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LEASES
 12 Months Ended
Dec. 31, 2022
LEASES  
LEASES

12.

LEASES

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December 31, 

    

December 31, 

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2022

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2021

Current portion of lease liabilities(a)

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$

24.5

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$

19.7

Long-term lease liabilities

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23.1

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35.1

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$

47.6

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$

54.8

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(a)

See Note 7ix.

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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. 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, 2022:

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2023

    

2024-2027

    

2028+

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Total

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Within 1 year

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1 to 5 years

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More than 5 years

Lease liabilities

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$

53.2

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$

26.3

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$

19.4

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$

7.5

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The following table summarizes such lease payments that have been expensed for the years ended December 31, 2022 and 2021:

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December 31, 

    

December 31, 

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2022

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2021

Leases with a term of 12 months or less

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$

3.1

 

$

6.5

Leases of low-value assets

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0.2

 

 

0.3

Leases with variable lease payments

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41.4

 

 

36.5

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$

44.7

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$

43.3

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