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LEASES | 12 Months Ended
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Dec. 31, 2020
LEASES |
LEASES | 13. LEASES
|  | December 31, |  | December 31,
|  | 2020 |  | 2019
Current portion of lease liabilities |  | $ | 28.4 |  | $ | 16.0
Long-term lease liabilities |  |  | 46.3 |  |  | 38.9
|  | $ | 74.7 |  | $ | 54.9
The Company has a number of lease agreements involving office space, buildings, vehicles and equipment. Many of the leases for equipment provide that the Company may, after the initial lease term, renew the lease for successive yearly periods or may purchase the equipment at its fair market value. Leases for certain office facilities contain escalation clauses for increases in operating costs and property taxes. A majority of these leases are cancelable and are renewable on a yearly basis. The following table summarizes total undiscounted lease liability maturities as at December 31, 2020:
|  |  |  |  | 2021 |  | 2021-2025 |  | 2026+
|  | Total |  | Within 1 year |  | 1 to 5 years |  | More than 5 years
Lease liabilities |  | $ | 88.7 |  | $ | 28.6 |  | $ | 45.8 |  | $ | 14.3
The following table summarizes such lease payments that have been expensed for the years ended December 31, 2020 and 2019:
|  | December 31, |  | December 31,
|  | 2020 |  | 2019
Leases with a term of 12 months or less |  | $ | 4.8 |  | $ | 23.7
Leases of assets with underlying value, when new, of $5,000 or less |  |  | 0.1 |  |  | 0.4
Leases with variable lease payments |  |  | 31.2 |  |  | 23.3
|  | $ | 36.1 |  | $ | 47.4

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