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Income taxes | 12 Months Ended
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Dec. 31, 2023
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, |  | 2023 |  | 2022
Income before income taxes |  | $ | 85,963 |  |  | $ | 84,445 |
Equity earnings in affiliates and joint ventures |  | (25,815) |  |  | (37,053) |
|  | $ | 60,148 |  |  | $ | 47,392 |
Tax rate |  | 23.00 | % |  | 23.00 | %
Expected expense |  | $ | 13,834 |  |  | $ | 10,900 |
Adjustments related to: |  |  |  |
Stock-based compensation |  | 1,092 |  |  | 1,090 |
Foreign tax rate differential |  | 2,164 |  |  | 183 |
Tax on equity earnings in affiliates and joint ventures |  | 5,936 |  |  | 5,162 |
Other |  | (204) |  |  | (262) |
Total income tax expense |  | $ | 22,822 |  |  | $ | 17,073 |
Current income tax expense |  | $ | 6,841 |  |  | $ | 1,627 |
Deferred income tax expense |  | 15,981 |  |  | 15,446 |
Total income tax expense |  | $ | 22,822 |  |  | $ | 17,073 |
The deferred tax assets and liabilities are summarized below:
|  | December 31, 2023 |  | December 31, 2022
Deferred tax assets: |  |  |  |
Non-capital and net capital loss carryforwards |  | $ | 26,713 |  |  | $ | 33,630 |
Finance lease obligations |  | 23,116 |  |  | 17,981 |
Operating lease obligations |  | 6,161 |  |  | 3,415 |
Stock-based compensation |  | 4,913 |  |  | 4,200 |
Transaction costs |  | 1,858 |  |  | — |
Other |  | 10,051 |  |  | 2,241 |
|  | $ | 72,812 |  |  | $ | 61,467 |
Deferred tax liabilities: |  |  |  |
Contract assets |  | $ | 5,693 |  |  | $ | 3,199 |
Property, plant and equipment |  | 168,813 |  |  | 123,274 |
Other |  | 7,130 |  |  | 6,494 |
|  | $ | 181,636 |  |  | $ | 132,967 |
Net deferred income tax liability |  | $ | 108,824 |  |  | $ | 71,500 |
Classified as:
|  | December 31, 2023 |  | December 31, 2022
Deferred tax asset |  | $ | — |  |  | $ | 387 |
Deferred tax liability |  | (108,824) |  |  | (71,887) |
|  | $ | (108,824) |  |  | $ | (71,500) |
The Company and its subsidiaries file income tax returns in the Canadian federal jurisdiction, multiple Canadian provincial jurisdictions, the U.S. federal jurisdiction, three U.S state jurisdictions and the Australia federal jurisdiction. At December 31, 2023, the Company has non-capital loss carryforwards of $116,143, which expire as follows:
|  | December 31, 2023
2026 |  | $ | 3 |
2027 |  | 278 |
2032 |  | 175 |
2033 |  | 9,095 |
2037 |  | 5 |
2039 |  | 118 |
2040 |  | 82,668 |
2041 |  | 16,816 |
2042 |  | 3,677 |
2043 |  | 3,308 |
|  | $ | 116,143 |

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
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