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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income taxes

Schedule of Effective Income Tax Rate Reconciliation

​

​	​	​	​	​	​	​	​	​	​	​
Year ended December 31,		2021			2020			2019
Earnings before income tax	​	$	205,232	​	$	235,888	​	$	190,763	​
Statutory federal and provincial tax rate in British Columbia, Canada	​		27.00	%		27.00	%		27.00	%
Expected income tax expense	​	$	55,413	​	$	63,690	​	$	51,506	​
​	​	​	​	​	​	​	​	​	​	​
Non-deductible expenses	​		7,854	​		4,732	​		3,705	​
Adjustment to prior year provision to statutory tax returns	​		(1,826)	​		(865)	​		4	​
Changes in the valuation of deferred tax assets	​		(355)	​		(2,027)	​		(550)	​
Different tax rates of subsidiaries operating in foreign jurisdictions	​		(6,257)	​		(12,016)	​		(11,818)	​
U.S. tax reform impacts	​		3,584	​		17,105	​		6,949	​
Change in enacted tax rates	​		121	​		391	​		(1,016)	​
Derecognition of deferred tax asset from purchase price adjustment	​		947	​		—	​		—	​
Unrecognized tax benefits	​		(474)	​		817	​		(2,347)	​
Benefits of deductible stock options vested and exercised	​		(2,121)	​		(4,070)	​		(1,780)	​
Deductions for tax purposes in excess of accounting expenses	​		(2,709)	​	​	(1,831)	​	​	(287)	​
Other	​		(799)	​		(396)	​		(2,743)	​
​	​	$	53,378	​	$	65,530	​	$	41,623	​

Summary of Income Tax Expense (Recovery)

​

​	​	​	​	​	​	​	​	​	​
Year ended December 31,		2021			2020			2019
Canadian:	​	​	​	​	​	​	​	​	​
Current tax expense	​	$	21,664	​	$	27,766	​	$	19,752
Deferred tax expense	​		5,639	​		3,970	​		3,346
​	​	​	​	​	​	​	​	​	​
Foreign:	​			​			​
Current tax expense before application of operating loss carryforwards	​		30,093	​		30,280	​		24,815
Tax benefit of operating loss carryforwards	​		(2,238)	​		(1,668)	​		(11,770)
Total current tax expense	​		27,855	​		28,612	​		13,045
Deferred tax expense before adjustment	​	​	​	​	​	​	​	​	​
to opening valuation allowance	​		(1,781)	​		6,127	​		5,727
Adjustment to opening valuation allowance	​		1	​		(945)	​		(247)
Total deferred tax (recovery) expense	​		(1,780)	​		5,182	​		5,480
​	​	$	53,378	​	$	65,530	​	$	41,623

Schedule of Deferred Tax Assets and Liabilities

​

​	​	​	​	​	​	​
As at December 31,		2021			2020
Deferred tax assets:		​			​
Working capital	​	$	16,622	​	$	13,185
Property, plant and equipment	​		6,098	​		6,467
Share-based compensation	​		5,661	​		5,606
Tax losses and tax credit carryforwards	​		31,001	​		25,943
Lease liabilities	​	​	28,769	​	​	29,393
Other	​		7,336	​		8,848
​	​		95,487	​		89,442
Deferred tax liabilities:	​			​
Property, plant and equipment	​	$	(18,305)	​	$	(16,838)
Goodwill	​		(7,382)	​		(2,255)
Intangible assets	​		(66,320)	​		(52,218)
Right-of-use assets	​	​	(25,606)	​	​	(26,206)
Long-term debt	​	​	(3,605)	​	​	(3,571)
Other	​		(5,932)	​		(7,165)
​	​		(127,150)	​		(108,253)
Net deferred tax liabilities	​	$	(31,663)	​	$	(18,811)
​	​	​	​	​	​	​
Valuation allowance	​		(13,162)	​		(12,995)
​	​	$	(44,825)	​	$	(31,806)

Schedule of Non-capital Loss Carryforwards

​

​	​	​	​
2022		$	3,330
2023	​		4,304
2024	​		189
2025	​		122
2026 and thereafter	​		73,009
​	​	$	80,954

Schedule of Unrecognized Tax Benefits

​

​	​	​	​	​	​	​
As at December 31,		2021			2020
Unrecognized tax benefits, beginning of year	​	$	20,298	​	$	20,232
Increases - tax positions taken in prior period	​		452	​		1,487
Increases - tax positions taken in current period	​		1,077	​		558
Settlement and lapse of statute of limitations	​		(3,303)	​		(2,591)
Currency translation adjustment	​		335	​		612
Unrecognized tax benefits, end of year	​	$	18,859	​	$	20,298

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