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Consolidated Changes in Equity
$ in Thousands
USD ($)
shares
Total equity attributable to Company shareholders
USD ($)
Capital stock
USD ($)
shares
Contributed surplus
USD ($)
Accumulated other comprehensive (loss), Total
USD ($)
Cumulative translation adjustment account
USD ($)
Reserve for cash flow hedges
USD ($)
Deficit
USD ($)
Non-controlling interest
USD ($)
Beginning balance, equity (in shares) at Dec. 31, 2017 | shares     58,799,910            
Beginning balance, equity at Dec. 31, 2017 $ 254,722 $ 248,133 $ 350,759 $ 17,530 $ (13,469) $ (15,057) $ 1,588 $ (106,687) $ 6,589
Transactions with owners                  
Exercise of stock options (Note 18) (in shares) | shares 67,500   67,500            
Exercise of stock options (Note 18) $ 618 618 $ 618            
Change in excess tax benefit on exercised share-based awards (Note 5) 0 0 7 (7)          
Change in excess tax benefit on outstanding share-based awards (Note 5) (737) (737)   (737)          
Share-based compensation (Note 18) (5) (5)   467       (472) [1]  
Share-based compensation expense credited to capital on options exercised (Note 18) $ 0 0 $ 179 (179)          
Repurchases of common shares (Note 18) (in shares) | shares (217,100)   (217,100)            
Repurchases of common shares (Note 18) $ (2,559) (2,559) $ (1,296)         (1,263)  
Dividends on common shares (Note 18) (32,943) (32,943)           (32,943)  
Increase (decrease) in transactions with owners (in shares) | shares     (149,600)            
Increase (decrease) in transactions with owners (35,626) (35,626) $ (492) (456)       (34,678)  
Net earnings (loss) 46,649 46,753           46,753 (104)
Other comprehensive income (loss)                  
Change in fair value of interest rate swap agreements designated as cash flow hedges (Note 24) [2] 1,433 [3] 1,433     1,433   1,433    
Reclassification adjustments for amounts recognized in earnings related to interest rate swap agreements (Note 24) (531) (531)     (531)   (531)    
Remeasurement of defined benefit liability (Note 20) [5] 2,286 [4] 2,286           2,286  
Change in cumulative translation adjustments (153) [6] 308     308 308     (461)
Net gain (loss) arising from hedge of a net investment in foreign operations (Note 24) (9,421) [7] (9,421)     (9,421) (9,421)      
Other comprehensive income (loss) (6,386) (5,925)     (8,211) (9,113) 902 2,286 (461)
Comprehensive income for the year 40,263 40,828     (8,211) (9,113) 902 49,039 (565)
Non-controlling interest arising from investments in Polyair [8] 421               421
Capital transactions with non-controlling shareholders of Capstone [9] 11,102               11,102
Recognition of non-controlling interest put option arising from the Capstone Acquisitions (Note 24) (10,888) (10,888)           (10,888)  
Derecognition of call option redemption liability related to Powerband [10] 1,434 1,434           1,434  
Acquisition of the non-controlling interest of Powerband [10] 0 5,966           5,966 (5,966)
Ending balance, equity (in shares) at Dec. 31, 2018 | shares     58,650,310            
Ending balance, equity at Dec. 31, 2018 $ 261,428 249,847 $ 350,267 17,074 (21,680) (24,170) 2,490 (95,814) 11,581
Transactions with owners                  
Exercise of stock options (Note 18) (in shares) | shares 359,375   359,375            
Exercise of stock options (Note 18) $ 3,278 3,278 $ 3,278            
Change in excess tax benefit on exercised share-based awards (Note 5) 0 0 38 (38)          
Change in excess tax benefit on outstanding share-based awards (Note 5) 21 21   21          
Share-based compensation (Note 18) 645 645   701       (56) [11]  
Share-based compensation expense credited to capital on options exercised (Note 18) $ 0 0 $ 976 (976)          
Repurchases of common shares (Note 18) (in shares) | shares 0                
Dividends on common shares (Note 18) $ (33,834) (33,834)           (33,834)  
Increase (decrease) in transactions with owners (in shares) | shares     359,375            
Increase (decrease) in transactions with owners (29,890) (29,890) $ 4,292 (292)       (33,890)  
Net earnings (loss) 41,224 41,216           41,216 8
Other comprehensive income (loss)                  
Change in fair value of interest rate swap agreements designated as cash flow hedges (Note 24) [12] (3,057) [3] (3,057)     (3,057)   (3,057)    
Reclassification adjustments for amounts recognized in earnings related to interest rate swap agreements (Note 24) (503) (503)     (503)   (503)    
Remeasurement of defined benefit liability (Note 20) [13] 589 [4] 589           589  
Change in cumulative translation adjustments (7,798) [6] (7,697)     (7,697) (7,697)     (101)
Net gain (loss) arising from hedge of a net investment in foreign operations (Note 24) [14] 10,235 [7] 10,235     10,235 10,235      
Other comprehensive income (loss) (534) (433)     (1,022) 2,538 (3,560) 589 (101)
Comprehensive income for the year $ 40,690 40,783     (1,022) 2,538 (3,560) 41,805 (93)
Ending balance, equity (in shares) at Dec. 31, 2019 | shares 59,009,685   59,009,685            
Ending balance, equity at Dec. 31, 2019 $ 272,228 260,740 $ 354,559 16,782 (22,702) (21,632) (1,070) (87,899) 11,488
Transactions with owners                  
Exercise of stock options (Note 18) (in shares) | shares 17,362   17,362            
Exercise of stock options (Note 18) $ 271 271 $ 271            
Change in excess tax benefit on exercised share-based awards (Note 5)       0          
Change in excess tax benefit on outstanding share-based awards (Note 5) 5,306 5,306   5,306          
Share-based compensation (Note 18) 738 738   738          
Share-based compensation expense credited to capital on options exercised (Note 18) $ 0 0 $ 50 (50)          
Repurchases of common shares (Note 18) (in shares) | shares 0                
Dividends on common shares (Note 18) $ (35,405) (35,405)           (35,405)  
Increase (decrease) in transactions with owners (in shares) | shares     17,362            
Increase (decrease) in transactions with owners (29,090) (29,090) $ 321 5,994       (35,405)  
Net earnings (loss) 73,455 72,670           72,670 785
Other comprehensive income (loss)                  
Change in fair value of interest rate swap agreements designated as cash flow hedges (Note 24) [15] (2,027) [3] (2,027)     (2,027)   (2,027)    
Reclassification adjustments for amounts recognized in earnings related to interest rate swap agreements (Note 24) 0                
Remeasurement of defined benefit liability (Note 20) [16] (480) [4] (480)           (480)  
Change in cumulative translation adjustments [17] (3,028) [6] (2,881)     (2,881) (2,881)     (147)
Net gain (loss) arising from hedge of a net investment in foreign operations (Note 24) [18] 5,724 [7] 5,724     5,724 5,724      
Other comprehensive income (loss) 189 336     816 2,843 (2,027) (480) (147)
Comprehensive income for the year 73,644 73,006     816 2,843 (2,027) 72,190 638
Dividend paid to non-controlling interest in GPCP Inc. $ (100)               (100)
Ending balance, equity (in shares) at Dec. 31, 2020 | shares 59,027,047   59,027,047            
Ending balance, equity at Dec. 31, 2020 $ 316,682 $ 304,656 $ 354,880 $ 22,776 $ (21,886) $ (18,789) $ (3,097) $ (51,114) $ 12,026
[1] Presented net of income tax benefit of $126.
[2] Presented net of deferred income tax benefit of $463
[3] Presented net of deferred income tax benefit of $658 in 2020, $359 in 2019 and $463 in 2018.
[4] Presented net of deferred income tax (benefit) expense of ($216) in 2020, $173 in 2019, and $730 in 2018.
[5] Presented net of deferred income tax expense of $730.
[6] Presented net of deferred income tax expense of $281 in 2020, nil in 2019 and 2018.
[7] Presented net of deferred income tax expense of $764 in 2020, $45 in 2019 and nil in 2018.
[8] As part of the acquisition of Polyair Inter Pack Inc. (“Polyair”), on August 3, 2018, the Company indirectly obtained a controlling 50.1% interest in the Polyair subsidiary GPCP Inc.
[9] On May 11, 2018, the Company, through its partially owned subsidiary Capstone Polyweave Private Limited ("Capstone"), acquired substantially all of the assets and assumed certain liabilities of Airtrax Polymers Private Limited and on August 20, 2018, the Company acquired additional existing and newly-issued shares of Capstone as part of the same overall transaction. As a result of these transactions,and the impacts on the non-controlling interest's share of ownership, the Company recorded an $11.1 million increase to equity attributable to non-controlling interests.
[10] On November 16, 2018, the Company closed on the exercised call option to acquire the outstanding 26% interest in Powerband Industries Private Limited ("Powerband"), which resulted in the full derecognition of the previously recorded call option redemption liability. Upon derecognition of the call option redemption liability, and to account for the difference between the agreed-upon share purchase price of $9.9 million and the recorded liability of $12.7 million, a $1.4 million increase in equity was recorded on the consolidated balance sheet as of December 31, 2018 and a $1.4 million foreign exchange gain was recorded in consolidated earnings in finance costs (income) in other (income) expense, net.
[11] Presented net of income tax benefit of $3.
[12] Presented net of deferred income tax benefit of $359.
[13] Presented net of deferred income tax expense of $173.
[14] Presented net of deferred income tax expense of $45.
[15] Presented net of deferred income tax benefit of $658.
[16] Presented net of deferred income tax benefit of $216.
[17] Presented net of deferred income tax expense of $281.
[18] Presented net of deferred income tax expense of $764.