INTERTAPE POLYMER GROUP INC | CIK:0000880224 | 3

  • Filed: 3/29/2018
  • Entity registrant name: INTERTAPE POLYMER GROUP INC (CIK: 0000880224)
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    • ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory

    PROPERTY, PLANT AND EQUIPMENT
    The following table outlines the changes to property, plant and equipment during the year ended December 31, 2016:
     
    Land
     
    Buildings
     
    Manufacturing
    equipment
     
    Computer
    equipment
    and software
     
    Furniture,
    office equipment
    and other
     
    Construction in
    progress
     
    Total
     
    $
     
    $
     
    $
     
    $
     
    $
     
    $
     
    $
    Gross carrying amount
     
     
     
     
     
     
     
     
     
     
     
     
     
    Balance as of December 31, 2015
    3,363

     
    84,776

     
    523,147

     
    64,027

     
    2,651

     
    40,740

     
    718,704

    Additions – separately acquired
    —

     
    —

     
    —

     
    —

     
    —

     
    58,679

     
    58,679

    Additions through business acquisitions
    2,583

     
    1,908

     
    5,083

     
    21

     
    46

     
    9

     
    9,650

    Assets placed into service
    250

     
    6,570

     
    47,603

     
    815

     
    122

     
    (55,360
    )
     
    —

    Disposals
    —

     
    (534
    )
     
    (20,124
    )
     
    (23,439
    )
     
    (352
    )
     
    —

     
    (44,449
    )
    Foreign exchange and other
    (66
    )
     
    225

     
    1,608

     
    219

     
    —

     
    (75
    )
     
    1,911

    Balance as of December 31, 2016
    6,130

     
    92,945

     
    557,317

     
    41,643

     
    2,467

     
    43,993

     
    744,495

    Accumulated depreciation and impairments
     
     
     
     
     
     
     
     
     
     
     
     
     
    Balance as of December 31, 2015
    609

     
    57,146

     
    404,552

     
    56,285

     
    2,027

     
    —

     
    520,619

    Depreciation
    —

     
    4,209

     
    22,802

     
    2,235

     
    156

     
    —

     
    29,402

    Impairments
    —

     
    —

     
    4,024

     
    133

     
    32

     
    86

     
    4,275

    Impairment reversals
    —

     
    —

     
    (1,031
    )
     
    —

     
    —

     
    —

     
    (1,031
    )
    Disposals
    —

     
    (529
    )
     
    (19,927
    )
     
    (23,408
    )
     
    (345
    )
     
    —

     
    (44,209
    )
    Foreign exchange and other
    —

     
    246

     
    1,504

     
    215

     
    (4
    )
     
    —

     
    1,961

    Balance as of December 31, 2016
    609

     
    61,072

     
    411,924

     
    35,460

     
    1,866

     
    86

     
    511,017

    Net carrying amount as of December 31, 2016
    5,521

     
    31,873

     
    145,393

     
    6,183

     
    601

     
    43,907

     
    233,478


    The following table outlines the changes to property, plant and equipment during the year ended December 31, 2017:
     
    Land
     
    Buildings
     
    Manufacturing
    equipment
     
    Computer
    equipment
    and software
     
    Furniture,
    office equipment
    and other
     
    Construction in
    progress
     
    Total
     
    $
     
    $
     
    $
     
    $
     
    $
     
    $
     
    $
    Gross carrying amount
     
     
     
     
     
     
     
     
     
     
     
     
     
    Balance as of December 31, 2016
    6,130

     
    92,945

     
    557,317

     
    41,643

     
    2,467

     
    43,993

     
    744,495

    Additions – separately acquired
    —

     
    —

     
    —

     
    —

     
    —

     
    82,510

     
    82,510

    Additions through business acquisitions
    1,268

     
    6,617

     
    17,427

     
    407

     
    55

     
    1,501

     
    27,275

    Assets placed into service
    4,638

     
    25,353

     
    59,125

     
    1,415

     
    236

     
    (90,767
    )
     
    —

    Disposals
    (229
    )
     
    (116
    )
     
    (15,260
    )
     
    (1,139
    )
     
    (140
    )
     


     
    (16,884
    )
    Foreign exchange and other
    303

     
    2,274

     
    8,791

     
    176

     
    87

     
    598

     
    12,229

    Balance as of December 31, 2017
    12,110

     
    127,073

     
    627,400

     
    42,502

     
    2,705

     
    37,835

     
    849,625

    Accumulated depreciation and impairments
     
     
     
     
     
     
     
     
     
     
     
     
     
    Balance as of December 31, 2016
    609

     
    61,072

     
    411,924

     
    35,460

     
    1,866

     
    86

     
    511,017

    Depreciation
    —

     
    4,341

     
    25,717

     
    2,172

     
    179

     
    —

     
    32,409

    Impairments
    —

     
    —

     
    208

     
    —

     
    2

     
    274

     
    484

    Impairment reversals
    —

     
    —

     
    (3
    )
     
    —

     
    —

     
    —

     
    (3
    )
    Disposals
    —

     
    (82
    )
     
    (14,501
    )
     
    (1,138
    )
     
    (13
    )
     
    —

     
    (15,734
    )
    Foreign exchange and other
    —

     
    963

     
    6,823

     
    158

     
    74

     
    (86
    )
     
    7,932

    Balance as of December 31, 2017
    609

     
    66,294

     
    430,168

     
    36,652

     
    2,108

     
    274

     
    536,105

    Net carrying amount as of December 31, 2017
    11,501

     
    60,779

     
    197,232

     
    5,850

     
    597

     
    37,561

     
    313,520


    Capital expenditures incurred in the year ended December 31, 2017 were primarily to support the construction of the Midland, North Carolina manufacturing facility, the construction of the greenfield manufacturing facilities related to Capstone and Powerband, the capacity expansion of stretch film production at the Danville, Virginia manufacturing facility and other growth initiatives and maintenance needs. As of December 31, 2017, the Company had commitments to suppliers to purchase machinery and equipment totalling $29.3 million primarily to support the construction of the greenfield manufacturing facilities related to Powerband and Capstone, shrink film capacity expansion at the Tremonton, Utah manufacturing facility, capacity expansion at the Midland, North Carolina manufacturing facility and other growth initiatives. It is expected that such amounts will be paid out in the next twelve months and will be funded by the Revolving Credit Facility and cash flows from operating activities.
    Capital expenditures incurred in the year ended December 31, 2016 were primarily related to the construction of the Midland, North Carolina manufacturing facility, shrink film capacity expansion at the Portugal manufacturing facility, and other growth initiatives and maintenance needs. As of December 31, 2016, the Company had commitments to suppliers to purchase machinery and equipment totalling $32.4 million primarily to support these initiatives.

    During the year ended December 31, 2017, the loss on disposals amounted to $0.3 million ($0.1 million loss on disposals in 2016 and $0.8 million gain on disposals in 2015).
    Supplemental information regarding property, plant and equipment is as follows for the years ended:
     
    December 31,
    2017
     
    December 31,
    2016
    Interest capitalized to property, plant and equipment
    $1,378
     
    $817
    Weighted average capitalization rates
    3.02
    %
     
    2.64
    %