Net of tax ( 2019 - $ 2,301 ; 2018 - $( 2,200 ))
Net of tax ( 2019 - $ 453 ; 2018 - $ 1,349 )
The defined benefit plan assets contain no material amounts of related p arty assets at December 31, 2019 and 2018 respectively.
Relates to the value of the refundable tax account held by the Canada Revenue Agency. The refundable total is approximately equal to half of the sum of the realized investment income plus employer contributions less half of the benefits paid by the plan .
At January 1, 2018, Cameco designated the investments shown below as equity securities at FVOCI because these equity securities represent investments that the Company intends to hold for the long term for strategic purposes . There were no dividends recognized on any of these investments during the year.
During 2018, as a result of the decision to temporarily suspend production at the McArthur River mine, Cameco loaned 5,400 ,000 pounds of uranium concentrate to its joint venture partner, Orano Canada Inc., (Orano). Orano is obligated to repay us in kind with uranium concentrate no later than December 31, 2023 . The loan wa s recorded at Cameco’s weighted average cost of inventory .
Effective January 1, 2018, Cameco’s ownership interest in JV Inkai was reduced to 40 % r esulting in JV Inkai being accounted for on an equity basis instead of proportionate consolidation (see note 11 ).
In the third quarter of 2019 , Cameco received an award from the tribunal of international arbitrators (Tribunal) with respect to its contract dispute with Tokyo Electric Power Company Holdings, Inc. (TEPCO). The Tribunal rejected TEPCO’s assertion that it had the right to terminate its uranium supply agreement and awarded damages of $ 40,300,000 (US). Damages were based on the Tribunal’s interpretation of losses under this supply agreement .
Effective January 1, 2018, Cameco’s ownership interest in JV Inkai was reduced from 60 % to 40 % based on an implementation agreement with Kazatomprom. Cameco recognized a gain on the change in ownership interests of $ 48,570,000 . Included in this gain is $ 5,450,000 which has been reclassified from the foreign c urrency translation reserve to net earnings .
In 2018, Cameco sold its interest in the Wheeler River Joint Venture to Denison Mines Corp. in exchange for 24,615,000 common shares (note 10 ). Cameco recorded a gain of $ 17,231,000 on the transaction
Cameco’s share of earnings from equity-accounted investee as reported on the statement of earnings will not equal its share of JV Inkai’s other comprehensive income when Cameco receives dividends from JV Inkai that are not in proportion to its 40% ownership interest.
In addition to its proportionate share of earnings from JV Inkai, Cameco records certain consolidating adjustments to eliminate unrealized profit and amortize historical diffe rences in accounting policies. This amount is amortized t o earnings over units of production
Following the restructuring, in addition to the adjustments noted in (b), Cameco also amortize s the fair values assigned to assets and liabilities at the time of the restructuring over units of production