Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information Line Items | |
Entity Registrant Name | TELESAT CORPORATION |
Document Type | 20-F |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
Entity Central Index Key | 0001845840 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
ICFR Auditor Attestation Flag | true |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-41083 |
Entity Incorporation, State or Country Code | A1 |
Contact Personnel Name | Telesat Canada |
Entity Address, Address Line One | 160 Elgin Street |
Entity Address, Address Line Two | Suite 2100 |
Entity Address, Address Line Three | Ottawa |
Entity Address, City or Town | Ontario |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | K2P 2P7 |
Entity Interactive Data Current | Yes |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | International Financial Reporting Standards |
Auditor Firm ID | 1208 |
Auditor Name | Deloitte LLP |
Auditor Location | Toronto, Canada |
Business Contact | |
Document Information Line Items | |
Contact Personnel Name | Christopher S. DiFrancesco |
Entity Address, Address Line One | 160 Elgin Street |
Entity Address, Address Line Two | Suite 2100 |
Entity Address, Address Line Three | Ottawa |
Entity Address, City or Town | Ontario |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | K2P 2P7 |
City Area Code | (613) |
Local Phone Number | 748-8700 |
Telesat Corporation Class A Common Shares | |
Document Information Line Items | |
Trading Symbol | TSAT |
Title of 12(b) Security | Telesat Corporation Class A Common Shares |
Security Exchange Name | NASDAQ |
Telesat Corporation Class B Variable Voting Shares | |
Document Information Line Items | |
Trading Symbol | TSAT |
Title of 12(b) Security | Telesat Corporation Class B Variable Voting Shares |
Security Exchange Name | NASDAQ |
Class A Common Shares and Class B Variable Voting Shares | |
Document Information Line Items | |
Entity Common Stock, Shares Outstanding | 13,497,501 |
Class C Common Shares | |
Document Information Line Items | |
Entity Common Stock, Shares Outstanding | 112,841 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 CAD ($) $ / shares shares | Dec. 31, 2022 CAD ($) $ / shares shares | Dec. 31, 2021 CAD ($) $ / shares shares | |
Profit or loss [abstract] | |||
Revenue | $ 704,161 | $ 759,169 | $ 758,212 |
Operating expenses | (204,552) | (258,989) | (236,949) |
Depreciation | (182,669) | (188,755) | (203,772) |
Amortization | (13,093) | (14,979) | (15,983) |
Other operating gains (losses), net | 264,999 | 7 | 107,615 |
Operating income | 568,846 | 296,453 | 409,123 |
Interest expense | (270,350) | (221,756) | (187,994) |
Gain on repurchase of debt | 230,080 | 106,916 | |
Interest and other income | 66,532 | 23,476 | 3,418 |
Gain (loss) on changes in fair value of financial instruments | 4,314 | (18,684) | |
Gain (loss) on foreign exchange | 77,758 | (239,591) | 27,539 |
Income (loss) before income taxes | 672,866 | (30,188) | 233,402 |
Tax (expense) recovery | (89,596) | (51,409) | (71,035) |
Net income (loss) | 583,270 | (81,597) | 162,367 |
Net income (loss) attributable to: | |||
Telesat Corporation shareholders | 157,118 | (23,764) | 92,532 |
Non-controlling interest | 426,152 | (57,833) | 69,835 |
Net income (loss) | $ 583,270 | $ (81,597) | $ 162,367 |
Net income (loss) per common share attributable to Telesat Corporation shareholders | |||
Basic (in Dollars per share) | $ / shares | $ 11.71 | $ (1.93) | $ 2.05 |
Diluted (in Dollars per share) | $ / shares | $ 11.29 | $ (1.93) | $ 1.99 |
Total Weighted Average Common Shares Outstanding | |||
Basic (in Shares) | shares | 13,417,290 | 12,311,264 | 45,168,650 |
Diluted (in Shares) | shares | 15,288,221 | 12,311,264 | 46,620,495 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements Of Comprehensive Income Loss Abstract | |||
Net income (loss) | $ 583,270 | $ (81,597) | $ 162,367 |
Items that may be reclassified into profit or loss | |||
Foreign currency translation adjustments | (50,985) | 148,456 | (17,555) |
Items that will not be reclassified to profit or loss | |||
Actuarial gain (loss) on defined benefit plans | (5,050) | 33,282 | 55,422 |
Income tax on items that will not be reclassified to profit or loss | 1,665 | (6,768) | (14,424) |
Total other comprehensive income (loss) | (54,370) | 174,970 | 23,443 |
Total comprehensive income (loss) | 528,900 | 93,373 | 185,810 |
Total comprehensive income (loss) attributable to: | |||
Telesat Corporation shareholders | 142,787 | 19,889 | 90,405 |
Non-controlling interest | 386,113 | 73,484 | 95,405 |
Total comprehensive income, net | $ 528,900 | $ 93,373 | $ 185,810 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders’ Equity - CAD ($) $ in Thousands | Common shares/Public shares | Preferred shares | Total share capital | Accumulated earnings | Equity-settled employee benefits reserve | Foreign currency translation reserve | Total reserves | Total Telesat Corporation shareholders’ equity | Non-controlling Interest | Total |
Beginning balance at Dec. 31, 2020 | $ 26,580 | $ 129,118 | $ 155,698 | $ 1,264,344 | $ 85,648 | $ (47,924) | $ 37,724 | $ 1,457,766 | $ 1,457,766 | |
Net income (loss) | 92,532 | 92,532 | 69,835 | 162,367 | ||||||
Dividends declared on Director Voting Preferred shares | (10) | (10) | (10) | |||||||
Issuance of share capital on settlement of restricted share units | 16 | 16 | 16 | 16 | ||||||
Other comprehensive income (loss), net of tax (expense) recovery | 9,946 | (12,073) | (12,073) | (2,127) | 25,570 | 23,443 | ||||
Share-based compensation | 65,134 | 65,134 | 65,134 | 8,590 | 73,724 | |||||
Reallocation related to transaction | 16,261 | (129,134) | (112,873) | (1,015,344) | (112,118) | 44,137 | (67,981) | (1,196,198) | 1,181,115 | (15,083) |
Ending balance at Dec. 31, 2021 | 42,841 | 42,841 | 351,468 | 38,664 | (15,860) | 22,804 | 417,113 | 1,285,110 | 1,702,223 | |
Net income (loss) | (23,764) | (23,764) | (57,833) | (81,597) | ||||||
Issuance of share capital on settlement of restricted share units | 2,142 | 2,142 | (1,224) | (1,224) | 918 | (2,991) | (2,073) | |||
Exchange of Limited Partnership units for Public Shares | 1,571 | 1,571 | 21,812 | (14) | (183) | (197) | 23,186 | (23,186) | ||
Other comprehensive income (loss), net of tax (expense) recovery | 6,757 | 36,896 | 36,896 | 43,653 | 131,317 | 174,970 | ||||
Final Transaction adjustment | (20,790) | (20,790) | ||||||||
Share-based compensation | 20,330 | 20,330 | 20,330 | 47,089 | 67,419 | |||||
Ending balance at Dec. 31, 2022 | 46,554 | 46,554 | 356,273 | 57,756 | 20,853 | 78,609 | 481,436 | 1,358,716 | 1,840,152 | |
Net income (loss) | 157,118 | 157,118 | 426,152 | 583,270 | ||||||
Issuance of share capital on settlement of restricted share units | 3,212 | 3,212 | 11 | (661) | (661) | 2,562 | (5,693) | (3,131) | ||
Issuance of share capital on exercise of stock options | 29 | 29 | 29 | (13) | 16 | |||||
Exchange of Limited Partnership units for Public Shares | 1,457 | 1,457 | 21,577 | 2,375 | 1,358 | 3,733 | 26,767 | (26,767) | ||
Other comprehensive income (loss), net of tax (expense) recovery | (921) | (13,410) | (13,410) | (14,331) | (40,039) | (54,370) | ||||
Share-based compensation | 8,337 | 8,337 | 8,337 | 24,709 | 33,046 | |||||
Ending balance at Dec. 31, 2023 | $ 51,252 | $ 51,252 | $ 534,058 | $ 67,807 | $ 8,801 | $ 76,608 | $ 661,918 | $ 1,737,065 | $ 2,398,983 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders’ Equity (Parentheticals) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements Of Changes In Shareholders Equity Abstract | |||
Other comprehensive income (loss), net of tax (expense) | $ (1,665) | $ 6,768 | $ 14,424 |
Consolidated Balance Sheets
Consolidated Balance Sheets - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 1,669,089 | $ 1,677,792 |
Trade and other receivables | 78,289 | 41,248 |
Other current financial assets | 631 | 515 |
Current income tax recoverable | 16,510 | 18,409 |
Prepaid expenses and other current assets | 52,169 | 50,324 |
Total current assets | 1,816,688 | 1,788,288 |
Satellites, property and other equipment | 1,260,298 | 1,364,084 |
Deferred tax assets | 2,954 | 49,984 |
Other long-term financial assets | 6,633 | 10,476 |
Long-term income tax recoverable | 7,497 | 15,303 |
Other long-term assets | 40,926 | 47,977 |
Intangible assets | 692,756 | 756,878 |
Goodwill | 2,446,603 | 2,446,603 |
Total assets | 6,274,355 | 6,479,593 |
LIABILITIES | ||
Trade and other payables | 43,626 | 43,555 |
Other current financial liabilities | 29,061 | 48,397 |
Income taxes payable | 1,921 | 3,476 |
Other current liabilities | 63,119 | 75,968 |
Total current liabilities | 137,727 | 171,396 |
Long-term indebtedness | 3,197,019 | 3,850,081 |
Deferred tax liabilities | 235,247 | 271,246 |
Other long-term financial liabilities | 14,938 | 19,663 |
Other long-term liabilities | 290,441 | 327,055 |
Total liabilities | 3,875,372 | 4,639,441 |
SHAREHOLDERS’ EQUITY | ||
Share capital | 51,252 | 46,554 |
Accumulated earnings | 534,058 | 356,273 |
Reserves | 76,608 | 78,609 |
Total Telesat Corporation shareholders’ equity | 661,918 | 481,436 |
Non-controlling interest | 1,737,065 | 1,358,716 |
Total shareholders’ equity | 2,398,983 | 1,840,152 |
Total liabilities and shareholders’ equity | $ 6,274,355 | $ 6,479,593 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Net income (loss) | $ 583,270 | $ (81,597) | $ 162,367 |
Adjustments to reconcile net income (loss) to cash flows from operating activities: | |||
Depreciation | 182,669 | 188,755 | 203,772 |
Amortization | 13,093 | 14,979 | 15,983 |
Tax expense (recovery) | 89,596 | 51,409 | 71,035 |
Interest expense | 270,350 | 221,756 | 187,994 |
Interest income | (63,838) | (23,564) | (4,392) |
(Gain) loss on foreign exchange | (77,758) | 239,591 | (27,539) |
(Gain) loss on changes in fair value of financial instruments | (4,314) | 18,684 | |
Share-based compensation | 33,015 | 67,428 | 73,723 |
(Gain) loss on disposal of assets | (59) | (7) | 848 |
Gain on repurchase of debt | (230,080) | (106,916) | |
Impairment | 79,740 | ||
Deferred revenue amortization | (59,337) | (77,075) | (64,998) |
Pension expense | 5,674 | 7,587 | 8,133 |
C-band clearing income | (344,892) | (42,860) | |
Other | 2,958 | (1,184) | (1,953) |
Income taxes paid, net of income tax received | (66,841) | (98,143) | (94,242) |
Interest paid, net of interest received | (209,261) | (163,113) | (154,433) |
Operating assets and liabilities | (39,212) | (6,744) | (58,625) |
Net cash from operating activities | 169,087 | 228,848 | 293,497 |
Cash flows (used in) generated from investing activities | |||
Cash payments related to satellite programs | (83,319) | (31,805) | (279,941) |
Cash payments related to property and other equipment | (42,920) | (32,701) | (31,725) |
Purchase of intangible assets | (13,267) | (71) | (1,162) |
C-band clearing proceeds | 351,438 | 64,651 | 42,860 |
Net cash (used in) generated from investing activities | 211,932 | 74 | (269,968) |
Cash flows (used in) generated from financing activities | |||
Proceeds from indebtedness | 619,900 | ||
Payment of debt issue costs | (6,834) | ||
Repurchase of indebtedness | (344,014) | (97,234) | |
Payments of principal on lease liabilities | (2,171) | (2,498) | (2,178) |
Satellite performance incentive payments | (6,385) | (6,667) | (6,914) |
Tax withholdings on settlement of restricted share units | (3,198) | ||
Proceeds from exercise of stock options | 27 | 16 | |
Government grant received | 1,089 | 22,324 | |
Initial costs from transaction | 1,260 | ||
Final Transaction adjustment payment | (20,790) | ||
Dividends on Director Voting Preferred shares | (10) | ||
Net cash (used in) generated from financing activities | (354,652) | (104,865) | 605,240 |
Effect of changes in exchange rates on cash and cash equivalents | (35,070) | 104,142 | 2,446 |
Changes in cash and cash equivalents | (8,703) | 228,199 | 631,215 |
Cash and cash equivalents, beginning of year | 1,677,792 | 1,449,593 | 818,378 |
Cash and cash equivalents, end of year | $ 1,669,089 | $ 1,677,792 | $ 1,449,593 |
Background of the Company
Background of the Company | 12 Months Ended |
Dec. 31, 2023 | |
Background of the Company [Abstract] | |
BACKGROUND OF THE COMPANY | 1. BACKGROUND OF THE COMPANY Telesat Corporation (the “Corporation” or “Company”) was incorporated under the Business Corporations Act The Corporation is a global satellite operator, providing mission -critical -of-the-art -1 The Corporation is developing a constellation of low earth orbit (“LEO”) satellites and integrated terrestrial infrastructure, called “Telesat Lightspeed”. In January 2018, the first LEO satellite, LEO In July The Corporation began trading on the Nasdaq Global Select Market and the Toronto Stock Exchange on November 19, 2021 under the ticker symbol “TSAT”. This followed the closing of Telesat Canada’s transaction with Loral Space & Communications Inc. (“Loral”) and Public Sector Pension Investment Board (“PSP Investments”) (the “Transaction”), in which Loral’s stockholders and Telesat Canada’s other equity holders exchanged their interests for equity in the new public holding company. The Transaction resulted in the Loral stockholders, PSP Investments and certain individual shareholders (other than the Voting Directors) of Telesat Canada owning indirectly through the Corporation and Telesat Partnership LP (the “Partnership”) approximately the same percentage of equity as they held in Telesat Canada; the Corporation becoming the publicly traded general partner of the Partnership; and the Partnership indirectly owning all of the economic interests in Telesat Canada and Loral becoming a wholly owned subsidiary of the Partnership. For further details on the Transaction, refer to the Corporation’s Registration Statement on Form F -4 https://www.sec.gov -Offering https://www.sedarplus.ca References herein to “Telesat” or “Company” refer to Telesat Corporation and its subsidiaries. Unless the context states or requires otherwise, references herein to the “financial statements” or similar terms refer to the audited consolidated financial statements of Telesat. On March 27, 2024, these financial statements were approved by the Audit Committee of the Board of Directors and authorized for issue. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Basis of Presentation [Abstract] | |
BASIS OF PRESENTATION | 2. BASIS OF PRESENTATION Statement of Compliance The 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 in Note 4 were consistently applied to all years presented. Basis of Consolidation Subsidiaries These consolidated financial statements include the results of the Telesat and subsidiaries controlled by the Company. Control is achieved when the Company has power over an entity, has exposure, or rights to variable returns from its involvement with an entity, and has the ability to use the power over an entity to affect the amount of its return. The most significant subsidiaries are listed in Note 35. The portion of equity ownership in a subsidiary that is not directly or indirectly attributable to the Company is accounted for as non -controlling -controlling -controlling -controlling -by-acquisition -controlling -controlling -controlling Profit or loss and each component of other comprehensive income (loss) are attributed to the owners of the Company and to the non -controlling -controlling -controlling Joint arrangements A joint operation is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to their share of the assets and revenue, and obligations for the liabilities and expenses, relating to the arrangement. The Company’s consolidated financial statements include the Company’s share of the assets, liabilities, revenue and expenses of its interest in joint operations. The consolidated financial statements have been prepared on an historical cost basis except for certain financial instruments which were measured at their fair values, as explained in the accounting policies below. Historical cost is based on the fair value of the consideration given or received in exchange for assets or liabilities. |
Change in Accounting Policy
Change in Accounting Policy | 12 Months Ended |
Dec. 31, 2023 | |
Change in Accounting Policy [Abstract] | |
CHANGE IN ACCOUNTING POLICY | 3. CHANGE IN ACCOUNTING POLICY Amendments to IAS 12, Income Taxes (“IAS 12”) In May 2021, the IASB issued amendments to IAS 12. In specified circumstances, companies are exempt from recognizing deferred tax when they recognize assets or liabilities for the first time. The amendments clarify that such initial recognition exemption does not apply to transactions in which equal amounts of deductible and taxable temporary differences arise on initial recognition. Accordingly, entities are required to recognize deferred tax associated with transactions, such as leases and decommissioning obligations, which give rise to equal and offsetting temporary differences. The Company adopted the amendments effective for annual period beginning January 1, 2023. As a result of the amendment, the Company was required to recognize deferred tax on the prepayment options associated with the Senior Unsecured Notes, Senior Secured Notes and 2026 Senior Secured Notes. An adjustment was recorded as a decrease to the opening balance of accumulated earnings as at January 1, 2021 in the amount of $1,412. The cumulative impact on the balance sheet and statement of changes in shareholders’ equity was as follows: As at December 31, 2022 2021 Deferred tax liabilities $ (4,450 ) Accumulated earnings $ 1,071 $ 1,439 Non-controlling interest $ 3,379 $ 4,491 As a result of the amendment, there was also a change in the reallocation related to Transaction in the year ended December 31, 2021 in the statement of changes in shareholders’ equity. The impact on the statements of income (loss) and the statements of comprehensive income (loss) was as follows: For the years ended December 31, 2022 2021 Tax (expense) recovery $ (1,480 ) $ 7,342 Net income (loss) per common share attributable to Telesat Corporation shareholders – Basic $ (0.03 ) $ 0.16 Net income (loss) per common share attributable to Telesat Corporation shareholders – Diluted $ (0.03 ) $ 0.16 |
Material Accounting Policy Info
Material Accounting Policy Information | 12 Months Ended |
Dec. 31, 2023 | |
Material Accounting Policy Information [Abstract] | |
MATERIAL ACCOUNTING POLICY INFORMATION | 4. MATERIAL ACCOUNTING POLICY INFORMATION Segment Reporting The Company operates in a single operating segment, in which it provides satellite -based Foreign Currency Translation Unless otherwise specified, all figures reported in the consolidated financial statements and associated note disclosures are presented in Canadian dollars, which is the functional and presentation currency of the Company. Each of the subsidiaries of the Company determines its own functional currency and uses that currency to measure items on their separate financial statements. For the Company’s non -foreign -monetary -end Upon consolidation of the Company’s foreign operations that have a functional currency other than the Canadian dollar, assets and liabilities are translated at the year -end Cash and Cash Equivalents All highly liquid investments with an original maturity of three months or less, or which are available upon demand with no penalty for early redemption, are classified as cash and cash equivalents. Cash and cash equivalents are comprised of cash on hand, demand deposits, short -term Revenue Recognition Telesat recognizes revenue from satellite services on a monthly basis as services are performed in an amount that reflects the consideration the Company expects to receive in exchange for those services. Telesat accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability is considered probable. Revenue from a contract to sell consulting services is recognized as follows: • • Equipment sale revenue is recognized when the customer obtains control of the equipment, being at the time the equipment is delivered to and accepted by the customer. Only equipment sales are subject to warranty or return and there is no general right of return. Historically, the Company has not incurred significant expenses for warranties. When a transaction involves more than one product or service, revenue is allocated to each performance obligation based on its relative stand -alone Deferred Revenue Deferred revenue represents the Company’s liability for the provision of future services and is classified on the balance sheet in other current and long -term -line -term A significant financing component will only occur in the following circumstances: • • • In the case of the existence of a significant financing component, the amount of the consideration is adjusted to reflect what the cash selling price of the promised service would have been if payments had occurred as control of the service was transferred to the customer. The discount rate used in determining the significant financing component is the rate that would be reflected in a separate financing transaction between the Company and the customer at contract inception. Inventories Inventories are valued at the lower of cost and net realizable value and consist of finished goods and work in process. Cost for substantially all network equipment inventories are determined on a weighted average cost basis. Cost for work in process and certain one -of-a-kind Borrowing Costs Borrowing costs are incurred on the Company’s debt financing. Borrowing costs attributable to the acquisition, production or construction of a qualifying asset are added to the cost of that asset. The Company has defined a qualifying asset as an asset that takes longer than twelve months to be ready for its intended use or sale. Capitalization of borrowing costs continues until such time that the asset is substantially ready for its intended use or sale. Borrowing costs are determined based on specific financing related to the asset, or in the absence of specific financing, the borrowing costs are calculated on the basis of a capitalization rate which is equal to the Company’s weighted average cost of debt. All other borrowing costs are expensed when incurred. Leases At the inception of a contract, the Company assesses whether a contract is, or contains, a lease based on whether or not the contract conveys the right to control the use of the asset for a period of time in exchange for consideration. The Company recognizes a right -of-use -of-use The lease term is the non -cancellable After the commencement date, the right -of-use -line The lease liability is remeasured when there is a change in future lease payments, arising from a change in index or rate, or if there is a change in the assessment of whether the Company will exercise a purchase, extension or termination option. The amount of the remeasurement of the lease liability is also recognized as an adjustment to the right -of-use -of-use The Company has elected to not recognize a right -of-use -line The Company has also elected the practical expedient, for property leases, not to separate the non -lease -lease Government Grants Government grants are recognized where there is a reasonable assurance that the grant will be received and the attached conditions will be complied with. When the grant relates to an expense, the grant is recorded as a deduction to the related expense incurred over the same period. When the grant relates to an asset, the grant is deducted from the carrying amount of the related asset as the grant is receivable. Software as a Service arrangements A Software as a Service (“SaaS”) cloud computing arrangement is evaluated as to whether it met the criteria under IAS Intangible Assets (“ ”) Leases Telesat may enter into a SaaS cloud computing arrangement with a supplier where the contract conveys to Telesat a right to receive future access over the contract term to the supplier’s application software running on the supplier’s cloud infrastructure. The right to receive access does not provide Telesat with a software asset and, therefore, the access to the software is a service which is received over the contract term. The assessment of whether configuration or customization of a software results in an intangible asset for Telesat depends on the nature and output of the configuration and customization performed. In some circumstances, the arrangement may result in additional code from which Telesat has the power to obtain the future economic benefits and to restrict others’ access to those benefits. In that case, in determining whether to recognize the additional code as an intangible asset, Telesat assesses whether the additional code is identifiable and meets the recognition criteria under IAS 38. Separately acquired intangible rights (i.e. software licenses in cloud computing arrangements) are normally recognized as assets. Satellites, Property and Other Equipment Satellites, property and other equipment, which are carried at cost, less accumulated depreciation and any accumulated impairment losses, include the contractual cost of equipment, capitalized engineering costs, capitalized borrowing costs during the construction or production of qualifying assets, and with respect to satellites, the cost of launch services, and launch insurance. Depreciation is calculated using the straight -line Below are the estimated useful lives in years of satellites, property & other equipment as at December 31, 2023. Years Satellites 3 to 15 Right-of-use assets 2 to 27 Antennas, satellite control & communication equipment 5 to 20 Building, equipment & other 3 to 25 Construction in progress is not depreciated as depreciation only commences when the asset is ready for its intended use. For satellites, depreciation commences on the day the satellite becomes available for service. The investment in each satellite is derecognized when the satellite is retired. When other property is retired from operations at the end of its useful life, the cost of the asset and accumulated depreciation are removed from the accounts. Earnings are credited with the amount of any net salvage value and charged with any net cost of removal. When an asset is sold prior to the end of its useful life, the gain or loss is recognized immediately in other operating gains (losses), net. In the event of an unsuccessful launch or total in -orbit -orbit Liabilities related to decommissioning and restoration of retiring property and other equipment are measured at fair value with a corresponding increase to the carrying amount of the related asset. The liability is accreted over the period of expected cash flows with a corresponding charge to interest expense. The liabilities recorded to date have not been significant and are reassessed at the end of each reporting period. There are no decommissioning or restoration obligations for satellites. Satellite Performance Incentive Payments Satellite performance incentive payments are obligations payable to satellite manufacturers over the lives of certain satellites. The present value of the payments is capitalized as part of the cost of the satellite and recognized as part of the depreciation of the satellite. Impairment of Long-Lived Assets Tangible fixed assets and finite life intangible assets are assessed for impairment on an annual basis or more frequently when events or changes in circumstances indicate that the carrying value of an asset exceeds the recoverable amount. Tangible fixed assets and finite life intangible assets are also assessed for indicators of impairment or impairment reversals at each reporting period. In cases where there are indicators of impairment, the recoverable amount of the asset, which is the higher of its fair value less costs of disposal and its value in use, is determined. If it is not possible to measure the recoverable amount for a particular asset, the Company determines the recoverable amount of the cash generating unit (“CGU”) with which it is associated. A CGU is the smallest identifiable group of assets that generates cash inflows which are largely independent of the cash inflows from other assets or groups of assets. The Company measures value in use on the basis of the estimated future cash flows to be generated by an asset or CGU. These future cash flows are based on the Company’s latest business plan information and are discounted using rates that best reflect the time value of money and the specific risks associated with the underlying asset or assets in the CGU. The fair value less costs of disposal is the price that would be received to sell an asset or CGU in an orderly transaction between market participants at the measurement date. For the impairment assessment, the fair value is calculated on a recurring basis and is calculated using Level 3 of the fair value hierarchy. An impairment loss is the amount by which the carrying amount of an asset or CGU exceeds its recoverable amount. When an impairment loss subsequently reverses, the carrying amount of the asset (or a CGU) is increased to the revised measure of its recoverable amount, so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or CGU) in prior years. Impairment losses and reversals of impairment losses are recognized in other operating gains (losses), net. Goodwill and Intangible Assets The Company accounts for business combinations using the acquisition method of accounting, which establishes specific criteria for the recognition of intangible assets separately from goodwill. Goodwill represents the excess between the total of the consideration transferred over the fair value of net assets acquired. After initial recognition at cost, goodwill is measured at cost less any accumulated impairment losses. The Company distinguishes intangible assets between assets with finite and indefinite useful lives. Intangible assets with indefinite useful lives are comprised of the Company’s trade name, intellectual property, and orbital slots. These assets are carried at cost less any accumulated impairment losses. Finite life intangible assets, which are carried at cost less accumulated amortization and any accumulated impairment losses, consist of revenue backlog, customer relationships, customer contracts, concession rights, transponder rights, software and patents. Intangible assets with finite lives are amortized over their estimated useful lives using the straight -line Below are the estimated useful lives in years of the finite life intangible assets as at December 31, 2023. Years Revenue backlog 17 Customer relationships 20 to 21 Customer contracts 15 Concession rights 3 to 15 Transponder rights 16 Software 5 Patents 18 Impairment of Goodwill and Indefinite Life Intangible Assets An assessment for impairment of goodwill and indefinite life intangible assets is performed annually, or more frequently whenever events or changes in circumstances indicate that the carrying amounts of these assets are likely to exceed their recoverable amount. Goodwill is tested for impairment at the entity level as this represents the lowest level within the Company at which the goodwill is monitored for internal management purposes, and is not larger than an operating segment. With the exception of trade name, which has not been allocated to any CGU and is tested for impairment at the asset level, indefinite life intangible assets are tested for impairment at the CGU level. In the case of orbital slots, the CGU is based on geography. A quantitative impairment test consists of assessing the recoverable amount of an asset, which is the higher of its fair value less costs of disposal and its value in use. For the quantitative impairment assessment, fair value is calculated on a recurring basis and is calculated using Level 2 or Level 3 of the fair value hierarchy depending on the valuation approach being utilized. Impairment losses are recognized in other operating gains (losses), net. For indefinite life intangible assets, reversals of impairment losses are also recognized in other operating gains (losses), net. Orbital Slots In performing the orbital slot impairment analysis, the Company determines, for each CGU, the recoverable amount. The recoverable amount is defined as the higher of the fair value less costs of disposal, and its value in use on an annual basis. To the extent that the recoverable amount is less than the carrying value of the asset, an impairment exists and the asset is written down to its recoverable amount. Fair value less costs of disposal is the price that would be received to sell the CGU in an orderly transaction between market participants at the measurement date. In order to determine the fair value less costs of disposal, the Company uses either a market or income approach. Under a market approach, the Company measures what an independent third party would pay to purchase the orbital slots by looking to actual market transactions for similar assets. Under an income approach, the fair value is determined to be the sum of the projected discounted cash flows over a discrete period of time. The value in use amount is the present value of the future cash flows expected to be derived from the CGU. The determination of this amount includes projections of cash inflows from the continuing use of the asset and cash outflows that are required to generate the associated cash inflows. These cash flows are discounted at an appropriate discount rate. Goodwill In performing the goodwill impairment analysis, the Company assesses the recoverable amount of goodwill. The recoverable amount is the higher of the income approach and the market approach. Under the income approach, the sum of the projected discounted cash flows for the next five years, or a longer period if justified by the most recent financial plan approved by management, in addition to a terminal value are used to determine the fair value at the entity level. Under the market approach, the fair value at the entity level is determined based on market multiples derived from comparable public companies. Under both approaches, all assumptions used are based on management’s best estimates. The discount rates are consistent with external sources of information. Trade Name For the purposes of impairment testing, the fair value of the trade name is determined using an income approach, specifically the relief from royalties method. The relief from royalties method is comprised of two major steps: i) ii) In determining the hypothetical royalty rate in the relief from royalties method, the Company considered comparable license agreements, operating earnings benchmarks, an excess earnings analysis to determine aggregate intangible asset earnings, and other qualitative factors. Intellectual Property In performing the intellectual property impairment analysis, the Company determines its recoverable amount. The recoverable amount is the fair value less costs of disposal. To the extent that the recoverable amount is less than the carrying value of the asset, an impairment exists and the asset is written down to its recoverable amount. The Company measures value in use on the basis of the estimated future cash flows to be generated by an asset. These future cash flows are based on the Company’s latest business plan information approved by senior management and are discounted using rates that best reflect the time value of money and the specific risks associated with the underlying asset. Financial Instruments Financial assets are initially recognized at fair value. Financial assets are measured using one of three measurement approaches (fair value through profit or loss (“FVTPL”), fair value through other comprehensive income (“FVTOCI”), or amortized cost). A financial asset is measured at amortized cost if it is not designated as FVTPL, it is held within a business model whose objective is to hold assets to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVTOCI if it is not designated at FVTPL, it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amounts outstanding. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in OCI. This election is made on an investment by investment basis. All financial assets not classified as measured at amortized cost or FVTOCI as described above are measured at FVTPL. Telesat does not have any financial assets measured at FVTOCI as at December The following accounting policies apply to the subsequent measurement of the Company’s financial assets: • • Financial liabilities are initially measured at fair value. Financial liabilities are classified as amortized cost or FVTPL. Financial liabilities that are classified as amortized cost are measured and recorded at amortized cost in accordance with the effective interest method. Financial liabilities classified as FVTPL are subsequently measured at fair value with changes in fair value recorded in the consolidated statement of income (loss) as part of the gain (loss) on changes in fair value of financial instruments. The Company has used derivative financial instruments to manage its exposure to foreign exchange risk associated with debt denominated in foreign currencies, as well as to reduce its exposure to interest rate risk associated with debt. Currently, the Company does not designate any of its derivative financial instruments as hedging instruments for accounting purposes. All realized and unrealized gains and losses on these derivative financial instruments are recorded in the consolidated statement of income (loss) as part of gain (loss) on changes in fair value of financial instruments. Derivatives, including embedded derivatives that must be separately accounted for, are recorded at fair value on the consolidated balance sheet at inception and marked to market at each reporting period thereafter. Derivatives embedded in financial liabilities and other non -financial -financial Transaction costs for instruments classified as FVTPL are expensed as incurred. Transaction costs that are directly attributable to the acquisition of financial assets and liabilities (other than FVTPL) are added or deducted from the fair value of the financial asset or financial liability on initial recognition. The Company’s financial assets classified as amortized cost and contract assets are subject to impairment requirements. The Company has elected to measure loss allowances for trade receivables and other contract assets at an amount equal to lifetime expected credit loss. The lifetime expected credit losses are the expected credit losses that result from possible default events over the expected life of the instrument. Financing Costs The debt issuance costs related to the Senior Secured Credit Facility, the 6.5% Senior Unsecured Notes (“Senior Unsecured Notes”), the 4.875% Senior Secured Notes (“Senior Secured Notes”) and the 5.625% Senior Secured Notes (“2026 Senior Secured Notes”) are included in current and long -term -term -term -term -line Employee Benefit Plans Telesat Canada maintains one contributory and three non -contributory -benefit Canada, subject to final regulatory filings and approvals. The combined plan is closed entirely to new members with respect to the defined benefit provisions. The merged plan offers a defined contribution pension to all employees of Telesat Canada and Telesat LEO Inc. effective January Telesat Canada also provides other post -employment In addition, Telesat Canada provides defined contribution pension plans, under certain circumstances, for employees who are not eligible for the defined benefit pension plans. Telesat also provides health care and life insurance benefits for certain retired employees. These benefits are funded primarily on a pay -as-you-go -insurance As a result of the Transaction, the Company has become responsible for the defined benefit plan and health and life insurance benefits for retired employees of Loral. Loral maintained a defined benefit pension plan for its employees. Loral pension plan is a qualified defined benefit pension plan in which only the employees hired prior to July 1, 2006 could participate. Benefits are based primarily on members’ compensation and/or years of service. In addition to pension plan, certain health care and life insurance benefits are also provided to retired employees and dependents. Healthcare benefits end when the retiree reaches age 65. The Company is responsible for adequately funding the defined benefit pension plans. Contributions are made based on actuarial cost methods that are permitted by pension regulatory bodies and reflect assumptions about future investment returns, salary projections and future service benefits. Costs for defined contribution pension plans are recognized as an expense during the year in which the employees have rendered service entitling them to the Company’s contribution. The Company accrues the present value of its obligations under employee benefit plans and the related costs reduced by the fair value of plan assets. Pension costs and other retirement benefits are determined using the projected unit credit method prorated on service and management’s best estimate of expected investment performance, salary escalation, retirement ages of employees and expected health care costs. Pension plan assets are valued at fair value. The discount rate is based on the market interest rate of high quality bonds. Past service costs arising from plan amendments are recognized immediately to the extent that the benefits are already vested, and otherwise are amortized on a straight -line Remeasurements arising from defined benefit pension plans comprise actuarial gains and losses and the return on plan assets (excluding interest). The Company recognizes them immediately in other comprehensive income (loss), which is included in accumulated earnings, in the year in which they occur. The current service costs and administration fees not related to asset management are included in operating expenses. The net interest expense (income) on the net defined benefit liability (asset) for the period is calculated by applying the discount rate used to measure the defined benefit obligation at the beginning of the year to the net defined benefit liability (asset) at the beginning of the year while considering any changes in the net defined benefit liability (asset) during the year as a result of contributions and benefit payments. The net interest expense (income) is included in interest expense. Share-Based Compensation Plans The Company offers equity -settled -based -Scholes Restricted Share Units, Performance Share Units and Deferred Share Units For each restricted share unit (“RSU”), performance share unit (“PSU”) or deferred share unit (“DSU”) an expense is recorded over the vesting period equal to the fair value of the Non -Voting Income Taxes Income tax expense, comprising current and deferred income tax, is recognized in income except to the extent it relates to items recognized in other comprehensive income (loss) or equity, in which case the income tax expense is recognized in other comprehensive income (loss) or equity, respectively. Current income tax is measured at the amount expected to be paid to the taxation authorities, net of recoveries, based on the tax rates and laws enacted or substantively enacted as at the balance sheet date. Deferred taxes are the result of temporary differences arising between the tax bases of assets and liabilities and their carrying amount. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realized or the liability is settled, based on tax rates and laws that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilized. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that the deferred tax assets will be realized. Unrecognized deferred tax assets are reassessed at each balance sheet date and recognized to the extent that it has become probable that future taxable profit will allow the deferred tax assets to be recovered. Deferred tax assets are netted against the deferred tax liabilities when they relate to income taxes levied by the same taxation authority on either: i) ii) Deferred tax liabilities are recognized for all taxable temporary differences except when the deferred tax liability arises from the initial recognition of goodwill or the initial recognition of an asset or liability in a transaction which is not a business combination. For taxable temporary differences associated with investments in subsidiaries, a deferred tax liability is recognized unless the parent can control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Earnings Per Share For periods prior to the close of the Transaction, basic earnings per share are computed based upon the weighted average number of Common Shares, Non -Voting -controlling For periods subsequent to the close of the Transaction, basic earnings per share are computed based upon the weighted average number of Class A Common Shares, Class B Variable Voting Shares, Class C Fully Voting Shares and Class C Limited Voting Shares during each period. Variable Voting and Limited Voting shares are in all respects identical to and treated equally to voting common shares. For periods prior to the close of the Transaction, diluted earnings per share are based on the weighted average number of common shares as calculated in the basic earnings per share, adjusted for the effect of unvested or unconverted RSUs and stock options that have a dilutive effect. The average market value of the Company’s shares for the purpose of calculating the dilutive effect of the stock options was based on calculated share price of the shares of Telesat Canada, adjusted to consider the impact of the Transaction. For periods subsequent to the close of the Transaction, diluted earnings per share are based on the weighted average number of Common, Limited Voting and Variable Voting shares outstanding during each period, adjusted for the effect of unvested or unconverted RSUs, PSUs, DSUs and stock options which have a dilutive effect. For 2021, the average market value of the Company’s shares for the purposes of calculating the dilutive effect of the stock options was based on the quoted market prices for the period from November 19, 2021 through December 31, 2021. Non-Controlling Interests Non -controlling -controlling -controlling -by-acquisition -controlling -controlling -controlling The Company reports non -controlling -controlling -controlling -controlling -controlling Future Changes in Accounting Policies The IASB periodically issues new and amended accounting standards. The new and amended standards determined to be applicable to the Company are disclosed below. The remaining new and amended standards have been excluded as they are not applicable. Amendments to IAS 1 In October 2022, the IASB amended IAS Presentation of Financial Statements -term The amendments specify that covenants to be complied with after the reporting date do not affect the classification of debt as current or non -current -current The amendments are effective for annual reporting periods beginning on or after January 1, 2024 with early adoption permitted. The amendments will not have any impact on the financial statements. |
Critical Accounting Judgments a
Critical Accounting Judgments and Estimates | 12 Months Ended |
Dec. 31, 2023 | |
Critical Accounting Judgments and Estimates [Abstract] | |
CRITICAL ACCOUNTING JUDGMENTS AND ESTIMATES | 5. CRITICAL ACCOUNTING JUDGMENTS AND ESTIMATES Critical judgments in applying accounting policies The following are the critical judgments made in applying the Company’s accounting policies which have the most significant effect on the amounts reported in the financial statements: Deferred revenue The Company’s accounting policy relating to deferred revenue is described in Note 4. Certain of the Company’s revenue agreements were noted to include a significant financing component. Judgment by management is required to determine the discount rate used in the significant financing component calculation. Lease liabilities The Company’s accounting policy relating to leases is described in Note 4. Judgment by management is required in the determination of the likelihood that the lease renewal periods will be exercised as well as the determination of the incremental borrowing rate. Uncertain income tax positions The Company operates in numerous jurisdictions and is subject to country -specific Software as a Service arrangements The Company’s accounting policy relating to SaaS is described in Note 4. Judgment by management is required to determine whether configuration or customization of a software results in an intangible asset for Telesat. Critical accounting estimates and assumptions The Company makes accounting estimates and assumptions that affect the carrying value of assets and liabilities, reported net income (loss) and disclosure of contingent assets and liabilities. Estimates and assumptions are based on historical experience, current events and other relevant factors, therefore, actual results may differ and differences could be material. The accounting estimates and assumptions critical to the determination of the amounts reported in the financial statements were as follows: Derivative financial instruments measured at fair value As at December 31, 2023 and 2022, the balances of the derivative assets and liabilities were $ Nil Quoted market values are unavailable for the Company’s financial instruments and, in the absence of an active market, the Company determines fair value for financial instruments based on prevailing market rates (bid and ask prices, as appropriate) for instruments with similar characteristics and risk profiles or internal or external valuation models, such as option pricing models and discounted cash flow analysis, using observable market -based Impairment of goodwill Goodwill represented $2,446.6 million of total assets as at December 31, 2023 and 2022. Determining whether goodwill is impaired requires an estimation of the Company’s fair value which requires management to estimate the future cash flows expected to arise from operations and to make assumptions regarding the underlying business plan, discount rate, and growth rate assumptions. Actual operating results and the related cash flows of the Company could differ from the estimates used for the impairment analysis. Impairment of intangible assets Intangible assets represented $692.8 million of total assets as at December 31, 2023 (December 31, 2022 — $756.9 million). Impairment of intangible assets is tested annually or more frequently if indicators of impairment or reversal of a prior impairment loss exist. The impairment analysis requires the Company to estimate the future cash flows expected to arise from operations and to make assumptions regarding the underlying business plan, discount rates, growth rate assumptions and royalty rate. Significant judgments are made in establishing these assumptions. Actual operating results and the related cash flows of the Company could differ from the estimates used for the impairment analysis. Employee benefits The cost of defined benefit pension plans and other post -employment -term Share-based compensation The expense for stock options is based on the fair value of the awards granted using the Black -Scholes -Scholes -free Determination of useful life of satellites and finite life intangible assets The estimated useful life and depreciation method for satellites and finite life intangible assets are reviewed annually, with the effect of any changes in estimate being accounted for on a prospective basis. Any change in these estimates may have a significant impact on the amounts reported. Income taxes Management assesses the recoverability of deferred tax assets based upon an estimation of the Company’s projected taxable income using enacted or substantively enacted tax laws, and its ability to utilize future tax deductions before they expire. Actual results could differ from expectations. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Information [Abstract] | |
SEGMENT INFORMATION | 6. SEGMENT INFORMATION Telesat operates in a single operating segment, in which it provides satellite -based The Company derives revenue from the following services: Broadcast -to-home Enterprise Consulting and other Revenue derived from the above services were as follows: For the years ended December 31, 2023 2022 2021 Broadcast $ 331,842 $ 358,661 $ 390,815 Enterprise 359,740 388,985 354,126 Consulting and other 12,579 11,523 13,271 Revenue $ 704,161 $ 759,169 $ 758,212 Equipment sales included within the various services were as follows: For the years ended December 31, 2023 2022 2021 Broadcast $ 16 $ 81 $ 67 Enterprise 12,630 28,071 10,023 Revenue $ 12,646 $ 28,152 $ 10,090 Geographic Information Revenue by geographic regions was based on the point of origin of the revenue, which was the destination of the billing invoice, and was allocated as follows: For the years ended December 31, 2023 2022 2021 Canada $ 324,226 $ 330,533 $ 330,832 United States 245,328 289,946 292,474 Asia & Australia 50,651 45,082 38,266 Latin America & Caribbean 48,664 57,842 55,818 Europe, Middle East & Africa 35,292 35,766 40,822 Revenue $ 704,161 $ 759,169 $ 758,212 For disclosure purposes, the satellites and the intangible assets have been classified based on ownership. Satellites, property and other equipment and intangible assets by geographic regions were allocated as follows: As at December 31, 2023 2022 Canada $ 782,639 $ 784,261 United Kingdom 446,194 525,672 United States 18,035 36,612 Europe, Middle East & Africa (excluding United Kingdom) 11,395 15,344 All others 2,035 2,195 Satellites, property and other equipment $ 1,260,298 $ 1,364,084 As at December 31, 2023 2022 Canada $ 650,528 $ 698,336 United States 25,999 40,647 Latin America & Caribbean 11,963 12,754 All others 4,266 5,141 Intangible assets $ 692,756 $ 756,878 Other long -term As at December 31 2023 2022 Canada $ 40,926 $ 47,977 Other long-term assets $ 40,926 $ 47,977 Goodwill was not allocated to geographic regions. Major Customers For the years ended December 31, 2023, 2022 and 2021 there were two significant customers each representing more than 10% of consolidated revenue. |
Operating Expenses
Operating Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Operating Expense [Abstract] | |
OPERATING EXPENSES | 7. OPERATING EXPENSES For the years ended December 31, 2023 2022 2021 Compensation and employee benefits (a) $ 117,917 $ 152,154 $ 156,112 Other operating expenses (b) 48,120 52,831 50,622 Cost of sales (c) 38,515 54,004 30,215 Operating expenses $ 204,552 $ 258,989 $ 236,949 ____________ (a) -employment -based (b) -orbit (c) -party The cost of equipment sales included in the cost of sales is as follows: For the years ended December 31, 2023 2022 2021 Cost of equipment sale $ 7,546 $ 26,273 $ 6,210 |
Other Operating Gains (Losses),
Other Operating Gains (Losses), Net | 12 Months Ended |
Dec. 31, 2023 | |
Other Operating Gains (Losses), Net [Abstract] | |
OTHER OPERATING GAINS (LOSSES), NET | 8. OTHER OPERATING GAINS (LOSSES), NET For the years ended December 31, 2023 2022 2021 Gain (loss) on disposal of assets $ 59 $ 7 $ (848 ) C-band clearing income 344,892 — 108,463 Impairment (79,740 ) — — Other (212 ) — — Other operating gains (losses), net $ 264,999 $ 7 $ 107,615 C-Band Clearing In 2020, the United States Federal Communications Commission (“FCC”) adopted a Report and Order in connection with the clearing of a 300 MHz band of C -Band The Report and Order included a provision for an accelerated version of the C -Band • • The Report and Order also provided for reimbursement of reasonable relocation costs to those who are able to meet the deadline of December 5, 2025. In May 2020, the Company officially committed to the accelerated version of the C -Band -band In June 2023, the Company filed certification of accelerated relocation relating to Phase II. The FCC received no challenges and on June 30, 2023, issued an order validating the certification. An amount of US$259.6 million was accrued and subsequently received during the year ended December 31, 2023, relating to Phase II accelerated clearing of the C -band Impairment Indefinite life intangible assets are tested for impairment at the individual CGU level. In the case of orbital slots, the CGU is based on geography. During the year ended December |
Interest Expense
Interest Expense | 12 Months Ended |
Dec. 31, 2023 | |
Interest Expense [Abstract] | |
INTEREST EXPENSE | 9. INTEREST EXPENSE For the years ended December 31, 2023 2022 2021 Interest on indebtedness $ 252,257 $ 197,491 $ 151,462 Interest on derivative instruments — 3,040 12,503 Interest on satellite performance incentive payments 1,464 1,797 2,236 Interest on significant financing component 15,713 17,229 18,854 Interest on employee benefit plans (Note 32) (607 ) 588 1,440 Interest on leases 1,523 1,611 1,499 Interest expense $ 270,350 $ 221,756 $ 187,994 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
INCOME TAXES | 10. INCOME TAXES For the years ended December 31, 2023 2022 2021 (Note 3) (Note 3) Current tax expense (recovery) $ 75,780 $ 77,645 $ 85,219 Deferred tax expense (recovery) 13,816 (26,236 ) (14,184 ) Tax expense (recovery) $ 89,596 $ 51,409 $ 71,035 A reconciliation of the statutory income tax rate, which is a composite of Canadian federal and provincial rates, to the effective income tax rate was as follows: For the years ended December 31, 2023 2022 2021 (Note 3) (Note 3) Net income (loss) before taxes $ 672,866 $ (30,188 ) $ 233,402 Multiplied by the statutory income tax rates 26.40 % 26.44 % 26.46 % 177,637 (7,982 ) 61,758 Income tax recorded at rates different from the Canadian tax rate (11,518 ) (11,774 ) (38,060 ) Permanent differences (71,741 ) 35,298 8,826 Effect on deferred tax balances due to changes in income tax rates (407 ) 1,870 — Effect of temporary differences not recognized as deferred tax assets (4,661 ) 32,654 44,591 Taxes related to prior periods (2,152 ) 2,072 (4,769 ) Impact of foreign exchange 2,436 (731 ) (1,232 ) Other 2 2 (79 ) Tax expense (recovery) $ 89,596 $ 51,409 $ 71,035 Effective income tax rate 13.32 % (170.30 )% 30.43 % The tax effects of temporary differences between the carrying amounts of assets and liabilities for accounting purposes and the amounts used for tax purposes are presented below: As at December 31, 2023 2022 Deferred tax assets Foreign tax credits $ 2,999 $ 7,293 Corporate interest restriction 7,397 9,035 Financing charges 4,412 8,580 Deferred revenue 7,249 8,668 Loss carry forwards 32,330 34,201 Reserves 1,467 1,550 Other 1,268 2,117 Total deferred tax assets $ 57,122 $ 71,444 As at December 31, 2023 2022 Deferred tax liabilities Capital assets $ (76,224 ) $ (105,021 ) Intangible assets (211,491 ) (181,808 ) Employee benefits (1,700 ) (5,877 ) Total deferred tax liabilities (289,415 ) (292,706 ) Deferred tax liabilities, net $ (232,293 ) $ (221,262 ) As at December 31, 2023, deferred tax assets of $3.0 million on the balance sheet relate to Brazil tax jurisdictions (December 31, 2022 — $50.0 million related to Canada and Brazil tax jurisdictions). Temporary differences, tax losses and tax credits Foreign tax credit The Company has Canadian foreign tax credits of $11.4 million which may only be used to offset taxes payable, of which $3.0 million has been recognized. The credits are due to expire between 2025 and 2033. The Company has United Kingdom foreign tax credits of $9.2 million which have no expiry. No deferred tax asset has been recognized in respect of these foreign tax credits. The Company has United States foreign tax credits of $145.1 million carried over from 2017. No deferred tax asset has been recognized in respect of these foreign tax credits. Loss carry forwards and deductible temporary differences The Company has tax losses in Canada of $90.5 million which will expire starting in 2038 for which a deferred tax asset of $10.6 million has been recognized. The Company also has $83.3 million of deductible temporary differences for which no deferred tax asset has been recognized. The Company has tax losses in the United Kingdom of $125.1 million that can be carried forward indefinitely, subject to restrictions on their utilization. The use of the losses is limited to 50% of taxable income generated in a carry forward year. Notwithstanding, the Company will be entitled to a £5 million annual allowance of unrestricted taxable income not subject to the 50% limitation. A deferred tax asset of $31.3 million has been recognized in respect of the losses. The Company also has $329.6 million of unused interest deductions in the United Kingdom that can be carried forward indefinitely and a deferred tax asset of $7.4 million has been recognized in respect of these unused interest deductions. The Company has tax losses of $7.7 million in the United States which can be carried forward indefinitely, and subject to restrictions on their utilization of up to 80% of taxable income generated in a carry forward year. No deferred tax asset has been recognized in respect of the losses. The Company also has $16.0 million of deductible temporary differences for which no deferred tax asset has been recognized. The Company has tax losses of $3.1 million in Brazil that can be carried forward indefinitely, subject to restrictions on their utilization. The use of the losses is limited to 30% of taxable income generated in a carry forward year. As of December 31, 2023, the Company has cumulative pre -tax three Investments in subsidiaries As at December 31, 2023, the Company had temporary differences of $602.3 million associated with investments in subsidiaries for which no deferred tax liabilities have been recognized, as the Company is able to control the timing of the reversal of these temporary differences and it is not probable that these differences will reverse in the foreseeable future. |
Trade and Other Receivables
Trade and Other Receivables | 12 Months Ended |
Dec. 31, 2023 | |
Trade and Other Receivables [Abstract] | |
TRADE AND OTHER RECEIVABLES | 11. TRADE AND OTHER RECEIVABLES As at December 31, 2023 2022 Trade receivables $ 54,024 $ 34,152 Less: allowance for doubtful accounts (6,467 ) (4,901 ) Net trade receivables 47,557 29,251 Deferred receivables 3,347 5,038 Government grant receivable (Note 28) 20,697 2,457 Other receivables 6,688 4,502 Trade and other receivables $ 78,289 $ 41,248 Allowance for doubtful accounts The movement in the allowance for doubtful accounts was as follows: Years ended December 31, 2023 2022 Allowance for doubtful accounts, beginning of year $ 4,901 $ 5,216 Provisions (reversals) for impaired receivables 2,881 2,339 Receivables written off (1,242 ) (2,924 ) Impact of foreign exchange (73 ) 270 Allowance for doubtful accounts, end of year $ 6,467 $ 4,901 |
Other Current Financial Assets
Other Current Financial Assets | 12 Months Ended |
Dec. 31, 2023 | |
Other Current Financial Assets [Abstract] | |
OTHER CURRENT FINANCIAL ASSETS | 12. OTHER CURRENT FINANCIAL ASSETS As at December 31, 2023 2022 Security deposits $ 631 $ 515 Other current financial assets $ 631 $ 515 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2023 | |
Prepaid Expenses and Other Current Assets [Abstract] | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 13. PREPAID EXPENSES AND OTHER CURRENT ASSETS As at December 31, 2023 2022 Transaction costs (a) $ 39,317 $ 33,695 Prepaid expenses 6,607 14,342 Inventory (b) 4,317 2,023 Deferred charges (c) 247 264 Other 1,681 — Prepaid expenses and other current assets $ 52,169 $ 50,324 ____________ (a) (b) (c) |
Other Long-Term Financial Asset
Other Long-Term Financial Assets | 12 Months Ended |
Dec. 31, 2023 | |
Other Long-Term Financial Assets [Abstract] | |
OTHER LONG-TERM FINANCIAL ASSETS | 14. OTHER LONG-TERM FINANCIAL ASSETS As at December 31, 2023 2022 Deferred receivables $ 5,635 $ 8,893 Security deposits 998 816 Other long-term receivables — 767 Other long-term financial assets $ 6,633 $ 10,476 |
Other Long-Term Assets
Other Long-Term Assets | 12 Months Ended |
Dec. 31, 2023 | |
Other Long-Term Assets [Abstract] | |
OTHER LONG-TERM ASSETS | 15. OTHER LONG-TERM ASSETS As at December 31, 2023 2022 Pension benefits (Note 32) $ 40,624 $ 47,312 Other 302 302 Prepaid expenses — 116 Deferred charges (Note 13) — 247 Other long-term assets $ 40,926 $ 47,977 |
Satellites, Property and Other
Satellites, Property and Other Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Satellites, Property and Other Equipment [Abstract] | |
SATELLITES, PROPERTY AND OTHER EQUIPMENT | 16. SATELLITES, PROPERTY AND OTHER EQUIPMENT Satellites Antennas, Building, Right-of-use (1) Assets under Total Cost as at January 1, 2022 $ 3,378,510 $ 171,785 $ 85,735 $ 43,380 $ 390,540 $ 4,069,950 Additions — 56 865 921 54,570 56,412 Disposals/retirements — (1,415 ) (2,464 ) (932 ) — (4,811 ) Transfers from assets under construction — 1,862 1,526 — (3,388 ) — Impact of foreign exchange 55,463 2,296 558 983 28,513 87,813 Cost as at December 31, 2022 3,433,973 174,584 86,220 44,352 470,235 4,209,364 Additions — 52 615 1,473 114,090 116,230 Disposals/retirements — (4,433 ) (2,880 ) (156 ) — (7,469 ) Transfers from assets under construction 9,598 4,890 3,530 — (18,018 ) — Impact of foreign exchange (18,810 ) (612 ) (103 ) (316 ) (12,166 ) (32,007 ) Cost as at December 31, 2023 $ 3,424,761 $ 174,481 $ 87,382 $ 45,353 $ 554,141 $ 4,286,118 Accumulated depreciation and impairment as at January 1, 2022 $ (2,445,367 ) $ (129,864 ) $ (57,689 ) $ (7,342 ) $ — $ (2,640,262 ) Depreciation (172,331 ) (8,786 ) (4,313 ) (3,325 ) — (188,755 ) Disposals/retirements — 1,414 2,296 462 — 4,172 Impact of foreign exchange (18,734 ) (945 ) (517 ) (239 ) — (20,435 ) Accumulated depreciation and impairment as at December 31, 2022 (2,636,432 ) (138,181 ) (60,223 ) (10,444 ) — (2,845,280 ) Depreciation (167,393 ) (7,996 ) (4,118 ) (3,162 ) — (182,669 ) Impairment (13,787 ) — — — — (13,787 ) Disposals/retirements — 4,497 2,921 156 — 7,574 Impact of foreign exchange 8,053 296 (114 ) 107 — 8,342 Accumulated depreciation and impairment as at December 31, 2023 $ (2,809,559 ) $ (141,384 ) $ (61,534 ) $ (13,343 ) $ — $ (3,025,820 ) Net carrying values As at December 31, 2022 $ 797,541 $ 36,403 $ 25,997 $ 33,908 $ 470,235 $ 1,364,084 As at December 31, 2023 $ 615,202 $ 33,097 $ 25,848 $ 32,010 $ 554,141 $ 1,260,298 ____________ (1) -of-use Substantially all of the Company’s satellites, property and other equipment, excluding satellites, property and other equipment held in unrestricted subsidiaries, have been pledged as security as a requirement of the Company’s Senior Secured Credit Facilities, Senior Secured Notes and 2026 Senior Secured Notes as at December 31, 2023 (Note 24). Borrowing costs For the year ended December 31, 2023 and 2022 there were no borrowing costs capitalized. Impairment Indefinite life intangible assets are tested for impairment at the individual CGU level. In the case of orbital slots, the CGU is based on geography. During the year ended December 31, 2023, as a result of impairment testing of the geographical CGUs, there was an impairment of $13.8 million recorded against satellites, property and other equipment. The impairment resulted from changes to the underlying assumptions associated with the related business plan. There was no impairment recognized for the year ended December Joint arrangements Telesat International Limited (“TIL”) and APT entered into agreements relating to the Telstar 18 VANTAGE satellite, which are accounted for as a joint operation, whereby TIL’s interest is 42.5%. Telesat (IOM) Limited (“TIOM”) and Viasat Inc. entered into agreements relating to the ViaSat -1 -1 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets [Abstract] | |
INTANGIBLE ASSETS | 17. INTANGIBLE ASSETS The intangible assets are split between assets with finite and indefinite lives. The indefinite life intangible assets are summarized below. Orbital slots Trade name Intellectual Total indefinite Cost as at January 1, 2022 $ 606,945 $ 17,000 $ 64,392 $ 688,337 Impact of foreign exchange 2,797 — 4,673 7,470 Cost as at December 31, 2022 609,742 17,000 69,065 695,807 Additions — — 16,416 16,416 Impact of foreign exchange (949 ) — (1,585 ) (2,534 ) Cost as at December 31, 2023 $ 608,793 $ 17,000 $ 83,896 $ 709,689 Accumulated impairment as at January 1, 2022 $ (1,100 ) $ — $ — $ (1,100 ) Impairment — — — — Accumulated impairment as at December 31, 2022 (1,100 ) — — (1,100 ) Impairment (65,953 ) — — (65,953 ) Impact of foreign exchange 173 — — 173 Accumulated impairment as at December 31, 2023 $ (66,880 ) $ — $ — $ (66,880 ) Net carrying values As at December 31, 2022 $ 608,642 $ 17,000 $ 69,065 $ 694,707 As at December 31, 2023 $ 541,913 $ 17,000 $ 83,896 $ 642,809 There were no The finite life intangible assets are summarized below. Revenue Customer Customer Transponder Concession Software Other Total Cost as at January 1, 2022 $ 223,664 $ 194,526 $ 12,618 $ 16,718 $ 21,077 $ 1,193 $ 59 $ 469,855 Additions — — — — 71 — — 71 Impact of foreign exchange — 201 — — 2,720 — — 2,921 Cost as at December 31, 2022 223,664 194,727 12,618 16,718 23,868 1,193 59 472,847 Additions — — — — 56 — — 56 Impact of foreign exchange — (68 ) — — 1,575 — — 1,507 Cost as at December 31, 2023 $ 223,664 $ 194,659 $ 12,618 $ 16,718 $ 25,499 $ 1,193 $ 59 $ 474,410 Accumulated amortization and impairment as at January 1, 2022 $ (214,571 ) $ (147,772 ) $ (8,390 ) $ (15,100 ) $ (8,434 ) $ (119 ) $ (47 ) $ (394,433 ) Amortization (4,375 ) (6,872 ) (844 ) (1,079 ) (1,568 ) (238 ) (3 ) (14,979 ) Impact of foreign exchange — (153 ) — — (1,111 ) — — (1,264 ) Accumulated amortization and impairment as at December 31, 2022 (218,946 ) (154,797 ) (9,234 ) (16,179 ) (11,113 ) (357 ) (50 ) (410,676 ) Amortization (2,916 ) (6,879 ) (845 ) (539 ) (1,672 ) (239 ) (3 ) (13,093 ) Impact of foreign exchange — 57 — — (751 ) — — (694 ) Accumulated amortization and impairment as at December 31, 2023 $ (221,862 ) $ (161,619 ) $ (10,079 ) $ (16,718 ) $ (13,536 ) $ (596 ) $ (53 ) $ (424,463 ) Net carrying values As at December 31, 2022 $ 4,718 $ 39,930 $ 3,384 $ 539 $ 12,755 $ 836 $ 9 $ 62,171 As at December 31, 2023 $ 1,802 $ 33,040 $ 2,539 $ — $ 11,963 $ 597 $ 6 $ 49,947 There were no The total combined indefinite and finite life intangible assets are summarized below. As at December 31, 2023 As at December 31, 2022 Cost Accumulated Net carrying Cost Accumulated Net carrying Indefinite life intangibles $ 709,689 $ (66,880 ) $ 642,809 $ 695,807 $ (1,100 ) $ 694,707 Finite life intangibles 474,410 (424,463 ) 49,947 472,847 (410,676 ) 62,171 Total intangibles $ 1,184,099 $ (491,343 ) $ 692,756 $ 1,168,654 $ (411,776 ) $ 756,878 The orbital slots represent a right to operate satellites in a given longitudinal coordinate in space, where geostationary orbit may be achieved. They are limited in availability and represent a scarce resource. Usage of orbital slots is licensed through the International Telecommunications Union. Satellite operators can generally expect, with a relatively high level of certainty, continued occupancy of an assigned orbital slot either during the operational life of an existing orbiting satellite or upon replacement by a new satellite once the operational life of the existing orbiting satellite is over. As a result of the expectancy right to maintain the once awarded orbital slots, an indefinite life is typically associated with orbital slots. The Company’s trade name has a long and established history, a strong reputation and has been synonymous with quality and growth within the satellite industry. It has been assigned an indefinite life because of expected ongoing future use. The Company’s intellectual property relates to development of the planned Telesat Lightspeed constellation. It has been assigned an indefinite life because of anticipated ongoing future use. The following are the remaining useful lives of the intangible assets: Years Revenue backlog 1 Customer relationships 3 to 5 Customer contracts 3 Concession rights 1 to 14 Software 2 Patent 2 All of the Company’s intangible assets, excluding the intangible assets held in unrestricted subsidiaries, have been pledged as security as a requirement of the Company’s Senior Secured Credit Facilities, Senior Secured Notes and 2026 Senior Secured Notes (Note 24). Impairment Finite life intangible assets are assessed for impairment at the Company’s CGU level. With the exception of trade name, which is tested for impairment at the asset level, the indefinite life intangible assets are tested for impairment at the individual CGU level. In the case of orbital slots, the CGU is based on geography. The annual impairment tests for these assets were performed in the fourth quarters of 2023 and 2022 in accordance with the policy described in Note 4. Subsequent to the annual impairment tests, the Company identified indicators of impairment as of December Apart from the orbital slots, there were no other impairments recognized in the year ended December Orbital slots The orbital slots were valued using an income approach. The income approach is most sensitive to the following assumptions: • • • Movements in the underlying business plan The business plans reflect the most up -to-date • • • Discount rates Discount rates reflect management’s estimates of the specific risks. Management uses a weighted average cost of capital as a discount rate. The discount rates used was 9.0% and 9.5% in 2023 (9.0% in 2022). Growth rate assumptions Growth rate assumptions used to extrapolate the cash flows beyond the business planning period are based on commercial experience and the expectations for the development of the markets which they serve. Trade name Relief from royalty method was used to calculate the fair value of the Telesat trade name. The relief from royalty analysis requires determining a hypothetical royalty rate and subsequent application of the rate to projected revenue. The relief from royalties method is most sensitive to the following assumptions: • • • • Movements in the underlying business plan The business plans reflect the most up -to-date Royalty rate The determination of the hypothetical royalty rate used in the relief from royalty approach will consider comparable license agreements and other qualitative factors. The royalty rate used for 2023 and 2022 was 0.25% of revenue. Discount rates Discount rates reflect management’s estimates of the specific risks. Management uses a weighted average cost of capital as a discount rate. The discount rates used was the following: 2023 2022 GEO royalties 9.5% 9.0% LEO royalties Midpoint between 15% and 20% Midpoint between 15% and 20% Growth rate assumptions Growth rate assumptions used to extrapolate the cash flows beyond the business planning period are based on commercial experience and the expectations for the development of the markets which they serve. The long -term 2023 2022 GEO — % — % LEO 2.0 % 2.0 % Some of the more sensitive assumptions used in the quantitative analysis, including the forecasted cash flows and the discount rate, could have yielded different estimates of the recoverable amount. Actual operating results and the related cash flows of the Company could differ from the estimated operating results and related cash flows used in the impairment analysis, and had different estimates been used, it could have resulted in a different fair value. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill [Abstract] | |
GOODWILL | 18. GOODWILL The Company carries goodwill at its cost of $2,446.6 million with no accumulated impairment losses since acquisition. Impairment Goodwill is tested for impairment at the entity level because that represents the lowest level at which goodwill supports the Company’s operations and is monitored internally. The annual impairment test on goodwill was performed in the fourth quarters of 2023 and 2022 in accordance with the policy described in Note 4. In 2023 and 2022, the Company’s recoverable amount exceeded the carrying value therefore, no impairment was recognized. The calculation of the recoverable amount is most sensitive to the following assumptions: • • • Movements in the underlying business plan The business plans reflect the most up -to-date • • • Discount rates Discount rates reflect management’s estimates of the specific risks. Management uses a weighted average cost of capital as a discount rate. The discount rates used in the calculation are presented below: 2023 2022 GEO 9.5% 9.0% LEO Midpoint between 15% and 20% Midpoint between 15% and 20% U.S. C-band clearing proceeds N/A 9.0% Growth rate assumptions Growth rate assumptions used to extrapolate the cash flows beyond the business planning period are based on commercial experience and the expectations for the development of the markets which they serve. Growth rate assumptions were built into the GEO and LEO calculations. Some of the more sensitive assumptions used in the quantitative analysis, including the underlying business plans, discount rates, and the growth rate assumptions, could have yielded different estimates of the recoverable amount. Actual operating results and the related cash flows of the Company could differ from the estimated operating results and related cash flows used in the impairment analysis, and had different estimates been used, it could have resulted in a different fair value. |
Trade and Other Payables
Trade and Other Payables | 12 Months Ended |
Dec. 31, 2023 | |
Trade and Other Payables [Abstract] | |
TRADE AND OTHER PAYABLES | 19. TRADE AND OTHER PAYABLES As at December 31, 2023 2022 Trade payables $ 4,570 $ 1,976 Other payables and accrued liabilities (a) 39,056 41,579 Trade and other payables $ 43,626 $ 43,555 ____________ (a) |
Other Current Financial Liabili
Other Current Financial Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other Current Financial Liabilities [Abstract] | |
OTHER CURRENT FINANCIAL LIABILITIES | 20. OTHER CURRENT FINANCIAL LIABILITIES As at December 31, 2023 2022 Security deposits $ 623 $ 632 Satellite performance incentive payments 4,522 6,567 Interest payable (a) 21,719 38,536 Other 2,197 2,662 Other current financial liabilities $ 29,061 $ 48,397 ____________ (a) |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other Current Liabilities [Abstract] | |
OTHER CURRENT LIABILITIES | 21. OTHER CURRENT LIABILITIES As at December 31, 2023 2022 Deferred revenue (Note 23) $ 55,111 $ 66,828 Decommissioning liabilities (Note 23) 231 975 Uncertain tax positions 1,315 1,315 Lease liabilities 2,217 2,120 Other 4,245 4,730 Other current liabilities $ 63,119 $ 75,968 |
Other Long-Term Financial Liabi
Other Long-Term Financial Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other Long-Term Financial Liabilities [Abstract] | |
OTHER LONG-TERM FINANCIAL LIABILITIES | 22. OTHER LONG-TERM FINANCIAL LIABILITIES As at December 31, 2023 2022 Security deposits $ 1,189 $ 1,106 Satellite performance incentive payments 13,749 18,557 Other long-term financial liabilities $ 14,938 $ 19,663 |
Other Long-Term Liabilities
Other Long-Term Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other Long-Term Liabilities [Abstract] | |
OTHER LONG-TERM LIABILITIES | 23. OTHER LONG-TERM LIABILITIES As at December 31, 2023 2022 Deferred revenue (b) $ 224,329 $ 259,579 Accrued benefit liabilities (Note 32) 32,352 32,862 Uncertain tax positions 175 175 Decommissioning liabilities (a) 2,463 2,453 Lease liabilities (c) 31,122 31,986 Other long-term liabilities $ 290,441 $ 327,055 ____________ (a) -term $Nil $Nil (b) -cancellable The Company expects the backlog as at December 31, 2023 to be recognized as follows (in millions of Canadian dollars): 2024 2025 2026 2027 2028 Thereafter Total $ 454 $ 277 $ 202 $ 131 $ 68 $ 216 $ 1,348 (c) 2024 2025 2026 2027 2028 Thereafter Total $ 3,785 $ 3,710 $ 3,067 $ 2,886 $ 2,917 $ 30,841 $ 47,206 The undiscounted contractual cash flows included $13.4 million of interest payments. |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2023 | |
Indebtedness [Abstract] | |
INDEBTEDNESS | 24. INDEBTEDNESS As at December 31, 2023 2022 Senior Secured Credit Facilities Revolving Credit Facility $ — $ — Term Loan B – U.S. Facility 1,882,846 2,104,685 Senior Unsecured Notes 390,669 528,606 2026 Senior Secured Notes 528,449 677,700 Senior Secured Notes 397,283 542,160 3,199,247 3,853,151 Deferred financing costs, prepayment options and loss on repayment (2,228 ) (3,070 ) 3,197,019 3,850,081 Less: current indebtedness — — Long-term indebtedness $ 3,197,019 $ 3,850,081 Term Loan B — U.S. Facility and Revolving Credit Facility On December 6, 2019, Telesat Canada entered into a new amended and restated Credit Agreement (“2019 Amendment”) with a syndicate of banks which provides for the extension of credit under the Senior Secured Credit Facilities (“Senior Secured Credit Facilities”). The Senior Secured Credit Facilities, have two tranches which are described below: (i) either the BA interest rate or LIBOR. The rates on the Revolving Facility vary depending upon the results of the first lien leverage ratio. The Revolving Facility has an unused commitment fee that ranges from 25.0 to 37.5 basis points per annum, depending upon the result of the total leverage ratio. On May 9, 2023, Telesat Canada entered into a seventh amendment to the Credit Agreement. The seventh amendment amends the Credit Agreement to replace LIBOR -based -based (ii) On May 9, 2023, Telesat Canada entered into a seventh amendment to the Credit Agreement. The seventh amendment amends the Credit Agreement to replace LIBOR -based -based -month -month -month Debt issue costs of $16.0 million were incurred in connection with the 2019 Amendment, inclusive of $1.3 million relating to the revolving credit facility. As at December 31, 2023, the debt costs had a carrying value of $6.1 million (December 31, 2022 — $8.6 million). The Senior Secured Credit Facilities are secured by substantially all of Telesat Canada’s assets, excluding those in the unrestricted subsidiaries. All obligations under the Credit Agreement are guaranteed by Telesat Canada and certain existing subsidiaries (“Guarantors”). The obligations under the Credit Agreement and the guarantees of those obligations are secured, subject to certain exceptions, by first priority liens and security interest in the assets of Telesat Canada and the Guarantors. The Credit Agreement contains total leverage ratio covenants that restrict, with certain exceptions, the ability of Telesat Canada and the Guarantors to take specified actions, including, among other things and subject to certain significant exceptions: creating liens, incurring indebtedness, making investments, engaging in mergers, selling property, paying dividends, entering into sale -leaseback In December 2020, the Company made a US$341.4 million prepayment on the Term Loan B — U.S. Facility. The prepayment was applied to all mandatory future quarterly principal repayments, with the remaining balance of the prepayment being applied towards the principal amount outstanding on maturity. The prepayment resulted in the recognition of a loss of $2.3 million, which was recorded against interest and other income and indebtedness. The loss recorded against the indebtedness is subsequently amortized to interest expense using the effective interest method and had a carrying value of $1.1 million as at December 31, 2023 (December 31, 2022 — $1.6 million). During the year ended December 31, 2023, Telesat Canada repurchased a portion of Term Loan B — U.S. Facility with a principal amount of $177.6 million (US$131.0 million) in exchange for $133.8 million (US$98.8 million). The repurchase resulted in a write -off The weighted average effective interest rate for the year ended December 31, 2023 was 8.08% (December 31, 2022 — 4.64%). Senior Unsecured Notes On October 11, 2019, Telesat Canada issued, through a private placement, US$550 million of Senior Unsecured Notes which mature in October 2027. The Senior Unsecured Notes bear interest at an annual rate of 6.5% with interest payments payable in April and October, annually, which commenced in April 2020. Debt issue costs of $7.4 million were incurred in connection with the issuance of the Senior Unsecured Notes and had a carrying value of $2.5 million as at December 31, 2023 (December 31, 2022 — $3.7 million). The Senior Unsecured Notes include covenants or terms that restrict the Company’s ability to, among other things: (i) incur or guarantee additional indebtedness, or issue disqualified stock or preferred shares, (ii) incur liens, (iii) pay dividends, or make certain restricted payments or investments, (iv) enter into certain transactions with affiliates, (v) modify or cancel satellite insurance, (vi) consolidate, merge, sell or otherwise dispose of substantially all assets, (vii) create restrictions on the ability to pay dividends, make loans, and sell assets, and (viii) designate subsidiaries as unrestricted subsidiaries. The Senior Unsecured Notes are structurally subordinated to Telesat Canada’s existing and future secured indebtedness, including obligations under its Senior Secured Credit Facilities and Senior Secured Notes. The Senior Unsecured Notes are governed by the Senior Unsecured Notes Indenture. The indenture agreement for the Senior Unsecured Notes contained provisions for certain prepayment options which were fair valued at the time of debt issuance. The initial fair value impact, as at October 11, 2019, of the prepayment option related to the Senior Unsecured Notes was a $17.8 million increase to the indebtedness. This liability is subsequently amortized using the effective interest method and had a carrying amount of $6.0 million as at December 31, 2023 (December 31, 2022 — $8.8 million). During the year ended December 31, 2023, Telesat Canada repurchased Senior Unsecured Notes with a principal amount of $128.9 million (US$95.0 million) in exchange for $53.7 million (US$39.5 million). The repurchase resulted in a write -off During the year ended December -off The weighted average effective interest rate for the year ended December 31, 2023 was 6.25% (December 31, 2022 — 6.27%). Senior Secured Notes On December 6, 2019, Telesat Canada issued, through private placement, US$400 million of Senior Secured Notes, which mature in June 2027. The Senior Secured Notes bear interest at an annual rate of 4.875% with interest payable on June 1 and December 1, annually, which commenced in June 2020. Debt issue costs of $6.6 million were incurred in connection with the issuance of the Senior Secured Notes and had a carrying value of $2.6 million as at December 31, 2023 (December 31, 2022 — $4.2 million). The Senior Secured Notes are guaranteed by the Company and certain Guarantors. The Senior Secured Notes are governed by the Senior Secured Notes Indenture. The obligations under the Senior Secured Notes Indenture are secured, subject to certain exceptions, by first priority liens and security interest in the assets of Telesat Canada and the Guarantors. The Senior Secured Notes include covenants or terms that restricts the Company’s ability to, among other things: (i) incur or guarantee additional indebtedness, or issue disqualified stock or preferred shares, (ii) incur liens, (iii) pay dividends, or make certain restricted payments or investments, (iv) enter into certain transactions with affiliates, (v) modify or cancel satellite insurance, (vi) consolidate, merge, sell or otherwise dispose of substantially all assets, (vii) create restrictions on the ability to pay dividends, make loans, and sell assets, and (viii) designate subsidiaries as unrestricted subsidiaries. The indenture agreement for the Senior Secured Notes contained provisions for certain prepayment options which were fair valued at the time of debt issuance. The initial fair value impact, as at December 6, 2019, of the prepayment option related to the Senior Secured Notes was a $10.6 million increase to the indebtedness. This liability is subsequently amortized using the effective interest method and had a carrying amount of $4.1 million as at December 31, 2023 (December 31, 2022 — $6.7 million). During the year ended December 31, 2023, Telesat Canada repurchased Senior Secured Notes with a principal amount of $133.6 million (US$100.0 million) in exchange for $77.0 million (US$57.6 million). The repurchase resulted in a write -off The weighted average effective interest rate for the year ended December 31, 2023 was 4.75% (December 31, 2022 — 4.76%). 2026 Senior Secured Notes On April 27, 2021, Telesat Canada, as issuer, and Telesat LLC, as co -issuer The 2026 Senior Secured Notes are guaranteed by the Company and certain Guarantors. The 2026 Senior Secured Notes are governed by the 2026 Senior Secured Notes Indenture. The obligations under the 2026 Senior Secured Notes Indenture are secured, subject to certain exceptions, by first priority liens and security interest in the assets of Telesat Canada and the Guarantors. The 2026 Senior Secured Notes include covenants or terms that restricts the Company’s ability to, among other things: (i) incur or guarantee additional indebtedness, or issue disqualified stock or preferred shares, (ii) incur liens, (iii) pay dividends, or make certain restricted payments or investments, (iv) enter into certain transactions with affiliates, (v) modify or cancel satellite insurance, (vi) consolidate, merge, sell or otherwise dispose of substantially all assets, (vii) create restrictions on the ability to pay dividends, make loans, and sell assets, and (viii) designate subsidiaries as unrestricted subsidiaries. The indenture agreement for the 2026 Senior Secured Notes contained provisions for certain prepayment options which were fair valued at the time of debt issuance. The initial fair value impact, as at April 27, 2021, of the prepayment option related to the 2026 Senior Secured Notes was a $1.9 million increase to the indebtedness. This liability is subsequently amortized using the effective interest method and had a carrying amount of $0.9 million as at December 31, 2023 (December 31, 2022–$1.4 million). During the year ended December 31, 2023, Telesat Canada repurchased 2026 Senior Secured Notes with a principal amount of $134.5 million (US$101.0 million) in exchange for $79.6 million (US$59.7 million). The repurchase resulted in a write -off The weighted average effective interest rate for year ended December 31, 2023 and 2022 was 5.79%. The U.S. TLB Facility, Senior Unsecured Notes, Senior Secured Notes and 2026 Senior Secured Notes were presented on the balance sheet net of related deferred financing costs. The deferred financing costs are amortized using the effective interest method. The short -term -term As at December 31, 2023 2022 Short-term deferred financing costs $ — $ — Long-term deferred financing costs 14,298 21,470 $ 14,298 $ 21,470 Short-term prepayment options $ — $ — Long-term prepayment options (10,961 ) (16,832 ) $ (10,961 ) $ (16,832 ) Short-term loss on repayment $ — $ — Long-term loss on repayment (1,109 ) (1,568 ) $ (1,109 ) $ (1,568 ) Deferred financing costs, prepayment options and loss on repayment $ 2,228 $ 3,070 |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2023 | |
Share Capital [Abstract] | |
SHARE CAPITAL | 25. SHARE CAPITAL The authorized capital of the Corporation consists of the following: • • • • • • • • • The Class A Common shares together with the Class B Variable Voting shares represent the Corporation’s Public Shares (“Telesat Public Shares”). The Class C Fully Voting shares and Class C Limited Voting shares shall be referred to as (“Class C Shares”). The Telesat Public Shares and Class C Shares shall represent Telesat Corporation Shares (“Telesat Corporation Shares”). Class A Special Voting Share, Class B Special Voting Share and Class C Special Voting Share together are referred as (“Special Voting Shares”). The number of shares and stated value of the outstanding shares were as follows: December 31, December 31, Number of Stated Number of Stated Telesat Public Shares 13,497,501 $ 44,912 12,692,450 $ 40,214 Class C Shares 112,841 6,340 112,841 6,340 13,610,342 $ 51,252 12,805,291 $ 46,554 The breakdown of the number of Telesat Public Shares, as at December 31, 2023, was as follows: Telesat Public shares Class A Common shares 1,242,656 Class B Variable Voting shares 12,254,845 Total Telesat Public shares 13,497,501 The number of Class A Common shares and Class B Variable Voting shares in the table above is based on information available to the Company as at December 31, 2023. In addition, the Company has one Class A Special Voting Share, one Class B Special Voting Share, one Class C Special Voting Share and one Golden Share outstanding, each with a nominal stated value as at December 31, 2023 and 2022. In September 2021, 600 stock options were exercised in exchange for 600 Non -Voting In November 2021, dividends were declared and paid on the Director Voting Preferred Shares of Telesat Canada. During the year ended December 31, 2022, 411,146 RSUs were settled for 210,978 Telesat Public Shares, on a net settlement basis. During the year ended December 31, 2022, 574,226 Telesat Public Shares were issued in exchange for an equal number of Class B LP Units in the Partnership. During the year ended December 31, 2023, 532,473 Telesat Public Shares were issued in exchange for an equal number of Class B LP Units in the Partnership. During the year ended December 31, 2023, 532,122 RSUs were settled for 271,578 Telesat Public Shares, on a net settlement basis. During the year ended December 31, 2023, 1,000 options were exercised in exchange for an equal number of Telesat Public Shares. The number and stated value of the outstanding Limited Partnership units (“LP Units”) of Telesat Partnership LP were as follows: December 31, December 31, Number of Stated Number of Stated Class A and Class B LP Units 18,321,792 $ 50,141 18,854,265 $ 51,598 Class C LP Units 18,098,362 38,893 18,098,362 38,893 36,420,154 $ 89,034 36,952,627 $ 90,491 The breakdown of the number of Class A and Class B LP units, as at December 31, 2023, was as follows: Class A and Class B LP Units Class A LP Units 12,500 Class B LP Units 18,309,292 Total Class A and Class B LP Units 18,321,792 The stated value of Class C LP units as of December 31, 2022, was reduced by an adjustment amount of $20.8 million (US$15.3 million) (Note 26). On consolidation into the Corporation, the stated value of the LP Units is included under non -controlling All of the Corporation Shares have equivalent economic rights. The Special Voting Shares and the Golden Share have no material economic rights. The holders of Class A Common Shares, Class B Variable Voting Shares, Class C Shares, Special Voting Shares and the Golden Share are generally entitled to receive notice of and attend meetings of Telesat Corporation’s shareholders and receive copies of all proxy materials, information statements and other written communications, including from third parties, given in respect of Telesat Public Shares. Holders of Telesat Corporation Shares shall have one vote for each Telesat Corporation Share held at all meetings of the shareholders of Telesat Corporation, except meetings at which only holders of another class or of a particular series shall have the right to vote, provided that holders of Class C Limited Voting Shares will not be entitled to vote on the election of directors of Telesat Corporation. The Telesat Corporation Articles provide that the holders of the Telesat Corporation Shares will vote together as a single class with the Telesat Partnership Units (via the Special Voting Shares), and the Golden Share, with a simple majority of votes required to pass the majority of matters (other than the election of directors of Telesat Corporation, which shall be decided by a plurality of votes cast). Until the occurrence of an Unwind Transaction, a simple majority of votes cast by the holders of Telesat Corporation Shares and Special Voting Shares, voting together as a single class, will be required to approve a Second Tabulation Matter, as defined and described below. The following table summarizes the voting power of the different classes of Telesat Corporation Shares. Class Voting for Directors All Other Votes Second Tabulation Votes Class A Common Shares One vote per share One vote per share One vote per share Class B Variable Voting Shares One vote per share, provided that any voting power of a single holder in excess of one -third One vote per share Class C Fully Voting Shares One vote per share One vote per share One vote per share Class C Limited Voting Shares No votes One vote per share One vote per share Class A Units (voted via the Class A Special Voting Share) One vote per unit One vote per unit One vote per unit Class B Units (voted via the Class B Special Voting Share) One vote per unit; provided that any voting power of a single holder in excess of one -third One vote per unit Class C Units (voted via the Class C Special Voting Share) Limited votes to ensure compliance with restrictions applicable to PSP Investments pursuant to the constating legislation One vote per unit Golden Share A number of votes equal to the sum of: A number of votes such that the votes cast by the holders of Class A Common Shares and Class A Units, Class C shares and Class C Units, and the Golden Share represent a simple majority of votes cast; and the number of votes transferred from the Class B Variable Voting Shares and Class B Units, if applicable No votes Second tabulation matters mean a resolution to effect: • • • • • • • • • • • • • |
Non-Controlling Interest
Non-Controlling Interest | 12 Months Ended |
Dec. 31, 2023 | |
Non-Controlling Interest [Abstract] | |
NON-CONTROLLING INTEREST | 26. NON-CONTROLLING INTEREST Non -controlling Pursuant to the terms of the partnership agreement, Partnership exchangeable units are entitled to distributions from Partnership in an amount equal to any dividends or distributions that are declared and paid with respect to the Telesat Public Shares and Class C Shares of the Company. Additionally, each holder of a Partnership exchangeable unit is entitled to vote in respect of matters on which holders of the Company’s common shares are entitled to vote through a special voting share of the Company. Any time after the one year anniversary of the Transaction’s effective date, the holder of a Partnership exchangeable unit will have the right to require the Partnership to exchange all or any portion of such holder’s Partnership exchangeable units for the Company’s common shares at a ratio of one common share for each Partnership exchangeable unit, subject to the Company’s right as the general partner of the Partnership, in its sole discretion, to deliver a cash payment in lieu of its common shares. Net income (loss) attributable to non -controlling -controlling During the fourth quarter of 2021, a third -party -controlling In connection with the Transaction, a final adjustment amount was required to be made. The adjustment amount is defined within the Transaction agreement and represents any portion of the inducement payment that was unpaid by Loral, combined with the calculated negative net asset value of Loral. During the year ended December 31, 2022, a payment of $20.8 million (US$15.3 million) was made to Red Isle Private Investment Inc. (“Red Isle”) as an adjustment amount, resulting in a reduction in the value of the Class C Partnership Units in the Partnership. Upon consolidation, the reduction in value of the Class C Partnership Units was included in the non -controlling |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 27. EARNINGS PER SHARE Basic earnings per share is calculated by dividing the net income (loss) for the period attributable to shareholders of each class of shares by the weighted average number of shares outstanding during the year. Diluted earnings per share is calculated to give effect to equity awards. The following table presents reconciliations of the numerators of the basic and diluted per share computations: For the years ended December 31, 2023 2022 2021 Net income (loss) attributable to Telesat Corporation Shares $ 157,118 $ (23,764 ) $ 92,532 Effect of diluted securities 15,486 — — Diluted net income (loss) attributable to Telesat Corporation $ 172,604 $ (23,764 ) $ 92,532 The following table presents reconciliations of the denominators of the basic and diluted per share computations: 2023 2022 2021 Basic total weighted average number of Telesat Public Shares and 13,417,290 12,311,264 45,168,650 Effect of diluted securities Stock options 51,617 — 422,326 RSUs 1,435,113 — 1,029,519 DSUs 91,587 — — PSUs 292,614 — — Diluted total weighted average number of Telesat Public Shares and Class C Shares (Telesat Canada Common Shares) outstanding 15,288,221 12,311,264 46,620,495 Effect of diluted securities represents Telesat Public Shares and Class C Shares (Telesat Canada Common Shares) assumed to be issued for no consideration. The difference between the number of Telesat Public Shares and Class C Shares (Telesat Canada Common Shares) assumed issued on exercise and the number of Telesat Public Shares and Class C Shares (Telesat Canada Common Shares) assumed repurchased are treated as an issue of common shares for no consideration. For the periods prior to the close of the Transaction, for the purposes of earnings per share, the Common Shares, Non -Voting For periods after the close of the Transaction, for the purpose of earnings per share, all of the Telesat Public Shares and Class C Shares have equivalent economic rights. |
Government Grant
Government Grant | 12 Months Ended |
Dec. 31, 2023 | |
Government Grant [Abstract] | |
GOVERNMENT GRANT | 28. GOVERNMENT GRANT In May 2019, Telesat entered into an agreement for a non -refundable For the year ended December 31, 2023, the Company recorded $19.5 million relating to the agreement (December 31, 2022 — $8.8 million). Of the amount recorded during 2023, $15.0 million was recorded as a reduction to satellites, property and other equipment and $4.5 million was recorded as a reduction to operating expenses (2022 — $3.5 million was recorded as a reduction in satellites, property and other equipment, $0.1 million as a reduction to prepaid expenses and $5.2 million as a reduction to operating expenses). |
Capital Disclosures
Capital Disclosures | 12 Months Ended |
Dec. 31, 2023 | |
Capital Disclosures [Abstract] | |
CAPITAL DISCLOSURES | 29. CAPITAL DISCLOSURES The Company’s financial strategy is designed to maintain compliance with the financial covenant under its Senior Secured Credit Facilities (Note 24), and to maximize returns to its shareholders and other stakeholders. The Company meets these objectives through regular monitoring of the financial covenant and operating results on a quarterly basis. The Company’s overall financial strategy remains unchanged from 2022. The Company defines its capital as Telesat Corporation’s shareholders’ equity (comprising issued share capital, accumulated earnings and excluding reserves), non -controlling The Company’s capital was as follows: As at December 31, 2023 2022 Shareholders’ equity (excluding reserves) $ 585,310 $ 402,827 Non-controlling interest $ 1,737,065 $ 1,358,716 Debt financing (excluding deferred financing costs, prepayment options and loss on repayment) $ 3,199,247 $ 3,853,151 If the Revolving Facility is drawn by more than 35% of the credit facility amount, the Senior Secured Credit Facilities require the Company to comply with a first lien net leverage ratio test. As at December 31, 2023, the first lien net leverage ratio was 4.65:1.00 (December 31, 2022 — 5.30:1.00), which was less than the maximum test ratio of 5.75:1.00. The Company’s operating results are tracked against budget on a regular basis, and this analysis is reviewed by senior management. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
FINANCIAL INSTRUMENTS | 30. FINANCIAL INSTRUMENTS Measurement of Risks The Company, through its financial assets and liabilities, is exposed to various risks. The following analysis provides a measurement of risks as at December 31, 2023. Credit risk Credit risk is the risk that a counterparty to a financial asset will default, resulting in the Company incurring a financial loss. As at December 31, 2023, the maximum exposure to credit risk is equal to the carrying value of the financial assets which totaled $1,754.6 million (December 31, 2022 — $1,730.0 million). The following table provides breakdown by maturity of financial assets as at December 31, 2023: Carrying Contractual cash flows 2024 2025 2026 2027 2028 Thereafter Cash and cash equivalents $ 1,669,089 $ 1,669,089 $ — $ — $ — $ — $ — Trade and other receivables, excluding deferred receivables 74,942 74,942 — — — — — Deferred receivables 8,982 3,347 1,308 1,411 664 549 1,703 Other financial assets 1,629 631 — — — — 998 $ 1,754,642 $ 1,748,009 $ 1,308 $ 1,411 $ 664 $ 549 $ 2,701 Cash and cash equivalents are invested with high quality investment grade financial institutions and are governed by the Company’s corporate investment policy, which aims to reduce credit risk by restricting investments to high -grade The Company has credit evaluation, approval and monitoring processes intended to mitigate potential credit risks related to trade accounts receivable. The Company’s standard payment terms are 30 days with interest typically charged on balances remaining unpaid at the end of standard payment terms. The Company’s historical experience with customer defaults has been minimal. As at December 31, 2023, North American and International customers made up 49% and 51% of the outstanding trade receivable balance, respectively (December 31, 2022 — 48% and 52%, respectively). Anticipated bad debt losses have been provided for in the allowance for doubtful accounts. The allowance for doubtful accounts as at December 31, 2023 was $6.5 million (December 31, 2022 — $4.9 million). The Company mitigates the credit risk associated with derivative instruments by entering into them with only high quality financial institutions. Foreign exchange risk The Company’s operating results are subject to fluctuations as a result of exchange rate variations to the extent that transactions are made in currencies other than Canadian dollars. The Company’s main currency exposures lie in its U.S. dollar denominated cash and cash equivalents, trade and other receivables, trade and other payables and indebtedness with the most significant impact being on the U.S. dollar denominated indebtedness, cash and short -term As at December 31, 2023, the impact of a 5 percent increase (decrease) in the value of the Canadian dollar against the U.S. dollar on financial assets and liabilities would have decreased (increased) net income (loss) by $146.4 million (December 31, 2022 — $172.1 million) and increased (decreased) other comprehensive income (loss) by $68.6 million (December 31, 2022 — $57.5 million). This analysis assumes that all other variables, in particular interest rates, remain constant. Interest rate risk The Company is exposed to interest rate risk on its cash and cash equivalents and its indebtedness. The interest rate risk on the indebtedness is from a portion of the indebtedness having a variable interest rate. Changes in the interest rates could impact the amount of interest that the Company is required to pay or receive. In October 2017, the Company entered into four interest rate swaps to hedge the interest rate risk associated with the variable interest rate on US$1,800.0 million of the U.S. denominated Term Loan B at fixed interest rates, excluding applicable margins, ranging from 1.72% to 2.04%. As the final interest rate swap matured in 2022, there were no outstanding interest rate swaps as at December 31, 2023 or 2022. If the interest rates on the variable rate indebtedness change by 0.25%, the result would be an increase or decrease to net income (loss) of $5.1 million for the year ended December 31, 2023 (December 31, 2022 — $4.3 million). Liquidity risk The Company maintains credit facilities to ensure it has sufficient funds available to meet current and foreseeable financial requirements. The contractual maturities of financial liabilities as at December 31, 2023 were as follows: Carrying Contractual 2024 2025 2026 2027 2028 Thereafter Trade and other payables $ 43,626 $ 43,626 $ 43,626 $ — $ — $ — $ — $ — Customer and other deposits 1,620 1,620 623 634 50 — 163 150 Satellite performance incentive payments 18,367 22,457 5,549 3,255 3,316 2,533 2,422 5,382 Other financial liabilities 2,389 2,389 2,389 — — — — — Indebtedness (1) 3,220,870 3,943,253 249,822 234,839 2,635,564 823,028 — — $ 3,286,872 $ 4,013,345 $ 302,009 $ 238,728 $ 2,638,930 $ 825,561 $ 2,585 $ 5,532 ____________ (1) The interest payable and interest payments included in the carrying value and contractual cash flows, respectively, in the above table, were as follows: Interest Interest Satellite performance incentive payments $ 96 $ 4,186 Indebtedness $ 21,623 $ 744,006 Financial assets and liabilities recorded on the balance sheets and the fair value hierarchy levels used to calculate those values were as follows: As at December 31, 2023 Amortized Fair value Fair value Cash and cash equivalents $ 1,669,089 $ 1,669,089 Level 1 Trade and other receivables 78,289 78,289 (1) Other current financial assets 631 631 Level 1 Other long-term financial assets 6,633 6,633 Level 1 Trade and other payables (43,626 ) (43,626 ) (1) Other current financial liabilities (29,061 ) (29,300 ) Level 2 Other long-term financial liabilities (14,938 ) (14,388 ) Level 2 Indebtedness (2) (3,199,247 ) (1,950,811 ) Level 2 $ (1,532,230 ) $ (283,483 ) As at December 31, 2022 Amortized Fair value Fair value Cash and cash equivalents $ 1,677,792 $ 1,677,792 Level 1 Trade and other receivables 41,248 41,248 (1) Other current financial assets 515 515 Level 1 Other long-term financial assets 10,476 10,476 Level 1 Trade and other payables (43,555 ) (43,555 ) (1) Other current financial liabilities (48,397 ) (49,500 ) Level 2 Other long-term financial liabilities (19,663 ) (19,164 ) Level 2 Indebtedness (2) (3,853,151 ) (1,684,897 ) Level 2 $ (2,234,735 ) $ (67,085 ) ____________ (1) -term (2) Assets pledged as security The Senior Secured Credit Facilities, Senior Secured Notes and 2026 Senior Secured Notes are secured by substantially all of Telesat’s assets excluding the assets of unrestricted subsidiaries. Fair Value Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market under current market conditions at the measurement date. Where possible, fair values are based on the quoted market values in an active market. In the absence of an active market, the Company determines fair values based on prevailing market rates (bid and ask prices, as appropriate) for instruments with similar characteristics and risk profiles or internal or external valuation models, such as option pricing models and discounted cash flow analysis, using observable market -based The fair value hierarchy is as follows: Level 1 is based on quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date. Level 2 is based on observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially all of the full term of the assets or liabilities. Level 3 is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Estimates of fair values are affected significantly by the assumptions for the amount and timing of estimated future cash flows and discount rates, which all reflect varying degrees of risk. Potential income taxes and other expenses that would be incurred on disposition of these financial instruments are not reflected in the fair values. As a result, the fair values are not necessarily the net amounts that would be realized if these instruments were actually settled. The carrying amounts of cash and cash equivalents, trade and other receivables, and trade and other payables approximate fair value due to the short -term -term The fair value of the satellite performance incentive payments, included in other current and long -term The fair value of the indebtedness was based on transactions and quotations from third parties considering market interest rates and excluding deferred financing costs, prepayment options and loss on repayment. The calculation of the fair value of the indebtedness is performed on a recurring basis. The rates used were as follows: As at December 31 2023 2022 U.S. TLB Facility 63.75 % 45.63 % Senior Unsecured Notes 47.31 % 29.90 % Senior Secured Notes 59.42 % 45.71 % 2026 Senior Secured Notes 62.38 % 47.02 % Fair value of derivative financial instruments Derivatives were valued using a discounted cash flow methodology. The calculations of the fair value of the derivatives are performed on a recurring basis. Prepayment option cash flows were calculated with a third party option valuation model which is based on the current price of the debt instrument and discounted based on a discount curve. The discount rates used to discount cash flows as at December 31, 2023 ranged from 4.06% to 5.59% (December 31, 2022 — 4.00% to 5.16%). |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Compensation Plans [Abstract] | |
SHARE-BASED COMPENSATION PLANS | 31. SHARE-BASED COMPENSATION PLANS The share -based For the years ended December 31, 2023 2022 2021 Operating expenses $ 33,015 $ 67,428 $ 73,723 Telesat Canada Stock Incentive Plans Telesat Holdings Inc. (the predecessor entity to Telesat Canada and Telesat Corporation) adopted a management stock incentive plan in September 2008, as amended (the “2008 Telesat Plan”) and a second management stock incentive plan in April 2013, as amended (the “2013 Telesat Plan”). In the first half of 2021, Telesat Canada also adopted a restricted share unit plan (the “RSU Plan” together with the 2008 Telesat Plan and 2013 Telesat Plan, the “Historic Plan”). The purpose of the Historic Plan was to promote the interests of Telesat and its shareholders by providing certain key employees of Telesat and its affiliates with an appropriate incentive to encourage them to continue in the employ of, or engagement with, Telesat or an affiliate and to improve Telesat’s growth and profitability. The 2008 Telesat Plan reserved a total of 8,824,646 Telesat Canada Non -Voting The 2013 Telesat Plan reserved a total of 8,680,399 Telesat Canada Non -Voting In each case, the Telesat Options were convertible at the option of the holder into Telesat Public Shares (provided that the holder complied with the constrained share provisions in the Telesat Corporation Articles). Under the stock incentive plans, two different types of stock options could be granted: time -vesting -vesting -vesting -year -vesting -year 10 -Voting The Company expenses the fair value of stock options that are expected to vest over the vesting period using the Black -Scholes -based In April 2021, 6,197,776 issued and outstanding, vested and unvested stock options were cancelled. This resulted in a non -cash In April 2021, a total of 3,660,000 Non -Voting -Voting -Voting -diluted Telesat Corporation Stock Incentive Plans In connection with the Transaction, the holders of Telesat Canada Tandem SARs, Telesat Canada Options and Telesat Canada RSUs were offered the opportunity to enter into exchange agreements with Telesat Corporation in respect of their Telesat Canada Tandem SARs, Telesat Canada Options and Telesat Canada RSUs, pursuant to which, upon the Closing, they exchanged such instruments for corresponding instruments in Telesat Corporation. The stock options, share appreciation rights and RSUs will have similar vesting terms, however, the quantity and exercise prices have been adjusted. On November 19, 2021, Telesat Corporation adopted an omnibus long -term -based The maximum number of Public Shares reserved for issuance under the Omnibus Plan is 2,972,816. Historic Plan The change in number of stock options outstanding and their weighted average exercise price for the Historic Plan were summarized below: Telesat Corporation Number of Weighted Outstanding at December 31, 2021 and January 1, 2022 900,789 $ 48.77 Forfeited (107,122 ) Outstanding at December 31, 2022 793,667 $ 50.30 Exercised (1,000 ) Expired (579,459 ) Forfeited (13,574 ) Outstanding at December 31, 2023 199,634 $ 38.76 The quantity of stock options that are exercisable and the weighted average remaining life were as follows: As at December 31, 2023 2022 Telesat Corporation time vesting options 195,295 782,229 Weighted average remaining life 1 year 1 year The weighted average assumptions used to determine the share -based -Scholes As at December 31, 2021 Dividend yield — % Expected volatility 35.0 % Risk-free interest rate 1.85 % Expected life (years) 10 The expected volatility is based on the historical volatility of comparable publicly listed entities. There were no stock options granted under the Historic Plan during 2022 or 2023. The movement in the number of RSUs under the Historic Plan were as follows: RSUs with RSUs with Outstanding, December 31, 2021 and January 1, 2022 1,363,501 124,080 Settled (390,163 ) — Outstanding, December 31, 2022 and January 1, 2023 973,338 124,080 Forfeited (47,564 ) — Settled (408,086 ) — Outstanding, December 31, 2023 517,688 124,080 As at December 31, 2023, there were 103,400 RSUs (December 31, 2022 — 82,720) that were vested but not settled. Omnibus Plan The change in number of stock options outstanding and their weighted average exercise price for the Omnibus Plan were summarized below: Telesat Corporation Number of Weighted Outstanding at December 31, 2021 and January 1, 2022 — Granted 285,149 Outstanding at December 31, 2022 and January 1, 2023 285,149 $ 16.64 Forfeited (32,403 ) Granted 550,519 Outstanding at December 31, 2023 803,265 $ 13.38 There are no stock options exercisable as of December 31, 2023. The weighted average remaining life is 9 years. The weighted average assumptions used to determine the share -based -Scholes 2023 2022 Dividend yield — % — % Expected volatility 50.0 % 50.0 % Risk-free interest rate 3.75 % 2.85 % Expected life (years) 10 10 The expected volatility is based on the historical volatility of comparable publicly listed entities. The movement in the number of RSUs, PSUs and DSUs under the Omnibus Plan was as follows: RSUs with PSUs with DSUs Outstanding, December 31, 2021 and January 1, 2022 — — — Granted 382,364 140,583 46,576 Settled (20,983 ) — — Forfeited (10,310 ) — — Outstanding, December 31, 2022 and January 1, 2023 351,071 140,583 46,576 Granted 577,536 281,683 78,040 Settled (124,036 ) — — Forfeited (19,846 ) (47,129 ) — Outstanding, December 31, 2023 784,725 375,137 124,616 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Employee Benefit Plans [Abstract] | |
EMPLOYEE BENEFIT PLANS | 32. EMPLOYEE BENEFIT PLANS The Company maintains defined benefit pension plans for Telesat Canada employees (“Canadian Pension Plans”). In October 2013, the Company ceased to allow new employees to join certain defined benefit plans, except under certain circumstances, and commenced a defined contribution pension plan for new employees. On completion of the Transaction, the Company also took over the defined benefit pension plans for certain former employees of Loral (“US Pension Plans”). Under the US Pension Plans, certain former Loral employees hired prior to July 1, 2006 contributed until November 18, 2021 in order to receive enhanced pension benefits. Effective January -existing In addition to the pension plans, the Company provides certain health care and life insurance benefits for some of Telesat Canada’s retired employees and their dependents (“Canadian Other Post -employment -as-you-go The Company also provides medical coverage for certain of its retired employees and dependents including certain retired Loral employees (“US Other Post -employment -employment The Company’s funding policy is to make contributions to its defined benefit pension funds based on actuarial cost methods as permitted and required by pension regulatory bodies. Contributions reflect actuarial assumptions concerning future investment returns, salary projections and future service benefits. Plan assets are represented primarily by equity securities, fixed income instruments and short -term The defined benefit plans typically expose the Company to actuarial risks such as investment risk, interest rate risk, longevity risk and salary risk. Investment risk is managed by specifying allowable investment types, setting diversification strategies and determining target asset allocations. The investment objectives of the fund are to optimize the return on investments, taking into account the risks associated with the securities for the protection of the pension benefits of the members of the plan. As part of the risk management process, for Canadian Plans, the Investment Committee establishes a Statement of Investment Policies and Procedures which includes a diversification strategy and processes to manage foreign currency, credit and other risks. Given the long -term As regards the US Pension Plans, the funding policy is to fund the qualified pension plan in accordance with the Internal Revenue Code and regulations thereon. Plan assets are generally invested in equity, fixed income and other investments. The expected long -term A decrease in interest rate will increase the plan liability. However, it will be partially offset by an increase in the return on fixed income instruments. The present value of the plan liabilities is calculated by reference to the best estimates of the mortality and the future salaries of plan participants. Accordingly, an increase in life expectancy or salary will increase the plan liability. Assets -liability -term For Canadian Pension Plans, the pension expense for 2023 was determined based on membership data as at December For Canadian Post -employment -employment -employment The most recent valuation of the pension plans for funding purposes was as of December 31, 2022. Valuations will be performed for the pension plans as of December 31, 2023. The expenses included on the consolidated statements of income (loss) and the consolidated statements of comprehensive income (loss) were as follows: For the year ended December 31, 2023 Pension Plans Other Post-employment Canadian US Total Canadian US Total Consolidated statements of income (loss) Operating expenses $ 4,524 $ 684 $ 5,208 $ 466 $ — $ 466 Interest expense (income) $ (2,294 ) $ 567 $ (1,727 ) $ 927 $ 193 $ 1,120 Consolidated statements of comprehensive income (loss) Actuarial (gains) losses on employee benefit plans $ 4,753 $ (1,224 ) $ 3,529 $ 1,364 $ 157 $ 1,521 For the year ended December 31, 2022 Pension Plans Other Post-employment Canadian US Total Canadian US Total Consolidated statements of income (loss) Operating expenses $ 6,337 $ 540 $ 6,877 $ 710 $ — $ 710 Interest expense $ (799 ) $ 533 $ (266 ) $ 731 $ 123 $ 854 Consolidated statements of comprehensive income (loss) Actuarial (gains) losses on employee benefit plans $ (19,560 ) $ (7,348 ) $ (26,908 ) $ (5,346 ) $ (1,028 ) $ (6,374 ) For the year ended December 31, 2021 Pension Plans Other Post-employment Canadian US Total Canadian US Total Consolidated statements of income (loss) Operating expenses $ 7,893 $ 74 $ 7,967 $ 166 $ — $ 166 Interest expense $ 743 $ 53 $ 796 $ 552 $ 92 $ 644 Consolidated statements of comprehensive income (loss) Actuarial (gains) losses on employee benefit plans $ (55,582 ) $ (798 ) $ (56,380 ) $ 987 $ (29 ) $ 958 The Company made contributions of $3.1 The balance sheet obligations, distributed between pension and other post -employment As at December 31, 2023 2022 Included in other long-term liabilities Pension benefits $ 8,633 $ 11,117 Other post-employment benefits 23,719 21,745 Accrued benefit liabilities (Note 23) $ 32,352 $ 32,862 Included in other long-term assets Pension benefits (Note 15) $ 40,624 $ 47,312 The amounts recognized in the balance sheets and the funded statuses of the benefit plans were as follows: Pension Plans Other Post-employment As at December 31, 2023 Canadian US Total Canadian US Total Present value of funded obligations $ 306,251 $ 58,546 $ 364,797 $ — $ — $ — Fair value of plan assets (348,170 ) (49,913 ) (398,083 ) — — — (41,919 ) 8,633 (33,286 ) — — — Present value of unfunded obligations 1,295 — 1,295 19,999 3,720 23,719 (Pension benefits) accrued benefit liabilities $ (40,624 ) $ 8,633 $ (31,991 ) $ 19,999 $ 3,720 $ 23,719 Pension Plans Other Post-employment As at December 31, 2022 Canadian US Total Canadian US Total Present value of funded obligations $ 275,581 $ 58,835 $ 334,416 $ — $ — $ — Fair value of plan assets (324,069 ) (47,718 ) (371,787 ) — — — (48,488 ) 11,117 (37,371 ) — — — Present value of unfunded obligations 1,176 — 1,176 17,888 3,857 21,745 (Pension benefits) accrued benefit liabilities $ (47,312 ) $ 11,117 $ (36,195 ) $ 17,888 $ 3,857 $ 21,745 The changes in the benefit obligations and in the fair value of plan assets were as follows: Pension Plans Other Post-employment As at December 31, 2023 Canadian US Total Canadian US Total Change in benefits obligations Benefit obligation, January 1, 2023 $ 276,757 $ 58,835 $ 335,592 $ 17,888 $ 3,857 $ 21,745 Current service cost 4,013 684 4,697 466 — 466 Interest expense 14,172 3,010 17,182 927 193 1,120 Remeasurements Actuarial gains arising from plan experience 6,341 (353 ) 5,988 — 122 122 Actuarial gains from change in demographic assumptions — — — — — — Actuarial gains from changes in financial 18,911 1,182 20,093 1,364 35 1,399 Benefits paid (13,768 ) (3,457 ) (17,225 ) (646 ) (403 ) (1,049 ) Contributions by plan participants 928 — 928 — — — Foreign exchange & other 192 (1,355 ) (1,163 ) — (84 ) (84 ) Benefit obligation, December 31, 2023 307,546 58,546 366,092 19,999 3,720 23,719 Change in fair value of plan assets Fair value of plan assets, January 1, 2023 (324,069 ) (47,718 ) (371,787 ) — — — Contributions by plan participants (928 ) — (928 ) — — — Contributions by employer (net of transfer to other plans) (487 ) (2,275 ) (2,762 ) (646 ) (403 ) (1,049 ) Interest income (16,466 ) (2,443 ) (18,909 ) — — — Benefits paid 13,768 3,457 17,225 646 403 1,049 Remeasurements Return on plan assets, excluding interest (20,499 ) (2,053 ) (22,552 ) — — — Administrative costs 511 — 511 — — — Foreign exchange & other — 1,119 1,119 — — — Fair value of plan assets, December 31, (348,170 ) (49,913 ) (398,083 ) — — — (Pension benefits) accrued benefit liabilities, December 31, 2023 $ (40,624 ) $ 8,633 $ (31,991 ) $ 19,999 $ 3,720 $ 23,719 Pension Plans Other Post-employment As at December 31, 2022 Canadian US Total Canadian US Total Change in benefits obligations Benefit obligation, January 1, 2022 $ 349,635 $ 72,906 $ 422,541 $ 22,429 $ 4,865 $ 27,294 Current service cost 5,902 540 6,442 710 — 710 Interest expense 11,238 2,108 13,346 731 123 854 Remeasurements Actuarial gains arising from plan experience 9,258 (123 ) 9,135 — (111 ) (111 ) Actuarial gains from change in demographic assumptions — — — — — — Actuarial gains from changes in financial assumptions (86,378 ) (18,751 ) (105,129 ) (5,346 ) (917 ) (6,263 ) Benefits paid (14,073 ) (3,116 ) (17,189 ) (636 ) (437 ) (1,073 ) Contributions by plan participants 935 — 935 — — — Foreign exchange & other 240 5,271 5,511 — 334 334 Benefit obligation, December 31, 2022 276,757 58,835 335,592 17,888 3,857 21,745 Change in fair value of plan assets Fair value of plan assets, January 1, 2022 (379,740 ) (54,979 ) (434,719 ) — — — Contributions by plan participants (935 ) — (935 ) — — — Contributions by employer (3,348 ) (1,807 ) (5,155 ) (636 ) (437 ) (1,073 ) Interest income (12,037 ) (1,575 ) (13,612 ) — — — Benefits paid 14,073 3,116 17,189 636 437 1,073 Remeasurements Return on plan assets, excluding interest income 57,560 11,526 69,086 — — — Administrative costs 435 — 435 — — — Foreign exchange & other (77 ) (3,999 ) (4,076 ) — — — Fair value of plan assets, December 31, (324,069 ) (47,718 ) (371,787 ) — — — (Pension benefits) accrued benefit liabilities, December 31, 2022 $ (47,312 ) $ 11,117 $ (36,195 ) $ 17,888 $ 3,857 $ 21,745 For the Canadian Pension Plans, the weighted average duration of the defined benefit obligation and weighted average duration of the current service cost as at December 31, 2023 are 12 19 -employment 12 21 10 The estimated future benefit payments for the defined benefit pension plans and other post -employment Pension Other Post- 2024 $ 18,207 $ 1,177 2025 $ 19,284 $ 1,310 2026 $ 20,244 $ 1,333 2027 $ 20,985 $ 1,418 2028 $ 21,615 $ 1,473 2029 to 2033 $ 113,881 $ 7,669 Benefit payments include obligations to 2033 only as obligations beyond this date are not quantifiable. The fair value of the plan assets were allocated as follows between the various types of investments: Canadian Pension Plans As at December 31, 2023 2022 Equity securities Canada 22.0 % 22.5 % United States 13.8 % 13.7 % International (other than United States) 13.6 % 15.5 % Emerging markets 4.7 % 5.0 % Fixed income instruments Canada 43.8 % 40.6 % Cash and cash equivalents 2.1 % 2.7 % US Pension Plans As at December 31, 2023 2022 Equity securities United States 25.9 % 24.2 % Canada 1.0 % — International 18.7 % 20.6 % Fixed income instruments United States 27.4 % 32.2 % Canada 0.1 % 0.5 % International 5.2 % 7.1 % Other investments United States 14.2 % 10.5 % Canada 0.4 % — International 7.1 % 4.9 % Plan assets are valued at the measurement date of December 31 each year. The following are the significant assumptions adopted in measuring the Company’s pension and other benefit obligations: Pension plans Canadian US As at December 31, 2023 2022 2023 2022 Actuarial benefit obligation Discount rate 5.15 % 3.20 % 5.10 % 5.30 % Benefit costs for the year ended Discount rate 5.20 % 3.40 % 5.30 % 2.85 % Future salary growth 2.50 % 2.50 % N/A N/A Other Post-employment Benefit Plans Canadian US As at December 31, 2023 2022 2023 2022 Benefit costs for the year ended Discount rate 5.20% 3.40% 5.30% 2.50% to 2.85% Health care cost trend rate 4.04% to 6.04% 4.04% to 6.04% N/A N/A Other medical trend rates 4.00% to 5.11% 4.00% to 5.11% N/A N/A For certain Canadian Post -retirement Sensitivity of assumptions The calculation of the defined benefit obligation is sensitive to the assumptions set out above. The following table summarizes how the impact on the defined benefit obligation as at December 31, 2023 and 2022 would have increased or decreased as a result of the change in the respective assumptions by one percent. Pension plans Canadian US As at December 31, 2023 1% increase 1% decrease 1% increase 1% decrease Discount rate $ (35,279 ) $ 40,962 $ (5,472 ) $ 6,504 Future salary growth $ 3,676 $ (5,305 ) N/A N/A Canadian US As at December 31, 2022 1% increase 1% decrease 1% increase 1% decrease Discount rate $ (30,894 ) $ 38,220 $ (5,577 ) $ 6,641 Future salary growth $ 4,875 $ (4,024 ) N/A N/A Other Post-employment Benefit Plans Canadian US As at December 31, 2023 1% increase 1% decrease 1% increase 1% decrease Discount rate $ (2,300 ) $ 2,842 $ (241 ) $ 273 Medical and dental trend rates $ 476 $ (456 ) N/A N/A Canadian US As at December 31, 2022 1% increase 1% decrease 1% increase 1% decrease Discount rate $ (2,008 ) $ 2,477 $ (261 ) $ 296 Medical and dental trend rates $ 1,654 $ (1,392 ) N/A N/A The above sensitivities are hypothetical and should be used with caution. Changes in amounts based on a one percent variation in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in amounts may not be linear. The sensitivities have been calculated independently of changes in other key variables. Changes in one factor may result in changes in another, which could amplify or reduce certain sensitivities. The Company expects to make contributions of $1.1 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | 33. SUPPLEMENTAL CASH FLOW INFORMATION Cash and cash equivalents were comprised of the following: As at December 31, 2023 2022 2021 Cash $ 1,423,902 $ 1,669,257 $ 1,368,559 Short-term investments (1) 245,187 8,535 81,034 Cash and cash equivalents $ 1,669,089 $ 1,677,792 $ 1,449,593 ____________ (1) -term Income taxes paid, net of income taxes received was comprised of the following: For the years ended December 31, 2023 2022 2021 Income taxes paid $ (67,342 ) $ (98,787 ) $ (94,290 ) Income taxes received 501 644 48 $ (66,841 ) $ (98,143 ) $ (94,242 ) Interest paid, net of interest received was comprised of the following: For the years ended December 31, 2023 2022 2021 Interest paid $ (271,925 ) $ (184,776 ) $ (158,806 ) Interest received 62,664 21,663 4,373 $ (209,261 ) $ (163,113 ) $ (154,433 ) The reconciliation of the liabilities arising from financing activities were as follows: Indebtedness Satellite Lease Balance as at January 1, 2023 $ 3,850,081 $ 25,124 $ 34,106 Cash outflows (344,014 ) (6,385 ) (2,171 ) Amortization of deferred financing costs, prepayment options and loss on repayment 1,028 — — Gain on repurchase of debt (230,080 ) — — Non-cash additions — — 1,473 Interest paid — — (1,523 ) Interest accrued — — 1,523 Non-cash disposals — — — Impact of foreign exchange (79,996 ) (468 ) (69 ) Balance as at December 31, 2023 $ 3,197,019 $ 18,271 $ 33,339 Indebtedness Satellite Lease Balance as at January 1, 2022 $ 3,792,597 $ 30,344 $ 35,678 Cash outflows (97,234 ) (6,667 ) (2,498 ) Amortization of deferred financing costs, prepayment options and loss on repayment 842 — — Gain on repurchase of debt (106,916 ) — — Non-cash additions — — 376 Interest paid — — (1,611 ) Interest accrued — — 1,611 Non-cash disposals — — (558 ) Impact of foreign exchange 260,792 1,447 1,108 Balance as at December 31, 2022 $ 3,850,081 $ 25,124 $ 34,106 Indebtedness Satellite Lease Balance as at January 1, 2021 $ 3,187,152 $ 37,574 $ 29,051 Cash outflows — (6,914 ) (2,178 ) Cash inflows 619,900 — — Debt issue costs (6,834 ) — — Prepayment option at inception – 2026 Senior Secured Notes 1,896 — — Amortization of deferred financing costs, prepayment options and loss on repayment 558 — — Non-cash additions — — 10,074 Interest paid — — (1,499 ) Interest accrued — — 1,499 Non-cash disposals — — (939 ) Impact of foreign exchange (10,075 ) (316 ) (330 ) Balance as at December 31, 2021 $ 3,792,597 $ 30,344 $ 35,678 The net change in operating assets and liabilities was comprised of the following: For the years ended December 31, 2023 2022 2021 Trade and other receivables $ (24,431 ) $ 2,298 $ (55,426 ) Financial assets 3,437 4,946 3,206 Other assets (7,322 ) (6,395 ) (21,017 ) Trade and other payables (4,085 ) (7,068 ) 14,071 Financial liabilities (639 ) (2,028 ) 4,210 Other liabilities (6,172 ) 1,503 (3,669 ) $ (39,212 ) $ (6,744 ) $ (58,625 ) Non -cash For the years ended December 31, 2023 2022 2021 Satellite, property and other equipment $ (5,921 ) $ 3,187 $ 10,406 Intangible assets $ 3,204 $ — $ — C-band clearing proceeds $ — $ — $ (64,289 ) |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingent Liabilities [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | 34. COMMITMENTS AND CONTINGENT LIABILITIES The following were the Company’s off -balance 2024 2025 2026 2027 2028 Thereafter Total Property leases $ 1,110 $ 1,120 $ 1,119 $ 980 $ 966 $ 10,226 $ 15,521 Capital commitments 76,938 55,091 5,297 5,959 — — 143,285 Other operating commitments 31,486 14,076 9,379 8,346 18,749 68,021 150,057 $ 109,534 $ 70,287 $ 15,795 $ 15,285 $ 19,715 $ 78,247 $ 308,863 Property leases consisted of off -balance -balance -cancellable Certain variable costs associated with the capitalized leases have been included in property leases commitments with a termination date co -terminus The Company has entered into contracts for the development of the Telesat Lightspeed constellation and other capital expenditures. The total outstanding commitments as at December 31, 2023 were included in capital commitments. The Company has agreements with various customers for prepaid revenue on several service agreements which take effect when the satellite is placed in service. The Company is responsible for operating and controlling these satellites. As at December 31, 2023, customer prepayments of $279.4 million (December 31, 2022 — $326.4 million), a portion of which is refundable under certain circumstances, were reflected in other current and long -term In the normal course of business, the Company has executed agreements that provide for indemnification and guarantees to counterparties in various transactions. These indemnification undertakings and guarantees may require the Company to compensate the counterparties for costs and losses incurred as a result of certain events including, without limitation, loss or damage to property, change in the interpretation of laws and regulations (including tax legislation), claims that may arise while providing services, or as a result of litigation that may be suffered by the counterparties. The nature of substantially all of the indemnification undertakings prevents the Company from making a reasonable estimate of the maximum potential amount the Company could be required to pay counterparties as the agreements do not specify a maximum amount and the amounts are dependent upon the outcome of future contingent events, the nature and likelihood of which cannot be determined at this time. Historically, the Company has not made any significant payments under such indemnifications. Telesat Corporation and Telesat CanHold Corporation have entered into an indemnification agreement with PSP Investments where they will indemnify PSP Investments on a grossed -up -of-pocket In the case of indemnification for certain tax matters only, there will be a cap of US$50 million (other than with respect to defense costs and grossed -up Legal Proceedings The Company participates from time to time in legal proceedings arising in the normal course of its business. Telesat previously received assessments from Brazilian tax authorities alleging that additional taxes are owed on revenue earned for the period 2003 to 2018. The total disputed amount for the period 2003 to 2018, including interest and penalties, is now $111.7 million. The disputes relate to the Brazilian tax authorities’ characterization of revenue. The Company has challenged the assessments. The Company believes the likelihood of a favorable outcome in these disputes is more likely than not and, as such, no reserve has been established. In Canada, the tax authorities previously reassessed $13.1 The Canadian tax authorities have reassessed the Company for $11.6 million relating to its Scientific Research and Experimental Development claims for the years 2016 and 2017. The Company has challenged the reassessments and paid 50% of the outstanding amounts in order to formally object. The Company believes the likelihood of a favorable outcome in these disputes is more likely than not and, as such, no reserve has been established. Other than the legal proceedings disclosed above, the Company is not aware of any proceedings outstanding or threatened as of the date hereof by or against it or relating to its business which may have, or have had in the recent past, significant effects on the Company’s financial position or profitability. |
Subsidiaries
Subsidiaries | 12 Months Ended |
Dec. 31, 2023 | |
Subsidiaries [Abstract] | |
SUBSIDIARIES | 35. SUBSIDIARIES The list of significant companies included in the scope of consolidation as at December 31, 2023 and 2022 was as follows: Company Country Method of Consolidation % voting (1) Infosat Communications LP Canada Fully consolidated 100 Telesat Spectrum General Partnership Canada Fully consolidated 100 Telesat LEO Holdings Inc. Canada Fully consolidated 100 Telesat Technology Corporation Canada Fully consolidated 100 Telesat Spectrum Corporation Canada Fully consolidated 100 Telesat Spectrum Holdings Corporation Canada Fully consolidated 100 Skynet Satellite Corporation United States Fully consolidated 100 Telesat Network Services, Inc. United States Fully consolidated 100 The SpaceConnection Inc. United States Fully consolidated 100 Telesat Satellite LP United States Fully consolidated 100 Telesat LEO Inc. United States Fully consolidated 100 Telesat U.S. Services, LLC United States Fully consolidated 100 Infosat Able Holdings, Inc. United States Fully consolidated 100 Telesat Brasil Capacidade de Satélites Ltda. Brazil Fully consolidated 100 Telesat (IOM) Limited Isle of Man Fully consolidated 100 Telesat International Limited United Kingdom Fully consolidated 100 Loral Skynet Corporation United States Fully consolidated 100 Loral Space & Communications Inc. United States Fully consolidated 100 Telesat Can ULC Canada Fully consolidated 100 Telesat CanHold Corporation Canada Fully consolidated 100 Telesat Canada Canada Fully consolidated 100 Telesat Partnership LP Canada Fully consolidated 100 ____________ (1) -controlling |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 36. RELATED PARTY TRANSACTIONS Transactions with subsidiaries The Company and its subsidiaries regularly engage in inter -group Compensation of executives and Board level directors For the years ended December 31, 2023 2022 2021 Short-term benefits (including salaries) $ 17,014 $ 16,586 $ 15,465 Special payments (1) — — 597 Post-employment benefits 1,790 2,114 2,514 Share-based payments 31,551 65,314 73,090 $ 50,355 $ 84,014 $ 91,666 ____________ (1) Key management personnel — stock options In April 2021, 6,197,776 issued and outstanding, vested and unvested stock options were cancelled. This resulted in a non -cash In April 2021, the Company approved the adoption of an RSU plan. A total of 3,660,000 Non -Voting -Voting -Voting -diluted During the year ended December 2022, 362,590 of the RSUs were settled, on a net settlement basis, in exchange for 186,847 Public shares of Telesat Corporation. During the year ended December 31, 2023, 408,086 of the RSUs were settled, on a net settlement basis, in exchange for 206,081 Public shares of Telesat Corporation as well as 47,564 RSUs were forfeited. In addition, 517,616 stock options from the Historic Plan expired. On November 19, 2021, Telesat Corporation adopted the Omnibus Plan. The Omnibus Plan allows for a variety of equity -based The following Awards were issued under the Omnibus Plan: For the years ended December 31, 2023 2022 DSUs issued to certain members of the Board of Directors 78,040 46,576 RSUs to key management personnel, which vest over a three-year period 464,834 230,048 PSUs to key management personnel, which include both a time and performance condition on vesting 281,683 140,583 Stock options to key management personnel 550,519 285,149 Of the Awards that were issued under the Omnibus Plan, the following Awards have been settled. For the year ended December 31, 2023 Forfeited Awards Public DSUs issued to certain members of the Board of Directors — — — RSUs to key management personnel, which vest over a three-year (1) 17,426 77,593 39,672 PSUs to key management personnel, which include both a time and performance condition on vesting 47,129 — — Stock options to key management personnel 32,403 — — (1) Transactions with related parties The Company and certain of its subsidiaries regularly engage in transactions with related parties. The Company’s related parties included Loral and Red Isle until November 18, 2021 at which point under the Transaction Agreement Loral became a fully consolidated subsidiary (Note 35). Any transactions entered into with Loral have been entered into over the normal course of operations. Following the Transaction Agreement related parties included Red Isle and MHR. There were no transactions or balances with Red Isle or MHR during any of the years presented. During the year ended December 31, 2022, $20.8 million (US$15.3 million) was paid to Red Isle in respect of the adjustment amount as per the terms of the Transaction Agreement (Note 26). Prior to the close of the Transaction, the Company and its subsidiaries entered into the following transactions with Loral. Sale of goods and services For the years ended December 31, 2021 Revenue $ 105 Purchase of goods and services For the years ended December 31, 2021 Operating expenses $ 5,230 The amounts outstanding were unsecured and were settled in cash. Other related party transactions The Company funds certain defined benefit pension plans. Contributions made to the plans for the year ended December 31, 2023 were $2.8 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Segment Reporting | Segment Reporting The Company operates in a single operating segment, in which it provides satellite -based |
Foreign Currency Translation | Foreign Currency Translation Unless otherwise specified, all figures reported in the consolidated financial statements and associated note disclosures are presented in Canadian dollars, which is the functional and presentation currency of the Company. Each of the subsidiaries of the Company determines its own functional currency and uses that currency to measure items on their separate financial statements. For the Company’s non -foreign -monetary -end Upon consolidation of the Company’s foreign operations that have a functional currency other than the Canadian dollar, assets and liabilities are translated at the year -end |
Cash and Cash Equivalents | Cash and Cash Equivalents All highly liquid investments with an original maturity of three months or less, or which are available upon demand with no penalty for early redemption, are classified as cash and cash equivalents. Cash and cash equivalents are comprised of cash on hand, demand deposits, short -term |
Revenue Recognition | Revenue Recognition Telesat recognizes revenue from satellite services on a monthly basis as services are performed in an amount that reflects the consideration the Company expects to receive in exchange for those services. Telesat accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability is considered probable. Revenue from a contract to sell consulting services is recognized as follows: • • Equipment sale revenue is recognized when the customer obtains control of the equipment, being at the time the equipment is delivered to and accepted by the customer. Only equipment sales are subject to warranty or return and there is no general right of return. Historically, the Company has not incurred significant expenses for warranties. When a transaction involves more than one product or service, revenue is allocated to each performance obligation based on its relative stand -alone |
Deferred Revenue | Deferred Revenue Deferred revenue represents the Company’s liability for the provision of future services and is classified on the balance sheet in other current and long -term -line -term A significant financing component will only occur in the following circumstances: • • • In the case of the existence of a significant financing component, the amount of the consideration is adjusted to reflect what the cash selling price of the promised service would have been if payments had occurred as control of the service was transferred to the customer. The discount rate used in determining the significant financing component is the rate that would be reflected in a separate financing transaction between the Company and the customer at contract inception. |
Inventories | Inventories Inventories are valued at the lower of cost and net realizable value and consist of finished goods and work in process. Cost for substantially all network equipment inventories are determined on a weighted average cost basis. Cost for work in process and certain one -of-a-kind |
Borrowing Costs | Borrowing Costs Borrowing costs are incurred on the Company’s debt financing. Borrowing costs attributable to the acquisition, production or construction of a qualifying asset are added to the cost of that asset. The Company has defined a qualifying asset as an asset that takes longer than twelve months to be ready for its intended use or sale. Capitalization of borrowing costs continues until such time that the asset is substantially ready for its intended use or sale. Borrowing costs are determined based on specific financing related to the asset, or in the absence of specific financing, the borrowing costs are calculated on the basis of a capitalization rate which is equal to the Company’s weighted average cost of debt. All other borrowing costs are expensed when incurred. |
Leases | Leases At the inception of a contract, the Company assesses whether a contract is, or contains, a lease based on whether or not the contract conveys the right to control the use of the asset for a period of time in exchange for consideration. The Company recognizes a right -of-use -of-use The lease term is the non -cancellable After the commencement date, the right -of-use -line The lease liability is remeasured when there is a change in future lease payments, arising from a change in index or rate, or if there is a change in the assessment of whether the Company will exercise a purchase, extension or termination option. The amount of the remeasurement of the lease liability is also recognized as an adjustment to the right -of-use -of-use The Company has elected to not recognize a right -of-use -line The Company has also elected the practical expedient, for property leases, not to separate the non -lease -lease |
Government Grants | Government Grants Government grants are recognized where there is a reasonable assurance that the grant will be received and the attached conditions will be complied with. When the grant relates to an expense, the grant is recorded as a deduction to the related expense incurred over the same period. When the grant relates to an asset, the grant is deducted from the carrying amount of the related asset as the grant is receivable. |
Software as a Service arrangements | Software as a Service arrangements A Software as a Service (“SaaS”) cloud computing arrangement is evaluated as to whether it met the criteria under IAS Intangible Assets (“ ”) Leases Telesat may enter into a SaaS cloud computing arrangement with a supplier where the contract conveys to Telesat a right to receive future access over the contract term to the supplier’s application software running on the supplier’s cloud infrastructure. The right to receive access does not provide Telesat with a software asset and, therefore, the access to the software is a service which is received over the contract term. The assessment of whether configuration or customization of a software results in an intangible asset for Telesat depends on the nature and output of the configuration and customization performed. In some circumstances, the arrangement may result in additional code from which Telesat has the power to obtain the future economic benefits and to restrict others’ access to those benefits. In that case, in determining whether to recognize the additional code as an intangible asset, Telesat assesses whether the additional code is identifiable and meets the recognition criteria under IAS 38. Separately acquired intangible rights (i.e. software licenses in cloud computing arrangements) are normally recognized as assets. |
Satellites, Property and Other Equipment | Satellites, Property and Other Equipment Satellites, property and other equipment, which are carried at cost, less accumulated depreciation and any accumulated impairment losses, include the contractual cost of equipment, capitalized engineering costs, capitalized borrowing costs during the construction or production of qualifying assets, and with respect to satellites, the cost of launch services, and launch insurance. Depreciation is calculated using the straight -line Below are the estimated useful lives in years of satellites, property & other equipment as at December 31, 2023. Years Satellites 3 to 15 Right-of-use assets 2 to 27 Antennas, satellite control & communication equipment 5 to 20 Building, equipment & other 3 to 25 Construction in progress is not depreciated as depreciation only commences when the asset is ready for its intended use. For satellites, depreciation commences on the day the satellite becomes available for service. The investment in each satellite is derecognized when the satellite is retired. When other property is retired from operations at the end of its useful life, the cost of the asset and accumulated depreciation are removed from the accounts. Earnings are credited with the amount of any net salvage value and charged with any net cost of removal. When an asset is sold prior to the end of its useful life, the gain or loss is recognized immediately in other operating gains (losses), net. In the event of an unsuccessful launch or total in -orbit -orbit Liabilities related to decommissioning and restoration of retiring property and other equipment are measured at fair value with a corresponding increase to the carrying amount of the related asset. The liability is accreted over the period of expected cash flows with a corresponding charge to interest expense. The liabilities recorded to date have not been significant and are reassessed at the end of each reporting period. There are no decommissioning or restoration obligations for satellites. |
Satellite Performance Incentive Payments | Satellite Performance Incentive Payments Satellite performance incentive payments are obligations payable to satellite manufacturers over the lives of certain satellites. The present value of the payments is capitalized as part of the cost of the satellite and recognized as part of the depreciation of the satellite. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Tangible fixed assets and finite life intangible assets are assessed for impairment on an annual basis or more frequently when events or changes in circumstances indicate that the carrying value of an asset exceeds the recoverable amount. Tangible fixed assets and finite life intangible assets are also assessed for indicators of impairment or impairment reversals at each reporting period. In cases where there are indicators of impairment, the recoverable amount of the asset, which is the higher of its fair value less costs of disposal and its value in use, is determined. If it is not possible to measure the recoverable amount for a particular asset, the Company determines the recoverable amount of the cash generating unit (“CGU”) with which it is associated. A CGU is the smallest identifiable group of assets that generates cash inflows which are largely independent of the cash inflows from other assets or groups of assets. The Company measures value in use on the basis of the estimated future cash flows to be generated by an asset or CGU. These future cash flows are based on the Company’s latest business plan information and are discounted using rates that best reflect the time value of money and the specific risks associated with the underlying asset or assets in the CGU. The fair value less costs of disposal is the price that would be received to sell an asset or CGU in an orderly transaction between market participants at the measurement date. For the impairment assessment, the fair value is calculated on a recurring basis and is calculated using Level 3 of the fair value hierarchy. An impairment loss is the amount by which the carrying amount of an asset or CGU exceeds its recoverable amount. When an impairment loss subsequently reverses, the carrying amount of the asset (or a CGU) is increased to the revised measure of its recoverable amount, so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or CGU) in prior years. Impairment losses and reversals of impairment losses are recognized in other operating gains (losses), net. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The Company accounts for business combinations using the acquisition method of accounting, which establishes specific criteria for the recognition of intangible assets separately from goodwill. Goodwill represents the excess between the total of the consideration transferred over the fair value of net assets acquired. After initial recognition at cost, goodwill is measured at cost less any accumulated impairment losses. The Company distinguishes intangible assets between assets with finite and indefinite useful lives. Intangible assets with indefinite useful lives are comprised of the Company’s trade name, intellectual property, and orbital slots. These assets are carried at cost less any accumulated impairment losses. Finite life intangible assets, which are carried at cost less accumulated amortization and any accumulated impairment losses, consist of revenue backlog, customer relationships, customer contracts, concession rights, transponder rights, software and patents. Intangible assets with finite lives are amortized over their estimated useful lives using the straight -line Below are the estimated useful lives in years of the finite life intangible assets as at December 31, 2023. Years Revenue backlog 17 Customer relationships 20 to 21 Customer contracts 15 Concession rights 3 to 15 Transponder rights 16 Software 5 Patents 18 |
Impairment of Goodwill and Indefinite Life Intangible Assets | Impairment of Goodwill and Indefinite Life Intangible Assets An assessment for impairment of goodwill and indefinite life intangible assets is performed annually, or more frequently whenever events or changes in circumstances indicate that the carrying amounts of these assets are likely to exceed their recoverable amount. Goodwill is tested for impairment at the entity level as this represents the lowest level within the Company at which the goodwill is monitored for internal management purposes, and is not larger than an operating segment. With the exception of trade name, which has not been allocated to any CGU and is tested for impairment at the asset level, indefinite life intangible assets are tested for impairment at the CGU level. In the case of orbital slots, the CGU is based on geography. A quantitative impairment test consists of assessing the recoverable amount of an asset, which is the higher of its fair value less costs of disposal and its value in use. For the quantitative impairment assessment, fair value is calculated on a recurring basis and is calculated using Level 2 or Level 3 of the fair value hierarchy depending on the valuation approach being utilized. Impairment losses are recognized in other operating gains (losses), net. For indefinite life intangible assets, reversals of impairment losses are also recognized in other operating gains (losses), net. Orbital Slots In performing the orbital slot impairment analysis, the Company determines, for each CGU, the recoverable amount. The recoverable amount is defined as the higher of the fair value less costs of disposal, and its value in use on an annual basis. To the extent that the recoverable amount is less than the carrying value of the asset, an impairment exists and the asset is written down to its recoverable amount. Fair value less costs of disposal is the price that would be received to sell the CGU in an orderly transaction between market participants at the measurement date. In order to determine the fair value less costs of disposal, the Company uses either a market or income approach. Under a market approach, the Company measures what an independent third party would pay to purchase the orbital slots by looking to actual market transactions for similar assets. Under an income approach, the fair value is determined to be the sum of the projected discounted cash flows over a discrete period of time. The value in use amount is the present value of the future cash flows expected to be derived from the CGU. The determination of this amount includes projections of cash inflows from the continuing use of the asset and cash outflows that are required to generate the associated cash inflows. These cash flows are discounted at an appropriate discount rate. Goodwill In performing the goodwill impairment analysis, the Company assesses the recoverable amount of goodwill. The recoverable amount is the higher of the income approach and the market approach. Under the income approach, the sum of the projected discounted cash flows for the next five years, or a longer period if justified by the most recent financial plan approved by management, in addition to a terminal value are used to determine the fair value at the entity level. Under the market approach, the fair value at the entity level is determined based on market multiples derived from comparable public companies. Under both approaches, all assumptions used are based on management’s best estimates. The discount rates are consistent with external sources of information. Trade Name For the purposes of impairment testing, the fair value of the trade name is determined using an income approach, specifically the relief from royalties method. The relief from royalties method is comprised of two major steps: i) ii) In determining the hypothetical royalty rate in the relief from royalties method, the Company considered comparable license agreements, operating earnings benchmarks, an excess earnings analysis to determine aggregate intangible asset earnings, and other qualitative factors. Intellectual Property In performing the intellectual property impairment analysis, the Company determines its recoverable amount. The recoverable amount is the fair value less costs of disposal. To the extent that the recoverable amount is less than the carrying value of the asset, an impairment exists and the asset is written down to its recoverable amount. The Company measures value in use on the basis of the estimated future cash flows to be generated by an asset. These future cash flows are based on the Company’s latest business plan information approved by senior management and are discounted using rates that best reflect the time value of money and the specific risks associated with the underlying asset. |
Financial Instruments | Financial Instruments Financial assets are initially recognized at fair value. Financial assets are measured using one of three measurement approaches (fair value through profit or loss (“FVTPL”), fair value through other comprehensive income (“FVTOCI”), or amortized cost). A financial asset is measured at amortized cost if it is not designated as FVTPL, it is held within a business model whose objective is to hold assets to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVTOCI if it is not designated at FVTPL, it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amounts outstanding. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in OCI. This election is made on an investment by investment basis. All financial assets not classified as measured at amortized cost or FVTOCI as described above are measured at FVTPL. Telesat does not have any financial assets measured at FVTOCI as at December The following accounting policies apply to the subsequent measurement of the Company’s financial assets: • • Financial liabilities are initially measured at fair value. Financial liabilities are classified as amortized cost or FVTPL. Financial liabilities that are classified as amortized cost are measured and recorded at amortized cost in accordance with the effective interest method. Financial liabilities classified as FVTPL are subsequently measured at fair value with changes in fair value recorded in the consolidated statement of income (loss) as part of the gain (loss) on changes in fair value of financial instruments. The Company has used derivative financial instruments to manage its exposure to foreign exchange risk associated with debt denominated in foreign currencies, as well as to reduce its exposure to interest rate risk associated with debt. Currently, the Company does not designate any of its derivative financial instruments as hedging instruments for accounting purposes. All realized and unrealized gains and losses on these derivative financial instruments are recorded in the consolidated statement of income (loss) as part of gain (loss) on changes in fair value of financial instruments. Derivatives, including embedded derivatives that must be separately accounted for, are recorded at fair value on the consolidated balance sheet at inception and marked to market at each reporting period thereafter. Derivatives embedded in financial liabilities and other non -financial -financial Transaction costs for instruments classified as FVTPL are expensed as incurred. Transaction costs that are directly attributable to the acquisition of financial assets and liabilities (other than FVTPL) are added or deducted from the fair value of the financial asset or financial liability on initial recognition. The Company’s financial assets classified as amortized cost and contract assets are subject to impairment requirements. The Company has elected to measure loss allowances for trade receivables and other contract assets at an amount equal to lifetime expected credit loss. The lifetime expected credit losses are the expected credit losses that result from possible default events over the expected life of the instrument. |
Financing Costs | Financing Costs The debt issuance costs related to the Senior Secured Credit Facility, the 6.5% Senior Unsecured Notes (“Senior Unsecured Notes”), the 4.875% Senior Secured Notes (“Senior Secured Notes”) and the 5.625% Senior Secured Notes (“2026 Senior Secured Notes”) are included in current and long -term -term -term -term -line |
Employee Benefit Plans | Employee Benefit Plans Telesat Canada maintains one contributory and three non -contributory -benefit Canada, subject to final regulatory filings and approvals. The combined plan is closed entirely to new members with respect to the defined benefit provisions. The merged plan offers a defined contribution pension to all employees of Telesat Canada and Telesat LEO Inc. effective January Telesat Canada also provides other post -employment In addition, Telesat Canada provides defined contribution pension plans, under certain circumstances, for employees who are not eligible for the defined benefit pension plans. Telesat also provides health care and life insurance benefits for certain retired employees. These benefits are funded primarily on a pay -as-you-go -insurance As a result of the Transaction, the Company has become responsible for the defined benefit plan and health and life insurance benefits for retired employees of Loral. Loral maintained a defined benefit pension plan for its employees. Loral pension plan is a qualified defined benefit pension plan in which only the employees hired prior to July 1, 2006 could participate. Benefits are based primarily on members’ compensation and/or years of service. In addition to pension plan, certain health care and life insurance benefits are also provided to retired employees and dependents. Healthcare benefits end when the retiree reaches age 65. The Company is responsible for adequately funding the defined benefit pension plans. Contributions are made based on actuarial cost methods that are permitted by pension regulatory bodies and reflect assumptions about future investment returns, salary projections and future service benefits. Costs for defined contribution pension plans are recognized as an expense during the year in which the employees have rendered service entitling them to the Company’s contribution. The Company accrues the present value of its obligations under employee benefit plans and the related costs reduced by the fair value of plan assets. Pension costs and other retirement benefits are determined using the projected unit credit method prorated on service and management’s best estimate of expected investment performance, salary escalation, retirement ages of employees and expected health care costs. Pension plan assets are valued at fair value. The discount rate is based on the market interest rate of high quality bonds. Past service costs arising from plan amendments are recognized immediately to the extent that the benefits are already vested, and otherwise are amortized on a straight -line Remeasurements arising from defined benefit pension plans comprise actuarial gains and losses and the return on plan assets (excluding interest). The Company recognizes them immediately in other comprehensive income (loss), which is included in accumulated earnings, in the year in which they occur. The current service costs and administration fees not related to asset management are included in operating expenses. The net interest expense (income) on the net defined benefit liability (asset) for the period is calculated by applying the discount rate used to measure the defined benefit obligation at the beginning of the year to the net defined benefit liability (asset) at the beginning of the year while considering any changes in the net defined benefit liability (asset) during the year as a result of contributions and benefit payments. The net interest expense (income) is included in interest expense. |
Share-Based Compensation Plans | Share-Based Compensation Plans The Company offers equity -settled -based -Scholes |
Restricted Share Units, Performance Share Units and Deferred Share Units | Restricted Share Units, Performance Share Units and Deferred Share Units For each restricted share unit (“RSU”), performance share unit (“PSU”) or deferred share unit (“DSU”) an expense is recorded over the vesting period equal to the fair value of the Non -Voting |
Income Taxes | Income Taxes Income tax expense, comprising current and deferred income tax, is recognized in income except to the extent it relates to items recognized in other comprehensive income (loss) or equity, in which case the income tax expense is recognized in other comprehensive income (loss) or equity, respectively. Current income tax is measured at the amount expected to be paid to the taxation authorities, net of recoveries, based on the tax rates and laws enacted or substantively enacted as at the balance sheet date. Deferred taxes are the result of temporary differences arising between the tax bases of assets and liabilities and their carrying amount. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realized or the liability is settled, based on tax rates and laws that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilized. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that the deferred tax assets will be realized. Unrecognized deferred tax assets are reassessed at each balance sheet date and recognized to the extent that it has become probable that future taxable profit will allow the deferred tax assets to be recovered. Deferred tax assets are netted against the deferred tax liabilities when they relate to income taxes levied by the same taxation authority on either: i) ii) Deferred tax liabilities are recognized for all taxable temporary differences except when the deferred tax liability arises from the initial recognition of goodwill or the initial recognition of an asset or liability in a transaction which is not a business combination. For taxable temporary differences associated with investments in subsidiaries, a deferred tax liability is recognized unless the parent can control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. |
Earnings Per Share | Earnings Per Share For periods prior to the close of the Transaction, basic earnings per share are computed based upon the weighted average number of Common Shares, Non -Voting -controlling For periods subsequent to the close of the Transaction, basic earnings per share are computed based upon the weighted average number of Class A Common Shares, Class B Variable Voting Shares, Class C Fully Voting Shares and Class C Limited Voting Shares during each period. Variable Voting and Limited Voting shares are in all respects identical to and treated equally to voting common shares. For periods prior to the close of the Transaction, diluted earnings per share are based on the weighted average number of common shares as calculated in the basic earnings per share, adjusted for the effect of unvested or unconverted RSUs and stock options that have a dilutive effect. The average market value of the Company’s shares for the purpose of calculating the dilutive effect of the stock options was based on calculated share price of the shares of Telesat Canada, adjusted to consider the impact of the Transaction. For periods subsequent to the close of the Transaction, diluted earnings per share are based on the weighted average number of Common, Limited Voting and Variable Voting shares outstanding during each period, adjusted for the effect of unvested or unconverted RSUs, PSUs, DSUs and stock options which have a dilutive effect. For 2021, the average market value of the Company’s shares for the purposes of calculating the dilutive effect of the stock options was based on the quoted market prices for the period from November 19, 2021 through December 31, 2021. |
Non-Controlling Interests | Non-Controlling Interests Non -controlling -controlling -controlling -by-acquisition -controlling -controlling -controlling The Company reports non -controlling -controlling -controlling -controlling -controlling |
Future Changes in Accounting Policies | Future Changes in Accounting Policies The IASB periodically issues new and amended accounting standards. The new and amended standards determined to be applicable to the Company are disclosed below. The remaining new and amended standards have been excluded as they are not applicable. Amendments to IAS 1 In October 2022, the IASB amended IAS Presentation of Financial Statements -term The amendments specify that covenants to be complied with after the reporting date do not affect the classification of debt as current or non -current -current The amendments are effective for annual reporting periods beginning on or after January 1, 2024 with early adoption permitted. The amendments will not have any impact on the financial statements. |
Change in Accounting Policy (Ta
Change in Accounting Policy (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Change in Accounting Policy [Abstract] | |
Schedule of Cumulative Impact on the Balance Sheet | The cumulative impact on the balance sheet and statement of changes in shareholders’ equity was as follows: As at December 31, 2022 2021 Deferred tax liabilities $ (4,450 ) Accumulated earnings $ 1,071 $ 1,439 Non-controlling interest $ 3,379 $ 4,491 |
Schedule of Impact on the Statements of Income (Loss) and the Statements of Comprehensive Income (Loss) | The impact on the statements of income (loss) and the statements of comprehensive income (loss) was as follows: For the years ended December 31, 2022 2021 Tax (expense) recovery $ (1,480 ) $ 7,342 Net income (loss) per common share attributable to Telesat Corporation shareholders – Basic $ (0.03 ) $ 0.16 Net income (loss) per common share attributable to Telesat Corporation shareholders – Diluted $ (0.03 ) $ 0.16 |
Material Accounting Policy In_2
Material Accounting Policy Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Material Accounting Policy Information [Abstract] | |
Schedule of Estimated Useful Lives in Years of Satellites, Property and Other Equipment | Below are the estimated useful lives in years of satellites, property & other equipment as at December 31, 2023. Years Satellites 3 to 15 Right-of-use assets 2 to 27 Antennas, satellite control & communication equipment 5 to 20 Building, equipment & other 3 to 25 Years Revenue backlog 17 Customer relationships 20 to 21 Customer contracts 15 Concession rights 3 to 15 Transponder rights 16 Software 5 Patents 18 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Information [Abstract] | |
Schedule of Revenue Derived from Services | Revenue derived from the above services were as follows: For the years ended December 31, 2023 2022 2021 Broadcast $ 331,842 $ 358,661 $ 390,815 Enterprise 359,740 388,985 354,126 Consulting and other 12,579 11,523 13,271 Revenue $ 704,161 $ 759,169 $ 758,212 |
Schedule of Equipment Sales within Services | Equipment sales included within the various services were as follows: For the years ended December 31, 2023 2022 2021 Broadcast $ 16 $ 81 $ 67 Enterprise 12,630 28,071 10,023 Revenue $ 12,646 $ 28,152 $ 10,090 |
Schedule of Geographic Regions | Revenue by geographic regions was based on the point of origin of the revenue, which was the destination of the billing invoice, and was allocated as follows: For the years ended December 31, 2023 2022 2021 Canada $ 324,226 $ 330,533 $ 330,832 United States 245,328 289,946 292,474 Asia & Australia 50,651 45,082 38,266 Latin America & Caribbean 48,664 57,842 55,818 Europe, Middle East & Africa 35,292 35,766 40,822 Revenue $ 704,161 $ 759,169 $ 758,212 As at December 31, 2023 2022 Canada $ 782,639 $ 784,261 United Kingdom 446,194 525,672 United States 18,035 36,612 Europe, Middle East & Africa (excluding United Kingdom) 11,395 15,344 All others 2,035 2,195 Satellites, property and other equipment $ 1,260,298 $ 1,364,084 As at December 31, 2023 2022 Canada $ 650,528 $ 698,336 United States 25,999 40,647 Latin America & Caribbean 11,963 12,754 All others 4,266 5,141 Intangible assets $ 692,756 $ 756,878 As at December 31 2023 2022 Canada $ 40,926 $ 47,977 Other long-term assets $ 40,926 $ 47,977 |
Operating Expenses (Tables)
Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Operating Expense [Abstract] | |
Schedule of Operating Expenses | For the years ended December 31, 2023 2022 2021 Compensation and employee benefits (a) $ 117,917 $ 152,154 $ 156,112 Other operating expenses (b) 48,120 52,831 50,622 Cost of sales (c) 38,515 54,004 30,215 Operating expenses $ 204,552 $ 258,989 $ 236,949 (a) -employment -based (b) -orbit (c) -party |
Schedule of Cost of Equipment Sales Included in the Cost of Sales | The cost of equipment sales included in the cost of sales is as follows: For the years ended December 31, 2023 2022 2021 Cost of equipment sale $ 7,546 $ 26,273 $ 6,210 |
Other Operating Gains (Losses_2
Other Operating Gains (Losses), Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Operating Gains (Losses), Net (Tables) [Line Items] | |
Schedule of Other Operating Gains (Losses), Net | For the years ended December 31, 2023 2022 2021 Gain (loss) on disposal of assets $ 59 $ 7 $ (848 ) C-band clearing income 344,892 — 108,463 Impairment (79,740 ) — — Other (212 ) — — Other operating gains (losses), net $ 264,999 $ 7 $ 107,615 |
Interest Expense (Tables)
Interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Interest Expense [Abstract] | |
Schedule of Interest Expense | For the years ended December 31, 2023 2022 2021 Interest on indebtedness $ 252,257 $ 197,491 $ 151,462 Interest on derivative instruments — 3,040 12,503 Interest on satellite performance incentive payments 1,464 1,797 2,236 Interest on significant financing component 15,713 17,229 18,854 Interest on employee benefit plans (Note 32) (607 ) 588 1,440 Interest on leases 1,523 1,611 1,499 Interest expense $ 270,350 $ 221,756 $ 187,994 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Schedule of Income Tax Expense | For the years ended December 31, 2023 2022 2021 (Note 3) (Note 3) Current tax expense (recovery) $ 75,780 $ 77,645 $ 85,219 Deferred tax expense (recovery) 13,816 (26,236 ) (14,184 ) Tax expense (recovery) $ 89,596 $ 51,409 $ 71,035 |
Schedule of Reconciliation of the Statutory Income Tax Rate | A reconciliation of the statutory income tax rate, which is a composite of Canadian federal and provincial rates, to the effective income tax rate was as follows: For the years ended December 31, 2023 2022 2021 (Note 3) (Note 3) Net income (loss) before taxes $ 672,866 $ (30,188 ) $ 233,402 Multiplied by the statutory income tax rates 26.40 % 26.44 % 26.46 % 177,637 (7,982 ) 61,758 Income tax recorded at rates different from the Canadian tax rate (11,518 ) (11,774 ) (38,060 ) Permanent differences (71,741 ) 35,298 8,826 Effect on deferred tax balances due to changes in income tax rates (407 ) 1,870 — Effect of temporary differences not recognized as deferred tax assets (4,661 ) 32,654 44,591 Taxes related to prior periods (2,152 ) 2,072 (4,769 ) Impact of foreign exchange 2,436 (731 ) (1,232 ) Other 2 2 (79 ) Tax expense (recovery) $ 89,596 $ 51,409 $ 71,035 Effective income tax rate 13.32 % (170.30 )% 30.43 % |
Schedule of Carrying Amounts of Assets and Liabilities | The tax effects of temporary differences between the carrying amounts of assets and liabilities for accounting purposes and the amounts used for tax purposes are presented below: As at December 31, 2023 2022 Deferred tax assets Foreign tax credits $ 2,999 $ 7,293 Corporate interest restriction 7,397 9,035 Financing charges 4,412 8,580 Deferred revenue 7,249 8,668 Loss carry forwards 32,330 34,201 Reserves 1,467 1,550 Other 1,268 2,117 Total deferred tax assets $ 57,122 $ 71,444 As at December 31, 2023 2022 Deferred tax liabilities Capital assets $ (76,224 ) $ (105,021 ) Intangible assets (211,491 ) (181,808 ) Employee benefits (1,700 ) (5,877 ) Total deferred tax liabilities (289,415 ) (292,706 ) Deferred tax liabilities, net $ (232,293 ) $ (221,262 ) |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and Other Receivables [Abstract] | |
Schedule of Trade and Other Receivables | As at December 31, 2023 2022 Trade receivables $ 54,024 $ 34,152 Less: allowance for doubtful accounts (6,467 ) (4,901 ) Net trade receivables 47,557 29,251 Deferred receivables 3,347 5,038 Government grant receivable (Note 28) 20,697 2,457 Other receivables 6,688 4,502 Trade and other receivables $ 78,289 $ 41,248 |
Schedule of Allowance for Doubtful Accounts | The movement in the allowance for doubtful accounts was as follows: Years ended December 31, 2023 2022 Allowance for doubtful accounts, beginning of year $ 4,901 $ 5,216 Provisions (reversals) for impaired receivables 2,881 2,339 Receivables written off (1,242 ) (2,924 ) Impact of foreign exchange (73 ) 270 Allowance for doubtful accounts, end of year $ 6,467 $ 4,901 |
Other Current Financial Assets
Other Current Financial Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Current Financial Assets [Abstract] | |
Schedule of Other Current Financial Assets | As at December 31, 2023 2022 Security deposits $ 631 $ 515 Other current financial assets $ 631 $ 515 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Prepaid Expenses and Other Current Assets [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | As at December 31, 2023 2022 Transaction costs (a) $ 39,317 $ 33,695 Prepaid expenses 6,607 14,342 Inventory (b) 4,317 2,023 Deferred charges (c) 247 264 Other 1,681 — Prepaid expenses and other current assets $ 52,169 $ 50,324 (a) (b) (c) |
Other Long-Term Financial Ass_2
Other Long-Term Financial Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Long-Term Financial Assets [Abstract] | |
Schedule of Other Long-Term Financial Assets | As at December 31, 2023 2022 Deferred receivables $ 5,635 $ 8,893 Security deposits 998 816 Other long-term receivables — 767 Other long-term financial assets $ 6,633 $ 10,476 |
Other Long-Term Assets (Tables)
Other Long-Term Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Long-Term Assets [Abstract] | |
Schedule of Other Long-Term Assets | As at December 31, 2023 2022 Pension benefits (Note 32) $ 40,624 $ 47,312 Other 302 302 Prepaid expenses — 116 Deferred charges (Note 13) — 247 Other long-term assets $ 40,926 $ 47,977 |
Satellites, Property and Othe_2
Satellites, Property and Other Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Satellites, Property and Other Equipment (Tables) [Line Items] | |
Schedule of Satellites, Property and Other Equipment | Satellites Antennas, Building, Right-of-use (1) Assets under Total Cost as at January 1, 2022 $ 3,378,510 $ 171,785 $ 85,735 $ 43,380 $ 390,540 $ 4,069,950 Additions — 56 865 921 54,570 56,412 Disposals/retirements — (1,415 ) (2,464 ) (932 ) — (4,811 ) Transfers from assets under construction — 1,862 1,526 — (3,388 ) — Impact of foreign exchange 55,463 2,296 558 983 28,513 87,813 Cost as at December 31, 2022 3,433,973 174,584 86,220 44,352 470,235 4,209,364 Additions — 52 615 1,473 114,090 116,230 Disposals/retirements — (4,433 ) (2,880 ) (156 ) — (7,469 ) Transfers from assets under construction 9,598 4,890 3,530 — (18,018 ) — Impact of foreign exchange (18,810 ) (612 ) (103 ) (316 ) (12,166 ) (32,007 ) Cost as at December 31, 2023 $ 3,424,761 $ 174,481 $ 87,382 $ 45,353 $ 554,141 $ 4,286,118 Accumulated depreciation and impairment as at January 1, 2022 $ (2,445,367 ) $ (129,864 ) $ (57,689 ) $ (7,342 ) $ — $ (2,640,262 ) Depreciation (172,331 ) (8,786 ) (4,313 ) (3,325 ) — (188,755 ) Disposals/retirements — 1,414 2,296 462 — 4,172 Impact of foreign exchange (18,734 ) (945 ) (517 ) (239 ) — (20,435 ) Accumulated depreciation and impairment as at December 31, 2022 (2,636,432 ) (138,181 ) (60,223 ) (10,444 ) — (2,845,280 ) Depreciation (167,393 ) (7,996 ) (4,118 ) (3,162 ) — (182,669 ) Impairment (13,787 ) — — — — (13,787 ) Disposals/retirements — 4,497 2,921 156 — 7,574 Impact of foreign exchange 8,053 296 (114 ) 107 — 8,342 Accumulated depreciation and impairment as at December 31, 2023 $ (2,809,559 ) $ (141,384 ) $ (61,534 ) $ (13,343 ) $ — $ (3,025,820 ) Net carrying values As at December 31, 2022 $ 797,541 $ 36,403 $ 25,997 $ 33,908 $ 470,235 $ 1,364,084 As at December 31, 2023 $ 615,202 $ 33,097 $ 25,848 $ 32,010 $ 554,141 $ 1,260,298 (1) -of-use |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets [Abstract] | |
Schedule of Indefinite Life Intangible Assets | The indefinite life intangible assets are summarized below. Orbital slots Trade name Intellectual Total indefinite Cost as at January 1, 2022 $ 606,945 $ 17,000 $ 64,392 $ 688,337 Impact of foreign exchange 2,797 — 4,673 7,470 Cost as at December 31, 2022 609,742 17,000 69,065 695,807 Additions — — 16,416 16,416 Impact of foreign exchange (949 ) — (1,585 ) (2,534 ) Cost as at December 31, 2023 $ 608,793 $ 17,000 $ 83,896 $ 709,689 Accumulated impairment as at January 1, 2022 $ (1,100 ) $ — $ — $ (1,100 ) Impairment — — — — Accumulated impairment as at December 31, 2022 (1,100 ) — — (1,100 ) Impairment (65,953 ) — — (65,953 ) Impact of foreign exchange 173 — — 173 Accumulated impairment as at December 31, 2023 $ (66,880 ) $ — $ — $ (66,880 ) Net carrying values As at December 31, 2022 $ 608,642 $ 17,000 $ 69,065 $ 694,707 As at December 31, 2023 $ 541,913 $ 17,000 $ 83,896 $ 642,809 |
Schedule of Finite Life Intangible Assets | The finite life intangible assets are summarized below. Revenue Customer Customer Transponder Concession Software Other Total Cost as at January 1, 2022 $ 223,664 $ 194,526 $ 12,618 $ 16,718 $ 21,077 $ 1,193 $ 59 $ 469,855 Additions — — — — 71 — — 71 Impact of foreign exchange — 201 — — 2,720 — — 2,921 Cost as at December 31, 2022 223,664 194,727 12,618 16,718 23,868 1,193 59 472,847 Additions — — — — 56 — — 56 Impact of foreign exchange — (68 ) — — 1,575 — — 1,507 Cost as at December 31, 2023 $ 223,664 $ 194,659 $ 12,618 $ 16,718 $ 25,499 $ 1,193 $ 59 $ 474,410 Accumulated amortization and impairment as at January 1, 2022 $ (214,571 ) $ (147,772 ) $ (8,390 ) $ (15,100 ) $ (8,434 ) $ (119 ) $ (47 ) $ (394,433 ) Amortization (4,375 ) (6,872 ) (844 ) (1,079 ) (1,568 ) (238 ) (3 ) (14,979 ) Impact of foreign exchange — (153 ) — — (1,111 ) — — (1,264 ) Accumulated amortization and impairment as at December 31, 2022 (218,946 ) (154,797 ) (9,234 ) (16,179 ) (11,113 ) (357 ) (50 ) (410,676 ) Amortization (2,916 ) (6,879 ) (845 ) (539 ) (1,672 ) (239 ) (3 ) (13,093 ) Impact of foreign exchange — 57 — — (751 ) — — (694 ) Accumulated amortization and impairment as at December 31, 2023 $ (221,862 ) $ (161,619 ) $ (10,079 ) $ (16,718 ) $ (13,536 ) $ (596 ) $ (53 ) $ (424,463 ) Net carrying values As at December 31, 2022 $ 4,718 $ 39,930 $ 3,384 $ 539 $ 12,755 $ 836 $ 9 $ 62,171 As at December 31, 2023 $ 1,802 $ 33,040 $ 2,539 $ — $ 11,963 $ 597 $ 6 $ 49,947 |
Schedule of Indefinite and Finite Life Intangible Assets | The total combined indefinite and finite life intangible assets are summarized below. As at December 31, 2023 As at December 31, 2022 Cost Accumulated Net carrying Cost Accumulated Net carrying Indefinite life intangibles $ 709,689 $ (66,880 ) $ 642,809 $ 695,807 $ (1,100 ) $ 694,707 Finite life intangibles 474,410 (424,463 ) 49,947 472,847 (410,676 ) 62,171 Total intangibles $ 1,184,099 $ (491,343 ) $ 692,756 $ 1,168,654 $ (411,776 ) $ 756,878 |
Schedule of Remaining Useful Lives of the Intangible Assets | The following are the remaining useful lives of the intangible assets: Years Revenue backlog 1 Customer relationships 3 to 5 Customer contracts 3 Concession rights 1 to 14 Software 2 Patent 2 |
Schedule of Discount Rates | Discount rates reflect management’s estimates of the specific risks. Management uses a weighted average cost of capital as a discount rate. The discount rates used was the following: 2023 2022 GEO royalties 9.5% 9.0% LEO royalties Midpoint between 15% and 20% Midpoint between 15% and 20% |
Schedule of Long-Term Growth Rate | Growth rate assumptions used to extrapolate the cash flows beyond the business planning period are based on commercial experience and the expectations for the development of the markets which they serve. The long -term 2023 2022 GEO — % — % LEO 2.0 % 2.0 % |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill [Abstract] | |
Schedule of Weighted Average Cost of Capital as Discount Rate | Discount rates reflect management’s estimates of the specific risks. Management uses a weighted average cost of capital as a discount rate. The discount rates used in the calculation are presented below: 2023 2022 GEO 9.5% 9.0% LEO Midpoint between 15% and 20% Midpoint between 15% and 20% U.S. C-band clearing proceeds N/A 9.0% |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and Other Payables [Abstract] | |
Schedule of Trade and Other Payables | As at December 31, 2023 2022 Trade payables $ 4,570 $ 1,976 Other payables and accrued liabilities (a) 39,056 41,579 Trade and other payables $ 43,626 $ 43,555 (a) |
Other Current Financial Liabi_2
Other Current Financial Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Current Financial Liabilities [Abstract] | |
Schedule of Other Current Financial Liabilities | As at December 31, 2023 2022 Security deposits $ 623 $ 632 Satellite performance incentive payments 4,522 6,567 Interest payable (a) 21,719 38,536 Other 2,197 2,662 Other current financial liabilities $ 29,061 $ 48,397 (a) |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Current Liabilities [Abstract] | |
Schedule of Other Current Liabilities | As at December 31, 2023 2022 Deferred revenue (Note 23) $ 55,111 $ 66,828 Decommissioning liabilities (Note 23) 231 975 Uncertain tax positions 1,315 1,315 Lease liabilities 2,217 2,120 Other 4,245 4,730 Other current liabilities $ 63,119 $ 75,968 |
Other Long-Term Financial Lia_2
Other Long-Term Financial Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Long-Term Financial Liabilities [Abstract] | |
Schedule of Other Long-Term Financial Liabilities | As at December 31, 2023 2022 Security deposits $ 1,189 $ 1,106 Satellite performance incentive payments 13,749 18,557 Other long-term financial liabilities $ 14,938 $ 19,663 |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Long-Term Liabilities [Abstract] | |
Schedule of Other Long-Term Liabilities | As at December 31, 2023 2022 Deferred revenue (b) $ 224,329 $ 259,579 Accrued benefit liabilities (Note 32) 32,352 32,862 Uncertain tax positions 175 175 Decommissioning liabilities (a) 2,463 2,453 Lease liabilities (c) 31,122 31,986 Other long-term liabilities $ 290,441 $ 327,055 (a) -term $Nil $Nil (b) -cancellable (c) |
Schedule of Expects the Backlog Revenue Recognized and Undiscounted Contractual Cash Flows of the Lease Liabilities | The Company expects the backlog as at December 31, 2023 to be recognized as follows (in millions of Canadian dollars): 2024 2025 2026 2027 2028 Thereafter Total $ 454 $ 277 $ 202 $ 131 $ 68 $ 216 $ 1,348 2024 2025 2026 2027 2028 Thereafter Total $ 3,785 $ 3,710 $ 3,067 $ 2,886 $ 2,917 $ 30,841 $ 47,206 |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Indebtedness [Abstract] | |
Schedule of Indebtedness | As at December 31, 2023 2022 Senior Secured Credit Facilities Revolving Credit Facility $ — $ — Term Loan B – U.S. Facility 1,882,846 2,104,685 Senior Unsecured Notes 390,669 528,606 2026 Senior Secured Notes 528,449 677,700 Senior Secured Notes 397,283 542,160 3,199,247 3,853,151 Deferred financing costs, prepayment options and loss on repayment (2,228 ) (3,070 ) 3,197,019 3,850,081 Less: current indebtedness — — Long-term indebtedness $ 3,197,019 $ 3,850,081 |
Schedule of Short-Term and Long-Term Portions of Deferred Financing Costs, Prepayment Options and Loss on Repayment | The short -term -term As at December 31, 2023 2022 Short-term deferred financing costs $ — $ — Long-term deferred financing costs 14,298 21,470 $ 14,298 $ 21,470 Short-term prepayment options $ — $ — Long-term prepayment options (10,961 ) (16,832 ) $ (10,961 ) $ (16,832 ) Short-term loss on repayment $ — $ — Long-term loss on repayment (1,109 ) (1,568 ) $ (1,109 ) $ (1,568 ) Deferred financing costs, prepayment options and loss on repayment $ 2,228 $ 3,070 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share Capital (Tables) [Line Items] | |
Schedule of Number of Shares and Stated Value of Outstanding Shares | The number of shares and stated value of the outstanding shares were as follows: December 31, December 31, Number of Stated Number of Stated Telesat Public Shares 13,497,501 $ 44,912 12,692,450 $ 40,214 Class C Shares 112,841 6,340 112,841 6,340 13,610,342 $ 51,252 12,805,291 $ 46,554 |
Telesat Public Shares [Member] | |
Share Capital (Tables) [Line Items] | |
Schedule of Number of Shares and Stated Value of Outstanding Shares | The breakdown of the number of Telesat Public Shares, as at December 31, 2023, was as follows: Telesat Public shares Class A Common shares 1,242,656 Class B Variable Voting shares 12,254,845 Total Telesat Public shares 13,497,501 |
Limited Partnership units [Member] | |
Share Capital (Tables) [Line Items] | |
Schedule of Number of Shares and Stated Value of Outstanding Shares | The number and stated value of the outstanding Limited Partnership units (“LP Units”) of Telesat Partnership LP were as follows: December 31, December 31, Number of Stated Number of Stated Class A and Class B LP Units 18,321,792 $ 50,141 18,854,265 $ 51,598 Class C LP Units 18,098,362 38,893 18,098,362 38,893 36,420,154 $ 89,034 36,952,627 $ 90,491 |
Class A and Class B LP Units [Member] | |
Share Capital (Tables) [Line Items] | |
Schedule of Number of Shares and Stated Value of Outstanding Shares | The breakdown of the number of Class A and Class B LP units, as at December 31, 2023, was as follows: Class A and Class B LP Units Class A LP Units 12,500 Class B LP Units 18,309,292 Total Class A and Class B LP Units 18,321,792 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Per Share | The following table presents reconciliations of the numerators of the basic and diluted per share computations: For the years ended December 31, 2023 2022 2021 Net income (loss) attributable to Telesat Corporation Shares $ 157,118 $ (23,764 ) $ 92,532 Effect of diluted securities 15,486 — — Diluted net income (loss) attributable to Telesat Corporation $ 172,604 $ (23,764 ) $ 92,532 |
Schedule of Reconciliations of the Denominators of the Basic and Diluted Per Share | The following table presents reconciliations of the denominators of the basic and diluted per share computations: 2023 2022 2021 Basic total weighted average number of Telesat Public Shares and 13,417,290 12,311,264 45,168,650 Effect of diluted securities Stock options 51,617 — 422,326 RSUs 1,435,113 — 1,029,519 DSUs 91,587 — — PSUs 292,614 — — Diluted total weighted average number of Telesat Public Shares and Class C Shares (Telesat Canada Common Shares) outstanding 15,288,221 12,311,264 46,620,495 |
Capital Disclosures (Tables)
Capital Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Capital Disclosures [Abstract] | |
Schedule of Capital | The Company’s capital was as follows: As at December 31, 2023 2022 Shareholders’ equity (excluding reserves) $ 585,310 $ 402,827 Non-controlling interest $ 1,737,065 $ 1,358,716 Debt financing (excluding deferred financing costs, prepayment options and loss on repayment) $ 3,199,247 $ 3,853,151 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Schedule Maturity of Financial Assets | The following table provides breakdown by maturity of financial assets as at December 31, 2023: Carrying Contractual cash flows 2024 2025 2026 2027 2028 Thereafter Cash and cash equivalents $ 1,669,089 $ 1,669,089 $ — $ — $ — $ — $ — Trade and other receivables, excluding deferred receivables 74,942 74,942 — — — — — Deferred receivables 8,982 3,347 1,308 1,411 664 549 1,703 Other financial assets 1,629 631 — — — — 998 $ 1,754,642 $ 1,748,009 $ 1,308 $ 1,411 $ 664 $ 549 $ 2,701 |
Schedule of Contractual Maturities of Financial Liabilities | The contractual maturities of financial liabilities as at December 31, 2023 were as follows: Carrying Contractual 2024 2025 2026 2027 2028 Thereafter Trade and other payables $ 43,626 $ 43,626 $ 43,626 $ — $ — $ — $ — $ — Customer and other deposits 1,620 1,620 623 634 50 — 163 150 Satellite performance incentive payments 18,367 22,457 5,549 3,255 3,316 2,533 2,422 5,382 Other financial liabilities 2,389 2,389 2,389 — — — — — Indebtedness (1) 3,220,870 3,943,253 249,822 234,839 2,635,564 823,028 — — $ 3,286,872 $ 4,013,345 $ 302,009 $ 238,728 $ 2,638,930 $ 825,561 $ 2,585 $ 5,532 (1) |
Schedule of Interest Payable and Interest Payments | The interest payable and interest payments included in the carrying value and contractual cash flows, respectively, in the above table, were as follows: Interest Interest Satellite performance incentive payments $ 96 $ 4,186 Indebtedness $ 21,623 $ 744,006 |
Schedule of Financial Assets and Financial Liabilities and Fair Values Hierarchy | Financial assets and liabilities recorded on the balance sheets and the fair value hierarchy levels used to calculate those values were as follows: As at December 31, 2023 Amortized Fair value Fair value Cash and cash equivalents $ 1,669,089 $ 1,669,089 Level 1 Trade and other receivables 78,289 78,289 (1) Other current financial assets 631 631 Level 1 Other long-term financial assets 6,633 6,633 Level 1 Trade and other payables (43,626 ) (43,626 ) (1) Other current financial liabilities (29,061 ) (29,300 ) Level 2 Other long-term financial liabilities (14,938 ) (14,388 ) Level 2 Indebtedness (2) (3,199,247 ) (1,950,811 ) Level 2 $ (1,532,230 ) $ (283,483 ) As at December 31, 2022 Amortized Fair value Fair value Cash and cash equivalents $ 1,677,792 $ 1,677,792 Level 1 Trade and other receivables 41,248 41,248 (1) Other current financial assets 515 515 Level 1 Other long-term financial assets 10,476 10,476 Level 1 Trade and other payables (43,555 ) (43,555 ) (1) Other current financial liabilities (48,397 ) (49,500 ) Level 2 Other long-term financial liabilities (19,663 ) (19,164 ) Level 2 Indebtedness (2) (3,853,151 ) (1,684,897 ) Level 2 $ (2,234,735 ) $ (67,085 ) (2) |
Schedule of Calculation of Fair Value of the Indebtednes | The calculation of the fair value of the indebtedness is performed on a recurring basis. The rates used were as follows: As at December 31 2023 2022 U.S. TLB Facility 63.75 % 45.63 % Senior Unsecured Notes 47.31 % 29.90 % Senior Secured Notes 59.42 % 45.71 % 2026 Senior Secured Notes 62.38 % 47.02 % |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Compensation Plans [Abstract] | |
Schedule of Share-Based Compensation Expense Included in the Consolidated Statements of Income (Loss) | The share -based For the years ended December 31, 2023 2022 2021 Operating expenses $ 33,015 $ 67,428 $ 73,723 |
Schedule of Number of Stock Options Outstanding and their Weighted Average Exercise price | The change in number of stock options outstanding and their weighted average exercise price for the Historic Plan were summarized below: Telesat Corporation Number of Weighted Outstanding at December 31, 2021 and January 1, 2022 900,789 $ 48.77 Forfeited (107,122 ) Outstanding at December 31, 2022 793,667 $ 50.30 Exercised (1,000 ) Expired (579,459 ) Forfeited (13,574 ) Outstanding at December 31, 2023 199,634 $ 38.76 Telesat Corporation Number of Weighted Outstanding at December 31, 2021 and January 1, 2022 — Granted 285,149 Outstanding at December 31, 2022 and January 1, 2023 285,149 $ 16.64 Forfeited (32,403 ) Granted 550,519 Outstanding at December 31, 2023 803,265 $ 13.38 |
Schedule of Stock Options that are Exercisable and the Weighted Average Remaining Life | The quantity of stock options that are exercisable and the weighted average remaining life were as follows: As at December 31, 2023 2022 Telesat Corporation time vesting options 195,295 782,229 Weighted average remaining life 1 year 1 year |
Schedule of Share-Based Compensation Expense for Stock Options Using the Black-Scholes Option Pricing Model | The weighted average assumptions used to determine the share -based -Scholes As at December 31, 2021 Dividend yield — % Expected volatility 35.0 % Risk-free interest rate 1.85 % Expected life (years) 10 2023 2022 Dividend yield — % — % Expected volatility 50.0 % 50.0 % Risk-free interest rate 3.75 % 2.85 % Expected life (years) 10 10 |
Schedule of Number of Restricted Share Units Outstanding | The movement in the number of RSUs under the Historic Plan were as follows: RSUs with RSUs with Outstanding, December 31, 2021 and January 1, 2022 1,363,501 124,080 Settled (390,163 ) — Outstanding, December 31, 2022 and January 1, 2023 973,338 124,080 Forfeited (47,564 ) — Settled (408,086 ) — Outstanding, December 31, 2023 517,688 124,080 RSUs with PSUs with DSUs Outstanding, December 31, 2021 and January 1, 2022 — — — Granted 382,364 140,583 46,576 Settled (20,983 ) — — Forfeited (10,310 ) — — Outstanding, December 31, 2022 and January 1, 2023 351,071 140,583 46,576 Granted 577,536 281,683 78,040 Settled (124,036 ) — — Forfeited (19,846 ) (47,129 ) — Outstanding, December 31, 2023 784,725 375,137 124,616 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Employee Benefit Plans [Abstract] | |
Schedule of Expenses Included on Consolidated Statements of Income (Loss) and Consolidated Statements of Comprehensive Income (Loss) | The expenses included on the consolidated statements of income (loss) and the consolidated statements of comprehensive income (loss) were as follows: For the year ended December 31, 2023 Pension Plans Other Post-employment Canadian US Total Canadian US Total Consolidated statements of income (loss) Operating expenses $ 4,524 $ 684 $ 5,208 $ 466 $ — $ 466 Interest expense (income) $ (2,294 ) $ 567 $ (1,727 ) $ 927 $ 193 $ 1,120 Consolidated statements of comprehensive income (loss) Actuarial (gains) losses on employee benefit plans $ 4,753 $ (1,224 ) $ 3,529 $ 1,364 $ 157 $ 1,521 For the year ended December 31, 2022 Pension Plans Other Post-employment Canadian US Total Canadian US Total Consolidated statements of income (loss) Operating expenses $ 6,337 $ 540 $ 6,877 $ 710 $ — $ 710 Interest expense $ (799 ) $ 533 $ (266 ) $ 731 $ 123 $ 854 Consolidated statements of comprehensive income (loss) Actuarial (gains) losses on employee benefit plans $ (19,560 ) $ (7,348 ) $ (26,908 ) $ (5,346 ) $ (1,028 ) $ (6,374 ) For the year ended December 31, 2021 Pension Plans Other Post-employment Canadian US Total Canadian US Total Consolidated statements of income (loss) Operating expenses $ 7,893 $ 74 $ 7,967 $ 166 $ — $ 166 Interest expense $ 743 $ 53 $ 796 $ 552 $ 92 $ 644 Consolidated statements of comprehensive income (loss) Actuarial (gains) losses on employee benefit plans $ (55,582 ) $ (798 ) $ (56,380 ) $ 987 $ (29 ) $ 958 |
Schedule of Balance Sheet Obligations, Distributed Between Pension and Other Post-Employment Benefits | The balance sheet obligations, distributed between pension and other post -employment As at December 31, 2023 2022 Included in other long-term liabilities Pension benefits $ 8,633 $ 11,117 Other post-employment benefits 23,719 21,745 Accrued benefit liabilities (Note 23) $ 32,352 $ 32,862 Included in other long-term assets Pension benefits (Note 15) $ 40,624 $ 47,312 |
Schedule of Balance Sheets and the Funded Statuses of the Benefit Plans | The amounts recognized in the balance sheets and the funded statuses of the benefit plans were as follows: Pension Plans Other Post-employment As at December 31, 2023 Canadian US Total Canadian US Total Present value of funded obligations $ 306,251 $ 58,546 $ 364,797 $ — $ — $ — Fair value of plan assets (348,170 ) (49,913 ) (398,083 ) — — — (41,919 ) 8,633 (33,286 ) — — — Present value of unfunded obligations 1,295 — 1,295 19,999 3,720 23,719 (Pension benefits) accrued benefit liabilities $ (40,624 ) $ 8,633 $ (31,991 ) $ 19,999 $ 3,720 $ 23,719 Pension Plans Other Post-employment As at December 31, 2022 Canadian US Total Canadian US Total Present value of funded obligations $ 275,581 $ 58,835 $ 334,416 $ — $ — $ — Fair value of plan assets (324,069 ) (47,718 ) (371,787 ) — — — (48,488 ) 11,117 (37,371 ) — — — Present value of unfunded obligations 1,176 — 1,176 17,888 3,857 21,745 (Pension benefits) accrued benefit liabilities $ (47,312 ) $ 11,117 $ (36,195 ) $ 17,888 $ 3,857 $ 21,745 |
Schedule of Changes in the Benefit Obligations and Fair Value of Plan Assets | The changes in the benefit obligations and in the fair value of plan assets were as follows: Pension Plans Other Post-employment As at December 31, 2023 Canadian US Total Canadian US Total Change in benefits obligations Benefit obligation, January 1, 2023 $ 276,757 $ 58,835 $ 335,592 $ 17,888 $ 3,857 $ 21,745 Current service cost 4,013 684 4,697 466 — 466 Interest expense 14,172 3,010 17,182 927 193 1,120 Remeasurements Actuarial gains arising from plan experience 6,341 (353 ) 5,988 — 122 122 Actuarial gains from change in demographic assumptions — — — — — — Actuarial gains from changes in financial 18,911 1,182 20,093 1,364 35 1,399 Benefits paid (13,768 ) (3,457 ) (17,225 ) (646 ) (403 ) (1,049 ) Contributions by plan participants 928 — 928 — — — Foreign exchange & other 192 (1,355 ) (1,163 ) — (84 ) (84 ) Benefit obligation, December 31, 2023 307,546 58,546 366,092 19,999 3,720 23,719 Change in fair value of plan assets Fair value of plan assets, January 1, 2023 (324,069 ) (47,718 ) (371,787 ) — — — Contributions by plan participants (928 ) — (928 ) — — — Contributions by employer (net of transfer to other plans) (487 ) (2,275 ) (2,762 ) (646 ) (403 ) (1,049 ) Interest income (16,466 ) (2,443 ) (18,909 ) — — — Benefits paid 13,768 3,457 17,225 646 403 1,049 Remeasurements Return on plan assets, excluding interest (20,499 ) (2,053 ) (22,552 ) — — — Administrative costs 511 — 511 — — — Foreign exchange & other — 1,119 1,119 — — — Fair value of plan assets, December 31, (348,170 ) (49,913 ) (398,083 ) — — — (Pension benefits) accrued benefit liabilities, December 31, 2023 $ (40,624 ) $ 8,633 $ (31,991 ) $ 19,999 $ 3,720 $ 23,719 Pension Plans Other Post-employment As at December 31, 2022 Canadian US Total Canadian US Total Change in benefits obligations Benefit obligation, January 1, 2022 $ 349,635 $ 72,906 $ 422,541 $ 22,429 $ 4,865 $ 27,294 Current service cost 5,902 540 6,442 710 — 710 Interest expense 11,238 2,108 13,346 731 123 854 Remeasurements Actuarial gains arising from plan experience 9,258 (123 ) 9,135 — (111 ) (111 ) Actuarial gains from change in demographic assumptions — — — — — — Actuarial gains from changes in financial assumptions (86,378 ) (18,751 ) (105,129 ) (5,346 ) (917 ) (6,263 ) Benefits paid (14,073 ) (3,116 ) (17,189 ) (636 ) (437 ) (1,073 ) Contributions by plan participants 935 — 935 — — — Foreign exchange & other 240 5,271 5,511 — 334 334 Benefit obligation, December 31, 2022 276,757 58,835 335,592 17,888 3,857 21,745 Change in fair value of plan assets Fair value of plan assets, January 1, 2022 (379,740 ) (54,979 ) (434,719 ) — — — Contributions by plan participants (935 ) — (935 ) — — — Contributions by employer (3,348 ) (1,807 ) (5,155 ) (636 ) (437 ) (1,073 ) Interest income (12,037 ) (1,575 ) (13,612 ) — — — Benefits paid 14,073 3,116 17,189 636 437 1,073 Remeasurements Return on plan assets, excluding interest income 57,560 11,526 69,086 — — — Administrative costs 435 — 435 — — — Foreign exchange & other (77 ) (3,999 ) (4,076 ) — — — Fair value of plan assets, December 31, (324,069 ) (47,718 ) (371,787 ) — — — (Pension benefits) accrued benefit liabilities, December 31, 2022 $ (47,312 ) $ 11,117 $ (36,195 ) $ 17,888 $ 3,857 $ 21,745 |
Schedule of Estimated Future Benefit Payments for Defined Benefit Pension Plans and Other Post-Employment Benefit Plans | The estimated future benefit payments for the defined benefit pension plans and other post -employment Pension Other Post- 2024 $ 18,207 $ 1,177 2025 $ 19,284 $ 1,310 2026 $ 20,244 $ 1,333 2027 $ 20,985 $ 1,418 2028 $ 21,615 $ 1,473 2029 to 2033 $ 113,881 $ 7,669 |
Schedule of Fair Value of the Plan Assets Were Allocated Between the Various Types of Investments | The fair value of the plan assets were allocated as follows between the various types of investments: As at December 31, 2023 2022 Equity securities Canada 22.0 % 22.5 % United States 13.8 % 13.7 % International (other than United States) 13.6 % 15.5 % Emerging markets 4.7 % 5.0 % Fixed income instruments Canada 43.8 % 40.6 % Cash and cash equivalents 2.1 % 2.7 % US Pension Plans As at December 31, 2023 2022 Equity securities United States 25.9 % 24.2 % Canada 1.0 % — International 18.7 % 20.6 % Fixed income instruments United States 27.4 % 32.2 % Canada 0.1 % 0.5 % International 5.2 % 7.1 % Other investments United States 14.2 % 10.5 % Canada 0.4 % — International 7.1 % 4.9 % |
Schedule of Significant Assumptions Adopted in Measuring the Company’s Pension and Other Benefit Obligations | The following are the significant assumptions adopted in measuring the Company’s pension and other benefit obligations: Canadian US As at December 31, 2023 2022 2023 2022 Actuarial benefit obligation Discount rate 5.15 % 3.20 % 5.10 % 5.30 % Benefit costs for the year ended Discount rate 5.20 % 3.40 % 5.30 % 2.85 % Future salary growth 2.50 % 2.50 % N/A N/A |
Schedule of Other Post-Employment Benefit Plans | Canadian US As at December 31, 2023 2022 2023 2022 Benefit costs for the year ended Discount rate 5.20% 3.40% 5.30% 2.50% to 2.85% Health care cost trend rate 4.04% to 6.04% 4.04% to 6.04% N/A N/A Other medical trend rates 4.00% to 5.11% 4.00% to 5.11% N/A N/A |
Schedule of Impact on Defined Benefit Obligation from One Percent Increase or Decrease Change in Assumptions | Canadian US As at December 31, 2023 1% increase 1% decrease 1% increase 1% decrease Discount rate $ (35,279 ) $ 40,962 $ (5,472 ) $ 6,504 Future salary growth $ 3,676 $ (5,305 ) N/A N/A Canadian US As at December 31, 2022 1% increase 1% decrease 1% increase 1% decrease Discount rate $ (30,894 ) $ 38,220 $ (5,577 ) $ 6,641 Future salary growth $ 4,875 $ (4,024 ) N/A N/A Other Post-employment Benefit Plans Canadian US As at December 31, 2023 1% increase 1% decrease 1% increase 1% decrease Discount rate $ (2,300 ) $ 2,842 $ (241 ) $ 273 Medical and dental trend rates $ 476 $ (456 ) N/A N/A Canadian US As at December 31, 2022 1% increase 1% decrease 1% increase 1% decrease Discount rate $ (2,008 ) $ 2,477 $ (261 ) $ 296 Medical and dental trend rates $ 1,654 $ (1,392 ) N/A N/A |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash and cash equivalents were comprised of the following: As at December 31, 2023 2022 2021 Cash $ 1,423,902 $ 1,669,257 $ 1,368,559 Short-term investments (1) 245,187 8,535 81,034 Cash and cash equivalents $ 1,669,089 $ 1,677,792 $ 1,449,593 (1) -term |
Schedule of Income Taxes Paid, Net of Income Taxes Received | Income taxes paid, net of income taxes received was comprised of the following: For the years ended December 31, 2023 2022 2021 Income taxes paid $ (67,342 ) $ (98,787 ) $ (94,290 ) Income taxes received 501 644 48 $ (66,841 ) $ (98,143 ) $ (94,242 ) |
Schedule of Interest Paid, Net of interest Received | Interest paid, net of interest received was comprised of the following: For the years ended December 31, 2023 2022 2021 Interest paid $ (271,925 ) $ (184,776 ) $ (158,806 ) Interest received 62,664 21,663 4,373 $ (209,261 ) $ (163,113 ) $ (154,433 ) |
Schedule of Reconciliation of Liabilities arising from Financing Activities | The reconciliation of the liabilities arising from financing activities were as follows: Indebtedness Satellite Lease Balance as at January 1, 2023 $ 3,850,081 $ 25,124 $ 34,106 Cash outflows (344,014 ) (6,385 ) (2,171 ) Amortization of deferred financing costs, prepayment options and loss on repayment 1,028 — — Gain on repurchase of debt (230,080 ) — — Non-cash additions — — 1,473 Interest paid — — (1,523 ) Interest accrued — — 1,523 Non-cash disposals — — — Impact of foreign exchange (79,996 ) (468 ) (69 ) Balance as at December 31, 2023 $ 3,197,019 $ 18,271 $ 33,339 Indebtedness Satellite Lease Balance as at January 1, 2022 $ 3,792,597 $ 30,344 $ 35,678 Cash outflows (97,234 ) (6,667 ) (2,498 ) Amortization of deferred financing costs, prepayment options and loss on repayment 842 — — Gain on repurchase of debt (106,916 ) — — Non-cash additions — — 376 Interest paid — — (1,611 ) Interest accrued — — 1,611 Non-cash disposals — — (558 ) Impact of foreign exchange 260,792 1,447 1,108 Balance as at December 31, 2022 $ 3,850,081 $ 25,124 $ 34,106 Indebtedness Satellite Lease Balance as at January 1, 2021 $ 3,187,152 $ 37,574 $ 29,051 Cash outflows — (6,914 ) (2,178 ) Cash inflows 619,900 — — Debt issue costs (6,834 ) — — Prepayment option at inception – 2026 Senior Secured Notes 1,896 — — Amortization of deferred financing costs, prepayment options and loss on repayment 558 — — Non-cash additions — — 10,074 Interest paid — — (1,499 ) Interest accrued — — 1,499 Non-cash disposals — — (939 ) Impact of foreign exchange (10,075 ) (316 ) (330 ) Balance as at December 31, 2021 $ 3,792,597 $ 30,344 $ 35,678 |
Schedule of Net Change in Operating Assets and Liabilities | The net change in operating assets and liabilities was comprised of the following: For the years ended December 31, 2023 2022 2021 Trade and other receivables $ (24,431 ) $ 2,298 $ (55,426 ) Financial assets 3,437 4,946 3,206 Other assets (7,322 ) (6,395 ) (21,017 ) Trade and other payables (4,085 ) (7,068 ) 14,071 Financial liabilities (639 ) (2,028 ) 4,210 Other liabilities (6,172 ) 1,503 (3,669 ) $ (39,212 ) $ (6,744 ) $ (58,625 ) |
Schedule of Non-Cash Investing Activities | Non -cash For the years ended December 31, 2023 2022 2021 Satellite, property and other equipment $ (5,921 ) $ 3,187 $ 10,406 Intangible assets $ 3,204 $ — $ — C-band clearing proceeds $ — $ — $ (64,289 ) |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingent Liabilities [Abstract] | |
Schedule of Off-Balance Sheet Contractual Obligations | The following were the Company’s off -balance 2024 2025 2026 2027 2028 Thereafter Total Property leases $ 1,110 $ 1,120 $ 1,119 $ 980 $ 966 $ 10,226 $ 15,521 Capital commitments 76,938 55,091 5,297 5,959 — — 143,285 Other operating commitments 31,486 14,076 9,379 8,346 18,749 68,021 150,057 $ 109,534 $ 70,287 $ 15,795 $ 15,285 $ 19,715 $ 78,247 $ 308,863 |
Subsidiaries (Tables)
Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subsidiaries [Abstract] | |
Schedule of Companies Included in Scope of Consolidation | The list of significant companies included in the scope of consolidation as at December 31, 2023 and 2022 was as follows: Company Country Method of Consolidation % voting (1) Infosat Communications LP Canada Fully consolidated 100 Telesat Spectrum General Partnership Canada Fully consolidated 100 Telesat LEO Holdings Inc. Canada Fully consolidated 100 Telesat Technology Corporation Canada Fully consolidated 100 Telesat Spectrum Corporation Canada Fully consolidated 100 Telesat Spectrum Holdings Corporation Canada Fully consolidated 100 Skynet Satellite Corporation United States Fully consolidated 100 Telesat Network Services, Inc. United States Fully consolidated 100 The SpaceConnection Inc. United States Fully consolidated 100 Telesat Satellite LP United States Fully consolidated 100 Telesat LEO Inc. United States Fully consolidated 100 Telesat U.S. Services, LLC United States Fully consolidated 100 Infosat Able Holdings, Inc. United States Fully consolidated 100 Telesat Brasil Capacidade de Satélites Ltda. Brazil Fully consolidated 100 Telesat (IOM) Limited Isle of Man Fully consolidated 100 Telesat International Limited United Kingdom Fully consolidated 100 Loral Skynet Corporation United States Fully consolidated 100 Loral Space & Communications Inc. United States Fully consolidated 100 Telesat Can ULC Canada Fully consolidated 100 Telesat CanHold Corporation Canada Fully consolidated 100 Telesat Canada Canada Fully consolidated 100 Telesat Partnership LP Canada Fully consolidated 100 (1) -controlling |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Compensation of Executives and Board Level Directors | Compensation of executives and Board level directors For the years ended December 31, 2023 2022 2021 Short-term benefits (including salaries) $ 17,014 $ 16,586 $ 15,465 Special payments (1) — — 597 Post-employment benefits 1,790 2,114 2,514 Share-based payments 31,551 65,314 73,090 $ 50,355 $ 84,014 $ 91,666 (1) |
Schedule of Award Issued under the Omnibus Plan | The following Awards were issued under the Omnibus Plan: For the years ended December 31, 2023 2022 DSUs issued to certain members of the Board of Directors 78,040 46,576 RSUs to key management personnel, which vest over a three-year period 464,834 230,048 PSUs to key management personnel, which include both a time and performance condition on vesting 281,683 140,583 Stock options to key management personnel 550,519 285,149 |
Schedule of Awards Settled in a Net Settlement basis in Exchange | Of the Awards that were issued under the Omnibus Plan, the following Awards have been settled. For the year ended December 31, 2023 Forfeited Awards Public DSUs issued to certain members of the Board of Directors — — — RSUs to key management personnel, which vest over a three-year (1) 17,426 77,593 39,672 PSUs to key management personnel, which include both a time and performance condition on vesting 47,129 — — Stock options to key management personnel 32,403 — — (1) |
Schedule of Related Parties Transaction | Sale of goods and services For the years ended December 31, 2021 Revenue $ 105 Purchase of goods and services For the years ended December 31, 2021 Operating expenses $ 5,230 |
Change in Accounting Policy (De
Change in Accounting Policy (Details) $ in Thousands | Jan. 01, 2021 USD ($) |
Change in Accounting Policy [Abstract] | |
Increase in deferred tax liability | $ 1,412 |
Change in Accounting Policy (_2
Change in Accounting Policy (Details) - Schedule of Cumulative Impact on the Balance Sheet - Balance Sheet [Member] - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Cumulative Impact on the Balance Sheet [Line Items] | ||
Deferred tax liabilities | $ (4,450) | |
Accumulated earnings | 1,071 | $ 1,439 |
Non-controlling interest | $ 3,379 | $ 4,491 |
Change in Accounting Policy (_3
Change in Accounting Policy (Details) - Schedule of Impact on the Statements of Income (Loss) and the Statements of Comprehensive Income (Loss) - Satements of Comprehensive Income Loss [Member] - CAD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Impact on the Statements of Income (Loss) and the Statements of Comprehensive Income (Loss) [Line Items] | ||
Tax (expense) recovery (in Dollars) | $ (1,480) | $ 7,342 |
Net income (loss) per common share attributable to Telesat Corporation shareholders – Basic | $ (0.03) | $ 0.16 |
Net income (loss) per common share attributable to Telesat Corporation shareholders – Diluted | $ (0.03) | $ 0.16 |
Material Accounting Policy In_3
Material Accounting Policy Information (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Senior Secured [Member] | |
Material Accounting Policy Information [Line Items] | |
Senior secured cost percentage | 6.50% |
Senior Secured 1 [Member] | |
Material Accounting Policy Information [Line Items] | |
Senior secured cost percentage | 4.875% |
Senior Secured 2 [Member] | |
Material Accounting Policy Information [Line Items] | |
Senior secured cost percentage | 5.625% |
Material Accounting Policy In_4
Material Accounting Policy Information (Details) - Schedule of Estimated Useful Lives in Years of Satellites, Property and Other Equipment - Useful Life, Lease Term [Member] | 12 Months Ended |
Dec. 31, 2023 | |
Revenue backlog [Member] | |
Schedule of Estimated Useful Lives in Years of Satellites, Property and Other Equipment {Line Items] | |
Estimated useful lives of intangible assets | 17 years |
Customer relationships [Member] | Bottom of Range [Member] | |
Schedule of Estimated Useful Lives in Years of Satellites, Property and Other Equipment {Line Items] | |
Estimated useful lives of intangible assets | 20 years |
Customer relationships [Member] | Top of Range [Memeber] | |
Schedule of Estimated Useful Lives in Years of Satellites, Property and Other Equipment {Line Items] | |
Estimated useful lives of intangible assets | 21 years |
Customer contracts [Member] | |
Schedule of Estimated Useful Lives in Years of Satellites, Property and Other Equipment {Line Items] | |
Estimated useful lives of intangible assets | 15 years |
Concession rights [Member] | Bottom of Range [Member] | |
Schedule of Estimated Useful Lives in Years of Satellites, Property and Other Equipment {Line Items] | |
Estimated useful lives of intangible assets | 3 years |
Concession rights [Member] | Top of Range [Memeber] | |
Schedule of Estimated Useful Lives in Years of Satellites, Property and Other Equipment {Line Items] | |
Estimated useful lives of intangible assets | 15 years |
Transponder Rights [Member] | |
Schedule of Estimated Useful Lives in Years of Satellites, Property and Other Equipment {Line Items] | |
Estimated useful lives of intangible assets | 16 years |
Software [Member] | |
Schedule of Estimated Useful Lives in Years of Satellites, Property and Other Equipment {Line Items] | |
Estimated useful lives of intangible assets | 5 years |
Patents [Member] | |
Schedule of Estimated Useful Lives in Years of Satellites, Property and Other Equipment {Line Items] | |
Estimated useful lives of intangible assets | 18 years |
Satellites [Member] | Bottom of Range [Member] | |
Schedule of Estimated Useful Lives in Years of Satellites, Property and Other Equipment {Line Items] | |
Estimated useful lives of property & other equipment | 3 years |
Satellites [Member] | Top of Range [Memeber] | |
Schedule of Estimated Useful Lives in Years of Satellites, Property and Other Equipment {Line Items] | |
Estimated useful lives of property & other equipment | 15 years |
Right-of-use assets [member] | Bottom of Range [Member] | |
Schedule of Estimated Useful Lives in Years of Satellites, Property and Other Equipment {Line Items] | |
Estimated useful lives of property & other equipment | 2 years |
Right-of-use assets [member] | Top of Range [Memeber] | |
Schedule of Estimated Useful Lives in Years of Satellites, Property and Other Equipment {Line Items] | |
Estimated useful lives of property & other equipment | 27 years |
Antennas, satellite control & communication equipment [Member] | Bottom of Range [Member] | |
Schedule of Estimated Useful Lives in Years of Satellites, Property and Other Equipment {Line Items] | |
Estimated useful lives of property & other equipment | 5 years |
Antennas, satellite control & communication equipment [Member] | Top of Range [Memeber] | |
Schedule of Estimated Useful Lives in Years of Satellites, Property and Other Equipment {Line Items] | |
Estimated useful lives of property & other equipment | 20 years |
Building, equipment & other [Member] | Bottom of Range [Member] | |
Schedule of Estimated Useful Lives in Years of Satellites, Property and Other Equipment {Line Items] | |
Estimated useful lives of property & other equipment | 3 years |
Building, equipment & other [Member] | Top of Range [Memeber] | |
Schedule of Estimated Useful Lives in Years of Satellites, Property and Other Equipment {Line Items] | |
Estimated useful lives of property & other equipment | 25 years |
Critical Accounting Judgments_2
Critical Accounting Judgments and Estimates (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Critical Accounting Judgments and Estimates [Abstract] | ||
Derivative assets and liabilities | ||
Goodwill | 2,446,603 | 2,446,603 |
Impairment of intangible assets | $ 692,800 | $ 756,900 |
Segment Information (Details)
Segment Information (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Customer Two [Member] | |||
Segment Information (Details) [Line Items] | |||
Consolidated revenue | 10% | 10% | 10% |
Customer One [Member] | |||
Segment Information (Details) [Line Items] | |||
Consolidated revenue | 10% | 10% | 10% |
Segment Information (Details) -
Segment Information (Details) - Schedule of Revenue Derived from Services - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Revenue Derived from Services [Line Items] | |||
Revenue | $ 704,161 | $ 759,169 | $ 758,212 |
Broadcast [Member] | |||
Schedule of Revenue Derived from Services [Line Items] | |||
Revenue | 331,842 | 358,661 | 390,815 |
Enterprise [Member] | |||
Schedule of Revenue Derived from Services [Line Items] | |||
Revenue | 359,740 | 388,985 | 354,126 |
Consulting and Other [Member] | |||
Schedule of Revenue Derived from Services [Line Items] | |||
Revenue | $ 12,579 | $ 11,523 | $ 13,271 |
Segment Information (Details)_2
Segment Information (Details) - Schedule of Equipment Sales within Services - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equipment Sales within Services [Line Items] | |||
Revenue | $ 12,646 | $ 28,152 | $ 10,090 |
Broadcast [Member] | |||
Schedule of Equipment Sales within Services [Line Items] | |||
Revenue | 16 | 81 | 67 |
Enterprise [Member] | |||
Schedule of Equipment Sales within Services [Line Items] | |||
Revenue | $ 12,630 | $ 28,071 | $ 10,023 |
Segment Information (Details)_3
Segment Information (Details) - Schedule of Geographic Regions - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Geographic Regions [Line Items] | |||
Revenue | $ 704,161 | $ 759,169 | $ 758,212 |
Satellites, property and other equipment | 1,260,298 | 1,364,084 | |
Intangible assets | 692,756 | 756,878 | |
Other long-term assets | 40,926 | 47,977 | |
Canada [Member] | |||
Schedule of Geographic Regions [Line Items] | |||
Revenue | 324,226 | 330,533 | 330,832 |
Satellites, property and other equipment | 782,639 | 784,261 | |
Intangible assets | 650,528 | 698,336 | |
Other long-term assets | 40,926 | 47,977 | |
United States [Member] | |||
Schedule of Geographic Regions [Line Items] | |||
Revenue | 245,328 | 289,946 | 292,474 |
Satellites, property and other equipment | 18,035 | 36,612 | |
Intangible assets | 25,999 | 40,647 | |
Asia & Australia [Member] | |||
Schedule of Geographic Regions [Line Items] | |||
Revenue | 50,651 | 45,082 | 38,266 |
Latin America & Caribbean [Member] | |||
Schedule of Geographic Regions [Line Items] | |||
Revenue | 48,664 | 57,842 | 55,818 |
Intangible assets | 11,963 | 12,754 | |
Europe, Middle East & Africa [Member] | |||
Schedule of Geographic Regions [Line Items] | |||
Revenue | 35,292 | 35,766 | $ 40,822 |
Satellites, property and other equipment | 11,395 | 15,344 | |
United Kingdom [Member] | |||
Schedule of Geographic Regions [Line Items] | |||
Satellites, property and other equipment | 446,194 | 525,672 | |
All Others [Member] | |||
Schedule of Geographic Regions [Line Items] | |||
Satellites, property and other equipment | 2,035 | 2,195 | |
Intangible assets | $ 4,266 | $ 5,141 |
Operating Expenses (Details)
Operating Expenses (Details) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Expenses [Line Items] | ||
Lease liabilities | $ 1.7 | $ 1.7 |
Operating Expenses (Details) -
Operating Expenses (Details) - Schedule of Operating Expenses - CAD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Schedule of Operating Expenses [Line Items] | ||||
Compensation and employee benefits | [1] | $ 117,917 | $ 152,154 | $ 156,112 |
Other operating expenses | [2] | 48,120 | 52,831 | 50,622 |
Cost of sales | [3] | 38,515 | 54,004 | 30,215 |
Operating expenses | $ 204,552 | $ 258,989 | $ 236,949 | |
[1]Compensation and employee benefits included salaries, bonuses, commissions, post -employment -based -orbit -party |
Operating Expenses (Details) _2
Operating Expenses (Details) - Schedule of Cost of Equipment Sales Included in the Cost of Sales - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Cost of Equipment Sales Included in the Cost of Sales [Abstract] | |||
Cost of equipment sale | $ 7,546 | $ 26,273 | $ 6,210 |
Other Operating Gains (Losses_3
Other Operating Gains (Losses), Net (Details) $ in Thousands, $ in Millions | 12 Months Ended | ||||||||||
Dec. 05, 2023 Gigahertz | Dec. 05, 2021 Gigahertz | Dec. 31, 2020 Megahertz | Dec. 31, 2023 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | |||
Other Operating Gains (Losses), Net (Details) [Line Items] | |||||||||||
Number of megahertz (in Megahertz) | Megahertz | 300 | ||||||||||
Number of clearing gigahertz (in Gigahertz) | Gigahertz | 180 | 120 | |||||||||
Recognized amount | $ 704,161 | $ 759,169 | $ 758,212 | ||||||||
Received payament (in Dollars) | 42,900 | ||||||||||
Accrued liabilities | $ 39,056 | [1] | $ 41,579 | [1] | $ 259.6 | ||||||
Impairment of intangible assets | $ 66 | ||||||||||
Intangible assets of property and other equipment | 13.8 | ||||||||||
Bottom of range [member] | |||||||||||
Other Operating Gains (Losses), Net (Details) [Line Items] | |||||||||||
Number of megahertz (in Megahertz) | Megahertz | 3,700 | ||||||||||
Top of range [member] | |||||||||||
Other Operating Gains (Losses), Net (Details) [Line Items] | |||||||||||
Number of megahertz (in Megahertz) | Megahertz | 4,000 | ||||||||||
C-Band Clearing Program [Member] | |||||||||||
Other Operating Gains (Losses), Net (Details) [Line Items] | |||||||||||
Recognized amount | $ 108,500 | $ 84.8 | |||||||||
Impairment [Member] | |||||||||||
Other Operating Gains (Losses), Net (Details) [Line Items] | |||||||||||
Intangible assets of property and other equipment | $ 13.8 | ||||||||||
[1]Other payables and accrued liabilities included payables that are not trade in nature as well as various operating and capital accruals. |
Other Operating Gains (Losses_4
Other Operating Gains (Losses), Net (Details) - Schedule of Other Operating Gains (Losses), Net - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Other Operating Gains (Losses), Net [Abstract] | |||
Gain (loss) on disposal of assets | $ 59 | $ 7 | $ (848) |
C-band clearing income | 344,892 | 108,463 | |
Impairment | (79,740) | ||
Other | (212) | ||
Other operating gains (losses), net | $ 264,999 | $ 7 | $ 107,615 |
Interest Expense (Details) - Sc
Interest Expense (Details) - Schedule of Interest Expense $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CAD ($) | |
Schedule of Interest Expense [Abstract] | |||||
Interest on indebtedness | $ 252,257 | $ 197,491 | $ 151,462 | ||
Interest on derivative instruments | 3,040 | 12,503 | |||
Interest on satellite performance incentive payments | 1,464 | 1,797 | 2,236 | ||
Interest on significant financing component | 15,713 | 17,229 | 18,854 | ||
Interest on employee benefit plans (Note 32) | (607) | 588 | 1,440 | ||
Interest on leases | 1,523 | 1,611 | 1,499 | ||
Interest expense | $ 270,350 | $ 221,756 | $ 187,994 |
Income Taxes (Details)
Income Taxes (Details) $ in Thousands, £ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 GBP (£) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CAD ($) | |
Income Tax [Line Items] | |||||
Deferred tax assets | $ 2,954 | $ 49,984 | |||
Foreign tax credit expire date | The credits are due to expire between 2025 and 2033. | The credits are due to expire between 2025 and 2033. | The credits are due to expire between 2025 and 2033. | ||
Tax losses | $ 90,500 | $ 13.1 | |||
Loss carry forwards expire | expire starting in 2038 | expire starting in 2038 | expire starting in 2038 | ||
Deductible temporary no deferred tax asset | $ 83,300 | ||||
Taxable income generated percentage | 30% | 30% | 30% | ||
Annual allowance of unrestricted taxable income (in Pounds) | £ | £ 5 | ||||
Deferred tax asset | $ 7,400 | ||||
Deductible temporary no deferred tax asset | $ 16,000 | ||||
Cumulative pre-tax income | 3 years | 3 years | 3 years | ||
Canada [Member] | |||||
Income Tax [Line Items] | |||||
Deferred tax assets | $ 3,000 | ||||
Foreign tax credits to offset taxes payable | 11,400 | ||||
Recognized referred tax asset | 3,000 | ||||
Canada [Member] | Loss Carry Forwards [Member] | |||||
Income Tax [Line Items] | |||||
Deferred tax assets | 10,600 | ||||
United Kingdom [Member] | |||||
Income Tax [Line Items] | |||||
Deferred tax assets | $ 31.3 | ||||
Foreign tax credits | 9,200 | ||||
Tax losses | $ 125,100 | ||||
Taxable income generated percentage | 50% | 50% | 50% | ||
Unused interest deduction | $ 329,600 | ||||
United States [Member] | |||||
Income Tax [Line Items] | |||||
Foreign tax credits | 145,100 | ||||
Tax losses | $ 7,700 | ||||
Taxable income generated percentage | 80% | 80% | 80% | ||
Unrestricted taxable income not subject to limitation | 50% | 50% | 50% | ||
Brazil [Member] | |||||
Income Tax [Line Items] | |||||
Recognized referred tax asset | $ 1,100 | ||||
Tax losses | 3,100 | ||||
Deductible temporary no deferred tax asset | $ 602,300 |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of Income Tax Expense - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Income Tax Expense [Line Items] | |||
Current tax expense (recovery) | $ 75,780 | $ 77,645 | $ 85,219 |
Deferred tax expense (recovery) | 13,816 | (26,236) | (14,184) |
Tax expense (recovery) | $ 89,596 | $ 51,409 | $ 71,035 |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of Reconciliation of the Statutory Income Tax Rate - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Reconciliation of the Statutory Income Tax Rate [Line Items] | |||
Net income (loss) before taxes | $ 672,866 | $ (30,188) | $ 233,402 |
Multiplied by the statutory income tax rates | 26.40% | 26.44% | 26.46% |
Statutory income tax rate | $ 177,637 | $ (7,982) | $ 61,758 |
Income tax recorded at rates different from the Canadian tax rate | (11,518) | (11,774) | (38,060) |
Permanent differences | (71,741) | 35,298 | 8,826 |
Effect on deferred tax balances due to changes in income tax rates | (407) | 1,870 | |
Effect of temporary differences not recognized as deferred tax assets | (4,661) | 32,654 | 44,591 |
Taxes related to prior periods | (2,152) | 2,072 | (4,769) |
Impact of foreign exchange | 2,436 | (731) | (1,232) |
Other | 2 | 2 | (79) |
Tax expense (recovery) | $ 89,596 | $ 51,409 | $ 71,035 |
Effective income tax rate | 13.32% | (170.30%) | 30.43% |
Income Taxes (Details) - Sche_3
Income Taxes (Details) - Schedule of Carrying Amounts of Assets and Liabilities - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets | ||
Total deferred tax assets | $ 57,122 | $ 71,444 |
Deferred tax liabilities | ||
Total deferred tax liabilities | (289,415) | (292,706) |
Deferred tax liabilities, net | (232,293) | (221,262) |
Foreign tax credits [Member] | ||
Deferred tax assets | ||
Total deferred tax assets | 2,999 | 7,293 |
Corporate interest restriction [Member] | ||
Deferred tax assets | ||
Total deferred tax assets | 7,397 | 9,035 |
Financing charges [Member] | ||
Deferred tax assets | ||
Total deferred tax assets | 4,412 | 8,580 |
Deferred revenue [Member] | ||
Deferred tax assets | ||
Total deferred tax assets | 7,249 | 8,668 |
Loss Carry Forwards [Member] | ||
Deferred tax assets | ||
Total deferred tax assets | 32,330 | 34,201 |
Reserves [Member] | ||
Deferred tax assets | ||
Total deferred tax assets | 1,467 | 1,550 |
Other [Member] | ||
Deferred tax assets | ||
Total deferred tax assets | 1,268 | 2,117 |
Capital assets [Member] | ||
Deferred tax liabilities | ||
Total deferred tax liabilities | (76,224) | (105,021) |
Intangible assets [Member] | ||
Deferred tax liabilities | ||
Total deferred tax liabilities | (211,491) | (181,808) |
Employee benefits [Member] | ||
Deferred tax liabilities | ||
Total deferred tax liabilities | $ (1,700) | $ (5,877) |
Trade and Other Receivables (De
Trade and Other Receivables (Details) - Schedule of Trade and Other Receivables - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Trade and Other Receivables [Line Items] | ||
Trade receivables | $ 54,024 | $ 34,152 |
Less: allowance for doubtful accounts | (6,467) | (4,901) |
Net trade receivables | 47,557 | 29,251 |
Deferred receivables | 3,347 | 5,038 |
Government grant receivable (Note 28) | 20,697 | 2,457 |
Other receivables | 6,688 | 4,502 |
Trade and other receivables | $ 78,289 | $ 41,248 |
Trade and Other Receivables (_2
Trade and Other Receivables (Details) - Schedule of Allowance for Doubtful Accounts - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Allowance for Doubtful Accounts [Line Items] | ||
Allowance for doubtful accounts, beginning of year | $ 4,901 | $ 5,216 |
Provisions (reversals) for impaired receivables | 2,881 | 2,339 |
Receivables written off | (1,242) | (2,924) |
Impact of foreign exchange | (73) | 270 |
Allowance for doubtful accounts, end of year | $ 6,467 | $ 4,901 |
Other Current Financial Asset_2
Other Current Financial Assets (Details) - Schedule of Other Current Financial Assets - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Other Current Financial Assets [Line Items] | ||
Security deposits | $ 631 | $ 515 |
Other current financial assets | $ 631 | $ 515 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Prepaid Expenses and Other Current Assets [Abstract] | ||
Inventory work in progress | $ 2.8 | $ 0.2 |
Other inventory | $ 1.5 | $ 1.8 |
Prepaid Expenses and Other Cu_4
Prepaid Expenses and Other Current Assets (Details) - Schedule of Prepaid Expenses and Other Current Assets - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Prepaid Expenses and Other Current Assets [Abstract] | |||
Transaction costs | [1] | $ 39,317 | $ 33,695 |
Prepaid expenses | 6,607 | 14,342 | |
Inventory | [2] | 4,317 | 2,023 |
Deferred charges | [3] | 247 | 264 |
Other | 1,681 | ||
Prepaid expenses and other current assets | $ 52,169 | $ 50,324 | |
[1]Transaction costs represent the incremental costs in connection with the debt and equity financing.[2]As at December 31, 2023, inventory consisted of $2.8 million of work in progress (December 31, 2022 — $0.2 million) and $1.5 million of other inventory (December 31, 2022 — $1.8 million).[3]Deferred charges included deferred financing charges relating to the Revolving Credit Facility. |
Other Long-Term Financial Ass_3
Other Long-Term Financial Assets (Details) - Schedule of Other Long-Term Financial Assets - Other Long Term Financial Assets [Member] - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Other Long-Term Financial Assets [Line Items] | ||
Deferred receivables | $ 5,635 | $ 8,893 |
Security deposits | 998 | 816 |
Other long-term receivables | 767 | |
Other long-term financial assets | $ 6,633 | $ 10,476 |
Other Long-Term Assets (Details
Other Long-Term Assets (Details) - Schedule of Other Long-Term Assets - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Other Long-Term Assets [Line Items] | ||
Pension benefits (Note 32) | $ 40,624 | $ 47,312 |
Other | 302 | 302 |
Prepaid expenses | 116 | |
Deferred charges (Note 13) | 247 | |
Other long-term assets | $ 40,926 | $ 47,977 |
Satellites, Property and Othe_3
Satellites, Property and Other Equipment (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Satellites Property and Other Equipment [Line Items] | |
Impairment of property and other equipment | $ 13.8 |
Telesat International Limited [Member] | |
Satellites Property and Other Equipment [Line Items] | |
TIL’s interest | 42.50% |
Satellites, Property and Othe_4
Satellites, Property and Other Equipment (Details) - Schedule of Satellites, Property and Other Equipment - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Schedule of Satellites, Property and Other Equipment [Line Items] | |||
Cost at beginning of year | $ 4,209,364 | $ 4,069,950 | |
Cost at ending of year | 4,286,118 | 4,209,364 | |
Net carrying values | 1,260,298 | 1,364,084 | |
Additions | 116,230 | 56,412 | |
Disposals/retirements | (7,469) | (4,811) | |
Transfers from assets under construction | |||
Impact of foreign exchange | (32,007) | 87,813 | |
Satellites [Member] | |||
Schedule of Satellites, Property and Other Equipment [Line Items] | |||
Cost at beginning of year | 3,433,973 | 3,378,510 | |
Cost at ending of year | 3,424,761 | 3,433,973 | |
Net carrying values | 615,202 | 797,541 | |
Additions | |||
Disposals/retirements | |||
Transfers from assets under construction | 9,598 | ||
Impact of foreign exchange | (18,810) | 55,463 | |
Antennas, satellite control & communication equipment [Member] | |||
Schedule of Satellites, Property and Other Equipment [Line Items] | |||
Cost at beginning of year | 174,584 | 171,785 | |
Cost at ending of year | 174,481 | 174,584 | |
Net carrying values | 33,097 | 36,403 | |
Additions | 52 | 56 | |
Disposals/retirements | (4,433) | (1,415) | |
Transfers from assets under construction | 4,890 | 1,862 | |
Impact of foreign exchange | (612) | 2,296 | |
Building, equipment & other [Member] | |||
Schedule of Satellites, Property and Other Equipment [Line Items] | |||
Cost at beginning of year | 86,220 | 85,735 | |
Cost at ending of year | 87,382 | 86,220 | |
Net carrying values | 25,848 | 25,997 | |
Additions | 615 | 865 | |
Disposals/retirements | (2,880) | (2,464) | |
Transfers from assets under construction | 3,530 | 1,526 | |
Impact of foreign exchange | (103) | 558 | |
Right-of-use assets [Member] | |||
Schedule of Satellites, Property and Other Equipment [Line Items] | |||
Cost at beginning of year | [1] | 44,352 | 43,380 |
Cost at ending of year | [1] | 45,353 | 44,352 |
Net carrying values | [1] | 32,010 | 33,908 |
Additions | [1] | 1,473 | 921 |
Disposals/retirements | [1] | (156) | (932) |
Transfers from assets under construction | [1] | ||
Impact of foreign exchange | [1] | (316) | 983 |
Assets under construction [Member] | |||
Schedule of Satellites, Property and Other Equipment [Line Items] | |||
Cost at beginning of year | 470,235 | 390,540 | |
Cost at ending of year | 554,141 | 470,235 | |
Net carrying values | 554,141 | 470,235 | |
Additions | 114,090 | 54,570 | |
Disposals/retirements | |||
Transfers from assets under construction | (18,018) | (3,388) | |
Impact of foreign exchange | (12,166) | 28,513 | |
Accumulated depreciation, amortisation and impairment [member] | |||
Schedule of Satellites, Property and Other Equipment [Line Items] | |||
Cost at beginning of year | (2,845,280) | (2,640,262) | |
Cost at ending of year | (3,025,820) | (2,845,280) | |
Depreciation | (182,669) | (188,755) | |
Impairment | (13,787) | ||
Disposals/retirements | 7,574 | 4,172 | |
Impact of foreign exchange | 8,342 | (20,435) | |
Accumulated depreciation, amortisation and impairment [member] | Satellites [Member] | |||
Schedule of Satellites, Property and Other Equipment [Line Items] | |||
Cost at beginning of year | (2,636,432) | (2,445,367) | |
Cost at ending of year | (2,809,559) | (2,636,432) | |
Depreciation | (167,393) | (172,331) | |
Impairment | (13,787) | ||
Disposals/retirements | |||
Impact of foreign exchange | 8,053 | (18,734) | |
Accumulated depreciation, amortisation and impairment [member] | Antennas, satellite control & communication equipment [Member] | |||
Schedule of Satellites, Property and Other Equipment [Line Items] | |||
Cost at beginning of year | (138,181) | (129,864) | |
Cost at ending of year | (141,384) | (138,181) | |
Depreciation | (7,996) | (8,786) | |
Disposals/retirements | 4,497 | 1,414 | |
Impact of foreign exchange | 296 | (945) | |
Accumulated depreciation, amortisation and impairment [member] | Building, equipment & other [Member] | |||
Schedule of Satellites, Property and Other Equipment [Line Items] | |||
Cost at beginning of year | (60,223) | (57,689) | |
Cost at ending of year | (61,534) | (60,223) | |
Depreciation | (4,118) | (4,313) | |
Disposals/retirements | 2,921 | 2,296 | |
Impact of foreign exchange | (114) | (517) | |
Accumulated depreciation, amortisation and impairment [member] | Right-of-use assets [Member] | |||
Schedule of Satellites, Property and Other Equipment [Line Items] | |||
Cost at beginning of year | [1] | (10,444) | (7,342) |
Cost at ending of year | [1] | (13,343) | (10,444) |
Depreciation | [1] | (3,162) | (3,325) |
Disposals/retirements | [1] | 156 | 462 |
Impact of foreign exchange | [1] | 107 | (239) |
Accumulated depreciation, amortisation and impairment [member] | Assets under construction [Member] | |||
Schedule of Satellites, Property and Other Equipment [Line Items] | |||
Cost at beginning of year | |||
Cost at ending of year | |||
Depreciation | |||
Disposals/retirements | |||
Impact of foreign exchange | |||
[1]Right -of-use |
Intangible Assets (Details)
Intangible Assets (Details) $ in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2021 CAD ($) | |
Intangible Assets [Line Items] | ||||
Disposals or retirements | ||||
Additions to intangible assets | ||||
Disposals/retirements of intangible assets | ||||
Impairment | $ 79,740 | |||
Impairment | $ 2 | |||
Intangible assets of property and other equipment | $ 13.8 | |||
Discount rate | 9.50% | 9.50% | 9% | |
Percentage of royalty rate | 0.25% | 0.25% | 0.25% | |
Geographical CGUs [Member] | ||||
Intangible Assets [Line Items] | ||||
Impairment | $ 64 | |||
American CGU [Member] | ||||
Intangible Assets [Line Items] | ||||
Impairment | $ 15.8 | |||
Weighted average discount rate [Member] | ||||
Intangible Assets [Line Items] | ||||
Discount rate | 9% | 9% |
Intangible Assets (Details) - S
Intangible Assets (Details) - Schedule of Indefinite Life Intangible Assets - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Orbital slots [Member] | ||
Intangible Assets (Details) - Schedule of Indefinite Life Intangible Assets [Line Items] | ||
Cost at beginning of year | $ 606,945 | |
Cost at ending of year | $ 608,793 | |
Net carrying values | ||
Cost at ending of year | 541,913 | 608,642 |
Trade name [Member] | ||
Intangible Assets (Details) - Schedule of Indefinite Life Intangible Assets [Line Items] | ||
Cost at beginning of year | 17,000 | |
Cost at ending of year | 17,000 | |
Net carrying values | ||
Cost at ending of year | 17,000 | 17,000 |
Intellectual Property [Member] | ||
Intangible Assets (Details) - Schedule of Indefinite Life Intangible Assets [Line Items] | ||
Cost at beginning of year | 64,392 | |
Cost at ending of year | 83,896 | |
Net carrying values | ||
Cost at ending of year | 83,896 | 69,065 |
Total Indefinite Life Intangible Assets [Member] | ||
Intangible Assets (Details) - Schedule of Indefinite Life Intangible Assets [Line Items] | ||
Cost at beginning of year | 688,337 | |
Cost at ending of year | 709,689 | |
Net carrying values | ||
Cost at ending of year | 642,809 | 694,707 |
Cost [Member] | Orbital slots [Member] | ||
Intangible Assets (Details) - Schedule of Indefinite Life Intangible Assets [Line Items] | ||
Cost at beginning of year | 609,742 | |
Cost at ending of year | 609,742 | |
Additions | ||
Net carrying values | ||
Impact of foreign exchange | (949) | 2,797 |
Cost [Member] | Trade name [Member] | ||
Intangible Assets (Details) - Schedule of Indefinite Life Intangible Assets [Line Items] | ||
Cost at beginning of year | 17,000 | |
Cost at ending of year | 17,000 | |
Additions | ||
Net carrying values | ||
Impact of foreign exchange | ||
Cost [Member] | Intellectual Property [Member] | ||
Intangible Assets (Details) - Schedule of Indefinite Life Intangible Assets [Line Items] | ||
Cost at beginning of year | 69,065 | |
Cost at ending of year | 69,065 | |
Additions | 16,416 | |
Net carrying values | ||
Impact of foreign exchange | (1,585) | 4,673 |
Cost [Member] | Total Indefinite Life Intangible Assets [Member] | ||
Intangible Assets (Details) - Schedule of Indefinite Life Intangible Assets [Line Items] | ||
Cost at beginning of year | 695,807 | |
Cost at ending of year | 695,807 | |
Additions | 16,416 | |
Net carrying values | ||
Impact of foreign exchange | (2,534) | 7,470 |
Accumulated impairment [member] | Orbital slots [Member] | ||
Intangible Assets (Details) - Schedule of Indefinite Life Intangible Assets [Line Items] | ||
Cost at beginning of year | (1,100) | |
Additions | (66,880) | (1,100) |
Net carrying values | ||
Impact of foreign exchange | 173 | |
Impairment | (65,953) | |
Accumulated impairment [member] | Trade name [Member] | ||
Intangible Assets (Details) - Schedule of Indefinite Life Intangible Assets [Line Items] | ||
Cost at beginning of year | ||
Additions | ||
Net carrying values | ||
Impact of foreign exchange | ||
Impairment | ||
Accumulated impairment [member] | Intellectual Property [Member] | ||
Intangible Assets (Details) - Schedule of Indefinite Life Intangible Assets [Line Items] | ||
Cost at beginning of year | ||
Additions | ||
Net carrying values | ||
Impact of foreign exchange | ||
Impairment | ||
Accumulated impairment [member] | Total Indefinite Life Intangible Assets [Member] | ||
Intangible Assets (Details) - Schedule of Indefinite Life Intangible Assets [Line Items] | ||
Cost at beginning of year | (1,100) | |
Additions | (66,880) | (1,100) |
Net carrying values | ||
Impact of foreign exchange | 173 | |
Impairment | $ (65,953) |
Intangible Assets (Details) -_2
Intangible Assets (Details) - Schedule of Finite Life Intangible Assets - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Intangible Assets (Details) - Schedule of Finite Life Intangible Assets [Line Items] | ||
Net carrying values | $ 49,947 | $ 62,171 |
Additions | ||
Revenue Backlog [Member] | ||
Intangible Assets (Details) - Schedule of Finite Life Intangible Assets [Line Items] | ||
Net carrying values | 1,802 | 4,718 |
Customer Relationships [Member] | ||
Intangible Assets (Details) - Schedule of Finite Life Intangible Assets [Line Items] | ||
Net carrying values | 33,040 | 39,930 |
Customer Contracts [Member] | ||
Intangible Assets (Details) - Schedule of Finite Life Intangible Assets [Line Items] | ||
Net carrying values | 2,539 | 3,384 |
Transponder Rights [Member] | ||
Intangible Assets (Details) - Schedule of Finite Life Intangible Assets [Line Items] | ||
Net carrying values | 539 | |
Concession Rights [Member] | ||
Intangible Assets (Details) - Schedule of Finite Life Intangible Assets [Line Items] | ||
Net carrying values | 11,963 | 12,755 |
Software [Member] | ||
Intangible Assets (Details) - Schedule of Finite Life Intangible Assets [Line Items] | ||
Net carrying values | 597 | 836 |
Others [Member] | ||
Intangible Assets (Details) - Schedule of Finite Life Intangible Assets [Line Items] | ||
Net carrying values | 6 | 9 |
Gross carrying amount [member] | ||
Intangible Assets (Details) - Schedule of Finite Life Intangible Assets [Line Items] | ||
Cost at beginning of year | 472,847 | 469,855 |
Cost at ending of year | 474,410 | 472,847 |
Additions | 56 | 71 |
Impact of foreign exchange | 1,507 | 2,921 |
Gross carrying amount [member] | Revenue Backlog [Member] | ||
Intangible Assets (Details) - Schedule of Finite Life Intangible Assets [Line Items] | ||
Cost at beginning of year | 223,664 | 223,664 |
Cost at ending of year | 223,664 | 223,664 |
Additions | ||
Impact of foreign exchange | ||
Gross carrying amount [member] | Customer Relationships [Member] | ||
Intangible Assets (Details) - Schedule of Finite Life Intangible Assets [Line Items] | ||
Cost at beginning of year | 194,727 | 194,526 |
Cost at ending of year | 194,659 | 194,727 |
Additions | ||
Impact of foreign exchange | (68) | 201 |
Gross carrying amount [member] | Customer Contracts [Member] | ||
Intangible Assets (Details) - Schedule of Finite Life Intangible Assets [Line Items] | ||
Cost at beginning of year | 12,618 | 12,618 |
Cost at ending of year | 12,618 | 12,618 |
Additions | ||
Impact of foreign exchange | ||
Gross carrying amount [member] | Transponder Rights [Member] | ||
Intangible Assets (Details) - Schedule of Finite Life Intangible Assets [Line Items] | ||
Cost at beginning of year | 16,718 | 16,718 |
Cost at ending of year | 16,718 | 16,718 |
Additions | ||
Impact of foreign exchange | ||
Gross carrying amount [member] | Concession Rights [Member] | ||
Intangible Assets (Details) - Schedule of Finite Life Intangible Assets [Line Items] | ||
Cost at beginning of year | 23,868 | 21,077 |
Cost at ending of year | 25,499 | 23,868 |
Additions | 56 | 71 |
Impact of foreign exchange | 1,575 | 2,720 |
Gross carrying amount [member] | Software [Member] | ||
Intangible Assets (Details) - Schedule of Finite Life Intangible Assets [Line Items] | ||
Cost at beginning of year | 1,193 | 1,193 |
Cost at ending of year | 1,193 | 1,193 |
Additions | ||
Impact of foreign exchange | ||
Gross carrying amount [member] | Others [Member] | ||
Intangible Assets (Details) - Schedule of Finite Life Intangible Assets [Line Items] | ||
Cost at beginning of year | 59 | 59 |
Cost at ending of year | 59 | 59 |
Additions | ||
Impact of foreign exchange | ||
Accumulated amortization and impairment [Member] | ||
Intangible Assets (Details) - Schedule of Finite Life Intangible Assets [Line Items] | ||
Cost at beginning of year | (410,676) | (394,433) |
Cost at ending of year | (424,463) | (410,676) |
Amortization | (13,093) | (14,979) |
Impact of foreign exchange | (694) | (1,264) |
Accumulated amortization and impairment [Member] | Revenue Backlog [Member] | ||
Intangible Assets (Details) - Schedule of Finite Life Intangible Assets [Line Items] | ||
Cost at beginning of year | (218,946) | (214,571) |
Cost at ending of year | (221,862) | (218,946) |
Amortization | (2,916) | (4,375) |
Impact of foreign exchange | ||
Accumulated amortization and impairment [Member] | Customer Relationships [Member] | ||
Intangible Assets (Details) - Schedule of Finite Life Intangible Assets [Line Items] | ||
Cost at beginning of year | (154,797) | (147,772) |
Cost at ending of year | (161,619) | (154,797) |
Amortization | (6,879) | (6,872) |
Impact of foreign exchange | 57 | (153) |
Accumulated amortization and impairment [Member] | Customer Contracts [Member] | ||
Intangible Assets (Details) - Schedule of Finite Life Intangible Assets [Line Items] | ||
Cost at beginning of year | (9,234) | (8,390) |
Cost at ending of year | (10,079) | (9,234) |
Amortization | (845) | (844) |
Impact of foreign exchange | ||
Accumulated amortization and impairment [Member] | Transponder Rights [Member] | ||
Intangible Assets (Details) - Schedule of Finite Life Intangible Assets [Line Items] | ||
Cost at beginning of year | (16,179) | (15,100) |
Cost at ending of year | (16,718) | (16,179) |
Amortization | (539) | (1,079) |
Impact of foreign exchange | ||
Accumulated amortization and impairment [Member] | Concession Rights [Member] | ||
Intangible Assets (Details) - Schedule of Finite Life Intangible Assets [Line Items] | ||
Cost at beginning of year | (11,113) | (8,434) |
Cost at ending of year | (13,536) | (11,113) |
Amortization | (1,672) | (1,568) |
Impact of foreign exchange | (751) | (1,111) |
Accumulated amortization and impairment [Member] | Software [Member] | ||
Intangible Assets (Details) - Schedule of Finite Life Intangible Assets [Line Items] | ||
Cost at beginning of year | (357) | (119) |
Cost at ending of year | (596) | (357) |
Amortization | (239) | (238) |
Impact of foreign exchange | ||
Accumulated amortization and impairment [Member] | Others [Member] | ||
Intangible Assets (Details) - Schedule of Finite Life Intangible Assets [Line Items] | ||
Cost at beginning of year | (50) | (47) |
Cost at ending of year | (53) | (50) |
Amortization | (3) | (3) |
Impact of foreign exchange |
Intangible Assets (Details) -_3
Intangible Assets (Details) - Schedule of Indefinite and Finite Life Intangible Assets - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Cost [Member] | ||
Intangible Assets (Details) - Schedule of Indefinite and Finite Life Intangible Assets [Line Items] | ||
Total intangibles | $ 1,184,099 | $ 1,168,654 |
Accumulated Amortization and Impairment [Member] | ||
Intangible Assets (Details) - Schedule of Indefinite and Finite Life Intangible Assets [Line Items] | ||
Total intangibles | (491,343) | (411,776) |
Net Carrying Value [Member] | ||
Intangible Assets (Details) - Schedule of Indefinite and Finite Life Intangible Assets [Line Items] | ||
Total intangibles | 692,756 | 756,878 |
Indefinite life intangibles [Member] | Cost [Member] | ||
Intangible Assets (Details) - Schedule of Indefinite and Finite Life Intangible Assets [Line Items] | ||
Total intangibles | 709,689 | 695,807 |
Indefinite life intangibles [Member] | Accumulated Amortization and Impairment [Member] | ||
Intangible Assets (Details) - Schedule of Indefinite and Finite Life Intangible Assets [Line Items] | ||
Total intangibles | (66,880) | (1,100) |
Indefinite life intangibles [Member] | Net Carrying Value [Member] | ||
Intangible Assets (Details) - Schedule of Indefinite and Finite Life Intangible Assets [Line Items] | ||
Total intangibles | 642,809 | 694,707 |
Finite life intangibles [Member] | Cost [Member] | ||
Intangible Assets (Details) - Schedule of Indefinite and Finite Life Intangible Assets [Line Items] | ||
Total intangibles | 474,410 | 472,847 |
Finite life intangibles [Member] | Accumulated Amortization and Impairment [Member] | ||
Intangible Assets (Details) - Schedule of Indefinite and Finite Life Intangible Assets [Line Items] | ||
Total intangibles | (424,463) | (410,676) |
Finite life intangibles [Member] | Net Carrying Value [Member] | ||
Intangible Assets (Details) - Schedule of Indefinite and Finite Life Intangible Assets [Line Items] | ||
Total intangibles | $ 49,947 | $ 62,171 |
Intangible Assets (Details) -_4
Intangible Assets (Details) - Schedule of Remaining Useful Lives of the Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Revenue Backlog [Member] | |
Intangible Assets (Details) - Schedule of Remaining Useful Lives of the Intangible Assets [Line Items] | |
Remaining useful lives of intangible assets | 1 year |
Customer Relationship [Member] | Bottom of range [member] | |
Intangible Assets (Details) - Schedule of Remaining Useful Lives of the Intangible Assets [Line Items] | |
Remaining useful lives of intangible assets | 3 years |
Customer Relationship [Member] | Top of range [member] | |
Intangible Assets (Details) - Schedule of Remaining Useful Lives of the Intangible Assets [Line Items] | |
Remaining useful lives of intangible assets | 5 years |
Customer Contract [Member] | |
Intangible Assets (Details) - Schedule of Remaining Useful Lives of the Intangible Assets [Line Items] | |
Remaining useful lives of intangible assets | 3 years |
Service concession rights [member] | Bottom of range [member] | |
Intangible Assets (Details) - Schedule of Remaining Useful Lives of the Intangible Assets [Line Items] | |
Remaining useful lives of intangible assets | 1 year |
Service concession rights [member] | Top of range [member] | |
Intangible Assets (Details) - Schedule of Remaining Useful Lives of the Intangible Assets [Line Items] | |
Remaining useful lives of intangible assets | 14 years |
Software [Member] | |
Intangible Assets (Details) - Schedule of Remaining Useful Lives of the Intangible Assets [Line Items] | |
Remaining useful lives of intangible assets | 2 years |
Patent [Member] | |
Intangible Assets (Details) - Schedule of Remaining Useful Lives of the Intangible Assets [Line Items] | |
Remaining useful lives of intangible assets | 2 years |
Intangible Assets (Details) -_5
Intangible Assets (Details) - Schedule of Discount Rates | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Geo Royalties [Member] | ||
Intangible Assets (Details) - Schedule of Discount Rates [Line Items] | ||
Discount Rates | 9.50% | 9% |
Leo Royalties [Member] | Bottom of range [member] | ||
Intangible Assets (Details) - Schedule of Discount Rates [Line Items] | ||
Discount Rates | 15% | 15% |
Leo Royalties [Member] | Top of range [member] | ||
Intangible Assets (Details) - Schedule of Discount Rates [Line Items] | ||
Discount Rates | 20% | 20% |
Intangible Assets (Details) -_6
Intangible Assets (Details) - Schedule of Long-Term Growth Rate | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Geo [Member] | ||
Intangible Assets (Details) - Schedule of Long-Term Growth Rate [Line Items] | ||
Long-Term Growth Rate | ||
Leo [Member] | ||
Intangible Assets (Details) - Schedule of Long-Term Growth Rate [Line Items] | ||
Long-Term Growth Rate | 2% | 2% |
Goodwill (Details)
Goodwill (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill [Abstract] | ||
Goodwill | $ 2,446,603 | $ 2,446,603 |
Goodwill (Details) - Schedule o
Goodwill (Details) - Schedule of Weighted Average Cost of Capital as Discount Rate | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
GEO [Member] | ||
Schedule of Weighted Average Cost of Capital as Discount Rate [Line Items] | ||
Discount rate | 9.5% | 9.0% |
LEO [Member] | Bottom of range [member] | ||
Schedule of Weighted Average Cost of Capital as Discount Rate [Line Items] | ||
Discount rate | 15% | 15% |
LEO [Member] | Top of range [member] | ||
Schedule of Weighted Average Cost of Capital as Discount Rate [Line Items] | ||
Discount rate | 20% | 20% |
U.S. C-band clearing proceeds [Member] | ||
Schedule of Weighted Average Cost of Capital as Discount Rate [Line Items] | ||
Discount rate | N/A | 9.0% |
Trade and Other Payables (Detai
Trade and Other Payables (Details) - Schedule of Trade and Other Payables $ in Thousands, $ in Millions | Dec. 31, 2023 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CAD ($) | ||
Schedule of Trade and Other Payables [Line Items] | |||||
Trade payables | $ 4,570 | $ 1,976 | |||
Other payables and accrued liabilities | 39,056 | [1] | $ 259.6 | 41,579 | [1] |
Trade and other payables | $ 43,626 | $ 43,555 | |||
[1]Other payables and accrued liabilities included payables that are not trade in nature as well as various operating and capital accruals. |
Other Current Financial Liabi_3
Other Current Financial Liabilities (Details) - Schedule of Other Current Financial Liabilities - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Other Current Financial Liabilities [Line Items] | |||
Security deposits | $ 623 | $ 632 | |
Satellite performance incentive payments | 4,522 | 6,567 | |
Interest payable(a) | [1] | 21,719 | 38,536 |
Other | 2,197 | 2,662 | |
Other current financial liabilities | $ 29,061 | $ 48,397 | |
[1]Interest payable included interest payable on indebtedness and satellite performance incentive payments. |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - Schedule of Other Current Liabilities - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule Of Other Current Liabilities [Abstract] | ||
Deferred revenue (Note 23) | $ 55,111 | $ 66,828 |
Decommissioning liabilities (Note 23) | 231 | 975 |
Uncertain tax positions | 1,315 | 1,315 |
Lease liabilities | 2,217 | 2,120 |
Other | 4,245 | 4,730 |
Other current liabilities | $ 63,119 | $ 75,968 |
Other Long-Term Financial Lia_3
Other Long-Term Financial Liabilities (Details) - Schedule of Other Long-Term Financial Liabilities - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of other long-term financial liabilities [Line Items] | ||
Security deposits | $ 1,189 | $ 1,106 |
Satellite performance incentive payments | 13,749 | 18,557 |
Other long-term financial liabilities | $ 14,938 | $ 19,663 |
Other Long-Term Liabilities (De
Other Long-Term Liabilities (Details) $ in Thousands, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CAD ($) | |
Other Long-Term Liabilities [Line Items] | |||||
Current and long-term decommissioning liabilities | $ 2.7 | $ 3.4 | |||
Interest expense | $ 270,350 | $ 221,756 | $ 187,994 | ||
Decommissioning liabilities derecognized | $ 0.9 | ||||
Decommissioning liabilities, description | It is expected that the decommissioning liabilities will mature between 2024 and 2062. | It is expected that the decommissioning liabilities will mature between 2024 and 2062. | |||
Interest payments | $ 13.4 |
Other Long-Term Liabilities (_2
Other Long-Term Liabilities (Details) - Schedule of Other Long-Term Liabilities - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Schedule of Other Long-Term Liabilities [Abstract] | |||
Deferred revenue | [1] | $ 224,329 | $ 259,579 |
Accrued benefit liabilities (Note 32) | 32,352 | 32,862 | |
Uncertain tax positions | 175 | 175 | |
Decommissioning liabilities | [2] | 2,463 | 2,453 |
Lease liabilities | [3] | 31,122 | 31,986 |
Other long-term liabilities | $ 290,441 | $ 327,055 | |
[1]Remaining performance obligations, which the Company also refers to as contract revenue backlog (“backlog”) represents the expected future revenue under existing customer contracts, includes both cancellable and non -cancellable -term $Nil $Nil |
Other Long-Term Liabilities (_3
Other Long-Term Liabilities (Details) - Schedule of Expects the Backlog Revenue Recognized and Undiscounted Contractual Cash Flows of the Lease Liabilities $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Backlog [Member] | |
Other Long-Term Liabilities (Details) - Schedule of Expects the Backlog Revenue Recognized and Undiscounted Contractual Cash Flows of the Lease Liabilities [Line Items] | |
Recognized Revenue | $ 1,348 |
Backlog [Member] | Not later than one year [member] | |
Other Long-Term Liabilities (Details) - Schedule of Expects the Backlog Revenue Recognized and Undiscounted Contractual Cash Flows of the Lease Liabilities [Line Items] | |
Recognized Revenue | 454 |
Backlog [Member] | Later than one year and not later than two years [member] | |
Other Long-Term Liabilities (Details) - Schedule of Expects the Backlog Revenue Recognized and Undiscounted Contractual Cash Flows of the Lease Liabilities [Line Items] | |
Recognized Revenue | 277 |
Backlog [Member] | Later than two years and not later than three years [member] | |
Other Long-Term Liabilities (Details) - Schedule of Expects the Backlog Revenue Recognized and Undiscounted Contractual Cash Flows of the Lease Liabilities [Line Items] | |
Recognized Revenue | 202 |
Backlog [Member] | Later than three years and not later than four years [member] | |
Other Long-Term Liabilities (Details) - Schedule of Expects the Backlog Revenue Recognized and Undiscounted Contractual Cash Flows of the Lease Liabilities [Line Items] | |
Recognized Revenue | 131 |
Backlog [Member] | Later than four years and not later than five years [member] | |
Other Long-Term Liabilities (Details) - Schedule of Expects the Backlog Revenue Recognized and Undiscounted Contractual Cash Flows of the Lease Liabilities [Line Items] | |
Recognized Revenue | 68 |
Backlog [Member] | Later than five years [member] | |
Other Long-Term Liabilities (Details) - Schedule of Expects the Backlog Revenue Recognized and Undiscounted Contractual Cash Flows of the Lease Liabilities [Line Items] | |
Recognized Revenue | 216 |
Expected undiscounted contractual cash flows [Member] | |
Other Long-Term Liabilities (Details) - Schedule of Expects the Backlog Revenue Recognized and Undiscounted Contractual Cash Flows of the Lease Liabilities [Line Items] | |
Lease Liabilities | 47,206 |
Expected undiscounted contractual cash flows [Member] | Not later than one year [member] | |
Other Long-Term Liabilities (Details) - Schedule of Expects the Backlog Revenue Recognized and Undiscounted Contractual Cash Flows of the Lease Liabilities [Line Items] | |
Lease Liabilities | 3,785 |
Expected undiscounted contractual cash flows [Member] | Later than one year and not later than two years [member] | |
Other Long-Term Liabilities (Details) - Schedule of Expects the Backlog Revenue Recognized and Undiscounted Contractual Cash Flows of the Lease Liabilities [Line Items] | |
Lease Liabilities | 3,710 |
Expected undiscounted contractual cash flows [Member] | Later than two years and not later than three years [member] | |
Other Long-Term Liabilities (Details) - Schedule of Expects the Backlog Revenue Recognized and Undiscounted Contractual Cash Flows of the Lease Liabilities [Line Items] | |
Lease Liabilities | 3,067 |
Expected undiscounted contractual cash flows [Member] | Later than three years and not later than four years [member] | |
Other Long-Term Liabilities (Details) - Schedule of Expects the Backlog Revenue Recognized and Undiscounted Contractual Cash Flows of the Lease Liabilities [Line Items] | |
Lease Liabilities | 2,886 |
Expected undiscounted contractual cash flows [Member] | Later than four years and not later than five years [member] | |
Other Long-Term Liabilities (Details) - Schedule of Expects the Backlog Revenue Recognized and Undiscounted Contractual Cash Flows of the Lease Liabilities [Line Items] | |
Lease Liabilities | 2,917 |
Expected undiscounted contractual cash flows [Member] | Later than five years [member] | |
Other Long-Term Liabilities (Details) - Schedule of Expects the Backlog Revenue Recognized and Undiscounted Contractual Cash Flows of the Lease Liabilities [Line Items] | |
Lease Liabilities | $ 30,841 |
Indebtedness (Details)
Indebtedness (Details) $ in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||||
Apr. 27, 2021 CAD ($) | Dec. 06, 2019 CAD ($) | Oct. 11, 2019 USD ($) | Oct. 11, 2019 CAD ($) | Dec. 31, 2020 USD ($) | Oct. 31, 2020 | Apr. 30, 2020 | Dec. 31, 2023 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 06, 2019 USD ($) | |
Indebtedness (Details) [Line Items] | ||||||||||||||
Revolving credit facility | $ 1,300 | |||||||||||||
Credit agreement of benchmark rates | The seventh amendment amends the Credit Agreement to replace LIBOR-based benchmark rates with SOFR-based benchmark rates and to make certain other conforming changes. Following the seventh amendment, loans under the Term Loan B Facility bear interest, at Telesat Canada’s option, at either (i) a floating rate based on the base rate, plus an applicable margin of 1.75% or (ii) a floating rate based on SOFR, plus an applicable margin of 2.75%. In addition, loans benchmarked against SOFR will be subject to a credit spread adjustment of 0.11448% for a one-month interest period, 0.26161% for a three-month interest period and 0.42826% for a six-month interest period. | The seventh amendment amends the Credit Agreement to replace LIBOR-based benchmark rates with SOFR-based benchmark rates and to make certain other conforming changes. Following the seventh amendment, loans under the Term Loan B Facility bear interest, at Telesat Canada’s option, at either (i) a floating rate based on the base rate, plus an applicable margin of 1.75% or (ii) a floating rate based on SOFR, plus an applicable margin of 2.75%. In addition, loans benchmarked against SOFR will be subject to a credit spread adjustment of 0.11448% for a one-month interest period, 0.26161% for a three-month interest period and 0.42826% for a six-month interest period. | ||||||||||||
Debt issue costs | $ 6,834 | |||||||||||||
Debt costs | $ 6,100 | 8,600 | ||||||||||||
Leverage ratio, description | The Credit Agreement contains total leverage ratio covenants that restrict, with certain exceptions, the ability of Telesat Canada and the Guarantors to take specified actions, including, among other things and subject to certain significant exceptions: creating liens, incurring indebtedness, making investments, engaging in mergers, selling property, paying dividends, entering into sale-leaseback transactions, creating subsidiaries, repaying subordinated debt or amending organizational documents. If the Revolving Credit Facility is drawn by more than 35% of the Credit Facility amount, the Credit Agreement requires Telesat Canada to comply with a first lien net leverage ratio of 5.75:1.00, tested quarterly, and failure to comply will result in an event of default. As at December 31, 2023, the total leverage ratio was 5.32:1.00, which is more than the maximum test ratio of 4.50:1.00 (December 31, 2022 — 6.17:1.00). | The Credit Agreement contains total leverage ratio covenants that restrict, with certain exceptions, the ability of Telesat Canada and the Guarantors to take specified actions, including, among other things and subject to certain significant exceptions: creating liens, incurring indebtedness, making investments, engaging in mergers, selling property, paying dividends, entering into sale-leaseback transactions, creating subsidiaries, repaying subordinated debt or amending organizational documents. If the Revolving Credit Facility is drawn by more than 35% of the Credit Facility amount, the Credit Agreement requires Telesat Canada to comply with a first lien net leverage ratio of 5.75:1.00, tested quarterly, and failure to comply will result in an event of default. As at December 31, 2023, the total leverage ratio was 5.32:1.00, which is more than the maximum test ratio of 4.50:1.00 (December 31, 2022 — 6.17:1.00). | ||||||||||||
Prepayment on loan term (in Dollars) | $ 341.4 | |||||||||||||
Prepayment recognition of a loss | $ 2,300 | |||||||||||||
Interest expense | 1,100 | 1,600 | ||||||||||||
Principal amount | 134,500 | $ 101 | ||||||||||||
Open market purchases | 79,600 | 59.7 | $ 77 | |||||||||||
Prepayment options | 400 | 0.5 | 1,900 | 1.5 | ||||||||||
Gain on extinguishment of debt | $ 43,800 | $ 32.3 | 106,900 | $ 84.5 | ||||||||||
Weighted average effective interest rate, percentage | 5.79% | 5.79% | ||||||||||||
Senior unsecured notes issued (in Dollars) | $ 3,197,019 | 3,850,081 | ||||||||||||
Percentage of senior unsecured notes | 6.50% | 6.50% | ||||||||||||
Increase to indebtedness | $ 1,900 | |||||||||||||
Subsequently amortized liability | $ 4,100 | $ 6,700 | ||||||||||||
Interest payable, percentage | 4.875% | |||||||||||||
Senior secured notes, description | Telesat Canada, as issuer, and Telesat LLC, as co-issuer, issued US$500 million in aggregate principal amount of 2026 Senior Secured Notes maturing on December 6, 2026. The 2026 Senior Secured Notes bear interest at an annual rate of 5.625% with interest payable on June 1 and December 1, which commenced in December 2021 to holders of record on the immediately preceding May 15 or November 15, as the case may be. Debt issue costs of $6.8 million were incurred in connection with the issuance of the 2026 Senior Secured Notes and had a carrying value of $3.1 million as at December 31, 2023 (December 31, 2022 — $5.0 million). | |||||||||||||
6.5% Senior Notes [Member] | ||||||||||||||
Indebtedness (Details) [Line Items] | ||||||||||||||
Borrowings maturity date, description | October 2027 | |||||||||||||
Private Placements [Member] | ||||||||||||||
Indebtedness (Details) [Line Items] | ||||||||||||||
Senior unsecured notes issued (in Dollars) | $ 550 | $ 400 | ||||||||||||
Borrowings maturity date, description | June 2027 | |||||||||||||
Bottom of range [member] | ||||||||||||||
Indebtedness (Details) [Line Items] | ||||||||||||||
Unused commitment fee ratio | 25 | 25 | ||||||||||||
Top of range [member] | ||||||||||||||
Indebtedness (Details) [Line Items] | ||||||||||||||
Unused commitment fee ratio | 37.5 | 37.5 | ||||||||||||
Revolving Credits Facility [Member] | ||||||||||||||
Indebtedness (Details) [Line Items] | ||||||||||||||
Revolving credit facility | $ 200 | |||||||||||||
ABR Loan [Member] | Bottom of range [member] | ||||||||||||||
Indebtedness (Details) [Line Items] | ||||||||||||||
Prime rate percentage | 0.75% | 0.75% | ||||||||||||
ABR Loan [Member] | Top of range [member] | ||||||||||||||
Indebtedness (Details) [Line Items] | ||||||||||||||
Prime rate percentage | 1.25% | 1.25% | ||||||||||||
BA Loan [Member] | Bottom of range [member] | ||||||||||||||
Indebtedness (Details) [Line Items] | ||||||||||||||
Prime rate percentage | 1.75% | 1.75% | ||||||||||||
BA Loan [Member] | Top of range [member] | ||||||||||||||
Indebtedness (Details) [Line Items] | ||||||||||||||
Prime rate percentage | 2.25% | 2.25% | ||||||||||||
U.S. TLB Facility [Member] | ||||||||||||||
Indebtedness (Details) [Line Items] | ||||||||||||||
Credit Facility (in Dollars) | $ 1,908.5 | |||||||||||||
Senior credit facilities, description | (i) LIBOR as periodically determined for interest rate periods selected by Telesat Canada in accordance with the terms of the Senior Secured Credit Facilities, plus an applicable margin of 2.75%; or (ii) Alternative Base Rate as determined in accordance with the terms of the Senior Secured Credit Facilities plus an applicable margin of 1.75%. The mandatory principal repayment is equal to 0.25% of the original aggregate principal amount, payable on the last day of each quarter, commencing on March 31, 2020. As a result of the prepayment made in December 2020, mandatory quarterly principal repayments are no longer be required. | (i) LIBOR as periodically determined for interest rate periods selected by Telesat Canada in accordance with the terms of the Senior Secured Credit Facilities, plus an applicable margin of 2.75%; or (ii) Alternative Base Rate as determined in accordance with the terms of the Senior Secured Credit Facilities plus an applicable margin of 1.75%. The mandatory principal repayment is equal to 0.25% of the original aggregate principal amount, payable on the last day of each quarter, commencing on March 31, 2020. As a result of the prepayment made in December 2020, mandatory quarterly principal repayments are no longer be required. | ||||||||||||
Debt issue costs | $ 16,000 | |||||||||||||
Principal amount | 177,600 | $ 131 | ||||||||||||
Open market purchases | 133,800 | 98.8 | ||||||||||||
Prepayment options | 500 | 0.4 | ||||||||||||
Gain on extinguishment of debt | $ 56,700 | $ 42.4 | ||||||||||||
Weighted average effective interest rate, percentage | 8.08% | 8.08% | 4.64% | 4.64% | ||||||||||
Senior Unsecured Notes [Member] | ||||||||||||||
Indebtedness (Details) [Line Items] | ||||||||||||||
Debt issue costs | $ 7,400 | |||||||||||||
Principal amount | 128,900 | $ 95 | $ 202,100 | $ 160 | ||||||||||
Open market purchases | 53,700 | 39.5 | $ 97,200 | |||||||||||
Prepayment options | 800 | 0.6 | ||||||||||||
Gain on extinguishment of debt | $ 75,300 | $ 55.5 | ||||||||||||
Weighted average effective interest rate, percentage | 6.25% | 6.25% | 6.27% | 6.27% | ||||||||||
Senior unsecured notes | $ 2,500 | $ 3,700 | ||||||||||||
Increase to indebtedness | $ 17,800 | |||||||||||||
Senior secured Notes [Member] | ||||||||||||||
Indebtedness (Details) [Line Items] | ||||||||||||||
Debt issue costs | 6,600 | $ 4,200 | ||||||||||||
Principal amount | 133,600 | $ 100 | ||||||||||||
Open market purchases | 77,000 | 57.6 | ||||||||||||
Prepayment options | 500 | 0.6 | ||||||||||||
Gain on extinguishment of debt | $ 55,000 | $ 41.2 | ||||||||||||
Weighted average effective interest rate, percentage | 4.75% | 4.75% | 4.76% | 4.76% | ||||||||||
Senior unsecured notes | $ 2,600 | |||||||||||||
Increase to indebtedness | $ 10,600 | |||||||||||||
Subsequently amortized liability | 6,000 | $ 8,800 | ||||||||||||
2026 Senior Secured Notes [Member] | ||||||||||||||
Indebtedness (Details) [Line Items] | ||||||||||||||
Subsequently amortized liability | $ 900 | $ 1,400 |
Indebtedness (Details) - Schedu
Indebtedness (Details) - Schedule of Indebtedness - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Senior Secured Credit Facilities | ||
Borrowings before deferred financing costs | $ 3,199,247 | $ 3,853,151 |
Deferred financing costs, prepayment options and loss on repayment | (2,228) | (3,070) |
Total | 3,197,019 | 3,850,081 |
Less: current indebtedness | ||
Long-term indebtedness | 3,197,019 | 3,850,081 |
Revolving Credit Facility [Member] | Senior Secured Credit Facilities [Member] | ||
Senior Secured Credit Facilities | ||
Borrowings before deferred financing costs | ||
Term Loan B – U.S. Facility [Member] | Senior Secured Credit Facilities [Member] | ||
Senior Secured Credit Facilities | ||
Borrowings before deferred financing costs | 1,882,846 | 2,104,685 |
Senior Notes [Member] | ||
Senior Secured Credit Facilities | ||
Borrowings before deferred financing costs | 390,669 | 528,606 |
Senior Secured Notes [Member] | ||
Senior Secured Credit Facilities | ||
Borrowings before deferred financing costs | 528,449 | 677,700 |
Senior Secured Notes One [Member] | ||
Senior Secured Credit Facilities | ||
Borrowings before deferred financing costs | $ 397,283 | $ 542,160 |
Indebtedness (Details) - Sche_2
Indebtedness (Details) - Schedule of Indebtedness (Parentheticals) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Term Loan B – U.S. Facility [Member] | ||
Indebtedness (Details) - Schedule of Indebtedness (Parentheticals) [Line Items] | ||
Term Loan B – U.S. Facility | $ 1,421,767 | $ 1,552,815 |
Senior Notes [Member] | ||
Indebtedness (Details) - Schedule of Indebtedness (Parentheticals) [Line Items] | ||
Senior Notes | 295,000 | 390,000 |
Senior Secured Notes [Member] | ||
Indebtedness (Details) - Schedule of Indebtedness (Parentheticals) [Line Items] | ||
Senior Secured Notes | 399,040 | 500,000 |
Senior Secured Notes One [Member] | ||
Indebtedness (Details) - Schedule of Indebtedness (Parentheticals) [Line Items] | ||
Senior Secured Notes | $ 299,995 | $ 400,000 |
Indebtedness (Details) - Sche_3
Indebtedness (Details) - Schedule of Short-Term and Long-Term Portions of Deferred Financing Costs, Prepayment Options and Loss on Repayment - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Short-term and Long-term Portions of Deferred Financing Costs, Prepayment Options and Loss on Repayment [Abstract] | ||
Short-term deferred financing costs | ||
Long-term deferred financing costs | 14,298 | 21,470 |
Deferred financing cost | 14,298 | 21,470 |
Short-term prepayment options | ||
Long-term prepayment options | (10,961) | (16,832) |
Prepayment option | (10,961) | (16,832) |
Short-term loss on repayment | ||
Long-term loss on repayment | (1,109) | (1,568) |
Loss on repayment | (1,109) | (1,568) |
Deferred financing costs, prepayment options and loss on repayment | $ 2,228 | $ 3,070 |
Share Capital (Details)
Share Capital (Details) $ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 shares | Dec. 31, 2023 shares | Dec. 31, 2022 CAD ($) shares | Dec. 31, 2022 USD ($) shares | Apr. 30, 2021 shares | |
Share Capital (Details) [Line Items] | |||||
Non-Voting Participating Preferred shares | 600 | ||||
Shares issued | 6,197,776 | ||||
Number Of Shares Exercised In Exchange | 1,000 | ||||
Adjustment amount | $ 20.8 | $ 15.3 | |||
Class B LP Units [Member] | |||||
Share Capital (Details) [Line Items] | |||||
Shares issued | 532,473 | 574,226 | 574,226 | ||
Adjustment amount | $ 20.8 | $ 15.3 | |||
Restricted Stock Units [Member] | |||||
Share Capital (Details) [Line Items] | |||||
Settlement of restricted stock unit | 532,122 | 411,146 | 411,146 | ||
Settlement of public shares | 271,578 | 210,978 | 210,978 | ||
Class A Common shares [Member] | |||||
Share Capital (Details) [Line Items] | |||||
Voting share | one | one | one | ||
Class B Common Shares [Member] | |||||
Share Capital (Details) [Line Items] | |||||
Voting share | one | one | one | ||
Class C Common Shares [Member] | |||||
Share Capital (Details) [Line Items] | |||||
Voting share | one | one | one | ||
Golden share [Member] | |||||
Share Capital (Details) [Line Items] | |||||
Voting share | one | one | one | ||
Director Voting Preferred Shares [Member] | |||||
Share Capital (Details) [Line Items] | |||||
Stock options exercised | 600 |
Share Capital (Details) - Sched
Share Capital (Details) - Schedule of Number of Shares and Stated Value of Outstanding Shares - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Apr. 30, 2021 |
Schedule of Number of Shares and Stated Value of Outstanding Shares [Line Items] | |||
Number of shares | 13,610,342 | 12,805,291 | 6,197,776 |
Stated value | $ 51,252 | $ 46,554 | |
Telesat Public Shares [Member] | |||
Schedule of Number of Shares and Stated Value of Outstanding Shares [Line Items] | |||
Number of shares | 13,497,501 | 12,692,450 | |
Stated value | $ 44,912 | $ 40,214 | |
Class C Shares [Member] | |||
Schedule of Number of Shares and Stated Value of Outstanding Shares [Line Items] | |||
Number of shares | 112,841 | 112,841 | |
Stated value | $ 6,340 | $ 6,340 |
Share Capital (Details) - Sch_2
Share Capital (Details) - Schedule of Number of Shares and Stated Value of Outstanding Shares | 12 Months Ended |
Dec. 31, 2023 shares | |
Telesat Public shares | |
Telesat Public shares | 13,497,501 |
Class A Common shares [Member] | |
Telesat Public shares | |
Telesat Public shares | 1,242,656 |
Class B Variable Voting shares [Member] | |
Telesat Public shares | |
Telesat Public shares | 12,254,845 |
Share Capital (Details) - Sch_3
Share Capital (Details) - Schedule of Number of Shares and Stated Value of Outstanding Shares - Limited Partnership units [Member] - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Number of Shares and Stated Value of Outstanding Shares [Line Items] | ||
Number of units | 36,420,154 | 36,952,627 |
Stated value | $ 89,034 | $ 90,491 |
Class A and Class B LP Units [Member] | ||
Schedule of Number of Shares and Stated Value of Outstanding Shares [Line Items] | ||
Number of units | 18,321,792 | 18,854,265 |
Stated value | $ 50,141 | $ 51,598 |
Class A and Class B LP Units [Member] | ||
Schedule of Number of Shares and Stated Value of Outstanding Shares [Line Items] | ||
Number of units | 18,098,362 | 18,098,362 |
Stated value | $ 38,893 | $ 38,893 |
Share Capital (Details) - Sch_4
Share Capital (Details) - Schedule of Number of Shares and Stated Value of Outstanding Shares - Class A and Class B LP Units [Member] | Dec. 31, 2023 shares |
Schedule of Number of Shares and Stated Value of Outstanding Shares [Line Items] | |
Number of units | 18,321,792 |
Class A LP Units [Member] | |
Schedule of Number of Shares and Stated Value of Outstanding Shares [Line Items] | |
Number of units | 12,500 |
Class B LP Units [Member] | |
Schedule of Number of Shares and Stated Value of Outstanding Shares [Line Items] | |
Number of units | 18,309,292 |
Non-Controlling Interest (Detai
Non-Controlling Interest (Details) $ in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021 CAD ($) | Jun. 30, 2021 CAD ($) | Dec. 31, 2023 | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CAD ($) | |
Non-Controlling Interest (Details) [Line Items] | ||||||
Economic interest rate | 73% | 74% | 74% | |||
Transactions effective term | 1 year | 1 year | ||||
Employee benefits amount | $ 9.5 | $ 6.9 | ||||
Corresponding decrease | $ 16.4 | |||||
Adjustment amount | $ 20.8 | $ 15.3 | ||||
Non-controlling interests [Member] | ||||||
Non-Controlling Interest (Details) [Line Items] | ||||||
Economic interest rate | 27% | 26% | 26% |
Earnings Per Share (Details) -
Earnings Per Share (Details) - Schedule of Basic and Diluted Per Share - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Basic and Diluted Per Share [Abstract] | |||
Net income (loss) attributable to Telesat Corporation Shares | $ 157,118 | $ (23,764) | $ 92,532 |
Effect of diluted securities | 15,486 | ||
Diluted net income (loss) attributable to Telesat Corporation Shares | $ 172,604 | $ (23,764) | $ 92,532 |
Earnings Per Share (Details) _2
Earnings Per Share (Details) - Schedule of Reconciliations of the Denominators of the Basic and Diluted Per Share - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share (Details) - Schedule of Reconciliations of the Denominators of the Basic and Diluted Per Share [Line Items] | |||
Basic total weighted average number of Telesat Public Shares and Class C Shares (Telesat Canada Common Shares) outstanding | 13,417,290 | 12,311,264 | 45,168,650 |
Effect of diluted securities | |||
Diluted total weighted average number of Telesat Public Shares and Class C Shares (Telesat Canada Common Shares) outstanding | 15,288,221 | 12,311,264 | 46,620,495 |
Stock options [Member] | |||
Effect of diluted securities | |||
Effect of diluted securities | 51,617 | 422,326 | |
RSUs [Member] | |||
Effect of diluted securities | |||
Effect of diluted securities | 1,435,113 | 1,029,519 | |
DSUs [Member] | |||
Effect of diluted securities | |||
Effect of diluted securities | 91,587 | ||
PSUs [Member] | |||
Effect of diluted securities | |||
Effect of diluted securities | 292,614 |
Government Grant (Details)
Government Grant (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Government Grant [Line Items] | ||
Non-refundable government contribution value | $ 85 | |
Recorded relating to agreement | 19.5 | $ 8.8 |
Satellites [Member] | ||
Government Grant [Line Items] | ||
Recorded as a reduction | 15 | 3.5 |
Operating Expenses [Member] | ||
Government Grant [Line Items] | ||
Recorded as a reduction | $ 4.5 | 0.1 |
Prepaid Expenses [Member] | ||
Government Grant [Line Items] | ||
Recorded as a reduction | $ 5.2 |
Capital Disclosures (Details)
Capital Disclosures (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Capital Disclosures [Abstract] | |
Percentage of credit facility amount | 35% |
Leverage ratio, description | the first lien net leverage ratio was 4.65:1.00 (December 31, 2022 — 5.30:1.00), which was less than the maximum test ratio of 5.75:1.00. |
Capital Disclosures (Details) -
Capital Disclosures (Details) - Schedule of Capital - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Capital [Abstract] | ||
Shareholders’ equity (excluding reserves) | $ 585,310 | $ 402,827 |
Non-controlling interest | 1,737,065 | 1,358,716 |
Debt financing (excluding deferred financing costs, prepayment options and loss on repayment) | $ 3,199,247 | $ 3,853,151 |
Financial Instruments (Details)
Financial Instruments (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Oct. 31, 2017 | |
Financial Instruments [Line Items] | |||
Maximum exposure to credit risk | $ 1,754.6 | $ 1,730 | |
Allowance for doubtful accounts | 6.5 | 4.9 | |
Borrowings before deferred financing costs | 3,199.2 | 3,853.2 | |
Net increase impact of 5 percent increase (decrease) | 146.4 | 172.1 | |
Other comprehensive income impact of 5 percent increase (decrease) | 68.6 | 57.5 | |
Cash and cash equivalents | $ 245.2 | ||
Short-term investments | $ 8.5 | ||
Discount rate cash flow | 7.40% | 6.60% | |
Bottom of range [Member] | |||
Financial Instruments [Line Items] | |||
Discount rate used to discount Canadian dollar cash flows | 4.06% | 4% | |
Top of range [Member] | |||
Financial Instruments [Line Items] | |||
Discount rate used to discount Canadian dollar cash flows | 5.59% | 5.16% | |
North American [Member] | |||
Financial Instruments [Line Items] | |||
Risk percentage | 49% | 48% | |
International customers [Member] | |||
Financial Instruments [Line Items] | |||
Risk percentage | 51% | 52% | |
Term Loan B - Canadian Facility [Member] | |||
Financial Instruments [Line Items] | |||
Variable interest rate | $ 1,800 | ||
Term Loan B - Canadian Facility [Member] | Bottom of range [Member] | |||
Financial Instruments [Line Items] | |||
Interest rates | 1.72% | ||
Term Loan B - Canadian Facility [Member] | Top of range [Member] | |||
Financial Instruments [Line Items] | |||
Interest rates | 2.04% | ||
Interest Rates Floor [Member] | |||
Financial Instruments [Line Items] | |||
Interest rates | 0.25% | ||
Net income loss impact of 0.25 percent change in interest rates | $ 5.1 | $ 4.3 |
Financial Instruments (Detail_2
Financial Instruments (Details) - Schedule Maturity of Financial Assets $ in Thousands | Dec. 31, 2023 CAD ($) |
2024 [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | $ 1,748,009 |
2025 [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | 1,308 |
2026 [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | 1,411 |
2027 [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | 664 |
2028 [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | 549 |
Thereafter [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | 2,701 |
Cash and Cash Equivalents [Member] | 2024 [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | 1,669,089 |
Cash and Cash Equivalents [Member] | 2025 [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | |
Cash and Cash Equivalents [Member] | 2026 [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | |
Cash and Cash Equivalents [Member] | 2027 [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | |
Cash and Cash Equivalents [Member] | 2028 [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | |
Cash and Cash Equivalents [Member] | Thereafter [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | |
Trade and other receivables, excluding deferred receivables [Member] | 2024 [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | 74,942 |
Trade and other receivables, excluding deferred receivables [Member] | 2025 [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | |
Trade and other receivables, excluding deferred receivables [Member] | 2026 [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | |
Trade and other receivables, excluding deferred receivables [Member] | 2027 [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | |
Trade and other receivables, excluding deferred receivables [Member] | 2028 [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | |
Trade and other receivables, excluding deferred receivables [Member] | Thereafter [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | |
Deferred receivables [Member] | 2024 [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | 3,347 |
Deferred receivables [Member] | 2025 [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | 1,308 |
Deferred receivables [Member] | 2026 [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | 1,411 |
Deferred receivables [Member] | 2027 [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | 664 |
Deferred receivables [Member] | 2028 [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | 549 |
Deferred receivables [Member] | Thereafter [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | 1,703 |
Other financial assets [Member] | 2024 [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | 631 |
Other financial assets [Member] | 2025 [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | |
Other financial assets [Member] | 2026 [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | |
Other financial assets [Member] | 2027 [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | |
Other financial assets [Member] | 2028 [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | |
Other financial assets [Member] | Thereafter [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | 998 |
Carrying amount [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | 1,754,642 |
Carrying amount [Member] | Cash and Cash Equivalents [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | 1,669,089 |
Carrying amount [Member] | Trade and other receivables, excluding deferred receivables [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | 74,942 |
Carrying amount [Member] | Deferred receivables [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | 8,982 |
Carrying amount [Member] | Other financial assets [Member] | |
Schedule Maturity of Financial Assets [Line items] | |
Total contractual maturities of financial assets | $ 1,629 |
Financial Instruments (Detail_3
Financial Instruments (Details) - Schedule of Contractual Maturities of Financial Liabilities $ in Thousands | Dec. 31, 2023 CAD ($) | |
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | $ 4,013,345 | |
2023 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 302,009 | |
2024 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 238,728 | |
2025 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 2,638,930 | |
2026 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 825,561 | |
2027 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 2,585 | |
Thereafter [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 5,532 | |
Trade and other payables [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 43,626 | |
Trade and other payables [Member] | 2023 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 43,626 | |
Trade and other payables [Member] | 2024 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | ||
Trade and other payables [Member] | 2025 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | ||
Trade and other payables [Member] | 2026 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | ||
Trade and other payables [Member] | 2027 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | ||
Trade and other payables [Member] | Thereafter [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | ||
Customer and other deposits [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 1,620 | |
Customer and other deposits [Member] | 2023 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 623 | |
Customer and other deposits [Member] | 2024 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 634 | |
Customer and other deposits [Member] | 2025 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 50 | |
Customer and other deposits [Member] | 2026 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | ||
Customer and other deposits [Member] | 2027 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 163 | |
Customer and other deposits [Member] | Thereafter [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 150 | |
Satellite performance incentive payments [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 22,457 | |
Satellite performance incentive payments [Member] | 2023 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 5,549 | |
Satellite performance incentive payments [Member] | 2024 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 3,255 | |
Satellite performance incentive payments [Member] | 2025 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 3,316 | |
Satellite performance incentive payments [Member] | 2026 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 2,533 | |
Satellite performance incentive payments [Member] | 2027 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 2,422 | |
Satellite performance incentive payments [Member] | Thereafter [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 5,382 | |
Other financial liabilities [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 2,389 | |
Other financial liabilities [Member] | 2023 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 2,389 | |
Other financial liabilities [Member] | 2024 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | ||
Other financial liabilities [Member] | 2025 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | ||
Other financial liabilities [Member] | 2026 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | ||
Other financial liabilities [Member] | 2027 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | ||
Other financial liabilities [Member] | Thereafter [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | ||
Indebtedness [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 3,943,253 | [1] |
Indebtedness [Member] | 2023 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 249,822 | [1] |
Indebtedness [Member] | 2024 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 234,839 | [1] |
Indebtedness [Member] | 2025 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 2,635,564 | [1] |
Indebtedness [Member] | 2026 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 823,028 | [1] |
Indebtedness [Member] | 2027 [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | [1] | |
Indebtedness [Member] | Thereafter [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | [1] | |
Carrying amount [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 3,286,872 | |
Carrying amount [Member] | Trade and other payables [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 43,626 | |
Carrying amount [Member] | Customer and other deposits [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 1,620 | |
Carrying amount [Member] | Satellite performance incentive payments [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 18,367 | |
Carrying amount [Member] | Other financial liabilities [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | 2,389 | |
Carrying amount [Member] | Indebtedness [Member] | ||
Schedule of Contractual Maturities of Financial Liabilities [Line items] | ||
Total contractual maturities of financial liabilities | $ 3,220,870 | [1] |
[1]Indebtedness excludes deferred financing costs, prepayment options and loss on repayment. |
Financial Instruments (Detail_4
Financial Instruments (Details) - Schedule of Interest Payable and Interest Payments $ in Thousands | Dec. 31, 2023 CAD ($) |
Satellite performance incentive payments [Member] | |
Schedule of Interest Payable and Interest Payments [Line Items] | |
Interest payable | $ 96 |
Interest payments | 4,186 |
Indebtedness [Member] | |
Schedule of Interest Payable and Interest Payments [Line Items] | |
Interest payable | 21,623 |
Interest payments | $ 744,006 |
Financial Instruments (Detail_5
Financial Instruments (Details) - Schedule of Financial Assets and Financial Liabilities and Fair Values Hierarchy - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Amortized cost [Member] | |||
Financial Instruments (Details) - Schedule of Financial Assets and Financial Liabilities and Fair Values Hierarchy [Line Items] | |||
Trade and other receivables | $ 78,289 | $ 41,248 | |
Trade and other payables | (43,626) | (43,555) | |
Total | (1,532,230) | (2,234,735) | |
Fair value [Member] | |||
Financial Instruments (Details) - Schedule of Financial Assets and Financial Liabilities and Fair Values Hierarchy [Line Items] | |||
Trade and other receivables | 78,289 | 41,248 | |
Trade and other payables | (43,626) | (43,555) | |
Total | (283,483) | (67,085) | |
Level 1 [Member] | Amortized cost [Member] | |||
Financial Instruments (Details) - Schedule of Financial Assets and Financial Liabilities and Fair Values Hierarchy [Line Items] | |||
Cash and cash equivalents | 1,669,089 | 1,677,792 | |
Other current financial assets | 631 | 515 | |
Other long-term financial assets | 6,633 | 10,476 | |
Level 1 [Member] | Fair value [Member] | |||
Financial Instruments (Details) - Schedule of Financial Assets and Financial Liabilities and Fair Values Hierarchy [Line Items] | |||
Cash and cash equivalents | 1,669,089 | 1,677,792 | |
Other current financial assets | 631 | 515 | |
Other long-term financial assets | 6,633 | 10,476 | |
Level 2 [Member] | Amortized cost [Member] | |||
Financial Instruments (Details) - Schedule of Financial Assets and Financial Liabilities and Fair Values Hierarchy [Line Items] | |||
Other current financial liabilities | (29,061) | (48,397) | |
Other long-term financial liabilities | (14,938) | (19,663) | |
Indebtedness | [1] | (3,199,247) | (3,853,151) |
Level 2 [Member] | Fair value [Member] | |||
Financial Instruments (Details) - Schedule of Financial Assets and Financial Liabilities and Fair Values Hierarchy [Line Items] | |||
Other current financial liabilities | (29,300) | (49,500) | |
Other long-term financial liabilities | (14,388) | (19,164) | |
Indebtedness | [1] | $ (1,950,811) | $ (1,684,897) |
[1]Indebtedness excludes deferred financing costs, prepayment options and loss on prepayment. |
Financial Instruments (Detail_6
Financial Instruments (Details) - Schedule of Calculation of Fair Value of the Indebtednes - Recurring fair value measurement [Member] | Dec. 31, 2023 | Dec. 31, 2022 |
Senior Unsecured Notes [Member] | ||
Calculation of Fair Value of the Indebtednes [Line Items] | ||
Term Loan | 47.31% | 29.90% |
Senior Secured Notes [Member] | ||
Calculation of Fair Value of the Indebtednes [Line Items] | ||
Term Loan | 59.42% | 45.71% |
2026 Senior Secured Notes [Member] | ||
Calculation of Fair Value of the Indebtednes [Line Items] | ||
Term Loan | 62.38% | 47.02% |
U.S. TLB Facility [Member] | Senior Secured Credit Facilities [Member] | ||
Calculation of Fair Value of the Indebtednes [Line Items] | ||
Term Loan | 63.75% | 45.63% |
Share-Based Compensation Plan_2
Share-Based Compensation Plans (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Apr. 30, 2021 shares | Dec. 31, 2023 shares | Dec. 31, 2021 USD ($) | Dec. 31, 2022 | Dec. 31, 2013 shares | Dec. 31, 2008 shares | |
Share-Based Compensation Plans (Details) [Line Items] | ||||||
Issuance of shares | 195,295 | 782,229 | ||||
Annual increment | 20% | |||||
Stock options expires | 10 years | |||||
Issued and outstanding, vested and unvested stock options (in Shares) | 6,197,776 | |||||
Non-cash operating expense (in Dollars) | $ | $ 8.5 | |||||
Preferred shares issued (in Shares) | 3,660,000 | |||||
Percentage of preferred shares outstanding | 10% | |||||
RSUs were issued (in Shares) | 3,530,000 | |||||
Transaction shares (in Shares) | 3,530,000 | |||||
Corporation stock options (in Shares) | 1,460,008 | |||||
Public share (in Shares) | 2,972,816 | |||||
Restricted Stock Unit shares | 103,400 | 82,720 | ||||
2008 [Member] | ||||||
Share-Based Compensation Plans (Details) [Line Items] | ||||||
Number of share issued and outstanding (in Shares) | 738,667 | |||||
2013 [Member] | ||||||
Share-Based Compensation Plans (Details) [Line Items] | ||||||
Number of share issued and outstanding (in Shares) | 1,446,797 | |||||
Telesat Canada Non-Voting Participating Preferred Shares [Member] | 2008 [Member] | ||||||
Share-Based Compensation Plans (Details) [Line Items] | ||||||
Issuance of shares | 8,824,646 | |||||
Telesat Canada Non-Voting Participating Preferred Shares [Member] | 2013 [Member] | ||||||
Share-Based Compensation Plans (Details) [Line Items] | ||||||
Issuance of shares | 8,680,399 | |||||
Telesat Canada Stock Options [Member] | ||||||
Share-Based Compensation Plans (Details) [Line Items] | ||||||
Issuance of shares | 738,667 | |||||
Telesat Canada Stock Options [Member] | 2013 [Member] | ||||||
Share-Based Compensation Plans (Details) [Line Items] | ||||||
Issuance of shares | 1,446,797 | |||||
Telesat Corporation Stock Options [Member] | 2008 [Member] | ||||||
Share-Based Compensation Plans (Details) [Line Items] | ||||||
Issuance of shares | 305,499 | |||||
Telesat Corporation Stock Options [Member] | 2013 [Member] | ||||||
Share-Based Compensation Plans (Details) [Line Items] | ||||||
Issuance of shares | 595,290 |
Share-Based Compensation Plan_3
Share-Based Compensation Plans (Details) - Schedule of Share-Based Compensation Expense Included in the Consolidated Statements of Income (Loss) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Operating expenses | $ 33,015 | $ 67,428 | $ 73,723 |
Share-Based Compensation Plan_4
Share-Based Compensation Plans (Details) - Schedule of Number of Stock Options Outstanding and their Weighted Average Exercise price | 12 Months Ended | |
Dec. 31, 2023 $ / shares shares | Dec. 31, 2022 $ / shares shares | |
Time vesting option plans [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of options Outstanding, Beginning balance (in Shares) | shares | 900,789 | |
Weighted average exercise price Outstanding, Beginning balance (in Dollars per share) | $ / shares | $ 50.3 | $ 48.77 |
Number of options, Forfeited | (13,574) | (107,122) |
Number of options Outstanding, Ending Balance | 199,634 | 793,667 |
Weighted average exercise price Outstanding , Ending Balance (in Dollars per share) | $ / shares | $ 38.76 | $ 50.3 |
Number of options, Exercised | (1,000) | |
Number of options, Expired (in Shares) | shares | (579,459) | |
Performance vesting option plans [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of options Outstanding, Beginning balance (in Shares) | shares | ||
Weighted average exercise price Outstanding, Beginning balance (in Dollars per share) | $ / shares | $ 16.64 | |
Number of options, Granted | 550,519 | 285,149 |
Number of options, Forfeited | (32,403) | |
Number of options Outstanding, Ending Balance | 803,265 | 285,149 |
Weighted average exercise price Outstanding , Ending Balance (in Dollars per share) | $ / shares | $ 13.38 | $ 16.64 |
Number of options, Expired (in Shares) | shares |
Share-Based Compensation Plan_5
Share-Based Compensation Plans (Details) - Schedule of Stock Options that are Exercisable and the Weighted Average Remaining Life | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Stock Options that are Exercisable and the Weighted Average Remaining Life [abstract] | ||
Telesat Corporation time vesting options | 195,295 | 782,229 |
Weighted average remaining life | 1 year | 1 year |
Share-Based Compensation Plan_6
Share-Based Compensation Plans (Details) - Schedule of Share-Based Compensation Expense for Stock Options Using the Black-Scholes Option Pricing Model | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Plans [abstract] | |||
Dividend yield | |||
Expected volatility | 50% | 50% | 35% |
Risk-free interest rate | 3.75% | 2.85% | 1.85% |
Expected life (years) | 10 | 10 | 10 |
Share-Based Compensation Plan_7
Share-Based Compensation Plans (Details) - Schedule of Number of Restricted Share Units Outstanding | 12 Months Ended | |
Dec. 31, 2023 shares | Dec. 31, 2022 shares | |
RSUs with time criteria [Member] | ||
Schedule of Number of Restricted Share Units Outstanding [Line Items] | ||
RSUs with time criteria, Beginning Balance | 351,071 | |
RSUs with time criteria, Settled | (124,036) | (20,983) |
RSUs with time criteria, Ending Balance | 784,725 | 351,071 |
RSUs with time criteria, Forfeited | (19,846) | (10,310) |
RSUs with time criteria, Granted | 577,536 | 382,364 |
PSUs with time and performance criteria [Member] | ||
Schedule of Number of Restricted Share Units Outstanding [Line Items] | ||
PSUs with time and performance criteria, Beginning Balance | 140,583 | |
RSUS with time and performance criteria Settled | ||
PSUs with time and performance criteria, Ending Balance | 375,137 | 140,583 |
PSUs with time and performance criteria, Forfeited | (47,129) | |
PSUs with time and performance criteria, Granted | 281,683 | 140,583 |
DSUs [Member] | ||
Schedule of Number of Restricted Share Units Outstanding [Line Items] | ||
DSUs, Beginning Balance | 46,576 | |
DSUs, Settled | ||
DSUs, Ending Balance | 124,616 | 46,576 |
DSUs, Forfeited | ||
DSUs, Granted | 78,040 | 46,576 |
RSUs under the Historic Plan [Member] | RSUs with time criteria [Member] | ||
Schedule of Number of Restricted Share Units Outstanding [Line Items] | ||
RSUs with time criteria, Beginning Balance | 973,338 | 1,363,501 |
RSUs with time criteria, Settled | (408,086) | (390,163) |
RSUs with time criteria, Ending Balance | 517,688 | 973,338 |
RSUs with time criteria, Forfeited | (47,564) | |
RSUs under the Historic Plan [Member] | RSUS with time and performance criteria [Member] | ||
Schedule of Number of Restricted Share Units Outstanding [Line Items] | ||
RSUS with time and performance criteria, Beginning Balance | 124,080 | 124,080 |
RSUS with time and performance criteria, Settled | ||
RSUS with time and performance criteria, Ending Balance | 124,080 | 124,080 |
RSUS with time and performance criteria, Forfeited |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) $ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CAD ($) | |
Employee Benefit Plans (Details) [Line Items] | |||
Contributions to defined benefit plans (in Dollars) | $ 2.6 | ||
Description of medical trend rate | For certain Canadian Post-retirement Plans the above trend rates are applicable for 2023 to 2026 which will decrease linearly to 4.75% in 2029 and grading down to an ultimate rate of 3.57% per annum in 2040 and thereafter. | For certain Canadian Post-retirement Plans the above trend rates are applicable for 2023 to 2026 which will decrease linearly to 4.75% in 2029 and grading down to an ultimate rate of 3.57% per annum in 2040 and thereafter. | |
Defined benefit plans (in Dollars) | $ 1.6 | ||
Canadian [Member] | |||
Employee Benefit Plans (Details) [Line Items] | |||
Defined benefit plans (in Dollars) | $ 1.1 | ||
U.S [Member] | |||
Employee Benefit Plans (Details) [Line Items] | |||
Weighted average duration | 10 years | 10 years | |
Defined benefit plans (in Dollars) | $ 3.6 | ||
Canadian Pension Plans [Member] | |||
Employee Benefit Plans (Details) [Line Items] | |||
Weighted average duration | 12 years | 12 years | |
Canadian Pension Plans [Member] | Canadian [Member] | |||
Employee Benefit Plans (Details) [Line Items] | |||
Weighted average duration | 19 years | 19 years | |
Post-employment medical defined benefit plans [member] | |||
Employee Benefit Plans (Details) [Line Items] | |||
Weighted average duration | 12 years | 12 years | |
Post-employment medical defined benefit plans [member] | Canadian [Member] | |||
Employee Benefit Plans (Details) [Line Items] | |||
Weighted average duration | 21 years | 21 years |
Employee Benefit Plans (Detai_2
Employee Benefit Plans (Details) - Schedule of Expenses Included on Consolidated Statements of Income (Loss) and Consolidated Statements of Comprehensive Income (Loss) $ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2021 USD ($) | |
Pension Plans Canadian [Member] | ||||||
Schedule of Expenses Included on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income [Line Items] | ||||||
Operating expenses | $ 4,524 | $ 6,337 | $ 7,893 | |||
Interest expense (income) | (2,294) | (799) | 743 | |||
Consolidated statements of comprehensive income (loss) | ||||||
Actuarial (gains) losses on employee benefit plans | 4,753 | (19,560) | (55,582) | |||
Pension Plans US [Member] | ||||||
Schedule of Expenses Included on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income [Line Items] | ||||||
Operating expenses | $ 684 | $ 540 | $ 74 | |||
Interest expense (income) | 567 | 533 | 53 | |||
Consolidated statements of comprehensive income (loss) | ||||||
Actuarial (gains) losses on employee benefit plans | (1,224) | (7,348) | (798) | |||
Pension Plans Total [Member] | ||||||
Schedule of Expenses Included on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income [Line Items] | ||||||
Operating expenses | 5,208 | 6,877 | 7,967 | |||
Interest expense (income) | (1,727) | (266) | 796 | |||
Consolidated statements of comprehensive income (loss) | ||||||
Actuarial (gains) losses on employee benefit plans | 3,529 | (26,908) | (56,380) | |||
Other Post-employment Benefit Plans Canadian [Member] | ||||||
Schedule of Expenses Included on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income [Line Items] | ||||||
Operating expenses | 466 | 710 | 166 | |||
Interest expense (income) | 927 | 731 | 552 | |||
Consolidated statements of comprehensive income (loss) | ||||||
Actuarial (gains) losses on employee benefit plans | $ 1,364 | $ (5,346) | $ 987 | |||
Other Post-employment Benefit Plans US [Member] | ||||||
Schedule of Expenses Included on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income [Line Items] | ||||||
Operating expenses | ||||||
Interest expense (income) | 193 | 123 | 92 | |||
Consolidated statements of comprehensive income (loss) | ||||||
Actuarial (gains) losses on employee benefit plans | 157 | (1,028) | (29) | |||
Other Post-employment Benefit Plans Total [Member] | ||||||
Schedule of Expenses Included on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income [Line Items] | ||||||
Operating expenses | 466 | 710 | 166 | |||
Interest expense (income) | 1,120 | 854 | 644 | |||
Consolidated statements of comprehensive income (loss) | ||||||
Actuarial (gains) losses on employee benefit plans | $ 1,521 | $ (6,374) | $ 958 |
Employee Benefit Plans (Detai_3
Employee Benefit Plans (Details) - Schedule of Balance Sheet Obligations, Distributed Between Pension and Other Post-Employment Benefits - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Included in other long-term liabilities | ||
Pension benefits | $ 8,633 | $ 11,117 |
Other post-employment benefits | 23,719 | 21,745 |
Accrued benefit liabilities (Note 23) | 32,352 | 32,862 |
Pension benefits (Note 15) | $ 40,624 | $ 47,312 |
Employee Benefit Plans (Detai_4
Employee Benefit Plans (Details) - Schedule of Balance Sheets and the Funded Statuses of the Benefit Plans $ in Thousands, $ in Thousands | Dec. 31, 2023 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) |
Pension Plans Canadian [Member] | ||||
Schedule of Balance Sheets and the Funded Statuses of the Benefit Plans [Line Items] | ||||
Present value of funded obligations | $ 306,251 | $ 275,581 | ||
Fair value of plan assets | (348,170) | (324,069) | ||
Surplus | (41,919) | (48,488) | ||
Present value of unfunded obligations | 1,295 | 1,176 | ||
(Pension benefits) accrued benefit liabilities | (40,624) | (47,312) | ||
Pension Plans US [Member] | ||||
Schedule of Balance Sheets and the Funded Statuses of the Benefit Plans [Line Items] | ||||
Present value of funded obligations | $ 58,546 | $ 58,835 | ||
Fair value of plan assets | (49,913) | (47,718) | ||
Surplus | 8,633 | 11,117 | ||
Present value of unfunded obligations | ||||
(Pension benefits) accrued benefit liabilities | 8,633 | 11,117 | ||
Pension Plans Total [Member] | ||||
Schedule of Balance Sheets and the Funded Statuses of the Benefit Plans [Line Items] | ||||
Present value of funded obligations | 364,797 | 334,416 | ||
Fair value of plan assets | (398,083) | (371,787) | ||
Surplus | (33,286) | (37,371) | ||
Present value of unfunded obligations | 1,295 | 1,176 | ||
(Pension benefits) accrued benefit liabilities | (31,991) | (36,195) | ||
Other Post-employment Benefit Plans Canadian [Member] | ||||
Schedule of Balance Sheets and the Funded Statuses of the Benefit Plans [Line Items] | ||||
Present value of funded obligations | ||||
Fair value of plan assets | ||||
Surplus | ||||
Present value of unfunded obligations | 19,999 | 17,888 | ||
(Pension benefits) accrued benefit liabilities | 19,999 | 17,888 | ||
Other Post-employment Benefit Plans US [Member] | ||||
Schedule of Balance Sheets and the Funded Statuses of the Benefit Plans [Line Items] | ||||
Present value of funded obligations | ||||
Fair value of plan assets | ||||
Surplus | ||||
Present value of unfunded obligations | 3,720 | 3,857 | ||
(Pension benefits) accrued benefit liabilities | $ 3,720 | $ 3,857 | ||
Other Post-employment Benefit Plans Total [Member] | ||||
Schedule of Balance Sheets and the Funded Statuses of the Benefit Plans [Line Items] | ||||
Present value of funded obligations | ||||
Fair value of plan assets | ||||
Surplus | ||||
Present value of unfunded obligations | 23,719 | 21,745 | ||
(Pension benefits) accrued benefit liabilities | $ 23,719 | $ 21,745 |
Employee Benefit Plans (Detai_5
Employee Benefit Plans (Details) - Schedule of Changes in the Benefit Obligations and Fair Value of Plan Assets $ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Pension Plans Canadian [Member] | ||||||
Change in benefits obligations | ||||||
Benefit obligation, Beginning | $ 276,757 | $ 349,635 | ||||
Current service cost | 4,013 | 5,902 | ||||
Interest expense | 14,172 | 11,238 | ||||
Remeasurements | ||||||
Actuarial gains arising from plan experience | 6,341 | 9,258 | ||||
Actuarial gains from change in demographic assumptions | ||||||
Actuarial gains from changes in financial assumptions | 18,911 | (86,378) | ||||
Benefits paid | (13,768) | (14,073) | ||||
Remeasurements | ||||||
Contributions by plan participants | 928 | 935 | ||||
Foreign exchange & other | 192 | 240 | ||||
Benefit obligation, Ending | 307,546 | 276,757 | ||||
(Pension benefits) accrued benefit liabilities | (40,624) | (47,312) | ||||
Pension Plans US [Member] | ||||||
Change in benefits obligations | ||||||
Benefit obligation, Beginning | $ 58,835 | $ 72,906 | ||||
Current service cost | $ 684 | $ 540 | ||||
Interest expense | 3,010 | 2,108 | ||||
Remeasurements | ||||||
Actuarial gains arising from plan experience | (353) | (123) | ||||
Actuarial gains from change in demographic assumptions | ||||||
Actuarial gains from changes in financial assumptions | 1,182 | (18,751) | ||||
Benefits paid | (3,457) | (3,116) | ||||
Remeasurements | ||||||
Contributions by plan participants | ||||||
Foreign exchange & other | (1,355) | 5,271 | ||||
Benefit obligation, Ending | 58,546 | 58,835 | ||||
(Pension benefits) accrued benefit liabilities | 8,633 | 11,117 | ||||
Pension Plans Total [Member] | ||||||
Change in benefits obligations | ||||||
Benefit obligation, Beginning | 335,592 | 422,541 | ||||
Current service cost | 4,697 | 6,442 | ||||
Interest expense | 17,182 | 13,346 | ||||
Remeasurements | ||||||
Actuarial gains arising from plan experience | 5,988 | 9,135 | ||||
Actuarial gains from change in demographic assumptions | ||||||
Actuarial gains from changes in financial assumptions | 20,093 | (105,129) | ||||
Benefits paid | (17,225) | (17,189) | ||||
Remeasurements | ||||||
Contributions by plan participants | 928 | 935 | ||||
Foreign exchange & other | (1,163) | 5,511 | ||||
Benefit obligation, Ending | 366,092 | 335,592 | ||||
(Pension benefits) accrued benefit liabilities | (31,991) | (36,195) | ||||
Other Post-employment Benefit Plans Canadian [Member] | ||||||
Change in benefits obligations | ||||||
Benefit obligation, Beginning | 17,888 | 22,429 | ||||
Current service cost | 466 | 710 | ||||
Interest expense | 927 | 731 | ||||
Remeasurements | ||||||
Actuarial gains arising from plan experience | ||||||
Actuarial gains from change in demographic assumptions | ||||||
Actuarial gains from changes in financial assumptions | 1,364 | (5,346) | ||||
Benefits paid | (646) | (636) | ||||
Remeasurements | ||||||
Contributions by plan participants | ||||||
Foreign exchange & other | ||||||
Benefit obligation, Ending | 19,999 | 17,888 | ||||
(Pension benefits) accrued benefit liabilities | 19,999 | 17,888 | ||||
Other Post-employment Benefit Plans US [Member] | ||||||
Change in benefits obligations | ||||||
Benefit obligation, Beginning | 3,857 | 4,865 | ||||
Current service cost | ||||||
Interest expense | 193 | 123 | ||||
Remeasurements | ||||||
Actuarial gains arising from plan experience | 122 | (111) | ||||
Actuarial gains from change in demographic assumptions | ||||||
Actuarial gains from changes in financial assumptions | 35 | (917) | ||||
Benefits paid | (403) | (437) | ||||
Remeasurements | ||||||
Contributions by plan participants | ||||||
Foreign exchange & other | (84) | 334 | ||||
Benefit obligation, Ending | 3,720 | 3,857 | ||||
(Pension benefits) accrued benefit liabilities | 3,720 | 3,857 | ||||
Other Post-employment Benefit Plans Total [Member] | ||||||
Change in benefits obligations | ||||||
Benefit obligation, Beginning | 21,745 | 27,294 | ||||
Current service cost | 466 | 710 | ||||
Interest expense | 1,120 | 854 | ||||
Remeasurements | ||||||
Actuarial gains arising from plan experience | 122 | (111) | ||||
Actuarial gains from change in demographic assumptions | ||||||
Actuarial gains from changes in financial assumptions | 1,399 | (6,263) | ||||
Benefits paid | (1,049) | (1,073) | ||||
Remeasurements | ||||||
Contributions by plan participants | ||||||
Foreign exchange & other | (84) | 334 | ||||
Benefit obligation, Ending | 23,719 | 21,745 | ||||
(Pension benefits) accrued benefit liabilities | $ 23,719 | $ 21,745 | ||||
Plan Assets [Member] | Pension Plans Canadian [Member] | ||||||
Remeasurements | ||||||
Benefits paid | 13,768 | 14,073 | ||||
Remeasurements | ||||||
Return on plan assets, excluding interest income | (20,499) | 57,560 | ||||
Administrative costs | 511 | 435 | ||||
Fair value of plan assets, Beginning | (324,069) | (379,740) | ||||
Contributions by plan participants | (928) | (935) | ||||
Contributions by employer (net of transfer to other plans) | (487) | (3,348) | ||||
Interest income | (16,466) | (12,037) | ||||
Foreign exchange & other | (77) | |||||
Fair value of plan assets, Ending | (348,170) | (324,069) | ||||
Plan Assets [Member] | Pension Plans US [Member] | ||||||
Remeasurements | ||||||
Benefits paid | 3,457 | 3,116 | ||||
Remeasurements | ||||||
Return on plan assets, excluding interest income | (2,053) | 11,526 | ||||
Administrative costs | ||||||
Fair value of plan assets, Beginning | (47,718) | (54,979) | ||||
Contributions by plan participants | ||||||
Contributions by employer (net of transfer to other plans) | (2,275) | (1,807) | ||||
Interest income | (2,443) | (1,575) | ||||
Foreign exchange & other | 1,119 | (3,999) | ||||
Fair value of plan assets, Ending | (49,913) | (47,718) | ||||
Plan Assets [Member] | Pension Plans Total [Member] | ||||||
Remeasurements | ||||||
Benefits paid | 17,225 | 17,189 | ||||
Remeasurements | ||||||
Return on plan assets, excluding interest income | (22,552) | 69,086 | ||||
Administrative costs | 511 | 435 | ||||
Fair value of plan assets, Beginning | (371,787) | (434,719) | ||||
Contributions by plan participants | (928) | (935) | ||||
Contributions by employer (net of transfer to other plans) | (2,762) | (5,155) | ||||
Interest income | (18,909) | (13,612) | ||||
Foreign exchange & other | 1,119 | (4,076) | ||||
Fair value of plan assets, Ending | (398,083) | (371,787) | ||||
Plan Assets [Member] | Other Post-employment Benefit Plans Canadian [Member] | ||||||
Remeasurements | ||||||
Benefits paid | 646 | 636 | ||||
Remeasurements | ||||||
Return on plan assets, excluding interest income | ||||||
Administrative costs | ||||||
Fair value of plan assets, Beginning | ||||||
Contributions by plan participants | ||||||
Contributions by employer (net of transfer to other plans) | (646) | (636) | ||||
Interest income | ||||||
Foreign exchange & other | ||||||
Fair value of plan assets, Ending | ||||||
Plan Assets [Member] | Other Post-employment Benefit Plans US [Member] | ||||||
Remeasurements | ||||||
Benefits paid | 403 | 437 | ||||
Remeasurements | ||||||
Return on plan assets, excluding interest income | ||||||
Administrative costs | ||||||
Fair value of plan assets, Beginning | ||||||
Contributions by plan participants | ||||||
Contributions by employer (net of transfer to other plans) | (403) | (437) | ||||
Interest income | ||||||
Foreign exchange & other | ||||||
Fair value of plan assets, Ending | ||||||
Plan Assets [Member] | Other Post-employment Benefit Plans Total [Member] | ||||||
Remeasurements | ||||||
Benefits paid | 1,049 | 1,073 | ||||
Remeasurements | ||||||
Return on plan assets, excluding interest income | ||||||
Administrative costs | ||||||
Fair value of plan assets, Beginning | ||||||
Contributions by plan participants | ||||||
Contributions by employer (net of transfer to other plans) | (1,049) | (1,073) | ||||
Interest income | ||||||
Foreign exchange & other | ||||||
Fair value of plan assets, Ending |
Employee Benefit Plans (Detai_6
Employee Benefit Plans (Details) - Schedule of Estimated Future Benefit Payments for Defined Benefit Pension Plans and Other Post-Employment Benefit Plans $ in Thousands | 12 Months Ended |
Dec. 31, 2023 CAD ($) | |
Schedule of Estimated Future Benefit Payments for Defined Benefit Pension Plans and Other Post-Employment Benefit Plans [Abstract] | |
2024 | $ 1,177 |
2025 | 1,310 |
2026 | 1,333 |
2027 | 1,418 |
2028 | 1,473 |
2029 to 2033 | $ 7,669 |
Employee Benefit Plans (Detai_7
Employee Benefit Plans (Details) - Schedule of Fair Value of the Plan Assets Were Allocated Between the Various Types of Investments | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Equity securities | ||
Emerging markets | 4.70% | 5% |
Equity Securities [Member] | Canada [Member] | Canadian Pension Plans [Member] | ||
Equity securities | ||
Fair value plan assets | 22% | 22.50% |
Equity Securities [Member] | Canada [Member] | US Pension Plans [Member] | ||
Equity securities | ||
Fair value plan assets | 1% | |
Equity Securities [Member] | United States [Member] | Canadian Pension Plans [Member] | ||
Equity securities | ||
Fair value plan assets | 13.80% | 13.70% |
Equity Securities [Member] | United States [Member] | US Pension Plans [Member] | ||
Equity securities | ||
Fair value plan assets | 25.90% | 24.20% |
Equity Securities [Member] | International (other than United States) [Member] | US Pension Plans [Member] | ||
Equity securities | ||
Fair value plan assets | 13.60% | 15.50% |
Equity Securities [Member] | International [Member] | US Pension Plans [Member] | ||
Equity securities | ||
Fair value plan assets | 18.70% | 20.60% |
Fixed income instruments [Member] | Canada [Member] | Canadian Pension Plans [Member] | ||
Equity securities | ||
Fair value plan assets | 43.80% | 40.60% |
Fixed income instruments [Member] | Canada [Member] | US Pension Plans [Member] | ||
Equity securities | ||
Fair value plan assets | 0.10% | 0.50% |
Fixed income instruments [Member] | International [Member] | US Pension Plans [Member] | ||
Equity securities | ||
Fair value plan assets | 5.20% | 7.10% |
Cash and Cash Equivalents [Member] | Canada [Member] | Canadian Pension Plans [Member] | ||
Equity securities | ||
Fair value plan assets | 2.10% | 2.70% |
Cash and Cash Equivalents [Member] | United States [Member] | US Pension Plans [Member] | ||
Equity securities | ||
Fair value plan assets | 27.40% | 32.20% |
Other Investments [Member] | Canada [Member] | US Pension Plans [Member] | ||
Equity securities | ||
Fair value plan assets | 0.40% | |
Other Investments [Member] | United States [Member] | US Pension Plans [Member] | ||
Equity securities | ||
Fair value plan assets | 14.20% | 10.50% |
Other Investments [Member] | International [Member] | US Pension Plans [Member] | ||
Equity securities | ||
Fair value plan assets | 7.10% | 4.90% |
Employee Benefit Plans (Detai_8
Employee Benefit Plans (Details) - Schedule of Significant Assumptions Adopted in Measuring the Company’s Pension and Other Benefit Obligations | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Canadian [Member] | ||
Actuarial benefit obligation | ||
Discount rate | 5.15% | 3.20% |
Benefit costs for the year ended | ||
Discount rate | 5.20% | 3.40% |
Future salary growth | 2.50% | 2.50% |
US [Member] | ||
Actuarial benefit obligation | ||
Discount rate | 5.10% | 5.30% |
Benefit costs for the year ended | ||
Discount rate | 5.30% | 2.85% |
Future salary growth |
Employee Benefit Plans (Detai_9
Employee Benefit Plans (Details) - Schedule of Other Post-Employment Benefit Plans | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Canadian [Member] | ||
Employee Benefit Plans (Details) - Schedule of Other Post-Employment Benefit Plans [Line Items] | ||
Discount rate | 5.20% | 3.40% |
US [Member] | ||
Employee Benefit Plans (Details) - Schedule of Other Post-Employment Benefit Plans [Line Items] | ||
Discount rate | 5.30% | |
Health care cost trend rate | ||
Other medical trend rates | ||
Bottom of range [member] | Canadian [Member] | ||
Employee Benefit Plans (Details) - Schedule of Other Post-Employment Benefit Plans [Line Items] | ||
Health care cost trend rate | 4.04% | 4.04% |
Other medical trend rates | 4% | 4% |
Bottom of range [member] | US [Member] | ||
Employee Benefit Plans (Details) - Schedule of Other Post-Employment Benefit Plans [Line Items] | ||
Discount rate | 2.50% | |
Top of range [member] | Canadian [Member] | ||
Employee Benefit Plans (Details) - Schedule of Other Post-Employment Benefit Plans [Line Items] | ||
Health care cost trend rate | 6.04% | 6.04% |
Other medical trend rates | 5.11% | 5.11% |
Top of range [member] | US [Member] | ||
Employee Benefit Plans (Details) - Schedule of Other Post-Employment Benefit Plans [Line Items] | ||
Discount rate | 2.85% |
Employee Benefit Plans (Deta_10
Employee Benefit Plans (Details) - Schedule of Impact on Defined Benefit Obligation from One Percent Increase or Decrease Change in Assumptions - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Canadian [Member] | ||
Employee Benefit Plans (Details) - Schedule of Impact on Defined Benefit Obligation from One Percent Increase or Decrease Change in Assumptions [Line Items] | ||
1% increase, Discount rate | $ (35,279) | $ (30,894) |
1% decrease, Discount rate | 40,962 | 38,220 |
1% increase, Future salary growth | 3,676 | 4,875 |
1% decrease Future salary growth | (5,305) | (4,024) |
1% increase, Discount rate | (2,300) | (2,008) |
1% decrease, Discount rate | 2,842 | 2,477 |
Medical and dental trend rates | 476 | 1,654 |
Medical and dental trend rates | (456) | (1,392) |
US [Member] | ||
Employee Benefit Plans (Details) - Schedule of Impact on Defined Benefit Obligation from One Percent Increase or Decrease Change in Assumptions [Line Items] | ||
1% increase, Discount rate | (5,472) | (5,577) |
1% decrease, Discount rate | 6,504 | 6,641 |
1% increase, Future salary growth | ||
1% decrease Future salary growth | ||
1% increase, Discount rate | (241) | (261) |
1% decrease, Discount rate | 273 | 296 |
Medical and dental trend rates | ||
Medical and dental trend rates |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - Schedule of Cash and Cash Equivalents - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Cash and Cash Equivalents [Abstract] | |||||
Cash | $ 1,423,902 | $ 1,669,257 | $ 1,368,559 | ||
Short-term investments | [1] | 245,187 | 8,535 | 81,034 | |
Cash and cash equivalents | $ 1,669,089 | $ 1,677,792 | $ 1,449,593 | $ 818,378 | |
[1]Consisted of short -term |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information (Details) - Schedule of Income Taxes Paid, Net of Income Taxes Received - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Income Taxes Paid, Net of Income Taxes Received [Abstract] | |||
Income taxes paid | $ (67,342) | $ (98,787) | $ (94,290) |
Income taxes received | 501 | 644 | 48 |
Income taxes paid, net of income taxes received | $ (66,841) | $ (98,143) | $ (94,242) |
Supplemental Cash Flow Inform_5
Supplemental Cash Flow Information (Details) - Schedule of Interest Paid, Net of interest Received - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Interest paid, Net of interest Received [Abstract] | |||
Interest paid | $ (271,925) | $ (184,776) | $ (158,806) |
Interest received | 62,664 | 21,663 | 4,373 |
Interest paid, net of interest received | $ (209,261) | $ (163,113) | $ (154,433) |
Supplemental Cash Flow Inform_6
Supplemental Cash Flow Information (Details) - Schedule of Reconciliation of Liabilities arising from Financing Activities - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Indebtedness [Member] | |||
Schedule of Reconciliation of the Liabilities Arising from Financing Activities [Line Items] | |||
Beginning balance | $ 3,850,081 | $ 3,792,597 | $ 3,187,152 |
Cash outflows | (344,014) | (97,234) | |
Cash inflows | 619,900 | ||
Debt issue costs | (6,834) | ||
Prepayment option at inception – 2026 Senior Secured Notes | 1,896 | ||
Amortization of deferred financing costs, prepayment options and loss on repayment | 1,028 | 842 | 558 |
Gain on repurchase of debt | (230,080) | (106,916) | |
Non-cash additions | |||
Interest paid | |||
Interest accrued | |||
Non-cash disposals | |||
Impact of foreign exchange | (79,996) | 260,792 | (10,075) |
Ending balance | 3,197,019 | 3,850,081 | 3,792,597 |
Satellite performance incentive payments [Member] | |||
Schedule of Reconciliation of the Liabilities Arising from Financing Activities [Line Items] | |||
Beginning balance | 25,124 | 30,344 | 37,574 |
Cash outflows | (6,385) | (6,667) | (6,914) |
Cash inflows | |||
Debt issue costs | |||
Prepayment option at inception – 2026 Senior Secured Notes | |||
Amortization of deferred financing costs, prepayment options and loss on repayment | |||
Gain on repurchase of debt | |||
Non-cash additions | |||
Interest paid | |||
Interest accrued | |||
Non-cash disposals | |||
Impact of foreign exchange | (468) | 1,447 | (316) |
Ending balance | 18,271 | 25,124 | 30,344 |
Lease liabilities [member] | |||
Schedule of Reconciliation of the Liabilities Arising from Financing Activities [Line Items] | |||
Beginning balance | 34,106 | 35,678 | 29,051 |
Cash outflows | (2,171) | (2,498) | (2,178) |
Cash inflows | |||
Debt issue costs | |||
Prepayment option at inception – 2026 Senior Secured Notes | |||
Amortization of deferred financing costs, prepayment options and loss on repayment | |||
Gain on repurchase of debt | |||
Non-cash additions | 1,473 | 376 | 10,074 |
Interest paid | (1,523) | (1,611) | (1,499) |
Interest accrued | 1,523 | 1,611 | 1,499 |
Non-cash disposals | (558) | (939) | |
Impact of foreign exchange | (69) | 1,108 | (330) |
Ending balance | $ 33,339 | $ 34,106 | $ 35,678 |
Supplemental Cash Flow Inform_7
Supplemental Cash Flow Information (Details) - Schedule of Net Change in Operating Assets and Liabilities - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Net Change in Operating Assets and Liabilities [Abstract] | |||
Trade and other receivables | $ (24,431) | $ 2,298 | $ (55,426) |
Financial assets | 3,437 | 4,946 | 3,206 |
Other assets | (7,322) | (6,395) | (21,017) |
Trade and other payables | (4,085) | (7,068) | 14,071 |
Financial liabilities | (639) | (2,028) | 4,210 |
Other liabilities | (6,172) | 1,503 | (3,669) |
Operating assets and liabilities | $ (39,212) | $ (6,744) | $ (58,625) |
Supplemental Cash Flow Inform_8
Supplemental Cash Flow Information (Details) - Schedule of Non-Cash Investing Activities - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Non-Cash Investing Activities [Abstract] | |||
Satellite, property and other equipment | $ (5,921) | $ 3,187 | $ 10,406 |
Intangible assets | 3,204 | ||
C-band clearing proceeds | $ (64,289) |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities (Details) $ in Thousands, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CAD ($) | |
Commitments and Contingent Liabilities (Details) [Line Items] | |||||
Customer prepayments | $ 279,400 | $ 326,400 | |||
Defense costs (in Dollars) | $ 50 | ||||
Interest penalties | 270,350 | $ 221,756 | $ 187,994 | ||
Tax authorities (in Dollars) | $ 90,500 | $ 13.1 | |||
Outstanding amount rate | 50% | 50% | |||
Value of reassessed revenue | $ 11,600 | ||||
Outstanding percentage | 50% | 50% | |||
PSP [Member] | |||||
Commitments and Contingent Liabilities (Details) [Line Items] | |||||
Interest penalties | $ 111,700 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities (Details) - Schedule of Off-Balance Sheet Contractual Obligations $ in Thousands | Dec. 31, 2023 CAD ($) |
Schedule of Off-Balance Sheet Contractual Obligations [Abstract] | |
Contractual obligations | $ 308,863 |
Property leases [Member] | |
Schedule of Off-Balance Sheet Contractual Obligations [Abstract] | |
Contractual obligations | 15,521 |
Capital commitments [Member] | |
Schedule of Off-Balance Sheet Contractual Obligations [Abstract] | |
Contractual obligations | 143,285 |
Other operating commitments [Member] | |
Schedule of Off-Balance Sheet Contractual Obligations [Abstract] | |
Contractual obligations | 150,057 |
2024 [Member] | |
Schedule of Off-Balance Sheet Contractual Obligations [Abstract] | |
Contractual obligations | 109,534 |
2024 [Member] | Property leases [Member] | |
Schedule of Off-Balance Sheet Contractual Obligations [Abstract] | |
Contractual obligations | 1,110 |
2024 [Member] | Capital commitments [Member] | |
Schedule of Off-Balance Sheet Contractual Obligations [Abstract] | |
Contractual obligations | 76,938 |
2024 [Member] | Other operating commitments [Member] | |
Schedule of Off-Balance Sheet Contractual Obligations [Abstract] | |
Contractual obligations | 31,486 |
2025 [Member] | |
Schedule of Off-Balance Sheet Contractual Obligations [Abstract] | |
Contractual obligations | 70,287 |
2025 [Member] | Property leases [Member] | |
Schedule of Off-Balance Sheet Contractual Obligations [Abstract] | |
Contractual obligations | 1,120 |
2025 [Member] | Capital commitments [Member] | |
Schedule of Off-Balance Sheet Contractual Obligations [Abstract] | |
Contractual obligations | 55,091 |
2025 [Member] | Other operating commitments [Member] | |
Schedule of Off-Balance Sheet Contractual Obligations [Abstract] | |
Contractual obligations | 14,076 |
2026 [Member] | |
Schedule of Off-Balance Sheet Contractual Obligations [Abstract] | |
Contractual obligations | 15,795 |
2026 [Member] | Property leases [Member] | |
Schedule of Off-Balance Sheet Contractual Obligations [Abstract] | |
Contractual obligations | 1,119 |
2026 [Member] | Capital commitments [Member] | |
Schedule of Off-Balance Sheet Contractual Obligations [Abstract] | |
Contractual obligations | 5,297 |
2026 [Member] | Other operating commitments [Member] | |
Schedule of Off-Balance Sheet Contractual Obligations [Abstract] | |
Contractual obligations | 9,379 |
2027 [Member] | |
Schedule of Off-Balance Sheet Contractual Obligations [Abstract] | |
Contractual obligations | 15,285 |
2027 [Member] | Property leases [Member] | |
Schedule of Off-Balance Sheet Contractual Obligations [Abstract] | |
Contractual obligations | 980 |
2027 [Member] | Capital commitments [Member] | |
Schedule of Off-Balance Sheet Contractual Obligations [Abstract] | |
Contractual obligations | 5,959 |
2027 [Member] | Other operating commitments [Member] | |
Schedule of Off-Balance Sheet Contractual Obligations [Abstract] | |
Contractual obligations | 8,346 |
2028 [Member] | |
Schedule of Off-Balance Sheet Contractual Obligations [Abstract] | |
Contractual obligations | 19,715 |
2028 [Member] | Property leases [Member] | |
Schedule of Off-Balance Sheet Contractual Obligations [Abstract] | |
Contractual obligations | 966 |
2028 [Member] | Capital commitments [Member] | |
Schedule of Off-Balance Sheet Contractual Obligations [Abstract] | |
Contractual obligations | |
2028 [Member] | Other operating commitments [Member] | |
Schedule of Off-Balance Sheet Contractual Obligations [Abstract] | |
Contractual obligations | 18,749 |
Thereafter [Member] | |
Schedule of Off-Balance Sheet Contractual Obligations [Abstract] | |
Contractual obligations | 78,247 |
Thereafter [Member] | Property leases [Member] | |
Schedule of Off-Balance Sheet Contractual Obligations [Abstract] | |
Contractual obligations | 10,226 |
Thereafter [Member] | Capital commitments [Member] | |
Schedule of Off-Balance Sheet Contractual Obligations [Abstract] | |
Contractual obligations | |
Thereafter [Member] | Other operating commitments [Member] | |
Schedule of Off-Balance Sheet Contractual Obligations [Abstract] | |
Contractual obligations | $ 68,021 |
Subsidiaries (Details) - Schedu
Subsidiaries (Details) - Schedule of Companies Included in Scope of Consolidation | 12 Months Ended |
Dec. 31, 2023 | |
Infosat Communications LP [Member] | |
Subsidiaries (Details) - Schedule of Companies Included in Scope of Consolidation [Line Items] | |
Country | Canada |
Method of Consolidation | Fully consolidated |
% voting rights | 100% |
Telesat Spectrum General Partnership [Member] | |
Subsidiaries (Details) - Schedule of Companies Included in Scope of Consolidation [Line Items] | |
Country | Canada |
Method of Consolidation | Fully consolidated |
% voting rights | 100% |
Telesat LEO Holdings Inc. [Member] | |
Subsidiaries (Details) - Schedule of Companies Included in Scope of Consolidation [Line Items] | |
Country | Canada |
Method of Consolidation | Fully consolidated |
% voting rights | 100% |
Telesat Technology Corporation [Member] | |
Subsidiaries (Details) - Schedule of Companies Included in Scope of Consolidation [Line Items] | |
Country | Canada |
Method of Consolidation | Fully consolidated |
% voting rights | 100% |
Telesat Spectrum Corporation [Member] | |
Subsidiaries (Details) - Schedule of Companies Included in Scope of Consolidation [Line Items] | |
Country | Canada |
Method of Consolidation | Fully consolidated |
% voting rights | 100% |
Telesat Spectrum Holdings Corporation [Member] | |
Subsidiaries (Details) - Schedule of Companies Included in Scope of Consolidation [Line Items] | |
Country | Canada |
Method of Consolidation | Fully consolidated |
% voting rights | 100% |
Skynet Satellite Corporation [Member] | |
Subsidiaries (Details) - Schedule of Companies Included in Scope of Consolidation [Line Items] | |
Country | United States |
Method of Consolidation | Fully consolidated |
% voting rights | 100% |
Telesat Network Services, Inc. [Member] | |
Subsidiaries (Details) - Schedule of Companies Included in Scope of Consolidation [Line Items] | |
Country | United States |
Method of Consolidation | Fully consolidated |
% voting rights | 100% |
The SpaceConnection Inc. [Member] | |
Subsidiaries (Details) - Schedule of Companies Included in Scope of Consolidation [Line Items] | |
Country | United States |
Method of Consolidation | Fully consolidated |
% voting rights | 100% |
Telesat Satellite LP [Member] | |
Subsidiaries (Details) - Schedule of Companies Included in Scope of Consolidation [Line Items] | |
Country | United States |
Method of Consolidation | Fully consolidated |
% voting rights | 100% |
Telesat LEO Inc. [Member] | |
Subsidiaries (Details) - Schedule of Companies Included in Scope of Consolidation [Line Items] | |
Country | United States |
Method of Consolidation | Fully consolidated |
% voting rights | 100% |
Telesat U.S. Services, LLC [Member] | |
Subsidiaries (Details) - Schedule of Companies Included in Scope of Consolidation [Line Items] | |
Country | United States |
Method of Consolidation | Fully consolidated |
% voting rights | 100% |
Infosat Able Holdings, Inc. [Member] | |
Subsidiaries (Details) - Schedule of Companies Included in Scope of Consolidation [Line Items] | |
Country | United States |
Method of Consolidation | Fully consolidated |
% voting rights | 100% |
Telesat Brasil Capacidade de Satélites Ltda. [Member] | |
Subsidiaries (Details) - Schedule of Companies Included in Scope of Consolidation [Line Items] | |
Country | Brazil |
Method of Consolidation | Fully consolidated |
% voting rights | 100% |
Telesat (IOM) Limited [Member] | |
Subsidiaries (Details) - Schedule of Companies Included in Scope of Consolidation [Line Items] | |
Country | Isle of Man |
Method of Consolidation | Fully consolidated |
% voting rights | 100% |
Telesat International Limited [Member] | |
Subsidiaries (Details) - Schedule of Companies Included in Scope of Consolidation [Line Items] | |
Country | United Kingdom |
Method of Consolidation | Fully consolidated |
% voting rights | 100% |
Loral Skynet Corporation [Member] | |
Subsidiaries (Details) - Schedule of Companies Included in Scope of Consolidation [Line Items] | |
Country | United States |
Method of Consolidation | Fully consolidated |
% voting rights | 100% |
Loral Space & Communications Inc. [Member] | |
Subsidiaries (Details) - Schedule of Companies Included in Scope of Consolidation [Line Items] | |
Country | United States |
Method of Consolidation | Fully consolidated |
% voting rights | 100% |
Telesat Can ULC [Member] | |
Subsidiaries (Details) - Schedule of Companies Included in Scope of Consolidation [Line Items] | |
Country | Canada |
Method of Consolidation | Fully consolidated |
% voting rights | 100% |
Telesat CanHold Corporation [Member] | |
Subsidiaries (Details) - Schedule of Companies Included in Scope of Consolidation [Line Items] | |
Country | Canada |
Method of Consolidation | Fully consolidated |
% voting rights | 100% |
Telesat Canada [Member] | |
Subsidiaries (Details) - Schedule of Companies Included in Scope of Consolidation [Line Items] | |
Country | Canada |
Method of Consolidation | Fully consolidated |
% voting rights | 100% |
Telesat Partnership LP [Member] | |
Subsidiaries (Details) - Schedule of Companies Included in Scope of Consolidation [Line Items] | |
Country | Canada |
Method of Consolidation | Fully consolidated |
% voting rights | 100% |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2021 shares | Dec. 31, 2023 CAD ($) shares | Dec. 31, 2022 CAD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 CAD ($) | |
Related Party Transactions (Details) [Line Items] | |||||
Stock options issued | 6,197,776 | ||||
Stock options outstanding | 6,197,776 | 13,610,342 | 12,805,291 | 12,805,291 | |
Non-cash operating expense (in Dollars) | $ | $ 204,552 | $ 258,989 | $ 236,949 | ||
Non-voting percentage | 10% | ||||
Settled shares | 408,086 | 362,590 | 362,590 | ||
Public shares | 206,081 | 186,847 | 186,847 | ||
Stock plan expired | 517,616 | ||||
Adjustment amount | $ 20,800 | $ 15.3 | |||
Contributions made to defined benefit pension plans (in Dollars) | $ | $ 5,200 | ||||
RSU [Member] | |||||
Related Party Transactions (Details) [Line Items] | |||||
Stock options issued | 3,530,000 | ||||
Telesat Canada RSU [Member] | |||||
Related Party Transactions (Details) [Line Items] | |||||
Stock options issued | 3,530,000 | ||||
Telesat Corporation RSU [Member] | |||||
Related Party Transactions (Details) [Line Items] | |||||
Stock options issued | 1,460,008 | ||||
Share options [member] | |||||
Related Party Transactions (Details) [Line Items] | |||||
Non-cash operating expense (in Dollars) | $ | $ 8,500 | ||||
RSUs [Member] | |||||
Related Party Transactions (Details) [Line Items] | |||||
Shares forfeited | 47,564 | ||||
Preference shares [member] | |||||
Related Party Transactions (Details) [Line Items] | |||||
Stock options issued | 3,660,000 |
Related Party Transactions (D_2
Related Party Transactions (Details) - Schedule of Compensation of Executives and Board Level Directors - CAD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Schedule of Compensation of Executives and Board Level Directors [Abstract] | ||||
Short-term benefits (including salaries) | $ 17,014 | $ 16,586 | $ 15,465 | |
Special payments | [1] | 597 | ||
Post-employment benefits | 1,790 | 2,114 | 2,514 | |
Share-based payments | 31,551 | 65,314 | 73,090 | |
Compensation of executives and board level directors | $ 50,355 | $ 84,014 | $ 91,666 | |
[1]Balance relates to the special cash distribution effective January 25, 2017. |
Related Party Transactions (D_3
Related Party Transactions (Details) - Schedule of Award Issued under the Omnibus Plan - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Award Issued under the Omnibus Plan [Abstract] | ||
DSUs issued to certain members of the Board of Directors | $ 78,040 | $ 46,576 |
RSUs to key management personnel, which vest over a three-year period | 464,834 | 230,048 |
PSUs to key management personnel, which include both a time and performance condition on vesting | 281,683 | 140,583 |
Stock options to key management personnel | $ 550,519 | $ 285,149 |
Related Party Transactions (D_4
Related Party Transactions (Details) - Schedule of Awards Settled in a Net Settlement basis in Exchange $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 CAD ($) | ||
Forfeited [Member] | ||
Related Party Transactions (Details) - Schedule of Awards Settled in a Net Settlement basis in Exchange [Line Items] | ||
DSUs issued to certain members of the Board of Directors | ||
RSUs to key management personnel, which vest over a three-year period(1) | 17,426 | [1] |
PSUs to key management personnel, which include both a time and performance condition on vesting | 47,129 | |
Stock options to key management personnel | 32,403 | |
Awards Settled [Member] | ||
Related Party Transactions (Details) - Schedule of Awards Settled in a Net Settlement basis in Exchange [Line Items] | ||
DSUs issued to certain members of the Board of Directors | ||
RSUs to key management personnel, which vest over a three-year period(1) | 77,593 | [1] |
PSUs to key management personnel, which include both a time and performance condition on vesting | ||
Stock options to key management personnel | ||
Public Shares issued [Member] | ||
Related Party Transactions (Details) - Schedule of Awards Settled in a Net Settlement basis in Exchange [Line Items] | ||
DSUs issued to certain members of the Board of Directors | ||
RSUs to key management personnel, which vest over a three-year period(1) | 39,672 | [1] |
PSUs to key management personnel, which include both a time and performance condition on vesting | ||
Stock options to key management personnel | ||
[1]RSUs were settled on a net settlement basis |
Related Party Transactions (D_5
Related Party Transactions (Details) - Schedule of Related Parties Transaction $ in Thousands | 12 Months Ended |
Dec. 31, 2021 CAD ($) | |
Sale of goods and services [Member] | |
Related Party Transactions (Details) - Schedule of Related Parties Transaction [Line Items] | |
Revenue | $ 105 |
Purchase of goods and services [Member] | |
Related Party Transactions (Details) - Schedule of Related Parties Transaction [Line Items] | |
Operating expenses | $ 5,230 |