XML 41 R19.htm IDEA: XBRL DOCUMENT v3.22.4
Income taxes
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Income taxes Income taxes
Income tax expense differs from the amount that would be computed by applying the federal and provincial statutory income tax rates to income before income taxes. The reasons for the differences are as follows:
Year ended December 31,20222021
Income before income taxes$84,445 $60,693 
Equity earnings in affiliates and joint ventures(37,053)(21,860)
$47,392 $38,833 
Tax rate23.00 %23.00 %
Expected expense$10,900 $8,932 
Adjustments related to:
Stock-based compensation1,090 1,043 
Foreign tax rate differential183 233 
Tax on equity earnings in affiliates and joint ventures5,162 935 
Other(262)(1,858)
Total income tax expense$17,073 $9,285 
Current income tax expense$1,627 $1,000 
Deferred income tax expense15,446 8,285 
Total income tax expense$17,073 $9,285 
The deferred tax assets and liabilities are summarized below:
December 31, 2022December 31, 2021
Deferred tax assets:
Non-capital and net capital loss carryforwards$33,630 $40,367 
Finance lease obligations17,981 24,785 
Operating lease obligations3,415 3,247 
Stock-based compensation4,200 4,029 
Other2,241 (1,154)
$61,467 $71,274 
Deferred tax liabilities:
Contract assets$3,199 $932 
Property, plant and equipment123,274 124,265 
Other6,494 2,277 
$132,967 $127,474 
Net deferred income tax liability$71,500 $56,200 
Classified as:
December 31, 2022December 31, 2021
Deferred tax asset$387 $— 
Deferred tax liability(71,887)(56,200)
 $(71,500)$(56,200)
The Company and its subsidiaries file income tax returns in the Canadian federal jurisdiction, multiple provincial jurisdictions, the U.S. federal jurisdiction, three U.S state jurisdictions and the Australia federal jurisdiction.
At December 31, 2022, the Company has non-capital loss carryforwards of $146,217, which expire as follows:
December 31, 2022
2026$3 
2027278 
2032176 
20339,095 
20375 
2039146 
2040112,450 
204116,816 
20427,248 
 $146,217