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v3.23.1

LEASES | 12 Months Ended
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Dec. 31, 2022
LEASES |
LEASES | 13.LEASES The Company is party to a number of contracts that contain a lease, most of which include office facilities, storage facilities, and various plant and equipment. Leases of low value assets, short term leases and leases with variable payments proportional to the rate of use of the underlying asset do not give rise to a lease obligation and a right-of-use asset. The expenses associated with such leases are included in operating costs in the consolidated statements of income. The following table sets out the carrying amounts of right-of-use assets included in property, plant and mine development in the consolidated balance sheets and the movements during the period: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As at December 31, |  | As at December 31,
​ | ​ | 2022 | ​ | 2021
Balance, beginning of year | ​ | $ | 134,022 | ​ | $ | 112,715
Additions and modifications, net of disposals(i) | ​ |  | 59,598 | ​ |  | 41,024
Amortization | ​ |  | (27,912) | ​ |  | (19,717)
Balance, end of year | ​ | $ | 165,708 | ​ | $ | 134,022
Note:
| (i) | Current year additions to right-of-use assets include $23.2 million related to the acquisition of Kirkland (Note 5).
The following table sets out the lease obligations included in the consolidated balance sheets: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As at December 31, |  | As at December 31,
​ | ​ | 2022 | ​ | 2021
Current | ​ | $ | 36,466 | ​ | $ | 32,988
Non-current | ​ |  | 114,876 | ​ |  | 98,445
Total lease obligations | ​ | $ | 151,342 | ​ | $ | 131,433
​ Future minimum lease payments required to meet obligations that have initial or remaining non-cancellable lease terms are set out in the table below. Because leases with variable lease payments do not give rise to fixed minimum lease payments, no amounts are included below for these leases. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As at December 31, |  | As at December 31,
​ | ​ | 2022 | ​ | 2021
Within 1 year | ​ | $ | 38,012 | ​ | $ | 33,952
Between 1 - 3 years | ​ |  | 43,439 | ​ |  | 37,825
Between 3 - 5 years | ​ |  | 21,637 | ​ |  | 16,674
Thereafter | ​ |  | 54,258 | ​ |  | 47,807
Total undiscounted lease obligations | ​ | $ | 157,346 | ​ | $ | 136,258
​ The Company recognized the following amounts in the consolidated statements of income with respect to leases: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31,
​ | ​ | 2022 |  | 2021
Amortization of right-of-use assets | ​ | $ | 27,912 | ​ | $ | 19,197
Interest expense on lease obligations | ​ | $ | 2,919 | ​ | $ | 2,252
Variable lease payments not included in the measurement of lease obligations | ​ | $ | 115,890 | ​ | $ | 137,369
Expenses relating to short-term leases | ​ | $ | 11,081 | ​ | $ | 3,883
Expenses relating to leases of low value assets, excluding short-term leases of low value assets | ​ | $ | 1,663 | ​ | $ | 1,105
​ During the year ended December 31, 2022, the Company recognized $242.5 million (2021 — $290.8 million) in the consolidated statements of cash flows with respect to leases.

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