Advertisement
The following table summarizes the gain (loss) on derivative financial instruments for the three month periods ended March 31, 2013 and 2012:
3 months ended March 31,(millions of Canadian dollars) 2013 2012--------------------------------------------------------------------------Foreign exchange collars and forward contracts $ 1.4 $ 2.9Energy derivatives 0.1 1.2Lumber futures 2.2 3.0Interest rate swaps (0.4) 0.3-------------------------------------------------------------------------- $ 3.3 $ 7.4----------------------------------------------------------------------------------------------------------------------------------------------------
The following table summarizes the fair value of the derivative financial instruments included in the balance sheet at March 31, 2013 and December 31, 2012:
As at As at March 31, December 31,(millions of Canadian dollars) 2013 2012--------------------------------------------------------------------------Foreign exchange collars and forward contracts $ 1.6 $ 0.3Energy derivatives 0.3 0.3Lumber futures 0.2 (4.1)Interest rate swaps (0.9) (0.6)--------------------------------------------------------------------------Total asset (liability), net 1.2 (4.1)Less: current portion asset (liability), net 2.1 (3.5)--------------------------------------------------------------------------Long-term portion (liability), net $ (0.9) $ (0.6)----------------------------------------------------------------------------------------------------------------------------------------------------
8. Income Taxes
3 months ended March 31,(millions of Canadian dollars) 2013 2012--------------------------------------------------------------------------Current $ (5.2) $ (2.8)Deferred (19.7) 9.0--------------------------------------------------------------------------Income tax recovery (expense) $ (24.9) $ 6.2----------------------------------------------------------------------------------------------------------------------------------------------------
The reconciliation of income taxes calculated at the statutory rate to the actual income tax provision is as follows:
3 months ended March 31,(millions of Canadian dollars) 2013 2012--------------------------------------------------------------------------Income tax recovery (expense) at statutory rate 2013 - 25.0% (2012 - 25.0%) $ (23.1) $ 4.8Add (deduct): Non-taxable income related to non- controlling interests in limited partnerships - 1.1 Entities with different income tax rates and other tax adjustments (1.3) (0.1) Permanent difference from capital gains and losses and other non-deductible items (0.5) 0.4--------------------------------------------------------------------------Income tax recovery (expense) $ (24.9) $ 6.2----------------------------------------------------------------------------------------------------------------------------------------------------
