Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of the provision for income taxes

The components of the provision for income taxes are as follows:

Year ended December 31,	2023		2022		2021
Canadian:
Current tax expense	$	43.4	$	60.9	$	21.7
Deferred tax expense	(2.7)		2.7		5.6
Foreign:
Current tax expense before application of operating loss carryforwards	100.2		29.6		30.1
Tax benefit of operating loss carryforwards	(1.4)		(4.0)		(2.2)
Total current tax expense	98.8		25.6		27.9
Deferred tax expense	(63.1)		(3.0)		(1.8)
Total deferred tax (recovery) expense	(63.1)		(3.0)		(1.8)
	$	76.4	$	86.2	$	53.4

Schedule of effective income tax rate reconciliation

The provision for income taxes was different from the Canadian and provincial statutory rate applied to income before taxes and is reconciled as follows:

Year ended December 31,	2023			2022			2021
Earnings before income tax	$	282.4		$	406.0		$	205.3
Statutory federal and provincial tax rate in British Columbia, Canada	27.00		%	27.00		%	27.00		%
Expected income tax expense	$	76.2		$	109.6		$	55.4
Different tax rates of subsidiaries operating in foreign jurisdictions	(3.7)			(6.4)			(6.3)
Non-deductible expenses	11.1			7.7			6.3
Executive compensation and fringe benefits	5.0			0.3			1.6
Non-taxable gain on capital items	(0.4)			(19.4)			(0.3)
U.S. tax reform impacts	(6.9)			—			3.6
Changes in the valuation of deferred tax assets	0.3			(1.6)			(0.3)
Unrecognized tax benefits	2.0			(1.5)			(0.5)
Equity compensation	(3.9)			(2.3)			(4.8)
Revaluation of opening US deferred liability	(1.4)			—			—
Other	(1.9)			(0.2)			(1.3)
	$	76.4		$	86.2		$	53.4

Schedule of deferred tax assets and liabilities

Deferred tax assets and deferred tax liabilities were as follows:

At December 31,	2023		2022
Deferred tax assets:
Working capital	$	33.6	$	15.4
Property, plant and equipment	5.2		5.0
Share-based compensation	11.9		10.6
Tax losses and tax credit carryforwards	37.9		22.1
Lease liabilities	356.2		29.6
Notes receivable/payable	2.3		4.3
Other	9.6		7.4
	456.7		94.4
Deferred tax liabilities:
Property, plant and equipment	$	(86.4)	$	(18.2)
Goodwill	(12.8)		(10.6)
Intangible assets	(653.5)		(59.9)
Right-of-use assets	(354.7)		(26.0)
Long-term debt	(0.9)		(0.1)
Notes receivable/payable	(5.6)		(9.9)
Other	(6.0)		(7.7)
	(1,119.9)		(132.4)
Net deferred tax liabilities	$	(663.2)	$	(38.0)
Valuation allowance	(9.1)		(9.3)
Net deferred tax	$	(672.3)	$	(47.3)

Schedule of non-capital loss carryforwards

These non-capital loss carryforwards expire as follows:

2024	$	0.2
2025	0.1
2026	—
2027	—
2028 and thereafter	59.2
	$	59.5

Schedule of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits from uncertain tax positions is as follows:

At December 31,	2023		2022
Unrecognized tax benefits, beginning of year	$	16.0	$	18.9
Increases – tax positions related to acquisitions	8.0		—
Increases – tax positions taken in prior period	1.2		0.6
Decreases – tax positions taken in prior period	(0.4)		—
Increases – tax positions taken in current period	4.1		0.6
Settlement and lapse of statute of limitations	(4.0)		(3.6)
Currency translation adjustment	0.2		(0.5)
Unrecognized tax benefits, end of year	$	25.1	$	16.0