Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Schedule of Effective Income Tax Rate Reconciliation

Year ended December 31,	2022			2021			2020
Earnings before income tax	$	405,988		$	205,232		$	235,888
Statutory federal and provincial tax rate in British Columbia, Canada		27.00	%		27.00	%		27.00	%
Expected income tax expense	$	109,617		$	55,413		$	63,690
Non-deductible expenses		7,978			7,853			4,732
Non-taxable gain on capital items		(19,457)			(265)			(60)
Changes in the valuation of deferred tax assets		(2,302)			(355)			(2,027)
Different tax rates of subsidiaries operating in foreign jurisdictions		(6,394)			(6,257)			(12,016)
U.S. tax reform impacts		7			3,584			17,105
Deductions for tax purposes in excess of accounting expenses		(754)			(2,698)			(1,566)
Unrecognized tax benefits		(1,476)			(474)			817
Benefits of deductible stock options		(1,518)			(2,121)			(4,070)
Expired losses with full valuation allowance		689			620			725
Other		(160)			(1,922)			(1,800)
	$	86,230		$	53,378		$	65,530

Summary of Income Tax Expense (Recovery)

Year ended December 31,	2022		2021		2020
Canadian:
Current tax expense	$	60,897	$	21,664	$	27,766
Deferred tax expense		2,725		5,639		3,970
Foreign:
Current tax expense before application of operating loss carryforwards		29,573		30,093		30,280
Tax benefit of operating loss carryforwards		(3,987)		(2,238)		(1,668)
Total current tax expense		25,586		27,855		28,612
Deferred tax expense before adjustment
to opening valuation allowance		(2,978)		(1,781)		6,127
Adjustment to opening valuation allowance		—		1		(945)
Total deferred tax (recovery) expense		(2,978)		(1,780)		5,182
	$	86,230	$	53,378	$	65,530

Schedule of Deferred Tax Assets and Liabilities

At December 31,	2022		2021
Deferred tax assets:
Working capital	$	15,357	$	16,622
Property, plant and equipment		5,049		6,098
Share-based compensation		10,580		5,661
Tax losses and tax credit carryforwards		22,131		31,001
Lease liabilities		29,553		28,769
Notes receivable/payable		4,276		760
Other		7,429		6,576
		94,375		95,487
Deferred tax liabilities:
Property, plant and equipment	$	(18,204)	$	(18,305)
Goodwill		(10,564)		(7,382)
Intangible assets		(59,909)		(66,320)
Right-of-use assets		(26,016)		(25,606)
Long-term debt		(131)		(3,605)
Notes receivable/payable		(9,893)		(879)
Other		(7,681)		(5,053)
		(132,398)		(127,150)
Net deferred tax liabilities	$	(38,023)	$	(31,663)
Valuation allowance		(9,308)		(13,162)
	$	(47,331)	$	(44,825)

Schedule of Non-capital Loss Carryforwards

2023	$	1,278
2024		194
2025		115
2026		31
2027 and thereafter		39,955
	$	41,573

Schedule of Unrecognized Tax Benefits

At December 31,	2022		2021
Unrecognized tax benefits, beginning of year	$	18,859	$	20,298
Increases – tax positions taken in prior period		591		452
Increases – tax positions taken in current period		590		1,077
Settlement and lapse of statute of limitations		(3,570)		(3,303)
Currency translation adjustment		(479)		335
Unrecognized tax benefits, end of year	$	15,991	$	18,859