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v3.23.2

INCOME TAXES (Tables) | 12 Months Ended
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Mar. 31, 2023
Income Tax [Abstract] |
Effective Income Tax Rate Reconciliation | The reconciliation of income taxes at Canadian statutory rates with the income tax expense is as follows:
|  | 2023 |  | 2022
Earnings before income taxes | $ | 296.3 |  | $ | 153.6 |
Canadian statutory income tax rates |  | 26.53 | % |  | 26.54 | %
Income taxes at Canadian statutory rates | $ | 78.6 |  | $ | 40.8 |
Effect of differences in tax rates in other jurisdictions |  | (3.5) |  |  | (16.8) |
Unrecognized tax benefits and tax benefits not previously recognized |  | 1.4 |  |  | 2.2 |
(Non-taxable revenues) Non-deductible expenses |  | (2.8) |  |  | 1.5 |
Tax impact on after-tax profit of equity accounted investees |  | (13.0) |  |  | (12.1) |
Prior years' tax adjustments |  | 0.5 |  |  | (1.5) |
Other |  | 3.2 |  |  | (10.5) |
Income tax expense | $ | 64.4 |  | $ | 3.6 |
Effective tax rate |  | 22 | % |  | 2 | %
Schedule of Components of Income Tax Expense (Benefit) | Significant components of the provision for the income tax expense are as follows:
|  | 2023 |  | 2022
Current income tax expense : |  |  |  |
Current year | $ | 53.2 |  | $ | 30.4 |
Prior years' tax adjustments |  | 0.8 |  |  | 3.1 |
Deferred income tax (recovery) expense: |  |  |  |
Tax benefit not previously recognized used to reduce the deferred tax expense |  | (2.2) |  |  | (4.1) |
Change in income tax rates |  | — |  |  | (6.6) |
Origination and reversal of temporary differences |  | 12.6 |  |  | (19.2) |
Income tax expense | $ | 64.4 |  | $ | 3.6 |
Disclosure of temporary difference, unused tax losses and unused tax credits | During the year ended March 31, 2023, 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 | $ | 96.9 |  |  | $ | (3.3) |  |  | $ | — |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 5.7 |  |  | $ | 99.3 |
Unclaimed research & development expenditures | 86.6 |  |  | 75.8 |  |  | — |  |  |  |  |  | — |  |  | — |  |  | (0.1) |  |  | 162.3 |
Capital loss carryforwards | 4.4 |  |  | 4.9 |  |  | — |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 9.3 |
Investment tax credits | (85.4) |  |  | 3.3 |  |  | — |  |  |  |  |  | — |  |  | — |  |  | — |  |  | (82.1) |
Property, plant and equipment and right-of-use of assets | (86.2) |  |  | (23.8) |  |  | — |  |  |  |  |  | — |  |  | (2.8) |  |  | (7.0) |  |  | (119.8) |
Intangible assets | (90.2) |  |  | (19.6) |  |  | — |  |  |  |  |  | — |  |  | — |  |  | (4.9) |  |  | (114.7) |
Deferred revenues, contract assets and contract liabilities | 1.2 |  |  | (21.6) |  |  | — |  |  |  |  |  | — |  |  | 1.5 |  |  | (0.3) |  |  | (19.2) |
Foreign currency exchange difference | 2.6 |  |  | (8.9) |  |  | 4.2 |  |  |  |  |  | — |  |  | — |  |  | (0.3) |  |  | (2.4) |
Derivative financial assets and liabilities | (0.2) |  |  | 5.0 |  |  | 5.7 |  |  |  |  |  | — |  |  | (0.8) |  |  | (1.1) |  |  | 8.6 |
Defined benefit obligation | 27.2 |  |  | 0.2 |  |  | (19.7) |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 7.7 |
Amounts not currently deductible | 83.1 |  |  | (4.7) |  |  | — |  |  |  |  |  | — |  |  | — |  |  | 1.9 |  |  | 80.3 |
Other | (16.3) |  |  | (17.7) |  |  | — |  |  |  |  |  | — |  |  | — |  |  | 0.5 |  |  | (33.5) |
Net deferred tax assets (liabilities) | $ | 23.7 |  |  | $ | (10.4) |  |  | $ | (9.8) |  |  |  |  |  | $ | — |  |  | $ | (2.1) |  |  | $ | (5.6) |  |  | $ | (4.2) |
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 (liabilities) assets | $ | (18.6) |  |  |  | $ | 29.9 |  |  | $ | (37.7) |  |  | $ | 3.7 |  |  | $ | 47.0 |  |  | $ | (0.6) |  |  | $ | 23.7 |
The non-capital losses incurred in various jurisdictions expire as follows:
Expiry date | Unrecognized | Recognized
2024-2028 | $ | 31.4 |  | $ | 18.4 |
2029-2043 |  | 26.8 |  |  | 149.9 |
No expiry date |  | 146.0 |  |  | 212.2 |
| $ | 204.2 |  | $ | 380.5 |

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