Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

Leases

The Company’s lease portfolio is predominantly operating leases for plant operations, storage facilities, and office space. The Company presents operating and finance lease balances separately on the consolidated balance sheets. The Company’s finance leases relate to plant operations. The Company does not include options to extend leases in the lease term until they are reasonably certain to be exercised. The following table presents the Company's lease balances and their classification on the unaudited condensed consolidated interim statements of operations and comprehensive loss:

	September 30, 2024		September 30, 2023
Finance lease
Amortization of ROU assets	$	—	$	—
Interest on lease liabilities	0.1		—
Total finance lease cost	$	0.1	$	—
Operating lease cost	$	9.8	$	7.0
Short-term lease cost	—		—
Variable lease cost	1.4		1.2
Total lease cost	$	11.3	$	8.2

The weighted average remaining lease term of the Company's premises and equipment operating leases is 20.59 years as at September 30, 2024 and 14.48 years as at December 31, 2023. The weighted average remaining lease term of the Company's premises and equipment finance leases is 2.37 years as at September 30, 2024 and 46.78 years as at December 31, 2023.

The weighted average lease discount rate of the Company's premises and equipment operating leases is 8.01% as at September 30, 2024 and 7.69% as at December 31, 2023. The weighted average lease discount rate of the Company's premises and equipment finance leases is 11.61% as at September 30, 2024 and 9.49% as at December 31, 2023.

Supplemental Cash Flow Related Disclosures	For the nine months ended September 30, 2024		For the nine months ended September 30, 2023
Cash paid for amounts related to lease liabilities:
Operating cash flows from operating leases	$	10.1	$	7.2
Operating cash flows from finance leases	0.1		—
Financing cash flows from finance leases	—		—
Recognition of ROU assets and lease liabilities for new operating leases	$	36.6	$	18.7
Derecognition of ROU assets and lease liabilities for new finance leases	(2.2)		—

Maturities of lease liabilities as of September 30 were as follows:

	Operating Leases		Finance Leases
2025	$	13.6	—
2026	13.4		—
2027	12.6		—
2028	12.0		—
2029	12.0		—
Thereafter	159.4		—
Total future minimum lease payments	$	223.0	$	—
Imputed interest	(129.8)		—
Total lease liabilities	$	93.2	$	—

At September 30, 2024, none of the Company's executed leases that had not yet commenced will create significant rights or obligations in the future and sublease transactions are not material. The Company's leases did not impose any restrictions or covenants.

Leases

Leases

The Company’s lease portfolio is predominantly operating leases for plant operations, storage facilities, and office space. The Company presents operating and finance lease balances separately on the consolidated balance sheets. The Company’s finance leases relate to plant operations. The Company does not include options to extend leases in the lease term until they are reasonably certain to be exercised. The following table presents the Company's lease balances and their classification on the unaudited condensed consolidated interim statements of operations and comprehensive loss:

	September 30, 2024		September 30, 2023
Finance lease
Amortization of ROU assets	$	—	$	—
Interest on lease liabilities	0.1		—
Total finance lease cost	$	0.1	$	—
Operating lease cost	$	9.8	$	7.0
Short-term lease cost	—		—
Variable lease cost	1.4		1.2
Total lease cost	$	11.3	$	8.2

The weighted average remaining lease term of the Company's premises and equipment operating leases is 20.59 years as at September 30, 2024 and 14.48 years as at December 31, 2023. The weighted average remaining lease term of the Company's premises and equipment finance leases is 2.37 years as at September 30, 2024 and 46.78 years as at December 31, 2023.

The weighted average lease discount rate of the Company's premises and equipment operating leases is 8.01% as at September 30, 2024 and 7.69% as at December 31, 2023. The weighted average lease discount rate of the Company's premises and equipment finance leases is 11.61% as at September 30, 2024 and 9.49% as at December 31, 2023.

Supplemental Cash Flow Related Disclosures	For the nine months ended September 30, 2024		For the nine months ended September 30, 2023
Cash paid for amounts related to lease liabilities:
Operating cash flows from operating leases	$	10.1	$	7.2
Operating cash flows from finance leases	0.1		—
Financing cash flows from finance leases	—		—
Recognition of ROU assets and lease liabilities for new operating leases	$	36.6	$	18.7
Derecognition of ROU assets and lease liabilities for new finance leases	(2.2)		—

Maturities of lease liabilities as of September 30 were as follows:

	Operating Leases		Finance Leases
2025	$	13.6	—
2026	13.4		—
2027	12.6		—
2028	12.0		—
2029	12.0		—
Thereafter	159.4		—
Total future minimum lease payments	$	223.0	$	—
Imputed interest	(129.8)		—
Total lease liabilities	$	93.2	$	—

At September 30, 2024, none of the Company's executed leases that had not yet commenced will create significant rights or obligations in the future and sublease transactions are not material. The Company's leases did not impose any restrictions or covenants.