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Income taxes | 12 Months Ended
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Dec. 31, 2024
Income taxes [Abstract] |
Income taxes | 21. Income taxes A. Significant components of deferred tax assets and liabilities Recognized in earnings As at December 31 2024 2023 2024 2023 Assets Property, plant and equipment $ (41,454) $ 67,736 $ 475,008 $ 515,872 Provision for reclamation (11,237) (4,157) 188,422 199,659 Inventories (4,979) 3,292 6,561 11,540 Foreign exploration and development (398) (51) 2,191 2,589 Income tax losses (gains) (8,108) (141,907) 85,668 93,776 Defined benefit plan actuarial losses - - 5,233 4,279 Long-term investments and other 14,880 (17,704) 80,048 65,145 Deferred tax assets (51,296) (92,791) 843,131 892,860 Liabilities Property, plant and equipment - - - - Inventories - - - - Deferred tax liabilities - - - - Net deferred tax asset (liability) $ (51,296) $ (92,791) $ 843,131 $ 892,860 Deferred tax allocated as 2024 2023 Deferred tax assets $ 843,131 $ 892,860 Deferred tax liabilities - - Net deferred tax asset $ 843,131 $ 892,860 Cameco has recorded a deferred tax asset of $ 843,131,000 (2023 - $ 892,860,000 ). 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 2024 2023 Deferred tax asset at beginning of year $ 892,860 $ 984,071 Expense for the year in net earnings (51,296) (92,791) Recovery for the year in other comprehensive income 969 1,581 Effect of movements in exchange rates 598 (1) End of year $ 843,131 $ 892,860 C. Significant components of unrecognized deferred tax assets 2024 2023 Income tax losses $ 379,695 $ 357,148 Property, plant and equipment 2,496 2,299 Provision for reclamation 81,984 68,038 Long-term investments and other 162,278 127,420 Total $ 626,453 $ 554,905 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: 2024 2023 Earnings before income taxes $ 256,716 $ 487,153 Combined federal and provincial tax rate 26.9% 26.9% Computed income tax expense 69,057 131,044 Increase (decrease) in taxes resulting from: Difference between Canadian rates and rates applicable to subsidiaries in other countries (4,482) 2,990 Change in unrecognized deferred tax assets 75,923 16,759 Non-taxable portion of capital loss 6,775 - Loss (Income) in equity-accounted investees (60,343) (41,519) Change in uncertain tax positions - (9,331) Other taxes 15,453 11,709 Foreign exchange permanent differences (14,939) 12,044 Other permanent differences (2,570) 2,641 Income tax expense $ 84,874 $ 126,337 E. Earnings and income taxes by jurisdiction 2024 2023 Earnings (loss) before income taxes Canada $ 401,080 $ 562,139 Foreign (144,364) (74,986) $ 256,716 $ 487,153 Current income taxes Canada $ 24,149 $ 26,230 Foreign 9,429 7,316 $ 33,578 $ 33,546 Deferred income taxes (recovery) Canada $ 39,115 $ 104,885 Foreign 12,181 (12,094) $ 51,296 $ 92,791 Income tax expense $ 84,874 $ 126,337 Cameco has operations in countries where the global minimum top-up tax has been enacted or substantively enacted effective January 1, 2024, including: Canada, Australia, Barbados, Germany, Luxembourg, Switzerland and the United Kingdom. The exposure is currently only in Switzerland, as all other constituent entities have effective tax rates higher than 15% and the transitional safe harbour rules are expected to be met. As a result of this exposure, additional income tax expense of $ 4,005,000 (2023 - $ 0 ) has been recorded relating to the profits earned in Switzerland. 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. 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, 2024, income tax losses carried forward of $ 1,827,706,000 (2023 - $ 1,760,518,000 ) are available to reduce taxable income. These losses expire as follows: Date of expiry Canada US Other Total 2026 $ - $ - $ 15,543 $ 15,543 2027 - - 295 295 2028 - - 120 120 2029 47 - 13,393 13,440 2030 - - 2,145 2,145 2031 - 23,100 42,681 65,781 2032 272 24,879 - 25,151 2033 - 38,240 - 38,240 2034 - 17,748 4,476 22,224 2035 - 8,089 7,425 15,514 2036 - 49,475 5,849 55,324 2037 27 37,059 3,064 40,150 2038 - - 328 328 2039 66 - 143 209 2040 37 - 372 409 2041 77 - 166 243 2042 49 - - 49 2043 71 - - 71 2044 56 - - 56 No expiry - 511,655 1,020,759 1,532,414 $ 702 $ 710,245 $ 1,116,759 $ 1,827,706 Included in the table above is $ 1,542,137,000 (2023 - $ 1,447,529,000 ) of temporary differences related to loss carry forwards where no future benefit has been recognized.

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