Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Enerflex Ltd |
Entity Central Index Key | 0001904856 |
Current Fiscal Year End Date | --12-31 |
Entity Address, Address Line One | Suite 904 |
Entity Address, Address Line Two | 1331 Macleod Trail S.E. |
Entity Address, City or Town | Calgary |
Entity Address, State or Province | AB |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | T2G 0K3 |
Entity Incorporation, State or Country Code | Z4 |
Entity Tax Identification Number | 98-0457703 |
City Area Code | 403 |
Local Phone Number | 387-6377 |
Auditor Name | Ernst & Young LLP |
Document Financial Statement Error Correction [Flag] | false |
Auditor Firm ID | 1263 |
Auditor Location | Calgary, Canada |
Title of 12(b) Security | Common Shares |
Trading Symbol | EFXT |
Security Exchange Name | NYSE |
Document Registration Statement | false |
Document Annual Report | true |
Entity Current Reporting Status | Yes |
Entity Primary SIC Number | 3563 |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Entity Common Stock, Shares Outstanding | 123,956,865 |
Entity File Number | 001-41531 |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Business Contact [Member] | |
Document Information [Line Items] | |
Contact Personnel Name | Enerflex Energy Systems Inc. |
Entity Address, Address Line One | 10815 Telge Road |
Entity Address, City or Town | Houston |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77095 |
City Area Code | 281 |
Local Phone Number | 345-9300 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | [1] |
Current assets | |||
Cash and cash equivalents | $ 126,089 | $ 253,776 | |
Short-term investments | 14,425 | ||
Accounts receivable | 525,854 | 455,841 | [2] |
Contract assets | 230,455 | 186,259 | |
Inventories | 389,398 | 369,298 | |
Work-in-progress related to finance leases | 0 | 41,986 | |
Current portion of finance leases receivable | 56,982 | 60,020 | |
Income taxes receivable | 4,090 | 10,397 | |
Derivative financial instruments | 594 | 901 | |
Prepayments | 76,579 | 71,398 | |
Assets held for sale | 9,225 | ||
Total current assets | 1,433,691 | 1,449,876 | |
Property, plant and equipment | 136,472 | 152,505 | |
Energy infrastructure assets | 1,143,668 | 1,237,550 | |
Contract assets | 178,928 | 223,179 | |
Lease right-of-use assets | 82,213 | 78,372 | |
Finance leases receivable | 212,557 | 234,484 | |
Deferred tax assets | 27,520 | 21,857 | |
Intangible assets | 73,245 | 102,773 | |
Goodwill | 571,810 | 674,396 | [2] |
Other assets | 51,876 | 83,076 | |
Total assets | 3,911,980 | 4,258,068 | |
Current liabilities | |||
Accounts payable and accrued liabilities | 561,120 | 628,086 | |
Provisions | 25,976 | 18,826 | |
Income taxes payable | 73,530 | 74,086 | |
Deferred revenues | 392,371 | 366,085 | |
Current portion of long-term debt | 52,904 | 27,088 | |
Current portion of lease liabilities | 25,453 | 20,125 | |
Derivative financial instruments | 1,019 | 977 | |
Other current liabilities | 7,936 | ||
Liabilities associated with assets held for sale | 6,319 | ||
Total current liabilities | 1,146,628 | 1,135,273 | |
Deferred revenues | 29,485 | 33,435 | |
Long-term debt | 1,162,014 | 1,363,237 | |
Lease liabilities | 75,259 | 72,908 | |
Deferred tax liabilities | 86,502 | 88,550 | |
Other liabilities | 18,070 | 21,757 | |
Total liabilities | 2,517,958 | 2,715,160 | |
Shareholders' equity | |||
Share capital | 591,598 | 589,827 | |
Contributed surplus | 660,030 | 660,072 | |
Retained earnings | 40,892 | 164,200 | |
Accumulated other comprehensive income | 101,502 | 128,809 | |
Total shareholders' equity | 1,394,022 | 1,542,908 | |
Total liabilities and shareholders' equity | $ 3,911,980 | $ 4,258,068 | |
[1]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments for the acquisition of Exterran as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information.[2]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments related to the Transaction as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information. |
Consolidated Statements of Loss
Consolidated Statements of Loss $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 CAD ($) $ / shares shares | Dec. 31, 2022 CAD ($) $ / shares shares | ||
Profit or loss [abstract] | |||
Revenue | $ 3,162,095 | $ 1,777,798 | |
Cost of goods sold | 2,544,949 | 1,455,082 | |
Gross margin | 617,146 | 322,716 | |
Selling, general and administrative expenses | 395,875 | 301,242 | |
Foreign exchange loss | 58,933 | 19,202 | |
Operating income | 162,338 | 2,272 | |
Gain (loss) on disposal of property, plant and equipment | (2,146) | 199 | |
Loss on short-term investments | (17,624) | ||
Equity earnings from associates and joint ventures | 2,464 | 4,719 | |
Impairment of goodwill | (87,168) | (48,000) | [1] |
Earnings (loss) before finance costs and income taxes | 57,864 | (40,810) | |
Net finance costs | 126,392 | 38,923 | |
Loss before income taxes | (68,528) | (79,733) | |
Income taxes | 42,396 | 21,210 | |
Net loss | $ (110,924) | $ (100,943) | |
Loss per share – basic | (per share) | $ (0.9) | $ (1.04) | |
Loss per share – diluted | (per share) | $ (0.9) | $ (1.04) | |
Weighted average number of shares – basic | shares | 123,834,242 | 97,045,917 | |
Weighted average number of shares – diluted | shares | 123,834,242 | 97,045,917 | |
[1]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments related to the Transaction as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information. |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Loss - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of comprehensive income [abstract] | ||
Net loss | $ (110,924) | $ (100,943) |
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 | (363) | 360 |
(Gain) loss on derivatives designated as cash flow hedges transferred to net loss, net of income tax expense | 29 | (389) |
Unrealized gain (loss) on translation of foreign-denominated debt | 18,728 | 11,779 |
Unrealized gain (loss) on translation of financial statements of foreign operations | (45,701) | 72,406 |
Other comprehensive income (loss) | (27,307) | 84,156 |
Total comprehensive loss | $ (138,231) | $ (16,787) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - CAD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | |||
Operating Activities | ||||
Net loss | $ (110,924) | $ (100,943) | ||
Items not requiring cash and cash equivalents: | ||||
Depreciation and amortization | 267,519 | 128,287 | ||
Equity earnings from associates and joint ventures | (2,464) | (4,719) | ||
Deferred income taxes (Note 22) | (10,863) | 3,265 | ||
Share-based compensation expense (Note 26) | 7,652 | 16,162 | ||
(Gain) loss on disposal of property, plant and equipment (Note 11) | 2,146 | (199) | ||
Loss on short-term investments | 17,624 | |||
Impairment of energy infrastructure assets (Note 11) | 1,726 | 1,233 | ||
Impairment of goodwill (Note 15) | 87,168 | 48,000 | ||
Adjustments to reconcile profit (loss) other than changes in working capital | 259,584 | 91,086 | ||
Net change in working capital and other (Note 32) | 13,727 | (71,318) | ||
Cash provided by operating activities | 273,311 | 19,768 | ||
Investing Activities | ||||
Net cash acquired from Acquisition (Note 6) | 0 | 133,218 | ||
Additions to: | ||||
Property, plant and equipment (Note 11) | (21,818) | (8,043) | ||
Energy infrastructure assets (Note 11) | (121,160) | (107,797) | ||
Intangibles (Note 14) | (6,481) | |||
Proceeds on disposal of: | ||||
Property, plant and equipment (Note 11) | 7,514 | 416 | ||
Energy infrastructure assets (Note 11) | 32,336 | 15,907 | ||
Purchase of short-term investments | (32,049) | |||
Investment in associates and joint ventures | 0 | (5,950) | ||
Dividends received from associates and joint ventures | 0 | 3,094 | ||
Net change in working capital associated with investing activities | (17,230) | 12,403 | ||
Cash provided by (used in) investing activities | (158,888) | 43,248 | ||
Financing Activities | ||||
Net proceeds from (repayment of) the Revolving Credit Facility (Note 20) | (137,343) | 464,624 | ||
Issuance of the Notes | 0 | 797,629 | ||
Issuance (repayment) of the Term Loan (Note 20) | (26,746) | 207,062 | ||
Repayment of assumed debt on Acquisition | 0 | (1,022,112) | ||
Repayment of the Notes on Acquisition | 0 | (285,722) | ||
Repayment of the Bank Facility on Acquisition | 0 | (31,213) | ||
Net proceeds from (repayment of) the Asset-Based Facility on Acquisition | 0 | (39,295) | ||
Lease liability principal repayment (Note 21) | (20,422) | (15,758) | ||
Dividends | (12,378) | (8,969) | ||
Stock option exercises (Note 23) | 1,279 | 260 | ||
Deferred transaction costs | (4,884) | (54,652) | ||
Cash provided by (used in) financing activities | (200,494) | 11,854 | ||
Effect of exchange rate changes on cash and cash equivalents denominated in foreign currencies | (41,616) | 6,148 | ||
Increase (decrease) in cash and cash equivalents | (127,687) | 81,018 | ||
Cash and cash equivalents, beginning of period (Note 7) | 253,776 | [1] | 172,758 | |
Cash and cash equivalents, end of period (Note 7) | $ 126,089 | $ 253,776 | [1] | |
[1]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments for the acquisition of Exterran as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information. |
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] |
Beginning Balance at Dec. 31, 2021 | $ 1,353,754 | $ 375,524 | $ 658,615 | $ 274,962 | $ 44,544 | $ 109 | $ 44,653 |
Net loss | (100,943) | (100,943) | |||||
Other comprehensive income (loss) | 84,156 | 84,185 | (29) | 84,156 | |||
Common shares issued (Note 6 and 23) | 213,942 | 213,942 | |||||
Effect of stock option plans (Note 23 and 24) | 1,818 | 361 | 1,457 | ||||
Dividends | (9,819) | (9,819) | |||||
Ending Balance at Dec. 31, 2022 | 1,542,908 | 589,827 | 660,072 | 164,200 | 128,729 | 80 | 128,809 |
Net loss | (110,924) | (110,924) | |||||
Other comprehensive income (loss) | (27,307) | (26,973) | (334) | (27,307) | |||
Effect of stock option plans (Note 23 and 24) | 1,729 | 1,771 | (42) | ||||
Dividends | (12,384) | (12,384) | |||||
Ending Balance at Dec. 31, 2023 | $ 1,394,022 | $ 591,598 | $ 660,030 | $ 40,892 | $ 101,756 | $ (254) | $ 101,502 |
Nature And Description Of The C
Nature And Description Of The Company | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Nature and description of the company | NOTE 1. NATURE AND DESCRIPTION OF THE COMPANY Enerflex Ltd. (“Enerflex” or “the Company”) deploys and services high-quality sustainable energy infrastructure tailored to customers’ needs – from individual, modularized products and services to integrated custom solutions. A leading energy services company, the Company’s vertically integrated suite of product offerings includes processing, cryogenic, compression, electric power, and treated water solutions, spanning all phases of a project’s lifecycle, from front-end low-carbon Headquartered in Calgary, Alberta, Canada, Enerflex’s registered office is located at 904, 1331 Macleod Trail SE, Calgary, Alberta, Canada. Enerflex has approximately 4,800 employees worldwide. Enerflex, its subsidiaries, interests in associates and joint operations, operate in over 70 locations globally, including Canada, the United States of America (“USA”), Argentina, Bolivia, Brazil, Colombia, Mexico, Peru, the United Kingdom, United Arab Emirates (“UAE”), Bahrain, Oman, Egypt, Iraq, Nigeria, Pakistan, Saudi Arabia, Australia, Indonesia, and Thailand. Enerflex operates four business segments and reports in three business segments: Canada and USA, which combine into the North America (“NAM”) reporting segment, Latin America (“LATAM”) which includes our operations in Mexico and South America, and Eastern Hemisphere (“EH”) which includes the Company’s international operations in Europe, Africa, the Middle East, Australia, and Asia. The following table represents material subsidiaries of the Company as at December 31, 2023: Name Jurisdiction of Incorporation Ownership Operating Segment Enerflex Ltd. Canada Public Shareholders North America Enerflex International Holdings Ltd. Barbados 100 percent Eastern Hemisphere Enerflex Energy Systems Inc. Delaware, USA 100 percent North America Enerflex US Holdings Inc. 1 Delaware, USA 100 percent North America Exterran Energy Solutions, LP Delaware, USA 100 percent North America Enerflex Energy Systems (Australia) PTY Ltd. Australia 100 percent Eastern Hemisphere Enerflex Middle East LLC Oman 70 percent 2 Eastern Hemisphere Enerflex Middle East WLL Bahrain 100 percent Eastern Hemisphere Enerflex Holding Company NL B.V. Netherlands 100 percent Eastern Hemisphere Exterran Middle East LLC Oman 100 percent Eastern Hemisphere 1 2 |
Basis Of Presentation
Basis Of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Basis Of Presentation | NOTE 2. BASIS OF PRESENTATION (a) Statement of Compliance These consolidated financial statements (the “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 (the “Board”) on February 28, 2024. Certain prior period amounts have been reclassified to conform with current period’s presentation. (b) Basis of Presentation and Measurement These Financial Statements are prepared on a historical cost basis except as detailed in the accounting policies disclosed in Note 3 “Summary of Material Accounting Policies” “Changes in Accounting Policies” “New Accounting Pronouncements” sub-section. Management performed a review of the presentation of certain selling, general and administrative expenses (“SG&A”). Following its review, the Company has disaggregated foreign exchange loss and loss on short-term investments from SG&A and presented them separately within the consolidated statements of loss. This disaggregation provides more relevant information and reflects the impact of the ongoing devaluation of the Argentine peso, caused by high inflation. More information can be found in Note 30 “ Financial Instruments ” million which included the aforementioned foreign exchange loss. The Company did not report any gain or loss on short-term investments for the year ended December 31, 2022. There was no impact to operating income for the year ended December 31, 2022 as a result of this disaggregation. (c) Functional Currency and Presentation Currency These Financial Statements are presented in Canadian dollars, which is the Company’s presentation currency, rounded to the nearest thousand, except per share amounts or as otherwise noted. 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 these Financial Statements requires that Management make judgments, estimates, and assumptions based on existing knowledge that affect the application of accounting policies and the reported amounts and disclosures. Actual results could differ from these estimates and assumptions. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Significant estimates and judgments used in the preparation of the Financial Statements are described in Note 5 “Significant Accounting Estimates and Judgment” (e) Basis of Consolidation These 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 Material Accounting
Summary Of Material Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary Of Material Accounting Policies | NOTE 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES (a) Business Combinations and Goodwill 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 SG&A, except for those associated with the issuance of debt, which are included in the initial carrying amount of the liability. Results of operations of businesses acquired are included in the Company’s consolidated financial statements from the date of acquisition. Goodwill arising on an acquisition of a business is initially measured at cost, being the excess of the aggregate of the consideration transferred over the net identifiable assets acquired and liabilities assumed. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. 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. (b) Investments in Associates and Joint Ventures Investments in associates and joint ventures are accounted for under the equity method. Under this 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 significant associates and joint ventures held by the Company are as follows: ● 45 percent interest in Roska DBO Inc. (“Roska DBO”). ● 65 percent interest in a joint venture in Brazil. 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 associates and joint venture partners and, therefore, is profit after tax and non-controlling (c) Foreign Currency Translation In the accounts of individual subsidiaries, transactions in currencies other than the individual subsidiaries’ functional currency are recorded at the prevailing rate of exchange at the date of the transaction. At year-end, Non-monetary Non-monetary The assets and liabilities on the statements of financial position of foreign subsidiaries are translated into Canadian dollars at the prevailing exchange rate 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. (d) Cash and Cash Equivalents Cash and cash equivalents comprise primarily of cash at banks, term deposits, investments in money market funds, and all other short-term highly liquid deposits with original maturities of three months or less, that are held for the purpose of meeting short-term cash commitments, readily convertible to a known amount of cash and subject to an insignificant change in value. (e) Short-Term Investments Short-term investments comprise of investments into mutual funds other than money market funds. The Company examines all information provided by the fund managers and external sources to the extent possible to determine if the net asset value (“NAV”) provided by the fund represents fair value. If it is determined that NAV represents fair value, the investment is adjusted to reflect NAV and unrealized gains or losses are recorded through profit or loss. (f) Trade Receivables Trade receivables are recognized and carried at original invoice amount less an allowance for any amounts estimated to be uncollectible. The Company calculates an expected credit loss based on historical experience of bad debts and specific provisions created when there is objective evidence that the collection of the full amount of a receivable is no longer probable under the terms of the original invoice. The amount of this allowance represents Management’s best estimate of expected credit losses. Trade receivables are derecognized when they are assessed as uncollectible. (g) Contract Assets The payment terms and conditions in customer contracts may vary from the timing of revenue recognition. Contract assets result when the Company has recognized revenue based on performance obligations satisfied, but invoicing hasn’t occurred. Once the contract permits invoicing, the contract assets are reclassified to trade receivables. (h) Assets Held for Sale Assets and the associated liabilities are classified as held for sale if their carrying amounts are expected to be recovered through a disposition rather than through continued use. The assets or disposal groups are measured at the lower of their carrying amount or estimated fair value less costs of disposal. Impairment losses on initial classification as well as subsequent gains or losses on remeasurement are recognized in the statement of earnings. Assets classified as held for sale are not depreciated or amortized after classification. (i) 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. (j) 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 no longer exist or when there is clear evidence of an increase in selling prices, the amount of the write-down previously recorded is reversed. (k) Property, Plant and Equipment Property, plant and equipment (“PP&E”) 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 PP&E 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 PP&E 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 PP&E 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. (l) Energy Infrastructure Assets Energy infrastructure (“EI”) assets are 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 five 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 two Each asset’s estimated useful life, residual value, and method of depreciation are reviewed and adjusted, if appropriate, at each year-end, (m) 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. The Company recognizes a right-of-use The ROU asset is measured at cost and is subsequently depreciated using the straight-line method over the lesser of the lease term or the useful life of the underlying asset, where appropriate. 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. Subsequently, lease liabilities are measured at amortized cost using the effective interest method. Lease liabilities are 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. The payments related to short-term and low value leases are recognized as expenses over the lease term. Sale and leaseback transaction For sale and leaseback transactions, the Company applies the requirements of IFRS 15 “Revenue from Contracts with Customers” (“IFRS 15”) to determine whether the transfer of an asset is accounted for as a sale due to a change in control. If the transfer of the asset is a sale in accordance with IFRS 15, the Company will recognize the proportion of the asset not retained by the Company through the lease as revenue immediately after the sale. The proportion of the asset retained by the Company through the lease is recognized as a ROU asset and the lease liability is measured as the present value of the future lease payments. 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. (n) Deferred Revenue The payment terms and conditions in customer contracts may vary from the timing of revenue recognition. Deferred revenue occurs when the company has collected payment but has not delivered the product or service that satisfies the performance obligation. Deferred revenue is recognized to the income statement as the underlying (o) 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. The Company 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: ● Short-term investments 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, preferred shares, and cash and cash equivalents 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 financial liabilities classified and measured at amortized cost are added to the value of the instrument at acquisition and taken into the consolidated statements of earnings using the effective interest rate method. (p) 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. (q) 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 SG&A 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 two (r) 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. Energy Infrastructure Revenue from EI assets is recognized in accordance with the terms of the relevant agreement with the customer 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 assets 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 relating to existing or pre-owned lease is classified as a finance lease if it transfers substantially all the risks 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. 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 EI revenue reflecting a constant periodic rate of return on the Company’s net investment in the lease over the lease term. After-Market Services After-Market Services (“AMS”) 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. Engineered Systems Revenue from the supply of equipment systems – contracts typically involving engineering, design, manufacture, installation, and start-up percentage-of-completion For ES 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 a cancellation. Revenue from contracts that have been classified as finance leases for newly manufactured equipment are recorded as ES revenue for the upfront sale of equipment recognized at a point in time when the lease commences. ES 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. The Company has elected to omit adjusting for significant financing components in the consideration amount if the entity expects payment within one year of transferring goods or services to a customer. Incremental costs of obtaining a contract predominantly relate to commission costs on ES projects, which are typically completed within one year. Accordingly, the Company did not recognize commission costs incurred as an asset in the consolidated statements of financial position. (s) 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. (t) 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. (u) 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. (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, amortization of the Notes discount using the effective interest rate method, and interest incurred on lease liabilities. (w) 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 26 “ Share-Based Compensation ” 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. (x) 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, where an entity’s tax return is prepared in a currency other than its functional currency, changes in the exchange rate between the two currencies create temporary differences with respect to |
Changes In Accounting Policies
Changes In Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Changes In Accounting Policies | NOTE 4. CHANGES IN ACCOUNTING POLICIES Amendments to Existing Standards The Company has reviewed amendments to existing accounting standards, The following amendments, effective for annual periods beginning on or after January 1, 2023, were adopted by the Company as of January 1, 2023. There were no adjustments that resulted from the adoption of these amendments on January 1, 2023. (a) IAS 1 Presentation of Financial Statements (“IAS 1”) and IFRS Practice Statement 2 Effective January 1, 2023, the IASB issued amendments to IAS 1, which helps companies provide useful accounting policy disclosures. The key amendments include (a) requiring companies disclose their material accounting policies rather than focusing on significant accounting policies; (b) clarifying that accounting policies related to immaterial transactions, other events or conditions are themselves immaterial and as such need not be disclosed; and (c) clarifying that not all accounting policies that relate to material transactions, other events or conditions are themselves material to a company’s financial statements. (b) IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (“IAS 8”) Effective January 1, 2023, the definition of accounting estimates was amended under IAS 8. Under the amended definition, a change in an input or a change in a measurement technique are changes in accounting estimates if they do not result from the correction of prior period errors. The amendment further clarifies that accounting estimates are monetary amounts in the financial statements subject to measurement uncertainty. (c) IAS 12 Income Taxes (“IAS 12”) (i) In May 2021, the IASB issued amendments to IAS 12, which narrows the scope of the initial recognition exception under IAS 12, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences. Under the amendments, the initial recognition exception does not apply to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. It only applies if the recognition of a related asset and liability give rise to taxable and deductible temporary differences that are not equal. (ii) In May 2023, the IASB issued final amendments to International Tax Reform – Pillar Two Model Rules. The amendments introduced a temporary exception to entities from the recognition and disclosure of information about deferred tax assets and liabilities related to Pillar Two model rules. The Company is within the scope of the Organisation for Economic Co-operation top-up For the year ended December 31, 2023, earnings before income taxes from the UAE and Bahrain was approximately $37 million with an average tax rate of 0% as calculated in accordance with IAS 12. Management has determined that these jurisdictions are more likely than not to have additional current tax liability. Due to the complexities in applying the legislation and calculating GLoBE income, the quantitative impact of this legislation is not yet reasonably estimated. New Accounting Pronouncements The Company has reviewed new and revised accounting pronouncements that have been issued but are not yet effective. (a) IAS 1 Presentation of Financial Statements (“IAS 1”) In October 2022, the IASB issued amendments to clarify that the classification of liabilities as current or non-current non-current, non-current These amendments are effective January 1, 2024 and are to be applied retrospectively. Management believes these amendments will have no significant impacts on the Company. (b) IFRS 16 Leases (“IFRS 16”) In September 2022, the IASB issued amendments to IFRS 16 that add subsequent measurement requirements for lease liabilities arising from sale and leaseback transactions for seller-lessees. The amendment does not prescribe specific measurement requirements for lease liabilities but measures the lease liability in a way that it does not recognise any amount of the gain or loss that relates to the right of use retained. These amendments are effective January 1, 2024 and are to be applied retrospectively. Management believes these amendments will have no significant impacts on the Company. (c) IAS 21 The Effects of Changes in Foreign Exchange Rates (“IAS 21”) In August 2023, the IASB issued amendments to IAS 21 which specifies how an entity should assess whether a currency is exchangeable and how to estimate the spot exchange rate when a currency is not exchangeable. Under the amendment, a currency is considered to be exchangeable into another currency when an entity is able to obtain the other currency within a time frame that allows for a normal administrative delay and through a market or exchange mechanism in which an exchange transaction would create enforceable rights and obligations. When a currency is not exchangeable, an entity estimates the spot rate as the rate at which an orderly transaction would take place between market participants at the measurement date that would reflect the prevailing economic conditions. An entity is required to disclose information that would enable users to evaluate when and how a currency’s lack of exchangeability affects financial performance, financial positions, and cash flows of an entity. The amendments are effective January 1, 2025, with early adoption permitted. Management has not yet determined the full impact this amendment will have on the Company. |
Significant Accounting Estimate
Significant Accounting Estimates and Judgment | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Significant Accounting Estimates and Judgment | NOTE 5. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGMENT The timely preparation of these Financial Statements requires that Management make estimates and assumptions and use judgment. Estimates, assumptions 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, uncertainties about the current economic environment including significant market volatility in commodity prices, high inflation, high interest rates, and increasing energy prices. 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. Management 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. When the Company is a lessor, and determines that a lease is a finance lease, the upfront sale of equipment is recognized at a point in time at lease commencement. 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 PP&E, intangible assets, and goodwill, among other items. In certain circumstances, such as the valuation of PP&E 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, customer attrition rates, operating margins, discount rates, and economic lives. PP&E, Energy Infrastructure Assets and Intangible Assets PP&E, EI assets, and intangible assets are stated at cost less accumulated depreciation and accumulated amortization and any impairment losses. Depreciation and amortization is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of PP&E, EI assets, and intangible assets is reviewed on an annual basis. Assessing the reasonableness of the estimated useful lives of PP&E, EI assets, and intangible assets requires judgment and is based on currently available information. PP&E, EI assets, and intangible assets are 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 PP&E, EI assets, and intangible assets constitutes a change in accounting estimate and are applied prospectively. ROU Asset and Lease Liability The Company determines the ROU asset and lease liability for each lease upon commencement. In calculating the ROU asset and lease liability, the Company is required to determine a suitable discount rate in order to calculate the present value of the contractual payments for the right to use the underlying asset during the lease term. In addition, the Company is required to assess the term of the lease, including if the Company is reasonably certain to exercise options to extend the lease or terminate the lease. Discount rates and lease assumptions are reassessed on a periodic basis. 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 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 “ Goodwill and Impairment Review of Goodwill ” 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 for uncertain tax positions, 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. The Company reviews the adequacy of these provisions at the end of each reporting period and adjusts them as required. However, it is possible that, at some future date, current income tax liabilities are in excess of the Company’s current income tax provision as a result of these audits, adjustments, or litigation with tax authorities. These differences could materially impact the Company’s assets, liabilities, and net income. 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 26 “ Share-Based Compensation ” |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2023 | |
Business combinations [Abstract] | |
Acquisition | NOTE 6. ACQUISITION On October 13, 2022, the Company completed the acquisition (the “Transaction”) of Exterran Corporation (“Exterran”) for total consideration of $ 223 October 13, 2022 Final Preliminary Purchase consideration Shares exchanged $ 213,942 $ 213,942 Fair value of vested stock-based compensation 1 8,641 8,641 Total purchase consideration $ 222,583 $ 222,583 Identifiable assets acquired and liabilities assumed Net working capital $ 63,290 $ 56,715 Property, plant, and equipment 60,395 60,395 Energy infrastructure assets 568,550 581,338 Contract assets 217,585 217,585 Finance leases receivables 77,578 77,578 Intangible assets 102,789 102,789 Other long-term assets 69,024 66,602 Long-term debt (1,019,436) (1,019,436) Other long-term liabilities (51,636) (60,408) Total net identifiable assets $ 88,139 $ 83,158 Goodwill $ 134,444 $ 139,425 1 During the three months ended March 31, 2023, the Company sold certain EI assets which resulted in the adjustment of fair value. The adjusted purchase price allocation resulted in decreases to EI assets of $13 million and net working capital, less than $1 million, and increases to deferred tax assets of $4 million and goodwill of $10 million. During the three months ended September 30, 2023, the Company finalized its assessment of deferred and current taxes, which led to further purchase price allocation adjustments resulting in decreases to deferred taxes of $7 million and current taxes of $10 million, and an increase to accrued liabilities of $2 million. The impact of these adjustments was a $15 million decrease to goodwill. The net impact of these adjustments was a decrease of $5 million to goodwill, and resulted in final goodwill for the Transaction of $134 million. During the year ended December 31, 2023, the Company incurred $61 million (December 31, 2022 – $71 million) of further restructuring, transaction, and integration costs directly related to the Transaction. These costs are included in cost of goods sold (“COGS”) and SG&A in the consolidated statements of loss. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents [abstract] | |
Disclosure in entirety of cash and cash equivalents | NOTE 7. CASH AND CASH EQUIVALENTS Cash and cash equivalents consisted of the following: December 31, 2023 2022 Cash $ 122,271 $ 253,776 Money market fund 3,818 - Cash and cash equivalents $ 126,089 $ 253,776 |
Accounts Receivable And Contrac
Accounts Receivable And Contract Assets | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Accounts Receivable And Contract Assets | NOTE 8. ACCOUNTS RECEIVABLE AND CONTRACT ASSETS Accounts receivable consisted of the following: December 31, 2023 2022 1 Trade receivables $ 529,550 $ 457,850 Less: allowance for doubtful accounts (12,539) (7,652) Trade receivables, net $ 517,011 $ 450,198 Other receivables 8,843 5,643 Total accounts receivable $ 525,854 $ 455,841 1 re-presented Aging of trade receivables: December 31, 2023 2022 Current to 90 days $ 440,459 $ 405,196 Over 90 days 89,091 52,654 $ 529,550 $ 457,850 Movement in allowance for doubtful accounts: December 31, 2023 2022 Opening balance $ 7,652 $ 10,334 Impairment provision additions on receivables 1,858 628 Amounts settled and derecognized during the period 2,582 (3,499) Currency translation effects 447 189 Closing balance $ 12,539 $ 7,652 Movement in contract assets: December 31, 2023 2022 Opening balance $ 409,438 $ 82,760 Acquisition (Note 6) — 281,509 Unbilled revenue recognized 1,364,706 559,229 Amounts billed (1,354,908) (517,828) Currency translation effects (9,853) 3,768 Closing balance $ 409,383 $ 409,438 Current contract assets $ 230,455 $ 186,259 Non-current 178,928 223,179 $ 409,383 $ 409,438 Amounts recognized as current contract assets are typically billed to customers within three months and amounts recognized as non-current |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Inventories | NOTE 9. INVENTORIES Inventories consisted of the following: December 31, 2023 2022 Direct materials $ 92,132 $ 107,575 Repair and distribution parts 152,282 136,876 Work-in-progress 119,254 98,297 Equipment 25,730 26,550 Total inventories $ 389,398 $ 369,298 December 31, 2023 2022 Work-in-progress $ - $ 41,986 The amount of inventory and overhead costs recognized as expense and included in COGS during the year ended December 31, 2023 was $2,545 million (December 31, 2022 – $1,455 million). COGS is made up of direct materials, direct labour, depreciation on manufacturing assets, post-manufacturing expenses, and overhead. COGS also includes inventory write-downs pertaining to obsolescence and aging, and recoveries of past write-downs upon disposition. The net change in inventory reserves charged to the consolidated statements of loss and included in COGS for the year ended December 31, 2023 was $1 million (December 31, 2022 – $2 million). The costs related to the construction of EI assets determined to be finance leases are accounted for as work-in-progress |
Assets and Liabilities Classifi
Assets and Liabilities Classified as Held for Sale | 12 Months Ended |
Dec. 31, 2023 | |
Assets and Liabilities Classified as Held for Sale [Abstract] | |
Disclosure in entirety of assets and liabilities classified as held for sale | NOTE 10. ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE As part of the Company’s portfolio optimization strategy, Management committed to a plan to sell certain assets within the EH segment. Accordingly, these assets and associated liabilities are presented as held for sale. In the fourth quarter of 2023, the Company entered into a sales agreement for these assets and the sale closed subsequent to December 31 As of December 31, 2023, assets and liabilities held for sale are comprised of cash and cash equivalents, lease ROU assets, the related lease liabilities, and accounts payables and accrued liabilities. December 31, 2023 Assets classified as held for sale: Cash and cash equivalents $ 3,319 Lease ROU assets 5,906 Total assets classified as held for sale $ 9,225 Liabilities associated with assets classified as held for sale: Accounts payable and accrued liabilities $ 110 Lease liabilities 6,209 Total liabilities associated with assets classified as held for sale $ 6,319 The Company measured its non-current |
Property, Plant And Equipment A
Property, Plant And Equipment And Energy Infrastructure Assets | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Property, Plant And Equipment And Energy Infrastructure Assets | NOTE 11. PROPERTY, PLANT AND EQUIPMENT AND ENERGY INFRASTRUCTURE ASSETS A reconciliation of the changes in the carrying amount of PP&E and EI assets were as follows: Land Building Equipment Assets under Total Energy Cost December 31, 2022 $ 23,559 $ 151,400 $ 90,698 $ 4,585 $ 270,242 $ 1,529,166 Additions - 376 2,402 19,040 21,818 121,160 Reclassification 120 2,985 13,340 (17,519) (1,074) - Disposals (612) (7,979) (17,128) - (25,719) (96,788) Reclassified to assets held for sale (Note 10) - (5,880) (2,331) - (8,211) - Currency translation effects (421) (3,990) (4,787) 2,758 (6,440) (42,815) December 31, 2023 $ 22,646 $ 136,912 $ 82,194 $ 8,864 $ 250,616 $ 1,510,723 Accumulated depreciation December 31, 2022 $ - $ (58,666) $ (59,071) $ - $ (117,737) $ (291,616) Depreciation charge - (9,901) (16,965) - (26,866) (171,932) Impairment - - - - - (1,726) Disposals - 4,774 11,285 - 16,059 73,393 Reclassified to assets held for sale (Note 10) - 5,880 2,331 - 8,211 - Currency translation effects - 2,176 4,013 - 6,189 24,826 December 31, 2023 $ - $ (55,737) $ (58,407) $ - $ (114,144) $ (367,055) Net book value – December 31, 2023 $ 22,646 $ 81,175 $ 23,787 $ 8,864 $ 136,472 $ 1,143,668 Land Building Equipment Assets under Total Energy 1 Cost December 31, 2021 $ 18,411 $ 114,021 $ 64,492 $ 3,068 $ 199,992 $ 839,734 Acquisition (Note 6) 4,237 31,864 22,952 1,342 60,395 568,550 Additions - 6 2,001 6,036 8,043 107,797 Reclassification - 885 4,022 (5,314) (407) - Disposals (6) (1,100) (1,925) - (3,031) (23,233) Currency translation effects 917 5,724 (844) (547) 5,250 36,318 December 31, 2022 $ 23,559 $ 151,400 $ 90,698 $ 4,585 $ 270,242 $ 1,529,166 Accumulated depreciation December 31, 2021 $ - $ (50,087) $ (53,491) $ - $ (103,578) $ (229,406) Depreciation charge - (7,205) (8,352) - (15,557) (83,289) Impairment - - - - - (1,233) Disposals - 987 1,827 - 2,814 9,671 Currency translation effects - (2,361) 945 - (1,416) 12,641 December 31, 2022 $ - $ (58,666) $ (59,071) $ - $ (117,737) $ (291,616) Net book value – December 31, 2022 $ 23,559 $ 92,734 $ 31,627 $ 4,585 $ 152,505 $ 1,237,550 1 re-presented Depreciation of PP&E and EI assets included in net loss for the year ended December 31, 2023, was $199 million (December 31, 2022 –$99 million), of which $183 million was included in COGS (December 31, 2022 – $95 million) and $16 million was included in SG&A (December 31, 2022 – $4 million). |
Lease Right-Of-Use Assets
Lease Right-Of-Use Assets | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Lease Right-Of-Use Assets | NOTE 12. LEASE RIGHT-OF-USE A reconciliation of the changes in the carrying amount of lease ROU assets were as follows: Land and buildings Equipment Total lease right-of-use assets Cost December 31, 2022 $ 94,107 $ 25,058 $ 119,165 Additions 22,131 22,287 44,418 Disposal (15,444) (7,096) (22,540) Lease measurement adjustment (7,413) - (7,413) Reclassified to assets held for sale (Note 10) (6,971) - (6,971) Currency translation effects (1,344) (262) (1,606) December 31, 2023 $ 85,066 $ 39,987 $ 125,053 Accumulated depreciation December 31, 2022 $ (27,157) $ (13,636) $ (40,793) Depreciation charge (16,866) (6,217) (23,083) Disposal 10,428 6,583 17,011 Lease measurement adjustment 1,900 - 1,900 Reclassified to assets held for sale (Note 10) 1,065 - 1,065 Currency translation effects 959 101 1,060 December 31, 2023 $ (29,671) $ (13,169) $ (42,840) Net book value – December 31, 2023 $ 55,395 $ 26,818 $ 82,213 Land and buildings Equipment Total lease right-of-use assets Cost December 31, 2021 $ 58,380 $ 24,359 $ 82,739 Acquisition (Note 6) 31,192 1,240 32,432 Additions 7,173 4,029 11,202 Disposal (3,935) (6,129) (10,064) Currency translation effects 1,297 1,559 2,856 December 31, 2022 $ 94,107 $ 25,058 $ 119,165 Accumulated depreciation December 31, 2021 $ (20,198) $ (12,654) $ (32,852) Depreciation charge (9,994) (5,824) (15,818) Disposal 3,543 5,731 9,274 Currency translation effects (508) (889) (1,397) December 31, 2022 $ (27,157) $ (13,636) $ (40,793) Net book value – December 31, 2022 $ 66,950 $ 11,422 $ 78,372 Depreciation of lease ROU assets included in net loss for the year ended December 31, 2023 was $23 million (December 31, 2022 – $16 million), of which $16 million was included in COGS (December 31, 2022 – $13 million) and $7 million was included in SG&A (December 31, 2022 – $3 million). |
Finance Leases Receivable
Finance Leases Receivable | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Disclosure Of Finance Lease Receivable Explanatory | NOTE 13. FINANCE LEASES RECEIVABLE The Company has entered into finance lease arrangements for certain of its EI assets, with initial terms of 10 years. The value of the finance leases receivable were c o Minimum lease payments and Present value of minimum lease payments December 31, 2023 2022 2023 2022 Less than one year $ 60,832 $ 73,614 $ 56,982 $ 60,020 Between one and five years 170,174 196,314 140,307 149,052 Later than five years 119,354 144,482 72,250 85,432 $ 350,360 $ 414,410 $ 269,539 $ 294,504 Less: Unearned finance income (80,821) (119,906) - - $ 269,539 $ 294,504 $ 269,539 $ 294,504 December 31, 2023 2022 Opening balance $ 294,504 $ 103,358 Acquisition (Note 6) - 110,097 Additions 64,112 86,602 Interest income 30,203 14,801 Billings and payments (79,619) (33,740) Derecognition (33,353) - Other (2,254) - Currency translation effects (4,054) 13,386 Closing balance $ 269,539 $ 294,504 The Company recognized non-cash The average interest rates implicit in the leases are fixed at the contract date for the entire lease term. At December 31, 2023, the average interest rate was 8.6 percent per annum (December 31, 2022 – 9.4 percent). The finance leases receivable at the end of reporting period are neither past due nor impaired. During the year ended December 31, 2023, the Company disposed of certain assets that were accounted for as finance leases, resulting in the derecognition of the associated finance lease receivable of $33 million. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Intangible Assets | NOTE 14. INTANGIBLE ASSETS A reconciliation of the changes in the carrying amount of intangible assets were as follows: Customer and other Software Total intangible Cost December 31, 2022 $ 151,310 $ 74,303 $ 225,613 Additions - 6,481 6,481 Reclassification - 1,074 1,074 Disposal - (1,632) (1,632) Currency translation effects (3,784) (3,973) (7,757) December 31, 2023 $ 147,526 $ 76,253 $ 223,779 Accumulated amortization December 31, 2022 $ (73,427) $ (49,413) $ (122,840) Amortization charge (18,233) (12,940) (31,173) Disposal - 1,632 1,632 Currency translation effects 2,313 (466) 1,847 December 31, 2023 $ (89,347) $ (61,187) $ (150,534) Net book value – December 31, 2023 $ 58,179 $ 15,066 $ 73,245 Customer and other Software Total intangible Cost December 31, 2021 $ 69,594 $ 49,069 $ 118,663 Acquisition (Note 6) 80,514 22,275 102,789 Disposal - (11) (11) Reclassification - 407 407 Currency translation effects 1,202 2,563 3,765 December 31, 2022 $ 151,310 $ 74,303 $ 225,613 Accumulated amortization December 31, 2021 $ (63,817) $ (44,728) $ (108,545) Amortization charge (7,239) (2,198) (9,437) Disposal - 11 11 Currency translation effects (2,371) (2,498) (4,869) December 31, 2022 $ (73,427) $ (49,413) $ (122,840) Net book value – December 31, 2022 $ 77,883 $ 24,890 $ 102,773 |
Goodwill and Impairment Review
Goodwill and Impairment Review of Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Goodwill and Impairment Review of Goodwill | NOTE 15. GOODWILL AND IMPAIRMENT REVIEW OF GOODWILL December 31, 2023 2022 1 Opening balance $ 674,396 $ 566,270 Acquisition (Note 6) - 134,444 Impairment (87,168) (48,000) Currency translation effects (15,418) 21,682 Closing balance $ 571,810 $ 674,396 1 re-presented Goodwill acquired through historical business combinations has been allocated to groups of CGUs, which are the Company’s operating segments that represent the lowest level at which goodwill is monitored for internal management purposes. The Company’s CGUs are Canada, USA, LATAM, and EH. At December 31, 2023, the Company performed its annual goodwill assessment by comparing the carrying value and recoverable amounts for each operating segment in accordance with IAS 36.10(b) which resulted in an $87 million impairment in LATAM. In assessing whether goodwill has been impaired, the carrying amount of each operating 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 two Key Assumptions Used in Value-In-Use The Company completed its annual assessment for goodwill impairment and determined that goodwill associated with LATAM of $87 million was not recoverable at December 31, 2023, and an impairment charge for this amount has been recorded in the consolidated statements of loss. The cash flows used in the impairment calculation were discounted using a 17.0 percent (December 31, 2022 – 15.5 percent) post-tax The recoverable amount for the Canada, USA, and EH operating segments exceeded the carrying amounts. Discount rates used for the goodwill impairment calculation at December 31, 2023 for Canada, USA, and EH ranged from 9.5 percent to 13.5 percent (December 31, 2022 – 10.7 percent to 15.3 percent) post-tax The estimation of VIU involves significant judgment in the determination of inputs to the discounted cash flow model and is most sensitive to changes in cash flow projections, revenue growth rate, operating margins, terminal growth and discount rates. These key assumptions were tested for sensitivity by applying a reasonable possible change to those assumptions. Future earnings before finance costs and taxes (“EBIT”) were changed by ten percent while the discount rate was changed by one percent. The USA and Canada operating segments have sufficient room as their recoverable amounts are significantly higher than their carrying values, and therefore, the sensitivities will not indicate an impairment. LATAM has no further goodwill to apply these sensitivities to. The impact of these sensitivities on the Company’s remaining three operating segments are as follows: ● EBIT: 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. A ten percent change in EBIT in the Company’s remaining three segments would not trigger an impairment. ● Discount Rate: Management determines a discount rate for each segment based on the estimated weighted average cost of capital (“WACC”) 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 operating 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 VIU would be $160 million for the EH segment. A one percent increase in WACC would trigger an impairment in the EH segment. A one percent change in the discount rate in the Company’s other two segments would not trigger an impairment. Management will continue to assess the long-term projected cash flows, as certain factors may cause a material variance from previously used cash flow projections. Management notes that there is potential for future impairments as interest rates continue to fluctuate, and as the Company gets more visibility regarding future cash flows. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Other Assets | NOTE 16. OTHER ASSETS December 31, 2023 2022 Investment in associates and joint ventures $ 37,544 $ 34,977 Prepaid deposits 13,932 13,972 Long-term receivables 1 400 34,127 Total other assets $ 51,876 $ 83,076 1 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Accounts Payable and Accrued Liabilities | NOTE 17. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES December 31, 2023 2022 1 Accounts payable and accrued liabilities $ 550,639 $ 611,516 Accrued dividend payable 3,098 3,093 Cash-settled share-based payments 7,383 13,477 Total accounts payable and accrued liabilities $ 561,120 $ 628,086 1 re-presented |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2023 | |
Classes of other provisions [abstract] | |
Provisions | NOTE 18. PROVISIONS December 31, 2023 2022 Warranty provisions $ 14,151 $ 13,411 Restructuring provisions 9,646 2,009 Legal provisions 2,179 3,406 Total provisions $ 25,976 $ 18,826 2023 Warranty Provisions Restructuring Provisions Legal Provisions Total Opening balance $ 13,411 $ 2,009 $ 3,406 $ 18,826 Acquisition (Note 6) - - - - Additions during the year 8,609 7,936 - 16,545 Amounts settled and released in the year (7,595 ) (299 ) (1,225 ) (9,119 ) Currency translation effects (274 ) - (2 ) (276 ) Closing balance $ 14,151 $ 9,646 $ 2,179 $ 25,976 2022 Warranty Provisions Restructuring Provisions Legal Provisions Total Opening balance $ 6,636 $ - $ - $ 6,636 Acquisition (Note 6) 5,888 - 2,691 8,579 Additions during the year 4,395 2,009 717 7,121 Amounts settled and released in the year (3,669 ) - - (3,669 ) Currency translation effects 161 - (2 ) 159 Closing balance $ 13,411 $ 2,009 $ 3,406 $ 18,826 |
Deferred Revenues
Deferred Revenues | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Deferred Revenues | NOTE 19. DEFERRED REVENUE December 31, 2023 2022 Opening balance $ 399,520 $ 84,614 Acquisition (Note 6) - 135,409 Cash received in advance of revenue recognition 892,622 526,924 Revenue subsequently recognized (857,797) (354,531) Currency translation effects (12,489) 7,104 Closing balance $ 421,856 $ 399,520 Current deferred revenue $ 392,371 $ 366,085 Non-current 29,485 33,435 Deferred revenue $ 421,856 $ 399,520 Amounts recognized as current deferred revenue are typically recognized into revenue within six months and amounts recognized as non-current |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings [abstract] | |
Long-Term Debt | NOTE 20. LONG-TERM DEBT The three-year secured term loan (“Term Loan”) and the three-year secured revolving credit facility (“Revolving Credit Facility”) have a maturity date of October 13, 2025 (the “Maturity Date”). In addition, the Revolving Credit Facility may be increased by US$150 million at the request of the Company, subject to the lenders’ consent. The Maturity Date of the Revolving Credit Facility may be extended annually on or before the anniversary date with the consent of the lenders. The senior secured notes (the “Notes”) consist of US$625 million principal amount, bears interest of 9.0 percent, and has a maturity of October 15, 2027. The Company has a $93 million (US$70 million) unsecured credit facility “LC Facility” with one of the lenders in its Revolving Credit Facility. This LC Facility allows the Company to request the issuance of letters of guarantee, standby letters of credit, performance bonds, counter guarantees, import documentary credits, counter standby letters of credit or similar credits to finance the day-to-day 93 70 The Company is required to maintain certain covenants on the Revolving Credit Facility, Term Loan and the Notes. As at December 31, 2023, the Company was in compliance with its covenants. The composition of the borrowings on the Revolving Credit Facility, Term Loan, and the Notes were as follows: Maturity Date December 31, 2023 December 31, 2022 Drawings on the Revolving Credit Facility (US$700,000) October 13, 2025 $ 314,705 $ 459,202 Drawings on the Term Loan (US$130,000) October 13, 2025 171,938 203,160 Notes (US$625,000) October 15, 2027 826,625 846,500 1,313,268 1,508,862 Deferred transaction costs and Notes discount (98,350) (118,537) Long-term debt $ 1,214,918 $ 1,390,325 Current portion of long-term debt $ 52,904 $ 27,088 Non-current 1,162,014 1,363,237 Long-term debt $ 1,214,918 $ 1,390,325 The weighted average interest rate on the Revolving Credit Facility for the year ended December 31, 2023 was 7.7 percent (December 31, 2022 – 7.0 percent), and the weighted average interest rate on the Term Loan for the year ended December 31, 2023 was 9.0 percent (December 31, 2022 – 7.8 percent). At December 31, 2023 without considering renewal at similar terms, the Canadian dollar equivalent principal payments due over the next five years are $1,313 million, and nil thereafter. |
Lease Liabilities
Lease Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Leases [Abstract] | |
Lease Liabilities | NOTE 21. LEASE LIABILITIES December 31, 2023 2022 Opening balance $ 93,033 $ 57,014 Acquisition (Note 6) - 39,845 Additions 44,583 9,977 Lease interest 6,789 3,398 Payments made against lease liabilities (27,211) (19,156) Transfer to liabilities associated with assets held for sale (Note 10) (6,209) - Lease measurement adjustment (6,781) - Currency translation effects and other (3,492) 1,955 Closing balance $ 100,712 $ 93,033 Current portion of lease liabilities $ 25,453 $ 20,125 Non-current 75,259 72,908 Lease liabilities $ 100,712 $ 93,033 In addition to the lease payments made above, during the year ended December 31, 2023, the Company paid less than $1 million (December 31, 2022 – $1 million) relating to short-term and low-value Future minimum lease payments under non-cancellable December 31, 2023 2024 $ 29,346 2025 26,384 2026 19,475 2027 15,348 2028 24,537 Thereafter 7,569 $ 122,659 Less: Imputed interest 21,886 Short-term leases 59 Low-value 2 Lease liabilities $ 100,712 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 22. INCOME TAXES (a) Income Tax Recognized in Net Earnings The components of income taxes were as follows: Years ended December 31, 2023 2022 Current income taxes $ 53,259 $ 17,945 Deferred income taxes (10,863) 3,265 Income taxes $ 42,396 $ 21,210 (b) Reconciliation of Income Taxes 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, 2023 2022 Loss before income taxes $ (68,528) $ (79,733) Canadian statutory rate 23.5% 23.4% Expected income tax provision $ (16,104) $ (18,658) Add (deduct): Change in unrecognized deferred tax asset 21,128 27,664 Exchange rate effects on tax basis 23,493 (2,223) Impairment of goodwill 20,484 11,232 Earnings taxed in foreign jurisdictions 2,063 543 Amounts not deductible (taxable) for tax purposes (8,869) 4,373 Impact of accounting for associates and joint ventures (579) (1,104) Other 780 (617) Income taxes $ 42,396 $ 21,210 The applicable statutory tax rate is the aggregate of the Canadian federal income tax rate of 15.0 percent (2022 – 15.0 percent) and the Alberta provincial income tax rate of 8.5 percent (2022 – 8.4 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 EI assets in Argentina and Mexico, the tax base of these assets are denominated in Argentine peso and Mexican peso, respectively. The functional currency is 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 the local currency. 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, 2023 2022 Deferred Tax Arising on income and expenses recognized in other comprehensive income: Fair value remeasurement of hedging instruments entered into for cash flow hedges $ 118 $ (55) Arising on income and expenses reclassified from other comprehensive income to net earnings: Relating to cash flow hedges (11) 59 Total income tax recognized in other comprehensive income $ 107 $ 4 (d) Net Deferred Tax Assets (Liabilities) Deferred tax assets and liabilities arise from the following: Accounting Tax losses Long-term Exchange rate Cash flow Total 1 December 31, 2022 $ 4,356 $ 56,497 $ (111,777) $ (15,769) $ - $ (66,693) Charged to net earnings 30,159 (19,678) 22,226 (21,737) (107) 10,863 Charged to OCI - - - - 107 107 Exchange differences 1,474 237 (3,419) (1,551) - (3,259) December 31, 2023 $ 35,989 $ 37,056 $ (92,970) $ (39,057) $ - $ (58,982) 1 Accounting Tax Long-term Other Exchange Cash flow Total 1,2 December 31, 2021 $ 7,022 $ 6,519 $ (86,255) $ 511 $ (10,476) $ - $ (82,679) Acquisition (Note 6) 2 4,750 49,513 (24,033) - (6,538) - 23,692 Charged to net earnings (7,467) 1,325 1,022 - 1,859 (4) (3,265) Charged to OCI - - - - - 4 4 Exchange differences 51 (860) (2,511) (511) (614) - (4,445) December 31, 2022 $ 4,356 $ 56,497 $ (111,777) $ - $ (15,769) $ - $ (66,693) 1 2 re-presented (e) Unrecognized Deferred Tax Assets As at December 31, 2023, the Company did not recognize deductible temporary differences of $1,210 million (December 31, 2022 – $1,179 million) and unused Canadian tax credits of $1 million (December 31, 2022 – $1 million) for which it is unlikely that sufficient future taxable income will be available to offset against. An additional $78 million (December 31, 2022 – $75 million) of U.S. tax credits were acquired but utilization is restricted and therefore the benefit is not recognized. The deductible temporary differences consist of: Years ended December 31, 2023 2022 1 Canadian: Tax losses $ 336,414 $ 215,703 Long-term assets 667 23,896 Accounting provisions and other accruals 20,092 29,143 Foreign 2 Tax losses 910,300 975,297 Long-term assets (53,940) (53,830) Accounting provisions and other accruals (3,718) (11,145) Total unrecognized deferred tax assets $ 1,209,815 $ 1,179,064 1 2 The Company’s unused tax losses and tax credits are subject to expiration in the years 2024 through 2042 with some having an indefinite life. |
Share Capital Authorized
Share Capital Authorized | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Share capital Authorized [Abstract] | |
Share Capital Authorized | NOTE 23. 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 2023 2022 December 31, Number of Common Number of Common Opening balance 123,739,020 $ 589,827 89,678,845 $ 375,524 Issued on Acquisition (Note 6) - - 34,013,055 213,942 Exercise of stock options 217,845 1,771 47,120 361 Closing balance 123,956,865 $ 591,598 123,739,020 $ 589,827 As a result of the Transaction on October 13, 2022, Enerflex acquired all issued and outstanding Exterran common stock in exchange for 1.021 Enerflex common shares. Enerflex issued 34,013,055 Enerflex common shares with a fair value of $214 million, based on the October 12, 2022 closing share price of $6.29. Total dividends declared in the year were $12 million, or $0.10 per share (December 31, 2022 – $10 million, or $0.10 per share). |
Contributed Surplus
Contributed Surplus | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Contributed Surplus | NOTE 24. 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: December 31, 2023 2022 Opening balance $ 660,072 $ 658,615 Share-based compensation 450 1,558 Exercise of stock options (492) (101) Closing balance $ 660,030 $ 660,072 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
REVENUE | NOTE 25. REVENUE Years ended December 31, 2023 2022 Energy Infrastructure 1 $ 777,702 $ 381,087 After-Market Services 652,198 443,660 Engineered Systems 1,732,195 953,051 Total revenue $ 3,162,095 $ 1,777,798 1 Revenue by geographic location, which is attributed by destination of sale, was as follows: Years ended December 31, 2023 2022 United States of America $ 1,347,408 $ 890,899 Canada 350,490 261,865 Nigeria 232,481 18,420 Oman 221,538 119,906 Argentina 220,608 80,524 Iraq 193,789 25,917 Bahrain 127,009 85,540 Brazil 102,164 45,367 Australia 85,515 65,618 Mexico 84,400 64,325 Thailand 40,037 11,523 Colombia 28,977 21,278 Other 127,679 86,616 Total revenue $ 3,162,095 $ 1,777,798 The following table outlines the Company’s unsatisfied performance obligations, by product line, as at December 31, 2023: Less than one year One to two years Greater than two years Total Energy Infrastructure $ 537,622 $ 474,220 $ 1,236,395 $ 2,248,237 After-Market Services 90,047 50,023 138,850 278,920 Engineered Systems 1,277,348 201,384 20,312 1,499,044 $ 1,905,017 $ 725,627 $ 1,395,557 $ 4,026,201 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share-Based Compensation | NOTE 26. SHARE-BASED COMPENSATION (a) Share-Based Compensation Expense The share-based compensation expense included in the determination of net earnings was: Years ended December 31, 2023 2022 Equity-settled share-based payments $ 450 $ 1,558 Deferred share units (1,713) 3,622 Phantom share entitlement plan (187) 117 Performance share units (442) 4,172 Restricted share units 6,764 4,454 Cash performance target 2,780 2,239 Share-based compensation expense $ 7,652 $ 16,162 (b) Equity-Settled Share-Based Payments 2023 2022 Years ended December 31, Number of options Weighted Number of Weighted Options outstanding, beginning of period 3,089,229 $ 10.77 4,456,444 $ 11.66 Exercised 1 (217,845) 5.87 (47,120) 5.51 Forfeited (318,840) 9.54 (27,286) 13.51 Expired (254,569) 13.32 (1,292,809) 13.98 Options outstanding, end of period 2,297,975 $ 11.12 3,089,229 $ 10.77 Options exercisable, end of period 1,589,639 $ 12.52 1,671,421 $ 12.48 1 The Company did not grant stock options for the years ended December 31, 2023 and 2022. The following table summarizes options outstanding and exercisable at December 31, 2023: Options Outstanding Options Exercisable Range of exercise prices 1 Number Weighted Weighted Number Weighted Weighted $5.51 – $6.68 517,559 3.62 $ 5.51 250,394 3.62 $ 5.51 $6.69 – $14.75 1,142,861 3.54 10.95 701,690 3.21 11.89 $14.76 – $16.12 637,555 1.21 15.97 637,555 1.21 15.97 Total 2,297,975 2.91 $ 11.12 1,589,639 2.47 $ 12.52 1 (c) Deferred Share Units The Company offers a DSU plan for executives and non-employee non-employee 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, 2023, the value of directors’ compensation and executive bonuses elected to be received in DSUs totalled $2 million (December 31, 2022 – $2 million). The Company paid $3 million for the year ended December 31, 2023 representing units vested in the year (December 31, 2022 – less that $1 million). Number of DSUs Weighted average grant DSUs outstanding, January 1, 2022 1,625,513 $ 10.16 Granted 314,208 7.44 In lieu of dividends 20,817 7.65 Vested (400,428) 6.75 DSUs outstanding, December 31, 2023 1,560,110 $ 10.45 The carrying amount of the liability relating to DSUs as at December 31, 2023 included in current liabilities was $2 million (December 31, 2022 – $3 million) and in other long-term liabilities was $8 million (December 31, 2022 – $11 million). (d) Phantom Share Entitlement Plan The Company utilizes a PSE plan for key employees of affiliates located in Australia and 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 There were no PSEs granted to employees during the years ended December 31, 2023 and 2022. Number of PSEs Weighted average grant PSEs outstanding, December 31, 2022 200,251 $ 12.21 Exercised (13,941) 5.51 Expired (27,397) 13.27 PSEs outstanding, December 31, 2023 158,913 $ 12.61 The carrying amount of the liability relating to the PSEs as at December 31, 2023 included in current liabilities was less than $1 million (December 31, 2022 – less than $1 million) and in other long-term liabilities was less than $1 million (December 31, 2022 – less than $1 million). (e) Performance Share Units The Company offers a PSU plan for executive officers of the Company. A 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 and NYSE 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 assess performance to determine the vesting percentage, which can range from zero percent to 200 percent. Within 14 days after the determination of the vesting percentage, the holder will be paid for the vested PSUs either in cash or in shares of the Company acquired on the open market on behalf of the holder, at the discretion of the Company. Additional Enerflex PSUs will be credited on the regular dividend payment dates as all dividends are assumed to be reinvested. The Company paid $2 million for the year ended December 31, 2023 representing units vested in the year (December 31, 2022 – $2 million). Number of TSX Canadian Number of NYSE PSUs outstanding, December 31, 2022 1,641,746 $ 8.51 - $ - Granted 341,072 8.40 271,566 6.24 In lieu of dividends 19,150 7.81 1,163 4.30 Vested (227,074) 9.25 - - Forfeited (563,999) 6.21 - - PSUs outstanding, December 31, 2023 1,210,895 $ 9.40 272,729 $ 6.23 The carrying amount of the liability relating to PSUs as at December 31, 2023 included in current liabilities was $2 million (December 31, 2022 – $4 million) and in other long-term liabilities was $2 million (December 31, 2022 – $3 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. 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 and NYSE during the last five trading days immediately preceding the vesting date. Unless otherwise determined by the Board, RSUs vest at a rate of one-third Additional Enerflex RSUs will be credited on the regular dividend payment dates as all dividends are assumed to be reinvested. In 2023, the Board granted 1,869,012 RSUs to executive officers and other key employees of the Company (2022 – 995,336). In connection with the Transaction, Enerflex replaced the Exterran cash-settled share-based with 572,260 units RSU’s to executive officers and other key employees. The Company paid $9 million for units vested during the year ended December 31, 2023 (December 31, 2022 – $2 million). Number of TSX Canadian Number of NYSE RSUs outstanding, December 31, 2022 2,001,833 $ 6.90 - $ - Granted 1,069,821 8.53 799,191 6.27 In lieu of dividends 24,121 7.71 3,596 4.46 Vested (933,104) 8.87 (16,388) 6.83 Forfeited (389,079) 7.17 (57,808) 6.36 RSUs outstanding, December 31, 2023 1,773,592 $ 6.79 728,591 $ 6.24 The carrying amount of the liability included in current liabilities relating to RSUs at December 31, 2023 was $3 million (December 31, 2022 – $4 million) and in other long-term liabilities was less than $1 million (December 31, 2022 – $1 million). (g) Cash Performance Target Plan The Company offers a CPT plan to certain non-executive, one-third During 2023, the Board of Directors did not grant CPT (2022 – $3 million). The Company paid $4 million for the year ended December 31, 2023, representing units vested in the year (December 31, 2022 – $2 million). The weighted average grant fair value per unit for December 31, 2023 was nil (December 31, 2022 – $6.29), 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, 2023 was $1 million (December 31, 2022 – $1 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. Company contributions vest to the employee immediately. Company contributions are charged to SG&A when paid. This plan is administered by a third party. |
Retirement Benefits Plan
Retirement Benefits Plan | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
RETIREMENT BENEFITS PLAN | NOTE 27. 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 the defined contribution plans and the 401(k) matched savings plan, the pension expenses recorded in earnings are the amounts of actual contributions the Company is required to make in accordance with the terms of the plans. Years ended December 31, 2023 2022 Defined contribution plans $ 6,780 $ 5,169 401(k) matched savings plan 7,238 4,110 Net pension expense $ 14,018 $ 9,279 |
Finance Costs And Income
Finance Costs And Income | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
FINANCE COSTS AND INCOME | NOTE 28. FINANCE COSTS AND INCOME Years ended December 31, 2023 2022 Finance Costs Short and long-term borrowings 1 $ 152,005 $ 46,009 Interest on lease liability 6,789 3,398 Total finance costs $ 158,794 $ 49,407 Finance Income Interest income $ 32,402 $ 10,484 Net finance costs $ 126,392 $ 38,923 1 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Earnings Per Share | NOTE 29. EARNINGS PER SHARE Year ended December 31, 2023 Net loss Weighted average Per share Basic $ (110,924 123,834,242 $ (0.90) Dilutive effect of stock option conversion - - - Diluted $ (110,924) 123,834,242 $ (0.90) Year ended December 31, 2022 Net loss Weighted average Per share Basic $ (100,943) 97,045,917 $ (1.04) Dilutive effect of stock option conversion - - - Diluted $ (100,943) 97,045,917 $ (1.04) |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Instruments | NOTE 30. FINANCIAL INSTRUMENTS Designation and Valuation of Financial Instruments The Company has designated ifs financial instruments as follows: December 31, 2023 Carrying value Estimated fair value Financial Assets Cash and cash equivalents $ 126,089 $ 126,089 Short-term investments 14,425 14,425 Derivative instruments in designated hedge accounting relationships 594 594 Loans and receivables: Accounts receivable 525,854 525,854 Financial Liabilities Derivative instruments in designated hedge accounting relationships 1,019 1,019 Other financial liabilities: Accounts payable and accrued liabilities 561,120 561,120 Other current liabilities 7,936 7,936 Long-term debt – Revolving Credit Facility 314,705 314,705 Long-term debt – Term Loan 171,938 171,938 Long-term debt – Notes 826,625 823,198 Other long-term liabilities 18,070 18,070 December 31, 2022 Carrying value Estimated fair value Financial Assets Cash and cash equivalents $ 253,776 $ 253,776 Derivative instruments in designated hedge accounting relationships 901 901 Loans and receivables: Accounts receivable 455,841 455,841 Preferred shares receivable 27,954 28,702 Financial Liabilities Derivative instruments in designated hedge accounting relationships 977 977 Other financial liabilities: Accounts payable and accrued liabilities 628,086 628,086 Long-term debt – Revolving Credit Facility 459,202 459,202 Long-term debt – Term Loan 203,160 203,160 Long-term debt – Notes 846,500 869,288 Other long-term liabilities 21,757 21,757 Designation and Valuation of Financial Instruments 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, 2023 and indicates the fair value hierarchy of the valuation techniques used to determine such fair value. During the year ended December 31, 2023, there were no transfers between Level 1 and Level 2 fair value measurements. Fair values are determined using quoted market 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 Short-term investments $ 14,425 $ - $ 14,425 $ - Derivative financial instruments 594 - 594 - Financial Liabilities Derivative financial instruments $ 1,019 $ - $ 1,019 $ - Long-term debt – Notes 826,625 - 823,198 - Cash and cash equivalents, short-term investments, accounts receivable, accounts payable and accrued liabilities, other current 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 Company’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. 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 9.0 percent, was $823 million at December 31, 2023. Preferred Shares The Company previously held preferred shares that were initially recorded at fair value, subsequently measured at amortized cost and recognized as long-term receivables in Other assets. During the first quarter of 2023, the Company redeemed these preferred shares and recognized a gain in excess of the carrying value, which is included in the consolidated statements of loss. The carrying value and estimated fair value of the preferred shares at December 31, 2022 was $28 million and $29 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 December 31, 2023: Notional amount Maturity Canadian Dollar Denominated Contracts Purchase contracts USD $ 30,780 January 2024 –December 2024 Sales contracts USD (21,321) January 2024 –November 2024 Management estimates that a loss of less than $1 million would be realized if the contracts were terminated on December 31, 2023. Certain of these forward contracts are designated as cash flow hedges and accordingly, a loss of less than $1 million has been included in other comprehensive income for the year ended December 31, 2023 (December 31, 2022 – gain of less than $1 million). These losses are not expected to affect net earnings as the losses will be reclassified to net earnings and will offset losses recorded on the underlying hedged items, namely foreign currency denominated accounts payable and accounts receivable. The amount removed from other comprehensive income during the year and included in the carrying amount of the hedged items for the year ended December 31, 2023, was a gain of less than $1 million (December 31, 2022 – loss of less than $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 margins earned on awarded contracts denominated in currencies other than Canadian dollars. In addition, the Company may hedge input costs that are paid in a currency other than the home currency of the subsidiary executing the contract. Translation Exposure The Company’s earnings from and net investment in foreign subsidiaries are exposed to fluctuations in exchange rates. The Company is also exposed to the translation risk of monetary items in their local currency to their functional currency. The currencies with the most significant impact are the U.S. dollar (“USD”), Australian dollar (“AUD”), and Brazilian real (“BRL”). 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, foreign exchange gains and losses on the translation of US$621 million in designated foreign currency borrowings are included in accumulated other comprehensive income (loss) for the year ended December 31, 2023. Assets and liabilities denominated in foreign currencies are translated into Canadian dollars using the exchange rates in effect at the reporting dates. Unrealized translation gains and losses are deferred and included in accumulated other comprehensive income. The cumulative currency translation adjustments are recognized in earnings when there has been a reduction in the net investment in the foreign operations. 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, 2023, 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 environment. Canadian dollar weakens by five percent USD AUD BRL Earnings from foreign operations Earnings before income taxes $ 5,920 $ 28 $ (1,726) Sensitivity Analysis The following sensitivity analysis is intended to illustrate the sensitivity to changes in foreign exchange rates on the Company’s financial instruments and show the impact on net earnings and other comprehensive income. Financial instruments affected by currency risk include cash and cash equivalents, accounts receivable, accounts payable, derivative financial instruments, and long-term debt. 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, 2023 and for the year then ended. Canadian dollar weakens by five percent USD AUD BRL Financial instruments held in foreign operations Other comprehensive income $ 12,446 $ 639 $ 246 Financial instruments held in Canadian operations Earnings before income taxes $ (10,042) $ - $ - 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. With the ongoing devaluation of the Argentine peso (“ARS”), caused by high inflation, the Company is at risk for foreign exchange losses on its cash balances denominated in ARS. During the year ended December 31, 2023, the Company had foreign exchange losses in Argentina of $83 million. If the ARS weakens by five 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, 2023 has a fixed interest rate and therefore the related interest expense will not be impacted by fluctuations in interest rates. Conversely, the Company’s Revolving Credit Facility and Term Loan are 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, short-term investments, accounts receivable, net investment in finance lease, and derivative financial instruments. The Company manages its credit risk on cash and cash equivalents and short-term investments by investing in instruments issued by credit-worthy financial institutions and in short-term instruments issued by the federal government. 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 on expected credit losses. The Company evaluates the concentration of risk at December 31, 2023 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, 2023 and 2022, the Company had no individual customers that accounted for more than 10 percent of its revenue or accounts receivable. 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 Revolving Credit Facility for future drawings to meet the Company’s requirements for investments in working capital and capital assets. ($ thousands) December 31, 2023 Cash and cash equivalents $ 126,089 Short-term investments 14,425 Total Revolving Credit Facility (US$700,000) 925,820 Less: Drawings on the Revolving Credit Facility 314,705 Letters of Credit 1 137,982 Available for future drawings $ 613,647 1 The Company continues to meet the covenant requirements of its funded debt, including the Revolving Credit Facility, Term Loan and Notes. Senior secured net funded debt, defined as borrowings under the Revolving Credit Facility and Term Loan, net of cash, to EBITDA ratio is 0.7:1 2.5:1 2.3:1 4.0:1 4.2:1 2.5:1 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, 2023: ($ thousands) Less than 3 3 months to Greater Total Derivative financial instruments Foreign currency forward contracts $ 596 $ 423 $ - $ 1,019 Accounts payable and accrued liabilities 561,120 - - 561,120 Other current liabilities 7,936 - - 7,936 Long-term debt – Revolving Credit Facility - - 314,705 314,705 Long-term debt – Term Loan 13,226 39,678 119,034 171,938 Long-term debt – Notes - - 826,625 826,625 Other long-term liabilities - - 18,070 18,070 The Company expects that cash flows from operations in 2024, together with cash and cash equivalents on hand, short-term investments, the Revolving Credit Facility and the Term Loan, 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, 2023 | |
Text Block 1 [Abstract] | |
Capital disclosures | NOTE 31. CAPITAL DISCLOSURES The capital structure of the Com pan 2023 2022 Long-term debt $ 1,214,918 $ 1,390,325 Cash and cash equivalents (126,089) (253,776 ) Net debt $ 1,088,829 $ 1,136,549 Total shareholders’ equity 1,394,022 1,542,908 Total capital $ 2,482,851 $ 2,679,457 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 adjusts 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 remains focused on maintaining a strong financial position and to continue reducing its debt levels. The Company formally reviews the capital structure on an annual basis and monitors it on an on-going basis. As part of this review, the cost of capital and the risks associated with each class of capital are considered. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Supplemental cash flow information | NOTE 32. SUPPLEMENTAL CASH FLOW INFORMATION Changes in working capital and other during the period: Years ended December 31, 2023 2022 Accounts receivable $ (70,013) $ (56,861) Contract assets 55 (45,169) Inventories (20,100) (78,697) Work-in-progress 41,986 (5,817) Finance leases receivable 24,965 (81,049) Income taxes receivable 6,307 3,097 Prepayments (5,181) (35,198) Net assets held for sale (2,906) - Long-term receivables related to preferred shares 27,954 - Accounts payable and accrued liabilities and provisions 1 (42,586) 77,875 Income taxes payable (556) (11,042) Deferred revenue 22,336 179,497 Other current liabilities 7,936 - Foreign currency and other 23,530 (17,954) Net change in working capital and other $ 13,727 $ (71,318) 1 Cash interest and cash taxes paid and received during the period: Years ended December 31, 2023 2022 Interest paid – short- and long-term borrowings $ 143,114 $ 29,640 Interest paid – lease liabilities 6,789 3,398 Total interest paid $ 149,903 $ 33,038 Interest received 36,168 1,269 Taxes paid 56,644 27,813 Taxes received 1,024 5,399 Changes in liabilities arising from financing activities during the period: 2023 2022 Long-term debt, opening balance $ 1,390,325 $ 331,422 Debt assumed on Acquisition (Note 6) - 1,022,112 Changes from financing cash flows (164,089) 90,973 The effect of changes in foreign exchange rates (31,557) (4,099) Amortization of deferred transaction costs 14,488 4,046 Accretion of Notes discount 10,635 2,070 Debt transaction costs (4,884) (56,199) Long-term debt, closing balance $ 1,214,918 $ 1,390,325 |
Guarantees, Commitments,And Con
Guarantees, Commitments,And Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
GUARANTEES, COMMITMENTS, AND CONTINGENCIES | NOTE 33. GUARANTEES, COMMITMENTS, AND CONTINGENCIES Guarantees As of December 31, 2023, the Company had outstanding letters of credit of $186 million (December 31, 2022 – $175 million). Of the total outstanding letters of credit, $138 million (December 31, 2022 – $175 million) are funded from the Revolving Credit Facility and $48 million (US$36 million) (December 31, 2022 – nil) are funded from the US$70 million LC Facility. Commitments The Company has purchase obligations over the next three years as follows: 2024 $ 528,003 2025 22,047 2026 937 Legal Proceedings On January 31, 2022, the Local Labor Board of the State of Tabasco in Mexico (the “Labor Board”) awarded a former employee of Exterran MXN$2,152 million plus other benefits that could increase the award to MXN$2,431 million in connection with a dispute relating to the employee’s severance pay following termination of their employment in 2015. Enerflex believes the order of the Labor Board is in error and has no credible basis in law or fact. In 2017, the Labor Board ruled that the former employee was entitled to approximately MXN$1.4 million as severance based on an appellate court’s determination that the employee’s salary was approximately MXN$3,500 per day. However, the Labor Board’s January 2022 order significantly increased the amount the employee is owed, ignoring the actual salary that had been established by the appellate court and, instead, basing it on a salary that the former employee never actually received while working for Exterran. Enerflex has appealed the decision, and the appeal is pending before the courts in Mexico. In the meantime, the Company is pursuing all other available avenues to preserve its rights, including rights under the USMCA investment treaty arguing that the conduct of the Labor Board in Mexico amounts to violations of protections available under the North American Free Trade Agreement. The Company is involved in litigation and claims associated with normal operations against which certain provisions may be made in the 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. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Related Party Transactions | NOTE 34. RELATED PARTY TRANSACTIONS (a) Key Management Compensation Key management includes members of the Board and executive management. Remuneration of directors and executive management is determined by the Board having consideration of overall performance of individuals and market trends. Information on key management compensation is shown below: Years ended December 31, 2023 2022 Salaries, Director fees and other short-term benefits $ 5,580 $ 6,350 Post-employment compensation 1 690 721 Share-based payments 8,446 8,315 1 (b) Other Related Party Transactions Enerflex transacts with certain related parties in the normal course of business. Related parties include the Company’s 45 percent equity investment in Roska DBO and the Company’s 65 percent interest in a joint venture in Brazil. 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, 2023 2022 Associate – Roska DBO Revenue $ 2,543 $ 1,755 Purchases - 4 Accounts receivable 12 22 All related party transactions are settled in cash. There were no |
Seasonality
Seasonality | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Seasonality | NOTE 35. SEASONALITY The energy 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, the Company has experienced higher revenues in the fourth quarter of each year related to these seasonal trends. Revenues are also impacted by both the Company’s and its customers’ capital investment decisions. The LATAM and EH segments are not significantly impacted by seasonal variations, while certain parts of the USA can be impacted by seasonal trends depending on customer activity, demand, and location. Variations from these trends usually occur when hydrocarbon energy fundamentals are either improving or deteriorating. |
Segmented Information
Segmented Information | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Segmented Information | NOTE 36. SEGMENTED INFORMATION The Company has identified three reporting segments for external reporting: ● NAM consists of operations in Canada and the USA. ● LATAM consists of operations in Argentina, Bolivia, Brazil, Colombia, Mexico, and Peru. ● EH consists of operations in the Middle East, Africa, Europe, Australia and Asia. Each segment generates revenue from the EI, AMS and ES product lines. The accounting policies of these reportable operating segments are the same as those described in Note 3 “Summary of Material Accounting Policies” For internal Management reporting, the Company’s Chief Operating Decision Maker (“CODM”) has identified four operating segments which include: Canada, USA, LATAM, and EH. Each of the operating segments are supported by the Corporate head office. Corporate overheads are allocated to the operating segments based on revenue. In assessing its reporting and operating segments, the Company considered geographic locations, economic characteristics, the nature of products and services provided, the nature of production processes, the types of customers for its products and services, and distribution methods used. These considerations also factored into the decision to combine Canada and USA into one reporting segment. For each of the operating segments, the CODM reviews internal management reports on at least a quarterly basis. The following tables provide certain financial information by the Company’s reporting segments. Revenues and Operating Income Years ended December 31, North America Latin America Eastern Hemisphere Total 2023 2022 2023 2022 2023 2022 2023 2022 Segment revenue $ 1,939,778 $ 1,303,885 $ 473,824 $ 221,628 $ 792,716 $ 349,247 $ 3,206,318 $ 1,874,760 Intersegment revenue (33,168) (93,778) (1,295) (434) (9,760) (2,750) (44,223) (96,962) Revenue $ 1,906,610 $ 1,210,107 $ 472,529 $ 221,194 $ 782,956 $ 346,497 $ 3,162,095 $ 1,777,798 EI 171,276 141,900 335,532 129,723 270,894 109,464 777,702 381,087 AMS 385,814 298,333 76,792 38,057 189,592 107,270 652,198 443,660 ES 1,349,520 769,874 60,205 53,414 322,470 129,763 1,732,195 953,051 Gross Margin 364,497 195,503 115,569 50,015 137,080 77,198 617,146 322,716 SG&A 194,870 179,862 71,538 47,379 129,467 74,001 395,875 301,242 Foreign exchange loss 398 872 58,398 17,290 137 1,040 58,933 19,202 Operating income (loss) $ 169,229 $ 14,769 $ (14,367) $ (14,654) $ 7,476 $ 2,157 $ 162,338 $ 2,272 Segment Assets North America Latin America Eastern Hemisphere Total As at December 31, 2023 2022 1 2023 2022 1 2023 2022 1 2023 2022 1 Segment assets $ 1,606,304 $ 1,602,755 $ 631,577 $ 829,676 $ 1,099,817 $ 828,517 $ 3,337,698 $ 3,260,948 Goodwill 2 220,657 224,992 - 89,264 351,153 360,140 571,810 674,396 Corporate - - - - - - 2,472 322,724 Total segment assets $ 1,826,961 $ 1,827,747 $ 631,577 $ 918,940 $ 1,450,970 $ 1,188,657 $ 3,911,980 $ 4,258,068 1 re-presented 2 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Subsequent Events | NOTE 37. SUBSEQUENT EVENTS Subsequent to December 31, 2023, Enerflex declared a quarterly dividend of $0.025 per share, payable on May 1, 2024, to shareholders of record on March 13, 2024. The Board will continue to evaluate dividend payments on a quarterly basis, based on the availability of cash flow, anticipated market conditions, and the general needs of the business. |
Summary Of Material Accountin_2
Summary Of Material Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Business Combinations and Goodwill | (a) Business Combinations and Goodwill 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 SG&A, except for those associated with the issuance of debt, which are included in the initial carrying amount of the liability. Results of operations of businesses acquired are included in the Company’s consolidated financial statements from the date of acquisition. Goodwill arising on an acquisition of a business is initially measured at cost, being the excess of the aggregate of the consideration transferred over the net identifiable assets acquired and liabilities assumed. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. 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. |
Investments in Associates and Joint Ventures | (b) Investments in Associates and Joint Ventures Investments in associates and joint ventures are accounted for under the equity method. Under this 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 significant associates and joint ventures held by the Company are as follows: ● 45 percent interest in Roska DBO Inc. (“Roska DBO”). ● 65 percent interest in a joint venture in Brazil. 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 associates and joint venture partners and, therefore, is profit after tax and non-controlling |
Foreign Currency Translation | (c) Foreign Currency Translation In the accounts of individual subsidiaries, transactions in currencies other than the individual subsidiaries’ functional currency are recorded at the prevailing rate of exchange at the date of the transaction. At year-end, Non-monetary Non-monetary The assets and liabilities on the statements of financial position of foreign subsidiaries are translated into Canadian dollars at the prevailing exchange rate 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. |
Cash and Cash Equivalents | (d) Cash and Cash Equivalents Cash and cash equivalents comprise primarily of cash at banks, term deposits, investments in money market funds, and all other short-term highly liquid deposits with original maturities of three months or less, that are held for the purpose of meeting short-term cash commitments, readily convertible to a known amount of cash and subject to an insignificant change in value. |
Short-Term Investments | (e) Short-Term Investments Short-term investments comprise of investments into mutual funds other than money market funds. The Company examines all information provided by the fund managers and external sources to the extent possible to determine if the net asset value (“NAV”) provided by the fund represents fair value. If it is determined that NAV represents fair value, the investment is adjusted to reflect NAV and unrealized gains or losses are recorded through profit or loss. |
Trade Receivables | (f) Trade Receivables Trade receivables are recognized and carried at original invoice amount less an allowance for any amounts estimated to be uncollectible. The Company calculates an expected credit loss based on historical experience of bad debts and specific provisions created when there is objective evidence that the collection of the full amount of a receivable is no longer probable under the terms of the original invoice. The amount of this allowance represents Management’s best estimate of expected credit losses. Trade receivables are derecognized when they are assessed as uncollectible. |
Contract Assets | (g) Contract Assets The payment terms and conditions in customer contracts may vary from the timing of revenue recognition. Contract assets result when the Company has recognized revenue based on performance obligations satisfied, but invoicing hasn’t occurred. Once the contract permits invoicing, the contract assets are reclassified to trade receivables. |
Assets Held for Sale | (h) Assets Held for Sale Assets and the associated liabilities are classified as held for sale if their carrying amounts are expected to be recovered through a disposition rather than through continued use. The assets or disposal groups are measured at the lower of their carrying amount or estimated fair value less costs of disposal. Impairment losses on initial classification as well as subsequent gains or losses on remeasurement are recognized in the statement of earnings. Assets classified as held for sale are not depreciated or amortized after classification. |
Impairment of Non-Financial Assets (excluding Goodwill) | (i) 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 | (j) 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 no longer exist or when there is clear evidence of an increase in selling prices, the amount of the write-down previously recorded is reversed. |
Property, Plant and Equipment | (k) Property, Plant and Equipment Property, plant and equipment (“PP&E”) 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 PP&E 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 PP&E 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 PP&E 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. |
Energy Infrastructure Assets | (l) Energy Infrastructure Assets Energy infrastructure (“EI”) assets are 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 five 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 two Each asset’s estimated useful life, residual value, and method of depreciation are reviewed and adjusted, if appropriate, at each year-end, |
Leases | (m) 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. The Company recognizes a right-of-use The ROU asset is measured at cost and is subsequently depreciated using the straight-line method over the lesser of the lease term or the useful life of the underlying asset, where appropriate. 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. Subsequently, lease liabilities are measured at amortized cost using the effective interest method. Lease liabilities are 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. The payments related to short-term and low value leases are recognized as expenses over the lease term. Sale and leaseback transaction For sale and leaseback transactions, the Company applies the requirements of IFRS 15 “Revenue from Contracts with Customers” (“IFRS 15”) to determine whether the transfer of an asset is accounted for as a sale due to a change in control. If the transfer of the asset is a sale in accordance with IFRS 15, the Company will recognize the proportion of the asset not retained by the Company through the lease as revenue immediately after the sale. The proportion of the asset retained by the Company through the lease is recognized as a ROU asset and the lease liability is measured as the present value of the future lease payments. 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. |
Financial Instruments | (o) 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. The Company 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: ● Short-term investments 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, preferred shares, and cash and cash equivalents 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 financial liabilities classified and measured at amortized cost 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 | (p) 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. |
Intangible Assets | (q) 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 SG&A 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 two |
Revenue Recognition | (r) 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. Energy Infrastructure Revenue from EI assets is recognized in accordance with the terms of the relevant agreement with the customer 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 assets 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 relating to existing or pre-owned lease is classified as a finance lease if it transfers substantially all the risks 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. 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 EI revenue reflecting a constant periodic rate of return on the Company’s net investment in the lease over the lease term. After-Market Services After-Market Services (“AMS”) 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. Engineered Systems Revenue from the supply of equipment systems – contracts typically involving engineering, design, manufacture, installation, and start-up percentage-of-completion For ES 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 a cancellation. Revenue from contracts that have been classified as finance leases for newly manufactured equipment are recorded as ES revenue for the upfront sale of equipment recognized at a point in time when the lease commences. ES 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. The Company has elected to omit adjusting for significant financing components in the consideration amount if the entity expects payment within one year of transferring goods or services to a customer. Incremental costs of obtaining a contract predominantly relate to commission costs on ES projects, which are typically completed within one year. Accordingly, the Company did not recognize commission costs incurred as an asset in the consolidated statements of financial position. |
Provisions | (s) 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 | (t) 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 | (u) 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. |
Deferred Revenue | (n) Deferred Revenue The payment terms and conditions in customer contracts may vary from the timing of revenue recognition. Deferred revenue occurs when the company has collected payment but has not delivered the product or service that satisfies the performance obligation. Deferred revenue is recognized to the income statement as the underlying |
Share-Based Payments | (w) 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 26 “ Share-Based Compensation ” 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. |
Income Taxes | (x) 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, where an entity’s tax return is prepared in a currency other than its functional currency, changes in the exchange rate between the two currencies create temporary differences with respect to the valuation of non-monetary |
Earnings Per Share | (y) 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-settled 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, amortization of the Notes discount using the effective interest rate method, and interest incurred on lease liabilities. |
Nature And Description Of The_2
Nature And Description Of The Company (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary of nature and description of the company explanatory | The following table represents material subsidiaries of the Company as at December 31, 2023: Name Jurisdiction of Incorporation Ownership Operating Segment Enerflex Ltd. Canada Public Shareholders North America Enerflex International Holdings Ltd. Barbados 100 percent Eastern Hemisphere Enerflex Energy Systems Inc. Delaware, USA 100 percent North America Enerflex US Holdings Inc. 1 Delaware, USA 100 percent North America Exterran Energy Solutions, LP Delaware, USA 100 percent North America Enerflex Energy Systems (Australia) PTY Ltd. Australia 100 percent Eastern Hemisphere Enerflex Middle East LLC Oman 70 percent 2 Eastern Hemisphere Enerflex Middle East WLL Bahrain 100 percent Eastern Hemisphere Enerflex Holding Company NL B.V. Netherlands 100 percent Eastern Hemisphere Exterran Middle East LLC Oman 100 percent Eastern Hemisphere 1 2 |
Summary Of Material Accountin_3
Summary Of Material Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary Of Property, Plant And Equipment | Asset Class Estimated Useful Life Range Buildings 5 to 20 years Equipment 2 to 20 years |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business combinations [Abstract] | |
Summary of the identifiable assets acquired and liabilities | The following table summarizes the final details of the consideration and the recognized amounts of assets acquired and liabilities assumed at the date of acquisition. October 13, 2022 Final Preliminary Purchase consideration Shares exchanged $ 213,942 $ 213,942 Fair value of vested stock-based compensation 1 8,641 8,641 Total purchase consideration $ 222,583 $ 222,583 Identifiable assets acquired and liabilities assumed Net working capital $ 63,290 $ 56,715 Property, plant, and equipment 60,395 60,395 Energy infrastructure assets 568,550 581,338 Contract assets 217,585 217,585 Finance leases receivables 77,578 77,578 Intangible assets 102,789 102,789 Other long-term assets 69,024 66,602 Long-term debt (1,019,436) (1,019,436) Other long-term liabilities (51,636) (60,408) Total net identifiable assets $ 88,139 $ 83,158 Goodwill $ 134,444 $ 139,425 1 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents [abstract] | |
Disclosure of cash and cash equivalents | Cash and cash equivalents consisted of the following: December 31, 2023 2022 Cash $ 122,271 $ 253,776 Money market fund 3,818 - Cash and cash equivalents $ 126,089 $ 253,776 |
Accounts Receivable And Contr_2
Accounts Receivable And Contract Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary of Accounts Receivables | Accounts receivable consisted of the following: December 31, 2023 2022 1 Trade receivables $ 529,550 $ 457,850 Less: allowance for doubtful accounts (12,539) (7,652) Trade receivables, net $ 517,011 $ 450,198 Other receivables 8,843 5,643 Total accounts receivable $ 525,854 $ 455,841 1 re-presented |
Summary of Aging of Trade Receivables | Aging of trade receivables: December 31, 2023 2022 Current to 90 days $ 440,459 $ 405,196 Over 90 days 89,091 52,654 $ 529,550 $ 457,850 |
Summary of Movement in Allowance For Doubtful Accounts | Movement in allowance for doubtful accounts: December 31, 2023 2022 Opening balance $ 7,652 $ 10,334 Impairment provision additions on receivables 1,858 628 Amounts settled and derecognized during the period 2,582 (3,499) Currency translation effects 447 189 Closing balance $ 12,539 $ 7,652 |
Summary of Movement in Contract Assets | Movement in contract assets: December 31, 2023 2022 Opening balance $ 409,438 $ 82,760 Acquisition (Note 6) — 281,509 Unbilled revenue recognized 1,364,706 559,229 Amounts billed (1,354,908) (517,828) Currency translation effects (9,853) 3,768 Closing balance $ 409,383 $ 409,438 Current contract assets $ 230,455 $ 186,259 Non-current 178,928 223,179 $ 409,383 $ 409,438 Amounts recognized as current contract assets are typically billed to customers within three months and amounts recognized as non-current |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary Of Detailed Information About Inventories | Inventories consisted of the following: December 31, 2023 2022 Direct materials $ 92,132 $ 107,575 Repair and distribution parts 152,282 136,876 Work-in-progress 119,254 98,297 Equipment 25,730 26,550 Total inventories $ 389,398 $ 369,298 December 31, 2023 2022 Work-in-progress $ - $ 41,986 |
Assets and Liabilities Classi_2
Assets and Liabilities Classified as Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Assets and Liabilities Classified as Held for Sale [Abstract] | |
Disclosure of assets and liabilities held for sale | As of December 31, 2023, assets and liabilities held for sale are comprised of cash and cash equivalents, lease ROU assets, the related lease liabilities, and accounts payables and accrued liabilities. December 31, 2023 Assets classified as held for sale: Cash and cash equivalents $ 3,319 Lease ROU assets 5,906 Total assets classified as held for sale $ 9,225 Liabilities associated with assets classified as held for sale: Accounts payable and accrued liabilities $ 110 Lease liabilities 6,209 Total liabilities associated with assets classified as held for sale $ 6,319 |
Property, Plant And Equipment_2
Property, Plant And Equipment And Energy Infrastructure Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary Of Detailed Information About Property Plant And Equipment And Rental Equipment | A reconciliation of the changes in the carrying amount of PP&E and EI assets were as follows: Land Building Equipment Assets under Total Energy Cost December 31, 2022 $ 23,559 $ 151,400 $ 90,698 $ 4,585 $ 270,242 $ 1,529,166 Additions - 376 2,402 19,040 21,818 121,160 Reclassification 120 2,985 13,340 (17,519) (1,074) - Disposals (612) (7,979) (17,128) - (25,719) (96,788) Reclassified to assets held for sale (Note 10) - (5,880) (2,331) - (8,211) - Currency translation effects (421) (3,990) (4,787) 2,758 (6,440) (42,815) December 31, 2023 $ 22,646 $ 136,912 $ 82,194 $ 8,864 $ 250,616 $ 1,510,723 Accumulated depreciation December 31, 2022 $ - $ (58,666) $ (59,071) $ - $ (117,737) $ (291,616) Depreciation charge - (9,901) (16,965) - (26,866) (171,932) Impairment - - - - - (1,726) Disposals - 4,774 11,285 - 16,059 73,393 Reclassified to assets held for sale (Note 10) - 5,880 2,331 - 8,211 - Currency translation effects - 2,176 4,013 - 6,189 24,826 December 31, 2023 $ - $ (55,737) $ (58,407) $ - $ (114,144) $ (367,055) Net book value – December 31, 2023 $ 22,646 $ 81,175 $ 23,787 $ 8,864 $ 136,472 $ 1,143,668 Land Building Equipment Assets under Total Energy 1 Cost December 31, 2021 $ 18,411 $ 114,021 $ 64,492 $ 3,068 $ 199,992 $ 839,734 Acquisition (Note 6) 4,237 31,864 22,952 1,342 60,395 568,550 Additions - 6 2,001 6,036 8,043 107,797 Reclassification - 885 4,022 (5,314) (407) - Disposals (6) (1,100) (1,925) - (3,031) (23,233) Currency translation effects 917 5,724 (844) (547) 5,250 36,318 December 31, 2022 $ 23,559 $ 151,400 $ 90,698 $ 4,585 $ 270,242 $ 1,529,166 Accumulated depreciation December 31, 2021 $ - $ (50,087) $ (53,491) $ - $ (103,578) $ (229,406) Depreciation charge - (7,205) (8,352) - (15,557) (83,289) Impairment - - - - - (1,233) Disposals - 987 1,827 - 2,814 9,671 Currency translation effects - (2,361) 945 - (1,416) 12,641 December 31, 2022 $ - $ (58,666) $ (59,071) $ - $ (117,737) $ (291,616) Net book value – December 31, 2022 $ 23,559 $ 92,734 $ 31,627 $ 4,585 $ 152,505 $ 1,237,550 1 re-presented |
Lease Right-Of-Use Assets (Tabl
Lease Right-Of-Use Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary Of Detailed Information About Reconciliation Of Lease Right Of Use Assets | A reconciliation of the changes in the carrying amount of lease ROU assets were as follows: Land and buildings Equipment Total lease right-of-use assets Cost December 31, 2022 $ 94,107 $ 25,058 $ 119,165 Additions 22,131 22,287 44,418 Disposal (15,444) (7,096) (22,540) Lease measurement adjustment (7,413) - (7,413) Reclassified to assets held for sale (Note 10) (6,971) - (6,971) Currency translation effects (1,344) (262) (1,606) December 31, 2023 $ 85,066 $ 39,987 $ 125,053 Accumulated depreciation December 31, 2022 $ (27,157) $ (13,636) $ (40,793) Depreciation charge (16,866) (6,217) (23,083) Disposal 10,428 6,583 17,011 Lease measurement adjustment 1,900 - 1,900 Reclassified to assets held for sale (Note 10) 1,065 - 1,065 Currency translation effects 959 101 1,060 December 31, 2023 $ (29,671) $ (13,169) $ (42,840) Net book value – December 31, 2023 $ 55,395 $ 26,818 $ 82,213 Land and buildings Equipment Total lease right-of-use assets Cost December 31, 2021 $ 58,380 $ 24,359 $ 82,739 Acquisition (Note 6) 31,192 1,240 32,432 Additions 7,173 4,029 11,202 Disposal (3,935) (6,129) (10,064) Currency translation effects 1,297 1,559 2,856 December 31, 2022 $ 94,107 $ 25,058 $ 119,165 Accumulated depreciation December 31, 2021 $ (20,198) $ (12,654) $ (32,852) Depreciation charge (9,994) (5,824) (15,818) Disposal 3,543 5,731 9,274 Currency translation effects (508) (889) (1,397) December 31, 2022 $ (27,157) $ (13,636) $ (40,793) Net book value – December 31, 2022 $ 66,950 $ 11,422 $ 78,372 Depreciation of lease ROU assets included in net loss for the year ended December 31, 2023 was $23 million (December 31, 2022 – $16 million), of which $16 million was included in COGS (December 31, 2022 – $13 million) and $7 million was included in SG&A (December 31, 2022 – $3 million). |
Finance Leases Receivable (Tabl
Finance Leases Receivable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary of Maturity Analysis of Finance Lease Receivable | The value of the finance leases receivable were c o Minimum lease payments and Present value of minimum lease payments December 31, 2023 2022 2023 2022 Less than one year $ 60,832 $ 73,614 $ 56,982 $ 60,020 Between one and five years 170,174 196,314 140,307 149,052 Later than five years 119,354 144,482 72,250 85,432 $ 350,360 $ 414,410 $ 269,539 $ 294,504 Less: Unearned finance income (80,821) (119,906) - - $ 269,539 $ 294,504 $ 269,539 $ 294,504 |
Summary of Reconciliation of Finance Lease | December 31, 2023 2022 Opening balance $ 294,504 $ 103,358 Acquisition (Note 6) - 110,097 Additions 64,112 86,602 Interest income 30,203 14,801 Billings and payments (79,619) (33,740) Derecognition (33,353) - Other (2,254) - Currency translation effects (4,054) 13,386 Closing balance $ 269,539 $ 294,504 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary of Detailed Information About Intangible Assets | A reconciliation of the changes in the carrying amount of intangible assets were as follows: Customer and other Software Total intangible Cost December 31, 2022 $ 151,310 $ 74,303 $ 225,613 Additions - 6,481 6,481 Reclassification - 1,074 1,074 Disposal - (1,632) (1,632) Currency translation effects (3,784) (3,973) (7,757) December 31, 2023 $ 147,526 $ 76,253 $ 223,779 Accumulated amortization December 31, 2022 $ (73,427) $ (49,413) $ (122,840) Amortization charge (18,233) (12,940) (31,173) Disposal - 1,632 1,632 Currency translation effects 2,313 (466) 1,847 December 31, 2023 $ (89,347) $ (61,187) $ (150,534) Net book value – December 31, 2023 $ 58,179 $ 15,066 $ 73,245 Customer and other Software Total intangible Cost December 31, 2021 $ 69,594 $ 49,069 $ 118,663 Acquisition (Note 6) 80,514 22,275 102,789 Disposal - (11) (11) Reclassification - 407 407 Currency translation effects 1,202 2,563 3,765 December 31, 2022 $ 151,310 $ 74,303 $ 225,613 Accumulated amortization December 31, 2021 $ (63,817) $ (44,728) $ (108,545) Amortization charge (7,239) (2,198) (9,437) Disposal - 11 11 Currency translation effects (2,371) (2,498) (4,869) December 31, 2022 $ (73,427) $ (49,413) $ (122,840) Net book value – December 31, 2022 $ 77,883 $ 24,890 $ 102,773 |
Goodwill and Impairment Revie_2
Goodwill and Impairment Review of Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary Of Detailed Information About Goodwill | December 31, 2023 2022 1 Opening balance $ 674,396 $ 566,270 Acquisition (Note 6) - 134,444 Impairment (87,168) (48,000) Currency translation effects (15,418) 21,682 Closing balance $ 571,810 $ 674,396 1 re-presented |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary of Detailed Information About Other Assets | December 31, 2023 2022 Investment in associates and joint ventures $ 37,544 $ 34,977 Prepaid deposits 13,932 13,972 Long-term receivables 1 400 34,127 Total other assets $ 51,876 $ 83,076 1 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary of Detailed Information About Accounts Payable and Accrued Liabilities | December 31, 2023 2022 1 Accounts payable and accrued liabilities $ 550,639 $ 611,516 Accrued dividend payable 3,098 3,093 Cash-settled share-based payments 7,383 13,477 Total accounts payable and accrued liabilities $ 561,120 $ 628,086 1 re-presented |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Classes of other provisions [abstract] | |
Summary of other provisions | December 31, 2023 2022 Warranty provisions $ 14,151 $ 13,411 Restructuring provisions 9,646 2,009 Legal provisions 2,179 3,406 Total provisions $ 25,976 $ 18,826 |
Summary of tabular form of movement in provisions | 2023 Warranty Provisions Restructuring Provisions Legal Provisions Total Opening balance $ 13,411 $ 2,009 $ 3,406 $ 18,826 Acquisition (Note 6) - - - - Additions during the year 8,609 7,936 - 16,545 Amounts settled and released in the year (7,595 ) (299 ) (1,225 ) (9,119 ) Currency translation effects (274 ) - (2 ) (276 ) Closing balance $ 14,151 $ 9,646 $ 2,179 $ 25,976 2022 Warranty Provisions Restructuring Provisions Legal Provisions Total Opening balance $ 6,636 $ - $ - $ 6,636 Acquisition (Note 6) 5,888 - 2,691 8,579 Additions during the year 4,395 2,009 717 7,121 Amounts settled and released in the year (3,669 ) - - (3,669 ) Currency translation effects 161 - (2 ) 159 Closing balance $ 13,411 $ 2,009 $ 3,406 $ 18,826 |
Deferred Revenues (Tables)
Deferred Revenues (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Detailed Information About Deferred Revenue [Abstract] | |
Summary of detailed information about deferred revenue | December 31, 2023 2022 Opening balance $ 399,520 $ 84,614 Acquisition (Note 6) - 135,409 Cash received in advance of revenue recognition 892,622 526,924 Revenue subsequently recognized (857,797) (354,531) Currency translation effects (12,489) 7,104 Closing balance $ 421,856 $ 399,520 Current deferred revenue $ 392,371 $ 366,085 Non-current 29,485 33,435 Deferred revenue $ 421,856 $ 399,520 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings [abstract] | |
Summary of borrowings | The composition of the borrowings on the Revolving Credit Facility, Term Loan, and the Notes were as follows: Maturity Date December 31, 2023 December 31, 2022 Drawings on the Revolving Credit Facility (US$700,000) October 13, 2025 $ 314,705 $ 459,202 Drawings on the Term Loan (US$130,000) October 13, 2025 171,938 203,160 Notes (US$625,000) October 15, 2027 826,625 846,500 1,313,268 1,508,862 Deferred transaction costs and Notes discount (98,350) (118,537) Long-term debt $ 1,214,918 $ 1,390,325 Current portion of long-term debt $ 52,904 $ 27,088 Non-current 1,162,014 1,363,237 Long-term debt $ 1,214,918 $ 1,390,325 The weighted average interest rate on the Revolving Credit Facility for the year ended December 31, 2023 was 7.7 percent (December 31, 2022 – 7.0 percent), and the weighted average interest rate on the Term Loan for the year ended December 31, 2023 was 9.0 percent (December 31, 2022 – 7.8 percent). At December 31, 2023 without considering renewal at similar terms, the Canadian dollar equivalent principal payments due over the next five years are $1,313 million, and nil thereafter. |
Lease Liabilities - (Tables)
Lease Liabilities - (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of quantitative information about leases for lessee [abstract] | |
Summary of lease liabilites | December 31, 2023 2022 Opening balance $ 93,033 $ 57,014 Acquisition (Note 6) - 39,845 Additions 44,583 9,977 Lease interest 6,789 3,398 Payments made against lease liabilities (27,211) (19,156) Transfer to liabilities associated with assets held for sale (Note 10) (6,209) - Lease measurement adjustment (6,781) - Currency translation effects and other (3,492) 1,955 Closing balance $ 100,712 $ 93,033 Current portion of lease liabilities $ 25,453 $ 20,125 Non-current 75,259 72,908 Lease liabilities $ 100,712 $ 93,033 |
Summary of Future minimum lease payments under non-cancellable leases were as follows | Future minimum lease payments under non-cancellable December 31, 2023 2024 $ 29,346 2025 26,384 2026 19,475 2027 15,348 2028 24,537 Thereafter 7,569 $ 122,659 Less: Imputed interest 21,886 Short-term leases 59 Low-value 2 Lease liabilities $ 100,712 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Disclosure of components of income tax expense [Table Text Block] | The components of income taxes were as follows: Years ended December 31, 2023 2022 Current income taxes $ 53,259 $ 17,945 Deferred income taxes (10,863) 3,265 Income taxes $ 42,396 $ 21,210 |
Disclosure of Reconciliation of Tax Expense Explanatory [Table Text Block] | 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, 2023 2022 Loss before income taxes $ (68,528) $ (79,733) Canadian statutory rate 23.5% 23.4% Expected income tax provision $ (16,104) $ (18,658) Add (deduct): Change in unrecognized deferred tax asset 21,128 27,664 Exchange rate effects on tax basis 23,493 (2,223) Impairment of goodwill 20,484 11,232 Earnings taxed in foreign jurisdictions 2,063 543 Amounts not deductible (taxable) for tax purposes (8,869) 4,373 Impact of accounting for associates and joint ventures (579) (1,104) Other 780 (617) Income taxes $ 42,396 $ 21,210 |
Disclosure of IncomeTax Relating To Components Of Other Comprehensive Income Explanantory | Years ended December 31, 2023 2022 Deferred Tax Arising on income and expenses recognized in other comprehensive income: Fair value remeasurement of hedging instruments entered into for cash flow hedges $ 118 $ (55) Arising on income and expenses reclassified from other comprehensive income to net earnings: Relating to cash flow hedges (11) 59 Total income tax recognized in other comprehensive income $ 107 $ 4 |
Disclosure of temporary difference, unused tax losses and unused tax credits [text block] | Deferred tax assets and liabilities arise from the following: Accounting Tax losses Long-term Exchange rate Cash flow Total 1 December 31, 2022 $ 4,356 $ 56,497 $ (111,777) $ (15,769) $ - $ (66,693) Charged to net earnings 30,159 (19,678) 22,226 (21,737) (107) 10,863 Charged to OCI - - - - 107 107 Exchange differences 1,474 237 (3,419) (1,551) - (3,259) December 31, 2023 $ 35,989 $ 37,056 $ (92,970) $ (39,057) $ - $ (58,982) 1 Accounting Tax Long-term Other Exchange Cash flow Total 1,2 December 31, 2021 $ 7,022 $ 6,519 $ (86,255) $ 511 $ (10,476) $ - $ (82,679) Acquisition (Note 6) 2 4,750 49,513 (24,033) - (6,538) - 23,692 Charged to net earnings (7,467) 1,325 1,022 - 1,859 (4) (3,265) Charged to OCI - - - - - 4 4 Exchange differences 51 (860) (2,511) (511) (614) - (4,445) December 31, 2022 $ 4,356 $ 56,497 $ (111,777) $ - $ (15,769) $ - $ (66,693) 1 2 re-presented |
Disclosure of Deductible temporary differences of income tax Expenses [Table Text Block] | The deductible temporary differences consist of: Years ended December 31, 2023 2022 1 Canadian: Tax losses $ 336,414 $ 215,703 Long-term assets 667 23,896 Accounting provisions and other accruals 20,092 29,143 Foreign 2 Tax losses 910,300 975,297 Long-term assets (53,940) (53,830) Accounting provisions and other accruals (3,718) (11,145) Total unrecognized deferred tax assets $ 1,209,815 $ 1,179,064 1 2 |
Share Capital Authorized (Table
Share Capital Authorized (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of classes of share capital [abstract] | |
Summary of Issues and Outsatnding | Issued and Outstanding 2023 2022 December 31, Number of Common Number of Common Opening balance 123,739,020 $ 589,827 89,678,845 $ 375,524 Issued on Acquisition (Note 6) - - 34,013,055 213,942 Exercise of stock options 217,845 1,771 47,120 361 Closing balance 123,956,865 $ 591,598 123,739,020 $ 589,827 |
Contributed Surplus (Tables)
Contributed Surplus (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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: December 31, 2023 2022 Opening balance $ 660,072 $ 658,615 Share-based compensation 450 1,558 Exercise of stock options (492) (101) Closing balance $ 660,030 $ 660,072 |
Revenue - (Tables)
Revenue - (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Disclosure of disaggregation of revenue from contracts with customers [text block] | Years ended December 31, 2023 2022 Energy Infrastructure 1 $ 777,702 $ 381,087 After-Market Services 652,198 443,660 Engineered Systems 1,732,195 953,051 Total revenue $ 3,162,095 $ 1,777,798 1 Revenue by geographic location, which is attributed by destination of sale, was as follows: Years ended December 31, 2023 2022 United States of America $ 1,347,408 $ 890,899 Canada 350,490 261,865 Nigeria 232,481 18,420 Oman 221,538 119,906 Argentina 220,608 80,524 Iraq 193,789 25,917 Bahrain 127,009 85,540 Brazil 102,164 45,367 Australia 85,515 65,618 Mexico 84,400 64,325 Thailand 40,037 11,523 Colombia 28,977 21,278 Other 127,679 86,616 Total revenue $ 3,162,095 $ 1,777,798 |
Disclosure of performance obligations [text block] | The following table outlines the Company’s unsatisfied performance obligations, by product line, as at December 31, 2023: Less than one year One to two years Greater than two years Total Energy Infrastructure $ 537,622 $ 474,220 $ 1,236,395 $ 2,248,237 After-Market Services 90,047 50,023 138,850 278,920 Engineered Systems 1,277,348 201,384 20,312 1,499,044 $ 1,905,017 $ 725,627 $ 1,395,557 $ 4,026,201 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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: Years ended December 31, 2023 2022 Equity-settled share-based payments $ 450 $ 1,558 Deferred share units (1,713) 3,622 Phantom share entitlement plan (187) 117 Performance share units (442) 4,172 Restricted share units 6,764 4,454 Cash performance target 2,780 2,239 Share-based compensation expense $ 7,652 $ 16,162 |
Summary of Equity-Settled Share-Based Payments | (b) Equity-Settled Share-Based Payments 2023 2022 Years ended December 31, Number of options Weighted Number of Weighted Options outstanding, beginning of period 3,089,229 $ 10.77 4,456,444 $ 11.66 Exercised 1 (217,845) 5.87 (47,120) 5.51 Forfeited (318,840) 9.54 (27,286) 13.51 Expired (254,569) 13.32 (1,292,809) 13.98 Options outstanding, end of period 2,297,975 $ 11.12 3,089,229 $ 10.77 Options exercisable, end of period 1,589,639 $ 12.52 1,671,421 $ 12.48 1 |
Summary of Options Outstanding and Exercisable | The following table summarizes options outstanding and exercisable at December 31, 2023: Options Outstanding Options Exercisable Range of exercise prices 1 Number Weighted Weighted Number Weighted Weighted $5.51 – $6.68 517,559 3.62 $ 5.51 250,394 3.62 $ 5.51 $6.69 – $14.75 1,142,861 3.54 10.95 701,690 3.21 11.89 $14.76 – $16.12 637,555 1.21 15.97 637,555 1.21 15.97 Total 2,297,975 2.91 $ 11.12 1,589,639 2.47 $ 12.52 |
Deferred share units [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Summary of Share Units | Number of DSUs Weighted average grant DSUs outstanding, January 1, 2022 1,625,513 $ 10.16 Granted 314,208 7.44 In lieu of dividends 20,817 7.65 Vested (400,428) 6.75 DSUs outstanding, December 31, 2023 1,560,110 $ 10.45 |
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, December 31, 2022 200,251 $ 12.21 Exercised (13,941) 5.51 Expired (27,397) 13.27 PSEs outstanding, December 31, 2023 158,913 $ 12.61 |
Performance share units [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Summary of Share Units | Number of TSX Canadian Number of NYSE PSUs outstanding, December 31, 2022 1,641,746 $ 8.51 - $ - Granted 341,072 8.40 271,566 6.24 In lieu of dividends 19,150 7.81 1,163 4.30 Vested (227,074) 9.25 - - Forfeited (563,999) 6.21 - - PSUs outstanding, December 31, 2023 1,210,895 $ 9.40 272,729 $ 6.23 |
Restricted share units [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Summary of Share Units | Number of TSX Canadian Number of NYSE RSUs outstanding, December 31, 2022 2,001,833 $ 6.90 - $ - Granted 1,069,821 8.53 799,191 6.27 In lieu of dividends 24,121 7.71 3,596 4.46 Vested (933,104) 8.87 (16,388) 6.83 Forfeited (389,079) 7.17 (57,808) 6.36 RSUs outstanding, December 31, 2023 1,773,592 $ 6.79 728,591 $ 6.24 |
Retirement Benefits Plan (Table
Retirement Benefits Plan (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary of defined contribution plans | Years ended December 31, 2023 2022 Defined contribution plans $ 6,780 $ 5,169 401(k) matched savings plan 7,238 4,110 Net pension expense $ 14,018 $ 9,279 |
Finance Costs And Income (Table
Finance Costs And Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary of finance costs and Iincome Explanatory | Years ended December 31, 2023 2022 Finance Costs Short and long-term borrowings 1 $ 152,005 $ 46,009 Interest on lease liability 6,789 3,398 Total finance costs $ 158,794 $ 49,407 Finance Income Interest income $ 32,402 $ 10,484 Net finance costs $ 126,392 $ 38,923 1 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary of Earnings Per Share | Year ended December 31, 2023 Net loss Weighted average Per share Basic $ (110,924 123,834,242 $ (0.90) Dilutive effect of stock option conversion - - - Diluted $ (110,924) 123,834,242 $ (0.90) Year ended December 31, 2022 Net loss Weighted average Per share Basic $ (100,943) 97,045,917 $ (1.04) Dilutive effect of stock option conversion - - - Diluted $ (100,943) 97,045,917 $ (1.04) |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Summary of detailed information about financial instruments | The Company has designated ifs financial instruments as follows: December 31, 2023 Carrying value Estimated fair value Financial Assets Cash and cash equivalents $ 126,089 $ 126,089 Short-term investments 14,425 14,425 Derivative instruments in designated hedge accounting relationships 594 594 Loans and receivables: Accounts receivable 525,854 525,854 Financial Liabilities Derivative instruments in designated hedge accounting relationships 1,019 1,019 Other financial liabilities: Accounts payable and accrued liabilities 561,120 561,120 Other current liabilities 7,936 7,936 Long-term debt – Revolving Credit Facility 314,705 314,705 Long-term debt – Term Loan 171,938 171,938 Long-term debt – Notes 826,625 823,198 Other long-term liabilities 18,070 18,070 December 31, 2022 Carrying value Estimated fair value Financial Assets Cash and cash equivalents $ 253,776 $ 253,776 Derivative instruments in designated hedge accounting relationships 901 901 Loans and receivables: Accounts receivable 455,841 455,841 Preferred shares receivable 27,954 28,702 Financial Liabilities Derivative instruments in designated hedge accounting relationships 977 977 Other financial liabilities: Accounts payable and accrued liabilities 628,086 628,086 Long-term debt – Revolving Credit Facility 459,202 459,202 Long-term debt – Term Loan 203,160 203,160 Long-term debt – Notes 846,500 869,288 Other long-term liabilities 21,757 21,757 |
Summary of fair value measurement of financial assets and financial liabilities | Carrying Fair Value Level 1 Level 2 Level 3 Financial Assets Short-term investments $ 14,425 $ - $ 14,425 $ - Derivative financial instruments 594 - 594 - Financial Liabilities Derivative financial instruments $ 1,019 $ - $ 1,019 $ - Long-term debt – Notes 826,625 - 823,198 - |
Summary of detailed information about hedging instruments | The following table summarizes the Company’s commitments to buy and sell foreign currencies as at December 31, 2023: Notional amount Maturity Canadian Dollar Denominated Contracts Purchase contracts USD $ 30,780 January 2024 –December 2024 Sales contracts USD (21,321) January 2024 –November 2024 |
Summary of earnings before tax due to weakening of foreign currency | Canadian dollar weakens by five percent USD AUD BRL Earnings from foreign operations Earnings before income taxes $ 5,920 $ 28 $ (1,726) |
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, 2023 and for the year then ended. Canadian dollar weakens by five percent USD AUD BRL Financial instruments held in foreign operations Other comprehensive income $ 12,446 $ 639 $ 246 Financial instruments held in Canadian operations Earnings before income taxes $ (10,042) $ - $ - |
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 December 31, 2023: ($ thousands) Less than 3 3 months to Greater Total Derivative financial instruments Foreign currency forward contracts $ 596 $ 423 $ - $ 1,019 Accounts payable and accrued liabilities 561,120 - - 561,120 Other current liabilities 7,936 - - 7,936 Long-term debt – Revolving Credit Facility - - 314,705 314,705 Long-term debt – Term Loan 13,226 39,678 119,034 171,938 Long-term debt – Notes - - 826,625 826,625 Other long-term liabilities - - 18,070 18,070 |
Summary of maturity analysis for financial assets held for managing liquidity risk | ($ thousands) December 31, 2023 Cash and cash equivalents $ 126,089 Short-term investments 14,425 Total Revolving Credit Facility (US$700,000) 925,820 Less: Drawings on the Revolving Credit Facility 314,705 Letters of Credit 1 137,982 Available for future drawings $ 613,647 1 |
Capital Disclosures (Tables)
Capital Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Disclosure of Reconciliation of Net debt to EBITDA ratio [Table Text Block] | The capital structure of the Com pan 2023 2022 Long-term debt $ 1,214,918 $ 1,390,325 Cash and cash equivalents (126,089) (253,776 ) Net debt $ 1,088,829 $ 1,136,549 Total shareholders’ equity 1,394,022 1,542,908 Total capital $ 2,482,851 $ 2,679,457 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information - (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Disclosure of Changes in Working Capital and Other | Changes in working capital and other during the period: Years ended December 31, 2023 2022 Accounts receivable $ (70,013) $ (56,861) Contract assets 55 (45,169) Inventories (20,100) (78,697) Work-in-progress 41,986 (5,817) Finance leases receivable 24,965 (81,049) Income taxes receivable 6,307 3,097 Prepayments (5,181) (35,198) Net assets held for sale (2,906) - Long-term receivables related to preferred shares 27,954 - Accounts payable and accrued liabilities and provisions 1 (42,586) 77,875 Income taxes payable (556) (11,042) Deferred revenue 22,336 179,497 Other current liabilities 7,936 - Foreign currency and other 23,530 (17,954) Net change in working capital and other $ 13,727 $ (71,318) 1 Cash interest and cash taxes paid and received during the period: Years ended December 31, 2023 2022 Interest paid – short- and long-term borrowings $ 143,114 $ 29,640 Interest paid – lease liabilities 6,789 3,398 Total interest paid $ 149,903 $ 33,038 Interest received 36,168 1,269 Taxes paid 56,644 27,813 Taxes received 1,024 5,399 |
Disclosure of reconciliation of liabilities arising from financing activities [text block] | Changes in liabilities arising from financing activities during the period: 2023 2022 Long-term debt, opening balance $ 1,390,325 $ 331,422 Debt assumed on Acquisition (Note 6) - 1,022,112 Changes from financing cash flows (164,089) 90,973 The effect of changes in foreign exchange rates (31,557) (4,099) Amortization of deferred transaction costs 14,488 4,046 Accretion of Notes discount 10,635 2,070 Debt transaction costs (4,884) (56,199) Long-term debt, closing balance $ 1,214,918 $ 1,390,325 |
Guarantees,Commitments,And Cont
Guarantees,Commitments,And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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: 2024 $ 528,003 2025 22,047 2026 937 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary of Remuneration of Directors and Other Key Management Personnel | Remuneration of directors and executive management is determined by the Board having consideration of overall performance of individuals and market trends. Information on key management compensation is shown below: Years ended December 31, 2023 2022 Salaries, Director fees and other short-term benefits $ 5,580 $ 6,350 Post-employment compensation 1 690 721 Share-based payments 8,446 8,315 1 |
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, 2023 2022 Associate – Roska DBO Revenue $ 2,543 $ 1,755 Purchases - 4 Accounts receivable 12 22 All related party transactions are settled in cash. There were no |
Segmented Information (Tables)
Segmented Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary of detailed information about geographical areas | The following tables provide certain financial information by the Company’s reporting segments. Revenues and Operating Income Years ended December 31, North America Latin America Eastern Hemisphere Total 2023 2022 2023 2022 2023 2022 2023 2022 Segment revenue $ 1,939,778 $ 1,303,885 $ 473,824 $ 221,628 $ 792,716 $ 349,247 $ 3,206,318 $ 1,874,760 Intersegment revenue (33,168) (93,778) (1,295) (434) (9,760) (2,750) (44,223) (96,962) Revenue $ 1,906,610 $ 1,210,107 $ 472,529 $ 221,194 $ 782,956 $ 346,497 $ 3,162,095 $ 1,777,798 EI 171,276 141,900 335,532 129,723 270,894 109,464 777,702 381,087 AMS 385,814 298,333 76,792 38,057 189,592 107,270 652,198 443,660 ES 1,349,520 769,874 60,205 53,414 322,470 129,763 1,732,195 953,051 Gross Margin 364,497 195,503 115,569 50,015 137,080 77,198 617,146 322,716 SG&A 194,870 179,862 71,538 47,379 129,467 74,001 395,875 301,242 Foreign exchange loss 398 872 58,398 17,290 137 1,040 58,933 19,202 Operating income (loss) $ 169,229 $ 14,769 $ (14,367) $ (14,654) $ 7,476 $ 2,157 $ 162,338 $ 2,272 Segment Assets North America Latin America Eastern Hemisphere Total As at December 31, 2023 2022 1 2023 2022 1 2023 2022 1 2023 2022 1 Segment assets $ 1,606,304 $ 1,602,755 $ 631,577 $ 829,676 $ 1,099,817 $ 828,517 $ 3,337,698 $ 3,260,948 Goodwill 2 220,657 224,992 - 89,264 351,153 360,140 571,810 674,396 Corporate - - - - - - 2,472 322,724 Total segment assets $ 1,826,961 $ 1,827,747 $ 631,577 $ 918,940 $ 1,450,970 $ 1,188,657 $ 3,911,980 $ 4,258,068 1 re-presented 2 |
Nature And Description Of The_3
Nature And Description Of The Company - Summary of Nature And Description Of The Company (Detail) | 12 Months Ended | |
Dec. 31, 2023 | ||
CANADA | Parent [member] | Enerflex Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Name | Enerflex Ltd. | |
UNITED STATES | Subsidiaries [member] | Enerflex Energy Systems Inc [Member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership | 100% | |
Name of subsidiary | Enerflex Energy Systems Inc. | |
UNITED STATES | Subsidiaries [member] | Enerflex US Holdings Inc [Member] | ||
Disclosure of subsidiaries [line items] | ||
Jurisdiction of Incorporation | Delaware, USA | |
Ownership | 100% | |
Name of subsidiary | Enerflex US Holdings Inc. | [1] |
UNITED STATES | Subsidiaries [member] | Exterran Energy Solutions LP [Member] | ||
Disclosure of subsidiaries [line items] | ||
Jurisdiction of Incorporation | Delaware, USA | |
Ownership | 100% | |
Name of subsidiary | Exterran Energy Solutions, LP | |
OMAN | Subsidiaries [member] | Enerflex Middle East LLC [Member] | ||
Disclosure of subsidiaries [line items] | ||
Jurisdiction of Incorporation | Oman | |
Ownership | 70% | [2] |
Name of subsidiary | Enerflex Middle East LLC | |
OMAN | Subsidiaries [member] | Exterran Middle East LLC [Member] | ||
Disclosure of subsidiaries [line items] | ||
Jurisdiction of Incorporation | Oman | |
Ownership | 100% | |
Name of subsidiary | Exterran Middle East LLC | |
NETHERLANDS | Subsidiaries [member] | Enerflex Holding Company NL BV [Member] | ||
Disclosure of subsidiaries [line items] | ||
Jurisdiction of Incorporation | Netherlands | |
Ownership | 100% | |
Name of subsidiary | Enerflex Holding Company NL B.V. | |
AUSTRALIA | Subsidiaries [member] | Enerflex Energy Systems Australia PTY Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Jurisdiction of Incorporation | Australia | |
Ownership | 100% | |
Name of subsidiary | Enerflex Energy Systems (Australia) PTY Ltd. | |
BARBADOS | Subsidiaries [member] | Enerflex International Holdings Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Jurisdiction of Incorporation | Barbados | |
Ownership | 100% | |
Name of subsidiary | Enerflex International Holdings Ltd. | |
BAHRAIN | Subsidiaries [member] | Enerflex Middle East SPC [Member] | ||
Disclosure of subsidiaries [line items] | ||
Jurisdiction of Incorporation | Bahrain | |
Ownership | 100% | |
Name of subsidiary | Enerflex Middle East WLL | |
Operating segments [member] | CANADA | Parent [member] | Enerflex Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Jurisdiction of Incorporation | Canada | |
Ownership | Public Shareholders | |
Operating Segment | North America | |
Operating segments [member] | UNITED STATES | Subsidiaries [member] | Enerflex Energy Systems Inc [Member] | ||
Disclosure of subsidiaries [line items] | ||
Jurisdiction of Incorporation | Delaware, USA | |
Operating Segment | North America | |
Operating segments [member] | UNITED STATES | Subsidiaries [member] | Enerflex US Holdings Inc [Member] | ||
Disclosure of subsidiaries [line items] | ||
Operating Segment | North America | |
Operating segments [member] | UNITED STATES | Subsidiaries [member] | Exterran Energy Solutions LP [Member] | ||
Disclosure of subsidiaries [line items] | ||
Operating Segment | North America | |
Operating segments [member] | OMAN | Subsidiaries [member] | Enerflex Middle East LLC [Member] | ||
Disclosure of subsidiaries [line items] | ||
Operating Segment | Eastern Hemisphere | |
Operating segments [member] | OMAN | Subsidiaries [member] | Exterran Middle East LLC [Member] | ||
Disclosure of subsidiaries [line items] | ||
Operating Segment | Eastern Hemisphere | |
Operating segments [member] | NETHERLANDS | Subsidiaries [member] | Enerflex Holding Company NL BV [Member] | ||
Disclosure of subsidiaries [line items] | ||
Operating Segment | Eastern Hemisphere | |
Operating segments [member] | AUSTRALIA | Subsidiaries [member] | Enerflex Energy Systems Australia PTY Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Operating Segment | Eastern Hemisphere | |
Operating segments [member] | BARBADOS | Subsidiaries [member] | Enerflex International Holdings Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Operating Segment | Eastern Hemisphere | |
Operating segments [member] | BAHRAIN | Subsidiaries [member] | Enerflex Middle East SPC [Member] | ||
Disclosure of subsidiaries [line items] | ||
Operating Segment | Eastern Hemisphere | |
[1]Formerly named Exterran Corporation.[2]Enerflex indirectly owns 100 percent of Enerflex Middle East LLC. |
Nature And Description Of The_4
Nature And Description Of The Company - Summary of Nature And Description Of The Company (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Subsidiaries [member] | Enerflex Middle East LLC [Member] | |
Disclosure of subsidiaries [line items] | |
Proportion of indirect ownership interest in subsidiary | 100% |
Nature And Description Of The_5
Nature And Description Of The Company - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 $ / Employees $ / Segments | |
Disclosure of subsidiaries [line items] | |
Address of entity registered office | 904, 1331 Macleod Trail SE, Calgary, Alberta, Canada |
Number of employees | $ / Employees | 4,800 |
Number of operating segments | $ / Segments | 3 |
Basis Of Presentation - Additio
Basis Of Presentation - Additional Information (Detail) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statements [Line Items] | |||
Date of authorisation for issue of financial statements | Feb. 28, 2024 | ||
Description of presentation currency | Canadian dollars | ||
Foreign exchange gain loss | $ (58,933) | $ (19,202) | |
Selling, general and administrative expenses | $ 395,875 | $ 301,242 | |
Previously stated [member] | Selling General and Administration Expenses Including Foreign Exchange Gain Loss [Member] | |||
Statements [Line Items] | |||
Selling, general and administrative expenses | $ 320,000 |
Summary Of Material Accountin_4
Summary Of Material Accounting Policies - Summary of Property, Plant And Equipment (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
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 Material Accountin_5
Summary Of Material Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
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 | 2 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 | 11 years |
Joint ventures [member] | |
Statements [Line Items] | |
Proportion of ownership interest in joint venture | 65% |
Roska DBO [Member] | |
Statements [Line Items] | |
Proportion of ownership interest in associate | 45% |
Changes in Accounting Policies
Changes in Accounting Policies - Additional Information (Detail) - CAD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Average effective tax rate | 8.50% | 8.40% | |
Profit (loss) before tax | $ (68,528) | $ (79,733) | |
UAE And Bahrain [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Average effective tax rate | 0% | ||
Profit (loss) before tax | $ 37,000 | ||
Excluding UAE And Bahrain [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Minimum tax rate percentage | 15% | ||
Bottom of range [member] | Subsidiaries [member] | Excluding UAE And Bahrain [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Average effective tax rate | 15% |
Acquisition - Summary of the Id
Acquisition - Summary of the Identifiable Assets Acquired and Liabilities (Detail) $ in Thousands | Oct. 13, 2022 CAD ($) | |
Share consideration | ||
Shares exchanged | $ 213,942 | |
Fair value of vested stock-based compensation | 8,641 | [1] |
Total purchase consideration | 222,583 | |
Identifiable Assets Acquired and Liabilities Assumed | ||
Net working capital | 63,290 | |
Property, plant and equipment | 60,395 | |
Energy infrastructure assets | 568,550 | |
Contract assets | 217,585 | |
Finance leases receivables | 77,578 | |
Intangible assets | 102,789 | |
Other long-term assets | 69,024 | |
Long-term debt | (1,019,436) | |
Other long-term liabilities | (51,636) | |
Total net identifiable assets | 88,139 | |
Goodwill | 134,444 | |
Preliminary Valuation [Member] | ||
Share consideration | ||
Shares exchanged | 213,942 | |
Fair value of vested stock-based compensation | 8,641 | [1] |
Total purchase consideration | 222,583 | |
Identifiable Assets Acquired and Liabilities Assumed | ||
Net working capital | 56,715 | |
Property, plant and equipment | 60,395 | |
Energy infrastructure assets | 581,338 | |
Contract assets | 217,585 | |
Finance leases receivables | 77,578 | |
Intangible assets | 102,789 | |
Other long-term assets | 66,602 | |
Long-term debt | (1,019,436) | |
Other long-term liabilities | (60,408) | |
Total net identifiable assets | 83,158 | |
Goodwill | $ 139,425 | |
[1]Included in the fair value of vested stock-based compensation is $2 million of cash payments to Exterran stockholders that held fractional shares on the date of acquisition. |
Acquisition - Summary of the _2
Acquisition - Summary of the Identifiable Assets Acquired and Liabilities (Parenthetical) (Detail) $ in Millions | Oct. 13, 2022 CAD ($) |
Exterran Corporation [Member] | |
Disclosure of detailed information about business combination [line items] | |
Cash transferred | $ 2 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Oct. 13, 2022 | |
Disclosure of detailed information about business combination [line items] | |||||
Goodwill acquired during the period net of adjustments | $ 134,000 | ||||
Decrease in goodwill on account of purchase price allocation | 5,000 | ||||
Decrease in goodwill as a result in adjustment to purchase price allocation | 15,000 | ||||
Adjustment to purchase price allocation increase to accrued liabilities | 2,000 | ||||
Adjustment to purchase price allocation decrease to current tax assets | 10,000 | ||||
Adjustment to purchase price allocation decrease to deferred tax assets | $ 7,000 | ||||
Adjusted purchase price allocation increase in goodwill | $ 10,000 | ||||
Adjusted purchase price allocation increase in deferred tax assets | 4,000 | ||||
Adjusted purchase price allocation decrease in net working capital | 1,000 | ||||
Adjusted purchase price allocation energy infrastructure assets | $ 13,000 | ||||
Consideration transferred, acquisition-date fair value | $ 222,583 | ||||
Amounts Recognised for Transaction Recognised Separately from Acquisition of Assets and Assumption of Liabilities in Business Combination | $ 61,000 | $ 71,000 | |||
Exterran Corporation | |||||
Disclosure of detailed information about business combination [line items] | |||||
Consideration transferred, acquisition-date fair value | $ 223,000 |
Cash and Cash Equivalents - Dis
Cash and Cash Equivalents - Disclosure of Cash and Cash Equivalents (Detail) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash and cash equivalents [abstract] | ||||
Cash | $ 122,271 | $ 253,776 | ||
Money market fund | 3,818 | 0 | ||
Cash and cash equivalents | $ 126,089 | $ 253,776 | [1] | $ 172,758 |
[1]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments for the acquisition of Exterran as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information. |
Accounts Receivable And Contr_3
Accounts Receivable And Contract Assets - Summary of Accounts Receivables (Detail) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | [1] |
Disclosure Of Trade And Other Receivables [Line Items] | |||
Trade receivables | $ 529,550 | $ 457,850 | |
Less: allowance for doubtful accounts | (12,539) | (7,652) | |
Trade receivables, net | 517,011 | 450,198 | |
Other receivables | 8,843 | 5,643 | |
Total accounts receivable | $ 525,854 | $ 455,841 | [2] |
[1]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments related to the Transaction as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information.[2]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments for the acquisition of Exterran as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information. |
Accounts Receivable And Contr_4
Accounts Receivable And Contract Assets - Summary of Aging of Trade Receivables (Detail) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Aging Of Trade Receivables [Line Items] | |||
Trade receivables | $ 529,550 | $ 457,850 | [1] |
Current to 90 days [Member] | |||
Disclosure Of Aging Of Trade Receivables [Line Items] | |||
Trade receivables | 440,459 | 405,196 | |
Over 90 days [Member] | |||
Disclosure Of Aging Of Trade Receivables [Line Items] | |||
Trade receivables | $ 89,091 | $ 52,654 | |
[1]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments related to the Transaction as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information. |
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 | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of financial assets [line items] | ||
Beginning balance | $ 7,652 | $ 10,334 |
Impairment provision additions on receivables | 1,858 | 628 |
Amounts settled and derecognized during the year | 2,582 | 3,499 |
Currency translation effects | 447 | 189 |
Ending balance | $ 12,539 | $ 7,652 |
Accounts Receivable And Contr_6
Accounts Receivable And Contract Assets - Summary of Movement in Contract Assets (Detail) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Text Block 1 [Abstract] | |||
Beginning balance | $ 409,438 | $ 82,760 | |
Acquisition | 0 | 281,509 | |
Unbilled revenue recognized | 1,364,706 | 559,229 | |
Amounts billed | (1,354,908) | (517,828) | |
Currency translation effects | (9,853) | 3,768 | |
Ending balance | 409,383 | 409,438 | |
Current contract assets | 230,455 | 186,259 | [1] |
Non-current contract assets | 178,928 | 223,179 | [1] |
Contract assets | $ 409,383 | $ 409,438 | |
[1]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments for the acquisition of Exterran as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information. |
Inventories - Summary Of Detail
Inventories - Summary Of Detailed Information About Inventories (Detail) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Classes of current inventories [abstract] | |||
Direct materials | $ 92,132 | $ 107,575 | |
Repair and distribution parts | 152,282 | 136,876 | |
Work-in-progress | 119,254 | 98,297 | |
Equipment | 25,730 | 26,550 | |
Total inventories | 389,398 | 369,298 | [1] |
Work-in-progress related to finance leases | $ 0 | $ 41,986 | |
[1]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments for the acquisition of Exterran as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information. |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Text Block 1 [Abstract] | ||
Cost of inventories recognised as expense | $ 2,545 | $ 1,455 |
Inventory write down | 1 | 2 |
Finance leases related to inventory | $ 5 | $ 75 |
Assets and Liabilities Classi_3
Assets and Liabilities Classified as Held for Sale - Disclosure of Assets and Liabilities Held for Sale (Detail) $ in Thousands | Dec. 31, 2023 CAD ($) |
Assets classified as held for sale: | |
Cash and cash equivalents | $ 3,319 |
Lease ROU assets | 5,906 |
Total assets classified as held for sale | 9,225 |
Liabilities associated with assets classified as held for sale: | |
Accounts payable and accrued liabilities | 110 |
Lease liabilities | 6,209 |
Total liabilities associated with assets classified as held for sale | $ 6,319 |
Property, Plant And Equipment_3
Property, Plant And Equipment And Energy Infrastructure Assets - Summary Of Property Plant And Equipment And Rental Equipment (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | |||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | [1] | $ 152,505 | ||
Ending Balance | 136,472 | $ 152,505 | [1] | |
Gross carrying amount [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 270,242 | 199,992 | ||
Acquisition | 60,395 | |||
Additions | 21,818 | 8,043 | ||
Reclassification | (1,074) | (407) | ||
Disposals | (25,719) | (3,031) | ||
Reclassified to assets held for sale | (8,211) | |||
Currency translation effects | (6,440) | 5,250 | ||
Ending Balance | 250,616 | 270,242 | ||
Accumulated depreciation and amortisation [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | (117,737) | (103,578) | ||
Depreciation charge | (26,866) | (15,557) | ||
Disposals | (16,059) | (2,814) | ||
Reclassified to assets held for sale | (8,211) | |||
Currency translation effects | 6,189 | (1,416) | ||
Ending Balance | (114,144) | (117,737) | ||
Energy infrastructure assets [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | [2] | 1,237,550 | ||
Ending Balance | 1,143,668 | 1,237,550 | [2] | |
Energy infrastructure assets [member] | Gross carrying amount [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | [2] | 1,529,166 | 839,734 | |
Acquisition | [2] | 568,550 | ||
Additions | 121,160 | 107,797 | [2] | |
Disposals | (96,788) | (23,233) | [2] | |
Currency translation effects | (42,815) | 36,318 | [2] | |
Ending Balance | 1,510,723 | 1,529,166 | [2] | |
Energy infrastructure assets [member] | Accumulated depreciation and amortisation [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | [2] | (291,616) | (229,406) | |
Depreciation charge | (171,932) | (83,289) | [2] | |
Impairment | (1,726) | (1,233) | [2] | |
Disposals | (73,393) | (9,671) | [2] | |
Currency translation effects | 24,826 | 12,641 | [2] | |
Ending Balance | (367,055) | (291,616) | [2] | |
Land [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 23,559 | |||
Ending Balance | 22,646 | 23,559 | ||
Land [member] | Gross carrying amount [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 23,559 | 18,411 | ||
Acquisition | 4,237 | |||
Additions | 0 | |||
Reclassification | 120 | |||
Disposals | (612) | (6) | ||
Currency translation effects | (421) | 917 | ||
Ending Balance | 22,646 | 23,559 | ||
Buildings [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 92,734 | |||
Ending Balance | 81,175 | 92,734 | ||
Buildings [member] | Gross carrying amount [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 151,400 | 114,021 | ||
Acquisition | 31,864 | |||
Additions | 376 | 6 | ||
Reclassification | 2,985 | 885 | ||
Disposals | (7,979) | (1,100) | ||
Reclassified to assets held for sale | (5,880) | |||
Currency translation effects | (3,990) | 5,724 | ||
Ending Balance | 136,912 | 151,400 | ||
Buildings [member] | Accumulated depreciation and amortisation [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | (58,666) | (50,087) | ||
Depreciation charge | (9,901) | (7,205) | ||
Disposals | (4,774) | (987) | ||
Reclassified to assets held for sale | (5,880) | |||
Currency translation effects | 2,176 | (2,361) | ||
Ending Balance | (55,737) | (58,666) | ||
Equipment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 31,627 | |||
Ending Balance | 23,787 | 31,627 | ||
Equipment [member] | Gross carrying amount [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 90,698 | 64,492 | ||
Acquisition | 22,952 | |||
Additions | 2,402 | 2,001 | ||
Reclassification | 13,340 | 4,022 | ||
Disposals | (17,128) | (1,925) | ||
Reclassified to assets held for sale | (2,331) | |||
Currency translation effects | (4,787) | (844) | ||
Ending Balance | 82,194 | 90,698 | ||
Equipment [member] | Accumulated depreciation and amortisation [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | (59,071) | (53,491) | ||
Depreciation charge | (16,965) | (8,352) | ||
Disposals | (11,285) | (1,827) | ||
Reclassified to assets held for sale | (2,331) | |||
Currency translation effects | 4,013 | 945 | ||
Ending Balance | (58,407) | (59,071) | ||
Assets under construction [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 4,585 | |||
Ending Balance | 8,864 | 4,585 | ||
Assets under construction [member] | Gross carrying amount [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 4,585 | 3,068 | ||
Acquisition | 1,342 | |||
Additions | 19,040 | 6,036 | ||
Reclassification | (17,519) | (5,314) | ||
Currency translation effects | 2,758 | (547) | ||
Ending Balance | $ 8,864 | $ 4,585 | ||
[1]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments for the acquisition of Exterran as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information.[2]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments related to the Transaction as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information. |
Property, Plant And Equipment_4
Property, Plant And Equipment And Energy Infrastructure Assets - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Energy infrastructure assets [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Impairment loss recognised in profit or loss, rental equipment | $ 2 | $ 1 |
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 | 199 | 99 |
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 | 183 | 95 |
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 | $ 16 | $ 4 |
Lease Right-of-Use Assets - Sum
Lease Right-of-Use Assets - Summary of Reconciliation of Lease Right of Use Assets (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | |||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Beginning Balance | [1] | $ 78,372 | ||
Additions | 44,583 | $ 9,977 | ||
Ending Balance | 82,213 | 78,372 | [1] | |
Gross carrying amount [member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Beginning Balance | 119,165 | 82,739 | ||
Acquisition (Note 6) | 32,432 | |||
Additions | 44,418 | 11,202 | ||
Disposal | (22,540) | (10,064) | ||
Currency translation effects | (1,606) | 2,856 | ||
Lease measurement adjustment | (7,413) | |||
Reclassified to assets held for sale (Note 10) | (6,971) | |||
Ending Balance | 125,053 | 119,165 | ||
Accumulated depreciation and amortisation [member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Beginning Balance | (40,793) | (32,852) | ||
Depreciation charge | (23,083) | (15,818) | ||
Disposal | 17,011 | 9,274 | ||
Currency translation effects | 1,060 | (1,397) | ||
Lease measurement adjustment | 1,900 | |||
Reclassified to assets held for sale (Note 10) | 1,065 | |||
Ending Balance | (42,840) | (40,793) | ||
Land and buildings [member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Beginning Balance | 66,950 | |||
Ending Balance | 55,395 | 66,950 | ||
Land and buildings [member] | Gross carrying amount [member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Beginning Balance | 94,107 | 58,380 | ||
Acquisition (Note 6) | 31,192 | |||
Additions | 22,131 | 7,173 | ||
Disposal | (15,444) | (3,935) | ||
Currency translation effects | (1,344) | 1,297 | ||
Lease measurement adjustment | (7,413) | |||
Reclassified to assets held for sale (Note 10) | (6,971) | |||
Ending Balance | 85,066 | 94,107 | ||
Land and buildings [member] | Accumulated depreciation and amortisation [member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Beginning Balance | (27,157) | (20,198) | ||
Depreciation charge | (16,866) | (9,994) | ||
Disposal | 10,428 | 3,543 | ||
Currency translation effects | 959 | (508) | ||
Lease measurement adjustment | 1,900 | |||
Reclassified to assets held for sale (Note 10) | 1,065 | |||
Ending Balance | (29,671) | (27,157) | ||
Equipment [Member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Beginning Balance | 11,422 | |||
Ending Balance | 26,818 | 11,422 | ||
Equipment [Member] | Gross carrying amount [member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Beginning Balance | 25,058 | 24,359 | ||
Acquisition (Note 6) | 1,240 | |||
Additions | 22,287 | 4,029 | ||
Disposal | (7,096) | (6,129) | ||
Currency translation effects | (262) | 1,559 | ||
Ending Balance | 39,987 | 25,058 | ||
Equipment [Member] | Accumulated depreciation and amortisation [member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Beginning Balance | (13,636) | (12,654) | ||
Depreciation charge | (6,217) | (5,824) | ||
Disposal | 6,583 | 5,731 | ||
Currency translation effects | 101 | (889) | ||
Ending Balance | $ (13,169) | $ (13,636) | ||
[1]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments for the acquisition of Exterran as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information. |
Lease Right-Of-Use Assets - Add
Lease Right-Of-Use Assets - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings Or Loss [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Depreciation, right-of-use asset | $ 23 | $ 16 |
Cost Of Goods Sold [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Depreciation, right-of-use asset | 16 | 13 |
Selling And Administrative Expenses [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Depreciation, right-of-use asset | $ 7 | $ 3 |
Finance Leases Receivable - Add
Finance Leases Receivable - Additional Information (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Finance lease maturity term | 10 years | |
Weighted average interest rate implicit | 8.60% | 9.40% |
Selling profit (loss) on finance leases | $ 18,000 | $ 18,000 |
Income relating to variable lease payments | 30,000 | 15,000 |
Cash received in respect of finance lease payments | 80,000 | 34,000 |
Derecognition of finance lease receivables | $ 33,353 | $ 0 |
Finance Leases Receivable - Sum
Finance Leases Receivable - Summary of Maturity Analysis of Finance Leases Receivable (Detail) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Minimum lease payments | $ 350,360 | $ 414,410 | |
Unearned finance income | (80,821) | (119,906) | |
Total | 269,539 | 294,504 | $ 103,358 |
Present Value Of Minimum Lease Payments To Be Received | 269,539 | 294,504 | |
Present Value Of Unearned Finance Income | 0 | 0 | |
Total | 269,539 | 294,504 | |
Not later than one year [member] | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Minimum lease payments | 60,832 | 73,614 | |
Present Value Of Minimum Lease Payments To Be Received | 56,982 | 60,020 | |
Between One And Five Years [Member] | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Minimum lease payments | 170,174 | 196,314 | |
Present Value Of Minimum Lease Payments To Be Received | 140,307 | 149,052 | |
Later than five years [member] | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Minimum lease payments | 119,354 | 144,482 | |
Present Value Of Minimum Lease Payments To Be Received | $ 72,250 | $ 85,432 |
Finance Leases Receivable - S_2
Finance Leases Receivable - Summary of Reconciliation of Finance Leases (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Detailed Information About Reconciliation Of Finance Lease [Abstract] | ||
Balance, January 1 | $ 294,504 | $ 103,358 |
Acquisition (Note 6) | 0 | 110,097 |
Additions | 64,112 | 86,602 |
Interest income | 30,203 | 14,801 |
Billings and payments | (79,619) | (33,740) |
Derecognition | (33,353) | 0 |
Other | (2,254) | 0 |
Currency translation effects | (4,054) | 13,386 |
Balance, December 31 | $ 269,539 | $ 294,504 |
Intangible Assets - Summary of
Intangible Assets - Summary of Detailed Information About Intangible Assets (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | |||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | [1] | $ 102,773 | ||
Ending balance | 73,245 | $ 102,773 | [1] | |
Customer relationships and other [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 77,883 | |||
Ending balance | 58,179 | 77,883 | ||
Software [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 24,890 | |||
Ending balance | 15,066 | 24,890 | ||
Cost [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 225,613 | 118,663 | ||
Acquisition (Note 6) | 102,789 | |||
Additions | 6,481 | |||
Reclassification | 1,074 | 407 | ||
Disposal | (1,632) | (11) | ||
Currency translation effects | (7,757) | 3,765 | ||
Ending balance | 223,779 | 225,613 | ||
Cost [member] | Customer relationships and other [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 151,310 | 69,594 | ||
Acquisition (Note 6) | 80,514 | |||
Additions | 0 | |||
Reclassification | 0 | |||
Disposal | 0 | |||
Currency translation effects | (3,784) | 1,202 | ||
Ending balance | 147,526 | 151,310 | ||
Cost [member] | Software [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 74,303 | 49,069 | ||
Acquisition (Note 6) | 22,275 | |||
Additions | 6,481 | |||
Reclassification | 1,074 | 407 | ||
Disposal | (1,632) | (11) | ||
Currency translation effects | (3,973) | 2,563 | ||
Ending balance | 76,253 | 74,303 | ||
Accumulated amortization [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | (122,840) | (108,545) | ||
Amortization charge | (31,173) | (9,437) | ||
Disposal | (1,632) | (11) | ||
Currency translation effects | 1,847 | (4,869) | ||
Ending balance | (150,534) | (122,840) | ||
Accumulated amortization [member] | Customer relationships and other [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | (73,427) | (63,817) | ||
Amortization charge | (18,233) | (7,239) | ||
Disposal | 0 | |||
Currency translation effects | 2,313 | (2,371) | ||
Ending balance | (89,347) | (73,427) | ||
Accumulated amortization [member] | Software [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | (49,413) | (44,728) | ||
Amortization charge | (12,940) | (2,198) | ||
Disposal | (1,632) | (11) | ||
Currency translation effects | (466) | (2,498) | ||
Ending balance | $ (61,187) | $ (49,413) | ||
[1]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments for the acquisition of Exterran as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information. |
Goodwill and Impairment Revie_3
Goodwill and Impairment Review of Goodwill - Summary of Detailed Information About Goodwill (Detail) - CAD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | ||||
Disclosure of reconciliation of changes in goodwill [abstract] | |||||
Balance, January 1 | [2] | $ 674,396 | [1] | $ 566,270 | |
Acquisition (Note 6) | 0 | 134,444 | [2] | ||
Impairment | (87,168) | (48,000) | [2] | ||
Currency translation effects | (15,418) | 21,682 | [2] | ||
Closing balance | $ 571,810 | $ 674,396 | [1],[2] | ||
[1]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments for the acquisition of Exterran as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information.[2]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments related to the Transaction as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information. |
Goodwill and Impairment Revie_4
Goodwill and Impairment Review of Goodwill - Additional Information (Detail) - CAD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | [1] | ||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Goodwill impairment | $ (87,168) | $ (48,000) | [1] | ||
Goodwill | $ 571,810 | $ 674,396 | [1],[2] | $ 566,270 | |
Growth rate used to extrapolate cash flow projections | 2% | ||||
Canada USA And EH [Member] | Top of range [member] | |||||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Description of discount rates used in current estimate of value in use | 13.50% | 15.30% | |||
Canada USA And EH [Member] | Bottom of range [member] | |||||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Description of discount rates used in current estimate of value in use | 9.50% | 10.70% | |||
EH Operating Segments [Member] | |||||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Impact on value in use | $ 160,000 | ||||
Latin America [Member] | |||||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Goodwill impairment | $ 87,000 | ||||
Description of discount rates used in current estimate of value in use | 17% | 15.50% | |||
Goodwill | $ 395,000 | ||||
[1]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments related to the Transaction as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information.[2]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments for the acquisition of Exterran as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information. |
Other Assets - Summary of Other
Other Assets - Summary of Other Assets (Detail) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | ||
Detailed Information About Other Assets [Abstract] | ||||
Investment in associates and joint ventures | $ 37,544 | $ 34,977 | ||
Prepaid deposits | 13,932 | 13,972 | ||
Long-term receivables | [1] | 400 | 34,127 | |
Total other assets | 51,876 | $ 83,076 | [2] | |
Noncurrent Preferred Shares Receivable | $ 28,000 | |||
[1]During the first quarter of 2023, the Company received proceeds of $28 million from the settlement of preferred shares.[2]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments for the acquisition of Exterran as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information. |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities - Summary of Detailed Information About Accounts Payable and Accrued Liabilities (Detail) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | [1] |
Detailed Information About Accounts Payable And Accrued Liabilities [Abstract] | |||
Accounts payable and accrued liabilities | $ 550,639 | $ 611,516 | |
Accrued dividend payable | 3,098 | 3,093 | |
Cash-settled share-based payments | 7,383 | 13,477 | |
Total accounts payable and accrued liabilities | $ 561,120 | $ 628,086 | |
[1]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments for the acquisition of Exterran as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information. |
Provisions - Summary of other p
Provisions - Summary of other provisions (Detail) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Classes of other provisions [abstract] | ||||
Warranty provision | $ 14,151 | $ 13,411 | ||
Restructuring provision | 9,646 | 2,009 | ||
Legal provision | 2,179 | 3,406 | ||
Current provisions | $ 25,976 | $ 18,826 | [1] | $ 6,636 |
[1]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments for the acquisition of Exterran as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information. |
Provisions - Summary of tabular
Provisions - Summary of tabular form of movement in provisions (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | |||
Disclosure of other provisions [line items] | ||||
Balance, January 1 | $ 18,826 | [1] | $ 6,636 | |
Acquisition (Note 6) | 0 | 8,579 | ||
Additions during the year | 16,545 | 7,121 | ||
Amounts settled and released in the year | (9,119) | (3,669) | ||
Currency translation effects | (276) | 159 | ||
Balance, December 31 | 25,976 | 18,826 | [1] | |
Warranty provision [member] | ||||
Disclosure of other provisions [line items] | ||||
Balance, January 1 | 13,411 | 6,636 | ||
Acquisition (Note 6) | 0 | 5,888 | ||
Additions during the year | 8,609 | 4,395 | ||
Amounts settled and released in the year | (7,595) | (3,669) | ||
Currency translation effects | (274) | 161 | ||
Balance, December 31 | 14,151 | 13,411 | ||
Restructuring provision [member] | ||||
Disclosure of other provisions [line items] | ||||
Balance, January 1 | 2,009 | |||
Acquisition (Note 6) | 0 | |||
Additions during the year | 7,936 | 2,009 | ||
Amounts settled and released in the year | (299) | |||
Currency translation effects | 0 | |||
Balance, December 31 | 9,646 | 2,009 | ||
Legal proceedings provision [member] | ||||
Disclosure of other provisions [line items] | ||||
Balance, January 1 | 3,406 | |||
Acquisition (Note 6) | 0 | 2,691 | ||
Additions during the year | 0 | 717 | ||
Amounts settled and released in the year | (1,225) | |||
Currency translation effects | (2) | (2) | ||
Balance, December 31 | $ 2,179 | $ 3,406 | ||
[1]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments for the acquisition of Exterran as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information. |
Deferred Revenues - Summary Of
Deferred Revenues - Summary Of Detailed Information About Deferred Revenue (Detail) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Detailed Information About Deferred Revenue [Abstract] | |||
Balance, January 1 | $ 399,520 | $ 84,614 | |
Acquisition (Note 6) | 0 | 135,409 | |
Cash received in advance of revenue recognition | 892,622 | 526,924 | |
Revenue subsequently recognized | (857,797) | (354,531) | |
Currency translation effects | (12,489) | 7,104 | |
Ending Balance | 421,856 | 399,520 | |
Current deferred revenues | 392,371 | 366,085 | [1] |
Non-current deferred revenues | $ 29,485 | $ 33,435 | [1] |
[1]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments for the acquisition of Exterran as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information. |
Long-Term Debt - Summary of bor
Long-Term Debt - Summary of borrowings (Detail) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Disclosure of detailed information about borrowings [line items] | |||
Notes | $ 826,625 | $ 846,500 | |
Long-term debt gross | 1,313,268 | 1,508,862 | |
Deferred transaction costs and Notes discount | (98,350) | (118,537) | |
Current portion of long-term debt | 52,904 | 27,088 | [1] |
Non-current portion of long-term debt | 1,162,014 | 1,363,237 | [1] |
Long-term debt | $ 1,214,918 | 1,390,325 | |
Secured Revolving Credit Facility [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity Date | October 13, 2025 | ||
Drawings on the Revolving Credit Facility | $ 314,705 | 459,202 | |
Secured Term Loan Facility [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity Date | October 13, 2025 | ||
Drawings on the Term Loan | $ 171,938 | 203,160 | |
Senior Secured Notes Maturing on October 15, 2027 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity Date | October 15, 2027 | ||
Notes | $ 826,625 | $ 846,500 | |
[1]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments for the acquisition of Exterran as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information. |
Long-Term Debt - Summary of b_2
Long-Term Debt - Summary of borrowings (Parenthetical) (Detail) | Dec. 31, 2023 USD ($) |
Secured Revolving Credit Facility [Member] | |
Disclosure of detailed information about borrowings [line items] | |
Notional amount | $ 700,000,000 |
Secured Term Loan Facility [Member] | |
Disclosure of detailed information about borrowings [line items] | |
Notional amount | 130,000,000 |
Senior Secured Notes Maturing on October 15, 2027 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Notional amount | $ 625,000,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 | Dec. 31, 2023 CAD ($) | |
Disclosure of detailed information about borrowings [line items] | |||
Long term debt repayment of principal year five | $ 1,313 | ||
Long term debt repayment of principal after year five | $ 0 | ||
Secured Term Loan Facility [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings maturity | October 13, 2025 | ||
Prospective increase in the borrowing capacity | $ 150,000,000 | ||
Notional amount | $ 130,000,000 | ||
Senior Secured Notes Maturing on October 15, 2027 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings maturity | October 15, 2027 | ||
Notional amount | $ 625,000,000 | ||
Borrowings interest rate | 9% | 9% | |
Secured Revolving Credit Facility [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings maturity | October 13, 2025 | ||
Notional amount | $ 700,000,000 | ||
Drawings On Bank Facility [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Long term debt weighted average interest rate over a period of time | 7.70% | 7% | |
Drawings On Asset Based Facility [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Long term debt weighted average interest rate over a period of time | 9% | 7.80% | |
Performance guaranteed by export development canada [member] | Secured Revolving Credit Facility [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Debt instrument current borrowing capacity | $ 70,000,000 | $ 93 | |
Cumulative amount utilised out of the total borrowing capacity | $ 36,000,000 | $ 48 |
Lease Liabilities - Summary of
Lease Liabilities - Summary of Lease Liabilities (Detail) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Disclosure Of Quantitative Information About Lease Liabilities [Line Items] | |||
Opening balance | $ 93,033 | $ 57,014 | |
Acquisition (Note 6) | 0 | 39,845 | |
Additions | 44,583 | 9,977 | |
Lease interest | 6,789 | 3,398 | |
Payments made against lease liabilities | (27,211) | (19,156) | |
Transfer to liabilities associated with assets held for sale (Note 10) | (6,209) | 0 | |
Lease measurement adjustment | (6,781) | 0 | |
Currency translation effects and other | (3,492) | 1,955 | |
Closing balance | 100,712 | 93,033 | |
Current portion of lease liabilities | 25,453 | 20,125 | [1] |
Non-current portion of lease liabilities | $ 75,259 | $ 72,908 | [1] |
[1]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments for the acquisition of Exterran as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information. |
Lease Liabilities - Summary o_2
Lease Liabilities - Summary of Future Minimum Lease Payments Under Non-Cancellable Leases (Detail) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of maturity analysis of operating lease payments [line items] | |||
Undiscounted operating lease payments to be received | $ 122,659 | ||
Imputed interest | 21,886 | ||
Short-term leases | 59 | ||
Low-value leases | 2 | ||
Lease liabilities | 100,712 | $ 93,033 | $ 57,014 |
2024 | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Undiscounted operating lease payments to be received | 29,346 | ||
2025 | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Undiscounted operating lease payments to be received | 26,384 | ||
2026 | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Undiscounted operating lease payments to be received | 19,475 | ||
2027 | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Undiscounted operating lease payments to be received | 15,348 | ||
2028 | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Undiscounted operating lease payments to be received | 24,537 | ||
Thereafter | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Undiscounted operating lease payments to be received | $ 7,569 |
Lease Liabilities - Additional
Lease Liabilities - Additional Information (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statements [Line Items] | ||
Expense relating to short-term leases for which recognition exemption has been used | $ 1,000 | $ 1,000 |
Expense relating to variable lease payments not included in measurement of lease liabilities | 2,000 | 2,000 |
Cost of sales | 1,000 | 1,000 |
Selling and administrative expenses | 395,875 | 301,242 |
Interest expense on lease liabilities | 6,789 | 3,398 |
Cash outflow for leases | 35,000 | 22,000 |
Selling, general and administrative expense [member] | ||
Statements [Line Items] | ||
Selling and administrative expenses | $ 1,000 | $ 1,000 |
Income Tax - Summary Of Compone
Income Tax - Summary Of Components Of Income Tax Expense (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Major components of tax expense (income) [abstract] | ||
Current income taxes | $ 53,259 | $ 17,945 |
Deferred income taxes | (10,863) | 3,265 |
Income taxes | $ 42,396 | $ 21,210 |
Income Tax - Summary of Reconci
Income Tax - Summary of Reconciliation of Tax Expense (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | ||
Loss before income taxes | $ (68,528) | $ (79,733) |
Canadian statutory rate | 23.50% | 23.40% |
Expected income tax provision | $ (16,104) | $ (18,658) |
Change in unrecognized deferred tax asset | 21,128 | 27,664 |
Exchange rate effects on tax basis | 23,493 | (2,223) |
Impairment of goodwill | 20,484 | 11,232 |
Earnings taxed in foreign jurisdictions | 2,063 | 543 |
Amounts not deductible (taxable) for tax purposes | 8,869 | 4,373 |
Impact of accounting for associates and joint ventures | (579) | (1,104) |
Other | 780 | (617) |
Income taxes | $ 42,396 | $ 21,210 |
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, 2023 | Dec. 31, 2022 | |
Income tax relating to components of other comprehensive income [abstract] | ||
Fair value remeasurement of hedging instruments entered into for cash flow hedges | $ 118 | $ (55) |
Relating to cash flow hedges | (11) | 59 |
Total income tax recognized in other comprehensive income | $ 107 | $ 4 |
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, 2023 | Dec. 31, 2022 | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Beginning balance | [1],[2] | $ (66,693) | [3] | $ (82,679) | |
Acquisition (Note 6) | [1],[2] | 23,692 | |||
Charged to net earnings | 10,863 | [3] | (3,265) | [1],[2] | |
Charged to OCI | 107 | [3] | 4 | [1],[2] | |
Exchange differences | (3,259) | [3] | (4,445) | [1],[2] | |
Ending Balance | [3] | (58,982) | (66,693) | [1],[2] | |
Accounting provisions and accruals | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Beginning balance | 4,356 | 7,022 | |||
Acquisition (Note 6) | [1] | 4,750 | |||
Charged to net earnings | 30,159 | (7,467) | |||
Charged to OCI | 0 | 0 | |||
Exchange differences | 1,474 | 51 | |||
Ending Balance | 35,989 | 4,356 | |||
Tax losses | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Beginning balance | 56,497 | 6,519 | |||
Acquisition (Note 6) | [1] | 49,513 | |||
Charged to net earnings | (19,678) | 1,325 | |||
Charged to OCI | 0 | 0 | |||
Exchange differences | 237 | (860) | |||
Ending Balance | 37,056 | 56,497 | |||
Long-term assets | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Beginning balance | (111,777) | (86,255) | |||
Acquisition (Note 6) | [1] | (24,033) | |||
Charged to net earnings | 22,226 | 1,022 | |||
Charged to OCI | 0 | 0 | |||
Exchange differences | (3,419) | (2,511) | |||
Ending Balance | (92,970) | (111,777) | |||
Other | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Beginning balance | 0 | 511 | |||
Acquisition (Note 6) | [1] | 0 | |||
Charged to net earnings | 0 | ||||
Charged to OCI | 0 | ||||
Exchange differences | (511) | ||||
Ending Balance | 0 | ||||
Exchange rate effects on tax bases | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Beginning balance | (15,769) | (10,476) | |||
Acquisition (Note 6) | [1] | (6,538) | |||
Charged to net earnings | (21,737) | 1,859 | |||
Charged to OCI | 0 | 0 | |||
Exchange differences | (1,551) | (614) | |||
Ending Balance | (39,057) | (15,769) | |||
Cash flow hedges | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Beginning balance | 0 | 0 | |||
Acquisition (Note 6) | [1] | 0 | |||
Charged to net earnings | (107) | (4) | |||
Charged to OCI | 107 | 4 | |||
Exchange differences | 0 | 0 | |||
Ending Balance | $ 0 | $ 0 | |||
[1]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments related to the Transaction as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information.[2]Net deferred tax liabilities at December 31, 2022 of $67 million consist of liabilities of $89 million net of assets of $22 million.[3]Net deferred tax liabilities at December 31, 2023 of $59 million consist of liabilities of $86 million net of assets of $27 million. |
Income Tax - Summary Of Tempo_2
Income Tax - Summary Of Temporary Difference Unused Tax Losses And Unused Tax Credits (Parenthetical) (Detail) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | [2],[3] | ||
Text Block 1 [Abstract] | ||||||
Deferred tax liability (asset) | $ 58,982 | [1] | $ 66,693 | [1],[2],[3] | $ 82,679 | |
Deferred tax liabilities | 86,502 | 88,550 | [4] | |||
Deferred tax assets | $ 27,520 | $ 21,857 | [4] | |||
[1]Net deferred tax liabilities at December 31, 2023 of $59 million consist of liabilities of $86 million net of assets of $27 million.[2]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments related to the Transaction as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information.[3]Net deferred tax liabilities at December 31, 2022 of $67 million consist of liabilities of $89 million net of assets of $22 million.[4]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments for the acquisition of Exterran as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information. |
Income Tax - Summary Of Deducti
Income Tax - Summary Of Deductible Temporary Differences Of Income Tax Expenses (Detail) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | [1] | |
Disclosure of Deductible Temporary Differences of Income Tax Expenses [Line Items] | ||||
Deductible temporary differences for which no deferred tax asset is recognised | $ 1,209,815 | $ 1,179,064 | ||
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 | 336,414 | 215,703 | ||
Canadian Long-term assets [Member] | ||||
Disclosure of Deductible Temporary Differences of Income Tax Expenses [Line Items] | ||||
Deductible temporary differences for which no deferred tax asset is recognised | 667 | 23,896 | ||
Canadian Accounting provisions and 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 | 20,092 | 29,143 | ||
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 | [2] | 910,300 | 975,297 | |
Foreign Long-term assets [Member] | ||||
Disclosure of Deductible Temporary Differences of Income Tax Expenses [Line Items] | ||||
Deductible temporary differences for which no deferred tax asset is recognised | [2] | 53,940 | 53,830 | |
Foreign Accounting provisions and 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 | [2] | $ 3,718 | $ 11,145 | |
[1]Certain balances as at December 31, 2022 have been restated as a result of measurement period adjustments related to the Transaction as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information.[2]The movement in foreign tax losses, long-term assets, and accounting provisions and other accruals for 2022 were primarily acquired as part of the Transaction. |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) $ in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 CAD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | ||
Disclosure of defined benefit plans [line items] | ||||
Federal Income Tax Rate | 15% | 15% | ||
Deductible temporary differences for which no deferred tax asset is recognised | $ 1,209,815 | $ 1,179,064 | [1] | |
Unused tax credits for which no deferred tax asset recognised | $ 1,000 | $ 1,000 | ||
Average effective tax rate | 8.50% | 8.40% | ||
US | ||||
Disclosure of defined benefit plans [line items] | ||||
Unused tax credits for which no deferred tax asset recognised | $ 78,000 | $ 75 | ||
[1]Certain balances as at December 31, 2022 have been restated as a result of measurement period adjustments related to the Transaction as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information. |
Share Capital Authorized - Summ
Share Capital Authorized - Summary of Issues and Outstanding (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | |||
Disclosure of classes of share capital [line items] | ||||
Balance, January 1 | [1] | $ 589,827 | ||
Exercise of stock options | 1,729 | $ 1,818 | ||
Ending balance | 591,598 | 589,827 | [1] | |
Ordinary shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance, January 1 | $ 589,827 | $ 375,524 | ||
Balance, January 1 (Shares) | 123,739,020 | 89,678,845 | ||
Issued on Acquisition (Note 6) | $ 0 | $ 213,942 | ||
Issued on Acquisition (Note 6) (Shares) | 0 | 34,013,055 | ||
Exercise of stock options | $ 1,771 | $ 361 | ||
Exercise of stock options (Shares) | 217,845 | 47,120 | ||
Ending balance | $ 591,598 | $ 589,827 | ||
Ending balance (Shares) | 123,956,865 | 123,739,020 | ||
[1]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments for the acquisition of Exterran as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information. |
Share Capital Authorized - Addi
Share Capital Authorized - Additional Inforamtion (Detail) $ / shares in Units, $ in Thousands, shares in Millions | 12 Months Ended | ||||
Dec. 31, 2023 CAD ($) $ / shares | Dec. 31, 2022 CAD ($) $ / shares | Oct. 13, 2022 | Oct. 12, 2022 CAD ($) shares | Oct. 12, 2022 $ / shares | |
Disclosure of classes of share capital [line items] | |||||
Dividends recognised as distributions to owners | $ 12,384 | $ 9,819 | |||
Number of instruments or interests issued or issuable | shares | 34,013,055 | ||||
Exterran Corporation [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Equity interests of acquirer | $ 214,000 | ||||
Share Price | $ / shares | $ 6.29 | ||||
Enerflex common shares [Member] | Exterran Corporation [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Conversion of common shares in business combination | 1.021% | ||||
Ordinary shares [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Dividends recognised as distributions to owners | $ 12,000 | $ 10,000 | |||
Dividends paid, ordinary shares per share | $ / shares | $ 0.1 | $ 0.1 |
Contributed Surplus - Summary o
Contributed Surplus - Summary of Contribution surplus (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of Contribution surplus [Abstract] | ||
Balance, January 1 | $ 660,072 | $ 658,615 |
Share-based compensation | 450 | 1,558 |
Exercise of stock options | (492) | (101) |
Ending Balance | $ 660,030 | $ 660,072 |
Revenue - Summary Of Disaggrega
Revenue - Summary Of Disaggregation Of Revenue From Contracts With Customers (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | $ 3,162,095 | $ 1,777,798 |
United States of America | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 1,347,408 | 890,899 |
Canada | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 350,490 | 261,865 |
Nigeria | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 232,481 | 18,420 |
Oman | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 221,538 | 119,906 |
Argentina | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 220,608 | 80,524 |
Iraq | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 193,789 | 25,917 |
Bahrain | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 127,009 | 85,540 |
Brazil | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 102,164 | 45,367 |
Australia | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 85,515 | 65,618 |
Mexico | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 84,400 | 64,325 |
Thailand | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 40,037 | 11,523 |
Colombia | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 28,977 | 21,278 |
Other | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 127,679 | 86,616 |
Energy Infrastructure [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 777,702 | 381,087 |
After Market Services [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 652,198 | 443,660 |
Engineered Systems [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | $ 1,732,195 | $ 953,051 |
Revenue - Summary of Disaggre_2
Revenue - Summary of Disaggregation of Revenue From Contracts With Customers (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statements [Line Items] | ||
Revenue Related To Operating Leases | $ 274 | $ 111 |
Revenue Related To Its Usa Contract Compression Fleet | $ 169 | $ 127 |
Revenue - Disclosure Of Perform
Revenue - Disclosure Of Performance Obligations (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 CAD ($) | |
Disclosure of performance obligations [line items] | |
Revenue from performance obligations satisfied or partially satisfied in previous periods | $ 4,026,201 |
Less than one year [Member] | |
Disclosure of performance obligations [line items] | |
Revenue from performance obligations satisfied or partially satisfied in previous periods | 1,905,017 |
One to two years [Member] | |
Disclosure of performance obligations [line items] | |
Revenue from performance obligations satisfied or partially satisfied in previous periods | 725,627 |
Greater than two years [Member] | |
Disclosure of performance obligations [line items] | |
Revenue from performance obligations satisfied or partially satisfied in previous periods | 1,395,557 |
Energy Infrastructure [Member] | |
Disclosure of performance obligations [line items] | |
Revenue from performance obligations satisfied or partially satisfied in previous periods | 2,248,237 |
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 | 537,622 |
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 | 474,220 |
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 | 1,236,395 |
After Market Services [Member] | |
Disclosure of performance obligations [line items] | |
Revenue from performance obligations satisfied or partially satisfied in previous periods | 278,920 |
After Market Services [Member] | Less than one year [Member] | |
Disclosure of performance obligations [line items] | |
Revenue from performance obligations satisfied or partially satisfied in previous periods | 90,047 |
After Market Services [Member] | One to two years [Member] | |
Disclosure of performance obligations [line items] | |
Revenue from performance obligations satisfied or partially satisfied in previous periods | 50,023 |
After Market Services [Member] | Greater than two years [Member] | |
Disclosure of performance obligations [line items] | |
Revenue from performance obligations satisfied or partially satisfied in previous periods | 138,850 |
Engineered Systems [Member] | |
Disclosure of performance obligations [line items] | |
Revenue from performance obligations satisfied or partially satisfied in previous periods | 1,499,044 |
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 | 1,277,348 |
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 | 201,384 |
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 | $ 20,312 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Share-based Compensation Expenses (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation expense | $ 7,652 | $ 16,162 |
Equity-settled share-based payments [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation expense | 450 | 1,558 |
Deferred share units [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation expense | (1,713) | 3,622 |
Phantom share entitlement plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation expense | (187) | 117 |
Performance share units [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation expense | (442) | 4,172 |
Restricted share units [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation expense | 6,764 | 4,454 |
Cash performance target [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation expense | $ 2,780 | $ 2,239 |
Share-Based Compensation - Equi
Share-Based Compensation - Equity settled share based payment arrangements (Detail) | 12 Months Ended | |
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||
Options outstanding, beginning of period, Number of options | shares | 3,089,229 | 4,456,444 |
Exercised, Number of options | shares | (217,845) | (47,120) |
Forfeited, Number of options | shares | (318,840) | (27,286) |
Expired, Number of options | shares | (254,569) | (1,292,809) |
Options outstanding, end of period, Number of options | shares | 2,297,975 | 3,089,229 |
Options exercisable, end of period, Number of options | shares | 1,589,639 | 1,671,421 |
Options outstanding, beginning of period, Weighted average exercise price | $ / shares | $ 10.77 | $ 11.66 |
Exercised, Weighted average exercise price | $ / shares | 5.87 | 5.51 |
Forfeited, Weighted average exercise price | $ / shares | 9.54 | 13.51 |
Expired, Weighted average exercise price | $ / shares | 13.32 | 13.98 |
Options outstanding, end of period, Weighted average exercise price | $ / shares | 11.12 | 10.77 |
Options exercisable, end of period, Weighted average exercise price | $ / shares | $ 12.52 | $ 12.48 |
Share-Based Compensation - Eq_2
Share-Based Compensation - Equity settled share based payment arrangements (Parenthetical) (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||
Share based compensation by share based award weighted average exercise price of options at the date of exercise | $ 8.16 | $ 8.03 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2023 CAD ($) shares $ / shares | Dec. 31, 2022 CAD ($) shares $ / shares | Dec. 31, 2020 | |
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 | shares | |||
Allocated share based compensation | $ 7,652,000 | $ 16,162,000 | |
Number of Shares Of Cash Settled During The Period | shares | 572,260 | ||
Deferred Share Units [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Allocated share based compensation | $ (1,713,000) | 3,622,000 | |
Share based compensation by share based award equity instruments other than options granted | shares | 314,208 | ||
Settlement of liability in respect of share based transactions | $ 3,000,000 | 1,000,000 | |
Deferred 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 | 3,000,000 | |
Deferred Share Units [Member] | Director And Executive [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Allocated share based compensation | 2,000,000 | 2,000,000 | |
Phantom Share Entitlement Plan [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Allocated share based compensation | $ (187,000) | $ 117,000 | |
Share based compensation by share based award equity instruments other than options granted | shares | 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 | $ 1,000,000 | $ 1,000,000 | |
Performance Share Units [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Allocated share based compensation | (442,000) | 4,172,000 | |
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 | 2,000,000 | 2,000,000 | |
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 | 4,000,000 | |
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% | ||
Restricted share units [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Allocated share based compensation | 6,764,000 | 4,454,000 | |
Restricted share units [member] | Current Liabilities [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Liabilities from share based transaction | $ 3,000,000 | $ 4,000,000 | |
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 | 1,869,012 | 995,336 | |
Settlement of liability in respect of share based transactions | $ 9,000,000 | $ 2,000,000 | |
Cash Performance Target Plan [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Settlement of liability in respect of share based transactions | 4,000,000 | $ 2,000,000 | |
Share based compensation by share based equity instruments other than options granted during the period value | $ 0 | ||
Share based compensation by share based award weighted average fair value of equity instruments other than options granted | $ / shares | $ 0 | $ 6.29 | |
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 | $ 3,000,000 | ||
Employee Share Purchase Plan [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 Options Outstanding and Exercisable (Detail) | 12 Months Ended | |||
Dec. 31, 2023 shares $ / shares | Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number outstanding, Options Outstanding | shares | 2,297,975 | 2,297,975 | 3,089,229 | 4,456,444 |
Weighted average remaining life, Options Outstanding | 2 years 10 months 28 days | |||
Weighted average exercise price, Options Outstanding | $ / shares | $ 11.12 | |||
Number outstanding, Options Exercisable | shares | 1,589,639 | 1,589,639 | 1,671,421 | |
Weighted average remaining life, Options Exercisable | 2 years 5 months 19 days | |||
Weighted average exercise price, Options Exercisable | $ / shares | $ 12.52 | $ 12.48 | ||
Exercise Price Range One [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number outstanding, Options Outstanding | shares | 517,559 | 517,559 | ||
Weighted average remaining life, Options Outstanding | 3 years 7 months 13 days | |||
Weighted average exercise price, Options Outstanding | $ / shares | $ 5.51 | |||
Number outstanding, Options Exercisable | shares | 250,394 | 250,394 | ||
Weighted average remaining life, Options Exercisable | 3 years 7 months 13 days | |||
Weighted average exercise price, Options Exercisable | $ / shares | $ 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 | shares | 1,142,861 | 1,142,861 | ||
Weighted average remaining life, Options Outstanding | 3 years 6 months 14 days | |||
Weighted average exercise price, Options Outstanding | $ / shares | $ 10.95 | |||
Number outstanding, Options Exercisable | shares | 701,690 | 701,690 | ||
Weighted average remaining life, Options Exercisable | 3 years 2 months 15 days | |||
Weighted average exercise price, Options Exercisable | $ / shares | $ 11.89 | |||
Exercise Price Range Three [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number outstanding, Options Outstanding | shares | 637,555 | 637,555 | ||
Weighted average remaining life, Options Outstanding | 1 year 2 months 15 days | |||
Weighted average exercise price, Options Outstanding | $ / shares | $ 15.97 | |||
Number outstanding, Options Exercisable | shares | 637,555 | 637,555 | ||
Weighted average remaining life, Options Exercisable | 1 year 2 months 15 days | |||
Weighted average exercise price, Options Exercisable | $ / shares | $ 15.97 |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of Options Outstanding and Exercisable (Parenthetical) (Detail) | Dec. 31, 2023 $ / shares | Dec. 31, 2023 $ / shares | Dec. 31, 2022 $ / 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 | $ 11.12 | ||
Share based compensation by share based award weighted average excersie price of options excercisable in a share based payment arrangement | 12.52 | $ 12.48 | |
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 | 5.51 | ||
Share based compensation by share based award weighted average excersie price of options excercisable in a share based payment arrangement | $ 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 | $ 10.95 | ||
Share based compensation by share based award weighted average excersie price of options excercisable in a share based payment arrangement | 11.89 | ||
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 | 15.97 | ||
Share based compensation by share based award weighted average excersie price of options excercisable in a share based payment arrangement | 15.97 | ||
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 | 5.51 | ||
Share based compensation by share based award weighted average excersie price of options excercisable in a share based payment arrangement | 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 | 6.69 | ||
Share based compensation by share based award weighted average excersie price of options excercisable in a share based payment arrangement | 6.69 | ||
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 | 14.76 | ||
Share based compensation by share based award weighted average excersie price of options excercisable in a share based payment arrangement | 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 | 6.68 | ||
Share based compensation by share based award weighted average excersie price of options excercisable in a share based payment arrangement | 6.68 | ||
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 | 14.75 | ||
Share based compensation by share based award weighted average excersie price of options excercisable in a share based payment arrangement | 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 | 16.12 | ||
Share based compensation by share based award weighted average excersie price of options excercisable in a share based payment arrangement | $ 16.12 |
Share-Based Compensation - Su_4
Share-Based Compensation - Summary of Share Units (Deferred share units) (Detail) - Deferred Share Units [Member] | 12 Months Ended |
Dec. 31, 2023 shares $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Opening Balance, Number | shares | 1,625,513 |
Granted, Number | shares | 314,208 |
In lieu of dividends, Number of DSUs | shares | 20,817 |
Vested, Number | shares | (400,428) |
Ending Balance, Number | shares | 1,560,110 |
Opening Balance, Weighted average grant | $ / shares | $ 10.16 |
Granted, Weighted average grant | $ / shares | 7.44 |
In lieu of dividends , Weighted average grant | $ / shares | 7.65 |
Vested, Weighted average grant | $ / shares | 6.75 |
Ending Balance, Weighted average grant | $ / shares | $ 10.45 |
Share-Based Compensation - Su_5
Share-Based Compensation - Summary of Share Units (Deferred share units) (Parenthetical) (Detail) - Deferred Share Units [Member] - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current Liabilities [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Liabilities from share based transaction | $ 2 | $ 3 |
Other Long Term Liabilities [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Liabilities from share based transaction | $ 8 | $ 11 |
Share-Based Compensation - Su_6
Share-Based Compensation - Summary of Share Units (Phantom Share Entitlement Plan) (Detail) - Phantom Share Entitlement Plan [Member] | 12 Months Ended | |
Dec. 31, 2023 shares $ / shares | Dec. 31, 2023 shares $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Opening Balance, Number | shares | 200,251 | 200,251 |
Opening Balance, Weighted average grant | $ / shares | $ 12.21 | |
Exercised , Number | shares | (13,941) | (13,941) |
Exercised, Weighted average grant | $ / shares | $ 5.51 | |
Expired | shares | (27,397) | (27,397) |
Expired, Weighted average grant | $ / shares | $ 13.27 | |
Ending Balance, Number | shares | 158,913 | 158,913 |
Ending Balance, Weighted average grant | $ / shares | $ 12.61 |
Share-Based Compensation - Su_7
Share-Based Compensation - Summary of Share Units (Phantom Share Entitlement Plan) (Parenthetical) (Detail) - Phantom Share Entitlement Plan [Member] - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current Liabilities [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Liabilities from share based transaction | $ 1 | $ 1 |
Other Long Term Liabilities [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Liabilities from share based transaction | $ 1 | $ 1 |
Share-Based Compensation - Su_8
Share-Based Compensation - Summary of Share Units (Performance Share Units) (Detail) - Performance Share Units [Member] | 12 Months Ended | |
Dec. 31, 2023 shares $ / shares | Dec. 31, 2023 shares $ / shares | |
Toronto Stock Exchange [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Opening Balance, Number | shares | 1,641,746 | 1,641,746 |
Opening Balance, Weighted average grant | $ / shares | $ 8.51 | |
Granted, Number | shares | 341,072 | 341,072 |
Granted, Weighted average grant | $ / shares | $ 8.4 | |
In lieu of dividends, Number of PSUs | shares | 19,150 | 19,150 |
In lieu of dividends , Weighted average grant | $ / shares | $ 7.81 | |
Vested, Number | shares | (227,074) | (227,074) |
Vested, Weighted average grant | $ / shares | $ 9.25 | |
Forfeited, Number | shares | (563,999) | (563,999) |
Forfeited, Weighted average grant | $ / shares | $ 6.21 | |
Ending Balance, Number | shares | 1,210,895 | 1,210,895 |
Ending Balance, Weighted average grant | $ / shares | $ 9.4 | |
New York Stock Exchange [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Opening Balance, Number | shares | 0 | 0 |
Opening Balance, Weighted average grant | $ / shares | $ 0 | |
Granted, Number | shares | 271,566 | 271,566 |
Granted, Weighted average grant | $ / shares | $ 6.24 | |
In lieu of dividends, Number of PSUs | shares | 1,163 | 1,163 |
In lieu of dividends , Weighted average grant | $ / shares | $ 4.3 | |
Vested, Number | shares | 0 | 0 |
Vested, Weighted average grant | $ / shares | $ 0 | |
Forfeited, Number | shares | 0 | 0 |
Forfeited, Weighted average grant | $ / shares | $ 0 | |
Ending Balance, Number | shares | 272,729 | 272,729 |
Ending Balance, Weighted average grant | $ / shares | $ 6.23 |
Share-Based Compensation - Su_9
Share-Based Compensation - Summary of Share Units (Performance Share Units) (Parenthetical) (Detail) - Performance Share Units [Member] - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current Liabilities [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Liabilities from share based transaction | $ 2 | $ 4 |
Other Long Term Liabilities [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Liabilities from share based transaction | $ 2 | $ 3 |
Share-Based Compensation - S_10
Share-Based Compensation - Summary of Share Units (Restricted Share Units) (Detail) - Restricted share units [member] | 12 Months Ended |
Dec. 31, 2023 shares $ / shares | |
Toronto Stock Exchange [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Opening Balance, Number | shares | 2,001,833 |
Opening Balance, Weighted average grant | $ / shares | $ 6.9 |
Granted, Number | shares | 1,069,821 |
Granted, Weighted average grant | $ / shares | $ 8.53 |
In lieu of dividends, Number of RSUs | shares | 24,121 |
In lieu of dividends , Weighted average grant | $ / shares | $ 7.71 |
Vested, Number | shares | (933,104) |
Vested, Weighted average grant | $ / shares | $ 8.87 |
Forfeited, Number | shares | (389,079) |
Forfeited, Weighted average grant | $ / shares | $ 7.17 |
Ending Balance, Number | shares | 1,773,592 |
Ending Balance, Weighted average grant | $ / shares | $ 6.79 |
New York Stock Exchange [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Opening Balance, Number | shares | 0 |
Opening Balance, Weighted average grant | $ / shares | $ 0 |
Granted, Number | shares | 799,191 |
Granted, Weighted average grant | $ / shares | $ 6.27 |
In lieu of dividends, Number of RSUs | shares | 3,596 |
In lieu of dividends , Weighted average grant | $ / shares | $ 4.46 |
Vested, Number | shares | (16,388) |
Vested, Weighted average grant | $ / shares | $ 6.83 |
Forfeited, Number | shares | (57,808) |
Forfeited, Weighted average grant | $ / shares | $ 6.36 |
Ending Balance, Number | shares | 728,591 |
Ending Balance, Weighted average grant | $ / shares | $ 6.24 |
Share-Based Compensation - S_11
Share-Based Compensation - Summary of Share Units (Restricted Share Units) (Parenthetical) (Detail) - Restricted share units [member] - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other Long Term Liabilities [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Liabilities from share based transaction | $ 1 | $ 1 |
Current Liabilities [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Liabilities from share based transaction | $ 3 | $ 4 |
Retirement Benefits Plan - Summ
Retirement Benefits Plan - Summary of defined contribution plans (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Defined Contribution Plans Explanatory [Abstract] | ||
Defined contribution plans | $ 6,780 | $ 5,169 |
401(k) matched savings plan | 7,238 | 4,110 |
Net pension expense | $ 14,018 | $ 9,279 |
Finance Costs And Income - Summ
Finance Costs And Income - Summary of finance costs and income (Detail) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Finance Costs [Abstract] | |||
Short and long-term borrowings | [1] | $ 152,005 | $ 46,009 |
Interest on lease liability | 6,789 | 3,398 | |
Total finance costs | 158,794 | 49,407 | |
Finance Income | |||
Interest income | 32,402 | 10,484 | |
Net finance costs | $ 126,392 | $ 38,923 | |
[1]Finance costs on short- and long-term borrowings relate primarily to interest on the Company’s Revolving Credit Facility, Term Loan and Notes. Refer to Note 20 “Long-Term Debt” for more information on interest rates on the Revolving Credit Facility, Term Loan and Notes. |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings Per Share (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CAD ($) $ / shares shares | Dec. 31, 2023 $ / shares | Dec. 31, 2022 CAD ($) $ / shares shares | Dec. 31, 2022 $ / shares | |
Earnings per share [line items] | ||||
Basic - Net loss | $ | $ (110,924) | $ (100,943) | ||
Basic - Weighted average shares outstanding | shares | 123,834,242 | 97,045,917 | ||
Basic - Per share | (per share) | $ (0.9) | $ (0.9) | $ (1.04) | $ (1.04) |
Dilutive effect of stock option conversion - Net loss | $ | $ 0 | $ 0 | ||
Dilutive effect of stock option conversion - Weighted average shares outstanding | shares | 0 | 0 | ||
Dilutive effect of stock option conversion - Per share | $ / shares | 0 | 0 | ||
Diluted - Net loss | $ | $ (110,924) | $ (100,943) | ||
Diluted - Weighted average shares outstanding | shares | 123,834,242 | 97,045,917 | ||
Diluted - Per share | (per share) | $ (0.9) | $ (0.9) | $ (1.04) | $ (1.04) |
Financial Instruments - Summary
Financial Instruments - Summary of Detailed Information About Financial Instruments (Detail) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | ||||
Carrying value, Cash and cash equivalents | $ 126,089 | $ 253,776 | [1] | $ 172,758 |
Carrying value, Short-term investments | 14,425 | |||
Carrying value, Derivative instruments in designated hedge accounting relationships | 594 | 901 | ||
Carrying value, Accounts receivable | 525,854 | 455,841 | [1],[2] | |
Carrying value, Long-term receivables | 27,954 | |||
Carrying value, Derivative instruments in designated hedge accounting relationships | 1,019 | 977 | ||
Carrying value, Accounts payable and accrued liabilities | 561,120 | 628,086 | [1] | |
Carrying value ,Other current liabilities | 7,936 | |||
Carrying value, Long-term debt – Revolving Credit Facility | 314,705 | 459,202 | ||
Carrying value, Long-term debt – Term Loan | 171,938 | 203,160 | ||
Carrying value, Long-term debt – Notes | 826,625 | 846,500 | ||
Carrying value, Other long-term liabilities | 18,070 | 21,757 | [1] | |
Estimated fair value, Financial Liabilities | 1,019 | 977 | ||
Accounts payable and accrued liabilities [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Estimated fair value, Financial Liabilities | 561,120 | 628,086 | ||
Other current liabilities [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Estimated fair value, Financial Liabilities | 7,936 | |||
Long-term debt – Revolving Credit Facility [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Estimated fair value, Financial Liabilities | 314,705 | 459,202 | ||
Long-term debt – Term Loan [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Estimated fair value, Financial Liabilities | 171,938 | 203,160 | ||
Long-term debt – Notes [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Estimated fair value, Financial Liabilities | 823,198 | 869,288 | ||
Other long-term liabilities [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Estimated fair value, Financial Liabilities | 18,070 | 21,757 | ||
Cash and cash equivalents [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Estimated fair value, Financial Assets | 126,089 | 253,776 | ||
Short-term Investments [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Carrying value, Short-term investments | 14,425 | |||
Estimated fair value, Financial Assets | 14,425 | |||
Derivative instruments in designated hedge accounting relationships [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Estimated fair value, Financial Assets | 594 | 901 | ||
Accounts receivable [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Estimated fair value, Financial Assets | $ 525,854 | 455,841 | ||
Long-term receivables [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Estimated fair value, Financial Assets | $ 28,702 | |||
[1]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments for the acquisition of Exterran as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information.[2]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments related to the Transaction as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information. |
Financial Instruments - Summa_2
Financial Instruments - Summary of Fair Value Measurement of Financial Assets and Financial Liabilities (Detail) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | $ 1,019 | $ 977 |
Carrying value, Short-term investments | 14,425 | |
Carrying value, Derivative financial instruments | 594 | 901 |
Carrying value, Derivative financial instruments | 1,019 | 977 |
Carrying value, Long-term debt – Notes | 826,625 | 846,500 |
Long-term debt – Notes [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 823,198 | $ 869,288 |
Short Term Investments [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 14,425 | |
Carrying value, Short-term investments | 14,425 | |
Level 1 [member] | Derivative financial instruments [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 0 | |
Level 1 [member] | Long-term debt – Notes [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 0 | |
Level 1 [member] | Short Term Investments [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 0 | |
Level 1 [member] | Derivative financial instruments [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 0 | |
Level 2 [member] | Derivative financial instruments [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 1,019 | |
Level 2 [member] | Long-term debt – Notes [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 823,198 | |
Level 2 [member] | Short Term Investments [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 14,425 | |
Level 2 [member] | Derivative financial instruments [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 594 | |
Level 3 [member] | Derivative financial instruments [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 0 | |
Level 3 [member] | Long-term debt – Notes [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Liabilities | 0 | |
Level 3 [member] | Short Term Investments [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 0 | |
Level 3 [member] | Derivative financial instruments [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | $ 0 |
Financial Instruments - Summa_3
Financial Instruments - Summary of Detailed Information About Hedging Instruments (Detail) - USD - Currency risk [member] $ in Thousands | Dec. 31, 2023 CAD ($) |
January 2024 –December 2024 [member] | Purchase contracts [member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Notional amount | 30,780 |
January 2024 –November 2024 [member] | Sales contracts [member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Notional amount | 21,321 |
Financial Instruments - Summa_4
Financial Instruments - Summary of Earnings Before Tax Due To Weakening of Foreign Currency (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 CAD ($) | |
USD | |
Earnings From Foreign Operation [Abstract] | |
Earnings before income taxes | $ 5,920 |
AUD | |
Earnings From Foreign Operation [Abstract] | |
Earnings before income taxes | 28 |
BRL | |
Earnings From Foreign Operation [Abstract] | |
Earnings before income taxes | $ (1,726) |
Financial Instruments - Summa_5
Financial Instruments - Summary of Earnings Before Tax Due To Weakening of Foreign Currency (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
USD | |
Impact Of Earnings Before Tax Due To Weakening Of Foreign Currency [Line Items] | |
Percentage of weakening of foreign currency against local currency | 5% |
Percentage of strengthening of foreign currency against local currency | 5% |
AUD | |
Impact Of Earnings Before Tax Due To Weakening Of Foreign Currency [Line Items] | |
Percentage of weakening of foreign currency against local currency | 5% |
Percentage of strengthening of foreign currency against local currency | 5% |
BRL | |
Impact Of Earnings Before Tax Due To Weakening Of Foreign Currency [Line Items] | |
Percentage of strengthening of foreign currency against local currency | 5% |
Financial Instruments - Summa_6
Financial Instruments - Summary of Sensitivity Analysis of Fair Value Measurement To Changes In Unobservable Inputs, Liabilities (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 CAD ($) | |
USD | |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items] | |
Other comprehensive income | $ 12,446 |
Earnings before income taxes | (10,042) |
AUD | |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items] | |
Other comprehensive income | 639 |
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 | 246 |
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] | Dec. 31, 2023 |
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% |
Percentage of reasonably possible decrease in unobervable input liabilities | 5% |
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% |
Percentage of reasonably possible decrease in unobervable input liabilities | 5% |
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% |
Percentage of reasonably possible decrease in unobervable input liabilities | 5% |
Financial Instruments - Summa_8
Financial Instruments - Summary of maturity analysis for financial assets held for managing liquidity risk (Detail) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | [1] | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [abstract] | ||||
Cash and cash equivalents | $ 126,089 | $ 253,776 | $ 172,758 | |
Short-term investments | 14,425 | |||
Total Revolving Credit Facility (US$700,000) | 925,820 | |||
Drawings on the Revolving Credit Facility | 314,705 | |||
Letters of Credit | 137,982 | |||
Available for future drawings | $ 613,647 | |||
[1]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments for the acquisition of Exterran as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information. |
Financial Instruments - Summa_9
Financial Instruments - Summary of maturity analysis for financial assets held for managing liquidity risk (Parenthetical ) (Detail) - Dec. 31, 2023 - Secured Revolving Credit Facility [Member] $ in Thousands, $ in Thousands | USD ($) | CAD ($) |
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Debt instrument face value | $ 700,000 | |
Revolving Credit Facility [Member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Debt instrument face value | $ 700,000 | |
Performance Guaranteed By Export Development Canada [Member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Debt Instrument Current Borrowing Capacity | 70,000 | 93,000 |
Performance Guaranteed By Export Development Canada [Member] | Letter of Credit [Member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Debt Instrument Current Borrowing Capacity | 70,000 | |
Cumulative Amount Utilised Out Of The Total Borrowing Capacity | $ 36,000 | $ 48,000 |
Financial Instruments - Summ_10
Financial Instruments - Summary of Maturity Analysis For Derivative and Non Derivative Financial Liabilities (Detail) $ in Thousands | Dec. 31, 2023 CAD ($) |
Disclosure Of Maturity Analysis For Derivative And Non Derivative Financial Liabilities [Line Items] | |
Foreign currency forward contracts | $ 1,019 |
Accounts payable and accrued liabilities | 561,120 |
Other current liabilities | 7,936 |
Long-term debt – Revolving credit facility | 314,705 |
Long-term debt – Term loan | 171,938 |
Long-term debt – Notes | 826,625 |
Other current liabilities | 18,070 |
Less than 3 months [member] | |
Disclosure Of Maturity Analysis For Derivative And Non Derivative Financial Liabilities [Line Items] | |
Foreign currency forward contracts | 596 |
Accounts payable and accrued liabilities | 561,120 |
Other current liabilities | 7,936 |
Long-term debt – Revolving credit facility | 0 |
Long-term debt – Term loan | 13,226 |
Long-term debt – Notes | 0 |
Other current 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 | 423 |
Accounts payable and accrued liabilities | 0 |
Other current liabilities | 0 |
Long-term debt – Revolving credit facility | 0 |
Long-term debt – Term loan | 39,678 |
Long-term debt – Notes | 0 |
Other current 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 |
Other current liabilities | 0 |
Long-term debt – Revolving credit facility | 314,705 |
Long-term debt – Term loan | 119,034 |
Long-term debt – Notes | 826,625 |
Other current liabilities | $ 18,070 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [line items] | ||
Cumulative estimated gain losses on termination of forward contracts | $ 1,000 | |
Gain losses on cash flow hedges net of tax | 1,000 | $ 1,000 |
Accumulated fair value hedge adjustment on hedged item included in carrying amount liabilities | $ 1,000 | 1,000 |
Percentage change in rate of interest percentage | 1% | |
Estimated increase decrease in annual interest expense | $ 3,000 | |
Other comprehensive income, net of tax, exchange differences on translation of foreign operations | (45,701) | 72,406 |
Foreign exchange loss | 58,933 | 19,202 |
USD | ||
Disclosure of detailed information about financial instruments [line items] | ||
Other comprehensive income, net of tax, exchange differences on translation of foreign operations | $ 621,000 | |
ARS | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage of reasonably possible decrease in unobservable input assets | 5% | |
Additional foreign exchange loss | $ (1,000) | |
Foreign exchange loss | $ 83,000 | |
Revolving Credit Facility Term Loan And Notes [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Interest coverage ratio | 4.2 | |
Net funded debt to EBITDA ratio | 2.3 | |
Senior secured net funded debt to EBITDA ratio | 0.7 | |
USA And Canada [Member] | One Customer [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage of accounts receivable and contract assets | 10% | |
Investment In Preferred Shares [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at fair value | 29,000 | |
Investment In Preferred Shares [Member] | Long Term Receivables [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at amortized costs | $ 28,000 | |
Bottom of range [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage of entities revenue | 10% | 10% |
Percentage of accounts receivable and contract assets | 10% | |
Bottom of range [member] | Revolving Credit Facility Term Loan And Notes [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Interest coverage ratio | 2.5 | |
Top of range [member] | Revolving Credit Facility Term Loan And Notes [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net funded debt to EBITDA ratio | 4 | |
Senior secured net funded debt to EBITDA ratio | 2.5 | |
Senior Unsecured Notes [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortized costs | $ 823,000 | |
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 | 9 |
Capital Disclosures -Summary of
Capital Disclosures -Summary of Reconciliation of Net Debt Plus Shareholders' Equity (Detail) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Reconciliation of Net debt to EBITDA ratio [Line Items] | ||||
Long-term debt | $ 1,214,918 | $ 1,390,325 | ||
Cash and cash equivalents | (126,089) | (253,776) | [1] | $ (172,758) |
Net debt | 1,088,829 | 1,136,549 | ||
Total shareholders' equity | 1,394,022 | 1,542,908 | $ 1,353,754 | |
Total capital | $ 2,482,851 | $ 2,679,457 | ||
[1]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments for the acquisition of Exterran as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information. |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Disclosure of Changes in Working Capital and Other (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net Change in Working Capital and Other [Line Items] | ||
Accounts receivable | $ (70,013) | $ (56,861) |
Contract assets | 55 | (45,169) |
Inventories | (20,100) | (78,697) |
Work-in-progress related to finance leases | 41,986 | (5,817) |
Finance leases receivable | 24,965 | (81,049) |
Income taxes receivable | 6,307 | 3,097 |
Prepayments and other | (5,181) | (35,198) |
Net assets held for sale | (2,906) | 0 |
Long-term receivables related to preferred shares | 27,954 | 0 |
Accounts payable and accrued liabilities and provisions | (42,586) | 77,875 |
Income taxes payable | (556) | (11,042) |
Deferred revenue | 22,336 | 179,497 |
Other current liabilities | 7,936 | 0 |
Foreign currency and other | 23,530 | (17,954) |
Increase Decrease In Working Capital | 13,727 | (71,318) |
Interest paid – short- and long-term borrowings | 143,114 | 29,640 |
Interest paid – lease liabilities | 6,789 | 3,398 |
Total interest paid | 149,903 | 33,038 |
Interest received | 36,168 | 1,269 |
Taxes paid | 56,644 | 27,813 |
Taxes received | $ 1,024 | $ 5,399 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Summary Of Reconciliation Of Liabilities Arising From Financing Activities (Detail) - Long-term borrowings [member] - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accretion of bond discount | ||
Long-term debt, opening balance | $ 1,390,325 | $ 331,422 |
Debt assumed on Acquisition (Note 6) | 0 | 1,022,112 |
Changes from financing cash flows | (164,089) | 90,973 |
The effect of changes in foreign exchange rates | (31,557) | (4,099) |
Amortization of deferred transaction costs | 14,488 | 4,046 |
Accretion of Notes discount | 10,635 | 2,070 |
Debt transaction costs | (4,884) | (56,199) |
Long-term debt, closing balance | $ 1,214,918 | $ 1,390,325 |
Guarantees, Commitments,And C_2
Guarantees, Commitments,And Contingencies - Summary of Companys purchase obligations of future period (Detail) $ in Thousands | Dec. 31, 2023 CAD ($) |
Disclosure of Companys purchase obligations of future period [Abstract] | |
2024 | $ 528,003 |
2025 | 22,047 |
2026 | $ 937 |
Guarantees, Commitments,And C_3
Guarantees, Commitments,And Contingencies - Additional Information (Detail) $ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 MXN ($) | Dec. 31, 2023 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CAD ($) | Jan. 31, 2022 MXN ($) | |
Disclosure of Companys purchase obligations of future period [Line Items] | |||||
Employee Severance Pay | $ 1,400,000 | $ 2,152,000,000 | |||
Employee Average Salary Per Day | $ 3,500 | ||||
Secured Revolving Credit Facility [Member] | |||||
Disclosure of Companys purchase obligations of future period [Line Items] | |||||
Letters of credit, outstanding | $ 186 | $ 175 | |||
Secured Revolving Credit Facility [Member] | Performance Guaranteed By Export Development Canada [Member] | |||||
Disclosure of Companys purchase obligations of future period [Line Items] | |||||
Letters of credit, outstanding | 0 | ||||
Debt Instrument Current Borrowing Capacity | 93 | $ 70 | |||
Secured Revolving Credit Facility [Member] | Performance Guaranteed By Export Development Canada [Member] | Letter Of Credit Facility [Member] | |||||
Disclosure of Companys purchase obligations of future period [Line Items] | |||||
Letters of credit, outstanding | 48 | 36 | |||
Debt Instrument Current Borrowing Capacity | $ 70 | ||||
Secured Revolving Credit Facility [Member] | Performance Guaranteed By Export Development Canada [Member] | Revolving Credit Facility [Member] | |||||
Disclosure of Companys purchase obligations of future period [Line Items] | |||||
Letters of credit, outstanding | $ 138 | $ 175 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Percent of equity method investment | 45 |
Percent interest in a joint venture | 65 |
Related Party Transactions - Su
Related Party Transactions - Summary of Remuneration of Directors and Other Key Management Personnel (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Key Management Personnel [Abstract] | ||
Salaries, Director fees and other short-term benefits | $ 5,580 | $ 6,350 |
Post-employment compensation | 690 | 721 |
Share-based payments | $ 8,446 | $ 8,315 |
Related Party Transactions - _2
Related Party Transactions - Summary of Financial Statement Impacts of all Transactions with Related Parties (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of transactions between related parties [line items] | ||
Revenue | $ 3,162,095 | $ 1,777,798 |
Associate – Roska DBO [member] | ||
Disclosure of transactions between related parties [line items] | ||
Revenue | 2,543 | 1,755 |
Purchases | 0 | 4 |
Accounts receivable | $ 12 | $ 22 |
Segmented Information - Summary
Segmented Information - Summary Of Detailed Information About Geographical Areas (Detail) - CAD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | [2] | ||
Disclosure of geographical areas [line items] | |||||
Segment revenue | $ 3,206,318 | $ 1,874,760 | |||
Intersegment revenue | (44,223) | (96,962) | |||
Revenue | 3,162,095 | 1,777,798 | |||
Gross Margin | 617,146 | 322,716 | |||
SG&A | 395,875 | 301,242 | |||
Foreign exchange loss | 58,933 | 19,202 | |||
Operating income (loss) | 162,338 | 2,272 | |||
Segment assets | 3,337,698 | 3,260,948 | |||
Goodwill | 571,810 | 674,396 | [1],[2] | $ 566,270 | |
Corporate | 2,472 | 322,724 | |||
Total segment assets | 3,911,980 | 4,258,068 | |||
EI [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 777,702 | 381,087 | |||
AMS [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 652,198 | 443,660 | |||
ES [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 1,732,195 | 953,051 | |||
North America [member] | |||||
Disclosure of geographical areas [line items] | |||||
Segment revenue | 1,939,778 | 1,303,885 | |||
Intersegment revenue | (33,168) | (93,778) | |||
Revenue | 1,906,610 | 1,210,107 | |||
Gross Margin | 364,497 | 195,503 | |||
SG&A | 194,870 | 179,862 | |||
Foreign exchange loss | 398 | 872 | |||
Operating income (loss) | 169,229 | 14,769 | |||
Segment assets | 1,606,304 | 1,602,755 | |||
Goodwill | 220,657 | 224,992 | |||
Corporate | 0 | 0 | |||
Total segment assets | 1,826,961 | 1,827,747 | |||
North America [member] | EI [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 171,276 | 141,900 | |||
North America [member] | AMS [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 385,814 | 298,333 | |||
North America [member] | ES [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 1,349,520 | 769,874 | |||
Latin America [member] | |||||
Disclosure of geographical areas [line items] | |||||
Segment revenue | 473,824 | 221,628 | |||
Intersegment revenue | (1,295) | (434) | |||
Revenue | 472,529 | 221,194 | |||
Gross Margin | 115,569 | 50,015 | |||
SG&A | 71,538 | 47,379 | |||
Foreign exchange loss | 58,398 | 17,290 | |||
Operating income (loss) | (14,367) | (14,654) | |||
Segment assets | 631,577 | 829,676 | |||
Goodwill | 0 | 89,264 | |||
Corporate | 0 | 0 | |||
Total segment assets | 631,577 | 918,940 | |||
Latin America [member] | EI [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 335,532 | 129,723 | |||
Latin America [member] | AMS [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 76,792 | 38,057 | |||
Latin America [member] | ES [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 60,205 | 53,414 | |||
Eastern Hemisphere [member] | |||||
Disclosure of geographical areas [line items] | |||||
Segment revenue | 792,716 | 349,247 | |||
Intersegment revenue | (9,760) | (2,750) | |||
Revenue | 782,956 | 346,497 | |||
Gross Margin | 137,080 | 77,198 | |||
SG&A | 129,467 | 74,001 | |||
Foreign exchange loss | 137 | 1,040 | |||
Operating income (loss) | 7,476 | 2,157 | |||
Segment assets | 1,099,817 | 828,517 | |||
Goodwill | 351,153 | 360,140 | |||
Corporate | 0 | 0 | |||
Total segment assets | 1,450,970 | 1,188,657 | |||
Eastern Hemisphere [member] | EI [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 270,894 | 109,464 | |||
Eastern Hemisphere [member] | AMS [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 189,592 | 107,270 | |||
Eastern Hemisphere [member] | ES [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | $ 322,470 | $ 129,763 | |||
[1]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments for the acquisition of Exterran as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information.[2]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments related to the Transaction as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information. |
Segmented Information - Summa_2
Segmented Information - Summary Of Detailed Information About Geographical Areas (Parenthetical) (Detail) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | [2] | |
Disclosure of geographical areas [line items] | |||||
Goodwill | $ 571,810 | $ 674,396 | [1],[2] | $ 566,270 | |
CANADA | |||||
Disclosure of geographical areas [line items] | |||||
Goodwill | 40,000 | 40,000 | |||
UNITED STATES | |||||
Disclosure of geographical areas [line items] | |||||
Goodwill | $ 181,000 | $ 185,000 | |||
[1]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments for the acquisition of Exterran as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information.[2]Certain balances as at December 31, 2022 have been re-presented as a result of measurement period adjustments related to the Transaction as required by IFRS 3 “Business Combinations”, refer to Note 6 “Acquisition” for more information. |
Segmented Information - Additio
Segmented Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 Segments | |
Statements [Line Items] | |
Number Of Reporting Segments | 3 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | May 01, 2024 $ / shares |
Quarterly Dividend Declared [Member] | |
Statements [Line Items] | |
Dividend payable per share | $ 0.025 |