Income taxes |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Income taxes [Abstract] | |
| Income taxes | 20. A. Recognized in earnings As at December 31 2025 2024 2025 2024 Assets Property, plant and equipment $ (158,359) $ (41,454) $ 316,516 $ 475,008 Provision for reclamation (4,247) (11,237) 184,175 188,422 Inventories (976) (4,979) 5,584 6,561 Foreign exploration and development (267) (398) 1,924 2,191 Income tax losses (gains) 12,080 (8,108) 97,749 85,668 Defined benefit plan actuarial losses - - 5,664 5,233 Long-term investments and other (25,193) 14,880 54,845 80,048 Deferred tax assets (176,962) (51,296) 666,457 843,131 Liabilities Property, plant and equipment - - - - Inventories - - - - Deferred tax liabilities - - - - Net deferred tax asset (liability) $ (176,962) $ (51,296) $ 666,457 $ 843,131 Deferred tax allocated as 2025 2024 Deferred tax assets $ 666,457 $ 843,131 Deferred tax liabilities - - Net deferred tax asset $ 666,457 $ 843,131 Cameco has recorded a deferred tax asset of $ 666,457,000 843,131,000 ). The realization of this deferred tax asset is dependent upon the generation of future taxable income in certain jurisdictions during the periods in which the Company’s deferred tax assets are available. The Company considers whether it is probable that all or a portion of the deferred tax assets will be realized. In making this assessment, management considers all available evidence, including recent financial operations, projected future taxable income and tax planning strategies. Based on projections of future taxable income over the periods in which the deferred tax assets are available, realization of these deferred tax assets is probable and consequently the deferred tax assets have been recorded. B. 2025 2024 Deferred tax asset at beginning of year $ 843,131 $ 892,860 Expense for the year in net earnings (176,962) (51,296) Recovery for the year in other comprehensive income 431 969 Effect of movements in exchange rates (143) 598 End of year $ 666,457 $ 843,131 C. 2025 2024 Income tax losses $ 394,462 $ 379,695 Property, plant and equipment 2,386 2,496 Provision for reclamation 81,752 81,984 Long-term investments and other 123,505 162,278 Total $ 602,105 $ 626,453 D. The provision for income taxes differs from the amount computed by applying the combined expected federal and provincial income tax rate to earnings before income taxes. The reasons for these differences are as follows: 2025 2024 Earnings before income taxes $ 777,261 $ 256,716 Combined federal and provincial tax rate 26.9% 26.9% Computed income tax expense 209,083 69,057 Increase (decrease) in taxes resulting from: Difference between Canadian rates and rates applicable to subsidiaries in other countries 18,699 (4,482) Change in unrecognized deferred tax assets (5,893) 75,923 Non-taxable portion of capital loss - 6,775 Income in equity-accounted investees (50,577) (60,343) Other taxes 8,305 15,453 Foreign exchange permanent differences 12,305 (14,939) Other permanent differences (4,203) (2,570) Income tax expense $ 187,719 $ 84,874 E. 2025 2024 Earnings (loss) before income taxes Canada $ 783,843 $ 401,080 Foreign (6,582) (144,364) $ 777,261 $ 256,716 Current income taxes Canada $ 2,100 $ 24,149 Foreign 8,657 9,429 $ 10,757 $ 33,578 Deferred income taxes (recovery) Canada $ 180,805 $ 39,115 Foreign (3,843) 12,181 $ 176,962 $ 51,296 Income tax expense $ 187,719 $ 84,874 Cameco has operations in countries where the global minimum top-up tax has been enacted or substantively enacted effective January 1, 2024, including: Canada, Australia, Barbados, Germany, Luxembourg, Switzerland and the United Kingdom. The exposure is currently only in Switzerland, as all other constituent entities have effective tax rates higher than 15% and the transitional safe harbour rules are expected to be met. As a result of this exposure, additional income tax expense of $ 3,307,800 4,005,000 ) has been recorded relating to the profits earned in Switzerland. F. Canada On February 18, 2021, the Supreme Court of Canada (Supreme Court) dismissed Canada Revenue Agency’s (CRA) application for leave to appeal the June 26, 2020 decision of the Federal Court of Appeal (Court of Appeal). The dismissal means that the dispute for the 2003, 2005 and 2006 tax years is fully and finally resolved in the Company’s favour. In September 2018, the Tax subsidiaries, as well as the related transfer pricing methodology used for certain intercompany uranium sales and purchasing agreements, were in full compliance with Canadian law for the tax years in question. Management believes the principles in the decision apply to all subsequent tax years, and that the ultimate resolution of those years will not be material to Cameco’s financial position, results of operations or liquidity in the year(s) of resolution. As CRA continues to pursue reassessments for tax years subsequent to 2006, Cameco is utilizing its appeal rights under Canadian federal and provincial tax rules. G. At December 31, 2025, income tax losses carried forward of $ 1,960,169,000 1,827,706,000 ) are available to reduce taxable income. These losses expire as follows: Date of expiry Canada US Other Total 2026 $ - $ - $ 14,830 $ 14,830 2027 - - 248 248 2028 - - 64 64 2029 47 - 12,728 12,775 2030 - - 2,047 2,047 2031 - 22,040 40,723 62,763 2032 272 23,738 36,640 60,650 2033 - 36,485 - 36,485 2034 - 16,933 5,083 22,016 2035 - 7,718 8,037 15,755 2036 - 47,205 6,331 53,536 2037 27 35,359 3,317 38,703 2038 - - 355 355 2039 66 - 155 221 2040 37 - 423 460 2041 77 - 188 265 2042 49 - 198 247 2043 71 - - 71 2044 56 - - 56 No expiry - 582,774 1,055,848 1,638,622 $ 702 $ 772,252 $ 1,187,215 $ 1,960,169 Included in the table above is $ 1,634,391,000 1,542,137,000 ) of temporary differences related to loss carry forwards where no future benefit has been recognized. |