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INCOME TAXES (Tables) | 12 Months Ended
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Mar. 31, 2018
Income Tax [Abstract] |
Effective Income Tax Rate Reconciliation | A reconciliation of income taxes at Canadian statutory rates with the reported income taxes is as follows:
|  | 2018 |  |  | 2017 |
Earnings before income taxes |  | $ | 384.8 |  |  | $ | 292.3 |
Canadian statutory income tax rates |  | 26.85 | % |  | 26.95 | %
Income taxes at Canadian statutory rates |  | $ | 103.3 |  |  | $ | 78.8 |
Difference between Canadian and Foreign statutory rates |  | (14.3 | ) |  | (10.6 | )
Unrecognized tax benefits |  | 3.1 |  |  | 10.3 |
Tax benefit of operating losses not previously recognized |  | (8.4 | ) |  | (7.7 | )
Non-taxable capital gain |  | (2.0 | ) |  | (1.3 | )
Tax impact on equity accounted investees |  | (10.4 | ) |  | (12.3 | )
Non-deductible items |  | 4.6 |  |  | 0.7 |
Prior years' tax adjustments and assessments |  | 4.4 |  |  | (13.0 | )
Impact of change in income tax rates on deferred income taxes |  | (32.8 | ) |  | 0.4 |
Non-taxable research and development tax credits |  | (1.2 | ) |  | (0.6 | )
Gain resulting from the remeasurement to fair value of the previously held interest in AACE |  | (6.9 | ) |  | — |
Other tax benefits not previously recognized |  | (10.3 | ) |  | (9.5 | )
Income tax expense |  | $ | 29.1 |  |  | $ | 35.2 |
Schedule of Components of Income Tax Expense (Benefit) | Significant components of the provision for the income tax expense are as follows:
|  | 2018 |  |  | 2017 |
Current income tax expense (recovery): |  |  |  |  |  |
Current period |  | $ | 53.8 |  |  | $ | 21.0 |
Adjustment for prior years |  | 11.0 |  |  | (12.2 | )
Deferred income tax (recovery) expense: |  |  |  |
Tax benefit not previously recognized used to reduce the deferred tax expense |  | (18.7 | ) |  | (17.2 | )
Impact of change in income tax rates on deferred income taxes |  | (32.8 | ) |  | 0.4 |
Origination and reversal of temporary differences |  | 15.8 |  |  | 43.2 |
Income tax expense |  | $ | 29.1 |  |  | $ | 35.2 |
Disclosure of temporary difference, unused tax losses and unused tax credits | Movements in temporary differences during fiscal year 2018 are as follows:
|  |  |  |  | Recognized in |  |  |  |  |  |  |
|  |  |  |  |  | discontinued |  |  |  |  |  |  |
|  |  |  |  |  | operation and |  |  |  |  |  |  |
| Balance |  |  |  |  |  | transferred |  |  |  |  |  |  |
beginning |  | Recognized |  | Recognized |  | from assets |  | Acquisition of |  | Exchange |  |  | Balance |
| of year |  | in income |  |  | in OCI |  | held for sale |  | subsidiaries |  | differences |  | end of year |
Non-capital loss carryforwards | $ | 50.5 |  |  | $ | (5.4 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.6 |  |  | $ | 45.7 |
Intangible assets | (84.1 | ) |  | 12.5 |  |  | — |  |  | — |  |  | (14.5 | ) |  | (1.7 | ) |  | (87.8 | )
Amounts not currently deductible | 48.5 |  |  | (6.4 | ) |  | — |  |  | — |  |  | 5.9 |  |  | (0.4 | ) |  | 47.6 |
Deferred revenue | 25.8 |  |  | (6.1 | ) |  | — |  |  | — |  |  | 0.3 |  |  | 0.3 |  |  | 20.3 |
Tax benefit carryover | 6.0 |  |  | (2.8 | ) |  | — |  |  | — |  |  | — |  |  | (0.1 | ) |  | 3.1 |
Unclaimed research and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
development expenditures | 20.2 |  |  | 17.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 37.4 |
Investment tax credits | (60.0 | ) |  | (4.6 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (64.6 | )
Property, plant and equipment | (148.9 | ) |  | 33.1 |  |  | — |  |  | — |  |  | 4.5 |  |  | 6.7 |  |  | (104.6 | )
Unrealized (gains) losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
on foreign exchange | (16.0 | ) |  | 1.0 |  |  | 1.3 |  |  | — |  |  | (0.1 | ) |  | (0.1 | ) |  | (13.9 | )
Financial instruments | (3.0 | ) |  | 1.3 |  |  | 1.5 |  |  | — |  |  | — |  |  | (0.1 | ) |  | (0.3 | )
Government participation | (27.4 | ) |  | 0.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (27.3 | )
Employee benefit plans | 39.6 |  |  | 3.1 |  |  | 8.9 |  |  | — |  |  | — |  |  | — |  |  | 51.6 |
Percentage-of-completion versus |  |  |  |  |  |  |  |  |  |  |  |  |  |
completed contract | (45.4 | ) |  | (7.1 | ) |  | — |  |  | — |  |  | — |  |  | (0.1 | ) |  | (52.6 | )
Other | (1.6 | ) |  | (0.2 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (1.8 | )
Net deferred income tax (liabilities) assets | $ | (195.8 | ) |  | $ | 35.7 |  |  | $ | 11.7 |  |  | $ | — |  |  | $ | (3.9 | ) |  | $ | 5.1 |  |  | $ | (147.2 | )
Movements in temporary differences during fiscal year 2017 are as follows:
|  |  |  |  | Recognized in |  |  |  |  |  |  |
|  |  |  |  |  | discontinued |  |  |  |  |  |  |
|  |  |  |  |  | operation and |  |  |  |  |  |  |
| Balance |  |  |  |  |  | transferred |  |  |  |  |  |  |
beginning |  | Recognized |  | Recognized |  | from assets |  | Acquisition of |  | Exchange |  |  | Balance |
| of year |  | in income |  |  | in OCI |  | held for sale |  | subsidiaries |  | differences |  | end of year |
Non-capital loss carryforwards | $ | 49.4 |  |  | $ | 0.6 |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 50.5 |
Intangible assets | (74.1 | ) |  | (3.0 | ) |  | — |  |  | — |  |  | (7.1 | ) |  | 0.1 |  |  | (84.1 | )
Amounts not currently deductible | 34.3 |  |  | 14.0 |  |  | — |  |  | — |  |  | — |  |  | 0.2 |  |  | 48.5 |
Deferred revenue | 25.4 |  |  | (10.2 | ) |  | — |  |  | — |  |  | 10.5 |  |  | 0.1 |  |  | 25.8 |
Tax benefit carryover | 5.7 |  |  | 0.2 |  |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | 6.0 |
Unclaimed research and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
development expenditures | 24.1 |  |  | (3.9 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | 20.2 |
Investment tax credits | (56.7 | ) |  | (3.3 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (60.0 | )
Property, plant and equipment | (131.6 | ) |  | (17.5 | ) |  | — |  |  | — |  |  | 3.3 |  |  | (3.1 | ) |  | (148.9 | )
Unrealized gains |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
on foreign exchange | (16.1 | ) |  | (1.3 | ) |  | 1.5 |  |  | — |  |  | — |  |  | (0.1 | ) |  | (16.0 | )
Financial instruments | (1.0 | ) |  | 2.1 |  |  | (4.1 | ) |  | — |  |  | — |  |  | — |  |  | (3.0 | )
Government participation | (24.9 | ) |  | (2.5 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (27.4 | )
Employee benefit plans | 41.7 |  |  | 3.1 |  |  | (5.1 | ) |  | — |  |  | — |  |  | (0.1 | ) |  | 39.6 |
Percentage-of-completion versus |  |  |  |  |  |  |  |  |  |  |  |  |  |
completed contract | (40.6 | ) |  | (5.0 | ) |  | — |  |  | — |  |  | — |  |  | 0.2 |  |  | (45.4 | )
Other | (1.9 | ) |  | 0.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1.6 | )
Net deferred income tax (liabilities) assets | $ | (166.3 | ) |  | $ | (26.4 | ) |  | $ | (7.7 | ) |  | $ | 0.4 |  |  | $ | 6.7 |  |  | $ | (2.5 | ) |  | $ | (195.8 | )
The non-capital losses incurred in various jurisdictions expire as follows:
Expiry date | Unrecognized |  | Recognized |
2019 |  | $ | 1.8 |  |  | $ | 0.2 |
2020 |  | 2.4 |  |  | 4.5 |
2021 |  | 0.5 |  |  | 3.8 |
2022 |  | 1.1 |  |  | — |
2023 |  | 6.2 |  |  | — |
2024 |  | 4.9 |  |  | — |
2025 - 2038 |  | 45.4 |  |  | 41.5 |
No expiry date |  | 67.1 |  |  | 144.6 |
|  | $ | 129.4 |  |  | $ | 194.6 |

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