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Finance and operating leases
 12 Months Ended
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:
PaymentsReceipts
For the year ending December 31,Finance LeasesOperating LeasesOperating leases
2025$19,946 $2,382 $1,262 
202615,414 2,020 723 
202711,646 1,537 723 
20287,048 1,318 723 
2029 and thereafter6,885 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 31,20242023
Short-term lease expense$28,518 $15,305 
Operating lease expense2,242 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, 2024December 31, 2023
Weighted-average remaining lease term (in years):
Finance leases3.52.6
Operating leases9.910.3
Weighted-average discount rate:
Finance leases5.65 %5.19 %
Operating leases5.02 %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:
PaymentsReceipts
For the year ending December 31,Finance LeasesOperating LeasesOperating leases
2025$19,946 $2,382 $1,262 
202615,414 2,020 723 
202711,646 1,537 723 
20287,048 1,318 723 
2029 and thereafter6,885 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 31,20242023
Short-term lease expense$28,518 $15,305 
Operating lease expense2,242 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, 2024December 31, 2023
Weighted-average remaining lease term (in years):
Finance leases3.52.6
Operating leases9.910.3
Weighted-average discount rate:
Finance leases5.65 %5.19 %
Operating leases5.02 %4.59 %