INCOME TAXES (Tables)

12 Months Ended

Dec. 29, 2024

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