v3.20.2

Income taxes | 9 Months Ended
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Sep. 30, 2020
Income taxes |
Income taxes | 8. Income taxes ​ The following table summarizes the current and deferred portions of the net income tax expense: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30, | ​ |
​ | ​ | 2020 | ​ | 2019 |  | 2020 | ​ | 2019 | ​ |
Current income tax expense |  | $ | 2.1 |  | $ | 1.3 |  | $ | 4.5 |  | $ | 4.2 |  | ​
Deferred income tax expense (benefit) | ​ |  | 0.4 | ​ |  | (1.1) | ​ |  | 0.7 | ​ |  | (1.8) | ​ | ​
Total income tax expense, net | ​ | $ | 2.5 | ​ | $ | 0.2 | ​ | $ | 5.2 | ​ | $ | 2.4 | ​ | ​
​ For the three and nine months ended September 30, 2020 and 2019 ​ Income tax expense for the three months ended September 30, 2020 was $2.5 million. Expected income tax expense for the same period, based on the Canadian enacted statutory rate of 27%, was $5.5 million. The primary items impacting the tax rate for the three months ended September 30, 2020 were a net decrease to our valuation allowances of $2.7 million, consisting of $0.2 million increases in Canada due to the incurrence of operating losses and $2.9 million decreases in the United States due to the utilization of net operating losses, and $1.4 million relating to foreign exchange losses. These items were partially offset by $1.1 million relating to withholding, federal and state taxes. ​ Income tax expense for the three months ended September 30, 2019 was $0.2 million. Expected income tax expense for the same period, based on the Canadian enacted statutory rate of 27%, was $3.9 million. The primary item impacting the tax rate for the three months ended September 30, 2019 was a net decrease to our valuation allowances of $4.4 million, consisting of $1.0 million of decreases in Canada and $3.4 million of decreases in the United States due to the utilization of net operating losses in both jurisdictions. This item was partially offset by $0.5 million relating to withholding, federal and state taxes and $0.2 million of other permanent differences. ​ Income tax expense for the nine months ended September 30, 2020 was $5.2 million. Expected income tax expense for the same period, based on the Canadian enacted statutory rate of 27%, was $11.5 million. The primary item impacting the tax rate for the nine months ended September 30, 2020 was a net decrease to our valuation allowances of $11.6 million, consisting of $3.6 million decreases in Canada and $8.0 million decreases in the United States due to the utilization of net operating losses in both jurisdictions. This item was offset by $2.7 million related to changes in estimates due to tax filings, $1.7 million relating to withholding, federal and state taxes and $0.9 million of other permanent differences. ​ Income tax expense for the nine months ended September 30, 2019 was $2.4 million. Expected income tax expense for the same period, based on the Canadian enacted statutory rate of 27%, was $5.9 million. The primary items impacting the tax rate for the three months ended September 30, 2019 was a net decrease to our valuation allowances of $4.5 million, consisting of $4.4 million of increases in Canada due to the incurrence of operating losses and $8.9 million of decreases in the United States due to the utilization of net operating losses. In addition, the rate was further impacted by $1.0 million relating to foreign exchange. These items were partially offset by $1.3 million relating to withholding, federal and state taxes and $0.7 million of other permanent differences. ​ As of September 30, 2020, we have recorded a valuation allowance of $133.8 million. The amount is comprised primarily of provisions against 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 all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon projected future taxable income in the United States and in Canada and available tax planning strategies.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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