Acquisitions and Other (Tables)

12 Months Ended

Dec. 31, 2021

Crescent

Disclosure of detailed information about business combination [line items]

Fair values of identifiable assets and liabilities acquired

The fair values of the identifiable assets and liabilities acquired were:

As at January 5, 2021
Intangible assets	$	341
Net liabilities	(119)
Total identifiable net assets at fair value	222
Non-controlling interest(1)	(317)
Goodwill arising on acquisition	409
Total consideration	$	314

(1)     We have elected to measure NCI at fair value for this acquisition. The fair value was determined by calculating the proportionate share of the present value of future cash flows relating to NCI. Significant assumptions inherent in the valuation of NCI include the estimated after-tax cash flows expected to be received and an assessment of the appropriate discount rate.

Impact of acquisition on assets, liabilities, and equity

At the date of acquisition, the impact to our assets, liabilities and equity is as follows:

As at January 5, 2021	Share purchase			Put option adjustments			Total
Cash consideration		$	(308)		$	—		$	(308)
Intangible assets		341			—			341
Goodwill(1)		409			—			409
Total assets		$	442		$	—		$	442
Net liabilities		$	(119)		$	—		$	(119)
Other financial liabilities – Contingent consideration		(6)			—			(6)
Other financial liabilities – Put option		—			(441)			(441)
Total liabilities		$	(125)		$	(441)		$	(566)
Non-controlling interest(2)		$	(317)		$	302		$	(15)
Retained earnings		—			139			139
Total equity		$	(317)		$	441		$	124

(1)     Goodwill of $409 reflects non-contractual customer relationships and is tax deductible.

(2)     The remaining $15 represents specifically identifiable assets where the risks and rewards accrue to the minority shareholders of Crescent Capital Group, and the related NCI interests are not a party to the put option.

InfraRed

Disclosure of detailed information about business combination [line items]

Fair values of identifiable assets and liabilities acquired

The fair values of the identifiable assets and liabilities acquired were:

As at July 1, 2020
Intangible assets	$	357
Net assets	97
Deferred tax liabilities	(67)
Total identifiable net assets at fair value	387
Financial liability	(129)
Goodwill arising on acquisition(1)	288
Total consideration(2)	$	546

(1)    Goodwill of $288 reflects InfraRed’s non-contractual customer relationships.

(2)    Amount includes $29 of contingent consideration.