XML 348 R47.htm IDEA: XBRL DOCUMENT v3.20.1
INCOME TAXES (Tables)
 12 Months Ended
Mar. 31, 2020
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:
 
 
2020
 
2019
Earnings before income taxes
$
392.7

$
399.7

Canadian statutory income tax rates
 
26.64
%
 
26.72
%
Income taxes at Canadian statutory rates
$
104.6

$
106.8

Effect of differences in tax rates in other jurisdictions
 
(19.9
)
 
(13.4
)
Unrecognized tax benefits and tax benefits not previously recognized
 
3.4

 
(33.0
)
Non-taxable revenues
 
(6.2
)
 
(5.5
)
Tax impact on after tax profit of equity accounted investees
 
(6.1
)
 
(8.0
)
Other
 
(2.0
)
 
12.7

Income tax expense
$
73.8

$
59.6
Schedule of Components of Income Tax Expense (Benefit)

Significant components of the provision for the income tax expense are as follows:
 
 
2020
 
2019
Current income tax expense :
 
 

 
 

Current year
$
65.1

$
69.9

Prior years' tax adjustments
 
5.8

 
12.8

Deferred income tax (recovery) expense:
 
 
 
 
Tax benefit not previously recognized used to reduce the deferred tax expense
 
(2.8
)
 
(36.1
)
Change in income tax rates
 
(1.0
)
 
(1.3
)
Origination and reversal of temporary differences
 
6.7

 
14.3

Income tax expense
$
73.8

$
59.6
Disclosure of temporary difference, unused tax losses and unused tax credits
The non-capital losses incurred in various jurisdictions expire as follows:
Expiry date
Unrecognized
 
Recognized
 
2021 - 2025
$
18.2

$
1.2

2026 - 2039
 
116.0

 
50.5

No expiry date
 
41.0

 
84.5

 
$
175.2

$
136.2

During the year ended March 31, 2020, movements in temporary differences are as follows:
 
 
 
Impact of

 
 
 
 
 
 
 
Foreign

 
 
 
Balance

 
adopting

 
 
 
currency
 
 
 
 
beginning

 
IFRS 16

Recognized
 
Recognized
 
Business
 
exchange
 
 
Balance

 
of year

 
(Note 2)

in income
 
 
in OCI

combinations
 
differences
 
end of year
 
Non-capital loss carryforwards
$
35.2

 
$
—

 
$
(1.2
)
 
$
—

 
$
—

 
$
(0.6
)
 
$
33.4

Unclaimed research & development
 
 
 
 
 
 
 
 
 
 
 
 


expenditures
45.1

 
—

 
19.3

 
—

 
—

 
—

 
64.4

Capital loss carryforwards
0.7

 
—

 
0.7

 
—

 
—

 
—

 
1.4

Investment tax credits
(74.1
)
 
—

 
4.1

 
—

 
—

 
—

 
(70.0
)
Property, plant and equipment
 
 
 
 
 
 
 
 
 
 
 
 


and right-of-use of assets

(73.2
)
 
5.8

 
(11.2
)
 
—

 
(3.1
)
 
(6.7
)
 
(88.4
)
Intangible assets
(87.4
)
 
—

 
(1.9
)
 
—

 
(2.9
)
 
(0.8
)
 
(93.0
)
Deferred revenues, contract assets
 
 
 
 
 
 
 
 
 
 
 
 


 and contract liabilities
2.0

 
—

 
(18.9
)
 
—

 
—

 
1.0

 
(15.9
)
Foreign currency exchange difference
(13.9
)
 
—

 
(2.1
)
 
13.3

 
—

 
0.4

 
(2.3
)
Derivative financial assets and liabilities
0.2

 
—

 
15.6

 
9.7

 
—

 
—

 
25.5

Defined benefit obligation
55.4

 
—

 
0.1

 
(3.6
)
 
—

 
1.2

 
53.1

Other
34.0

 
—

 
(7.4
)
 
—

 
(0.6
)
 
(0.3
)
 
25.7

Net deferred income tax (liabilities) assets
$
(76.0
)
 
$
5.8

 
$
(2.9
)
 
$
19.4

 
$
(6.6
)
 
$
(5.8
)
 
$
(66.1
)

During the year ended March 31, 2019, movements in temporary differences are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign

 
 
 
Balance

 
 
 
currency
 
 
 
 
beginning

Recognized
 
Recognized
 
Business
 
exchange
 
 
Balance

 
of year

in income
 
 
in OCI

combinations
 
differences
 
end of year
 
Non-capital loss carryforwards
$
45.7

 
$
(9.6
)
 
$
—

 
$
0.8

 
$
(1.7
)
 
$
35.2

Unclaimed research & development expenditures
37.4

 
7.7

 
—

 
—

 
—

 
45.1

Capital loss carryforwards
—

 
0.7

 
—

 
—

 
—

 
0.7

Investment tax credits
(64.6
)
 
(9.5
)
 
—

 
—

 
—

 
(74.1
)
Property, plant and equipment
 
 
 
 
 
 
 
 
 
 
 
and right-of-use of assets

(104.6
)
 
16.4

 
—

 
18.3

 
(3.3
)
 
(73.2
)
Intangible assets
(87.8
)
 
5.7

 
—

 
(6.2
)
 
0.9

 
(87.4
)
Deferred revenues, contract assets
 
 
 
 
 
 
 
 
 
 
 
 and contract liabilities
(8.6
)
 
(2.8
)
 
—

 
14.3

 
(0.9
)
 
2.0

Foreign currency exchange difference
(13.9
)
 
(1.3
)
 
1.0

 
—

 
0.3

 
(13.9
)
Derivative financial assets and liabilities
(0.3
)
 
(0.7
)
 
1.2

 
—

 
—

 
0.2

Defined benefit obligation
51.6

 
0.7

 
(1.1
)
 
0.7

 
3.5

 
55.4

Other
21.6

 
15.8

 
—

 
(0.7
)
 
(2.7
)
 
34.0

Net deferred income tax (liabilities) assets
$
(123.5
)
 
$
23.1

 
$
1.1

 
$
27.2

 
$
(3.9
)
 
$
(76.0
)