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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Summary of Income Tax Rate

[a] The provision for income taxes differs from the expense that would be obtained by applying the Canadian statutory income tax rate as a result of the following:

		2024						2023
Canadian statutory income tax rate			26.5	%					26.5	%
Tax on repatriation of foreign earnings			4.1						3.6
Valuation allowance on deferred tax assets			3.1						(3.0	)
Net effect of losses not benefited			2.8						1.2
Foreign exchange re-measurement			1.7						(1.7	)
Reserve for uncertain tax positions			(0.4	)					0.6
Non-taxable capital (gains) losses			(1.1	)					1.2
Earnings of equity accounted investees			(1.3	)					(1.4	)
Deductible inflationary adjustments			(1.8	)					(1.7	)
Foreign rate differentials			(2.3	)					(3.2	)
Research and development tax credits			(4.5	)					(4.1	)
Others			2.1						1.9
Effective income tax rate			28.9	%					19.9	%

Details of Income (loss) before Income Taxes by Jurisdiction

[b]  The details of income (loss) before income taxes by jurisdiction are as follows:

		2024						2023
Canadian		$	56					$	(184	)
Foreign			1,486						1,790
		$	1,542					$	1,606

Details of Income Tax Provision

[c]  The details of the income tax provision are as follows:
		2024						2023
Current
Canadian		$	46					$	24
Foreign			510						557
			556						581
Deferred
Canadian			(12	)					(26	)
Foreign			(98	)					(235	)
			(110	)					(261	)
		$	446					$	320

Summary of Deferred Income Taxes Provided on Temporary Differences

[d] Deferred income taxes have been provided on temporary differences, which consist of the following:

		2024				2023
Unrealized remeasurement of investments		$	63			$	(26	)
Change in valuation allowance on deferred tax assets			47				(47	)
Tax on undistributed foreign earnings			19				4
Tax depreciation in excess of book depreciation			29				33
Net tax losses benefit			(67	)			(25	)
Net increase in non-deductible liabilities			(96	)			(63	)
Book amortization in excess of tax amortization			(112	)			(112	)
Others			7				(25	)
		$	(110	)		$	(261	)

Summary of Deferred Tax Assets and Liabilities

[e] Deferred tax assets and liabilities consist of the following temporary differences:

				2024				2023
Assets
		Tax benefit of loss carryforwards		$	1,187			$	892
		Liabilities currently not deductible for tax			451				400
		Operating lease liabilities			449				399
		Other assets tax value in excess of book value			263				150
		Unrealized losses on foreign exchange hedges and retirement liabilities			100				44
		Tax credit carryforwards			89				90
		Unrealized losses on remeasurement of investments			12				79
		Others			9				29
					2,560				2,083
Valuation allowance against tax benefit of loss carryforwards					(841	)			(597	)
Other valuation allowance					(241	)			(221	)
				$	1,478			$	1,265

Liabilities
		Operating lease right-of-use assets			446				403
		Tax depreciation in excess of book depreciation			294				232
		Tax on undistributed foreign earnings			188				171
		Unrealized gain on foreign exchange hedges and retirement liabilities			8				22
				936				828
Net deferred tax assets				$	542			$	437

The net deferred tax assets are presented on the consolidated balance sheet in the following categories:

		2024				2023
Long-term deferred tax assets		$	819			$	621
Long-term deferred tax liabilities			(277	)			(184	)
		$	542			$	437

Summary of Changes in Gross Unrecognized Tax Benefits

[i] As at December 31, 2024 and 2023, the Company’s gross unrecognized tax benefits were $204 million and $220 million, respectively [excluding interest and penalties], of which $135 million and $188 million, respectively, if recognized, would affect the Company’s effective tax rate. The gross unrecognized tax benefits differ from the amount that would affect the Company’s effective tax rate due primarily to the impact of the valuation allowance on deferred tax assets. A summary of the changes in gross unrecognized tax benefits is as follows:

		2024				2023
Balance, beginning of year		$	220			$	142
Increase based on tax positions related to current year			11				28
Increase based on tax positions of prior years			2				—
Settlements			(6	)			1
Foreign currency translation			(15	)			5
Statute expirations			(8	)			(14	)
Acquisitions [note 7]			—				58
		$	204			$	220

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