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INCOME TAXES (Tables)
 12 Months Ended
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