v3.22.4
Capital structure financial policies
12 Months Ended
Dec. 31, 2022
Disclosure of objectives, policies and processes for managing capital [abstract]  
Capital structure financial policies Capital structure financial policies
Our objective when managing capital is to maintain a flexible capital structure that optimizes the cost and availability of capital at acceptable risk levels.
In the management of capital and in its definition, we include owners’ equity (excluding accumulated other comprehensive income), long-term debt (including long-term credit facilities and any hedging assets or liabilities associated with our long-term debt, net of amounts recognized in accumulated other comprehensive income and excluding lease liabilities) and cash and cash equivalents. We manage capital by monitoring the financial covenants in our credit facility (Note 16—Share capital).
We manage our capital structure and make adjustments to it in light of changes in economic conditions and the risk characteristics of our business. In order to maintain or adjust our capital structure, we may issue new shares, issue new debt with different terms or characteristics, which may be used to replace existing debt, or pay down our debt balance with cash flows from operations. 
On February 3, 2021, we completed our IPO and issued 21.0 million subordinate voting shares at $25.00 per share. Net cash proceeds were used to repay a portion of outstanding borrowings under our credit agreement.
On December 20, 2022, we amended and expanded our total credit facility to $2.0 billion, comprised of an $800 million revolving component, and amortizing $1.2 billion term loan component, now maturing on January 3, 2028 (see Note 15(b)—Long-term debt—Credit facility for additional details).