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v3.22.2.2

Property and Equipment | 6 Months Ended
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Jun. 30, 2022
Property, Plant and Equipment [Abstract] |
Property and equipment | 8. Property and equipment As of June 30, 2022 and December 31, 2021, the Company’s property and equipment, net consisted of the following (in thousands):
| June 30, 2022 |  |  | December 31, 2021 |
Vessels | $ | 1,801,063 |  |  | $ | 1,705,719 |
Vessel related equipment |  | 396,585 |  |  |  | 391,985 |
Buoy and pipeline |  | 11,457 |  |  |  | 11,553 |
Finance lease right-of-use assets |  | 40,007 |  |  |  | 219,435 |
Other equipment |  | 16,223 |  |  |  | 16,068 |
Assets in progress |  | 13,293 |  |  |  | 21,023 |
Less accumulated depreciation |  | (862,426 | ) |  |  | (932,614 | )
Property and equipment, net | $ | 1,416,202 |  |  | $ | 1,433,169 |
Depreciation expense for the three months ended June 30, 202 2 and 2021 was $23.5 million and $25.7 million, respectively. For the six months ended June 30, 2022 and 2021, depreciation expense was $46.7 million and $51.4 million, respectively. Vessel Acquisition As part of the IPO Transaction, in exchange for (i) 7,854,167 shares of Class A Common Stock with a fair market value (based on the IPO price) of $188.5 million, (ii) a cash payment of $50.0 million and (iii) $21.5 million of estimated future payments under the TRA, EELP purchased from Maya Maritime LLC, a wholly owned subsidiary of the Foundation, all of the issued and outstanding membership interests in the Foundation Vessels. The acquisition of both the Excelsior and the Excellence vessels were accounted for as asset acquisitions in accordance with Accounting Standards Codification 805, Business Combinations (“ASC 805”). In accordance with ASC 805, the accumulated cost of the vessel acquisitions, including Class A Common Stock and contingent consideration related to the TRA, were allocated to the assets acquired based on relative fair value. In 2018, EELP entered into an agreement with a customer to lease the Excellence vessel with the vessel transferring ownership to the customer at the conclusion of the agreement for no additional consideration. Historically, EELP, as a lessor, has accounted for the Excellence vessel contract with our customer as a sales-type lease in the consolidated balance sheet in accordance with Accounting Standards Codification 842, Leases (“ASC 842”). The Excellence vessel will continue to be accounted for as a sales-type lease and thus will not result in an adjustment to property and equipment. The difference between the consideration given to acquire the Excellence vessel and the historical finance lease liability resulted in a $21.8 million early extinguishment of lease liability loss on our consolidated statements of income.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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