v2.4.0.6

Income taxes | 12 Months Ended
--- | ---
Dec. 31, 2012
Income taxes |
Income taxes | 13. Income taxes
|  | 2012 |  | 2011 |  | 2010 |
--- | --- | --- | --- | --- | --- | --- | ---
Current income tax expense (benefit) |  | $ | 7,773 |  | $ | 1,584 |  | $ | 960 |
Deferred tax expense (benefit) |  |  | (35,856 | ) |  | (12,688 | ) |  | 15,058 |
Total income tax expense (benefit) |  | $ | (28,083 | ) | $ | (11,104 | ) | $ | 16,018 |
The following is a reconciliation of income taxes calculated at the Canadian enacted statutory rate of 25.0%, 26.5%, and 28.5% at December 31, 2012, 2011 and 2010, respectively, to the provision for income taxes in the consolidated statements of operations:
|  | 2012 |  | 2011 |  | 2010 |
--- | --- | --- | --- | --- | --- | --- | ---
Computed income tax expense at Canadian statutory rate |  | $ | (36,216 | ) | $ | (21,975 | ) | $ | (3,410 | )
Increases/(decreases) resulting from: |  |  |  |  |  |  |  |  |  |
Operating countries with different income tax rates |  |  | (8,532 | ) |  | (10,553 | ) |  | (1,220 | )
|  |  | (44,748 | ) |  | (32,528 | ) |  | (4,630 | )
Change in valuation allowance |  |  | 20,186 |  |  | 21,669 |  |  | 19,845 |
|  | $ | (24,562 | ) | $ | (10,859 | ) | $ | 15,215 |
Dividend withholding and preferred share taxes |  |  | 5,912 |  |  | 371 |  |  | 765 |
Foreign exchange |  |  | 1,505 |  |  | (113 | ) |  | — |
Permanent differences |  |  | (6,459 | ) |  | (1,479 | ) |  | — |
Non-deductible acquisition costs |  |  | 637 |  |  | 4,287 |  |  | — |
Non-deductible interest expense |  |  | — |  |  | 2,134 |  |  | — |
Changes in tax rates |  |  | 1,805 |  |  | — |  |  | — |
Federal stimulus grant |  |  | — |  |  | (6,573 | ) |  | — |
Change in estimates of tax basis of equity method investments |  |  | (5,142 | ) |  | 2,246 |  |  | — |
Other |  |  | (1,779 | ) |  | (1,118 | ) |  | 38 |
|  |  | (3,521 | ) |  | (245 | ) |  | 803 |
|  | $ | (28,083 | ) | $ | (11,104 | ) | $ | 16,018 |
The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2012 and 2011 are presented below:
|  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | ---
Deferred tax assets: |  |  |  |  |  |  |
Loss carryforwards |  | $ | 130,149 |  | $ | 122,472 |
Other accrued liabilities |  |  | 10,906 |  |  | 28,059 |
Finance and share issuance costs |  |  | 8,349 |  |  | 6,532 |
Disallowed interest carryforward |  |  | 2,214 |  |  | 9,189 |
Derivative contracts |  |  | 3,481 |  |  | — |
Unrealized foreign exchange loss |  |  | — |  |  | 441 |
Other |  |  | 6,094 |  |  | — |
Total deferred tax assets |  |  | 161,193 |  |  | 166,693 |
Valuations allowance |  |  | (116,002 | ) |  | (89,020 | )
|  |  | 45,191 |  |  | 77,673 |
Deferred tax liabilities: |  |  |  |  |  |  |
Intangible assets |  |  | (113,277 | ) |  | (121,055 | )
Property, plant and equipment |  |  | (94,660 | ) |  | (133,689 | )
Derivative contracts |  |  | — |  |  | (4,752 | )
Other long-term investments |  |  | (1,272 | ) |  | (921 | )
Other |  |  | — |  |  | (181 | )
Total deferred tax liabilities |  |  | (209,209 | ) |  | (260,598 | )
Net deferred tax liability |  | $ | (164,018 | ) | $ | (182,925 | )
The following table summarizes the net deferred tax position as of December 31, 2012 and 2011:
|  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | ---
Long-term deferred tax liabilities |  |  | (164,018 | ) |  | (182,925 | )
Net deferred tax asset (liability) |  | $ | (164,018 | ) | $ | (182,925 | )
As of December 31, 2012, we have recorded a valuation allowance of $116.0 million. This amount is comprised primarily of provisions against available Canadian and U.S. net operating loss carryforwards. In assessing the recoverability of our deferred tax assets, we consider whether it is more likely than not that some portion or the entire deferred tax asset will be realized. The ultimate realization of the deferred tax assets is dependent upon projected future taxable income in the United States and in Canada and available tax planning strategies. As of December 31, 2012, we had the following net operating loss carryforwards that are scheduled to expire in the following years:
2027 |  |  | 63,565 |
2028 |  |  | 104,436 |
2029 |  |  | 85,277 |
2030 |  |  | 25,805 |
2031 |  |  | 59,265 |
2032 |  |  | 46,053 |
|  | $ | 384,401 |

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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