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INCOME TAXES (Tables) | 12 Months Ended
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Mar. 31, 2022
Income Tax [Abstract] |
Effective Income Tax Rate Reconciliation | The reconciliation of income taxes at Canadian statutory rates with the reported income taxes is as follows:
|  | 2022 |  | 2021
Earnings (loss) before income taxes | $ | 153.6 |  | $ | (87.2) |
Canadian statutory income tax rates |  | 26.54 | % |  | 26.53 | %
Income taxes at Canadian statutory rates | $ | 40.8 |  | $ | (23.1) |
Effect of differences in tax rates in other jurisdictions |  | (16.8) |  |  | (5.8) |
Unrecognized tax benefits and tax benefits not previously recognized |  | 2.2 |  |  | 3.2 |
Non-deductible expenses (non-taxable revenues) |  | 1.5 |  |  | (4.8) |
Tax impact on after-tax profit of equity accounted investees |  | (12.1) |  |  | (1.1) |
Prior years' tax adjustments |  | (1.5) |  |  | (6.3) |
Other |  | (10.5) |  |  | (1.8) |
Income tax expense (recovery) | $ | 3.6 |  | $ | (39.7) |
Schedule of Components of Income Tax Expense (Benefit) | Significant components of the provision for the income tax expense are as follows:
|  | 2022 |  | 2021
Current income tax expense (recovery): |  |  |  |
Current year | $ | 30.4 |  | $ | 8.6 |
Prior years' tax adjustments |  | 3.1 |  |  | (15.0) |
Deferred income tax (recovery) expense: |  |  |  |
Tax benefit not previously recognized used to reduce the deferred tax expense |  | (4.1) |  |  | (5.2) |
Change in income tax rates |  | (6.6) |  |  | (0.8) |
Origination and reversal of temporary differences |  | (19.2) |  |  | (27.3) |
Income tax expense (recovery) | $ | 3.6 |  | $ | (39.7) |
Disclosure of temporary difference, unused tax losses and unused tax credits | During the year ended March 31, 2022, movements in temporary differences are as follows:
|  |  |  |  |  |  |  |  |  |  |  | Foreign |  |
| Balance |  |  |  |  |  |  |  | currency |  |
| beginning | Recognized | Recognized |  |  |  | Recognized | Business | exchange |  | Balance
| of year | in income |  | in OCI |  |  |  | in equity | combinations | differences | end of year
Non-capital loss carryforwards | $ | 48.1 |  |  | $ | 48.3 |  |  | $ | — |  |  |  |  |  | $ | — |  |  | $ | 0.2 |  |  | $ | 0.3 |  |  | $ | 96.9 |
Unclaimed research & development expenditures | 70.8 |  |  | 15.9 |  |  | — |  |  |  |  |  | — |  |  | (0.1) |  |  | — |  |  | 86.6 |
Capital loss carryforwards | 1.1 |  |  | 1.0 |  |  | — |  |  |  |  |  | — |  |  | 2.3 |  |  | — |  |  | 4.4 |
Investment tax credits | (76.4) |  |  | (9.0) |  |  | — |  |  |  |  |  | — |  |  | — |  |  | — |  |  | (85.4) |
Property, plant and equipment and right-of-use of assets | (75.2) |  |  | (6.5) |  |  | — |  |  |  |  |  | — |  |  | (4.6) |  |  | 0.1 |  |  | (86.2) |
Intangible assets | (92.5) |  |  | 8.3 |  |  | — |  |  |  |  |  | — |  |  | (5.9) |  |  | (0.1) |  |  | (90.2) |
Deferred revenues, contract assets and contract liabilities | 1.5 |  |  | (42.2) |  |  | — |  |  |  |  |  | — |  |  | 41.6 |  |  | 0.3 |  |  | 1.2 |
Foreign currency exchange difference | (1.4) |  |  | 9.2 |  |  | (4.9) |  |  |  |  |  | — |  |  | — |  |  | (0.3) |  |  | 2.6 |
Derivative financial assets and liabilities | (6.5) |  |  | 6.2 |  |  | 0.6 |  |  |  |  |  | — |  |  | — |  |  | (0.5) |  |  | (0.2) |
Defined benefit obligation | 57.2 |  |  | 4.3 |  |  | (33.4) |  |  |  |  |  | — |  |  | — |  |  | (0.9) |  |  | 27.2 |
Amounts not currently deductible | 65.0 |  |  | 4.6 |  |  | — |  |  |  |  |  | — |  |  | 13.5 |  |  | — |  |  | 83.1 |
Other | (10.3) |  |  | (10.2) |  |  | — |  |  |  |  |  | 3.7 |  |  | — |  |  | 0.5 |  |  | (16.3) |
Net deferred tax assets (liabilities) | $ | (18.6) |  |  | $ | 29.9 |  |  | $ | (37.7) |  |  |  |  |  | $ | 3.7 |  |  | $ | 47.0 |  |  | $ | (0.6) |  |  | $ | 23.7 |
During the year ended March 31, 2021, movements in temporary differences are as follows:
|  |  |  |  |  |  |  |  |  |  | Foreign |  |
| Balance |  |  |  |  |  | currency |  |
| beginning | Recognized | Recognized | Recognized | Business | exchange |  | Balance
| of year |  | in income |  | in OCI | in equity | combinations | differences | end of year
Non-capital loss carryforwards | $ | 33.4 |  |  |  | $ | 12.0 |  |  | $ | — |  |  | — |  |  | $ | 2.4 |  |  | $ | 0.3 |  |  | $ | 48.1 |
Unclaimed research & development expenditures | 64.4 |  |  |  | 5.8 |  |  | — |  |  | — |  |  | 0.6 |  |  | — |  |  | 70.8 |
Capital loss carryforwards | 1.4 |  |  |  | (0.3) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1.1 |
Investment tax credits | (70.0) |  |  |  | (6.4) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (76.4) |
Property, plant and equipment and right-of-use of assets | (88.4) |  |  |  | (5.8) |  |  | — |  |  | — |  |  | 6.9 |  |  | 12.1 |  |  | (75.2) |
Intangible assets | (93.0) |  |  |  | 9.0 |  |  | — |  |  | — |  |  | (11.5) |  |  | 3.0 |  |  | (92.5) |
Deferred revenues, contract assets and contract liabilities | (15.9) |  |  |  | 6.4 |  |  | — |  |  | — |  |  | 11.2 |  |  | (0.2) |  |  | 1.5 |
Foreign currency exchange difference | (2.3) |  |  |  | 2.7 |  |  | (1.6) |  |  | — |  |  | — |  |  | (0.2) |  |  | (1.4) |
Derivative financial assets and liabilities | 25.5 |  |  |  | (18.9) |  |  | (13.0) |  |  | — |  |  | — |  |  | (0.1) |  |  | (6.5) |
Defined benefit obligation | 53.1 |  |  |  | 4.5 |  |  | (0.3) |  |  | — |  |  | — |  |  | (0.1) |  |  | 57.2 |
Amounts not currently deductible | 42.7 |  |  |  | 33.2 |  |  | — |  |  | — |  |  | (8.9) |  |  | (2.0) |  |  | 65.0 |
Other | (17.0) |  |  |  | (8.9) |  |  | — |  |  | 15.7 |  |  | — |  |  | (0.1) |  |  | (10.3) |
Net deferred tax (liabilities) assets | $ | (66.1) |  |  |  | $ | 33.3 |  |  | $ | (14.9) |  |  | $ | 15.7 |  |  | $ | 0.7 |  |  | $ | 12.7 |  |  | $ | (18.6) |
The non-capital losses incurred in various jurisdictions expire as follows:
Expiry date | Unrecognized | Recognized
2023-2027 | $ | 29.1 |  | $ | 18.4 |
2028-2041 |  | 27.5 |  |  | 198.7 |
No expiry date |  | 144.6 |  |  | 165.0 |
| $ | 201.2 |  | $ | 382.1 |

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