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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Net deferred tax assets and liabilities [abstract] |
Schedule of Provision for Income Taxes | The provision for income taxes differs from that which would be expected by applying statutory Canadian income tax rates. A reconciliation of the difference for the years ended December 31, is as follows:
|  | 2024 |  |  | 2023 |
Earnings before income taxes | $ |  | 154,559 |  | $ |  | 265,779 |
Federal and provincial statutory rates |  |  | 24 | % |  |  | 24 | %
Tax at statutory rates | $ |  | 37,094 |  | $ |  | 63,787 |
Adjusted for the effect of: |  |  |  |  |  |
Non-deductible expenses |  |  | 4,422 |  |  |  | 2,426 |
Non-taxable capital gains |  |  | (367 | ) |  |  | (2,551 | )
Gain on acquisition |  |  | — |  |  |  | (6,222 | )
Impact of foreign tax rates |  |  | (895 | ) |  |  | (2,450 | )
Withholding taxes |  |  | 356 |  |  |  | 337 |
Taxes related to prior years |  |  | (3,036 | ) |  |  | (4,945 | )
Tax assets not recognized |  |  | 5,655 |  |  |  | 8,629 |
Deferred tax assets recognized |  |  | — |  |  |  | (82,476 | )
Income tax expense (recovery) | $ |  | 43,229 |  | $ |  | (23,465 | )
Summary of Net Deferred Tax Liability | The net deferred tax liability is comprised of the tax effect of the following temporary differences. Prior period amounts have been reclassified to reflect changes in the presentation of the valuation allowance for temporary differences in tax jurisdictions:
|  | 2024 |  |  | 2023 |
Deferred Tax Liabilities: |  |  |  |  |  |
Property, plant and equipment and intangibles | $ |  | 212,545 |  | $ |  | 211,183 |
Other |  |  | 83 |  |  |  | 17 |
|  |  | 212,628 |  |  |  | 211,200 |
Offsetting of assets |  |  | (165,177 | ) |  |  | (137,685 | )
| $ |  | 47,451 |  | $ |  | 73,515 |
Deferred Tax Assets: |  |  |  |  |  |
Losses (expire from time to time) | $ |  | 141,275 |  | $ |  | 206,348 |
Long-term incentive plan |  |  | 12,810 |  |  |  | 15,320 |
Other |  |  | 4,386 |  |  |  | 6,767 |
|  |  | 158,471 |  |  |  | 228,435 |
Offsetting of liabilities |  |  | (151,912 | ) |  |  | (154,773 | )
| $ |  | 6,559 |  | $ |  | 73,662 |
Net Deferred Tax Liability | $ |  | 40,892 |  | $ |  | (147 | )
Summary of Deferred Tax Asset Not Recognized | Accordingly, the Corporation has not recognized a deferred tax asset for the following items:
|  | 2024 |  |  | 2023 |
Tax losses (Capital) | $ |  | 17,692 |  | $ |  | 17,247 |
Tax losses (Income) |  |  | 28,517 |  |  |  | 23,446 |
Deductible temporary differences |  |  | 8,663 |  |  |  | 5,246 |
Total | $ |  | 54,872 |  | $ |  | 45,939 |
Summary of Movement in Temporary Differences of Deferred Tax Liabilities | The movement in temporary differences is as follows:
|  | Property, Plant and Equipment and Intangibles |  |  | Partnership Deferrals |  |  | Other Deferred Tax Liabilities |  |  | Losses |  |  | Debt Issue Costs |  |  | Long-Term Incentive Plan |  |  | Other Deferred Tax Assets |  |  | Net Deferred Tax Liability |
Balance, December 31, 2022 | $ |  | 228,005 |  | $ |  | 21,768 |  | $ |  | — |  | $ |  | (198,461 | ) | $ |  | — |  | $ |  | (15,765 | ) | $ |  | (7,056 | ) | $ |  | 28,491 |
Recognized in net earnings |  |  | 125,195 |  |  |  | (21,768 | ) |  |  | 5,816 |  |  |  | (127,433 | ) |  |  | 928 |  |  |  | (6,002 | ) |  |  | (4,695 | ) |  |  | (27,959 | )
Acquisition |  |  | 9,865 |  |  |  | — |  |  |  | 694 |  |  |  | (9,358 | ) |  |  | — |  |  |  | — |  |  |  | (237 | ) |  |  | 964 |
Foreign exchange |  |  | (4,895 | ) |  |  | — |  |  |  | — |  |  |  | 3,060 |  |  |  | — |  |  |  | 169 |  |  |  | 23 |  |  |  | (1,643 | )
Balance, December 31, 2023 | $ |  | 358,170 |  | $ |  | — |  | $ |  | 6,510 |  | $ |  | (332,192 | ) | $ |  | 928 |  | $ |  | (21,598 | ) | $ |  | (11,965 | ) | $ |  | (147 | )
Recognized in net earnings |  |  | (18,441 | ) |  |  | — |  |  |  | (486 | ) |  |  | 45,831 |  |  |  | (341 | ) |  |  | 5,122 |  |  |  | 4,074 |  |  |  | 35,759 |
Recognized in other comprehensive income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (750 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (750 | )
Foreign exchange |  |  | 18,186 |  |  |  | — |  |  |  | 4 |  |  |  | (11,288 | ) |  |  | — |  |  |  | (423 | ) |  |  | (449 | ) |  |  | 6,030 |
Balance, December 31, 2024 | $ |  | 357,915 |  | $ |  | — |  | $ |  | 6,028 |  | $ |  | (298,399 | ) | $ |  | 587 |  | $ |  | (16,899 | ) | $ |  | (8,340 | ) | $ |  | 40,892 |

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