Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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:

		2023				2022
Earnings (loss) before income taxes	$		265,779		$		(14,143	)
Federal and provincial statutory rates			24	%			24	%
Tax at statutory rates	$		63,787		$		(3,394	)
Adjusted for the effect of:
Non-deductible expenses			2,426				1,146
Non-taxable capital gains			(2,551	)			(379	)
Gain on acquisition			(6,222	)			—
Impact of foreign tax rates			(2,450	)			(2,559	)
Withholding taxes			337				1,026
Taxes related to prior years			(4,945	)			1,718
Tax assets not recognized			8,629				22,592
Deferred tax assets recognized			(82,476	)
Income tax expense (recovery)	$		(23,465	)	$		20,150

Summary of Net Deferred Tax Liability

The net deferred tax liability is comprised of the tax effect of the following temporary differences:

		2023				2022
Deferred tax liability:
Property, plant and equipment and intangibles	$		358,170		$		364,278
Debt issue costs			928				1,303
Partnership deferrals			—				21,768
Other			6,741				6,284
			365,839				393,633
Offsetting of assets and liabilities			(292,324	)			(364,687	)
	$		73,515		$		28,946
Deferred tax assets:
Losses (expire from time to time up to 2042)	$		332,192		$		318,967
Long-term incentive plan			21,770				36,542
Other			12,024				9,633
			365,986				365,142
Offsetting of assets and liabilities			(292,324	)			(364,687	)
	$		73,662		$		455
Net deferred tax liability	$		(147	)	$		28,491

Summary of Deferred Tax Asset Not Recognized

Accordingly, the Corporation has not recognized a deferred tax asset for the following items:

		2023			2022
Tax losses (Capital)	$		17,247	$		29,255
Tax losses (Income)			23,446			134,588
Deductible temporary differences			5,246			5,224
Total	$		45,939	$		169,067

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, 2021	$		359,383		$		11,082		$		6,221		$		(340,406	)	$		1,457		$		(14,264	)	$		(12,121	)	$		11,352
Recognized in net earnings (loss)			(10,047	)			10,686				51				33,827				(154	)			(21,583	)			3,008				15,788
Foreign exchange			14,942				—				12				(12,388	)			—				(695	)			(520	)			1,351
Balance, December 31, 2022	$		364,278		$		21,768		$		6,284		$		(318,967	)	$		1,303		$		(36,542	)	$		(9,633	)	$		28,491
Recognized in net earnings (loss)			(11,063	)			(21,768	)			(231	)			(6,792	)			(375	)			14,583				(2,313	)			(27,959	)
Acquisition			9,865				—				694				(9,358	)			—				—				(237	)			964
Foreign exchange			(4,910	)			—				(6	)			2,925				—				189				159				(1,643	)
Balance, December 31, 2023	$		358,170		$		—		$		6,741		$		(332,192	)	$		928		$		(21,770	)	$		(12,024	)	$		(147	)