Note 9 - Leases

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Lessee, Leases [Text Block]

9.        Leases

The Company enters into premise leases and equipment leases as a lessee.

(a) Premise leases

The Company leases office space where the remaining lease term ranges from less than one year to fifteen years. Leases generally include an initial contract term, but some leases include an option to renew the lease for an additional period at the end of this initial term. These renewal periods range in length up to a period equivalent to the initial term of the lease. All the Company’s premise leases are classified as operating leases.

(a) Equipment leases

The Company leases certain equipment in its operations, including furniture and equipment, computer equipment and vehicles. Equipment leases may consist of operating leases or finance leases based upon the assessment of the facts at the commencement date of the lease. The remaining lease terms for equipment leases range from one year to five years. Certain leases may have the option to extend the leases for a short period or to purchase the asset at the end of the lease term.

The components of lease expense were as follows:

	Year ended December 31,
	2023			2022
Operating lease cost	$	107,323		$	97,467
Finance lease cost
Amortization of right-of-use assets		1,169			1,034
Interest on lease liabilities		173			29
Variable lease cost		26,520			21,728
Short term lease cost		4,580			4,323
Total lease expense	$	139,765		$	124,581
Sublease revenues		(6,856	)		(6,904	)
Total lease cost, net of sublease revenues	$	132,909		$	117,677

Supplemental information related to leases was as follows:

	Year ended December 31,
	2023			2022
Right-of-use assets obtained in exchange for new operating lease obligations	$	134,442		$	99,669
Right-of-use assets obtained in exchange for new finance lease obligations		4,965			1,101
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(104,570	)	$	(94,761	)
Operating cash flows from finance leases		(173	)		(29	)
Financing cash flows from finance leases		(1,077	)		(1,391	)

Supplemental balance sheet information related to leases was as follows:

	As at December 31,
	2023			2022
Operating leases
Operating lease right-of-use assets	$	390,565		$	341,623
Operating lease liabilities - current	$	(89,938	)	$	(84,989	)
Operating lease liabilities - non-current		(375,454	)		(322,496	)
Total operating lease liabilities	$	(465,392	)	$	(407,485	)
Finance leases
Fixed assets, cost	$	8,244		$	3,895
Accumulated depreciation		(2,566	)		(2,511	)
Fixed assets, net	$	5,678		$	1,384
Long-term debt - current	$	(1,415	)	$	(755	)
Long-term debt - non-current		(4,295	)		(725	)
Total finance lease liabilities	$	(5,710	)	$	(1,480	)

Maturities of lease liabilities were as follows:

	1 year		2 years		3 years		4 years		5 years		Thereafter		Total
Operating leases	$	109,682	$	92,538	$	70,696	$	57,788	$	49,193	$	159,990	$	539,887
Present value of operating lease liabilities														465,392
Difference between undiscounted cash flows and discounted cash flows													$	74,495
Finance leases	$	1,991	$	1,707	$	1,366	$	1,144	$	737	$	-	$	6,945
Present value of finance lease liabilities														5,710
Difference between undiscounted cash flows and discounted cash flows													$	1,235

	As at December 31,
	2023
Weighted average remaining lease term
Operating leases (in years)		7.0
Finance leases (in years)		4.0
Weighted average discount rate
Operating leases		4.2	%
Finance leases		9.2	%

As of December 31, 2023, the Company has additional operating leases, primarily for premises, that have not yet commenced of $40,749. These operating leases will commence within the next year and have lease terms ranging from three to eleven years.