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v3.22.1

Leases | 3 Months Ended
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Mar. 31, 2022
Leases [Abstract] |
Leases | Note 4 — Leases We charter vessels and lease facilities and equipment under non-cancelable contracts that expire on various dates through 2031. We also sublease some of our facilities under non-cancelable sublease agreements. The following table details the components of our lease cost (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended
​ | ​ | March 31,
​ |  | 2022 |  | 2021
Operating lease cost | ​ | $ | 14,462 |  | $ | 16,216
Variable lease cost | ​ |  | 4,922 |  | ​ | 3,484
Short-term lease cost | ​ |  | 5,438 |  | ​ | 1,732
Sublease income | ​ |  | (249) |  | ​ | (349)
Net lease cost | ​ | $ | 24,573 |  | $ | 21,083
​ Maturities of our operating lease liabilities as of March 31, 2022 are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Facilities and |  | ​ | ​
​ |  | Vessels |  | Equipment |  | Total
Less than one year | ​ | $ | 42,951 | ​ | $ | 5,441 |  | $ | 48,392
One to two years | ​ |  | 37,056 | ​ |  | 4,752 |  | ​ | 41,808
Two to three years | ​ |  | 38,279 | ​ |  | 4,297 |  | ​ | 42,576
Three to four years | ​ |  | 17,155 | ​ |  | 1,712 |  | ​ | 18,867
Four to five years | ​ |  | 21,124 | ​ |  | 1,044 |  | ​ | 22,168
Over five years | ​ |  | — | ​ |  | 3,812 |  | ​ | 3,812
Total lease payments | ​ | $ | 156,565 | ​ | $ | 21,058 |  | $ | 177,623
Less: imputed interest | ​ |  | (20,297) | ​ |  | (3,355) |  | ​ | (23,652)
Total operating lease liabilities | ​ | $ | 136,268 | ​ | $ | 17,703 |  | $ | 153,971
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current operating lease liabilities | ​ | $ | 36,843 | ​ | $ | 4,621 |  | $ | 41,464
Non-current operating lease liabilities | ​ |  | 99,425 | ​ |  | 13,082 |  | ​ | 112,507
Total operating lease liabilities | ​ | $ | 136,268 | ​ | $ | 17,703 |  | $ | 153,971
​ Maturities of our operating lease liabilities as of December 31, 2021 are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Facilities and |  | ​ | ​
​ |  | Vessels |  | Equipment |  | Total
Less than one year | ​ | $ | 55,573 | ​ | $ | 5,601 |  | $ | 61,174
One to two years | ​ |  | 34,580 | ​ |  | 4,844 |  | ​ | 39,424
Two to three years | ​ |  | 2,470 | ​ |  | 4,514 |  | ​ | 6,984
Three to four years | ​ |  | — | ​ |  | 2,462 |  | ​ | 2,462
Four to five years | ​ |  | — | ​ |  | 1,074 |  | ​ | 1,074
Over five years | ​ |  | — | ​ |  | 4,193 |  | ​ | 4,193
Total lease payments | ​ | $ | 92,623 | ​ | $ | 22,688 |  | $ | 115,311
Less: imputed interest | ​ |  | (5,633) | ​ |  | (3,741) |  | ​ | (9,374)
Total operating lease liabilities | ​ | $ | 86,990 | ​ | $ | 18,947 |  | $ | 105,937
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current operating lease liabilities | ​ | $ | 51,035 | ​ | $ | 4,704 |  | $ | 55,739
Non-current operating lease liabilities | ​ |  | 35,955 | ​ |  | 14,243 |  | ​ | 50,198
Total operating lease liabilities | ​ | $ | 86,990 | ​ | $ | 18,947 |  | $ | 105,937
​ The following table presents the weighted average remaining lease term and discount rate: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31,
​ |  | 2022 | ​ | 2021
Weighted average remaining lease term |  | 4.0 | years | ​ | 2.4 | years
Weighted average discount rate |  | 6.99 | % | ​ | 7.57 | %
​ The following table presents other information related to our operating leases (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended
​ | ​ | March 31,
​ |  | 2022 |  | 2021
Cash paid for operating lease liabilities | ​ | $ | 16,010 |  | $ | 16,502
Right-of-use assets obtained in exchange for new operating lease obligations (1) | ​ |  | 60,699 |  | ​ | 113
(1) | Amount in 2022 primarily relates to the charter extensions for the Siem Helix 1 and the Siem Helix 2 (Note 12).

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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