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Lease obligations
 12 Months Ended
Dec. 31, 2024
Disclosure of Leases [Abstract]  
Lease obligations Lease obligations:
20242023
Opening lease obligations$872,120 $870,163 
Additions, net of disposals90,486 123,187 
Interest expense54,560 53,418 
Lease payments(195,807)(171,577)
Effect of movements in exchange rates and other(3,154)(3,071)
Lease obligations at December 31818,205 872,120 
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
2026141,73242,14699,586
2027122,03535,97586,060
2028116,34229,63286,710
2029109,38723,13886,249
Thereafter
422,55582,917339,638
$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 tanks183,138     36,741 
Other32,530     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.