XML 43 R19.htm IDEA: XBRL DOCUMENT v3.24.0.1
Finance Leases Receivable
 12 Months Ended
Dec. 31, 2023
Text Block 1 [Abstract]  
Disclosure Of Finance Lease Receivable Explanatory
NOTE 13. FINANCE LEASES RECEIVABLE
The Company has entered into finance lease arrangements for certain of its EI assets, with initial terms of 10 years.
 
The value of the finance leases receivable were c
o
mprised of the following:
 
    Minimum lease payments and
unguaranteed residual value		      Present value of minimum lease payments 
and unguaranteed residual value 		  
December 31,
  
2023
     2022     
     2023
          2022  
Less than one year
  
$
60,832
 
   $ 73,614     
$
56,982
 
   $ 60,020  
Between one and five years
  
 
170,174
 
     196,314     
 
140,307
 
     149,052  
Later than five years
  
 
119,354
 
     144,482     
 
72,250
 
     85,432  
 
$
350,360
 
   $ 414,410     
$
269,539
 
   $ 294,504  
Less: Unearned finance income
  
 
(80,821)
 
     (119,906)     
 
-
 
     -  
 
$
   269,539
 
   $    294,504     
$
   269,539
 
   $    294,504  

December 31,
 
  
 
 
  
 
  
     2023
 
 
     2022
Opening balance
       
$
294,504
 
   $ 103,358  
Acquisition (Note 6)
       
 
-
 
     110,097  
Additions
       
 
64,112
 
     86,602  
Interest income
       
 
30,203
 
     14,801  
Billings and payments
       
 
(79,619)
 
     (33,740)  
Derecognition
       
 
(33,353)
 
     -  
Other
       
 
(2,254)
 
     -  
Currency translation effects
  
 
 
 
  
 
 
 
   
 
(4,054)
 
     13,386  
Closing balance
       
$
 
269,539
 
   $
 
 		 294,504
The Company recognized
non-cash
selling profit related to the commencement of finance leases of $18 million for the year ended December 31, 2023 (December 31, 2022 – $18 million). Additionally, the Company recognized $30 million of interest income on finance leases receivable during the year ended December 31, 2023 (December 31, 2022 – $15 million). The total cash received in respect of finance leases for the year ended December 31, 2023 was $80 million (December 31, 2022 – $34 million), as reflected in billings and payments.
The average interest rates implicit in the leases are fixed at the contract date for the entire lease term. At December 31, 2023, the average interest rate was 8.6 percent per annum (December 31, 2022 – 9.4 percent). The finance leases receivable at the end of reporting period are neither past due nor impaired.
During the year ended December 31, 2023, the Company disposed of certain assets that were accounted for as finance leases, resulting in the derecognition of the associated finance lease receivable of $33 million.