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v3.23.1

Leases | 3 Months Ended
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Mar. 31, 2023
Leases [Abstract] |
Leases | Note 5 — Leases We charter vessels and lease facilities and equipment under non-cancelable contracts that expire on various dates through 2031. Our operating lease additions during the three-month period ended March 31, 2023 are primarily related to the vessel charter for the Glomar Wave (Note 14). Our operating lease additions during the three-month period ended March 31, 2022 are primarily related to the charter extensions for the Siem Helix 1 and the Siem Helix 2. 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,
​ |  | 2023 |  | 2022
Operating lease cost | ​ | $ | 17,006 |  | $ | 14,462
Variable lease cost | ​ |  | 4,910 |  | ​ | 4,922
Short-term lease cost | ​ |  | 6,977 |  | ​ | 5,438
Sublease income | ​ |  | (331) |  | ​ | (249)
Net lease cost | ​ | $ | 28,562 |  | $ | 24,573
​ Maturities of our operating lease liabilities as of March 31, 2023 are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Facilities and |  | ​ | ​
​ |  | Vessels |  | Equipment |  | Total
Less than one year | ​ | $ | 60,932 | ​ | $ | 6,688 |  | $ | 67,620
One to two years | ​ |  | 60,058 | ​ |  | 5,517 |  | ​ | 65,575
Two to three years | ​ |  | 36,690 | ​ |  | 1,974 |  | ​ | 38,664
Three to four years | ​ |  | 39,169 | ​ |  | 979 |  | ​ | 40,148
Four to five years | ​ |  | 15,845 | ​ |  | 979 |  | ​ | 16,824
Over five years | ​ |  | 791 | ​ |  | 2,597 |  | ​ | 3,388
Total lease payments | ​ | $ | 213,485 | ​ | $ | 18,734 |  | $ | 232,219
Less: imputed interest | ​ |  | (30,177) | ​ |  | (2,449) |  | ​ | (32,626)
Total operating lease liabilities | ​ | $ | 183,308 | ​ | $ | 16,285 |  | $ | 199,593
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current operating lease liabilities | ​ | $ | 48,466 | ​ | $ | 5,941 |  | $ | 54,407
Non-current operating lease liabilities | ​ |  | 134,842 | ​ |  | 10,344 |  | ​ | 145,186
Total operating lease liabilities | ​ | $ | 183,308 | ​ | $ | 16,285 |  | $ | 199,593
​ Maturities of our operating lease liabilities as of December 31, 2022 are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Facilities and |  | ​ | ​
​ |  | Vessels |  | Equipment |  | Total
Less than one year | ​ | $ | 58,063 | ​ | $ | 6,603 |  | $ | 64,666
One to two years | ​ |  | 55,515 | ​ |  | 5,697 |  | ​ | 61,212
Two to three years | ​ |  | 43,400 | ​ |  | 2,797 |  | ​ | 46,197
Three to four years | ​ |  | 35,200 | ​ |  | 959 |  | ​ | 36,159
Four to five years | ​ |  | 26,244 | ​ |  | 959 |  | ​ | 27,203
Over five years | ​ |  | 3,041 | ​ |  | 2,783 |  | ​ | 5,824
Total lease payments | ​ | $ | 221,463 | ​ | $ | 19,798 |  | $ | 241,261
Less: imputed interest | ​ |  | (32,986) | ​ |  | (2,675) |  | ​ | (35,661)
Total operating lease liabilities | ​ | $ | 188,477 | ​ | $ | 17,123 |  | $ | 205,600
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current operating lease liabilities | ​ | $ | 45,131 | ​ | $ | 5,783 |  | $ | 50,914
Non-current operating lease liabilities | ​ |  | 143,346 | ​ |  | 11,340 |  | ​ | 154,686
Total operating lease liabilities | ​ | $ | 188,477 | ​ | $ | 17,123 |  | $ | 205,600
​ The following table presents the weighted average remaining lease term and discount rate: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31,
​ |  | 2023 | ​ | 2022
Weighted average remaining lease term |  | 3.8 | years | ​ | 4.0 | years
Weighted average discount rate |  | 7.91 | % | ​ | 7.84 | %
​ The following table presents other information related to our operating leases (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended
​ | ​ | March 31,
​ |  | 2023 |  | 2022
Cash paid for operating lease liabilities | ​ | $ | 16,184 |  | $ | 16,010
Right-of-use assets obtained in exchange for new operating lease liabilities | ​ |  | 6,070 |  | ​ | 60,699
​

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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 https://asc.fasb.org/subtopic&trid=77888251 + Details
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