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Leases | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases |
(6) | Leases
The Company currently leases various facilities and equipment under cancelable and noncancelable operating leases. The accounting for the Company’s leases may require judgments, which include determining whether a contract contains a lease, allocating the consideration between lease and non-lease components, and determining the incremental borrowing rates. Leases with an initial noncancelable term of 12 months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the lease term. The Company has also elected to combine lease and non-lease components on all classes of leased assets, except for leased towing vessels for which the Company estimates approximately 70% of the costs relate to service costs and other non-lease components. Variable lease costs relate primarily to real estate executory costs (i.e. taxes, insurance and maintenance). Future minimum lease payments under operating leases that have initial noncancelable lease terms in excess of one year were as follows (in thousands):
|  | December 31, |
|  | 2020 |  |  | 2019 |
2021 |  | $ | 40,224 |  |  | $ | 33,374 |
2022 |  |  | 33,543 |  |  |  | 25,911 |
2023 |  |  | 28,012 |  |  |  | 23,098 |
2024 |  |  | 23,578 |  |  |  | 19,162 |
2025 |  |  | 21,261 |  |  |  | 15,330 |
Thereafter |  |  | 96,491 |  |  |  | 92,991 |
Total lease payments |  |  | 243,109 |  |  |  | 209,866 |
Less: imputed interest |  |  | (46,863 | ) |  |  | (43,085 | )
Operating lease liabilities |  | $ | 196,246 |  |  | $ | 166,781 |
The following table summarizes lease costs (in thousands):
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |
Operating lease cost |  | $ | 43,810 |  |  | $ | 39,064 |
Variable lease cost |  |  | 1,550 |  |  |  | 2,326 |
Short-term lease cost |  |  | 25,387 |  |  |  | 31,340 |
Sublease income |  |  | (1,143 | ) |  |  | (420 | )
Total lease cost |  | $ | 69,604 |  |  | $ | 72,310 |
The following table summarizes other supplemental information about the Company’s operating leases:
|  | December 31, |
|  | 2020 |  |  | 2019 |
Weighted average discount rate |  |  | 4.1 | % |  |  | 4.0 | %
Weighted average remaining lease term |  | 10 years |  |  | 11 years |

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- References No definition available. + Details
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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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