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INCOME TAXES (Tables)
 12 Months Ended
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