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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Components of the provision for income taxes | The components of the provision for income taxes are as follows:
Year ended December 31, |  | 2023 |  | 2022 |  | 2021
Canadian: |  |  |  |  |  |
Current tax expense |  | $ | 43.4 |  |  | $ | 60.9 |  |  | $ | 21.7 |
Deferred tax expense |  | (2.7) |  |  | 2.7 |  |  | 5.6 |
Foreign: |  |  |  |  |  |
Current tax expense before application of operating loss carryforwards |  | 100.2 |  |  | 29.6 |  |  | 30.1 |
Tax benefit of operating loss carryforwards |  | (1.4) |  |  | (4.0) |  |  | (2.2) |
Total current tax expense |  | 98.8 |  |  | 25.6 |  |  | 27.9 |
Deferred tax expense |  | (63.1) |  |  | (3.0) |  |  | (1.8) |
Total deferred tax (recovery) expense |  | (63.1) |  |  | (3.0) |  |  | (1.8) |
|  | $ | 76.4 |  |  | $ | 86.2 |  |  | $ | 53.4 |
Schedule of effective income tax rate reconciliation | The provision for income taxes was different from the Canadian and provincial statutory rate applied to income before taxes and is reconciled as follows:
Year ended December 31, |  | 2023 |  | 2022 |  | 2021
Earnings before income tax |  | $ | 282.4 |  |  | $ | 406.0 |  |  | $ | 205.3 |
Statutory federal and provincial tax rate in British Columbia, Canada |  | 27.00 | % |  | 27.00 | % |  | 27.00 | %
Expected income tax expense |  | $ | 76.2 |  |  | $ | 109.6 |  |  | $ | 55.4 |
Different tax rates of subsidiaries operating in foreign jurisdictions |  | (3.7) |  |  | (6.4) |  |  | (6.3) |
Non-deductible expenses |  | 11.1 |  |  | 7.7 |  |  | 6.3 |
Executive compensation and fringe benefits |  | 5.0 |  |  | 0.3 |  |  | 1.6 |
Non-taxable gain on capital items |  | (0.4) |  |  | (19.4) |  |  | (0.3) |
U.S. tax reform impacts |  | (6.9) |  |  | — |  |  | 3.6 |
Changes in the valuation of deferred tax assets |  | 0.3 |  |  | (1.6) |  |  | (0.3) |
Unrecognized tax benefits |  | 2.0 |  |  | (1.5) |  |  | (0.5) |
Equity compensation |  | (3.9) |  |  | (2.3) |  |  | (4.8) |
Revaluation of opening US deferred liability |  | (1.4) |  |  | — |  |  | — |
Other |  | (1.9) |  |  | (0.2) |  |  | (1.3) |
|  | $ | 76.4 |  |  | $ | 86.2 |  |  | $ | 53.4 |
Schedule of deferred tax assets and liabilities | Deferred tax assets and deferred tax liabilities were as follows:
At December 31, |  | 2023 |  | 2022
Deferred tax assets: |  |  |  |
Working capital |  | $ | 33.6 |  |  | $ | 15.4 |
Property, plant and equipment |  | 5.2 |  |  | 5.0 |
Share-based compensation |  | 11.9 |  |  | 10.6 |
Tax losses and tax credit carryforwards |  | 37.9 |  |  | 22.1 |
Lease liabilities |  | 356.2 |  |  | 29.6 |
Notes receivable/payable |  | 2.3 |  |  | 4.3 |
Other |  | 9.6 |  |  | 7.4 |
|  | 456.7 |  |  | 94.4 |
Deferred tax liabilities: |  |  |  |
Property, plant and equipment |  | $ | (86.4) |  |  | $ | (18.2) |
Goodwill |  | (12.8) |  |  | (10.6) |
Intangible assets |  | (653.5) |  |  | (59.9) |
Right-of-use assets |  | (354.7) |  |  | (26.0) |
Long-term debt |  | (0.9) |  |  | (0.1) |
Notes receivable/payable |  | (5.6) |  |  | (9.9) |
Other |  | (6.0) |  |  | (7.7) |
|  | (1,119.9) |  |  | (132.4) |
Net deferred tax liabilities |  | $ | (663.2) |  |  | $ | (38.0) |
Valuation allowance |  | (9.1) |  |  | (9.3) |
Net deferred tax |  | $ | (672.3) |  |  | $ | (47.3) |
Schedule of non-capital loss carryforwards | These non-capital loss carryforwards expire as follows:
2024 | $ | 0.2 |
2025 | 0.1 |
2026 | — |
2027 | — |
2028 and thereafter | 59.2 |
| $ | 59.5 |
Schedule of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits from uncertain tax positions is as follows:
At December 31, |  | 2023 |  | 2022
Unrecognized tax benefits, beginning of year |  | $ | 16.0 |  |  | $ | 18.9 |
Increases – tax positions related to acquisitions |  | 8.0 |  |  | — |
Increases – tax positions taken in prior period |  | 1.2 |  |  | 0.6 |
Decreases – tax positions taken in prior period |  | (0.4) |  |  | — |
Increases – tax positions taken in current period |  | 4.1 |  |  | 0.6 |
Settlement and lapse of statute of limitations |  | (4.0) |  |  | (3.6) |
Currency translation adjustment |  | 0.2 |  |  | (0.5) |
Unrecognized tax benefits, end of year |  | $ | 25.1 |  |  | $ | 16.0 |

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