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Lease obligations | 12 Months Ended
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Dec. 31, 2024
Disclosure of Leases [Abstract] |
Lease obligations | Lease obligations:
| 2024 | 2023
Opening lease obligations | $ | 872,120 |  | $ | 870,163 |
Additions, net of disposals | 90,486 |  | 123,187 |
Interest expense | 54,560 |  | 53,418 |
Lease payments | (195,807) |  | (171,577) |
Effect of movements in exchange rates and other | (3,154) |  | (3,071) |
Lease obligations at December 31 | 818,205 |  | 872,120 |
Less: current portion | (122,744) |  | (120,731) |
Lease obligations - non current portion | $ | 695,461 |  | $ | 751,389 |
The Company incurs lease payments related to ocean vessels, terminal facilities, rail cars, vehicles and equipment, and office facilities. Leases are entered into and exited in coordination with specific business requirements which includes the assessment of the appropriate durations for the related leased assets. The following table presents the contractual undiscounted cash flows for lease obligations as at December 31, 2024:
| Lease payments |  |  | Interest component |  | Lease obligations
2025 | $ | 168,554 |  |  | $ | 48,592 |  | $ | 119,962
2026 | 141,732 |  |  | 42,146 |  | 99,586
2027 | 122,035 |  |  | 35,975 |  | 86,060
2028 | 116,342 |  |  | 29,632 |  | 86,710
2029 | 109,387 |  |  | 23,138 |  | 86,249
Thereafter | 422,555 |  |  | 82,917 |  | 339,638
| $ | 1,080,605 |  |  | $ | 262,400 |  | $ | 818,205
Variable lease payments and short-term and low value leases Certain leases contain non-lease components, excluded from the right-of-use asset and lease liability, related to operating charges for ocean vessels and terminal facilities. The total expense recognized in cost of sales relating to operating charges for 2024 was $90.9 million (2023 - $83.8 million). Short-term leases are leases with a lease term of twelve months or less while low-value leases are comprised of information technology and miscellaneous equipment. Such items recognized within cost of sales in 2024 were $0.4 million (2023 - $0.2 million). Extension options Some leases contain extension options exercisable by the Company. Where practicable, the Company seeks to include extension options in new leases to provide operational flexibility. The extension options held are exercisable only by the Company and not by the lessors. The Company assesses, at lease commencement, whether it is reasonably certain to exercise the extension options. The Company reassesses whether it is reasonably certain to exercise the options if there is a significant event or significant change in circumstances within its control. Total potential future lease payments not included in the lease liabilities should the Company exercise these extension options totals $56.5 million (2023 - $51.8 million).
| Lease liabilities recognized (discounted) |  | Potential future lease payments not included in lease liabilities (undiscounted)
Ocean-going vessels | $ | 602,537 |  |  | $ | 9,173 |
Terminals and tanks | 183,138 |  |  |  | 36,741 |
Other | 32,530 |  |  |  | 10,561 |
Total | $ | 818,205 |  |  | $ | 56,475 |
Leases not yet commenced As at December 31, 2024, the Company has entered into lease agreements for which the leases have not yet commenced. Total exposure to undiscounted future cash outflows not reflected in lease liabilities is $2.8 million (2023 - $68.7 million). The leases not yet commenced as at December 31, 2024 related to the addition of 1 new ocean vessel in 2025 with a 1-year term. The leases not yet commenced as at December 31, 2023 related to terminal agreements, railcar agreements, storage tank agreements and the addition of 1 new ocean vessel in 2024 with a 5-year term, replacing an existing ocean vessel lease that commenced in 2024.

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- Definition The entire disclosure for leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2024-01-01 -Section Presentation -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2024-en-r&doctype=Standard&dita_xref=IFRS16_g47-50_TI -URIDate 2024-03-27 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2024-01-01 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2024-en-r&doctype=Standard&dita_xref=IFRS16_g51-60_TI -URIDate 2024-03-27 + Details
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