Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of income before income taxes

Income before income taxes consisted of the following:

Year ended December 31,	2025		2024		2023
Domestic (Canada)	$	191.9	$	252.9	$	170.0
Foreign	343.7		297.2		112.4
Income before income taxes	$	535.6	$	550.1	$	282.4

Components of the provision for income taxes

The components of income tax expense are as follows:

Year ended December 31,	2025		2024		2023
Domestic (Canada):
Current tax expense	$	40.2	$	74.3	$	43.4
Deferred tax benefit	(0.2)		(5.7)		(2.7)
Foreign:
Current tax expense	122.0		132.2		98.8
Deferred tax benefit	(54.0)		(63.5)		(63.1)
Income tax expense	$	108.0	$	137.3	$	76.4

Schedule of effective income tax rate reconciliation

The provision for income taxes was different from the Canadian federal statutory rate applied to income before taxes and is reconciled as follows (percentages of income before income taxes):

Year ended December 31,	2025				2024				2023
Canadian federal statutory tax rate1	$	133.9	25.0	%	$	137.5	25.0	%	$	70.6	25.0	%
Provincial tax, net of federal income tax effect2	0.5		0.1	%	1.1		0.2	%	0.6		0.2	%
Foreign tax effects:
United States
Statutory tax rate difference between United States and Canada	(13.7)		(2.6)	%	(11.0)		(2.0)	%	(4.0)		(1.4)	%
Benefit of Foreign Derived Intangible Income	(10.3)		(1.9)	%	(3.3)		(0.6)	%	(6.9)		(2.4)	%
Executive compensation and fringe benefits	1.5		0.3	%	3.1		0.6	%	4.3		1.5	%
Nontaxable or nondeductible items	1.3		0.2	%	1.8		0.3	%	4.8		1.7	%
State and local income taxes	1.9		0.4	%	3.5		0.6	%	3.0		1.1	%
Other	(6.8)		(1.3)	%	(4.9)		(0.9)	%	(0.3)		(0.1)	%
United Kingdom	9.9		1.8	%	—		—	%	—		—	%
Other foreign countries	1.0		0.2	%	0.7		0.1	%	(0.5)		(0.2)	%
Tax credits	(1.0)		(0.2)	%	(2.0)		(0.4)	%	—		—	%
Nontaxable or nondeductible items	(3.2)		(0.6)	%	0.7		0.1	%	1.5		0.5	%
Changes in unrecognized tax benefits	(3.4)		(0.6)	%	5.5		1.0	%	2.0		0.7	%
Change in Valuation Allowance	—		—	%	(1.2)		(0.2)	%	0.1		—	%
Other adjustments	(3.5)		(0.7)	%	5.8		1.0	%	1.3		0.4	%
Effective tax rate	$	108.0	20.2	%	$	137.3	25.0	%	$	76.4	27.1	%

1 The Canadian federal statutory tax rate reflects the basic corporate rate of 38%, less the 13% general rate reduction applicable to public companies.

2 Provincial taxes in British Columbia, Alberta, and Ontario for 2023 to 2025 made up the majority of the tax effect in this category.

Schedule of supplemental cash flow

The following table presents income taxes paid, net of refunds received, by jurisdiction:

Year ended December 31,	2025		2024		2023
Federal (Canada)	$	51.8	$	29.0	$	45.9
Provincial and local (Canada):
British Columbia	23.9		10.5		16.4
Other provincial and local	16.3		11.6		18.8
Foreign:
United States federal	101.0		116.2		77.1
Other foreign	34.0		33.7		21.8
Income taxes paid, net of refunds received	$	227.0	$	201.0	$	180.0

Year ended December 31,	2025		2024		2023
Interest paid, net of interest capitalized	$	189.2	$	228.8	$	163.4
Interest received	14.9		26.2		22.0
Assets obtained in exchange for finance lease liabilities	71.5		37.7		12.7
Assets obtained in exchange for operating lease liabilities	173.8		231.7		188.7

Schedule of deferred tax assets and liabilities

Deferred tax assets and deferred tax liabilities were as follows:

	December 31, 2025		December 31, 2024
Deferred tax assets:
Working capital	$	24.6	$	25.1
Property, plant and equipment	10.2		4.9
Share-based compensation	22.5		14.4
Tax losses and tax credit carryforwards	29.2		39.1
Lease liabilities	392.4		381.8
Notes receivable/payable	5.1		8.8
Other	3.6		17.2
Total deferred tax assets	$	487.6	$	491.3
Deferred tax liabilities:
Property, plant and equipment	$	(97.0)	$	(74.7)
Goodwill	(22.4)		(23.6)
Intangible assets	(513.0)		(586.6)
Right-of-use assets	(374.7)		(376.2)
Notes receivable/payable	(10.6)		(17.7)
Other	(5.5)		(5.6)
Total deferred tax liabilities	(1,023.2)		(1,084.4)
Net deferred tax liabilities	(535.6)		(593.1)
Valuation allowances	(15.1)		(6.8)
Net deferred tax	$	(550.7)	$	(599.9)

Schedule of non-capital loss carryforwards

These non-capital loss carryforwards expire as follows:

2026	$	—
2027	0.3
2028	—
2029	—
2030 and thereafter	80.9
	$	81.2

Schedule of unrecognized tax benefits

The following table summarizes the activity related to unrecognized tax benefits:

	December 31, 2025		December 31, 2024
Unrecognized tax benefits, beginning of year	$	26.7	$	25.1
Increases related to acquisition-related tax positions	—		0.3
Increases related to prior year tax positions	1.2		5.1
Decreases related to prior year tax positions	(2.7)		—
Increases related to current year tax positions	2.3		3.1
Settlement and lapse of statute of limitations	(6.4)		(5.7)
Effect of foreign currency translation	0.7		(1.2)
Unrecognized tax benefits, end of year	$	21.8	$	26.7