0001030894-24-000009 | 20-F | XBRL Viewer

$ 684,700,000

Interest rate swap derivative

5,200,000

$ 15,800,000

18,900,000

Derivative liabilities

$ 9,300,000

13,700,000

Disclosure of Derivatives and Hedging Activities

At December 31, 2023 and December 31, 2022, we had foreign currency forwards and swaps to trade U.S. dollars in exchange for the following currencies:


As at December 31, 2023 Currency	Contract amount in U.S. dollars		Weighted average exchange rate in U.S. dollars (i)	Maximum period in months	Fair value gain/(loss)
Canadian dollar	$	202.1	0.75	12	$	3.9
Thai baht	156.3		0.03	12	2.9
Malaysian ringgit	93.6		0.22	12	(1.5)
Mexican peso	86.9		0.06	12	1.8

British pound	2.7		1.26	4	(0.1)
Chinese renminbi	30.2		0.14	12	0.1
Euro	48.3		1.09	12	(1.4)
Romanian leu	42.2		0.22	12	0.9
Singapore dollar	29.4		0.75	12	0.3
Japanese yen	5.1		0.0069	4	(0.2)
Korean won	3.6		0.0008	4	(0.2)
Total (ii)	$	700.4			$	6.5


As at December 31, 2022 Currency	Contract amount in U.S. dollars		Weighted average exchange rate in U.S. dollars (i)	Maximum period in months	Fair value gain/(loss)
Canadian dollar	$	194.2	0.75	12	$	(1.9)
Thai baht	138.0		0.03	12	6.8
Malaysian ringgit	127.8		0.22	12	1.3
Mexican peso	56.6		0.05	12	0.9
British pound	2.6		1.18	4	(0.2)
Chinese renminbi	45.7		0.15	12	0.4
Euro	46.2		1.04	8	(3.4)
Romanian leu	37.3		0.20	12	1.5
Singapore dollar	24.7		0.72	12	1.1
Japanese yen	6.8		0.0072	4	(0.6)
Korean won	4.8		0.0008	4	(0.7)
Total (ii)	$	684.7			$	5.2

Forward Currency and Forward Swap Contracts

Disclosure of detailed information about hedging instruments [line items]

$ 700,400,000

Forward Currency and Forward Swap Contracts | Foreign currency forwards and swaps

6,500,000

Disclosure of detailed information about hedging instruments [line items]

Forward Currency and Forward Swap Contracts | Cash flow hedges | Foreign currency forwards and swaps

(1,400,000)

Disclosure of detailed information about hedging instruments [line items]

Forward Currency and Forward Swap Contracts | Economic Hedge | Foreign currency forwards and swaps

6,100,000

6,600,000

Disclosure of detailed information about hedging instruments [line items]

Disclosure of detailed information about hedging instruments [line items]

400,000

Canadian dollar

Weighted average exchange rate in U.S. dollars (in dollars per share)

$ 194,200,000

0.75

12 months

Canadian dollar | Forward Currency and Forward Swap Contracts

$ (1,900,000)

Disclosure of detailed information about hedging instruments [line items]

Weighted average exchange rate in U.S. dollars (in dollars per share)

$ 202,100,000

0.75

12 months

Disclosure of detailed information about hedging instruments [line items]

$ 3,900,000

Thai baht

Weighted average exchange rate in U.S. dollars (in dollars per share)

$ 138,000,000.0

0.03

12 months

Thai baht | Forward Currency and Forward Swap Contracts

$ 6,800,000

Disclosure of detailed information about hedging instruments [line items]

Weighted average exchange rate in U.S. dollars (in dollars per share)

$ 156,300,000

0.03

12 months

Disclosure of detailed information about hedging instruments [line items]

$ 2,900,000

Malaysian ringgit

Weighted average exchange rate in U.S. dollars (in dollars per share)

$ 127,800,000

0.22

12 months

Malaysian ringgit | Forward Currency and Forward Swap Contracts

$ 1,300,000

Disclosure of detailed information about hedging instruments [line items]

Weighted average exchange rate in U.S. dollars (in dollars per share)

$ 93,600,000

0.22

12 months

Disclosure of detailed information about hedging instruments [line items]

$ (1,500,000)

Mexican peso

Weighted average exchange rate in U.S. dollars (in dollars per share)

$ 56,600,000

0.05

12 months

Mexican peso | Forward Currency and Forward Swap Contracts

$ 900,000

Disclosure of detailed information about hedging instruments [line items]

Weighted average exchange rate in U.S. dollars (in dollars per share)

$ 86,900,000

0.06

12 months

Disclosure of detailed information about hedging instruments [line items]

$ 1,800,000

British pound

Weighted average exchange rate in U.S. dollars (in dollars per share)

$ 2,600,000

1.18

4 months

British pound | Forward Currency and Forward Swap Contracts

$ (200,000)

Disclosure of detailed information about hedging instruments [line items]

Weighted average exchange rate in U.S. dollars (in dollars per share)

$ 2,700,000

1.26

4 months

Disclosure of detailed information about hedging instruments [line items]

$ (100,000)

China, Yuan Renminbi

Weighted average exchange rate in U.S. dollars (in dollars per share)

$ 45,700,000

0.15

12 months

China, Yuan Renminbi | Forward Currency and Forward Swap Contracts

$ 400,000

Disclosure of detailed information about hedging instruments [line items]

Weighted average exchange rate in U.S. dollars (in dollars per share)

$ 30,200,000

0.14

12 months

Disclosure of detailed information about hedging instruments [line items]

$ 100,000

Euro

Weighted average exchange rate in U.S. dollars (in dollars per share)

$ 46,200,000

1.04

8 months

Euro | Forward Currency and Forward Swap Contracts

$ (3,400,000)

Disclosure of detailed information about hedging instruments [line items]

Weighted average exchange rate in U.S. dollars (in dollars per share)

$ 48,300,000

1.09

12 months

Disclosure of detailed information about hedging instruments [line items]

$ (1,400,000)

Romanian leu

Weighted average exchange rate in U.S. dollars (in dollars per share)

$ 37,300,000

0.20

12 months

Romanian leu | Forward Currency and Forward Swap Contracts

$ 1,500,000

Disclosure of detailed information about hedging instruments [line items]

Weighted average exchange rate in U.S. dollars (in dollars per share)

$ 42,200,000

0.22

12 months

Disclosure of detailed information about hedging instruments [line items]

$ 900,000

Singapore dollar

Weighted average exchange rate in U.S. dollars (in dollars per share)

$ 24,700,000

0.72

12 months

Singapore dollar | Forward Currency and Forward Swap Contracts

$ 1,100,000

Disclosure of detailed information about hedging instruments [line items]

Weighted average exchange rate in U.S. dollars (in dollars per share)

$ 29,400,000

0.75

12 months

Disclosure of detailed information about hedging instruments [line items]

$ 300,000

Japanese yen

Weighted average exchange rate in U.S. dollars (in dollars per share)

$ 6,800,000

0.0072

4 months

Japanese yen | Forward Currency and Forward Swap Contracts

$ (600,000)

Disclosure of detailed information about hedging instruments [line items]

Weighted average exchange rate in U.S. dollars (in dollars per share)

$ 5,100,000

0.0069

4 months

Disclosure of detailed information about hedging instruments [line items]

$ (200,000)

Korean won

Weighted average exchange rate in U.S. dollars (in dollars per share)

$ 4,800,000

0.0008

4 months

Korean won | Forward Currency and Forward Swap Contracts

$ (700,000)

Disclosure of detailed information about hedging instruments [line items]

Weighted average exchange rate in U.S. dollars (in dollars per share)

$ 3,600,000

0.0008

4 months

Property, plant and equipment [abstract]

$ (200,000)

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment

PROPERTY, PLANT AND EQUIPMENT:

PP&E are comprised of the following:


	2022
	Cost		Accumulated Depreciation and Impairment		Net Book Value
Land	$	34.2	$	12.0	$	22.2
Buildings including improvements	374.6		235.5		139.1
Machinery and equipment	808.2		598.0		210.2
	$	1,217.0	$	845.5	$	371.5


	2023
	Cost		Accumulated Depreciation and Impairment		Net Book Value
Land	$	33.7	$	12.0	$	21.7
Buildings including improvements	402.2		250.8		151.4
Machinery and equipment	939.6		640.0		299.6
	$	1,375.5	$	902.8	$	472.7

The following table details the changes to the net book value of PP&E for the years indicated:


	Land		Buildings including Improvements		Machinery and Equipment		Total
Balance — January 1, 2022	$	23.2	$	155.5	$	160.0	$	338.7

Additions	—		16.5		99.7		116.2

Depreciation	—		(22.1)		(47.1)		(69.2)

Accelerated depreciation of assets and other disposals(i)(ii)	—		(10.1)		(2.0)		(12.1)
Foreign exchange and other	(1.0)		(0.7)		(0.4)		(2.1)
Balance — December 31, 2022(iii)	22.2		139.1		210.2		371.5

Additions	—		39.2		151.0		190.2

Depreciation	—		(23.6)		(60.2)		(83.8)

Accelerated depreciation of assets and other disposals (i)	—		(2.8)		(2.5)		(5.3)
Foreign exchange and other	(0.5)		(0.5)		1.1		0.1
Balance — December 31, 2023(iii)	$	21.7	$	151.4	$	299.6	$	472.7

(i) Includes accelerated depreciation of equipment related to disengaged programs in 2022 and 2023 (recorded in each case as restructuring charges), as described in note 15(a).

(ii) Includes the disposal of a building located in Asia ($8.1, attributable to our CCS segment).

(iii) Total PP&E amount includes $35.0 of construction in progress at December 31, 2023 (December 31, 2022 — $19.7).

We review the carrying amount of PP&E for impairment whenever events or changes in circumstances (triggering events) indicate that the carrying amount of such assets (or the related CGU or CGUs) may not be recoverable. If any such indication exists, we test the carrying amount of such assets or CGUs for impairment. We did not identify any triggering event during the course of 2021 through 2023 indicating that the carrying amount of such assets or related CGUs may not be recoverable. However, we recorded non-cash restructuring charges in such years to accelerate depreciation of certain assets related to disengaged programs, in connection with our restructuring activities, as described in footnote (i) above and note 15(a). The accounting treatment of a building and equipment destroyed in a fire event in June 2022 is described in notes 15 and 26.

Credit Facilities and Lease Obligations (Tables)

12 Months Ended

Dec. 31, 2023

Borrowings [abstract]

Contractual Obligation, Fiscal Year Maturity

At December 31, 2023, the aggregate remaining mandatory principal repayments under the Credit Facility are as follows (assuming no further mandatory principal repayments are required based on excess cash flow or net cash proceeds):


	Total		2024		2025		2026
Initial Term Loan	$	280.4	$	—	$	280.4	$	—
Incremental Term Loan (i)	$	328.5	$	18.25	$	18.25	$	292.0

(i) This assumes that the conditions required for a December 2026 maturity date are satisfied. If such conditions are not satisfied, the Incremental Term Loan matures (and all amounts outstanding thereunder are payable) in March 2025.

Schedule of Credit Facility Activity

Activity under our Credit Facility for the periods indicated is set forth below:


	Revolver (i)		Term loans
Outstanding balances as of December 31, 2020	$	—	$	470.4

Amount repaid in Q1 2021	—		(30.0)




Amounts borrowed in Q4 2021	220.0		365.0
Amount repaid in Q4 2021	(220.0)		(145.0)
Outstanding balances as of December 31, 2021	$	—	$	660.4


Amount repaid in Q1 2022	—		(4.5625)

Amount repaid in Q2 2022	—		(4.5625)

Amount repaid in Q3 2022	—		(4.5625)

Amount repaid in Q4 2022	—		(19.5625)
Outstanding balances as of December 31, 2022	$	—	$	627.2


Amount repaid in Q1 2023	—		(4.5625)

Amount repaid in Q2 2023	—		(4.5625)

Amount repaid in Q3 2023	—		(4.5625)

Amount repaid in Q4 2023	—		(4.5625)
Outstanding balances as of December 31, 2023	$	—	$	608.9

(i) In addition to borrowings for the acquisition of PCI, we drew on the Revolver for short term borrowings during most quarters of 2021, 2022 and 2023, and repaid such borrowings in full within the quarter borrowed. Such intra-quarter borrowings and repayments, other than those related to the acquisition of PCI, are offset against each other, and are excluded from this table. Intra-quarter borrowings (and repayments in equivalent amounts) in Q4 2023, Q3 2023, Q2 2023 and Q1 2023 were a cumulative aggregate of $270, $140, $200 and $281, respectively (Q4 2022, Q3 2022, Q2 2022 and Q1 2022 — $300, $359, $348 and $228, respectively; Q4 2021, Q3 2021, Q2 2021 and Q1 2021 — $300, nil, nil and nil, respectively).

Borrowings Under the Revolving Facility and Term Loan and Lease Obligations

The following table sets forth, at the dates shown: outstanding borrowings under the Credit Facility, excluding ordinary course L/Cs; notional amounts under our interest rate swap agreements, outstanding lease obligations; and information regarding outstanding L/Cs, surety bonds and overdraft facilities:


	Outstanding borrowings				Notional amounts under interest rate swaps (note 20)
	December 31 2022		December 31 2023		December 31 2022		December 31 2023
Borrowings under the Revolver (i)	$	—	$	—	$	—	$	—
Borrowings under the Term Loans (i)
Initial Term Loan	$	280.4	$	280.4	$	100.0	$	100.0
Incremental Term Loan	346.8		328.5		230.0		230.0
Total	$	627.2	$	608.9	$	330.0	$	330.0

Total borrowings under Credit Facility	$	627.2	$	608.9
Unamortized debt issuance costs related to Term Loans (i)	(3.5)		(2.6)
Lease obligations (ii)	162.4		176.5
	$	786.1	$	782.8
Total Credit Facility and lease obligations:

Current portion	$	52.2	$	51.6
Long-term portion	733.9		731.2
	$	786.1	$	782.8
L/Cs, surety bonds and overdraft facilities:
Outstanding L/Cs under the Revolver	$	18.0	$	10.5
Outstanding L/Cs and surety bonds outside the Revolver	23.8		16.5
Total	$	41.8	$	27.0
Available uncommitted bank overdraft facilities	$	198.5	$	198.5
Amounts outstanding under available uncommitted bank overdraft facilities	$	—	$	—

(i) We incur debt issuance costs upon execution of, subsequent security arrangements under, and amendments to, the Credit Facility. Debt issuance costs incurred in 2023 totaling $0.2 (2022 — $0.3; 2021 — $2.2) in connection with the Revolver were deferred as other assets on our consolidated balance sheets and are amortized on a straight line basis over the term (or remaining term, as applicable) of the Revolver. Debt issuance costs incurred in 2023 totaling $0.2 (2022 — $0.3; 2021 — $1.8) in connection with our Term Loans were deferred as long-term debt on our consolidated balance sheets and are amortized over their respective terms using the effective interest rate method. In December 2021, we accelerated the amortization of $2.6 of unamortized deferred financing costs related to the termination of the Terminated Term Loan, which we recorded in other charges (see note 15).

(ii) These lease obligations represent the present value of unpaid lease payment obligations recognized as liabilities at December 31, 2022 and December 31, 2023, respectively, which have been discounted using our incremental borrowing rate on the lease commencement dates. In addition to these lease obligations, we have commitments under additional real property leases not recognized as liabilities at December 31, 2023, because such leases had not yet commenced as of such date. A description of these leases and minimum lease payments thereunder are disclosed in note 24. At December 31, 2023, the current portion of our lease obligations was $34.6 (December 31, 2022 — $35.1) and the long-term portion was $141.9 (December 31, 2022 — $127.3).

Contractual Undiscounted Cash Flows for Lease Obligations

At December 31, 2023, the contractual undiscounted cash flows for lease obligations recognized as of such date were as follows:


Years ending December 31
2024	$	43.8
2025	37.5
2026	31.0
2027	21.5
2028	17.1
Thereafter	67.4
	$	218.3

Other lease-related expenses that were recognized in the consolidated statement of operations are as follows:


Year ended December 31	2021		2022		2023

Interest expense on lease obligations	$	6.6	$	8.1	$	9.6
Variable lease payments not included in the measurement of lease obligations	$	0.9	$	1.2	$	0.7
Expenses relating to short-term leases or low-value leases	$	1.5	$	1.8	$	1.4

At December 31, 2023, we had commitments (not recognized as liabilities as of such date) under IT support agreements that require future minimum payments as follows:


2024	$	22.6
2025	18.3
2026	12.8
2027	11.4
2028	9.7
Thereafter	15.3
Total future minimum payments	$	90.1

Accumulated Other Comprehensive Loss, Net of Tax

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Accumulated Other Comprehensive Loss, Net of Tax

ACCUMULATED OTHER COMPREHENSIVE LOSS, NET OF TAX:


		Year ended December 31
	Note	2021		2022		2023
Opening balance of foreign currency translation account		$	(10.3)	$	(18.0)	$	(24.7)
Foreign currency translation adjustments		(7.7)		(6.7)		(3.4)
Closing balance		(18.0)		(24.7)		(28.1)

Opening balance of unrealized net gain (loss) on currency forward cash flow hedges		$	11.6	$	(1.9)	$	5.3
Net gain (loss) on currency forward cash flow hedges(i)		(5.3)		(5.9)		2.6
Reclassification of net loss (gain) on currency forward cash flow hedges to operations(ii)		(8.2)		13.1		(4.4)
Closing balance(iii)		(1.9)		5.3		3.5

Opening balance of unrealized net gain (loss) on interest rate swap cash flow hedges		$	(16.5)	$	(6.9)	$	13.7
Net gain on interest rate swap cash flow hedges(iv)		2.4		18.1		5.0
Reclassification of net loss (gain) on interest rate swap cash flow hedges to operations		7.2		2.5		(9.0)
Closing balance(v)		(6.9)		13.7		9.7

Actuarial gains (losses) on pension and non-pension post-employment benefit plans	18	$	9.3	$	33.5	$	(7.6)
Reclassification of actuarial losses (gains) to deficit		(9.3)		(33.5)		7.6


Closing balance		—		—		—

Accumulated other comprehensive loss		$	(26.8)	$	(5.7)	$	(14.9)

(i) Net of an income tax expense of nil for 2023 (2022 — net of a $1.6 income tax recovery; 2021 — net of a $0.5 income tax recovery).

(ii) Including a $1.0 release in income tax recovery for 2023 (2022 — net of release of $2.2 in income tax recovery; 2021 — net of release of $0.6 in income tax expense) associated with the reclassification of net hedge (gain) loss to the consolidated statements of operations.

(iii) Net of an income tax expense of $1.5 at December 31, 2023 (December 31, 2022 — net of a $0.5 income tax expense; December 31, 2021 — net of $0.1 in income tax recovery).

(iv) Including an income tax recovery of $1.5 for 2023 (2022 — net of $5.0 in income tax expense; 2021 — net of nil income tax expense).

(v) Net of an income tax expense of $3.5 at December 31, 2023 (December 31, 2022 — net of $5.0 in income tax expense; and December 31, 2021 — net of nil income tax expense).

Consolidated Statement of Cash Flows - USD ($)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Operating activities:

Adjustments to net earnings for items not affecting cash:

$ 244,600,000

$ 145,500,000

$ 103,900,000

Depreciation and amortization

160,400,000

144,800,000

126,300,000

Equity-settled employee SBC

55,600,000

51,000,000.0

33,400,000

Total return swap fair value adjustments

(45,600,000)

Other charges

5,500,000

900,000

2,500,000

Finance costs

76,600,000

59,700,000

31,700,000

Income tax expense

62,000,000.0

58,100,000

32,100,000

Other

(8,300,000)

(8,200,000)

15,200,000

Changes in non-cash working capital items:

Accounts receivable

(402,200,000)

(133,300,000)

(102,400,000)

Inventories

244,200,000

(717,300,000)

(521,900,000)

Other current assets

8,800,000

(51,600,000)

(11,500,000)

Accounts payable, accrued and other current liabilities and provisions

106,500,000

813,400,000

556,900,000

Non-cash working capital changes

(42,700,000)

(88,800,000)

(78,900,000)

Net income tax paid

(78,400,000)

(65,100,000)

(39,400,000)

Net cash provided by operating activities

429,700,000

297,900,000

226,800,000

Investing activities:

Acquisitions

(314,700,000)

Purchase of computer software and property, plant and equipment

(125,100,000)

(109,000,000.0)

(52,200,000)

Proceeds from sale of assets

2,700,000

100,000

2,600,000

Net cash used in investing activities

(122,400,000)

(108,900,000)

(364,300,000)

Financing activities:

Lease payments

(48,300,000)

(46,000,000.0)

(40,000,000.0)

300,000

200,000

Purchase of treasury stock for stock-based plans

(35,600,000)

(34,600,000)

(35,900,000)

(82,300,000)

(44,900,000)

(20,600,000)

Proceeds from partial TRS settlement

5,000,000.0

SBC cash settlement

(66,700,000)

Finance costs paid

^[1]

(65,500,000)

(50,000,000.0)

(26,000,000.0)

Net cash provided by (used in) financing activities

(311,400,000)

(208,500,000)

67,700,000

Net decrease in cash and cash equivalents

(4,100,000)

(19,500,000)

(69,800,000)

Cash and cash equivalents, beginning of year

374,500,000

394,000,000.0

463,800,000

Cash and cash equivalents, end of year

370,400,000

374,500,000

394,000,000.0

Revolving Loans

Financing activities:

Borrowings under credit facility

220,000,000.0

Amount repaid

(220,000,000.0)

Term Loans

Financing activities:

Borrowings under credit facility

365,000,000.0

Amount repaid

$ (18,300,000)

$ (33,200,000)

$ (175,000,000.0)

[1]	Finance costs paid include debt issuance costs paid of $0.4 in 2023 (2022— $0.8; 2021 — $3.6).

Financial Instruments and Risk Management (Tables)

12 Months Ended

Dec. 31, 2023

Financial Instruments [Abstract]

Disclosure of Detailed Information about Cash and Cash Equivalents

Cash and cash equivalents are comprised of the following:


	December 31
	2022		2023
Cash	$	364.0	$	366.8
Cash equivalents	10.5		3.6
	$	374.5	$	370.4

Disclosure of Risks from Financial Instruments

The local currency amounts have been converted to U.S. dollar equivalents using spot rates at December 31, 2023.


	Canadian dollar		Euro		Thai baht		Mexican peso
Cash and cash equivalents	$	(0.2)	$	15.6	$	6.3	$	1.4
A/R	0.2		55.6		0.1		—
Income taxes and value-added taxes receivable	—		0.7		1.4		64.3
Other financial assets	—		5.6		1.2		0.9
Pension and non-pension post-employment liabilities	(50.1)		(0.9)		(20.8)		(5.3)
Income taxes and value-added taxes payable	(2.5)		(0.8)		—		(12.7)
A/P and certain accrued and other liabilities and provisions	(69.7)		(46.9)		(53.3)		(22.1)
Net financial assets (liabilities)	$	(122.3)	$	28.9	$	(65.1)	$	26.5

Disclosure of Foreign Currency Risk Analysis


	Canadian dollar		Euro		Thai baht		Mexican peso
	Increase (decrease)
1% Strengthening
Net earnings	$	(0.4)	$	—	$	(0.3)	$	—
OCI	$	1.2	$	(0.2)	$	1.1	$	0.4
1% Weakening
Net earnings	$	0.4	$	—	$	0.3	$	—
OCI	$	(1.2)	$	0.2	$	(1.1)	$	(0.4)

Disclosure of Fair Value Measurement of Assets

• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities;

• Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly (i.e. prices) or indirectly (i.e. derived from prices); and

• Level 3 inputs are inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs).


		December 31, 2022				December 31, 2023
	Note	Level 1		Level 2		Level 1		Level 2
Assets:

Interest rate swaps	9	$	—	$	18.7	$	—	$	13.2

Foreign currency forwards and swaps		—		18.9		—		15.8
TRS		—		—		—		40.6
		$	—	$	37.6	$	—	$	69.6

Liabilities:

Foreign currency forwards and swaps		—		(13.7)		—		(9.3)

		$	—	$	(13.7)	$	—	$	(9.3)

Disclosure of Fair Value Measurement of Liabilities

• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities;

• Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly (i.e. prices) or indirectly (i.e. derived from prices); and

• Level 3 inputs are inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs).


		December 31, 2022				December 31, 2023
	Note	Level 1		Level 2		Level 1		Level 2
Assets:

Interest rate swaps	9	$	—	$	18.7	$	—	$	13.2

Foreign currency forwards and swaps		—		18.9		—		15.8
TRS		—		—		—		40.6
		$	—	$	37.6	$	—	$	69.6

Liabilities:

Foreign currency forwards and swaps		—		(13.7)		—		(9.3)

		$	—	$	(13.7)	$	—	$	(9.3)

Disclosure of Derivatives and Hedging Activities

At December 31, 2023 and December 31, 2022, we had foreign currency forwards and swaps to trade U.S. dollars in exchange for the following currencies:


As at December 31, 2023 Currency	Contract amount in U.S. dollars		Weighted average exchange rate in U.S. dollars (i)	Maximum period in months	Fair value gain/(loss)
Canadian dollar	$	202.1	0.75	12	$	3.9
Thai baht	156.3		0.03	12	2.9
Malaysian ringgit	93.6		0.22	12	(1.5)
Mexican peso	86.9		0.06	12	1.8

British pound	2.7		1.26	4	(0.1)
Chinese renminbi	30.2		0.14	12	0.1
Euro	48.3		1.09	12	(1.4)
Romanian leu	42.2		0.22	12	0.9
Singapore dollar	29.4		0.75	12	0.3
Japanese yen	5.1		0.0069	4	(0.2)
Korean won	3.6		0.0008	4	(0.2)
Total (ii)	$	700.4			$	6.5


As at December 31, 2022 Currency	Contract amount in U.S. dollars		Weighted average exchange rate in U.S. dollars (i)	Maximum period in months	Fair value gain/(loss)
Canadian dollar	$	194.2	0.75	12	$	(1.9)
Thai baht	138.0		0.03	12	6.8
Malaysian ringgit	127.8		0.22	12	1.3
Mexican peso	56.6		0.05	12	0.9
British pound	2.6		1.18	4	(0.2)
Chinese renminbi	45.7		0.15	12	0.4
Euro	46.2		1.04	8	(3.4)
Romanian leu	37.3		0.20	12	1.5
Singapore dollar	24.7		0.72	12	1.1
Japanese yen	6.8		0.0072	4	(0.6)
Korean won	4.8		0.0008	4	(0.7)
Total (ii)	$	684.7			$	5.2

Fire Event	12 Months Ended
Fire Event	Dec. 31, 2023
Unusual Or Extraordinary Event [Abstract]
Fire Event	FIRE EVENT: In June 2022, a fire occurred at our Batam, Indonesia facility. The fire destroyed inventories and damaged a building and equipment located at the site. Our manufacturing operations at the site were briefly paused, but resumed in June 2022. In 2022, we wrote down inventories destroyed (approximately $94) and a building and equipment damaged (aggregate of $1) by the fire. We expect to fully recover our tangible losses pursuant to the terms and conditions of our insurance policies. In 2022 and 2023, we recovered $31 and $23 of our inventory losses through insurance proceeds, respectively. As of December 31, 2023, we recorded an estimated receivable of approximately $41 related to remaining anticipated insurance proceeds in other current assets on our consolidated balance sheet. The write-downs and the offsetting insurance receivable (in equivalent amounts) were each recorded in other charges and other recoveries, respectively, in 2022, resulting in no net impact to 2022 net earnings. See note 15. We determined that this event did not constitute an impairment review triggering event for the applicable CGU, and no impairments to our intangibles or goodwill were recorded in connection therewith in 2022 or 2023.

Credit Facilities and Lease Obligations - Narrative (Details) - USD ($)		1 Months Ended		3 Months Ended										12 Months Ended
	Dec. 06, 2021	Dec. 31, 2021	Oct. 31, 2021	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 05, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Default on borrowings															$ 0	$ 0	$ 0
New credit facility \| Bottom of range
Disclosure of detailed information about borrowings [line items]
Repayments of borrowings, percentage of excess cash flow (percent)	0.00%
New credit facility \| Top of range
Disclosure of detailed information about borrowings [line items]
Repayments of borrowings, percentage of excess cash flow (percent)	50.00%
Term Loans
Disclosure of detailed information about borrowings [line items]
Borrowings		$ 660,400,000		$ 608,900,000				$ 627,200,000				$ 660,400,000			608,900,000	627,200,000	660,400,000		$ 470,400,000
Repayments of borrowings				4,562,500	$ 4,562,500	$ 4,562,500	$ 4,562,500	19,562,500	$ 4,562,500	$ 4,562,500	$ 4,562,500	145,000,000.0	$ 30,000,000.0		18,300,000	33,200,000	175,000,000.0
Proceeds from borrowings												365,000,000.0			0	0	365,000,000.0
Initial Term Loan
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 350,000,000.0			$ 280,400,000				280,400,000							$ 280,400,000	280,400,000
Repayments of borrowings	875,000
Repayments of current borrowings								15,000,000.0
Initial Term Loan \| London Interbank Offered Rate LIBOR
Disclosure of detailed information about borrowings [line items]
Margin for borrowings (percent)																		2.125%
Initial Term Loan \| Secured Overnight Financing Rate
Disclosure of detailed information about borrowings [line items]
Margin for borrowings (percent)				2.125%											2.125%
Incremental Term Loan
Disclosure of detailed information about borrowings [line items]
Borrowings				$ 328,500,000				346,800,000							$ 328,500,000	346,800,000		$ 250,000,000.0
Repayments of borrowings															$ 0	0
Periodic payment required				$ 4,562,500	4,562,500	4,562,500	4,562,500	4,562,500	4,562,500	4,562,500	4,562,500
Incremental Term Loan \| Secured Overnight Financing Rate
Disclosure of detailed information about borrowings [line items]
Margin for borrowings (percent)				1.75%											1.75%
Revolver
Disclosure of detailed information about borrowings [line items]
Borrowings		0		$ 0				0				0			$ 0	0	0	$ 450,000,000.0	$ 0
Repayments of borrowings															$ 0	$ 0	$ 0
Repayments of current borrowings				$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	220,000,000.0	0
Proceeds from current borrowings			$ 220,000,000.0									$ 220,000,000.0
Revolver \| Bottom of range
Disclosure of detailed information about borrowings [line items]
Commitment fees (percent)																		0.35%
Revolver \| Top of range
Disclosure of detailed information about borrowings [line items]
Commitment fees (percent)																		0.50%
Revolver \| London Interbank Offered Rate LIBOR \| Bottom of range
Disclosure of detailed information about borrowings [line items]
Margin for borrowings (percent)																		0.75%
Revolver \| London Interbank Offered Rate LIBOR \| Top of range
Disclosure of detailed information about borrowings [line items]
Margin for borrowings (percent)																		2.50%
First Incremental Term Loan
Disclosure of detailed information about borrowings [line items]
Repayments of borrowings		$ 145,000,000.0											$ 30,000,000.0
First Incremental Term Loan \| London Interbank Offered Rate LIBOR
Disclosure of detailed information about borrowings [line items]
Margin for borrowings (percent)																		2.50%
Second Incremental Term Loan
Disclosure of detailed information about borrowings [line items]
Borrowings	365,000,000.0
Quarterly repayment of borrowings	4,562,500
Proceeds from borrowings	365,000,000.0
Revolving Facility Due March 28, 2025
Disclosure of detailed information about borrowings [line items]
Line of credit, maximum borrowing capacity	600,000,000.0
Credit facility accordion feature	150,000,000.0
Letters of credit sub-limit	150,000,000.0
Revolving Facility Due March 28, 2025 \| Bottom of range
Disclosure of detailed information about borrowings [line items]
Commitment fees (percent)				0.30%											0.30%
Revolving Facility Due March 28, 2025 \| Top of range
Disclosure of detailed information about borrowings [line items]
Commitment fees (percent)				0.45%											0.45%
Revolving Facility Due March 28, 2025 \| London Interbank Offered Rate LIBOR \| Bottom of range
Disclosure of detailed information about borrowings [line items]
Margin for borrowings (percent)				1.50%											1.50%
Revolving Facility Due March 28, 2025 \| London Interbank Offered Rate LIBOR \| Top of range
Disclosure of detailed information about borrowings [line items]
Margin for borrowings (percent)				2.25%											2.25%
Revolving Facility Due March 28, 2025 \| Base Rate \| Bottom of range
Disclosure of detailed information about borrowings [line items]
Margin for borrowings (percent)				0.50%											0.50%
Revolving Facility Due March 28, 2025 \| Base Rate \| Top of range
Disclosure of detailed information about borrowings [line items]
Margin for borrowings (percent)				1.25%											1.25%
Revolving Facility Due March 28, 2025 \| Secured Overnight Financing Rate
Disclosure of detailed information about borrowings [line items]
Margin for borrowings (percent)				0.10%											0.10%
Revolving Facility Due March 28, 2025 \| Bridge Loan
Disclosure of detailed information about borrowings [line items]
Line of credit, maximum borrowing capacity	$ 50,000,000.0
Revolving Facility Due March 28, 2025 \| Bridge Loan \| Top of range
Disclosure of detailed information about borrowings [line items]
Debt instrument term	10 days
Forecast \| Incremental Term Loan
Disclosure of detailed information about borrowings [line items]
Repayments of borrowings														$ 0
Forecast \| Revolver
Disclosure of detailed information about borrowings [line items]
Repayments of borrowings														$ 0

Consolidated Statement of Cash Flows (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of cash flows [abstract]
Debt issuance costs paid	$ 0.4	$ 0.8	$ 3.6

Pension and Non-pension Post-employment Benefit Plans - Summary of Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Plan
Disclosure of net defined benefit liability (asset) [line items]
Interest income	$ (0.1)	$ (0.4)	$ (0.4)
Administrative expenses paid from plan assets	0.5	0.6	1.3
Pension Plan \| Plan assets
Disclosure of net defined benefit liability (asset) [line items]
Plan assets, beginning of year	211.8	359.9
Interest income	10.1	5.8
Actuarial gains (losses) in other comprehensive income	(10.0)	(112.0)
Administrative expenses paid from plan assets	(0.4)	(0.6)
Employer contributions	1.3	4.0
Employer direct benefit payments	0.3	0.1
Employer direct settlement payments	0.0	0.0
Settlement payments from employer	0.0	0.0
Settlement payments from plan	0.0	0.0
Benefit payments from plan	(10.8)	(10.4)
Benefit payments from employer	(0.3)	(0.1)
Foreign currency exchange rate changes and other	9.2	(34.9)
Plan assets, end of year	211.2	211.8	359.9
Other benefit plans
Disclosure of net defined benefit liability (asset) [line items]
Interest income	(3.1)	(2.7)	(2.4)
Administrative expenses paid from plan assets	0.0	0.0	0.0
Other benefit plans \| Plan assets
Disclosure of net defined benefit liability (asset) [line items]
Plan assets, beginning of year	2.3	2.0
Interest income	0.1	0.0
Actuarial gains (losses) in other comprehensive income	0.0	0.0
Administrative expenses paid from plan assets	0.0	0.0
Employer contributions	0.6	0.8
Employer direct benefit payments	3.7	2.4
Employer direct settlement payments	1.1	0.0
Settlement payments from employer	(1.1)	0.0
Settlement payments from plan	(0.1)	0.0
Benefit payments from plan	(0.4)	(0.4)
Benefit payments from employer	(3.7)	(2.4)
Foreign currency exchange rate changes and other	(0.2)	(0.1)
Plan assets, end of year	$ 2.3	$ 2.3	$ 2.0

Basis of Preparation and Material Accounting Policies

12 Months Ended

Dec. 31, 2023

Disclosure Of Significant Accounting Policies [Abstract]

Basis of Preparation and Material Accounting Policies

BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICIES:

Statement of compliance:

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The consolidated financial statements were authorized for issuance by our Board of Directors (Board) on March 8, 2024.

Functional and presentation currency:

The consolidated financial statements are presented in United States (U.S.) dollars, which is also Celestica's functional currency. Unless otherwise noted, all financial information is presented in millions of U.S. dollars (except percentages and per share amounts).

Use of estimates and judgments:

The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies, the reported amounts of assets, liabilities, revenue, and expenses, and related disclosures with respect to contingent assets and liabilities. We base our judgments, estimates and assumptions on current facts (including, in recent periods, the prolonged impact of global supply chain constraints), historical experience and various other factors that we believe are reasonable under the circumstances. The economic environment also impacts certain estimates and discount rates necessary to prepare our consolidated financial statements, including significant estimates and discount rates applicable to the determination of the recoverable amounts used in the impairment testing of our non-financial assets. Our assessment of these factors forms the basis for our judgments on the carrying values of our assets and liabilities, and the accrual of our costs and expenses. Actual results could differ materially from our estimates and assumptions. We review our estimates and underlying assumptions on an ongoing basis and make revisions as determined necessary by management. Revisions are recognized in the period in which the estimates are revised and may also impact future periods.

Our review of the estimates, judgments and assumptions used in the preparation of our consolidated financial statements included those relating to, among others: our determination of the timing of revenue recognition, the determination of whether indicators of impairment existed for our assets and cash generating units (CGUs*), our measurement of deferred tax assets and liabilities, our estimated inventory write-downs and expected credit losses, customer creditworthiness and the determination of the fair value of assets acquired and liabilities assumed in connection with a business combination. Any revisions to estimates, judgments or assumptions may result in, among other things, write-downs, accelerated depreciation or amortization, or impairments of our assets or CGUs, and/or adjustments to the carrying amount of our accounts receivable (A/R) and/or inventories, or to the valuation of our deferred tax assets, any of which could have a material impact on our financial performance and financial condition.

*CGUs are the smallest identifiable group of assets that cannot be tested individually and generate cash inflows that are largely independent of those of other assets or groups of assets, and can be comprised of a single site, a group of sites, or a line of business.

Key sources of estimation uncertainty and judgment: We have applied significant estimates, judgments and assumptions in the following areas which we believe could have a significant impact on our reported results and financial position: our determination of the timing of revenue recognition; whether events or changes in circumstances are indicators that an impairment review of our assets or CGUs should be conducted; the measurement of our CGUs' recoverable amounts,

which includes estimating future growth, profitability, and discount and terminal growth rates; and the allocation of the purchase price and other valuations related to our business acquisition.

We describe our use of judgment and estimation uncertainties in greater detail in the accounting policies described under “Material Accounting Policies” below.

Recently issued accounting standards and amendments:

Interest Rate Benchmark Reform (Amendments to IFRS 9 (Financial Instruments), IAS 39 (Financial Instruments: Recognition and Measurement), IFRS 4 (Insurance Contracts), IFRS 7 (Financial Instruments: Disclosures) and IFRS 16 (Leases)):

In August 2020, the IASB issued Interest Rate Benchmark Reform-Phase 2 (Phase 2 IBOR Reform), which amends IFRS 9, IAS 39, IFRS 4, IFRS 7, and IFRS 16. Phase 2 IBOR Reform focuses on the effects on financial statements when a company replaces a previous interest rate benchmark with an alternative benchmark rate as a result of Interbank Offered Rates (IBOR) reform. We adopted Phase 2 IBOR Reform as of January 1, 2021. The adoption of Phase 2 IBOR Reform had no material impact on our consolidated financial statements. Also see note 20.

Making Materiality Judgements (Amendments to IAS 1 and IFRS Practice Statement 2)

In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 “Making Materiality Judgements,” which provide guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their “significant” accounting policies with a requirement to disclose their material accounting policies and adding guidance on how entities are to apply the concept of materiality in making decisions about accounting policy disclosures. These amendments are applicable for annual periods beginning on or after January 1, 2023. These amendments, which we adopted as of such date, are reflected in, and had no material impact on our annual consolidated financial statements.

Definition of accounting estimates (Amendments to IAS 8)

In February 2021, the IASB issued Definition of accounting estimates (Amendments to IAS 8) to clarify the distinction between accounting policies and accounting estimates. The amendments are effective for reporting periods beginning on or after January 1, 2023. We adopted this standard as of January 1, 2023. The adoption of this standard had no material impact on our consolidated financial statements.

Deferred tax related to assets and liabilities arising from a single transaction (Amendments to IAS 12 Income Taxes)

In May 2021, the IASB issued Deferred tax related to assets and liabilities arising from a single transaction (Amendments to IAS 12 Income Taxes) to clarify the accounting treatment for deferred taxes on transactions such as leases and decommissioning obligations. The amendments are effective for reporting periods beginning on or after January 1, 2023. We adopted this standard as of January 1, 2023. The adoption of this standard had no material impact on our consolidated financial statements.

IFRS 17 Insurance Contracts

In May 2017, the IASB issued IFRS 17 Insurance Contracts. IFRS 17 replaces IFRS 4 and sets out principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of IFRS 17. This standard is effective for reporting periods beginning on or after January 1, 2023. We adopted this standard as of January 1, 2023. The adoption of this standard had no material impact on our consolidated financial statements.

International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12)

In May 2023, the IASB issued amendments to IAS 12 to give entities temporary mandatory relief from accounting for deferred taxes arising from the Organization for Economic Co-operation and Development’s international tax reform. The amendments became effective upon issuance, except for certain disclosure requirements which are effective for annual reporting periods beginning on or after January 1, 2023. We adopted the required amendments in May 2023, and have applied the mandatory temporary exception to recognizing and disclosing information related to Pillar Two income taxes.

Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions where we have operations, while legislation in other relevant jurisdictions has yet to be finalized. Based on currently enacted legislation, we anticipate that Pillar Two legislation will impact our reporting periods commencing January 1, 2025, however, enactment of Pillar Two legislation in other relevant jurisdictions may result in applicability for our reporting periods commencing January 1, 2024. We currently estimate that if such legislation becomes applicable for reporting periods commencing January 1, 2024, we would have incremental income taxes of approximately $6 in the first quarter of 2024.

We will continue to monitor the impact of Pillar Two income taxes as the Pillar Two Model Rules become enacted in the jurisdictions where we have operations.

Classification of liabilities as current or non-current (Amendments to IAS 1)

In January 2020, the IASB issued Classification of liabilities as current or non-current (Amendments to IAS 1) to clarify how to classify debt and other liabilities as current or non-current. The amendments are effective for reporting periods beginning on or after January 1, 2024. We adopted this standard as of January 1, 2024. We do not anticipate that the adoption of this standard will have a material impact on our consolidated financial statements.

MATERIAL ACCOUNTING POLICIES:

The accounting policies below are in compliance with IFRS as issued by the IASB and have been applied consistently to all periods presented in these consolidated financial statements.

(a) Basis of measurement:

These consolidated financial statements have been prepared primarily on the historical cost basis. Other measurement bases, where used, are described in the applicable notes.

(b) Basis of consolidation:

These consolidated financial statements include our direct and indirect subsidiaries, all of which are wholly-owned. Any subsidiaries that are formed or acquired during the year are consolidated from their respective dates of formation or acquisition. Inter-company transactions and balances are eliminated on consolidation.

We use the acquisition method to account for any business combinations. All identifiable assets and liabilities are recorded at fair value on our consolidated balance sheet as of the acquisition date. Any goodwill that arises from business combinations is tested annually for impairment (see note 2(j)). Potential obligations for contingent consideration and other contingencies are also recorded at fair value on our consolidated balance sheet as of the acquisition date. We record subsequent changes in the fair value of such potential obligations from the date of acquisition to the settlement date in our consolidated statement of operations. We expense integration costs (for the establishment of business processes, infrastructure and information systems for acquired operations) and acquisition-related consulting and transaction costs as incurred in our consolidated statement of operations.

We use judgment to determine the estimates used to value identifiable assets and liabilities, and the fair value of potential obligations, if applicable, at the acquisition date. We may engage third parties to determine the fair value of certain inventory, property, plant and equipment and intangible assets. We use estimates to determine cash flow projections, including the period of expected future benefit, and future growth and discount rates, among other factors, to value intangible assets and contingent consideration. The fair value of acquired tangible assets are measured by applying the market, cost or replacement cost, or income approach (using discounted cash flows and forecasts by management), as appropriate. The fair value of acquired intangible assets are measured by applying the income approach using a discounted cash flow model and forecasts based on management's estimates and assumptions.

(d) Foreign currency translation:

The majority of our subsidiaries have a U.S. dollar functional currency, which represents the currency of the primary economic environment in which they operate. For these subsidiaries, we translate: (i) monetary assets and liabilities denominated in foreign currencies into U.S. dollars at the period-end exchange rates; (ii) non-monetary assets and liabilities denominated in foreign currencies into U.S. dollars at historic rates; and (iii) revenue and expenses into U.S. dollars at the average exchange rates prevailing during the month of the transaction. Exchange gains and losses also arise on the settlement of foreign-currency denominated transactions. We recognize foreign currency differences arising on translation in our consolidated statement of operations.

Upon consolidation, for our subsidiaries with a non-U.S. dollar functional currency, we translate assets and liabilities denominated in foreign currencies into U.S. dollars using the period-end exchange rates, and we translate revenue and expenses into U.S. dollars at the average exchange rates prevailing during the month of the transaction. We defer gains and losses arising from the translation of these operations in the foreign currency translation account included in accumulated other comprehensive income (loss) (OCI). For these subsidiaries, we translate foreign currency transactions into the relevant non-U.S. dollar functional currency using the exchange rate prevailing during the month of the transaction for revenues and expenses, and the exchange rate as at period end for the translation of these foreign currency denominated monetary assets and liabilities, and such gains and losses arising from these translations are recorded in the statement of operations in their non-U.S. dollar functional currency before translation into U.S. dollar for consolidation purposes.

(e) Cash and cash equivalents:

Cash and cash equivalents include cash on account and short-term investments with original maturities of three months or less. Cash and cash equivalents are classified as financial assets measured at fair value through profit or loss (see paragraph (o) below). These instruments are subject to an insignificant risk of change in fair value over their terms and, as a result, we carry cash and cash equivalents at cost.

(f) Inventories:

We procure inventory and manufacture products based on specific customer orders and forecasts, and value our inventory on a first-in, first-out basis at the lower of cost and net realizable value. The cost of our finished goods and work in progress includes direct materials, labor and overhead. We may require valuation adjustments if actual market conditions or demand for our products or services are less favorable than originally projected. The determination of net realizable value involves significant management judgment and estimation. When estimating the net realizable value of our inventory, we consider factors such as shrinkage, the aging of and future demand for the inventory, and contractual arrangements with customers. We attempt to utilize excess inventory in other products we manufacture or return such inventory to the relevant suppliers or customers. We use future sales volume forecasts to estimate excess inventory on-hand. A change to these assumptions may impact our inventory valuation and our gross margins. We adjust previous write-downs in our consolidated statement of operations in the period a change in estimate occurs.

(g) Property, plant and equipment (PP&E):

We carry PP&E at cost less accumulated depreciation and accumulated impairment losses. Cost consists of expenditures directly attributable to the acquisition or construction of the asset, and costs directly attributable to bringing the asset to the condition necessary for its intended use. We capitalize the cost of an asset when the economic benefits associated with that asset are probable and when the cost can be measured reliably. We capitalize the costs of major renovations and we write-off the carrying amount of replaced assets. We expense all other maintenance and repair costs in our consolidated statement of operations as incurred. We do not depreciate land. We recognize depreciation expense on a straight-line basis over the estimated useful life of the asset as follows:


Buildings			Up to 40 years
Building/leasehold improvements			Up to 40 years or if shorter, term of lease
Machinery and equipment			3 to 15 years

We estimate the useful life of PP&E based on the nature of the asset, historical experience, expected changes in technology, and the expected duration of related customer programs. When major components of an asset have a significantly different useful life than their primary asset, the components are accounted for and depreciated separately. We review our estimates of residual values, useful lives and the methods of depreciation annually at year-end and, if required, adjust them prospectively. We determine gains and losses on the disposal or retirement of PP&E by comparing the proceeds from disposal with the carrying amount of the asset and we recognize these gains and losses in our consolidated statement of operations in the period of disposal or retirement. Also, see note 2(j).

(h) Leases:

We are the lessee of land, buildings, and machinery and equipment. At the inception of a contract, we assess whether an arrangement is, or contains, a lease in accordance with IFRS 16. Where we determine there is a lease under IFRS 16, we recognize a right-of-use (ROU) asset (representing our right to use such leased asset) and a related lease obligation on the applicable lease commencement date. An ROU asset is first measured based on the initial amount of the related lease obligation, subject to certain adjustments, if any, and then subsequently measured at such cost less accumulated depreciation and accumulated impairment losses (see note 2(j)). Depreciation expense on an ROU asset is recorded on a straight-line basis over the lease term in cost of sales or SG&A in our consolidated statement of operations, primarily based on the nature and use of the asset. The lease obligation is initially measured at the present value of the unpaid lease payments on the commencement date, discounted using the interest rate implicit in the lease (if readily determinable) or otherwise on our incremental borrowing rate (taking country-specific risks into consideration) on the lease commencement date. We generally use our incremental borrowing rate as the discount rate. The interest expense on the related lease obligation is recognized as finance costs in our consolidated statement of operations. The lease obligation is remeasured when there are adjustments to future lease payments arising from a change in applicable indices or rates, changes in the estimated amount expected to be payable under a residual value guarantee, or if we change our assessments of whether we will exercise an applicable purchase, extension or termination option. Upon any such remeasurement, a corresponding adjustment is made to the carrying amount of the related ROU asset, or is recorded in our consolidated statement of operations if the carrying amount of such ROU asset has been impaired. We expense the costs of low-value and short-term leases in our consolidated statement of operations on a straight-line basis over the lease term.

(i) Goodwill and intangible assets:

Goodwill:

We initially record goodwill related to business acquisitions on our consolidated balance sheet in the amount of the excess of the fair value of the aggregate consideration paid or payable (including the estimated fair value of any contingent consideration) over the fair value of the identifiable net assets acquired. In subsequent reporting periods, we measure goodwill at cost less accumulated impairment losses, if any. We do not amortize goodwill. For purposes of impairment testing, we allocate goodwill to the CGU, or group of CGUs, that we expect will benefit from the related acquisition. See note 2(j).

Intangible assets:

We record acquired intangible assets on our consolidated balance sheet at fair value on the date of acquisition. We capitalize acquired intangible assets when the economic benefits associated with the asset are probable and when the cost can be measured reliably. We estimate the useful life of acquired intangible assets based on the nature of the asset, historical experience and the projected period of expected future economic benefits to be provided by the asset. In subsequent reporting periods, we measure such intangible assets at cost less accumulated amortization and accumulated impairment losses, if any. We amortize these assets on a straight-line basis over their estimated useful lives as follows:


Intellectual property			3 to 5 years
Other intangible assets			4 to 15 years
Computer software assets			1 to 10 years

Intellectual property assets consist primarily of certain acquired non-patented intellectual property and process technology. Other intangible assets consist primarily of customer relationships and contract intangibles. Computer software

assets consist primarily of software licenses. We review our estimates of residual values, useful lives and the methods of amortization annually at year end and, if required, adjust for these prospectively.

(j) Impairment of goodwill, intangible assets, PP&E, and ROU assets:

We review the carrying amount of goodwill, intangible assets, PP&E, and ROU assets for impairment whenever events or changes in circumstances (triggering events) indicate that the carrying amount of such assets, or the related CGU or CGUs, may not be recoverable. If any such indication exists, we test the carrying amount of such assets or CGUs for impairment. In addition to an assessment of triggering events during the year, we conduct an annual impairment assessment of CGUs with goodwill in the fourth quarter of each year to correspond with our annual planning cycle (Annual Impairment Assessment). Judgment is required in the determination of: (i) our CGUs, which includes an assessment of whether the relevant asset, or group of assets, largely generates independent cash inflows, and an evaluation of how management monitors the business operations pertaining to such asset, or asset group; and (ii) whether events or changes in circumstances during the year are indicators that a review for impairment should be conducted.

We recognize an impairment loss when the carrying amount of an asset, CGU or group of CGUs exceeds its recoverable amount. The recoverable amount of an asset, CGU or group of CGUs is measured as the greater of its expected value-in-use and its estimated fair value less costs of disposal. Determining the recoverable amount is subjective and requires management to exercise significant judgment in estimating future growth, profitability, discount and terminal growth rates, and in projecting future cash flows, among other factors. Determination of our expected value-in-use is based on a discounted cash flow analysis of the relevant asset, CGU or group of CGUs. Determining estimated fair value less costs of disposal requires valuations and use of appraisals. Future events and changing market conditions may impact our assumptions as to prices, costs or other factors that may result in changes to our estimates of future cash flows. Where applicable, we engage independent brokers to obtain market prices to estimate our real property and other asset values. We recognize impairment losses in our consolidated statement of operations. If it is determined that an impairment exists, we first allocate the impairment losses to the relevant CGU (or group of CGUs) to reduce the carrying amount of its (or their) goodwill, if any. If the goodwill is reduced to nil and the impairment losses have not been fully allocated, we then reduce the carrying amount of other assets in such CGU (or group of CGUs), generally on a pro-rata basis, until the impairment losses have been recognized in full. See notes 6, 7, and 8.

We do not reverse impairment losses for goodwill in future periods. We reverse impairment losses for PP&E, ROU assets and intangible assets if the events or conditions that resulted in such losses in prior periods no longer exist or have decreased as a result of changes in circumstances. At each reporting date, we review for indicators that could change the estimates we used to determine the recoverable amount of the relevant assets. The amount of the reversal will be limited to the carrying amount that would have been determined, net of depreciation or amortization, had we recognized no impairment loss in prior periods.

(k) Provisions:

We recognize a provision for legal or constructive obligations arising from past events when the amount can be reliably estimated and it is probable that an outflow of resources will be required to settle an obligation. The nature and type of provisions vary and management judgment is required to determine the extent of an obligation and whether the outflow of resources is probable. At the end of each reporting period, we evaluate the appropriateness of the remaining balances. We may be required to adjust recorded amounts to reflect actual experience or changes in estimates for future periods.

Restructuring:

We incur restructuring charges relating to workforce reductions, site consolidations, and costs associated with businesses we are downsizing or exiting. Our restructuring charges include employee severance and benefit costs, consultant costs, gains, losses, accelerated depreciation or impairments related to owned sites and equipment we no longer use and which are available for sale, impairment of related intangible assets, and costs or impairments related to leased sites and equipment we no longer use.

The recognition of restructuring charges requires management to make certain judgments and estimates regarding the nature, timing and amounts associated with our restructuring actions. Our assumptions include the timing of employee

terminations, the measurement of termination costs, any anticipated sublease recoveries from exited sites, the timing of dispositions, and the estimated fair values less costs of disposal for assets we no longer use and which are available for sale. We develop detailed plans and record termination costs in the period that employees are informed of their termination. For owned sites and equipment that are no longer in use and are available for sale, we recognize an impairment loss based on their estimated fair value less costs of disposal, with estimated fair value based on market prices for similar assets. We may engage third parties to assist in the determination of the estimated fair values less costs of disposal for these assets. For leased sites that we intend to exit in connection with restructuring activities, we assess the recoverability of our ROU assets, and write down such assets (recorded as restructuring charges) if the carrying value exceeds any estimated sublease recoveries. To estimate future sublease recoveries, we may engage independent brokers to determine the estimated tenant rents we can expect to realize. At the end of each reporting period, we evaluate the appropriateness of our restructuring charges and balances. We may be required to adjust recorded amounts to reflect actual experience or changes in estimates for future periods. See note 15(a).

Legal and other contingencies:

In the normal course of our operations, we may be subject to lawsuits, investigations and other claims, including, but not limited to, environmental, labor, product, customer disputes, and other matters. The filing of a suit or formal assertion of a claim does not automatically trigger a requirement to record a provision. We record a provision for loss contingencies, including legal claims, based on management’s estimate of the probable outcome. Judgment is required when there is a range of possible outcomes. Management considers the degree of probability of the outcome and the ability to make a reasonable estimate of the loss. We may also use third party advisors in making our determination. The ultimate outcome, including the amount and timing of any payments required, may vary significantly from our original estimates. Potential material legal and other material contingent obligations that have not been recognized as provisions, as the outcome is remote or not probable, or the amount cannot be reliably estimated, are disclosed as contingent liabilities. See note 24.

Warranty:

We offer product and service warranties to our customers. We record a provision for future warranty costs based on management’s estimate of probable claims under these warranties. In determining the amount of the provision, we consider several factors including the terms of the warranty (which vary by customer, product or service), the current volume of products sold or services rendered during the warranty period, and historical warranty information. We review and adjust these estimates as necessary to reflect our experience and new information. The amount and aging of our provision will vary depending on various factors including the length of the warranty offered, the remaining life of the warranty and the extent and timing of warranty claims. We classify the portion of our warranty provision for which payment is expected in the next 12 months as current, and the remainder as non-current.

(l) Employee benefits:

Pension and non-pension post-employment benefits:

We classify pension and non-pension post-employment benefits as either defined contribution plans or defined benefit plans.

Under defined contribution plans, our obligation is to make a fixed contribution to a separate entity. The related investment risk is borne by the employee. We recognize our obligations to make contributions to defined contribution plans as an employee benefit expense in our consolidated statement of operations in the period the employee services are rendered.

Under defined benefit plans, our obligation is to provide an agreed-upon benefit to specified plan participants. We remain exposed to both actuarial and investment risks with respect to defined benefit plans. Our obligation is actuarially determined using the projected unit credit method, based on service and management’s estimates. Actuarial valuations require management to make judgments and estimates relating to salary escalation, compensation levels at the time of retirement, retirement ages, the discount rate used in measuring the net interest on the net defined benefit asset or liability, and expected healthcare costs (as applicable). These actuarial assumptions could change from period-to-period and actual results could differ materially from the estimates originally made by management. We evaluate our assumptions on a regular basis, taking into consideration current market conditions and historical data. Market-driven changes may affect the actual

rate of return on plan assets compared to our assumptions, as well as our discount rates and other variables which could cause actual results to differ materially from our estimates. Changes in assumptions could impact our defined benefit pension plan valuations and our future defined benefit pension expense and required funding.

Our obligation for each defined benefit plan consists of the present value of the defined benefit obligation less the fair value of plan assets, and is presented on a net basis on our consolidated balance sheet. When the actuarial calculation results in a benefit, the asset we recognize is restricted to the present value of economic benefits available in the form of future refunds from the plan or reductions in future contributions to the plan. To calculate the present value of economic benefits, we also consider any minimum funding requirements that apply to the plan. An economic benefit is available if it is realizable during the life of the plan, or on settlement of the plan liabilities.

We recognize past service costs or credits arising from plan amendments, whether vested or unvested, immediately in our consolidated statement of operations. We determine the net interest expense (income) on the net defined benefit liability (asset) for each year by applying the discount rate used to measure the defined benefit obligation at the beginning of the year to the net defined benefit liability (asset) position, taking into account any changes in the net defined benefit liability (asset) during the year as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognized in our consolidated statement of operations. The difference between the interest income on plan assets and the actual net return on plan assets is included in the re-measurement of the net defined benefit liability (asset). We recognize actuarial gains and losses on plan assets or obligations, as well as any year-over-year change in the impairment of the balance sheet position in OCI and we reclassify the amounts to deficit. Curtailment gains or losses may arise from significant changes to a plan. We record curtailment gains or losses in our consolidated statement of operations when the curtailment occurs.

To mitigate the actuarial and investment risks of our defined benefit pension plans, we from time to time purchase annuities (using existing plan assets) from third party insurance companies for certain, or all, plan participants. The purchase of annuities by the pension plan substantially hedges the financial risks associated with the related pension obligations. Where the annuities are purchased on behalf of, and held by the pension plan, the relevant employer retains the ultimate responsibility for the payment of benefits to plan participants, and we retain the pension assets and liabilities on our consolidated balance sheet. Our annuity purchases have resulted (and future annuity purchases may result) in losses, due to a reduction in the value of the plan assets relative to plan obligations as of the date of the annuity purchase. We record these non-cash losses in OCI on our consolidated balance sheet and simultaneously reclassify such amounts to deficit in the same period. Alternatively, where we purchase annuities from insurance companies on behalf of applicable plan participants with the intention of winding-up the relevant plan in the future (with the expectation of transferring the annuities to the individual plan members), the insurance company assumes responsibility for the payment of benefits to the relevant plan participants once the wind-up is complete. In this case, settlement accounting is applied to the purchase of the annuities and the loss (if any) is recorded in other charges in our consolidated statement of operations. In addition, both the pension assets and liabilities will be removed from our consolidated balance sheet once the wind-up of the plan is complete.

Stock-based compensation (SBC):

We generally grant restricted share units (RSUs) and performance share units (PSUs), and from time to time grant stock options, to employees under our SBC plans. Stock options and RSUs vest in installments over the vesting period. Stock options generally vest one-quarter per year over a four-year period, and RSUs generally vest one-third per year over a three-year period. We treat each installment under a grant of stock options and RSUs as a separate grant in determining the compensation expense. PSUs vest at the end of their respective terms, generally three years from the grant date, to the extent that specified performance conditions have been met.

We may grant stock options to employees under our Long-Term Incentive Plan (LTIP). We may grant RSUs and PSUs to employees under either our LTIP or our Celestica Share Unit Plan (CSUP). Under the CSUP, we may settle vested awards (in our discretion) with SVS purchased in the open market (on a one-for-one basis) or with cash. Under the LTIP, we may (at the time of grant) authorize the grantees to elect to settle vested awards in either cash or SVS issued from treasury (up to a specified limit) or purchased in the open market (in either case on a one-for-one basis). Absent such permitted election for LTIP grants, we intend to settle all employee RSUs and PSUs under the LTIP and CSUP in SVS (net of withholding taxes). As a result, we account for these share unit awards as equity-settled awards.

Stock options:

Stock options are exercisable for SVS. We recognize the grant date fair value of stock options granted to employees as compensation expense in our consolidated statement of operations, with a corresponding charge to contributed surplus on our consolidated balance sheet, over the vesting period. We adjust compensation expense to reflect the estimated number of options we expect to vest at the end of the vesting period. When options are exercised, we credit the proceeds to capital stock on our consolidated balance sheet. We measure the fair value of stock options using the Black-Scholes option pricing model. Measurement inputs include the price of our SVS on the grant date, the exercise price of the stock option, and our estimates of the following: expected price volatility of our SVS (based on weighted average historic volatility), weighted average expected life of the stock option (based on historical experience and general option-holder behavior), and the risk-free interest rate.

RSUs:

The cost we record for RSUs is based on the market value of our SVS at the time of grant. We amortize the cost of RSUs to compensation expense in our consolidated statement of operations, with a corresponding charge to contributed surplus on our consolidated balance sheet, over the vesting period.

PSUs:

The number of PSUs that will actually vest varies from 0% to 200% of a target amount granted. For PSUs granted in 2021 and 2022, the number of PSUs that vested or will vest are based on the level of achievement of a pre-determined non-market performance measurement in the final year of the three-year performance period, subject to modification by each of a separate pre-determined non-market financial target, and our relative total shareholder return (TSR), a market performance condition, compared to a pre-defined group of companies, over the three-year performance period. Commencing in 2023, the number of PSUs that will vest are based on the level of achievement of a different pre-determined non-market performance measurement, subject to modification by our relative TSR compared to a pre-defined group of companies, in each case over the three-year performance period. The cost we record for PSUs is based on our estimate of the outcome of the applicable performance conditions. The grant date fair value of the non-TSR-based performance measurement and modifier (where applicable) is based on the market value of our SVS at the time of grant and is subject to adjustment in subsequent periods to reflect changes in the estimated level of achievement related to the applicable performance condition. The grant date fair value of the TSR modifier is based on a Monte Carlo simulation model. We recognize compensation expense in our consolidated statement of operations on a straight-line basis over the requisite service period and we reduce this expense for the estimated PSU awards that are not expected to vest because the employment conditions are not expected to be satisfied.

Deferred Share Units (DSUs):

The compensation of our directors is comprised of annual Board and Board Chair retainer fees, annual standing Board committee Chair retainer fees (where applicable), and travel fees (collectively, Annual Fees) payable in quarterly installments in arrears**. Directors must elect to receive 0%, 25% or 50% of their Annual Fees in cash, with the balance in DSUs, until such director satisfies the requirements of the Company's Director Share Ownership Guidelines. Once a director has satisfied such requirements, the director may then elect to receive 0%, 25% or 50% of their Annual Fees in cash, with the balance either in DSUs or in RSUs (if no election is made, 100% of such director's Annual Fees will be paid in DSUs). The number of DSUs or RSUs we grant is determined by dividing the elected percentage of the dollar value of the Annual Fees earned in the quarter by the closing price of our SVS on the NYSE on the last business day of such quarter (in the case of DSUs) or the trading day preceding the date of grant (in the case of RSUs). Each DSU represents the right to receive one SVS or an equivalent value in cash after the individual ceases to serve as a director, and is neither an employee of the Company, nor a director or employee of any corporation that does not deal at arm's length with the Company (Retires). DSUs granted to directors may be settled with SVS purchased in the open market, or with cash (at the discretion of the Company). We intend to settle DSU awards with SVS. RSUs granted to directors vest ratably over a three-year period and are governed by the terms of our LTIP. Each vested RSU entitles the holder thereof to one SVS; however, if permitted by the Company under the terms of the grant, a director may elect to receive a payment of cash in lieu of SVS. Absent such permitted election, we intend to settle these RSU awards with SVS. We account for DSUs and RSUs granted to directors as equity-settled awards. Unvested RSUs vest immediately on the date the director Retires. We expense the cost of director compensation through SG&A in our consolidated statement of operations in the period the services are rendered.

** Prior to September 3, 2023, we were party to a services agreement (Services Agreement) with Onex Corporation (Onex), our then-controlling shareholder, for the services of Mr. Tawfiq Popatia, an officer of Onex, as a director of Celestica, pursuant to which Onex received compensation for such services. The Services Agreement terminated automatically on September 3, 2023. Mr. Popatia resigned from our Board on September 3, 2023. Onex’s outstanding DSUs were settled in October 2023. See notes 12 and 17.

(m) Income taxes:

Our income tax expense for each reporting period is comprised of current and deferred income taxes. Current income taxes and deferred income taxes are recognized in our consolidated statement of operations, except to the extent that they relate to items recognized in OCI or directly in equity, in which case they are recognized in OCI or directly in equity, respectively.

In the ordinary course of business, there are many transactions for which the ultimate tax outcome is uncertain until we resolve it with the relevant tax authority, which may take many years. The final tax outcome of these matters may be different from the estimates management originally made in determining our tax provision. Management periodically evaluates the positions taken in our tax returns where applicable tax rules are subject to interpretation. We establish provisions related to tax uncertainties where appropriate, based on our estimate of the amount that ultimately will be paid to or received from the tax authorities. We recognize accrued interest and penalties relating to tax uncertainties in current income tax expense. The various judgments and estimates used by management in establishing provisions related to tax uncertainties can significantly affect the amounts we recognize in our consolidated financial statements.

We use the liability method of accounting for deferred income taxes. Under this method, we recognize deferred income tax assets and liabilities for future income tax consequences attributable to temporary differences between the financial statement carrying amounts of assets and liabilities and their respective income tax bases, and on unused tax losses and tax credit carryforwards. We measure deferred income taxes using tax rates and laws that have been enacted or substantively enacted at the reporting date and that we expect will apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. We recognize deferred income tax assets to the extent we believe it is probable, based on management’s estimates, that future taxable profit will be available against which the deductible temporary differences as well as unused tax losses and tax credit carryforwards can be utilized. Estimates of future taxable profit in different tax jurisdictions are an area of estimation uncertainty. We review our deferred income tax assets at each reporting date and reduce them to the extent we determine it is no longer probable that we will realize the related tax benefits. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that future taxable profits will be available against which they can be used. We recognize the effect of a change in income tax rates in the period of enactment or substantive enactment.

We do not recognize deferred income taxes if they arise from the initial recognition of goodwill, or for temporary differences arising from the initial recognition of an asset or a liability in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss. We also do not recognize deferred income taxes on temporary differences relating to investments in subsidiaries to the extent we are able to control the timing of the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future.

During each period, we record current income tax expense or recovery based on taxable income earned or loss incurred in each tax jurisdiction where we operate, and for any adjustments to taxes payable in respect of previous years, using tax laws that are enacted or substantively enacted at the balance sheet date.

(n) Financial assets and financial liabilities:

We recognize financial assets and financial liabilities initially at fair value and subsequently measure these at either fair value or amortized cost based on their classification as described below. Also see note 2(p), “Impairment of financial assets.”

Fair value through profit or loss (FVTPL):

Financial assets and any financial liabilities that we purchase or incur, respectively, with the intention of generating earnings in the near term, and derivatives other than cash flow hedges, are classified as FVTPL. This category includes short-term investments in money market funds (if applicable) that we group with cash equivalents, and derivative assets and

derivative liabilities that do not qualify for hedge accounting. For investments that we classify as FVTPL, we initially recognize such financial assets on our consolidated balance sheet at fair value, and recognize subsequent changes in our consolidated statement of operations (unless they relate to effective hedging relationships for accounting purposes, in which case the subsequent changes are recorded in OCI). See note 2(o). We expense transaction costs related to financial instruments classified as FVTPL as incurred in our consolidated statement of operations. We may, at our discretion, designate financial instruments as FVTPL that are not classified as such. However, we do not currently hold any liabilities designated as FVTPL.

Amortized cost:

Financial assets that we hold with the intention of collecting the contractual cash flows (in the form of payment of principal and related interest) are measured at amortized cost, and consist of our A/R, term deposits and non-customer receivables. We initially recognize the carrying amount of such assets on our consolidated balance sheet at fair value plus directly attributable transaction costs, and subsequently measure these at amortized cost using the effective interest rate method, less any impairment losses. Financial liabilities that are not classified as FVTPL consist of our accounts payable (A/P), the majority of our accrued liabilities and certain other provisions, as well as borrowings under our credit facility, including our term loans. We initially recognize the carrying amount of such liabilities on our consolidated balance sheet at fair value plus transaction costs that are directly attributable to the issuance of such liabilities. These financial liabilities are measured at amortized cost subsequent to initial recognition. Borrowings within a particular quarter for short term working capital needs under our revolving credit facility that we repay in full within such quarter are netted against each other in our consolidated statements of cash flows.

(o) Derivatives and hedge accounting:

We enter into forward exchange and swap contracts to hedge the cash flow risk associated with firm purchase commitments and forecasted transactions in foreign currencies that we consider to be highly probable, and to hedge foreign-currency denominated balances. We use estimates to forecast future cash flows and the future financial position of net monetary assets or liabilities denominated in foreign currencies. We enter into interest rate swap agreements to mitigate the interest rate risk on a portion of our term loan borrowings. We apply hedge accounting to those hedge relationships that are considered effective. Management assesses the effectiveness of hedges by comparing actual outcomes against our estimates on a regular basis. Subsequent revisions in estimates of future cash flow forecasts, if significant, may result in the discontinuation of hedge accounting for that hedge. We do not enter into derivative contracts for speculative purposes.

At the inception of a hedging relationship, we formally document the relationship between our hedging instrument and the hedged item, as well as our risk management objectives and strategy for undertaking the various hedge transactions. Our process includes linking all derivatives to specific assets and liabilities on our consolidated balance sheet or to specific firm commitments or forecasted transactions. We also formally assess, both at the hedge’s inception and at the end of each quarter, whether the derivatives used in hedged transactions are highly effective in offsetting changes in the cash flows of the hedged items. We record the gain or loss from these forward exchange and swap contracts in the same line item where the underlying exposures are recognized in our consolidated statement of operations.

Forward exchange and swap contracts that are not effective hedges for accounting purposes are marked to market each period, resulting in a gain or loss in our consolidated statement of operations. We measure those derivative contracts at fair value on our consolidated balance sheet. The majority of our derivative assets and liabilities arise from the foreign currency forward and swap contracts and interest rate swaps that we designate as cash flow hedges. In a cash flow hedge, we defer the changes in the fair value of the hedging derivative, to the extent effective, in accumulated OCI until we recognize the hedged item in our consolidated statement of operations. Any cash flow hedge ineffectiveness is recognized in our consolidated statement of operations immediately. For hedging instruments that we discontinue before the end of the original hedge term, we amortize the unrealized hedge gain or loss in accumulated OCI to our consolidated statement of operations over the remaining term of the hedging relationship or when the hedged item is recognized in net income, if this occurs prior to the end of the original term of the hedging relationship. If the hedged item ceases to exist before the end of the original hedge term, we recognize the unrealized hedge gain or loss in accumulated OCI immediately in our consolidated statement of operations. For our current foreign currency forward and swap cash flow hedges, the majority of the underlying expenses we hedge are for inventory, labor and facility costs, which are included in cost of sales in our consolidated statement of operations. For our interest rate swap agreements, the underlying interest expenses that we hedge are included in finance costs in our consolidated statement of operations.

We entered into a total return swap (TRS) agreement (TRS Agreement) in December 2022 with a third-party bank with respect to an original notional amount of 3.0 million of our SVS (reduced to 2.5 million SVS upon our termination of a portion of the TRS Agreement in September 2023), to manage our cash flow requirements and exposure to fluctuations in the share price of the SVS in connection with the settlement of certain outstanding equity awards under our SBC plans. The counterparty under the TRS Agreement is obligated to make a payment to us upon its termination (in whole or in part) or expiration (Settlement) based on the increase (if any) in the value of the TRS (as defined in the TRS Agreement) over the TRS Agreement’s term, in exchange for periodic payments made by us (TRS Interest) based on the counterparty’s SVS purchase costs and Secured Overnight Financing Rate (SOFR) plus a specified margin. Similarly, if the value of the TRS (as defined in the TRS Agreement) decreases over the term of the TRS Agreement, we are obligated to pay the counterparty the amount of such decrease upon Settlement. The change in value of the TRS is determined by comparing the average amount realized by the counterparty upon the disposition of purchased SVS to the average amount paid for such SVS. The TRS does not qualify for hedge accounting. We measure the TRS Agreement at fair value on our consolidated balance sheet, with fair value adjustments (TRS FVAs), which represent changes in fair value, recognized in our consolidated statement of operations. TRS Interest is included in finance costs in our consolidated statement of operations.

We value our derivative assets and liabilities based on inputs that are either readily available in public markets or derived from information available in public markets. The inputs we use include discount rates, forward exchange rates, interest rate yield curves and volatility, the share price of our SVS, and credit risk adjustments. Changes in these inputs can cause significant volatility in the fair value of our financial instruments.

(p) Impairment of financial assets:

We review financial assets for impairment at each reporting date. Financial assets are deemed to be impaired when objective evidence resulting from one or more events subsequent to the initial recognition of the asset indicates the estimated future cash flows of the asset have decreased. We use a forward-looking expected credit loss (ECL) model in determining our allowance for doubtful accounts as it relates to trade receivables, contract assets (under IFRS 15, Revenue from Contracts with Customers), and other financial assets. Our allowance is based on historical experience, and includes consideration of the aging of the balances, the customer's creditworthiness, current economic conditions, expectation of bankruptcies, and political and economic volatility in the markets/location of our customers, among other factors. We measure an impairment loss as the excess of the carrying amount over the present value of the estimated future cash flows discounted using the financial asset’s original discount rate, and we recognize this loss in our consolidated statement of operations. A financial asset is written-off or written-down to its net realizable value as soon as it is determined to be impaired. We adjust previous write-downs to reflect changes in estimates or actual experience.

(q) Revenue and deferred investment costs:

We derive the majority of our revenue from the sale of electronic products we manufacture and services we provide to customer specifications. We recognize revenue from the sale of products and services rendered when our performance obligations have been satisfied or when the associated control over the products has passed to the customer and no material uncertainties remain as to the collection of our receivables. Where the products are custom-made to meet a customer's specific requirements, and such customer is obligated to compensate us for the work performed to date, we recognize revenue over time as production progresses to completion, or as services are rendered. We generally estimate revenue for our work in progress based on costs incurred to date plus a reasonable profit margin for eligible products for which we do not have alternative uses. For other contracts that do not qualify for revenue recognition over time, we recognize revenue at the point in time where control is passed to the customer, which is generally upon shipment when no further performance obligation remains except for our standard manufacturing or service warranties. We apply significant estimates, judgment and assumptions in interpreting our customer contracts, determining the timing of revenue recognition and measuring work in progress. As our invoices are typically issued at the time of the delivery of final products to the customers, the earlier recognition of revenue on certain custom-made products results in unbilled contract assets which we include in A/R on our consolidated balance sheet.

As most of our contracts have an expected duration of one year or less, we have applied the practical expedient provided by IFRS 15.121 (such that specified disclosures pertaining to remaining performance obligations are not required), as well as the practical expedient provided by IFRS 15.63 (such that transaction price adjustments for the effects of

significant financing are not required). In general, consideration from our contracts with customers is not excluded from the transaction price used to measure revenue.

We record certain investment costs, comprised of contract acquisition or fulfillment costs, to the extent we consider the recoverability of these costs probable, in other current and non-current assets on our consolidated balance sheet. We subsequently amortize these investment costs over the projected period of expected future economic benefits, or as recoveries are realized, from the new contracts. We monitor these deferred costs for potential impairment on a regular basis.

Income Taxes - Major Components of Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current income tax expense:
Current year	$ 66.4	$ 99.1	$ 44.3
Adjustments for prior years, including changes to net provisions related to tax uncertainties	(2.5)	(10.4)	(3.4)
Current tax expense	63.9	88.7	40.9
Deferred income tax expense (recovery):
Origination and reversal of temporary differences	(1.3)	(22.3)	1.3
Changes in previously unrecognized tax losses and deductible temporary differences, including adjustments for prior years	(0.6)	(8.3)	(10.1)
Deferred tax expense	(1.9)	(30.6)	(8.8)
Income tax expense (recovery)	$ 62.0	$ 58.1	$ 32.1

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

Pension and Non-pension Post-employment Benefit Plans - Expense Recognized in Consolidated Statement of Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Plan
Disclosure of defined benefit plans [line items]
Current service cost	$ 2.2	$ 0.3	$ 2.5
Net interest cost	0.1	0.4	0.4
Past service cost and settlement/curtailment losses	0.0	0.0	0.0
Plan administrative expenses and other	0.5	0.6	1.3
Post-employment benefit expense, defined benefit plans	2.8	1.3	4.2
Defined contribution pension plan expense	12.7	12.3	11.6
Total expense for the year	15.5	13.6	15.8
Other benefit plans
Disclosure of defined benefit plans [line items]
Current service cost	3.1	3.1	3.4
Net interest cost	3.1	2.7	2.4
Past service cost and settlement/curtailment losses	0.9	0.0	0.3
Plan administrative expenses and other	0.0	0.0	0.0
Post-employment benefit expense, defined benefit plans	7.1	5.8	6.1
Defined contribution pension plan expense	0.0	0.0	0.0
Total expense for the year	$ 7.1	$ 5.8	$ 6.1

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Disclosure of transactions between related parties [abstract]

Related Party Transactions

RELATED PARTY TRANSACTIONS:

Prior to the completion of the August Secondary Offering, Onex beneficially owned, controlled, or directed, directly or indirectly, all of our issued and outstanding MVS. Accordingly, Onex had the ability to exercise significant influence over our business and affairs and generally had the power to determine all matters submitted to a vote of our shareholders where the SVS and MVS vote together as a single class. Mr. Gerald Schwartz, the Chairman of the Board of Onex, indirectly owns shares representing the majority of the voting rights of the shares of Onex. However, upon completion of the August Secondary Offering, we have no MVS outstanding and Onex is no longer our controlling shareholder.

In connection with the June Secondary Offering and August Secondary Offering, we entered into underwriting agreements with Onex and certain underwriters. We also agreed to indemnify Onex and the underwriters against certain claims, including claims under the U.S. Securities Act and applicable Canadian securities laws, based on the relevant U.S. registration statement and related U.S. and Canadian prospectuses.

Prior to September 3, 2023, we were a party to the Services Agreement with Onex for the services of Mr. Tawfiq Popatia, an officer of Onex, as a director of Celestica, pursuant to which Onex received an annual fee of $0.235 (payable in DSUs) in equal quarterly installments in arrears, for such services. Mr. Popatia resigned from our Board, and the Services Agreement terminated automatically pursuant to its terms, on September 3, 2023. In accordance with the provisions of the Services Agreement, we paid Onex approximately $9.2 in cash on October 18, 2023 to settle Onex’s outstanding DSUs.

Compensation of key management personnel:

Our key management team consists of directors and senior executive officers. The aggregate compensation expenses we recognized under IFRS for our directors and senior executive officers for the periods shown were as follows:


	Year ended December 31
	2021		2022		2023
Short-term employee benefits and costs	$	7.3	$	9.7	$	9.6
Post-employment and other long-term benefits	0.6		0.5		0.6
SBC (including DSUs and RSUs to eligible directors)	17.3		25.5		29.2
	$	25.2	$	35.7	$	39.4

Segment and Geographic Information

12 Months Ended

Dec. 31, 2023

Operating Segments [Abstract]

Segment and Geographic Information

SEGMENT AND GEOGRAPHIC INFORMATION:

Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenue and incur expenses; for which discrete financial information is available; and whose operating results are regularly reviewed by the chief operating decision maker in deciding how to allocate resources and to assess performance. No operating segments have been aggregated to determine our reportable segments.

We have two operating and reportable segments: ATS and CCS. Our ATS segment consists of our ATS end market, and is comprised of our Aerospace and Defense (A&D), Industrial, HealthTech, and Capital Equipment businesses. Our CCS segment consists of our Communications and Enterprise (servers and storage) end markets.

Factors considered in determining the two reportable segments include the nature of applicable business activities, management structure, market strategy and margin profiles. Products and services in our ATS segment are extensive and are often more regulated than in our CCS segment, and can include the following: government-certified and highly-specialized manufacturing, electronic and enclosure-related services for A&D customers; high-precision semiconductor and display equipment and integrated subsystems; a wide range of industrial automation, controls, test and measurement devices; engineering-focused engagements, including full product development in the areas of telematics, human machine interface, Internet-of-Things and embedded systems; advanced solutions for surgical instruments, diagnostic imaging and patient monitoring; and efficiency products to help manage and monitor the energy and power industries. Our ATS segment businesses typically have higher margin profiles and margin volatility, higher working capital requirements, and longer product life cycles than the traditional businesses in our CCS segment. Products and services in our CCS segment consist predominantly of enterprise-level data communications and information processing infrastructure products, and can include routers, switches, data center interconnects, edge solutions, and servers and storage-related products used by a wide range of businesses and cloud-based and other service providers to manage digital connectivity, commerce and social media applications. Our traditional CCS segment businesses typically have lower margin profiles, lower working capital requirements, and higher volumes than the businesses in our ATS segment. Within our CCS segment, however, our Hardware Platform Solutions (HPS) business (which includes firmware/software enablement across all primary IT infrastructure data

center technologies, open source software offerings that complement our hardware platforms, and aftermarket services including IT asset disposition), typically has a higher margin profile than our traditional CCS businesses, but also requires specific investments (including research and development (R&D)) and higher working capital. Our CCS segment generally experiences a high degree of volatility in terms of revenue and product/service mix and as a result, our CCS segment margin can fluctuate from period to period.

Segment performance is evaluated based on segment revenue, segment income and segment margin (segment income as a percentage of segment revenue). Revenue is attributed to the segment in which the product is manufactured or the service is performed. Segment income is defined as a segment’s net revenue less its cost of sales and its allocable portion of selling, general and administrative expenses and R&D expenses (collectively, Segment Costs). Identifiable Segment Costs are allocated directly to the applicable segment while other Segment Costs, including indirect costs and certain corporate charges, are allocated to our segments based on an analysis of the relative usage or benefit derived by each segment from such costs. Segment income excludes finance costs (defined in note 16); employee SBC expense; commencing in 2023, TRS FVAs (defined in note 2(o)); amortization of intangible assets (excluding computer software); and other charges, net of recoveries (the components of which are described in note 15), as these costs and charges/recoveries are managed and reviewed by our Chief Executive Officer at the company level. Our segments do not record inter-segment revenue. Although segment income and segment margin are used to evaluate the performance of our segments, we may incur operating costs in one segment that may also benefit the other segment. Our accounting policies for segment reporting are the same as those applied to the Company as a whole.

Information regarding each reportable segment for the periods indicated is set forth below:


Revenue by segment:	Year ended December 31
	2021				2022				2023
			% of Total				% of Total				% of Total
ATS	$	2,315.1	41%		$	2,979.0	41%		$	3,319.8	42%
CCS	3,319.6		59%		4,271.0		59%		4,641.2		58%
Communications revenue as a % of total revenue			40	%			40	%			33	%
Enterprise revenue as a % of total revenue			19	%			19	%			25	%
Total	$	5,634.7			$	7,250.0			$	7,961.0


Segment income, segment margin, and reconciliation of segment income to IFRS earnings before income taxes:	Year ended December 31
	2021				2022				2023
			Segment Margin				Segment Margin				Segment Margin
ATS segment income and margin	$	105.0	4.5	%	$	140.9	4.7	%	$	156.1	4.7	%
CCS segment income and margin	128.9		3.9	%	217.1		5.1	%	289.1		6.2	%
Total segment income	233.9				358.0				445.2

Reconciling items:
Finance costs	31.7				59.7				76.6
Employee SBC expense (note 12)	33.4				51.0				55.6
TRS FVAs (gains) (note 12)	—				—				(45.6)
Amortization of intangible assets (excluding computer software)	22.5				37.0				36.8
Other charges, net of recoveries (note 15)	10.3				6.7				15.2
IFRS earnings before income taxes	$	136.0			$	203.6			$	306.6

The following table details our external revenue allocated by manufacturing location among countries that generated 10% or more of total revenue for the years indicated:


	Year ended December 31
	2021		2022		2023

Thailand	36	%	44	%	46	%
China	16	%	11	%	*
Malaysia	13	%	12	%	11	%
Canada	*		*		*

* Less than 10%.

The following table details our allocation of PP&E and ROU assets among countries that represented 10% or more of total PP&E and ROU assets for the years indicated:


	December 31
	2022		2023

Thailand	18	%	25	%



United States	25	%	24	%
Canada	*		*

* Less than 10%.

The following table details our allocation of intangible assets and goodwill among countries that represented 10% or more of total intangible assets and goodwill for the years indicated:


	December 31
	2022		2023
United States	48	%	48	%
Singapore	42	%	41	%
Canada	*		*

* Less than 10%.

Customers:

One customer (in our CCS segment) individually represented 10% or more of total revenue in 2023 (22%). Two customers (each in our CCS segment) individually represented 10% or more of total revenue in 2022 (11% for each customer). No individual customer represented 10% or more of total revenue in 2021.

At December 31, 2023, we had two customers that individually represented 10% or more of total A/R (one in our CCS segment and one in our ATS segment) (December 31, 2022— one customer in our CCS segment).

Segment and Geographic Information - Revenue by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of operating segments [line items]
Revenue	$ 7,961.0	$ 7,250.0	$ 5,634.7
Advanced Technology Solutions
Disclosure of operating segments [line items]
Revenue	$ 3,319.8	$ 2,979.0	$ 2,315.1
Percentage of entity's revenue (percent)	42.00%	41.00%	41.00%
Connectivity & Cloud Solutions
Disclosure of operating segments [line items]
Revenue	$ 4,641.2	$ 4,271.0	$ 3,319.6
Percentage of entity's revenue (percent)	58.00%	59.00%	59.00%
Communications
Disclosure of operating segments [line items]
Percentage of entity's revenue (percent)	33.00%	40.00%	40.00%
Enterprise
Disclosure of operating segments [line items]
Percentage of entity's revenue (percent)	25.00%	19.00%	19.00%

Pension and Non-pension Post-employment Benefit Plans - Actuarial Gains and Losses, Net of Tax, Recognized in OCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of analysis of other comprehensive income by item [line items]
Actuarial losses (gains) recognized during the year	$ 7.6	$ (33.5)	$ (9.3)
Income tax recovery	6.6	6.5	1.5
Actuarial assumptions
Disclosure of analysis of other comprehensive income by item [line items]
Income tax recovery	0.1	5.0	0.0
Pension and non-pension post-employment benefit plans
Disclosure of analysis of other comprehensive income by item [line items]
Cumulative losses, beginning of year	44.2	77.7	87.0
Cumulative losses, end of year	$ 51.8	$ 44.2	$ 77.7

Financial Instruments and Risk Management - Interest Rate Risk (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 06, 2021	Dec. 05, 2021	Dec. 31, 2020
Disclosure of detailed information about hedging instruments [line items]
Fair value gain/(loss)		$ 5,200,000
Interest rate swaps
Disclosure of detailed information about hedging instruments [line items]
Reasonably possible change in risk variable, impact on interest expense	$ 6,100,000
Reasonably possible change in risk variable, unhedged items, impact on interest expense	2,800,000
Fair value gain/(loss)	13,200,000	18,700,000
Reasonably possible change in risk variable, increase, impact on unrealized gain (loss)	5,800,000
Reasonably possible change in risk variable, decrease, impact on unrealized gain (loss)	$ 5,700,000
Reasonably possible change in risk variable, percentage	1.00%
Credit Facility
Disclosure of detailed information about hedging instruments [line items]
Borrowings	$ 608,900,000	627,200,000
Revolving Credit Facility
Disclosure of detailed information about hedging instruments [line items]
Borrowings	0	0
Initial Term Loan
Disclosure of detailed information about hedging instruments [line items]
Borrowings	280,400,000	280,400,000		$ 350,000,000.0
Unhedged borrowings	180,400,000	180,400,000
Initial Term Loan \| Interest rate swaps \| Initial Swaps
Disclosure of detailed information about hedging instruments [line items]
Hedged item, liabilities	100,000,000.0
Initial Term Loan \| Interest rate swaps \| First Extended Initial Swaps
Disclosure of detailed information about hedging instruments [line items]
Hedged item, liabilities	100,000,000.0
Second Incremental Term Loan
Disclosure of detailed information about hedging instruments [line items]
Borrowings				$ 365,000,000.0
Second Incremental Term Loan \| Interest rate swaps \| First Extended Initial Swaps
Disclosure of detailed information about hedging instruments [line items]
Hedged item, liabilities	100,000,000.0
Second Incremental Term Loan \| Interest rate swaps \| Additional Incremental Swaps
Disclosure of detailed information about hedging instruments [line items]
Hedged item, liabilities	130,000,000.0
Second Incremental Term Loan \| Interest rate swaps \| Incremental Swaps
Disclosure of detailed information about hedging instruments [line items]
Hedged item, subject to cancellation	50,000,000.0
Term Loans
Disclosure of detailed information about hedging instruments [line items]
Borrowings	608,900,000	627,200,000	$ 660,400,000			$ 470,400,000
Unhedged borrowings	278,900,000	297,200,000
Term Loans \| Interest rate swaps
Disclosure of detailed information about hedging instruments [line items]
Hedged item, liabilities	330,000,000.0
Incremental Term Loan
Disclosure of detailed information about hedging instruments [line items]
Borrowings	328,500,000	346,800,000			$ 250,000,000.0
Unhedged borrowings	$ 98,500,000	$ 116,800,000

Credit Facilities and Lease Obligations - Mandatory Principal Repayments (Details) $ in Millions	Dec. 31, 2023 USD ($)
Disclosure of detailed information about borrowings [line items]
Lease payment, undiscounted	$ 218.3
2024
Disclosure of detailed information about borrowings [line items]
Lease payment, undiscounted	43.8
2025
Disclosure of detailed information about borrowings [line items]
Lease payment, undiscounted	37.5
2026
Disclosure of detailed information about borrowings [line items]
Lease payment, undiscounted	31.0
2027
Disclosure of detailed information about borrowings [line items]
Lease payment, undiscounted	21.5
2028
Disclosure of detailed information about borrowings [line items]
Lease payment, undiscounted	17.1
Thereafter
Disclosure of detailed information about borrowings [line items]
Lease payment, undiscounted	$ 67.4

Related Party Transactions - Narrative (Details) - Entities with significant influence - USD ($) $ in Thousands		9 Months Ended
	Oct. 18, 2023	Sep. 30, 2023
Disclosure of transactions between related parties [line items]
Annual fee to be paid for Service Agreement		$ 235
Expense from cash-settled share-based payment transactions	$ 9,200

Provisions (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of other provisions [line items]

Disclosure of Changes in Provisions

The following chart details the changes in our provisions for the year indicated:


	Restructuring		Warranty		Legal (i)		Other(ii)		Total
Balance — December 31, 2022	$	5.8	$	31.8	$	0.8	$	8.6	$	47.0
Provisions	9.6		19.6		3.2		1.7		34.1
Reversal of prior year provisions(iii)	—		(4.9)		—		—		(4.9)
Payments/usage	(11.8)		(3.0)		—		(0.3)		(15.1)
Accretion, foreign exchange and other	—		0.1		—		0.2		0.3
Balance — December 31, 2023	$	3.6	$	43.6	$	4.0	$	10.2	$	61.4
Current	$	3.6	$	16.0	$	4.0	$	—	$	23.6
Non-current(iv)	—		27.6		—		10.2		37.8
December 31, 2023	$	3.6	$	43.6	$	4.0	$	10.2	$	61.4

(i) Legal represents our aggregate provisions recorded for various legal actions based on our estimates of the likely outcomes.

(ii) Other represents our asset retirement obligations relating to properties that we currently lease.

(iii) During 2023, we reversed prior year warranty provisions primarily as a result of expired warranties and changes in estimated costs based on historical experience.

(iv) Non-current balances are included in provisions and other non-current liabilities on our consolidated balance sheet.

Weighted Average Number of Shares Diluted (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings per share [abstract]
Weighted average number of shares (basic) (in shares)	120.1	123.5	126.7
Dilutive effect of outstanding awards under SBC plans (in shares)	0.2	0.1	0.0
Weighted average number of shares (diluted) (in shares)	120.3	123.6	126.7
Stock-based awards excluded from diluted weighted average per share calculation (in shares)	0.0	0.4	0.3

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Intangible assets and goodwill [abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS:

Goodwill and intangible assets are comprised of the following:


	2022
	Cost		Accumulated Amortization and Impairment		Net Book Value
Goodwill	$	377.2	$	55.4	$	321.8

Intellectual property	$	111.3	$	111.3	$	—
Other intangible assets	679.3		342.1		337.2
Computer software assets	300.7		291.4		9.3
	$	1,091.3	$	744.8	$	346.5


	2023
	Cost		Accumulated Amortization and Impairment		Net Book Value
Goodwill	$	377.1	$	55.4	$	321.7

Intellectual property	$	111.3	$	111.3	$	—
Other intangible assets	672.3		371.9		300.4
Computer software assets	310.8		292.9		17.9
	$	1,094.4	$	776.1	$	318.3

The following table details the changes to the net book value of goodwill and intangible assets for the years indicated:


	Note	Goodwill		Other Intangible Assets		Computer Software Assets		Total
Balance — January 1, 2022		$	324.2	$	371.5	$	10.5	$	706.2
Additions		—		—		1.9		1.9
Adjustment to acquisitions through business combination (i)	3	(2.2)		2.7		—		0.5
Amortization		—		(37.0)		(3.1)		(40.1)

Foreign exchange and other		(0.2)		—		—		(0.2)
Balance — December 31, 2022		321.8		337.2		9.3		668.3
Additions		—		—		11.4		11.4

Amortization		—		(36.8)		(2.8)		(39.6)

Foreign exchange and other		(0.1)		—		—		(0.1)
Balance — December 31, 2023		$	321.7	$	300.4	$	17.9	$	640.0

(i) In Q1 2022, we finalized the PCI purchase price allocation. In connection therewith, we adjusted our preliminary purchase price allocation by, among other things, increasing the carrying value of customer intangible assets by $2.7, and decreasing goodwill by $2.2. See note 3.

We review the carrying amounts of goodwill and intangible assets for impairment whenever events or changes in circumstances (triggering events) indicate that the carrying amount of such assets (or the related CGU or CGUs) may not be recoverable. If any such indication exists, we test the carrying amount of such assets or CGUs for impairment. No triggering events occurred during 2021, 2022 or 2023. However, see note 15(a) below for a description of the accelerated depreciation of specified equipment, and ROU and other assets during such three-year period in connection with our restructuring activities. In addition to an assessment of triggering events during the year, we conduct an Annual Impairment Assessment of CGUs with goodwill in the fourth quarter of each year. We recorded no impairment charges against goodwill or intangible assets as a result of our 2021, 2022 or 2023 Annual Impairment Assessments.

For our Annual Impairment Assessments, we use cash flow projections based primarily on our plan for the following year, our three-year strategic plan, and other financial projections. Our plans, which are primarily based on financial projections submitted by our subsidiaries along with input from our customer teams, are reviewed by various levels of management as part of our annual planning cycle. Our three-year strategic plan and other financial projections were presented to our Board in July 2023. Our plan for 2024 was approved by management and presented to our Board in December 2023.

Determining the recoverable amount of a CGU is subjective and requires management to exercise significant judgment in estimating, among other things, future revenue, profitability, and discount and terminal growth rates. The assumptions used in our 2023 Annual Impairment Assessment were determined based on past experiences adjusted for expected changes in future conditions. Where applicable, we also engaged independent brokers to obtain market prices to estimate our real property and other asset values. For our 2023 Annual Impairment Assessment, we used cash flow

projections over a 5-year period, and applied a perpetual growth rate of 2% thereafter (consistent with long-term inflation guidance).

Our goodwill balance at December 31, 2023 was $321.7 (December 31, 2022 — $321.8; December 31, 2021 — $324.2). At December 31, 2023, our Capital Equipment CGU goodwill balance consisted of $112.1 of goodwill attributable to our November 2018 acquisition of Impakt and $19.5 attributable to prior acquisitions; our A&D CGU goodwill balance consisted of goodwill of $3.7 attributable to our November 2016 acquisition of Lorenz, Inc. and Suntek Manufacturing Technologies, SA de CV (Karel Manufacturing), and $62.6 attributable to our April 2018 acquisition of Atrenne Integrated Solutions, Inc. (commencing in 2022, our Atrenne CGU was merged into our A&D CGU); and our PCI CGU goodwill balance consisted of goodwill of $123.8 attributable to our November 2021 acquisition of PCI.

During 2022, we merged our Atrenne CGU into our A&D CGU due to a change in the pattern of cash inflows resulting from the following factors: (i) a reallocation of manufacturing equipment and implementation of program transfers among these businesses to better address customer requirements; (ii) the integration of certain business processes; and (iii) the consolidation of their management reporting structures. Given the common customers and site usage of these businesses, we centralized relevant resource allocation between them into a combined A&D CGU, such that core manufacturing assets are shared to generate revenues on an integrated basis and fulfill orders for common customers. As a result, the individual manufacturing sites no longer generate independent cash inflows.

We used the following assumptions for purposes of our Annual Impairment Assessments of goodwill for the periods shown:

Assumption

Capital Equipment CGU

A&D CGU(iii)

Atrenne CGU(iii)

PCI CGU

Annual revenue growth rate

2023 — 12% over 5 year period;

2022 — 9% over 5 year period;

2021 — 10% over 5 year period

2023 — 9% over 5 year period;

2022 — 12% over 5 year period; 2021 — 11% over 5 year period

2023 — N/A(iii);

2022 — N/A(iii);

2021 — 19% over 5 year period

2023 — 11% over 5 year period;

2022 — 11% over 5 year period;

2021 — 9% over 5 year period

Average annual CGU margins over the 5-year period

2023 — above total company margin(i);

2022 — above total company margin(i);

2021 — above total company margin(i)

2023 — similar to total company margin(i);

2022 — slightly above total company margin(i);

2021 — slightly above total company margin(i)

2023 — N/A (iii);

2022 — N/A (iii);

2021 — above total company margin(i)

2023 — above total company margin(i);

2022 — above total company margin(i);

2021 — above total company margin(i)

Discount rate (ii)

2023 — 14%;

2022 — 14%;

2021 — 11%

2023 — 12%;

2022 — 12%;

2021 — 11%

2023 — N/A (iii);

2022 — N/A (iii);

2021 — 10%

2023 — 15%;

2022 — 15%;

2021 — 15%

(i) Total company margin is defined as total segment income as a percentage of total revenue. See note 25.

(ii) For 2023, the pre-tax discount rate by CGU is as follows: Capital Equipment CGU 18%; A&D CGU 15%; and PCI CGU 17%.

(iii) Commencing in 2022, our Atrenne CGU merged into our A&D CGU, and is no longer a separate CGU. As a result, our 2022 and 2023 Annual Impairment Assessments for our A&D CGU include our Atrenne business.

Future growth in revenue and margins for these CGUs is supported by new business awarded recently, customer forecasts, assumptions for additional future program wins based on our current revenue pipeline, margin improvements based on restructuring actions implemented and external industry outlooks. Assumptions for our 2023 Annual Impairment Assessment for: (i) our Capital Equipment CGU include expected stabilization of market demand in the near term with strong business growth over the long term; (ii) our A&D CGU include expected demand increases in line with industry expectations; and (iii) our PCI CGU include expected benefits from our continued execution of various synergistic programs.

Future events and changing market conditions may impact our assumptions as to prices, costs or other factors that may result in changes to our estimates of future cash flows. Failure to realize the assumed revenues at an appropriate profit margin of a CGU could result in impairment losses in such CGU in future periods.

Financial Instruments and Risk Management - Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial Instruments [Abstract]
Cash	$ 366.8	$ 364.0
Cash equivalents	3.6	10.5
Cash and cash equivalents	$ 370.4	$ 374.5	$ 394.0	$ 463.8

Capital Stock - Schedule of Information about RSUs and PSUs Granted and Outstanding (Details)	12 Months Ended
	Dec. 31, 2023 shares $ / shares	Dec. 31, 2022 shares $ / shares	Dec. 31, 2021 shares $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of awards (in millions) (in shares)	0	0	90,000.00
Weighted average grant date fair value per option (in dollars per share) \| $ / shares	$ 0	$ 0	$ 4.22
RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of awards (in millions) (in shares)	2,000,000.0	2,000,000.0	3,000,000.0
Weighted average grant date fair value per unit (in usd per share) \| $ / shares	$ 13.20	$ 12.17	$ 8.36
Number of shares outstanding (in shares)	3,200,000	3,800,000	4,600,000
PSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of awards (in millions) (in shares)	1,300,000	1,300,000	2,900,000
Weighted average grant date fair value per unit (in usd per share) \| $ / shares	$ 15.06	$ 14.27	$ 9.49
Number of awards (in millions, representing 100% of target) (in shares)	100.00%	100.00%	100.00%
Number of shares outstanding (in shares)	4,600,000	5,100,000	6,100,000

Other Non-Current Assets (Tables)

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Disclosure of Detailed Information About Non-current Assets


		December 31
	Note	2022		2023
Net pension assets	18	$	7.1	$	5.3
Land rights		7.3		6.9
Deferred investment costs		1.7		9.3
Deferred financing costs		1.5		1.1
Interest rate swap derivative	20	18.7		11.0
Other		17.2		15.3
		$	53.5	$	48.9

Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Nov. 01, 2021
Disclosure of detailed information about business combination [line items]
Goodwill	$ 321.7	$ 321.8
PCI
Disclosure of detailed information about business combination [line items]
Accounts receivable and other current assets			$ 68.9
Inventories			83.6
PP&E			22.8
Customer intangible assets			176.1
Other non-current assets			6.9
Goodwill			123.8
Accounts payable and accrued liabilities			(121.3)
Other current liabilities			(8.1)
Deferred income taxes and other long-term liabilities			(38.0)
Identifiable net assets acquired			$ 314.7

Credit Facilities and Lease Obligations - Maturity Schedule (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 06, 2021	Dec. 31, 2023
Initial Term Loan
Disclosure of detailed information about borrowings [line items]
Repayments of borrowings	$ 875
Initial Term Loan \| Cost
Disclosure of detailed information about borrowings [line items]
Repayments of borrowings		$ 280,400
Initial Term Loan \| Cost \| 2025
Disclosure of detailed information about borrowings [line items]
Repayments of borrowings		0
Initial Term Loan \| Cost \| 2026
Disclosure of detailed information about borrowings [line items]
Repayments of borrowings		280,400
Initial Term Loan \| Cost \| 2027
Disclosure of detailed information about borrowings [line items]
Repayments of borrowings		0
Second Incremental Term Loan \| Cost
Disclosure of detailed information about borrowings [line items]
Repayments of borrowings		328,500
Second Incremental Term Loan \| Cost \| 2025
Disclosure of detailed information about borrowings [line items]
Repayments of borrowings		18,250
Second Incremental Term Loan \| Cost \| 2026
Disclosure of detailed information about borrowings [line items]
Repayments of borrowings		18,250
Second Incremental Term Loan \| Cost \| 2027
Disclosure of detailed information about borrowings [line items]
Repayments of borrowings		292,000
Second Incremental Term Loan \| Cost \| Further mandatory principal repayments
Disclosure of detailed information about borrowings [line items]
Repayments of borrowings		$ 0

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Toronto, Canada
Auditor Firm ID	85

Other Non-Current Assets

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Other Non-Current Assets

OTHER NON-CURRENT ASSETS:


		December 31
	Note	2022		2023
Net pension assets	18	$	7.1	$	5.3
Land rights		7.3		6.9
Deferred investment costs		1.7		9.3
Deferred financing costs		1.5		1.1
Interest rate swap derivative	20	18.7		11.0
Other		17.2		15.3
		$	53.5	$	48.9

Segment and Geographic Information - Allocation of Property, Plant and Equipment, Intangible Assets and Goodwill (Details)	Dec. 31, 2023	Dec. 31, 2022
Thailand
Disclosure of geographical areas [line items]
Property, plant and equipment, among countries that exceeded 10% (as a percentage of total)	25.00%	18.00%
United States
Disclosure of geographical areas [line items]
Property, plant and equipment, among countries that exceeded 10% (as a percentage of total)	24.00%	25.00%
Intangible assets and goodwill, among countries that exceeded 10% (as a percentage of total)	48.00%	48.00%
Singapore
Disclosure of geographical areas [line items]
Intangible assets and goodwill, among countries that exceeded 10% (as a percentage of total)	41.00%	42.00%

Capital Stock - Narrative (Details) $ in Millions	1 Months Ended		12 Months Ended
Capital Stock - Narrative (Details) $ in Millions	Feb. 29, 2024 shares	Oct. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) shares vote	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 12, 2023 shares	Jun. 30, 2023 shares	Dec. 08, 2022 shares	Jul. 31, 2022 shares	Apr. 30, 2022 shares	Dec. 31, 2020 USD ($) shares
Disclosure of classes of share capital [line items]
Employee SBC expense (note 12) \| $			$ 55.6	$ 51.0	$ 33.4
Risk free interest rate, share options granted			1.09%
Expected volatility, share options granted			43.00%
Option life, share options granted			7 years
Number of share options granted in share-based payment arrangement (in shares)			0	0	90,000.00
SBC cash settlement \| $			$ 66.7	$ 0.0	$ 0.0
Number of share options exercised in share-based payment arrangement			20,000.00	20,000.00	20,000.00
DSUs
Disclosure of classes of share capital [line items]
Conversion rate, numerator (in shares)			1
SBC cash settlement \| $		$ 9.2
DSUs \| Eamon Ryan
Disclosure of classes of share capital [line items]
Number of shares owned (in shares)									300,000
Options
Disclosure of classes of share capital [line items]
Expiration period			10 years
Vesting period			4 years
PSUs
Disclosure of classes of share capital [line items]
Employee SBC expense (note 12) \| $			$ 14.7	$ 12.3
Vesting period			3 years
TSR and Monte Carlo simulation premium			118.00%	116.00%	109.00%
Award requisite service period			3 years
RSUs
Disclosure of classes of share capital [line items]
Conversion rate, numerator (in shares)			1
Vesting period			3 years
RSUs \| Eamon Ryan
Disclosure of classes of share capital [line items]
Number of shares owned (in shares)										30,000.00
RSUs & PSUs
Disclosure of classes of share capital [line items]
SBC cash settlement \| $			$ 49.8
Cash payment for withholding taxes \| $			$ 7.7
Bottom of range \| PSUs
Disclosure of classes of share capital [line items]
Percentage of shares vested dependent on performance achievements (percent)			0.00%
Top of range \| PSUs
Disclosure of classes of share capital [line items]
Percentage of shares vested dependent on performance achievements (percent)			200.00%
SVS
Disclosure of classes of share capital [line items]
Subordinate voting shares, number of votes per share \| vote			1
Conversion rate, numerator (in shares)			1
Conversion of MVS into SVS in connection with the Secondary Offerings (in shares)			18,600,000
Number of shares issued (in shares)			119,000,000.0	103,000,000.0	106,100,000						110,500,000
Accrual for repurchase of stock under automatic share purchase plan \| $			$ 2.7
Number of SVS repurchased for cancellation (in millions) (in shares)			2,700,000	3,140,000	4,400,000
SVS \| LTIP
Disclosure of classes of share capital [line items]
Conversion rate, numerator (in shares)			1
Conversion rate, denominator (in shares)			1
Number of shares authorized (in shares)			29,000,000
Shares remaining in reserve for issuance (in shares)			9,900,000
SVS \| CSUP
Disclosure of classes of share capital [line items]
Conversion rate, numerator (in shares)			1
Conversion rate, denominator (in shares)			1
SVS \| 2020 NCIB
Disclosure of classes of share capital [line items]
Number of shares authorized to be repurchased (in shares)					9,000,000
Accrual for repurchase of stock under automatic share purchase plan \| $					$ 7.5						$ 15.0
SVS \| ASPP
Disclosure of classes of share capital [line items]
Number of shares authorized to be repurchased (in shares)					700,000
SVS \| 2021 NCIB
Disclosure of classes of share capital [line items]
Number of shares authorized to be repurchased (in shares)								8,800,000
SVS \| 2021 SBC ASPP
Disclosure of classes of share capital [line items]
Accrual for repurchase of stock under automatic share purchase plan \| $					$ 33.8
SVS \| 2021 SBC ASPP \| Top of range
Disclosure of classes of share capital [line items]
Stock repurchase program, number of shares remaining					3,000,000.0
SVS \| 2023 SBC ASPP
Disclosure of classes of share capital [line items]
Accrual for repurchase of stock under automatic share purchase plan \| $			$ 7.5
SVS \| 2023 SBC ASPP \| Top of range
Disclosure of classes of share capital [line items]
Stock repurchase program, number of shares remaining			300,000
SVS \| 2023 NCIB
Disclosure of classes of share capital [line items]
Number of shares authorized to be repurchased (in shares)						11,800,000
Stock repurchase program, number of shares remaining			11,800,000
SVS \| 2023 NCIB \| Top of range
Disclosure of classes of share capital [line items]
Number of shares authorized to be repurchased (in shares)			100,000
Multiple voting shares
Disclosure of classes of share capital [line items]
Subordinate voting shares, number of votes per share \| vote			25
Conversion of MVS into SVS in connection with the Secondary Offerings (in shares)			(18,600,000)
Number of shares issued (in shares)			0	18,600,000	18,600,000						18,600,000
Number of SVS repurchased for cancellation (in millions) (in shares)			0	0	0
Preferred shares
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)			0
Director
Disclosure of classes of share capital [line items]
Employee SBC expense (note 12) \| $			$ 2.4	$ 2.2	$ 2.1
Director \| DSUs \| Carol Perry
Disclosure of classes of share capital [line items]
Number of shares owned (in shares)							200,000
Director \| DSUs \| William A. Etherington
Disclosure of classes of share capital [line items]
Number of shares owned (in shares)							500,000
Mr. Robert Mionis \| Stock Options Exercised
Disclosure of classes of share capital [line items]
Number of share options exercised in share-based payment arrangement	300,000

Right-Of-Use Assets (Details) - USD ($) $ in Millions	12 Months Ended
Right-Of-Use Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Right-Of-Use Asset [Roll Forward]
Beginning balance	$ 138.8	$ 113.8
New leases and lease renewals	53.7	63.4
Depreciation	(37.0)	(35.4)
Accelerated depreciation of assets and lease terminations	(1.1)	(0.7)
Foreign exchange and other	(0.4)	(2.3)
Ending balance	154.0	138.8
Land
Right-Of-Use Asset [Roll Forward]
Beginning balance	10.1	10.7
New leases and lease renewals	0.4	0.0
Depreciation	(0.6)	(0.6)
Accelerated depreciation of assets and lease terminations	0.0	0.0
Foreign exchange and other	0.0	0.0
Ending balance	9.9	10.1
Buildings
Right-Of-Use Asset [Roll Forward]
Beginning balance	126.8	101.0
New leases and lease renewals	52.9	63.0
Depreciation	(35.9)	(34.3)
Accelerated depreciation of assets and lease terminations	(1.1)	(0.7)
Foreign exchange and other	(0.4)	(2.2)
Ending balance	142.3	126.8
Other
Right-Of-Use Asset [Roll Forward]
Beginning balance	1.9	2.1
New leases and lease renewals	0.4	0.4
Depreciation	(0.5)	(0.5)
Accelerated depreciation of assets and lease terminations	0.0	0.0
Foreign exchange and other	0.0	(0.1)
Ending balance	$ 1.8	$ 1.9

Pension and Non-pension Post-employment Benefit Plans - Summary of Accrued Benefit Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Plan
Disclosure of defined benefit plans [line items]
Current service cost	$ 2.2	$ 0.3	$ 2.5
Past service cost (credit) and settlement/curtailment losses	0.0	0.0	0.0
Interest cost	$ 0.1	$ 0.4	0.4
Actuarial losses (gains) in other comprehensive income from:
Weighted average duration of benefit obligations (in years)	13 years	13 years
Other benefit plans
Disclosure of defined benefit plans [line items]
Current service cost	$ 3.1	$ 3.1	3.4
Past service cost (credit) and settlement/curtailment losses	(0.9)	0.0	(0.3)
Interest cost	$ 3.1	$ 2.7	2.4
Actuarial losses (gains) in other comprehensive income from:
Weighted average duration of benefit obligations (in years)	10 years	10 years
Accrued benefit obligations \| Pension Plan
Disclosure of defined benefit plans [line items]
Accrued benefit obligations, beginning of year	$ 216.9	$ 373.9
Current service cost	2.2	0.3
Past service cost (credit) and settlement/curtailment losses	0.0	0.0
Interest cost	10.2	6.2
Actuarial losses (gains) in other comprehensive income from:
— Changes in demographic assumptions	(6.5)	(0.5)
— Changes in financial assumptions	5.8	(124.7)
— Experience adjustments	(8.0)	7.5
Settlement payments from employer	0.0	0.0
Settlement payments from plan	0.0	0.0
Benefit payments from plan	(10.8)	(10.4)
Benefit payments from employer	(0.3)	(0.1)
Foreign currency exchange rate changes and other	9.8	(35.3)
Accrued benefit obligations, end of year	219.3	216.9	373.9
Accrued benefit obligations \| Other benefit plans
Disclosure of defined benefit plans [line items]
Accrued benefit obligations, beginning of year	66.3	89.1
Current service cost	3.1	3.1
Past service cost (credit) and settlement/curtailment losses	0.9	0.0
Interest cost	3.2	2.7
Actuarial losses (gains) in other comprehensive income from:
— Changes in demographic assumptions	0.0	(4.6)
— Changes in financial assumptions	3.3	(15.7)
— Experience adjustments	1.3	(1.8)
Settlement payments from employer	(1.1)	0.0
Settlement payments from plan	(0.1)	0.0
Benefit payments from plan	(0.4)	(0.4)
Benefit payments from employer	(3.7)	(2.4)
Foreign currency exchange rate changes and other	1.6	(3.7)
Accrued benefit obligations, end of year	$ 74.4	$ 66.3	$ 89.1

Capital Stock - Director SBC Included in the Income Statement (Details) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) shares $ / shares	Dec. 31, 2022 USD ($) shares $ / shares	Dec. 31, 2021 USD ($) shares $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Director SBC expense in SG&A \| $	$ 55.6	$ 51.0	$ 33.4
RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of awards (in millions) (in shares)	2.0	2.0	3.0
Weighted average grant date fair value per unit (in usd per share) \| $ / shares	$ 13.20	$ 12.17	$ 8.36
Number of shares outstanding (in shares)	3.2	3.8	4.6
Director
Disclosure of terms and conditions of share-based payment arrangement [line items]
Director SBC expense in SG&A \| $	$ 2.4	$ 2.2	$ 2.1
Director \| DSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of awards (in millions) (in shares)	0.1	0.1	0.1
Weighted average grant date fair value per unit (in usd per share) \| $ / shares	$ 17.72	$ 10.18	$ 8.98
Number of shares outstanding (in shares)	1.1	2.1	2.2
Director \| RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of awards (in millions) (in shares) \| $ / shares	20,000.00	40,000.00	50,000.00
Weighted average grant date fair value per unit (in usd per share) \| $ / shares	$ 18.15	$ 10.44	$ 8.92
Number of shares outstanding (in shares)	0.1	0.1	0.1

Finance Costs	12 Months Ended
Finance Costs	Dec. 31, 2023
Analysis of income and expense [abstract]
Finance Costs	FINANCE COSTS: Finance costs consist of interest expense and fees related to our Credit Facility (including debt issuance and related amortization costs), our interest rate swap agreements, the TRS Agreement, our A/R sales program and SFPs, and interest expense on our lease obligations, net of interest income earned. See notes 4 and 11. We paid finance costs of $65.5 in 2023 (2022 — $50.0; 2021 — $26.0), including $0.4 in debt issuance costs paid in 2023 (2022 — $0.8; 2021 — $3.6).

Consolidated Statement of Changes in Equity - USD ($)
$ in Millions

Total

Currency forward

Interest rate swap

Capital stock

Treasury stock

Contributed surplus

Deficit

AOC loss

^[1]

AOC loss

Currency forward

^[1]

AOC loss

Interest rate swap

^[1]

Equity, beginning balance at Dec. 31, 2020

$ 1,409.0

$ 1,834.2

$ (15.7)

$ 974.5

$ (1,368.8)

$ (15.2)

Capital transactions:

0.2

0.3

(0.1)

Purchase of treasury stock for stock-based plans (c)

^[2]

(28.4)

(70.0)

41.6

^[3]

(54.4)

Equity-settled stock-based compensation (SBC)

35.0

21.2

13.8

Total comprehensive income:

Gains (losses) on pension and non-pension post-employment benefit plans

103.9

9.3

Currency translation differences for foreign operations

(7.7)

Changes from derivatives hedges

$ (13.5)

$ 9.6

$ (13.5)

$ 9.6

Equity, ending balance at Dec. 31, 2021

1,463.0

1,764.5

(48.9)

1,029.8

(1,255.6)

(26.8)

Capital transactions:

0.2

0.7

(0.5)

Purchase of treasury stock for stock-based plans (c)

^[4]

(27.1)

(50.3)

(1.8)

25.0

^[5]

(11.1)

Equity-settled stock-based compensation (SBC)

52.6

43.3

9.3

Total comprehensive income:

Gains (losses) on pension and non-pension post-employment benefit plans

145.5

33.5

Currency translation differences for foreign operations

(6.7)

Changes from derivatives hedges

7.2

20.6

7.2

20.6

Equity, ending balance at Dec. 31, 2022

1,677.7

1,714.9

(18.5)

1,063.6

(1,076.6)

(5.7)

Capital transactions:

^[6]

0.3

0.6

(0.3)

Purchase of treasury stock for stock-based plans (c)

^[7]

(38.3)

(43.0)

1.8

2.9

^[8]

(89.8)

SBC cash settlement

(66.7)

Equity-settled stock-based compensation (SBC)

57.5

26.4

31.1

Total comprehensive income:

Gains (losses) on pension and non-pension post-employment benefit plans

244.6

(7.6)

Currency translation differences for foreign operations

(3.4)

Changes from derivatives hedges

$ (1.8)

$ (4.0)

$ (1.8)

$ (4.0)

Equity, ending balance at Dec. 31, 2023

$ 1,768.5

$ 1,672.5

$ (80.1)

$ 1,030.6

$ (839.6)

$ (14.9)

[1]	AOC loss (Accumulated other comprehensive loss) is net of tax. See note 13.
[2]	Consists of $35.9 paid to repurchase subordinate voting shares (SVS) for cancellation in 2021 and $7.5 accrued as of December 31, 2021 for the estimated contractual maximum quantity of permitted SVS repurchases (Contractual Maximum Quantity) under an automatic share purchase plan (ASPP) executed in December 2021 (2021 NCIB Accrual) for such purpose, offset in part by the reversal of the $15.0 accrued as of December 31, 2020 for the estimated Contractual Maximum Quantity under an ASPP executed in December 2020 for such purpose. See note 12.
[3]	Consists of $20.6 paid to repurchase SVS for delivery obligations under our SBC plans in 2021, and $33.8 accrued as of December 31, 2021 for the estimated Contractual Maximum Quantity under an ASPP executed in December 2021 for such purpose (2021 SBC Accrual). See note 12.
[4]	Consists of $34.6 paid to repurchase SVS for cancellation in 2022, offset in part by the reversal of the $7.5 2021 NCIB Accrual. See note 12.
[5]	Consists of $44.9 paid to repurchase SVS for delivery obligations under our SBC plans in 2022, offset in part by the reversal of the $33.8 2021 SBC Accrual. See note 12.
[6]	In 2023, we issued 18.6 million SVS upon conversion of an equivalent number of our multiple voting shares, with nil impact on our aggregate capital stock amount. See note 12.
[7]	Consists of $35.6 paid to repurchase SVS for cancellation in 2023 and $2.7 accrued at December 31, 2023 for the estimated Contractual Maximum Quantity under an ASPP executed in December 2023 for such purpose. See note 12.
[8]	Consists of $82.3 paid to repurchase SVS for delivery obligations under our SBC plans in 2023 and $7.5 accrued at December 31, 2023 for the estimated Contractual Maximum Quantity under an ASPP executed in September 2023 for such purpose. See note 12.

Goodwill and Intangible Assets - Summary of Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Goodwill	$ 321.7	$ 321.8
Intangible assets	318.3	346.5
Intellectual property
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets	0.0	0.0
Other intangible assets
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets	300.4	337.2
Computer software assets
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets	17.9	9.3
Cost
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Goodwill	377.1	377.2
Intangible assets	1,094.4	1,091.3
Cost \| Intellectual property
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets	111.3	111.3
Cost \| Other intangible assets
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets	672.3	679.3
Cost \| Computer software assets
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets	310.8	300.7
Accumulated Amortization and Impairment
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Goodwill	(55.4)	(55.4)
Intangible assets	(776.1)	(744.8)
Accumulated Amortization and Impairment \| Intellectual property
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets	(111.3)	(111.3)
Accumulated Amortization and Impairment \| Other intangible assets
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets	(371.9)	(342.1)
Accumulated Amortization and Impairment \| Computer software assets
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets	$ (292.9)	$ (291.4)

Consolidated Statement of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Profit or loss [abstract]
Revenue	$ 7,961.0	$ 7,250.0	$ 5,634.7
Cost of sales	7,182.5	6,613.7	5,147.7
Gross profit	778.5	636.3	487.0
Selling, general and administrative expenses (SG&A)	279.6	279.9	245.1
Research and development	60.9	46.3	38.4
Amortization of intangible assets	39.6	40.1	25.5
Other charges, net of recoveries	15.2	6.7	10.3
Earnings from operations	383.2	263.3	167.7
Finance costs	76.6	59.7	31.7
Earnings before income taxes	306.6	203.6	136.0
Income tax expense (recovery)
Current	63.9	88.7	40.9
Deferred	(1.9)	(30.6)	(8.8)
Income tax expense	62.0	58.1	32.1
Net earnings	$ 244.6	$ 145.5	$ 103.9
Basic earnings per share (in dollars per share)	$ 2.04	$ 1.18	$ 0.82
Diluted earnings per share (in dollars per share)	$ 2.03	$ 1.18	$ 0.82
Shares used in computing per share amounts (in millions):
Basic (in shares)	120.1	123.5	126.7
Diluted (in shares)	120.3	123.6	126.7

Financial Instruments and Risk Management - Fair Value Measurement (Details) - Fair value - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivatives \| Level 1
Assets:
Liabilities:	$ 0.0	$ 0.0
Derivatives \| Level 2
Assets:
Liabilities:	(9.3)	(13.7)
Derivatives \| Level 1
Assets:
Assets	0.0	0.0
Derivatives \| Level 2
Assets:
Assets	69.6	37.6
Interest rate swaps \| Derivatives \| Level 1
Assets:
Assets	0.0	0.0
Interest rate swaps \| Derivatives \| Level 2
Assets:
Assets	13.2	18.7
Foreign currency forwards and swaps \| Derivatives \| Level 1
Assets:
Liabilities:	0.0	0.0
Foreign currency forwards and swaps \| Derivatives \| Level 2
Assets:
Liabilities:	(9.3)	(13.7)
Foreign currency forwards and swaps \| Derivatives \| Level 1
Assets:
Assets	0.0	0.0
Foreign currency forwards and swaps \| Derivatives \| Level 2
Assets:
Assets	15.8	18.9
TRS \| Derivatives \| Level 1
Assets:
Assets	0.0	0.0
TRS \| Derivatives \| Level 2
Assets:
Assets	$ 40.6	$ 0.0

Basis of Preparation and Material Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Disclosure Of Significant Accounting Policies [Abstract]
Statement of compliance	Statement of compliance: The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The consolidated financial statements were authorized for issuance by our Board of Directors (Board) on March 8, 2024.
Functional and presentation currency	Functional and presentation currency: The consolidated financial statements are presented in United States (U.S.) dollars, which is also Celestica's functional currency. Unless otherwise noted, all financial information is presented in millions of U.S. dollars (except percentages and per share amounts).
Use of estimates and judgments	Use of estimates and judgments: The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies, the reported amounts of assets, liabilities, revenue, and expenses, and related disclosures with respect to contingent assets and liabilities. We base our judgments, estimates and assumptions on current facts (including, in recent periods, the prolonged impact of global supply chain constraints), historical experience and various other factors that we believe are reasonable under the circumstances. The economic environment also impacts certain estimates and discount rates necessary to prepare our consolidated financial statements, including significant estimates and discount rates applicable to the determination of the recoverable amounts used in the impairment testing of our non-financial assets. Our assessment of these factors forms the basis for our judgments on the carrying values of our assets and liabilities, and the accrual of our costs and expenses. Actual results could differ materially from our estimates and assumptions. We review our estimates and underlying assumptions on an ongoing basis and make revisions as determined necessary by management. Revisions are recognized in the period in which the estimates are revised and may also impact future periods. Our review of the estimates, judgments and assumptions used in the preparation of our consolidated financial statements included those relating to, among others: our determination of the timing of revenue recognition, the determination of whether indicators of impairment existed for our assets and cash generating units (CGUs), our measurement of deferred tax assets and liabilities, our estimated inventory write-downs and expected credit losses, customer creditworthiness and the determination of the fair value of assets acquired and liabilities assumed in connection with a business combination. Any revisions to estimates, judgments or assumptions may result in, among other things, write-downs, accelerated depreciation or amortization, or impairments of our assets or CGUs, and/or adjustments to the carrying amount of our accounts receivable (A/R) and/or inventories, or to the valuation of our deferred tax assets, any of which could have a material impact on our financial performance and financial condition. CGUs are the smallest identifiable group of assets that cannot be tested individually and generate cash inflows that are largely independent of those of other assets or groups of assets, and can be comprised of a single site, a group of sites, or a line of business. Key sources of estimation uncertainty and judgment: We have applied significant estimates, judgments and assumptions in the following areas which we believe could have a significant impact on our reported results and financial position: our determination of the timing of revenue recognition; whether events or changes in circumstances are indicators that an impairment review of our assets or CGUs should be conducted; the measurement of our CGUs' recoverable amounts, which includes estimating future growth, profitability, and discount and terminal growth rates; and the allocation of the purchase price and other valuations related to our business acquisition. We describe our use of judgment and estimation uncertainties in greater detail in the accounting policies described under “Material Accounting Policies” below.
Recently issued accounting standards and amendments	Recently issued accounting standards and amendments: Interest Rate Benchmark Reform (Amendments to IFRS 9 (Financial Instruments), IAS 39 (Financial Instruments: Recognition and Measurement), IFRS 4 (Insurance Contracts), IFRS 7 (Financial Instruments: Disclosures) and IFRS 16 (Leases)): In August 2020, the IASB issued Interest Rate Benchmark Reform-Phase 2 (Phase 2 IBOR Reform), which amends IFRS 9, IAS 39, IFRS 4, IFRS 7, and IFRS 16. Phase 2 IBOR Reform focuses on the effects on financial statements when a company replaces a previous interest rate benchmark with an alternative benchmark rate as a result of Interbank Offered Rates (IBOR) reform. We adopted Phase 2 IBOR Reform as of January 1, 2021. The adoption of Phase 2 IBOR Reform had no material impact on our consolidated financial statements. Also see note 20. Making Materiality Judgements (Amendments to IAS 1 and IFRS Practice Statement 2) In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 “Making Materiality Judgements,” which provide guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their “significant” accounting policies with a requirement to disclose their material accounting policies and adding guidance on how entities are to apply the concept of materiality in making decisions about accounting policy disclosures. These amendments are applicable for annual periods beginning on or after January 1, 2023. These amendments, which we adopted as of such date, are reflected in, and had no material impact on our annual consolidated financial statements. Definition of accounting estimates (Amendments to IAS 8) In February 2021, the IASB issued Definition of accounting estimates (Amendments to IAS 8) to clarify the distinction between accounting policies and accounting estimates. The amendments are effective for reporting periods beginning on or after January 1, 2023. We adopted this standard as of January 1, 2023. The adoption of this standard had no material impact on our consolidated financial statements. Deferred tax related to assets and liabilities arising from a single transaction (Amendments to IAS 12 Income Taxes) In May 2021, the IASB issued Deferred tax related to assets and liabilities arising from a single transaction (Amendments to IAS 12 Income Taxes) to clarify the accounting treatment for deferred taxes on transactions such as leases and decommissioning obligations. The amendments are effective for reporting periods beginning on or after January 1, 2023. We adopted this standard as of January 1, 2023. The adoption of this standard had no material impact on our consolidated financial statements. IFRS 17 Insurance Contracts In May 2017, the IASB issued IFRS 17 Insurance Contracts. IFRS 17 replaces IFRS 4 and sets out principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of IFRS 17. This standard is effective for reporting periods beginning on or after January 1, 2023. We adopted this standard as of January 1, 2023. The adoption of this standard had no material impact on our consolidated financial statements. International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12) In May 2023, the IASB issued amendments to IAS 12 to give entities temporary mandatory relief from accounting for deferred taxes arising from the Organization for Economic Co-operation and Development’s international tax reform. The amendments became effective upon issuance, except for certain disclosure requirements which are effective for annual reporting periods beginning on or after January 1, 2023. We adopted the required amendments in May 2023, and have applied the mandatory temporary exception to recognizing and disclosing information related to Pillar Two income taxes. Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions where we have operations, while legislation in other relevant jurisdictions has yet to be finalized. Based on currently enacted legislation, we anticipate that Pillar Two legislation will impact our reporting periods commencing January 1, 2025, however, enactment of Pillar Two legislation in other relevant jurisdictions may result in applicability for our reporting periods commencing January 1, 2024. We currently estimate that if such legislation becomes applicable for reporting periods commencing January 1, 2024, we would have incremental income taxes of approximately $6 in the first quarter of 2024. We will continue to monitor the impact of Pillar Two income taxes as the Pillar Two Model Rules become enacted in the jurisdictions where we have operations. Classification of liabilities as current or non-current (Amendments to IAS 1) In January 2020, the IASB issued Classification of liabilities as current or non-current (Amendments to IAS 1) to clarify how to classify debt and other liabilities as current or non-current. The amendments are effective for reporting periods beginning on or after January 1, 2024. We adopted this standard as of January 1, 2024. We do not anticipate that the adoption of this standard will have a material impact on our consolidated financial statements.
Basis of measurement	Basis of measurement: These consolidated financial statements have been prepared primarily on the historical cost basis. Other measurement bases, where used, are described in the applicable notes.
Basis of consolidation	Basis of consolidation: These consolidated financial statements include our direct and indirect subsidiaries, all of which are wholly-owned. Any subsidiaries that are formed or acquired during the year are consolidated from their respective dates of formation or acquisition. Inter-company transactions and balances are eliminated on consolidation.
Business combinations	Business combinations: We use the acquisition method to account for any business combinations. All identifiable assets and liabilities are recorded at fair value on our consolidated balance sheet as of the acquisition date. Any goodwill that arises from business combinations is tested annually for impairment (see note 2(j)). Potential obligations for contingent consideration and other contingencies are also recorded at fair value on our consolidated balance sheet as of the acquisition date. We record subsequent changes in the fair value of such potential obligations from the date of acquisition to the settlement date in our consolidated statement of operations. We expense integration costs (for the establishment of business processes, infrastructure and information systems for acquired operations) and acquisition-related consulting and transaction costs as incurred in our consolidated statement of operations. We use judgment to determine the estimates used to value identifiable assets and liabilities, and the fair value of potential obligations, if applicable, at the acquisition date. We may engage third parties to determine the fair value of certain inventory, property, plant and equipment and intangible assets. We use estimates to determine cash flow projections, including the period of expected future benefit, and future growth and discount rates, among other factors, to value intangible assets and contingent consideration. The fair value of acquired tangible assets are measured by applying the market, cost or replacement cost, or income approach (using discounted cash flows and forecasts by management), as appropriate. The fair value of acquired intangible assets are measured by applying the income approach using a discounted cash flow model and forecasts based on management's estimates and assumptions.
Foreign currency translation	Foreign currency translation: The majority of our subsidiaries have a U.S. dollar functional currency, which represents the currency of the primary economic environment in which they operate. For these subsidiaries, we translate: (i) monetary assets and liabilities denominated in foreign currencies into U.S. dollars at the period-end exchange rates; (ii) non-monetary assets and liabilities denominated in foreign currencies into U.S. dollars at historic rates; and (iii) revenue and expenses into U.S. dollars at the average exchange rates prevailing during the month of the transaction. Exchange gains and losses also arise on the settlement of foreign-currency denominated transactions. We recognize foreign currency differences arising on translation in our consolidated statement of operations. Upon consolidation, for our subsidiaries with a non-U.S. dollar functional currency, we translate assets and liabilities denominated in foreign currencies into U.S. dollars using the period-end exchange rates, and we translate revenue and expenses into U.S. dollars at the average exchange rates prevailing during the month of the transaction. We defer gains and losses arising from the translation of these operations in the foreign currency translation account included in accumulated other comprehensive income (loss) (OCI). For these subsidiaries, we translate foreign currency transactions into the relevant non-U.S. dollar functional currency using the exchange rate prevailing during the month of the transaction for revenues and expenses, and the exchange rate as at period end for the translation of these foreign currency denominated monetary assets and liabilities, and such gains and losses arising from these translations are recorded in the statement of operations in their non-U.S. dollar functional currency before translation into U.S. dollar for consolidation purposes.
Cash and cash equivalents	Cash and cash equivalents: Cash and cash equivalents include cash on account and short-term investments with original maturities of three months or less. Cash and cash equivalents are classified as financial assets measured at fair value through profit or loss (see paragraph (o) below). These instruments are subject to an insignificant risk of change in fair value over their terms and, as a result, we carry cash and cash equivalents at cost.
Inventories	Inventories: We procure inventory and manufacture products based on specific customer orders and forecasts, and value our inventory on a first-in, first-out basis at the lower of cost and net realizable value. The cost of our finished goods and work in progress includes direct materials, labor and overhead. We may require valuation adjustments if actual market conditions or demand for our products or services are less favorable than originally projected. The determination of net realizable value involves significant management judgment and estimation. When estimating the net realizable value of our inventory, we consider factors such as shrinkage, the aging of and future demand for the inventory, and contractual arrangements with customers. We attempt to utilize excess inventory in other products we manufacture or return such inventory to the relevant suppliers or customers. We use future sales volume forecasts to estimate excess inventory on-hand. A change to these assumptions may impact our inventory valuation and our gross margins. We adjust previous write-downs in our consolidated statement of operations in the period a change in estimate occurs.
Property, plant and equipment (PP&E)	Property, plant and equipment (PP&E):We carry PP&E at cost less accumulated depreciation and accumulated impairment losses. Cost consists of expenditures directly attributable to the acquisition or construction of the asset, and costs directly attributable to bringing the asset to the condition necessary for its intended use. We capitalize the cost of an asset when the economic benefits associated with that asset are probable and when the cost can be measured reliably. We capitalize the costs of major renovations and we write-off the carrying amount of replaced assets. We expense all other maintenance and repair costs in our consolidated statement of operations as incurred. We estimate the useful life of PP&E based on the nature of the asset, historical experience, expected changes in technology, and the expected duration of related customer programs. When major components of an asset have a significantly different useful life than their primary asset, the components are accounted for and depreciated separately. We review our estimates of residual values, useful lives and the methods of depreciation annually at year-end and, if required, adjust them prospectively. We determine gains and losses on the disposal or retirement of PP&E by comparing the proceeds from disposal with the carrying amount of the asset and we recognize these gains and losses in our consolidated statement of operations in the period of disposal or retirement. Also, see note 2(j).
Leases	Leases:We are the lessee of land, buildings, and machinery and equipment. At the inception of a contract, we assess whether an arrangement is, or contains, a lease in accordance with IFRS 16. Where we determine there is a lease under IFRS 16, we recognize a right-of-use (ROU) asset (representing our right to use such leased asset) and a related lease obligation on the applicable lease commencement date. An ROU asset is first measured based on the initial amount of the related lease obligation, subject to certain adjustments, if any, and then subsequently measured at such cost less accumulated depreciation and accumulated impairment losses (see note 2(j)). Depreciation expense on an ROU asset is recorded on a straight-line basis over the lease term in cost of sales or SG&A in our consolidated statement of operations, primarily based on the nature and use of the asset. The lease obligation is initially measured at the present value of the unpaid lease payments on the commencement date, discounted using the interest rate implicit in the lease (if readily determinable) or otherwise on our incremental borrowing rate (taking country-specific risks into consideration) on the lease commencement date. We generally use our incremental borrowing rate as the discount rate. The interest expense on the related lease obligation is recognized as finance costs in our consolidated statement of operations. The lease obligation is remeasured when there are adjustments to future lease payments arising from a change in applicable indices or rates, changes in the estimated amount expected to be payable under a residual value guarantee, or if we change our assessments of whether we will exercise an applicable purchase, extension or termination option. Upon any such remeasurement, a corresponding adjustment is made to the carrying amount of the related ROU asset, or is recorded in our consolidated statement of operations if the carrying amount of such ROU asset has been impaired. We expense the costs of low-value and short-term leases in our consolidated statement of operations on a straight-line basis over the lease term.
Goodwill and intangible assets	Goodwill and intangible assets: Goodwill: We initially record goodwill related to business acquisitions on our consolidated balance sheet in the amount of the excess of the fair value of the aggregate consideration paid or payable (including the estimated fair value of any contingent consideration) over the fair value of the identifiable net assets acquired. In subsequent reporting periods, we measure goodwill at cost less accumulated impairment losses, if any. We do not amortize goodwill. For purposes of impairment testing, we allocate goodwill to the CGU, or group of CGUs, that we expect will benefit from the related acquisition. See note 2(j). Intangible assets: We record acquired intangible assets on our consolidated balance sheet at fair value on the date of acquisition. We capitalize acquired intangible assets when the economic benefits associated with the asset are probable and when the cost can be measured reliably. We estimate the useful life of acquired intangible assets based on the nature of the asset, historical experience and the projected period of expected future economic benefits to be provided by the asset. In subsequent reporting periods, we measure such intangible assets at cost less accumulated amortization and accumulated impairment losses, if any. Intellectual property assets consist primarily of certain acquired non-patented intellectual property and process technology. Other intangible assets consist primarily of customer relationships and contract intangibles. Computer software assets consist primarily of software licenses. We review our estimates of residual values, useful lives and the methods of amortization annually at year end and, if required, adjust for these prospectively.
Impairment of goodwill, intangible assets, PP&E, and ROU assets	Impairment of goodwill, intangible assets, PP&E, and ROU assets: We review the carrying amount of goodwill, intangible assets, PP&E, and ROU assets for impairment whenever events or changes in circumstances (triggering events) indicate that the carrying amount of such assets, or the related CGU or CGUs, may not be recoverable. If any such indication exists, we test the carrying amount of such assets or CGUs for impairment. In addition to an assessment of triggering events during the year, we conduct an annual impairment assessment of CGUs with goodwill in the fourth quarter of each year to correspond with our annual planning cycle (Annual Impairment Assessment). Judgment is required in the determination of: (i) our CGUs, which includes an assessment of whether the relevant asset, or group of assets, largely generates independent cash inflows, and an evaluation of how management monitors the business operations pertaining to such asset, or asset group; and (ii) whether events or changes in circumstances during the year are indicators that a review for impairment should be conducted. We recognize an impairment loss when the carrying amount of an asset, CGU or group of CGUs exceeds its recoverable amount. The recoverable amount of an asset, CGU or group of CGUs is measured as the greater of its expected value-in-use and its estimated fair value less costs of disposal. Determining the recoverable amount is subjective and requires management to exercise significant judgment in estimating future growth, profitability, discount and terminal growth rates, and in projecting future cash flows, among other factors. Determination of our expected value-in-use is based on a discounted cash flow analysis of the relevant asset, CGU or group of CGUs. Determining estimated fair value less costs of disposal requires valuations and use of appraisals. Future events and changing market conditions may impact our assumptions as to prices, costs or other factors that may result in changes to our estimates of future cash flows. Where applicable, we engage independent brokers to obtain market prices to estimate our real property and other asset values. We recognize impairment losses in our consolidated statement of operations. If it is determined that an impairment exists, we first allocate the impairment losses to the relevant CGU (or group of CGUs) to reduce the carrying amount of its (or their) goodwill, if any. If the goodwill is reduced to nil and the impairment losses have not been fully allocated, we then reduce the carrying amount of other assets in such CGU (or group of CGUs), generally on a pro-rata basis, until the impairment losses have been recognized in full. See notes 6, 7, and 8. We do not reverse impairment losses for goodwill in future periods. We reverse impairment losses for PP&E, ROU assets and intangible assets if the events or conditions that resulted in such losses in prior periods no longer exist or have decreased as a result of changes in circumstances. At each reporting date, we review for indicators that could change the estimates we used to determine the recoverable amount of the relevant assets. The amount of the reversal will be limited to the carrying amount that would have been determined, net of depreciation or amortization, had we recognized no impairment loss in prior periods.
Provisions	Provisions: We recognize a provision for legal or constructive obligations arising from past events when the amount can be reliably estimated and it is probable that an outflow of resources will be required to settle an obligation. The nature and type of provisions vary and management judgment is required to determine the extent of an obligation and whether the outflow of resources is probable. At the end of each reporting period, we evaluate the appropriateness of the remaining balances. We may be required to adjust recorded amounts to reflect actual experience or changes in estimates for future periods. Restructuring: We incur restructuring charges relating to workforce reductions, site consolidations, and costs associated with businesses we are downsizing or exiting. Our restructuring charges include employee severance and benefit costs, consultant costs, gains, losses, accelerated depreciation or impairments related to owned sites and equipment we no longer use and which are available for sale, impairment of related intangible assets, and costs or impairments related to leased sites and equipment we no longer use. The recognition of restructuring charges requires management to make certain judgments and estimates regarding the nature, timing and amounts associated with our restructuring actions. Our assumptions include the timing of employee terminations, the measurement of termination costs, any anticipated sublease recoveries from exited sites, the timing of dispositions, and the estimated fair values less costs of disposal for assets we no longer use and which are available for sale. We develop detailed plans and record termination costs in the period that employees are informed of their termination. For owned sites and equipment that are no longer in use and are available for sale, we recognize an impairment loss based on their estimated fair value less costs of disposal, with estimated fair value based on market prices for similar assets. We may engage third parties to assist in the determination of the estimated fair values less costs of disposal for these assets. For leased sites that we intend to exit in connection with restructuring activities, we assess the recoverability of our ROU assets, and write down such assets (recorded as restructuring charges) if the carrying value exceeds any estimated sublease recoveries. To estimate future sublease recoveries, we may engage independent brokers to determine the estimated tenant rents we can expect to realize. At the end of each reporting period, we evaluate the appropriateness of our restructuring charges and balances. We may be required to adjust recorded amounts to reflect actual experience or changes in estimates for future periods. See note 15(a). Legal and other contingencies: In the normal course of our operations, we may be subject to lawsuits, investigations and other claims, including, but not limited to, environmental, labor, product, customer disputes, and other matters. The filing of a suit or formal assertion of a claim does not automatically trigger a requirement to record a provision. We record a provision for loss contingencies, including legal claims, based on management’s estimate of the probable outcome. Judgment is required when there is a range of possible outcomes. Management considers the degree of probability of the outcome and the ability to make a reasonable estimate of the loss. We may also use third party advisors in making our determination. The ultimate outcome, including the amount and timing of any payments required, may vary significantly from our original estimates. Potential material legal and other material contingent obligations that have not been recognized as provisions, as the outcome is remote or not probable, or the amount cannot be reliably estimated, are disclosed as contingent liabilities. See note 24. Warranty: We offer product and service warranties to our customers. We record a provision for future warranty costs based on management’s estimate of probable claims under these warranties. In determining the amount of the provision, we consider several factors including the terms of the warranty (which vary by customer, product or service), the current volume of products sold or services rendered during the warranty period, and historical warranty information. We review and adjust these estimates as necessary to reflect our experience and new information. The amount and aging of our provision will vary depending on various factors including the length of the warranty offered, the remaining life of the warranty and the extent and timing of warranty claims. We classify the portion of our warranty provision for which payment is expected in the next 12 months as current, and the remainder as non-current.
Employee benefits	Employee benefits: Pension and non-pension post-employment benefits: We classify pension and non-pension post-employment benefits as either defined contribution plans or defined benefit plans. Under defined contribution plans, our obligation is to make a fixed contribution to a separate entity. The related investment risk is borne by the employee. We recognize our obligations to make contributions to defined contribution plans as an employee benefit expense in our consolidated statement of operations in the period the employee services are rendered. Under defined benefit plans, our obligation is to provide an agreed-upon benefit to specified plan participants. We remain exposed to both actuarial and investment risks with respect to defined benefit plans. Our obligation is actuarially determined using the projected unit credit method, based on service and management’s estimates. Actuarial valuations require management to make judgments and estimates relating to salary escalation, compensation levels at the time of retirement, retirement ages, the discount rate used in measuring the net interest on the net defined benefit asset or liability, and expected healthcare costs (as applicable). These actuarial assumptions could change from period-to-period and actual results could differ materially from the estimates originally made by management. We evaluate our assumptions on a regular basis, taking into consideration current market conditions and historical data. Market-driven changes may affect the actual rate of return on plan assets compared to our assumptions, as well as our discount rates and other variables which could cause actual results to differ materially from our estimates. Changes in assumptions could impact our defined benefit pension plan valuations and our future defined benefit pension expense and required funding. Our obligation for each defined benefit plan consists of the present value of the defined benefit obligation less the fair value of plan assets, and is presented on a net basis on our consolidated balance sheet. When the actuarial calculation results in a benefit, the asset we recognize is restricted to the present value of economic benefits available in the form of future refunds from the plan or reductions in future contributions to the plan. To calculate the present value of economic benefits, we also consider any minimum funding requirements that apply to the plan. An economic benefit is available if it is realizable during the life of the plan, or on settlement of the plan liabilities. We recognize past service costs or credits arising from plan amendments, whether vested or unvested, immediately in our consolidated statement of operations. We determine the net interest expense (income) on the net defined benefit liability (asset) for each year by applying the discount rate used to measure the defined benefit obligation at the beginning of the year to the net defined benefit liability (asset) position, taking into account any changes in the net defined benefit liability (asset) during the year as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognized in our consolidated statement of operations. The difference between the interest income on plan assets and the actual net return on plan assets is included in the re-measurement of the net defined benefit liability (asset). We recognize actuarial gains and losses on plan assets or obligations, as well as any year-over-year change in the impairment of the balance sheet position in OCI and we reclassify the amounts to deficit. Curtailment gains or losses may arise from significant changes to a plan. We record curtailment gains or losses in our consolidated statement of operations when the curtailment occurs. To mitigate the actuarial and investment risks of our defined benefit pension plans, we from time to time purchase annuities (using existing plan assets) from third party insurance companies for certain, or all, plan participants. The purchase of annuities by the pension plan substantially hedges the financial risks associated with the related pension obligations. Where the annuities are purchased on behalf of, and held by the pension plan, the relevant employer retains the ultimate responsibility for the payment of benefits to plan participants, and we retain the pension assets and liabilities on our consolidated balance sheet. Our annuity purchases have resulted (and future annuity purchases may result) in losses, due to a reduction in the value of the plan assets relative to plan obligations as of the date of the annuity purchase. We record these non-cash losses in OCI on our consolidated balance sheet and simultaneously reclassify such amounts to deficit in the same period. Alternatively, where we purchase annuities from insurance companies on behalf of applicable plan participants with the intention of winding-up the relevant plan in the future (with the expectation of transferring the annuities to the individual plan members), the insurance company assumes responsibility for the payment of benefits to the relevant plan participants once the wind-up is complete. In this case, settlement accounting is applied to the purchase of the annuities and the loss (if any) is recorded in other charges in our consolidated statement of operations. In addition, both the pension assets and liabilities will be removed from our consolidated balance sheet once the wind-up of the plan is complete.
Stock-based compensation (SBC)	Stock-based compensation (SBC): We generally grant restricted share units (RSUs) and performance share units (PSUs), and from time to time grant stock options, to employees under our SBC plans. Stock options and RSUs vest in installments over the vesting period. Stock options generally vest one-quarter per year over a four-year period, and RSUs generally vest one-third per year over a three-year period. We treat each installment under a grant of stock options and RSUs as a separate grant in determining the compensation expense. PSUs vest at the end of their respective terms, generally three years from the grant date, to the extent that specified performance conditions have been met. We may grant stock options to employees under our Long-Term Incentive Plan (LTIP). We may grant RSUs and PSUs to employees under either our LTIP or our Celestica Share Unit Plan (CSUP). Under the CSUP, we may settle vested awards (in our discretion) with SVS purchased in the open market (on a one-for-one basis) or with cash. Under the LTIP, we may (at the time of grant) authorize the grantees to elect to settle vested awards in either cash or SVS issued from treasury (up to a specified limit) or purchased in the open market (in either case on a one-for-one basis). Absent such permitted election for LTIP grants, we intend to settle all employee RSUs and PSUs under the LTIP and CSUP in SVS (net of withholding taxes). As a result, we account for these share unit awards as equity-settled awards. Stock options: Stock options are exercisable for SVS. We recognize the grant date fair value of stock options granted to employees as compensation expense in our consolidated statement of operations, with a corresponding charge to contributed surplus on our consolidated balance sheet, over the vesting period. We adjust compensation expense to reflect the estimated number of options we expect to vest at the end of the vesting period. When options are exercised, we credit the proceeds to capital stock on our consolidated balance sheet. We measure the fair value of stock options using the Black-Scholes option pricing model. Measurement inputs include the price of our SVS on the grant date, the exercise price of the stock option, and our estimates of the following: expected price volatility of our SVS (based on weighted average historic volatility), weighted average expected life of the stock option (based on historical experience and general option-holder behavior), and the risk-free interest rate. RSUs: The cost we record for RSUs is based on the market value of our SVS at the time of grant. We amortize the cost of RSUs to compensation expense in our consolidated statement of operations, with a corresponding charge to contributed surplus on our consolidated balance sheet, over the vesting period. PSUs: The number of PSUs that will actually vest varies from 0% to 200% of a target amount granted. For PSUs granted in 2021 and 2022, the number of PSUs that vested or will vest are based on the level of achievement of a pre-determined non-market performance measurement in the final year of the three-year performance period, subject to modification by each of a separate pre-determined non-market financial target, and our relative total shareholder return (TSR), a market performance condition, compared to a pre-defined group of companies, over the three-year performance period. Commencing in 2023, the number of PSUs that will vest are based on the level of achievement of a different pre-determined non-market performance measurement, subject to modification by our relative TSR compared to a pre-defined group of companies, in each case over the three-year performance period. The cost we record for PSUs is based on our estimate of the outcome of the applicable performance conditions. The grant date fair value of the non-TSR-based performance measurement and modifier (where applicable) is based on the market value of our SVS at the time of grant and is subject to adjustment in subsequent periods to reflect changes in the estimated level of achievement related to the applicable performance condition. The grant date fair value of the TSR modifier is based on a Monte Carlo simulation model. We recognize compensation expense in our consolidated statement of operations on a straight-line basis over the requisite service period and we reduce this expense for the estimated PSU awards that are not expected to vest because the employment conditions are not expected to be satisfied. Deferred Share Units (DSUs): The compensation of our directors is comprised of annual Board and Board Chair retainer fees, annual standing Board committee Chair retainer fees (where applicable), and travel fees (collectively, Annual Fees) payable in quarterly installments in arrears. Directors must elect to receive 0%, 25% or 50% of their Annual Fees in cash, with the balance in DSUs, until such director satisfies the requirements of the Company's Director Share Ownership Guidelines. Once a director has satisfied such requirements, the director may then elect to receive 0%, 25% or 50% of their Annual Fees in cash, with the balance either in DSUs or in RSUs (if no election is made, 100% of such director's Annual Fees will be paid in DSUs). The number of DSUs or RSUs we grant is determined by dividing the elected percentage of the dollar value of the Annual Fees earned in the quarter by the closing price of our SVS on the NYSE on the last business day of such quarter (in the case of DSUs) or the trading day preceding the date of grant (in the case of RSUs). Each DSU represents the right to receive one SVS or an equivalent value in cash after the individual ceases to serve as a director, and is neither an employee of the Company, nor a director or employee of any corporation that does not deal at arm's length with the Company (Retires). DSUs granted to directors may be settled with SVS purchased in the open market, or with cash (at the discretion of the Company). We intend to settle DSU awards with SVS. RSUs granted to directors vest ratably over a three-year period and are governed by the terms of our LTIP. Each vested RSU entitles the holder thereof to one SVS; however, if permitted by the Company under the terms of the grant, a director may elect to receive a payment of cash in lieu of SVS. Absent such permitted election, we intend to settle these RSU awards with SVS. We account for DSUs and RSUs granted to directors as equity-settled awards. Unvested RSUs vest immediately on the date the director Retires. We expense the cost of director compensation through SG&A in our consolidated statement of operations in the period the services are rendered. Prior to September 3, 2023, we were party to a services agreement (Services Agreement) with Onex Corporation (Onex), our then-controlling shareholder, for the services of Mr. Tawfiq Popatia, an officer of Onex, as a director of Celestica, pursuant to which Onex received compensation for such services. The Services Agreement terminated automatically on September 3, 2023. Mr. Popatia resigned from our Board on September 3, 2023. Onex’s outstanding DSUs were settled in October 2023. See notes 12 and 17.
Income taxes	Income taxes: Our income tax expense for each reporting period is comprised of current and deferred income taxes. Current income taxes and deferred income taxes are recognized in our consolidated statement of operations, except to the extent that they relate to items recognized in OCI or directly in equity, in which case they are recognized in OCI or directly in equity, respectively. In the ordinary course of business, there are many transactions for which the ultimate tax outcome is uncertain until we resolve it with the relevant tax authority, which may take many years. The final tax outcome of these matters may be different from the estimates management originally made in determining our tax provision. Management periodically evaluates the positions taken in our tax returns where applicable tax rules are subject to interpretation. We establish provisions related to tax uncertainties where appropriate, based on our estimate of the amount that ultimately will be paid to or received from the tax authorities. We recognize accrued interest and penalties relating to tax uncertainties in current income tax expense. The various judgments and estimates used by management in establishing provisions related to tax uncertainties can significantly affect the amounts we recognize in our consolidated financial statements. We use the liability method of accounting for deferred income taxes. Under this method, we recognize deferred income tax assets and liabilities for future income tax consequences attributable to temporary differences between the financial statement carrying amounts of assets and liabilities and their respective income tax bases, and on unused tax losses and tax credit carryforwards. We measure deferred income taxes using tax rates and laws that have been enacted or substantively enacted at the reporting date and that we expect will apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. We recognize deferred income tax assets to the extent we believe it is probable, based on management’s estimates, that future taxable profit will be available against which the deductible temporary differences as well as unused tax losses and tax credit carryforwards can be utilized. Estimates of future taxable profit in different tax jurisdictions are an area of estimation uncertainty. We review our deferred income tax assets at each reporting date and reduce them to the extent we determine it is no longer probable that we will realize the related tax benefits. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that future taxable profits will be available against which they can be used. We recognize the effect of a change in income tax rates in the period of enactment or substantive enactment. We do not recognize deferred income taxes if they arise from the initial recognition of goodwill, or for temporary differences arising from the initial recognition of an asset or a liability in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss. We also do not recognize deferred income taxes on temporary differences relating to investments in subsidiaries to the extent we are able to control the timing of the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. During each period, we record current income tax expense or recovery based on taxable income earned or loss incurred in each tax jurisdiction where we operate, and for any adjustments to taxes payable in respect of previous years, using tax laws that are enacted or substantively enacted at the balance sheet date.
Financial assets and financial liabilities	Financial assets and financial liabilities:We recognize financial assets and financial liabilities initially at fair value and subsequently measure these at either fair value or amortized cost based on their classification as described below. Also see note 2(p), “Impairment of financial assets.”
Fair value through profit or loss (FVTPL)	Fair value through profit or loss (FVTPL): Financial assets and any financial liabilities that we purchase or incur, respectively, with the intention of generating earnings in the near term, and derivatives other than cash flow hedges, are classified as FVTPL. This category includes short-term investments in money market funds (if applicable) that we group with cash equivalents, and derivative assets and derivative liabilities that do not qualify for hedge accounting. For investments that we classify as FVTPL, we initially recognize such financial assets on our consolidated balance sheet at fair value, and recognize subsequent changes in our consolidated statement of operations (unless they relate to effective hedging relationships for accounting purposes, in which case the subsequent changes are recorded in OCI). See note 2(o). We expense transaction costs related to financial instruments classified as FVTPL as incurred in our consolidated statement of operations. We may, at our discretion, designate financial instruments as FVTPL that are not classified as such. However, we do not currently hold any liabilities designated as FVTPL.
Amortized cost	Amortized cost: Financial assets that we hold with the intention of collecting the contractual cash flows (in the form of payment of principal and related interest) are measured at amortized cost, and consist of our A/R, term deposits and non-customer receivables. We initially recognize the carrying amount of such assets on our consolidated balance sheet at fair value plus directly attributable transaction costs, and subsequently measure these at amortized cost using the effective interest rate method, less any impairment losses.
Other financial liabilities	Financial liabilities that are not classified as FVTPL consist of our accounts payable (A/P), the majority of our accrued liabilities and certain other provisions, as well as borrowings under our credit facility, including our term loans. We initially recognize the carrying amount of such liabilities on our consolidated balance sheet at fair value plus transaction costs that are directly attributable to the issuance of such liabilities. These financial liabilities are measured at amortized cost subsequent to initial recognition. Borrowings within a particular quarter for short term working capital needs under our revolving credit facility that we repay in full within such quarter are netted against each other in our consolidated statements of cash flows.
Derivatives and hedge accounting	Derivatives and hedge accounting: We enter into forward exchange and swap contracts to hedge the cash flow risk associated with firm purchase commitments and forecasted transactions in foreign currencies that we consider to be highly probable, and to hedge foreign-currency denominated balances. We use estimates to forecast future cash flows and the future financial position of net monetary assets or liabilities denominated in foreign currencies. We enter into interest rate swap agreements to mitigate the interest rate risk on a portion of our term loan borrowings. We apply hedge accounting to those hedge relationships that are considered effective. Management assesses the effectiveness of hedges by comparing actual outcomes against our estimates on a regular basis. Subsequent revisions in estimates of future cash flow forecasts, if significant, may result in the discontinuation of hedge accounting for that hedge. We do not enter into derivative contracts for speculative purposes. At the inception of a hedging relationship, we formally document the relationship between our hedging instrument and the hedged item, as well as our risk management objectives and strategy for undertaking the various hedge transactions. Our process includes linking all derivatives to specific assets and liabilities on our consolidated balance sheet or to specific firm commitments or forecasted transactions. We also formally assess, both at the hedge’s inception and at the end of each quarter, whether the derivatives used in hedged transactions are highly effective in offsetting changes in the cash flows of the hedged items. We record the gain or loss from these forward exchange and swap contracts in the same line item where the underlying exposures are recognized in our consolidated statement of operations. Forward exchange and swap contracts that are not effective hedges for accounting purposes are marked to market each period, resulting in a gain or loss in our consolidated statement of operations. We measure those derivative contracts at fair value on our consolidated balance sheet. The majority of our derivative assets and liabilities arise from the foreign currency forward and swap contracts and interest rate swaps that we designate as cash flow hedges. In a cash flow hedge, we defer the changes in the fair value of the hedging derivative, to the extent effective, in accumulated OCI until we recognize the hedged item in our consolidated statement of operations. Any cash flow hedge ineffectiveness is recognized in our consolidated statement of operations immediately. For hedging instruments that we discontinue before the end of the original hedge term, we amortize the unrealized hedge gain or loss in accumulated OCI to our consolidated statement of operations over the remaining term of the hedging relationship or when the hedged item is recognized in net income, if this occurs prior to the end of the original term of the hedging relationship. If the hedged item ceases to exist before the end of the original hedge term, we recognize the unrealized hedge gain or loss in accumulated OCI immediately in our consolidated statement of operations. For our current foreign currency forward and swap cash flow hedges, the majority of the underlying expenses we hedge are for inventory, labor and facility costs, which are included in cost of sales in our consolidated statement of operations. For our interest rate swap agreements, the underlying interest expenses that we hedge are included in finance costs in our consolidated statement of operations. We entered into a total return swap (TRS) agreement (TRS Agreement) in December 2022 with a third-party bank with respect to an original notional amount of 3.0 million of our SVS (reduced to 2.5 million SVS upon our termination of a portion of the TRS Agreement in September 2023), to manage our cash flow requirements and exposure to fluctuations in the share price of the SVS in connection with the settlement of certain outstanding equity awards under our SBC plans. The counterparty under the TRS Agreement is obligated to make a payment to us upon its termination (in whole or in part) or expiration (Settlement) based on the increase (if any) in the value of the TRS (as defined in the TRS Agreement) over the TRS Agreement’s term, in exchange for periodic payments made by us (TRS Interest) based on the counterparty’s SVS purchase costs and Secured Overnight Financing Rate (SOFR) plus a specified margin. Similarly, if the value of the TRS (as defined in the TRS Agreement) decreases over the term of the TRS Agreement, we are obligated to pay the counterparty the amount of such decrease upon Settlement. The change in value of the TRS is determined by comparing the average amount realized by the counterparty upon the disposition of purchased SVS to the average amount paid for such SVS. The TRS does not qualify for hedge accounting. We measure the TRS Agreement at fair value on our consolidated balance sheet, with fair value adjustments (TRS FVAs), which represent changes in fair value, recognized in our consolidated statement of operations. TRS Interest is included in finance costs in our consolidated statement of operations. We value our derivative assets and liabilities based on inputs that are either readily available in public markets or derived from information available in public markets. The inputs we use include discount rates, forward exchange rates, interest rate yield curves and volatility, the share price of our SVS, and credit risk adjustments. Changes in these inputs can cause significant volatility in the fair value of our financial instruments.
Impairment of financial assets	Impairment of financial assets: We review financial assets for impairment at each reporting date. Financial assets are deemed to be impaired when objective evidence resulting from one or more events subsequent to the initial recognition of the asset indicates the estimated future cash flows of the asset have decreased. We use a forward-looking expected credit loss (ECL) model in determining our allowance for doubtful accounts as it relates to trade receivables, contract assets (under IFRS 15, Revenue from Contracts with Customers), and other financial assets. Our allowance is based on historical experience, and includes consideration of the aging of the balances, the customer's creditworthiness, current economic conditions, expectation of bankruptcies, and political and economic volatility in the markets/location of our customers, among other factors. We measure an impairment loss as the excess of the carrying amount over the present value of the estimated future cash flows discounted using the financial asset’s original discount rate, and we recognize this loss in our consolidated statement of operations. A financial asset is written-off or written-down to its net realizable value as soon as it is determined to be impaired. We adjust previous write-downs to reflect changes in estimates or actual experience.
Revenue and deferred investment costs	Revenue and deferred investment costs: We derive the majority of our revenue from the sale of electronic products we manufacture and services we provide to customer specifications. We recognize revenue from the sale of products and services rendered when our performance obligations have been satisfied or when the associated control over the products has passed to the customer and no material uncertainties remain as to the collection of our receivables. Where the products are custom-made to meet a customer's specific requirements, and such customer is obligated to compensate us for the work performed to date, we recognize revenue over time as production progresses to completion, or as services are rendered. We generally estimate revenue for our work in progress based on costs incurred to date plus a reasonable profit margin for eligible products for which we do not have alternative uses. For other contracts that do not qualify for revenue recognition over time, we recognize revenue at the point in time where control is passed to the customer, which is generally upon shipment when no further performance obligation remains except for our standard manufacturing or service warranties. We apply significant estimates, judgment and assumptions in interpreting our customer contracts, determining the timing of revenue recognition and measuring work in progress. As our invoices are typically issued at the time of the delivery of final products to the customers, the earlier recognition of revenue on certain custom-made products results in unbilled contract assets which we include in A/R on our consolidated balance sheet. As most of our contracts have an expected duration of one year or less, we have applied the practical expedient provided by IFRS 15.121 (such that specified disclosures pertaining to remaining performance obligations are not required), as well as the practical expedient provided by IFRS 15.63 (such that transaction price adjustments for the effects of significant financing are not required). In general, consideration from our contracts with customers is not excluded from the transaction price used to measure revenue. We record certain investment costs, comprised of contract acquisition or fulfillment costs, to the extent we consider the recoverability of these costs probable, in other current and non-current assets on our consolidated balance sheet. We subsequently amortize these investment costs over the projected period of expected future economic benefits, or as recoveries are realized, from the new contracts. We monitor these deferred costs for potential impairment on a regular basis.

Capital Stock

12 Months Ended

Dec. 31, 2023

Share Capital and Share-based Payment Arrangements [Abstract]

Capital Stock

CAPITAL STOCK:

We are authorized to issue an unlimited number of SVS, which entitle the holder to one vote per share, and an unlimited number of multiple voting shares (MVS), which entitle the holder to 25 votes per share. The SVS and MVS vote together as a single class on all matters submitted to a vote of shareholders, including the election of directors, except as otherwise required by law. The holders of the SVS and MVS are entitled to share ratably, as a single class, in any dividends declared subject to any preferential rights of any outstanding preferred shares in respect of the payment of dividends. Each MVS is convertible at any time at the option of the holder thereof and automatically, under certain circumstances, into one SVS. However, subsequent to the August Secondary Offering (defined below), no MVS are outstanding.

In connection with two underwritten secondary public offerings by Onex, our then-controlling shareholder, completed in June 2023 (June Secondary Offering) and August 2023 (August Secondary Offering, and together with the June Secondary Offering, the Secondary Offerings), we issued an aggregate of approximately 18.6 million SVS, upon conversion of an equivalent number of our MVS. The Secondary Offerings had nil impact on our aggregate capital stock amount.

We are also authorized to issue an unlimited number of preferred shares, issuable in series. No preferred shares have been issued to date.

(a) Capital transactions:


Number of shares (in millions)	SVS	MVS
Issued and outstanding at December 31, 2020	110.5	18.6
Issued from treasury(i)	0.03	—
Cancelled under normal course issuer bid (NCIB)	(4.4)	—
Issued and outstanding at December 31, 2021	106.1	18.6
Issued from treasury(i)	0.07	—
Cancelled under NCIB	(3.14)	—
Issued and outstanding at December 31, 2022	103.0	18.6
Issued from treasury(i)	0.05	—
Cancelled under NCIB	(2.7)	—
Conversion of MVS into SVS in connection with the Secondary Offerings	18.6	(18.6)
Issued and outstanding at December 31, 2023	119.0	—

We have repurchased SVS in the open market, or as otherwise permitted, for cancellation through NCIBs, which allow us to repurchase a limited number of SVS during a specified period. The maximum number of SVS we are permitted to repurchase for cancellation under each NCIB is reduced by the number of SVS we arrange to be purchased by any non-independent broker in the open market during the term of such NCIB to satisfy delivery obligations under our SBC plans. We from time-to-time enter into automatic share purchase plans (ASPPs) with a broker, instructing the broker to purchase our SVS in the open market on our behalf, either for cancellation under an NCIB (NCIB ASPPs) or for delivery obligations under our SBC plans (SBC ASPPs), including during any applicable trading blackout periods, up to specified maximums (and subject to certain pricing and other conditions) through the term of each ASPP.

On December 2, 2021, the TSX accepted our notice to launch an NCIB (2021 NCIB), which allowed us to repurchase, at our discretion, from December 6, 2021 until the earlier of December 5, 2022 or the completion of purchases thereunder, up to approximately 9.0 million SVS in the open market, or as otherwise permitted, subject to the normal terms and limitations of such bids. We entered into several NCIB ASPPs and SBC ASPPs (each with independent brokers) during the term of the 2021 NCIB, all of which have expired. At December 31, 2021, we recorded an accrual of $7.5 (2021 NCIB Accrual), representing the estimated contractual maximum number of permitted SVS repurchases (Contractual Maximum Quantity) for cancellation (0.7 million SVS) under an NCIB ASPP entered into in December 2021, which was reversed in 2022. At December 31, 2021, we also recorded an accrual of $33.8 (2021 SBC Accrual), representing the estimated Contractual Maximum Quantity (3.0 million SVS) under an SBC ASPP that we entered into in December 2021, which was reversed in 2022.

On December 8, 2022, the TSX accepted our notice to launch another NCIB (2022 NCIB), which allowed us to repurchase, at our discretion, from December 13, 2022 until the earlier of December 12, 2023 or the completion of purchases thereunder, up to approximately 8.8 million SVS in the open market, or as otherwise permitted, subject to the normal terms and limitations of such bids. We entered into several NCIB ASPPs and SBC ASPPs (each with independent brokers) during the term of the 2022 NCIB, all but one of which expired prior to December 31, 2023 (see below for ASPP accruals we recorded at December 31, 2023). There were no accruals at December 31, 2022 in connection with any NCIB ASPP or SBC ASPP.

On December 12, 2023, the TSX accepted our notice to launch a new NCIB (2023 NCIB), which allows us to repurchase, at our discretion, from December 14, 2023 until the earlier of December 13, 2024 or the completion of purchases thereunder, up to approximately 11.8 million of our SVS in the open market, or as otherwise permitted, subject to the normal terms and limitations of such bids. At December 31, 2023, approximately 11.8 million SVS remained available for repurchase under the 2023 NCIB either for cancellation or SBC delivery purposes. At December 31, 2023, we recorded an

accrual of: (i) $2.7, representing the estimated Contractual Maximum Quantity (0.1 million SVS) under an NCIB ASPP we entered into in December 2023 (2023 NCIB Accrual); and (ii) $7.5, representing the estimated Contractual Maximum Quantity (0.3 million SVS) under an SBC ASPP we entered into in September 2023 (2023 SBC Accrual).


	Year ended December 31
	2021		2022		2023

Aggregate cost (1) of SVS repurchased for cancellation (2)	$	35.9	$	34.6	$	35.6
Number of SVS repurchased for cancellation (in millions) (3)	4.4		3.4		2.6
Weighted average price per share for repurchases	$	8.21	$	10.45	$	13.83
Aggregate cost (1) of SVS repurchased for delivery under SBC plans(4)	$	20.6	$	44.9	$	82.3
Number of SVS repurchased for delivery under SBC plans (in millions)(5)	1.9		3.9		3.7

(1) Includes transaction fees.

(2) For 2021, excludes the $7.5 2021 NCIB Accrual; for 2023, excludes the $2.7 2023 NCIB Accrual.

(3) Includes 0.9 million, 2.5 million and 2.8 million repurchases of SVS for cancellation under NCIB ASPPs in 2023, 2022 and 2021, respectively.

(4) For 2021, excludes the $33.8 2021 SBC Accrual; for 2023, excludes the $7.5 2023 SBC Accrual.

(5) Includes 3.7 million, 3.9 million and 0.7 million repurchases of SVS for SBC delivery obligations under SBC ASPPs in 2023, 2022 and 2021, respectively.


	December 31
	2021		2022		2023
Number of SVS held by trustee for delivery under SBC plans (1)(2) (in millions)	1.4		1.5		3.3
Value of SVS held by trustee for delivery under SBC plans (2)	$	15.1	$	16.7	$	72.6

(1) For accounting purposes, we classify these shares as treasury stock until they are delivered pursuant to the plans.

(2) The number and value of SVS held in 2021 and 2023 exclude the 2021 SBC Accrual and the 2023 SBC Accrual, respectively.

(b) Employee SBC:

LTIP:

Under the LTIP, we may grant stock options, stock appreciation rights, RSUs and PSUs (Awards) to eligible employees and consultants. Eligible directors may be granted Awards other than stock options. We may, at the time of grant, authorize the grantees to elect to settle these awards either in cash or in SVS. Absent such permitted election, we intend to settle vested grants under the LTIP in SVS (on a one-for-one basis), either with SVS purchased in the open market or issued from treasury (up to a maximum aggregate of 29.0 million SVS). As of December 31, 2023, 9.9 million SVS remain reserved for issuance from treasury under the LTIP, covering potential issuances of SVS for outstanding awards and for potential future award grants.

Celestica Share Unit Plan (CSUP):

Under the CSUP, we may grant RSUs and PSUs to directors and eligible employees. We have the option to settle vested RSUs and PSUs issued thereunder in SVS (on a one-for-one basis) purchased in the open market, or in cash. We intend to settle vested RSUs and PSUs with SVS.

Employee SBC Expense:

Employee SBC expense may fluctuate from period-to-period to account for, among other things, new grants, forfeitures resulting from employee terminations or resignations, and the recognition of accelerated SBC expense for employees eligible for retirement. The portion of employee SBC expense that relates to performance-based compensation is subject to adjustment in any period to reflect changes in the estimated level of achievement of pre-determined performance

goals and financial targets. Based on reviews of the status of the non-market performance vesting condition and modifier, we recorded a $12.3 expense in 2022 and a $14.7 expense in 2023 to reflect changes in the estimated number of PSUs expected to vest at the beginning of February 2023 and February 2024, respectively. No significant adjustments were recorded in 2021 with respect to PSUs expected to vest at the beginning of February 2022.

We entered into the TRS Agreement to manage our cash flow requirements and exposure to fluctuations in the share price of our SVS in connection with the settlement of certain outstanding equity awards under our SBC plans. See notes 2(o) and 20 for further detail.

Information regarding employee SBC expense and TRS FVAs for the years indicated is set forth below:


	Year ended December 31
	2021		2022		2023
Employee SBC expense in cost of sales	$	13.0	$	20.3	$	22.6
Employee SBC expense in SG&A	20.4		30.7		33.0
Total employee SBC expense	$	33.4	$	51.0	$	55.6

TRS FVAs (gains) in cost of sales	$	—	$	—	$	(18.6)
TRS FVAs (gains) in SG&A	—		—		(27.0)
Total TRS FVAs (gains)	$	—	$	—	$	(45.6)

Combined effect of employee SBC expense and TRS FVAs	$	33.4	$	51.0	$	10.0

For RSUs and DSUs issued to eligible directors under our Directors’ Share Compensation Plan (DSC Plan), see paragraph (c) below.

(i) Stock options:

We are permitted to grant stock options under our LTIP. Stock options are granted at prices equal to the closing market price on the day prior to the grant date and are exercisable during a period not to exceed 10 years from the grant date. Stock option grants and exercises were as follows for the years indicated:


	Number of Options	Weighted Average Exercise Price*
	(in millions)
Outstanding at January 1, 2021	0.34	$	12.78
Granted	0.09	$	10.58
Exercised	(0.02)	$	6.54

Outstanding at December 31, 2021	0.41	$	12.70

Exercised	(0.02)	$	6.36

Outstanding at December 31, 2022	0.39	$	12.38

Exercised	(0.02)	$	10.58
Outstanding at December 31, 2023	0.37	$	12.72

The following stock options* were outstanding as at December 31, 2023:

Range of Exercise Prices

Outstanding
Options

Weighted Average
Exercise Price

Weighted Average Remaining Life
of Outstanding Options

Exercisable
Options

Weighted Average
Exercise Price

(in millions)

(years)

(in millions)

$10.58 to $13.23

0.4

12.72

2.8

0.3

$13.03

* The exercise prices were determined by converting the grant date fair value into U.S. dollars at the 2023 year-end exchange rate.

We amortize the estimated grant date fair value of stock options to expense over the vesting period (generally 4 years). The grant date fair value of stock options granted in 2021 was determined using the Black-Scholes option pricing model and the following assumptions: risk-free interest rate (based on U.S. government bond yields) of 1.09%, expected volatility of the market price of our shares (based on historical volatility of our share price) of 43%, and the expected option life of 7 years (based on historical option holder behavior). No stock options were granted in 2022 or 2023.

In February 2024, 0.3 million stock options were exercised.

(ii) RSUs and PSUs:

We grant RSUs and PSUs to employees pursuant to our LTIP and CSUP. Each vested RSU and PSU generally entitles the holder to receive one SVS. See note 2(l). We amortize the grant date fair value of RSUs and PSUs to expense over the vesting period. The grant date fair value of RSUs is based on the market value of our SVS at the time of grant. With respect to PSUs, employees are granted a target number of PSUs (set forth for the years indicated in the table below). The number of PSUs that will actually vest will vary from 0% to 200% of the target amount granted based on the level of achievement of the relevant performance conditions, including: (i) for 2021 and 2022 grants, a pre-determined non-market performance measurement and modifier and a relative TSR modifier; and (ii) commencing in 2023, a different pre-determined non-market performance measurement and a relative TSR modifier (described in note 2(l)). The grant date fair value of the TSR modifier was based on a Monte Carlo simulation model and a premium of 118% for 2023 (2022 — 116%; 2021 — 109%). The grant date fair value of the non-TSR-based performance measurement and modifier (where applicable) was based on the market value of our SVS at the time of grant and is subject to adjustment to reflect changes in the estimated level of achievement related to the applicable performance condition. Vested awards were settled with SVS purchased in the open market by a broker, or issued from treasury.

The assumptions used in the measurement of the grant date fair values of PSUs were as follows:


	Year ended December 31
	2021		2022		2023
Expected volatility	49	%	52	%	53	%
Expected life	3 years		3 years		3 years
Risk-free interest rate (based on 3-year Treasury bonds)	0.2	%	1.4	%	3.9	%

Information regarding aggregate RSU, PSU and stock option grants to employees, as applicable, for the years indicated is set forth below:


	Year ended December 31
	2021		2022		2023
RSUs Granted:
Number of awards (in millions)	3.0		2.0		2.0
Weighted average grant date fair value per unit	$	8.36	$	12.17	$	13.20

PSUs Granted:
Number of awards (in millions, representing 100% of target)	2.9		1.3		1.3
Weighted average grant date fair value per unit	$	9.49	$	14.27	$	15.06



Stock Options Granted:
Number of awards (in millions)	0.1		—		—
Weighted average grant date fair value per option	$	4.22	$	—	$	—
	December 31
	2021		2022		2023
Number of outstanding RSUs (in millions)	4.6		3.8		3.2
Number of outstanding PSUs (in millions, representing 100% of target granted)	6.1		5.1		4.6

In 2023, we settled a portion of RSUs and PSUs that vested during the year with a cash payment of $49.8. In 2023, we also made a cash payment of $7.7 for the withholding taxes in connection with the RSUs and PSUs that vested during the year. See below for our cash settlement of Onex's DSUs in October 2023.

We grant DSUs to certain members of our Board (and Onex prior to the termination of the Services Agreement on September 3, 2023) under our DSC Plan. DSUs granted to directors may be settled with SVS (on a one-for-one basis) purchased in the open market, or with cash (at the discretion of the Company). We also grant RSUs (under specified circumstances) to certain directors as compensation under the DSC Plan. RSUs granted to directors vest ratably over a three-year period and are governed by the terms of our LTIP. Each vested RSU generally entitles the holder thereof to one SVS (see note 2(l)). In connection with the retirement of Carol Perry from our Board and the retirement of William A. Etherington from our Board and from the Board of Directors of Onex, the 0.2 million DSUs held by Ms. Perry and the 0.5 million DSUs held by Mr. Etherington were settled with SVS on a one-for-one basis in June 2023. In connection with the termination of the Services Agreement, we paid Onex approximately $9.2 in cash in October 2023 to settle Onex’s then-outstanding DSUs. In connection with the retirement of Eamon Ryan from our Board, 0.03 million RSUs and 0.3 million DSUs held by Mr. Ryan were settled with SVS on a one-for-one basis in April 2022 and July 2022, respectively.

Information regarding director SBC expense for the years indicated is set forth below:


	Year ended December 31
	2021		2022		2023
Director SBC expense in SG&A (1)	$	2.1	$	2.2	$	2.4



DSUs Granted:
Number of awards (in millions)	0.1		0.1		0.1
Weighted average grant date fair value per unit	$	8.98	$	10.18	$	17.72



RSUs Granted:
Number of awards (in millions)	0.05		0.04		0.02
Weighted average grant date fair value per unit	$	8.92	$	10.44	$	18.15
	December 31
	2021		2022		2023
Number of DSUs outstanding (in millions)	2.2		2.1		1.1
Number of RSUs issued to directors outstanding (in millions)	0.1		0.1		0.1

(1) Expense consists of director compensation to be settled with SVS, or SVS and cash, as elected by each director.

Goodwill and Intangible Assets - Changes to the Net Book Value of Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in intangible assets and goodwill [abstract]
Goodwill at beginning of period		$ 321.8
Intangible assets, beginning balance	$ 706.2	668.3	$ 706.2
Additions		11.4	1.9
Adjustment to acquisitions through business combination			0.5
Amortization		(39.6)	(40.1)	$ (25.5)
Foreign exchange and other		(0.1)	(0.2)
Goodwill at end of period		321.7	321.8
Intangible assets, ending balance		640.0	668.3	706.2
PCI
Changes in intangible assets and goodwill [abstract]
Adjustment to acquisitions through business combination - goodwill	(2.2)
PCI \| Customer Intangible Assets
Changes in intangible assets and goodwill [abstract]
Changes to preliminary purchase price allocation	2.7
Goodwill
Changes in intangible assets and goodwill [abstract]
Goodwill at beginning of period	324.2	321.8	324.2
Adjustment to acquisitions through business combination - goodwill			(2.2)
Foreign exchange and other		(0.1)	(0.2)
Goodwill at end of period		321.7	321.8	324.2
Other intangible assets
Changes in intangible assets and goodwill [abstract]
Intangible assets, beginning balance	371.5	337.2	371.5
Additions		0.0	0.0
Adjustment to acquisitions through business combination			2.7
Amortization		(36.8)	(37.0)
Foreign exchange and other		0.0	0.0
Intangible assets, ending balance		300.4	337.2	371.5
Computer software assets
Changes in intangible assets and goodwill [abstract]
Intangible assets, beginning balance	$ 10.5	9.3	10.5
Additions		11.4	1.9
Adjustment to acquisitions through business combination			0.0
Amortization		(2.8)	(3.1)
Foreign exchange and other		0.0	0.0
Intangible assets, ending balance		$ 17.9	$ 9.3	$ 10.5

Reporting Entity	12 Months Ended
Reporting Entity	Dec. 31, 2023
General Information About Financial Statements [Abstract]
Reporting Entity	REPORTING ENTITY: Celestica Inc. (referred to herein as Celestica, the Company, we, us, or our) is incorporated in Ontario with its corporate headquarters located in Toronto, Ontario, Canada. Our subordinate voting shares (SVS) are listed on the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE). Our operating and reportable segments consist of our Advanced Technology Solutions (ATS) segment and our Connectivity & Cloud Solutions (CCS) segment. See note 25 for further detail regarding segment information.

Capital Stock - Schedule of Capital Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares Outstanding [Roll Forward]
Proceeds from exercise of options	$ 0.3	$ 0.2	$ 0.2
SVS
Number of Shares Outstanding [Roll Forward]
Number of shares issued, beginning balance (in shares)	103,000,000.0	106,100,000	110,500,000
Number of shares outstanding, beginning balance (in shares)	103,000,000.0	106,100,000	110,500,000
Issued from treasury (in shares)	50,000.00	70,000.00	30,000.00
Cancelled under NCIB (in shares)	(2,700,000)	(3,140,000)	(4,400,000)
Conversion of MVS into SVS in connection with the Secondary Offerings (in shares)	18,600,000
Number of shares issued, ending balance (in shares)	119,000,000.0	103,000,000.0	106,100,000
Number of shares outstanding, ending balance (in shares)	119,000,000.0	103,000,000.0	106,100,000
MVS
Number of Shares Outstanding [Roll Forward]
Number of shares issued, beginning balance (in shares)	18,600,000	18,600,000	18,600,000
Number of shares outstanding, beginning balance (in shares)	18,600,000	18,600,000	18,600,000
Issued from treasury (in shares)	0	0	0
Cancelled under NCIB (in shares)	0	0	0
Conversion of MVS into SVS in connection with the Secondary Offerings (in shares)	(18,600,000)
Number of shares issued, ending balance (in shares)	0	18,600,000	18,600,000
Number of shares outstanding, ending balance (in shares)	0	18,600,000	18,600,000
Options \| SVS
Number of Shares Outstanding [Roll Forward]
Shares issued (in shares)	30,000.00	20,000.00	20,000.00
RSUs \| SVS
Number of Shares Outstanding [Roll Forward]
Shares issued (in shares)	20,000.00	50,000.00	10,000.00
Value of shares issued upon vesting of RSUs	$ 0.2	$ 0.4	$ 0.1

Property, Plant and Equipment - Schedule of Property Plant and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	$ 472.7	$ 371.5	$ 338.7
Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	1,375.5	1,217.0
Accumulated Depreciation and Impairment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	(902.8)	(845.5)
Land
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	21.7	22.2	23.2
Land \| Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	33.7	34.2
Land \| Accumulated Depreciation and Impairment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	(12.0)	(12.0)
Buildings including improvements
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	151.4	139.1	155.5
Buildings including improvements \| Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	402.2	374.6
Buildings including improvements \| Accumulated Depreciation and Impairment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	(250.8)	(235.5)
Machinery and equipment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	299.6	210.2	$ 160.0
Machinery and equipment \| Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	939.6	808.2
Machinery and equipment \| Accumulated Depreciation and Impairment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	$ (640.0)	$ (598.0)

Financial Instruments and Risk Management - Foreign Currency Sensitivity Analysis (Details) - Foreign currency forwards and swaps $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible change in risk variable, percentage	1.00%
Canadian dollar
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible increase in risk variable, impact on net earnings	$ (0.4)
Reasonably possible increase in risk variable, impact on other comprehensive income	1.2
Reasonably possible decrease in risk variable, impact on net earnings	0.4
Reasonably possible decrease in risk variable, impact on other comprehensive income	(1.2)
Euro
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible increase in risk variable, impact on net earnings	0.0
Reasonably possible increase in risk variable, impact on other comprehensive income	(0.2)
Reasonably possible decrease in risk variable, impact on net earnings	0.0
Reasonably possible decrease in risk variable, impact on other comprehensive income	0.2
Thai baht
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible increase in risk variable, impact on net earnings	(0.3)
Reasonably possible increase in risk variable, impact on other comprehensive income	1.1
Reasonably possible decrease in risk variable, impact on net earnings	0.3
Reasonably possible decrease in risk variable, impact on other comprehensive income	(1.1)
Mexican peso
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible increase in risk variable, impact on net earnings	0.0
Reasonably possible increase in risk variable, impact on other comprehensive income	0.4
Reasonably possible decrease in risk variable, impact on net earnings	0.0
Reasonably possible decrease in risk variable, impact on other comprehensive income	$ (0.4)

Commitments, Contingencies and Guarantees - Future Minimum IT Support Payments (Details) $ in Millions	Dec. 31, 2023 USD ($)
Disclosure of other provisions [line items]
Total future minimum payments	$ 90.1
2024
Disclosure of other provisions [line items]
Total future minimum payments	22.6
2025
Disclosure of other provisions [line items]
Total future minimum payments	18.3
2026
Disclosure of other provisions [line items]
Total future minimum payments	12.8
2027
Disclosure of other provisions [line items]
Total future minimum payments	11.4
2028
Disclosure of other provisions [line items]
Total future minimum payments	9.7
Thereafter
Disclosure of other provisions [line items]
Total future minimum payments	$ 15.3

Provisions

12 Months Ended

Dec. 31, 2023

Disclosure of other provisions [abstract]

Provisions

PROVISIONS:

Our provisions include restructuring, warranty, legal and other provisions (described in note 2(k)). We include details of our restructuring provision in note 15(a). The following chart details the changes in our provisions for the year indicated:


	Restructuring		Warranty		Legal (i)		Other(ii)		Total
Balance — December 31, 2022	$	5.8	$	31.8	$	0.8	$	8.6	$	47.0
Provisions	9.6		19.6		3.2		1.7		34.1
Reversal of prior year provisions(iii)	—		(4.9)		—		—		(4.9)
Payments/usage	(11.8)		(3.0)		—		(0.3)		(15.1)
Accretion, foreign exchange and other	—		0.1		—		0.2		0.3
Balance — December 31, 2023	$	3.6	$	43.6	$	4.0	$	10.2	$	61.4
Current	$	3.6	$	16.0	$	4.0	$	—	$	23.6
Non-current(iv)	—		27.6		—		10.2		37.8
December 31, 2023	$	3.6	$	43.6	$	4.0	$	10.2	$	61.4

(i) Legal represents our aggregate provisions recorded for various legal actions based on our estimates of the likely outcomes.

(ii) Other represents our asset retirement obligations relating to properties that we currently lease.

(iii) During 2023, we reversed prior year warranty provisions primarily as a result of expired warranties and changes in estimated costs based on historical experience.

(iv) Non-current balances are included in provisions and other non-current liabilities on our consolidated balance sheet.

At the end of each reporting period, we evaluate the appropriateness of our provisions, and make adjustments as required to reflect actual experience or changes in our estimates.

Other Charges, Net of Recoveries

12 Months Ended

Dec. 31, 2023

Other Charges, Net of Recoveries

OTHER CHARGES, NET OF RECOVERIES:


	Year ended December 31
	2021		2022		2023
Restructuring charges, net of recoveries (a)	$	10.5	$	8.4	$	11.2

Transition Costs (Recoveries) (b)	1.2		(2.1)		3.9
Credit Facility-related charges (c)	3.0		—		—
Acquisition Costs, net of recoveries (d)	6.1		0.4		1.0
Other recoveries, net of costs (e)	(10.5)		—		(0.9)
	$	10.3	$	6.7	$	15.2

In addition to the items set forth above, other charges, net of recoveries for 2022 included approximately $95 in aggregate charges representing write-downs to inventories, a building and equipment resulting from the fire event described in note 26, as well as equivalent amounts in recoveries, as we expect to fully recover the written-down amounts pursuant to the terms and conditions of our insurance policies. As a result, such event had no net impact on other charges, net of recoveries during 2022. See note 26 for further detail.

(a) Restructuring charges, net of recoveries:

Our restructuring activities in 2023 consisted primarily of actions to adjust our cost base to address reduced levels of demand in certain of our businesses and geographies.

We recorded net restructuring charges of $11.2 in 2023, consisting of: (i) cash restructuring charges of $9.6, primarily for employee termination costs, and (ii) non-cash restructuring charges of $2.9, consisting primarily of the accelerated depreciation of equipment, building improvements and ROU assets related to disengaging programs and vacated properties, offset in part by non-cash restructuring recoveries of $1.3, representing gains on the sale of surplus equipment and certain sublet recoveries in excess of the carrying value of the related leases. Our restructuring provision at December 31, 2023 was $3.6 (December 31, 2022 — $5.8; December 31, 2021 — $6.1), which we recorded in the current portion of provisions on our consolidated balance sheet. See note 10.

We recorded restructuring charges of $8.4 in 2022, consisting of cash charges of $7.5, primarily for employee termination costs, and non-cash charges of $0.9, consisting of the accelerated depreciation of ROU assets in connection with vacated properties and assets related to disengaging programs.

We recorded restructuring charges of $10.5 in 2021, consisting of cash charges of $9.8, primarily for employee termination costs, and net non-cash charges of $0.7 (consisting of non-cash restructuring charges of $1.5 and non-cash restructuring recoveries of $0.8). The non-cash charges consisted primarily of the accelerated depreciation of equipment

related to disengaged programs. The non-cash restructuring recoveries primarily reflect gains on the sale of surplus equipment.

See notes 2(k) and 10 for further details regarding our restructuring provisions.

(b) Transition Costs (Recoveries):

Transition Costs consist of costs recorded in connection with: (i) the transfer of manufacturing lines from closed sites to other sites within our global network; (ii) the sale of real properties unrelated to restructuring actions (Property Dispositions); and (iii) in 2023, the Purchaser Lease Charge (defined below). Transition Costs consist of direct relocation and duplicate costs (such as rent expense, utility costs, depreciation charges, and personnel costs) incurred during the transition periods, as well as cease-use and other costs incurred in connection with idle or vacated portions of the relevant premises that we would not have incurred but for these relocations, transfers and dispositions. Transition Recoveries consist of any gains recorded in connection with Property Dispositions.

In connection with our March 2019 Toronto real property sale, we treated associated relocation and duplicate costs as Transition Costs. As part of such sale, we entered into a 10-year lease with the purchaser of such property for our then-anticipated headquarters, to be built by such purchaser on the site of our former location (Purchaser Lease). However, as previously disclosed, we were informed that due to construction issues, the commencement date of the Purchaser Lease would be delayed beyond the prior target of May 2023. As a result, in November 2022, we extended (on a long-term basis) the lease on our current corporate headquarters (related ROU assets and lease liabilities have been recognized in our consolidated financial statements). Subsequently, we were informed that the Purchaser Lease would commence in June 2024. In the third quarter of 2023 (Q3 2023), we executed a sublease for a portion of the space under the Purchaser Lease. Consistent with our prior treatment of duplicate costs incurred as a result of our 2019 Toronto real property sale, we recorded Transition Costs of $3.9 (Purchaser Lease Charge) in 2023, representing the excess of rental expenses under the Purchaser Lease (with respect to the subleased space) over anticipated rental recoveries under the sublease. See note 24 for a description of our lease obligations under the Purchaser Lease. We recorded nil Transition Recoveries in 2023.

In 2022, we recorded $1.5 of Transition Costs, related primarily to the disposal of assets reclassified as held for sale in Q1 2022, and $3.6 of Transition Recoveries, reflecting the gain on the subsequent disposal of such assets held for sale.

In 2021, we recorded Transition Costs of $1.2, pertaining to the transfer of manufacturing lines from closed sites to other sites within our global network, and nil Transition Recoveries.

Credit Facility-related charges for 2021 consist primarily of a $2.6 charge to accelerate the amortization of unamortized deferred financing costs upon termination of the Terminated Term Loan in connection with our December 2021 amendment to the Credit Facility (described in note 11).

(d) Acquisition Costs (Recoveries):

We incur consulting, transaction and integration costs relating to potential and completed acquisitions. We also incur charges or releases related to the subsequent re-measurement of indemnification assets or the release of indemnification or other liabilities recorded in connection with acquisitions, when applicable. Collectively, these costs, charges and releases are referred to as Acquisition Costs (Recoveries).

We recorded $1.0 of Acquisition Costs in 2023, all related to potential acquisitions, and $0.4 of Acquisition Costs in 2022, all related to our PCI acquisition. We recorded no Acquisition Recoveries in either 2022 or 2023. In 2021, we recorded net Acquisition Costs of $6.1, consisting of $7.3 in costs related to acquisition activities, including $4.8 related to the acquisition of PCI, offset in part by a $1.2 Acquisition Recovery, consisting of a release related to certain indirect tax liabilities previously recorded in connection with our acquisition of Impakt in November 2018.

(e) Other recoveries, net of costs

In 2023, net other recoveries of $0.9 consisted of legal recoveries of $2.7 in connection with the settlement of class action lawsuits (for component parts purchased in prior periods) in which we were a plaintiff (Parts Recoveries), offset in part by an aggregate of $1.8 of costs, substantially all of which consisted of fees and expenses of the Secondary Offerings (see note 12). In 2021, we recorded Parts Recoveries of $10.5.

Accumulated Other Comprehensive Loss, Net of Tax (Tables)

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Disclosure of Detailed Information about Accumulated Other Comprehensive Income


		Year ended December 31
	Note	2021		2022		2023
Opening balance of foreign currency translation account		$	(10.3)	$	(18.0)	$	(24.7)
Foreign currency translation adjustments		(7.7)		(6.7)		(3.4)
Closing balance		(18.0)		(24.7)		(28.1)

Opening balance of unrealized net gain (loss) on currency forward cash flow hedges		$	11.6	$	(1.9)	$	5.3
Net gain (loss) on currency forward cash flow hedges(i)		(5.3)		(5.9)		2.6
Reclassification of net loss (gain) on currency forward cash flow hedges to operations(ii)		(8.2)		13.1		(4.4)
Closing balance(iii)		(1.9)		5.3		3.5

Opening balance of unrealized net gain (loss) on interest rate swap cash flow hedges		$	(16.5)	$	(6.9)	$	13.7
Net gain on interest rate swap cash flow hedges(iv)		2.4		18.1		5.0
Reclassification of net loss (gain) on interest rate swap cash flow hedges to operations		7.2		2.5		(9.0)
Closing balance(v)		(6.9)		13.7		9.7

Actuarial gains (losses) on pension and non-pension post-employment benefit plans	18	$	9.3	$	33.5	$	(7.6)
Reclassification of actuarial losses (gains) to deficit		(9.3)		(33.5)		7.6


Closing balance		—		—		—

Accumulated other comprehensive loss		$	(26.8)	$	(5.7)	$	(14.9)

(i) Net of an income tax expense of nil for 2023 (2022 — net of a $1.6 income tax recovery; 2021 — net of a $0.5 income tax recovery).

(iii) Net of an income tax expense of $1.5 at December 31, 2023 (December 31, 2022 — net of a $0.5 income tax expense; December 31, 2021 — net of $0.1 in income tax recovery).

(iv) Including an income tax recovery of $1.5 for 2023 (2022 — net of $5.0 in income tax expense; 2021 — net of nil income tax expense).

(v) Net of an income tax expense of $3.5 at December 31, 2023 (December 31, 2022 — net of $5.0 in income tax expense; and December 31, 2021 — net of nil income tax expense).

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Classes of current inventories [abstract]
Raw materials	$ 1,885.5	$ 2,130.6
Work in progress	93.6	84.1
Finished goods	127.0	135.6
Current inventories	$ 2,106.1	$ 2,350.3

Income Taxes - Reconciliation of Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Earnings before income taxes	$ 306.6	$ 203.6	$ 136.0
Income tax expense at Celestica’s statutory income tax rate of 26.5% (2021 to 2023)	81.3	54.0	36.1
Foreign income taxed at different rates	(51.4)	(34.1)	(16.9)
Foreign exchange	4.0	5.7	1.2
Other, including non-taxable/non-deductible items and changes to net provisions related to tax uncertainties	19.1	2.9	8.2
Change in tax rates	0.0	0.1	(7.6)
Change in unrecognized tax losses and deductible temporary differences	9.0	29.5	11.1
Income tax expense	62.0	$ 58.1	$ 32.1
Thailand
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Initial percentage of tax exemption (percent)			100.00%
Percentage of tax exemption		50.00%
China
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax expense, repatriated undistributed foreign earnings	$ 11.3	$ 3.3	$ 6.0
Deferred tax expense, repatriated foreign earnings paid in current year		$ 3.3	$ 2.5

Right-Of-Use Assets

12 Months Ended

Dec. 31, 2023

Disclosure of quantitative information about right-of-use assets [abstract]

Right-Of-Use Assets

RIGHT-OF-USE ASSETS:

The following table details the changes to the net book value of ROU assets during the periods shown:


	Land		Buildings		Other		Total
Balance — January 1, 2022	$	10.7	$	101.0	$	2.1	$	113.8
New leases and lease renewals	—		63.0		0.4		63.4

Depreciation	(0.6)		(34.3)		(0.5)		(35.4)
Accelerated depreciation of assets and lease terminations(i)	—		(0.7)		—		(0.7)
Foreign exchange and other	—		(2.2)		(0.1)		(2.3)
Balance — December 31, 2022	10.1		126.8		1.9		138.8
New leases and lease renewals	0.4		52.9		0.4		53.7

Depreciation	(0.6)		(35.9)		(0.5)		(37.0)
Accelerated depreciation of assets and lease terminations(i)	—		(1.1)		—		(1.1)
Foreign exchange and other	—		(0.4)		—		(0.4)
Balance — December 31, 2023	$	9.9	$	142.3	$	1.8	$	154.0

(i) Represents the accelerated depreciation (in each case as restructuring charges) of certain ROU assets in connection with restructuring actions. See note 15(a).

We review the carrying amount of ROU assets for impairment whenever events or changes in circumstances (triggering events) indicate that the carrying amount of such assets (or the related CGU or CGUs) may not be recoverable. If any such indication exists, we test the carrying amount of such assets or CGUs for impairment. We did not identify any triggering event during the course of 2021, 2022 or 2023 indicating that the carrying amount of our ROU assets or related CGUs may not be recoverable. However, we recorded non-cash restructuring charges in 2022 and 2023 to accelerate the depreciation of certain ROU assets related to vacated properties, in connection with our restructuring activities, as described in footnote (i) above and note 15(a).

Credit Facilities and Lease Obligations - Borrowings Under Credit Facilities and Lease Obligations (Details) - USD ($)	1 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 06, 2021	Dec. 05, 2021	Dec. 31, 2020
Borrowings, by type [abstract]
Borrowings and lease liabilities		$ 782,800,000	$ 786,100,000
Current portion		51,600,000	52,200,000
Long-term portion		731,200,000	733,900,000
Letters of credit outstanding		27,000,000.0	41,800,000
Amounts outstanding under available uncommitted bank overdraft facilities		0	0
Disclosure Of Notional Amount Of Derivative [Abstract]
Notional amounts under interest rate swaps (note 20)			684,700,000
Accelerated amortization of deferred financing costs	$ 2,600,000
Current lease liabilities		34,600,000	35,100,000
Non-current lease liabilities		141,900,000	127,300,000
Credit Facility
Borrowings, by type [abstract]
Outstanding borrowings		(608,900,000)	(627,200,000)
Revolver
Borrowings, by type [abstract]
Outstanding borrowings	0	0	0	$ 0		$ (450,000,000.0)	$ 0
Disclosure Of Notional Amount Of Derivative [Abstract]
Notional amounts under interest rate swaps (note 20)		0	0
Term Loans
Borrowings, by type [abstract]
Outstanding borrowings	$ (660,400,000)	(608,900,000)	(627,200,000)	(660,400,000)			$ (470,400,000)
Disclosure Of Notional Amount Of Derivative [Abstract]
Notional amounts under interest rate swaps (note 20)		330,000,000.0	330,000,000.0
Term Loans \| Unamortized debt issuance costs
Borrowings, by type [abstract]
Outstanding borrowings		(2,600,000)	(3,500,000)
Term Loans \| Aggregate Debt Issuance Costs
Disclosure Of Notional Amount Of Derivative [Abstract]
Deferred financing costs		200,000	300,000	1,800,000
Initial Term Loan
Borrowings, by type [abstract]
Outstanding borrowings		(280,400,000)	(280,400,000)		$ (350,000,000.0)
Disclosure Of Notional Amount Of Derivative [Abstract]
Notional amounts under interest rate swaps (note 20)		100,000,000.0	100,000,000.0
Incremental Term Loan
Borrowings, by type [abstract]
Outstanding borrowings		(328,500,000)	(346,800,000)			$ (250,000,000.0)
Disclosure Of Notional Amount Of Derivative [Abstract]
Notional amounts under interest rate swaps (note 20)		230,000,000.0	230,000,000.0
Lease obligations
Borrowings, by type [abstract]
Lease obligations		176,500,000	162,400,000
Outstanding L/Cs and surety bonds outside the Revolver
Borrowings, by type [abstract]
Letters of credit outstanding		16,500,000	23,800,000
Revolving Credit Facility
Borrowings, by type [abstract]
Outstanding borrowings		0	0
Revolving Credit Facility \| Aggregate Debt Issuance Costs
Disclosure Of Notional Amount Of Derivative [Abstract]
Deferred financing costs		200,000	300,000	$ 2,200,000
Revolving Facility Due March 2025
Borrowings, by type [abstract]
Letters of credit outstanding		10,500,000	18,000,000.0
Intraday and Overnight Bank Overdraft Facilities
Borrowings, by type [abstract]
Available uncommitted bank overdraft facilities		$ 198,500,000	$ 198,500,000

Basis of Preparation and Material Accounting Policies - Schedule of useful life of intangible assets (Details)	12 Months Ended
	Dec. 31, 2023
Intellectual property \| Top of range
Disclosure of detailed information about intangible assets [line items]
Estimated useful life of intangible assets	5 years
Intellectual property \| Bottom of range
Disclosure of detailed information about intangible assets [line items]
Estimated useful life of intangible assets	3 years
Other intangible assets \| Top of range
Disclosure of detailed information about intangible assets [line items]
Estimated useful life of intangible assets	15 years
Other intangible assets \| Bottom of range
Disclosure of detailed information about intangible assets [line items]
Estimated useful life of intangible assets	4 years
Computer software assets \| Top of range
Disclosure of detailed information about intangible assets [line items]
Estimated useful life of intangible assets	10 years
Computer software assets \| Bottom of range
Disclosure of detailed information about intangible assets [line items]
Estimated useful life of intangible assets	1 year

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 01, 2021	Nov. 30, 2018	Apr. 30, 2018	Nov. 30, 2016
Disclosure of reconciliation of changes in goodwill [line items]
Impairment loss recognised in profit or loss, intangible assets and goodwill	$ 0	$ 0	$ 0
Term of strategic plan	3 years
Term used to extrapolate cash flow projections (in years)	5 years
Growth rate used to extrapolate cash flow projections (percentage)	2.00%
Goodwill	$ 321,700,000	$ 321,800,000
Impakt Acquisition
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	$ 112,100,000
Acquisitions prior to Impakt acquisition
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill					$ 19,500,000
Karel
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill							$ 3,700,000
Atrenne
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill						$ 62,600,000
PCI
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill				$ 123,800,000

Credit Facilities and Lease Obligations - Other Lease Related Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Borrowings [abstract]
Interest expense on lease obligations	$ 9.6	$ 8.1	$ 6.6
Variable lease payments not included in the measurement of lease obligations	0.7	1.2	0.9
Expenses relating to short-term leases or low-value leases	$ 1.4	$ 1.8	$ 1.5

Basis of Preparation and Material Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure Of Significant Accounting Policies [Abstract]

Disclosure of Detailed Information About Property, Plant and Equipment

We recognize depreciation expense on a straight-line basis over the estimated useful life of the asset as follows:


Buildings			Up to 40 years
Building/leasehold improvements			Up to 40 years or if shorter, term of lease
Machinery and equipment			3 to 15 years

PP&E are comprised of the following:


	2022
	Cost		Accumulated Depreciation and Impairment		Net Book Value
Land	$	34.2	$	12.0	$	22.2
Buildings including improvements	374.6		235.5		139.1
Machinery and equipment	808.2		598.0		210.2
	$	1,217.0	$	845.5	$	371.5


	2023
	Cost		Accumulated Depreciation and Impairment		Net Book Value
Land	$	33.7	$	12.0	$	21.7
Buildings including improvements	402.2		250.8		151.4
Machinery and equipment	939.6		640.0		299.6
	$	1,375.5	$	902.8	$	472.7

The following table details the changes to the net book value of PP&E for the years indicated:


	Land		Buildings including Improvements		Machinery and Equipment		Total
Balance — January 1, 2022	$	23.2	$	155.5	$	160.0	$	338.7

Additions	—		16.5		99.7		116.2

Depreciation	—		(22.1)		(47.1)		(69.2)

Accelerated depreciation of assets and other disposals(i)(ii)	—		(10.1)		(2.0)		(12.1)
Foreign exchange and other	(1.0)		(0.7)		(0.4)		(2.1)
Balance — December 31, 2022(iii)	22.2		139.1		210.2		371.5

Additions	—		39.2		151.0		190.2

Depreciation	—		(23.6)		(60.2)		(83.8)

Accelerated depreciation of assets and other disposals (i)	—		(2.8)		(2.5)		(5.3)
Foreign exchange and other	(0.5)		(0.5)		1.1		0.1
Balance — December 31, 2023(iii)	$	21.7	$	151.4	$	299.6	$	472.7

(i) Includes accelerated depreciation of equipment related to disengaged programs in 2022 and 2023 (recorded in each case as restructuring charges), as described in note 15(a).

(ii) Includes the disposal of a building located in Asia ($8.1, attributable to our CCS segment).

(iii) Total PP&E amount includes $35.0 of construction in progress at December 31, 2023 (December 31, 2022 — $19.7).

Disclosure of Detailed Information About Intangible Assets

We amortize these assets on a straight-line basis over their estimated useful lives as follows:


Intellectual property			3 to 5 years
Other intangible assets			4 to 15 years
Computer software assets			1 to 10 years

Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2023

Operating Segments [Abstract]

Revenues by Reportable Segment

Information regarding each reportable segment for the periods indicated is set forth below:


Revenue by segment:	Year ended December 31
	2021				2022				2023
			% of Total				% of Total				% of Total
ATS	$	2,315.1	41%		$	2,979.0	41%		$	3,319.8	42%
CCS	3,319.6		59%		4,271.0		59%		4,641.2		58%
Communications revenue as a % of total revenue			40	%			40	%			33	%
Enterprise revenue as a % of total revenue			19	%			19	%			25	%
Total	$	5,634.7			$	7,250.0			$	7,961.0

Information by Reportable Segment


Segment income, segment margin, and reconciliation of segment income to IFRS earnings before income taxes:	Year ended December 31
	2021				2022				2023
			Segment Margin				Segment Margin				Segment Margin
ATS segment income and margin	$	105.0	4.5	%	$	140.9	4.7	%	$	156.1	4.7	%
CCS segment income and margin	128.9		3.9	%	217.1		5.1	%	289.1		6.2	%
Total segment income	233.9				358.0				445.2

Reconciling items:
Finance costs	31.7				59.7				76.6
Employee SBC expense (note 12)	33.4				51.0				55.6
TRS FVAs (gains) (note 12)	—				—				(45.6)
Amortization of intangible assets (excluding computer software)	22.5				37.0				36.8
Other charges, net of recoveries (note 15)	10.3				6.7				15.2
IFRS earnings before income taxes	$	136.0			$	203.6			$	306.6

Disclosure of Geographical Areas

The following table details our external revenue allocated by manufacturing location among countries that generated 10% or more of total revenue for the years indicated:


	Year ended December 31
	2021		2022		2023

Thailand	36	%	44	%	46	%
China	16	%	11	%	*
Malaysia	13	%	12	%	11	%
Canada	*		*		*

* Less than 10%.

The following table details our allocation of PP&E and ROU assets among countries that represented 10% or more of total PP&E and ROU assets for the years indicated:


	December 31
	2022		2023

Thailand	18	%	25	%



United States	25	%	24	%
Canada	*		*

* Less than 10%.

The following table details our allocation of intangible assets and goodwill among countries that represented 10% or more of total intangible assets and goodwill for the years indicated:


	December 31
	2022		2023
United States	48	%	48	%
Singapore	42	%	41	%
Canada	*		*

* Less than 10%.

Expenses By Nature

12 Months Ended

Dec. 31, 2023

Classes of current inventories [abstract]

Expenses By Nature

EXPENSES BY NATURE:

We have presented our consolidated statement of operations by function. Items included in our cost of sales and SG&A for the years indicated are set forth below:


	Year ended December 31
	2021		2022		2023
Employee-related costs	$	819.4	$	955.8	$	1,028.7
SBC expense included in above employee-related costs	33.4		51.0		55.6
Freight and transportation costs	142.5		186.1		144.0
Depreciation expense (i)	100.8		104.6		120.8
Rental expense (i)	2.4		3.0		2.1

(i) The amortization of ROU assets is included in depreciation expense. See note 7. We expense the costs of low-value and short-term leases in our consolidated statement of operations on a straight-line basis as rental expense. See note 11 for disclosure of these lease expenses.

Expenses By Nature (Details) - USD ($) $ in Millions	12 Months Ended
Expenses By Nature (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Analysis of income and expense [abstract]
Employee-related costs	$ 1,028.7	$ 955.8	$ 819.4
SBC expense included in above employee-related costs	55.6	51.0	33.4
Freight and transportation costs	144.0	186.1	142.5
Depreciation expense	120.8	104.6	100.8
Rental expense	$ 2.1	$ 3.0	$ 2.4

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 370.4	$ 374.5
Accounts receivable	1,795.7	1,393.5
Inventories	2,106.1	2,350.3
Income taxes receivable	11.9	5.9
Other current assets	228.5	202.8
Total current assets	4,512.6	4,327.0
Property, plant and equipment	472.7	371.5
Right-of-use assets	154.0	138.8
Goodwill	321.7	321.8
Intangible assets	318.3	346.5
Deferred income taxes	62.5	68.9
Other non-current assets	48.9	53.5
Total assets	5,890.7	5,628.0
Current liabilities:
Current portion of borrowings under credit facility & lease obligations	51.6	52.2
Accounts payable	1,298.2	1,440.8
Accrued and other current liabilities	1,781.3	1,462.2
Income taxes payable	64.8	82.1
Current portion of provisions	23.6	17.9
Total current liabilities	3,219.5	3,055.2
Long-term portion of borrowings under credit facility & lease obligations	731.2	733.9
Pension and non-pension post-employment benefit obligations	88.1	77.0
Provisions and other non-current liabilities	41.2	32.5
Deferred income taxes	42.2	51.7
Total liabilities	4,122.2	3,950.3
Equity:
Capital stock	1,672.5	1,714.9
Treasury stock	(80.1)	(18.5)
Contributed surplus	1,030.6	1,063.6
Deficit	(839.6)	(1,076.6)
Accumulated other comprehensive loss	(14.9)	(5.7)
Total equity	1,768.5	1,677.7
Total liabilities and equity	$ 5,890.7	$ 5,628.0

Segment and Geographic Information - Customers by Percentage of Total Revenue (Details) - customer	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue \| Customer One
Disclosure of major customers [line items]
Percentage of revenue attributable to customer (percent)	22.00%	11.00%
Revenue \| Customer Two
Disclosure of major customers [line items]
Percentage of revenue attributable to customer (percent)		11.00%
Revenue \| Customer Concentration Risk
Disclosure of major customers [line items]
Number of customers	1	2	0
Accounts Receivable \| Customer Concentration Risk \| CCS Segment Customer
Disclosure of major customers [line items]
Number of customers		1
Accounts Receivable \| Customer Concentration Risk \| CCS Segment Customer & ATS Segment Customer
Disclosure of major customers [line items]
Number of customers	2

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity Shell Company	false
Entity File Number	1-14832
Entity Registrant Name	CELESTICA INC.
Entity Incorporation, State or Country Code	A6
Country of incorporation	Canada
Entity Address, Address Line One	5140 Yonge Street, Suite 1900
Entity Address, City or Town	Toronto
Entity Address, State or Province	ON
Entity Address, Country	CA
Entity Address, Postal Zip Code	M2N 6L7
Contact Personnel Email Address	clsir@celestica.com
Title of 12(b) Security	Subordinate Voting Shares
Trading Symbol	CLS
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001030894
Document Financial Statement Error Correction [Flag]	false
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	5140 Yonge Street, Suite 1900
Entity Address, City or Town	Toronto
Entity Address, State or Province	ON
Entity Address, Country	CA
Entity Address, Postal Zip Code	M2N 6L7
Contact Personnel Name	Craig Oberg
City Area Code	416
Local Phone Number	448-2211
SVS
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	118,952,174
MVS
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	0
Preference Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	0

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Current Inventory

Inventories are comprised of the following:


	December 31
	2022		2023
Raw materials	$	2,130.6	$	1,885.5
Work in progress	84.1		93.6
Finished goods	135.6		127.0
	$	2,350.3	$	2,106.1

Capital Stock - Schedule of Stock Option Transactions (Details)	12 Months Ended
	Dec. 31, 2023 shares $ / shares	Dec. 31, 2022 shares $ / shares	Dec. 31, 2021 shares $ / shares
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares) \| shares	390,000	410,000	340,000
Granted (in shares) \| shares	0	0	90,000.00
Exercised (in shares) \| shares	(20,000.00)	(20,000.00)	(20,000.00)
Outstanding, ending balance (in shares) \| shares	370,000	390,000	410,000
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Weighted-Average Exercise Price [Roll Forward]
Weighted average exercise price, beginning balance (in dollars per share) \| $ / shares	$ 12.38	$ 12.70	$ 12.78
Weighted average exercise price, granted (in dollars per share) \| $ / shares			10.58
Weighted average exercise price, exercised (in dollars per share) \| $ / shares	10.58	6.36	6.54
Weighted average exercise price, beginning balance (in dollars per share) \| $ / shares	$ 12.72	$ 12.38	$ 12.70

Pension and Non-pension Post-employment Benefit Plans - Schedule of Non-pension Post-employment Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of defined benefit plans [line items]
Plan contributions	$ 14.3	$ 16.4	$ 17.7
Estimated contribution	14.0
Defined Contribution Plan
Disclosure of defined benefit plans [line items]
Plan contributions	12.7	12.3	11.6
Estimated contribution	12.7
Other benefit plans
Disclosure of defined benefit plans [line items]
Plan contributions	5.4	3.2	3.6
Estimated contribution	4.6
Pension Plan
Disclosure of defined benefit plans [line items]
Plan contributions	1.6	$ 4.1	$ 6.1
Estimated contribution	$ 1.3

Accounts Receivable	12 Months Ended
Accounts Receivable	Dec. 31, 2023
Trade and other non-current receivables [abstract]
Accounts Receivable	ACCOUNTS RECEIVABLE: A/R sales program and supplier financing programs (SFPs): We are party to an A/R sales program agreement with a third-party bank to sell up to $450.0 (increased in March 2023 from the prior limit of $405.0) in A/R on an uncommitted, revolving basis, subject to pre-determined limits by customer. This agreement provides for automatic annual one-year extensions. This agreement may be terminated at any time by the bank or by us upon 3 months’ prior notice, or by the bank upon specified defaults. We are required to comply with covenants, including those relating to the fulfillment of payment obligations and restrictions on the sale, assignment or creation of liens, with respect to A/R sold under this agreement. At December 31, 2023 and December 31, 2022, we were in compliance with these covenants. Under our A/R sales program, we continue to collect cash from our customers and remit amounts collected to the bank weekly. As of December 31, 2023, we participate in three customer SFPs, one with a CCS segment customer and two with ATS segment customers. Pursuant to the SFPs, we sell A/R from the relevant customer to third-party banks on an uncommitted basis. The SFPs have indefinite terms and may be terminated at any time by the customer or by us upon specified prior notice. We utilize the SFPs to substantially offset the effect of extended payment terms required by these customers on our working capital for the period. Under our SFPs, the third-party banks collect the relevant receivables directly from the customers. At December 31, 2023, we sold nil A/R (December 31, 2022 — $245.6) under our A/R sales program and $18.6 of A/R (December 31, 2022 — $105.6) under our SFPs. The A/R sold under each of these programs are de-recognized from our A/R balance, and the proceeds are reflected as cash provided by operating activities in our consolidated statement of cash flows. Upon sale, we assign the rights to the A/R to the banks. A/R are sold net of discount charges, which are recorded as finance costs in our consolidated statement of operations. Contract assets: At December 31, 2023, our A/R balance included $250.8 (December 31, 2022 — $292.9) of contract assets recognized as revenue in accordance with our revenue recognition accounting policy.

Weighted Average Number of Shares Diluted (Tables)

12 Months Ended

Dec. 31, 2023

Earnings per share [abstract]

Disclosure of Weighted Average Diluted Shares


(in millions)	2021	2022	2023
Weighted average number of shares (basic)	126.7	123.5	120.1
Dilutive effect of outstanding awards under SBC plans	—	0.1	0.2
Weighted average number of shares (diluted)	126.7	123.6	120.3

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Income Taxes

INCOME TAXES


	Year ended December 31
	2021		2022		2023
Current income tax expense:
Current year (i)	$	44.3	$	99.1	$	66.4
Adjustments for prior years, including changes to net provisions related to tax uncertainties (ii)	(3.4)		(10.4)		(2.5)
	40.9		88.7		63.9
Deferred income tax expense (recovery):
Origination and reversal of temporary differences (i) (iii)	1.3		(22.3)		(1.3)
Changes in previously unrecognized tax losses and deductible temporary differences, including adjustments for prior years	(10.1)		(8.3)		(0.6)
	(8.8)		(30.6)		(1.9)
Income tax expense	$	32.1	$	58.1	$	62.0

A reconciliation of income taxes calculated at the statutory income tax rate to the income tax expense at the effective tax rate is as follows:


	Year ended December 31
	2021		2022		2023

Earnings before income taxes	$	136.0	$	203.6	$	306.6
Income tax expense at Celestica’s statutory income tax rate of 26.5% (2021 to 2023)	$	36.1	$	54.0	$	81.3
Impact on income taxes from:

Foreign income taxed at different rates	(16.9)		(34.1)		(51.4)
Foreign exchange	1.2		5.7		4.0

Other, including non-taxable/non-deductible items and changes to net provisions related to tax uncertainties (i) (ii)	8.2		2.9		19.1
Change in tax rates (iii)	(7.6)		0.1		—
Change in unrecognized tax losses and deductible temporary differences	11.1		29.5		9.0
Income tax expense	$	32.1	$	58.1	$	62.0

Our effective income tax rate can vary significantly period-to-period for various reasons, including as a result of the mix and volume of business in various tax jurisdictions within the Americas, Europe and Asia, in jurisdictions with tax holidays and tax incentives, and in jurisdictions for which no net deferred income tax assets have been recognized because management believes it is not probable that future taxable profit will be available against which tax losses and deductible temporary differences could be utilized. Our effective income tax rate can also vary due to the impact of restructuring charges, foreign exchange fluctuations, operating losses, cash repatriations, and changes in our provisions related to tax uncertainties.

During 2023, we recorded net income tax expense of $62.0, which included a $11.3 tax expense arising from both the repatriation of undistributed earnings and taxable temporary differences associated with the anticipated repatriation of undistributed earnings from certain of our Asian subsidiaries, and a $4.8 tax expense for tax uncertainties relating to one of our Asian subsidiaries, partially offset by the favorable impact of $5.5 in reversals of previously-recorded tax uncertainties in another of our Asian subsidiaries. Taxable foreign exchange impacts were not significant in 2023. Withholding tax of $5.8 associated with the repatriation of undistributed earnings from certain of our Asian subsidiaries in 2023 (realized as current tax) was fully offset by the reversal of previously accrued deferred taxes from the then-anticipated repatriation of such undistributed earnings.

During 2022, we recorded net income tax expense of $58.1, which was favorably impacted by $4.9 in reversals of tax uncertainties in one of our Asian subsidiaries, which was more than offset by an adverse $3.5 taxable foreign exchange impact arising primarily from the weakening of the Chinese renminbi relative to the U.S. dollar, our functional currency, and a $3.3 Repatriation Expense related to certain of our Chinese subsidiaries. Withholding tax of $10.3 associated with the repatriation of undistributed earnings from certain of our Chinese subsidiaries in 2022 (realized as current tax) was fully

offset by the reversal of previously accrued deferred taxes from the then-anticipated repatriation of such undistributed earnings.

During 2021, we recorded net income tax expense of $32.1, which included a $7.6 Revaluation Impact (defined in footnote (iii) above), largely offset by a $6.0 Repatriation Expense related to certain of our Chinese subsidiaries. Taxable foreign exchange impacts were not significant in 2021.

Changes in deferred tax assets and liabilities for the periods indicated are as follows:


	Unrealized foreign exchange gains		Accounting provisions not currently deductible		Pensions and non-pension post-retirement benefits		Tax losses carried forward		Property, plant and equipment and intangibles		Other		Reclassification between deferred tax assets and deferred tax liabilities(i)		Total
Deferred tax assets:
Balance — January 1, 2022	$	—	$	17.7	$	2.8	$	69.2	$	—	$	1.2	$	(43.2)	$	47.7
Credited (charged) to net earnings	—		13.7		2.8		(10.7)		—		17.4		—		23.2
Credited directly to equity	—		—		4.4		0.4		—		(5.1)		—		(0.3)

Effects of foreign exchange	—		(0.5)		—		(1.9)		—		(0.2)		—		(2.6)
Other	—		—		—		—		—		—		0.9		0.9
Balance — December 31, 2022	—		30.9		10.0		57.0		—		13.3		(42.3)		68.9
Credited (charged) to net earnings	—		(1.4)		(2.4)		(8.3)		—		8.1		—		(4.0)
Credited (charged) directly to equity	—		—		(0.1)		—		—		0.7		—		0.6

Effects of foreign exchange	—		(0.6)		(0.1)		0.2		—		1.0		—		0.5
Other	—		(0.1)		—		—		—		—		(3.4)		(3.5)
Balance — December 31, 2023	$	—	$	28.8	$	7.4	$	48.9	$	—	$	23.1	$	(45.7)	$	62.5
Deferred tax liabilities:
Balance — January 1, 2022	$	27.2	$	—	$	—	$	—	$	76.2	$	—	$	(43.2)	$	60.2
Charged (credited) to net earnings	(5.0)		—		—		—		(2.4)		—		—		(7.4)


Effects of foreign exchange	(1.7)		—		—		—		(0.7)		—		—		(2.4)
Other	—		—		—		—		0.4		—		0.9		1.3
Balance — December 31, 2022	20.5		—		—		—		73.5		—		(42.3)		51.7
Charged (credited) to net earnings	2.1		—		—		—		(8.0)		—		—		(5.9)


Effects of foreign exchange	0.5		—		—		—		(0.7)		—		—		(0.2)
Other	—		—		—		—		—		—		(3.4)		(3.4)
Balance — December 31, 2023	$	23.1	$	—	$	—	$	—	$	64.8	$	—	$	(45.7)	$	42.2

The amount of deductible temporary differences and unused tax losses for which no deferred tax assets have been recognized at December 31, 2023 was $1,591.5 (December 31, 2022 — $1,688.9). We have not recognized deferred tax assets in respect of these items because, based on management’s estimates, it is not probable that future taxable profit will be available against which we can utilize the benefits. A portion of our unused tax losses expires between 2024 and 2043 and a portion can be carried forward indefinitely. Deductible temporary differences do not expire under current applicable tax legislation.

At December 31, 2023, the aggregate amount of temporary differences associated with investments in subsidiaries for which we have not recognized deferred tax liabilities is $28.4 (December 31, 2022 — $64.9). At December 31, 2023, we recorded aggregate net deferred tax assets of $0.7 for one of our Asian subsidiaries which realized losses in 2021 — 2023. At December 31, 2022, we recorded aggregate net deferred tax assets of $5.0 for one of our Asian subsidiaries and for our U.S. group of subsidiaries, each of which realized losses in 2021 and 2022. At December 31, 2021, we recorded aggregate net deferred tax assets of $4.9 for one of our Asian subsidiaries which realized losses in 2021, and for our U.S. group of subsidiaries which realized losses in 2019 — 2021. We recognize deferred tax assets based on our estimate of the future taxable profit we expect these subsidiaries to achieve based on our review of financial projections.

Certain countries in which we do business grant tax incentives to attract or retain our business. Our tax expense could increase significantly if certain tax incentives from which we benefit are retracted, or are rendered ineffective as a result of Pillar Two tax increases. A retraction could occur if we fail to satisfy the conditions on which these tax incentives are based, or if they are not renewed or replaced upon expiration. Our tax expense could also increase if tax rates applicable to us in such jurisdictions are otherwise increased, or due to changes in legislation or administrative practices. Changes in our outlook in any particular country could impact our ability to meet the required conditions.

Our tax incentives currently consist of tax exemptions for the profits of our Thailand and Laos subsidiaries. These tax exemptions are subject to certain conditions with which we intend to comply, and expire as described below.

We have four income tax incentives in Thailand. One of these incentives allows for a 50% income tax exemption until its expiration in 2027. The second incentive allows for a 100% income tax and distribution tax exemption for eight years, and expires in 2028. The third incentive allows for a 100% income tax and distribution tax exemption for six years, and expires in 2028. The fourth incentive, a new incentive obtained in 2023 and expected to commence in 2024, allows for a 100% income tax and distribution tax exemption for six years. Our tax incentive in Laos allows for a 100% income tax exemption until 2025, and a reduced income tax rate of 8% thereafter. Upon full expiry of each of the incentives, taxable profits associated with such incentives become fully taxable. The aggregate tax benefit arising from all of our tax incentives was approximately $40 for 2023 (2022 — $21; 2021 — $15).

See note 24 for contingencies regarding a Romanian income and value-added tax matter.

Capital Stock - Schedule of Repurchase Activities under NCIB and SVS Held for Delivery under SBC Plans (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Disclosure of terms and conditions of share-based payment arrangement [line items]

Aggregate cost of SVS repurchased for delivery under SBC plans

$ 35.6

$ 34.6

$ 35.9

89.8

^[1]

11.1

^[2]

54.4

^[3]

SVS

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of SVS repurchased for cancellation (in millions) (in shares)

$ 35.6

$ 34.6

$ 35.9

2,600

3,400

4,400

Weighted average price per share for repurchases (in dollars per share)

$ 13.83

$ 10.45

$ 8.21

Aggregate cost of SVS repurchased for delivery under SBC plans

$ 82.3

$ 44.9

$ 20.6

Number of SVS repurchased for delivery under SBC plans (in millions) (in shares)

3,700

3,900

1,900

Number of SVS held by trustee for delivery under SBC plans (in millions) (in shares)

3,300

1,500

1,400

Value of SVS held by trustee for delivery under SBC plans

$ 72.6

$ 16.7

$ 15.1

Number of SVS repurchased for cancellation (in millions) (in shares)

2,700

3,140

4,400

Accrual for repurchase of stock under automatic share purchase plan

$ 2.7

SVS | 2020 NCIB

Disclosure of terms and conditions of share-based payment arrangement [line items]

Accrual for repurchase of stock under automatic share purchase plan

$ 7.5

$ 15.0

SVS | NICB ASPP

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of SVS repurchased for cancellation (in millions) (in shares)

900

2,500

2,800

SVS | 2021 SBC ASPP

Disclosure of terms and conditions of share-based payment arrangement [line items]

Accrual for repurchase of stock under automatic share purchase plan

$ 33.8

SVS | SBC ASPP

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of SVS repurchased for delivery under SBC plans (in millions) (in shares)

3,700

3,900

700

[1]	Consists of $82.3 paid to repurchase SVS for delivery obligations under our SBC plans in 2023 and $7.5 accrued at December 31, 2023 for the estimated Contractual Maximum Quantity under an ASPP executed in September 2023 for such purpose. See note 12.
[2]	Consists of $44.9 paid to repurchase SVS for delivery obligations under our SBC plans in 2022, offset in part by the reversal of the $33.8 2021 SBC Accrual. See note 12.
[3]	Consists of $20.6 paid to repurchase SVS for delivery obligations under our SBC plans in 2021, and $33.8 accrued as of December 31, 2021 for the estimated Contractual Maximum Quantity under an ASPP executed in December 2021 for such purpose (2021 SBC Accrual). See note 12.

Consolidated Statement of Changes in Equity (Parenthetical) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Aggregate cost of SVS repurchased for delivery under SBC plans

$ 35.6

$ 34.6

$ 35.9

89.8

^[1]

11.1

^[2]

54.4

^[3]

SVS

Accrual for repurchase of stock under automatic share purchase plan

35.6

34.6

35.9

2.7

Aggregate cost of SVS repurchased for delivery under SBC plans

$ 82.3

$ 44.9

20.6

SVS issued during period as a result of conversion (in shares)

18,600,000

SVS | 2021 SBC ASPP

Accrual for repurchase of stock under automatic share purchase plan

33.8

SVS | 2020 NCIB

Accrual for repurchase of stock under automatic share purchase plan

$ 7.5

$ 15.0

[1]	Consists of $82.3 paid to repurchase SVS for delivery obligations under our SBC plans in 2023 and $7.5 accrued at December 31, 2023 for the estimated Contractual Maximum Quantity under an ASPP executed in September 2023 for such purpose. See note 12.
[2]	Consists of $44.9 paid to repurchase SVS for delivery obligations under our SBC plans in 2022, offset in part by the reversal of the $33.8 2021 SBC Accrual. See note 12.
[3]	Consists of $20.6 paid to repurchase SVS for delivery obligations under our SBC plans in 2021, and $33.8 accrued as of December 31, 2021 for the estimated Contractual Maximum Quantity under an ASPP executed in December 2021 for such purpose (2021 SBC Accrual). See note 12.

Acquisitions

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about business combination [abstract]

Acquisitions

ACQUISITIONS:

In November 2021, we completed the acquisition of 100% of the shares of PCI Private Limited (PCI), a fully integrated design, engineering and manufacturing solutions provider with five manufacturing and design facilities across Asia. The purchase price for PCI was $314.7, net of $11.4 of cash acquired. The purchase price was funded with a combination of cash and borrowings under our credit facility (see note 11). In the first quarter of 2022 (Q1 2022), we finalized the purchase price allocation for the acquisition. In connection therewith, we made the following changes to our preliminary purchase price allocation: increased the carrying value of customer intangible assets by $2.7, increased deferred income taxes liability by $0.5, and decreased goodwill by $2.2. Goodwill from the acquisition arose primarily from specific knowledge and capabilities of the acquired workforce and expected synergies from the combination of our operations. Such goodwill is attributable to our ATS segment and is not tax deductible.

Details of our final purchase price allocation for the PCI acquisition are as follows:


Accounts receivable and other current assets	$	68.9
Inventories	83.6
PP&E	22.8
Customer intangible assets	176.1
Other non-current assets	6.9
Goodwill	123.8
Accounts payable and accrued liabilities	(121.3)
Other current liabilities	(8.1)
Deferred income taxes and other long-term liabilities	(38.0)
	$	314.7

We engaged third-party consultants to provide valuations of certain inventory, PP&E and intangible assets in connection with our acquisition of PCI. The fair value of the acquired tangible assets was measured by applying the market (sales comparison, brokers' quotes), cost or replacement cost, or income (discounted cash flow) approach, as deemed appropriate. The valuation of the intangible assets by the third-party consultants was primarily based on the income approach using a discounted cash flow model and forecasts based on management's subjective estimates and assumptions. Various Level 2 and 3 data inputs of the fair value measurement hierarchy (defined in note 20) were used in the valuation of the foregoing assets. Annual amortization of intangible assets increased by approximately $18 as a result of the PCI acquisition.

We recorded Acquisition Costs of $1.0 (defined in note 15) in 2023, all related to potential acquisitions, and $0.4 in 2022, all related to our PCI acquisition. We recorded Acquisition Costs of $7.3 during 2021, including $4.8 related to our PCI acquisition, offset in part by a $1.2 Acquisition Recovery (defined in note 15), consisting of the release of certain indirect tax liabilities previously recorded in connection with our acquisition of Impakt Holdings, LLC (Impakt) in November 2018. See note 15(d).

Pension and Non-pension Post-employment Benefit Plans

12 Months Ended

Dec. 31, 2023

Disclosure of information about defined benefit plans [abstract]

Pension and Non-pension Post-employment Benefit Plans

PENSION AND NON-PENSION POST-EMPLOYMENT BENEFIT PLANS:

(a) Plan summaries:

We provide pension and non-pension post-employment benefit plans for our employees. At December 31, 2023, such plans included our pension plan for employees in the United Kingdom (U.K. pension plan), which generally provides participants with stated benefits on retirement based on their pensionable service, either in annuities and/or lump sum payments. The U.K. pension plan is closed to new members, and at December 31, 2023, none (December 31, 2022 — approximately 1%) of such plan members are active employees of the Company. Defined contribution pension plans are

offered to certain employees, mainly in Canada and the U.S. We provide non-pension post-employment benefits (under other benefit plans) to retired and terminated employees in Canada, the U.S., Mexico, Thailand, South Korea, Indonesia and the Philippines. These benefits may include one-time retirement and specified termination benefits, medical, surgical, hospitalization coverage, supplemental health, dental and/or group life insurance.

To mitigate the actuarial and investment risks of our defined benefit pension plans, we purchase annuities from time to time (using existing plan assets) from third party insurance companies for certain, or all, plan participants. The purchase of annuities by the pension plan substantially hedges the financial risks associated with the related pension obligations.

The overall governance of our pension plans is conducted by our Human Resources and Compensation Committee which, through annual reviews, approves material plan changes, reviews funding levels, investment performance, compliance matters and plan assumptions, and ensures that the plans are administered in accordance with local statutory requirements. We have established a Canadian and a U.S. Pension Committee to govern our Canadian and U.S. pension plans respectively. The U.K. pension plan is governed by a Board of Trustees, composed of employee and company representation. Both the Canadian and U.S. Pension Committees, and the U.K. Board of Trustees review funding levels, investment performance and compliance matters for their respective plans. Our pension funding policy is to contribute amounts sufficient, at minimum, to meet local statutory funding requirements. For our defined benefit pension plans (primarily our U.K. pension plan), local regulatory bodies either define the minimum funding requirement or approve the funding plans submitted by us. We may make additional discretionary contributions taking into account actuarial assessments and other factors. The contributions that we make to support ongoing plan obligations are recorded in the respective asset or liability accounts on our consolidated balance sheet.

Our U.K. pension plan requires an actuarial valuation to be completed every three years. The most recent actuarial valuation used a measurement date of April 2022 and was duly completed in 2023.

We currently fund our non-pension post-employment benefit plans as we incur benefit payment obligations thereunder. Excluding our mandatory plans, the most recent actuarial measurements for our largest non-pension post-employment benefit plans were completed using valuation dates of May 2022 (Canada) and January 2022 (U.S.). The next actuarial measurements for these plans will have valuation dates of May 2025 and January 2024, respectively. We accrue the expected costs of providing non-pension post-employment benefits during the periods in which the employees render service. We used a measurement date of December 31, 2023 for the accounting valuation for pension and non-pension post-employment benefits.

Our pension plans are exposed to market risks such as changes in interest rates, inflation, and fluctuations in investment values, as well as financial risks including counterparty risks of financial institutions from which annuities have been purchased for specified plans. See note 20(d). Our plans are also exposed to non-financial risks, including the membership’s mortality and demographic changes, as well as regulatory changes.

We manage the funding level risk of defined benefit pension plans through our asset allocation strategy for each plan. In the U.K., the majority of the obligations under our U.K. pension plan have been hedged with the purchase of annuities with insurance companies as described above, but do not qualify for designation as hedges for application of hedge accounting purposes.

Pension fund assets are invested primarily in fixed income and equity securities. Asset allocation between fixed income and equity securities is adjusted based on the expected life of the plan and the expected retirement dates of the plan participants. Our pension funds do not invest directly in our shares, but may invest indirectly as a result of the inclusion of our shares in certain investment funds. All of our plan assets are measured at their fair value using the fair value hierarchy inputs described in note 20. At December 31, 2023, $30.9 (December 31, 2022 — $32.1) of our plan assets were measured using Level 1 inputs of the fair value hierarchy and $182.6 (December 31, 2022 — $182.0) of our plan assets (comprised of insurance annuities) were measured using Level 3 inputs of the fair value hierarchy. None of our plan assets were measured using Level 2 inputs. Approximately 92% of our plan assets consist of annuities purchased with insurance companies, and assets held with financial institutions with a Standard and Poor’s long-term rating of A or above at December 31, 2023. The annuities purchased for our U.K. Main pension plan are held with financial institutions that are governed by local regulatory bodies. The remaining assets are held with financial institutions where ratings are not available. For these institutions, we monitor counterparty risk based on the diversification of plan assets. These plan assets are maintained in segregated accounts by a custodian that is independent from the fund managers. We believe that the counterparty risk is low.

Plan assets are measured at their fair values; however, the amounts we are permitted to record for defined benefit plan assets may be restricted under IFRS, as described in note 2(l). Based on a plan-by-plan review of the terms, conditions, and statutory minimum funding requirements of our defined benefit plans, we determined that in 2023 and 2022, the present value of future pension refunds or reductions in future contributions to our pension plans exceeds the total of the fair value of plan assets net of the present value of related obligations for all of our defined benefit plans, except for our defined benefit plan in Japan. As a result of this review, we reduced the recorded amount of our Japan defined benefit plan assets by $2.6 as at December 31, 2023 (December 31, 2022 — $0.9), which was reflected in OCI.

(b) Plan financials:

The table below presents the fair market value of defined pension and other benefit plan assets:


	Fair Market Value at December 31				Actual Asset Allocation (%) at December 31
	2022		2023		2022		2023
Quoted market prices:
Debt investment funds	$	9.0	$	8.9	4	%	4	%
Equity investment funds	6.4		5.9		3	%	3	%

Non-quoted market prices:


Insurance annuities	182.0		182.6		85	%	85	%
Other	16.7		16.1		8	%	8	%
Total	$	214.1	$	213.5	100	%	100	%

The following tables provide a summary of the financial position of our defined pension and other benefit plans:


	Pension Plans Year ended December 31				Other Benefit Plans Year ended December 31
	2022		2023		2022		2023
Plan assets, beginning of year	$	359.9	$	211.8	$	2.0	$	2.3
Interest income	5.8		10.1		—		0.1
Actuarial losses in other comprehensive income (i)	(112.0)		(10.0)		—		—
Administrative expenses paid from plan assets	(0.6)		(0.4)		—		—
Employer contributions	4.0		1.3		0.8		0.6
Employer direct benefit payments	0.1		0.3		2.4		3.7
Employer direct settlement payments	—		—		—		1.1
Settlement payments from employer	—		—		—		(1.1)
Settlement payments from plan	—		—		—		(0.1)
Benefit payments from plan	(10.4)		(10.8)		(0.4)		(0.4)
Benefit payments from employer	(0.1)		(0.3)		(2.4)		(3.7)
Foreign currency exchange rate changes and other	(34.9)		9.2		(0.1)		(0.2)
Plan assets, end of year	$	211.8	$	211.2	$	2.3	$	2.3

(i) Actuarial gains or losses are determined based on actual return on plan assets less interest income as set forth in the table above.


	Pension Plans Year ended December 31				Other Benefit Plans Year ended December 31
	2022		2023		2022		2023
Accrued benefit obligations, beginning of year	$	373.9	$	216.9	$	89.1	$	66.3
Current service cost	0.3		2.2		3.1		3.1
Past service cost and settlement/curtailment losses (ii)	—		—		—		0.9
Interest cost	6.2		10.2		2.7		3.2

Actuarial losses (gains) in other comprehensive income from:
— Changes in demographic assumptions	(0.5)		(6.5)		(4.6)		—
— Changes in financial assumptions	(124.7)		5.8		(15.7)		3.3
— Experience adjustments	7.5		(8.0)		(1.8)		1.3
Settlement payments from employer	—		—		—		(1.1)
Settlement payments from plan	—		—		—		(0.1)
Benefit payments from plan	(10.4)		(10.8)		(0.4)		(0.4)
Benefit payments from employer	(0.1)		(0.3)		(2.4)		(3.7)
Foreign currency exchange rate changes and other	(35.3)		9.8		(3.7)		1.6
Accrued benefit obligations, end of year	$	216.9	$	219.3	$	66.3	$	74.4

Weighted average duration of benefit obligations (in years)	13		13		10		10

(ii) The settlement losses relate to employee terminations in connection with 2023 restructuring actions.

The present value of the defined benefit obligations, the fair value of plan assets and the surplus or deficit in our defined benefit pension and other benefit plans are summarized as follows:


	Pension Plans December 31				Other Benefit Plans December 31
	2022		2023		2022		2023
Accrued benefit obligations, end of year	$	(216.9)	$	(219.3)	$	(66.3)	$	(74.4)
Plan assets, end of year	211.8		211.2		2.3		2.3
Reduction of plan assets due to IFRS restrictions described in note 2(l)	(0.9)		(2.6)		—		—
Deficiency of plan assets over accrued benefit obligations	$	(6.0)	$	(10.7)	$	(64.0)	$	(72.1)

The following table outlines the plan balances as reported on our consolidated balance sheets:


	December 31, 2022						December 31, 2023
	Pension Plans		Other Benefit Plans		Total		Pension Plans		Other Benefit Plans		Total
Pension and non-pension post-employment benefit obligations	$	(13.1)	$	(63.9)	$	(77.0)	$	(16.0)	$	(72.1)	$	(88.1)
Current other post-employment benefit obligations	—		(0.1)		(0.1)		—		—		—
Non-current net pension assets (note 9)	7.1		—		7.1		5.3		—		5.3

	$	(6.0)	$	(64.0)	$	(70.0)	$	(10.7)	$	(72.1)	$	(82.8)

The following table outlines the net expense recognized in our consolidated statement of operations for pension and non-pension post-employment benefit plans:


	Pension Plans Year ended December 31						Other Benefit Plans Year ended December 31
	2021		2022		2023		2021		2022		2023
Current service cost	$	2.5	$	0.3	$	2.2	$	3.4	$	3.1	$	3.1
Net interest cost	0.4		0.4		0.1		2.4		2.7		3.1
Past service cost and settlement/curtailment losses	—		—		—		0.3		—		0.9
Plan administrative expenses and other	1.3		0.6		0.5		—		—		—
	4.2		1.3		2.8		6.1		5.8		7.1
Defined contribution pension plan expense (note 18(c))	11.6		12.3		12.7		—		—		—
Total expense for the year	$	15.8	$	13.6	$	15.5	$	6.1	$	5.8	$	7.1

We generally record the expenses for pension plans and non-pension post-employment benefits in cost of sales, SG&A expenses, or other charges, depending on the nature of the expenses.

The following table outlines the gains and losses, net of tax, recognized in OCI and reclassified directly to deficit for the years shown:


	Year ended December 31
	2021		2022		2023
Cumulative losses, beginning of year	$	87.0	$	77.7	$	44.2

Actuarial losses (gains) recognized during the year (i)	(9.3)		(33.5)		7.6
Cumulative losses, end of year (ii)	$	77.7	$	44.2	$	51.8

(i) Including a $0.1 income tax recovery for 2023 (2022 — $5.0; 2021 — nil).

(ii) Net of an income tax recovery of $6.6 as at December 31, 2023 (December 31, 2022 — $6.5; December 31, 2021 — $1.5).

The following percentages and assumptions were used in measuring the plans for the years indicated:


	Pension Plans			Other Benefit Plans
	2021	2022	2023	2021	2022	2023
Weighted average discount rate at December 31 (i) for:
Benefit obligations	1.8	4.9	4.6	3.2	4.9	4.5
Net pension cost	1.4	1.8	4.8	2.5	3.2	4.9
Weighted average rate of compensation increase for:
Benefit obligations	1.1	1.1	2.9	4.6	4.6	4.6
Net pension cost	1.1	1.1	1.1	4.6	4.6	4.6
Healthcare cost trend rates:
Immediate trend	—	—	—	5.2	5.1	6.5
Ultimate trend	—	—	—	4.0	4.0	4.0
Year the ultimate trend rate is expected to be achieved	—	—	—	2040	2040	2040

(i) The weighted average discount rate is determined using publicly available rates for highly-rated bonds by currency in countries where we have a pension or non-pension benefit plan. A higher discount rate would decrease the present value of the benefit obligation, and a lower discount rate would increase the present value of the benefit obligation.

We evaluate these assumptions on a regular basis taking into consideration current market conditions and historical market data. Actual results could differ materially from those estimates and assumptions.

A one percentage-point increase or decrease in one of the following actuarial assumptions, holding other assumptions constant in each case, would increase (decrease) our benefit obligations as follows:


	Pension Plans				Other Benefit Plans
	Year ended December 31, 2023				Year ended December 31, 2023
	1% Increase		1% Decrease		1% Increase		1% Decrease
Discount rate	$	(24.7)	$	30.5	$	(6.8)	$	7.5
Healthcare cost trend rate	$	—	$	—	$	3.4	$	(2.9)

The sensitivity figures shown above were calculated by determining the change in our benefit obligations as at December 31, 2023 due to a 100 basis point increase or decrease to each of our significant actuarial assumptions used, specifically the discount rate and healthcare cost trend rate, in isolation, leaving all other assumptions unchanged from the original calculation.

We made the following plan contributions for the years indicated below and estimate our contribution for 2024 to be as follows:


	Year ended December 31						Estimated Contribution*
	2021		2022		2023		2024
Defined contribution plan	$	11.6	$	12.3	$	12.7	$	12.7
Defined benefit plan	6.1		4.1		1.6		1.3
Total	$	17.7	$	16.4	$	14.3	$	14.0

Non-pension post-employment benefit plans	$	3.6	$	3.2	$	5.4	$	4.6

* Our actual contributions could differ materially from these estimates.

Goodwill and Intangible Assets - Assumptions for Our Annual Impairment Assessments of Goodwill (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of information for cash-generating units [line items]
Annual revenue growth rate (percentage)	2.00%
Term used to extrapolate cash flow projections (in years)	5 years
Capital Equipment CGU
Disclosure of information for cash-generating units [line items]
Annual revenue growth rate (percentage)	12.00%	9.00%	10.00%
Term used to extrapolate cash flow projections (in years)	5 years	5 years	5 years
Discount rate (percentage)	14.00%	14.00%	11.00%
Pre-tax discount rate (percentage)	18.00%
A&D CGU
Disclosure of information for cash-generating units [line items]
Annual revenue growth rate (percentage)	9.00%	12.00%	11.00%
Term used to extrapolate cash flow projections (in years)	5 years	5 years	5 years
Discount rate (percentage)	12.00%	12.00%	11.00%
Pre-tax discount rate (percentage)	15.00%
Atrenne CGU
Disclosure of information for cash-generating units [line items]
Annual revenue growth rate (percentage)			19.00%
Term used to extrapolate cash flow projections (in years)			5 years
Discount rate (percentage)			10.00%
PCI CGU
Disclosure of information for cash-generating units [line items]
Annual revenue growth rate (percentage)	11.00%	11.00%	9.00%
Term used to extrapolate cash flow projections (in years)	5 years	5 years	5 years
Discount rate (percentage)	15.00%	15.00%	15.00%
Pre-tax discount rate (percentage)	17.00%

Segment and Geographic Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 segment
Operating Segments [Abstract]
Number of operating segments	2
Number of reportable segments	2

Segment and Geographic Information - Reconciliation to IFRS Earnings Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of operating segments [line items]
Segment income	$ 383.2	$ 263.3	$ 167.7
Reconciling items:
Employee SBC expense (note 12)	55.6	51.0	33.4
Fair value gain/(loss)		5.2
Amortization of intangible assets (excluding computer software)	39.6	40.1	25.5
Other charges, net of recoveries (note 15)	15.2	6.7	10.3
Earnings before income taxes	306.6	203.6	136.0
TRS
Reconciling items:
Fair value gain/(loss)	$ 45.6	$ 0.0	$ 0.0
Advanced Technology Solutions
Disclosure of operating segments [line items]
Segment margin (as a percentage)	4.70%	4.70%	4.50%
Connectivity & Cloud Solutions
Disclosure of operating segments [line items]
Segment margin (as a percentage)	6.20%	5.10%	3.90%
Operating segments
Disclosure of operating segments [line items]
Segment income	$ 445.2	$ 358.0	$ 233.9
Operating segments \| Advanced Technology Solutions
Disclosure of operating segments [line items]
Segment income	156.1	140.9	105.0
Operating segments \| Connectivity & Cloud Solutions
Disclosure of operating segments [line items]
Segment income	289.1	217.1	128.9
Reconciling items
Reconciling items:
Finance costs	76.6	59.7	31.7
Employee SBC expense (note 12)	55.6	51.0	33.4
Other charges, net of recoveries (note 15)	15.2	6.7	10.3
Reconciling items \| TRS
Reconciling items:
Fair value gain/(loss)	(45.6)	0.0	0.0
Reconciling items \| Intangible assets, excluding computer software
Reconciling items:
Amortization of intangible assets (excluding computer software)	$ 36.8	$ 37.0	$ 22.5

Inventories - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Inventories - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Classes of current inventories [abstract]
Net inventory provision	$ 57.6	$ 30.5	$ 4.9
Inventory write down, percentage related to specified aged inventory (percent)	66.67%
Inventory write-down			7.2
Reversal of inventory write-down			$ 2.3
Deposits from customers	$ 904.8	$ 825.6

Income Taxes - Narrative (Details)	12 Months Ended
Income Taxes - Narrative (Details)	Dec. 31, 2023 USD ($) taxIncentive	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Income tax expense (recovery)	$ 62,000,000.0	$ 58,100,000	$ 32,100,000
Tax rate effect of revaluation impact			7,600,000
Favorable currency impacts		(3,500,000)
Deferred tax assets	62,500,000	68,900,000	47,700,000
Deductible temporary differences and unused tax losses for which no deferred tax assets have been recognized	1,591,500,000	1,688,900,000
Deferred tax liabilities	42,200,000	51,700,000	60,200,000
Temporary differences associated with investments in subsidiaries for which no deferred tax liabilities have been recognized	$ 28,400,000	64,900,000
Term of third tax incentive	6 years
Tax effect from tax incentives	$ 40,000,000	21,000,000	15,000,000
Term of fourth tax incentive	6 years
Deductible temporary differences and unused tax losses
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	$ 0	0
China
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax expense, repatriated undistributed foreign earnings	$ 11,300,000	3,300,000	6,000,000.0
Tax expenses relating to current and future withholding taxes		$ 10,300,000
Thailand
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Number of income tax incentives \| taxIncentive	4
Percentage of first tax incentive	50.00%
Percentage of second tax incentive	100.00%
Term of second tax incentive	8 years
Percentage of third tax incentive	100.00%
Percentage of tax exemption		50.00%
Percentage of fourth tax incentive	100.00%
Laos
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Percentage of tax exemption	100.00%
Applicable tax rate after expiration of incentive	8.00%
Asia
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax expense, repatriated undistributed foreign earnings	$ 11,300,000
Tax uncertainty	4,800,000
Tax expenses relating to current and future withholding taxes	5,800,000
Reversal of tax uncertainties	5,500,000	$ (4,900,000)
Deferred tax assets	$ 700,000	$ 5,000,000.0	$ 4,900,000

Expenses By Nature (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Additional Information of Expenses

Items included in our cost of sales and SG&A for the years indicated are set forth below:


	Year ended December 31
	2021		2022		2023
Employee-related costs	$	819.4	$	955.8	$	1,028.7
SBC expense included in above employee-related costs	33.4		51.0		55.6
Freight and transportation costs	142.5		186.1		144.0
Depreciation expense (i)	100.8		104.6		120.8
Rental expense (i)	2.4		3.0		2.1

Capital Disclosures	12 Months Ended
Capital Disclosures	Dec. 31, 2023
Corporate information and statement of IFRS compliance [abstract]
Capital Disclosures	CAPITAL DISCLOSURES: Our main objectives in managing our capital resources are to ensure liquidity and to have funds available for working capital or other investments we deem required to grow our business. Our capital resources consist of cash provided by operating activities, access to the Revolver, uncommitted intraday and overnight bank overdraft facilities, an uncommitted A/R sales program and SFPs, and our ability to issue debt or equity securities. We regularly review our borrowing capacity and make adjustments, as permitted, for changes in economic conditions and changes in our requirements. See note 11 for a discussion of the terms of the Credit Facility, and amounts outstanding thereunder at December 31, 2023. We had $589.5 available as of December 31, 2023 under the Revolver for future borrowings. As of December 31, 2023, we also had access (in each case on an uncommitted basis) to $198.5 in intraday and overnight bank overdraft facilities, our $450.0 A/R sales program and the SFPs to provide short-term liquidity. At December 31, 2023, we sold nil of A/R under our A/R sales program and $18.6 under the SFPs (see note 4). The timing and the amounts we borrow and repay under these facilities can vary significantly from month-to-month depending on our working capital and other cash requirements. We have repurchased and canceled SVS under NCIBs in recent years. In addition, we purchase SVS from time-to-time in the open market through a broker to satisfy delivery obligations under our SBC plans. See note 12 for details. We have not distributed, nor do we have any current plan to distribute, any dividends to our shareholders. Our strategy on capital risk management has not changed significantly since the end of 2022. Other than the restrictive and financial covenants associated with our Credit Facility described in note 11, we are not subject to any contractual or regulatory capital requirements. While some of our international operations are subject to government restrictions on the flow of capital into and out of their jurisdictions, these restrictions have not had a material impact on our operations or cash flows

Credit Facilities and Lease Obligations

12 Months Ended

Dec. 31, 2023

Borrowings [abstract]

Credit Facilities and Lease Obligations

CREDIT FACILITIES AND LEASE OBLIGATIONS:

We are party to a credit agreement (Credit Facility) with Bank of America, N.A., as Administrative Agent, and the other lenders party thereto, which as of a December 2021 amendment thereto, includes a term loan in the original principal amount of $350.0 (Initial Term Loan), a term loan in the original principal amount of $365.0 (Incremental Term Loan), and a $600.0 revolving credit facility (Revolver). Prior to such amendment, the Credit Facility included the Initial Term Loan, a term loan in the original principal amount of $250.0 (Terminated Term Loan), the outstanding borrowings under which were fully repaid in December 2021 with a portion of the proceeds of the Incremental Term Loan, and commitments of $450.0 under the Revolver. The Initial Term Loan and the Incremental Term Loan are collectively referred to as the Term Loans. In June 2023 (effective for all new interest periods for existing borrowings and all new subsequent borrowings), we amended our Credit Facility (June 2023 Amendments) to replace LIBOR with the term Secured Overnight Financing Rate (SOFR) plus 0.1% (Adjusted Term SOFR). The June 2023 Amendments did not have a significant impact on our 2023 annual consolidated financial statements.

The Initial Term Loan matures in June 2025. The Incremental Term Loan and the Revolver each mature in March 2025, unless either (i) the Initial Term Loan has been prepaid or refinanced or (ii) commitments under the Revolver are available and have been reserved to repay the Initial Term Loan in full, in which case such obligations mature in December 2026.

The Incremental Term Loan requires quarterly principal repayments of $4.5625, and each of the Term Loans requires a lump sum repayment of the remainder outstanding at maturity. The Initial Term Loan required quarterly principal repayments of $0.875, all of which were paid in prior years. We are also required to make annual prepayments of outstanding obligations under the Credit Facility (applied first to the Term Loans, then to the Revolver, in the manner set forth in the Credit Facility) ranging from 0% — 50% (based on a defined leverage ratio) of specified excess cash flow for the prior fiscal year. No prepayments based on excess cash flow were required in 2021, 2022 or 2023, or will be required in 2024. In addition, prepayments of outstanding obligations under the Credit Facility (applied as described above) may also be required in the amount of specified net cash proceeds received above a specified annual threshold (including proceeds from the disposal of certain assets). No Credit Facility prepayments based on net cash proceeds were required in 2021, 2022 or 2023, or will be required in 2024. Any outstanding amounts under the Revolver are due at maturity. Except under specified circumstances, and subject to the payment of breakage costs (if any), we are generally permitted to make voluntary prepayments of outstanding amounts under the Revolver and the Term Loans without any other premium or penalty. Repaid amounts on the Term Loans may not be re-borrowed.


	Total		2024		2025		2026
Initial Term Loan	$	280.4	$	—	$	280.4	$	—
Incremental Term Loan (i)	$	328.5	$	18.25	$	18.25	$	292.0

The Credit Facility has an accordion feature that allows us to increase the Term Loans and/or commitments under the Revolver by $150.0, plus an unlimited amount to the extent that a specified leverage ratio on a pro forma basis does not exceed specified limits, in each case on an uncommitted basis and subject to the satisfaction of certain terms and conditions. The Revolver also includes a $50.0 sub-limit for swing line loans, providing for short-term borrowings up to a maximum of ten business days, as well as a $150.0 sub-limit for letters of credit (L/Cs), in each case subject to the overall Revolver credit limit. The Revolver permits us and certain designated subsidiaries to borrow funds (subject to specified conditions) for general corporate purposes, including for capital expenditures, certain acquisitions, and working capital needs.

Borrowings under the Revolver bear interest, depending on the currency of the borrowing and our election for such currency, at: (i) LIBOR for interest periods beginning prior to the June 2023 Amendments and Adjusted Term SOFR thereafter, (ii) Base Rate, (iii) Canadian Prime, (iv) an Alternative Currency Daily Rate, or (v) an Alternative Currency Term Rate (each as defined in the Credit Facility) plus a specified margin. The margin for borrowings under the Revolver and the Incremental Term Loan ranges from 1.50% to 2.25% for LIBOR and Adjusted Term SOFR borrowings (as applicable) and Alternative Currency borrowings, and from 0.50% to 1.25% for Base Rate and Canadian Prime borrowings, in each case depending on the rate we select and our consolidated leverage ratio (as defined in the Credit Facility). Commitment fees range from 0.30% to 0.45% depending on our consolidated leverage ratio. At December 31, 2023, the Initial Term Loan bears interest at Adjusted Term SOFR plus 2.125%, and the Incremental Term Loan bears interest at Adjusted Term SOFR plus 1.75%. Prior to the December 2021 amendment of the Credit Facility, the margin for borrowings under the Revolver ranged from 0.75% to 2.5%, commitment fees ranged from 0.35% to 0.50%, in each case depending on the rate we selected and our consolidated leverage ratio, the Initial Term Loan bore interest at LIBOR plus 2.125%, and the Terminated Term Loan bore interest at LIBOR plus 2.5%. We have entered into interest rate swap agreements to hedge against our exposures to the interest rate variability on a portion of our Term Loans. See note 20 for further detail.

We are required to comply with certain restrictive covenants under the Credit Facility, including those relating to the incurrence of certain indebtedness, the existence of certain liens, the sale of certain assets, specified investments and payments, sale and leaseback transactions, and certain financial covenants relating to a defined interest coverage ratio and

leverage ratio that are tested on a quarterly basis. Our Credit Facility also prohibits share repurchases for cancellation if our leverage ratio (as defined in such facility) exceeds a specified amount (Repurchase Restriction). At December 31, 2023 and December 31, 2022, we were in compliance with all restrictive and financial covenants under the Credit Facility, and the Repurchase Restriction was not in effect.

The obligations under the Credit Facility are guaranteed by us and certain specified subsidiaries. Subject to specified exemptions and limitations, all assets of the guarantors are pledged as security for the obligations under the Credit Facility. The Credit Facility contains customary events of default. If an event of default occurs and is continuing (and is not waived), the Administrative Agent may declare all amounts outstanding under the Credit Facility to be immediately due and payable, and may cancel the lenders’ commitments to make further advances thereunder. In the event of a payment or other specified defaults, outstanding obligations accrue interest at a specified default rate. No such defaults occurred during 2021 to 2023.

In each quarter of 2022 and 2023, we made scheduled principal repayments of $4.5625 under the Incremental Term Loan. In the fourth quarter of 2022, we also made a voluntary prepayment of $15.0 under the Initial Term Loan.

During first quarter of 2021, we repaid an aggregate of $30.0 under the Terminated Term Loan. In October 2021, we borrowed $220.0 under the Revolver to fund a portion of the PCI acquisition price (acquired in November 2021). In December 2021, upon receipt of the net proceeds from the $365.0 Incremental Term Loan, we repaid all remaining amounts outstanding under the Terminated Term Loan ($145.0) and the $220.0 borrowed under the Revolver.

In addition, we made intra-quarter borrowings under the Revolver during most quarters of 2021 to 2023, in each case drawn and repaid during the quarter of the borrowing, with no impact to the amounts outstanding at either the relevant quarter-end or year-end.

Activity under our Credit Facility for the periods indicated is set forth below:


	Revolver (i)		Term loans
Outstanding balances as of December 31, 2020	$	—	$	470.4

Amount repaid in Q1 2021	—		(30.0)




Amounts borrowed in Q4 2021	220.0		365.0
Amount repaid in Q4 2021	(220.0)		(145.0)
Outstanding balances as of December 31, 2021	$	—	$	660.4


Amount repaid in Q1 2022	—		(4.5625)

Amount repaid in Q2 2022	—		(4.5625)

Amount repaid in Q3 2022	—		(4.5625)

Amount repaid in Q4 2022	—		(19.5625)
Outstanding balances as of December 31, 2022	$	—	$	627.2


Amount repaid in Q1 2023	—		(4.5625)

Amount repaid in Q2 2023	—		(4.5625)

Amount repaid in Q3 2023	—		(4.5625)

Amount repaid in Q4 2023	—		(4.5625)
Outstanding balances as of December 31, 2023	$	—	$	608.9


	Outstanding borrowings				Notional amounts under interest rate swaps (note 20)
	December 31 2022		December 31 2023		December 31 2022		December 31 2023
Borrowings under the Revolver (i)	$	—	$	—	$	—	$	—
Borrowings under the Term Loans (i)
Initial Term Loan	$	280.4	$	280.4	$	100.0	$	100.0
Incremental Term Loan	346.8		328.5		230.0		230.0
Total	$	627.2	$	608.9	$	330.0	$	330.0

Total borrowings under Credit Facility	$	627.2	$	608.9
Unamortized debt issuance costs related to Term Loans (i)	(3.5)		(2.6)
Lease obligations (ii)	162.4		176.5
	$	786.1	$	782.8
Total Credit Facility and lease obligations:

Current portion	$	52.2	$	51.6
Long-term portion	733.9		731.2
	$	786.1	$	782.8
L/Cs, surety bonds and overdraft facilities:
Outstanding L/Cs under the Revolver	$	18.0	$	10.5
Outstanding L/Cs and surety bonds outside the Revolver	23.8		16.5
Total	$	41.8	$	27.0
Available uncommitted bank overdraft facilities	$	198.5	$	198.5
Amounts outstanding under available uncommitted bank overdraft facilities	$	—	$	—

At December 31, 2023, the contractual undiscounted cash flows for lease obligations recognized as of such date were as follows:


Years ending December 31
2024	$	43.8
2025	37.5
2026	31.0
2027	21.5
2028	17.1
Thereafter	67.4
	$	218.3

Other lease-related expenses that were recognized in the consolidated statement of operations are as follows:


Year ended December 31	2021		2022		2023

Interest expense on lease obligations	$	6.6	$	8.1	$	9.6
Variable lease payments not included in the measurement of lease obligations	$	0.9	$	1.2	$	0.7
Expenses relating to short-term leases or low-value leases	$	1.5	$	1.8	$	1.4

See note 16 for a discussion of finance costs.

Income Taxes - Changes in Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax assets, beginning balance	$ 68.9	$ 47.7
Credited (charged) to net earnings	(4.0)	23.2
Credited directly to equity	0.6	(0.3)
Effects of foreign exchange	0.5	(2.6)
Other	(3.5)	0.9
Deferred tax assets, ending balance	62.5	68.9
Reconciliation of changes in deferred tax liability [Roll Forward]
Deferred tax liabilities, beginning balance	51.7	60.2
Charged (credited) to net earnings	(5.9)	(7.4)
Effects of foreign exchange	(0.2)	(2.4)
Other	(3.4)	1.3
Deferred tax liabilities, ending balance	42.2	51.7
Unrealized foreign exchange gains
Reconciliation of changes in deferred tax liability [Roll Forward]
Deferred tax liabilities, beginning balance	20.5	27.2
Charged (credited) to net earnings	2.1	(5.0)
Effects of foreign exchange	0.5	(1.7)
Deferred tax liabilities, ending balance	23.1	20.5
Accounting provisions not currently deductible
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax assets, beginning balance	30.9	17.7
Credited (charged) to net earnings	(1.4)	13.7
Effects of foreign exchange	(0.6)	(0.5)
Other	(0.1)
Deferred tax assets, ending balance	28.8	30.9
Pensions and non-pension post-retirement benefits
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax assets, beginning balance	10.0	2.8
Credited (charged) to net earnings	(2.4)	2.8
Credited directly to equity	(0.1)	4.4
Effects of foreign exchange	(0.1)
Deferred tax assets, ending balance	7.4	10.0
Tax losses carried forward
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax assets, beginning balance	57.0	69.2
Credited (charged) to net earnings	(8.3)	(10.7)
Credited directly to equity	0.0	0.4
Effects of foreign exchange	0.2	(1.9)
Deferred tax assets, ending balance	48.9	57.0
Property, plant and equipment and intangibles
Reconciliation of changes in deferred tax liability [Roll Forward]
Deferred tax liabilities, beginning balance	73.5	76.2
Charged (credited) to net earnings	(8.0)	(2.4)
Effects of foreign exchange	(0.7)	(0.7)
Other	0.0	0.4
Deferred tax liabilities, ending balance	64.8	73.5
Other
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax assets, beginning balance	13.3	1.2
Credited (charged) to net earnings	8.1	17.4
Credited directly to equity	0.7	(5.1)
Effects of foreign exchange	1.0	(0.2)
Other	0.0	0.0
Deferred tax assets, ending balance	23.1	13.3
Reconciliation of changes in deferred tax liability [Roll Forward]
Deferred tax liabilities, beginning balance	0.0	0.0
Other		0.0
Deferred tax liabilities, ending balance	0.0	0.0
Reclassification between deferred tax assets and deferred tax liabilities
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax assets, beginning balance	(42.3)	(43.2)
Other	(3.4)	0.9
Deferred tax assets, ending balance	(45.7)	(42.3)
Reconciliation of changes in deferred tax liability [Roll Forward]
Deferred tax liabilities, beginning balance	(42.3)	(43.2)
Other	(3.4)	0.9
Deferred tax liabilities, ending balance	$ (45.7)	$ (42.3)

Other Charges, Net of Recoveries (Tables)

12 Months Ended

Dec. 31, 2023