Shaw 2012 Annual Report Download - page 106
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Shaw Communications Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
August 31, 2012 and 2011
[all amounts in millions of Canadian dollars except share and per share amounts]
Landing Lot 2 Holdings Partnership. During the current year, the category also includes a loss
of $26 related to the electrical fire and resulting water damage at the Company’s head office in
Calgary, Alberta as well as a pension curtailment gain of $25. The loss of $26 includes $6 of
costs in respect of restoration and recovery activities, including amounts incurred in the
relocation of employees, and a write-down of $20 related to the damages sustained to the
building and its contents. Insurance recoveries are expected and will be included in Other gains
as claims are approved. No insurance recoveries were recorded in 2012. The pension
curtailment gain arose due to a plan amendment to freeze salary levels.
23. INCOME TAXES
Deferred income taxes reflect the net tax effects of temporary differences between the carrying
amounts of assets and liabilities for financial reporting purposes and the amounts used for
income tax purposes. Significant components of the Company’s deferred income tax liabilities
and assets are as follows:
2012
$
2011
$
September 1,
2010
$
Deferred income tax liabilities:
Property, plant and equipment and software assets 133 145 167
Broadcast rights and licenses 840 820 635
Partnership income 271 354 350
1,244 1,319 1,152
Deferred income tax assets:
Non-capital loss carryforwards 33 50 8
Accrued charges 137 132 63
Foreign exchange on long-term debt and fair value of
derivative instruments 3316
173 185 87
Net deferred income tax liabilities 1,071 1,134 1,065
Deferred income tax assets 14 30 –
Deferred income tax liabilities 1,085 1,164 1,065
102