Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

Significant components of income taxes deducted from net earnings

The following table shows the significant components of income taxes deducted from net earnings.


FOR THE YEAR ENDED DECEMBER 31		2023	2022
Current taxes
	Current taxes	(923)	(878)
	Uncertain tax positions	8	91
	Change in estimate relating to prior periods	9	8


Deferred taxes
	Deferred taxes relating to the origination and reversal of temporary differences	(75)	(176)
	Change in estimate relating to prior periods	1	(8)
	Recognition and utilization of loss carryforwards	(24)	(4)


	Uncertain tax positions	8	—
Total income taxes		(996)	(967)

Reconciliation of reported income taxes in the income statement

The following table reconciles the amount of reported income taxes in the income statements with income taxes calculated at a statutory income tax rate of 26.8% for both 2023 and 2022.


FOR THE YEAR ENDED DECEMBER 31	2023		2022
Net earnings	2,327		2,926
Add back income taxes	996		967
Earnings before income taxes	3,323		3,893
Applicable statutory tax rate	26.8	%	26.8	%
Income taxes computed at applicable statutory rates	(891)		(1,043)
Non-taxable portion of gains on investments	5		4
Uncertain tax positions	16		91


Change in estimate relating to prior periods	10		—
Non-taxable portion of equity losses	(149)		(18)

Other	13		(1)
Total income taxes	(996)		(967)
Average effective tax rate	30.0	%	24.8	%

Disclosure of current and deferred taxes

The following table shows aggregate current and deferred taxes relating to items recognized outside the income statements.


FOR THE YEAR ENDED DECEMBER 31	2023		2022
	OTHER COMPREHENSIVE (LOSS)/INCOME	DEFICIT	OTHER COMPREHENSIVE LOSS	DEFICIT
Current taxes	(2)	1	—	3
Deferred taxes	199	(8)	(73)	(7)
Total income taxes recovery (expense)	197	(7)	(73)	(4)

Deferred taxes resulting from temporary differences

The following table shows deferred taxes resulting from temporary differences between the carrying amounts of assets and liabilities recognized in the statements of financial position and their corresponding tax basis, as well as tax loss carryforwards.


NET DEFERRED TAX LIABILITY	NON- CAPITAL LOSS CARRY- FORWARDS	POST- EMPLOYMENT BENEFIT PLANS	INDEFINITE- LIFE INTANGIBLE ASSETS	PROPERTY, PLANT AND EQUIPMENT AND FINITE- LIFE INTANGIBLE ASSETS	OTHER	TOTAL
January 1, 2022	63	(466)	(1,701)	(2,417)	(53)	(4,574)
Income statements	(4)	15	(40)	(307)	148	(188)
Business acquisitions	1	—	(26)	(21)	3	(43)
Other comprehensive (loss)/income	—	(151)	—	—	78	(73)
Deficit	—	—	—	—	(7)	(7)

Other	—	—	—	—	16	16
December 31, 2022	60	(602)	(1,767)	(2,745)	185	(4,869)
Income statements	(23)	10	(35)	(36)	(6)	(90)
Business acquisitions/business disposition	(1)	—	(10)	(4)	(3)	(18)
Other comprehensive income	—	149	—	—	50	199
Deficit	—	—	—	—	(8)	(8)
Reclassified to liabilities held for sale	—	—	7	(1)	—	6
Other	—	—	—	5	2	7
December 31, 2023	36	(443)	(1,805)	(2,781)	220	(4,773)