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INCOME TAXES (Tables) | 12 Months Ended
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Mar. 31, 2019
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:
|  | 2019 |  |  | 2018 |
|  |  | Restated |
Earnings before income taxes | $ | 399.7 |  | $ | 385.6 |
Canadian statutory income tax rates |  | 26.72 | % |  | 26.85 | %
Income taxes at Canadian statutory rates | $ | 106.8 |  | $ | 103.5 |
Difference between Canadian and Foreign statutory rates |  | (12.5 | ) |  | (14.0 | )
Unrecognized tax benefits |  | 3.1 |  |  | 3.1 |
Tax benefit of operating losses not previously recognized |  | (3.4 | ) |  | (8.4 | )
Non-taxable capital gain |  | (1.5 | ) |  | (2.0 | )
Tax impact on equity accounted investees |  | (8.0 | ) |  | (10.7 | )
Non-deductible items |  | 2.7 |  |  | 4.6 |
Prior years' tax adjustments and assessments |  | 8.5 |  |  | 4.4 |
Impact of change in income tax rates on deferred income taxes |  | (1.3 | ) |  | (31.2 | )
Non-taxable research and development tax credits |  | (1.1 | ) |  | (1.2 | )
Gain resulting from the remeasurement to fair value of the previously held interest in joint-venture |  | (1.0 | ) |  | (6.9 | )
Other tax benefits not previously recognized |  | (32.7 | ) |  | (10.3 | )
Income tax expense | $ | 59.6 |  | $ | 30.9 |
Schedule of Components of Income Tax Expense (Benefit) | Significant components of the provision for the income tax expense are as follows:
|  | 2019 |  |  | 2018 |
|  |  | Restated |
Current income tax expense : |  |  |  |  |  |
Current period | $ | 69.9 |  | $ | 53.8 |
Adjustment for prior years |  | 12.8 |  |  | 11.0 |
Deferred income tax (recovery) expense: |  |  |  |
Tax benefit not previously recognized used to reduce the deferred tax expense |  | (36.1 | ) |  | (18.7 | )
Impact of change in income tax rates on deferred income taxes |  | (1.3 | ) |  | (31.2 | )
Origination and reversal of temporary differences |  | 14.3 |  |  | 16.0 |
Income tax expense | $ | 59.6 |  | $ | 30.9 |
Disclosure of temporary difference, unused tax losses and unused tax credits | Movements in temporary differences during fiscal year 2019 are as follows:
| Balance |  |  |  |  |  |  |  |  |  |  |
beginning |  | Recognized |  | Recognized |  | Acquisition of |  | Exchange |  |  | Balance |
| of year |  | in income |  |  | in OCI |  | subsidiaries |  | differences |  | end of year |
Restated |  |  |  |  |  |  |  |  |  |  |
Non-capital loss carryforwards | $ | 45.7 |  |  | $ | (9.6 | ) |  | $ | — |  |  | $ | 0.8 |  |  | $ | (1.7 | ) |  | $ | 35.2 |
Capital loss carryforwards | — |  |  | 0.7 |  |  | — |  |  | — |  |  | — |  |  | 0.7 |
Intangible assets | (87.8 | ) |  | 5.7 |  |  | — |  |  | (6.2 | ) |  | 0.9 |  |  | (87.4 | )
Amounts not currently deductible | 47.6 |  |  | (2.3 | ) |  | — |  |  | (0.7 | ) |  | (3.0 | ) |  | 41.6 |
Deferred revenue | 20.3 |  |  | (4.5 | ) |  | — |  |  | 14.3 |  |  | (1.6 | ) |  | 28.5 |
Tax benefit carryover | 3.1 |  |  | (1.7 | ) |  | — |  |  | — |  |  | 0.2 |  |  | 1.6 |
Unclaimed research and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
development expenditures | 37.4 |  |  | 7.7 |  |  | — |  |  | — |  |  | — |  |  | 45.1 |
Investment tax credits | (64.6 | ) |  | (9.5 | ) |  | — |  |  | — |  |  | — |  |  | (74.1 | )
Property, plant and equipment | (104.6 | ) |  | 16.4 |  |  | — |  |  | 18.3 |  |  | (3.3 | ) |  | (73.2 | )
Unrealized (gains) losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
on foreign exchange | (13.9 | ) |  | (1.3 | ) |  | 1.0 |  |  | — |  |  | 0.3 |  |  | (13.9 | )
Financial instruments | (0.3 | ) |  | (0.7 | ) |  | 1.2 |  |  | — |  |  | — |  |  | 0.2 |
Government participation | (27.3 | ) |  | 19.9 |  |  | — |  |  | — |  |  | — |  |  | (7.4 | )
Employee benefit plans | 51.6 |  |  | 0.7 |  |  | (1.1 | ) |  | 0.7 |  |  | 3.5 |  |  | 55.4 |
Percentage-of-completion versus |  |  |  |  |  |  |  |  |  |  |  |
completed contract | (28.9 | ) |  | 1.7 |  |  | — |  |  | — |  |  | 0.7 |  |  | (26.5 | )
Other | (1.8 | ) |  | (0.1 | ) |  | — |  |  | — |  |  | 0.1 |  |  | (1.8 | )
Net deferred income tax (liabilities) assets | $ | (123.5 | ) |  | $ | 23.1 |  |  | $ | 1.1 |  |  | $ | 27.2 |  |  | $ | (3.9 | ) |  | $ | (76.0 | )
Movements in temporary differences during fiscal year 2018 are as follows:
| Balance |  |  |  |  |  |  |  |  |  |  |
beginning |  | Recognized |  | Recognized |  | Acquisition of |  | Exchange |  |  | Balance |
| of year |  | in income |  |  | in OCI |  | subsidiaries |  | differences |  | end of year |
Restated |  | Restated |  | Restated |  |  | Restated |  | Restated |
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 |  |  | 1.4 |  |  | — |  |  | — |  |  | (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 | (19.6 | ) |  | (8.9 | ) |  | — |  |  | — |  |  | (0.4 | ) |  | (28.9 | )
Other | (1.6 | ) |  | (0.2 | ) |  | — |  |  | — |  |  | — |  |  | (1.8 | )
Net deferred income tax (liabilities) assets | $ | (170.0 | ) |  | $ | 33.9 |  |  | $ | 11.6 |  |  | $ | (3.9 | ) |  | $ | 4.9 |  |  | $ | (123.5 | )
The non-capital losses incurred in various jurisdictions expire as follows:
Expiry date | Unrecognized |  | Recognized |
2020 | $ | 2.4 |  | $ | 0.1 |
2021 |  | 0.9 |  |  | 0.6 |
2022 |  | 1.5 |  |  | 2.2 |
2023 |  | 5.6 |  |  | — |
2024 |  | 5.3 |  |  | — |
2025 |  | 2.9 |  |  | — |
2026 - 2039 |  | 115.8 |  |  | 48.8 |
No expiry date |  | 34.5 |  |  | 95.7 |
| $ | 168.9 |  | $ | 147.4 |

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- Definition The disclosure of types of temporary differences, unused tax losses and unused tax credits. [Refer: Unused tax credits [member]; Unused tax losses [member]; Temporary differences [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 12 -IssueDate 2018-01-01 -Paragraph 81 -Subparagraph g -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=12&date=2018-03-01&anchor=para_81_g&doctype=Standard -URIDate 2018-03-16 + Details
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