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Note 11 - Properties and Equipment, Accrued Expenses, Other Current Liabilities and Other Liabilities

9 Months Ended

Sep. 30, 2025

Other Assets Accrued Expenses Other Current Liabilities And Other Liabilities And Deferred Credits [Text Block]

(11)

PROPERTIES AND EQUIPMENT, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES

As of September 30, 2025, our property and equipment consisted primarily of 209 owned vessels located around the world. As of December 31, 2024, our property and equipment consisted primarily of 211 owned vessels. During the nine months ending September 30, 2025, we sold 10 vessels and other assets for approximately $12.3 million in proceeds and recognized a net gain of $8.6 million on the dispositions. During the nine months ending September 30, 2024, we sold four vessels and other assets for approximately $14.9 million in proceeds and recognized a net $13.1 million gain on the dispositions.

During the three months ending September 30, 2025, we exercised our purchase option under a bareboat charter agreement to acquire a vessel for $4.9 million. Additionally, we gave notice of our intent to acquire another vessel currently under a bareboat charter agreement. As a result, we classified the bareboat charter agreement as a finance lease valued at $19.9 million. The right of use asset is included in Other assets and the finance lease liability is included in Other current liabilities in our Condensed Consolidated Balance Sheet as at September 30, 2025.

A summary of properties and equipment is as follows:

(In Thousands)
	September 30, 2025		December 31, 2024
Properties and equipment:
Vessels and related equipment	$	1,748,463	$	1,727,197
Other properties and equipment		34,356		28,969
		1,782,819		1,756,166
Less accumulated depreciation and amortization		678,316		571,884
Properties and equipment, net	$	1,104,503	$	1,184,282

A summary of accrued expenses is as follows:

(In Thousands)
	September 30, 2025		December 31, 2024
Payroll and related payables	$	42,558	$	43,256
Accrued vessel expenses		50,334		42,762
Accrued interest expense		14,216		16,727
Other accrued expenses		23,771		27,149
	$	130,879	$	129,894

A summary of other current liabilities is as follows:

(In Thousands)
	September 30, 2025		December 31, 2024
Taxes payable	$	64,725	$	48,122
Finance lease liability		19,877		—
Other		12,560		16,826
	$	97,162	$	64,948

A summary of other liabilities is as follows:

(In Thousands)
	September 30, 2025		December 31, 2024
Pension liabilities	$	14,687	$	17,525
Liability for uncertain tax positions		25,107		24,582
Other		23,800		18,289
	$	63,594	$	60,396