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Total Equity (Tables)
 12 Months Ended
Dec. 31, 2019
Share Capital, Reserves And Other Equity Interest [Abstract]  
Disclosure of classes of share capital
The number of shares outstanding was as follows:
 
2019

 
2018

Subordinate voting shares – January 1
26,489,177

 
27,002,303

Purchases for cancellation
(249,361
)
 
(187,476
)
Treasury shares acquired
(229,189
)
 
(415,538
)
Treasury shares reissued
71,672

 
89,888

Subordinate voting shares – December 31
26,082,299

 
26,489,177

Multiple voting shares – beginning and end of year
1,548,000

 
1,548,000

Interest in multiple and subordinate voting shares held through ownership interest in shareholder – beginning and end of year
(799,230
)
 
(799,230
)
Common stock effectively outstanding – December 31
26,831,069

 
27,237,947
Dividends paid
Dividends paid by the company on its outstanding multiple voting and subordinate voting shares were as follows:
 
Date of declaration
 
 
 
Date of record
 
 
 
Date of payment
 
 
 
Dividend per share
 
 
 
Total cash payment
 
 
January 3, 2020
 
 
 
January 17, 2020
 
 
 
January 28, 2020
 
 
 
$10.00
 
 
 
$275.7
 
 
January 3, 2019
 
 
 
January 18, 2019
 
 
 
January 28, 2019
 
 
 
$10.00
 
 
 
$278.0
 
 
January 3, 2018
 
 
 
January 18, 2018
 
 
 
January 25, 2018
 
 
 
$10.00
 
 
 
$283.2
 
Schedule of preferred shares
The terms of the company's cumulative five-year rate reset preferred shares at December 31, 2019 were as follows:
 
Next possible redemption and conversion date(1)(2)
Number of shares
outstanding(3)

 
Carrying value(3)

 
Stated capital(3)

 
Liquidation
preference
per share

Fixed dividend
rate per annum

Floating dividend rate per annum(4) 

 
 
 
 
 
 
 
 
 
 
 
Series C
December 31, 2024
7,515,642

 
$
170.8

 
Cdn $
187.9

 
   Cdn $
25.00

4.71
%
—

Series D
December 31, 2024
2,484,358

 
$
56.4

 
Cdn $
62.1

 
   Cdn $
25.00

—

4.80
%
 
 
 
 
 
 
 
 
 
 
 
Series E
March 31, 2020
3,967,134

 
$
90.8

 
Cdn $
99.2

 
   Cdn $
25.00

2.91
%
—

Series F
March 31, 2020
3,572,044

 
$
81.8

 
Cdn $
89.3

 
   Cdn $
25.00

—

3.81
%
 
 
 
 
 
 
 
 
 
 
 
Series G
September 30, 2020
7,432,952

 
$
175.3

 
Cdn $
185.8

 
   Cdn $
25.00

3.32
%
—

Series H
September 30, 2020
2,567,048

 
$
60.6

 
Cdn $
64.2

 
   Cdn $
25.00

—

4.21
%
 
 
 
 
 
 
 
 
 
 
 
Series I
December 31, 2020
10,465,553

 
$
251.6

 
Cdn $
261.6

 
   Cdn $
25.00

3.71
%
—

Series J
December 31, 2020
1,534,447

 
$
36.9

 
Cdn $
38.4

 
   Cdn $
25.00

—

4.50
%
 
 
 
 
 
 
 
 
 
 
 
Series K
March 31, 2022
9,500,000

 
$
231.7

 
Cdn $
237.5

 
   Cdn $
25.00

4.67
%
—

 
 
 
 
 
 
 
 
 
 
 
Series M
March 31, 2020
9,200,000

 
$
179.6

 
Cdn $
230.0

 
   Cdn $
25.00

4.75
%
—

 
 
 
 
 
 
 
 
 
 
 
 
 


 
$
1,335.5

 
Cdn $
1,456.0

 
 
 
 
(1)
Fixed and floating rate cumulative preferred shares are redeemable by the company at each stated redemption date and on each subsequent five-year anniversary date at Cdn$25.00 per share.
(2)
Holders of Series C, Series E, Series G, Series I, Series K and Series M fixed rate cumulative preferred shares will have the option to convert their shares into Series D, Series F, Series H, Series J, Series L and Series N floating rate cumulative preferred shares respectively, at the specified conversion dates, and on each subsequent five-year anniversary date. Holders of Series D, Series F, Series H and Series J floating rate cumulative preferred shares will have the option to convert their shares into Series C, Series E, Series G and Series I fixed rate cumulative preferred shares respectively, at the specified conversion dates, and on each subsequent five-year anniversary date.
(3)
For each series of preferred shares, the number of shares outstanding, carrying value and stated capital have remained consistent at January 1, 2018 and December 31, 2018 and December 31, 2019 except for the net conversion of 1,499,258 Series D floating rate cumulative preferred shares with aggregate carrying value of $34.1 and stated capital of Cdn$37.5 into an equal number of Series C fixed rate cumulative preferred shares on December 31, 2019.
(4)
The Series D, Series F, Series H, and Series J preferred shares, and the Series L and Series N preferred shares (of which none are currently issued), have a floating dividend rate equal to the three-month Government of Canada treasury bill yield plus 3.15%, 2.16%, 2.56%, 2.85%, 3.51% and 3.98% respectively, with rate resets at the end of each calendar quarter.
Schedule of AOCI
Accumulated other comprehensive income (loss) attributable to shareholders of Fairfax was comprised as follows:
 
December 31, 2019
 
December 31, 2018
 
Pre-tax
amount
 
(Provision for) recovery of income tax
 
After-tax
amount

 
Pre-tax
amount
 
Recovery
of income tax
 
After-tax
amount

Items that may be subsequently reclassified to net earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Currency translation account
(423.4
)
 
 
1.4

 
 
(422.0
)
 
(405.1
)
 
 
5.7

 
 
(399.4
)
Share of accumulated other comprehensive loss of associates, excluding share of net losses on defined benefit plans of associates
(79.3
)
 
 
(2.4
)
 
 
(81.7
)
 
(68.2
)
 
 
4.1

 
 
(64.1
)
 
(502.7
)
 
 
(1.0
)
 
 
(503.7
)
 
(473.3
)
 
 
9.8

 
 
(463.5
)
Items that will not be subsequently reclassified to net earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net losses on defined benefit plans
(147.7
)
 
 
36.2

 
 
(111.5
)
 
(49.2
)
 
 
7.1

 
 
(42.1
)
Share of net losses on defined benefit plans of associates
(120.9
)
 
 
15.1

 
 
(105.8
)
 
(78.0
)
 
 
9.0

 
 
(69.0
)
Other
(0.8
)
 
 
10.1

 
 
9.3

 
(0.8
)
 
 
10.1

 
 
9.3

 
(269.4
)
 
 
61.4

 
 
(208.0
)
 
(128.0
)
 
 
26.2

 
 
(101.8
)
Accumulated other comprehensive income (loss) attributable to shareholders of Fairfax
(772.1
)
 
 
60.4

 
 
(711.7
)
 
(601.3
)
 
 
36.0

 
 
(565.3
)
Disclosure of non-controlling interests
Details of non-controlling interests as at and for the years ended December 31 were as follows:
 
 
 
 
December 31, 2019
 
December 31, 2018
 
Net earnings (loss) attributable to non-controlling interests
Subsidiary
 
Domicile
 
Minority voting percentage

 
Carrying value

 
Minority voting percentage

 
Carrying value

 
2019

 
2018

Allied World(1)
 
Bermuda
 
29.9
%
 
1,256.3

 
32.2
%
 
1,196.6

 
88.1

 
6.1

Fairfax India(2)
 
Canada
 
6.2
%
 
1,117.2

 
6.2
%
 
1,095.4

 
59.0

 
81.9

Recipe(3)
 
Canada
 
38.4
%
 
437.5

 
43.1
%
 
494.3

 
28.5

 
33.6

Brit(4)
 
U.K.
 
10.7
%
 
197.4

 
11.1
%
 
181.9

 
15.8

 
(1.7
)
Fairfax Africa(5)
 
Canada
 
1.5
%
 
195.6

 
1.7
%
 
267.2

 
(41.4
)
 
(1.6
)
Thomas Cook India(6)
 
India
 
33.1
%
 
93.8

 
33.1
%
 
434.5

 
(186.2
)
 
283.4

Grivalia Properties(7)
 
Greece
 
—

 
—

 
47.3
%
 
473.1

 
8.5

 
28.6

All other(8)
 
—
 
—

 
231.3

 
—

 
107.4

 
(5.2
)
 
11.6

 
 
 
 
 
 
3,529.1

 
 
 
4,250.4

 
(32.9
)
 
441.9

 
(1)
On April 29, 2019 Allied World paid a dividend of $126.4 (April 30, 2018 - $61.3) to its minority shareholders (OMERS, AIMCo and others). On November 30, 2019 the company made a capital contribution of $320.8 to Allied World which increased its ownership interest to 70.1% from 67.8%. During 2019 Allied World redomesticated from Switzerland to Bermuda.
(2)
Net earnings attributable to non-controlling interests of Fairfax India in 2019 primarily reflected the non-controlling interests' 66.2% share of Fairfax India's share of a spin-off gain at IIFL Holdings on May 31, 2019 (note 6).
(3)
The decrease in the carrying value of Recipe's non-controlling interests at December 31, 2019 compared to December 31, 2018 primarily reflected Recipe's purchase of its common shares for cancellation ($85.3) and the company's purchase of multiple voting shares from Recipe's non-controlling interests ($20.2), partially offset by the non-controlling interests' share of Recipe's net earnings ($28.5).
(4)
On April 29, 2019 Brit paid a dividend of $20.6 to its minority shareholder (OMERS). During 2019 Brit received capital contributions from the company of $70.6 primarily to support its underwriting plans. Subsequent to these transactions, the company’s ownership interest in Brit increased to 89.3% from 88.9% at December 31, 2018.
(5)
The decrease in the carrying value of Fairfax Africa's non-controlling interests at December 31, 2019 compared to December 31, 2018 primarily reflected net losses at CIG and share of loss of Atlas Mara (note 6), partially offset by the consolidation of CIG (note 23).
(6)
The decrease in carrying value of Thomas Cook India's non-controlling interests at December 31, 2019 compared to December 31, 2018 and the net loss attributable to non-controlling interests during 2019 primarily reflected Thomas Cook India's spin-off of its investment in Quess to its shareholders (note 6). Net earnings attributable to non-controlling interests during 2018 primarily reflected the non-controlling interests' 33.0% share of a non-cash remeasurement gain ($889.9) related to the deconsolidation of Quess (note 23).
(7)
On May 17, 2019 the company deconsolidated Grivalia Properties upon the merger of Grivalia Properties into Eurobank (note 23).
(8)
The increase in carrying value at December 31, 2019 compared to December 31, 2018 primarily related to the acquisition of AGT (note 23) and acquisitions by Boat Rocker.
Schedule Of Capitalization
 
2019
 
2018
 
Retained earnings

 
Non-controlling interests

 
Retained earnings

 
Non-controlling interests

Thomas Cook India's spin-off of its investment in Quess
—

 
(147.2
)
 
—

 
—

Purchase of multiple voting shares from Recipe's non-controlling interests and Recipe's share repurchases
(15.5
)
 
(105.5
)
 
—

 
—

Fairfax India and Fairfax Africa share repurchases
1.7

 
(31.8
)
 
—

 
—

Dividends paid to co-investors in Allied World and Brit
(104.1
)
 
104.1

 
(86.5
)
 
86.5

Boat Rocker issuance of preferred shares
—

 
20.0

 
—

 
—

Additional investments in Brit
—

 
—

 
(63.9
)
 
(233.5
)
Recipe's acquisition of The Keg
—

 
—

 
(9.3
)
 
(79.1
)
Fairfax Africa secondary public offering
—

 
—

 
3.9

 
86.6

Other
8.8

 
28.7

 
(29.4
)
 
(67.2
)
As presented in other net changes in capitalization in the consolidated statement of changes in equity
(109.1
)
 
(131.7
)
 
(185.2
)
 
(206.7
)