Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense Reported

The income tax expense and recovery reported differs from the amount computed by applying the statutory rate to income (loss) before income taxes for the following reasons:

	Year Ended December 31,
(Thousands of U.S. Dollars)	2021			2020			2019
Income (loss) before income taxes
United States	$	(31,329)		$	(19,065)		$	(27,984)
Foreign	54,465			(834,296)			123,959
	23,136			(853,361)			95,975
Statutory rate (1)	31		%	32		%	33		%
Income tax expense (recovery) expected	7,172			(273,076)			31,672
Impact of foreign taxes	9,723			26,668			9,387
Foreign currency translation	14,450			48,734			11,527
Goodwill Impairment	—			32,826			—
Stock-based compensation	1,708			666			430
Change in valuation allowance	(53,434)			75,241			3,429
Non-deductible third party royalty in Colombia	1,568			697			2,240
Other permanent differences	(1,058)			5,349			6,082
Non-deductible investment loss (gain)	525			7,501			(7,482)
Total income tax (recovery) expense	$	(19,346)		$	(75,394)		$	57,285
Effective tax rate	(84)		%	9		%	60		%
Current income tax expense
Foreign (2)	4,479			754			17,058
	4,479			754			17,058
Deferred income tax (recovery) expense
Foreign	(23,825)			(76,148)			40,227
Total income tax (recovery) expense	$	(19,346)		$	(75,394)		$	57,285

(1) The tax rate is the statutory rate in Colombia.

(2) 2021 current tax expense relates to capital gain tax from internal restructuring in Colombia.

Schedule of Deferred Tax Assets and Liabilities

The table below presents the components of the deferred tax assets as at December 31, 2021 and 2020:

	As at December 31,
(Thousands of U.S. Dollars)	2021		2020
Tax benefit of operating loss carryforwards	$	67,134	$	100,616
Tax basis in excess of book basis	16,815		37,698
Foreign tax credits and other accruals	91,381		86,664
Tax benefit of capital loss carryforwards	28,050		27,661
Deferred tax assets before valuation allowance	203,380		252,639
Valuation allowance	(141,886)		(195,321)
Deferred tax assets	$	61,494	$	57,318