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Finance and operating leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Finance and operating leases | Finance and operating leases As a lessee, the Company has finance and operating leases for heavy equipment, shop facilities, vehicles and office facilities. These leases have terms of 1 to 15 years, with options to extend on certain leases for up to five years. The Company generates operating lease income from the sublease of certain office facilities and heavy equipment rentals. a) Minimum lease payments and receipts The future minimum lease payments and receipts from non-cancellable leases as at December 31, 2024, for the periods shown are as follows:
|  | Payments |  | Receipts
For the year ending December 31, |  | Finance Leases |  | Operating Leases |  | Operating leases
2025 |  | $ | 19,946 |  |  | $ | 2,382 |  |  | $ | 1,262 |
2026 |  | 15,414 |  |  | 2,020 |  |  | 723 |
2027 |  | 11,646 |  |  | 1,537 |  |  | 723 |
2028 |  | 7,048 |  |  | 1,318 |  |  | 723 |
2029 and thereafter |  | 6,885 |  |  | 9,704 |  |  | 5,271 |
Total minimum lease payments |  | $ | 60,939 |  |  | $ | 16,961 |  |  | $ | 8,702 |
Less: amount representing interest |  | (6,381) |  |  | (3,749) |  |  |
Carrying amount of minimum lease payments |  | $ | 54,558 |  |  | $ | 13,212 |  |  |
Less: current portion |  | (17,340) |  |  | (1,771) |  |  |
Long term |  | $ | 37,218 |  |  | $ | 11,441 |  |  |
b) Lease expenses and income
Year ended December 31, |  | 2024 |  | 2023
Short-term lease expense |  | $ | 28,518 |  |  | $ | 15,305 |
Operating lease expense |  | 2,242 |  |  | 3,007 |
Operating lease income |  | (683) |  |  | (6,182) |
During the year ended December 31, 2024, depreciation of equipment under finance leases was $16,806 (December 31, 2023 - $11,194). Finance lease obligations are included in long-term debt (note 14). c) Supplemental information
|  | December 31, 2024 |  | December 31, 2023
Weighted-average remaining lease term (in years): |  |  |  |
Finance leases |  | 3.5 |  | 2.6
Operating leases |  | 9.9 |  | 10.3
Weighted-average discount rate: |  |  |  |
Finance leases |  | 5.65 | % |  | 5.19 | %
Operating leases |  | 5.02 | % |  | 4.59 | %
Finance and operating leases | Finance and operating leases As a lessee, the Company has finance and operating leases for heavy equipment, shop facilities, vehicles and office facilities. These leases have terms of 1 to 15 years, with options to extend on certain leases for up to five years. The Company generates operating lease income from the sublease of certain office facilities and heavy equipment rentals. a) Minimum lease payments and receipts The future minimum lease payments and receipts from non-cancellable leases as at December 31, 2024, for the periods shown are as follows:
|  | Payments |  | Receipts
For the year ending December 31, |  | Finance Leases |  | Operating Leases |  | Operating leases
2025 |  | $ | 19,946 |  |  | $ | 2,382 |  |  | $ | 1,262 |
2026 |  | 15,414 |  |  | 2,020 |  |  | 723 |
2027 |  | 11,646 |  |  | 1,537 |  |  | 723 |
2028 |  | 7,048 |  |  | 1,318 |  |  | 723 |
2029 and thereafter |  | 6,885 |  |  | 9,704 |  |  | 5,271 |
Total minimum lease payments |  | $ | 60,939 |  |  | $ | 16,961 |  |  | $ | 8,702 |
Less: amount representing interest |  | (6,381) |  |  | (3,749) |  |  |
Carrying amount of minimum lease payments |  | $ | 54,558 |  |  | $ | 13,212 |  |  |
Less: current portion |  | (17,340) |  |  | (1,771) |  |  |
Long term |  | $ | 37,218 |  |  | $ | 11,441 |  |  |
b) Lease expenses and income
Year ended December 31, |  | 2024 |  | 2023
Short-term lease expense |  | $ | 28,518 |  |  | $ | 15,305 |
Operating lease expense |  | 2,242 |  |  | 3,007 |
Operating lease income |  | (683) |  |  | (6,182) |
During the year ended December 31, 2024, depreciation of equipment under finance leases was $16,806 (December 31, 2023 - $11,194). Finance lease obligations are included in long-term debt (note 14). c) Supplemental information
|  | December 31, 2024 |  | December 31, 2023
Weighted-average remaining lease term (in years): |  |  |  |
Finance leases |  | 3.5 |  | 2.6
Operating leases |  | 9.9 |  | 10.3
Weighted-average discount rate: |  |  |  |
Finance leases |  | 5.65 | % |  | 5.19 | %
Operating leases |  | 5.02 | % |  | 4.59 | %

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-30/tableOfContent + Details
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