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LEASES
 12 Months Ended
Dec. 31, 2023
LEASES  
LEASES

12.

LEASES

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December 31, 

    

December 31, 

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2023

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2022

Current portion of lease liabilities(a)

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$

10.1

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$

24.5

Long-term lease liabilities

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17.5

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23.1

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$

27.6

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$

47.6

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(a)

Current portion of lease liabilities is included in other current liabilities. See Note 7viii.

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, 2023:

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2024

    

2025-2028

    

2029+

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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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$

31.2

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$

10.9

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$

15.5

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$

4.8

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The following table summarizes such lease payments that have been expensed for the years ended December 31, 2023 and 2022:

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December 31, 

    

December 31, 

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2023

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2022

Leases with a term of 12 months or less

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$

3.1

 

$

3.1

Leases of low-value assets

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0.2

 

 

0.2

Leases with variable lease payments

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29.0

 

 

41.4

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$

32.3

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$

44.7

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