Income Taxes (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Summary Of Components Of Income Tax Expense

(a)	Income Tax Recognized in Net Earnings

The components of income tax expense were as follows:


Three months ended March 31,	2022		2021
Current income taxes	$	3,363	$	3,109
Deferred income taxes		258		(4,520	)

	$	3,621	$	(1,411	)

The components of income tax expense were as follows:


Years ended December 31,	2021		2020			2019
Current income taxes	$	13,135	$	(6,872	)	$	31,720
Deferred income taxes		43,422		14,174			31,476

	$	56,557	$	7,302		$	63,196

Summary Of Reconciliation Of Tax Expense

(b)	Reconciliation of Tax Expense

The provision for income taxes differs from that which would be expected by applying Canadian statutory rates. A reconciliation of the difference is as follows:


Three months ended March 31,	2022			2021
Earnings before income taxes	$	3,252		$	1,592
Canadian statutory rate		23.8	%		23.6	%

Expected income tax provision	$	775		$	376
Add (deduct):
Exchange rate effects on tax basis		(1,672	)		(1,485	)
Earnings taxed in foreign jurisdictions		405			(604	)
Amounts not deductible for tax purposes		164			147
Impact of accounting for associates and joint ventures		(68	)		97
Change in recognized deferred tax asset 1		3,924			—
Other		93			58

Income taxes from continuing operations	$	3,621		$	(1,411	)

The provision for income taxes differs from that which would be expected by applying Canadian statutory rates. A reconciliation of the difference is as follows:


Years ended December 31,	2021			2020			2019
Earnings before income taxes	$	38,102		$	95,559		$	215,324
Canadian statutory rate		23.8	%		24.4	%		26.5	%

Expected income tax provision	$	9,068		$	23,316		$	57,061
Add (deduct):
Exchange rate effects on tax basis		(2,269	)		(4,007	)		2,125
Earnings taxed in foreign jurisdictions		2,313			(14,505	)		(1,129	)
Revaluation of Canadian deferred tax assets due to change in statutory rate		(660	)		597			5,040
Withholding tax on dividends received from foreign subsidiaries		2,763			—			—
Amounts not deductible (taxable) for tax purposes		811			2,426			723
Impact of accounting for associates and joint ventures		(160	)		(530	)		(575	)
Change in recognized deferred tax assets		44,704			—			—
Other		(13	)		5			(49	)

Income tax expense from continuing operations	$	56,557		$	7,302		$	63,196

Summary Of Income Tax Relating To Components Of Other Comprehensive Income


Years ended December 31,	2021			2020		2019
Deferred Tax
Arising on income and expenses recognized in other comprehensive income:
Fair value remeasurement of hedging instruments entered into for cash flow hedges	$	77		$	186	$	(286	)
Arising on income and expenses reclassified from other comprehensive income to net earnings:
Relating to cash flow hedges		(53	)		158		276
Arising on foreign exchange movement on long-term debt:
Relating to net investment hedge		—			61		—

Total income tax recognized in other comprehensive income	$	24		$	405	$	(10	)

Summary Of Deferred Tax Assets And Liabilities

Deferred tax assets and liabilities arise from the following:


	Accounting provisions and accruals			Tax losses			Long-term assets			Other			Exchange rate effects on tax bases			Cash flow hedges			Total 1

January 1, 2021	$	18,058		$	28,969		$	(73,956	)	$	544		$	(12,799	)	$	(8	)	$	(39,192	)
Charged to net earnings		(10,945	)		(21,808	)		(12,398	)		(572	)		2,269			32			(43,422	)
Charged to OCI		—			—			—			—			—			(24	)		(24	)
Exchange differences		(91	)		(642	)		99			539			54			—			(41	)

December 31, 2021	$	7,022		$	6,519		$	(86,255	)	$	511		$	(10,476	)	$	—		$	(82,679	)

1	Net deferred tax liabilities at December 31, 2021 of $82.7 million consist of liabilities of $92.0 million net of assets of $9.3 million.


	Accounting provisions and accruals			Tax losses		Long-term assets			Other			Exchange rate effects on tax bases			Cash flow hedges			Total 1
January 1, 2020	$	19,449		$	26,082	$	(57,684	)	$	1,330		$	(17,144	)	$	335		$	(27,632	)
Charged to net earnings		(2,080	)		2,661		(18,003	)		(756	)		4,007			—			(14,171	)
Charged to OCI		—			—		—			(61	)		—			(344	)		(405	)
Exchange differences		689			226		1,731			31			338			1			3,016

December 31, 2020	$	18,058		$	28,969	$	(73,956	)	$	544		$	(12,799	)	$	(8	)	$	(39,192	)

1	Net deferred tax liabilities at December 31, 2020 of $39.2 million consist of liabilities of $87.4 million net of assets of $48.2 million.

Summary Of Deductible Temporary Differences Of Income Tax Expenses

The deductible temporary differences consist of:


Years ended December 31,	2021		2020
Canadian:
Tax losses	$	138,408	$	—
Capital assets		22,758		—
Accounting provisions & other accruals		26,363		—
Foreign:
Tax losses		38,374		49,667

	$	225,903	$	49,667