Income Taxes (Tables)

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of Effective Tax Rates

For the three months ended June 30, 2022, the Company recorded income tax expense of $3.1 million (2021 — $1.9 million). For the three months ended June 30, 2022, the Company’s effective tax rate differs from the combined Canadian federal and provincial statutory income tax rate due to the following factors:

	Three Months Ended				Three Months Ended
	June 30, 2022				June 30, 2021
(In thousands of U.S. Dollars, except rates)	Amount			Rate	Amount			Rate
Income tax benefit at combined statutory rates	$	296		26.5%	$	1,105		26.5%
Adjustments resulting from:
Change of valuation allowance		(5,426	)	(485.3%)		(3,007	)	(72.2%)
Shortfall tax benefits related to share-based compensation		(23	)	(2.1%)		(28	)	(0.7%)
Changes to tax reserves		(251	)	(22.5%)		892		21.4%
Changes to deferred tax assets and liabilities resulting from audit and other tax return adjustments		2,497		223.4%		(700	)	(16.8%)
Other non-deductible/non-taxable items		(226	)	(20.2%)		(208	)	(5%)
Income tax expense	$	(3,133	)	(280.2%)	$	(1,946	)	(46.7%)

For the six months ended June 30, 2022, the Company recorded income tax expense of $5.7 million (2021 — $5.0 million). For the six months ended June 30, 2022, the Company’s effective tax rate differs from the combined Canadian federal and provincial statutory income tax rate due to the following factors:

	Six Months Ended					Six Months Ended
	June 30, 2022					June 30, 2021
(In thousands of U.S. Dollars, except rates)	Amount			Rate		Amount			Rate
Income tax benefit at combined statutory rates	$	2,772		26.5%		$	3,074		26.5%
Adjustments resulting from:
Change of valuation allowance		(10,435	)	(99.8%)			(9,978	)	(86.0%)
(Shortfall) excess tax benefits related to share-based compensation		(152	)	(1.5%)			713		6.1%
Changes to tax reserves		(411	)	(3.9%)			1,449		12.5%
Gain on sale of Maoyan investment not taxable		—			—		1,367		11.8%
Withholding taxes resulting from management's decision to no longer indefinitely reinvest the historical earnings of certain foreign subsidiaries		—			—		(547	)	(4.7%)
Changes to deferred tax assets and liabilities resulting from audit and other tax return adjustments		2,497		23.9%			(700	)	(6.0%)
Other non-deductible/non-taxable items		(14	)	(0.1%)			(392	)	(3.4%)
Income tax expense	$	(5,743	)	(54.9%)		$	(5,014	)	(43.2%)

Income Tax Benefit (Expense) in Other Comprehensive (Loss) Income

For the three and six months ended June 30, 2022 and 2021, the Income Tax Benefit (Expense) related to the components of Other Comprehensive (Loss) Income is as follows:

	Three Months Ended							Six Months Ended
		June 30,						June 30,
(In thousands of U.S. Dollars)		2022			2021			2022				2021
Unrealized change in cash flow hedging instruments		$	159		$	(80	)		$	77			$	(157	)
Realized change in cash flow hedging instruments			(17	)		216				(25	)			276
Reclassification of unrealized change in ineffective cash flow hedging instruments			—			70				—				76
Defined benefit and postretirement benefit plans			(12	)		(12	)			(24	)			(25	)
		$	130		$	194			$	28			$	170