LEASE OBLIGATIONS

12 Months Ended

Dec. 31, 2020

LEASE OBLIGATIONS

LEASE OBLIGATIONS

11.  LEASE OBLIGATIONS

GFL leases several assets including buildings, plants and equipment. The average lease term is five years.

GFL has options to purchase certain equipment for a nominal amount at the end of the lease term. GFL’s obligations are secured by the lessors’ title to the leased assets for such leases.

Future minimum payments under lease obligations are as follows:

	December 31, 2020		December 31, 2019
Lease obligations	$	241.0	$	246.4
Less: Interest		49.8		54.3
		191.2		192.1
Less: Current portion		37.5		33.2
	$	153.7	$	158.9

Lease obligations include $73.1 million of secured lease obligations as at December 31, 2020 ($58.7 million as at December 31, 2019).

Interest expense in connection with lease obligations was $10.9 million for the year ended December 31, 2020 ($10.5 million for the year ended December 31, 2019, and $0.5 million for the seven month period ended December 31, 2018, and $0.3 million for the five month period ended May 31, 2018). Leases are secured by the related asset.

Principal and interest payments on future minimum lease payments under the lease obligations in each of the next five years are as follows:

	Lease liabilities
2021	$	39.8
2022		65.1
2023		28.2
2024		19.5
2025		26.5
Thereafter		61.9
	$	241.0