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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2024
Disclosure of detailed information about financial instruments [abstract] |
Summary of fair value measurement of financial assets and financial liabilities |
|  |  |  |  | Fair Value as at December 31, 2024 |
|  | Carrying value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |
Redemption options |  | $ | 17 |  |  | $ | - |  |  | $ | 17 |  |  | $ | - |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt – Notes |  |  | 531 |  |  |  | - |  |  |  | 613 |  |  |  | - |
Long-term debt – RCF |  |  | 177 |  |  | - |  |  |  | 191 |  |  |  | - |
|  |  |  |  | Fair Value as at December 31, 2023 |
|  | Carrying value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments |  | $ | 11 |  |  | $ | - |  |  | $ | 11 |  |  | $ | - |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  |  | 1 |  |  |  | - |  |  |  | 1 |  |  |  | - |
Long-term debt – Notes |  |  | 561 |  |  | - |  |  |  | 622 |  |  | - |
Long-term debt – RCF |  |  | 229 |  |  | - |  |  |  | 238 |  |  | - |
Long-term debt – Term Loan |  |  | 129 |  |  | - |  |  |  | 130 |  |  | - |
|  |  |  |  | Fair Value as at January 1, 2023 |
|  | Carrying value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  | $ | 1 |  |  | $ | - |  |  | $ | 1 |  |  | $ | - |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  |  | 1 |  |  |  | - |  |  |  | 1 |  |  |  | - |
Long-term debt – Notes |  |  | 549 |  |  | - |  |  |  | 642 |  |  | - |
Long-term debt – RCF |  |  | 329 |  |  | - |  |  |  | 338 |  |  | - |
Long-term debt – Term Loan |  |  | 149 |  |  | - |  |  |  | 150 |  |  | - |
Summary of detailed information about hedging instruments | The following table summarizes the Company’s commitments to buy and sell foreign currencies as at December 31, 2024:
|  |  |  | Notional amount |  |  | Maturity
Canadian Dollar Denominated Contracts |  |  |  |  |  |  |
Purchase contracts |  | USD |  | $ | 11 |  |  | January 2025 - December 2025
Sales contracts |  | USD |  | (11) |  |  | January 2025 - July 2025
Summary of maturity analysis for financial assets held for managing liquidity risk | Liquidity risk is the risk that the Company may encounter difficulties in meeting obligations associated with financial liabilities. In managing liquidity risk, the Company has access to a significant portion of its Revolving Credit Facility for future drawings to meet the Company’s requirements for investments in working capital and capital assets.
|  | December 31, 2024 |
Cash and cash equivalents |  | $ |  |  | 92 |
RCF |  |  | 800 |  |  |
Less: Drawings on RCF |  |  | (191 | ) |  |
Less: Letters of Credit 1 |  |  | (87 | ) |  | 522 |
Available for future drawings |  | $ |  |  | 614 |
1 Represents the letters of credit that the Company has funded with the RCF. Additional letters of credit of $29 million are funded from the $70 million LC Facility. Refer to Note 17 “Long-Term Debt” for further details.
Summary of maturity analysis for derivative and non derivative financial liabilities | A liquidity analysis of the Company’s financial instruments has been completed on a maturity basis. The following table outlines the cash flows, including interest associated with the maturity of the Company’s financial liabilities, as at December 31, 2024:
|  | Less than 3 months |  |  | 3 months to 1 year |  |  | Greater than 1 year |  |  | Total |
Accounts payable and accrued liabilities |  | $ | 413 |  |  | $ | - |  |  | $ | - |  |  | $ | 413 |
Long-term debt – Notes |  | - |  |  | - |  |  |  | 563 |  |  |  | 563 |
Long-term debt – RCF |  | - |  |  | - |  |  |  | 191 |  |  |  | 191 |
Summary of the covenant requirements and the Company's performance | The following table sets forth a summary of the covenant requirements and the Company’s performance:
|  | 2024 | 2023
|  | Requirement |  | Performance | Performance
Senior secured net funded debt to EBITDA ratio 1 – Maximum |  | 2.5 x |  | 0.2 x | 0.7 x
Bank-adjusted net debt to EBITDA ratio 2 – Maximum |  | 4.0 x |  | 1.5 x | 2.3 x
Interest coverage ratio 3 – Minimum |  | 2.5 x |  | 4.5 x | 4.2 x
1 Senior secured net funded debt to EBITDA is defined as borrowings under the RCF less cash and cash equivalents, divided by trailing 12-month EBITDA as defined by the Company’s lenders. 2 Bank-adjusted net debt to EBITDA is defined as borrowings under the RCF and Notes less cash and cash equivalents, divided by the trailing 12-month EBITDA as defined by the Company’s lenders. 3 Interest coverage ratio is calculated by dividing the trailing 12-month EBITDA, as defined by the Company’s lenders, by interest expense over the same timeframe.

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