XML 45 R35.htm IDEA: XBRL DOCUMENT
v3.23.2

Income Taxes (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2023
Income Tax Disclosure [Abstract] |
Schedule of Effective Tax Rates | For the three months ended June 30, 2023, the Company recorded income tax expense of $3.5 million (2022 — $3.1 million). For the three months ended June 30, 2023, the Company’s effective tax rate differs from the combined Canadian federal and provincial statutory income tax rate due to the following factors:
| Three Months Ended |  |  | Three Months Ended
| June 30, 2023 |  |  | June 30, 2022
(In thousands of U.S. Dollars, except rates) | Amount |  |  | Rate |  |  | Amount |  |  | Rate
Income tax (expense) benefit at combined statutory rates | $ | (3,465 | ) |  | 26.5% |  |  | $ | 296 |  |  | 26.5%
Adjustments resulting from: |  |  |  |  |  |  |  |  |  |
Increase in valuation allowance |  | (74 | ) |  | 0.6% |  |  |  | (5,426 | ) |  | (485.3%)
Shortfall tax benefits related to share-based compensation |  | — |  |  |  | — |  |  |  | (23 | ) |  | (2.1%)
Changes to tax reserves |  | (291 | ) |  | 2.2% |  |  |  | (251 | ) |  | (22.5%)
Changes to deferred tax assets and liabilities resulting from audit and other tax return adjustments |  | (179 | ) |  | 1.4% |  |  |  | 2,497 |  |  | 223.4%
Other |  | 548 |  |  | (4.2%) |  |  |  | (226 | ) |  | (20.2%)
Income tax expense | $ | (3,461 | ) |  | 26.5% |  |  | $ | (3,133 | ) |  | (280.2%)
For the three months ended June 30, 2023, the Company recorded an additional $0.1 million (2022 — increase of $5.4 million) valuation allowance against deferred tax assets. The valuation allowance includes an increase of $1.4 million in reporting entities where management cannot reliably forecast that sufficient future tax liabilities will arise. Accordingly, the tax benefit associated with the current period losses in these reporting entities is not reflected in the Company’s Condensed Consolidated Statements of Operations. The valuation allowance is partially offset by a decrease of $1.3 million related to the recognition of certain losses in IMAX China Holding, Inc. (“IMAX China”) that management now considers to be realizable. For the six months ended June 30, 2023, the Company recorded income tax expense of $8.3 million (2022 — $5.7 million). For the six months ended June 30, 2023, the Company’s effective tax rate differs from the combined Canadian federal and provincial statutory income tax rate due to the following factors:
| Six Months Ended |  | Six Months Ended
| June 30, 2023 |  | June 30, 2022
(In thousands of U.S. Dollars, except rates) | Amount |  |  | Rate |  | Amount |  |  | Rate
Income tax (expense) benefit at combined statutory rates | $ | (6,117 | ) |  | 26.5% |  | $ | 2,772 |  |  | 26.5%
Adjustments resulting from: |  |  |  |  |  |  |  |  |
Increase of valuation allowance |  | (1,684 | ) |  | 7.3% |  |  | (10,435 | ) |  | (99.8%)
Shortfall excess tax benefits related to share-based compensation |  | (83 | ) |  | 0.4% |  |  | (152 | ) |  | (1.5%)
Changes to tax reserves |  | (549 | ) |  | 2.4% |  |  | (411 | ) |  | (3.9%)
Changes to deferred tax assets and liabilities resulting from audit and other tax return adjustments |  | (179 | ) |  | 0.8% |  |  | 2,497 |  |  | 23.9%
Other |  | 266 |  |  | (1.2%) |  |  | (14 | ) |  | (0.1%)
Income tax expense | $ | (8,346 | ) |  | 36.2% |  | $ | (5,743 | ) |  | (54.9%)
Income Tax (Expense) Benefit in Other Comprehensive (Loss) Income | For the three and six months ended June 30, 2023 and 2022, the Income Tax (Expense) Benefit related to the components of Other Comprehensive (Loss) Income (“OCI”) is as follows:
| Three Months Ended | Six Months Ended |
|  | June 30, |  |  | June 30, |
(In thousands of U.S. Dollars) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Unrealized change in cash flow hedging instruments |  | $ | (180 | ) |  | $ | 159 |  |  |  | $ | (215 | ) |  |  | $ | 77 |
Realized change in cash flow hedging instruments |  |  | (32 | ) |  |  | (17 | ) |  |  |  | (121 | ) |  |  |  | (25 | )
Defined benefit and postretirement benefit plans |  |  | 46 |  |  |  | (12 | ) |  |  |  | 92 |  |  |  |  | (24 | )
|  | $ | (166 | ) |  | $ | 130 |  |  |  | $ | (244 | ) |  |  | $ | 28 |

X
- Definition Tax effect of the change in accumulated other comprehensive income (loss), that is, the tax effect on items included in other comprehensive income (loss) during the period. + References No definition available. + Details
Name: | imax_IncomeTaxEffectOnComprehensiveIncomeTableTextBlock
Namespace Prefix: | imax_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration