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Income and other taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Taxes [Abstract] |
Components of income tax (expense) recovery | Income tax (expense) recovery:
For the years ended December 31 | 2023 | 2022
Current tax (expense) recovery: |  |
Current period before undernoted items | $ | (64,679) |  | $ | (127,254) |
Adjustments to prior years including resolution for certain outstanding audits | 14,755 |  | (324) |
| (49,924) |  | (127,578) |
Deferred tax recovery (expense): |  |
Origination and reversal of temporary differences | 46,982 |  | 9,589 |
Adjustments to prior years including resolution for certain outstanding audits | 6,904 |  | (400) |
Changes in tax rates | (5,828) |  | (23) |
Impact of foreign exchange and other | 377 |  | (1,447) |
| 48,435 |  | 7,719 |
Total income tax expense | $ | (1,489) |  | $ | (119,859) |
Reconciliation of accounting profit multiplied by applicable tax rates | Income tax expense differs from the amounts that would be obtained by applying the Canadian statutory income tax rate to net income before income taxes as follows:
For the years ended December 31 | 2023 | 2022
Income before income taxes | $ | 285,611 |  | $ | 582,147 |
Deduct earnings of associate | (99,466) |  | (76,938) |
| 186,145 |  | 505,209 |
Canadian statutory tax rate | 24.5 | % | 24.5 | %
Income tax expense calculated at Canadian statutory tax rate | (45,606) |  | (123,776) |
Decrease (increase) in income tax expense resulting from: |  |
Impact of income and losses taxed in foreign jurisdictions | 27,260 |  | 1,346 |
Utilization of unrecognized loss carryforwards and temporary differences | 7,381 |  | 7,077 |
Impact of tax rate changes | (5,828) |  | (23) |
Impact of foreign exchange | 5,287 |  | 3,783 |
Other business taxes | (13,943) |  | (11,065) |
Impact of items not taxable for tax purposes | 2,373 |  | 3,624 |
Adjustments to prior years including resolution for certain outstanding audits | 21,658 |  | (724) |
Other | (71) |  | (101) |
Total income tax expense | $ | (1,489) |  | $ | (119,859) |
Effect of temporary difference, unused tax losses and unused tax credits and analysis of change in deferred income tax liabilities | The tax effect of temporary differences that give rise to deferred income tax liabilities and deferred income tax assets is as follows:
As at |  | Dec 31, 2023 |  |  | Dec 31, 2022
| Net | Deferred tax assets | Deferred tax liabilities |  | Net | Deferred tax assets | Deferred tax liabilities
Property, plant and equipment (owned) | $ | (363,644) |  | $ | (189,646) |  | $ | (173,998) |  |  | $ | (403,505) |  | $ | (230,756) |  | $ | (172,749) |
Right-of-use assets | (35,883) |  | (28,299) |  | (7,584) |  |  | (33,477) |  | (26,486) |  | (6,991) |
Repatriation taxes | (109,186) |  | (7) |  | (109,179) |  |  | (106,989) |  | — |  | (106,989) |
Other | (31,630) |  | (9,259) |  | (22,371) |  |  | (78,305) |  | (60,850) |  | (17,455) |
| (540,343) |  | (227,212) |  | (313,131) |  |  | (622,276) |  | (318,092) |  | (304,184) |
Non-capital loss carryforwards | 358,774 |  | 321,602 |  | 37,172 |  |  | 353,986 |  | 322,608 |  | 31,378 |
Lease obligations | 48,633 |  | 37,854 |  | 10,779 |  |  | 46,438 |  | 35,957 |  | 10,481 |
Share-based compensation | 16,391 |  | 651 |  | 15,740 |  |  | 17,068 |  | 2,096 |  | 14,972 |
Other | 50,955 |  | 19,355 |  | 31,600 |  |  | 24,141 |  | 3,784 |  | 20,357 |
| 474,753 |  | 379,462 |  | 95,291 |  |  | 441,633 |  | 364,445 |  | 77,188 |
Net deferred income tax assets (liabilities) | $ | (65,590) |  | $ | 152,250 |  | $ | (217,840) |  |  | $ | (180,643) |  | $ | 46,353 |  | $ | (226,996) |
As at December 31, 2023, deferred income tax assets have been recognized in respect of non-capital loss carryforwards generated in the United States. These loss carryforwards expire as follows:
| Dec 31 2023
| Gross amount | Tax effect
Expire |  |
Losses generated in 2015 (expires 2035) | $ | 282,437 |  | $ | 62,136 |
Losses generated in 2016 (expires 2036) | 432,581 |  | 95,168 |
Losses generated in 2017 (expires 2037) | 234,941 |  | 51,687 |
| 949,959 |  | 208,991 |
No expiry |  |
Losses generated in 2019 | 255,244 |  | 56,154 |
Losses generated in 2020 | 121,321 |  | 26,691 |
Losses generated in 2023 | 29,235 |  | 6,432 |
Total non-capital loss carryforwards | $ | 1,355,760 |  | $ | 298,267 |
Analysis of the change in deferred income tax assets and liabilities:
|  | 2023 |  |  |  | 2022 |
| Net | Deferred tax assets | Deferred tax liabilities |  | Net | Deferred tax assets | Deferred tax liabilities
Balance, January 1 | $ | (180,643) |  | $ | 46,353 |  | $ | (226,996) |  |  | $ | (114,536) |  | $ | 98,169 |  | $ | (212,705) |
Deferred income tax recovery (expense) included in net income | 48,435 |  | 40,159 |  | 8,276 |  |  | 7,719 |  | 22,578 |  | (14,859) |
Deferred income tax recovery (expense) included in other comprehensive income | 66,636 |  | 65,738 |  | 898 |  |  | (72,440) |  | (74,394) |  | 1,954 |
Other | (17) |  | — |  | (17) |  |  | (1,386) |  | — |  | (1,386) |
Balance, December 31 | $ | (65,590) |  | $ | 152,250 |  | $ | (217,840) |  |  | $ | (180,643) |  | $ | 46,353 |  | $ | (226,996) |

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