2 Net income for the year from continuing operations 171.3 168.1 3.2 Net loss from discontinued operation, net of tax (123.9 ) (146.9 ) 23.0 Net income for the year 47.4 21.2 26.2 Comprehensive income Exchange differences on translation of foreign operations 124.1 124.7 (0.6 ) Other comprehensive income for the year, net of tax 114.5 115.1 (0.6 ) Total comprehensive income for the year, net of tax 161.9 136.3 25.6 Earnings per share, basic and diluted Continuing operations 1.51 1.48 0.03 Discontinued operations (1.09 ) (1.29 ) 0.20 Total basic and diluted earnings per share 0.42 0.19 0.23 b) Financial instruments Effective January 1, 2018, the Company adopted IFRS 9 Financial Instruments Financial Instruments: Recognition and Measurement (IAS 39). IFRS 9 introduces new requirements for the classification and measurement of financial assets and financial liabilities, including derecognition. The new standard includes a single expected-loss impairment model and a reformed approach to hedge accounting. The adoption of IFRS 9 did not have a significant effect on the Company’s measurement of financial assets and liabilities. IFRS 9 replaces IAS 39 and significantly amends other standards dealing with financial instruments, such as IFRS 7 Financial Instruments: Disclosures. Quantitative impact of significant changes On the adoption of IFRS 9, the impact on equity (after-tax) Retained Earnings $ Accumulated Other Comprehensive Loss $ Reclassify equity securities from available-for-sale 0.9 (0.9 ) Other (0.8 ) - Total impact of changes in accounting policy, January 1, 2018 0.1 (0.9 ) On January 1, 2018, the Company assessed the business approach that applies to its financial assets and has classified its financial instruments into appropriate IFRS 9 categories. Certain investments in equity securities were reclassified from AFS to FVPL ($49.4) at January 1, 2018, since they do not meet the criteria to be classified at FVOCI because their cash flows do not meet the SPPI criterion. Related unrealized gains of $0.9 were transferred from other comprehensive income to retained earnings at January 1, 2018. Total impact on financial assets On the date of initial application, financial assets of the Company were as follows, with any reclassifications noted: Measurement Category 2018 2017 Current financial assets Cash and cash deposits and cash in escrow Amortized cost FVPL Receivables and other current financial assets Amortized cost Amortized cost Non-current Investments held for self-insured liabilities (equity securities) Mandatorily at FVPL FVOCI Investments held for self-insured liabilities (bonds) FVOCI FVOCI Holdbacks on long-term contracts Amortized cost Amortized cost Indemnifications FVPL FVPL Other financial assets Amortized cost Amortized cost The reclassifications of financial instruments on adoption of IFRS 9 did not result in any measurement changes. c) Other recent adoptions The following amendments and interpretations have been adopted by the Company effective January 1, 2018. The adoption of these amendments did not have an impact on the financial position or performance of the Company. • In June 2016, the IASB issued Classification and Measurement of Share-based Payment Transactions (Amendments to IFRS 2) non-vesting • In December 2016, the IASB issued Annual Improvements (2014-2016 Cycle) non-urgent First-time Adoption of International Financial Reporting Standards Investments in Associates and Joint Ventures • In December 2016, the International Financial Reporting Interpretations Committee (IFRIC) issued an interpretation: IFRIC 22 Foreign Currency Transactions and Advanced Consideration non-monetary non-monetary d) Future adoptions Listed below are the standards, amendments, and interpretations that the Company reasonably expects to be applicable at a future date and intends to adopt when they become effective. The Company is currently considering the impact of adopting these standards, amendments, and interpretations on its consolidated financial statements and cannot reasonably estimate the effect at this time, unless specifically mentioned below. Leases In January 2016, the IASB issued IFRS 16 Leases Leases Determining whether an Arrangement contains a Lease SIC-15 Operating Leases-Incentives, SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease. on-balance ’low-value’ right-of-use right-of-use Lessees will also be required to remeasure the lease liability upon the occurrence of certain events (e.g., a change in the lease term, a change in future lease payments resulting from a change in an index or rate used to determine those payments). The lessee will generally recognize the amount of the remeasurement of the lease liability as an adjustment to the right-of-use The mandatory effective date of IFRS 16 is January 1, 2019 and the standard may be adopted using a full retrospective or modified retrospective approach. The Company intends to elect the modified retrospective approach which will result in the cumulative effect of adoption being recognized as an adjustment to the opening retained earnings at January 1, 2019. The Company will elect to apply the standard to contracts that were previously identified as leases under IAS 17 and IFRIC 4. This election will exclude contracts not previously identified as containing a lease under IAS 17 and IFRIC 4. In addition, the Company will elect a practical expedient of using the exemptions on lease contracts with lease terms ending within 12 months as of the date of initial application and lease contracts when the underlying asset is of low value. The Company established an IFRS 16 Implementation team and provides regular updates to the Audit and Risk Committee, including reports on the progress made on the project’s detailed work plan. As part of the implementation project, the Company prepared a preliminary impact assessment of IFRS 16 and educated stakeholders. The Company is in the final process of amending lease policies and practices, updating internal controls, finalizing the completeness and accuracy of lease data, implementing a new lease accounting software, and quantifying the impact of IFRS 16 adoption as at January 1, 2019. The Company anticipates a material impact to the statement of financial position due to the recognition of the present value of unavoidable future lease payments as lease assets and lease liabilities, mainly related to real estate leases. Other future adoptions • In June 2017, IFRIC issued IFRIC 23 Uncertainty over Income Tax Treatments. Income Taxes, • In October 2017, the IASB issued Prepayment Features with Negative Compensation (Amendments to IFRS 9) • In October 2017, the IASB issued Long-term Interest in Associates and Joint Ventures (Amendments to IAS 28). • In December 2017, the IASB issued Annual Improvements (2015-2017 Cycle) non-urgent Business Combinations Joint Arrangements Income Taxes Borrowing Costs. • In February 2018, the IASB issued amendments to IAS 19 Employee Benefits • In March 2018, the IASB issued the revised Conceptual Framework for Financial Reporting • In October 2018, the IASB issued the revised Definition of a Business (Amendments to IFRS 3). • In October 2018, the IASB issued the Definition of Material (Amendments to IAS 1 and IAS 8) |
Business Acquisitions
Business Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Business Acquisitions | 7. Business Acquisitions Acquisitions in 2017 During 2017, the Company acquired all the shares and business of RNL Facilities Corporation (RNL) and acquired certain assets and liabilities of Inventrix Engineering, Inc. (Inventrix) and North State Resources, Inc. (NSR). The preliminary fair values of the net assets recognized in the Company’s consolidated financial statements were based on management’s best estimates of the acquired identifiable assets and liabilities at the acquisition dates. During 2018, management finalized the fair value assessments of assets and liabilities acquired from RNL, Inventrix, and NSR. There were no material measurement period adjustments. Acquisitions in 2018 On March 23, 2018, the Company acquired all the shares and business of ESI Limited (ESI) for cash consideration and notes payable. ESI, based in Shrewsbury, England, enhances the Company’s Consulting Services-Global group of cash generating units (CGUs) and has capabilities in groundwater, land, and sustainable development. On March 30, 2018, the Company acquired certain assets and liabilities of Occam Engineers Inc. (OEI) for cash consideration and notes payable. OEI, based in Albuquerque, New Mexico, enhances the Company’s Consulting Services-United States CGU, and provides expertise in civil engineering, public works, transportation, development engineering, planning and feasibility, program management, water resources, and value analysis. On April 1, 2018, the Company acquired all the shares and business of Traffic Design Group Limited (TDG) for cash consideration and notes payable. TDG, a transportation planning and traffic engineering design firm based in Wellington, New Zealand, enhances the Company’s Consulting Services-Global group of CGUs. On May 18, 2018, the Company acquired all the shares and business of Norwest Corporation (NWC) for cash consideration and notes payable. NWC, based in Calgary, Alberta, enhances the Company’s Consulting Services-Canada CGU, and provides expertise in geotechnical, geological, and mining fields. On May 25, 2018, the Company acquired all the shares and business of Cegertec Experts Conseils Inc. (Cegertec) for cash consideration and notes payable. Cegertec, based in Chicoutimi, Quebec, enhances the Company’s Consulting Services-Canada CGU, and provides expertise in engineering, project management, risk management, construction supervision, and structural inspections and inventory. On September 7, 2018, the Company acquired all the partnership interests and business of Peter Brett Associates LLP and all the shares and business of PBA International Limited (collectively, PBA). PBA is a partnership practice of engineers, planners, scientists, and economists delivering projects in various sectors. PBA, based in Reading, England, enhances the Company’s Consulting Services-Global group of CGUs. On October 15, 2018, the Company acquired certain assets and liabilities of True Grit Engineering Limited (TGE) for cash consideration and notes payable. TGE, based in Thunder Bay, Ontario, enhances the Company’s Consulting Services-Canada CGU, and has expertise in infrastructure engineering, project management and planning, and environmental services. During 2018, management finalized the fair value assessments of assets and liabilities acquired from ESI, OEI, and TDG. As at February 28, 2019, management received vendor approval of the adjustments to the closing financial statements for PBA, NWC, and Cegertec. Management was also reviewing the vendors’ closing financial statements for TGE. Once these financial statement reviews are complete and approvals are obtained, the valuation of acquired intangibles and goodwill will be finalized. No significant measurement period adjustments were recorded during the year ended December 31, 2018. Aggregate consideration for assets acquired and liabilities assumed Details of the aggregate consideration transferred and the fair value of the identifiable assets and liabilities acquired at the date of acquisition are as follows: For acquisitions completed in 2018 Total Note $ Cash consideration 88.0 Notes payable 55.6 Consideration 143.6 Assets and liabilities acquired Cash acquired 7.8 Non-cash Trade receivables 34.7 Unbilled receivables 6.4 Accounts payable (19.8 ) Other non-cash (0.6 ) Property and equipment 11 4.4 Intangible assets 13 33.0 Deferred tax assets 26 1.9 Net employee defined benefit liability 18 (16.5 ) Provisions 17 (1.4 ) Deferred tax liabilities 26 (2.6 ) Total identifiable net assets at fair value 47.3 Goodwill arising on acquisitions 12 96.3 Consideration 143.6 Trade receivables and unbilled receivables assumed from acquired companies are recognized at fair value at the time of acquisition, and their fair value approximated their net carrying value. Goodwill consists of the value of expected synergies arising from an acquisition, the expertise and reputation of the assembled workforce acquired, and the geographic location of the acquiree. Goodwill relating to acquisitions completed in 2018 added to our Consulting Services – Canada, Consulting Services – United States, and Consulting Services – Global cash generating units (CGUs). For acquisitions completed in 2018, $3.6 of goodwill and intangible assets is deductible for income tax purposes. The fair values of provisions are determined at the acquisition date. These liabilities relate to claims that are subject to legal arbitration and onerous contracts. For the acquisitions completed in 2018, the Company assumed $0.8 in provisions for claims. At December 31, 2018, provisions for claims outstanding relating to all prior acquisitions were $11.1, based on their expected probable outcome. Certain of these claims are indemnified by the acquiree (note 14). For business combinations that occurred in 2018, gross revenue earned in 2018 since the acquired entities’ acquisition dates is approximately $86. The Company integrates the operations and systems of acquired entities shortly after the acquisition date; therefore, it is impracticable to disclose the acquiree’s earnings in its consolidated financial statements since the acquisition date. It is also impracticable to disclose what the Company’s gross revenue and profit from continuing operations would have been had the business combinations, that occurred in 2018, taken place at the beginning of the year. In 2018, directly attributable acquisition-related costs of $0.7 have been expensed and are included in administrative and marketing expenses. These costs consist primarily of legal, accounting, and financial advisory fees and costs directly related to acquisitions. Consideration paid and outstanding Details of the consideration paid in 2018 for current and past acquisitions are as follows: December 31 2018 $ Cash consideration (net of cash acquired) 80.2 Payments on notes payable from previous acquisitions 42.0 Total net cash paid 122.2 Total notes payable and adjustments to these obligations are as follows: December 31 2018 $ Balance, beginning of the year 58.8 Additions for acquisitions in the year 55.6 Other adjustments (0.2 ) Payments (42.0 ) Interest 0.9 Impact of foreign exchange 3.0 Total notes payable 76.1 |
Discontinued Operations and Dis
Discontinued Operations and Disposition of Subsidiaries | 12 Months Ended |
Dec. 31, 2018 | |
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Discontinued Operations and Disposition of Subsidiaries | 8. Discontinued Operations and Disposition of Subsidiaries Construction Services - Discontinued Operations Construction Services was acquired as part of the MWH acquisition in 2016 and was previously a reportable segment (note 34) and group of cash generating units (note 12). On November 2, 2018, the Company completed the sale of its Construction Services reportable segment, reported as discontinued operations in these consolidated financial statements for all periods presented as prescribed by IFRS 5. The Company assumed the defined benefit pension plan related to Construction Services and the obligations related to an ongoing UK-based waste-to-energy The Company reviewed the carrying value of the Construction Services disposal group at September 30, 2018, and determined that the carrying value of the disposal group exceeded the estimated fair value less costs to sell indicating an impairment of assets. As a result, a goodwill impairment charge of $53.0 was recognized in the third quarter of 2018 against the goodwill allocated to the Construction Services (note 12). Construction Services was sold for gross proceeds of $104.2 (US$79.5), less estimated working capital adjustments and transaction costs, resulting in initial cash proceeds of $28.8 (US$22.0). In accordance with the Credit Facilities agreement (note 16), the Company used the net proceeds on sale, less taxes payable and certain transaction costs (all as defined in the relevant agreements), to repay a portion of its long-term debt. As at February 28, 2019, management and the purchaser have not completed their review of the closing financial statements. Any adjustments will be recognized in discontinued operations in 2019. As a result of the sale, the Company recognized a net loss from the discontinued operations as follows: Notes December 31 2018 $ December 31 $ Revenue 884.4 1,111.4 Expenses (953.8 ) (1,111.4 ) Impairment of goodwill 12 (53.0 ) - Loss from operating activities, before income taxes (122.4 ) - Income taxes on operating activities 10.8 - Loss from operating activities, net of income taxes (111.6 ) - Gain on disposal of discontinued operations before income taxes 1.5 - Income taxes on disposal of discontinued operations (13.8 ) - Loss on disposal of discontinued operations, net of income taxes (12.3 ) - Net loss from discontinued operations (123.9 ) - Innovyze, Inc. - Disposition of Subsidiaries On May 5, 2017, the Company completed the sale of the shares of Innovyze, Inc. along with its subsidiaries Innovyze Pty Limited and Innovyze Limited (collectively, Innovyze). Innovyze was acquired as part of the MWH acquisition and formed part of the Company’s Consulting Services – United States and Consulting Services – Global reportable segments. As a result of the sale, the Company recognized the following gain on disposition in the consolidated statements of income for the year ended December 31, 2017. $ Gross proceeds 369.1 Working capital adjustments (15.3) Transaction costs (16.9) Net proceeds from sale, net of cash sold 336.9 Net assets disposed (268.5) Cumulative exchange loss on translating foreign operations reclassified from equity (13.8) Gain on disposal of a subsidiary 54.6 In addition, current tax expense of $124.1 and deferred taxes of $29.5 were recognized in the consolidated statements of income. In accordance with the Credit Facilities agreement (note 16), the Company used the net proceeds on sale, less taxes payable and certain transaction costs (all as defined in the relevant agreements), to repay its long-term debt by $221.3. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2018 | |
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Cash and Cash Equivalents | 9. Cash and Cash Equivalents The Company’s policy is to invest cash in excess of operating requirements in highly liquid investments. For the purpose of the consolidated statements of cash flows, cash and cash equivalents consist of the following: December 31 December 31 2018 2017 $ $ Cash 176.5 234.7 Unrestricted investments 8.7 4.8 Cash and cash equivalents 185.2 239.5 Unrestricted investments consist of short-term bank deposits with initial maturities of three months or less. At December 31, 2018, no funds were held in escrow accounts (2017 – $7.9 (US$6.2)). In 2017, these escrow funds covered potential indemnification claims from acquisitions and were settled in accordance with an escrow agreement. |
Trade and Other Receivables
Trade and Other Receivables | 12 Months Ended |
Dec. 31, 2018 | |
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Trade and Other Receivables | 10. Trade and Other Receivables December 31 December 31 2018 2017 $ $ Trade receivables, net of ECL of $1.5 (2017 – $2.1) 774.5 746.6 Holdbacks, current 18.7 43.8 Lease inducements receivable 44.0 - Other 40.9 25.7 Trade and other receivables 878.1 816.1 The aging analysis of gross trade receivables is as follows: Total $ 1–30 $ 31–60 $ 61–90 $ 91–120 $ 121+ $ December 31, 2018 776.0 355.6 228.7 63.8 43.2 84.7 December 31, 2017 748.7 403.1 182.4 53.9 29.1 80.2 Information about the Company’s exposure to credit risks and impairment losses for trade and other receivables is included in note 24, and changes due to IFRS 9 are included in note 6. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
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Property and Equipment | 11. Property and Equipment Engineering Office Leasehold Other $ Total $ Cost December 31, 2016 131.9 82.0 166.9 34.0 414.8 Additions 21.2 6.8 29.4 4.7 62.1 Additions arising on acquisitions 0.2 0.1 0.5 - 0.8 Disposals (33.4 ) (24.9 ) (16.4 ) (3.8 ) (78.5 ) Transfers 0.1 (0.8 ) 0.2 0.5 - Impact of foreign exchange (3.3 ) (1.6 ) (5.1 ) (1.5 ) (11.5 ) December 31, 2017 116.7 61.6 175.5 33.9 387.7 Additions 23.2 19.4 79.5 8.1 130.2 Additions arising on acquisitions 1.6 0.7 1.7 0.4 4.4 Disposals (12.2 ) (2.2 ) (31.4 ) (4.7 ) (50.5 ) Discontinued operations (note 8) (11.5 ) (0.4 ) (1.7 ) (2.0 ) (15.6 ) Transfers (0.4 ) (0.1 ) (0.2 ) 0.7 - Impact of foreign exchange 4.9 3.0 7.8 1.4 17.1 December 31, 2018 122.3 82.0 231.2 37.8 473.3 Accumulated depreciation December 31, 2016 73.1 45.6 64.9 17.3 200.9 Depreciation - continuing operations 16.3 7.5 26.7 1.7 52.2 Depreciation - discontinued operations 1.9 0.1 - 0.4 2.4 Disposals (32.7 ) (25.4 ) (15.9 ) (2.7 ) (76.7 ) Impact of foreign exchange (1.2 ) (0.2 ) (1.6 ) (0.7 ) (3.7 ) December 31, 2017 57.4 27.6 74.1 16.0 175.1 Depreciation - continuing operations 15.3 6.7 25.9 2.2 50.1 Depreciation - discontinued operations 1.5 - 0.2 0.3 2.0 Disposals (10.6 ) (1.9 ) (31.1 ) (1.9 ) (45.5 ) Discontinued operations (note 8) (3.3 ) (0.3 ) (0.3 ) (0.7 ) (4.6 ) Transfers (0.4 ) (0.1 ) (0.2 ) 0.7 - Impact of foreign exchange 2.3 1.2 2.9 0.4 6.8 December 31, 2018 62.2 33.2 71.5 17.0 183.9 Net book value December 31, 2017 59.3 34.0 101.4 17.9 212.6 December 31, 2018 60.1 48.8 159.7 20.8 289.4 Leasehold improvements includes construction work in progress of $8.9 (2017 – $3.5) on which depreciation has not started. Included in the Other category is automotive equipment, buildings, land, financial assets, and an ownership interest in an aircraft. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2018 | |
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Goodwill | 12. Goodwill Note December 31 2018 $ December 31 2017 $ Gross goodwill, beginning of the year 1,734.6 2,006.1 Acquisitions 96.3 16.3 Disposals 8 (120.2 ) (194.4 ) Impact of foreign exchange 88.5 (93.4 ) Gross goodwill, end of the year 1,799.2 1,734.6 Accumulated impairment losses, beginning of the year (178.0 ) (178.0 ) Impairment of goodwill 8 (53.0 ) - Disposals 8 53.0 - Accumulated impairment losses, end of the year (178.0 ) (178.0 ) Net goodwill, end of the year 1,621.2 1,556.6 Goodwill arising from acquisitions includes factors such as the expertise and reputation of the assembled workforce acquired, the geographic location of the acquiree, and the expected synergies. CGUs are defined based on the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Other factors are considered, including how management monitors the entity’s operations. Prior to the sale of Construction Services, the Company had seven CGUs. Three of these were grouped into Consulting Services – Global and two were grouped into Construction Services for the purposes of impairment testing. The Company does not monitor goodwill at or allocate goodwill to its business operating units. On November 2, 2018, the Company completed the sale of its Construction Services business (note 8). In connection with the sale, the Company reviewed the carrying value of the Construction Services disposal group as at September 30, 2018. The carrying value of the disposal group exceeded the estimated fair value less cost to sell at that time. As a result, the Company recognized a goodwill impairment charge of $53.0 in the quarter ended September 30, 2018. The fair value measurement of the Construction Services group of CGUs was categorized as Level 3 in the fair value hierarchy based on unobservable market inputs. During 2017, the Company completed the sale of Innovyze (note 8). Innovyze’s goodwill disposed of included $106.3 allocated from Consulting Services – United States and $88.1 allocated from Consulting Services – Global. On October 1, 2018, and October 1, 2017, the Company performed its annual goodwill impairment test in accordance with its policy described in note 4. Based on the results of the 2018 and 2017 tests, the Company concluded that the recoverable amount of each CGU or group of CGUs approximated or exceeded its carrying amount and, therefore, goodwill was not impaired. Goodwill was allocated to each CGU or group of CGUs as follows: December 31 2018 $ December 31 2017 $ Consulting Services Canada 358.2 337.8 United States 1,003.7 917.7 Global 259.3 183.2 Construction Services - 117.9 Allocated 1,621.2 1,556.6 Valuation techniques When performing the goodwill impairment test, if the carrying amount of a CGU or group of CGUs is higher than its recoverable amount, an impairment charge is recorded as a reduction in the carrying amount of the goodwill on the consolidated statements of financial position and recognized as a non-cash The Company estimates the recoverable amount by using the fair value less costs of disposal approach. It estimates fair value using market information and discounted after-tax after-tax The Company validates its estimate of the fair value of each CGU or group of CGUs under the income approach by comparing the resulting multiples to multiples derived from comparable public companies and comparable company transactions. The Company reconciles the total fair value of all CGUs and groups of CGUs with its market capitalization to determine whether the sum is reasonable. If the reconciliation indicates a significant difference between the external market capitalization and the fair value of the CGUs or groups of CGUs, the Company reviews and adjusts, if appropriate, the discount rate of the CGUs or groups of CGUs and considers whether the implied acquisition premium (if any) is reasonable in light of current market conditions. The fair value measurement was categorized as level 3 in the fair value hierarchy based on the significant inputs in the valuation technique used (note 4h). The Company may need to test its goodwill for impairment between its annual test dates if market and economic conditions deteriorate or if volatility in the financial markets causes declines in the Company’s share price, increases the weighted average cost of capital, or changes valuation multiples or other inputs to its goodwill assessment. In addition, changes in the numerous variables associated with the judgments, assumptions, and estimates made by management in assessing the fair value could cause them to be impaired. Goodwill impairment charges are non-cash Key assumptions The calculation of fair value less costs of disposal is most sensitive to the following assumptions: • Operating margin rates based on actual experience and management’s long-term projections. • Discount rates reflecting investors’ expectations when discounting future cash flows to a present value, taking into consideration market rates of return, capital structure, company size, and industry risk. If necessary, a discount rate is further adjusted to reflect risks specific to a CGU or group of CGUs when future estimates of cash flows have not been adjusted. • Terminal growth rates based on actual experience and market analysis. Projections are extrapolated beyond five years using a growth rate that does not exceed 3.0%. • Non-cash • Net revenue growth rate based on management’s best estimates of cash flow projections over a five year period. Sensitivity to changes in assumptions As at October 1, 2018, the recoverable amount of each CGU and group of CGUs exceeded its carrying amount. For Consulting Services – Canada and Consulting Services – United States, management believes that no reasonably possible change in any of the above key assumptions would have caused the carrying amount to exceed its recoverable amount. For the Consulting Services – Global group of CGUs, as at the impairment testing date, the recoverable amount approximated the carrying amount. As a result, any adverse change in key assumptions could cause the carrying value to exceed the fair value less costs of disposal. The Consulting Services – Global group of CGUs had a moderated outlook in the pace of recoveries in the energy and mining sectors and in public sector spending in regions linked to these markets. These moderated outlooks were reflected in the Company’s budget and projections. The values assigned to the most sensitive key assumptions for the Consulting Services – Global group of CGUs are listed in the table below: Key Assumptions Consulting Services Global Operating margin rates 5.6% to 8.7% After tax discount rate 11.2% Terminal growth rate 3.0% Non-cash 20.3% to 20.5% Average annual net revenue growth rate (2019-2023) 3.7% Key assumptions for operating margin rates and non-cash |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
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Intangible Assets | 13. Intangible Assets Client Contract $ Software Other Total Total Lease (note 19) $ Cost December 31, 2016 399.0 55.5 97.6 38.4 590.5 (10.3 ) Additions - - 5.7 - 5.7 - Additions arising on acquisitions 3.2 2.7 - 0.2 6.1 - Disposals - Innovyze (78.1 ) - (19.1 ) (6.1 ) (103.3 ) - Disposals - other - - (3.3 ) - (3.3 ) - Removal of fully amortized assets (13.8 ) (6.2 ) (15.7 ) (3.1 ) (38.8 ) 2.5 Impact of foreign exchange (20.8 ) (4.1 ) 0.4 (1.9 ) (26.4 ) 0.6 December 31, 2017 289.5 47.9 65.6 27.5 430.5 (7.2 ) Additions - - 33.2 - 33.2 - Additions arising on acquisitions 25.1 5.7 0.2 2.0 33.0 - Discontinued operations (note 8) (19.7 ) - (5.3 ) (4.4 ) (29.4 ) - Removal of fully amortized assets (3.9 ) (46.2 ) (18.8 ) (10.8 ) (79.7 ) 3.1 Impact of foreign exchange 16.3 1.1 0.3 0.7 18.4 (0.3 ) December 31, 2018 307.3 8.5 75.2 15.0 406.0 (4.4 ) Accumulated amortization December 31, 2016 85.0 19.2 28.2 8.6 141.0 (5.5 ) Amortization - continuing operations 28.2 22.3 16.4 7.9 74.8 (1.8 ) Amortization - discontinued operations 2.0 4.1 0.8 0.4 7.3 (0.1 ) Disposals - Innovyze (7.2 ) - (1.1 ) - (8.3 ) - Disposals - other - - (2.7 ) - (2.7 ) - Removal of fully amortized assets (13.8 ) (6.2 ) (15.7 ) (3.1 ) (38.8 ) 2.5 Impact of foreign exchange (3.8 ) (1.8 ) 1.0 (0.6 ) (5.2 ) 0.4 December 31, 2017 90.4 37.6 26.9 13.2 168.1 (4.5 ) Amortization - continuing operations 26.9 9.9 25.7 3.6 66.1 (1.1 ) Amortization - discontinued operations 1.8 1.4 0.7 1.8 5.7 (0.1 ) Discontinued operations (note 8) (4.9 ) - (1.9 ) (2.4 ) (9.2 ) - Removal of fully amortized assets (3.9 ) (46.2 ) (18.8 ) (10.8 ) (79.7 ) 3.1 Impact of foreign exchange 5.9 0.9 0.1 0.4 7.3 (0.3 ) December 31, 2018 116.2 3.6 32.7 5.8 158.3 (2.9 ) Net book value December 31, 2017 199.1 10.3 38.7 14.3 262.4 (2.7 ) December 31, 2018 191.1 4.9 42.5 9.2 247.7 (1.5 ) Once an intangible asset is fully amortized, the gross carrying amount and related accumulated amortization are removed from the accounts. Software includes finance leases with a net book value of $19.1 (2017 – $16.5). The non-cash In accordance with its accounting policies in note 4, the Company tests intangible assets for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. To determine indicators of impairment of intangible assets, the Company considers external sources of information such as prevailing economic and market conditions and internal sources of information such as the historical and expected financial performance of the intangible assets. If indicators of impairment are present, the Company determines recoverability based on an estimate of discounted cash flows, using the higher of either the value in use or the fair value less costs of disposal method. The measurement of impairment loss is based on the amount that the carrying amount of an intangible asset exceeds its recoverable amount at the CGU level. As part of the impairment test, the Company updates its future cash flow assumptions and estimates, including factors such as current and future contracts with clients, margins, market conditions, and the useful lives of the assets. During 2018, the Company concluded that there were no indicators of impairment related to intangible assets. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2018 | |
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Other Assets | 14. Other Assets December 31 $ December 31 $ Financial assets Investments held for self-insured liabilities 144.2 147.1 Holdbacks on long-term contracts 28.7 39.6 Indemnifications 0.8 2.4 Other 6.5 6.3 Other non-financial Investment tax credits 6.1 9.2 Transaction costs on long-term debt 3.6 4.9 Deferred contract costs 8.8 - 198.7 209.5 Less current portion - financial 18.1 14.0 Less current portion - non-financial 5.1 - Long-term portion 175.5 195.5 Investments held for self-insured liabilities Investments held for self-insured liabilities include government and corporate bonds that are classified as FVOCI with unrealized gains (losses) recorded in other comprehensive income (loss). Investments also include equity securities that are classified at FVPL with gains (losses) recorded in net income. Their fair value and amortized cost are as follows: December 31 December 31 2018 2017 $ $ Fair Value Amortized Fair Value Amortized Cost/Cost Bonds 103.0 103.8 97.7 98.6 Equity securities 41.2 45.0 49.4 48.3 Total 144.2 148.8 147.1 146.9 The bonds bear interest at rates ranging from 0.75% to 5.15% per annum (2017 – 0.75% to 5.15%). The terms to maturity of the bond portfolio, stated at fair value, are as follows: December 31 $ December 31 $ Within one year 14.0 5.6 After one year but not more than five years 85.2 73.5 More than five years 3.8 18.6 Total 103.0 97.7 Indemnifications The Company’s indemnifications relate to certain legal claims (note 17). During 2018, the Company decreased provisions and indemnification assets relating to prior acquisitions by $1.8 (2017 – increased by $0.2). |
Trade and Other Payables
Trade and Other Payables | 12 Months Ended |
Dec. 31, 2018 | |
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Trade and Other Payables | 15. Trade and Other Payables December 31 $ December 31 $ Trade accounts payable 222.6 367.1 Employee and payroll liabilities 263.3 248.8 Accrued liabilities 81.3 88.7 Trade and other payables 567.2 704.6 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
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Long-Term Debt | 16. Long-Term Debt December 31 2018 $ December 31 2017 $ Notes payable 76.8 60.8 Revolving credit facilities 528.6 209.9 Term loan 308.8 458.5 Finance lease obligations 19.5 10.4 933.7 739.6 Less current portion 48.5 198.2 Long-term portion 885.2 541.4 Notes payable Notes payable consists primarily of notes payable for acquisitions (note 7). The weighted average rate of interest on the notes payable at December 31, 2018, was 3.16% (2017 – 3.46%). Notes payable may be supported by promissory notes and are due at various times from 2019 to 2021. The aggregate maturity value of the notes at December 31, 2018, was $78.2 (2017 – $61.9). At December 31, 2018, $23.2 (US$17.0) (2017 – $57.4 (US$45.7)) of the notes’ carrying amount was payable in US funds and $32.9 was payable in other foreign currencies. Revolving credit facilities and term loan On June 27, 2018, the Company amended its syndicated senior credit facilities (Credit Facilities) which, subsequent to the amendment, consist of a senior revolving credit facility in the maximum amount of $800.0 and senior term loans of $310.0 in two tranches. The amendment changed certain terms and conditions, including making all the facilities unsecured and extending the maturity date of its revolving credit facility by five years and Tranches B and C of its term loans by four years and five years respectively. Additional funds can be accessed subject to approval and under the same terms and conditions. As a result of the amendment, access to these additional funds increased from $200.0 to $400.0. The amendment was accounted for as a debt modification and a gain of $1.4 was recognized. The revolving credit facility expires on June 27, 2023. The revolving credit facility and the term loans may be repaid from time to time at the option of the Company. The facility is available for future acquisitions, working capital needs, and general corporate purposes. Tranches B and C of the term loan were drawn in Canadian funds of $150.0 (due on June 27, 2022) and $160.0 (due on June 27, 2023), respectively. Before the amendment, a third tranche (Tranche A) was drawn in Canadian funds for $150.0 and repaid on May 6, 2018. The Credit Facilities may be drawn in Canadian dollars as either a prime rate loan or a bankers’ acceptance; in US dollars as either a US base rate or a LIBOR advance; or, in the case of the revolving credit facility, in sterling or euros as a LIBOR advance; and by way of letters of credit. Depending on the form under which the credit facilities are accessed, rates of interest vary between Canadian prime, US base rate, and LIBOR or bankers’ acceptance rates, plus specified basis points. The specified basis points vary, depending on the Company’s leverage ratio (a non-IFRS At December 31, 2018, $13.6 (US$10.0) of the revolving credit facility was payable in US funds and $515.0 was payable in Canadian funds. At December 31, 2017, $106.9 (US$85.0) of the revolving credit facility was payable in US funds and $103.0 was payable in Canadian funds. At December 31, 2018 and 2017, the entire term loan was payable in Canadian funds. The average interest rate applicable at December 31, 2018, for the Credit Facilities was 4.53% (2017 – 3.20%). The funds available under the revolving credit facility are reduced by any outstanding letters of credit issued pursuant to the facility agreement. At December 31, 2018, the Company had issued outstanding letters of credit that expire at various dates before January 2020, are payable in various currencies, and total $48.0 (2017 – $51.8). These letters of credit were issued in the normal course of operations, including the guarantee of certain office rental obligations. At December 31, 2018, $223.4 (2017 – $538.3) was available in the revolving credit facility for future activities. At December 31, 2018, $23.8 (2017 – $4.3) in additional letters of credit outside of the Company’s revolving credit facility was issued and outstanding. These were issued in various currencies. Of these letters of credit, $14.7 (2017 – $4.3) expire at various dates before January 2020, and $9.1 (2017 – nil) have open ended terms. Surety facilities As part of the normal course of operations, the Company has surety facilities, primarily related to Construction Services, to accommodate the issuance of bonds for certain types of project work. At December 31, 2018, the Company issued bonds under these surety facilities: $3.5 (2017 – $0.2) in Canadian funds, $791.4 (US$580.2) (2017 – $587.1(US$467.0)) in US funds, and $4.7 (2017 – $1.0) in other foreign currencies. These bonds expire at various dates before July 2024. In accordance with the sale agreement for Construction Services, the purchaser will make reasonable efforts to arrange for the Company’s release from bonds related to construction services as soon as practicable. The purchaser has indemnified the Company for any obligations that may arise from these bonds. Finance lease obligations The Company has finance leases for software and for automotive and office equipment. At December 31, 2018, finance lease obligations included finance leases bearing interest at rates ranging from 1.40% to 5.25% (2017 – 1.4% to 5.25%). These finance leases expire at various dates before October 2021. Future minimum lease payments under finance leases and the present value of the net minimum lease payments are as follows: December 31 December 31 2018 2017 $ $ Within one year 10.0 7.4 After one year but not more than five years 9.8 3.1 Total minimum lease payments 19.8 10.5 Less amounts representing finance charges 0.3 0.1 Present value of minimum lease payments 19.5 10.4 |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2018 | |
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Provisions | 17. Provisions December 31, 2018 Provision for self- Expected insured Provision Onerous project liabilities for claims contracts losses Total $ $ $ $ $ Provision, beginning of the year 72.5 18.9 4.8 - 96.2 Current year provisions 25.1 4.0 13.3 15.6 58.0 Acquisitions - 0.8 0.6 - 1.4 Paid or otherwise settled (24.9 ) (9.8 ) (5.8 ) - (40.5 ) Impact of foreign exchange 4.3 0.9 0.3 - 5.5 77.0 14.8 13.2 15.6 120.6 Less current portion 3.8 11.3 11.7 15.6 42.4 Long-term portion 73.2 3.5 1.5 - 78.2 December 31, 2017 Provision for self- insured Provision Onerous liabilities for claims contracts Total $ $ $ $ Provision, beginning of the year 69.4 25.2 10.8 105.4 Current year provisions 23.9 2.3 0.7 26.9 Acquisitions - 0.2 - 0.2 Paid or otherwise settled (17.5 ) (6.8 ) (6.4 ) (30.7 ) Impact of foreign exchange (3.3 ) (2.0 ) (0.3 ) (5.6 ) 72.5 18.9 4.8 96.2 Less current portion 6.6 18.8 2.7 28.1 Long-term portion 65.9 0.1 2.1 68.1 In the normal conduct of operations, various legal claims are pending against the Company, alleging, among other things, breaches of contract or negligence in connection with the performance of its services. The Company carries professional liability insurance, subject to certain deductibles and policy limits, and has a captive insurance company that provides insurance protection against such claims. In some cases, the Company may be subject to claims for which it is only partly insured or completely insured. Damages assessed in connection with and the cost of defending such actions could be substantial and possibly in excess of policy limits, for which a range of possible outcomes are either not able to be estimated or not expected to be significant. However, based on advice and information provided by legal counsel, the Company’s previous experience with the settlement of similar claims, and the results of the annual actuarial review, management believes that the Company has recognized adequate provisions for probable and reasonably estimated liabilities associated with these claims. In addition, management believes that it has appropriate insurance in place to respond to and offset the cost of resolving these claims. Due to uncertainties in the nature of the Company’s legal claims, such as the range of possible outcomes and the progress of the litigation, provisions accrued involve estimates. The ultimate cost to resolve these claims may exceed or be less than that recorded in the consolidated financial statements. Management believes that the ultimate cost to resolve these claims will not materially exceed the insurance coverage or provisions accrued and, therefore, would not have a material adverse effect on the Company’s consolidated statements of income and financial position. Management regularly reviews the timing of the outflows of these provisions. Cash outflows for existing provisions are expected to occur within the next one to five years, although this is uncertain and depends on the development of the various claims. These outflows are not expected to have a material impact on the Company’s net cash flows. Provision for self-insured liabilities is determined based on an actuarial estimate. Provision for claims include an estimate for costs associated with legal claims covered by third-party insurance. Often, these legal claims are from previous acquisitions and may be indemnified by the acquiree (notes 7 and 14). Onerous contracts consist of lease exit liabilities and sublease losses. Payments for these onerous contracts will occur until 2024. The Company recorded a lease exit expense in relation to its corporate office move of approximately $12.8 in the fourth quarter of 2018. |
Employee Defined Benefit Obliga
Employee Defined Benefit Obligations | 12 Months Ended |
Dec. 31, 2018 | |
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Employee Defined Benefit Obligations | 18. Employee Defined Benefit Obligations December 31 December 31 2018 2017 $ $ Net defined benefit pension asset (10.0 ) (12.7 ) Net defined benefit pension liability 55.5 31.2 End of employment benefit plans 13.1 13.6 68.6 44.8 Defined benefit pension plans The Company sponsors defined benefit pension plans (the Plans) covering certain full-time and past employees, primarily in the United Kingdom. The benefits for the Plans are based on final compensation and years of service. The Plans are closed to new participants and have ceased all future service benefits, although the future salary link has been retained for certain continuing active members. The Plans are governed by the laws of the United Kingdom. Each pension plan has a board of trustees–consisting of four employer-appointed trustees and member-nominated trustees–that is responsible for administering the assets and defining the investment policies of the Plans. The funding objective of each pension plan is to have sufficient and appropriate assets to meet actuarial liabilities. The board of trustees reviews the level of funding required based on separate triennial actuarial valuations for funding purposes; the most recent were completed as at March 31, 2017 and February 1, 2016. The Plans required that contributions be made to separately administered funds, which are maintained independently by custodians. The Company expects to contribute $23.3 to the Plans in 2019. The Plans expose the Company to a number of risks, including changes to long-term UK interest rates and inflation expectations, movements in global investment markets, changes in life expectancy rates, foreign exchange risk, and regulatory risk from changes in UK pension legislation. The Company is also exposed to price risk because the Plans’ assets include significant investments in equities. Guaranteed annuities, purchased for certain plan members upon retirement, protect a portion of the Plans from changes in interest rates and longevity post-retirement. Post-retirement benefits that are fully matched with insurance policies have been included in both the asset and liability figures in the following tables. A liability-driven investment (LDI) strategy has been implemented to hedge a portion of the Plans’ long-term interest rate and inflation risks by investing in assets that have similar interest rate and inflation characteristics as the Plans’ liabilities. The LDI strategy relates to only a portion of the Plans’ investments; therefore, the Plans remain exposed to significant interest rate and inflation risk, along with the other risks mentioned above. The following table shows a reconciliation from the opening balances to the closing balances for the net defined benefit liability and its components: 2018 2017 Net Net Defined Fair Value Defined Defined Fair Value Defined Benefit of Plan Benefit Benefit of Plan Benefit Obligation Assets Liability Obligation Assets Liability $ $ $ $ $ $ Balance, beginning of the year 397.7 (379.2 ) 18.5 374.6 (324.1 ) 50.5 Acquisition of PBA 80.9 (64.4 ) 16.5 - - - Included in pre-tax Interest expense (income) 10.8 (10.2 ) 0.6 10.4 (8.9 ) 1.5 Past service cost 10.5 - 10.5 - - - Administrative expenses paid by the Plans - 1.7 1.7 - 1.0 1.0 21.3 (8.5 ) 12.8 10.4 (7.9 ) 2.5 Included in other comprehensive income Return on the plan assets (excluding interest income) - 17.4 17.4 - (30.1 ) (30.1 ) Actuarial (gains) losses arising from: Changes in demographic assumptions (0.8 ) - (0.8 ) (8.1 ) - (8.1 ) Changes in financial assumptions (9.3 ) - (9.3 ) 29.5 - 29.5 Experience adjustments 5.5 - 5.5 (5.3 ) - (5.3 ) Effect of movement in exchange rates 11.5 (10.3 ) 1.2 10.2 (9.4 ) 0.8 6.9 7.1 14.0 26.3 (39.5 ) (13.2 ) Other Benefits paid (12.5 ) 12.3 (0.2 ) (13.6 ) 13.6 - Contributions by employer - (16.1 ) (16.1 ) - (21.3 ) (21.3 ) (12.5 ) (3.8 ) (16.3 ) (13.6 ) (7.7 ) (21.3 ) Balance, end of the year 494.3 (448.8 ) 45.5 397.7 (379.2 ) 18.5 December 31 December 31 2018 2017 $ $ Included in the statement of financial position as: Net defined benefit asset (10.0 ) (12.7 ) Net defined benefit liability 55.5 31.2 45.5 18.5 The Company has an unconditional right to derive economic benefit from the above surplus and has therefore recognized a net defined benefit asset. December 31 December 31 2018 2017 Note $ $ Included in the statement of income as: Continuing operations - administrative and marketing expenses 6.6 1.5 Discontinued operations 8 6.2 1.0 12.8 2.5 On October 26, 2018, the United Kingdom high court issued a ruling that resulted in an amendment to the Plans to equalize guaranteed minimum pension benefits between genders and increased the Company’s defined benefit obligation by $10.5. Corresponding past service costs were recognized in the consolidated statements of income of which $4.7 was recognized in continuing operations and $5.8 in discontinued operations. Major categories of plan assets, measured at fair value, are as follows: December 31 December 31 2018 2017 $ $ Cash and cash equivalents 3.3 2.9 Investments quoted in active markets (mutual, exchange-traded, and pooled funds): Equities 138.1 110.1 Corporate bonds and fixed income 57.5 45.0 Pooled fund liability-driven investments 15.5 - Property funds 10.6 6.6 Unquoted investments: Annuity policies 110.8 102.9 Insurance contract: Equities and property 80.2 69.5 Corporate bonds 19.2 22.7 Cash and cash equivalents 13.6 19.5 Fair value of the plan assets 448.8 379.2 The investment policy for the Plans is to balance risk and return. Approximately 50% of plan assets are invested in mutual, exchange-traded, and pooled funds (fair valued using quoted market prices) or held in cash. Approximately 25% of plan assets are held in annuity policies that are purchased for certain plan members upon retirement. The fair value of these policies reflects the value of the obligation for these retired plan members and is determined using actuarial techniques and guaranteed annuity rates. The remaining assets of the Plans are invested in a wholly insured with-profits insurance contract with a major insurance company. Contributions made to this contract are invested in insurance policies administered by third parties, which provide for a declared rate of interest. The yields on the investments are intended to provide for a steady return on the assets, that is not wholly dependent on stock market fluctuations, to reflect the long-term performance of the investment. The insurance contract is fair valued using valuation techniques with market observable inputs. The present value of the defined benefit obligation is determined by discounting the estimated future cash flows using actuarial valuations. The principal assumptions used in determining pension benefit obligations for the Plans are shown below (expressed as weighted averages): December 31 December 31 2018 2017 Discount rate 2.77% 2.47% Rate of increase in salaries 4.47% 3.51% Rate of inflation, pre-retirement 2.55% 2.40% Rate of increase in future pensions payment 3.51% 3.53% Life expectancy at age 65 for current pensioners: Male 22 years 22 years Female 24 years 24 years Life expectancy at age 65 for current members aged 40 or 45: Male 23 years 23 years Female 25 years 26 years At December 31, 2018, the weighted average duration of the defined benefit obligation was 16 years (2017 – 15 years). Quantitative sensitivity analyses showing the impact on the defined benefit obligation for significant assumptions are as follows: December 31 December 31 2018 2017 Increase Decrease Increase Decrease $ $ $ $ Change in discount rate by 0.25% (15.6 ) 17.0 (11.2 ) 11.8 Change in pre-retirement 5.0 (4.8 ) 3.9 (3.8 ) Change in salary growth by 0.25% 0.9 (0.8 ) 0.5 (0.5 ) Change in pension increase assumption by 0.25% 8.4 (8.1 ) 6.4 (6.1 ) Increase of one year in the life expectancy 9.4 n/a 6.0 n/a The sensitivity analyses above have been determined based on a method that extrapolates the impact on the defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting year. The sensitivity analyses were based on changing a significant assumption and keeping all other assumptions constant and may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation of one another. End of employment benefit plans The liability for end of employment benefit plans represents the Company’s estimated obligations for long service leave and annual leave that is legislated in some countries in which the Company operates. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
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Other Liabilities | 19. Other Liabilities December 31 December 31 2018 2017 Note $ $ Lease inducement benefits 111.2 57.2 Deferred share units payable 22 9.0 15.5 Other cash-settled share-based compensation 22 3.8 7.0 Liability for uncertain tax positions 35.0 31.3 Other 4.6 16.3 163.6 127.3 Less current portion 23.2 26.2 Long-term portion 140.4 101.1 |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2018 | |
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Commitments | 20. Commitments The Company has various operating lease commitments, including commitments for annual basic premises rent under long-term leases and equipment and vehicle operating leases. The Company also has purchase obligations for cloud services, software support, and equipment. Depending on the agreement, the Company may enter into renewal options or escalation clauses. The Company’s commitments including future minimum lease payments payable under noncancellable operating leases as at December 31, 2018, are as follows: $ Within one year 252.3 After one year but not more than five years 638.5 More than five years 400.0 Total commitments 1,290.8 Variable payments and non-lease (320.3 ) Purchase obligations (68.0 ) Total minimum lease payments 902.5 The premises rental expense for the year ended December 31, 2018, was $181.7 (2017 – $178.1). Sublease rental income for the year ended December 31, 2018, was $7.2 (2017 – $7.4). Future minimum sublease payments expected to be received under noncancellable sublease agreements as at December 31, 2018, are $19.2 (2017 – $16.8). |
Contingencies and Guarantees
Contingencies and Guarantees | 12 Months Ended |
Dec. 31, 2018 | |
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Contingencies and Guarantees | 21. Contingencies and Guarantees The nature of the Company’s legal claims and the provisions recorded for these claims are described in note 17. Although the Company accrues adequate provisions for probable legal claims, it has contingent liabilities relating to reported legal incidents that, based on current known facts, are not probable to result in future cash outflows. The Company is monitoring these incidents and will accrue no provision until further information results in a situation in which the criteria required to record a provision is met. Due to the nature of these incidents, such as the range of possible outcomes and the possibility of litigation, it is not practicable for management to estimate the financial effects of these incidents, the amount and timing of future outflows, and the possibility of any reimbursement of these outflows. In the normal course of business, the Company provides indemnifications and, in limited circumstances, surety bonds and guarantees. These are often standard contractual terms and are provided to counterparties in transactions such as purchase and sale contracts for assets or shares, service agreements, and leasing transactions. The Company also indemnifies its directors and officers against any and all claims or losses reasonably incurred in the performance of their service to the Company to the extent permitted by law. These indemnifications may require the Company to compensate the counterparty for costs incurred as a result of various events, including changes to or in the interpretation of laws and regulations, or as a result of damages or statutory sanctions that may be suffered by the counterparty as a consequence of the transaction. The terms of these indemnifications and guarantees will vary based on the contract, the nature of which prevents the Company from making a reasonable estimate of the maximum potential amount that it could be required to pay to counterparties. In most cases, the potential payment amount of an outstanding indemnification or guarantee is limited to the remaining cost of work to be performed under service contracts. The Company carries liability insurance, subject to certain deductibles and policy limits, that provides protection against certain insurable indemnifications. Historically, the Company has not made any material payments under such indemnifications or guarantees, and no amounts have been accrued in the consolidated financial statements with respect to these indemnifications and guarantees. |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2018 | |
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Share Capital | 22. Share Capital Authorized Unlimited Common shares, with no par value Unlimited Preferred shares issuable in series, with attributes designated by the board of directors Common shares The Company had a Normal Course Issuer Bid (NCIB) enabling it to purchase up to 2,278,747 common shares during the period November 14, 2017, to November 13, 2018. On November 11, 2018, the Company renewed its NCIB, enabling it to purchase up to 2,273,879 common shares during the period November 14, 2018, to November 13, 2019. In addition, the Company entered into an Automatic Share Purchase Plan (ASPP) with a broker that allows the purchase of common shares for cancellation under the NCIB at any time during predetermined trading blackout periods. Such purchases are determined by the broker in its sole discretion based on parameters established by the Company under the ASPP. As at December 31, 2018, no liability was recorded in the Company’s consolidated statements of financial position in connection with the ASPP. During 2018, 2,470,560 (2017 – 465,713) common shares were repurchased for cancellation pursuant to the NCIB at a cost of $76.7 (2017 – $14.4). Of this amount, $19.1 (2017 – $3.6), and $0.5 (2017 – nil) reduced the share capital and contributed surplus, and $57.1 (2017 – $10.8) was charged to retained earnings. During 2018, the Company recognized a share-based compensation expense of $5.3 (2017 – $9.5) in administrative and marketing expenses in the consolidated statements of income. Of the amount expensed, $5.6 (2017 – $4.9) related to the amortization of the fair value of options granted and was decreased by $0.3 (2017 – $4.6) related to the cash-settled share-based compensation (DSUs and PSUs). The fair value of the amortized portion of the options granted was reflected through contributed surplus, and the cash-settled share-based compensation was reflected through other liabilities. Upon the exercise of share options for which a share-based compensation expense has been recognized, the cash paid, together with the related portion of contributed surplus, is credited to share capital. Dividends Holders of common shares are entitled to receive dividends when declared by the Company’s board of directors. The table below describes the dividends declared and recorded in the consolidated financial statements in 2018. Dividend per Share Paid Date Declared Record Date Payment Date $ $ February 21, 2018 March 29, 2018 April 12, 2018 0.1375 15.7 May 9, 2018 June 29, 2018 July 12, 2018 0.1375 15.6 August 7, 2018 September 28, 2018 October 11, 2018 0.1375 15.7 November 7, 2018 December 28, 2018 January 10, 2019 0.1375 - At December 31, 2018, trade and other payables included $15.4 (2017 – $14.3) related to the dividends declared on November 7, 2018. Share-based payment transactions The Company has a long-term incentive program that uses share options and PSUs. The Company also has a DSU plan for the board of directors. a) Share options The Company has granted share options to officers and employees to purchase 4,987,542 shares at prices from $14.88 to $32.98 per share. These options expire on dates between February 28, 2019, and May 15, 2023. For the year ended For the year ended December 31 December 31 2018 2017 Weighted Average Weighted Average Exercise Price Exercise Price Shares per Share Shares per Share # $ # $ Share options, beginning of the year 4,426,237 29.84 3,655,020 28.33 Granted 1,112,779 32.98 1,229,689 31.75 Exercised (338,989 ) 20.40 (376,160 ) 21.09 Forfeited (212,485 ) 31.49 (82,312 ) 31.57 Share options, end of the year 4,987,542 31.11 4,426,237 29.84 The options held by officers and employees at December 31, 2018, were as follows: Options Outstanding Options Exercisable Weighted Weighted Weighted Average Weighted Average Average Exercise Average Exercise Range of Exercise Remaining Price per Shares Remaining Price per Prices per Share Outstanding Contractual Share Exercisable Contractual Share $ # Life in Years $ # Life in Years $ 14.88 142,540 0.16 14.88 142,540 0.16 14.88 20.88 364,526 1.16 20.88 364,526 1.16 20.88 31.75 32.98 4,480,476 3.21 32.46 2,401,323 2.75 32.40 14.88 32.98 4,987,542 2.98 31.11 2,908,389 2.43 30.10 The fair value of options granted is determined at the date of grant using the Black-Scholes option-pricing model. The model was developed to use when estimating the fair value of traded options that have no vesting restrictions and are fully transferable. Option valuation models require the input of highly subjective assumptions, including expected share price volatility and expected hold period to exercise. In 2018, the Company granted 1,112,779 (2017 – 1,229,689) share options. The estimated fair value of options granted at the share market price on the grant date was $5.73 per share (2017 – $5.03) and was determined using the weighted average assumptions indicated below: 2018 Volatility in the price of the Company’s shares (%) 24.12 24.13 Risk-free interest rate (%) 2.10 0.81 Expected hold period to exercise (years) 3.50 3.50 Dividend yield (%) 1.668 1.575 Exercise price ($) 32.98 31.75 The expected volatility was based on the historical volatility of the Company’s shares over a period commensurate with the expected hold period of the share options. The risk-free interest rate for the expected hold period of the options was based on the yield available on government bonds, with an approximate equivalent remaining term at the time of the grant. Historical data was used to estimate the expected hold period before exercising the options. The options have a contractual life of five years. A summary of the status of the Company’s non-vested Number of Shares Weighted Average Fair Value per Share # $ Non-vested 2,139,320 5.28 Granted 1,112,779 5.73 Vested (1,000,441 ) 5.24 Forfeited (172,505 ) 5.40 Non-vested 2,079,153 5.53 At December 31, 2018, a total compensation cost of $5.2 (2017 – $4.8) relating to the Company’s share option plans remained unrecognized. This cost is expected to be recognized over a weighted average period of 1.06 years (2017 – 1.06 years). b) Performance share units Under the Company’s long-term incentive program, certain members of the senior leadership team may be granted PSUs. These units are adjusted for dividends as they arise, based on the number of units held on the record date. PSUs vest upon completing a three-year service condition that starts on the grant date. The number of units that vest is subject to a percentage that can range from 0% to 200%, depending on achieving two equally weighted three-year performance objectives based on net income growth and return on equity. For units that vest, unit holders receive a cash payment based on the closing price of the Company’s common shares on the third anniversary date of issue. For PSUs issued in 2018 onward, the cash payment is based on the weighted-by During 2018, 193,385 PSUs were paid at a value of $3.2 and 280,884 PSUs were issued (2017 – 284,777). Also, 29,668 PSUs were forfeited (2017 – 19,617). At December 31, 2018, 744,081 PSUs were outstanding at a fair value of $6.0 (2017 – 686,250 PSUs were outstanding at a fair value of $14.3). c) Deferred share units The directors of the board receive DSUs and annually elect to receive an additional fixed value compensation in the form of either DSUs or cash payment, less withholding amounts, to purchase common shares. A DSU is equal to one common share. These units vest on their grant date and are paid in cash to the directors of the board on their death or retirement. They are valued at the weighted-by-volume During 2018, 46,356 DSUs (2017 – 38,625) were issued and 178,866 DSUs (2017 – 66,021) were paid at a value of $6.2 (2017 – $2.1). At December 31, 2018, 306,459 DSUs were outstanding at a fair value of $9.0 (2017 – 438,969 DSUs were outstanding at a fair value of $15.5). |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
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Fair Value Measurements | 23. Fair Value Measurements When determining fair value, the Company considers the principal or most advantageous market in which it would transact and the assumptions that market participants would use when pricing the asset or liability. The Company measures certain financial assets at fair value on a recurring basis. During 2018, no change was made to the method of determining fair value. For financial instruments recognized at fair value on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by reassessing categorizations at the end of each reporting period. During 2018, no transfers were made between levels 1 and 2 of the fair value measurements. The following table summarizes the Company’s fair value hierarchy (note 4h) for those assets and liabilities measured and adjusted to fair value on a recurring basis at December 31, 2018: Carrying Quoted Prices in (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Note $ $ $ $ Investments held for self-insured 14 144.2 - 144.2 - Investments held for self-insured liabilities consist of government and corporate bonds, and equity securities. Fair value of equities is determined using the reported net asset value per share of the investment funds. The funds derive their value from the observable quoted prices of the equities owned that are traded in an active market. Fair value of bonds is determined using observable prices of debt with characteristics and maturities that are similar to the bonds being valued. The following table summarizes the Company’s fair value hierarchy for those liabilities that were not measured at fair value but are required to be disclosed at fair value on a recurring basis as at December 31, 2018: Fair Value Quoted Prices in Significant Other Significant Unobservable Inputs Note $ $ $ $ Notes payable 16 76.9 - 76.9 - The fair value of notes payable is determined by calculating the present value of future payments using observable benchmark interest rates and credit spreads for debt with similar characteristics and maturities. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
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Financial Instruments | 24. Financial Instruments Credit risk Credit risk is the risk of financial loss to the Company if a counterparty fails to meet its contractual obligation. Assets that subject the Company to credit risk consist primarily of cash and cash equivalents, cash in escrow, trade and other receivables, unbilled receivables, contract assets, investments held for self-insured liabilities, holdbacks on long-term contracts, and indemnifications. The Company’s maximum amount of credit risk exposure is limited to the carrying amount of these assets, which, at December 31, 2018, was $1,681.3 (2017 – $1,667.4). The Company limits its exposure to credit risk by placing its cash and cash equivalents in high-quality credit institutions. Investments held for self-insured liabilities include corporate bonds, equity securities, and term deposits. The Company believes the risk associated with corporate bonds, equity securities, and term deposits is mitigated by the overall quality and mix of the Company’s investment portfolio. The Company mitigates the risk associated with trade and other receivables, unbilled receivables, contract assets, and holdbacks on long-term contracts by providing services to diverse clients in various industries and sectors of the economy. The Company does not concentrate its credit risk in any particular client, industry, or economic or geographic sector. In addition, management reviews trade and other receivables past due on an ongoing basis to identify matters that could potentially delay the collection of funds at an early stage. The Company monitors trade receivables to an internal target of days of revenue in trade receivables, which, at December 31, 2018, was 66 days (2017 – 55 days). The Company applies the simplified approach to trade and other receivables, unbilled receivables, contract assets, and holdbacks and recognizes a loss allowance provision based on lifetime expected credit losses (ECLs). The loss allowance provision is based on the Company’s historical collection and loss experience and incorporates forward-looking factors, where appropriate. Total 1–30 31–60 61–90 91–120 121+ $ $ $ $ $ $ Expected loss rate 0.07% 0.10% 0.22% 0.43% 0.75% Gross carrying amount 1,356.9 936.5 228.7 63.8 43.2 84.7 Loss allowance provision, end of the year 1.9 0.7 0.2 0.1 0.2 0.7 During 2018, $0.8 of trade receivables were written off and the Company had no recoveries from the collection of cash flows previously written off. Bonds carried at FVOCI are considered to be low risk; therefore, the impairment provision is determined to be the 12-month Substantially all bonds held by the Company are investment grade, and none are past due. The Company monitors changes in credit risk by tracking published external credit ratings. At December 31, 2018, the ECL on trade and other receivables was $1.5 and $0.4 related to unbilled receivables, contract assets, and holdbacks. Liquidity risk Liquidity risk is the risk that the Company will not be able to meet obligations associated with its financial liabilities as they fall due. The Company meets its liquidity needs through various sources, including cash generated from operations, long- and short-term borrowings from its $800.0 revolving credit facility and term loan, and the issuance of common shares. The unused capacity of the revolving credit facility at December 31, 2018, was $223.4 (2017 – $538.3). The Company believes that it has sufficient resources to meet obligations associated with its financial liabilities. Liquidity risk is managed according to the Company’s internal guideline of maintaining a net debt to EBITDA ratio of less than 2.5 (defined in note 25). The timing of undiscounted cash outflows relating to financial liabilities is outlined in the table below: Total Less than 1 Year 1 to 3 Years After 3 Years $ $ $ $ December 31, 2018 Trade and other payables 567.2 567.2 - - Long-term debt 935.4 49.1 196.7 689.6 Other financial liabilities 3.1 1.1 0.3 1.7 Total contractual obligations 1,505.7 617.4 197.0 691.3 December 31, 2017 Trade and other payables 704.6 704.6 - - Long-term debt 740.8 198.4 541.4 1.0 Other financial liabilities 10.9 1.8 7.5 1.6 Total contractual obligations 1,456.3 904.8 548.9 2.6 In addition to the financial liabilities listed in the table, the Company will pay interest on the revolving credit facility and the term loan outstanding in future periods. Further information on long-term debt is included in note 16. Interest rate risk Interest rate risk is the risk that the fair value of the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is subject to interest rate cash flow risk to the extent that its revolving credit facility and term loan are based on floating interest rates. The Company is also subject to interest rate pricing risk to the extent that its investments held for self-insured liabilities include fixed-rate government and corporate bonds and term deposits. If the interest rate on the Company’s revolving credit facility and term loan balances at December 31, 2018, was 0.5% higher, with all other variables held constant, net income would decrease by $3.2. If it was 0.5% lower, an equal and opposite impact on net income would occur. Foreign exchange risk Foreign exchange risk is the risk that the fair value of the future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Foreign exchange gains or losses in net income arise on the translation of foreign currency–denominated assets and liabilities (such as trade and other receivables, trade and other payables, and long-term debt) held in the Company’s Canadian operations and foreign subsidiaries. The Company minimizes its exposure to foreign exchange fluctuations on these items by matching foreign currency assets with foreign currency liabilities. Foreign exchange fluctuations may also arise on the translation of the Company’s US-based Price risk The Company’s investments held for self-insured liabilities are exposed to price risk arising from changes in the market values of the equity securities. This risk is mitigated because the portfolio of equity funds is monitored regularly and appropriately diversified. A 1.0% increase in equity prices at December 31, 2018, would increase the Company’s income by $0.3. A 1.0% decrease would have an equal and opposite impact on income. |
Capital Management
Capital Management | 12 Months Ended |
Dec. 31, 2018 | |
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Capital Management | 25. Capital Management The Company’s objective when managing capital is to provide sufficient capacity to cover normal operating and capital expenditures, acquisition growth, and payment of dividends, while maintaining an adequate return for shareholders. The Company defines its capital as the aggregate of long-term debt (including the current portion) and shareholders’ equity. The Company manages its capital structure to maintain the flexibility to adjust to changes in economic conditions and acquisition growth and to respond to interest rate, foreign exchange, credit, and other risks. To maintain or adjust its capital structure, the Company may purchase shares for cancellation pursuant to NCIBs, issue new shares, or raise or retire debt. The Company periodically monitors capital by maintaining a net debt to EBITDA ratio below 2.5. This target is established annually and monitored quarterly and is the same as in 2017. Net debt to EBITDA ratio, a non-IFRS December 31, 2018, was 2.42 (2017 – 1.16), calculated on a trailing four-quarter basis. Going forward, there may be occasions when the Company exceeds its target by completing acquisitions that increase its debt level above the target for a period of time. The Company is subject to restrictive covenants related to its Credit Facilities (measured quarterly). These covenants include but are not limited to a leverage ratio and an interest coverage ratio (non-IFRS The Company was in compliance with the covenants under these agreements as at and throughout the year ended December 31, 2018. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
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Income Taxes | 26. Income Taxes The effective income tax rate for continuing operations in the consolidated statements of income differs from statutory Canadian tax rates as a result of the following: For the year ended 2018 2017 % % Income tax expense at statutory Canadian rates 27.1 27.0 Increase (decrease) resulting from: Transition tax related to US tax reform (4.4 ) 11.8 Rate differential on foreign income (3.1 ) 4.0 Research and development and other tax credits (0.7 ) (2.7 ) Unrecognized tax losses and temporary differences 2.0 (0.5 ) Adjustments in respect of prior years and other 2.6 0.4 Non-deductible non-taxable 0.8 (3.5 ) Reorganization of corporate structure - 1.2 Disposition of a subsidiary - 30.3 Statutory rate change on deferred tax balances - (4.8 ) 24.3 63.2 Major components of current income tax expense from continuing operations are as follows: For the year ended 2018 2017 $ $ Ongoing operations 64.5 34.4 Transition tax related to US tax reform (10.0 ) 31.2 Disposition of subsidiary - 124.1 Reorganization of corporate structure - 3.2 Total current income tax expense 54.5 192.9 Major components of deferred income tax expense (recovery) from continuing operations are as follows: For the year ended 2018 2017 $ $ Unrecognized tax losses and temporary differences 2.7 0.4 Origination and reversal of timing differences (1.9 ) 16.3 Recovery arising from previously unrecognized tax assets (0.2 ) (1.6 ) Change of tax rates (0.1 ) 0.6 Revaluation due to US tax reform - (12.6 ) Disposition of a subsidiary - (29.5 ) Total deferred income tax expense (recovery) 0.5 (26.4) Significant components of net deferred income tax assets (liabilities) are as follows: December 31 December 31 2018 2017 $ $ Deferred income tax assets (liabilities) Carrying value of intangible assets in excess of tax cost (86.1 ) (78.8 ) Carrying value of property and equipment in excess of tax cost (7.3 ) (3.6 ) Cash to accrual adjustment on acquisition of US subsidiaries (1.2 ) (2.5 ) Differences in timing of taxability of revenue and deductibility of expenses 33.4 36.1 Loss and tax credit carryforwards 16.7 9.6 Employee defined benefit plan 7.7 3.3 Other 3.7 4.5 (33.1 ) (31.4 ) The following is a reconciliation of net deferred tax assets (liabilities): December 31 December 31 2018 2017 $ $ Balance, beginning of the year (31.4 ) (53.4 ) Discontinued operations (8.6 ) - Impact of foreign exchange (2.3 ) 1.8 Adoption of IFRS 15 and IFRS 9 6.7 - Tax effect on other comprehensive income 2.0 (2.4 ) Tax recovery during the year recognized in net income 1.3 26.4 Deferred taxes acquired through business combinations (0.7 ) (0.8 ) Other (0.1 ) (3.0 ) Balance, end of the year (33.1 ) (31.4 ) At December 31, 2018, all loss carryforwards and deductible temporary differences available to reduce the taxable income of Canadian, US, and foreign subsidiaries were recognized in the consolidated financial statements, except as noted below: December 31 December 31 2018 2017 $ $ Deductible temporary differences 13.0 12.8 Non-capital Expire (2019 to 2038) 27.4 16.3 Never expire 73.4 72.2 100.8 88.5 Capital tax losses: Never expire 9.3 5.5 123.1 106.8 United States tax reform The United States enacted tax reform legislation through the Tax Cuts and Jobs Act (the Tax Act). In response to the US tax reform, at December 31, 2017, the Company recorded a $31.2 one-time On August 1, 2018, the U.S. Treasury Department and Internal Revenue Service (IRS) released proposed regulations under Section 965. These regulations provided guidance relating to the one-time Although the Company is subject to the 21.0% federal tax rate, effective January 1, 2018, the Company also continues to assess other areas of the Tax Act for significant impacts on its estimated average annual effective tax rate and accounting policies, such as the base erosion anti-abuse tax, limitations on interest expense deductions, foreign-derived intangible income deduction, and tax on global intangible low-taxed |
Net Interest Expense and Other
Net Interest Expense and Other Net Finance Expense | 12 Months Ended |
Dec. 31, 2018 | |
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Net Interest Expense and Other Net Finance Expense | 27. Net Interest Expense and Other Net Finance Expense Net interest expense For the year ended December 31 2018 2017 $ $ Interest on notes payable 2.1 2.9 Interest on revolving credit facilities 28.4 24.4 Interest on finance leases 0.5 0.1 Other 0.6 1.7 Total interest expense 31.6 29.1 Interest income on FVOCI investment debt securities (2.5 ) (2.4 ) Other (0.4 ) (0.8 ) Total interest income (2.9 ) (3.2 ) Net interest expense 28.7 25.9 Other net finance expense For the year ended December 31 2018 2017 $ $ Realized loss on sale of FVOCI investment debt securities 0.3 - Amortization on FVOCI investment debt securities 0.5 0.6 Bank charges 5.6 8.6 Total other finance expense 6.4 9.2 Realized gain on sale of FVOCI investment debt securities - (1.4 ) Derecognition of notes payable (0.7 ) (0.7 ) Other net finance expense 5.7 7.1 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2018 | |
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Revenue | 28. Revenue Disaggregation of revenue The Company provides professional consulting services in engineering, architecture, interior design, landscape architecture, surveying, environmental sciences, project management, and project economics throughout North America and globally. The Company has five specialized business operating units within Consulting Services: Buildings, Energy & Resources, Environmental Services, Infrastructure, and Water. Consulting Services revenue is derived principally under fee-for-service The Company’s Construction Services operations were disposed of during the year and reported as discontinued operations (note 8). Contract balances The following table provides information about receivables, contract assets, and deferred revenue (contract liabilities) from contracts with customers: December 31 January 1 $ $ Receivables Trade receivables and holdbacks 821.9 816.1 Unbilled receivables 384.6 315.6 Contract assets 59.7 69.2 Deferred revenue (174.4 ) (196.4 ) Total Consulting Services 1,091.8 1,004.5 Significant increases (decreases) in contract assets and deferred revenue in the year are as follows: For the year ended December 31, 2018 Contract Assets Deferred Revenue Note $ $ Acquisitions 0.7 7.2 Discontinued operations and disposition of subsidiaries 8 (15.3 ) (59.3 ) Revenue recognized in 2018 and included in deferred revenue at January 1, 2018 was $196.4. Revenue recognized in 2018 from performance obligations satisfied (or partially satisfied) in prior years was less than 5% of the Company’s gross revenue from continuing operations. Remaining performance obligations (backlog) The aggregate amount of estimated revenue (note 5) related to performance obligations that are unsatisfied (or partially unsatisfied) as at December 31, 2018, was $4,179. This amount includes all contracts with customers but excludes variable consideration that is not highly probable. The Company expects to recognize approximately 77% of this revenue as contracts are completed over the next 18 months, with the remainder recognized thereafter. |
Employee Costs from Continuing
Employee Costs from Continuing Operations | 12 Months Ended |
Dec. 31, 2018 | |
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Employee Costs from Continuing Operations | 29. Employee Costs from Continuing Operations For the year ended December 31 2018 2017 Note $ $ Wages, salaries, and benefits 2,358.8 2,220.8 Pension costs 83.3 67.7 Share-based compensation 22 5.3 9.5 Total employee costs 2,447.4 2,298.0 Direct labor 1,540.0 1,411.9 Indirect labor 907.4 886.1 Total employee costs 2,447.4 2,298.0 Direct labor costs include salaries, wages, and related fringe benefits for labor hours directly associated with the completion of projects. Bonuses, share-based compensation, termination payments, and salaries, wages, and related fringe benefits for labor hours not directly associated with the completion of projects are included in indirect labor costs. Indirect labor costs are included in administrative and marketing expenses in the consolidated statements of income. Included in pension costs is $70.5 (2017 – $65.1) related to defined contribution plans. |
Other Expense (Income)
Other Expense (Income) | 12 Months Ended |
Dec. 31, 2018 | |
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Other Expense (Income) | 30. Other Expense (Income) For the year ended December 31 2018 2017 $ $ Loss on sale of property and equipment 1.7 0.2 Unrealized loss on equity securities 4.9 - Net realized gain on equity securities (0.9 ) (9.6 ) Other (5.6 ) (0.6 ) Total other expense (income) 0.1 (10.0 ) |
Weighted Average Shares Outstan
Weighted Average Shares Outstanding | 12 Months Ended |
Dec. 31, 2018 | |
Investments accounted for using equity method [abstract] | |
Weighted Average Shares Outstanding | 31. Weighted Average Shares Outstanding The number of basic shares outstanding and diluted common shares, calculated on a weighted average basis, is as follows: December 31 December 31 2018 2017 # # Basic shares outstanding 113,733,118 113,991,507 Share options (dilutive effect of 507,066 options; 2017 – 4,426,237 options) 89,200 361,413 Diluted shares 113,822,318 114,352,920 At December 31, 2018, 4,480,476 options were antidilutive. At December 31, 2017, no options were antidilutive. |
Cash Flow Information
Cash Flow Information | 12 Months Ended |
Dec. 31, 2018 | |
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Cash Flow Information | 32. Cash Flow Information A reconciliation of liabilities arising from financing activities for the year ended December 31, 2018, is as follows: Statement of Cash Flows Non-Cash Changes January 1 Repayments Foreign December 31 2018 Proceeds or Payments Exchange Other 2018 $ $ $ $ $ $ Revolving credit facilities 209.9 432.3 (120.0 ) 6.4 - 528.6 Term loan 458.5 - (150.0 ) - 0.3 308.8 Finance lease obligations 10.4 - (14.8 ) 1.4 22.5 19.5 Dividends to shareholders 14.3 - (61.3 ) - 62.4 15.4 Total liabilities from financing activities 693.1 432.3 (346.1 ) 7.8 85.2 872.3 |
Related-Party Disclosures
Related-Party Disclosures | 12 Months Ended |
Dec. 31, 2018 | |
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Related-Party Disclosures | 33. Related-Party Disclosures At December 31, 2018, the Company had subsidiaries and structured entities that it controlled and included in its consolidated financial statements. The Company also enters into related-party transactions through a number of joint ventures, associates, and joint operations. These transactions involve providing or receiving services entered into in the normal course of business. The following lists the most significant entities where the Company owns 100% of the voting and restricted securities. Name Jurisdiction of Incorporation 3221969 Nova Scotia Company Nova Scotia, Canada International Insurance Group Inc. Barbados Mustang Acquisition Holdings Inc. Delaware, United States MWH International, Inc. Delaware, United States Stantec Australia Pty Ltd Australia Stantec Consulting Caribbean Ltd. Barbados Stantec Consulting International LLC Arizona, United States Stantec Consulting International Ltd. Canada Stantec Consulting Ltd./Stantec Experts-conseils ltée Canada Stantec Consulting Michigan Inc. Michigan, United States Stantec Consulting Services Inc. New York, United States Stantec Delaware II LLC Delaware, United States Stantec Holdings (2017) Limited United Kingdom Stantec Holdings II Ltd. Alberta, Canada Stantec New Zealand New Zealand Stantec Technology International Inc. Delaware, United States Stantec UK Limited United Kingdom There are no significant restrictions on the Company’s ability to access or use assets or to settle liabilities of its subsidiaries. Financial statements of all subsidiaries are prepared as at the same reporting date as the Company’s. Structured entities At December 31, 2018, the Company had management agreements in place with several entities to provide various services, including architecture, engineering, planning, and project management. These entities have been designed so that voting rights are not the dominant factor in deciding who controls the entity. Each entity has a management agreement in place that provides the Company with control over the relevant activities of the entity where it has been assessed that the Company is exposed to variable returns of the entity and can use its power to influence the variable returns. The Company receives a management fee generally equal to the net income of the entities and has an obligation regarding the liabilities and losses of the entities. Based on these facts and circumstances, management determined that the Company controls these entities and they are consolidated in the Company’s consolidated financial statements. The Company does not have any unconsolidated structured entities. The following lists the most significant structured entities that are consolidated in the Company’s financial statements. Name Jurisdiction of Incorporation Stantec Architecture Inc. North Carolina, United States Stantec Architecture Ltd. Canada Stantec Geomatics Ltd. Alberta, Canada Stantec International Inc. Pennsylvania, United States Joint operations The Company also conducted its business through the following significant joint operations. Ownership Name Interests Jurisdiction Stantec/SG Joint Venture 65% United States Starr ll, a Joint Venture 48% United States Joint ventures and associates The Company enters into transactions through its investments in joint ventures and associates. The following table provides the total dollar amount for transactions that have been entered into with related parties. For the year ended December 31, 2018 For the year ended December 31, 2017 Sales to Related Parties $ Distributions Paid $ Amounts Owed by Related Parties $ Sales to Related Parties $ Distributions Paid $ Amounts Owed $ Joint ventures 39.8 0.3 10.2 40.6 1.3 11.1 Associates 4.3 0.2 1.0 10.2 0.7 0.8 Compensation of key management personnel and directors of the Company For the year ended December 31 Note 2018 $ 2017 $ Salaries and other short-term employment benefits 9.0 11.3 Directors’ fees 0.8 0.8 Share-based compensation 22 0.9 4.0 Total compensation 10.7 16.1 The Company’s key management personnel include its CEO, chief operating officer, chief business officer, chief financial officer, chief practice and project officer, and executive vice presidents. The amounts disclosed in the table are the amounts recognized as an expense related to key management personnel and directors during the year. Share-based compensation includes the fair value adjustment for the year. |
Segmented Information
Segmented Information | 12 Months Ended |
Dec. 31, 2018 | |
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Segmented Information | 34. Segmented Information The Company provides comprehensive professional services in the area of infrastructure and facilities throughout North America and globally. It considers the basis on which it is organized, including geographic areas, to identify its reportable segments. Operating segments of the Company are defined as components of the Company for which separate financial information is available and are evaluated regularly by the chief operating decision maker when allocating resources and assessing performance. The chief operating decision maker is the CEO of the Company, and the Company’s operating segments are based on its regional geographic areas. Segment performance is evaluated by the CEO based on gross margin and is measured consistently with gross margin in the consolidated financial statements. Inter-segment revenues are eliminated on consolidation and reflected in the Adjustments and Eliminations column. Reportable segments from continuing operations Comparative figures in the table below were reclassified due to a realignment between the Consulting Services – United States and Consulting Services – Global reportable segments. For the year ended December 31, 2018 Consulting Services Adjustments Total and Canada United States Global Segments Eliminations Consolidated $ $ $ $ $ $ Total gross revenue 1,311.0 2,365.9 742.7 4,419.6 (135.8 ) 4,283.8 Less inter-segment revenue 35.2 31.3 69.3 135.8 (135.8 ) - Gross revenue from external customers 1,275.8 2,334.6 673.4 4,283.8 - 4,283.8 Less subconsultants and other direct expenses 188.0 560.2 180.4 928.6 - 928.6 Total net revenue 1,087.8 1,774.4 493.0 3,355.2 - 3,355.2 Gross margin 557.0 982.5 275.7 1,815.2 - 1,815.2 For the year ended December 31, 2017 Consulting Services Adjustments Total and Canada United States Global Segments Eliminations Consolidated $ $ $ $ $ $ Total gross revenue 1,221.9 2,254.0 664.7 4,140.6 (111.9 ) 4,028.7 Less inter-segment revenue 30.2 28.0 53.7 111.9 (111.9 ) - Gross revenue from external customers 1,191.7 2,226.0 611.0 4,028.7 - 4,028.7 Less subconsultants and other direct expenses 164.1 511.3 179.5 854.9 - 854.9 Total net revenue 1,027.6 1,714.7 431.5 3,173.8 - 3,173.8 Gross margin 551.5 958.7 251.7 1,761.9 - 1,761.9 Geographic information Non-Current assets Gross Revenue December 31 December 31 For the year ended December 31 2018 2017 2018 2017 $ $ $ $ Canada 535.2 452.4 1,275.8 1,191.7 United States 1,342.3 1,311.2 2,334.6 2,226.0 United Kingdom 140.5 119.3 184.9 129.4 Other countries 140.3 148.7 488.5 481.6 2,158.3 2,031.6 4,283.8 4,028.7 Non-current Gross revenue by services For the year ended December 31 2018 $ 2017 $ Consulting Services Buildings 944.5 898.1 Energy & Resources 591.7 479.2 Environmental Services 682.8 678.1 Infrastructure 1,157.6 1,090.4 Water 907.2 882.9 Total gross revenue from external customers 4,283.8 4,028.7 The allocation of gross revenue to each business operating unit has been reclassified for comparative figures due to a realignment of certain services between business operating units. Customers The Company has a large number of clients in various industries and sectors of the economy. No particular customer exceeds 10% of the Company’s gross revenue. |
Investment Tax Credits
Investment Tax Credits | 12 Months Ended |
Dec. 31, 2018 | |
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Investment Tax Credits | 35. Investment Tax Credits Investment tax credits, arising from qualifying scientific research and experimental development efforts pursuant to existing tax legislation, are recorded as a reduction of administrative and marketing expenses when there is reasonable assurance of their ultimate realization. In 2018, investment tax credits of $7.3 (2017 – $9.6) were recorded. |
Events after the Reporting Peri
Events after the Reporting Period | 12 Months Ended |
Dec. 31, 2018 | |
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Events after the Reporting Period | 36. Events after the Reporting Period Normal Course Issuer Bid From January 1, 2019, to February 28, 2019, pursuant to the NCIB, the Company repurchased and cancelled 195,064 common shares at an average price of $30.63 per share for an aggregate price of $6.0. Interest Rate Swap In January 2019, the Company entered into a $160.0 interest rate swap agreement maturing on June 27, 2023. The swap agreement has the effect of converting the variable interest rate on $160.0 of the Company’s revolving credit facility into a fixed rate of 2.295%, plus an applicable basis points spread. Dividend On February 27, 2019, the Company declared a dividend of $0.145 per share, payable on April 15, 2019, to shareholders of record on March 29, 2019. |
Comparative Figures
Comparative Figures | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Comparative Figures | 37. Comparative Figures Certain comparative figures have been reclassified to conform to the presentation adopted for the current period, including a $13.6 reclassification for end of employment benefit plans from provisions to net employee defined benefit liability. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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Cash and cash equivalents | a) Cash and cash equivalents Cash and cash equivalents include cash and unrestricted investments. |
Property and equipment | b) Property and equipment Property and equipment are recorded at cost less accumulated depreciation and any impairment losses. Cost includes the cost of replacing parts of property and equipment. When significant parts of property and equipment are required to be replaced in intervals, the Company recognizes those parts as individual assets with specific useful lives. All other repair and maintenance costs are recognized in the consolidated statements of income as incurred. Depreciation is calculated at annual rates designed to write off the costs of assets over their estimated useful lives as follows: Engineering equipment 5 to 10 years straight-line Office equipment 5 to 10 years straight-line Leasehold improvements straight-line over term of lease to a maximum of Other 5 to 50 years straight-line The assets’ residual values, useful lives, and methods of depreciation are reviewed at each financial year-end |
Intangible assets | c) Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of a finite and indefinite intangible asset acquired in a business combination is its fair value as at the date of acquisition. Following initial recognition, finite intangible assets are carried at cost less any accumulated amortization and any impairment losses and indefinite intangible assets are carried at cost less any impairment loss. The Company’s intangible assets with finite lives are amortized over their useful economic lives on a straight-line basis. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at each financial year-end. The Company also incurs costs for third-party internet-based cloud computing services. These costs are expensed in administrative and marketing expenses over the period of the service agreement. Intangible assets acquired from business combinations The Company’s policy is to amortize client relationships with finite lives over periods ranging from 10 to 15 years. Contract backlog and finite trademarks are amortized over estimated lives of generally 1 to 3 years. Advantageous and disadvantageous lease commitments are amortized over the remaining lease term. The Company assigns value to acquired intangibles using the income approach, which involves quantifying the present value of net cash flows attributed to the subject asset. This, in turn, involves estimating the revenues and earnings expected from the asset. |
Leases | d) Leases The determination of whether an arrangement is or contains a lease is based on the substance of the arrangement at the inception date. A lease is an agreement whereby the lessor conveys to the lessee, the right to use an asset for an agreed period of time in return for a payment or series of payments. Finance leases, which transfer to the Company substantially all the risks and benefits incidental to ownership of the leased items, are capitalized at the inception of the lease at the fair value of the leased asset or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between finance charges and reduction of the lease liability, achieving a constant rate of interest on the remaining balance of the liability. Finance charges are recognized in the consolidated statements of income. Leased assets are depreciated over their useful lives. However, if there is no reasonable certainty that the Company will obtain ownership of the asset by the end of the lease term, the asset is depreciated over the shorter of either its estimated useful life or the lease term. The Company has finance leases for certain office and automotive equipment that are depreciated on a straight-line basis. The Company also has finance leases for software that are depreciated on a straight-line basis over periods ranging from three to seven years. Rental payments under operating leases are expensed evenly over the lease term. From time to time, the Company enters into or renegotiates premise operating leases that result in receiving lease inducement benefits. These benefits are accounted for as a reduction of rental expense over the terms of the associated leases. As well, from time to time, the Company enters into or renegotiates premise operating leases that include escalation clauses. The scheduled rent increases pursuant to lease escalation clauses are recognized on a straight-line basis over the lease terms. |
Investments in joint arrangements and associates | e) Investments in joint arrangements and associates Each joint arrangement of the Company is classified as either a joint venture or joint operation based on the rights and obligations arising from the contractual obligations between the parties to the arrangement. A joint arrangement that provides the Company with rights to the net assets of the arrangement is classified as a joint venture, and a joint arrangement that provides the Company with rights to the individual assets and obligations arising from the arrangement is classified as a joint operation. The Company accounts for a joint venture using the equity method (described below). The Company accounts for a joint operation by recognizing its share of assets, liabilities, revenues, and expenses of the joint operation and combining them line by line with similar items in the Company’s consolidated financial statements. The Company’s share of the after tax net income or loss of associates or joint ventures is recorded in the consolidated statements of income. Adjustments are made in the Company’s consolidated financial statements to eliminate its share of unrealized gains and losses resulting from transactions with its associates. If the financial statements of associates or joint arrangements are prepared for a date that is different from the Company’s date (due to the timing of finalizing and receiving information), adjustments are made for the effects of significant transactions or events that occur between that date and the date of the Company’s financial statements. When necessary, adjustments are made to bring the accounting policies in line with the Company’s. |
Provisions | f) Provisions General Provisions are recognized when the Company has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. When the Company expects some or all of a provision to be reimbursed—for example, under an insurance contract—and when the reimbursement is virtually certain, the reimbursement is recognized as a separate asset. The expense relating to any provision is presented in the consolidated statements of income net of any reimbursement. If the effect of the time value of money is significant, provisions are discounted using a current pretax rate that reflects, where appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. Provision for self-insured liabilities The Company self-insures certain risks related to professional liability, automobile physical damages, and employment practices liability. The provision for self-insured liabilities includes estimates of the costs of reported claims (including potential claims that are probable of being asserted) and is based on estimates of loss using assumptions made by management, including consideration of actuarial projections. The provision for self-insured liabilities does not include unasserted claims where assertion by a third party is not probable. Provisions for claims The Company has claims that are not covered by its provisions for self-insured liabilities, including claims that are subject to exclusions under the Company’s commercial and captive insurance policies. Provisions are recognized for these claims in accordance with the preceding description of provisions under “General.” Contingent liabilities recognized in a business combination A contingent liability recognized in a business combination is initially measured at its fair value. Subsequently, it is measured in accordance with the preceding description of provisions under “General.” Onerous contracts The Company’s onerous contracts consist of lease exit liabilities and sublease losses. For lease exit liabilities, the Company accrues charges when it ceases to use an office space under an operating lease arrangement. Included in the liability is the present value of the remaining lease payments offset by the present value of estimated future rental income. |
Foreign currency translation | g) Foreign currency translation The Company’s consolidated financial statements are presented in Canadian dollars, which is also the parent Company’s functional currency. Each entity in the Company determines its own functional currency, and items included in the financial statements of each entity are measured using that functional currency. The Company is mainly exposed to fluctuations in the US dollar and GBP. Transactions and balances Transactions in foreign currencies (those different from an entity’s functional currency) are initially translated into the functional currency of an entity using the foreign exchange rate at the transaction date. Subsequent to the transaction date, foreign currency transactions are measured as follows: • On the consolidated statements of financial position, monetary items are translated at the rate of exchange in effect at the reporting date. Non-monetary Non-monetary non-monetary • Revenue and expense items are translated at the exchange rate on the transaction date, except for depreciation and amortization, which are translated at historical exchange rates. Foreign operations The Company’s foreign operations are translated into its reporting currency (Canadian dollar) as follows: • Assets and liabilities are translated at the rate of exchange in effect at each consolidated statement of financial position date • Revenue and expense items (including depreciation and amortization) are translated at the average rate of exchange for the month The resulting unrealized exchange gains and losses on foreign subsidiaries are recognized in other comprehensive income (loss). |
Financial instruments | h) Financial instruments Initial recognition and subsequent measurement Financial assets (except trade and other receivables and unbilled receivables that do not have a significant financing component) are initially recognized at fair value plus directly attributable transaction costs, except for financial assets at fair value through profit and loss (FVPL), for which transaction costs are expensed. Trade and other receivables and unbilled receivables that do not have a significant financing component are initially measured at the transaction price determined in accordance with IFRS 15. Purchases or sales of financial assets are accounted for at trade dates. Subsequent measurement of financial assets is at fair value through profit or loss, amortized cost, or fair value through other comprehensive income (FVOCI). The classification is based on two criteria: the Company’s business approach for managing the financial assets and whether the instruments’ contractual cash flows represent “solely payments of principal and interest” on the principal amount outstanding (the SPPI criterion). The business approach considers whether a Company’s objective is to receive cash flows from holding assets, from selling assets in a portfolio, or a combination of both. The Company reclassifies financial assets only when its business approach for managing those assets changes. • Amortized cost: Assets held for collection of contractual cash flows—when they meet the SPPI criterion—are measured at amortized cost using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified, or impaired. Items in this category include cash and cash equivalents, cash in escrow, receivables, and certain other financial assets. • FVOCI: Assets held in a business approach to both collect cash flows and sell the assets—when they meet the SPPI criterion—are measured at FVOCI. Bonds held for self-insured liabilities are included in this category. Changes in the carrying amount are reported in other comprehensive income (except impairments) until disposed of. At this time, the realized gains and losses are recognized in finance income. Interest income from these financial assets is included in interest income using the effective interest rate method. Impairment and foreign exchange gains and losses are reported in income. • FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL with realized and unrealized gains and losses reported in other income (expense). Equity securities held for self-insured liabilities and indemnifications are included in this category. Financial liabilities are initially recognized at fair value and, in the case of loans and borrowings, net of directly attributable transaction costs. Subsequent measurement of financial liabilities is at amortized cost using the EIR method. The EIR method discounts estimated future cash payments or receipts through the expected life of a financial instrument, and thereby calculates the amortized cost and subsequently allocates the interest income or expense over the life of the instrument. For trade and other payables and other financial liabilities, realized gains and losses are reported in income. For long-term debts, EIR amortization and realized gains and losses are recognized in net finance expense. Fair value After initial recognition, the fair values of financial instruments are based on the bid prices in quoted active markets for financial assets and on the ask prices for financial liabilities. For financial instruments not traded in active markets, fair values are determined using appropriate valuation techniques, which may include recent arm’s-length All financial instruments carried at fair value are categorized into one of the following: • Level 1 – quoted market prices in active markets for identical assets or liabilities at the measurement date • Level 2 – observable inputs other than quoted prices included within level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets or liabilities that are not active, or other inputs that are observable directly or indirectly • Level 3 – unobservable inputs for the assets and liabilities that reflect the reporting entity’s own assumptions and are not based on observable market data When forming estimates, the Company uses the most observable inputs available for valuation purposes. If a fair value measurement reflects inputs of different levels within the hierarchy, the financial instrument is categorized based on the lowest level of significant input. When determining fair value, the Company considers the principal or most advantageous market in which it would transact and the assumptions that market participants would use when pricing the asset or liability. For financial instruments recognized at fair value on a recurring basis, the Company determines whether transfers have occurred between levels of the hierarchy by reassessing categorizations at the end of each reporting period. Derivatives From time to time, the Company enters into foreign currency forward contracts to manage risk associated with net operating assets or liabilities denominated in foreign currencies. The Company’s policy is not to use these derivatives for trading or speculative purposes. |
Impairment | i) Impairment The carrying amounts of the Company’s assets or group of assets, other than deferred tax assets, are reviewed at each reporting date to determine whether there is an indication of impairment. An asset may be impaired if objective evidence of impairment exists because of one or more events that have occurred after the initial recognition of the asset (referred to as a “loss event”) and if that loss event has an impact on the estimated future cash flows of the financial asset. When an indication of impairment exists or annual impairment testing for an asset is required, the asset’s recoverable amount is estimated. Financial assets and contract assets The Company recognizes an allowance for expected credit losses (ECLs) on financial assets and contract assets based on a 12-month 12-month When the carrying amount of financial assets or contract assets is reduced through an ECL allowance, the reduction is recognized in administrative and marketing expenses in the consolidated statements of income. Non-financial For non-financial arm’s-length Goodwill is not amortized but is evaluated for impairment annually (as at October 1) or more frequently if circumstances indicate that an impairment may occur or if a significant acquisition occurs between the annual impairment test date and December 31. The Company considers the relationship between its market capitalization and its book value, as well as other factors, when reviewing for indicators of impairment. Goodwill is assessed for impairment based on the CGUs or group of CGUs to which the goodwill relates. Any potential goodwill impairment is identified by comparing the recoverable amount of a CGU or group of CGUs to its carrying value which includes the allocated goodwill. If the recoverable amount is less than its carrying value, an impairment loss is recognized. An impairment loss of goodwill is not reversed. For other assets, an impairment loss may be reversed if the estimates used to determine the recoverable amount have changed. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount or the carrying amount that would have been determined, net of amortization or depreciation, had no impairment loss been recognized for the asset in prior years. The reversal is recognized in the consolidated statements of income. |
Revenue recognition | j) Revenue recognition The Company generates revenue from contracts in which goods or services are typically provided over time. Revenue is measured based on the consideration the Company expects to be entitled to in exchange for providing goods and services, excluding discounts, duty, and taxes collected from clients that are reimbursable to government authorities. While providing services, the Company incurs certain direct costs for subconsultants, subcontractors, and other expenses that are recoverable directly from clients. The recoverable amounts of these direct costs are included in the Company’s gross revenue. Since these direct costs can vary significantly from contract to contract, changes in gross revenue may not be indicative of the Company’s revenue trends. Therefore, the Company also reports net revenue, which is gross revenue less subconsultants, subcontractors, and other direct expenses. The Company assesses its revenue arrangements against specific criteria to determine whether it is acting as a principal or an agent. In general, the Company acts as a principal in its revenue arrangements because it obtains control of the goods or services before they are provided to the customer. Most of the Company’s contracts include a single performance obligation because the promise to transfer the individual goods or services is not separately identifiable from other promises in the contract and therefore is not distinct. The Company’s contracts may include multiple goods or services that are accounted for as separate performance obligations if they are distinct—if a good or service is separately identifiable from other items in the contract and if a customer can benefit from it. If a contract has multiple performance obligations, the consideration in the contract is allocated to each performance obligation based on the estimated stand-alone selling price. The Company transfers control of the goods or services it provides to clients over time and therefore recognizes revenue progressively as the services are performed. Revenue from fixed-fee variable-fee-with-ceiling time-and-material The timing of revenue recognition, billings, and cash collections results in trade and other receivables, holdbacks, unbilled receivables, contract assets, and deferred revenue (contract liabilities) in the consolidated statements of financial position. Amounts are typically invoiced as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals or when contractual milestones are achieved. Receivables represent amounts due from customers: trade and other receivables and holdbacks consist of invoiced amounts, and unbilled receivables consist of work in progress that has not yet been invoiced. Contract assets represent unbilled amounts where the right to payment is subject to more than the passage of time and includes performance-based incentives and services provided ahead of agreed contractual milestones. Contract assets are transferred to receivables when the right to consideration becomes unconditional. Deferred revenue (contract liabilities) represents amounts that have been invoiced but not yet recognized as revenue, including advance payments and billings in excess of revenue. Deferred revenue is recognized as revenue when (or as) the Company performs under the contract. Revenue is adjusted for the effects of a significant financing component when the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. Advance payments and holdbacks typically do not result in a significant financing component because the intent is to provide protection against the failure of one party to adequately complete some or all of its obligations under the contract. Deferred contract costs Contract costs are typically expensed as incurred. Contract costs are deferred if the costs are expected to be recoverable and if either of the following criteria is met: • The costs of obtaining the contract are incremental or explicitly chargeable to the customer • The fulfillment costs relate directly to the contract or an anticipated contract and generate or enhance the Company’s resources that will be used in satisfying performance obligations in the future Deferred contract costs are included in other assets in the consolidated statements of financial position and amortized over the period of expected benefit using the percentage of completion applied to estimated revenue. Amortization of deferred contract costs is included in other direct expenses in the consolidated statements of income. |
Employee benefit plans | k) Employee benefit plans Defined benefit plans The Company sponsors defined benefit pension plans covering certain full-time employees and past employees, primarily in the United Kingdom. Benefits are based on final compensation and years of service. Benefit costs (determined separately for each plan using the projected unit credit method) are recognized over the periods that employees are expected to render services in return for those benefits. Remeasurements, comprising actuarial gains and losses and the return on the plan assets (excluding interest), are recognized immediately in the consolidated statements of financial position with a corresponding debit or credit to other comprehensive income in the period they occur. Remeasurements are not reclassified to net income in subsequent periods. The calculation of defined benefit obligations is performed annually by a qualified actuary. When the calculation results in a potential asset, the recognized asset is limited to the economic benefits available in the form of any future refunds or of reductions in future contributions to the plan. Past service costs are recognized in net income on the earlier of the date of the plan amendment or curtailment and the date that the Company recognizes related restructuring costs. Net interest is calculated by applying the discount rate to the net defined benefit liability or asset, adjusted for benefit and contribution payments during the year. The Company recognizes the following changes in the net defined benefit obligations under administrative and marketing expenses: service costs comprising current service costs, past service costs, gains and losses on curtailments and non-routine Defined contribution plans The Company also contributes to group retirement savings plans and an employee share purchase plan. Certain plans are based on employee contribution amounts and subject to maximum limits per employee. The Company accounts for defined contributions as an expense in the period the contributions are made. |
Taxes | l) Taxes Current income tax Current income tax assets and liabilities for current and prior periods are measured at the amount expected to be recovered from or paid to taxation authorities. Tax rates and tax laws used to compute the amounts are those enacted or substantively enacted at the reporting date in the countries where the Company operates and generates taxable income. Current income tax that relates to items recognized directly in equity is recognized in equity and not in the consolidated statements of income. Management periodically evaluates positions taken in the tax returns when applicable tax regulations are subject to interpretation and then establishes an uncertain tax liability if appropriate. Income taxes payable are typically expected to be settled within twelve months of the year-end Deferred tax Deferred tax is determined using the liability method for temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences, carryforward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carryforward of unused tax credits and unused tax losses can be utilized. Deferred taxes are not recognized for the initial recognition of goodwill; the initial recognition of assets or liabilities, outside of a business combination, that affect neither accounting nor taxable profit; or the differences relating to investments in associates, subsidiaries, and interests in joint arrangements to the extent that the reversal can be controlled and it is probable that it will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be used. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled and are based on tax rates and tax laws that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognized outside income is also recognized outside income. Deferred tax items are recognized in correlation to the underlying transaction either in other comprehensive income or directly in equity. Deferred tax assets and deferred tax liabilities are offset when a legally enforceable right exists to set off tax assets against tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Sales tax Revenues, expenses, and assets, except trade receivables, are recognized net of the amount of sales tax recoverable from or payable to a taxation authority. Trade receivables and trade payables include sales tax. The net amount of sales tax recoverable from or payable to a taxation authority is included as part of trade receivables or trade payables (as appropriate) in the consolidated statements of financial position. |
Share-based payment transactions | m) Share-based payment transactions Under the Company’s share option plan, the board of directors may grant to officers and employees remuneration in the form of share-based payment transactions, whereby officers and employees render services as consideration for equity instruments (equity-settled transactions). Under the Company’s deferred share unit plan, the directors of the board of the Company may receive deferred share units (DSUs), each of which is equal to one common share. Under the Company’s long-term incentive plan, certain members of the senior leadership teams are granted performance share units (PSUs) that vest and are settled after a three-year period. DSUs and PSUs are share appreciation rights that can be settled only in cash (cash-settled transactions). Equity-settled transactions The cost of equity-settled transactions is measured at fair value at the grant date using a Black-Scholes option-pricing model. The cost of equity-settled transactions, together with a corresponding increase in equity, is recognized over the period in which the service conditions are fulfilled (the vesting period). For equity-settled transactions, the cumulative expense recognized at each reporting date until the vesting date reflects the extent to which the vesting period has expired and reflects the Company’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit to income for a period represents the movement in cumulative expense recognized as at the beginning and end of that period and is recorded in administrative and marketing expenses. No expense is recognized for awards that do not ultimately vest. Cash-settled transactions The cost of cash-settled transactions is measured initially at fair value at the grant date using a Black-Scholes option-pricing model. For DSUs, this fair value is expensed on issue with the recognition of a corresponding liability. For PSUs, the fair value is expensed over the vesting period. These liabilities are remeasured to fair value at each reporting date, up to and including the settlement date, with changes in fair value recognized in administrative and marketing expenses. |
Earnings per share | n) Earnings per share Basic earnings per share is computed based on the weighted average number of common shares outstanding during the year. Diluted earnings per share is computed using the treasury stock method, which assumes that the cash that would be received on the exercise of options is applied to purchase shares at the average price during the year and that the difference between the number of shares issued on the exercise of options and the number of shares obtainable under this computation, on a weighted average basis, is added to the number of shares outstanding. Antidilutive options are not considered when computing diluted earnings per share. |
Business combinations and goodwill | o) Business combinations and goodwill Business combinations are accounted for using the acquisition method, and the results of operations after the respective dates of acquisition are included in the consolidated statements of income. Acquisition-related costs are expensed when incurred in administrative and marketing expenses. The cost of an acquisition is measured as the consideration transferred at fair value at the acquisition date. Any contingent consideration to be transferred by the Company is recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration are recognized in other income. The consideration paid for acquisitions may be subject to price adjustment clauses included in the purchase agreements and may extend over a number of years. At each consolidated statement of financial position date, these price adjustment clauses are reviewed. This may result in an increase or decrease of the notes payable consideration (recorded on the acquisition date) to reflect either more or less non-cash For some acquisitions, additional payments may be made to the employees of an acquired company that are based on the employees’ continued service over an agreed time period. These additional payments are not included in the purchase price but are expensed as compensation when services are provided by the employees. Goodwill is initially measured at cost, which is the excess of the consideration transferred over the fair value of a Company’s net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets acquired, the difference is recognized in income. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each CGU or group of CGUs that is expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Each CGU or group of CGUs represents the lowest level at which management monitors the goodwill. |
Dividends | p) Dividends Dividends on common shares are recognized in the Company’s consolidated financial statements in the period the dividends are declared by the Company’s board of directors. |
Non-current assets held for sale and discontinued operations | q) Non-current The Company classifies non-current non-current A discontinued operation is a component of the Company’s business, the operations and cash flows of which can be clearly distinguished from the rest of the Company, and (a) represents a separate major line of business or geographic area of operations; (b) is part of a single coordinated plan to dispose of a separate major line of business or geographic area of operations; or (c) is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs at the earlier of disposal or when the operation meets the criteria to be classified as held for sale. Discontinued operations are presented separately from continuing operations in the consolidated statements of income and consolidated statements of cash flows for all periods presented. |
Provision for self-insured liabilities | b) Provision for self-insured liabilities The Company self-insures certain risks, including professional liability, automobile liability, and employment practices liability. The accrual for self-insured liabilities includes estimates of the costs of reported claims and is based on estimates of loss using management’s assumptions, including consideration of actuarial projections. These estimates of loss are derived from loss history that is then subjected to actuarial techniques to determine the proposed liability. Estimates of loss may vary from those used in the actuarial projections and result in a larger loss than estimated. An increase in loss is recognized in the period that the loss is determined and increases the Company’s self-insured liabilities and reported expenses. |
Business combinations | d) Business combinations In a business combination, the Company may acquire certain assets and assume certain liabilities of an acquired entity. The estimate of fair values for these transactions involves judgment to determine the fair values assigned to the tangible and intangible assets (i.e., backlog, client relationships, trademarks, software, and favorable and unfavorable leases) acquired and the liabilities assumed on the acquisition. Determining fair values involves a variety of assumptions, including revenue growth rates, client retention rates, expected operating income, and discount rates. From time to time, as a result of the timing of acquisitions in relation to the Company’s reporting schedule, certain estimates of fair values of assets and liabilities acquired may not be finalized at the initial time of reporting. These estimates are completed after the vendors’ final financial statements have been prepared and accepted by the Company, after detailed project portfolio reviews are performed, and when the valuations of intangible assets and other assets and liabilities acquired are finalized. Preliminary fair values are based on management’s best estimates of the acquired identifiable assets and liabilities at the acquisition date. During a measurement period not to exceed one year, adjustments to the initial estimates may be required to finalize the fair value of assets acquired and liabilities assumed. The Company will revise comparative information if these measurement period adjustments are material. After the measurement period, a revision to fair value may impact the Company’s net income. |
Impairment of goodwill | e) Impairment of goodwill Impairment exists when the carrying amount of an asset or CGU or group of CGUs exceeds its recoverable amount, which is the higher of its fair value less costs of disposal or its value in use. Fair value less costs of disposal is based on available data from binding sales transactions in an arms-length transaction of similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from budgets over an appropriate number of years and do not include restructuring activities that the Company is not yet committed to or significant future investments that will enhance the asset’s performance of the CGU or group of CGUs being tested. To arrive at the estimated recoverable amount, the Company uses estimates of economic and market information, including arms-length transactions for similar assets, growth rates in revenues, estimates of future expected changes in operating margins, cash expenditures, and estimates of capital expenditures. |
Fair value of financial instruments | g) Fair value of financial instruments When the fair value of financial assets and financial liabilities recorded in the consolidated statements of financial position cannot be derived from active markets, it is determined using valuation techniques, including the discounted cash flow model. The inputs to these models are taken from observable markets if possible; otherwise a degree of judgment is required including considering inputs such as liquidity risk, credit risk, and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments and reported expenses and income. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of Estimated Useful Lives and Depreciation Calculation Methods | Depreciation is calculated at annual rates designed to write off the costs of assets over their estimated useful lives as follows: Engineering equipment 5 to 10 years straight-line Office equipment 5 to 10 years straight-line Leasehold improvements straight-line over term of lease to a maximum of Other 5 to 50 years straight-line |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements and Changes to Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Summary of Impacts of Adopting IFRS 15 in Consolidated Statement of Financial Position | The following tables summarize the impacts of adopting IFRS 15 in the Company’s consolidated financial statements as of December 31, 2018. Consolidated statement of financial position December 31, 2018 As Reported $ Before IFRS 15 $ Increase (Decrease) $ Current assets Unbilled receivables 384.6 444.4 (59.8 ) Contract assets 59.7 - 59.7 Other assets 23.2 20.3 2.9 Non-current Deferred tax assets 21.2 21.8 (0.6 ) Other assets 175.5 167.3 8.2 Current liabilities Deferred revenue 174.4 165.7 8.7 Shareholders’ equity Retained earnings 851.2 848.9 2.3 Accumulated other comprehensive income 163.1 163.7 (0.6 ) |
Summary of Impacts of Adopting IFRS 15 in Consolidated Statements of Income and Comprehensive Income (Loss) | Consolidated statements of income and comprehensive income (loss) For the year ended December 31, 2018 As Reported $ Before IFRS 15 $ Increase (Decrease) $ Net income Gross revenue 4,283.8 4,287.9 (4.1 ) Subconsultant/subcontractor and other direct expenses 928.6 937.1 (8.5 ) Total income taxes 55.0 53.8 1.2 Net income for the year from continuing operations 171.3 168.1 3.2 Net loss from discontinued operation, net of tax (123.9 ) (146.9 ) 23.0 Net income for the year 47.4 21.2 26.2 Comprehensive income Exchange differences on translation of foreign operations 124.1 124.7 (0.6 ) Other comprehensive income for the year, net of tax 114.5 115.1 (0.6 ) Total comprehensive income for the year, net of tax 161.9 136.3 25.6 Earnings per share, basic and diluted Continuing operations 1.51 1.48 0.03 Discontinued operations (1.09 ) (1.29 ) 0.20 Total basic and diluted earnings per share 0.42 0.19 0.23 |
Summary of Measurement Category of Financial Assets | On the date of initial application, financial assets of the Company were as follows, with any reclassifications noted: Measurement Category 2018 2017 Current financial assets Cash and cash deposits and cash in escrow Amortized cost FVPL Receivables and other current financial assets Amortized cost Amortized cost Non-current Investments held for self-insured liabilities (equity securities) Mandatorily at FVPL FVOCI Investments held for self-insured liabilities (bonds) FVOCI FVOCI Holdbacks on long-term contracts Amortized cost Amortized cost Indemnifications FVPL FVPL Other financial assets Amortized cost Amortized cost |
Increase (decrease) due to application of IFRS 15 [member] | |
Statement [LineItems] | |
Summary of Impact of Changes to Accounting Policies on After-tax | On the adoption of IFRS 15, the after-tax Retained Earnings $ Change orders and claims (3.0 ) Significant financing component 1.7 Construction services - discontinued operations (22.6 ) Total impact of change in accounting policy, January 1, 2018 (23.9 ) |
Increase (decrease) due to application of IFRS 9 [member] | |
Statement [LineItems] | |
Summary of Impact of Changes to Accounting Policies on After-tax | On the adoption of IFRS 9, the impact on equity (after-tax) Retained Earnings $ Accumulated Other Comprehensive Loss $ Reclassify equity securities from available-for-sale 0.9 (0.9 ) Other (0.8 ) - Total impact of changes in accounting policy, January 1, 2018 0.1 (0.9 ) |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Consideration for Assets Acquired and Liabilities Assumed | Details of the aggregate consideration transferred and the fair value of the identifiable assets and liabilities acquired at the date of acquisition are as follows: For acquisitions completed in 2018 Total Note $ Cash consideration 88.0 Notes payable 55.6 Consideration 143.6 Assets and liabilities acquired Cash acquired 7.8 Non-cash Trade receivables 34.7 Unbilled receivables 6.4 Accounts payable (19.8 ) Other non-cash (0.6 ) Property and equipment 11 4.4 Intangible assets 13 33.0 Deferred tax assets 26 1.9 Net employee defined benefit liability 18 (16.5 ) Provisions 17 (1.4 ) Deferred tax liabilities 26 (2.6 ) Total identifiable net assets at fair value 47.3 Goodwill arising on acquisitions 12 96.3 Consideration 143.6 |
Summary of Consideration of Business Combinations | Details of the consideration paid in 2018 for current and past acquisitions are as follows: December 31 2018 $ Cash consideration (net of cash acquired) 80.2 Payments on notes payable from previous acquisitions 42.0 Total net cash paid 122.2 |
Summary of Notes Payable in Business Combination | Total notes payable and adjustments to these obligations are as follows: December 31 2018 $ Balance, beginning of the year 58.8 Additions for acquisitions in the year 55.6 Other adjustments (0.2 ) Payments (42.0 ) Interest 0.9 Impact of foreign exchange 3.0 Total notes payable 76.1 |
Discontinued Operations and D_2
Discontinued Operations and Disposition of Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Summary of Net Loss from Discontinued Operations | As a result of the sale, the Company recognized a net loss from the discontinued operations as follows: Notes December 31 2018 $ December 31 $ Revenue 884.4 1,111.4 Expenses (953.8 ) (1,111.4 ) Impairment of goodwill 12 (53.0 ) - Loss from operating activities, before income taxes (122.4 ) - Income taxes on operating activities 10.8 - Loss from operating activities, net of income taxes (111.6 ) - Gain on disposal of discontinued operations before income taxes 1.5 - Income taxes on disposal of discontinued operations (13.8 ) - Loss on disposal of discontinued operations, net of income taxes (12.3 ) - Net loss from discontinued operations (123.9 ) - |
Disposal of major subsidiary [member] | |
Statement [LineItems] | |
Summary of Disposition of Subsidiary and Construction Services | Innovyze, Inc. - Disposition of Subsidiaries On May 5, 2017, the Company completed the sale of the shares of Innovyze, Inc. along with its subsidiaries Innovyze Pty Limited and Innovyze Limited (collectively, Innovyze). Innovyze was acquired as part of the MWH acquisition and formed part of the Company’s Consulting Services – United States and Consulting Services – Global reportable segments. As a result of the sale, the Company recognized the following gain on disposition in the consolidated statements of income for the year ended December 31, 2017. $ Gross proceeds 369.1 Working capital adjustments (15.3) Transaction costs (16.9) Net proceeds from sale, net of cash sold 336.9 Net assets disposed (268.5) Cumulative exchange loss on translating foreign operations reclassified from equity (13.8) Gain on disposal of a subsidiary 54.6 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Cash and Cash Equivalents | For the purpose of the consolidated statements of cash flows, cash and cash equivalents consist of the following: December 31 December 31 2018 2017 $ $ Cash 176.5 234.7 Unrestricted investments 8.7 4.8 Cash and cash equivalents 185.2 239.5 |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of Trade and Other Receivables | December 31 December 31 2018 2017 $ $ Trade receivables, net of ECL of $1.5 (2017 – $2.1) 774.5 746.6 Holdbacks, current 18.7 43.8 Lease inducements receivable 44.0 - Other 40.9 25.7 Trade and other receivables 878.1 816.1 |
Schedule of Gross Trade Receivables Aging Analysis | The aging analysis of gross trade receivables is as follows: Total $ 1–30 $ 31–60 $ 61–90 $ 91–120 $ 121+ $ December 31, 2018 776.0 355.6 228.7 63.8 43.2 84.7 December 31, 2017 748.7 403.1 182.4 53.9 29.1 80.2 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of Property and Equipment | Engineering Office Leasehold Other $ Total $ Cost December 31, 2016 131.9 82.0 166.9 34.0 414.8 Additions 21.2 6.8 29.4 4.7 62.1 Additions arising on acquisitions 0.2 0.1 0.5 - 0.8 Disposals (33.4 ) (24.9 ) (16.4 ) (3.8 ) (78.5 ) Transfers 0.1 (0.8 ) 0.2 0.5 - Impact of foreign exchange (3.3 ) (1.6 ) (5.1 ) (1.5 ) (11.5 ) December 31, 2017 116.7 61.6 175.5 33.9 387.7 Additions 23.2 19.4 79.5 8.1 130.2 Additions arising on acquisitions 1.6 0.7 1.7 0.4 4.4 Disposals (12.2 ) (2.2 ) (31.4 ) (4.7 ) (50.5 ) Discontinued operations (note 8) (11.5 ) (0.4 ) (1.7 ) (2.0 ) (15.6 ) Transfers (0.4 ) (0.1 ) (0.2 ) 0.7 - Impact of foreign exchange 4.9 3.0 7.8 1.4 17.1 December 31, 2018 122.3 82.0 231.2 37.8 473.3 Accumulated depreciation December 31, 2016 73.1 45.6 64.9 17.3 200.9 Depreciation - continuing operations 16.3 7.5 26.7 1.7 52.2 Depreciation - discontinued operations 1.9 0.1 - 0.4 2.4 Disposals (32.7 ) (25.4 ) (15.9 ) (2.7 ) (76.7 ) Impact of foreign exchange (1.2 ) (0.2 ) (1.6 ) (0.7 ) (3.7 ) December 31, 2017 57.4 27.6 74.1 16.0 175.1 Depreciation - continuing operations 15.3 6.7 25.9 2.2 50.1 Depreciation - discontinued operations 1.5 - 0.2 0.3 2.0 Disposals (10.6 ) (1.9 ) (31.1 ) (1.9 ) (45.5 ) Discontinued operations (note 8) (3.3 ) (0.3 ) (0.3 ) (0.7 ) (4.6 ) Transfers (0.4 ) (0.1 ) (0.2 ) 0.7 - Impact of foreign exchange 2.3 1.2 2.9 0.4 6.8 December 31, 2018 62.2 33.2 71.5 17.0 183.9 Net book value December 31, 2017 59.3 34.0 101.4 17.9 212.6 December 31, 2018 60.1 48.8 159.7 20.8 289.4 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of Reconciliation of Changes in Goodwill | Note December 31 2018 $ December 31 2017 $ Gross goodwill, beginning of the year 1,734.6 2,006.1 Acquisitions 96.3 16.3 Disposals 8 (120.2 ) (194.4 ) Impact of foreign exchange 88.5 (93.4 ) Gross goodwill, end of the year 1,799.2 1,734.6 Accumulated impairment losses, beginning of the year (178.0 ) (178.0 ) Impairment of goodwill 8 (53.0 ) - Disposals 8 53.0 - Accumulated impairment losses, end of the year (178.0 ) (178.0 ) Net goodwill, end of the year 1,621.2 1,556.6 |
Schedule of Goodwill Allocated | Goodwill was allocated to each CGU or group of CGUs as follows: December 31 2018 $ December 31 2017 $ Consulting Services Canada 358.2 337.8 United States 1,003.7 917.7 Global 259.3 183.2 Construction Services - 117.9 Allocated 1,621.2 1,556.6 |
Summary of Most Sensitive Key Assumptions Used for CGUs | The values assigned to the most sensitive key assumptions for the Consulting Services – Global group of CGUs are listed in the table below: Key Assumptions Consulting Services Global Operating margin rates 5.6% to 8.7% After tax discount rate 11.2% Terminal growth rate 3.0% Non-cash 20.3% to 20.5% Average annual net revenue growth rate (2019-2023) 3.7% |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Intangible Assets | Client Contract $ Software Other Total Total Lease (note 19) $ Cost December 31, 2016 399.0 55.5 97.6 38.4 590.5 (10.3 ) Additions - - 5.7 - 5.7 - Additions arising on acquisitions 3.2 2.7 - 0.2 6.1 - Disposals - Innovyze (78.1 ) - (19.1 ) (6.1 ) (103.3 ) - Disposals - other - - (3.3 ) - (3.3 ) - Removal of fully amortized assets (13.8 ) (6.2 ) (15.7 ) (3.1 ) (38.8 ) 2.5 Impact of foreign exchange (20.8 ) (4.1 ) 0.4 (1.9 ) (26.4 ) 0.6 December 31, 2017 289.5 47.9 65.6 27.5 430.5 (7.2 ) Additions - - 33.2 - 33.2 - Additions arising on acquisitions 25.1 5.7 0.2 2.0 33.0 - Discontinued operations (note 8) (19.7 ) - (5.3 ) (4.4 ) (29.4 ) - Removal of fully amortized assets (3.9 ) (46.2 ) (18.8 ) (10.8 ) (79.7 ) 3.1 Impact of foreign exchange 16.3 1.1 0.3 0.7 18.4 (0.3 ) December 31, 2018 307.3 8.5 75.2 15.0 406.0 (4.4 ) Accumulated amortization December 31, 2016 85.0 19.2 28.2 8.6 141.0 (5.5 ) Amortization - continuing operations 28.2 22.3 16.4 7.9 74.8 (1.8 ) Amortization - discontinued operations 2.0 4.1 0.8 0.4 7.3 (0.1 ) Disposals - Innovyze (7.2 ) - (1.1 ) - (8.3 ) - Disposals - other - - (2.7 ) - (2.7 ) - Removal of fully amortized assets (13.8 ) (6.2 ) (15.7 ) (3.1 ) (38.8 ) 2.5 Impact of foreign exchange (3.8 ) (1.8 ) 1.0 (0.6 ) (5.2 ) 0.4 December 31, 2017 90.4 37.6 26.9 13.2 168.1 (4.5 ) Amortization - continuing operations 26.9 9.9 25.7 3.6 66.1 (1.1 ) Amortization - discontinued operations 1.8 1.4 0.7 1.8 5.7 (0.1 ) Discontinued operations (note 8) (4.9 ) - (1.9 ) (2.4 ) (9.2 ) - Removal of fully amortized assets (3.9 ) (46.2 ) (18.8 ) (10.8 ) (79.7 ) 3.1 Impact of foreign exchange 5.9 0.9 0.1 0.4 7.3 (0.3 ) December 31, 2018 116.2 3.6 32.7 5.8 158.3 (2.9 ) Net book value December 31, 2017 199.1 10.3 38.7 14.3 262.4 (2.7 ) December 31, 2018 191.1 4.9 42.5 9.2 247.7 (1.5 ) |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of Other Assets | December 31 $ December 31 $ Financial assets Investments held for self-insured liabilities 144.2 147.1 Holdbacks on long-term contracts 28.7 39.6 Indemnifications 0.8 2.4 Other 6.5 6.3 Other non-financial Investment tax credits 6.1 9.2 Transaction costs on long-term debt 3.6 4.9 Deferred contract costs 8.8 - 198.7 209.5 Less current portion - financial 18.1 14.0 Less current portion - non-financial 5.1 - Long-term portion 175.5 195.5 |
Disclosure of Fair Value and Amortized Cost | Their fair value and amortized cost are as follows: December 31 December 31 2018 2017 $ $ Fair Value Amortized Fair Value Amortized Cost/Cost Bonds 103.0 103.8 97.7 98.6 Equity securities 41.2 45.0 49.4 48.3 Total 144.2 148.8 147.1 146.9 |
Disclosure of the Bond Portfolio Stated at Fair Value | The terms to maturity of the bond portfolio, stated at fair value, are as follows: December 31 $ December 31 $ Within one year 14.0 5.6 After one year but not more than five years 85.2 73.5 More than five years 3.8 18.6 Total 103.0 97.7 |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Trade and Other Payables | December 31 $ December 31 $ Trade accounts payable 222.6 367.1 Employee and payroll liabilities 263.3 248.8 Accrued liabilities 81.3 88.7 Trade and other payables 567.2 704.6 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Long Term Debt | December 31 2018 $ December 31 2017 $ Notes payable 76.8 60.8 Revolving credit facilities 528.6 209.9 Term loan 308.8 458.5 Finance lease obligations 19.5 10.4 933.7 739.6 Less current portion 48.5 198.2 Long-term portion 885.2 541.4 |
Future Minimum Lease Payments and Present Value of the Net Minimum Lease Payments under Finance Leases | Future minimum lease payments under finance leases and the present value of the net minimum lease payments are as follows: December 31 December 31 2018 2017 $ $ Within one year 10.0 7.4 After one year but not more than five years 9.8 3.1 Total minimum lease payments 19.8 10.5 Less amounts representing finance charges 0.3 0.1 Present value of minimum lease payments 19.5 10.4 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Provisions | December 31, 2018 Provision for self- Expected insured Provision Onerous project liabilities for claims contracts losses Total $ $ $ $ $ Provision, beginning of the year 72.5 18.9 4.8 - 96.2 Current year provisions 25.1 4.0 13.3 15.6 58.0 Acquisitions - 0.8 0.6 - 1.4 Paid or otherwise settled (24.9 ) (9.8 ) (5.8 ) - (40.5 ) Impact of foreign exchange 4.3 0.9 0.3 - 5.5 77.0 14.8 13.2 15.6 120.6 Less current portion 3.8 11.3 11.7 15.6 42.4 Long-term portion 73.2 3.5 1.5 - 78.2 December 31, 2017 Provision for self- insured Provision Onerous liabilities for claims contracts Total $ $ $ $ Provision, beginning of the year 69.4 25.2 10.8 105.4 Current year provisions 23.9 2.3 0.7 26.9 Acquisitions - 0.2 - 0.2 Paid or otherwise settled (17.5 ) (6.8 ) (6.4 ) (30.7 ) Impact of foreign exchange (3.3 ) (2.0 ) (0.3 ) (5.6 ) 72.5 18.9 4.8 96.2 Less current portion 6.6 18.8 2.7 28.1 Long-term portion 65.9 0.1 2.1 68.1 |
Employee Defined Benefit Obli_2
Employee Defined Benefit Obligations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Employee Defined Benefit Obligations | December 31 December 31 2018 2017 $ $ Net defined benefit pension asset (10.0 ) (12.7 ) Net defined benefit pension liability 55.5 31.2 End of employment benefit plans 13.1 13.6 68.6 44.8 |
Summary of Reconciliation for Net Defined Benefit Liability | The following table shows a reconciliation from the opening balances to the closing balances for the net defined benefit liability and its components: 2018 2017 Net Net Defined Fair Value Defined Defined Fair Value Defined Benefit of Plan Benefit Benefit of Plan Benefit Obligation Assets Liability Obligation Assets Liability $ $ $ $ $ $ Balance, beginning of the year 397.7 (379.2 ) 18.5 374.6 (324.1 ) 50.5 Acquisition of PBA 80.9 (64.4 ) 16.5 - - - Included in pre-tax Interest expense (income) 10.8 (10.2 ) 0.6 10.4 (8.9 ) 1.5 Past service cost 10.5 - 10.5 - - - Administrative expenses paid by the Plans - 1.7 1.7 - 1.0 1.0 21.3 (8.5 ) 12.8 10.4 (7.9 ) 2.5 Included in other comprehensive income Return on the plan assets (excluding interest income) - 17.4 17.4 - (30.1 ) (30.1 ) Actuarial (gains) losses arising from: Changes in demographic assumptions (0.8 ) - (0.8 ) (8.1 ) - (8.1 ) Changes in financial assumptions (9.3 ) - (9.3 ) 29.5 - 29.5 Experience adjustments 5.5 - 5.5 (5.3 ) - (5.3 ) Effect of movement in exchange rates 11.5 (10.3 ) 1.2 10.2 (9.4 ) 0.8 6.9 7.1 14.0 26.3 (39.5 ) (13.2 ) Other Benefits paid (12.5 ) 12.3 (0.2 ) (13.6 ) 13.6 - Contributions by employer - (16.1 ) (16.1 ) - (21.3 ) (21.3 ) (12.5 ) (3.8 ) (16.3 ) (13.6 ) (7.7 ) (21.3 ) Balance, end of the year 494.3 (448.8 ) 45.5 397.7 (379.2 ) 18.5 December 31 December 31 2018 2017 $ $ Included in the statement of financial position as: Net defined benefit asset (10.0 ) (12.7 ) Net defined benefit liability 55.5 31.2 45.5 18.5 |
Summary of Net Defined Benefit Asset | December 31 December 31 2018 2017 Note $ $ Included in the statement of income as: Continuing operations - administrative and marketing expenses 6.6 1.5 Discontinued operations 8 6.2 1.0 12.8 2.5 |
Summary of Major Categories of Plan Assets, Measured at Fair Value | Major categories of plan assets, measured at fair value, are as follows: December 31 December 31 2018 2017 $ $ Cash and cash equivalents 3.3 2.9 Investments quoted in active markets (mutual, exchange-traded, and pooled funds): Equities 138.1 110.1 Corporate bonds and fixed income 57.5 45.0 Pooled fund liability-driven investments 15.5 - Property funds 10.6 6.6 Unquoted investments: Annuity policies 110.8 102.9 Insurance contract: Equities and property 80.2 69.5 Corporate bonds 19.2 22.7 Cash and cash equivalents 13.6 19.5 Fair value of the plan assets 448.8 379.2 |
Summary of Principal Assumptions Used In Determining Pension Benefit Obligations | The principal assumptions used in determining pension benefit obligations for the Plans are shown below (expressed as weighted averages): December 31 December 31 2018 2017 Discount rate 2.77% 2.47% Rate of increase in salaries 4.47% 3.51% Rate of inflation, pre-retirement 2.55% 2.40% Rate of increase in future pensions payment 3.51% 3.53% Life expectancy at age 65 for current pensioners: Male 22 years 22 years Female 24 years 24 years Life expectancy at age 65 for current members aged 40 or 45: Male 23 years 23 years Female 25 years 26 years |
Summary of Quantitative Sensitivity Analyses Impact on Defined Benefit Obligation for Significant Assumptions | Quantitative sensitivity analyses showing the impact on the defined benefit obligation for significant assumptions are as follows: December 31 December 31 2018 2017 Increase Decrease Increase Decrease $ $ $ $ Change in discount rate by 0.25% (15.6 ) 17.0 (11.2 ) 11.8 Change in pre-retirement 5.0 (4.8 ) 3.9 (3.8 ) Change in salary growth by 0.25% 0.9 (0.8 ) 0.5 (0.5 ) Change in pension increase assumption by 0.25% 8.4 (8.1 ) 6.4 (6.1 ) Increase of one year in the life expectancy 9.4 n/a 6.0 n/a |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Other Liabilities | December 31 December 31 2018 2017 Note $ $ Lease inducement benefits 111.2 57.2 Deferred share units payable 22 9.0 15.5 Other cash-settled share-based compensation 22 3.8 7.0 Liability for uncertain tax positions 35.0 31.3 Other 4.6 16.3 163.6 127.3 Less current portion 23.2 26.2 Long-term portion 140.4 101.1 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Future Minimum Lease Payments Payable Under Noncancellable Operating Leases | The Company’s commitments including future minimum lease payments payable under noncancellable operating leases as at December 31, 2018, are as follows: $ Within one year 252.3 After one year but not more than five years 638.5 More than five years 400.0 Total commitments 1,290.8 Variable payments and non-lease (320.3 ) Purchase obligations (68.0 ) Total minimum lease payments 902.5 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Dividends Declared and Recorded in the Consolidated Financial Statements | The table below describes the dividends declared and recorded in the consolidated financial statements in 2018. Dividend per Share Paid Date Declared Record Date Payment Date $ $ February 21, 2018 March 29, 2018 April 12, 2018 0.1375 15.7 May 9, 2018 June 29, 2018 July 12, 2018 0.1375 15.6 August 7, 2018 September 28, 2018 October 11, 2018 0.1375 15.7 November 7, 2018 December 28, 2018 January 10, 2019 0.1375 - |
Summary of Granted Share Options | The Company has granted share options to officers and employees to purchase 4,987,542 shares at prices from $14.88 to $32.98 per share. These options expire on dates between February 28, 2019, and May 15, 2023. For the year ended For the year ended December 31 December 31 2018 2017 Weighted Average Weighted Average Exercise Price Exercise Price Shares per Share Shares per Share # $ # $ Share options, beginning of the year 4,426,237 29.84 3,655,020 28.33 Granted 1,112,779 32.98 1,229,689 31.75 Exercised (338,989 ) 20.40 (376,160 ) 21.09 Forfeited (212,485 ) 31.49 (82,312 ) 31.57 Share options, end of the year 4,987,542 31.11 4,426,237 29.84 |
Summary of Outstanding Share Options | The options held by officers and employees at December 31, 2018, were as follows: Options Outstanding Options Exercisable Weighted Weighted Weighted Average Weighted Average Average Exercise Average Exercise Range of Exercise Remaining Price per Shares Remaining Price per Prices per Share Outstanding Contractual Share Exercisable Contractual Share $ # Life in Years $ # Life in Years $ 14.88 142,540 0.16 14.88 142,540 0.16 14.88 20.88 364,526 1.16 20.88 364,526 1.16 20.88 31.75 32.98 4,480,476 3.21 32.46 2,401,323 2.75 32.40 14.88 32.98 4,987,542 2.98 31.11 2,908,389 2.43 30.10 |
Summary of Weighted Average Assumptions | The estimated fair value of options granted at the share market price on the grant date was $5.73 per share (2017 – $5.03) and was determined using the weighted average assumptions indicated below: 2018 Volatility in the price of the Company’s shares (%) 24.12 24.13 Risk-free interest rate (%) 2.10 0.81 Expected hold period to exercise (years) 3.50 3.50 Dividend yield (%) 1.668 1.575 Exercise price ($) 32.98 31.75 |
Summary of Non-Vested Options | A summary of the status of the Company’s non-vested Number of Shares Weighted Average Fair Value per Share # $ Non-vested 2,139,320 5.28 Granted 1,112,779 5.73 Vested (1,000,441 ) 5.24 Forfeited (172,505 ) 5.40 Non-vested 2,079,153 5.53 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Recurring fair value measurement [member] | |
Statement [LineItems] | |
Summary of Fair Value Hierarchy for Assets | The following table summarizes the Company’s fair value hierarchy (note 4h) for those assets and liabilities measured and adjusted to fair value on a recurring basis at December 31, 2018: Carrying Quoted Prices in (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Note $ $ $ $ Investments held for self-insured 14 144.2 - 144.2 - |
Not measured at fair value in statement of financial position but for which fair value is disclosed [Member] | |
Statement [LineItems] | |
Summary of Fair Value Hierarchy for Liabilities | The following table summarizes the Company’s fair value hierarchy for those liabilities that were not measured at fair value but are required to be disclosed at fair value on a recurring basis as at December 31, 2018: Fair Value Quoted Prices in Significant Other Significant Unobservable Inputs Note $ $ $ $ Notes payable 16 76.9 - 76.9 - |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Loss Allowance Provision | Total 1–30 31–60 61–90 91–120 121+ $ $ $ $ $ $ Expected loss rate 0.07% 0.10% 0.22% 0.43% 0.75% Gross carrying amount 1,356.9 936.5 228.7 63.8 43.2 84.7 Loss allowance provision, end of the year 1.9 0.7 0.2 0.1 0.2 0.7 |
Summary of Timing of Undiscounted Cash Outflows Relating to Financial Liabilities | The timing of undiscounted cash outflows relating to financial liabilities is outlined in the table below: Total Less than 1 Year 1 to 3 Years After 3 Years $ $ $ $ December 31, 2018 Trade and other payables 567.2 567.2 - - Long-term debt 935.4 49.1 196.7 689.6 Other financial liabilities 3.1 1.1 0.3 1.7 Total contractual obligations 1,505.7 617.4 197.0 691.3 December 31, 2017 Trade and other payables 704.6 704.6 - - Long-term debt 740.8 198.4 541.4 1.0 Other financial liabilities 10.9 1.8 7.5 1.6 Total contractual obligations 1,456.3 904.8 548.9 2.6 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Effective Income Tax for Continuing Operations From Statutory Canadian Tax Rates | The effective income tax rate for continuing operations in the consolidated statements of income differs from statutory Canadian tax rates as a result of the following: For the year ended 2018 2017 % % Income tax expense at statutory Canadian rates 27.1 27.0 Increase (decrease) resulting from: Transition tax related to US tax reform (4.4 ) 11.8 Rate differential on foreign income (3.1 ) 4.0 Research and development and other tax credits (0.7 ) (2.7 ) Unrecognized tax losses and temporary differences 2.0 (0.5 ) Adjustments in respect of prior years and other 2.6 0.4 Non-deductible non-taxable 0.8 (3.5 ) Reorganization of corporate structure - 1.2 Disposition of a subsidiary - 30.3 Statutory rate change on deferred tax balances - (4.8 ) 24.3 63.2 |
Summary of Major Components of Current and Deferred Income Tax Expense (Recovery) from Continuing Operations | Major components of current income tax expense from continuing operations are as follows: For the year ended 2018 2017 $ $ Ongoing operations 64.5 34.4 Transition tax related to US tax reform (10.0 ) 31.2 Disposition of subsidiary - 124.1 Reorganization of corporate structure - 3.2 Total current income tax expense 54.5 192.9 Major components of deferred income tax expense (recovery) from continuing operations are as follows: For the year ended 2018 2017 $ $ Unrecognized tax losses and temporary differences 2.7 0.4 Origination and reversal of timing differences (1.9 ) 16.3 Recovery arising from previously unrecognized tax assets (0.2 ) (1.6 ) Change of tax rates (0.1 ) 0.6 Revaluation due to US tax reform - (12.6 ) Disposition of a subsidiary - (29.5 ) Total deferred income tax expense (recovery) 0.5 (26.4) |
Schedule of Significant Components of the Company's Net Deferred Income Tax Assets (Liabilities) from Continuing Operations | Significant components of net deferred income tax assets (liabilities) are as follows: December 31 December 31 2018 2017 $ $ Deferred income tax assets (liabilities) Carrying value of intangible assets in excess of tax cost (86.1 ) (78.8 ) Carrying value of property and equipment in excess of tax cost (7.3 ) (3.6 ) Cash to accrual adjustment on acquisition of US subsidiaries (1.2 ) (2.5 ) Differences in timing of taxability of revenue and deductibility of expenses 33.4 36.1 Loss and tax credit carryforwards 16.7 9.6 Employee defined benefit plan 7.7 3.3 Other 3.7 4.5 (33.1 ) (31.4 ) |
Schedule of Reconciliation of Net Deferred Tax Assets (Liabilities) | The following is a reconciliation of net deferred tax assets (liabilities): December 31 December 31 2018 2017 $ $ Balance, beginning of the year (31.4 ) (53.4 ) Discontinued operations (8.6 ) - Impact of foreign exchange (2.3 ) 1.8 Adoption of IFRS 15 and IFRS 9 6.7 - Tax effect on other comprehensive income 2.0 (2.4 ) Tax recovery during the year recognized in net income 1.3 26.4 Deferred taxes acquired through business combinations (0.7 ) (0.8 ) Other (0.1 ) (3.0 ) Balance, end of the year (33.1 ) (31.4 ) |
Schedule of Loss Carryforwards | At December 31, 2018, all loss carryforwards and deductible temporary differences available to reduce the taxable income of Canadian, US, and foreign subsidiaries were recognized in the consolidated financial statements, except as noted below: December 31 December 31 2018 2017 $ $ Deductible temporary differences 13.0 12.8 Non-capital Expire (2019 to 2038) 27.4 16.3 Never expire 73.4 72.2 100.8 88.5 Capital tax losses: Never expire 9.3 5.5 123.1 106.8 |
Net Interest Expense and Othe_2
Net Interest Expense and Other Net Finance Expense (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of Interest Expense | For the year ended December 31 2018 2017 $ $ Interest on notes payable 2.1 2.9 Interest on revolving credit facilities 28.4 24.4 Interest on finance leases 0.5 0.1 Other 0.6 1.7 Total interest expense 31.6 29.1 Interest income on FVOCI investment debt securities (2.5 ) (2.4 ) Other (0.4 ) (0.8 ) Total interest income (2.9 ) (3.2 ) Net interest expense 28.7 25.9 |
Schedule of Other Net Finance Expense | Other net finance expense For the year ended December 31 2018 2017 $ $ Realized loss on sale of FVOCI investment debt securities 0.3 - Amortization on FVOCI investment debt securities 0.5 0.6 Bank charges 5.6 8.6 Total other finance expense 6.4 9.2 Realized gain on sale of FVOCI investment debt securities - (1.4 ) Derecognition of notes payable (0.7 ) (0.7 ) Other net finance expense 5.7 7.1 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of information about receivables, contract assets, and deferred revenue (contract liabilities) from contracts with customers | The following table provides information about receivables, contract assets, and deferred revenue (contract liabilities) from contracts with customers: December 31 January 1 $ $ Receivables Trade receivables and holdbacks 821.9 816.1 Unbilled receivables 384.6 315.6 Contract assets 59.7 69.2 Deferred revenue (174.4 ) (196.4 ) Total Consulting Services 1,091.8 1,004.5 |
Significant Increases (Decreases) in Contract Assets and Deferred Revenue | For the year ended December 31, 2018 Contract Assets Deferred Revenue Note $ $ Acquisitions 0.7 7.2 Discontinued operations and disposition of subsidiaries 8 (15.3 ) (59.3 ) |
Employee Costs from Continuin_2
Employee Costs from Continuing Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of Employee Benefits Cost | For the year ended December 31 2018 2017 Note $ $ Wages, salaries, and benefits 2,358.8 2,220.8 Pension costs 83.3 67.7 Share-based compensation 22 5.3 9.5 Total employee costs 2,447.4 2,298.0 Direct labor 1,540.0 1,411.9 Indirect labor 907.4 886.1 Total employee costs 2,447.4 2,298.0 |
Other Expense (Income) (Tables)
Other Expense (Income) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Other Expense (Income) | For the year ended December 31 2018 2017 $ $ Loss on sale of property and equipment 1.7 0.2 Unrealized loss on equity securities 4.9 - Net realized gain on equity securities (0.9 ) (9.6 ) Other (5.6 ) (0.6 ) Total other expense (income) 0.1 (10.0 ) |
Weighted Average Shares Outst_2
Weighted Average Shares Outstanding (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments accounted for using equity method [abstract] | |
Schedule of Basic and Diluted Common Shares Outstanding, Calculated on Weighted Average Basis | The number of basic shares outstanding and diluted common shares, calculated on a weighted average basis, is as follows: December 31 December 31 2018 2017 # # Basic shares outstanding 113,733,118 113,991,507 Share options (dilutive effect of 507,066 options; 2017 – 4,426,237 options) 89,200 361,413 Diluted shares 113,822,318 114,352,920 |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Reconciliation of Liabilities Arising from Financing Activities | A reconciliation of liabilities arising from financing activities for the year ended December 31, 2018, is as follows: Statement of Cash Flows Non-Cash Changes January 1 Repayments Foreign December 31 2018 Proceeds or Payments Exchange Other 2018 $ $ $ $ $ $ Revolving credit facilities 209.9 432.3 (120.0 ) 6.4 - 528.6 Term loan 458.5 - (150.0 ) - 0.3 308.8 Finance lease obligations 10.4 - (14.8 ) 1.4 22.5 19.5 Dividends to shareholders 14.3 - (61.3 ) - 62.4 15.4 Total liabilities from financing activities 693.1 432.3 (346.1 ) 7.8 85.2 872.3 |
Related-Party Disclosures (Tabl
Related-Party Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of Subsidiaries | Name Jurisdiction of Incorporation 3221969 Nova Scotia Company Nova Scotia, Canada International Insurance Group Inc. Barbados Mustang Acquisition Holdings Inc. Delaware, United States MWH International, Inc. Delaware, United States Stantec Australia Pty Ltd Australia Stantec Consulting Caribbean Ltd. Barbados Stantec Consulting International LLC Arizona, United States Stantec Consulting International Ltd. Canada Stantec Consulting Ltd./Stantec Experts-conseils ltée Canada Stantec Consulting Michigan Inc. Michigan, United States Stantec Consulting Services Inc. New York, United States Stantec Delaware II LLC Delaware, United States Stantec Holdings (2017) Limited United Kingdom Stantec Holdings II Ltd. Alberta, Canada Stantec New Zealand New Zealand Stantec Technology International Inc. Delaware, United States Stantec UK Limited United Kingdom |
Schedule of Structured Entities | The following lists the most significant structured entities that are consolidated in the Company’s financial statements. Name Jurisdiction of Incorporation Stantec Architecture Inc. North Carolina, United States Stantec Architecture Ltd. Canada Stantec Geomatics Ltd. Alberta, Canada Stantec International Inc. Pennsylvania, United States |
Summary of Joint Operations | The Company also conducted its business through the following significant joint operations. Ownership Name Interests Jurisdiction Stantec/SG Joint Venture 65% United States Starr ll, a Joint Venture 48% United States |
Schedule of Transactions With Related Parties | The following table provides the total dollar amount for transactions that have been entered into with related parties. For the year ended December 31, 2018 For the year ended December 31, 2017 Sales to Related Parties $ Distributions Paid $ Amounts Owed by Related Parties $ Sales to Related Parties $ Distributions Paid $ Amounts Owed $ Joint ventures 39.8 0.3 10.2 40.6 1.3 11.1 Associates 4.3 0.2 1.0 10.2 0.7 0.8 |
Schedule of Compensation of Key Management Personnel and Directors of the Company | Compensation of key management personnel and directors of the Company For the year ended December 31 Note 2018 $ 2017 $ Salaries and other short-term employment benefits 9.0 11.3 Directors’ fees 0.8 0.8 Share-based compensation 22 0.9 4.0 Total compensation 10.7 16.1 |
Segmented Information (Tables)
Segmented Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of Operating Segments | Reportable segments from continuing operations Comparative figures in the table below were reclassified due to a realignment between the Consulting Services – United States and Consulting Services – Global reportable segments. For the year ended December 31, 2018 Consulting Services Adjustments Total and Canada United States Global Segments Eliminations Consolidated $ $ $ $ $ $ Total gross revenue 1,311.0 2,365.9 742.7 4,419.6 (135.8 ) 4,283.8 Less inter-segment revenue 35.2 31.3 69.3 135.8 (135.8 ) - Gross revenue from external customers 1,275.8 2,334.6 673.4 4,283.8 - 4,283.8 Less subconsultants and other direct expenses 188.0 560.2 180.4 928.6 - 928.6 Total net revenue 1,087.8 1,774.4 493.0 3,355.2 - 3,355.2 Gross margin 557.0 982.5 275.7 1,815.2 - 1,815.2 For the year ended December 31, 2017 Consulting Services Adjustments Total and Canada United States Global Segments Eliminations Consolidated $ $ $ $ $ $ Total gross revenue 1,221.9 2,254.0 664.7 4,140.6 (111.9 ) 4,028.7 Less inter-segment revenue 30.2 28.0 53.7 111.9 (111.9 ) - Gross revenue from external customers 1,191.7 2,226.0 611.0 4,028.7 - 4,028.7 Less subconsultants and other direct expenses 164.1 511.3 179.5 854.9 - 854.9 Total net revenue 1,027.6 1,714.7 431.5 3,173.8 - 3,173.8 Gross margin 551.5 958.7 251.7 1,761.9 - 1,761.9 |
Schedule of Non-Current Assets and Gross Revenue by Geographical Areas | Geographic information Non-Current assets Gross Revenue December 31 December 31 For the year ended December 31 2018 2017 2018 2017 $ $ $ $ Canada 535.2 452.4 1,275.8 1,191.7 United States 1,342.3 1,311.2 2,334.6 2,226.0 United Kingdom 140.5 119.3 184.9 129.4 Other countries 140.3 148.7 488.5 481.6 2,158.3 2,031.6 4,283.8 4,028.7 |
Schedule of Gross Revenue by Services | Gross revenue by services For the year ended December 31 2018 $ 2017 $ Consulting Services Buildings 944.5 898.1 Energy & Resources 591.7 479.2 Environmental Services 682.8 678.1 Infrastructure 1,157.6 1,090.4 Water 907.2 882.9 Total gross revenue from external customers 4,283.8 4,028.7 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives and Depreciation Calculation Methods (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Engineering equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation method | Straight-line |
Office equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation method | Straight-line |
Other [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation method | Straight-line |
Leasehold improvements [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation method | Straight-line over term of lease to a maximum of 15 years or the improvement's economic life |
Estimated Lives | 15 years |
Bottom of range [member] | Engineering equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Lives | 5 years |
Bottom of range [member] | Office equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Lives | 5 years |
Bottom of range [member] | Other [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Lives | 5 years |
Top of range [member] | Engineering equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Lives | 10 years |
Top of range [member] | Office equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Lives | 10 years |
Top of range [member] | Other [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Lives | 50 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Intangible and Leased Assets - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Bottom of range [member] | Intangible under finance lease [member] | |
Disclosure of detailed information about intangible assets [line Items] | |
Estimated lives | 3 years |
Bottom of range [member] | Client relationships [member] | Not internally generated [member] | |
Disclosure of detailed information about intangible assets [line Items] | |
Estimated lives | 10 years |
Bottom of range [member] | Contract backlog and finite trademarks [member] | Not internally generated [member] | |
Disclosure of detailed information about intangible assets [line Items] | |
Estimated lives | 1 year |
Top of range [member] | Intangible under finance lease [member] | |
Disclosure of detailed information about intangible assets [line Items] | |
Estimated lives | 7 years |
Top of range [member] | Client relationships [member] | Not internally generated [member] | |
Disclosure of detailed information about intangible assets [line Items] | |
Estimated lives | 15 years |
Top of range [member] | Contract backlog and finite trademarks [member] | Not internally generated [member] | |
Disclosure of detailed information about intangible assets [line Items] | |
Estimated lives | 3 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Share Based and Equity Settled Transactions - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Performance share units (PSUs) [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Cash settlement period for share-based payment arrangement | 3 years |
Description of settlement method | For units that vest, unit holders receive a cash payment based on the closing price of the Company’s common shares on the third anniversary date of issue. |
Equity settled transactions [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Description of equity settled share based payment | The cost of equity-settled transactions is measured at fair value at the grant date using a Black-Scholes option-pricing model. The cost of equity-settled transactions, together with a corresponding increase in equity, is recognized over the period in which the service conditions are fulfilled (the vesting period). For equity-settled transactions, the cumulative expense recognized at each reporting date until the vesting date reflects the extent to which the vesting period has expired and reflects the Company’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit to income for a period represents the movement in cumulative expense recognized as at the beginning and end of that period and is recorded in administrative and marketing expenses. No expense is recognized for awards that do not ultimately vest. |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements and Changes to Accounting Policies - Schedule of Impact of Changes to Accounting Policies on Retained Earnings (Detail) - Retained earnings [member] - Increase (decrease) due to application of IFRS 15 [member] $ in Millions | Jan. 01, 2018CAD ($) |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |
Total impact of change in accounting policy | $ (23.9) |
Continuing operations [member] | Change Orders and Claims [Member] | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |
Total impact of change in accounting policy | (3) |
Continuing operations [member] | Significant Financing Component [Member] | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |
Total impact of change in accounting policy | 1.7 |
Discontinued operations [member] | Construction Services [member] | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |
Total impact of change in accounting policy | $ (22.6) |
Recent Accounting Pronounceme_4
Recent Accounting Pronouncements and Changes to Accounting Policies - Summary of Impacts of Adopting IFRS 15 in Consolidated Statement of Financial Position (Detail) - CAD ($) $ in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Current assets | |||
Unbilled receivables | $ 384.6 | ||
Contract assets | 59.7 | $ 69.2 | |
Other assets | 23.2 | $ 14 | |
Non-current assets | |||
Deferred tax assets | 21.2 | 23.2 | |
Other assets | 175.5 | 195.5 | |
Current liabilities | |||
Deferred revenue | 174.4 | ||
Shareholders' equity | |||
Retained earnings | 851.2 | 947.1 | |
Accumulated other comprehensive income | 163.1 | $ 49.5 | |
Previously stated [member] | |||
Current assets | |||
Unbilled receivables | 444.4 | ||
Other assets | 20.3 | ||
Non-current assets | |||
Deferred tax assets | 21.8 | ||
Other assets | 167.3 | ||
Current liabilities | |||
Deferred revenue | 165.7 | ||
Shareholders' equity | |||
Retained earnings | 848.9 | ||
Accumulated other comprehensive income | 163.7 | ||
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | |||
Current assets | |||
Unbilled receivables | (59.8) | ||
Contract assets | 59.7 | ||
Other assets | 2.9 | ||
Non-current assets | |||
Deferred tax assets | (0.6) | ||
Other assets | 8.2 | ||
Current liabilities | |||
Deferred revenue | 8.7 | ||
Shareholders' equity | |||
Retained earnings | 2.3 | ||
Accumulated other comprehensive income | $ (0.6) |
Recent Accounting Pronounceme_5
Recent Accounting Pronouncements and Changes to Accounting Policies - Summary of Impacts of Adopting IFRS 15 in Consolidated Statements of Income and Comprehensive Income (Loss) (Detail) - CAD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net income | ||
Gross revenue | $ 4,283.8 | $ 4,028.7 |
Subconsultant/subcontractor and other direct expenses | 928.6 | 854.9 |
Total income taxes | 55 | 166.5 |
Net income for the year from continuing operations | 171.3 | 97 |
Net loss from discontinued operation, net of tax | (123.9) | |
Net income for the year | 47.4 | 97 |
Comprehensive income | ||
Exchange differences on translation of foreign operations | 124.1 | (134.1) |
Other comprehensive income for the year, net of tax | 114.5 | (117.8) |
Total comprehensive income (loss) for the year, net of tax | $ 161.9 | $ (20.8) |
Earnings per share, basic and diluted | ||
Continuing operations | $ 1.51 | $ 0.85 |
Discontinued operations | (1.09) | |
Total basic and diluted earnings per share | $ 0.42 | $ 0.85 |
Previously stated [member] | ||
Net income | ||
Gross revenue | $ 4,287.9 | |
Subconsultant/subcontractor and other direct expenses | 937.1 | |
Total income taxes | 53.8 | |
Net income for the year from continuing operations | 168.1 | |
Net loss from discontinued operation, net of tax | (146.9) | |
Net income for the year | 21.2 | |
Comprehensive income | ||
Exchange differences on translation of foreign operations | 124.7 | |
Other comprehensive income for the year, net of tax | 115.1 | |
Total comprehensive income (loss) for the year, net of tax | $ 136.3 | |
Earnings per share, basic and diluted | ||
Continuing operations | $ 1.48 | |
Discontinued operations | (1.29) | |
Total basic and diluted earnings per share | $ 0.19 | |
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | ||
Net income | ||
Gross revenue | $ (4.1) | |
Subconsultant/subcontractor and other direct expenses | (8.5) | |
Total income taxes | 1.2 | |
Net income for the year from continuing operations | 3.2 | |
Net loss from discontinued operation, net of tax | 23 | |
Net income for the year | 26.2 | |
Comprehensive income | ||
Exchange differences on translation of foreign operations | (0.6) | |
Other comprehensive income for the year, net of tax | (0.6) | |
Total comprehensive income (loss) for the year, net of tax | $ 25.6 | |
Earnings per share, basic and diluted | ||
Continuing operations | $ 0.03 | |
Discontinued operations | 0.20 | |
Total basic and diluted earnings per share | $ 0.23 |
Recent Accounting Pronounceme_6
Recent Accounting Pronouncements and Changes to Accounting Policies - Summary of Impacts of Adopting IFRS 9 on Equity (After-tax) (Detail) - Increase (decrease) due to application of IFRS 9 [member] $ in Millions | Jan. 01, 2018CAD ($) |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |
Reclassify equity securities from available-for-sale (AFS) to FVPL | $ 0.9 |
Retained earnings [member] | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |
Reclassify equity securities from available-for-sale (AFS) to FVPL | 0.9 |
Other | (0.8) |
Total impact of changes in accounting policy, January 1, 2018 | 0.1 |
Accumulated other comprehensive income (loss) [member] | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |
Reclassify equity securities from available-for-sale (AFS) to FVPL | (0.9) |
Total impact of changes in accounting policy, January 1, 2018 | $ (0.9) |
Recent Accounting Pronounceme_7
Recent Accounting Pronouncements and Changes To Accounting Policies - Additional Information (Detail) - Increase (decrease) due to application of IFRS 9 [member] $ in Millions | Jan. 01, 2018CAD ($) |
Disclosure of financial assets at date of initial application of IFRS 9 [line items] | |
Investments reclassified from AFS to FVPL | $ (49.4) |
Unrealized gains on reclassification | $ 0.9 |
Recent Accounting Pronounceme_8
Recent Accounting Pronouncements and Changes to Accounting Policies - Summary of Measurement Category of Financial Assets (Detail) - Increase (decrease) due to application of IFRS 9 [member] | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash and cash deposits and cash in escrow [member] | Financial assets at amortised cost, category [member] | ||
Disclosure of financial assets at date of initial application of IFRS 9 [line items] | ||
Financial assets measurement, after | Amortized cost | |
Cash and cash deposits and cash in escrow [member] | Financial assets at fair value through profit or loss, designated upon initial recognition or subsequently, category [member] | ||
Disclosure of financial assets at date of initial application of IFRS 9 [line items] | ||
Financial assets measurement, before | FVPL | |
Receivables and other current financial assets [member] | Financial assets at amortised cost, category [member] | ||
Disclosure of financial assets at date of initial application of IFRS 9 [line items] | ||
Financial assets measurement, after | Amortized cost | |
Financial assets measurement, before | Amortized cost | |
Equity securities [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | ||
Disclosure of financial assets at date of initial application of IFRS 9 [line items] | ||
Financial assets measurement, after | Mandatorily at FVPL | |
Equity securities [member] | Investments in equity instruments designated at fair value through other comprehensive income [member] | ||
Disclosure of financial assets at date of initial application of IFRS 9 [line items] | ||
Financial assets measurement, before | FVOCI | |
Bonds [member] | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Disclosure of financial assets at date of initial application of IFRS 9 [line items] | ||
Financial assets measurement, after | FVOCI | |
Financial assets measurement, before | FVOCI | |
Holdbacks on long-term contracts [member] | Financial assets at amortised cost, category [member] | ||
Disclosure of financial assets at date of initial application of IFRS 9 [line items] | ||
Financial assets measurement, after | Amortized cost | |
Financial assets measurement, before | Amortized cost | |
Indemnifications [member] | Financial assets at fair value through profit or loss, designated upon initial recognition or subsequently, category [member] | ||
Disclosure of financial assets at date of initial application of IFRS 9 [line items] | ||
Financial assets measurement, after | FVPL | |
Financial assets measurement, before | FVPL | |
Other financial asset [member] | Financial assets at amortised cost, category [member] | ||
Disclosure of financial assets at date of initial application of IFRS 9 [line items] | ||
Financial assets measurement, after | Amortized cost | |
Financial assets measurement, before | Amortized cost |
Business Acquisitions - Summary
Business Acquisitions - Summary of Consideration for Assets Acquired and Liabilities Assumed (Detail) - Aggregated individually immaterial business combinations [member] $ in Millions | Dec. 31, 2018CAD ($) |
Disclosure of detailed information about business combination [line items] | |
Cash consideration | $ 88 |
Notes payable | 55.6 |
Consideration | 143.6 |
Assets and liabilities acquired | |
Cash acquired | 7.8 |
Trade receivables | 34.7 |
Unbilled receivables | 6.4 |
Accounts payable | (19.8) |
Other non-cash working capital | (0.6) |
Property and equipment | 4.4 |
Intangible assets | 33 |
Deferred tax assets | 1.9 |
Net employee defined benefit liability | (16.5) |
Provisions | (1.4) |
Deferred tax liabilities | (2.6) |
Total identifiable net assets at fair value | 47.3 |
Goodwill arising on acquisitions | 96.3 |
Consideration | $ 143.6 |
Business Acquisitions - Additio
Business Acquisitions - Additional Information (Detail) - Aggregated individually immaterial business combinations [member] $ in Millions | 12 Months Ended |
Dec. 31, 2018CAD ($) | |
Disclosure of detailed information about business combination [line items] | |
Goodwill is deductible for income tax purposes | $ 3.6 |
Provisions | 0.8 |
Provision for claims outstanding | 11.1 |
Gross revenue earned | 86 |
Acquisition-related costs | $ 0.7 |
Business Acquisitions - Summa_2
Business Acquisitions - Summary of Consideration of Business Combinations (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about business combination [abstract] | ||
Cash consideration (net of cash acquired) | $ 80.2 | |
Payments on notes payable from previous acquisitions | 42 | |
Total net cash paid | $ 122.2 | $ 85.1 |
Business Acquisitions - Summa_3
Business Acquisitions - Summary of Notes Payable in Business Combination (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018CAD ($) | |
Disclosure of Notes Payable in Business Combination [abstract] | |
Balance, beginning of the year | $ 58.8 |
Additions for acquisitions in the year | 55.6 |
Other adjustments | (0.2) |
Payments | (42) |
Interest | 0.9 |
Impact of foreign exchange | 3 |
Total notes payable | $ 76.1 |
Discontinued Operations and D_3
Discontinued Operations and Disposition of Subsidiaries - Additional Information (Detail) $ in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2018CAD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017CAD ($) | |
Disclosure of disposal of subsidiaries and discontinued operations [line items] | ||||
Current tax expense | $ 54.5 | $ 192.9 | ||
Deferred taxes | 0.5 | (26.4) | ||
Repayment of long term debt | 0.3 | 2.5 | ||
Disposal of major subsidiary [member] | ||||
Disclosure of disposal of subsidiaries and discontinued operations [line items] | ||||
Gross proceeds | 369.1 | |||
Current tax expense | 124.1 | |||
Deferred taxes | 29.5 | |||
Repayment of long term debt | $ 221.3 | |||
Construction services group [member] | Discontinued operations [member] | ||||
Disclosure of disposal of subsidiaries and discontinued operations [line items] | ||||
Goodwill impairment charge | $ 53 | |||
Gross proceeds | 104.2 | $ 79.5 | ||
Cash proceeds from the sale of subsidiary | $ 28.8 | $ 22 |
Discontinued Operations and D_4
Discontinued Operations and Disposition of Subsidiaries - Summary of Net Loss from Discontinued Operations (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Revenue | $ 4,283.8 | $ 4,028.7 |
Income before income taxes and discontinued operations | 226.3 | 263.5 |
Net loss from discontinued operations | (123.9) | |
Construction services group [member] | Discontinued operations [member] | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Revenue | 884.4 | 1,111.4 |
Expenses | (953.8) | $ (1,111.4) |
Impairment of goodwill | (53) | |
Income before income taxes and discontinued operations | (122.4) | |
Income taxes on operating activities | 10.8 | |
Loss from operating activities, net of income taxes | (111.6) | |
Gain on disposal of discontinued operations before income taxes | 1.5 | |
Income taxes on disposal of discontinued operations | (13.8) | |
Loss on disposal of discontinued operations, net of income taxes | (12.3) | |
Net loss from discontinued operations | $ (123.9) |
Discontinued Operations and D_5
Discontinued Operations and Disposition of Subsidiaries - Summary of Disposition of Subsidiary (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of disposal of subsidiaries and discontinued operations [line items] | ||
Cumulative exchange loss on translating foreign operations reclassified from equity | $ (0.1) | $ (13.8) |
Disposal of major subsidiary [member] | ||
Disclosure of disposal of subsidiaries and discontinued operations [line items] | ||
Gross proceeds | 369.1 | |
Working capital adjustments | (15.3) | |
Transaction costs | (16.9) | |
Net proceeds from sale, net of cash sold | 336.9 | |
Net assets disposed | (268.5) | |
Cumulative exchange loss on translating foreign operations reclassified from equity | (13.8) | |
Gain on disposal of a subsidiary | $ 54.6 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Detail) - CAD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents [abstract] | |||
Cash | $ 176.5 | $ 234.7 | |
Unrestricted investments | 8.7 | 4.8 | |
Cash and cash equivalents | $ 185.2 | $ 239.5 | $ 210.9 |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Detail) $ in Millions, $ in Millions | Dec. 31, 2018CAD ($) | Dec. 31, 2017CAD ($) | Dec. 31, 2017USD ($) |
Business combinations [member] | |||
Disclosure of cash and cash equivalents [line items] | |||
Escrow account | $ 0 | $ 7.9 | $ 6.2 |
Trade and Other Receivables - S
Trade and Other Receivables - Schedule of Trade and Other Receivables (Detail) - CAD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Trade and other receivables [abstract] | ||
Trade receivables, net of ECL of $1.5 (2017 - $2.1) | $ 774.5 | $ 746.6 |
Holdbacks, current | 18.7 | 43.8 |
Lease inducements receivable | 44 | |
Other | 40.9 | 25.7 |
Trade and other receivables | $ 878.1 | $ 816.1 |
Trade and Other Receivables -_2
Trade and Other Receivables - Schedule of Trade and Other Receivables (Parenthetical) (Detail) - CAD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Trade and other receivables [abstract] | ||
Expected credit losses (ECLs) | $ 1.5 | $ 2.1 |
Trade and Other Receivables -_3
Trade and Other Receivables - Schedule of Gross Trade Receivables Aging Analysis (Detail) - CAD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Trade and other receivables [line items] | ||
Trade receivables | $ 776 | $ 748.7 |
1-30 Days [member] | ||
Trade and other receivables [line items] | ||
Trade receivables | 355.6 | 403.1 |
31-60 Days [member] | ||
Trade and other receivables [line items] | ||
Trade receivables | 228.7 | 182.4 |
61-90 Days [member] | ||
Trade and other receivables [line items] | ||
Trade receivables | 63.8 | 53.9 |
91-120 Days [member] | ||
Trade and other receivables [line items] | ||
Trade receivables | 43.2 | 29.1 |
121+ Days [member] | ||
Trade and other receivables [line items] | ||
Trade receivables | $ 84.7 | $ 80.2 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | $ 212.6 | |
Property plant and equipment | 289.4 | $ 212.6 |
Engineering equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | 59.3 | |
Property plant and equipment | 60.1 | 59.3 |
Office equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | 34 | |
Property plant and equipment | 48.8 | 34 |
Leasehold improvements [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | 101.4 | |
Property plant and equipment | 159.7 | 101.4 |
Other [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | 17.9 | |
Property plant and equipment | 20.8 | 17.9 |
Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | 387.7 | 414.8 |
Additions | 130.2 | 62.1 |
Additions arising on acquisitions | 4.4 | 0.8 |
Disposals | (50.5) | (78.5) |
Discontinued operations (note 8) | (15.6) | |
Impact of foreign exchange | 17.1 | (11.5) |
Property plant and equipment | 473.3 | 387.7 |
Gross carrying amount [member] | Engineering equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | 116.7 | 131.9 |
Additions | 23.2 | 21.2 |
Additions arising on acquisitions | 1.6 | 0.2 |
Disposals | (12.2) | (33.4) |
Discontinued operations (note 8) | (11.5) | |
Transfers | (0.4) | 0.1 |
Impact of foreign exchange | 4.9 | (3.3) |
Property plant and equipment | 122.3 | 116.7 |
Gross carrying amount [member] | Office equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | 61.6 | 82 |
Additions | 19.4 | 6.8 |
Additions arising on acquisitions | 0.7 | 0.1 |
Disposals | (2.2) | (24.9) |
Discontinued operations (note 8) | (0.4) | |
Transfers | (0.1) | (0.8) |
Impact of foreign exchange | 3 | (1.6) |
Property plant and equipment | 82 | 61.6 |
Gross carrying amount [member] | Leasehold improvements [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | 175.5 | 166.9 |
Additions | 79.5 | 29.4 |
Additions arising on acquisitions | 1.7 | 0.5 |
Disposals | (31.4) | (16.4) |
Discontinued operations (note 8) | (1.7) | |
Transfers | (0.2) | 0.2 |
Impact of foreign exchange | 7.8 | (5.1) |
Property plant and equipment | 231.2 | 175.5 |
Gross carrying amount [member] | Other [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | 33.9 | 34 |
Additions | 8.1 | 4.7 |
Additions arising on acquisitions | 0.4 | |
Disposals | (4.7) | (3.8) |
Discontinued operations (note 8) | (2) | |
Transfers | 0.7 | 0.5 |
Impact of foreign exchange | 1.4 | (1.5) |
Property plant and equipment | 37.8 | 33.9 |
Accumulated depreciation and amortization [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | (175.1) | (200.9) |
Depreciation - continuing operations | (50.1) | (52.2) |
Depreciation - discontinued operations | (2) | (2.4) |
Disposals | 45.5 | 76.7 |
Discontinued operations (note 8) | 4.6 | |
Impact of foreign exchange | (6.8) | 3.7 |
Property plant and equipment | (183.9) | (175.1) |
Accumulated depreciation and amortization [member] | Engineering equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | (57.4) | (73.1) |
Depreciation - continuing operations | (15.3) | (16.3) |
Depreciation - discontinued operations | (1.5) | (1.9) |
Disposals | 10.6 | 32.7 |
Discontinued operations (note 8) | 3.3 | |
Transfers | 0.4 | |
Impact of foreign exchange | (2.3) | 1.2 |
Property plant and equipment | (62.2) | (57.4) |
Accumulated depreciation and amortization [member] | Office equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | (27.6) | (45.6) |
Depreciation - continuing operations | (6.7) | (7.5) |
Depreciation - discontinued operations | (0.1) | |
Disposals | 1.9 | 25.4 |
Discontinued operations (note 8) | 0.3 | |
Transfers | 0.1 | |
Impact of foreign exchange | (1.2) | 0.2 |
Property plant and equipment | (33.2) | (27.6) |
Accumulated depreciation and amortization [member] | Leasehold improvements [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | (74.1) | (64.9) |
Depreciation - continuing operations | (25.9) | (26.7) |
Depreciation - discontinued operations | (0.2) | |
Disposals | 31.1 | 15.9 |
Discontinued operations (note 8) | 0.3 | |
Transfers | 0.2 | |
Impact of foreign exchange | (2.9) | 1.6 |
Property plant and equipment | (71.5) | (74.1) |
Accumulated depreciation and amortization [member] | Other [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment | (16) | (17.3) |
Depreciation - continuing operations | (2.2) | (1.7) |
Depreciation - discontinued operations | (0.3) | (0.4) |
Disposals | 1.9 | 2.7 |
Discontinued operations (note 8) | 0.7 | |
Transfers | (0.7) | |
Impact of foreign exchange | (0.4) | 0.7 |
Property plant and equipment | $ (17) | $ (16) |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - CAD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Leasehold improvements [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Construction work in progress | $ 8.9 | $ 3.5 |
Goodwill - Schedule of Reconcil
Goodwill - Schedule of Reconciliation of Changes in Goodwill (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill | $ 1,556.6 | |
Goodwill | 1,621.2 | $ 1,556.6 |
Gross carrying amount [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill | 1,734.6 | 2,006.1 |
Acquisitions | 96.3 | 16.3 |
Disposals | (120.2) | (194.4) |
Impact of foreign exchange | 88.5 | (93.4) |
Goodwill | 1,799.2 | 1,734.6 |
Accumulated impairment [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill | (178) | (178) |
Impairment of goodwill | (53) | |
Disposals | 53 | |
Goodwill | $ (178) | $ (178) |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) $ in Millions | Oct. 01, 2018Cash_Generating_Units | Sep. 30, 2018CAD ($) | Dec. 31, 2018 | Dec. 31, 2017CAD ($) | Oct. 01, 2017 |
Disclosure of information for cash-generating units [line items] | |||||
Number of cash generating units | Cash_Generating_Units | 7 | ||||
Description of basis on which units recoverable amount has been determined | Using the fair value less costs of disposal approach | ||||
Description of level of fair value hierarchy within which fair value measurement is categorised | Level 3 | ||||
Description of projection | Terminal growth rates based on actual experience and market analysis. Projections are extrapolated beyond five years using a growth rate that does not exceed 3.0%. | ||||
Construction services group [member] | Discontinued operations [member] | |||||
Disclosure of information for cash-generating units [line items] | |||||
Goodwill impairment charge | $ | $ 53 | ||||
Top of range [member] | |||||
Disclosure of information for cash-generating units [line items] | |||||
Discounted Rate | 17.00% | 15.10% | |||
Percentage of growth rate | 3.00% | ||||
Bottom of range [member] | |||||
Disclosure of information for cash-generating units [line items] | |||||
Discounted Rate | 9.30% | 8.90% | |||
Consulting Services Global [member] | |||||
Disclosure of information for cash-generating units [line items] | |||||
Number of cash generating units | Cash_Generating_Units | 3 | ||||
Goodwill disposed | $ | $ 88.1 | ||||
Discounted Rate | 11.20% | ||||
Percentage of growth rate | 3.00% | ||||
Construction Services [member] | |||||
Disclosure of information for cash-generating units [line items] | |||||
Number of cash generating units | Cash_Generating_Units | 2 | ||||
Consulting Services United States [member] | |||||
Disclosure of information for cash-generating units [line items] | |||||
Goodwill disposed | $ | $ 106.3 |
Goodwill - Schedule of Goodwill
Goodwill - Schedule of Goodwill Allocated (Detail) - CAD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of information for cash-generating units [line items] | ||
Goodwill | $ 1,621.2 | $ 1,556.6 |
Consulting Services Canada [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | 358.2 | 337.8 |
Consulting Services United States [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | 1,003.7 | 917.7 |
Consulting Services Global [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | $ 259.3 | 183.2 |
Construction Services [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | $ 117.9 |
Goodwill - Summary of Most Sens
Goodwill - Summary of Most Sensitive Key Assumptions Used for CGUs (Detail) | Oct. 01, 2018 | Oct. 01, 2017 |
Bottom of range [member] | ||
Disclosure of information for cash-generating units [line items] | ||
After tax discount rate | 9.30% | 8.90% |
Top of range [member] | ||
Disclosure of information for cash-generating units [line items] | ||
After tax discount rate | 17.00% | 15.10% |
Terminal growth rate | 3.00% | |
Consulting Services Global [member] | ||
Disclosure of information for cash-generating units [line items] | ||
After tax discount rate | 11.20% | |
Terminal growth rate | 3.00% | |
Average annual net revenue growth rate (2019-2023) | 3.70% | |
Consulting Services Global [member] | Bottom of range [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Operating margin rates | 5.60% | |
Non-cash working capital rates | 20.30% | |
Consulting Services Global [member] | Top of range [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Operating margin rates | 8.70% | |
Non-cash working capital rates | 20.50% |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | $ 262.4 | |
Beginning Balance | 247.7 | $ 262.4 |
Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 430.5 | 590.5 |
Additions arising on acquisitions | 33 | 6.1 |
Discontinued operations (note 8) | (29.4) | |
Removal of fully amortized assets | (79.7) | (38.8) |
Impact of foreign exchange | 18.4 | (26.4) |
Beginning Balance | 406 | 430.5 |
Gross carrying amount [member] | Not internally generated [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Additions | 33.2 | 5.7 |
Accumulated depreciation and amortization [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | (168.1) | (141) |
Amortization - continuing operations | (66.1) | (74.8) |
Amortization - discontinued operations | (5.7) | (7.3) |
Discontinued operations (note 8) | 9.2 | |
Removal of fully amortized assets | 79.7 | 38.8 |
Impact of foreign exchange | (7.3) | 5.2 |
Beginning Balance | (158.3) | (168.1) |
Client relationships [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 199.1 | |
Beginning Balance | 191.1 | 199.1 |
Client relationships [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 289.5 | 399 |
Additions arising on acquisitions | 25.1 | 3.2 |
Discontinued operations (note 8) | (19.7) | |
Removal of fully amortized assets | (3.9) | (13.8) |
Impact of foreign exchange | 16.3 | (20.8) |
Beginning Balance | 307.3 | 289.5 |
Client relationships [member] | Accumulated depreciation and amortization [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | (90.4) | (85) |
Amortization - continuing operations | (26.9) | (28.2) |
Amortization - discontinued operations | (1.8) | (2) |
Discontinued operations (note 8) | 4.9 | |
Removal of fully amortized assets | 3.9 | 13.8 |
Impact of foreign exchange | (5.9) | 3.8 |
Beginning Balance | (116.2) | (90.4) |
Contract backlog [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 10.3 | |
Beginning Balance | 4.9 | 10.3 |
Contract backlog [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 47.9 | 55.5 |
Additions arising on acquisitions | 5.7 | 2.7 |
Removal of fully amortized assets | (46.2) | (6.2) |
Impact of foreign exchange | 1.1 | (4.1) |
Beginning Balance | 8.5 | 47.9 |
Contract backlog [member] | Accumulated depreciation and amortization [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | (37.6) | (19.2) |
Amortization - continuing operations | (9.9) | (22.3) |
Amortization - discontinued operations | (1.4) | (4.1) |
Removal of fully amortized assets | 46.2 | 6.2 |
Impact of foreign exchange | (0.9) | 1.8 |
Beginning Balance | (3.6) | (37.6) |
Software [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 38.7 | |
Beginning Balance | 42.5 | 38.7 |
Software [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 65.6 | 97.6 |
Additions arising on acquisitions | 0.2 | |
Discontinued operations (note 8) | (5.3) | |
Removal of fully amortized assets | (18.8) | (15.7) |
Impact of foreign exchange | 0.3 | 0.4 |
Beginning Balance | 75.2 | 65.6 |
Software [member] | Gross carrying amount [member] | Not internally generated [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Additions | 33.2 | 5.7 |
Software [member] | Accumulated depreciation and amortization [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | (26.9) | (28.2) |
Amortization - continuing operations | (25.7) | (16.4) |
Amortization - discontinued operations | (0.7) | (0.8) |
Discontinued operations (note 8) | 1.9 | |
Removal of fully amortized assets | 18.8 | 15.7 |
Impact of foreign exchange | (0.1) | (1) |
Beginning Balance | (32.7) | (26.9) |
Other [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 14.3 | |
Beginning Balance | 9.2 | 14.3 |
Other [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 27.5 | 38.4 |
Additions arising on acquisitions | 2 | 0.2 |
Discontinued operations (note 8) | (4.4) | |
Removal of fully amortized assets | (10.8) | (3.1) |
Impact of foreign exchange | 0.7 | (1.9) |
Beginning Balance | 15 | 27.5 |
Other [member] | Accumulated depreciation and amortization [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | (13.2) | (8.6) |
Amortization - continuing operations | (3.6) | (7.9) |
Amortization - discontinued operations | (1.8) | (0.4) |
Discontinued operations (note 8) | 2.4 | |
Removal of fully amortized assets | 10.8 | 3.1 |
Impact of foreign exchange | (0.4) | 0.6 |
Beginning Balance | (5.8) | (13.2) |
Lease disadvantages [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | (2.7) | |
Beginning Balance | (1.5) | (2.7) |
Lease disadvantages [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | (7.2) | (10.3) |
Removal of fully amortized assets | 3.1 | 2.5 |
Impact of foreign exchange | (0.3) | 0.6 |
Beginning Balance | (4.4) | (7.2) |
Lease disadvantages [member] | Accumulated depreciation and amortization [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Beginning Balance | 4.5 | 5.5 |
Amortization - continuing operations | 1.1 | 1.8 |
Amortization - discontinued operations | 0.1 | 0.1 |
Removal of fully amortized assets | (3.1) | (2.5) |
Impact of foreign exchange | 0.3 | (0.4) |
Beginning Balance | $ 2.9 | 4.5 |
Innovyze, Inc. [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Disposals | (103.3) | |
Innovyze, Inc. [member] | Accumulated depreciation and amortization [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Disposals | 8.3 | |
Innovyze, Inc. [member] | Client relationships [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Disposals | (78.1) | |
Innovyze, Inc. [member] | Client relationships [member] | Accumulated depreciation and amortization [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Disposals | 7.2 | |
Innovyze, Inc. [member] | Software [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Disposals | (19.1) | |
Innovyze, Inc. [member] | Software [member] | Accumulated depreciation and amortization [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Disposals | 1.1 | |
Innovyze, Inc. [member] | Other [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Disposals | (6.1) | |
Other [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Disposals | (3.3) | |
Other [member] | Accumulated depreciation and amortization [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Disposals | 2.7 | |
Other [member] | Software [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Disposals | (3.3) | |
Other [member] | Software [member] | Accumulated depreciation and amortization [member] | ||
Disclosure of detailed information about intangible assets [line Items] | ||
Disposals | $ 2.7 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - Software licenses [member] - CAD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about intangible assets [line Items] | ||
Non cash portion of financial leases additions | $ 15.1 | $ 0 |
Finance leases with a net book value | $ 19.1 | $ 16.5 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Detail) - CAD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of other assets [line items] | ||
Other financial assets | $ 144.2 | $ 147.1 |
Other Assets | 198.7 | 209.5 |
Less current portion - financial | 18.1 | 14 |
Less current portion - non-financial | 5.1 | |
Long-term portion | 175.5 | 195.5 |
Other assets [member] | Investment tax credits [member] | ||
Disclosure of other assets [line items] | ||
Other non-financial assets | 6.1 | 9.2 |
Other assets [member] | Transaction costs on long term debt [member] | ||
Disclosure of other assets [line items] | ||
Other non-financial assets | 3.6 | 4.9 |
Other assets [member] | Deferred contract costs [member] | ||
Disclosure of other assets [line items] | ||
Other non-financial assets | 8.8 | |
Other assets [member] | Investments held for self-insured liabilities [member] | ||
Disclosure of other assets [line items] | ||
Other financial assets | 144.2 | 147.1 |
Other assets [member] | Holdbacks on long-term contracts [member] | ||
Disclosure of other assets [line items] | ||
Other financial assets | 28.7 | 39.6 |
Other assets [member] | Indemnifications [member] | ||
Disclosure of other assets [line items] | ||
Other financial assets | 0.8 | 2.4 |
Other assets [member] | Other [member] | ||
Disclosure of other assets [line items] | ||
Other financial assets | $ 6.5 | $ 6.3 |
Other Assets - Disclosure of Fa
Other Assets - Disclosure of Fair Value and Amortized Cost (Detail) - CAD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of investments held for self insured liabilities at fair value and amortized cost [line items] | ||
Fair Value | $ 144.2 | $ 147.1 |
Amortized Cost/Cost | 148.8 | 146.9 |
Bonds [member] | ||
Disclosure of investments held for self insured liabilities at fair value and amortized cost [line items] | ||
Fair Value | 103 | 97.7 |
Amortized Cost/Cost | 103.8 | 98.6 |
Equity securities [member] | ||
Disclosure of investments held for self insured liabilities at fair value and amortized cost [line items] | ||
Fair Value | 41.2 | 49.4 |
Amortized Cost/Cost | $ 45 | $ 48.3 |
Other Assets - Additional Infor
Other Assets - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of investments held for self insured liabilities maturity of bond portfolio at fair value [line items] | ||
Changes in provisions and indemnification assets | $ 1.8 | $ 0.2 |
Bottom of range [member] | ||
Disclosure of investments held for self insured liabilities maturity of bond portfolio at fair value [line items] | ||
Bonds interest rate | 0.75% | 0.75% |
Top of range [member] | ||
Disclosure of investments held for self insured liabilities maturity of bond portfolio at fair value [line items] | ||
Bonds interest rate | 5.15% | 5.15% |
Other Assets - Disclosure of th
Other Assets - Disclosure of the Bond Portfolio Stated at Fair Value (Detail) - Bonds [member] - CAD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Maturity of bond portfolio, stated fair value | $ 103 | $ 97.7 |
Within one year [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Maturity of bond portfolio, stated fair value | 14 | 5.6 |
2018 to 2022 [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Maturity of bond portfolio, stated fair value | 85.2 | 73.5 |
More than five years [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Maturity of bond portfolio, stated fair value | $ 3.8 | $ 18.6 |
Trade and Other Payables - Summ
Trade and Other Payables - Summary of Trade and Other Payables (Detail) - CAD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Trade and other payables [abstract] | ||
Trade accounts payable | $ 222.6 | $ 367.1 |
Employee and payroll liabilities | 263.3 | 248.8 |
Accrued liabilities | 81.3 | 88.7 |
Trade and other payables | $ 567.2 | $ 704.6 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long Term Debt (Detail) - CAD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 933.7 | $ 739.6 |
Less current portion | 48.5 | 198.2 |
Long-term portion | 885.2 | 541.4 |
Notes payable [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 76.8 | 60.8 |
Revolving credit facilities [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 528.6 | 209.9 |
Term loan [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 308.8 | 458.5 |
Finance lease obligations [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 19.5 | $ 10.4 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) $ in Millions | Jun. 27, 2018CAD ($)Tranches | Jun. 30, 2018CAD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2017CAD ($) | Dec. 31, 2018USD ($) | Jun. 26, 2018CAD ($) | May 06, 2018CAD ($) | Dec. 31, 2017USD ($) |
Disclosure of detailed information about borrowings [line items] | ||||||||
Number of tranches | Tranches | 2 | |||||||
Additional revolving credit facilities amount | $ 400,000,000 | $ 200,000,000 | ||||||
Gain on modification of revolving credit facilities | $ 1,400,000 | |||||||
Credit facility average interest rate | 4.53% | 3.20% | ||||||
Letter of credit issued | $ 48,000,000 | $ 51,800,000 | ||||||
Letter of credit outstanding | 48,000,000 | 51,800,000 | ||||||
Letter of credit issued and outstanding in addition | $ 23,800,000 | 4,300,000 | ||||||
Canadian prime rate and US base rate [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowing, interest rate basis | CAD: prime rate loan or a banker's acceptance, USD: US base rate or LIBOR advance, Sterling or Euro: LIBRO advance | |||||||
US funds [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Revolving credit facility payable | $ 13,600,000 | 106,900,000 | $ 10 | $ 85 | ||||
Bonds issued under surety facilities | 791,400,000 | 587,100,000 | $ 580.2 | $ 467 | ||||
Foreign currencies [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Bonds issued under surety facilities | 4,700,000 | 1,000,000 | ||||||
Canadian funds [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Revolving credit facility payable | 515,000,000 | 103,000,000 | ||||||
Bonds issued under surety facilities | 3,500,000 | 200,000 | ||||||
Expire before two thousand twenty [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Letter of credit issued and outstanding in addition | 14,700,000 | 4,300,000 | ||||||
Expire after two thousand twenty [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Letter of credit issued and outstanding in addition | 9,100,000 | 0 | ||||||
Revolving credit facilities [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Revolving credit facilities amount | $ 800,000,000 | 800,000,000 | ||||||
Revolving credit facilities maturity term | 5 years | |||||||
Agreement expiry date | Jun. 27, 2023 | |||||||
Unused capacity amount | $ 223,400,000 | $ 538,300,000 | ||||||
Notes payable [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Weighted average rate of interest | 3.16% | 3.46% | 3.16% | 3.46% | ||||
Aggregate maturity value of notes | $ 78,200,000 | $ 61,900,000 | ||||||
Notes payable [member] | US funds [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Carrying amount of notes payable | 23,200,000 | $ 57,400,000 | $ 17 | $ 45.7 | ||||
Notes payable [member] | Foreign currencies [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Carrying amount of notes payable | $ 32,900,000 | |||||||
Term loan [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Revolving credit facilities amount | $ 310,000,000 | |||||||
Term loan tranche B [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Revolving credit facilities maturity term | 4 years | |||||||
Agreement expiry date | Jun. 27, 2022 | |||||||
Drawn borrowing facilities | $ 150,000,000 | |||||||
Term loan tranche C [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Revolving credit facilities maturity term | 5 years | |||||||
Agreement expiry date | Jun. 27, 2023 | |||||||
Drawn borrowing facilities | $ 160,000,000 | |||||||
Tranche A [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Revolving credit facilities amount | $ 150,000,000 | |||||||
Finance lease obligations [member] | Bottom of range [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings, interest rate | 1.40% | 1.40% | 1.40% | 1.40% | ||||
Finance lease obligations [member] | Top of range [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings, interest rate | 5.25% | 5.25% | 5.25% | 5.25% |
Long-Term Debt - Future Minimum
Long-Term Debt - Future Minimum Lease Payments and Present Value of the Net Minimum Lease Payments under Finance Leases (Detail) - CAD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Total minimum lease payments | $ 19.8 | $ 10.5 |
Less amounts representing finance charges | 0.3 | 0.1 |
Present value of minimum lease payments | 19.5 | 10.4 |
Within one year [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Total minimum lease payments | 10 | 7.4 |
2018 to 2022 [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Total minimum lease payments | $ 9.8 | $ 3.1 |
Provisions - Summary of Provisi
Provisions - Summary of Provisions (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2018CAD ($) | Dec. 31, 2017CAD ($) | |
Disclosure of other provisions [Line Items] | ||
Provision, beginning of the year | $ 96.2 | $ 105.4 |
Current year provisions | 58 | 26.9 |
Acquisitions | 1.4 | 0.2 |
Paid or otherwise settled | (40.5) | (30.7) |
Impact of foreign exchange | 5.5 | (5.6) |
Provisions, end of the year | 120.6 | 96.2 |
Less current portion | 42.4 | 28.1 |
Long-term portion | 78.2 | 68.1 |
Self-insured liabilities provision [member] | ||
Disclosure of other provisions [Line Items] | ||
Provision, beginning of the year | 72.5 | 69.4 |
Current year provisions | 25.1 | 23.9 |
Paid or otherwise settled | (24.9) | (17.5) |
Impact of foreign exchange | 4.3 | (3.3) |
Provisions, end of the year | 77 | 72.5 |
Less current portion | 3.8 | 6.6 |
Long-term portion | 73.2 | 65.9 |
Claims provision [member] | ||
Disclosure of other provisions [Line Items] | ||
Provision, beginning of the year | 18.9 | 25.2 |
Current year provisions | 4 | 2.3 |
Acquisitions | 0.8 | 0.2 |
Paid or otherwise settled | (9.8) | (6.8) |
Impact of foreign exchange | 0.9 | (2) |
Provisions, end of the year | 14.8 | 18.9 |
Less current portion | 11.3 | 18.8 |
Long-term portion | 3.5 | 0.1 |
Onerous contracts provision [member] | ||
Disclosure of other provisions [Line Items] | ||
Provision, beginning of the year | 4.8 | 10.8 |
Current year provisions | 13.3 | 0.7 |
Acquisitions | 0.6 | |
Paid or otherwise settled | (5.8) | (6.4) |
Impact of foreign exchange | 0.3 | (0.3) |
Provisions, end of the year | 13.2 | 4.8 |
Less current portion | 11.7 | 2.7 |
Long-term portion | 1.5 | $ 2.1 |
Expected project loss [member] | ||
Disclosure of other provisions [Line Items] | ||
Current year provisions | 15.6 | |
Provisions, end of the year | 15.6 | |
Less current portion | $ 15.6 |
Provisions - Additional Informa
Provisions - Additional Information (Detail) - CAD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Provisions [line items] | |||
Current year provisions | $ 58 | $ 26.9 | |
Lease exit liability [member] | |||
Disclosure of Provisions [line items] | |||
Current year provisions | $ 12.8 | ||
Bottom of range [member] | |||
Disclosure of Provisions [line items] | |||
Cash outflows for existing provisions expected period | 1 year | ||
Top of range [member] | |||
Disclosure of Provisions [line items] | |||
Cash outflows for existing provisions expected period | 5 years |
Employee Defined Benefit Obli_3
Employee Defined Benefit Obligations - Summary of Employee Defined Benefit Obligations (Detail) - CAD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of defined benefit plans [line items] | ||
Net defined benefit pension asset | $ (10) | $ (12.7) |
Net defined benefit pension liability/ End of employment benefit plans | 68.6 | 44.8 |
Pension defined benefit plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Net defined benefit pension asset | (10) | (12.7) |
Net defined benefit pension liability/ End of employment benefit plans | 55.5 | 31.2 |
Post employment benefit plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Net defined benefit pension liability/ End of employment benefit plans | $ 13.1 | $ 13.6 |
Employee Defined Benefit Obli_4
Employee Defined Benefit Obligations - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019CAD ($) | Dec. 31, 2018CAD ($)yrTrustee | Dec. 31, 2017yr | |
Disclosure of defined benefit plans [line items] | |||
Number of employer-appointed trustee | Trustee | 4 | ||
Percentage of plans' assets invested in mutual funds and exchange-traded funds or held in cash | 50.00% | ||
Percentage of plans' assets held in annuity policies | 25.00% | ||
Weighted average duration of defined benefit obligation | yr | 16 | 15 | |
Defined benefit pension plans contribution [member] | |||
Disclosure of defined benefit plans [line items] | |||
Amount expected to contribute to pension plan by company | $ 23.3 | ||
Defined benefit obligation [member] | |||
Disclosure of defined benefit plans [line items] | |||
Past service cost | $ 10.5 | ||
Defined benefit obligation [member] | Continuing Operations1[member] | |||
Disclosure of defined benefit plans [line items] | |||
Past service cost | 4.7 | ||
Defined benefit obligation [member] | Discontinued operations [member] | |||
Disclosure of defined benefit plans [line items] | |||
Past service cost | $ 5.8 |
Employee Defined Benefit Obli_5
Employee Defined Benefit Obligations - Summary of Reconciliation for Net Defined Benefit Liability (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Net defined benefit asset | $ (10) | $ (12.7) |
Net defined benefit liability | 68.6 | 44.8 |
Included in pre-tax profit or loss | ||
Net defined benefit liability asset included in profit or loss | 12.8 | 2.5 |
Pension defined benefit plans [member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Balance, beginning of the year | 18.5 | 50.5 |
Net defined benefit asset | (10) | (12.7) |
Acquisition of PBA | 16.5 | |
Net defined benefit liability | 55.5 | 31.2 |
Included in pre-tax profit or loss | ||
Interest expense (income) | 0.6 | 1.5 |
Past service cost | 10.5 | |
Administrative expenses paid by the Plans | 1.7 | 1 |
Net defined benefit liability asset included in profit or loss | 12.8 | 2.5 |
Included in other comprehensive income | ||
Return on the plan assets (excluding interest income) | 17.4 | (30.1) |
Actuarial (gains) losses arising from: | ||
Changes in demographic assumptions | (0.8) | (8.1) |
Changes in financial assumptions | (9.3) | 29.5 |
Experience adjustments | 5.5 | (5.3) |
Effect of movement in exchange rates | 1.2 | 0.8 |
Net defined benefit liability asset included in other comprehensive income | 14 | (13.2) |
Other | ||
Benefits paid | (0.2) | |
Contributions by employer | (16.1) | (21.3) |
Other net defined benefit liability asset | (16.3) | (21.3) |
Balance, end of the year | 45.5 | 18.5 |
Defined benefit obligation [member] | ||
Included in pre-tax profit or loss | ||
Past service cost | 10.5 | |
Defined benefit obligation [member] | Pension defined benefit plans [member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Balance, beginning of the year | 397.7 | 374.6 |
Acquisition of PBA | 80.9 | |
Included in pre-tax profit or loss | ||
Interest expense (income) | 10.8 | 10.4 |
Past service cost | 10.5 | |
Net defined benefit liability asset included in profit or loss | 21.3 | 10.4 |
Actuarial (gains) losses arising from: | ||
Changes in demographic assumptions | (0.8) | (8.1) |
Changes in financial assumptions | (9.3) | 29.5 |
Experience adjustments | 5.5 | (5.3) |
Effect of movement in exchange rates | 11.5 | 10.2 |
Net defined benefit liability asset included in other comprehensive income | 6.9 | 26.3 |
Other | ||
Benefits paid | (12.5) | (13.6) |
Other net defined benefit liability asset | (12.5) | (13.6) |
Balance, end of the year | 494.3 | 397.7 |
Fair value of plan assets [member] | Pension defined benefit plans [member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Balance, beginning of the year | (379.2) | (324.1) |
Acquisition of PBA | (64.4) | |
Included in pre-tax profit or loss | ||
Interest expense (income) | (10.2) | (8.9) |
Administrative expenses paid by the Plans | 1.7 | 1 |
Net defined benefit liability asset included in profit or loss | (8.5) | (7.9) |
Included in other comprehensive income | ||
Return on the plan assets (excluding interest income) | 17.4 | (30.1) |
Actuarial (gains) losses arising from: | ||
Effect of movement in exchange rates | (10.3) | (9.4) |
Net defined benefit liability asset included in other comprehensive income | 7.1 | (39.5) |
Other | ||
Benefits paid | 12.3 | 13.6 |
Contributions by employer | (16.1) | (21.3) |
Other net defined benefit liability asset | (3.8) | (7.7) |
Balance, end of the year | $ (448.8) | $ (379.2) |
Employee Defined Benefit Obli_6
Employee Defined Benefit Obligations - Summary of Net Defined Benefit Asset (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of defined benefit plans [abstract] | ||
Continuing operations - administrative and marketing expenses | $ 6.6 | $ 1.5 |
Discontinued operations | 6.2 | 1 |
Net defined benefit liability asset included in profit or loss | $ 12.8 | $ 2.5 |
Employee Defined Benefit Obli_7
Employee Defined Benefit Obligations - Summary of Major Categories of Plan Assets, Measured at Fair Value (Detail) - CAD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of fair value of plan assets [Line Items] | ||
Cash and cash equivalents | $ 3.3 | $ 2.9 |
Fair value of the plan assets | 448.8 | 379.2 |
Quoted prices in active markets for identical items [member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Corporate bonds and fixed income | 57.5 | 45 |
Equities | 138.1 | 110.1 |
Pooled fund liability-driven investments | 15.5 | |
Property funds | 10.6 | 6.6 |
Unquoted investment [member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Annuity policies | 110.8 | 102.9 |
Equities and property | 80.2 | 69.5 |
Corporate bonds and fixed income | 19.2 | 22.7 |
Cash and cash equivalents | $ 13.6 | $ 19.5 |
Employee Defined Benefit Obli_8
Employee Defined Benefit Obligations - Summary of Principal Assumptions Used In Determining Pension Benefit Obligations (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of defined benefit plans [line items] | ||
Discount rate | 2.77% | 2.47% |
Rate of increase in salaries | 4.47% | 3.51% |
Rate of inflation, pre-retirement | 2.55% | 2.40% |
Rate of increase in future pensions payment | 3.51% | 3.53% |
Life expectancy at age 65 for current pensioners: | ||
Male | 22 years | 22 years |
Female | 24 years | 24 years |
Life expectancy at age 65 for current members aged 40 or 45: | ||
Male | 23 years | 23 years |
Female | 25 years | 26 years |
Employee Defined Benefit Obli_9
Employee Defined Benefit Obligations - Summary of Quantitative Sensitivity Analyses Impact on Defined Benefit Obligation for Significant Assumptions (Detail) - CAD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Change in discount rate by 0.25% [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Increase | $ (15.6) | $ (11.2) |
Decrease | 17 | 11.8 |
Change in pre-retirement inflation rate by 0.25% [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Increase | 5 | 3.9 |
Decrease | (4.8) | (3.8) |
Change in salary growth by 0.25% [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Increase | 0.9 | 0.5 |
Decrease | (0.8) | (0.5) |
Change in pension increase assumption by 0.25% [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Increase | 8.4 | 6.4 |
Decrease | (8.1) | (6.1) |
Increase of one year in the life expectancy [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Increase | $ 9.4 | $ 6 |
Employee Defined Benefit Obl_10
Employee Defined Benefit Obligations - Summary of Quantitative Sensitivity Analyses Impact on Defined Benefit Obligation for Significant Assumptions (Parenthetical) (Detail) | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | ||
Percentage of increase | 0.25% | 0.25% |
Percentage of decrease | 0.25% | 0.25% |
Other Liabilities - Summary of
Other Liabilities - Summary of Other Liabilities (Detail) - CAD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Liabilities [abstract] | ||
Lease inducement benefits | $ 111.2 | $ 57.2 |
Deferred share units payable | 9 | 15.5 |
Other cash-settled share-based compensation | 3.8 | 7 |
Liability for uncertain tax positions | 35 | 31.3 |
Other | 4.6 | 16.3 |
Other liabilities | 163.6 | 127.3 |
Other liabilities | 163.6 | 127.3 |
Less current portion | 23.2 | 26.2 |
Long-term portion | $ 140.4 | $ 101.1 |
Commitments - Summary of Future
Commitments - Summary of Future Minimum Lease Payments Payable Under Noncancellable Operating Leases (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018CAD ($) | |
Disclosure of maturity analysis of operating lease payments and purchase obligations [line items] | |
Future Minimum Lease Payments Payable | $ 1,290.8 |
Variable payments and non-lease elements | (320.3) |
Purchase obligations | (68) |
Total minimum lease payments | 902.5 |
Within one year [member] | |
Disclosure of maturity analysis of operating lease payments and purchase obligations [line items] | |
Future Minimum Lease Payments Payable | 252.3 |
2018 to 2022 [member] | |
Disclosure of maturity analysis of operating lease payments and purchase obligations [line items] | |
Future Minimum Lease Payments Payable | 638.5 |
More than five years [member] | |
Disclosure of maturity analysis of operating lease payments and purchase obligations [line items] | |
Future Minimum Lease Payments Payable | $ 400 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Commitments [abstract] | ||
Premises rental expense | $ 181.7 | $ 178.1 |
Sublease rental income | 7.2 | 7.4 |
Future minimum sublease payments expected to be received under noncancellable sublease agreements | $ 19.2 | $ 16.8 |
Contingencies and Guarantees -
Contingencies and Guarantees - Additional Information (Detail) | Dec. 31, 2018CAD ($) |
Contingent liability for guarantees [member] | |
Disclosure of contingent liabilities [line items] | |
Accrual of indemnifications or guarantees | $ 0 |
Share Capital - Additional Info
Share Capital - Additional Information (Detail) - CAD ($) $ in Millions | Nov. 13, 2018 | Nov. 11, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of classes of share capital [abstract] | ||||
Description on par value of share | Common shares, with no par value | |||
Repurchase of common shares | 2,278,747 | 2,273,879 | ||
Shares Repurchased for cancellation | 2,470,560 | 465,713 | ||
Shares repurchased for cancellation | $ 76.7 | $ 14.4 | ||
Reduction in share capital | 19.1 | 3.6 | ||
Reduction in share capital and contributed surplus accounts | 0.5 | 0 | ||
Charges to retained earnings | 57.1 | 10.8 | ||
Share-based compensation expense | 5.3 | 9.5 | ||
Expense related to fair value of options granted | 5.6 | 4.9 | ||
Expense related to amortization of fair value of options granted | 0.3 | 4.6 | ||
Dividends declared included in trade and other payables | $ 15.4 | $ 14.3 |
Share Capital - Summary of Divi
Share Capital - Summary of Dividends Declared and Recorded in the Consolidated Financial Statements (Detail) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2018CAD ($)$ / shares | |
Dividends per share one [member] | |
Disclosure of Dividends [line items] | |
Dividend per Share | $ 0.1375 |
Paid | $ | $ 15.7 |
Date Declared | Feb. 21, 2018 |
Record Date | Mar. 29, 2018 |
Payment Date | Apr. 12, 2018 |
Dividends per share two [member] | |
Disclosure of Dividends [line items] | |
Dividend per Share | $ 0.1375 |
Paid | $ | $ 15.6 |
Date Declared | May 9, 2018 |
Record Date | Jun. 29, 2018 |
Payment Date | Jul. 12, 2018 |
Dividends per share three [member] | |
Disclosure of Dividends [line items] | |
Dividend per Share | $ 0.1375 |
Paid | $ | $ 15.7 |
Date Declared | Aug. 7, 2018 |
Record Date | Sep. 28, 2018 |
Payment Date | Oct. 11, 2018 |
Dividends per share four [member] | |
Disclosure of Dividends [line items] | |
Dividend per Share | $ 0.1375 |
Date Declared | Nov. 7, 2018 |
Record Date | Dec. 28, 2018 |
Payment Date | Jan. 10, 2019 |
Share Capital - Share-based Pay
Share Capital - Share-based Payment Transactions - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018CAD ($)yrshares | Dec. 31, 2017CAD ($)yrshares | Dec. 31, 2016 | |
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Fair value of options granted | The fair value of options granted is determined at the date of grant using the Black-Scholes option-pricing model. | ||
Number of share subject to options, Granted | 1,112,779 | 1,229,689 | |
Estimated fair value of options granted on the grant date | $ 5.73 | $ 5.03 | |
Expected hold period to exercise (years) | yr | 3.50 | 3.50 | |
Options remained unvested compensation cost | $ 5,200,000 | $ 4,800,000 | |
Options remained unvested weighted average period | yr | 1.06 | 1.06 | |
Performance share units (PSUs) [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of shares issued | 280,884 | 284,777 | |
Number of equity instruments forfeited | 29,668 | 19,617 | |
Number of shares outstanding | 744,081 | 686,250 | |
Outstanding fair value | $ 6,000,000 | $ 14,300,000 | |
Number of shares paid | shares | 193,385 | ||
Paid at fair value | $ 3,200,000 | ||
Performance share units (PSUs) [member] | Bottom of range [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of units vest percentage | 0.00% | ||
Performance share units (PSUs) [member] | Top of range [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of units vest percentage | 200.00% | ||
Deferred share unit [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of shares issued | 46,356 | 38,625 | |
Number of shares outstanding | 306,459 | 438,969 | |
Outstanding fair value | $ 9,000,000 | $ 15,500,000 | |
Number of shares paid | shares | 178,866 | 66,021 | |
Paid at fair value | $ 6,200,000 | $ 2,100,000 | |
Estimated historical data [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Expected hold period to exercise (years) | yr | 5 | ||
Officers and employees [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of share subject to options, Granted | 4,987,542 | 4,426,237 | 3,655,020 |
Number of share subject to options, Granted | 1,112,779 | 1,229,689 | |
Officers and employees [member] | Bottom of range [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Share option price per share | $ 14.88 | ||
Officers and employees [member] | Top of range [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Share option price per share | $ 32.98 |
Share Capital - Summary of Gran
Share Capital - Summary of Granted Share Options (Detail) | 12 Months Ended | |
Dec. 31, 2018CAD ($) | Dec. 31, 2017CAD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share options, Granted | 1,112,779 | 1,229,689 |
Officers and employees [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share options, beginning of the year | 4,426,237 | 3,655,020 |
Share options, Granted | 1,112,779 | 1,229,689 |
Share options, Exercised | (338,989) | (376,160) |
Share options, Forfeited | (212,485) | (82,312) |
Share options, end of the year | 4,987,542 | 4,426,237 |
Weighted Average Exercise Price, Share option, beginning of the year | $ 29.84 | $ 28.33 |
Weighted Average Exercise Price, Share option, Granted | 32.98 | 31.75 |
Weighted Average Exercise Price, Share option, Exercised | 20.40 | 21.09 |
Weighted Average Exercise Price, Share option, Forfeited | 31.49 | 31.57 |
Weighted Average Exercise Price, Share option, end of the year | $ 31.11 | $ 29.84 |
Share Capital - Summary of Outs
Share Capital - Summary of Outstanding Share Options (Detail) | 12 Months Ended |
Dec. 31, 2018CAD ($)yr | |
Range one [member] | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Options Outstanding | 142,540 |
Weighted Average Remaining Contractual Life in Years, Options Outstanding | yr | 0.16 |
Weighted Average Exercise Price, Options Outstanding | $ 14.88 |
Shares Exercisable | 142,540 |
Weighted Average Remaining Contractual Life in Years, Options Exercisable | yr | 0.16 |
Weighted Average Exercise Price, Options Exercisable | $ 14.88 |
Range two [member] | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Options Outstanding | 364,526 |
Weighted Average Remaining Contractual Life in Years, Options Outstanding | yr | 1.16 |
Weighted Average Exercise Price, Options Outstanding | $ 20.88 |
Shares Exercisable | 364,526 |
Weighted Average Remaining Contractual Life in Years, Options Exercisable | yr | 1.16 |
Weighted Average Exercise Price, Options Exercisable | $ 20.88 |
Range three [member] | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Options Outstanding | 4,480,476 |
Weighted Average Remaining Contractual Life in Years, Options Outstanding | yr | 3.21 |
Weighted Average Exercise Price, Options Outstanding | $ 32.46 |
Shares Exercisable | 2,401,323 |
Weighted Average Remaining Contractual Life in Years, Options Exercisable | yr | 2.75 |
Weighted Average Exercise Price, Options Exercisable | $ 32.40 |
Range four [member] | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Options Outstanding | 4,987,542 |
Weighted Average Remaining Contractual Life in Years, Options Outstanding | yr | 2.98 |
Weighted Average Exercise Price, Options Outstanding | $ 31.11 |
Shares Exercisable | 2,908,389 |
Weighted Average Remaining Contractual Life in Years, Options Exercisable | yr | 2.43 |
Weighted Average Exercise Price, Options Exercisable | $ 30.10 |
Bottom of range [member] | Range three [member] | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Range of Exercise Prices | 31.75 |
Bottom of range [member] | Range four [member] | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Range of Exercise Prices | 14.88 |
Top of range [member] | Range one [member] | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Range of Exercise Prices | 14.88 |
Top of range [member] | Range two [member] | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Range of Exercise Prices | 20.88 |
Top of range [member] | Range three [member] | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Range of Exercise Prices | 32.98 |
Top of range [member] | Range four [member] | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Range of Exercise Prices | $ 32.98 |
Share Capital - Summary of Weig
Share Capital - Summary of Weighted Average Assumptions (Detail) | 12 Months Ended | |
Dec. 31, 2018CAD ($)yr | Dec. 31, 2017CAD ($)yr | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||
Volatility in the price of the Company's shares | 24.12% | 24.13% |
Risk-free interest rate | 2.10% | 0.81% |
Expected hold period to exercise (years) | yr | 3.50 | 3.50 |
Dividend yield | 1.668% | 1.575% |
Exercise price | $ | $ 32.98 | $ 31.75 |
Share Capital - Summary of Non-
Share Capital - Summary of Non-Vested Options (Detail) | 12 Months Ended | |
Dec. 31, 2018CAD ($) | Dec. 31, 2017CAD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share subject to options, Granted | 1,112,779 | 1,229,689 |
Weighted average grant date fair value, Granted | $ 5.73 | $ 5.03 |
Non-vested options [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share options, beginning of the year | 2,139,320 | |
Number of share subject to options, Granted | 1,112,779 | |
Number of share subject to options, Vested | (1,000,441) | |
Number of share subject to options, Forfeited | (172,505) | |
Share options, end of the year | 2,079,153 | 2,139,320 |
Weighted average grant date fair value, Granted | $ 5.73 | |
Weighted average grant date fair value, Vested | 5.24 | |
Weighted average grant date fair value, Forfeited | 5.40 | |
Weighted average grant date fair value, Non-vested share options | $ 5.53 | $ 5.28 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value Hierarchy for Assets (Detail) - CAD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of fair value measurement of assets [line items] | ||
Other financial assets | $ 144.2 | $ 147.1 |
Recurring fair value measurement [member] | Investments held for self-insured liabilities [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Other financial assets | 144.2 | |
Recurring fair value measurement [member] | Significant other observable inputs [member] | Investments held for self-insured liabilities [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Other financial assets | $ 144.2 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Fair Value Hierarchy for Liabilities (Detail) - Not measured at fair value in statement of financial position but for which fair value is disclosed [Member] $ in Millions | Dec. 31, 2018CAD ($) |
Disclosure of fair value measurement of liabilities [line items] | |
Notes payable | $ 76.9 |
Significant other observable inputs [member] | |
Disclosure of fair value measurement of liabilities [line items] | |
Notes payable | $ 76.9 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018CAD ($) | Dec. 31, 2017CAD ($) | Jun. 27, 2018CAD ($) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Maximum amount of credit risk exposure | $ 1,681,300,000 | $ 1,667,400,000 | |
Number of target days of revenue in trade receivables | 66 days | 55 days | |
Write off of trade receivables | $ 800,000 | ||
Trade and other receivables | 1,500,000 | $ 2,100,000 | |
Trade and unbilled receivables [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Trade and other receivables | 1,500,000 | ||
Contract assets and holdbacks [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Trade and other receivables | 400,000 | ||
0.5% Increase in interest rates [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Equity price impact on comprehensive income | 3,200,000 | ||
0.5% Decrease in interest rates [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Equity price impact on comprehensive income | 3,200,000 | ||
1.0% Increase in equity price risk [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Equity price impact on comprehensive income | 300,000 | ||
1.0% Decrease in equity Price risk [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Equity price impact on comprehensive income | $ 300,000 | ||
Top of range [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Net debt to EBITDA ratio | 2.5 | ||
Revolving credit facilities [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Amount of revolving credit facility | $ 800,000,000 | $ 800,000,000 | |
Unused capacity amount | $ 223,400,000 | $ 538,300,000 |
Financial Instruments - Summary
Financial Instruments - Summary of Loss Allowance Provision (Detail) - CAD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of provision matrix [line items] | ||
Loss allowance provision, end of the year | $ 1.5 | $ 2.1 |
Gross carrying amount [member] | ||
Disclosure of provision matrix [line items] | ||
Gross carrying amount | 1,356.9 | |
Accumulated impairment [member] | ||
Disclosure of provision matrix [line items] | ||
Loss allowance provision, end of the year | $ 1.9 | |
Current [member] | ||
Disclosure of provision matrix [line items] | ||
Expected loss rate | 0.07% | |
Current [member] | Gross carrying amount [member] | ||
Disclosure of provision matrix [line items] | ||
Gross carrying amount | $ 936.5 | |
Current [member] | Accumulated impairment [member] | ||
Disclosure of provision matrix [line items] | ||
Loss allowance provision, end of the year | $ 0.7 | |
Later than one month and not later than two months [member] | ||
Disclosure of provision matrix [line items] | ||
Expected loss rate | 0.10% | |
Later than one month and not later than two months [member] | Gross carrying amount [member] | ||
Disclosure of provision matrix [line items] | ||
Gross carrying amount | $ 228.7 | |
Later than one month and not later than two months [member] | Accumulated impairment [member] | ||
Disclosure of provision matrix [line items] | ||
Loss allowance provision, end of the year | $ 0.2 | |
Later than two months and not later than three months [member] | ||
Disclosure of provision matrix [line items] | ||
Expected loss rate | 0.22% | |
Later than two months and not later than three months [member] | Gross carrying amount [member] | ||
Disclosure of provision matrix [line items] | ||
Gross carrying amount | $ 63.8 | |
Later than two months and not later than three months [member] | Accumulated impairment [member] | ||
Disclosure of provision matrix [line items] | ||
Loss allowance provision, end of the year | $ 0.1 | |
Later than three months and not later than four months [member] | ||
Disclosure of provision matrix [line items] | ||
Expected loss rate | 0.43% | |
Later than three months and not later than four months [member] | Gross carrying amount [member] | ||
Disclosure of provision matrix [line items] | ||
Gross carrying amount | $ 43.2 | |
Later than three months and not later than four months [member] | Accumulated impairment [member] | ||
Disclosure of provision matrix [line items] | ||
Loss allowance provision, end of the year | $ 0.2 | |
Later than four months [member] | ||
Disclosure of provision matrix [line items] | ||
Expected loss rate | 0.75% | |
Later than four months [member] | Gross carrying amount [member] | ||
Disclosure of provision matrix [line items] | ||
Gross carrying amount | $ 84.7 | |
Later than four months [member] | Accumulated impairment [member] | ||
Disclosure of provision matrix [line items] | ||
Loss allowance provision, end of the year | $ 0.7 |
Financial Instruments - Summa_2
Financial Instruments - Summary of Timing of Undiscounted Cash Outflows Relating to Financial Liabilities (Detail) - CAD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Trade and other payables | $ 567.2 | $ 704.6 |
Long-term debt | 935.4 | 740.8 |
Other financial liabilities | 3.1 | 10.9 |
Total contractual obligations | 1,505.7 | 1,456.3 |
Within one year [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Trade and other payables | 567.2 | 704.6 |
Long-term debt | 49.1 | 198.4 |
Other financial liabilities | 1.1 | 1.8 |
Total contractual obligations | 617.4 | 904.8 |
Later than one year and not later than three years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Long-term debt | 196.7 | 541.4 |
Other financial liabilities | 0.3 | 7.5 |
Total contractual obligations | 197 | 548.9 |
After 3 years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Long-term debt | 689.6 | 1 |
Other financial liabilities | 1.7 | 1.6 |
Total contractual obligations | $ 691.3 | $ 2.6 |
Capital Management - Additional
Capital Management - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of capital management [abstract] | ||
Net debt ratio | 2.42 | 1.16 |
Income Taxes - Summary of Effec
Income Taxes - Summary of Effective Income Tax for Continuing Operations From Statutory Canadian Tax Rates (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of average effective tax rate and applicable tax rate [abstract] | ||
Income tax expense at statutory Canadian rates | 27.10% | 27.00% |
Increase (decrease) resulting from: | ||
Transition tax related to US tax reform | (4.40%) | 11.80% |
Rate differential on foreign income | (3.10%) | 4.00% |
Research and development and other tax credits | (0.70%) | (2.70%) |
Unrecognized tax losses and temporary differences | 2.00% | (0.50%) |
Adjustments in respect of prior years and other | 2.60% | 0.40% |
Non-deductible expenses and non-taxable income | 0.80% | (3.50%) |
Reorganization of corporate structure | 1.20% | |
Disposition of a subsidiary | 30.30% | |
Statutory rate change on deferred tax balances | (4.80%) | |
Average effective tax rate | 24.30% | 63.20% |
Income Taxes - Summary of Major
Income Taxes - Summary of Major Components of Current Income Tax Expense from Continuing Operations (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Major components of tax expense (income) [abstract] | ||
Ongoing operations | $ 64.5 | $ 34.4 |
Transition tax related to US tax reform | (10) | 31.2 |
Disposition of subsidiary | 124.1 | |
Reorganization of corporate structure | 3.2 | |
Total current income tax expense | $ 54.5 | $ 192.9 |
Income Taxes - Summary of Maj_2
Income Taxes - Summary of Major Components of Deferred Income Tax (Recovery) Expense from Continuing Operations (Detail) - CAD ($) $ in Millions | Aug. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Major components of tax expense (income) [abstract] | |||
Unrecognized tax losses and temporary differences | $ 2.7 | $ 0.4 | |
Origination and reversal of timing differences | (1.9) | 16.3 | |
Recovery arising from previously unrecognized tax assets | (0.2) | (1.6) | |
Change of tax rates | (0.1) | 0.6 | |
Revaluation due to US tax reform | $ 10 | (12.6) | |
Disposition of a subsidiary | (29.5) | ||
Total deferred income tax expense (recovery) | $ 0.5 | $ (26.4) |
Income Taxes - Schedule of Sign
Income Taxes - Schedule of Significant Components of the Company's Net Deferred Income Tax Assets (Liabilities) (Detail) - CAD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred income tax assets (liabilities) | |||
Deferred income tax assets (liabilities) | $ (33.1) | $ (31.4) | $ (53.4) |
Intangible asset [member] | |||
Deferred income tax assets (liabilities) | |||
Deferred tax liabilities | (86.1) | (78.8) | |
Property, plant and equipment [member] | |||
Deferred income tax assets (liabilities) | |||
Deferred tax liabilities | (7.3) | (3.6) | |
Deferred tax arising in business acquisition [member] | |||
Deferred income tax assets (liabilities) | |||
Deferred tax liabilities | (1.2) | (2.5) | |
Non-capital and capital tax losses [member] | |||
Deferred income tax assets (liabilities) | |||
Deferred income tax assets | 33.4 | 36.1 | |
Loss and tax credit carryforwards [member] | |||
Deferred income tax assets (liabilities) | |||
Deferred income tax assets | 16.7 | 9.6 | |
Deferred tax defined benefit obligation [member] | |||
Deferred income tax assets (liabilities) | |||
Deferred income tax assets | 7.7 | 3.3 | |
Other temporary differences [member] | |||
Deferred income tax assets (liabilities) | |||
Deferred income tax assets | $ 3.7 | $ 4.5 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Net Deferred Tax Assets (Liabilities) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Beginning balance | $ (31.4) | $ (53.4) |
Discontinued operations | (8.6) | |
Impact of foreign exchange | (2.3) | 1.8 |
Adoption of IFRS 15 and IFRS 9 | 6.7 | |
Tax effect on other comprehensive income | 2 | (2.4) |
Tax recovery during the year recognized in net income | 1.3 | 26.4 |
Deferred taxes acquired through business combinations | (0.7) | (0.8) |
Other | (0.1) | (3) |
Ending balance | $ (33.1) | $ (31.4) |
Income Taxes - Schedule of Loss
Income Taxes - Schedule of Loss Carryforwards (Detail) - CAD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences | $ 13 | $ 12.8 |
Non-capital tax losses [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Capital tax losses | 100.8 | 88.5 |
Non-capital tax losses [member] | Expiry 2019 To 2038 [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Capital tax losses | 27.4 | 16.3 |
Non-capital tax losses [member] | Never expire [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Capital tax losses | 73.4 | 72.2 |
Capital tax loss [member] | Never expire [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Capital tax losses | 9.3 | 5.5 |
Non-capital and capital tax losses [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Capital tax losses | $ 123.1 | $ 106.8 |
Income Taxes - Additional Infor
Income Taxes - Additional Informations (Detail) - CAD ($) $ in Millions | Aug. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of income tax [line items] | |||
Transition tax related to US tax reform | $ (10) | $ 31.2 | |
Revaluation due to US tax reform | $ 10 | $ (12.6) | |
Federal tax rate | 27.10% | 27.00% | |
United States [member] | |||
Disclosure of income tax [line items] | |||
Federal tax rate | 21.00% | 21.00% |
Net Interest Expense and Othe_3
Net Interest Expense and Other Net Finance Expense - Schedule of Interest Expense (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of net interest expense income [line items] | ||
Interest on finance leases | $ 0.5 | $ 0.1 |
Other | 0.6 | 1.7 |
Total interest expense | 31.6 | 29.1 |
Interest income on FVOCI investment debt securities | (2.5) | (2.4) |
Other | (0.4) | (0.8) |
Total interest income | (2.9) | (3.2) |
Net interest expense | 28.7 | 25.9 |
Notes payable [member] | ||
Disclosure of net interest expense income [line items] | ||
Interest Expense | 2.1 | 2.9 |
Revolving credit facilities [member] | ||
Disclosure of net interest expense income [line items] | ||
Interest Expense | $ 28.4 | $ 24.4 |
Net Interest Expense and Othe_4
Net Interest Expense and Other Net Finance Expense - Schedule of Other Net Finance Expense (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of other net finance expense [abstract] | ||
Realized loss on sale of FVOCI investment debt securities | $ 0.3 | |
Amortization on FVOCI investment debt securities | 0.5 | $ 0.6 |
Bank charges | 5.6 | 8.6 |
Total other finance expense | 6.4 | 9.2 |
Realized gain on sale of FVOCI investment debt securities | (1.4) | |
Derecognition of notes payable | (0.7) | (0.7) |
Other net finance expense | $ 5.7 | $ 7.1 |
Revenue - Summary of Informatio
Revenue - Summary of Information about Receivables, Contract Assets, and Deferred Revenue (Contract Liabilities) from Contracts with Customers (Detail) - CAD ($) $ in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Receivables | |||
Trade receivables and holdbacks | $ 821.9 | $ 816.1 | |
Unbilled receivables | 384.6 | 315.6 | $ 414.8 |
Contract assets | 59.7 | 69.2 | |
Deferred revenue | (174.4) | (196.4) | $ (187.4) |
Total Consulting Services | $ 1,091.8 | $ 1,004.5 |
Revenue - Significant Increases
Revenue - Significant Increases (Decreases) in Contract Assets and Deferred Revenue (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018CAD ($) | |
Current Contract Assets [member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Acquisitions | $ 0.7 |
Discontinued operations and disposition of subsidiaries | (15.3) |
Current Contract Liabilities [member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Acquisitions | 7.2 |
Discontinued operations and disposition of subsidiaries | $ (59.3) |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - CAD ($) $ in Millions | Jan. 01, 2018 | Dec. 31, 2018 |
Disclosure of performance obligations [abstract] | ||
Deferred revenue | $ 196.4 | |
Explanation of how timing of satisfaction of performance obligations relates to typical timing of payment | Revenue recognized in 2018 from performance obligations satisfied (or partially satisfied) in prior years was less than 5% of the Company's gross revenue from continuing operations. | |
Revenue from performance obligations unsatisfied (or partially unsatisfied) | $ 4,179 | |
Expected revenue recognition as contracts | 77.00% | |
Explanation of expected revenue recognition as contracts | The Company expects to recognize approximately 77% of this revenue as contracts are completed over the next 18 months, with the remainder recognized thereafter. |
Employee Costs from Continuin_3
Employee Costs from Continuing Operations - Schedule of Employee Benefits Cost (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of employee costs [abstract] | ||
Wages, salaries, and benefits | $ 2,358.8 | $ 2,220.8 |
Pension costs | 83.3 | 67.7 |
Share-based compensation | 5.3 | 9.5 |
Total employee costs | 2,447.4 | 2,298 |
Direct labor | 1,540 | 1,411.9 |
Indirect labor | 907.4 | 886.1 |
Total employee costs | $ 2,447.4 | $ 2,298 |
Employee Costs from Continuin_4
Employee Costs from Continuing Operations - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined contribution plans [member] | ||
Disclosure of employee cost [line items] | ||
Pension cost | $ 70.5 | $ 65.1 |
Other Expense (Income) - Schedu
Other Expense (Income) - Schedule of Other Expense (Income) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Analysis of income and expense [abstract] | ||
Loss on sale of property and equipment | $ 1.7 | $ 0.2 |
Unrealized loss on equity securities | 4.9 | |
Net realized gain on equity securities | (0.9) | (9.6) |
Other | (5.6) | (0.6) |
Total other expense (income) | $ 0.1 | $ (10) |
Weighted Average Shares Outst_3
Weighted Average Shares Outstanding - Schedule of Basic and Diluted Common Shares Outstanding, Calculated on Weighted Average Basis (Detail) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings per share [abstract] | ||
Basic shares outstanding | 113,733,118 | 113,991,507 |
Share options (dilutive effect of 507,066 options; 2017 - 4,426,237 options) | 89,200 | 361,413 |
Diluted shares | 113,822,318 | 114,352,920 |
Weighted Average Shares Outst_4
Weighted Average Shares Outstanding - Schedule of Basic and Diluted Common Shares Outstanding, Calculated on Weighted Average Basis (Parenthetical) (Detail) | Dec. 31, 2018 | Dec. 31, 2017 |
Earnings per share [abstract] | ||
Share options | 507,066 | 4,426,237 |
Weighted Average Shares Outst_5
Weighted Average Shares Outstanding - Additional Information (Detail) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings per share [abstract] | ||
Antidilutive effect of share options | 4,480,476 | 0 |
Cash Flow Information - Reconci
Cash Flow Information - Reconciliation of Liabilities Arising from Financing Activities (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018CAD ($) | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Beginning balance | $ 693.1 |
Statement of Cash Flows, Proceeds | 432.3 |
Statement of Cash Flows, Repayments or Payments | (346.1) |
Non-cash Changes, Foreign Exchange | 7.8 |
Non-cash Changes, Other | 85.2 |
Ending balance | 872.3 |
Finance lease obligations [member] | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Beginning balance | 10.4 |
Statement of Cash Flows, Repayments or Payments | (14.8) |
Non-cash Changes, Foreign Exchange | 1.4 |
Non-cash Changes, Other | 22.5 |
Ending balance | 19.5 |
Dividends to shareholders [member] | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Beginning balance | 14.3 |
Statement of Cash Flows, Repayments or Payments | (61.3) |
Non-cash Changes, Other | 62.4 |
Ending balance | 15.4 |
Revolving credit facilities [member] | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Beginning balance | 209.9 |
Statement of Cash Flows, Proceeds | 432.3 |
Statement of Cash Flows, Repayments or Payments | (120) |
Non-cash Changes, Foreign Exchange | 6.4 |
Ending balance | 528.6 |
Term loan [member] | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Beginning balance | 458.5 |
Statement of Cash Flows, Repayments or Payments | (150) |
Non-cash Changes, Other | 0.3 |
Ending balance | $ 308.8 |
Related - Party Disclosures - A
Related - Party Disclosures - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Wholly owned subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Ownership of voting and restricted securities of non-controlling interest | The Company owns 100% of the voting and restricted securities. |
Related-Party Disclosures - Sch
Related-Party Disclosures - Schedule of Subsidiaries (Detail) - Subsidiaries [member] | 12 Months Ended |
Dec. 31, 2018 | |
3221969 Nova Scotia Company [member] | Nova Scotia, Canada [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | Nova Scotia, Canada |
International Insurance Group Inc. [member] | Barbados [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | Barbados |
Mustang Acquisition Holdings Inc. [member] | Delaware, United States [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | Delaware, United States |
MWH International Inc. [member] | Delaware, United States [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | Delaware, United States |
Stantec Australia Pty Ltd [member] | Australia [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | Australia |
Stantec Consulting Caribbean Ltd. [member] | Barbados [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | Barbados |
Stantec Consulting International LLC [member] | Arizona, United States [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | Arizona, United States |
Stantec Consulting International Ltd. [member] | Canada [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | Canada |
Stantec Consulting Ltd./Stantec Experts-conseils ltee [member] | Canada [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | Canada |
Stantec Consulting Michigan Inc. [member] | Michigan, United States [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | Michigan, United States |
Stantec Consulting Services Inc. [member] | New York, United States [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | New York, United States |
Stantec Delaware II LLC [member] | Delaware, United States [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | Delaware, United States |
Stantec Holdings (2017) Limited [member] | United Kingdom [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | United Kingdom |
Stantec Holdings II Ltd. [member] | Alberta, Canada [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | Alberta, Canada |
Stantec New Zealand [member] | New Zealand [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | New Zealand |
Stantec Technology International Inc. [member] | Delaware, United States [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | Delaware, United States |
Stantec UK Limited. [member] | United Kingdom [member] | |
Disclosure of subsidiaries [line items] | |
Jurisdiction of Incorporation | United Kingdom |
Related-Party Disclosures - S_2
Related-Party Disclosures - Schedule of Structured Consolidated Entities (Detail) - Consolidated structured entities [member] | 12 Months Ended |
Dec. 31, 2018 | |
Stantec Architecture Inc. [member] | North Carolina, United States [member] | |
Disclosure Of Significant Consolidated Structure Entities [Line items] | |
Jurisdiction of Incorporation | North Carolina, United States |
Stantec Architecture Ltd. [member] | Canada [member] | |
Disclosure Of Significant Consolidated Structure Entities [Line items] | |
Jurisdiction of Incorporation | Canada |
Stantec Geomatics Ltd. [member] | Alberta, Canada [member] | |
Disclosure Of Significant Consolidated Structure Entities [Line items] | |
Jurisdiction of Incorporation | Alberta, Canada |
Stantec International Inc. [member] | Pennsylvania, United States [member] | |
Disclosure Of Significant Consolidated Structure Entities [Line items] | |
Jurisdiction of Incorporation | Pennsylvania, United States |
Related-Party Disclosures - Sum
Related-Party Disclosures - Summary of Joint Operations (Detail) - Joint operations [member] - United States [member] | 12 Months Ended |
Dec. 31, 2018 | |
Stantec/SG Joint Venture [member] | |
Disclosure of joint operations [line items] | |
Ownership Interests | 65.00% |
Jurisdiction | United States |
Starr ll, a Joint Venture [member] | |
Disclosure of joint operations [line items] | |
Ownership Interests | 48.00% |
Jurisdiction | United States |
Related-Party Disclosures - S_3
Related-Party Disclosures - Schedule of Transactions With Related Parties (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Joint Ventures Where Entity is Venturer [member] | ||
Disclosure of transactions between related parties [Line Items] | ||
Sales to Related Parties | $ 39.8 | $ 40.6 |
Distributions Paid | 0.3 | 1.3 |
Amounts Owed by Related Parties | 10.2 | 11.1 |
Associates [member] | ||
Disclosure of transactions between related parties [Line Items] | ||
Sales to Related Parties | 4.3 | 10.2 |
Distributions Paid | 0.2 | 0.7 |
Amounts Owed by Related Parties | $ 1 | $ 0.8 |
Related-Party Disclosures - S_4
Related-Party Disclosures - Schedule of Compensation of Key Management Personnel and Directors of the Company (Detail) - CAD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of key management personnel compensation [abstract] | ||
Salaries and other short-term employment benefits | $ 9 | $ 11.3 |
Directors' fees | 0.8 | 0.8 |
Share-based compensation | 0.9 | 4 |
Total compensation | $ 10.7 | $ 16.1 |
Segmented Information - Schedul
Segmented Information - Schedule of Operating Segments (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of operating segments [line items] | ||
Gross revenue | $ 4,283.8 | $ 4,028.7 |
Gross revenue | 4,283.8 | 4,028.7 |
Less subconsultants and other direct expenses | 928.6 | 854.9 |
Net revenue | 3,355.2 | 3,173.8 |
Gross margin | 1,815.2 | 1,761.9 |
Adjustments and Eliminations [member] | ||
Disclosure of operating segments [line items] | ||
Gross revenue | 135.8 | |
Gross revenue | 111.9 | |
Gross revenue | (135.8) | |
Total Segments [member] | ||
Disclosure of operating segments [line items] | ||
Gross revenue | 4,419.6 | |
Gross revenue | 4,140.6 | |
Consulting Services Canada [member] | ||
Disclosure of operating segments [line items] | ||
Gross revenue | 1,275.8 | 1,191.7 |
Gross revenue | 35.2 | |
Less subconsultants and other direct expenses | 188 | 164.1 |
Net revenue | 1,087.8 | 1,027.6 |
Gross margin | 557 | 551.5 |
Consulting Services Canada [member] | Adjustments and Eliminations [member] | ||
Disclosure of operating segments [line items] | ||
Gross revenue | 35.2 | |
Gross revenue | 30.2 | |
Consulting Services Canada [member] | Total Segments [member] | ||
Disclosure of operating segments [line items] | ||
Gross revenue | 1,311 | |
Gross revenue | 1,221.9 | |
Consulting Services United States [member] | ||
Disclosure of operating segments [line items] | ||
Gross revenue | 2,334.6 | 2,226 |
Less subconsultants and other direct expenses | 560.2 | 511.3 |
Net revenue | 1,774.4 | 1,714.7 |
Gross margin | 982.5 | 958.7 |
Consulting Services United States [member] | Adjustments and Eliminations [member] | ||
Disclosure of operating segments [line items] | ||
Gross revenue | 31.3 | |
Gross revenue | 28 | |
Consulting Services United States [member] | Total Segments [member] | ||
Disclosure of operating segments [line items] | ||
Gross revenue | 2,365.9 | |
Gross revenue | 2,254 | |
Consulting Services Global [member] | ||
Disclosure of operating segments [line items] | ||
Gross revenue | 673.4 | 611 |
Less subconsultants and other direct expenses | 180.4 | 179.5 |
Net revenue | 493 | 431.5 |
Gross margin | 275.7 | 251.7 |
Consulting Services Global [member] | Adjustments and Eliminations [member] | ||
Disclosure of operating segments [line items] | ||
Gross revenue | 69.3 | |
Gross revenue | 53.7 | |
Consulting Services Global [member] | Total Segments [member] | ||
Disclosure of operating segments [line items] | ||
Gross revenue | $ 742.7 | |
Gross revenue | $ 664.7 |
Segmented Information - Sched_2
Segmented Information - Schedule of Non-Current Assets and Gross Revenue by Geographical Areas (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of geographical areas [line items] | ||
Non-current assets | $ 2,158.3 | $ 2,031.6 |
Gross revenue | 4,283.8 | 4,028.7 |
Canada [member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 535.2 | 452.4 |
Gross revenue | 1,275.8 | 1,191.7 |
United States [member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 1,342.3 | 1,311.2 |
Gross revenue | 2,334.6 | 2,226 |
United Kingdom [member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 140.5 | 119.3 |
Gross revenue | 184.9 | 129.4 |
Other Countries [member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 140.3 | 148.7 |
Gross revenue | $ 488.5 | $ 481.6 |
Segmented Information - Sched_3
Segmented Information - Schedule of Gross Revenue by Services (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of products and services [line items] | ||
Gross revenue | $ 4,283.8 | $ 4,028.7 |
Consulting Services [member] | Buildings Services [member] | ||
Disclosure of products and services [line items] | ||
Gross revenue | 944.5 | 898.1 |
Consulting Services [member] | Energy and Resources Services [member] | ||
Disclosure of products and services [line items] | ||
Gross revenue | 591.7 | 479.2 |
Consulting Services [member] | Environmental Services [member] | ||
Disclosure of products and services [line items] | ||
Gross revenue | 682.8 | 678.1 |
Consulting Services [member] | Infrastructure [member] | ||
Disclosure of products and services [line items] | ||
Gross revenue | 1,157.6 | 1,090.4 |
Consulting Services [member] | Water Services [member] | ||
Disclosure of products and services [line items] | ||
Gross revenue | $ 907.2 | $ 882.9 |
Segmented Information - Additio
Segmented Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of operating segments [abstract] | |
Information about major customers | No particular customer exceeds 10% of the Company's gross revenue. |
Investment Tax Credit - Additio
Investment Tax Credit - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Investment tax credits [abstract] | ||
Investment tax credits | $ 7.3 | $ 9.6 |
Events after the Reporting Pe_2
Events after the Reporting Period - Additional Information (Detail) - CAD ($) $ / shares in Units, $ in Millions | Feb. 27, 2019 | Jan. 31, 2019 | Feb. 19, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of non-adjusting events after reporting period [Line Items] | |||||
Aggregate price of common shares repurchased and cancelled | $ 76.7 | $ 14.4 | |||
Dividend transaction [member] | |||||
Disclosure of non-adjusting events after reporting period [Line Items] | |||||
Dividends payable declared date | Feb. 27, 2019 | ||||
Dividends payable amount per share | $ 0.145 | ||||
Dividend payable date | Apr. 15, 2019 | ||||
Dividends payable record date | Mar. 29, 2019 | ||||
Events after reporting period [member] | |||||
Disclosure of non-adjusting events after reporting period [Line Items] | |||||
Agreement expiry date | Jun. 27, 2023 | ||||
Interest rate swap agreement, Amount | $ 160 | ||||
Interest rate swap agreement, Fixed Interest rate | 2.295% | ||||
Interest rate swap, description | The swap agreement has the effect of converting the variable interest rate on $160.0 of the Company’s revolving credit facility into a fixed rate of 2.295%, plus an applicable basis points spread. | ||||
Events after reporting period [member] | Normal Course Issuer Bid (NCIB) [member] | |||||
Disclosure of non-adjusting events after reporting period [Line Items] | |||||
Number of Common shares repurchased and cancelled | 195,064 | ||||
Average price of common shares repurchased and cancelled | $ 30.63 | ||||
Aggregate price of common shares repurchased and cancelled | $ 6 |
Comparative Figures - Additiona
Comparative Figures - Additional Information (Detail) $ in Millions | Dec. 31, 2018CAD ($) |
Disclosure of reclassifications or changes in presentation [abstract] | |
Employee defined benefit liability | $ 13.6 |