INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2026

The reconciliation of income taxes at Canadian statutory rates with the income tax expense is as follows:



		2026			2025
Earnings before income taxes	$	400.2		$	513.7
Canadian statutory income tax rates		26.5	%		26.5	%
Income taxes at Canadian statutory rates	$	106.1		$	136.2
Effect of differences in tax rates in other jurisdictions		(13.6)			1.8
Tax benefits not previously recognized and unrecognized tax benefits		(0.5)			(6.8)
Non-taxable gain on fair value remeasurement of SIMCOM		—			(21.9)
Non-deductible expenses		5.5			—
Tax impact on after tax profit of equity accounted investees		(17.7)			(18.5)
Prior years' tax adjustments		(1.9)			2.8
Other		(0.4)			5.1
Income tax expense	$	77.5		$	98.7
Effective tax rate		19	%		19	%

Significant components of the provision for the income tax expense are as follows:



		2026		2025
Current income tax expense :
Current year	$	36.2	$	56.7
Prior years' tax adjustments		19.4		(2.7)
Deferred income tax expense:
Tax benefit not previously recognized used to reduce the deferred tax expense		(0.5)		(6.8)

Origination and reversal of temporary differences		22.4		51.5

Income tax expense	$	77.5	$	98.7

During the year ended March 31, 2026, movements in temporary differences are as follows:






														Foreign
	Balance												currency
	beginning		Recognized			Recognized			Recognized				exchange			Balance
	of year		in income				in OCI			in equity		differences	end of year
Non-capital loss carryforwards	$	89.7		$	87.0		$	—		$	—			$	1.6		$	178.3
Unclaimed research & development expenditures	227.8			(133.9)			—			—				(4.6)			89.3
Investment tax credits	(76.8)			(6.2)			—			—				—			(83.0)
Property, plant and equipment and right-of-use of assets	(168.0)			(24.4)			—			—				4.6			(187.8)
Intangible assets	(126.8)			12.3			—			—				1.0			(113.5)
Amounts not currently deductible including interest limitation	110.7			23.0			—			0.5				(1.6)			132.6
Government participation	93.6			5.0			—			—				—			98.6
Other	0.9			15.3			(21.4)			—				—			(5.2)
Net deferred tax assets	$	151.1		$	(21.9)		$	(21.4)		$	0.5			$	1.0		$	109.3

During the year ended March 31, 2025, movements in temporary differences are as follows:






																Foreign
	Balance											Business				currency
	beginning		Recognized			Recognized			Recognized			combinations				exchange			Balance
	of year		in income				in OCI		in equity			(Note 2)			differences			end of year
Non-capital loss carryforwards	$	142.5		$	(61.3)		$	—		—			$	3.3		$	5.2		$	89.7
Unclaimed research & development expenditures	162.1			59.0			—			—			—			6.7			227.8
Investment tax credits	(73.8)			(3.0)			—			—			—			—			(76.8)
Property, plant and equipment and right-of-use of assets	(154.1)			9.3			—			—			(11.1)			(12.1)			(168.0)
Intangible assets	(39.0)			(59.7)			—			—			(26.3)			(1.8)			(126.8)
Amounts not currently deductible including interest limitation	76.9			22.7			—			2.4			6.5			2.2			110.7
Government participation	86.4			7.2			—			—			—			—			93.6
Other	(4.3)			(18.9)			20.3			—			3.9			(0.1)			0.9
Net deferred tax assets	$	196.7		$	(44.7)		$	20.3		$	2.4		$	(23.7)		$	0.1		$	151.1

The non-capital losses incurred in various jurisdictions expire as follows: