Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2022 | |
Cover [Abstract] | |
Document Type | F-4/A |
Amendment Flag | true |
Entity Registrant Name | Enerflex Ltd. |
Entity Central Index Key | 0001904856 |
Entity Emerging Growth Company | false |
Amendment Description | AMENDMENT NO. 1 |
Consolidated Statements of Fina
Consolidated Statements of Financial Statements - CAD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | |||
Cash and cash equivalents | $ 133,214 | $ 172,758 | $ 95,676 |
Accounts receivable | 222,046 | 212,206 | 213,375 |
Contract assets | 114,178 | 82,760 | 66,722 |
Inventories | 195,559 | 172,687 | 212,251 |
Work-in-progress related to finance leases | 32,377 | 36,169 | 0 |
Current portion of finance leases receivable | 20,235 | 15,248 | 3,047 |
Income taxes receivable | 3,545 | 3,732 | 23,718 |
Derivative financial instruments | 258 | 294 | 491 |
Other current assets | 13,713 | 13,853 | 9,047 |
Total current assets | 735,125 | 709,707 | 624,327 |
Property, plant and equipment | 93,509 | 96,414 | 102,636 |
Rental equipment | 594,040 | 610,328 | 637,814 |
Lease right-of-use assets | 47,280 | 49,887 | 54,184 |
Finance leases receivable | 117,322 | 88,110 | 61,227 |
Deferred tax assets | 9,261 | 9,293 | 48,216 |
Other assets | 58,824 | 51,315 | 58,600 |
Intangible assets | 8,399 | 10,118 | 16,544 |
Goodwill | 563,215 | 566,270 | 576,028 |
Total assets | 2,226,975 | 2,191,442 | 2,179,576 |
Current liabilities | |||
Accounts payable and accrued liabilities | 256,296 | 240,747 | 182,152 |
Warranty provisions | 5,608 | 6,636 | 10,549 |
Income taxes payable | 10,976 | 9,318 | 4,387 |
Deferred revenues | 109,217 | 84,614 | 35,409 |
Current portion of long-term debt | 0 | 40,000 | |
Current portion of lease liabilities | 13,286 | 13,906 | 14,693 |
Derivative financial instruments | 409 | 180 | 371 |
Total current liabilities | 395,792 | 355,401 | 287,561 |
Long-term debt | 339,126 | 331,422 | 349,712 |
Lease liabilities | 41,157 | 43,108 | 47,233 |
Deferred tax liabilities | 90,796 | 91,972 | 87,408 |
Other liabilities | 18,002 | 15,785 | 10,967 |
Total liabilities | 884,873 | 837,688 | 782,881 |
Shareholders' equity | |||
Share capital | 375,540 | 375,524 | 375,524 |
Contributed surplus | 659,067 | 658,615 | 656,832 |
Retained earnings | 272,351 | 274,962 | 301,040 |
Accumulated other comprehensive income | 35,144 | 44,653 | 63,299 |
Total shareholders' equity | 1,342,102 | 1,353,754 | 1,396,695 |
Total liabilities and shareholders' equity | $ 2,226,975 | $ 2,191,442 | $ 2,179,576 |
Consolidated Statements of Earn
Consolidated Statements of Earnings $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022CAD ($)$ / sharesshares | Mar. 31, 2021CAD ($)$ / sharesshares | Dec. 31, 2021CAD ($)$ / sharesshares | Dec. 31, 2020CAD ($)$ / sharesshares | Dec. 31, 2019CAD ($)$ / sharesshares | |
Profit or loss [abstract] | |||||
Revenue | $ 323,069 | $ 203,205 | $ 960,156 | $ 1,217,052 | $ 2,045,422 |
Cost of goods sold | 269,426 | 157,729 | 757,934 | 937,730 | 1,631,199 |
Gross margin | 53,643 | 45,476 | 202,222 | 279,322 | 414,223 |
Selling and administrative expenses | 46,804 | 38,455 | 147,931 | 163,310 | 182,315 |
Operating income | 6,839 | 7,021 | 54,291 | 116,012 | 231,908 |
Gain on disposal of property, plant and equipment | 0 | (25) | 135 | 45 | 302 |
Equity earnings from associate and joint venture | 284 | (412) | 671 | 1,995 | 1,692 |
Earnings before finance costs and income taxes | 7,123 | 6,584 | 55,097 | 118,052 | 233,902 |
Net finance costs | 3,871 | 4,992 | 16,995 | 22,493 | 18,578 |
Earnings before income taxes | 3,252 | 1,592 | 38,102 | 95,559 | 215,324 |
Income taxes | 3,621 | (1,411) | 56,557 | 7,302 | 63,196 |
Net earnings (loss) | $ (369) | $ 3,003 | (18,455) | 88,257 | 152,128 |
Net earnings (loss) attributable to: | |||||
Controlling interest | (18,455) | 88,080 | 151,647 | ||
Non-controlling interest | $ 0 | $ 177 | $ 481 | ||
Earnings (loss) per share – basic | (per share) | $ 0 | $ 0.03 | $ (0.21) | $ 0.98 | $ 1.70 |
Earnings (loss) per share – diluted | (per share) | $ 0 | $ 0.03 | $ (0.21) | $ 0.98 | $ 1.70 |
Weighted average number of shares – basic | shares | 89,679,811 | 89,678,845 | 89,678,845 | 89,678,845 | 89,500,829 |
Weighted average number of shares – diluted | shares | 89,679,811 | 89,762,110 | 89,678,845 | 89,678,845 | 89,709,745 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income $ in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022CAD ($) | Mar. 31, 2021CAD ($) | Dec. 31, 2021CAD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2019CAD ($) | |
Statement of comprehensive income [abstract] | |||||
Net earnings (loss) | $ (369) | $ 3,003 | $ (18,455) | $ 88,257 | $ 152,128 |
Other comprehensive income (loss) that may be reclassified to profit or loss in subsequent periods | |||||
Change in fair value of derivatives designated as cash flow hedges, net of income tax recovery | (145) | 72 | 247 | 545 | (815) |
Loss on derivatives designated as cash flow hedges transferred to net earnings in the current year, net of income tax expense | (45) | (206) | (167) | 465 | 905 |
Unrealized gain on translation of foreign denominated debt | 783 | 675 | 232 | 1,613 | 3,845 |
Unrealized loss on translation of financial statements of foreign operations | (10,102) | (21,489) | (18,958) | (21,323) | (65,044) |
Other comprehensive income (loss) | (9,509) | (20,948) | (18,646) | (18,700) | (61,109) |
Total comprehensive income (loss) | $ (9,878) | $ (17,945) | (37,101) | 69,557 | 91,019 |
Other comprehensive income (loss) attributable to: | |||||
Controlling interest | (18,646) | (18,480) | (60,713) | ||
Non-controlling interest | $ 0 | $ (220) | $ (396) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities | |||||
Net earnings (loss) | $ (369) | $ 3,003 | $ (18,455) | $ 88,257 | $ 152,128 |
Items not requiring cash and cash equivalents: | |||||
Depreciation and amortization | 21,890 | 21,072 | 87,622 | 85,265 | 86,559 |
Equity (earnings) loss from associate and joint venture | (284) | 412 | (671) | (1,995) | (1,692) |
Deferred income taxes | 258 | (4,520) | 43,422 | 14,174 | 31,476 |
Share-based compensation expense | 4,049 | 5,267 | 12,937 | 1,816 | 7,749 |
Loss on disposal of property, plant and equipment | 0 | 25 | (135) | (45) | (302) |
Adjustments to reconcile profit (loss) other than changes in working capital | 25,544 | 25,259 | 124,720 | 187,472 | 275,918 |
Net change in non-cash working capital and other | (22,919) | 34,692 | 100,435 | 32,776 | (221,749) |
Cash provided by operating activities | 2,625 | 59,951 | 225,155 | 220,248 | 54,169 |
Additions to: | |||||
Property, plant and equipment | (899) | (1,319) | (5,154) | (9,874) | (46,322) |
Rental equipment | (2,540) | (11,329) | (52,187) | (123,879) | (217,068) |
Proceeds on disposal of: | |||||
Property, plant and equipment | 220 | 115 | 9,205 | ||
Rental equipment | 80 | 528 | 3,692 | 3,121 | 4,454 |
Change in other assets | (33,595) | 1,441 | (10,101) | (7,242) | 26,911 |
Cash used in investing activities | (36,954) | (10,679) | (63,530) | (137,759) | (222,820) |
Financing Activities | |||||
Proceeds from (repayment of) long-term debt | (7,399) | (27,823) | (59,476) | (41,697) | (15,748) |
Lease liability principal repayment | (3,513) | (3,336) | (14,215) | (12,770) | (12,551) |
Lease interest | (695) | (793) | (3,029) | (3,371) | (2,586) |
Dividends paid | (2,242) | (1,793) | (7,171) | (24,212) | (37,548) |
Stock option exercises | 12 | 7,453 | |||
Debt refinancing costs | 6,203 | ||||
Cash used in financing activities | (5,242) | (33,745) | (83,891) | (82,050) | (60,980) |
Effect of exchange rate changes on cash and cash equivalents denominated in foreign currencies | 27 | (561) | (652) | (1,018) | (978) |
Increase (decrease) in cash and cash equivalents | (39,544) | 14,966 | 77,082 | (579) | (230,609) |
Cash and cash equivalents, beginning of period | 172,758 | 95,676 | 95,676 | 96,255 | 326,864 |
Cash and cash equivalents, end of period | $ 133,214 | $ 110,642 | $ 172,758 | $ 95,676 | $ 96,255 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - CAD ($) $ in Thousands | Total | Share capital [Member] | Contributed surplus [Member] | Retained earnings [Member] | Foreign currency translation adjustments [Member] | Hedging reserve [Member] | Accumulated other comprehensive income [Member] | Total shareholders' equity before non-controlling interest [Member] | Non-controlling interest [Member] |
Beginning Balance at Dec. 31, 2018 | $ 1,280,090 | $ 366,120 | $ 654,324 | $ 115,705 | $ 143,563 | $ (1,071) | $ 142,492 | $ 1,278,641 | $ 1,449 |
Net earnings (loss) | 152,128 | 151,647 | 151,647 | 481 | |||||
Other comprehensive income (loss) | (61,109) | (60,803) | 90 | (60,713) | (60,713) | (396) | |||
Effect of stock option plans | 10,187 | 9,404 | 783 | 10,187 | |||||
Dividends | (38,509) | (38,509) | (38,509) | ||||||
Ending Balance at Dec. 31, 2019 | 1,342,787 | 375,524 | 655,107 | 228,843 | 82,760 | (981) | 81,779 | 1,341,253 | 1,534 |
Net earnings (loss) | 88,257 | 88,080 | 88,080 | 177 | |||||
Other comprehensive income (loss) | (18,700) | (19,490) | 1,010 | (18,480) | (18,480) | (220) | |||
Purchase of non-controlling interest | (1,680) | (189) | (189) | $ (1,491) | |||||
Effect of stock option plans | 1,725 | 1,725 | 1,725 | ||||||
Dividends | (15,694) | (15,694) | (15,694) | ||||||
Ending Balance at Dec. 31, 2020 | 1,396,695 | 375,524 | 656,832 | 301,040 | 63,270 | 29 | 63,299 | 1,396,695 | |
Net earnings (loss) | 3,003 | 3,003 | |||||||
Other comprehensive income (loss) | (20,948) | (20,814) | (134) | (20,948) | |||||
Effect of stock option plans | 440 | 440 | |||||||
Dividends | (1,794) | (1,794) | |||||||
Ending Balance at Mar. 31, 2021 | 1,377,396 | 375,524 | 657,272 | 302,249 | 42,456 | (105) | 42,351 | ||
Beginning Balance at Dec. 31, 2020 | 1,396,695 | 375,524 | 656,832 | 301,040 | 63,270 | 29 | 63,299 | 1,396,695 | |
Net earnings (loss) | (18,455) | (18,455) | (18,455) | ||||||
Other comprehensive income (loss) | (18,646) | (18,726) | 80 | (18,646) | (18,646) | ||||
Effect of stock option plans | 1,783 | 1,783 | 1,783 | ||||||
Dividends | (7,623) | (7,623) | (7,623) | ||||||
Ending Balance at Dec. 31, 2021 | 1,353,754 | 375,524 | 658,615 | 274,962 | 44,544 | 109 | 44,653 | $ 1,353,754 | |
Net earnings (loss) | (369) | (369) | |||||||
Other comprehensive income (loss) | (9,509) | (9,319) | (190) | (9,509) | |||||
Effect of stock option plans | 468 | 16 | 452 | ||||||
Dividends | (2,242) | (2,242) | |||||||
Ending Balance at Mar. 31, 2022 | $ 1,342,102 | $ 375,540 | $ 659,067 | $ 272,351 | $ 35,225 | $ (81) | $ 35,144 |
Nature And Description of The C
Nature And Description of The Company | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Nature And Description of The Company | NOTE 1. NATURE AND DESCRIPTION OF THE COMPANY Enerflex Ltd. (“Enerflex” or “the Company”) is a single-source supplier of natural gas compression, oil and gas processing, refrigeration systems, and electric power generation equipment – plus related in-house in-house gas-lift Headquartered in Calgary, Alberta, Canada, the registered office is located at 904, 1331 Macleod Trail SE, Calgary, Canada . Enerflex has approximately 2,100 employees worldwide. Enerflex, its subsidiaries, interests in associates, and joint operations, operate in Canada, the United States of America (“USA”), Argentina, Bolivia, Brazil, Colombia, Mexico, the United Kingdom, Bahrain, Kuwait, Oman, the United Arab Emirates (“UAE”), Australia, New Zealand, Indonesia, Malaysia, and Thailand. Enerflex operates three business segments: USA, Rest of World (“ROW”), and Canada. The following table represents material subsidiaries of the Company: Name Jurisdiction of Incorporation Ownership Operating Segment Enerflex Ltd. Canada Public Canada Enerflex Energy Systems Inc. Delaware, USA 100.0 percent USA Enerflex Middle East LLC Oman 70.0 percent 1 Rest of World Enerflex Middle East SPC Bahrain 100.0 percent Rest of World 1 Enerflex indirectly owns 100.0 percent of Enerflex Middle East LLC. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Basis of Presentation | NOTE 2. BASIS OF PRESENTATION (a) Statement of Compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and were approved and authorized for issue by the Board of Directors on May 17, 2022 . Certain prior year amounts have been reclassified to conform with the current period’s presentation. Management has performed a continuing review of the classification of the function of expenditures incurred. Following its review, management has corrected the classification of certain costs related to facilities, insurance, and compensation, resulting in a net reclassification of costs from selling and administrative expenses (“SG&A”) to cost of goods sold (“COGS”). This correction provides more relevant information and reflects costs that are directly attributable to the production of goods or the supply of services. The impact of the net reclassification on COGS and gross margin for the twelve-months ending December 31 , 2021 is $17.3 million; the twelve-months ended December 31 , 2020 is $18.9 million; and the twelve-months ended December 31 , 2019 is $14.9 million. There is no impact to net earnings or earnings per share. These reclassifications are summarized in the tables below: Excerpt from the consolidated statements of earnings for ($ Canadian thousands) As previously Reclassification Revised Revenue $ 960,156 $ — $ 960,156 COGS 740,602 17,332 757,934 Gross margin 219,554 (17,332 ) 202,222 SG&A 165,263 (17,332 ) 147,931 Net earnings (18,455 ) — (18,455 ) Excerpt from the consolidated statements of earnings for ($ Canadian thousands) As previously Reclassification Revised Revenue $ 1,217,052 $ — $ 1,217,052 COGS 918,873 18,857 937,730 Gross margin 298,179 (18,857 ) 279,322 SG&A 182,167 (18,857 ) 163,310 Net earnings 88,257 — 88,257 Excerpt from the consolidated statements of earnings for ($ Canadian thousands) As previously Reclassification Revised Revenue $ 2,045,422 $ — $ 2,045,422 COGS 1,616,337 14,862 1,631,199 Gross margin 429,085 (14,862 ) 414,223 SG&A 197,177 (14,862 ) 182,315 Net earnings 152,128 — 152,128 (b) Basis of Measurement The consolidated financial statements are prepared on a historical cost basis except as detailed in the accounting policies disclosed in Note 3. The accounting policies described in Note 3 and Note 4 have been applied consistently to all periods presented in these consolidated financial statements. Standards and guidelines issues but not yet effective for the current accounting period are described in Note 6. (c) Functional Currency and Presentation Currency These consolidated financial statements are presented in Canadian dollars, which is the Company’s presentation currency. Transactions of the Company’s individual entities are recorded in their own functional currency based on the primary economic environment in which it operates. (d) Use of Estimates and Judgment The timely preparation of financial statements requires that management make estimates and assumptions and use judgment. Accordingly, actual results may differ from estimated amounts as future confirming events occur. Significant estimates and judgment used in the preparation of the financial statements are described in Note 5. (e) Basis of Consolidation These consolidated financial statements include the accounts of the Company and its subsidiaries. Subsidiaries are fully consolidated from the date of acquisition and continue to be consolidated until the date that control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the parent Company, using consistent accounting policies. All intra-group balances, income and expenses, and unrealized gains and losses resulting from intra-group transactions are eliminated in full. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Text Block [Abstract] | ||
Summary of Significant Accounting Policies | NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Statement of Compliance These unaudited interim condensed consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), and were approved and authorized for issue by the Board of Directors on May 4, 2022. (b) Basis of Presentation and Measurement These unaudited interim condensed consolidated financial statements for the three months ended March 31, 2022 and 2021 were prepared in accordance with IAS 34 and do not include all the disclosures included in the annual consolidated financial statements for the year ended December 31, 2021. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements. Certain comparative figures have been reclassified to conform to the current period’s presentation. Management has performed a continuing review of the classification of the function of expenditures incurred. Following its review, management has corrected the classification of certain costs related to facilities, insurance, and compensation, resulting in a net reclassification of costs from selling and administrative expenses (“SG&A”) to cost of goods sold (“COGS”). This correction provides more relevant information and reflects costs that are directly attributable to the production of goods or the supply of services. The impact of the net reclassification on COGS and gross margin for the three-month comparative period ending March 31, 2021 is $4.1 million. The impact of the net reclassification on COGS and gross margin for the year ending December 31, 2021, is $17.3 million. There is no impact to net earnings or earnings per share. These reclassifications are summarized in the tables below: Excerpt from unaudited interim condensed consolidated ($ Canadian thousands) As Reclassification Revised Revenue $ 203,205 $ — $ 203,205 COGS 153,657 4,072 157,729 Gross margin 49,548 (4,072 ) 45,476 SG&A 42,527 (4,072 ) 38,455 Net earnings 3,003 — 3,003 Excerpt from consolidated statements of earnings for the year ($ Canadian thousands) As Q1 Q2 Q3 Q4 Revised Revenue $ 960,156 — — — — $ 960,156 COGS 740,602 4,072 4,577 4,105 4,578 757,934 Gross margin 219,554 (4,072 ) (4,577 ) (4,105 ) (4,578 ) 202,222 SG&A 165,263 (4,072 ) (4,577 ) (4,105 ) (4,578 ) 147,931 Net earnings (18,455 ) — — — — (18,455 ) The unaudited interim condensed consolidated financial statements are presented in Canadian dollars rounded to the nearest thousand, except per share amounts or as otherwise noted, and are prepared on a going concern basis under the historical cost basis with certain financial assets and financial liabilities recorded at fair value. There have been no significant changes in accounting policies compared to those described in the annual consolidated financial statements for the year ended December 31, 2021. | NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Investments in Associates and Joint Ventures The Company uses the equity method to account for its 45 percent investment in Roska DBO Inc. (“Roska DBO”) and its 65 percent investment in a joint venture in Brazil. Under the equity method, the investment is carried on the consolidated statements of financial position at cost plus post acquisition changes in the Company’s share of net assets of the associate or joint venture. The consolidated statements of earnings reflect the Company’s share of the results of operations of associates and joint ventures. Unrealized gains and losses resulting from transactions between the Company and associates are eliminated to the extent of the interest in the associate or joint venture. The Company’s share of profits from associates and joint ventures is shown on the face of the consolidated statements of earnings. This is the profit attributable to equity holders of the associate and joint venture partners and, therefore, is profit after tax and non-controlling (b) Foreign Currency Translation In the accounts of individual subsidiaries, transactions in currencies other than the Company’s functional currency are recorded at the prevailing rate of exchange at the date of the transaction. At year end, monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange prevailing at that date. Non-monetary Non-monetary The assets and liabilities on the statements of financial position of foreign subsidiaries are translated into Canadian dollars at the rates of exchange prevailing at the reporting date. The statements of earnings of foreign subsidiaries are translated at average exchange rates for the reporting period. Exchange differences arising on the translation of net assets are taken to accumulated other comprehensive income. All foreign exchange gains and losses are taken to the consolidated statements of earnings with the exception of exchange differences arising on monetary assets and liabilities that form part of the Company’s net investment in subsidiaries. These are taken directly to other comprehensive income until the disposal of the foreign subsidiary at which time the unrealized gain or loss is recognized in the consolidated statements of earnings. On the disposal of a foreign subsidiary, accumulated exchange differences are recognized in the consolidated statements of earnings as a component of the gain or loss on disposal. (c) Business Combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at fair value on the date of the acquisition. Acquisition costs incurred are expensed and included in selling and administrative expenses, except for those associated with the issuance of debt, which are included in the initial carrying amount of the liability. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred over the net identifiable assets acquired and liabilities assumed. (d) Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Cost comprises the purchase price or construction cost and any costs directly attributable to making the asset capable of operating as intended. Depreciation is provided using the straight-line method over the estimated useful lives of the various classes of assets and commences when the assets are ready for intended use. Asset Class Estimated Useful Life Range Buildings 5 to 20 years Equipment 2 to 20 years Major renewals and improvements are capitalized when they are expected to provide future economic benefit. When significant components of property, plant and equipment are required to be replaced at intervals, the Company derecognizes the replaced part, and recognizes the new part with its own associated useful life and depreciation. No depreciation is charged on land or assets under construction. Repairs and maintenance costs are charged to operations as incurred. The carrying amount of an item of property, plant and equipment is derecognized on disposal or when no future economic benefits are expected from its use or disposal. The gain or loss arising from derecognition of property, plant and equipment is included in the consolidated statements of earnings when the item is derecognized. Each asset’s estimated useful life, residual value, and method of depreciation are reviewed and adjusted, if appropriate, at each year end, or when factors and circumstances suggest a different useful life for the asset. (e) Rental Equipment Rental equipment is stated at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided using the straight-line method over the estimated useful lives of the assets, which are generally between 5 and 20 years. When the Company is responsible for major maintenance and overhauls, the actual overhaul cost is capitalized and depreciated over the estimated useful life of the overhaul, generally between 2 and 5 years. Repairs and maintenance costs are charged to operations as incurred. Each asset’s estimated useful life, residual value, and method of depreciation are reviewed and adjusted, if appropriate, at each year end, or when factors and circumstances suggest a different useful life for the asset. (f) Goodwill Goodwill arising on an acquisition of a business is initially measured at Goodwill allocated to a group of cash generating units (“CGUs”) is reviewed for impairment annually, or when there is an indication that a related group of CGUs may be impaired. Impairment is determined by assessing the recoverable amount of the group of CGUs to which the goodwill relates. Where the recoverable amount of the group of CGUs is less than the carrying amount of the CGUs and related goodwill, an impairment loss is recognized in the consolidated statements of earnings. Impairment losses on goodwill are not reversed. (g) Intangible Assets Intangible assets are carried at cost less accumulated amortization and any accumulated impairment losses. Intangible assets with a finite life are amortized on a straight-line basis over management’s best estimate of their expected useful lives. The amortization charge is included in selling and administrative expenses in the consolidated statements of earnings. The expected useful lives and amortization method are reviewed on an annual basis with any change in the useful life or pattern of consumption adjusted at year end. Intangible assets are tested for impairment whenever there is an indication that the asset may be impaired. Acquired identifiable intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives. Customer relationships, software, and other intangible assets have an estimated useful life range of 3 to 8 years. (h) Impairment of Non-Financial At least annually, the Company reviews the carrying amounts of its tangible and intangible assets with finite lives to assess whether there is an indication that those assets may be impaired. If any such indication exists, the Company makes an estimate of the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s fair value less costs to sell and its value-in-use. value-in-use, pre-tax If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. A corresponding impairment loss is recognized in the consolidated statements of earnings. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the original carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Any impairment reversal is recognized in the consolidated statements of earnings. (i) Inventories Inventories are valued at the lower of cost and net realizable value. Serialized inventory is determined on a first-in first-out Non-serialized Cost of equipment, repair and distribution parts, and direct materials, include purchase costs and costs incurred in bringing each product to its present location and condition. Cost of work-in-progress work-in-progress Cost of inventories includes the transfer from accumulated other comprehensive income of gains and losses on qualifying cash flow hedges in respect of the purchase of inventory. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. (j) Trade Receivables Trade receivables are recognized and carried at original invoice amount less an (k) Cash Cash includes cash and cash equivalents, which are defined as highly liquid investments with original maturities of three months or less. (l) Provisions Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. (m) Onerous Contracts A provision for onerous contracts is recognized when the expected benefits to be derived by the Company from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Company recognizes any impairment loss on the assets associated with that contract. (n) Employee Future Benefits The Company sponsors various defined contribution pension plans, which cover substantially all employees and are funded in accordance with applicable plan and regulatory requirements. Regular contributions are made by the Company to the employees’ individual accounts, which are administered by a plan trustee, in accordance with the plan document. The actual cost of providing benefits through defined contribution pension and the 401(k) matched savings plans is charged to earnings in the period in respect of which contributions become payable. (o) Share-Based Payments Equity-Settled Share-Based Payments The Company offers a Stock Option Plan to key employees, measured at the fair value of the equity instrument at the grant date. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in Note 24. The fair value of equity-settled share-based payments is expensed over a five-year vesting period with a corresponding increase in equity. Stock options have a seven-year expiry and are exercisable at the designated common share price, which is determined by the average of the market price of the Company’s shares on the five days preceding the date of the grant. The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Company’s best estimate of the number of equity instruments that will ultimately vest. Cash-Settled Share-Based Payments The Company offers Deferred Share Unit (“DSU”), Performance Share Unit (“PSU”), Restricted Share Unit (“RSU”), and Cash Performance Target (“CPT”) plans to certain employees. The Company also offers the DSU plan to non-employee The Company also offers a Phantom Share Entitlement (“PSE”) plan to certain employees of affiliates located in Australia and the UAE. PSEs are measured at the fair value of the equity instrument at the grant date and expensed over a five-year vesting period and expire on the seventh anniversary. The exercise price of each PSE equals the average of the market price of the Company’s shares on the five days preceding the date of the grant. At the end of each reporting period until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with changes in fair value recognized in the consolidated statements of earnings. The award entitlements for increases in the share trading value of the Company are to be paid to the recipient in cash upon exercise. (p) Leases Company as a Lessee A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: • The contract involves the use of an identified asset, either explicitly or implicitly, and whether the supplier has a substantive substitution right for the asset; • The Company has the right to obtain substantially all the economic benefits from the use of the asset throughout the period; and • The Company has the right to direct the use of the identified asset. The Company determines if a contractual arrangement is a lease at the inception of the contract term. The Company has identified leases for the following asset types: land and buildings (including manufacturing facilities, office space, and rental accommodations) and equipment (including vehicles, office equipment, and shop equipment). The Company recognizes a right-of-use The right-of-use right-of-use The lease liability is initially measured at the present value of remaining lease payments, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Lease payments included in the measurement of the lease liability include fixed payments, variable lease payments that depend on an index or rate, amounts expected to be payable under a residual value guarantee, and amounts owing under purchase or termination options, if the Company is reasonably certain to exercise these options. If the lease contains an extension option that the Company is reasonably certain to exercise, all payments in the renewal period are also included in determining the lease liability. The lease liability is measured at amortized cost using the effective interest method. The amount of the liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension, or termination option. When the lease liability is remeasured, a corresponding adjustment is made to the carrying value of the right-of-use right-of-use The Company has elected not to recognize right-of-use low-value non-lease right-of-use Company as a Lessor Leases in which the Company is the lessor are assessed upon commencement and are classified as either an operating lease or a finance lease. An operating lease does not transfer substantially all the risks and rewards of the leased asset to the customer. Lease payments from operating leases are recorded as income on a straight-line basis over the life of the lease. A finance lease exists when the terms of the lease transfer substantially all the risks and rewards incidental to ownership of the leased asset to the lessee. Amounts due from lessees under finance leases are recorded as finance lease receivables. Finance leases are initially recognized at amounts equal to the net investment in the lease, determined to be the fair value of the underlying asset, or, if lower, the present value of the lease payments discounted using a market rate of interest. Payments that are part of the leasing arrangement are divided between a reduction in the finance lease receivable and finance lease income. Finance lease income is recognized to produce a constant rate of return on the Company’s investment in the lease and is included in revenues. (q) Revenue Recognition Revenue is recognized as the Company satisfies its performance obligations by transferring promised goods or services to customers, regardless of when payment is received. Revenue is measured at the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties, and may include fixed amounts, variable amounts, or both. Variable amounts are recorded using either the “expected value approach” or the “most likely outcome approach”, as determined upon initial recognition of the contract, and are reassessed at each reporting period. The expected value approach measures variable consideration by probability weighting all the potential outcomes. The most likely outcome approach measures variable consideration as management’s best estimate of the variable component. In estimating variable consideration, the Company reviews any potential for returns, refunds, and other similar obligations. For contracts containing multiple performance obligations, the amount of consideration to which the Company expects to be entitled is allocated to individual performance obligations proportionately based on the stand-alone selling price. Engineered Systems Revenue from the supply of equipment systems – contracts typically involving engineering, design, manufacture, installation, and start-up revenue is recognized on a percentage-of-completion basis proportionate to the costs incurred in the construction of the project. At the completion of the contract, any remaining profit on the contract is recognized as revenue. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognized as an expense immediately. Revenue from Engineered Systems includes the supply of compression, processing, and electric power equipment, as well as retrofit work and construction on integrated turnkey projects. The Company also provides a warranty on manufactured equipment as part of the standard terms and conditions of the contract. No options are provided for the customer to purchase a warranty separately. For Engineered Systems contracts, the Company generally requires customers to pay based on milestones as manufacturing progresses. These milestones are generally structured to keep the Company cash flow positive. Contracts are also generally structured to ensure the Company is made whole for costs incurred in the event of cancellation of a contract. Revenue from contracts that have been classified as finance leases for newly manufactured equipment are recorded as Engineered Systems revenue. At the inception of a contract, all leases are classified as either an operating or finance lease. A lease is classified as a finance lease if it transfers substantially all the risk and rewards incidental to ownership of an underlying asset. Whether a lease is an operating or finance lease depends on the substance of the transaction rather than the form of the contract. Examples of situations, which typically would lead to a lease being classified as a finance lease include but are not limited to: a) the lease transfers ownership of the underlying asset to the lessee by the end of the lease term; b) the lessee has the option to purchase the underlying asset at a price that is expected to be sufficiently lower than the fair value at the date the option becomes exercisable for it to be reasonably certain, at the inception date, that the option will be exercised; c) the lease term is for the major part of the economic life of the underlying asset even if title is not transferred; d) at the inception date, the present value of the lease payments amounts to at least substantially all of the fair value of the underlying asset; and e) the underlying asset is of such a specialised nature that only the lessee can use it without major modifications. Upon commencement of a new finance lease, the Company recognizes revenue, based on the fair value of the underlying assets, and cost of goods sold, determined to be the net book value of those assets, in the consolidated statements of earnings. The finance lease interest portion will be recognized in the Energy Infrastructure product line over the lease term. Engineered Systems projects are typically completed within a year; however, this timing can be impacted by both internal and external factors such as shop loading and customer delivery requests. Service Service revenues include the sales of parts and equipment, as well as the servicing and maintenance of equipment. For the sale of parts and equipment, revenue is recognized when the transfer of control passes, which is typically at the point of shipping. For servicing and maintenance of equipment, revenue is recognized on a straight-line basis based on performance of the contracted-upon service. Revenue from long-term service contracts is recognized on a stage of completion basis proportionate to the service work that has been performed based on parts and labour service provided. Payments are typically required on a monthly basis or as work is performed, with no unusual payment terms. At the completion of the contract, any remaining profit on the contract is recognized as revenue. Any expected losses on such projects are charged to operations when determined. Long-term service contracts include scheduled milestone maintenance, corrective or crash maintenance, the supply of parts, and the operation of equipment. Energy Infrastructure (formerly Rentals) Revenue from equipment rentals is recognized in accordance with the terms of the relevant agreement with the customer on a straight-line basis over the term of the agreement. Payments are typically required on a monthly basis with no unusual payment terms. Certain rental contracts contain an option for the customer to purchase the equipment at the end of the rental period. Should the customer exercise this option to purchase, revenue from the sale of the equipment is recognized directly in the consolidated statements of earnings. Revenue from contracts that have been classified as finance leases related to existing or pre-owned a) the lease transfers ownership of the underlying asset to the lessee by the end of the lease term; b) the lessee has the option to purchase the underlying asset at a price that is expected to be sufficiently lower than the fair value at the date the option becomes exercisable for it to be reasonably certain, at the inception date, that the option will be exercised; c) the lease term is for the major part of the economic life of the underlying asset even if title is not transferred; d) at the inception date, the present value of the lease payments amounts to at least substantially all of the fair value of the underlying asset; and e) the underlying asset is of such a specialised nature that only the lessee can use it without major modifications. At the commencement of these finance leases, the Company recognizes revenue and a finance lease receivable equal to the net investment in the lease. Finance income is recognized in Energy Infrastructure revenue reflecting a constant periodic rate of return on the Company’s net investment in the lease over the lease term. Practical Expedients The Company has elected to use the practical expedients in IFRS 15 Revenue from contracts with customers (r) Financial Instruments Financial instruments are measured at fair value on initial recognition of the instrument, plus or minus transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability. For the purposes of measuring financial assets after initial recognition, the Company classifies financial assets as either amortized cost, fair value through other comprehensive income (“FVOCI”) or fair value through profit or loss (“FVTPL”), based on the contractual cash flow characteristics and the Company’s business model for managing the financial asset. For the purposes of measuring financial liabilities after initial recognition, the Company classifies all financial liabilities as amortized cost, except certain financial liabilities, such as derivatives, which are classified as FVTPL. Preferred shares included as long-term receivables in Other assets were recorded at fair value at inception and are subsequently measured at amortized cost. The Company primarily applies the market approach for recurring fair value measurements. Three levels of inputs may be used to measure fair value: • Level 1: Fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. Active markets are those in which transactions occur in sufficient frequency and volume to provide pricing information on an on-going • Level 2: Fair value measurements are those derived from inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and • Level 3: Fair value measurements are those derived from inputs for the asset or liability that are not based on observable market data (unobservable inputs). In these instances, internally developed methodologies are used to determine fair value. The level in the fair value hierarchy within which the fair value measurement is categorized in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability and may affect placement within. The Company has made the following classifications: • Cash and cash equivalents are measured at fair value through profit or loss. Gains and losses resulting from the periodic revaluation are recorded in the consolidated statements of earnings; • Accounts receivable and preferred shares are recorded at amortized cost using the effective interest rate method; and • Accounts payable, accrued liabilities, and long-term debt are recorded at amortized cost using the effective interest rate method. Transaction costs are expensed as incurred for financial instruments classified or designated as FVTPL. Transaction costs related to other financial liabilities are added to the value of the instrument at acquisition and taken into the consolidated statements of earnings using the effective interest rate method. (s) Derivative Financial Instruments and Hedge Accounting The Company formally documents its risk management objectives and strategies to manage exposures to fluctuations in foreign currency exchange rates and interest rates. The risk management policy permits the use of certain derivative financial instruments, including forward foreign exchange contracts and interest rate swaps, to manage these fluctuations. The Company does not enter into derivative financial agreements for speculative purposes. Derivative financial instruments are measured at their fair value upon initial recognition and are remeasured to their fair value at the end of each reporting period. The fair value of quoted derivatives is equal to their positive or negative market value. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. The Company elected to apply hedge accounting for foreign exchange forward contracts for anticipated transactions. These are designated as cash flow hedges. For cash flow hedges, fair value changes of the effective portion of the hedging instrument are recognized in accumulated other comprehensive income, net of taxes. The ineffective portion of the fair value changes is recognized in the consolidated statements of earnings. Amounts charged to accumulated other comprehensive income are reclassified to the consolidated statements of earnings when the hedged transaction affects the consolidated statements of earnings. The Company’s U.S. dollar denominated long-term debt has been designated as a hedge of net investment in self-sustaining foreign operations. As a result, a portion of unrealized foreign exchange gains and losses on the U.S. dollar denominated long-term debt are included in the cumulative translation account in other comprehensive income. On an ongoing basis, an assessment is made as to whether the designated derivative financial instruments continue to be effective in offsetting changes in cash flows of the hedged transactions. (t) Income Taxes Income tax expense represents the sum of current income tax and deferred tax. Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. Taxable earnings differ from earnings as reported in the consolidated statements of earnings as it excludes temporary and permanent differences. The Company’s current tax assets and liabilities are calculated by using tax rates that have been enacted or substantively enacted at the reporting date. Deferred income tax is recognized on all temporary differences at the reporting date based on the difference between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit, with the following exceptions: • Where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss; • In respect of taxable temporary differences associated with investments in subsidiaries, associates and joint ventures, where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future; and • Deferred income tax assets are recognized only to the extent that it is probable that a taxable profit will be available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilized. The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax assets to be utilized. Unrecognized deferred income tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred income tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the asset is realized or the liability is settled, based on tax rates and tax laws enacted or substantively enacted at the reporting date. Current and deferred income taxes are charged or credited directly to equity if it relates to items that are credited or charged to equity in the same period. Otherwise, income tax is recognized in the consolidated statements of earnings. In accordance with IAS 12 Income taxes non-monetary (u) Earnings Per Share Basic earnings per share is calculated by dividing the net earnings for the period by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by adjusting the weighted average number of common shares outstanding for dilutive common shares related to the Company’s equity share-based compensation plan. (v) Finance Income and Costs Finance income comprises interest income on funds invested. Finance income is recognized as it accrues in profit or loss, using the effective interest rate method. Finance costs comprise interest expense on borrowings and interest incurred on lease liabilities. (w) Government Grants Government grants are recorded as a reduction in cost of goods sold and selling and administrative expense within the consolidated statements of earnings in accordance with where the associated expense was recognized. Government grants are recognized when there is reasonable assurance that the grant will be received, and all related conditions are complied with. Inventories are written down to net realizable value when the cost of inventories is estimated to be unrecoverable due to obsolescence, damage, or declining |
Changes In Accounting Policies
Changes In Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
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Changes In Accounting Policies | NOTE 4. CHANGES IN ACCOUNTING POLICIES IFRS 3 Business Combinations (“IFRS 3”) Effective January 1, 2020, the definition of a business was amended under IFRS 3. Under the amended definition, to be considered a business an acquisition must include an input and a substantive process that together significantly contribute to the ability to create outputs. The new guidance provides a framework to evaluate when an input and a substantive process are present. Under the prior definition, IFRS 3 stated that a business need not include all of the inputs or processes that the seller used in operating that business “ if market participants are capable of acquiring the business and continuing to produce outputs, for example, by integrating the business with their own inputs and processes This amendment will be applied prospectively to future acquisitions. While there are no immediate impacts resulting from this amendment, this change will likely result in more acquisitions being accounted for as asset acquisitions. Application of the change could also affect the accounting for disposal transactions. The Company applied the amendments beginning January 1, 2020, with no changes to the Company’s consolidated financial statements. |
Significant Accounting Estimate
Significant Accounting Estimates and Judgment | 12 Months Ended |
Dec. 31, 2021 | |
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Significant Accounting Estimates and Judgment | NOTE 5. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGMENT The timely preparation of financial statements requires that management make estimates and assumptions and use judgment. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Uncertainty about these assumptions and estimates could however result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods. In the process of applying the Company’s accounting policies, management has made the following judgments, estimates and assumptions which have a significant effect on the amounts recognized in the consolidated financial statements: Revenue Recognition – Performance Obligation Satisfied Over Time The Company reflects revenues relating to performance obligations satisfied over time using the percentage-of-completion percentage-of-completion percentage-of-completion Certain contracts also include aspects of variable consideration, such as liquidated damages on project delays. For these contracts, management must make estimations as to the likelihood of the variable consideration being recognized or constrained, based on the status of each project, the potential value of variable consideration, communication received from the customer, and other factors. Enerflex continues to monitor these factors. Changes in estimated cost or revenue associated with a project, including variable consideration, could result in material changes to revenue and gross margin recognized on certain projects. Revenue Recognition – Performance Obligation Satisfied at a Point in Time The Company reflects revenues relating to performance obligations satisfied at a point in time when control – indicated by transfer of the legal title, physical possession, significant risks and rewards of ownership, or any combination of these indicators – is transferred to the customer. Provisions for Warranty Provisions set aside for warranty exposures either relate to amounts provided systematically based on historical experience under contractual warranty obligations or specific provisions created in respect of individual customer issues undergoing commercial resolution and negotiation. Amounts set aside represent management’s best estimate of the likely settlement and the timing of any resolution with the relevant customer. Business Acquisitions In a business acquisition, the Company may acquire assets and assume certain liabilities of an acquired entity. Estimates are made as to the fair value of property, plant and equipment, intangible assets, and goodwill, among other items. In certain circumstances, such as the valuation of property, plant and equipment and intangible assets acquired, the Company relies on independent third-party valuators. The determination of these fair values involves a variety of assumptions, including revenue growth rates, projected cash flows, discount rates, and earnings multiples. Property, Plant and Equipment and Rental Equipment Property, plant and equipment and rental equipment is stated at cost less accumulated depreciation and any impairment losses. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of property, plant and equipment and rental equipment is reviewed on an annual basis. Assessing the reasonableness of the estimated useful lives of property, plant and equipment and rental equipment requires judgment and is based on currently available information. Property, plant and equipment and rental equipment is also reviewed for potential impairment on an annual basis or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Changes in circumstances, such as technological advances and changes to business strategy can result in actual useful lives differing significantly from estimates. The assumptions used, including rates and methodologies, are reviewed on an ongoing basis to ensure they continue to be appropriate. Revisions to the estimated useful lives of property, plant and equipment and rental equipment constitutes a change in accounting estimate and are applied prospectively. Right-of-Use The Company determines the right-of-use right-of-use Finance Lease Receivables In calculating the value of the Company’s finance lease receivables, the Company is required to determine the fair value of the underlying assets included in the finance lease transaction, or, if lower, the present value of the lease payments discounted using a market rate of interest. The fair value of the underlying assets should reflect the amount that the Company would otherwise recognize on a sale of those assets. Allowance for Doubtful Accounts Amounts included in allowance for doubtful accounts reflect the full lifetime expected credit losses for trade receivables. The Company determines allowances based on management’s best estimate of future expected credit losses, considering historical default rates, current economic conditions, and forecasts of future economic conditions. Future economic conditions, especially around the oil and gas industry, may have a significant impact on the collectability of trade receivables from customers and the corresponding expected credit losses. Management has implemented additional monitoring processes in assessing the creditworthiness of customers and believes the current provision appropriately reflects the best estimate of its future expected credit losses. Significant or unanticipated changes in economic conditions could impact the magnitude of future expected credit losses. Impairment of Inventories The Company regularly reviews the nature and quantities of inventory on hand and evaluates the net realizable value of items based on historical usage patterns, known changes to equipment or processes, and customer demand for specific products. Significant or unanticipated changes in business conditions could impact the magnitude and timing of impairment recognized. Impairment of Non-Financial Impairment exists when the carrying value of an asset or group of assets exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value-in-use. value-in-use Impairment of Goodwill The Company tests goodwill for impairment at least on an annual basis, or when there is any indication that goodwill may be impaired. This requires an estimation of the value-in-use value-in-use Income Taxes Uncertainties exist with respect to the interpretation of complex tax regulations and the amount and timing of future taxable income. Given the wide range of international business relationships and the long-term nature and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to taxable income. The Company establishes provisions, based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective countries in which it operates. The amount of such provisions is based on various factors, such as experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. Such differences of interpretation may arise on a wide variety of issues depending on the conditions prevailing in the respective company’s domicile. Deferred tax assets are recognized for all unused tax losses, carried forward tax credits or other deductible temporary differences to the extent that it is probable that taxable profit will be available against which these deferred tax assets can be utilized. Significant judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the timing of reversal, expiry of losses and the level of future taxable profits together with future tax planning strategies. The basis for this estimate is management’s cash flow projections. To the extent the Company determines the recoverability of deferred tax assets is unlikely, the deferred tax asset is not recognized. Management regularly assesses the unrecognized deferred tax asset to determine what portion can be recognized in response to changing economic conditions or recent events. Share-Based Compensation The Company employs the fair value method of accounting for stock options and phantom share entitlement. The determination of the share-based compensation expense for stock options and phantom share entitlement requires the use of estimates and assumptions based on exercise prices, market conditions, vesting criteria, length of employment, and past experiences of the Company. Changes in these estimates and future events could alter the determination of the provision for such compensation. Details concerning the assumptions used are described in Note 24. Government Grants In response to the COVID-19 Hardest-Hit |
New Policies, Standards, Interp
New Policies, Standards, Interpretations, And Amendments | 12 Months Ended |
Dec. 31, 2021 | |
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New Policies, Standards, Interpretations, And Amendments | NOTE 6. NEW POLICIES, STANDARDS, INTERPRETATIONS, AND AMENDMENTS The Company has reviewed new and revised accounting pronouncements that have been issued but are not yet effective and determined that no pronouncements or amendments would be expected to have a material impact on future financial statements. |
Accounts Receivable And Contrac
Accounts Receivable And Contract Assets | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
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Accounts Receivable And Contract Assets | NOTE 2. ACCOUNTS RECEIVABLE AND CONTRACT ASSETS Accounts receivable consisted of the following: March 31, 2022 December 31, 2021 Trade receivables $ 222,686 $ 213,815 Less: allowance for doubtful accounts (10,103 ) (10,334 ) Trade receivables, net $ 212,583 $ 203,481 Other receivables 9,463 8,725 Total accounts receivable $ 222,046 $ 212,206 Aging of trade receivables: March 31, 2022 December 31, 2021 Current to 90 days $ 178,646 $ 183,105 Over 90 days 44,040 30,710 $ 222,686 $ 213,815 Movement in allowance for doubtful accounts: March 31, 2022 December 31, 2021 Balance, January 1 $ 10,334 $ 11,439 Impairment provision additions on receivables 26 275 Amounts settled and derecognized during the period (112 ) (1,317 ) Currency translation effects (145 ) (63 ) Closing balance $ 10,103 $ 10,334 Movement in contract assets: March 31, 2022 December 31, 2021 Balance, January 1 $ 82,760 $ 66,722 Unbilled revenue recognized 89,868 244,372 Amounts billed (57,401 ) (228,327 ) Currency translation effects (1,049 ) (7 ) Closing balance $ 114,178 $ 82,760 | NOTE 7. ACCOUNTS RECEIVABLE AND CONTRACT ASSETS Accounts receivable consisted of the following: December 31, 2021 2020 Trade receivables $ 213,815 $ 194,777 Less: allowance for doubtful accounts 1 (10,334 ) (11,439 ) Trade receivables, net $ 203,481 $ 183,338 Other receivables 8,725 30,037 Total accounts receivable $ 212,206 $ 213,375 1 During the third quarter of 2020, management identified certain receivable balances in the Rest of World segment that may be at higher risk of credit loss, leading to an increase in the allowance for doubtful accounts provision at September 30, 2020. The value of the provision relating to these receivables at December 31, 2020 represents only the outstanding amounts owed to Enerflex , as the total value of the associated contract was recognized and largely collected prior to 2020. December 31, 2021 2020 Current to 90 days $ 183,105 $ 152,285 Over 90 days 30,710 42,492 $ 213,815 $ 194,777 Movement in allowance for doubtful accounts: December 31, 2021 2020 Balance, January 1 $ 11,439 $ 2,144 Impairment provision additions on receivables 275 21,072 Amounts settled and derecognized during the year (1,317 ) (11,071 ) Currency translation effects (63 ) (706 ) $ 10,334 $ 11,439 Movement in contract assets: December 31, 2021 2020 Balance, January 1 $ 66,722 $ 130,392 Unbilled revenue recognized 244,372 238,300 Amounts billed (228,327 ) (281,145 ) Amounts transferred to other assets — (26,625 ) Currency translation effects (7 ) 5,800 $ 82,760 $ 66,722 Amounts recognized as contract assets are typically billed to customers within three months. |
Inventories
Inventories | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
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Inventories | NOTE 3. INVENTORIES Inventories consisted of the following: March 31, 2022 December 31, 2021 Direct materials $ 87,331 $ 83,943 Repair and distribution parts 58,056 54,156 Work-in-progress 47,056 31,298 Equipment 3,116 3,290 Total inventories $ 195,559 $ 172,687 March 31, 2022 December 31, 2021 Work-in-progress $ 32,377 $ 36,169 The amount of inventory and overhead costs recognized as an expense and included in cost of goods sold for the three months ended March 31, 2022 was $269.4 million (March 31, 2021 – $157.7 million). Cost of goods sold is made up of direct materials, direct labour, depreciation on manufacturing assets, post-manufacturing expenses, and overhead. Cost of goods sold also includes inventory write-downs pertaining to obsolescence and aging together with recoveries of past write-downs upon disposition. The net amount of inventory write-downs charged to the interim condensed consolidated statements of earnings and included in cost of goods sold for March 31, 2022 was $1.0 million (March 31, 2021 – $1.6 million). The costs related to the construction of rental assets determined to be finance leases are accounted for as work-in-progress | NOTE 8. INVENTORIES Inventories consists of the following: December 31, 2021 2020 Direct materials $ 83,943 $ 119,342 Repair and distribution parts 54,156 52,125 Work-in-progress 31,298 25,185 Equipment 3,290 15,599 Total inventories $ 172,687 $ 212,251 December 31, 2021 2020 Work-in-progress $ 36,169 $ — The amount of inventory and overhead costs recognized as an expense and included in cost of goods during 2021 was $757.9 million (December 31, 2020 – $937.7 million; December 31, 2019 – $1,631.2 million). Cost of goods sold is made up of direct materials, direct labour, depreciation on manufacturing assets, post-manufacturing expenses, and overhead. Cost of goods sold also includes inventory write-downs pertaining to obsolescence and aging together with recoveries of past write-downs upon disposition. The net amount of inventory write-downs charged to the consolidated statements of earnings and included in cost of goods sold for the year ended December , was $ million ( $ million; December , $ million). The costs related to the construction of rental assets determined to be finance leases are accounted for as work-in-progress leases. |
Property, Plant And Equipment A
Property, Plant And Equipment And Rental Equipment | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
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Property, Plant And Equipment And Rental Equipment | NOTE 4. PROPERTY, PLANT AND EQUIPMENT AND RENTAL EQUIPMENT During the three months ended March 31, 2022, the Company added $0.9 million in property, plant and equipment (March 31, 2021 – $1.3 million) and $2.5 million in rental equipment (March 31, 2021 – $11.3 million). The impact of foreign exchange movements on assets denominated in a foreign currency during the three months ended March 31, 2022 was a decrease of $1.1 million on property, plant and equipment and a decrease of $5.1 million on rental equipment (March 31, 2021 – decrease of $1.2 million and $9.7 million, respectively). Depreciation of property, plant and equipment and rental equipment included in earnings for the three months ended March 31, 2022 was $16.3 million (March 31, 2021 – $15.7 million), of which $15.9 million was included in cost of goods sold (March 31, 2021 – $15.2 million) and $0.4 million was included in selling and administrative expenses (March 31, 2021 – $0.5 million). During the first quarter of 2022, the Company reclassified certain prior period amounts between cost of goods sold and selling and administrative expenses, refer to Note 1 for more details. As a result, $0.4 million of property, plant and equipment depreciation was reclassified from selling and administrative expenses to cost of goods sold. | NOTE 9. PROPERTY, PLANT AND EQUIPMENT AND RENTAL EQUIPMENT Land Building Equipment Assets under Total Rental Cost January 1, 2021 $ 18,471 $ 112,179 $ 63,844 $ 4,050 $ 198,544 $ 881,684 Additions — — 831 4,323 5,154 52,187 Reclassification — 2,327 2,566 (5,297 ) (404 ) — Disposals — (66 ) (2,436 ) — (2,502 ) (82,304 ) Currency translation effects (60 ) (419 ) (313 ) (8 ) (800 ) (11,833 ) December 31, 2021 $ 18,411 $ 114,021 $ 64,492 $ 3,068 $ 199,992 $ 839,734 Accumulated depreciation January 1, 2021 $ — $ (44,334 ) $ (51,574 ) $ — $ (95,908 ) $ (243,870 ) Depreciation charge — (5,956 ) (4,451 ) — (10,407 ) (55,466 ) Impairment — — — — — (537 ) Disposals — 66 2,351 — 2,417 62,990 Currency translation effects — 137 183 — 320 7,477 December 31, 2021 $ — $ (50,087 ) $ (53,491 ) $ — $ (103,578 ) $ (229,406 ) Net book value – December 31, 2021 $ 18,411 $ 63,934 $ 11,001 $ 3,068 $ 96,414 $ 610,328 Land Building Equipment Assets under Total Rental Cost January 1, 2020 $ 18,756 $ 105,130 $ 63,386 $ 10,304 $ 197,576 $ 917,204 Additions — 198 1,176 8,500 9,874 123,879 Reclassification — 9,213 3,324 (14,956 ) (2,419 ) — Disposals — (76 ) (3,120 ) — (3,196 ) (119,251 ) Currency translation effects (285 ) (2,286 ) (922 ) 202 (3,291 ) (40,148 ) December 31, 2020 $ 18,471 $ 112,179 $ 63,844 $ 4,050 $ 198,544 $ 881,684 Accumulated depreciation January 1, 2020 $ — $ (39,262 ) $ (49,763 ) $ — $ (89,025 ) $ (275,109 ) Depreciation charge — (5,945 ) (5,558 ) — (11,503 ) (51,360 ) Impairment — — — — — (2,607 ) Disposals — 71 3,055 — 3,126 67,054 Currency translation effects — 802 692 — 1,494 18,152 December 31, 2020 $ — $ (44,334 ) $ (51,574 ) $ — $ (95,908 ) $ (243,870 ) Net book value – December 31, 2020 $ 18,471 $ 67,845 $ 12,270 $ 4,050 $ 102,636 $ 637,814 Land Building Equipment Assets under Total Rental Cost January 1, 2019 $ 23,034 $ 88,668 $ 59,685 $ 11,641 $ 183,028 $ 798,999 Additions — 1,557 1,283 43,482 46,322 217,068 Reclassification — 33,403 8,167 (44,338 ) (2,768 ) — Disposals (3,531 ) (14,663 ) (3,898 ) — (22,092 ) (51,811 ) Currency translation effects (747 ) (3,835 ) (1,851 ) (481 ) (6,914 ) (47,052 ) December 31, 2019 $ 18,756 $ 105,130 $ 63,386 $ 10,304 $ 197,576 $ 917,204 Accumulated depreciation January 1, 2019 $ — $ (45,216 ) $ (49,106 ) $ — $ (94,322 ) $ (260,510 ) Depreciation charge — (5,039 ) (5,740 ) — (10,779 ) (52,916 ) Impairment — — — — — (26,414 ) Disposals — 9,441 3,748 — 13,189 45,969 Currency translation effects — 1,552 1,335 — 2,887 18,762 December 31, 2019 $ — $ (39,262 ) $ (49,763 ) $ — $ (89,025 ) $ (275,109 ) Net book value – December 31, 2019 $ 18,756 $ 65,868 $ 13,623 $ 10,304 $ 108,551 $ 642,095 During the fourth quarter of 2021 and 2020, the Company recorded a disposition of certain rental equipment that was recognized as a finance lease. Refer to Note 11 for further details on these finance lease transactions. Depreciation of property, plant and equipment and rental equipment included in earnings (loss) for the year ended December 31 , 2021 was $65.9 million (December 31, 2020 – $62.9 million; December 31 , 2019 – $63.7 million), of which $64.1 million was included in cost of goods sold (December 31, 2020 – $61.2 million; December 31 , 2019 – $61.7 million) and $1.8 million was included in selling and administrative expenses (December 31, 2020 – $1.7 million; December 31 , 2019 – $2.0 million). Impairment of rental equipment included in earnings for the year ended December 31, 2021 was $0.5 million (December 31, 2020 – $2.6 million; December 31, 2019 – $26.4 million). The Company reclassified certain amounts between cost of goods sold and selling and administrative expenses, refer to Note 2(a) for more details. The impact of the reclassification on property, plant and equipment depreciation from selling and administrative expenses to cost of goods sold is $1.9 million for the year ended December 31, 2021 (December 31, 2020 – $2.0 million; December 31, 2019 – $1.6 million). |
Lease Right-of-Use Assets
Lease Right-of-Use Assets | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Text Block [Abstract] | ||
Lease Right-of-Use Assets | NOTE 5. LEASE RIGHT-OF-USE During the three months ended March 31, 2022, the Company added $1.6 million in lease right-of-use right-of-use right-of-use Depreciation of lease right-of-use During the first quarter of 2022, the Company reclassified certain prior period amounts between cost of goods sold and selling and administrative expenses, refer to Note 1 for more details. As a result, $0.8 million of lease right-of-use | NOTE 10. LEASE RIGHT-OF-USE Land and buildings Equipment Total lease right-of-use assets Cost January 1, 2021 $ 56,242 $ 19,360 $ 75,602 Additions 4,097 6,778 10,875 Disposal (1,644 ) (1,583 ) (3,227 ) Currency translation effects (315 ) (196 ) (511 ) December 31, 2021 $ 58,380 $ 24,359 $ 82,739 Accumulated depreciation January 1, 2021 $ (13,527 ) $ (7,891 ) $ (21,418 ) Depreciation charge (8,350 ) (5,492 ) (13,842 ) Disposal 1,535 714 2,249 Currency translation effects 144 15 159 December 31, 2021 $ (20,198 ) $ (12,654 ) $ (32,852 ) Net book value – December 31, 2021 $ 38,182 $ 11,705 $ 49,887 Land and buildings Equipment Total lease right-of-use assets Cost January 1, 2020 $ 55,463 $ 17,104 $ 72,567 Additions 3,923 4,389 8,312 Disposal (3,069 ) (1,821 ) (4,890 ) Currency translation effects (75 ) (312 ) (387 ) December 31, 2020 $ 56,242 $ 19,360 $ 75,602 Accumulated depreciation January 1, 2020 $ (8,028 ) $ (4,251 ) $ (12,279 ) Depreciation charge (8,106 ) (5,601 ) (13,707 ) Disposal 2,513 1,779 4,292 Currency translation effects 94 182 276 December 31, 2020 $ (13,527 ) $ (7,891 ) $ (21,418 ) Net book value – December 31, 2020 $ 42,715 $ 11,469 $ 54,184 Land and buildings Equipment Total lease right-of-use assets Cost January 1, 2019 $ 23,017 $ 8,968 $ 31,985 Additions 32,896 8,579 41,475 Disposal (74 ) (152 ) (226 ) Currency translation effects (376 ) (291 ) (667 ) December 31, 2019 $ 55,463 $ 17,104 $ 72,567 Accumulated depreciation January 1, 2019 $ — $ — $ — Depreciation charge (8,198 ) (4,457 ) (12,655 ) Disposal 74 152 226 Currency translation effects 96 54 150 December 31, 2019 $ (8,028 ) $ (4,251 ) $ (12,279 ) Net book value – December 31, 2019 $ 47,435 $ 12,853 $ 60,288 Depreciation of lease right-of-use million). The Company reclassified certain amounts between cos million for the year ended December 31, 2021 (December 31, 2020 – $3.9 million; December 31, 2019 – $3.8 million). |
Finance Lease Receivable
Finance Lease Receivable | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Text Block [Abstract] | ||
Finance Lease Receivable | NOTE 6. FINANCE LEASES RECEIVABLE The Company has entered into finance lease arrangements for certain assets thr . The value of the finance lease receivable is comprised of the following: Minimum lease payments and Present value of minimum lease March 31, December 31, March 31, December 31, Less than one year $ 21,981 $ 16,420 $ 20,235 $ 15,248 Between one and five years 94,323 64,739 70,944 49,546 Later than five years 82,490 62,827 46,378 38,564 $ 198,794 $ 143,986 $ 137,557 $ 103,358 Less: Unearned finance income (61,237 ) (40,628 ) — — $ 137,557 $ 103,358 $ 137,557 $ 103,358 March 31, December 31, Balance, January 1 $ 103,358 $ 64,274 Additions 38,947 40,154 Interest income 2,895 5,417 Billings and payments (5,826 ) (6,597 ) Currency translation effects (1,817 ) 110 $ 137,557 $ 103,358 The average interest rates implicit in the leases are fixed at the contract date for the entire lease term. At March 31, 2022 the average interest rate was 7.8 percent per annum (December 31, 2021 – 8.0 percent). The finance lease receivables at the end of reporting period are neither past due nor impaired. | NOTE 11. FINANCE LEASES RECEIVABLE The Company entered into finance lease arrangements for certain of its rental assets. The terms of the leases entered into range from three During the fourth quarter of 2021, the Company entered into an agreement to extend an existing contract. The new arrangement has been determined to be accounted for as a finance lease. Enerflex, as a manufacturer lessor, recognizes selling profit or loss on a finance lease at the commencement date. Revenue from contracts that have been classified as finance leases for newly built equipment is recorded as Engineered Systems revenue. Revenue from contracts that have been classified as finance leases related to existing or pre-owned The value of the finance lease receivable is comprised of the following: Minimum lease payments Present value of minimum lease payments December 31, 2021 2020 2021 2020 Less than one year $ 16,420 $ 3,047 $ 15,248 $ 2,928 Between one and five years 64,739 42,129 49,546 34,020 Later than five years 62,827 45,445 38,564 27,326 $ 143,986 $ 90,621 $ 103,358 $ 64,274 Less: unearned finance income (40,628 ) (26,347 ) — — $ 103,358 $ 64,274 $ 103,358 $ 64,274 December 31, 2021 2020 Balance, January 1 $ 64,274 $ 900 Additions 40,154 64,270 Interest income 5,417 80 Billings and payments (6,597 ) (639 ) Currency translation effects 110 (337 ) $ 103,358 $ 64,274 The average interest rates implicit in the leases are fixed at the contract date for the entire lease term. At December 31, 2021 the average interest rate was 8.0 percent per annum (December 31, 2020 – 7.5 percent ). The finance lease receivables at the end of reporting period are neither past due nor impaired. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Other Assets | NOTE 12. OTHER ASSETS December 31, 2021 2020 Investment in associates and joint ventures $ 27,064 $ 26,566 Long-term receivables 24,172 31,910 Prepaid deposits 79 124 $ 51,315 $ 58,600 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Intangible Assets | NOTE 13. INTANGIBLE ASSETS Customer Software Total Cost January 1, 2021 $ 69,824 $ 48,698 $ 118,522 Reclassification — 404 404 Currency translation effects (230 ) (33 ) (263 ) December 31, 2021 $ 69,594 $ 49,069 $ 118,663 Accumulated amortization January 1, 2021 $ (59,296 ) $ (42,682 ) $ (101,978 ) Amortization charge (4,642 ) (2,079 ) (6,721 ) Currency translation effects 121 33 154 December 31, 2021 $ (63,817 ) $ (44,728 ) $ (108,545 ) Net book value – December 31, 2021 $ 5,777 $ 4,341 $ 10,118 Customer Software Total Cost January 1, 2020 $ 70,895 $ 51,283 $ 122,178 Reclassification — 2,419 2,419 Disposal — (5,045 ) (5,045 ) Currency translation effects (1,071 ) 41 (1,030 ) December 31, 2020 $ 69,824 $ 48,698 $ 118,522 Accumulated amortization January 1, 2020 $ (55,232 ) $ (44,888 ) $ (100,120 ) Amortization charge (4,974 ) (2,798 ) (7,772 ) Disposal — 5,045 5,045 Currency translation effects 910 (41 ) 869 December 31, 2020 $ (59,296 ) $ (42,682 ) $ (101,978 ) Net book value – December 31, 2020 $ 10,528 $ 6,016 $ 16,544 Customer Software Total Cost January 1, 2019 $ 72,899 $ 49,564 $ 122,463 Additions — 13 13 Reclassification — 2,768 2,768 Disposal — (431 ) (431 ) Currency translation effects (2,004 ) (631 ) (2,635 ) December 31, 2019 $ 70,895 $ 51,283 $ 122,178 Accumulated amortization January 1, 2019 $ (51,326 ) $ (42,255 ) $ (93,581 ) Amortization charge (4,966 ) (3,694 ) (8,660 ) Disposal — 431 431 Currency translation effects 1,060 630 1,690 December 31, 2019 $ (55,232 ) $ (44,888 ) $ (100,120 ) Net book value – December 31, 2019 $ 15,663 $ 6,395 $ 22,058 |
Goodwill and Impairment Review
Goodwill and Impairment Review of Goodwill | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Text Block [Abstract] | ||
Goodwill and Impairment Review of Goodwill | NOTE 7. GOODWILL AND IMPAIRMENT REVIEW OF GOODWILL March 31, December 31, Balance, January 1 $ 566,270 $ 576,028 Currency translation effects (3,055 ) (9,758 ) $ 563,215 $ 566,270 Goodwill acquired through business combinations was allocated to the USA, Rest of World, and Canada business segments, and represents the lowest level at which goodwill is monitored for internal management purposes. Management performed an assessment comparing the carrying amount and recoverable amount for each segment at December 31, 2021, the result of which was no impairment of goodwill. At March 31, 2022, the Company determined that there were no indicators of impairment and that the previous assessment continued to best represent the recoverability of the Company’s goodwill. | NOTE 14. GOODWILL AND IMPAIRMENT REVIEW OF GOODWILL December 31, 2021 2020 Balance, January 1 $ 576,028 $ 573,928 Currency translation effects (9,758 ) 2,100 $ 566,270 $ 576,028 Goodwill acquired through business combinations was allocated to the USA, Rest of World, and Canada business segments, and represents the lowest level at which goodwill is monitored for internal management purposes. At December 31, 2021, the Company determined that there were no indicators of impairment, and performed an annual assessment comparing the carrying amount and recoverable amount for each segment in accordance with IAS 36.10(b). In assessing whether goodwill has been impaired, the carrying amount of the segment (including goodwill) is compared with its recoverable amount. The recoverable amount is the higher of the fair value less costs to sell and value-in-use. The recoverable amounts for the segments have been determined based on value-in-use value-in-use. Key Assumptions Used in Value-In-Use The Company completed its annual assessment for goodwill impairment and determined that the recoverable amount for the USA, Rest of World, and Canada segments exceeded the carrying amount using a 9.4 percent (December 31, 2020 – 9.6 percent), percent (December 31, 2020 – percent), and percent) post-tax The estimation of value-in-use • Earnings Before Finance Costs and Taxes: Management has made estimates relating to the amount and timing of revenue recognition for projects included in backlog, and the assessment of the likelihood of maintaining and growing market share. For each ten percent change in earnings before finance costs and taxes, the impact on the value-in-use • Discount Rate: Management determines a discount rate for each segment based on the estimated weighted average cost of capital of the Company, using the five-year average of the Company’s peer group debt to total enterprise value, adjusted for a number of risk factors specific to each segment. This discount rate has been calculated using an estimated risk-free rate of return adjusted for the Company’s estimated equity market risk premium, the Company’s cost of debt, and the tax rate in the local jurisdiction. For each one percent change in the discount rate, the impact on the value-in-use Management will continue to assess the long-term projected |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Accounts Payable and Accrued Liabilities | NOTE 15. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES December 31, 2021 2020 Accounts payable and accrued liabilities $ 234,212 $ 178,303 Accrued dividend payable 2,242 1,794 Cash-settled share-based payments 4,293 2,055 $ 240,747 $ 182,152 |
Warranty Provision
Warranty Provision | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Warranty Provision | NOTE 16. WARRANTY PROVISIONS December 31, 2021 2020 Balance, January 1 $ 10,549 $ 15,563 Additions during the year 849 8,203 Amounts settled and released in the year (4,681 ) (13,232 ) Currency translation effects (81 ) 15 $ 6,636 $ 10,549 |
Deferred Revenues
Deferred Revenues | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Text Block [Abstract] | ||
Deferred Revenues | NOTE 8. DEFERRED REVENUES March 31, December 31, Balance, January 1 $ 84,614 $ 35,409 Cash received in advance of revenue recognition 80,302 167,956 Revenue subsequently recognized (54,430 ) (118,438 ) Currency translation effects (1,269 ) (313 ) Closing balance $ 109,217 $ 84,614 Amounts recognized as deferred revenues are typically recognized into revenue within six months. | NOTE 17. DEFERRED REVENUES December 31, 2021 2020 Balance, January 1 $ 35,409 $ 89,409 Cash received in advance of revenue recognition 167,956 247,100 Revenue subsequently recognized (118,438 ) (306,334 ) Currency translation effects (313 ) 5,234 $ 84,614 $ 35,409 Amounts recognized as deferred revenues are typically recognized into revenue within six months. |
Long-Term Debt
Long-Term Debt | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Borrowings [abstract] | ||
Long-Term Debt | NOTE 9. LONG-TERM DEBT The amended and restated syndicated revolving credit facility (“Bank Facility”) has a maturity date of June 30, 2025 (the “Maturity Date”) for $660.0 million of $725.0 million in commitments. The maturity date for the remaining $65.0 million is June 30, 2023. In addition, the Bank Facility may be increased by $150.0 million at the request of the Company, subject to the lenders’ consent. The Maturity Date of the Bank Facility may be extended annually on or before the anniversary date with the consent of the lenders. There are no required or scheduled principal repayments until the Maturity Date of the Bank Facility. A subsidiary of the Company has access to a credit facility, secured by certain assets of the subsidiary, of up to $52.5 million U.S. dollars (the “Asset-Based Facility”). This credit facility is non-recourse The composition of the borrowings on the Bank Facility, Asset-Based Facility, and the Company’s senior unsecured notes (“Notes”) was as follows: March 31, December 31, Drawings on Bank Facility $ 46,246 $ 30,522 Drawings on Asset-Based Facility 32,363 37,411 Notes due December 15, 2024 146,208 148,119 Notes due December 15, 2027 117,472 118,746 Deferred transaction costs (3,163 ) (3,376 ) $ 339,126 $ 331,422 The weighted average interest rate on the Bank Facility for the three months ended March 31, 2022 was 2.1 percent (December 31, 2021 – 2.1 percent). The weighted average interest rate on the Asset-Based Facility for the three months ended March 31, 2022 was 3.0 percent (December 31, 2021 – 3.0 percent). At March 31, 2022 without considering renewal at similar terms, the Canadian dollar equivalent principal payments due over the next five years are $224.8 million, and $117.5 million thereafter. | NOTE 18. LONG-TERM DEBT Through private placement, the Company has $266.9 million of senior unsecured notes (“Notes”) issued and outstanding. These Notes consist of $105.0 million U.S. dollar and $15.0 million Canadian dollar maturing December 15, 2024 bearing an interest rate of 4.67 percent and 4.50 percent respectively, and $70.0 million U.S. dollar and $30.0 million Canadian dollar maturing December 15, 2027 bearing an interest rate of 4.87 percent and 4.79 percent respectively. During the third quarter of 2021, Enerflex successfully extended the maturity date for $660.0 million of $725.0 million in commitments to its amended and restated syndicated revolving credit facility (“Bank Facility”) to June 30, 2025 (the “Maturity Date”). The maturity date for the other $65.0 million in commitments to the Bank Facility remains June 30, 2023. In addition, the Bank Facility may be increased by $150.0 million at the request of the Company, subject to the lenders’ consent. There are no required or scheduled repayment of principal until the maturity date of the Bank Facility. Drawings on the Bank Facility are available by way of Prime Rate loans, U.S. Base Rate loans, London Interbank Offered Rate (“LIBOR”) loans, and Bankers’ Acceptance notes. The Company may also draw on the Bank Facility through bank overdrafts in either Canadian or U.S. dollars and issue letters of credit under the Bank Facility. Pursuant to the terms and conditions of the Bank Facility, a margin is applied to drawings on the Bank Facility in addition to the quoted interest rate. The margin is established in basis points and is based on a consolidated net debt to earnings before finance costs, income taxes, depreciation and amortization (“EBITDA”) ratio. The margin is adjusted effective the first day of the third month following the end of each fiscal quarter based on the above ratio. The Bank Facility is unsecured and ranks pari passu with the Notes. The Company is required to maintain certain covenants on the Bank Facility and the Notes. As at December 31, 2021, the Company was in compliance with these covenants. During the second quarter of 2021, a subsidiary of the Company finalized access to a credit facility, secured by certain assets of the subsidiary, of up to $52.5 million U.S. dollars (the “Asset-Based Facility”). This new credit facility is non-recourse to the Company. Under the terms of the Asset-Based Facility, the Company is required to maintain certain covenants. As at December 31, 2021, the Company was in compliance with these covenants. Pursuant to the terms and conditions of the Asset-Based Facility, a margin is applied to drawings on the Asset-Based Facility in addition to the quoted interest rate. The margin is established as a percentage and is based on a consolidated total funded debt to EBITDA ratio. The composition of the borrowings on the Bank Facility, Asset-Based Facility, and the Company’s Notes is as follows: December 31, 2021 2020 Drawings on Bank Facility $ 30,522 $ 84,369 Drawings on Asset-Based Facility 37,411 — Notes due June 22, 2021 — 40,000 Notes due December 15, 2024 148,119 148,686 Notes due December 15, 2027 118,746 119,124 Deferred transaction costs (3,376 ) (2,467 ) $ 331,422 $ 389,712 Current portion of long-term debt $ — $ 40,000 Non-current 331,422 349,712 $ 331,422 $ 389,712 During the second quarter of 2021, the Company repaid $40.0 million of 6.0 percent senior unsecured notes that were due June 22, 2021. The repayment was financed by cash on hand and drawings on the Bank Facility. The weighted average interest rate on the Bank Facility for the year ended December 31, 2021 was 2.1 percent (December 31, 2020 – 2.3 percent). The weighted average interest rate on the Asset-Based Facility for the year ended December 31, 2021 was 3.0 percent (December 31, 2020 – nil ). At December 31, 2021 without considering renewal at similar terms, the Canadian dollar equivalent principal payments due over the next five years are $216.1 million, and $118.7 million thereafter. |
Lease Liabilities
Lease Liabilities | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Leases [Abstract] | ||
Lease Liabilities | NOTE 10. LEASE LIABILITIES March 31, December 31, Balance, January 1 $ 57,014 $ 61,926 Additions 1,199 9,721 Lease interest 695 3,029 Payments made against lease liabilities (4,208 ) (17,244 ) Currency translation effects and other (257 ) (418 ) Closing balance $ 54,443 $ 57,014 Current portion of lease liabilities $ 13,286 $ 13,906 Non-current 41,157 43,108 $ 54,443 $ 57,014 In addition to the lease payments made above, during the three months ended March 31, 2022, the Company paid less than $0.1 million (March 31, 2021 – $0.1 million) relating to short-term and low-value Future minimum lease payments under non-cancellable March 31, 2022 2022 $ 11,487 2023 11,566 2024 8,436 2025 6,380 2026 4,608 Thereafter 22,819 $ 65,296 Less: Imputed interest 10,684 Short-term leases 160 Low-value 9 $ 54,443 | NOTE 19. LEASE LIABILITIES December 31, 2021 2020 Balance, January 1 $ 61,926 $ 67,000 Additions 9,721 8,065 Lease interest 3,029 3,371 Payments made against lease liabilities (17,244 ) (16,141 ) Currency translation effects and other (418 ) (369 ) Closing balance $ 57,014 $ 61,926 Current portion of lease liabilities $ 13,906 $ 14,693 Non-current 43,108 47,233 $ 57,014 $ 61,926 In addition to the lease payments made above, during the year ended December 31, 2021, the Company paid $0.3 million (December 31, 2020 – $1.0 million; December 31, 2019 – $1.7 million) relating to short-term and low-value Future minimum lease payments under non-cancellable December 31, 2022 $ 15,448 2023 11,167 2024 8,192 2025 6,313 2026 4,561 Thereafter 22,817 $ 68,498 Less: Imputed interest 11,273 Short-term leases 165 Low-value 46 $ 57,014 |
Income Taxes
Income Taxes | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Abstract] | ||
Income Taxes | NOTE 11. INCOME TAXES (a) Income Tax Recognized in Net Earnings The components of income tax expense were as follows: Three months ended March 31, 2022 2021 Current income taxes $ 3,363 $ 3,109 Deferred income taxes 258 (4,520 ) $ 3,621 $ (1,411 ) (b) Reconciliation of Tax Expense The provision for income taxes differs from that which would be expected by applying Canadian statutory rates. A reconciliation of the difference is as follows: Three months ended March 31, 2022 2021 Earnings before income taxes $ 3,252 $ 1,592 Canadian statutory rate 23.8 % 23.6 % Expected income tax provision $ 775 $ 376 Add (deduct): Exchange rate effects on tax basis (1,672 ) (1,485 ) Earnings taxed in foreign jurisdictions 405 (604 ) Amounts not deductible for tax purposes 164 147 Impact of accounting for associates and joint ventures (68 ) 97 Change in recognized deferred tax asset 1 3,924 — Other 93 58 Income taxes from continuing operations $ 3,621 $ (1,411 ) 1 This balance is the result of the Company no longer recognizing deferred tax recoveries in Canada, as it is unlikely that sufficient future taxable income will be available to offset against the existing deductible temporary differences and any unused Canadian tax losses or credits. The applicable statutory tax rate is the aggregate of the Canadian federal income tax rate of 15.0 percent (2021 – 15.0 percent) and provincial income tax rates of 8.8 percent (2021 – 8.6 percent). The Company’s effective tax rate is subject to fluctuations in the Argentine peso and Mexican peso exchange rate against the U.S. dollar. Since the Company holds significant rental assets in Argentina and Mexico, the tax base of these assets is denominated in Argentine peso and Mexican peso, respectively. The functional currency is, however, the U.S. dollar and as a result, the related local currency tax bases are revalued periodically to reflect the closing U.S. dollar rate against these currencies. Any movement in the exchange rate results in a corresponding unrealized exchange rate gain or loss being recorded as part of deferred income tax expense or recovery. During periods of large fluctuation or devaluation of the local currency against the U.S. dollar, these amounts may be significant but are unrealized and may reverse in the future. Recognition of these amounts is required by IFRS, even though the revalued tax basis does not generate any cash tax obligation or liability in the future. | NOTE 20. INCOME TAXES (a) Income Tax Recognized in Net Earnings The components of income tax expense were as follows: Years ended December 31, 2021 2020 2019 Current income taxes $ 13,135 $ (6,872 ) $ 31,720 Deferred income taxes 43,422 14,174 31,476 $ 56,557 $ 7,302 $ 63,196 (b) Reconciliation of Tax Expense The provision for income taxes differs from that which would be expected by applying Canadian statutory rates. A reconciliation of the difference is as follows: Years ended December 31, 2021 2020 2019 Earnings before income taxes $ 38,102 $ 95,559 $ 215,324 Canadian statutory rate 23.8 % 24.4 % 26.5 % Expected income tax provision $ 9,068 $ 23,316 $ 57,061 Add (deduct): Exchange rate effects on tax basis (2,269 ) (4,007 ) 2,125 Earnings taxed in foreign jurisdictions 2,313 (14,505 ) (1,129 ) Revaluation of Canadian deferred tax assets due to change in statutory rate (660 ) 597 5,040 Withholding tax on dividends received from foreign subsidiaries 2,763 — — Amounts not deductible (taxable) for tax purposes 811 2,426 723 Impact of accounting for associates and joint ventures (160 ) (530 ) (575 ) Change in recognized deferred tax assets 44,704 — — Other (13 ) 5 (49 ) Income tax expense from continuing operations $ 56,557 $ 7,302 $ 63,196 The applicable statutory tax rate is the aggregate of the Canadian federal income tax rate of 15.0 percent (2020 – 15.0 percent; 2019 – 15.0 percent) and provincial income tax rates of 8.8 percent (2020 – 9.4 percent; 2019 – 11.5 percent). During the fourth quarter of 2020, lower Alberta corporate income tax rates became substantively enacted. The Alberta corporate income tax rates are 11.5 percent for 2019, 8.99 percent for 2020, and 8.0 percent thereafter. The Company’s effective tax rate is subject to fluctuations in the Argentine peso and Mexican peso exchange rate against the U.S. dollar. Since the Company holds significant rental assets in Argentina and Mexico, the tax base of these assets is denominated in Argentine peso and Mexican peso, respectively. The functional currency is, however, the U.S. dollar and as a result, the related local currency tax bases are revalued periodically to reflect the closing U.S. dollar rate against these currencies. Any movement in the exchange rate results in a corresponding unrealized exchange rate gain or loss being recorded as part of deferred income tax expense or recovery. During periods of large fluctuation or devaluation of the local currency against the U.S. dollar, these amounts may be significant but are unrealized and may reverse in the future. Recognition of these amounts is required by IFRS, even though the revalued tax basis does not generate any cash tax obligation or liability in the future. (c) Income Tax Recognized in Other Comprehensive Income Years ended December 31, 2021 2020 2019 Deferred Tax Arising on income and expenses recognized in other comprehensive income: Fair value remeasurement of hedging instruments entered into for cash flow hedges $ 77 $ 186 $ (286 ) Arising on income and expenses reclassified from other comprehensive income to net earnings: Relating to cash flow hedges (53 ) 158 276 Arising on foreign exchange movement on long-term debt: Relating to net investment hedge — 61 — Total income tax recognized in other comprehensive income $ 24 $ 405 $ (10 ) (d) Net Deferred Tax Assets (Liabilities) Deferred tax assets and liabilities arise from the following: Accounting Tax losses Long-term Other Exchange Cash flow Total 1 January 1, 2021 $ 18,058 $ 28,969 $ (73,956 ) $ 544 $ (12,799 ) $ (8 ) $ (39,192 ) Charged to net earnings (10,945 ) (21,808 ) (12,398 ) (572 ) 2,269 32 (43,422 ) Charged to OCI — — — — — (24 ) (24 ) Exchange differences (91 ) (642 ) 99 539 54 — (41 ) December 31, 2021 $ 7,022 $ 6,519 $ (86,255 ) $ 511 $ (10,476 ) $ — $ (82,679 ) 1 Net deferred tax liabilities at December 31, 2021 of $82.7 million consist of liabilities of $92.0 million net of assets of $9.3 million. Accounting Tax losses Long-term Other Exchange Cash flow Total 1 January 1, 2020 $ 19,449 $ 26,082 $ (57,684 ) $ 1,330 $ (17,144 ) $ 335 $ (27,632 ) Charged to net earnings (2,080 ) 2,661 (18,003 ) (756 ) 4,007 — (14,171 ) Charged to OCI — — — (61 ) — (344 ) (405 ) Exchange differences 689 226 1,731 31 338 1 3,016 December 31, 2020 $ 18,058 $ 28,969 $ (73,956 ) $ 544 $ (12,799 ) $ (8 ) $ (39,192 ) 1 Net deferred tax liabilities at December 31, 2020 of $39.2 million consist of liabilities of $87.4 million net of assets of $48.2 million. (e) Unrecognized Deferred Tax Assets As at December 31, 2021, the Company did not recognize deductible temporary differences of $225.9 million (December 31, 2020 – $49.7 million) and unused Canadian tax credits of ) for which it is unlikely that sufficient future taxable income will be available to offset against. The derecognition of certain deferred tax assets in Canada was due to a combination of factors which include losses in recent prior periods , current period losses and continued challenging market conditions. The deductible temporary differences consist of: Years ended December 31, 2021 2020 Canadian: Tax losses $ 138,408 $ — Capital assets 22,758 — Accounting provisions & other accruals 26,363 — Foreign: Tax losses 38,374 49,667 $ 225,903 $ 49,667 |
Share Capital Authorized
Share Capital Authorized | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Share capital Authorized [Abstract] | |
Share Capital Authorized | NOTE 21. SHARE CAPITAL AUTHORIZED The Company is authorized to issue an unlimited number of common shares. Share capital comprises only one class of ordinary shares. The ordinary shares carry a voting right and a right to a dividend. Issued and Outstanding 2021 2020 Years ended December 31, Number of Common Number of Common Balance, January 1 89,678,845 $ 375,524 89,678,845 $ 375,524 Exercise of stock options — — — — 89,678,845 $ 375,524 89,678,845 $ 375,524 Total dividends declared in the year were $7.6 million, or $0.02 per share during the first three |
Contributed Surplus
Contributed Surplus | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Contributed Surplus | NOTE 22. CONTRIBUTED SURPLUS Contributed surplus consists of accumulated stock option expense less the fair value of the options at the grant date that have been exercised and reclassified to share capital. Changes in contributed surplus were as follows: Years ended December 31, 2021 2020 Balance, January 1 $ 656,832 $ 655,107 Share-based compensation 1,783 1,725 Exercise of stock options — — $ 658,615 $ 656,832 |
Revenue
Revenue | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Text Block [Abstract] | ||
Revenue | NOTE 12. REVENUE Three months ended March 31, 2022 2021 Engineered Systems $ 174,431 $ 72,232 Service 83,186 70,536 Energy Infrastructure 1 65,452 60,437 Total revenue $ 323,069 $ 203,205 1 During the three months ended March 31, 2022, the Company recognized $13.6 million of revenue related to operating leases in its Canada and ROW segments (March 31, 2021 - $17.8 million). Additionally, the Company recognized $27.6 million of revenue related to its USA contract compression fleet (March 31, 2021 - $22.6 million). Revenue by geographic location, which is attributed by destination of sale, was as follows: Three months ended March 31, 2022 2021 United States $ 127,714 $ 81,387 Canada 65,044 49,248 Oman 50,618 17,384 Australia 13,068 17,048 Argentina 11,417 6,400 Nigeria 9,437 1,271 Bahrain 8,163 7,088 Colombia 7,664 5,029 Mexico 6,962 6,294 Brazil 6,476 3,487 Other 16,506 8,569 Total revenue $ 323,069 $ 203,205 The following table outlines the Company’s unsatisfied performance obligations, by product line, as at March 31, 2022: Less than One to two Greater than Total Engineered Systems $ 619,294 $ 694 $ — $ 619,988 Service 35,645 14,435 42,059 92,139 Energy Infrastructure 174,387 136,231 677,255 987,873 $ 829,326 $ 151,360 $ 719,314 $ 1,700,000 | NOTE 23. REVENUE Years ended December 31, 2021 2020 2019 Engineered Systems $ 354,127 $ 598,566 $ 1,448,503 Service 1 327,376 303,269 350,992 Energy Infrastructure 1,2,3 278,653 315,217 245,927 Total revenue $ 960,156 $ 1,217,052 $ 2,045,422 1 During the second quarter of 2020, revenues from the operation and maintenance of BOOM contracts have been reclassified from the Service to Energy I ructure Energy I 2 Energy Infrastructure revenue for 2021 and 2020 includes the recognition of revenue from finance lease transactions in the fourth quarter of the same period. Upon commencement of the renegotiated leases, the Company recognized the sale of the related rental assets and a corresponding finance lease receivable. Refer to Note 11 for further details on finance leases. 3 During the year ended December 31, 2021, the Company recognized $68.2 million of revenue related to operating leases in its Canada and ROW segments (December 31, 2020 - $86.6 million ; ; Revenue by geographic location, which is attributed by destination of sale, is as follows: Years ended December 31, 2021 2020 2019 United States $ 451,675 $ 549,854 $ 954,350 Canada 173,181 206,508 484,251 Oman 84,486 53,664 105,721 Australia 61,520 65,683 71,592 Bahrain 40,361 108,358 42,864 Argentina 34,321 21,276 24,522 Mexico 27,355 32,945 46,300 Colombia 17,795 32,671 17,375 Brazil 17,289 11,130 10,953 Nigeria 7,853 92,334 256,177 Bolivia 7,775 6,264 4,037 Other 36,545 36,365 27,280 Total revenue $ 960,156 $ 1,217,052 $ 2,045,422 The following table outlines the Company’s unsatisfied performance obligations, by product line, as at December 31, 2021: Less than One to Greater than Total Engineered Systems $ 556,844 $ 705 $ — $ 557,549 Service 33,192 13,437 44,665 91,294 Energy Infrastructure 158,616 141,366 709,555 1,009,537 $ 748,652 $ 155,508 $ 754,220 $ 1,658,380 |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||
Share-Based Compensation | NOTE 13. SHARE-BASED COMPENSATION (a) Share-Based Compensation Expense The share-based compensation expense included in the determination of net earnings was: Three months ended March 31, 2022 2021 Equity settled share-based payments $ 457 $ 440 Cash settled share-based payments 3,592 4,827 Share-based compensation expense $ 4,049 $ 5,267 Deferred share units (“DSUs”), phantom share entitlements (“PSEs”), performance share units (“PSUs”), restricted share units (“RSUs”), and cash performance target plan awards (“CPTs”) are all classified as cash settled share-based payments. Stock options are equity settled share-based payments. The Company did not grant any CPTs, PSEs, PSUs, RSUs, or options to officers and key employees during the first three months of 2022. The DSU, PSU, and RSU holders had dividends credited to their accounts during the period. The carrying value of the liability relating to cash settled share-based payments at March 31, 2022 included in current liabilities was $6.0 million (December 31, 2021 – $4.3 million) and in other long-term liabilities was $15.3 million (December 31, 2021 - $13.4 million). (b) Equity-Settled Share-Based Payments March 31, 2022 December 31, 2021 Number of options Weighted Number of Weighted Options outstanding, beginning of period 4,456,444 $ 11.66 4,057,142 $ 12.78 Granted — — 654,847 7.85 Exercised 1 (2,120 ) 5.51 — — Forfeited (27,286 ) 13.51 (24,267 ) 9.25 Expired — — (231,278 ) 20.75 Options outstanding, end of period 4,427,038 $ 11.65 4,456,444 $ 11.66 Options exercisable, end of period 2,415,824 $ 13.63 2,445,230 $ 13.62 1 The weighted average share price of Options at the date of exercise for the three months ended March 31, 2022 was $7.89 (March 31, 2021 – nil). The following table summarizes options outstanding and exercisable at March 31, 2022: Options Outstanding Options Exercisable Range of exercise prices Number Weighted Weighted Number Weighted Weighted $5.51 – $9.77 1,475,830 5.81 $ 6.54 165,775 5.37 $ 5.51 $9.78 – $14.75 1,657,799 2.37 12.85 1,174,530 1.55 12.65 $14.76 – $16.12 1,293,409 1.61 15.95 1,075,519 1.30 15.94 Total 4,427,038 3.30 $ 11.65 2,415,824 1.70 $ 13.63 (c) Cash-Settled Share-Based Payments During the three months ended March 31, 2022, the value of director’s compensation and executive bonuses elected to be received in DSUs totalled $0.6 million (March 31, 2021 – $0.7 million). Number of Weighted average DSUs outstanding, January 1, 2022 1,406,170 $ 10.51 Granted 76,751 8.14 In lieu of dividends 4,269 7.81 DSUs outstanding, March 31, 2022 1,487,190 $ 10.38 | NOTE 24. SHARE-BASED COMPENSATION (a) Share-Based Compensation Expense The share-based compensation expense includ e Years ended December 31, 2021 2020 2019 Equity settled share-based payments $ 1,783 $ 1,725 $ 2,735 Deferred share units 3,053 (1,830 ) (720 ) Phantom share entitlement plan 102 (54 ) (449 ) Performance share units 3,470 667 2,754 Restricted share units 2,751 755 2,199 Cash performance target 1,778 553 1,230 Share-based compensation expense $ 12,937 $ 1,816 $ 7,749 (b) Equity-Settled Share-Based Payments 2021 2020 Years ended December 31, Number of Weighted Number of Weighted Options outstanding, beginning of period 4,057,142 $ 12.78 3,565,521 $ 14.67 Granted 654,847 7.85 839,478 5.51 Forfeited (24,267 ) 9.25 (121,547 ) 15.20 Expired (231,278 ) 20.75 (226,310 ) 14.33 Options outstanding, end of period 4,456,444 $ 11.66 4,057,142 $ 12.78 Options exercisable, end of period 2,445,230 $ 13.62 1,810,577 $ 14.73 1 No options were exercised for the years ended December 31, 2021 and 2020. The Company granted 654,847 stock options for the year ended December 31, 2021 (December 31, 2020 – 839,478 ). Using the Black-Scholes option pricing model, the weighted average fair value of stock options granted for the year ended December 31, 2021 was $2.89 per option (December 31, 2020 - $2.15). The weighted average assumptions used in determinations of fair values are noted below: Years ended December 31, 2021 2020 Expected life (years) 5.26 5.34 Expected volatility 1 44.4 % 43.6 % Dividend yield 1.0 % 1.4 % Risk-free rate 1.1 % 0.5 % Estimated forfeiture rate 3.9 % 3.6 % 1 Expected volatility is based on the historical volatility of Enerflex over a five-year period, consistent with the expected life of the option. The following table summarizes options outstanding and exercisable at December 31, 2021: Options Outstanding Options Exercisable Range of exercise prices Number Weighted Weighted Number Weighted Weighted $5.51 – $9.77 1,477,950 6.06 $ 6.53 167,895 5.62 $ 5.51 $9.78 – $14.75 1,677,399 2.61 12.85 1,194,130 1.79 12.65 $14.76 – $16.12 1,301,095 1.86 15.95 1,083,205 1.56 15.94 Total 4,456,444 3.53 $ 11.66 2,445,230 1.95 $ 13.62 (c) Deferred Share Units The Company offers a DSU plan for executives and non-employee non-employee five trading days grant. Additional Enerflex DSUs will be credited on the regular dividend payment dates as all dividends are assumed to be reinvested. DSUs may be granted to eligible participants on an annual basis and will vest upon being credited to the executive or non-employee DSUs represent an indexed liability of the Company relative to the Company’s share price. For the year ended December 31, 2021, the value of directors’ compensation and executive bonuses elected to be received in DSUs totalled $2.1 million (December 31, 2020 – $2.6 million). Number of DSUs Weighted average grant DSUs outstanding, January 1, 2021 1,147,182 $ 11.01 Granted 247,317 8.33 In lieu of dividends 11,671 8.15 DSUs outstanding, December 31, 2021 1,406,170 $ 10.51 The carrying amount of the liability relating to DSUs at December 31, 2021 included in other long-term liabilities was $10.8 million (December 31, 2020 – $7.5 million). (d) Phantom Share Entitlement Plan The Company utilizes a PSE plan for key employees of affiliates located in the UAE, for whom the Company’s Stock Option Plan would have negative personal taxation consequences. The exercise price of each PSE equals the average of the market price of the Company’s shares on the TSX for the five days preceding the date of the grant. The PSEs vest at a rate of one-fifth In 2021, the Board of Directors granted 24,715 PSEs (December 31, 2020 – 34,853 ). The intrinsic value of the vested awards at December 31, 2021 was $0.9 million (December 31, 2020 – nil). Number of PSEs Weighted average grant PSEs outstanding, January 1, 2021 198,205 $ 12.69 Granted 24,715 7.85 PSEs outstanding, December 31, 2021 222,920 $ 12.15 The carrying amount of the liability relating to the PSEs as at December 31, 2021 included in current liabilities was $0.2 million (December 31, 2020 – $0.1 million) and in other long-term liabilities was $0.1 million (December 31, 2020 – less than $0.1 million). (e) Performance Share Units The Company offers a PSU plan for executive officers of the Company. The PSU is a notional unit that entitles the holder to receive payment, as described below, from the Company equal to the number of vested PSUs multiplied by the weighted average price per share on the TSX during the last five trading days immediately preceding the grant. Vesting is based on the achievement of performance measures and objectives specified by the Board of Directors. The Board of Directors assesses performance to determine the vesting percentage, which can range from zero Additional Enerflex PSUs will be credited on the regular dividend payment dates as all dividends are assumed to be reinvested. The Company paid $1.0 million for the year ended December 31, 2021 representing units vested in the year (December 31, 2020 – $0.5 million). Number of PSUs Weighted average grant PSUs outstanding, January 1, 2021 982,835 $ 9.35 Granted 419,195 7.85 In lieu of dividends 10,423 8.18 Vested (104,037 ) 7.36 PSUs outstanding, December 31, 2021 1,308,416 $ 9.02 The carrying amount of the liability relating to PSUs at December 31, 2021 included in current liabilities was $2.0 million (December 31, 2020 – $0.6 million) and in other long-term liabilities was $2.6 million (December 31, 2020 – $1.5 million). (f) Restricted Share Units The Company offers a RSU plan to executive officers and other key employees of the Company or its related entities. RSUs may be granted at the discretion of the Board of Directors. An RSU is a notional unit that entitles the holder to receive payment, as described below, from the Company equal to the number of vested RSUs multiplied by the weighted average price per share on the TSX during the last five trading days one-third Additional Enerflex RSUs will be credited on the regular dividend payment dates as all dividends are assumed to be reinvested. During 2021, the Board of Directors granted 472,819 RSUs to executive officers and other key employees of the Company (2020 – 680,200 ) million). Number of RSUs Weighted average grant RSUs outstanding, January 1, 2021 782,517 $ 7.52 Granted 472,819 7.85 In lieu of dividends 8,021 8.15 Vested (292,205 ) 7.79 Forfeited (74,678 ) 7.37 RSUs outstanding, December 31, 2021 896,474 $ 7.62 The carrying amount of the liability included in current liabilities relating to RSUs at December 31, 2021 was $ million (December 31, 2020 – $ million ). (g) Cash Performance Target Plan The Company offers a CPT plan to certain non-executive, one-third During 2021, the Board of Directors distributed $2.2 million of CPT cash grants (2020 – $2.4 million). The Company paid million for the year ended December 31, 2021 representing units vested in the year (December 31, 2020 – million). The weighted average grant fair value per unit was $7.85 (December 31, 2020 – $5.51 ), using the average share price over the five days preceding the grant date. The carrying amount of the liability included in current liabilities relating to CPT plan at December 31, 2021 was $0.8 million (December 31, 2020 – $0.5 million). (h) Employee Share Purchase Plan The Company offers an employee share purchase plan whereby employees who meet the eligibility criteria can purchase shares by way of payroll deductions. There is a Company match of up to $1,000 per employee per annum based on contributions by the Company of $1 for every $3 contributed by the employee |
Retirement Benefits Plan
Retirement Benefits Plan | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
RETIREMENT BENEFITS PLAN | NOTE 25. RETIREMENT BENEFITS PLAN The Company sponsors arrangements for substantially all of its employees through defined contribution plans in Canada, UK, Asia, and Australia, and a 401(k) matched savings plan in the United States. In the case of the defined contribution plans, regular contributions are made to the employees’ individual accounts, which are administered by a plan trustee, in accordance with the plan document. Both in the case of Years ended December 31, 2021 2020 2019 Defined contribution plans $ 4,567 $ 4,514 $ 5,485 401(k) matched savings plan 3,025 3,912 4,556 Net pension expense $ 7,592 $ 8,426 $ 10,041 |
Finance Costs And Income
Finance Costs And Income | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Text Block [Abstract] | ||
Finance Costs And Income | NOTE 14. FINANCE COSTS AND INCOME Three months ended March 31, 2022 2021 Finance Costs Short and long-term borrowings $ 3,820 $ 4,394 Interest on lease liability 695 793 Total finance costs $ 4,515 $ 5,187 Finance Income Interest income $ 644 $ 195 Net finance costs $ 3,871 $ 4,992 | NOTE 26. FINANCE COSTS AND INCOME Years ended December 31, 2021 2020 2019 Finance Costs Short and long-term borrowings $ 17,252 $ 19,993 $ 19,679 Interest on lease liability 3,029 3,371 2,586 Total finance costs $ 20,281 $ 23,364 $ 22,265 Finance Income Interest income $ 3,286 $ 871 $ 3,687 Net finance costs $ 16,995 $ 22,493 $ 18,578 |
Reconciliation of Earnings Per
Reconciliation of Earnings Per Share Calculations | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Reconciliation of Earnings Per Share Calculations | NOTE 27. RECONCILIATION OF EARNINGS PER SHARE CALCULATIONS Year ended December 31, 2021 Net earnings Weighted average Per share Basic $ (18,455 ) 89,678,845 $ (0.21 ) Dilutive effect of stock option conversion — — — Diluted $ (18,455 ) 89,678,845 $ (0.21 ) Year ended December 31, 2020 Net earnings Weighted average Per share Basic $ 88,257 89,678,845 $ 0.98 Dilutive effect of stock option conversion — — — Diluted $ 88,257 89,678,845 $ 0.98 Year ended December 31, 2019 Net earnings Weighted average Per share Basic $ 152,128 89,500,829 $ 1.70 Dilutive effect of stock option conversion — 208,916 — Diluted $ 152,128 89,709,745 $ 1.70 |
Financial Instruments
Financial Instruments | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | ||
Financial Instruments | NOTE 15. FINANCIAL INSTRUMENTS Designation and Valuation of Financial Instruments Financial instruments at March 31, 2022 were designated in the same manner as they were at December 31, 2021. Accordingly, with the exception of the Notes and certain long-term receivables, the estimated fair values of financial instruments approximated their carrying values. The carrying value and estimated fair value of the Notes as at March 31, 2022 was $263.7 million and $252.1 million, respectively (December 31, 2021 – $266.9 million and $280.3 million, respectively). The fair value of these Notes at March 31, 2022 was determined on a discounted cash flow basis with a weighted average discount rate of 5.1 percent (December 31, 2021 – 3.5 percent). The Company holds preferred shares that were initially recorded at fair value and subsequently measured at amortized cost and recognized as long-term receivables in Other assets. The carrying value and estimated fair value of the preferred shares at March 31, 2022 was $24.7 million and $26.5 million, respectively (December 31, 2021 – $24.2 million and $27.5 million, respectively). Derivative Financial Instruments and Hedge Accounting Foreign exchange contracts are transacted with financial institutions to hedge foreign currency denominated obligations and cash receipts related to purchases of inventory and sales of products. The following table summarizes the Company’s commitments to buy and sell foreign currencies as at March 31, 2022: Notional Maturity Canadian Dollar Denominated Contracts Purchase contracts USD 16,258 April 2022 – February 2023 Sales contracts USD (8,622 ) April 2022 – September 2022 Purchase contracts EUR 1,279 May 2022 – October 2022 Sales contracts EUR (641 ) June 2022 At March 31, 2022, the fair value of derivative financial instruments classified as financial assets was $0.3 million, and as financial liabilities was $0.4 million (December 31, 2021 – $0.3 million and $0.2 million, respectively). Foreign Currency Translation Exposure The Company is subject to foreign currency translation exposure, primarily due to fluctuations of the Canadian dollar against the U.S. dollar, Australian dollar, and the Brazilian real. Enerflex uses foreign currency borrowings to hedge against the exposure that arises from foreign subsidiaries that are translated to the Canadian dollar through a net investment hedge. As a result, exchange gains and losses on the translation of $43.0 million U.S. dollars in designated foreign currency borrowings are included in accumulated other comprehensive income for March 31, 2022. The following table shows the sensitivity to a 5.0 percent weakening of the Canadian dollar against the U.S. dollar, Australian dollar, and Brazilian real. Canadian dollar weakens by 5 percent USD AUD BRL Earnings from foreign operations Earnings before income taxes $ 706 $ (82 ) $ 67 Financial instruments held in foreign operations Other comprehensive income $ 14,122 $ 582 $ 349 Financial instruments held in Canadian operations Earnings before income taxes $ (9,293 ) $ — $ — The movement in net earnings before tax in Canadian operations is a result of a change in the fair values of financial instruments. The majority of these financial instruments are hedged. Interest Rate Risk The Company’s liabilities include long-term debt that is subject to fluctuations in interest rates. The Company’s Notes outstanding at March 31, 2022 include interest rates that are fixed and therefore the related interest expense will not be impacted by fluctuations in interest rates. The Company’s Bank and Asset-Based Facilities, however, are subject to changes in market interest rates. For each one Liquidity Risk Liquidity risk is the risk that the Company may encounter difficulties in meeting obligations associated with financial liabilities. In managing liquidity risk, the Company has access to a significant portion of its Bank and Asset-Based Facilities for future drawings to meet the Company’s future growth targets. As at March 31, 2022, the Company held cash and cash equivalents of $133.2 million and had drawn $78.6 million against the Bank and Asset-Based Facilities, leaving it with access to $671.9 million for future drawings. The Company continues to meet the covenant requirements of its funded debt, including the Bank and Asset-Based Facilities, and Notes, with a bank-adjusted net debt to EBITDA ratio of 1.43:1 3:1 9:1 3:1 12-month A liquidity analysis of the Company’s financial instruments has been completed on a maturity basis. The following table outlines the cash flows, including interest associated with the maturity of the Company’s financial liabilities, as at March 31, 2022: Less than 3 months Greater than Total Derivative financial instruments Foreign currency forward contracts $ 264 $ 145 $ — $ 409 Accounts payable and accrued liabilities 256,296 — — 256,296 Long-term debt – Bank Facility — — 46,246 46,246 Long-term debt – Asset-Based Facility — — 32,363 32,363 Long-term debt – Notes — — 263,680 263,680 Other long-term liabilities — — 18,002 18,002 | NOTE 28. FINANCIAL INSTRUMENTS The Company has designated its financial instruments as follows: December 31, 2021 Carrying value Estimated fair value Financial Assets Cash and cash equivalents $ 172,758 $ 172,758 Derivative instruments in designated hedge accounting relationships 294 294 Loans and receivables: Accounts receivable 212,206 212,206 Contract assets 82,760 82,760 Long-term receivables 24,172 27,471 Financial Liabilities Derivative instruments in designated hedge accounting relationships 180 180 Other financial liabilities: Accounts payable and accrued liabilities 240,747 240,747 Long-term debt – Bank Facility 30,522 30,522 Long-term debt – Asset-Based Facility 37,411 37,411 Long-term debt – Notes 266,865 280,295 Other long-term liabilities 15,785 15,785 December 31, 2020 Ca rrying valu Estimated fair value Financial Assets Cash and cash equivalents $ 95,676 $ 95,676 Derivative instruments in designated hedge accounting relationships 491 491 Loans and receivables: Accounts receivable 213,375 213,375 Contract assets 66,722 66,722 Long-term receivables 31,910 35,696 Financial Liabilities Derivative instruments in designated hedge accounting relationships 371 371 Other financial liabilities: Accounts payable and accrued liabilities 182,152 182,152 Current portion of long-term debt - Notes 40,000 40,610 Long-term debt – Bank Facility 84,369 84,369 Long-term debt – Notes 267,810 284,605 Other long-term liabilities 10,967 10,967 Fair Values of Financial Assets and Liabilities The following table presents information about the Company’s financial assets and financial liabilities measured at fair value on a recurring basis as at December 31, 2021 and indicates the fair value hierarchy of the valuation techniques used to determine such fair value. During the year ended December 31, 2021, there were no transfers between Level 1 and Level 2 fair value measurements. Fair values are determined using inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. Fair values determined using inputs including forward market rates and credit spreads that are readily observable and reliable, or for which unobservable inputs are determined not to be significant to the fair value, are categorized as Level 2. If there is no active market, fair value is established using valuation techniques, including discounted cash flow models. The inputs to these models are taken from observable market data where possible, including recent arm’s-length Carrying Fair Value Level 1 Level 2 Level 3 Financial Assets Derivative financial instruments $ 294 $ — $ 294 $ — Long-term receivables $ 24,172 $ — $ 27,471 $ — Financial Liabilities Derivative financial instruments $ 180 $ — $ 180 $ — Long-term debt – Notes $ 266,865 $ — $ 280,295 $ — Cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, and other liabilities are reported at amounts approximating their fair values on the consolidated statement of financial position. The fair values approximate the carrying values for these instruments due to their short-term nature. The fair value of derivative financial instruments is measured using the discounted value of the difference between the contract’s value at maturity based on the contracted foreign exchange rate and the contract’s value at maturity based on prevailing exchange rates. The financial institution’s credit risk is also taken into consideration in determining fair value. Long-term debt associated with the Company’s Notes is recorded at amortized cost using the effective interest rate method. The amortized cost of the Notes is equal to the face value as there were no premiums or discounts on the issuance of the debt. Transaction costs associated with the debt were deducted from the debt and are being recognized using the effective interest rate method over the life of the related debt. The fair value of these Notes, determined on a discounted cash flow basis using a weighted average discount rate of 3.5 percent, was $280.3 million at December 31, 2021. Preferred Shares During the third quarter of 2020, the Company accepted preferred shares from a customer in exchange for products and services. The preferred shares were initially recorded at fair value and subsequently measured at amortized cost and recognized as long-term receivables in Other assets. The carrying value and estimated fair value of the preferred shares at December 31, 2021 was $24.2 million and $27.5 million (December 31, 2020 – $22.0 million and $25.7 million). Derivative Financial Instruments and Hedge Accounting Foreign exchange contracts are transacted with financial institutions to hedge foreign currency denominated obligations and cash receipts related to purchases of inventory and sales of products. The following table summarizes the Company’s commitments to buy and sell forei g Notional Maturity Canadian Dollar Denominated Contracts Purchase contracts USD 16,119 January 2022 – June 2022 Sales contracts USD (10,849 ) January 2022 – September 2022 Purchase contracts EUR 1,091 June 2022 Sales contracts EUR (641 ) June 2022 Management estimates that a gain of $0.1 million All hedging relationships are formally documented, including the risk management objective and strategy. On an on-going Risks Arising from Financial Instruments and Risk Management In the normal course of business, the Company is exposed to financial risks that may potentially impact its operating results in any or all of its business segments. The Company employs risk management strategies with a view to mitigating these risks on a cost-effective basis. Derivative financial agreements are used to manage exposure to fluctuations in exchange rates and interest rates. The Company does not enter into derivative financial agreements for speculative purposes. Foreign Currency Translation Exposure In the normal course of operations, the Company is exposed to movements in the U.S. dollar, the Australian dollar, and the Brazilian real. In addition, Enerflex has significant international exposure through export from its Canadian operations, as well as a number of foreign subsidiaries, the most significant of which are located in the United States, Argentina, Brazil, Colombia, Mexico, Bahrain, Oman, the UAE, and Australia. The types of foreign exchange risk and the Company’s related risk management strategies are as follows: Transaction Exposure The Canadian operations of the Company source the majority of its products and major components from the United States. Consequently, reported costs of inventory and the transaction prices charged to customers for equipment and parts are affected by the relative strength of the Canadian dollar. The Company also sells compression and processing packages in foreign currencies, primarily the U.S. dollar. Most of Enerflex’s international orders are manufactured in the United States if the contract is denominated in U.S. dollars. This minimizes the Company’s foreign currency exposure on these contracts. The Company identifies and hedges all significant transactional currency risks. The Company has implemented a hedging policy, applicable primarily to the Canadian domiciled business units, with the objective of securing the Translation Exposure The Company’s earnings from and net investment in foreign subsidiaries are exposed to fluctuations in exchange rates. The currencies with the most significant impact are the U.S. dollar, Australian dollar, and Brazilian real. Monetary assets and liabilities denominated in foreign currencies are translated into Canadian dollars using the exchange rates in effect at the reporting dates. Non-monetary Earnings from foreign operations are translated into Canadian dollars each period at average exchange rates for the period. As a result, fluctuations in the value of the Canadian dollar relative to these other currencies will impact reported net earnings. The following table shows the effect of a five percent weakening of the Canadian dollar against the U.S. dollar, Australian dollar, and Brazilian real on net earnings before tax for the year ended December 31, 2021, all else being equal. A five percent strengthening of the Canadian dollar would have an equal and opposite effect. This sensitivity analysis is provided as an indicative range in a volatile currency en v Canadian dollar weakens by 5 percent USD AUD BRL Earnings before income taxes $ 1,776 $ (90 ) $ 167 Sensitivity Analysis The following sensitivity analysis is intended to illustrate the sensitivity to changes in foreign exchange rates Canadian dollar weakens by 5 percent USD AUD BRL Financial instruments held in foreign operations Other comprehensive income $ 14,019 $ 908 $ 221 Financial instruments held in Canadian operations Earnings before income taxes $ (9,633 ) $ — $ — The movement in net earnings before tax in Canadian operations is a result of a change in the fair values of financial instruments. The majority of these financial instruments are hedged. Interest Rate Risk The Company’s liabilities include long-term debt that is subject to fluctuations in interest rates. The Company’s Notes outstanding at December 31, 2021 include interest rates that are fixed and therefore the related interest expense will not be impacted by fluctuations in interest rates. The Company’s Bank and Asset-Based Facilities, however, is subject to changes in market interest rates. For each one Credit Risk Financial instruments that potentially subject the Company to credit risk consist of cash equivalents, accounts receivable, net investment in finance lease, and derivative financial instruments. The Company has accounts receivable from clients engaged in various industries. These specific industries may be affected by economic factors that may impact accounts receivable. Credit quality of the customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment. Credit is extended based on an evaluation of the customer’s financial condition and, generally, advance payment is not required. Outstanding customer receivables are regularly monitored and an allowance for doubtful accounts is established based expected credit losses. The Company evaluates the concentration of risk at December 31, 2021 with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. At December 31, 2021, the Company had no individual customers which accounted to more than 10 percent of its revenue or receivables (December 31, 2020 – the Company had no individual customers which accounted to more than 10 percent of its revenue or receivables). The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in this note. The Company does not hold collateral as security . The credit risk associated with the net investment in finance leases arises from the possibility that the counterparties may default on their obligations. In order to minimize this risk, the Company enters into finance lease transactions only in select circumstances. Close contact is maintained with the customer over the duration of the lease to ensure visibility to issues as and if they arise. The credit risk associated with derivative financial instruments arises from the possibility that the counterparties may default on their obligations. In order to minimize this risk, the Company enters into derivative transactions only with highly-rated financial institutions. Liquidity Risk Liquidity risk is the risk that the Company may encounter difficulties in meeting obligations associated with financial liabilities. In managing liquidity risk, the Company has access to a significant portion of its Bank and Asset-Based Facilities for future drawings to meet the Company’s future growth targets and to pay its obligations as they come due. As at December 31, 2021, the Company held cash and cash equivalents of $172.8 million and had drawn $67.9 million against the Bank and Asset-Based Facilities, leaving it with access to $681.5 million for future drawings. The Company continues to meet the covenant requirements of its funded debt, including the Bank Facility and Notes, with a bank-adjusted net debt to EBITDA ratio of 1.0:1 3:1 8:1 3:1 12-month A liquidity analysis of the Company’s financial instruments has been completed on a maturity basis. The following table outlines the cash flows, including interest associated with the maturity of the Company’s financial liabilities, as at December 31, 2021: Less than 3 months Greater than Total Derivative financial instruments Foreign currency forward contracts $ 124 $ 56 $ — $ 180 Accounts payable and accrued liabilities 240,747 — — 240,747 Long-term debt – Bank Facility — — 30,522 30,522 Long-term debt – Asset-Based Facility — — 37,411 37,411 Long-term debt – Notes — — 266,865 266,865 Other long-term liabilities — — 15,785 15,785 The Company expects that cash flows from operations in 2022, together with cash and cash equivalents on hand and credit facilities, will be more than sufficient to fund its requirements for investments in working capital and capital assets. |
Capital Disclosures
Capital Disclosures | 12 Months Ended |
Dec. 31, 2021 | |
Abstract [Abstract] | |
Capital Disclosures | NOTE 29. CAPITAL DISCLOSURES The capital structure of the Company consists of shareholders’ equity plus net debt. The Company manages its capital to ensure that entities in the Company will be able to continue to grow while maximizing the return to shareholders through the optimization of the debt and equity balances. The Company makes adjustments to its capital structure in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, issue new Company shares, or access debt markets. The Company formally reviews the capital structure on an annual basis and monitors on-going Net Debt to EBITDA Ratio Net debt to EBITDA is defined as short and long-term debt less c a net debt to EBITDA ratio was: Years ended December 31, 2021 2020 Long-term debt $ 331,422 $ 389,712 Cash and cash equivalents (172,758 ) (95,676 ) Net debt $ 158,664 $ 294,036 Earnings before finance costs and income taxes $ 55,097 $ 118,052 Depreciation and amortization 87,622 85,265 EBITDA $ 142,719 $ 203,317 Net debt to EBITDA ratio 1.11 1.45 The net debt to EBITDA ratio, as defined above is not equivalent to the net debt to EBITDA as defined by the Company’s lenders. The bank-adjusted net debt to EBITDA ratio at December 31, 2021 was 1.00 . |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Text Block [Abstract] | ||
Supplemental Cash Flow Information | NOTE 16. SUPPLEMENTAL CASH FLOW INFORMATION Three months ended March 31, 2022 2021 Net change in non-cash Accounts receivable $ (9,840 ) $ 25,622 Contract assets (31,418 ) 16,256 Inventories (22,872 ) 7,222 Work-in-progress 3,792 — Accounts payable and accrued liabilities, provisions, and income taxes payable 16,179 (11,786 ) Deferred revenue 24,603 (5,610 ) Foreign currency and other (3,363 ) 2,988 $ (22,919 ) $ 34,692 Cash interest and taxes paid and received during the period: Three months ended March 31, 2022 2021 Interest paid – short- and long-term borrowings $ 1,017 $ 627 Interest paid – lease liabilities 695 793 Total interest paid $ 1,712 $ 1,420 Interest received 356 58 Taxes paid 997 900 Taxes received 627 148 Changes in liabilities arising from financing activities during the period: Three months ended March 31, 2022 2021 Long-term debt, opening balance $ 331,422 $ 389,712 Changes from financing cash flows 11,283 (24,759 ) The effect of changes in foreign exchange rates (3,793 ) (2,909 ) Amortization of deferred transaction costs 305 256 Other changes (91 ) (155 ) Long-term debt, closing balance $ 339,126 $ 362,145 | NOTE 30. SUPPLEMENTAL CASH FLOW INFORMATION Years ended December 31, 2021 2020 2019 Net change in non-cash p Accounts receivable $ 1,169 $ 170,646 $ 85,316 Contract assets (16,038 ) 63,670 (25,863 ) Inventories 39,564 57,134 (93,179 ) Work-in-progress (36,169 ) — — Deferred revenue 49,205 (54,000 ) (205,897 ) Accounts payable and accrued liabilities, provisions, and income taxes payable 59,613 (162,841 ) 23,123 Foreign currency and other 3,091 (41,833 ) (5,249 ) $ 100,435 $ 32,776 $ (221,749 ) Cash interest and taxes paid and received during the period: Years ended December 31, 2021 2020 2019 Interest paid – short- and long-term borrowings $ 17,315 $ 19,311 $ 19,330 Interest paid – lease liabilities 3,029 3,371 2,586 Total interest paid $ 20,344 $ 22,682 $ 21,916 Interest received 454 308 3,518 Taxes paid 13,725 18,825 29,855 Taxes received 23,137 5,566 421 Changes in liabilities arising from financing activities during the period: Years ended December 31, 2021 2020 2019 Long-term debt, opening balance $ 389,712 $ 430,487 $ 444,712 Changes from financing cash flows (56,975 ) (40,081 ) (812 ) The effect of changes in foreign exchange rates (406 ) (1,358 ) (14,156 ) Amortization of deferred transaction costs 1,186 922 1,523 Other changes (2,095 ) (258 ) (780 ) Long-term debt, closing balance $ 331,422 $ 389,712 $ 430,487 |
Guarantees, Commitments,And Con
Guarantees, Commitments,And Contingencies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Text Block [Abstract] | ||
Guarantees, Commitments,And Contingencies | NOTE 17. GUARANTEES, COMMITMENTS, AND CONTINGENCIES At March 31, 2022, the Company had outstanding letters of credit of $40.1 million (December 31, 2021 - $42.1 million). The Company is involved in litigation and claims associated with normal operations against which certain provisions may be made in the consolidated financial statements. Management is of the opinion that any resulting settlement arising from the litigation would not materially affect the consolidated financial position, results of operations, or liquidity of the Company. The Company has purchase obligations over the next three years as follows: 2022 $ 312,790 2023 4,144 2024 126 | NOTE 31. GUARANTEES, COMMITMENTS, AND CONTINGENCIES At December 31, 2021, the Company had outstanding letters of credit of $42.1 million (December 31, 2020 – $47.5 million). The Company is involved in litigation and claims associated with normal operations against which certain provisions may be made in the consolidated financial statements. At December 31, 2021, the Company did not record any legal provisions (December 31, 2020 – nil ). The Company has purchase obligations over the next three years as follows: 2022 $ 243,737 2023 2,904 2024 125 |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Related Parties | NOTE 32. RELATED PARTIES Enerflex transacts with certain related parties as a normal course of business. Related parties include Roska DBO, the Company’s 45 percent equity investment, the Company’s 50 percent controlling interest in Geogas consortium, and the Company’s 65 percent interest in a joint venture in Brazil. On December 22, 2020, Enerflex entered into an agreement to terminate an entity and to purchase the assets of that entity for net consideration of $6.7 million Brazilian real ($1.7 million Canadian dollars). This purchase was recorded as a transaction between shareholders. The entity had previously been fully consolidated and a non-controlling non-controlling non-controlling All transactions occurring with related parties were in the normal course of business operations under the same terms and conditions as transactions with unrelated companies. A summary of the financial statement impacts of all transactions with all related parties is as follows: Years ended December 31, 2021 2020 2019 Associate – Roska DBO Revenue $ 352 $ 558 $ 509 Purchases — — — Accounts receivable 128 1 4 Accounts Payable — 56 — Joint Operation – Geogas Revenue $ — $ — $ 62 Purchases — — 74 Accounts receivable — — 19 Accounts payable — — — All related party transactions are settled in cash. There were no transactions with the joint venture in Brazil. The remuneration of directors and other key management personnel was as follows: Years ended December 31, 2021 2020 2019 Short-term compensation $ 5,711 $ 6,344 $ 4,747 Post-employment compensation 580 515 413 Share-based payments 6,979 8,011 7,857 The remuneration of directors and key executives is determined by the Board of Directors having regard to the performance of individuals and market trends. |
Seasonality
Seasonality | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Text Block [Abstract] | ||
Seasonality | NOTE 18. SEASONALITY The oil and natural gas service sector in Canada and in some parts of the USA has a distinct seasonal trend in activity levels which results from well-site access and drilling pattern adjustments to take advantage of weather conditions. Generally, Enerflex’s Engineered Systems product line has experienced higher revenues in the fourth quarter of each year while Service and Energy Infrastructure product line revenues have been stable throughout the year. Energy Infrastructure revenues are also impacted by both the Company’s and its customers’ capital investment decisions. The USA and Rest of World segments are not significantly impacted by seasonal variations. Variations from these trends usually occur when hydrocarbon energy fundamentals are either improving or deteriorating. | NOTE 33. SEASONALITY The oil and natural gas service sector in Canada and in some parts of the USA has a distinct seasonal trend in activity levels which results from well-site access and drilling pattern adjustments to take advantage of weather conditions. Generally, Enerflex’s Engineered Systems product line has experienced higher revenues in the fourth quarter of each year while Service and Energy Infrastructure product line revenues have been stable throughout the year. Energy Infrastructure revenues are also impacted by both the Company’s and its customers’ capital investment decisions. The USA and Rest of World segments are not significantly impacted by seasonal variations. Variations from these trends usually occur when hydrocarbon energy fundamentals are either improving or deteriorating. |
Segmented Information
Segmented Information | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Text Block [Abstract] | ||
Segmented Information | NOTE 19. SEGMENTED INFORMATION Enerflex has identified three reportable operating segments as outlined below, each supported by the Corporate head office. Corporate overheads are allocated to the operating segments based on revenue. In assessing its operating segments, the Company considered economic characteristics, the nature of products and services provided, the nature of production processes, the type of customer for its products and services, and distribution methods used. For each of the operating segments, the Chief Operating Decision Maker reviews internal management reports on at least a quarterly basis. For the three months ended March 31, 2022, the Company recognized $46.0 million of revenue from one customer in the ROW segment, which represented 14.2 percent of the total revenue for the period. At March 31, 2022 the accounts receivable balance from this customer was $17.7 million, which represents 8.0 percent of the total accounts receivables. For the three months ended March 31, 2021, the Company had no individual customers which accounted for more than 10 percent of its revenue. The following summary describes the operations of each of the Company’s reportable segments: • USA generates revenue from manufacturing natural gas compression, refrigeration, processing, and electric power equipment, including custom and standard compression packages and modular natural gas processing equipment and refrigeration systems, in addition to generating revenue from mechanical services and parts, and maintenance solutions, and contract compression rentals; • Rest of World generates revenue from manufacturing (focusing on large-scale process equipment), after-market services, including parts and components, as well as operations, maintenance, and overhaul services, and rentals of compression and processing equipment. The Rest of World segment has been successful in securing build-own-operate-maintain • Canada generates revenue from manufacturing both custom and standard natural gas compression, processing, and electric power equipment, as well as providing after-market mechanical service, parts, and compression and power generation rentals. The accounting policies of the reportable operating segments are the same as those described in the summary of significant accounting policies. Three months ended March 31, USA Rest of World Canada Total 2022 2021 2022 2021 2022 2021 2022 2021 Segment revenue $ 182,755 $ 84,965 $ 109,394 $ 70,517 $ 67,124 $ 51,629 $ 359,273 $ 207,111 Intersegment revenue (35,291 ) (3,019 ) (78 ) (6 ) (835 ) (881 ) (36,204 ) (3,906 ) Revenue $ 147,464 $ 81,946 $ 109,316 $ 70,511 $ 66,289 $ 50,748 $ 323,069 $ 203,205 Revenue – Engineered Systems 77,632 29,240 49,292 8,442 47,507 34,550 174,431 72,232 Revenue – Service 42,249 30,114 23,034 25,911 17,903 14,511 83,186 70,536 Revenue – Energy Infrastructure 27,583 22,592 36,990 36,158 879 1,687 65,452 60,437 Operating income (loss) 1 $ 345 $ 366 $ 10,282 $ 4,728 $ (3,788 ) $ 1,927 $ 6,839 $ 7,021 1 The company did not receive any government grants during the three months ended March 31, 2022 (March 31, 2021 – $4.1 million). Government grants are recorded in cost of goods sold and selling and administrative expenses within the interim condensed consolidated statements of earnings in accordance with where the associated expenses were recognized. USA Rest of World Canada Total Mar. 31 Dec. 31 Mar. 31 Dec. 31 Mar. 31 Dec. 31 Mar. 31 Dec. 31 Segment assets $ 985,255 $ 1,000,755 $ 691,812 $ 654,969 $ 551,610 $ 546,250 $ 2,228,677 $ 2,201,974 Goodwill 152,220 154,437 322,628 323,466 88,367 88,367 563,215 566,270 Corporate — — — — — — (564,917 ) (576,802 ) Total segment assets $ 1,137,475 $ 1,155,192 $ 1,014,440 $ 978,435 $ 639,977 $ 634,617 $ 2,226,975 $ 2,191,442 | NOTE 34. SEGMENTED INFORMATION Enerflex has identified three reportable operating segments as outlined below, each supported by the Corporate head office. Corporate overheads are allocated to the operating segments based on revenue. In assessing its operating segments, the Company considered economic characteristics, the nature of products and services provided, the nature of production processes, the type of customer for its products and services, and distribution methods used. For each of the operating segments, the Chief Operating Decision Maker reviews internal management reports on at least a quarterly basis. For the year ended December 31, 2021, the Company had no individual customers which accounted for more than 10 percent of its revenue (For the year ended December 31, 2020, the Company had no individual customers which accounted for more than 10 percent of its revenue. For the year ended December 31, 2019, the Company recognized $262.5 million of revenue from one customer in the USA and Canada segments, which represented 12.8 percent of total consolidated revenue for the period. At December 31, 2019, amounts owing from the customer included in accounts receivable and contract assets was $68.0 million, which represented 12.0 percent of the total balance of accounts receivable and contract assets). The following summary describes the operations of each of the Company’s reportable segments: • USA generates revenue from manufacturing natural gas compression, refrigeration, processing, and electric power equipment, including custom and standard compression packages and modular natural gas processing equipment and refrigeration systems, in addition to generating revenue from mechanical services and parts, operations and maintenance solutions, and contract compression rentals; • Rest of World generates revenue from manufacturing (focusing on large-scale process equipment), after-market services, including parts and components, as well as operations, maintenance, and overhaul services, and rentals of compression and processing equipment. The Rest of World segment has been successful in securing build-own-operate-maintain • Canada generates revenue from manufacturing both custom and standard natural gas compression, processing, and electric power equipment, as well as providing after-market mechanical service, parts, and compression and power generation rentals. The accounting policies of the reportable operating segments are the same as those described in the summary of significant accounting policies. USA Rest of World Canada Total Years ended December 31, 2021 2020 2021 2020 2021 2020 2021 2020 Segment revenue $ 497,630 $ 649,133 $ 309,695 $ 353,210 $ 194,439 $ 247,390 $ 1,001,764 $ 1,249,733 Intersegment revenue (27,247 ) (16,847 ) (138 ) (199 ) (14,223 ) (15,635 ) (41,608 ) (32,681 ) Revenue $ 470,383 $ 632,286 $ 309,557 $ 353,011 $ 180,216 $ 231,755 $ 960,156 $ 1,217,052 Revenue – Engineered Systems 218,558 390,178 22,500 40,485 113,069 167,903 354,127 598,566 Revenue – Service 153,722 150,939 111,500 96,092 62,154 56,238 327,376 303,269 Revenue – Energy Infrastructure 1 98,103 91,169 175,557 216,434 4,993 7,614 278,653 315,217 Operating income 2 $ 14,442 $ 56,504 $ 36,250 $ 40,488 $ 3,599 $ 19,020 $ 54,291 $ 116,012 1 Energy Infrastructure revenue for 2021 includes the recognition of revenue from a finance lease transaction in the fourth quarter of 2021 and 2020. Upon commencement of the renegotiated lease, the Company recognized the sale of the related rental assets and a corresponding finance lease receivable. Refer to Note 11 for further details on finance leases. 2 In the year ended December 31, 2021, the Company recognized $16.4 million of government grants (December 31, 2020 – $19.6 million; December 31, 2019 – nil). The subsidies received have been recorded as a reduction in cost of goods sold and selling and administrative expenses within the consolidated statements of earnings in accordance with where the associated expenses were recognized. USA Rest of World Canada Total Years ended December 31, 2020 2019 2020 2019 2020 2019 2020 2019 Segment revenue $ 649,133 $ 1,243,760 $ 353,210 $ 354,680 $ 247,390 $ 518,042 $ 1,249,733 $ 2,116,482 Intersegment revenue (16,847 ) (48,091 ) (199 ) (7,846 ) (15,635 ) (15,123 ) (32,681 ) (71,060 ) Revenue $ 632,286 $ 1,195,669 $ 353,011 $ 346,834 $ 231,755 $ 502,919 $ 1,217,052 $ 2,045,422 Revenue – Engineered Systems 390,178 947,451 40,485 76,813 167,903 424,239 598,566 1,448,503 Revenue – Service 1 150,939 172,130 96,092 111,357 56,238 67,505 303,269 350,992 Revenue – Energy Infrastructure 1,2 91,169 76,088 216,434 158,664 7,614 11,175 315,217 245,927 Operating income $ 56,504 $ 194,010 $ 40,488 $ 511 $ 19,020 $ 37,387 $ 116,012 $ 231,908 1 Revenues from the operation and maintenance of BOOM contracts have been reclassified from the Service to Energy Infrastructure product line including $11,717 previously disclosed during the first quarter of 2020. For the year ended December 31, 2019 the amount reclassified was $43,594. Please refer to Note 23 for further details. 2 Energy Infrastructure revenue for 2020 includes the recognition of revenue from a finance lease transaction in the fourth quarter of 2020. Upon commencement of the renegotiated leases, the Company recognized the sale of the related rental assets and a corresponding finance lease receivable. Refer to Note 11 for further details on finance leases. USA Rest of World Canada Total As at December 31, 2021 2020 2021 2020 2021 2020 2021 2020 Segment assets $ 1,000,755 $ 895,022 $ 654,969 $ 610,597 $ 546,250 $ 525,510 $ 2,201,974 $ 2,031,129 Goodwill 154,437 155,094 323,466 332,567 88,367 88,367 566,270 576,028 Corporate — — — — — — (576,802 ) (427,581 ) Total segment assets $ 1,155,192 $ 1,050,116 $ 978,435 $ 943,164 $ 634,617 $ 613,877 $ 2,191,442 $ 2,179,576 |
Pending exterran transaction
Pending exterran transaction | 3 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Pending exterran transaction | NOTE 20. PENDING EXTERRAN TRANSACTION On January 24, 2022, Enerflex and Exterran Corporation (NYSE: EXTN) announced they have entered into a definitive agreement to combine the companies in an all-share During the quarter, Enerflex also completed the syndication of a new senior secured revolving credit facility for a 3-year 5-year BB- BB- to |
Subsequent Events
Subsequent Events | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Text Block [Abstract] | ||
Subsequent Events | NOTE 21. SUBSEQUENT EVENTS Subsequent to March 31, 2022, Enerflex declared a quarterly dividend of $0.025 per share, payable on July 7, 2022, to shareholders of record on May 19, 2022. Enerflex’s Board of Directors will continue to evaluate dividend payments on a quarterly basis, based on the availability of cash flow and anticipated market conditions. | NOTE 35. SUBSEQUENT EVENTS Subsequent to December 31, 2021, Enerflex declared a quarterly dividend of $0.025 per share, payable on April 7, 2022, to shareholders of record on March 10, 2022. Enerflex’s Board of Directors will continue to evaluate dividend payments on a quarterly basis, based on the availability of cash flow and anticipated market conditions. On January 24, 2022, Enerflex and Exterran Corporation (NYSE: EXTN) announced they have entered into a definitive agreement to combine the companies in an all-share |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Text Block [Abstract] | ||
Investments in Associates and Joint Ventures | (a) Investments in Associates and Joint Ventures The Company uses the equity method to account for its 45 percent investment in Roska DBO Inc. (“Roska DBO”) and its 65 percent investment in a joint venture in Brazil. Under the equity method, the investment is carried on the consolidated statements of financial position at cost plus post acquisition changes in the Company’s share of net assets of the associate or joint venture. The consolidated statements of earnings reflect the Company’s share of the results of operations of associates and joint ventures. Unrealized gains and losses resulting from transactions between the Company and associates are eliminated to the extent of the interest in the associate or joint venture. The Company’s share of profits from associates and joint ventures is shown on the face of the consolidated statements of earnings. This is the profit attributable to equity holders of the associate and joint venture partners and, therefore, is profit after tax and non-controlling | |
Foreign Currency Translation | (b) Foreign Currency Translation In the accounts of individual subsidiaries, transactions in currencies other than the Company’s functional currency are recorded at the prevailing rate of exchange at the date of the transaction. At year end, monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange prevailing at that date. Non-monetary Non-monetary The assets and liabilities on the statements of financial position of foreign subsidiaries are translated into Canadian dollars at the rates of exchange prevailing at the reporting date. The statements of earnings of foreign subsidiaries are translated at average exchange rates for the reporting period. Exchange differences arising on the translation of net assets are taken to accumulated other comprehensive income. All foreign exchange gains and losses are taken to the consolidated statements of earnings with the exception of exchange differences arising on monetary assets and liabilities that form part of the Company’s net investment in subsidiaries. These are taken directly to other comprehensive income until the disposal of the foreign subsidiary at which time the unrealized gain or loss is recognized in the consolidated statements of earnings. On the disposal of a foreign subsidiary, accumulated exchange differences are recognized in the consolidated statements of earnings as a component of the gain or loss on disposal. | |
Business Combinations | (c) Business Combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at fair value on the date of the acquisition. Acquisition costs incurred are expensed and included in selling and administrative expenses, except for those associated with the issuance of debt, which are included in the initial carrying amount of the liability. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred over the net identifiable assets acquired and liabilities assumed. | |
Property, Plant and Equipment | (d) Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Cost comprises the purchase price or construction cost and any costs directly attributable to making the asset capable of operating as intended. Depreciation is provided using the straight-line method over the estimated useful lives of the various classes of assets and commences when the assets are ready for intended use. Asset Class Estimated Useful Life Range Buildings 5 to 20 years Equipment 2 to 20 years Major renewals and improvements are capitalized when they are expected to provide future economic benefit. When significant components of property, plant and equipment are required to be replaced at intervals, the Company derecognizes the replaced part, and recognizes the new part with its own associated useful life and depreciation. No depreciation is charged on land or assets under construction. Repairs and maintenance costs are charged to operations as incurred. The carrying amount of an item of property, plant and equipment is derecognized on disposal or when no future economic benefits are expected from its use or disposal. The gain or loss arising from derecognition of property, plant and equipment is included in the consolidated statements of earnings when the item is derecognized. Each asset’s estimated useful life, residual value, and method of depreciation are reviewed and adjusted, if appropriate, at each year end, or when factors and circumstances suggest a different useful life for the asset. | |
Rental Equipment | (e) Rental Equipment Rental equipment is stated at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided using the straight-line method over the estimated useful lives of the assets, which are generally between 5 and 20 years. When the Company is responsible for major maintenance and overhauls, the actual overhaul cost is capitalized and depreciated over the estimated useful life of the overhaul, generally between 2 and 5 years. Repairs and maintenance costs are charged to operations as incurred. Each asset’s estimated useful life, residual value, and method of depreciation are reviewed and adjusted, if appropriate, at each year end, or when factors and circumstances suggest a different useful life for the asset. | |
Goodwill | (f) Goodwill Goodwill arising on an acquisition of a business is initially measured at Goodwill allocated to a group of cash generating units (“CGUs”) is reviewed for impairment annually, or when there is an indication that a related group of CGUs may be impaired. Impairment is determined by assessing the recoverable amount of the group of CGUs to which the goodwill relates. Where the recoverable amount of the group of CGUs is less than the carrying amount of the CGUs and related goodwill, an impairment loss is recognized in the consolidated statements of earnings. Impairment losses on goodwill are not reversed. | |
Intangible Assets | (g) Intangible Assets Intangible assets are carried at cost less accumulated amortization and any accumulated impairment losses. Intangible assets with a finite life are amortized on a straight-line basis over management’s best estimate of their expected useful lives. The amortization charge is included in selling and administrative expenses in the consolidated statements of earnings. The expected useful lives and amortization method are reviewed on an annual basis with any change in the useful life or pattern of consumption adjusted at year end. Intangible assets are tested for impairment whenever there is an indication that the asset may be impaired. Acquired identifiable intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives. Customer relationships, software, and other intangible assets have an estimated useful life range of 3 to 8 years. | |
Impairment of Non-Financial Assets (excluding Goodwill) | (h) Impairment of Non-Financial At least annually, the Company reviews the carrying amounts of its tangible and intangible assets with finite lives to assess whether there is an indication that those assets may be impaired. If any such indication exists, the Company makes an estimate of the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s fair value less costs to sell and its value-in-use. value-in-use, pre-tax If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. A corresponding impairment loss is recognized in the consolidated statements of earnings. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the original carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Any impairment reversal is recognized in the consolidated statements of earnings. | |
Inventories | (i) Inventories Inventories are valued at the lower of cost and net realizable value. Serialized inventory is determined on a first-in first-out Non-serialized Cost of equipment, repair and distribution parts, and direct materials, include purchase costs and costs incurred in bringing each product to its present location and condition. Cost of work-in-progress work-in-progress Cost of inventories includes the transfer from accumulated other comprehensive income of gains and losses on qualifying cash flow hedges in respect of the purchase of inventory. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. Inventories are written down to net realizable value when the cost of inventories is estimated to be unrecoverable due to obsolescence, damage, or declining selling prices. Inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. When circumstances that previously caused inventories to be written down below cost no | |
Trade Receivables | (j) Trade Receivables Trade receivables are recognized and carried at original invoice amount less an | |
Cash | (k) Cash Cash includes cash and cash equivalents, which are defined as highly liquid investments with original maturities of three months or less. | |
Provisions | (l) Provisions Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. | |
Onerous Contracts | (m) Onerous Contracts A provision for onerous contracts is recognized when the expected benefits to be derived by the Company from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Company recognizes any impairment loss on the assets associated with that contract. | |
Employee Future Benefits | (n) Employee Future Benefits The Company sponsors various defined contribution pension plans, which cover substantially all employees and are funded in accordance with applicable plan and regulatory requirements. Regular contributions are made by the Company to the employees’ individual accounts, which are administered by a plan trustee, in accordance with the plan document. The actual cost of providing benefits through defined contribution pension and the 401(k) matched savings plans is charged to earnings in the period in respect of which contributions become payable. | |
Share-Based Payments | (o) Share-Based Payments Equity-Settled Share-Based Payments The Company offers a Stock Option Plan to key employees, measured at the fair value of the equity instrument at the grant date. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in Note 24. The fair value of equity-settled share-based payments is expensed over a five-year vesting period with a corresponding increase in equity. Stock options have a seven-year expiry and are exercisable at the designated common share price, which is determined by the average of the market price of the Company’s shares on the five days preceding the date of the grant. The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Company’s best estimate of the number of equity instruments that will ultimately vest. Cash-Settled Share-Based Payments The Company offers Deferred Share Unit (“DSU”), Performance Share Unit (“PSU”), Restricted Share Unit (“RSU”), and Cash Performance Target (“CPT”) plans to certain employees. The Company also offers the DSU plan to non-employee The Company also offers a Phantom Share Entitlement (“PSE”) plan to certain employees of affiliates located in Australia and the UAE. PSEs are measured at the fair value of the equity instrument at the grant date and expensed over a five-year vesting period and expire on the seventh anniversary. The exercise price of each PSE equals the average of the market price of the Company’s shares on the five days preceding the date of the grant. At the end of each reporting period until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with changes in fair value recognized in the consolidated statements of earnings. The award entitlements for increases in the share trading value of the Company are to be paid to the recipient in cash upon exercise. | |
Leases | (p) Leases Company as a Lessee A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: • The contract involves the use of an identified asset, either explicitly or implicitly, and whether the supplier has a substantive substitution right for the asset; • The Company has the right to obtain substantially all the economic benefits from the use of the asset throughout the period; and • The Company has the right to direct the use of the identified asset. The Company determines if a contractual arrangement is a lease at the inception of the contract term. The Company has identified leases for the following asset types: land and buildings (including manufacturing facilities, office space, and rental accommodations) and equipment (including vehicles, office equipment, and shop equipment). The Company recognizes a right-of-use The right-of-use right-of-use The lease liability is initially measured at the present value of remaining lease payments, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Lease payments included in the measurement of the lease liability include fixed payments, variable lease payments that depend on an index or rate, amounts expected to be payable under a residual value guarantee, and amounts owing under purchase or termination options, if the Company is reasonably certain to exercise these options. If the lease contains an extension option that the Company is reasonably certain to exercise, all payments in the renewal period are also included in determining the lease liability. The lease liability is measured at amortized cost using the effective interest method. The amount of the liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension, or termination option. When the lease liability is remeasured, a corresponding adjustment is made to the carrying value of the right-of-use right-of-use The Company has elected not to recognize right-of-use low-value non-lease right-of-use Company as a Lessor Leases in which the Company is the lessor are assessed upon commencement and are classified as either an operating lease or a finance lease. An operating lease does not transfer substantially all the risks and rewards of the leased asset to the customer. Lease payments from operating leases are recorded as income on a straight-line basis over the life of the lease. A finance lease exists when the terms of the lease transfer substantially all the risks and rewards incidental to ownership of the leased asset to the lessee. Amounts due from lessees under finance leases are recorded as finance lease receivables. Finance leases are initially recognized at amounts equal to the net investment in the lease, determined to be the fair value of the underlying asset, or, if lower, the present value of the lease payments discounted using a market rate of interest. Payments that are part of the leasing arrangement are divided between a reduction in the finance lease receivable and finance lease income. Finance lease income is recognized to produce a constant rate of return on the Company’s investment in the lease and is included in revenues. | |
Revenue Recognition | (q) Revenue Recognition Revenue is recognized as the Company satisfies its performance obligations by transferring promised goods or services to customers, regardless of when payment is received. Revenue is measured at the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties, and may include fixed amounts, variable amounts, or both. Variable amounts are recorded using either the “expected value approach” or the “most likely outcome approach”, as determined upon initial recognition of the contract, and are reassessed at each reporting period. The expected value approach measures variable consideration by probability weighting all the potential outcomes. The most likely outcome approach measures variable consideration as management’s best estimate of the variable component. In estimating variable consideration, the Company reviews any potential for returns, refunds, and other similar obligations. For contracts containing multiple performance obligations, the amount of consideration to which the Company expects to be entitled is allocated to individual performance obligations proportionately based on the stand-alone selling price. Engineered Systems Revenue from the supply of equipment systems – contracts typically involving engineering, design, manufacture, installation, and start-up Energy Infrastructure (formerly Rentals) Revenue from equipment rentals is recognized in accordance with the terms of the relevant agreement with the customer on a straight-line basis over the term of the agreement. Payments are typically required on a monthly basis with no unusual payment terms. Certain rental contracts contain an option for the customer to purchase the equipment at the end of the rental period. Should the customer exercise this option to purchase, revenue from the sale of the equipment is recognized directly in the consolidated statements of earnings. Revenue from contracts that have been classified as finance leases related to existing or pre-owned a) the lease transfers ownership of the underlying asset to the lessee by the end of the lease term; b) the lessee has the option to purchase the underlying asset at a price that is expected to be sufficiently lower than the fair value at the date the option becomes exercisable for it to be reasonably certain, at the inception date, that the option will be exercised; c) the lease term is for the major part of the economic life of the underlying asset even if title is not transferred; d) at the inception date, the present value of the lease payments amounts to at least substantially all of the fair value of the underlying asset; and e) the underlying asset is of such a specialised nature that only the lessee can use it without major modifications. At the commencement of these finance leases, the Company recognizes revenue and a finance lease receivable equal to the net investment in the lease. Finance income is recognized in Energy Infrastructure revenue reflecting a constant periodic rate of return on the Company’s net investment in the lease over the lease term. Practical Expedients The Company has elected to use the practical expedients in IFRS 15 Revenue from contracts with customers revenue is recognized on a percentage-of-completion basis proportionate to the costs incurred in the construction of the project. At the completion of the contract, any remaining profit on the contract is recognized as revenue. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognized as an expense immediately. Revenue from Engineered Systems includes the supply of compression, processing, and electric power equipment, as well as retrofit work and construction on integrated turnkey projects. The Company also provides a warranty on manufactured equipment as part of the standard terms and conditions of the contract. No options are provided for the customer to purchase a warranty separately. For Engineered Systems contracts, the Company generally requires customers to pay based on milestones as manufacturing progresses. These milestones are generally structured to keep the Company cash flow positive. Contracts are also generally structured to ensure the Company is made whole for costs incurred in the event of cancellation of a contract. Revenue from contracts that have been classified as finance leases for newly manufactured equipment are recorded as Engineered Systems revenue. At the inception of a contract, all leases are classified as either an operating or finance lease. A lease is classified as a finance lease if it transfers substantially all the risk and rewards incidental to ownership of an underlying asset. Whether a lease is an operating or finance lease depends on the substance of the transaction rather than the form of the contract. Examples of situations, which typically would lead to a lease being classified as a finance lease include but are not limited to: a) the lease transfers ownership of the underlying asset to the lessee by the end of the lease term; b) the lessee has the option to purchase the underlying asset at a price that is expected to be sufficiently lower than the fair value at the date the option becomes exercisable for it to be reasonably certain, at the inception date, that the option will be exercised; c) the lease term is for the major part of the economic life of the underlying asset even if title is not transferred; d) at the inception date, the present value of the lease payments amounts to at least substantially all of the fair value of the underlying asset; and e) the underlying asset is of such a specialised nature that only the lessee can use it without major modifications. Upon commencement of a new finance lease, the Company recognizes revenue, based on the fair value of the underlying assets, and cost of goods sold, determined to be the net book value of those assets, in the consolidated statements of earnings. The finance lease interest portion will be recognized in the Energy Infrastructure product line over the lease term. Engineered Systems projects are typically completed within a year; however, this timing can be impacted by both internal and external factors such as shop loading and customer delivery requests. Service Service revenues include the sales of parts and equipment, as well as the servicing and maintenance of equipment. For the sale of parts and equipment, revenue is recognized when the transfer of control passes, which is typically at the point of shipping. For servicing and maintenance of equipment, revenue is recognized on a straight-line basis based on performance of the contracted-upon service. Revenue from long-term service contracts is recognized on a stage of completion basis proportionate to the service work that has been performed based on parts and labour service provided. Payments are typically required on a monthly basis or as work is performed, with no unusual payment terms. At the completion of the contract, any remaining profit on the contract is recognized as revenue. Any expected losses on such projects are charged to operations when determined. Long-term service contracts include scheduled milestone maintenance, corrective or crash maintenance, the supply of parts, and the operation of equipment. | |
Financial Instruments | (r) Financial Instruments Financial instruments are measured at fair value on initial recognition of the instrument, plus or minus transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability. For the purposes of measuring financial assets after initial recognition, the Company classifies financial assets as either amortized cost, fair value through other comprehensive income (“FVOCI”) or fair value through profit or loss (“FVTPL”), based on the contractual cash flow characteristics and the Company’s business model for managing the financial asset. For the purposes of measuring financial liabilities after initial recognition, the Company classifies all financial liabilities as amortized cost, except certain financial liabilities, such as derivatives, which are classified as FVTPL. Preferred shares included as long-term receivables in Other assets were recorded at fair value at inception and are subsequently measured at amortized cost. The Company primarily applies the market approach for recurring fair value measurements. Three levels of inputs may be used to measure fair value: • Level 1: Fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. Active markets are those in which transactions occur in sufficient frequency and volume to provide pricing information on an on-going • Level 2: Fair value measurements are those derived from inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and • Level 3: Fair value measurements are those derived from inputs for the asset or liability that are not based on observable market data (unobservable inputs). In these instances, internally developed methodologies are used to determine fair value. The level in the fair value hierarchy within which the fair value measurement is categorized in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability and may affect placement within. The Company has made the following classifications: • Cash and cash equivalents are measured at fair value through profit or loss. Gains and losses resulting from the periodic revaluation are recorded in the consolidated statements of earnings; • Accounts receivable and preferred shares are recorded at amortized cost using the effective interest rate method; and • Accounts payable, accrued liabilities, and long-term debt are recorded at amortized cost using the effective interest rate method. Transaction costs are expensed as incurred for financial instruments classified or designated as FVTPL. Transaction costs related to other financial liabilities are added to the value of the instrument at acquisition and taken into the consolidated statements of earnings using the effective interest rate method. | |
Derivative Financial Instruments and Hedge Accounting | (s) Derivative Financial Instruments and Hedge Accounting The Company formally documents its risk management objectives and strategies to manage exposures to fluctuations in foreign currency exchange rates and interest rates. The risk management policy permits the use of certain derivative financial instruments, including forward foreign exchange contracts and interest rate swaps, to manage these fluctuations. The Company does not enter into derivative financial agreements for speculative purposes. Derivative financial instruments are measured at their fair value upon initial recognition and are remeasured to their fair value at the end of each reporting period. The fair value of quoted derivatives is equal to their positive or negative market value. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. The Company elected to apply hedge accounting for foreign exchange forward contracts for anticipated transactions. These are designated as cash flow hedges. For cash flow hedges, fair value changes of the effective portion of the hedging instrument are recognized in accumulated other comprehensive income, net of taxes. The ineffective portion of the fair value changes is recognized in the consolidated statements of earnings. Amounts charged to accumulated other comprehensive income are reclassified to the consolidated statements of earnings when the hedged transaction affects the consolidated statements of earnings. The Company’s U.S. dollar denominated long-term debt has been designated as a hedge of net investment in self-sustaining foreign operations. As a result, a portion of unrealized foreign exchange gains and losses on the U.S. dollar denominated long-term debt are included in the cumulative translation account in other comprehensive income. On an ongoing basis, an assessment is made as to whether the designated derivative financial instruments continue to be effective in offsetting changes in cash flows of the hedged transactions. | |
Income Taxes | (t) Income Taxes Income tax expense represents the sum of current income tax and deferred tax. Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. Taxable earnings differ from earnings as reported in the consolidated statements of earnings as it excludes temporary and permanent differences. The Company’s current tax assets and liabilities are calculated by using tax rates that have been enacted or substantively enacted at the reporting date. Deferred income tax is recognized on all temporary differences at the reporting date based on the difference between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit, with the following exceptions: • Where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss; • In respect of taxable temporary differences associated with investments in subsidiaries, associates and joint ventures, where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future; and • Deferred income tax assets are recognized only to the extent that it is probable that a taxable profit will be available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilized. The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax assets to be utilized. Unrecognized deferred income tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred income tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the asset is realized or the liability is settled, based on tax rates and tax laws enacted or substantively enacted at the reporting date. Current and deferred income taxes are charged or credited directly to equity if it relates to items that are credited or charged to equity in the same period. Otherwise, income tax is recognized in the consolidated statements of earnings. In accordance with IAS 12 Income taxes non-monetary | |
Earnings Per Share | (u) Earnings Per Share Basic earnings per share is calculated by dividing the net earnings for the period by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by adjusting the weighted average number of common shares outstanding for dilutive common shares related to the Company’s equity share-based compensation plan. | |
Finance Income and Costs | (v) Finance Income and Costs Finance income comprises interest income on funds invested. Finance income is recognized as it accrues in profit or loss, using the effective interest rate method. Finance costs comprise interest expense on borrowings and interest incurred on lease liabilities. | |
Government Grants | (w) Government Grants Government grants are recorded as a reduction in cost of goods sold and selling and administrative expense within the consolidated statements of earnings in accordance with where the associated expense was recognized. Government grants are recognized when there is reasonable assurance that the grant will be received, and all related conditions are complied with. | |
Statement of Compliance | (a) Statement of Compliance These unaudited interim condensed consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), and were approved and authorized for issue by the Board of Directors on May 4, 2022. | |
Basis of Presentation and Measurement | (b) Basis of Presentation and Measurement These unaudited interim condensed consolidated financial statements for the three months ended March 31, 2022 and 2021 were prepared in accordance with IAS 34 and do not include all the disclosures included in the annual consolidated financial statements for the year ended December 31, 2021. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements. Certain comparative figures have been reclassified to conform to the current period’s presentation. Management has performed a continuing review of the classification of the function of expenditures incurred. Following its review, management has corrected the classification of certain costs related to facilities, insurance, and compensation, resulting in a net reclassification of costs from selling and administrative expenses (“SG&A”) to cost of goods sold (“COGS”). This correction provides more relevant information and reflects costs that are directly attributable to the production of goods or the supply of services. The impact of the net reclassification on COGS and gross margin for the three-month comparative period ending March 31, 2021 is $4.1 million. The impact of the net reclassification on COGS and gross margin for the year ending December 31, 2021, is $17.3 million. There is no impact to net earnings or earnings per share. These reclassifications are summarized in the tables below: Excerpt from unaudited interim condensed consolidated ($ Canadian thousands) As Reclassification Revised Revenue $ 203,205 $ — $ 203,205 COGS 153,657 4,072 157,729 Gross margin 49,548 (4,072 ) 45,476 SG&A 42,527 (4,072 ) 38,455 Net earnings 3,003 — 3,003 Excerpt from consolidated statements of earnings for the year ($ Canadian thousands) As Q1 Q2 Q3 Q4 Revised Revenue $ 960,156 — — — — $ 960,156 COGS 740,602 4,072 4,577 4,105 4,578 757,934 Gross margin 219,554 (4,072 ) (4,577 ) (4,105 ) (4,578 ) 202,222 SG&A 165,263 (4,072 ) (4,577 ) (4,105 ) (4,578 ) 147,931 Net earnings (18,455 ) — — — — (18,455 ) The unaudited interim condensed consolidated financial statements are presented in Canadian dollars rounded to the nearest thousand, except per share amounts or as otherwise noted, and are prepared on a going concern basis under the historical cost basis with certain financial assets and financial liabilities recorded at fair value. There have been no significant changes in accounting policies compared to those described in the annual consolidated financial statements for the year ended December 31, 2021. |
Nature And Description of The_2
Nature And Description of The Company (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Represents Material Subsidiaries of The Company | The following table represents material subsidiaries of the Company: Name Jurisdiction of Incorporation Ownership Operating Segment Enerflex Ltd. Canada Public Canada Enerflex Energy Systems Inc. Delaware, USA 100.0 percent USA Enerflex Middle East LLC Oman 70.0 percent 1 Rest of World Enerflex Middle East SPC Bahrain 100.0 percent Rest of World |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Reclassification Of Consolidated Statements Of Earnings [Abstract] | |
Disclosure Of Detailed Information About Reclassified Consolidated Statements Of Earnings | These reclassifications are summarized in the tables below: Excerpt from the consolidated statements of earnings for ($ Canadian thousands) As previously Reclassification Revised Revenue $ 960,156 $ — $ 960,156 COGS 740,602 17,332 757,934 Gross margin 219,554 (17,332 ) 202,222 SG&A 165,263 (17,332 ) 147,931 Net earnings (18,455 ) — (18,455 ) Excerpt from the consolidated statements of earnings for ($ Canadian thousands) As previously Reclassification Revised Revenue $ 1,217,052 $ — $ 1,217,052 COGS 918,873 18,857 937,730 Gross margin 298,179 (18,857 ) 279,322 SG&A 182,167 (18,857 ) 163,310 Net earnings 88,257 — 88,257 Excerpt from the consolidated statements of earnings for ($ Canadian thousands) As previously Reclassification Revised Revenue $ 2,045,422 $ — $ 2,045,422 COGS 1,616,337 14,862 1,631,199 Gross margin 429,085 (14,862 ) 414,223 SG&A 197,177 (14,862 ) 182,315 Net earnings 152,128 — 152,128 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Text Block [Abstract] | ||
Summary of Property, Plant And Equipment | Asset Class Estimated Useful Life Range Buildings 5 to 20 years Equipment 2 to 20 years | |
Summary of reclassification | These reclassifications are summarized in the tables below: Excerpt from unaudited interim condensed consolidated ($ Canadian thousands) As Reclassification Revised Revenue $ 203,205 $ — $ 203,205 COGS 153,657 4,072 157,729 Gross margin 49,548 (4,072 ) 45,476 SG&A 42,527 (4,072 ) 38,455 Net earnings 3,003 — 3,003 Excerpt from consolidated statements of earnings for the year ($ Canadian thousands) As Q1 Q2 Q3 Q4 Revised Revenue $ 960,156 — — — — $ 960,156 COGS 740,602 4,072 4,577 4,105 4,578 757,934 Gross margin 219,554 (4,072 ) (4,577 ) (4,105 ) (4,578 ) 202,222 SG&A 165,263 (4,072 ) (4,577 ) (4,105 ) (4,578 ) 147,931 Net earnings (18,455 ) — — — — (18,455 ) |
Accounts Receivable And Contr_2
Accounts Receivable And Contract Assets (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Text Block [Abstract] | ||
Summary of Accounts Receivables | NOTE 2. ACCOUNTS RECEIVABLE AND CONTRACT ASSETS Accounts receivable consisted of the following: March 31, 2022 December 31, 2021 Trade receivables $ 222,686 $ 213,815 Less: allowance for doubtful accounts (10,103 ) (10,334 ) Trade receivables, net $ 212,583 $ 203,481 Other receivables 9,463 8,725 Total accounts receivable $ 222,046 $ 212,206 | Accounts receivable consisted of the following: December 31, 2021 2020 Trade receivables $ 213,815 $ 194,777 Less: allowance for doubtful accounts 1 (10,334 ) (11,439 ) Trade receivables, net $ 203,481 $ 183,338 Other receivables 8,725 30,037 Total accounts receivable $ 212,206 $ 213,375 1 During the third quarter of 2020, management identified certain receivable balances in the Rest of World segment that may be at higher risk of credit loss, leading to an increase in the allowance for doubtful accounts provision at September 30, 2020. The value of the provision relating to these receivables at December 31, 2020 represents only the outstanding amounts owed to Enerflex , as the total value of the associated contract was recognized and largely collected prior to 2020. |
Summary of Aging of Trade Receivables | Aging of trade receivables: March 31, 2022 December 31, 2021 Current to 90 days $ 178,646 $ 183,105 Over 90 days 44,040 30,710 $ 222,686 $ 213,815 | Aging of trade receivables: December 31, 2021 2020 Current to 90 days $ 183,105 $ 152,285 Over 90 days 30,710 42,492 $ 213,815 $ 194,777 |
Summary of Movement in Allowance For Doubtful Accounts | Movement in allowance for doubtful accounts: March 31, 2022 December 31, 2021 Balance, January 1 $ 10,334 $ 11,439 Impairment provision additions on receivables 26 275 Amounts settled and derecognized during the period (112 ) (1,317 ) Currency translation effects (145 ) (63 ) Closing balance $ 10,103 $ 10,334 | Movement in allowance for doubtful accounts: December 31, 2021 2020 Balance, January 1 $ 11,439 $ 2,144 Impairment provision additions on receivables 275 21,072 Amounts settled and derecognized during the year (1,317 ) (11,071 ) Currency translation effects (63 ) (706 ) $ 10,334 $ 11,439 |
Summary of Movement in Contract Assets | Movement in contract assets: March 31, 2022 December 31, 2021 Balance, January 1 $ 82,760 $ 66,722 Unbilled revenue recognized 89,868 244,372 Amounts billed (57,401 ) (228,327 ) Currency translation effects (1,049 ) (7 ) Closing balance $ 114,178 $ 82,760 | Movement in contract assets: December 31, 2021 2020 Balance, January 1 $ 66,722 $ 130,392 Unbilled revenue recognized 244,372 238,300 Amounts billed (228,327 ) (281,145 ) Amounts transferred to other assets — (26,625 ) Currency translation effects (7 ) 5,800 $ 82,760 $ 66,722 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Text Block [Abstract] | ||
Summary of Detailed Information About Inventories | Inventories consisted of the following: March 31, 2022 December 31, 2021 Direct materials $ 87,331 $ 83,943 Repair and distribution parts 58,056 54,156 Work-in-progress 47,056 31,298 Equipment 3,116 3,290 Total inventories $ 195,559 $ 172,687 March 31, 2022 December 31, 2021 Work-in-progress $ 32,377 $ 36,169 | Inventories consists of the following: December 31, 2021 2020 Direct materials $ 83,943 $ 119,342 Repair and distribution parts 54,156 52,125 Work-in-progress 31,298 25,185 Equipment 3,290 15,599 Total inventories $ 172,687 $ 212,251 December 31, 2021 2020 Work-in-progress $ 36,169 $ — |
Property, Plant And Equipment_2
Property, Plant And Equipment And Rental Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Property Plant And Equipment And Rental Equipment | Land Building Equipment Assets under Total Rental Cost January 1, 2021 $ 18,471 $ 112,179 $ 63,844 $ 4,050 $ 198,544 $ 881,684 Additions — — 831 4,323 5,154 52,187 Reclassification — 2,327 2,566 (5,297 ) (404 ) — Disposals — (66 ) (2,436 ) — (2,502 ) (82,304 ) Currency translation effects (60 ) (419 ) (313 ) (8 ) (800 ) (11,833 ) December 31, 2021 $ 18,411 $ 114,021 $ 64,492 $ 3,068 $ 199,992 $ 839,734 Accumulated depreciation January 1, 2021 $ — $ (44,334 ) $ (51,574 ) $ — $ (95,908 ) $ (243,870 ) Depreciation charge — (5,956 ) (4,451 ) — (10,407 ) (55,466 ) Impairment — — — — — (537 ) Disposals — 66 2,351 — 2,417 62,990 Currency translation effects — 137 183 — 320 7,477 December 31, 2021 $ — $ (50,087 ) $ (53,491 ) $ — $ (103,578 ) $ (229,406 ) Net book value – December 31, 2021 $ 18,411 $ 63,934 $ 11,001 $ 3,068 $ 96,414 $ 610,328 Land Building Equipment Assets under Total Rental Cost January 1, 2020 $ 18,756 $ 105,130 $ 63,386 $ 10,304 $ 197,576 $ 917,204 Additions — 198 1,176 8,500 9,874 123,879 Reclassification — 9,213 3,324 (14,956 ) (2,419 ) — Disposals — (76 ) (3,120 ) — (3,196 ) (119,251 ) Currency translation effects (285 ) (2,286 ) (922 ) 202 (3,291 ) (40,148 ) December 31, 2020 $ 18,471 $ 112,179 $ 63,844 $ 4,050 $ 198,544 $ 881,684 Accumulated depreciation January 1, 2020 $ — $ (39,262 ) $ (49,763 ) $ — $ (89,025 ) $ (275,109 ) Depreciation charge — (5,945 ) (5,558 ) — (11,503 ) (51,360 ) Impairment — — — — — (2,607 ) Disposals — 71 3,055 — 3,126 67,054 Currency translation effects — 802 692 — 1,494 18,152 December 31, 2020 $ — $ (44,334 ) $ (51,574 ) $ — $ (95,908 ) $ (243,870 ) Net book value – December 31, 2020 $ 18,471 $ 67,845 $ 12,270 $ 4,050 $ 102,636 $ 637,814 Land Building Equipment Assets under Total Rental Cost January 1, 2019 $ 23,034 $ 88,668 $ 59,685 $ 11,641 $ 183,028 $ 798,999 Additions — 1,557 1,283 43,482 46,322 217,068 Reclassification — 33,403 8,167 (44,338 ) (2,768 ) — Disposals (3,531 ) (14,663 ) (3,898 ) — (22,092 ) (51,811 ) Currency translation effects (747 ) (3,835 ) (1,851 ) (481 ) (6,914 ) (47,052 ) December 31, 2019 $ 18,756 $ 105,130 $ 63,386 $ 10,304 $ 197,576 $ 917,204 Accumulated depreciation January 1, 2019 $ — $ (45,216 ) $ (49,106 ) $ — $ (94,322 ) $ (260,510 ) Depreciation charge — (5,039 ) (5,740 ) — (10,779 ) (52,916 ) Impairment — — — — — (26,414 ) Disposals — 9,441 3,748 — 13,189 45,969 Currency translation effects — 1,552 1,335 — 2,887 18,762 December 31, 2019 $ — $ (39,262 ) $ (49,763 ) $ — $ (89,025 ) $ (275,109 ) Net book value – December 31, 2019 $ 18,756 $ 65,868 $ 13,623 $ 10,304 $ 108,551 $ 642,095 |
Lease Right-of-Use Assets (Tabl
Lease Right-of-Use Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Reconciliation of Lease Right of Use Assets | Land and buildings Equipment Total lease right-of-use assets Cost January 1, 2021 $ 56,242 $ 19,360 $ 75,602 Additions 4,097 6,778 10,875 Disposal (1,644 ) (1,583 ) (3,227 ) Currency translation effects (315 ) (196 ) (511 ) December 31, 2021 $ 58,380 $ 24,359 $ 82,739 Accumulated depreciation January 1, 2021 $ (13,527 ) $ (7,891 ) $ (21,418 ) Depreciation charge (8,350 ) (5,492 ) (13,842 ) Disposal 1,535 714 2,249 Currency translation effects 144 15 159 December 31, 2021 $ (20,198 ) $ (12,654 ) $ (32,852 ) Net book value – December 31, 2021 $ 38,182 $ 11,705 $ 49,887 Land and buildings Equipment Total lease right-of-use assets Cost January 1, 2020 $ 55,463 $ 17,104 $ 72,567 Additions 3,923 4,389 8,312 Disposal (3,069 ) (1,821 ) (4,890 ) Currency translation effects (75 ) (312 ) (387 ) December 31, 2020 $ 56,242 $ 19,360 $ 75,602 Accumulated depreciation January 1, 2020 $ (8,028 ) $ (4,251 ) $ (12,279 ) Depreciation charge (8,106 ) (5,601 ) (13,707 ) Disposal 2,513 1,779 4,292 Currency translation effects 94 182 276 December 31, 2020 $ (13,527 ) $ (7,891 ) $ (21,418 ) Net book value – December 31, 2020 $ 42,715 $ 11,469 $ 54,184 Land and buildings Equipment Total lease right-of-use assets Cost January 1, 2019 $ 23,017 $ 8,968 $ 31,985 Additions 32,896 8,579 41,475 Disposal (74 ) (152 ) (226 ) Currency translation effects (376 ) (291 ) (667 ) December 31, 2019 $ 55,463 $ 17,104 $ 72,567 Accumulated depreciation January 1, 2019 $ — $ — $ — Depreciation charge (8,198 ) (4,457 ) (12,655 ) Disposal 74 152 226 Currency translation effects 96 54 150 December 31, 2019 $ (8,028 ) $ (4,251 ) $ (12,279 ) Net book value – December 31, 2019 $ 47,435 $ 12,853 $ 60,288 |
Finance Lease Receivable (Table
Finance Lease Receivable (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Text Block [Abstract] | ||
Summary of Maturity Analysis of Finance Lease Receivable | The value of the finance lease receivable is comprised of the following: Minimum lease payments and Present value of minimum lease March 31, December 31, March 31, December 31, Less than one year $ 21,981 $ 16,420 $ 20,235 $ 15,248 Between one and five years 94,323 64,739 70,944 49,546 Later than five years 82,490 62,827 46,378 38,564 $ 198,794 $ 143,986 $ 137,557 $ 103,358 Less: Unearned finance income (61,237 ) (40,628 ) — — $ 137,557 $ 103,358 $ 137,557 $ 103,358 | The value of the finance lease receivable is comprised of the following: Minimum lease payments Present value of minimum lease payments December 31, 2021 2020 2021 2020 Less than one year $ 16,420 $ 3,047 $ 15,248 $ 2,928 Between one and five years 64,739 42,129 49,546 34,020 Later than five years 62,827 45,445 38,564 27,326 $ 143,986 $ 90,621 $ 103,358 $ 64,274 Less: unearned finance income (40,628 ) (26,347 ) — — $ 103,358 $ 64,274 $ 103,358 $ 64,274 |
Summary of Reconciliation of Finance Lease | March 31, December 31, Balance, January 1 $ 103,358 $ 64,274 Additions 38,947 40,154 Interest income 2,895 5,417 Billings and payments (5,826 ) (6,597 ) Currency translation effects (1,817 ) 110 $ 137,557 $ 103,358 | December 31, 2021 2020 Balance, January 1 $ 64,274 $ 900 Additions 40,154 64,270 Interest income 5,417 80 Billings and payments (6,597 ) (639 ) Currency translation effects 110 (337 ) $ 103,358 $ 64,274 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Other Assets | December 31, 2021 2020 Investment in associates and joint ventures $ 27,064 $ 26,566 Long-term receivables 24,172 31,910 Prepaid deposits 79 124 $ 51,315 $ 58,600 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Detailed Information About Intangible Assets | Customer Software Total Cost January 1, 2021 $ 69,824 $ 48,698 $ 118,522 Reclassification — 404 404 Currency translation effects (230 ) (33 ) (263 ) December 31, 2021 $ 69,594 $ 49,069 $ 118,663 Accumulated amortization January 1, 2021 $ (59,296 ) $ (42,682 ) $ (101,978 ) Amortization charge (4,642 ) (2,079 ) (6,721 ) Currency translation effects 121 33 154 December 31, 2021 $ (63,817 ) $ (44,728 ) $ (108,545 ) Net book value – December 31, 2021 $ 5,777 $ 4,341 $ 10,118 Customer Software Total Cost January 1, 2020 $ 70,895 $ 51,283 $ 122,178 Reclassification — 2,419 2,419 Disposal — (5,045 ) (5,045 ) Currency translation effects (1,071 ) 41 (1,030 ) December 31, 2020 $ 69,824 $ 48,698 $ 118,522 Accumulated amortization January 1, 2020 $ (55,232 ) $ (44,888 ) $ (100,120 ) Amortization charge (4,974 ) (2,798 ) (7,772 ) Disposal — 5,045 5,045 Currency translation effects 910 (41 ) 869 December 31, 2020 $ (59,296 ) $ (42,682 ) $ (101,978 ) Net book value – December 31, 2020 $ 10,528 $ 6,016 $ 16,544 Customer Software Total Cost January 1, 2019 $ 72,899 $ 49,564 $ 122,463 Additions — 13 13 Reclassification — 2,768 2,768 Disposal — (431 ) (431 ) Currency translation effects (2,004 ) (631 ) (2,635 ) December 31, 2019 $ 70,895 $ 51,283 $ 122,178 Accumulated amortization January 1, 2019 $ (51,326 ) $ (42,255 ) $ (93,581 ) Amortization charge (4,966 ) (3,694 ) (8,660 ) Disposal — 431 431 Currency translation effects 1,060 630 1,690 December 31, 2019 $ (55,232 ) $ (44,888 ) $ (100,120 ) Net book value – December 31, 2019 $ 15,663 $ 6,395 $ 22,058 |
Goodwill and Impairment Revie_2
Goodwill and Impairment Review of Goodwill (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Text Block [Abstract] | ||
Summary Of Detailed Information About Goodwill | March 31, December 31, Balance, January 1 $ 566,270 $ 576,028 Currency translation effects (3,055 ) (9,758 ) $ 563,215 $ 566,270 | December 31, 2021 2020 Balance, January 1 $ 576,028 $ 573,928 Currency translation effects (9,758 ) 2,100 $ 566,270 $ 576,028 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of detailed information about accounts payable and accrued liabilities | December 31, 2021 2020 Accounts payable and accrued liabilities $ 234,212 $ 178,303 Accrued dividend payable 2,242 1,794 Cash-settled share-based payments 4,293 2,055 $ 240,747 $ 182,152 |
Warranty Provision (Tables)
Warranty Provision (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Schedule of Warranty Provisions | December 31, 2021 2020 Balance, January 1 $ 10,549 $ 15,563 Additions during the year 849 8,203 Amounts settled and released in the year (4,681 ) (13,232 ) Currency translation effects (81 ) 15 $ 6,636 $ 10,549 |
Deferred Revenues (Tables)
Deferred Revenues (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Detailed Information About Deferred Revenue [Abstract] | ||
Summary of detailed information about deferred revenue | March 31, December 31, Balance, January 1 $ 84,614 $ 35,409 Cash received in advance of revenue recognition 80,302 167,956 Revenue subsequently recognized (54,430 ) (118,438 ) Currency translation effects (1,269 ) (313 ) Closing balance $ 109,217 $ 84,614 | December 31, 2021 2020 Balance, January 1 $ 35,409 $ 89,409 Cash received in advance of revenue recognition 167,956 247,100 Revenue subsequently recognized (118,438 ) (306,334 ) Currency translation effects (313 ) 5,234 $ 84,614 $ 35,409 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Borrowings [abstract] | ||
Summary of borrowings | March 31, December 31, Drawings on Bank Facility $ 46,246 $ 30,522 Drawings on Asset-Based Facility 32,363 37,411 Notes due December 15, 2024 146,208 148,119 Notes due December 15, 2027 117,472 118,746 Deferred transaction costs (3,163 ) (3,376 ) $ 339,126 $ 331,422 | December 31, 2021 2020 Drawings on Bank Facility $ 30,522 $ 84,369 Drawings on Asset-Based Facility 37,411 — Notes due June 22, 2021 — 40,000 Notes due December 15, 2024 148,119 148,686 Notes due December 15, 2027 118,746 119,124 Deferred transaction costs (3,376 ) (2,467 ) $ 331,422 $ 389,712 Current portion of long-term debt $ — $ 40,000 Non-current 331,422 349,712 $ 331,422 $ 389,712 |
Lease Liabilities (Tables)
Lease Liabilities (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Disclosure of quantitative information about leases for lessee [abstract] | ||
Summary of quantitative information about lease liabilities | March 31, December 31, Balance, January 1 $ 57,014 $ 61,926 Additions 1,199 9,721 Lease interest 695 3,029 Payments made against lease liabilities (4,208 ) (17,244 ) Currency translation effects and other (257 ) (418 ) Closing balance $ 54,443 $ 57,014 Current portion of lease liabilities $ 13,286 $ 13,906 Non-current 41,157 43,108 $ 54,443 $ 57,014 | December 31, 2021 2020 Balance, January 1 $ 61,926 $ 67,000 Additions 9,721 8,065 Lease interest 3,029 3,371 Payments made against lease liabilities (17,244 ) (16,141 ) Currency translation effects and other (418 ) (369 ) Closing balance $ 57,014 $ 61,926 Current portion of lease liabilities $ 13,906 $ 14,693 Non-current 43,108 47,233 $ 57,014 $ 61,926 |
Summary of future minimum lease payments | Future minimum lease payments under non-cancellable March 31, 2022 2022 $ 11,487 2023 11,566 2024 8,436 2025 6,380 2026 4,608 Thereafter 22,819 $ 65,296 Less: Imputed interest 10,684 Short-term leases 160 Low-value 9 $ 54,443 | Future minimum lease payments under non-cancellable December 31, 2022 $ 15,448 2023 11,167 2024 8,192 2025 6,313 2026 4,561 Thereafter 22,817 $ 68,498 Less: Imputed interest 11,273 Short-term leases 165 Low-value 46 $ 57,014 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Abstract] | ||
Summary Of Components Of Income Tax Expense | The components of income tax expense were as follows: Years ended December 31, 2021 2020 2019 Current income taxes $ 13,135 $ (6,872 ) $ 31,720 Deferred income taxes 43,422 14,174 31,476 $ 56,557 $ 7,302 $ 63,196 | |
Summary Of Reconciliation Of Tax Expense | (b) Reconciliation of Tax Expense The provision for income taxes differs from that which would be expected by applying Canadian statutory rates. A reconciliation of the difference is as follows: Three months ended March 31, 2022 2021 Earnings before income taxes $ 3,252 $ 1,592 Canadian statutory rate 23.8 % 23.6 % Expected income tax provision $ 775 $ 376 Add (deduct): Exchange rate effects on tax basis (1,672 ) (1,485 ) Earnings taxed in foreign jurisdictions 405 (604 ) Amounts not deductible for tax purposes 164 147 Impact of accounting for associates and joint ventures (68 ) 97 Change in recognized deferred tax asset 1 3,924 — Other 93 58 Income taxes from continuing operations $ 3,621 $ (1,411 ) | The provision for income taxes differs from that which would be expected by applying Canadian statutory rates. A reconciliation of the difference is as follows: Years ended December 31, 2021 2020 2019 Earnings before income taxes $ 38,102 $ 95,559 $ 215,324 Canadian statutory rate 23.8 % 24.4 % 26.5 % Expected income tax provision $ 9,068 $ 23,316 $ 57,061 Add (deduct): Exchange rate effects on tax basis (2,269 ) (4,007 ) 2,125 Earnings taxed in foreign jurisdictions 2,313 (14,505 ) (1,129 ) Revaluation of Canadian deferred tax assets due to change in statutory rate (660 ) 597 5,040 Withholding tax on dividends received from foreign subsidiaries 2,763 — — Amounts not deductible (taxable) for tax purposes 811 2,426 723 Impact of accounting for associates and joint ventures (160 ) (530 ) (575 ) Change in recognized deferred tax assets 44,704 — — Other (13 ) 5 (49 ) Income tax expense from continuing operations $ 56,557 $ 7,302 $ 63,196 |
Summary Of Income Tax Relating To Components Of Other Comprehensive Income | Years ended December 31, 2021 2020 2019 Deferred Tax Arising on income and expenses recognized in other comprehensive income: Fair value remeasurement of hedging instruments entered into for cash flow hedges $ 77 $ 186 $ (286 ) Arising on income and expenses reclassified from other comprehensive income to net earnings: Relating to cash flow hedges (53 ) 158 276 Arising on foreign exchange movement on long-term debt: Relating to net investment hedge — 61 — Total income tax recognized in other comprehensive income $ 24 $ 405 $ (10 ) | |
Summary Of Deferred Tax Assets And Liabilities | Deferred tax assets and liabilities arise from the following: Accounting Tax losses Long-term Other Exchange Cash flow Total 1 January 1, 2021 $ 18,058 $ 28,969 $ (73,956 ) $ 544 $ (12,799 ) $ (8 ) $ (39,192 ) Charged to net earnings (10,945 ) (21,808 ) (12,398 ) (572 ) 2,269 32 (43,422 ) Charged to OCI — — — — — (24 ) (24 ) Exchange differences (91 ) (642 ) 99 539 54 — (41 ) December 31, 2021 $ 7,022 $ 6,519 $ (86,255 ) $ 511 $ (10,476 ) $ — $ (82,679 ) 1 Net deferred tax liabilities at December 31, 2021 of $82.7 million consist of liabilities of $92.0 million net of assets of $9.3 million. Accounting Tax losses Long-term Other Exchange Cash flow Total 1 January 1, 2020 $ 19,449 $ 26,082 $ (57,684 ) $ 1,330 $ (17,144 ) $ 335 $ (27,632 ) Charged to net earnings (2,080 ) 2,661 (18,003 ) (756 ) 4,007 — (14,171 ) Charged to OCI — — — (61 ) — (344 ) (405 ) Exchange differences 689 226 1,731 31 338 1 3,016 December 31, 2020 $ 18,058 $ 28,969 $ (73,956 ) $ 544 $ (12,799 ) $ (8 ) $ (39,192 ) 1 Net deferred tax liabilities at December 31, 2020 of $39.2 million consist of liabilities of $87.4 million net of assets of $48.2 million. | |
Summary Of Deductible Temporary Differences Of Income Tax Expenses | The deductible temporary differences consist of: Years ended December 31, 2021 2020 Canadian: Tax losses $ 138,408 $ — Capital assets 22,758 — Accounting provisions & other accruals 26,363 — Foreign: Tax losses 38,374 49,667 $ 225,903 $ 49,667 |
Share Capital Authorized (Table
Share Capital Authorized (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of classes of share capital [abstract] | |
Summary of Issues and Outsatnding | Issued and Outstanding 2021 2020 Years ended December 31, Number of Common Number of Common Balance, January 1 89,678,845 $ 375,524 89,678,845 $ 375,524 Exercise of stock options — — — — 89,678,845 $ 375,524 89,678,845 $ 375,524 |
Contributed Surplus (Tables)
Contributed Surplus (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Contribution surplus [Abstract] | |
Summary of Contribution Surplus | Contributed surplus consists of accumulated stock option expense less the fair value of the options at the grant date that have been exercised and reclassified to share capital. Changes in contributed surplus were as follows: Years ended December 31, 2021 2020 Balance, January 1 $ 656,832 $ 655,107 Share-based compensation 1,783 1,725 Exercise of stock options — — $ 658,615 $ 656,832 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Text Block [Abstract] | ||
Summary of Disaggregation of Revenue From Contracts With Customers | Three months ended March 31, 2022 2021 Engineered Systems $ 174,431 $ 72,232 Service 83,186 70,536 Energy Infrastructure 1 65,452 60,437 Total revenue $ 323,069 $ 203,205 1 During the three months ended March 31, 2022, the Company recognized $13.6 million of revenue related to operating leases in its Canada and ROW segments (March 31, 2021 - $17.8 million). Additionally, the Company recognized $27.6 million of revenue related to its USA contract compression fleet (March 31, 2021 - $22.6 million). Revenue by geographic location, which is attributed by destination of sale, was as follows: Three months ended March 31, 2022 2021 United States $ 127,714 $ 81,387 Canada 65,044 49,248 Oman 50,618 17,384 Australia 13,068 17,048 Argentina 11,417 6,400 Nigeria 9,437 1,271 Bahrain 8,163 7,088 Colombia 7,664 5,029 Mexico 6,962 6,294 Brazil 6,476 3,487 Other 16,506 8,569 Total revenue $ 323,069 $ 203,205 | Years ended December 31, 2021 2020 2019 Engineered Systems $ 354,127 $ 598,566 $ 1,448,503 Service 1 327,376 303,269 350,992 Energy Infrastructure 1,2,3 278,653 315,217 245,927 Total revenue $ 960,156 $ 1,217,052 $ 2,045,422 1 During the second quarter of 2020, revenues from the operation and maintenance of BOOM contracts have been reclassified from the Service to Energy I ructure Energy I 2 Energy Infrastructure revenue for 2021 and 2020 includes the recognition of revenue from finance lease transactions in the fourth quarter of the same period. Upon commencement of the renegotiated leases, the Company recognized the sale of the related rental assets and a corresponding finance lease receivable. Refer to Note 11 for further details on finance leases. 3 During the year ended December 31, 2021, the Company recognized $68.2 million of revenue related to operating leases in its Canada and ROW segments (December 31, 2020 - $86.6 million ; ; Revenue by geographic location, which is attributed by destination of sale, is as follows: Years ended December 31, 2021 2020 2019 United States $ 451,675 $ 549,854 $ 954,350 Canada 173,181 206,508 484,251 Oman 84,486 53,664 105,721 Australia 61,520 65,683 71,592 Bahrain 40,361 108,358 42,864 Argentina 34,321 21,276 24,522 Mexico 27,355 32,945 46,300 Colombia 17,795 32,671 17,375 Brazil 17,289 11,130 10,953 Nigeria 7,853 92,334 256,177 Bolivia 7,775 6,264 4,037 Other 36,545 36,365 27,280 Total revenue $ 960,156 $ 1,217,052 $ 2,045,422 |
Summary of Performance Obligations | The following table outlines the Company’s unsatisfied performance obligations, by product line, as at March 31, 2022: Less than One to two Greater than Total Engineered Systems $ 619,294 $ 694 $ — $ 619,988 Service 35,645 14,435 42,059 92,139 Energy Infrastructure 174,387 136,231 677,255 987,873 $ 829,326 $ 151,360 $ 719,314 $ 1,700,000 | The following table outlines the Company’s unsatisfied performance obligations, by product line, as at December 31, 2021: Less than One to Greater than Total Engineered Systems $ 556,844 $ 705 $ — $ 557,549 Service 33,192 13,437 44,665 91,294 Energy Infrastructure 158,616 141,366 709,555 1,009,537 $ 748,652 $ 155,508 $ 754,220 $ 1,658,380 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Summary of Share-based Compensation Expenses | The share-based compensation expense included in the determination of net earnings was: Three months ended March 31, 2022 2021 Equity settled share-based payments $ 457 $ 440 Cash settled share-based payments 3,592 4,827 Share-based compensation expense $ 4,049 $ 5,267 | The share-based compensation expense includ e Years ended December 31, 2021 2020 2019 Equity settled share-based payments $ 1,783 $ 1,725 $ 2,735 Deferred share units 3,053 (1,830 ) (720 ) Phantom share entitlement plan 102 (54 ) (449 ) Performance share units 3,470 667 2,754 Restricted share units 2,751 755 2,199 Cash performance target 1,778 553 1,230 Share-based compensation expense $ 12,937 $ 1,816 $ 7,749 |
Summary of Equity-Settled Share-Based Payments | (b) Equity-Settled Share-Based Payments March 31, 2022 December 31, 2021 Number of options Weighted Number of Weighted Options outstanding, beginning of period 4,456,444 $ 11.66 4,057,142 $ 12.78 Granted — — 654,847 7.85 Exercised 1 (2,120 ) 5.51 — — Forfeited (27,286 ) 13.51 (24,267 ) 9.25 Expired — — (231,278 ) 20.75 Options outstanding, end of period 4,427,038 $ 11.65 4,456,444 $ 11.66 Options exercisable, end of period 2,415,824 $ 13.63 2,445,230 $ 13.62 | 2021 2020 Years ended December 31, Number of Weighted Number of Weighted Options outstanding, beginning of period 4,057,142 $ 12.78 3,565,521 $ 14.67 Granted 654,847 7.85 839,478 5.51 Forfeited (24,267 ) 9.25 (121,547 ) 15.20 Expired (231,278 ) 20.75 (226,310 ) 14.33 Options outstanding, end of period 4,456,444 $ 11.66 4,057,142 $ 12.78 Options exercisable, end of period 2,445,230 $ 13.62 1,810,577 $ 14.73 1 No options were exercised for the years ended December 31, 2021 and 2020. |
Summary of Weighted Average Assumptions Used in Determination of Fair Values | The weighted average assumptions used in determinations of fair values are noted below: Years ended December 31, 2021 2020 Expected life (years) 5.26 5.34 Expected volatility 1 44.4 % 43.6 % Dividend yield 1.0 % 1.4 % Risk-free rate 1.1 % 0.5 % Estimated forfeiture rate 3.9 % 3.6 % 1 Expected volatility is based on the historical volatility of Enerflex over a five-year period, consistent with the expected life of the option. | |
Summary of Options Outstanding and Exercisable | The following table summarizes options outstanding and exercisable at March 31, 2022: Options Outstanding Options Exercisable Range of exercise prices Number Weighted Weighted Number Weighted Weighted $5.51 – $9.77 1,475,830 5.81 $ 6.54 165,775 5.37 $ 5.51 $9.78 – $14.75 1,657,799 2.37 12.85 1,174,530 1.55 12.65 $14.76 – $16.12 1,293,409 1.61 15.95 1,075,519 1.30 15.94 Total 4,427,038 3.30 $ 11.65 2,415,824 1.70 $ 13.63 | Options Outstanding Options Exercisable Range of exercise prices Number Weighted Weighted Number Weighted Weighted $5.51 – $9.77 1,477,950 6.06 $ 6.53 167,895 5.62 $ 5.51 $9.78 – $14.75 1,677,399 2.61 12.85 1,194,130 1.79 12.65 $14.76 – $16.12 1,301,095 1.86 15.95 1,083,205 1.56 15.94 Total 4,456,444 3.53 $ 11.66 2,445,230 1.95 $ 13.62 |
Deferred share units [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Summary of Share Units | Number of Weighted average DSUs outstanding, January 1, 2022 1,406,170 $ 10.51 Granted 76,751 8.14 In lieu of dividends 4,269 7.81 DSUs outstanding, March 31, 2022 1,487,190 $ 10.38 | Number of DSUs Weighted average grant DSUs outstanding, January 1, 2021 1,147,182 $ 11.01 Granted 247,317 8.33 In lieu of dividends 11,671 8.15 DSUs outstanding, December 31, 2021 1,406,170 $ 10.51 |
Phantom Share Entitlement Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Summary of Share Units | Number of PSEs Weighted average grant PSEs outstanding, January 1, 2021 198,205 $ 12.69 Granted 24,715 7.85 PSEs outstanding, December 31, 2021 222,920 $ 12.15 | |
Performance share units [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Summary of Share Units | Number of PSUs Weighted average grant PSUs outstanding, January 1, 2021 982,835 $ 9.35 Granted 419,195 7.85 In lieu of dividends 10,423 8.18 Vested (104,037 ) 7.36 PSUs outstanding, December 31, 2021 1,308,416 $ 9.02 | |
Restricted share units [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Summary of Share Units | Number of RSUs Weighted average grant RSUs outstanding, January 1, 2021 782,517 $ 7.52 Granted 472,819 7.85 In lieu of dividends 8,021 8.15 Vested (292,205 ) 7.79 Forfeited (74,678 ) 7.37 RSUs outstanding, December 31, 2021 896,474 $ 7.62 |
Retirement Benefits Plan (Table
Retirement Benefits Plan (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of defined contribution plans | Years ended December 31, 2021 2020 2019 Defined contribution plans $ 4,567 $ 4,514 $ 5,485 401(k) matched savings plan 3,025 3,912 4,556 Net pension expense $ 7,592 $ 8,426 $ 10,041 |
Finance Costs And Income (Table
Finance Costs And Income (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Text Block [Abstract] | ||
Summary of finance costs and Iincome Explanatory | Three months ended March 31, 2022 2021 Finance Costs Short and long-term borrowings $ 3,820 $ 4,394 Interest on lease liability 695 793 Total finance costs $ 4,515 $ 5,187 Finance Income Interest income $ 644 $ 195 Net finance costs $ 3,871 $ 4,992 | Years ended December 31, 2021 2020 2019 Finance Costs Short and long-term borrowings $ 17,252 $ 19,993 $ 19,679 Interest on lease liability 3,029 3,371 2,586 Total finance costs $ 20,281 $ 23,364 $ 22,265 Finance Income Interest income $ 3,286 $ 871 $ 3,687 Net finance costs $ 16,995 $ 22,493 $ 18,578 |
Reconciliation of Earnings Pe_2
Reconciliation of Earnings Per Share Calculations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Reconciliation of earnings per share calculations | Year ended December 31, 2021 Net earnings Weighted average Per share Basic $ (18,455 ) 89,678,845 $ (0.21 ) Dilutive effect of stock option conversion — — — Diluted $ (18,455 ) 89,678,845 $ (0.21 ) Year ended December 31, 2020 Net earnings Weighted average Per share Basic $ 88,257 89,678,845 $ 0.98 Dilutive effect of stock option conversion — — — Diluted $ 88,257 89,678,845 $ 0.98 Year ended December 31, 2019 Net earnings Weighted average Per share Basic $ 152,128 89,500,829 $ 1.70 Dilutive effect of stock option conversion — 208,916 — Diluted $ 152,128 89,709,745 $ 1.70 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | ||
Summary of detailed information about financial instruments | The Company has designated its financial instruments as follows: December 31, 2021 Carrying value Estimated fair value Financial Assets Cash and cash equivalents $ 172,758 $ 172,758 Derivative instruments in designated hedge accounting relationships 294 294 Loans and receivables: Accounts receivable 212,206 212,206 Contract assets 82,760 82,760 Long-term receivables 24,172 27,471 Financial Liabilities Derivative instruments in designated hedge accounting relationships 180 180 Other financial liabilities: Accounts payable and accrued liabilities 240,747 240,747 Long-term debt – Bank Facility 30,522 30,522 Long-term debt – Asset-Based Facility 37,411 37,411 Long-term debt – Notes 266,865 280,295 Other long-term liabilities 15,785 15,785 December 31, 2020 Ca rrying valu Estimated fair value Financial Assets Cash and cash equivalents $ 95,676 $ 95,676 Derivative instruments in designated hedge accounting relationships 491 491 Loans and receivables: Accounts receivable 213,375 213,375 Contract assets 66,722 66,722 Long-term receivables 31,910 35,696 Financial Liabilities Derivative instruments in designated hedge accounting relationships 371 371 Other financial liabilities: Accounts payable and accrued liabilities 182,152 182,152 Current portion of long-term debt - Notes 40,000 40,610 Long-term debt – Bank Facility 84,369 84,369 Long-term debt – Notes 267,810 284,605 Other long-term liabilities 10,967 10,967 | |
Summary of fair value measurement of financial assets and financial liabilities | Carrying Fair Value Level 1 Level 2 Level 3 Financial Assets Derivative financial instruments $ 294 $ — $ 294 $ — Long-term receivables $ 24,172 $ — $ 27,471 $ — Financial Liabilities Derivative financial instruments $ 180 $ — $ 180 $ — Long-term debt – Notes $ 266,865 $ — $ 280,295 $ — | |
Summary of detailed information about hedging instruments | The following table summarizes the Company’s commitments to buy and sell foreign currencies as at March 31, 2022: Notional Maturity Canadian Dollar Denominated Contracts Purchase contracts USD 16,258 April 2022 – February 2023 Sales contracts USD (8,622 ) April 2022 – September 2022 Purchase contracts EUR 1,279 May 2022 – October 2022 Sales contracts EUR (641 ) June 2022 | The following table summarizes the Company’s commitments to buy and sell forei g Notional Maturity Canadian Dollar Denominated Contracts Purchase contracts USD 16,119 January 2022 – June 2022 Sales contracts USD (10,849 ) January 2022 – September 2022 Purchase contracts EUR 1,091 June 2022 Sales contracts EUR (641 ) June 2022 |
Summary of earnings before tax due to weakening of foreign currency | Canadian dollar weakens by 5 percent USD AUD BRL Earnings before income taxes $ 1,776 $ (90 ) $ 167 | |
Summary of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities | The following table shows the Company’s sensitivity to a five percent weakening of the Canadian dollar against the U.S. dollar, Australian dollar, and Brazilian real. A five percent strengthening of the Canadian dollar would have an equal and opposite effect. This sensitivity analysis relates to the position as at December 31, 2021 and for the year then ended. Canadian dollar weakens by 5 percent USD AUD BRL Financial instruments held in foreign operations Other comprehensive income $ 14,019 $ 908 $ 221 Financial instruments held in Canadian operations Earnings before income taxes $ (9,633 ) $ — $ — | |
Summary of maturity analysis for derivative and non derivative financial liabilities | A liquidity analysis of the Company’s financial instruments has been completed on a maturity basis. The following table outlines the cash flows, including interest associated with the maturity of the Company’s financial liabilities, as at March 31, 2022: Less than 3 months Greater than Total Derivative financial instruments Foreign currency forward contracts $ 264 $ 145 $ — $ 409 Accounts payable and accrued liabilities 256,296 — — 256,296 Long-term debt – Bank Facility — — 46,246 46,246 Long-term debt – Asset-Based Facility — — 32,363 32,363 Long-term debt – Notes — — 263,680 263,680 Other long-term liabilities — — 18,002 18,002 | A liquidity analysis of the Company’s financial instruments has been completed on a maturity basis. The following table outlines the cash flows, including interest associated with the maturity of the Company’s financial liabilities, as at December 31, 2021: Less than 3 months Greater than Total Derivative financial instruments Foreign currency forward contracts $ 124 $ 56 $ — $ 180 Accounts payable and accrued liabilities 240,747 — — 240,747 Long-term debt – Bank Facility — — 30,522 30,522 Long-term debt – Asset-Based Facility — — 37,411 37,411 Long-term debt – Notes — — 266,865 266,865 Other long-term liabilities — — 15,785 15,785 |
Capital Disclosures (Tables)
Capital Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Abstract [Abstract] | |
Disclosure of Reconciliation of Net debt to EBITDA ratio [Table Text Block] | Net debt to EBITDA is defined as short and long-term debt less c a net debt to EBITDA ratio was: Years ended December 31, 2021 2020 Long-term debt $ 331,422 $ 389,712 Cash and cash equivalents (172,758 ) (95,676 ) Net debt $ 158,664 $ 294,036 Earnings before finance costs and income taxes $ 55,097 $ 118,052 Depreciation and amortization 87,622 85,265 EBITDA $ 142,719 $ 203,317 Net debt to EBITDA ratio 1.11 1.45 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information - (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Text Block [Abstract] | ||
Disclosure of Net Change in Non Cash Working Capital and Other | Three months ended March 31, 2022 2021 Net change in non-cash Accounts receivable $ (9,840 ) $ 25,622 Contract assets (31,418 ) 16,256 Inventories (22,872 ) 7,222 Work-in-progress 3,792 — Accounts payable and accrued liabilities, provisions, and income taxes payable 16,179 (11,786 ) Deferred revenue 24,603 (5,610 ) Foreign currency and other (3,363 ) 2,988 $ (22,919 ) $ 34,692 Cash interest and taxes paid and received during the period: Three months ended March 31, 2022 2021 Interest paid – short- and long-term borrowings $ 1,017 $ 627 Interest paid – lease liabilities 695 793 Total interest paid $ 1,712 $ 1,420 Interest received 356 58 Taxes paid 997 900 Taxes received 627 148 | Years ended December 31, 2021 2020 2019 Net change in non-cash p Accounts receivable $ 1,169 $ 170,646 $ 85,316 Contract assets (16,038 ) 63,670 (25,863 ) Inventories 39,564 57,134 (93,179 ) Work-in-progress (36,169 ) — — Deferred revenue 49,205 (54,000 ) (205,897 ) Accounts payable and accrued liabilities, provisions, and income taxes payable 59,613 (162,841 ) 23,123 Foreign currency and other 3,091 (41,833 ) (5,249 ) $ 100,435 $ 32,776 $ (221,749 ) Cash interest and taxes paid and received during the period: Years ended December 31, 2021 2020 2019 Interest paid – short- and long-term borrowings $ 17,315 $ 19,311 $ 19,330 Interest paid – lease liabilities 3,029 3,371 2,586 Total interest paid $ 20,344 $ 22,682 $ 21,916 Interest received 454 308 3,518 Taxes paid 13,725 18,825 29,855 Taxes received 23,137 5,566 421 |
Disclosure of Changes in Liabilities Arising from Financing Activities | Changes in liabilities arising from financing activities during the period: Three months ended March 31, 2022 2021 Long-term debt, opening balance $ 331,422 $ 389,712 Changes from financing cash flows 11,283 (24,759 ) The effect of changes in foreign exchange rates (3,793 ) (2,909 ) Amortization of deferred transaction costs 305 256 Other changes (91 ) (155 ) Long-term debt, closing balance $ 339,126 $ 362,145 | Changes in liabilities arising from financing activities during the period: Years ended December 31, 2021 2020 2019 Long-term debt, opening balance $ 389,712 $ 430,487 $ 444,712 Changes from financing cash flows (56,975 ) (40,081 ) (812 ) The effect of changes in foreign exchange rates (406 ) (1,358 ) (14,156 ) Amortization of deferred transaction costs 1,186 922 1,523 Other changes (2,095 ) (258 ) (780 ) Long-term debt, closing balance $ 331,422 $ 389,712 $ 430,487 |
Guarantees,Commitments,And Cont
Guarantees,Commitments,And Contingencies (Table) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Companys purchase obligations of future period [Abstract] | ||
Summary of Companys purchase obligations of future period | The Company has purchase obligations over the next three years as follows: 2022 $ 312,790 2023 4,144 2024 126 | The Company has purchase obligations over the next three years as follows: 2022 $ 243,737 2023 2,904 2024 125 |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Financial Statement Impacts of all Transactions with Related Parties | A summary of the financial statement impacts of all transactions with all related parties is as follows: Years ended December 31, 2021 2020 2019 Associate – Roska DBO Revenue $ 352 $ 558 $ 509 Purchases — — — Accounts receivable 128 1 4 Accounts Payable — 56 — Joint Operation – Geogas Revenue $ — $ — $ 62 Purchases — — 74 Accounts receivable — — 19 Accounts payable — — — |
Summary of Remuneration of Directors and Other Key Management Personnel | The remuneration of directors and other key management personnel was as follows: Years ended December 31, 2021 2020 2019 Short-term compensation $ 5,711 $ 6,344 $ 4,747 Post-employment compensation 580 515 413 Share-based payments 6,979 8,011 7,857 |
Segmented Information (Tables)
Segmented Information (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Text Block [Abstract] | ||
Summary of Detailed Information About Geographical Areas | The accounting policies of the reportable operating segments are the same as those described in the summary of significant accounting policies. Three months ended March 31, USA Rest of World Canada Total 2022 2021 2022 2021 2022 2021 2022 2021 Segment revenue $ 182,755 $ 84,965 $ 109,394 $ 70,517 $ 67,124 $ 51,629 $ 359,273 $ 207,111 Intersegment revenue (35,291 ) (3,019 ) (78 ) (6 ) (835 ) (881 ) (36,204 ) (3,906 ) Revenue $ 147,464 $ 81,946 $ 109,316 $ 70,511 $ 66,289 $ 50,748 $ 323,069 $ 203,205 Revenue – Engineered Systems 77,632 29,240 49,292 8,442 47,507 34,550 174,431 72,232 Revenue – Service 42,249 30,114 23,034 25,911 17,903 14,511 83,186 70,536 Revenue – Energy Infrastructure 27,583 22,592 36,990 36,158 879 1,687 65,452 60,437 Operating income (loss) 1 $ 345 $ 366 $ 10,282 $ 4,728 $ (3,788 ) $ 1,927 $ 6,839 $ 7,021 1 The company did not receive any government grants during the three months ended March 31, 2022 (March 31, 2021 – $4.1 million). Government grants are recorded in cost of goods sold and selling and administrative expenses within the interim condensed consolidated statements of earnings in accordance with where the associated expenses were recognized. USA Rest of World Canada Total Mar. 31 Dec. 31 Mar. 31 Dec. 31 Mar. 31 Dec. 31 Mar. 31 Dec. 31 Segment assets $ 985,255 $ 1,000,755 $ 691,812 $ 654,969 $ 551,610 $ 546,250 $ 2,228,677 $ 2,201,974 Goodwill 152,220 154,437 322,628 323,466 88,367 88,367 563,215 566,270 Corporate — — — — — — (564,917 ) (576,802 ) Total segment assets $ 1,137,475 $ 1,155,192 $ 1,014,440 $ 978,435 $ 639,977 $ 634,617 $ 2,226,975 $ 2,191,442 | The accounting policies of the reportable operating segments are the same as those described in the summary of significant accounting policies. USA Rest of World Canada Total Years ended December 31, 2021 2020 2021 2020 2021 2020 2021 2020 Segment revenue $ 497,630 $ 649,133 $ 309,695 $ 353,210 $ 194,439 $ 247,390 $ 1,001,764 $ 1,249,733 Intersegment revenue (27,247 ) (16,847 ) (138 ) (199 ) (14,223 ) (15,635 ) (41,608 ) (32,681 ) Revenue $ 470,383 $ 632,286 $ 309,557 $ 353,011 $ 180,216 $ 231,755 $ 960,156 $ 1,217,052 Revenue – Engineered Systems 218,558 390,178 22,500 40,485 113,069 167,903 354,127 598,566 Revenue – Service 153,722 150,939 111,500 96,092 62,154 56,238 327,376 303,269 Revenue – Energy Infrastructure 1 98,103 91,169 175,557 216,434 4,993 7,614 278,653 315,217 Operating income 2 $ 14,442 $ 56,504 $ 36,250 $ 40,488 $ 3,599 $ 19,020 $ 54,291 $ 116,012 1 Energy Infrastructure revenue for 2021 includes the recognition of revenue from a finance lease transaction in the fourth quarter of 2021 and 2020. Upon commencement of the renegotiated lease, the Company recognized the sale of the related rental assets and a corresponding finance lease receivable. Refer to Note 11 for further details on finance leases. 2 In the year ended December 31, 2021, the Company recognized $16.4 million of government grants (December 31, 2020 – $19.6 million; December 31, 2019 – nil). The subsidies received have been recorded as a reduction in cost of goods sold and selling and administrative expenses within the consolidated statements of earnings in accordance with where the associated expenses were recognized. USA Rest of World Canada Total Years ended December 31, 2020 2019 2020 2019 2020 2019 2020 2019 Segment revenue $ 649,133 $ 1,243,760 $ 353,210 $ 354,680 $ 247,390 $ 518,042 $ 1,249,733 $ 2,116,482 Intersegment revenue (16,847 ) (48,091 ) (199 ) (7,846 ) (15,635 ) (15,123 ) (32,681 ) (71,060 ) Revenue $ 632,286 $ 1,195,669 $ 353,011 $ 346,834 $ 231,755 $ 502,919 $ 1,217,052 $ 2,045,422 Revenue – Engineered Systems 390,178 947,451 40,485 76,813 167,903 424,239 598,566 1,448,503 Revenue – Service 1 150,939 172,130 96,092 111,357 56,238 67,505 303,269 350,992 Revenue – Energy Infrastructure 1,2 91,169 76,088 216,434 158,664 7,614 11,175 315,217 245,927 Operating income $ 56,504 $ 194,010 $ 40,488 $ 511 $ 19,020 $ 37,387 $ 116,012 $ 231,908 1 Revenues from the operation and maintenance of BOOM contracts have been reclassified from the Service to Energy Infrastructure product line including $11,717 previously disclosed during the first quarter of 2020. For the year ended December 31, 2019 the amount reclassified was $43,594. Please refer to Note 23 for further details. 2 Energy Infrastructure revenue for 2020 includes the recognition of revenue from a finance lease transaction in the fourth quarter of 2020. Upon commencement of the renegotiated leases, the Company recognized the sale of the related rental assets and a corresponding finance lease receivable. Refer to Note 11 for further details on finance leases. USA Rest of World Canada Total As at December 31, 2021 2020 2021 2020 2021 2020 2021 2020 Segment assets $ 1,000,755 $ 895,022 $ 654,969 $ 610,597 $ 546,250 $ 525,510 $ 2,201,974 $ 2,031,129 Goodwill 154,437 155,094 323,466 332,567 88,367 88,367 566,270 576,028 Corporate — — — — — — (576,802 ) (427,581 ) Total segment assets $ 1,155,192 $ 1,050,116 $ 978,435 $ 943,164 $ 634,617 $ 613,877 $ 2,191,442 $ 2,179,576 |
Nature And Description of The_3
Nature And Description of The Company - Summary of Represents Material Subsidiaries of The Company (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Canada [Member] | Parent [member] | Enerflex Ltd [Member] | |
Disclosure of subsidiaries [line items] | |
Name | Enerflex Ltd. |
Jurisdiction of Incorporation | Canada |
Ownership | Public Shareholders |
Operating Segment | Canada |
United States [Member] | Subsidiaries [member] | Enerflex Energy Systems Inc [Member] | |
Disclosure of subsidiaries [line items] | |
Name | Enerflex Energy Systems Inc. |
Jurisdiction of Incorporation | Delaware, USA |
Ownership | 100.00% |
Operating Segment | USA |
Oman [Member] | Subsidiaries [member] | Enerflex Middle East LLC [Member] | |
Disclosure of subsidiaries [line items] | |
Name | Enerflex Middle East LLC |
Jurisdiction of Incorporation | Oman |
Ownership | 70.00% |
Operating Segment | Rest of World |
Bahrain [Member] | Subsidiaries [member] | Enerflex Middle East SPC [Member] | |
Disclosure of subsidiaries [line items] | |
Name | Enerflex Middle East SPC |
Jurisdiction of Incorporation | Bahrain |
Ownership | 100.00% |
Operating Segment | Rest of World |
Nature And Description of The_4
Nature And Description of The Company - Summary of Represents Material Subsidiaries of The Company (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Subsidiaries [member] | Enerflex Middle East LLC [Member] | |
Disclosure of subsidiaries [line items] | |
Proportion of indirect ownership interest in subsidiary | 100.00% |
Nature And Description of The_5
Nature And Description of The Company - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021$ / SegmentsEmployees | |
Disclosure of subsidiaries [line items] | |
Address of entity registered office | 904, 1331 Macleod Trail SE, Calgary, Canada |
Number of employees | Employees | 2,100 |
Number of operating segments | $ / Segments | 3 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - CAD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statements [Line Items] | ||||
Date of authorisation for issue of financial statements | May 17, 2022 | |||
Description of presentation currency | Canadian dollars | |||
Impact of the net reclassification on cost of goods sold and gross margin | $ 4.1 | $ 17.3 | $ 18.9 | $ 14.9 |
Basis of Presentation net earni
Basis of Presentation net earnings or earnings per share (Details) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statements [Line Items] | |||||
Revenue | $ 323,069 | $ 203,205 | $ 960,156 | $ 1,217,052 | $ 2,045,422 |
COGS | 269,426 | 157,729 | 757,934 | 937,730 | 1,631,199 |
Gross margin | 53,643 | 45,476 | 202,222 | 279,322 | 414,223 |
SG&A | 46,804 | 38,455 | 147,931 | 163,310 | 182,315 |
Net earnings | $ (369) | 3,003 | (18,455) | 88,257 | 152,128 |
As previously reported | |||||
Statements [Line Items] | |||||
Revenue | 203,205 | 960,156 | 1,217,052 | 2,045,422 | |
COGS | 153,657 | 740,602 | 918,873 | 1,616,337 | |
Gross margin | 49,548 | 219,554 | 298,179 | 429,085 | |
SG&A | 42,527 | 165,263 | 182,167 | 197,177 | |
Net earnings | $ 3,003 | (18,455) | 88,257 | 152,128 | |
Reclassification | |||||
Statements [Line Items] | |||||
COGS | 17,332 | 18,857 | 14,862 | ||
Gross margin | (17,332) | (18,857) | (14,862) | ||
SG&A | (17,332) | (18,857) | (14,862) | ||
Revised | |||||
Statements [Line Items] | |||||
Revenue | 960,156 | 1,217,052 | 2,045,422 | ||
COGS | 757,934 | 937,730 | 1,631,199 | ||
Gross margin | 202,222 | 279,322 | 414,223 | ||
SG&A | 147,931 | 163,310 | 182,315 | ||
Net earnings | $ (18,455) | $ 88,257 | $ 152,128 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of Property, Plant And Equipment (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Bottom of range [member] | Buildings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life Range | 5 years |
Bottom of range [member] | Equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life Range | 2 years |
Top of range [member] | Buildings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life Range | 20 years |
Top of range [member] | Equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life Range | 20 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail) - CAD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statements [Line Items] | ||||
Impact of the net reclassification on cost of goods sold and gross margin | $ 4.1 | $ 17.3 | $ 18.9 | $ 14.9 |
Stock Options Equity Settled Share Based Payments [Member] | ||||
Statements [Line Items] | ||||
Description of vesting requirements for share based payment arrangement | over a five-year | |||
Description of maximum term of options granted for share based payment arrangement | seven-year | |||
Number of days proceeding the date of the grant | 5 days | |||
Phantom Share Entitlement [Member] | ||||
Statements [Line Items] | ||||
Description of vesting requirements for share based payment arrangement | over a five-year | |||
Description of maximum term of options granted for share based payment arrangement | seventh anniversary | |||
Number of days proceeding the date of the grant | 5 days | |||
Bottom of range [member] | ||||
Statements [Line Items] | ||||
Rental equipment useful life | 5 years | |||
Estimated useful life of the overhaul | 2 years | |||
Useful life measured as period of time, Intangible assets other than goodwill | 3 years | |||
Top of range [member] | ||||
Statements [Line Items] | ||||
Rental equipment useful life | 20 years | |||
Estimated useful life of the overhaul | 5 years | |||
Useful life measured as period of time, Intangible assets other than goodwill | 8 years | |||
Joint ventures [member] | ||||
Statements [Line Items] | ||||
Proportion of ownership interest in joint venture | 65.00% | |||
Roska DBO [Member] | ||||
Statements [Line Items] | ||||
Proportion of ownership interest in associate | 45.00% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Reclassification (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Reclassification of Income statements [Line Items] | |||||
Revenue | $ 323,069 | $ 203,205 | $ 960,156 | $ 1,217,052 | $ 2,045,422 |
COGS | 269,426 | 157,729 | 757,934 | 937,730 | 1,631,199 |
Gross margin | 53,643 | 45,476 | 202,222 | 279,322 | 414,223 |
SG&A | 46,804 | 38,455 | 147,931 | 163,310 | 182,315 |
Net earnings | $ (369) | 3,003 | (18,455) | 88,257 | 152,128 |
As previously reported | |||||
Disclosure of Reclassification of Income statements [Line Items] | |||||
Revenue | 203,205 | 960,156 | 1,217,052 | 2,045,422 | |
COGS | 153,657 | 740,602 | 918,873 | 1,616,337 | |
Gross margin | 49,548 | 219,554 | 298,179 | 429,085 | |
SG&A | 42,527 | 165,263 | 182,167 | 197,177 | |
Net earnings | 3,003 | (18,455) | $ 88,257 | $ 152,128 | |
Reclassification | |||||
Disclosure of Reclassification of Income statements [Line Items] | |||||
Revenue | 0 | ||||
COGS | 4,072 | ||||
Gross margin | (4,072) | ||||
SG&A | (4,072) | ||||
Net earnings | $ 0 | ||||
Quarter One period Reclassification [Member] | |||||
Disclosure of Reclassification of Income statements [Line Items] | |||||
Revenue | 0 | ||||
COGS | 4,072 | ||||
Gross margin | (4,072) | ||||
SG&A | (4,072) | ||||
Net earnings | 0 | ||||
Quarter Two period Reclassification [Member] | |||||
Disclosure of Reclassification of Income statements [Line Items] | |||||
Revenue | 0 | ||||
COGS | 4,577 | ||||
Gross margin | (4,577) | ||||
SG&A | (4,577) | ||||
Net earnings | 0 | ||||
Quarter Three period Reclassification [Member] | |||||
Disclosure of Reclassification of Income statements [Line Items] | |||||
Revenue | 0 | ||||
COGS | 4,105 | ||||
Gross margin | (4,105) | ||||
SG&A | (4,105) | ||||
Net earnings | 0 | ||||
Quarter Four period Reclassification [Member] | |||||
Disclosure of Reclassification of Income statements [Line Items] | |||||
Revenue | 0 | ||||
COGS | 4,578 | ||||
Gross margin | (4,578) | ||||
SG&A | (4,578) | ||||
Net earnings | $ 0 |
Accounts Receivable And Contr_3
Accounts Receivable And Contract Assets - Summary of Accounts Receivables (Detail) - CAD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Trade And Other Receivables [Line Items] | |||
Trade receivables | $ 222,686 | $ 213,815 | $ 194,777 |
Less: allowance for doubtful accounts | (10,103) | (10,334) | (11,439) |
Trade receivables, net | 212,583 | 203,481 | 183,338 |
Other receivables | 9,463 | 8,725 | 30,037 |
Total accounts receivable | $ 222,046 | $ 212,206 | $ 213,375 |
Accounts Receivable And Contr_4
Accounts Receivable And Contract Assets - Summary of Aging of Trade Receivables (Detail) - CAD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Aging Of Trade Receivables [Line Items] | |||
Trade receivables | $ 222,686 | $ 213,815 | $ 194,777 |
Current to 90 days [Member] | |||
Disclosure Of Aging Of Trade Receivables [Line Items] | |||
Trade receivables | 178,646 | 183,105 | 152,285 |
Over 90 days [Member] | |||
Disclosure Of Aging Of Trade Receivables [Line Items] | |||
Trade receivables | $ 44,040 | $ 30,710 | $ 42,492 |
Accounts Receivable And Contr_5
Accounts Receivable And Contract Assets - Summary of Movement in Allowance For Doubtful Accounts (Detail) - Trade receivables [member] - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of financial assets [line items] | |||
Beginning balance | $ 10,334 | $ 11,439 | $ 2,144 |
Impairment provision additions on receivables | 26 | 275 | 21,072 |
Amounts settled and derecognized during the year | (112) | (1,317) | (11,071) |
Currency translation effects | (145) | (63) | (706) |
Ending balance | $ 10,103 | $ 10,334 | $ 11,439 |
Accounts Receivable And Contr_6
Accounts Receivable And Contract Assets - Summary of Movement in Contract Assets (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Text Block [Abstract] | |||
Beginning balance | $ 82,760 | $ 66,722 | $ 130,392 |
Unbilled revenue recognized | 89,868 | 244,372 | 238,300 |
Amounts billed | (57,401) | (228,327) | (281,145) |
Amounts transferred to other assets | (26,625) | ||
Currency translation effects | (1,049) | (7) | 5,800 |
Ending balance | $ 114,178 | $ 82,760 | $ 66,722 |
Inventories - Summary of Detail
Inventories - Summary of Detailed Information About Inventories (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Classes of current inventories [abstract] | |||
Direct materials | $ 87,331 | $ 83,943 | $ 119,342 |
Repair and distribution parts | 58,056 | 54,156 | 52,125 |
Work-in-progress | 47,056 | 31,298 | 25,185 |
Equipment | 3,116 | 3,290 | 15,599 |
Total inventories | 195,559 | 172,687 | 212,251 |
Work-in-progress related to finance leases | $ 32,377 | $ 36,169 | $ 0 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - CAD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Text Block [Abstract] | |||||
Cost of inventories recognised as expense | $ 269.4 | $ 157.7 | $ 757.9 | $ 937.7 | $ 1,631.2 |
Inventory write down | 1 | 1.6 | 6.1 | 5.4 | $ 5.9 |
Inventory work in progress related to finance leases | $ 29.2 | $ 0 | $ 36.2 | $ 0 |
Property, Plant And Equipment_3
Property, Plant And Equipment And Rental Equipment - Summary of Property Plant And Equipment And Rental Equipment (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | $ 96,414 | $ 102,636 | $ 108,551 | |
Depreciation charge | (1,900) | (2,000) | $ (1,600) | |
Ending Balance | 93,509 | 96,414 | 102,636 | 108,551 |
Gross carrying amount [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 199,992 | 198,544 | 197,576 | 183,028 |
Additions | 5,154 | 9,874 | 46,322 | |
Reclassification | (404) | (2,419) | (2,768) | |
Disposals | (2,502) | (3,196) | (22,092) | |
Currency translation effects | (800) | (3,291) | (6,914) | |
Ending Balance | 199,992 | 198,544 | 197,576 | |
Accumulated depreciation, amortisation and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | (103,578) | (95,908) | (89,025) | (94,322) |
Depreciation charge | (10,407) | (11,503) | (10,779) | |
Disposals | 2,417 | 3,126 | 13,189 | |
Currency translation effects | 320 | 1,494 | 2,887 | |
Ending Balance | (103,578) | (95,908) | (89,025) | |
Rental equipment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 610,328 | 637,814 | 642,095 | |
Ending Balance | 610,328 | 637,814 | 642,095 | |
Rental equipment [member] | Gross carrying amount [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 839,734 | 881,684 | 917,204 | 798,999 |
Additions | 52,187 | 123,879 | 217,068 | |
Disposals | (82,304) | (119,251) | (51,811) | |
Currency translation effects | (11,833) | (40,148) | (47,052) | |
Ending Balance | 839,734 | 881,684 | 917,204 | |
Rental equipment [member] | Accumulated depreciation, amortisation and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | (229,406) | (243,870) | (275,109) | (260,510) |
Depreciation charge | (55,466) | (51,360) | (52,916) | |
Impairment | (537) | (2,607) | (26,414) | |
Disposals | 62,990 | 67,054 | 45,969 | |
Currency translation effects | 7,477 | 18,152 | 18,762 | |
Ending Balance | (229,406) | (243,870) | (275,109) | |
Land [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 18,411 | 18,471 | 18,756 | |
Ending Balance | 18,411 | 18,471 | 18,756 | |
Land [member] | Gross carrying amount [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 18,411 | 18,471 | 18,756 | 23,034 |
Disposals | (3,531) | |||
Currency translation effects | (60) | (285) | (747) | |
Ending Balance | 18,411 | 18,471 | 18,756 | |
Buildings [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 63,934 | 67,845 | 65,868 | |
Ending Balance | 63,934 | 67,845 | 65,868 | |
Buildings [member] | Gross carrying amount [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 114,021 | 112,179 | 105,130 | 88,668 |
Additions | 198 | 1,557 | ||
Reclassification | 2,327 | 9,213 | 33,403 | |
Disposals | (66) | (76) | (14,663) | |
Currency translation effects | (419) | (2,286) | (3,835) | |
Ending Balance | 114,021 | 112,179 | 105,130 | |
Buildings [member] | Accumulated depreciation, amortisation and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | (50,087) | (44,334) | (39,262) | (45,216) |
Depreciation charge | (5,956) | (5,945) | (5,039) | |
Disposals | 66 | 71 | 9,441 | |
Currency translation effects | 137 | 802 | 1,552 | |
Ending Balance | (50,087) | (44,334) | (39,262) | |
Equipment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 11,001 | 12,270 | 13,623 | |
Ending Balance | 11,001 | 12,270 | 13,623 | |
Equipment [member] | Gross carrying amount [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 64,492 | 63,844 | 63,386 | 59,685 |
Additions | 831 | 1,176 | 1,283 | |
Reclassification | 2,566 | 3,324 | 8,167 | |
Disposals | (2,436) | (3,120) | (3,898) | |
Currency translation effects | (313) | (922) | (1,851) | |
Ending Balance | 64,492 | 63,844 | 63,386 | |
Equipment [member] | Accumulated depreciation, amortisation and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | (53,491) | (51,574) | (49,763) | (49,106) |
Depreciation charge | (4,451) | (5,558) | (5,740) | |
Disposals | 2,351 | 3,055 | 3,748 | |
Currency translation effects | 183 | 692 | 1,335 | |
Ending Balance | (53,491) | (51,574) | (49,763) | |
Assets under construction [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 3,068 | 4,050 | 10,304 | |
Ending Balance | 3,068 | 4,050 | 10,304 | |
Assets under construction [member] | Gross carrying amount [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | $ 3,068 | 4,050 | 10,304 | 11,641 |
Additions | 4,323 | 8,500 | 43,482 | |
Reclassification | (5,297) | (14,956) | (44,338) | |
Currency translation effects | (8) | 202 | (481) | |
Ending Balance | $ 3,068 | $ 4,050 | $ 10,304 |
Property, Plant And Equipment_4
Property, Plant And Equipment And Rental Equipment - Additional Information (Detail) - CAD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Impact of the reclassification on property, plant and equipment depreciation | $ 1.9 | $ 2 | $ 1.6 | ||
Depreciation, Property, plant and equipment | 1.9 | 2 | 1.6 | ||
Increase (decrease) due to changes in accounting policy and corrections of prior period errors [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Impact of the reclassification on property, plant and equipment depreciation | $ 0.4 | ||||
Depreciation, Property, plant and equipment | 0.4 | ||||
Rental Equipment [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Impairment loss recognised in profit or loss, rental equipment | 0.5 | 2.6 | 26.4 | ||
Additions other than through business combinations, property, plant and equipment | 2.5 | $ 11.3 | |||
Rental Equipment [Member] | Bottom of range [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Increase (decrease) through net exchange differences, property, plant and equipment | 5.1 | 9.7 | |||
Property and Equipment [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Additions other than through business combinations, property, plant and equipment | 0.9 | 1.3 | |||
Property and Equipment [Member] | Bottom of range [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Increase (decrease) through net exchange differences, property, plant and equipment | 1.1 | 1.2 | |||
Earnings or Loss [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Impact of the reclassification on property, plant and equipment depreciation | 16.3 | 15.7 | 65.9 | 62.9 | 63.7 |
Depreciation, Property, plant and equipment | 16.3 | 15.7 | 65.9 | 62.9 | 63.7 |
Cost of Goods Sold [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Impact of the reclassification on property, plant and equipment depreciation | 15.9 | 15.2 | 64.1 | 61.2 | 61.7 |
Depreciation, Property, plant and equipment | 15.9 | 15.2 | 64.1 | 61.2 | 61.7 |
Selling and Administrative Expenses [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Impact of the reclassification on property, plant and equipment depreciation | 0.4 | 0.5 | 1.8 | 1.7 | 2 |
Depreciation, Property, plant and equipment | $ 0.4 | $ 0.5 | $ 1.8 | $ 1.7 | $ 2 |
Lease Right-of-Use Assets - Sum
Lease Right-of-Use Assets - Summary of Reconciliation of Lease Right of Use Assets (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Beginning Balance | $ 49,887 | $ 54,184 | $ 54,184 | $ 60,288 | |
Additions to right-of-use assets | 1,600 | 700 | |||
Depreciation charge | (3,800) | (3,900) | $ (3,800) | ||
Disposal | 400 | 0 | |||
Currency translation effects | 200 | 300 | |||
Ending Balance | 47,280 | 49,887 | 54,184 | 60,288 | |
Gross carrying amount [member] | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Beginning Balance | 82,739 | 75,602 | 75,602 | 72,567 | 31,985 |
Additions to right-of-use assets | 10,875 | 8,312 | 41,475 | ||
Disposal | (3,227) | (4,890) | (226) | ||
Currency translation effects | (511) | (387) | (667) | ||
Ending Balance | 82,739 | 75,602 | 72,567 | ||
Accumulated depreciation, amortisation and impairment [member] | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Beginning Balance | (32,852) | (21,418) | (21,418) | (12,279) | |
Depreciation charge | (13,842) | (13,707) | (12,655) | ||
Disposal | 2,249 | 4,292 | 226 | ||
Currency translation effects | 159 | 276 | 150 | ||
Ending Balance | (32,852) | (21,418) | (12,279) | ||
Land and buildings [member] | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Beginning Balance | 38,182 | 42,715 | 42,715 | 47,435 | |
Ending Balance | 38,182 | 42,715 | 47,435 | ||
Land and buildings [member] | Gross carrying amount [member] | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Beginning Balance | 58,380 | 56,242 | 56,242 | 55,463 | 23,017 |
Additions to right-of-use assets | 4,097 | 3,923 | 32,896 | ||
Disposal | (1,644) | (3,069) | (74) | ||
Currency translation effects | (315) | (75) | (376) | ||
Ending Balance | 58,380 | 56,242 | 55,463 | ||
Land and buildings [member] | Accumulated depreciation, amortisation and impairment [member] | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Beginning Balance | (20,198) | (13,527) | (13,527) | (8,028) | |
Depreciation charge | (8,350) | (8,106) | (8,198) | ||
Disposal | 1,535 | 2,513 | 74 | ||
Currency translation effects | 144 | 94 | 96 | ||
Ending Balance | (20,198) | (13,527) | (8,028) | ||
Equipment [Member] | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Beginning Balance | 11,705 | 11,469 | 11,469 | 12,853 | |
Ending Balance | 11,705 | 11,469 | 12,853 | ||
Equipment [Member] | Gross carrying amount [member] | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Beginning Balance | 24,359 | 19,360 | 19,360 | 17,104 | 8,968 |
Additions to right-of-use assets | 6,778 | 4,389 | 8,579 | ||
Disposal | (1,583) | (1,821) | (152) | ||
Currency translation effects | (196) | (312) | (291) | ||
Ending Balance | 24,359 | 19,360 | 17,104 | ||
Equipment [Member] | Accumulated depreciation, amortisation and impairment [member] | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Beginning Balance | $ (12,654) | $ (7,891) | (7,891) | (4,251) | |
Depreciation charge | (5,492) | (5,601) | (4,457) | ||
Disposal | 714 | 1,779 | 152 | ||
Currency translation effects | 15 | 182 | 54 | ||
Ending Balance | $ (12,654) | $ (7,891) | $ (4,251) |
Lease Right-of-Use Assets - Add
Lease Right-of-Use Assets - Additional Information (Detail) - CAD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Depreciation, right-of-use asset | $ 3.8 | $ 3.9 | $ 3.8 | ||
Additions to right-of-use assets | $ 1.6 | $ 0.7 | |||
Disposals Of Right Of Use Assets | 0.4 | 0 | |||
Increase Decrease Through Net Exchange Differences Right Of Use Assets | 0.2 | 0.3 | |||
Increase (decrease) due to changes in accounting policy and corrections of prior period errors [member] | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Depreciation, right-of-use asset | 0.8 | ||||
Earnings Or Loss [Member] | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Depreciation, right-of-use asset | 3.6 | 3.4 | 13.8 | 13.7 | 12.7 |
Cost Of Goods Sold [Member] | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Depreciation, right-of-use asset | 3 | 2.5 | 11.2 | 11 | 10 |
Selling And Administrative Expenses [Member] | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Depreciation, right-of-use asset | $ 0.6 | $ 0.9 | $ 2.6 | $ 2.7 | $ 2.7 |
Finance Lease Receivable - Addi
Finance Lease Receivable - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Weighted average interest rate implicit | 7.80% | 8.00% | 7.50% |
Bottom of range [member] | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Finance lease maturity term | 3 years | 3 years | |
Top of range [member] | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Finance lease maturity term | 10 years | 10 years |
Finance Lease Receivable - Summ
Finance Lease Receivable - Summary of Maturity Analysis of Finance Lease Receivable (Detail) - CAD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||||
Minimum lease payments | $ 198,794 | $ 143,986 | $ 90,621 | |
Unearned finance income | (61,237) | (40,628) | (26,347) | |
Total | 137,557 | 103,358 | 64,274 | $ 900 |
Present value of minimum lease payments | 137,557 | 103,358 | 64,274 | |
Present value of unearned finance income | 0 | 0 | ||
Total | 137,557 | 103,358 | 64,274 | |
Not later than one year [member] | ||||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||||
Minimum lease payments | 21,981 | 16,420 | 3,047 | |
Present value of minimum lease payments | 20,235 | 15,248 | 2,928 | |
Between One And Five Years [Member] | ||||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||||
Minimum lease payments | 94,323 | 64,739 | 42,129 | |
Present value of minimum lease payments | 70,944 | 49,546 | 34,020 | |
Later than five years [member] | ||||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||||
Minimum lease payments | 82,490 | 62,827 | 45,445 | |
Present value of minimum lease payments | $ 46,378 | $ 38,564 | $ 27,326 |
Finance Lease Receivable - Su_2
Finance Lease Receivable - Summary of Reconciliation of Finance Lease (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Detailed Information About Reconciliation Of Finance Lease [Abstract] | |||
Balance, January 1 | $ 103,358 | $ 64,274 | $ 900 |
Additions | 38,947 | 40,154 | 64,270 |
Interest income | 2,895 | 5,417 | 80 |
Billings and payments | (5,826) | (6,597) | (639) |
Currency translation effects | (1,817) | 110 | (337) |
Balance, December 31 | $ 137,557 | $ 103,358 | $ 64,274 |
Other Assets - Summary of Other
Other Assets - Summary of Other Assets (Detail) - CAD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Detailed Information About Other Assets [Abstract] | |||
Investment in associates and joint ventures | $ 27,064 | $ 26,566 | |
Long-term receivables | 24,172 | 31,910 | |
Prepaid deposits | 79 | 124 | |
Total | $ 58,824 | $ 51,315 | $ 58,600 |
Intangible Assets - Summary of
Intangible Assets - Summary of Detailed Information About Intangible Assets (Detail) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | $ 16,544 | $ 22,058 | |
Ending balance | 10,118 | 16,544 | $ 22,058 |
Customer relationships and other [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 10,528 | 15,663 | |
Ending balance | 5,777 | 10,528 | 15,663 |
Software [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 6,016 | 6,395 | |
Ending balance | 4,341 | 6,016 | 6,395 |
Cost [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 118,522 | 122,178 | 122,463 |
Additions | 13 | ||
Reclassification | 404 | 2,419 | 2,768 |
Disposal | (5,045) | (431) | |
Currency translation effects | (263) | (1,030) | (2,635) |
Ending balance | 118,663 | 118,522 | 122,178 |
Cost [member] | Customer relationships and other [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 69,824 | 70,895 | 72,899 |
Currency translation effects | (230) | (1,071) | (2,004) |
Ending balance | 69,594 | 69,824 | 70,895 |
Cost [member] | Software [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 48,698 | 51,283 | 49,564 |
Additions | 13 | ||
Reclassification | 404 | 2,419 | 2,768 |
Disposal | (5,045) | (431) | |
Currency translation effects | (33) | 41 | (631) |
Ending balance | 49,069 | 48,698 | 51,283 |
Accumulated amortization [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | (101,978) | (100,120) | (93,581) |
Amortization charge | (6,721) | (7,772) | (8,660) |
Disposal | 5,045 | 431 | |
Currency translation effects | 154 | 869 | 1,690 |
Ending balance | (108,545) | (101,978) | (100,120) |
Accumulated amortization [member] | Customer relationships and other [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | (59,296) | (55,232) | (51,326) |
Amortization charge | (4,642) | (4,974) | (4,966) |
Currency translation effects | 121 | 910 | 1,060 |
Ending balance | (63,817) | (59,296) | (55,232) |
Accumulated amortization [member] | Software [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | (42,682) | (44,888) | (42,255) |
Amortization charge | (2,079) | (2,798) | (3,694) |
Disposal | 5,045 | 431 | |
Currency translation effects | 33 | (41) | 630 |
Ending balance | $ (44,728) | $ (42,682) | $ (44,888) |
Goodwill and Impairment Revie_3
Goodwill and Impairment Review of Goodwill - Summary of Detailed Information About Goodwill (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of reconciliation of changes in goodwill [abstract] | |||
Balance, January 1 | $ 566,270 | $ 576,028 | $ 573,928 |
Currency translation effects | (3,055) | (9,758) | 2,100 |
Balance, December 31 | $ 563,215 | $ 566,270 | $ 576,028 |
Goodwill and Impairment Revie_4
Goodwill and Impairment Review of Goodwill - Additional Information (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Impairment loss recognised in profit or loss, goodwill | $ 0 | $ 0 | ||
United States [Member] | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Tax rate effect of impairment of goodwill | 9.40% | 9.60% | ||
Rest Of World [Member] | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Tax rate effect of impairment of goodwill | 12.60% | 12.80% | ||
Earnings before finance costs and tax | $ 91,000 | |||
Impact on value in use | $ 118,600 | |||
Canada [Member] | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Tax rate effect of impairment of goodwill | 10.70% | 10.90% | ||
Earnings before finance costs and tax | $ 17,100 | |||
Impact on value in use | $ 21,100 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities - Summary of Detailed Information About Accounts Payable and Accrued Liabilities (Detail) - CAD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Detailed Information About Accounts Payable And Accrued Liabilities [Abstract] | ||
Accounts payable and accrued liabilities | $ 234,212 | $ 178,303 |
Accrued dividend payable | 2,242 | 1,794 |
Cash-settled share-based payments | 4,293 | 2,055 |
Total | $ 240,747 | $ 182,152 |
Warranty Provision - Schedule o
Warranty Provision - Schedule of Warranty Provisions (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Short Term Warranty Provision [line items] | ||
Beginning balance | $ 10,549 | $ 15,563 |
Additions during the year | 849 | 8,203 |
Amounts settled and released in the year | (4,681) | (13,232) |
Currency translation effects | (81) | 15 |
Ending balance | $ 6,636 | $ 10,549 |
Deferred Revenues - Summary of
Deferred Revenues - Summary of Detailed Information about Deferred Revenue (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Detailed Information About Deferred Revenue [Abstract] | |||
Balance, January 1 | $ 84,614 | $ 35,409 | $ 89,409 |
Cash received in advance of revenue recognition | 80,302 | 167,956 | 247,100 |
Revenue subsequently recognized | (54,430) | (118,438) | (306,334) |
Currency translation effects | (1,269) | (313) | 5,234 |
Ending Balance | $ 109,217 | $ 84,614 | $ 35,409 |
Long-Term Debt - Summary of Bor
Long-Term Debt - Summary of Borrowings (Detail) - CAD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about borrowings [line items] | |||
Drawings on Bank Facility | $ 30,522 | $ 40,000 | |
Drawings on Asset-Based Facility | 37,411 | 84,369 | |
Notes due | 266,865 | 267,810 | |
Deferred transaction costs | $ (3,163) | (3,376) | (2,467) |
Borrowings | 339,126 | 331,422 | 389,712 |
Current portion of long-term debt | 0 | 40,000 | |
Non-current portion of long-term debt | 339,126 | 331,422 | 349,712 |
Drawings On Bank Facility [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Drawings on Bank Facility | 46,246 | 30,522 | 84,369 |
Drawings On Asset Based Facility [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Drawings on Asset-Based Facility | 32,363 | 37,411 | |
Unsecured Notes Maturing On Twenty Second June Two Thousand And Twenty One [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Notes due June 22, 2021 | 40,000 | ||
Senior Unsecured Notes Maturing On December Fifteenth Two Thousand And Twenty Four [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Notes due | 146,208 | 148,119 | 148,686 |
Senior Unsecured Notes Maturing On December Fifteenth Two Thousand And Twenty Seven [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Notes due | $ 117,472 | $ 118,746 | $ 119,124 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) $ in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022CAD ($) | Jun. 30, 2021CAD ($) | Dec. 31, 2021CAD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2020USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings maturity | December 15, 2024 | ||||
Long term debt repayment of principal year five | $ 224.8 | $ 216.1 | |||
Long term debt repayment of principal after year five | 117.5 | $ 118.7 | |||
Senior unsecured 2024 and 2027 [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Unsecured notes issued | $ 266.9 | ||||
Senior unsecured 2024 [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Unsecured notes issued | $ 15 | $ 105 | |||
Senior unsecured 2024 [member] | Canada, Dollars | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings interest rate | 4.50% | 4.50% | |||
Senior unsecured 2024 [member] | United States of America, Dollars | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings interest rate | 4.67% | 4.67% | |||
Senior unsecured 2027 [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Unsecured notes issued | $ 70 | ||||
Borrowings maturity | December 15, 2027 | ||||
Unsecured notes outstanding | $ 30 | ||||
Senior unsecured 2027 [member] | Canada, Dollars | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings interest rate | 4.79% | 4.79% | |||
Senior unsecured 2027 [member] | United States of America, Dollars | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings interest rate | 4.87% | 4.87% | |||
Drawings On Bank Facility [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Line of credit maximum borrowing capacity | 660 | $ 660 | |||
Estimated increase in borrowing capacity | $ 150 | $ 150 | |||
Long term debt weighted average interest rate over a period of time | 2.10% | 2.10% | 2.30% | ||
Drawings On Bank Facility [Member] | Restated Syndicated Revolving Credit Facility Maturing On June Thirtieth Two Thousand And Twenty Five [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Line of credit maximum borrowing capacity | $ 725 | $ 725 | |||
Drawings On Bank Facility [Member] | Restated Syndicated Revolving Credit Facility Maturing On June Thirtieth Two Thousand And Twenty Three [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Line of credit maximum borrowing capacity | 65 | $ 65 | |||
Drawings On Asset Based Facility [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Credit facility availed | $ 52.5 | $ 52.5 | |||
Long term debt weighted average interest rate over a period of time | 3.00% | 3.00% | 0.00% | ||
Unsecured notes 2021 [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Repayment of unsecured notes | $ 40 |
Lease Liabilities - Summary of
Lease Liabilities - Summary of quantitative information about lease liabilities (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Quantitative Information About Lease Liabilities [Line Items] | |||||
Balance, January 1 | $ 57,014 | $ 61,926 | $ 61,926 | $ 67,000 | |
Additions | 1,199 | 9,721 | 8,065 | ||
Lease interest | 695 | $ 793 | 3,029 | 3,371 | $ 2,586 |
Payments made against lease liabilities | (4,208) | (17,244) | (16,141) | ||
Currency translation effects and other | (257) | (418) | (369) | ||
Current portion of lease liabilities | 13,286 | 13,906 | 14,693 | ||
Non-current portion of lease liabilities | 41,157 | 43,108 | 47,233 | ||
Closing balance | $ 54,443 | $ 57,014 | $ 61,926 | $ 67,000 |
Lease Liabilities - Summary o_2
Lease Liabilities - Summary of future minimum lease payments (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Undiscounted operating lease payments to be received | $ 65,296 | $ 68,498 | ||
Imputed interest | 10,684 | 11,273 | ||
Short Term Leases | 160 | 165 | ||
Low-value leases | 9 | 46 | ||
Lease liabilities | 54,443 | 57,014 | $ 61,926 | $ 67,000 |
2022 | ||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Undiscounted operating lease payments to be received | 11,487 | 15,448 | ||
2023 | ||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Undiscounted operating lease payments to be received | 11,566 | 11,167 | ||
2024 | ||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Undiscounted operating lease payments to be received | 8,436 | 8,192 | ||
2025 | ||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Undiscounted operating lease payments to be received | 6,380 | 6,313 | ||
2026 | ||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Undiscounted operating lease payments to be received | 4,608 | 4,561 | ||
Thereafter | ||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Undiscounted operating lease payments to be received | $ 22,819 | $ 22,817 |
Lease Liabilities - Additional
Lease Liabilities - Additional Information (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statements [Line Items] | |||||
Expense relating to short-term leases for which recognition exemption has been used | $ 100 | $ 100 | $ 300 | $ 1,000 | $ 1,700 |
Expense relating to variable lease payments not included in measurement of lease liabilities | 300 | 500 | 3,000 | 1,600 | 1,700 |
Cost of goods sold | 300 | 200 | 1,800 | 700 | 400 |
Selling and administrative expenses | 46,804 | 38,455 | 147,931 | 163,310 | 182,315 |
Interest expense on lease liabilities | 695 | 793 | 3,029 | 3,371 | 2,586 |
Cash outflow for leases | 4,700 | 4,600 | 20,500 | 18,700 | 19,100 |
Selling and administrative expenses | |||||
Statements [Line Items] | |||||
Selling and administrative expenses | $ 100 | $ 300 | $ 1,200 | $ 900 | $ 1,300 |
Income Tax - Summary Of Compone
Income Tax - Summary Of Components Of Income Tax Expense (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | |||||
Current income taxes | $ 3,363 | $ 3,109 | $ 13,135 | $ (6,872) | $ 31,720 |
Deferred income taxes | 258 | (4,520) | 43,422 | 14,174 | 31,476 |
Income tax expense from continuing operations | $ 3,621 | $ (1,411) | $ 56,557 | $ 7,302 | $ 63,196 |
Income Tax - Summary of Reconci
Income Tax - Summary of Reconciliation of Tax Expense (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||||
Earnings before income taxes | $ 3,252 | $ 1,592 | $ 38,102 | $ 95,559 | $ 215,324 |
Canadian statutory rate | 23.80% | 23.60% | 23.80% | 24.40% | 26.50% |
Expected income tax provision | $ 775 | $ 376 | $ 9,068 | $ 23,316 | $ 57,061 |
Exchange rate effects on tax basis | (1,672) | (1,485) | (2,269) | (4,007) | 2,125 |
Earnings taxed in foreign jurisdictions | 405 | (604) | 2,313 | (14,505) | (1,129) |
Revaluation of Canadian deferred tax assets due to change in statutory rate | (660) | 597 | 5,040 | ||
Withholding tax on dividends received from foreign subsidiaries | 2,763 | ||||
Amounts not deductible (taxable) for tax purposes | 164 | 147 | 811 | 2,426 | 723 |
Impact of accounting for associates and joint ventures | (68) | 97 | (160) | (530) | (575) |
Change in recognized deferred tax assets | 3,924 | 0 | 44,704 | ||
Other | 93 | 58 | (13) | 5 | (49) |
Income tax expense from continuing operations | $ 3,621 | $ (1,411) | $ 56,557 | $ 7,302 | $ 63,196 |
Income Tax - Summary Of Income
Income Tax - Summary Of Income tax Relating To Components Of Other Comprehensive Income (Detail) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income tax relating to components of other comprehensive income [abstract] | |||
Fair value remeasurement of hedging instruments entered into for cash flow hedges | $ 77 | $ 186 | $ (286) |
Relating to cash flow hedges | (53) | 158 | 276 |
Relating to net investment hedge | 61 | ||
Total income tax recognized in other comprehensive income | $ 24 | $ 405 | $ (10) |
Income Tax - Summary Of Tempora
Income Tax - Summary Of Temporary Difference Unused Tax Losses And Unused Tax Credits (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance | $ (39,192) | $ (27,632) |
Charged to net earnings | (43,422) | (14,171) |
Charged to OCI | (24) | (405) |
Exchange differences | (41) | 3,016 |
Ending Balance | (82,679) | (39,192) |
Accounting provisions and accruals [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance | 18,058 | 19,449 |
Charged to net earnings | (10,945) | (2,080) |
Charged to OCI | ||
Exchange differences | (91) | 689 |
Ending Balance | 7,022 | 18,058 |
Tax losses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance | 28,969 | 26,082 |
Charged to net earnings | (21,808) | 2,661 |
Charged to OCI | ||
Exchange differences | (642) | 226 |
Ending Balance | 6,519 | 28,969 |
Long-term asset [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance | (73,956) | (57,684) |
Charged to net earnings | (12,398) | (18,003) |
Charged to OCI | ||
Exchange differences | 99 | 1,731 |
Ending Balance | (86,255) | (73,956) |
Other [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance | 544 | 1,330 |
Charged to net earnings | (572) | (756) |
Charged to OCI | (61) | |
Exchange differences | 539 | 31 |
Ending Balance | 511 | 544 |
Exchange rate effects on tax bases [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance | (12,799) | (17,144) |
Charged to net earnings | 2,269 | 4,007 |
Charged to OCI | ||
Exchange differences | 54 | 338 |
Ending Balance | (10,476) | (12,799) |
Cash flow hedges [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance | (8) | 335 |
Charged to net earnings | 32 | |
Charged to OCI | (24) | (344) |
Exchange differences | 1 | |
Ending Balance | $ (8) |
Income Tax - Summary Of Tempo_2
Income Tax - Summary Of Temporary Difference Unused Tax Losses And Unused Tax Credits (Parenthetical) (Detail) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2022 | |
Text Block [Abstract] | |||
Deferred tax liabilities | $ 91,972 | $ 87,408 | $ 90,796 |
Deferred tax assets | 9,293 | 48,216 | $ 9,261 |
Deferred tax liability (asset) | $ 82,700 | $ 39,200 |
Income Tax - Summary Of Deducti
Income Tax - Summary Of Deductible Temporary Differences Of Income Tax Expenses (Detail) - CAD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of Deductible Temporary Differences of Income Tax Expenses [Line Items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | $ 225,903 | $ 49,667 |
Canadian Tax losses [Member] | ||
Disclosure of Deductible Temporary Differences of Income Tax Expenses [Line Items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 138,408 | |
Canadian Capital assets [Member] | ||
Disclosure of Deductible Temporary Differences of Income Tax Expenses [Line Items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 22,758 | |
Canadian Accounting provisions & other accruals [Member] | ||
Disclosure of Deductible Temporary Differences of Income Tax Expenses [Line Items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 26,363 | |
Foreign Tax losses [Member] | ||
Disclosure of Deductible Temporary Differences of Income Tax Expenses [Line Items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | $ 38,374 | $ 49,667 |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Text Block [Abstract] | |||||
Deductible temporary differences for which no deferred tax asset is recognised | $ 225,903 | $ 49,667 | |||
Unused tax credits for which no deferred tax asset recognised | $ 1,100 | $ 0 | |||
Description of expiry date of deductible temporary differences, unused tax losses and unused tax credits | The Company’s unused tax losses and tax credits are subject to expiration in the years 2022 through 2041. | ||||
Federal income tax rate | 15.00% | 15.00% | 15.00% | 15.00% | 15.00% |
Average effective tax rate | 8.80% | 8.60% | 8.80% | 9.40% | 11.50% |
Corporate income tax rate | 8.00% | 8.99% | 11.50% |
Share Capital Authorized - Summ
Share Capital Authorized - Summary of Issues and Outstanding (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of classes of share capital [line items] | |||||
Exercise of stock options | $ 468 | $ 440 | $ 1,783 | $ 1,725 | $ 10,187 |
Ordinary shares [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Balance, January 1 | $ 375,524 | $ 375,524 | $ 375,524 | $ 375,524 | |
Balance, January 1 (Shares) | 89,678,845 | 89,678,845 | 89,678,845 | 89,678,845 | |
Exercise of stock options | $ 0 | $ 0 | |||
Exercise of stock options (Shares) | 0 | 0 | |||
Ending balance | $ 375,524 | $ 375,524 | $ 375,524 | ||
Ending balance (Shares) | 89,678,845 | 89,678,845 | 89,678,845 |
Share Capital Authorized - Addi
Share Capital Authorized - Additional Information (Detail) - CAD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of classes of share capital [line items] | |||||||||
Dividends recognised as distributions to owners | $ 2,242,000 | $ 1,794,000 | $ 7,623,000 | $ 15,694,000 | $ 38,509,000 | ||||
Ordinary shares [member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Dividends recognised as distributions to owners | $ 7,600 | $ 15,700 | |||||||
Dividends paid, ordinary shares per share | $ 0.025 | $ 0.02 | $ 0.02 | $ 0.115 |
Contributed Surplus - Summary o
Contributed Surplus - Summary of Contribution Surplus (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Contribution surplus [Abstract] | ||
Balance, January 1 | $ 656,832 | $ 655,107 |
Share-based compensation | 1,783 | 1,725 |
Ending Balance | $ 658,615 | $ 656,832 |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregation of Revenue From Contracts With Customers (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue from contracts with customers | $ 323,069 | $ 203,205 | $ 960,156 | $ 1,217,052 | $ 2,045,422 |
United States [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue from contracts with customers | 127,714 | 81,387 | 451,675 | 549,854 | 954,350 |
Canada [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue from contracts with customers | 65,044 | 49,248 | 173,181 | 206,508 | 484,251 |
Oman [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue from contracts with customers | 50,618 | 17,384 | 84,486 | 53,664 | 105,721 |
Australia [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue from contracts with customers | 13,068 | 17,048 | 61,520 | 65,683 | 71,592 |
Bahrain [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue from contracts with customers | 8,163 | 7,088 | 40,361 | 108,358 | 42,864 |
Argentina [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue from contracts with customers | 11,417 | 6,400 | 34,321 | 21,276 | 24,522 |
Mexico [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue from contracts with customers | 6,962 | 6,294 | 27,355 | 32,945 | 46,300 |
Colombia [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue from contracts with customers | 7,664 | 5,029 | 17,795 | 32,671 | 17,375 |
Brazil [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue from contracts with customers | 6,476 | 3,487 | 17,289 | 11,130 | 10,953 |
Nigeria [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue from contracts with customers | 9,437 | 1,271 | 7,853 | 92,334 | 256,177 |
Bolivia [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue from contracts with customers | 7,775 | 6,264 | 4,037 | ||
Other [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue from contracts with customers | 16,506 | 8,569 | 36,545 | 36,365 | 27,280 |
Engineered Systems [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue from contracts with customers | 174,431 | 72,232 | 354,127 | 598,566 | 1,448,503 |
Services [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue from contracts with customers | 83,186 | 70,536 | 327,376 | 303,269 | 350,992 |
Energy Infrastructure [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue from contracts with customers | $ 65,452 | $ 60,437 | $ 278,653 | $ 315,217 | $ 245,927 |
Revenue - Summary of Disaggre_2
Revenue - Summary of Disaggregation of Revenue From Contracts With Customers (Parenthetical) (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statements [Line Items] | ||||||
Revenue related to operating leases | $ 13,600 | $ 17,800 | $ 68,200 | $ 86,600 | $ 92,300 | |
Revenue related to its USA contract compression fleet | $ 27,600 | $ 22,600 | $ 98,100 | $ 91,100 | 76,100 | |
Revenue [Member] | Reclassified from Service to Rentals [Member] | Operation and Maintenance of BOOM Contracts [Member] | ||||||
Statements [Line Items] | ||||||
Amount of reclassifications or changes in presentation | $ 11,717 | $ 43,594 |
Revenue - Summary of Performanc
Revenue - Summary of Performance Obligations (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Disclosure of performance obligations [line items] | ||
Revenue from performance obligations satisfied or partially satisfied in previous periods | $ 1,700,000 | $ 1,658,380 |
Less than one year [Member] | ||
Disclosure of performance obligations [line items] | ||
Revenue from performance obligations satisfied or partially satisfied in previous periods | 829,326 | 748,652 |
One to two years [Member] | ||
Disclosure of performance obligations [line items] | ||
Revenue from performance obligations satisfied or partially satisfied in previous periods | 151,360 | 155,508 |
Greater than two years [Member] | ||
Disclosure of performance obligations [line items] | ||
Revenue from performance obligations satisfied or partially satisfied in previous periods | 719,314 | 754,220 |
Engineered Systems [Member] | ||
Disclosure of performance obligations [line items] | ||
Revenue from performance obligations satisfied or partially satisfied in previous periods | 619,988 | 557,549 |
Engineered Systems [Member] | Less than one year [Member] | ||
Disclosure of performance obligations [line items] | ||
Revenue from performance obligations satisfied or partially satisfied in previous periods | 619,294 | 556,844 |
Engineered Systems [Member] | One to two years [Member] | ||
Disclosure of performance obligations [line items] | ||
Revenue from performance obligations satisfied or partially satisfied in previous periods | 694 | 705 |
Engineered Systems [Member] | Greater than two years [Member] | ||
Disclosure of performance obligations [line items] | ||
Revenue from performance obligations satisfied or partially satisfied in previous periods | 0 | 0 |
Service [Member] | ||
Disclosure of performance obligations [line items] | ||
Revenue from performance obligations satisfied or partially satisfied in previous periods | 92,139 | 91,294 |
Service [Member] | Less than one year [Member] | ||
Disclosure of performance obligations [line items] | ||
Revenue from performance obligations satisfied or partially satisfied in previous periods | 35,645 | 33,192 |
Service [Member] | One to two years [Member] | ||
Disclosure of performance obligations [line items] | ||
Revenue from performance obligations satisfied or partially satisfied in previous periods | 14,435 | 13,437 |
Service [Member] | Greater than two years [Member] | ||
Disclosure of performance obligations [line items] | ||
Revenue from performance obligations satisfied or partially satisfied in previous periods | 42,059 | 44,665 |
Energy Infrastructure [Member] | ||
Disclosure of performance obligations [line items] | ||
Revenue from performance obligations satisfied or partially satisfied in previous periods | 987,873 | 1,009,537 |
Energy Infrastructure [Member] | Less than one year [Member] | ||
Disclosure of performance obligations [line items] | ||
Revenue from performance obligations satisfied or partially satisfied in previous periods | 174,387 | 158,616 |
Energy Infrastructure [Member] | One to two years [Member] | ||
Disclosure of performance obligations [line items] | ||
Revenue from performance obligations satisfied or partially satisfied in previous periods | 136,231 | 141,366 |
Energy Infrastructure [Member] | Greater than two years [Member] | ||
Disclosure of performance obligations [line items] | ||
Revenue from performance obligations satisfied or partially satisfied in previous periods | $ 677,255 | $ 709,555 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Share-based Compensation Expenses (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation expense | $ 4,049 | $ 5,267 | $ 12,937 | $ 1,816 | $ 7,749 |
Equity settled share-based payments [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation expense | 457 | 440 | 1,783 | 1,725 | 2,735 |
Deferred share units [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation expense | 3,053 | (1,830) | (720) | ||
Phantom share entitlement plan [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation expense | 102 | (54) | (449) | ||
Performance share units [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation expense | 3,470 | 667 | 2,754 | ||
Restricted share units [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation expense | 2,751 | 755 | 2,199 | ||
Cash performance target [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation expense | $ 1,778 | $ 553 | $ 1,230 | ||
Cash settled sharebased payments [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based compensation expense | $ 3,592 | $ 4,827 |
Share-Based Compensation - Equi
Share-Based Compensation - Equity settled share based payment arrangements (Detail) | 3 Months Ended | 12 Months Ended | |||||||||||||
Mar. 31, 2022anniversaryshares$ / shares | Mar. 31, 2022anniversary$ / shares$ / shares | Mar. 31, 2022anniversary$ / shares | Mar. 31, 2022anniversary$ / shares | Dec. 31, 2021shares | Dec. 31, 2021shares$ / shares | Dec. 31, 2021shares$ / shares | Dec. 31, 2021anniversaryshares | Dec. 31, 2020shares$ / shares | Dec. 31, 2020shares$ / shares$ / shares | Dec. 31, 2020shares$ / shares | Dec. 31, 2020sharesanniversary$ / shares | Dec. 31, 2021$ / shares | Dec. 31, 2021$ / shares | Dec. 31, 2021anniversary | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |||||||||||||||
Options outstanding, beginning of period, Number of options | 4,456,444 | 4,456,444 | 4,057,142 | 4,057,142 | 3,565,521 | ||||||||||
Granted, Number of options | 654,847 | 654,847 | 839,478 | ||||||||||||
Exercised, Number of options | (2,120) | 0 | 0 | ||||||||||||
Forfeited, Number of options | (27,286) | (24,267) | (24,267) | (121,547) | |||||||||||
Expired, Number of options | (231,278) | (231,278) | (226,310) | ||||||||||||
Options outstanding, end of period, Number of options | 4,427,038 | 4,456,444 | 4,456,444 | 4,057,142 | 4,057,142 | ||||||||||
Options exercisable, end of period, Number of options | 2,415,824 | 2,415,824 | 2,415,824 | 2,415,824 | 2,445,230 | 2,445,230 | 2,445,230 | 2,445,230 | 1,810,577 | 1,810,577 | 1,810,577 | 1,810,577 | 2,445,230 | ||
Options outstanding, beginning of period, Weighted average exercise price | (per share) | $ 11.66 | $ 11.66 | $ 12.78 | $ 12.78 | $ 14.67 | ||||||||||
Granted, Weighted average exercise price | (per share) | 7.85 | 7.85 | 5.51 | ||||||||||||
Exercised, Weighted average exercise price | 5.51 | ||||||||||||||
Forfeited, Weighted average exercise price | (per share) | 13.51 | 9.25 | 9.25 | 15.20 | |||||||||||
Expired, Weighted average exercise price | (per share) | 20.75 | 20.75 | 14.33 | ||||||||||||
Options outstanding, end of period, Weighted average exercise price | (per share) | 11.65 | $ 11.66 | $ 11.66 | $ 12.78 | 12.78 | ||||||||||
Options exercisable, end of period, Weighted average exercise price | (per share) | $ 13.63 | $ 13.63 | $ 13.63 | $ 13.63 | $ 14.73 | $ 14.73 | $ 14.73 | $ 14.73 | $ 13.62 | $ 13.62 |
Share-Based Compensation - Eq_2
Share-Based Compensation - Equity settled share based payment arrangements (Parenthetical) (Detail) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022anniversary$ / shares | Mar. 31, 2021$ / shares | Dec. 31, 2021shares | Dec. 31, 2020shares | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||||
Share based compensation by share based award number of options exercised during the period | 2,120 | 0 | 0 | |
weighted average share price | $ 7.89 | $ 0 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2022CAD ($)anniversary | Mar. 31, 2021CAD ($) | Dec. 31, 2021CAD ($) | Dec. 31, 2021CAD ($) | Dec. 31, 2021CAD ($) | Dec. 31, 2021CAD ($)shares | Dec. 31, 2021CAD ($)$ / shares | Dec. 31, 2021CAD ($)anniversary | Dec. 31, 2020CAD ($)shares | Dec. 31, 2020CAD ($)$ / shares | Dec. 31, 2019CAD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Share based compensation by share based award number of options granted during the period | 654,847 | 654,847 | 839,478 | ||||||||
Share based compensation by share based award weighted average fair value of stock options granted during the period | $ / shares | $ 2.89 | $ 2.15 | |||||||||
Allocated share based compensation | $ 4,049,000 | $ 5,267,000 | $ 12,937,000 | $ 1,816,000 | $ 7,749,000 | ||||||
Number of trading days for determining the weighted average share price | 5 days | ||||||||||
Share based compensation by share based award vesting term | 3 years | ||||||||||
Share based compensation by share based award weighted average fair value of equity instruments other than options granted | $ / shares | $ 7.85 | $ 5.51 | |||||||||
Current Liabilities [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Reserve of share-based payments | 6,000,000 | $ 4,300,000 | $ 4,300,000 | 4,300,000 | $ 4,300,000 | $ 4,300,000 | $ 4,300,000 | ||||
Other longterm liabilities [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Reserve of share-based payments | $ 15,300,000 | $ 13,400,000 | 13,400,000 | 13,400,000 | $ 13,400,000 | 13,400,000 | $ 13,400,000 | ||||
Top of range [member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Share Based Compensation Employer Contribution | 3,000 | ||||||||||
Deferred Share Units [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Allocated share based compensation | 3,053,000 | $ (1,830,000) | (720,000) | ||||||||
Number of trading days for determining the weighted average share price | 5 days | ||||||||||
Share based compensation by share based award equity instruments other than options granted | anniversary | 76,751 | 247,317 | |||||||||
Liabilities from share based transaction | $ 600,000 | $ 700,000 | |||||||||
Deferred Share Units [Member] | Director And Executive [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Allocated share based compensation | 2,100,000 | 2,600,000 | |||||||||
Phantom Share Entitlement Plan [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Allocated share based compensation | 102,000 | $ (54,000) | (449,000) | ||||||||
Share based compensation by share based award equity instruments other than options granted | 24,715 | 24,715 | 34,853 | ||||||||
Intrinsic value of liabilities from share based payment transactions | $ 900,000 | 900,000 | 900,000 | $ 900,000 | 900,000 | $ 900,000 | $ 0 | $ 0 | |||
Phantom Share Entitlement Plan [Member] | Current Liabilities [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Liabilities from share based transaction | $ 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | $ 200,000 | 100,000 | 100,000 | |||
Performance Share Units [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Allocated share based compensation | 3,470,000 | $ 667,000 | 2,754,000 | ||||||||
Number of trading days for determining the weighted average share price | 5 days | ||||||||||
Share based compensation by share based award equity instruments other than options granted | anniversary | 419,195 | ||||||||||
Share based compensation number of days within which award will be settled from the date of determination of vesting percentage | 14 days | ||||||||||
Settlement of liability in respect of share based transactions | 1,000,000 | $ 500,000 | |||||||||
Performance Share Units [Member] | Current Liabilities [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Liabilities from share based transaction | $ 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | $ 2,000,000 | $ 600,000 | 600,000 | |||
Performance Share Units [Member] | Bottom of range [member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Share based compensation by share based award vesting percentage | 0.00% | ||||||||||
Performance Share Units [Member] | Top of range [member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Share based compensation by share based award vesting percentage | 200.00% | ||||||||||
Restricted Share Units [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Allocated share based compensation | 2,751,000 | $ 755,000 | $ 2,199,000 | ||||||||
Number of trading days for determining the weighted average share price | 5 days | ||||||||||
Share based compensation by share based award equity instruments other than options granted | anniversary | 472,819 | ||||||||||
Restricted Share Units [Member] | Current Liabilities [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Liabilities from share based transaction | $ 1,300,000 | 1,300,000 | 1,300,000 | $ 1,300,000 | 1,300,000 | $ 1,300,000 | $ 900,000 | 900,000 | |||
Restricted Share Units [Member] | Directors And Certain Key Executives [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Share based compensation by share based award equity instruments other than options granted | shares | 472,819 | 680,200 | |||||||||
Share based compensation number of days within which award will be settled from the date of determination of vesting percentage | 30 days | ||||||||||
Settlement of liability in respect of share based transactions | 2,300,000 | $ 800,000 | |||||||||
Cash Performance Target Plan [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Share based compensation by share based award term of expiry | 3 years | ||||||||||
Share based compensation number of days within which award will be settled from the date of determination of vesting percentage | 30 days | ||||||||||
Settlement of liability in respect of share based transactions | 1,500,000 | $ 500,000 | |||||||||
Share based compensation by share based equity instruments other than options granted during the period value | 2,200,000 | 2,400,000 | |||||||||
Cash Performance Target Plan [Member] | Current Liabilities [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Liabilities from share based transaction | $ 800,000 | $ 800,000 | 800,000 | $ 800,000 | $ 800,000 | $ 800,000 | $ 500,000 | $ 500,000 | |||
Cash Performance Target Plan [Member] | Tranche One [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Share based compensation by share based award vesting percentage | 0.33% | ||||||||||
Cash Performance Target Plan [Member] | Tranche Two [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Share based compensation by share based award vesting percentage | 0.03% | ||||||||||
Cash Performance Target Plan [Member] | Tranche Three [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Share based compensation by share based award vesting percentage | 0.03% | ||||||||||
Employee Share Purchase Plan [Member] | Bottom of range [member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Share Based Compensation Employer Contribution | $ 1,000 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Weighted Average Assumptions Used in Determination of Fair Values (Detail) - yr | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |||
Expected life (years) | 5.26 | 5.34 | |
Expected volatility | [1] | 44.40% | 43.60% |
Dividend yield | 1.00% | 1.40% | |
Risk-free rate | 1.10% | 0.50% | |
Estimated forfeiture rate | 3.90% | 3.60% | |
[1] | Expected volatility is based on the historical volatility of Enerflex over a five-year period, consistent with the expected life of the option. |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of Options Outstanding and Exercisable (Detail) | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2022anniversary$ / shares | Dec. 31, 2021shares | Dec. 31, 2021$ / shares | Dec. 31, 2021$ / shares | Dec. 31, 2021anniversary | Dec. 31, 2020shares | Dec. 31, 2020$ / shares | Dec. 31, 2020anniversary | Dec. 31, 2019shares | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Number outstanding, Options Outstanding | 4,427,038 | 4,456,444 | 4,456,444 | 4,057,142 | 4,057,142 | 3,565,521 | |||
Weighted average remaining life, Options Outstanding | 3 years 3 months 18 days | 3 years 6 months 10 days | |||||||
Weighted average exercise price, Options Outstanding | (per share) | $ 11.65 | $ 11.66 | |||||||
Number outstanding, Options Exercisable | 2,415,824 | 2,445,230 | 2,445,230 | 1,810,577 | |||||
Weighted average remaining life, Options Exercisable | 1 year 8 months 12 days | 1 year 11 months 12 days | |||||||
Weighted average exercise price, Options Exercisable | (per share) | $ 13.63 | 13.62 | $ 13.62 | $ 14.73 | |||||
Exercise Price Range One [member] | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Number outstanding, Options Outstanding | 1,475,830 | 1,477,950 | |||||||
Weighted average remaining life, Options Outstanding | 5 years 9 months 21 days | 6 years 21 days | |||||||
Weighted average exercise price, Options Outstanding | (per share) | $ 6.54 | 6.53 | |||||||
Number outstanding, Options Exercisable | 165,775 | 167,895 | |||||||
Weighted average remaining life, Options Exercisable | 5 years 4 months 13 days | 5 years 7 months 13 days | |||||||
Weighted average exercise price, Options Exercisable | (per share) | $ 5.51 | 5.51 | |||||||
Exercise Price Range Two [member] | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Number outstanding, Options Outstanding | 1,657,799 | 1,677,399 | |||||||
Weighted average remaining life, Options Outstanding | 2 years 4 months 13 days | 2 years 7 months 9 days | |||||||
Weighted average exercise price, Options Outstanding | (per share) | $ 12.85 | 12.85 | |||||||
Number outstanding, Options Exercisable | 1,174,530 | 1,194,130 | |||||||
Weighted average remaining life, Options Exercisable | 1 year 6 months 18 days | 1 year 9 months 14 days | |||||||
Weighted average exercise price, Options Exercisable | (per share) | $ 12.65 | 12.65 | |||||||
Exercise Price Range Three [member] | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Number outstanding, Options Outstanding | 1,293,409 | 1,301,095 | |||||||
Weighted average remaining life, Options Outstanding | 1 year 7 months 9 days | 1 year 10 months 9 days | |||||||
Weighted average exercise price, Options Outstanding | (per share) | $ 15.95 | 15.95 | |||||||
Number outstanding, Options Exercisable | 1,075,519 | 1,083,205 | |||||||
Weighted average remaining life, Options Exercisable | 1 year 3 months 18 days | 1 year 6 months 21 days | |||||||
Weighted average exercise price, Options Exercisable | (per share) | $ 15.94 | $ 15.94 |
Share-Based Compensation - Su_4
Share-Based Compensation - Summary of Options Outstanding and Exercisable (Parenthetical) (Detail) | Mar. 31, 2022$ / shares | Dec. 31, 2021$ / shares | Dec. 31, 2021$ / shares | Dec. 31, 2020$ / shares |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Share based compensation by share based award exercise price of outstanding share options | (per share) | $ 11.65 | $ 11.66 | ||
Share based compensation by share based award weighted average excersie price of options excercisable in a share based payment arrangement | (per share) | 13.63 | 13.62 | $ 13.62 | $ 14.73 |
Exercise Price Range One [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Share based compensation by share based award exercise price of outstanding share options | (per share) | 6.54 | 6.53 | ||
Share based compensation by share based award weighted average excersie price of options excercisable in a share based payment arrangement | (per share) | 5.51 | 5.51 | ||
Exercise Price Range Two [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Share based compensation by share based award exercise price of outstanding share options | (per share) | 12.85 | 12.85 | ||
Share based compensation by share based award weighted average excersie price of options excercisable in a share based payment arrangement | (per share) | 12.65 | 12.65 | ||
Exercise Price Range Three [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Share based compensation by share based award exercise price of outstanding share options | (per share) | 15.95 | 15.95 | ||
Share based compensation by share based award weighted average excersie price of options excercisable in a share based payment arrangement | (per share) | 15.94 | 15.94 | ||
Bottom of range [member] | Exercise Price Range One [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Share based compensation by share based award exercise price of outstanding share options | (per share) | 5.51 | 5.51 | ||
Share based compensation by share based award weighted average excersie price of options excercisable in a share based payment arrangement | (per share) | 5.51 | 5.51 | ||
Bottom of range [member] | Exercise Price Range Two [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Share based compensation by share based award exercise price of outstanding share options | (per share) | 9.78 | 9.78 | ||
Share based compensation by share based award weighted average excersie price of options excercisable in a share based payment arrangement | (per share) | 9.78 | 9.78 | ||
Bottom of range [member] | Exercise Price Range Three [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Share based compensation by share based award exercise price of outstanding share options | (per share) | 14.76 | 14.76 | ||
Share based compensation by share based award weighted average excersie price of options excercisable in a share based payment arrangement | (per share) | 14.76 | 14.76 | ||
Top of range [member] | Exercise Price Range One [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Share based compensation by share based award exercise price of outstanding share options | (per share) | 9.77 | 9.77 | ||
Share based compensation by share based award weighted average excersie price of options excercisable in a share based payment arrangement | (per share) | 9.77 | 9.77 | ||
Top of range [member] | Exercise Price Range Two [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Share based compensation by share based award exercise price of outstanding share options | (per share) | 14.75 | 14.75 | ||
Share based compensation by share based award weighted average excersie price of options excercisable in a share based payment arrangement | (per share) | 14.75 | 14.75 | ||
Top of range [member] | Exercise Price Range Three [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Share based compensation by share based award exercise price of outstanding share options | (per share) | 16.12 | 16.12 | ||
Share based compensation by share based award weighted average excersie price of options excercisable in a share based payment arrangement | (per share) | $ 16.12 | $ 16.12 |
Share-Based Compensation - Su_5
Share-Based Compensation - Summary of Share Units (Deferred share units) (Details) - Deferred Share Units [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022anniversary$ / sharesshares | Dec. 31, 2021anniversary$ / sharesshares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Opening Balance, Number | anniversary | 1,406,170 | 1,147,182 |
Granted, Number | anniversary | 76,751 | 247,317 |
In lieu of dividends, Number of DSUs | shares | 4,269 | 11,671 |
Ending Balance, Number | anniversary | 1,487,190 | 1,406,170 |
Opening Balance , Weighted average grant | $ 10.51 | $ 11.01 |
Granted , Weighted average grant | 8.14 | 8.33 |
In lieu of dividends , Weighted average grant | 7.81 | 8.15 |
Ending Balance , Weighted average grant | $ 10.38 | $ 10.51 |
Share-Based Compensation - Su_6
Share-Based Compensation - Summary of Share Units (Deferred share units) (Parenthetical) (Details) - Deferred Share Units [Member] - CAD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Liabilities from share based transaction | $ 0.6 | $ 0.7 | ||
Other Long Term Liabilities [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Liabilities from share based transaction | $ 10.8 | $ 7.5 |
Share-Based Compensation - Su_7
Share-Based Compensation - Summary of Share Units (Phantom Share Entitlement Plan) (Details) - Phantom Share Entitlement Plan [Member] | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022anniversary$ / shares | Dec. 31, 2021anniversary | Dec. 31, 2021$ / shares | Dec. 31, 2021shares | Dec. 31, 2020sharesanniversary$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Opening Balance, Number | anniversary | 222,920 | 198,205 | |||
Granted, Number | 24,715 | 24,715 | 34,853 | ||
Ending Balance, Number | anniversary | 222,920 | 198,205 | |||
Opening Balance , Weighted average grant | $ 12.15 | $ 12.69 | |||
Granted , Weighted average grant | 7.85 | ||||
Ending Balance , Weighted average grant | $ 12.15 | $ 12.69 |
Share-Based Compensation - Su_8
Share-Based Compensation - Summary of Share Units (Phantom Share Entitlement Plan) (Parenthetical) (Details) - Phantom Share Entitlement Plan [Member] - CAD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current Liabilities [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Liabilities from share based transaction | $ 0.2 | $ 0.1 |
Other Long Term Liabilities [Member] | Top of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Liabilities from share based transaction | $ 0.1 | $ 0.1 |
Share-Based Compensation - Su_9
Share-Based Compensation - Summary of Share Units (Performance Share Units) (Details) - Performance Share Units [Member] | 12 Months Ended |
Dec. 31, 2021anniversary$ / sharesshares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Opening Balance, Number | anniversary | 982,835 |
Granted, Number | anniversary | 419,195 |
In lieu of dividends, Number of DSUs | shares | 10,423 |
Vested, Number | anniversary | 104,037 |
Ending Balance, Number | anniversary | 1,308,416 |
Opening Balance , Weighted average grant | $ 9.35 |
Granted , Weighted average grant | 7.85 |
In lieu of dividends , Weighted average grant | 8.18 |
Vested, Weighted average grant | 7.36 |
Ending Balance , Weighted average grant | $ 9.02 |
Share-Based Compensation - S_10
Share-Based Compensation - Summary of Share Units (Performance Share Units) (Parenthetical) (Details) - Performance Share Units [Member] - CAD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current Liabilities [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Liabilities from share based transaction | $ 2 | $ 0.6 |
Other Long Term Liabilities [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Liabilities from share based transaction | $ 2.6 | $ 1.5 |
Share-Based Compensation - S_11
Share-Based Compensation - Summary of Share Units (Restricted Share Units) (Details) - Restricted Share Units [Member] | 12 Months Ended |
Dec. 31, 2021anniversary$ / sharesshares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Opening Balance, Number | anniversary | 782,517 |
Granted, Number | anniversary | 472,819 |
In lieu of dividends, Number of DSUs | shares | 8,021 |
Vested, Number | anniversary | 292,205 |
Forfeited, Number | anniversary | (74,678) |
Ending Balance, Number | anniversary | 896,474 |
Opening Balance , Weighted average grant | $ 7.52 |
Granted , Weighted average grant | 7.85 |
In lieu of dividends , Weighted average grant | 8.15 |
Vested, Weighted average grant | 7.79 |
Forfeited, Weighted average grant | 7.37 |
Ending Balance , Weighted average grant | $ 7.62 |
Share-Based Compensation - S_12
Share-Based Compensation - Summary of Share Units (Restricted Share Units) (Parenthetical) (Details) - CAD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Restricted Share Units [Member] | Current Liabilities [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Liabilities from share based transaction | $ 1.3 | $ 0.9 |
Retirement Benefits Plan - Summ
Retirement Benefits Plan - Summary of defined contribution plans (Detail) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Defined Contribution Plans Explanatory [Abstract] | |||
Defined contribution plans | $ 4,567 | $ 4,514 | $ 5,485 |
401(k) matched savings plan | 3,025 | 3,912 | 4,556 |
Net pension expense | $ 7,592 | $ 8,426 | $ 10,041 |
Finance Costs And Income - Summ
Finance Costs And Income - Summary of finance costs and income (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finance Costs [Abstract] | |||||
Short and long-term borrowings | $ 3,820 | $ 4,394 | $ 17,252 | $ 19,993 | $ 19,679 |
Interest on lease liability | 695 | 793 | 3,029 | 3,371 | 2,586 |
Total finance costs | 4,515 | 5,187 | 20,281 | 23,364 | 22,265 |
Finance Income | |||||
Interest income | 644 | 195 | 3,286 | 871 | 3,687 |
Net finance costs | $ 3,871 | $ 4,992 | $ 16,995 | $ 22,493 | $ 18,578 |
Reconciliation of Earnings Pe_3
Reconciliation of Earnings Per Share Calculations - Summary of Reconciliation of Earnings Per Share Calculations (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2022$ / sharesshares | Mar. 31, 2021$ / sharesshares | Dec. 31, 2021CAD ($)$ / sharesshares | Dec. 31, 2021$ / shares | Dec. 31, 2020CAD ($)$ / sharesshares | Dec. 31, 2020$ / shares | Dec. 31, 2019CAD ($)$ / sharesshares | Dec. 31, 2019$ / shares | |
Earnings per share [line items] | ||||||||
Basic - Net earnings | $ | $ (18,455) | $ 88,257 | $ 152,128 | |||||
Basic - Weighted average shares outstanding | shares | 89,679,811 | 89,678,845 | 89,678,845 | 89,678,845 | 89,500,829 | |||
Basic - Per share | (per share) | $ 0 | $ 0.03 | $ (0.21) | $ (0.21) | $ 0.98 | $ 0.98 | $ 1.70 | $ 1.70 |
Dilutive effect of stock option conversion - Net earnings | $ | $ 0 | $ 0 | $ 0 | |||||
Dilutive effect of stock option conversion - Weighted average shares outstanding | shares | 0 | 0 | 208,916 | |||||
Dilutive effect of stock option conversion - Per share | $ / shares | 0 | 0 | 0 | |||||
Diluted - Net earnings | $ | $ (18,455) | $ 88,257 | $ 152,128 | |||||
Diluted - Weighted average shares outstanding | shares | 89,679,811 | 89,762,110 | 89,678,845 | 89,678,845 | 89,709,745 | |||
Diluted - Per share | (per share) | $ 0 | $ 0.03 | $ (0.21) | $ (0.21) | $ 0.98 | $ 0.98 | $ 1.70 | $ 1.70 |
Financial Instruments - Summary
Financial Instruments - Summary of Detailed Information About Financial Instruments (Detail) - CAD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | ||||||
Carrying value, Cash and cash equivalents | $ 133,214 | $ 172,758 | $ 110,642 | $ 95,676 | $ 96,255 | $ 326,864 |
Carrying value, Derivative instruments in designated hedge accounting relationships | 294 | 491 | ||||
Carrying value, Accounts receivable | 222,046 | 212,206 | 213,375 | |||
Carrying value, Contract assets | 114,178 | 82,760 | 66,722 | $ 130,392 | ||
Carrying value, Long-term receivables | 24,172 | 31,910 | ||||
Carrying value, Derivative instruments in designated hedge accounting relationships | 180 | 371 | ||||
Carrying value, Accounts payable and accrued liabilities | 256,296 | 240,747 | 182,152 | |||
Carrying value, Long-term debt – Bank Facility | 30,522 | 40,000 | ||||
Carrying value, Long-term debt – Asset-Based Facility | 37,411 | 84,369 | ||||
Carrying value, Long-term debt – Notes | 266,865 | 267,810 | ||||
Carrying value, Other long-term liabilities | 18,002 | 15,785 | 10,967 | |||
Estimated fair value, Financial Assets | 300 | 300 | ||||
Estimated fair value, Financial Liabilities | $ 400 | 180 | 371 | |||
Accounts payable and accrued liabilities [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Estimated fair value, Financial Liabilities | 240,747 | 182,152 | ||||
Long-term debt – Bank Facility [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Estimated fair value, Financial Liabilities | 30,522 | 84,369 | ||||
Long-term debt – Asset-Based Facility [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Estimated fair value, Financial Liabilities | 37,411 | |||||
Long-term debt – Notes [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Estimated fair value, Financial Liabilities | 280,295 | 284,605 | ||||
Other long-term liabilities [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Estimated fair value, Financial Liabilities | 15,785 | 10,967 | ||||
Current portion of long-term debt - Notes [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Estimated fair value, Financial Liabilities | 40,610 | |||||
Cash and cash equivalents [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Estimated fair value, Financial Assets | 172,758 | 95,676 | ||||
Derivative instruments in designated hedge accounting relationships [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Estimated fair value, Financial Assets | 294 | 491 | ||||
Accounts receivable [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Estimated fair value, Financial Assets | 212,206 | 213,375 | ||||
Contract assets [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Estimated fair value, Financial Assets | 82,760 | 66,722 | ||||
Long-term receivables [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Estimated fair value, Financial Assets | $ 27,471 | $ 35,696 |
Financial Instruments - Summa_2
Financial Instruments - Summary of Fair Value Measurement of Financial Assets and Financial Liabilities (Detail) - CAD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | |||
Financial Assets | $ 300 | $ 300 | |
Financial Liabilities | $ 400 | 180 | $ 371 |
Carrying value, Derivative financial instruments | 294 | 491 | |
Carrying value, Long-term receivables | 24,172 | 31,910 | |
Carrying value, Derivative financial instruments | 180 | 371 | |
Carrying value, Long-term debt – Notes | 266,865 | 267,810 | |
Long-term debt – Notes [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Liabilities | 280,295 | 284,605 | |
Long-term receivables [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Assets | 27,471 | 35,696 | |
Level 1 [member] | Derivative financial instruments [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Liabilities | |||
Level 1 [member] | Long-term debt – Notes [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Liabilities | |||
Level 1 [member] | Derivative financial instruments [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Assets | |||
Level 1 [member] | Long-term receivables [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Assets | |||
Level 2 [member] | Derivative financial instruments [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Liabilities | 180 | ||
Level 2 [member] | Long-term debt – Notes [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Liabilities | 280,295 | ||
Level 2 [member] | Derivative financial instruments [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Assets | 294 | ||
Level 2 [member] | Long-term receivables [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Assets | 27,471 | ||
Level 3 [member] | Derivative financial instruments [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Liabilities | |||
Level 3 [member] | Long-term debt – Notes [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Liabilities | |||
Level 3 [member] | Derivative financial instruments [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Assets | |||
Level 3 [member] | Long-term receivables [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Assets |
Financial Instruments - Summa_3
Financial Instruments - Summary of Detailed Information About Hedging Instruments (Detail) - Currency risk [member] - CAD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
January 2022 – June 2022 [member] | USD | Purchase contracts [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | 16,119 | |
January 2022 – September 2022 [member] | USD | Sales contracts [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | (10,849) | |
June 2022 [member] | EUR | Purchase contracts [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | 1,091 | |
June 2022 [member] | EUR | Sales contracts [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | (641) | (641) |
April 2022 – February 2023 | USD | Purchase contracts [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | 16,258 | |
April 2022 – September 2022 | USD | Sales contracts [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | (8,622) | |
May 2022 – October 2022 | EUR | Purchase contracts [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount | 1,279 |
Financial Instruments - Summa_4
Financial Instruments - Summary of Earnings Before Tax Due To Weakening of Foreign Currency (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
USD | ||
Impact Of Earnings Before Tax Due To Weakening Of Foreign Currency [Line Items] | ||
Earnings before income taxes | $ 706 | $ 1,776 |
AUD | ||
Impact Of Earnings Before Tax Due To Weakening Of Foreign Currency [Line Items] | ||
Earnings before income taxes | (82) | (90) |
BRL | ||
Impact Of Earnings Before Tax Due To Weakening Of Foreign Currency [Line Items] | ||
Earnings before income taxes | $ 67 | $ 167 |
Financial Instruments - Summa_5
Financial Instruments - Summary of Earnings Before Tax Due To Weakening of Foreign Currency (Parenthetical) (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
USD | ||
Impact Of Earnings Before Tax Due To Weakening Of Foreign Currency [Line Items] | ||
Percentage of weakening of foreign currency against local currency | 5.00% | 5.00% |
Percentage of strengthening of foreign currency against local currency | 5.00% | 5.00% |
AUD | ||
Impact Of Earnings Before Tax Due To Weakening Of Foreign Currency [Line Items] | ||
Percentage of weakening of foreign currency against local currency | 5.00% | 5.00% |
Percentage of strengthening of foreign currency against local currency | 5.00% | 5.00% |
BRL | ||
Impact Of Earnings Before Tax Due To Weakening Of Foreign Currency [Line Items] | ||
Percentage of weakening of foreign currency against local currency | 5.00% | 5.00% |
Percentage of strengthening of foreign currency against local currency | 5.00% | 5.00% |
Financial Instruments - Summa_6
Financial Instruments - Summary of Sensitivity Analysis of Fair Value Measurement To Changes In Unobservable Inputs, Liabilities (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
USD | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items] | ||
Other comprehensive income | $ 14,122 | $ 14,019 |
Earnings before income taxes | (9,293) | (9,633) |
AUD | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items] | ||
Other comprehensive income | 582 | 908 |
Earnings before income taxes | 0 | |
BRL | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items] | ||
Other comprehensive income | 349 | 221 |
Earnings before income taxes | $ 0 |
Financial Instruments - Summa_7
Financial Instruments - Summary of Sensitivity Analysis of Fair Value Measurement To Changes In Unobservable Inputs, Liabilities (Parenthetical) (Detail) - Foreign Currency [member] | Mar. 31, 2022 | Dec. 31, 2021 |
USD | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items] | ||
Percentage of reasonably possible increase in unobervable input liabilities | 5.00% | 5.00% |
Percentage of reasonably possible decrease in unobervable input liabilities | 5.00% | 5.00% |
AUD | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items] | ||
Percentage of reasonably possible increase in unobervable input liabilities | 5.00% | 5.00% |
Percentage of reasonably possible decrease in unobervable input liabilities | 5.00% | 5.00% |
BRL | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items] | ||
Percentage of reasonably possible increase in unobervable input liabilities | 5.00% | 5.00% |
Percentage of reasonably possible decrease in unobervable input liabilities | 5.00% | 5.00% |
Financial Instruments - Summa_8
Financial Instruments - Summary of Maturity Analysis For Derivative and Non Derivative Financial Liabilities (Detail) - CAD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Maturity Analysis For Derivative And Non Derivative Financial Liabilities [Line Items] | ||
Foreign currency forward contracts | $ 409 | $ 180 |
Accounts payable and accrued liabilities | 256,296 | 240,747 |
Long-term debt – Bank Facility | 46,246 | 30,522 |
Long-term debt – Asset-Based Facility | 32,363 | 37,411 |
Long-term debt – Notes | 263,680 | 266,865 |
Other long-term liabilities | 18,002 | 15,785 |
Less than 3 months [member] | ||
Disclosure Of Maturity Analysis For Derivative And Non Derivative Financial Liabilities [Line Items] | ||
Foreign currency forward contracts | 264 | 124 |
Accounts payable and accrued liabilities | 256,296 | 240,747 |
Long-term debt – Bank Facility | 0 | |
Long-term debt – Asset-Based Facility | 0 | |
Long-term debt – Notes | 0 | |
Other long-term liabilities | 0 | |
3 months to 1 year [member] | ||
Disclosure Of Maturity Analysis For Derivative And Non Derivative Financial Liabilities [Line Items] | ||
Foreign currency forward contracts | 145 | 56 |
Accounts payable and accrued liabilities | 0 | |
Long-term debt – Bank Facility | 0 | |
Long-term debt – Asset-Based Facility | 0 | |
Long-term debt – Notes | 0 | |
Other long-term liabilities | 0 | |
Greater than 1 year [member] | ||
Disclosure Of Maturity Analysis For Derivative And Non Derivative Financial Liabilities [Line Items] | ||
Foreign currency forward contracts | 0 | |
Accounts payable and accrued liabilities | 0 | |
Long-term debt – Bank Facility | 46,246 | 30,522 |
Long-term debt – Asset-Based Facility | 32,363 | 37,411 |
Long-term debt – Notes | 263,680 | 266,865 |
Other long-term liabilities | $ 18,002 | $ 15,785 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) $ in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2022CAD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2021CAD ($) | Dec. 31, 2021CAD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2018CAD ($) | |
Disclosure of detailed information about financial instruments [line items] | |||||||
Financial assets at fair value | $ 300 | $ 300 | |||||
Cumulative estimated gain losses on termination of forward contracts | 100 | ||||||
Gain losses on cash flow hedges net of tax | $ (145) | $ 43 | $ 72 | 247 | $ 545 | $ (815) | |
Accumulated fair value hedge adjustment on hedged item included in carrying amount liabilities | $ 200 | 500 | 900 | ||||
Percentage change in rate of interest percentage | 1.00% | 1.00% | 1.00% | ||||
Estimated increase decrease in annual interest expense | $ 800 | $ 700 | |||||
Cash and cash equivalents | 133,214 | $ 110,642 | 172,758 | 95,676 | $ 96,255 | $ 326,864 | |
Financial liabilities, at fair value | 400 | 180 | 371 | ||||
Bank And Asset Based Facilities [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Loans received | 78,600 | 67,900 | |||||
Debt instrument unused borrowing capacity | $ 671,900 | $ 681,500 | |||||
Bank Facility Asset Facility And Notes [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Net debt to earnings before interest tax depreciation and amortization | 43 | 43 | 1 | ||||
Maximum net debt to earnings before interest tax depreciation and amortization | 3 | 3 | 3 | ||||
Actual interest coverage ratio | 9 | 9 | 8 | ||||
Minimum interest coverage ratio | 3 | 3 | 3 | ||||
Investment In Preferred Shares [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Financial assets at fair value | $ 27,500 | 25,700 | |||||
Investment In Preferred Shares [Member] | Long Term Receivables [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Financial assets at amortized costs | $ 24,200 | $ 22,000 | |||||
Bottom of range [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Percentage of entities revenue | 10.00% | 10.00% | |||||
Percentage of accounts receivable and contract assets | 10.00% | 10.00% | |||||
Bottom of range [member] | Investment In Preferred Shares [Member] | Long Term Receivables [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Financial assets at amortized costs | $ 24,700 | $ 24,200 | |||||
Top of range [member] | Investment In Preferred Shares [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Financial assets at fair value | 26,500 | 27,500 | |||||
Senior Unsecured Notes [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Financial liabilities at amortized costs | 280,300 | ||||||
Financial liabilities, at fair value | 280,295 | $ 284,605 | |||||
Senior Unsecured Notes [Member] | Bottom of range [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Financial liabilities at amortized costs | 263,700 | 266,900 | |||||
Senior Unsecured Notes [Member] | Top of range [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Financial liabilities at amortized costs | $ 252,100 | $ 280,300 | |||||
Senior Unsecured Notes [Member] | Discount rate, measurement input [member] | Weighted average [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Weighted average discount rate | 5.1 | 3.5 |
Capital Disclosures -Summary of
Capital Disclosures -Summary of Reconciliation of Net Debt to EBITDA Ratio (Detail) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021CAD ($) | Dec. 31, 2020CAD ($) | Mar. 31, 2022CAD ($) | Mar. 31, 2021CAD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2018CAD ($) | |
Disclosure of Reconciliation of Net debt to EBITDA ratio [Line Items] | ||||||
Long-term debt | $ 331,422 | $ 389,712 | ||||
Cash and cash equivalents | (172,758) | (95,676) | $ (133,214) | $ (110,642) | $ (96,255) | $ (326,864) |
Net debt | 158,664 | 294,036 | ||||
Earnings before finance costs and income taxes | 55,097 | 118,052 | ||||
Depreciation and amortization | 87,622 | 85,265 | ||||
EBITDA | $ 142,719 | $ 203,317 | ||||
Net debt to EBITDA ratio | 0.11 | 0.45 |
Capital Disclosures - Additiona
Capital Disclosures - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Abstract [Abstract] | |
Net debt to EBITDA ratio | 0.10 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information- Summary of Net Change in Non Cash Working Capital and Other (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Change in Non Cash Working Capital and Other [Line Items] | |||||
Accounts receivable | $ (9,840) | $ 25,622 | $ 1,169 | $ 170,646 | $ 85,316 |
Contract assets | (31,418) | 16,256 | (16,038) | 63,670 | (25,863) |
Inventories | (22,872) | 7,222 | 39,564 | 57,134 | (93,179) |
Work-in-progress related to finance leases | 3,792 | (36,169) | 0 | 0 | |
Deferred revenue | 24,603 | (5,610) | 49,205 | (54,000) | (205,897) |
Accounts payable and accrued liabilities, provisions, and income taxes payable | 16,179 | (11,786) | 59,613 | (162,841) | 23,123 |
Foreign currency and other | (3,363) | 2,988 | 3,091 | (41,833) | (5,249) |
Increase Decrease In Working Capital | (22,919) | 34,692 | 100,435 | 32,776 | (221,749) |
Interest paid – short- and long-term borrowings | 1,017 | 627 | 17,315 | 19,311 | 19,330 |
Interest paid – lease liabilities | 695 | 793 | 3,029 | 3,371 | 2,586 |
Total interest paid | 1,712 | 1,420 | 20,344 | 22,682 | 21,916 |
Interest received | 356 | 58 | 454 | 308 | 3,518 |
Taxes paid | 997 | 900 | 13,725 | 18,825 | 29,855 |
Taxes received | $ 627 | $ 148 | $ 23,137 | $ 5,566 | $ 421 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Summary of Changes in Liabilities Arising from Financing Activities (Detail) - Long-term borrowings [member] - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||||
Long-term debt, opening balance | $ 331,422 | $ 389,712 | $ 389,712 | $ 430,487 | $ 444,712 |
Changes from financing cash flows | 11,283 | (24,759) | (56,975) | (40,081) | (812) |
The effect of changes in foreign exchange rates | (3,793) | (2,909) | (406) | (1,358) | (14,156) |
Amortization of deferred transaction costs | 305 | 256 | 1,186 | 922 | 1,523 |
Other changes | (91) | (155) | (2,095) | (258) | (780) |
Long-term debt, closing balance | $ 339,126 | $ 362,145 | $ 331,422 | $ 389,712 | $ 430,487 |
Guarantees, Commitments,And C_2
Guarantees, Commitments,And Contingencies - Summary of Companys purchase obligations of future period (Detail) - CAD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Disclosure of Companys purchase obligations of future period [Abstract] | ||
2022 | $ 312,790 | $ 243,737 |
2023 | 4,144 | 2,904 |
2024 | $ 126 | $ 125 |
Guarantees, Commitments,And C_3
Guarantees, Commitments,And Contingencies - Additional Information (Detail) - CAD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of Companys purchase obligations of future period [Abstract] | |||
Letters of credit, outstanding | $ 40.1 | $ 42.1 | $ 47.5 |
Legal provisions | $ 0 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) R$ in Millions, $ in Millions | Dec. 22, 2020CAD ($) | Dec. 31, 2020 | Dec. 22, 2020BRL (R$) | Dec. 22, 2020CAD ($) |
Text Block [Abstract] | ||||
Percent of equity method investment | 45 | |||
Percent controlling interest | 50 | |||
Percent interest in a joint venture | 65 | |||
Net asset acquired | R$ 6.7 | $ 1.7 | ||
Increase (decrease) through appropriation of retained earnings, equity | $ 0.2 |
Related Parties - Summary of Fi
Related Parties - Summary of Financial Statement Impacts of all Transactions with Related Parties (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [line items] | |||||
Revenue | $ 323,069 | $ 203,205 | $ 960,156 | $ 1,217,052 | $ 2,045,422 |
Associate – Roska DBO [member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Revenue | 352 | 558 | 509 | ||
Purchases | 0 | 0 | 0 | ||
Accounts receivable | 128 | 1 | 4 | ||
Accounts Payable | 0 | 56 | 0 | ||
Joint Operation – Geogas [member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Revenue | 0 | 0 | 62 | ||
Purchases | 0 | 0 | 74 | ||
Accounts receivable | 0 | 0 | 19 | ||
Accounts Payable | $ 0 | $ 0 | $ 0 |
Related Parties - Summary of Re
Related Parties - Summary of Remuneration of Directors and Other Key Management Personnel (Detail) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Key Management Personnel [Abstract] | |||
Short-term compensation | $ 5,711 | $ 6,344 | $ 4,747 |
Post-employment compensation | 580 | 515 | 413 |
Share-based payments | $ 6,979 | $ 8,011 | $ 7,857 |
Segmented Information - Summary
Segmented Information - Summary Of Detailed Information About Geographical Areas (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of geographical areas [line items] | |||||
Segment revenue | $ 359,273 | $ 207,111 | $ 1,001,764 | $ 1,249,733 | $ 2,116,482 |
Intersegment revenue | (36,204) | (3,906) | (41,608) | (32,681) | (71,060) |
Revenue | 323,069 | 203,205 | 960,156 | 1,217,052 | 2,045,422 |
Operating income (loss) | 6,839 | 7,021 | 54,291 | 116,012 | 231,908 |
Segment assets | 2,228,677 | 2,201,974 | 2,031,129 | ||
Goodwill | 563,215 | 566,270 | 576,028 | 573,928 | |
Corporate | (564,917) | (576,802) | (427,581) | ||
Total segment assets | 2,226,975 | 2,191,442 | 2,179,576 | ||
Engineered Systems [Member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 174,431 | 72,232 | 354,127 | 598,566 | 1,448,503 |
Services [Member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 83,186 | 70,536 | 327,376 | 303,269 | 350,992 |
Energy Infrastructure [Member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 65,452 | 60,437 | 278,653 | 315,217 | 245,927 |
UNITED STATES | |||||
Disclosure of geographical areas [line items] | |||||
Segment revenue | 182,755 | 84,965 | 497,630 | 649,133 | 1,243,760 |
Intersegment revenue | (35,291) | (3,019) | (27,247) | (16,847) | (48,091) |
Revenue | 147,464 | 81,946 | 470,383 | 632,286 | 1,195,669 |
Operating income (loss) | 345 | 366 | 14,442 | 56,504 | 194,010 |
Segment assets | 985,255 | 1,000,755 | 895,022 | ||
Goodwill | 152,220 | 154,437 | 155,094 | ||
Corporate | 0 | 0 | |||
Total segment assets | 1,137,475 | 1,155,192 | 1,050,116 | ||
UNITED STATES | Engineered Systems [Member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 77,632 | 29,240 | 218,558 | 390,178 | 947,451 |
UNITED STATES | Services [Member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 42,249 | 30,114 | 153,722 | 150,939 | 172,130 |
UNITED STATES | Energy Infrastructure [Member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 27,583 | 22,592 | 98,103 | 91,169 | 76,088 |
Rest Of World [Member] | |||||
Disclosure of geographical areas [line items] | |||||
Segment revenue | 109,394 | 70,517 | 309,695 | 353,210 | 354,680 |
Intersegment revenue | (78) | (6) | (138) | (199) | (7,846) |
Revenue | 109,316 | 70,511 | 309,557 | 353,011 | 346,834 |
Operating income (loss) | 10,282 | 4,728 | 36,250 | 40,488 | 511 |
Segment assets | 691,812 | 654,969 | 610,597 | ||
Goodwill | 322,628 | 323,466 | 332,567 | ||
Corporate | 0 | 0 | |||
Total segment assets | 1,014,440 | 978,435 | 943,164 | ||
Rest Of World [Member] | Engineered Systems [Member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 49,292 | 8,442 | 22,500 | 40,485 | 76,813 |
Rest Of World [Member] | Services [Member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 23,034 | 25,911 | 111,500 | 96,092 | 111,357 |
Rest Of World [Member] | Energy Infrastructure [Member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 36,990 | 36,158 | 175,557 | 216,434 | 158,664 |
CANADA | |||||
Disclosure of geographical areas [line items] | |||||
Segment revenue | 67,124 | 51,629 | 194,439 | 247,390 | 518,042 |
Intersegment revenue | (835) | (881) | (14,223) | (15,635) | (15,123) |
Revenue | 66,289 | 50,748 | 180,216 | 231,755 | 502,919 |
Operating income (loss) | (3,788) | 1,927 | 3,599 | 19,020 | 37,387 |
Segment assets | 551,610 | 546,250 | 525,510 | ||
Goodwill | 88,367 | 88,367 | 88,367 | ||
Corporate | 0 | 0 | |||
Total segment assets | 639,977 | 634,617 | 613,877 | ||
CANADA | Engineered Systems [Member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 47,507 | 34,550 | 113,069 | 167,903 | 424,239 |
CANADA | Services [Member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 17,903 | 14,511 | 62,154 | 56,238 | 67,505 |
CANADA | Energy Infrastructure [Member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | $ 879 | $ 1,687 | $ 4,993 | $ 7,614 | $ 11,175 |
Segmented Information - Summa_2
Segmented Information - Summary Of Detailed Information About Geographical Areas (Parenthetical) (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of geographical areas [line items] | ||||||
Revenue From Government Grants | $ 0 | $ 4,100 | $ 16,400 | $ 19,600 | $ 0 | |
Energy Infrastructure [Member] | ||||||
Disclosure of geographical areas [line items] | ||||||
Amounts reclassified between segments | $ 11,717 | $ 43,594 |
Segmented Information - Additio
Segmented Information - Additional Information (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statements [Line Items] | |||||
Revenue | $ 323,069 | $ 203,205 | $ 960,156 | $ 1,217,052 | $ 2,045,422 |
Accounts Receivable And Contract Assets [Member] | |||||
Statements [Line Items] | |||||
Revenue | $ 17,700 | $ 68,000 | |||
Percentage of entity's revenue | 8.00% | 12.00% | |||
USA And Canada Segments [Member] | |||||
Statements [Line Items] | |||||
Percentage of entity's revenue description | no | no | no | ||
Revenue | $ 46,000 | $ 262,500 | |||
Percentage of entity's revenue | 14.20% | 12.80% |
Pending exterran transaction -
Pending exterran transaction - Additional Information (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2020 | Dec. 31, 2021 | |
Statements [Line Items] | |||
Borrowings, maturity | December 15, 2024 | ||
Borrowings | $ 339,126 | $ 389,712 | $ 331,422 |
Senior Secured Revolving Credit Facility [Member] | |||
Statements [Line Items] | |||
Borrowings, maturity | 3-year | ||
Bridge Loan Facility [Member] | |||
Statements [Line Items] | |||
Borrowings, maturity | 5-year | ||
Borrowings | $ 925,000 | ||
Bottom of range [member] | Senior Secured Revolving Credit Facility [Member] | |||
Statements [Line Items] | |||
Borrowings | 600,000 | ||
Top of range [member] | Senior Secured Revolving Credit Facility [Member] | |||
Statements [Line Items] | |||
Borrowings | $ 700,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - $ / shares | Jul. 07, 2022 | Apr. 07, 2022 |
Quaterly Dividend Declared [Member] | ||
Statements [Line Items] | ||
Dividend payable per share | $ 0.025 | $ 0.025 |