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Income taxes | 12 Months Ended
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Dec. 31, 2023
Income taxes [Abstract] |
Income taxes | 22. Income taxes A. Significant components of deferred tax assets and liabilities Recognized in earnings As at December 31 2023 2022 2023 2022 Assets Property, plant and equipment $ 67,736 $ 84,668 $ 515,872 $ 448,136 Provision for reclamation (4,157) (3,817) 199,659 203,816 Inventories 3,292 1,689 11,540 8,248 Foreign exploration and development (51) (1,816) 2,589 2,641 Income tax losses (gains) (141,907) (66,227) 93,776 235,683 Defined benefit plan actuarial losses - - 4,279 2,698 Long-term investments and other (17,704) (2,355) 65,145 82,849 Deferred tax assets (92,791) 12,142 892,860 984,071 Liabilities Property, plant and equipment - - - - Inventories - - - - Deferred tax liabilities - - - - Net deferred tax asset (liability) $ (92,791) $ 12,142 $ 892,860 $ 984,071 Deferred tax allocated as 2023 2022 Deferred tax assets $ 892,860 $ 984,071 Deferred tax liabilities - - Net deferred tax asset $ 892,860 $ 984,071 Cameco has recorded a deferred tax asset of $ 892,860,000 (2022 - $ 984,071,000 ). The realization of this deferred tax asset is dependent upon the generation of future taxable income in certain jurisdictions during the periods in which the Company’s deferred tax assets are available. The Company considers whether it is probable that all or a portion of the deferred tax assets will not be realized. In making this assessment, management considers all available evidence, including recent financial operations, projected future taxable income and tax planning strategies. Based on projections of future taxable income over the periods in which the deferred tax assets are available, realization of these deferred tax assets is probable and consequently the deferred tax assets have been recorded. B. Movement in net deferred tax assets and liabilities 2023 2022 Deferred tax asset at beginning of year $ 984,071 $ 937,579 Recovery (expense) for the year in net earnings (92,791) 12,142 Recovery for the year in equity - 11,593 Recovery for the year in purchase price equation - 28,196 Recovery (expense) for the year in other comprehensive income 1,581 (5,440) Effect of movements in exchange rates (1) 1 End of year $ 892,860 $ 984,071 C. Significant components of unrecognized deferred tax assets 2023 2022 Income tax losses $ 357,148 $ 337,749 Property, plant and equipment 2,299 2,297 Provision for reclamation 68,038 78,336 Long-term investments and other 127,420 18,628 Total $ 554,905 $ 437,010 D. Tax rate reconciliation The provision for income taxes differs from the amount computed by applying the combined expected federal and provincial income tax rate to earnings before income taxes. The reasons for these differences are as follows: 2023 2022 Earnings before income taxes and non-controlling interest $ 487,153 $ 84,795 Combined federal and provincial tax rate 26.9% 26.9% Computed income tax expense 131,044 22,810 Increase (decrease) in taxes resulting from: Difference between Canadian rates and rates applicable to subsidiaries in other countries 2,990 8,986 Change in unrecognized deferred tax assets 16,759 1,234 Income in equity-accounted investees (41,519) (25,264) Change in uncertain tax positions (9,331) (6,282) Bargain purchase gain - (6,129) Other taxes 11,709 - Foreign exchange permanent differences 12,044 (2,487) Other permanent differences 2,641 2,663 Income tax expense (recovery) $ 126,337 $ (4,469) E. Earnings and income taxes by jurisdiction 2023 2022 Earnings (loss) before income taxes Canada $ 562,139 $ 99,944 Foreign (74,986) (15,149) $ 487,153 $ 84,795 Current income taxes Canada $ 26,230 $ 2,260 Foreign 7,316 5,413 $ 33,546 $ 7,673 Deferred income taxes (recovery) Canada $ 104,885 $ (10,178) Foreign (12,094) (1,964) $ 92,791 $ (12,142) Income tax expense (recovery) $ 126,337 $ (4,469) F. Reassessments Canada On February 18, 2021, the Supreme Court of Canada (Supreme Court) dismissed Canada Revenue Agency’s (CRA) application for leave to appeal the June 26, 2020 decision of the Federal Court of Appeal (Court of Appeal). The dismissal means that the dispute for the 2003, 2005 and 2006 tax years is fully and finally resolved in the Company’s favour. In September 2018, the Tax Court of Canada (Tax Court) ruled that the marketing and trading structure involving foreign subsidiaries, as well as the related transfer pricing methodology used for certain intercompany uranium sales and purchasing agreements, were in full compliance with Canadian law for the tax years in question. Management believes the principles in the decision apply to all subsequent tax years, and that the ultimate resolution of those years will not be material to Cameco’s financial position, results of operations or liquidity in the year(s) of resolution. Due to a revised CRA reassessment position for certain years, CRA has released approximately $ 86,000,000 of cash held on account (see note 11). As CRA continues to pursue reassessments for tax years subsequent to 2006, Cameco is utilizing its appeal rights under Canadian federal and provincial tax rules. G. Income tax losses At December 31, 2023, income tax losses carried forward of $ 1,760,518,000 (2022 - $ 2,171,825,000 ) are available to reduce taxable income. These losses expire as follows: Date of expiry Canada US Other Total 2026 $ - $ - $ 14,382 $ 14,382 2027 - - 239 239 2028 - - 62 62 2029 47 - 12,273 12,320 2030 - - 42,357 42,357 2031 - 21,268 - 21,268 2032 272 22,905 - 23,177 2033 - 35,206 - 35,206 2034 - 16,340 4,557 20,897 2035 - 7,448 7,283 14,731 2036 - 45,551 5,737 51,288 2037 27 34,120 3,005 37,152 2038 - - 322 322 2039 953 - 141 1,094 2040 3,110 - 372 3,482 2041 77 - - 77 2042 50 - - 50 2043 71 - - 71 No expiry - 446,639 1,035,704 1,482,343 $ 4,607 $ 629,477 $ 1,126,434 $ 1,760,518 Included in the table above is $ 1,447,529,000 (2022 - $ 1,329,261,000 ) of temporary differences related to loss carry forwards where no future benefit has been recognized.

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