XML 116 R75.htm IDEA: XBRL DOCUMENT v3.21.1
Income Taxes - Summary of Income Tax Rate (Detail)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]    
Canadian statutory income tax rate 26.50% 26.50%
Impairment of investments [note 2] 8.60% 8.20%
Net effect of losses not benefited 8.10% 0.80%
Tax on repatriation of foreign earnings 4.40% 1.90%
Foreign exchange re-measurement [1] 3.40% 0.10%
Valuation allowance on deferred tax assets 0.60% 0.00%
Non-taxable capital losses (gains) [2] 0.50% (2.50%)
Manufacturing and processing profits deduction (0.10%) (0.40%)
Earnings of equity accounted investees (3.60%) (1.30%)
Research and development tax credits (3.70%) (2.40%)
Reserve for uncertain tax positions (4.00%) (0.50%)
Foreign rate differentials (7.30%) (3.30%)
Others (0.70%) (0.50%)
Effective income tax rate 32.70% 26.60%
[1] Includes foreign exchange gains reported on U.S. dollar denominated assets for Mexican tax purposes that are not recognized for GAAP purposes and losses related to the re-measurement of financial statement balances of foreign subsidiaries, primarily in Mexico, that are maintained in a currency other than their functional currency.
[2] During the year ended December 31, 2019, the Company had non-taxable capital gains mainly related to the sale of the FP&C business [note 2].