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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 29, 2024
Income Taxes [Abstract] |
Reconciliation of accounting profit multiplied by applicable tax rates and average effective tax rate | The reasons for the difference and the related tax effects are as follows:
|  | 2024 |  | 2023
Earnings before income taxes | $ | 514,085 |  |  | $ | 564,183 |
Applicable statutory tax rate | 26.5 | % |  | 26.5 | %
Income taxes at applicable statutory rate | 136,233 |  |  | 149,508 |
Increase (decrease) in income taxes resulting from: |  |  |
| Effect of different tax rates and additional income taxes in other jurisdictions | (110,434) |  |  | (141,387) |
| Global Minimum Tax ("GMT") top-up tax | 33,000 |  |  | — |
| Income tax and other adjustments related to prior taxation years | (1,279) |  |  | (2,824) |
| Impact of Barbados tax rate changes on the revaluation of deferred income tax assets and liabilities | 10,904 |  |  | — |
| Non-recognition of tax benefits related to tax losses and temporary differences | 45,171 |  |  | 24,798 |
| Effect of non-deductible expenses and other | (375) |  |  | 508 |
Total income tax expense | $ | 113,220 |  |  | $ | 30,603 |
Average effective tax rate | 22.0 | % |  | 5.4 | %
Major components of tax expense (income) | The details of income tax expense are as follows:
|  | 2024 |  | 2023
Current income taxes, includes a recovery of $602 (2023 - $2,848) relating to prior taxation years | $ | 100,555 |  |  | $ | 20,456 |
Deferred income taxes: |  |  |
| Impact of Barbados tax rate changes on the revaluation of deferred income tax assets and liabilities | 10,904 |  |  | — |
| Origination and reversal of temporary differences | (42,708) |  |  | (14,645) |
| Non-recognition of tax benefits related to tax losses and temporary differences | 45,146 |  |  | 24,768 |
| Adjustments relating to prior taxation years | (677) |  |  | 24 |
| 12,665 |  |  | 10,147 |
Total income tax expense | $ | 113,220 |  |  | $ | 30,603 |
Disclosure of temporary difference, unused tax losses and unused tax credits | Significant components of the Company’s deferred income tax assets and liabilities relate to the following temporary differences and unused tax losses:
|  | December 29, 2024 |  | December 31, 2023
Deferred income tax assets: |  |  |
| Non-capital losses | $ | 138,615 |  |  | $ | 119,187 |
| Non-deductible reserves and accruals | 50,932 |  |  | 15,233 |
| Property, plant and equipment | 18,859 |  |  | 17,470 |
| Lease liability | 23,366 |  |  | 16,448 |
| Intangible assets | — |  |  | 6,737 |
| Other items | 10,183 |  |  | 10,202 |
|  | 241,955 |  |  | 185,277 |
| Unrecognized deferred income tax assets | (175,571) |  |  | (130,425) |
Deferred income tax assets | $ | 66,384 |  |  | $ | 54,852 |
Deferred income tax liabilities: |  |  |
| Right-of-use assets | $ | (20,726) |  |  | $ | (12,312) |
| Property, plant and equipment | (43,016) |  |  | (36,687) |
| Intangible assets | (9,472) |  |  | — |
Deferred income tax liabilities | (73,214) |  |  | (48,999) |
Deferred income taxes | $ | (6,830) |  |  | $ | 5,853 |
The details of changes to deferred income tax assets and liabilities were as follows:
|  | 2024 |  | 2023
Balance, beginning of fiscal year, net | $ | 5,853 |  |  | $ | 16,000 |
Recognized in the statements of earnings: |  |  |
| Non-capital losses | 19,419 |  |  | 7,394 |
| Non-deductible reserves and accruals | 31,097 |  |  | 396 |
| Property, plant and equipment | (4,727) |  |  | 3,069 |
| Right of use assets and lease liability | (1,539) |  |  | 438 |
| Intangible assets | (864) |  |  | 3,310 |
| Other | (1) |  |  | 14 |
| Impact of Barbados tax rate changes on the revaluation of deferred income tax assets and liabilities | (10,904) |  |  | — |
| Unrecognized deferred income tax assets | (45,146) |  |  | (24,768) |
|  | (12,665) |  |  | (10,147) |
Other | (18) |  |  | — |
Balance, end of fiscal year, net | $ | (6,830) |  |  | $ | 5,853 |
Deferred income tax assets and liabilities are presented in the statement of financial position as follows:
|  | December 29, 2024 |  | December 31, 2023
Deferred income tax assets | $ | 21,800 |  |  | $ | 23,971 |
Deferred income tax liabilities | 28,630 |  |  | 18,118 |
Deferred income taxes | $ | (6,830) |  |  | $ | 5,853 |

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