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Leases

9 Months Ended

Sep. 30, 2021

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 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 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):

		September 30, 2021				December 31, 2020
2021		$	10,258			$	40,224
2022			37,765				33,543
2023			32,566				28,012
2024			25,804				23,578
2025			22,394				21,261
Thereafter			100,946				96,491
Total lease payments			229,733				243,109
Less: imputed interest			(44,305	)			(46,863	)
Operating lease liabilities		$	185,428			$	196,246

The following table summarizes lease costs (in thousands):

		Three Months Ended September 30,								Nine Months Ended September 30,
		2021				2020				2021				2020
Operating lease cost		$	10,361			$	11,553			$	31,433			$	32,467
Variable lease cost			467				485				1,382				1,081
Short-term lease cost			3,534				4,645				10,602				17,998
Sublease income			(217	)			(418	)			(797	)			(792	)
		$	14,145			$	16,265			$	42,620			$	50,754

The following table summarizes other supplemental information about the Company’s operating leases:

		September 30, 2021				December 31, 2020
Weighted average discount rate			4.0	%			4.1	%
Weighted average remaining lease term		9 years				10 years

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- References

No definition available.

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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

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