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v3.24.2

Leases | 6 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
Leases | Note 4 — Leases We charter vessels and lease facilities and equipment under non-cancelable contracts that expire on various dates through 2034. The following table details the components of our lease cost (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
Operating lease cost | ​ | $ | 22,357 | ​ | $ | 17,347 | ​ | $ | 42,832 |  | $ | 34,353
Variable lease cost | ​ |  | 3,060 | ​ |  | 5,255 | ​ |  | 6,117 |  | ​ | 10,165
Short-term lease cost | ​ |  | 13,745 | ​ |  | 17,916 | ​ |  | 22,659 |  | ​ | 24,893
Sublease income | ​ |  | (22) | ​ |  | (206) | ​ |  | (44) |  | ​ | (537)
Net lease cost | ​ | $ | 39,140 | ​ | $ | 40,312 | ​ | $ | 71,564 |  | $ | 68,874
​ Maturities of our operating lease liabilities as of June 30, 2024 are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Facilities and |  | ​ | ​
​ |  | Vessels |  | Equipment |  | Total
Less than one year | ​ | $ | 76,796 | ​ | $ | 6,452 |  | $ | 83,248
One to two years | ​ |  | 74,553 | ​ |  | 2,279 |  | ​ | 76,832
Two to three years | ​ |  | 61,771 | ​ |  | 1,968 |  | ​ | 63,739
Three to four years | ​ |  | 60,482 | ​ |  | 1,885 |  | ​ | 62,367
Four to five years | ​ |  | 52,748 | ​ |  | 1,714 |  | ​ | 54,462
Over five years | ​ |  | 112,848 | ​ |  | 4,231 |  | ​ | 117,079
Total lease payments | ​ | $ | 439,198 | ​ | $ | 18,529 |  | $ | 457,727
Less: imputed interest | ​ |  | (93,830) | ​ |  | (3,239) |  | ​ | (97,069)
Total operating lease liabilities | ​ | $ | 345,368 | ​ | $ | 15,290 |  | $ | 360,658
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current operating lease liabilities | ​ | $ | 51,750 | ​ | $ | 5,967 |  | $ | 57,717
Non-current operating lease liabilities | ​ |  | 293,618 | ​ |  | 9,323 |  | ​ | 302,941
Total operating lease liabilities | ​ | $ | 345,368 | ​ | $ | 15,290 |  | $ | 360,658
​ Maturities of our operating lease liabilities as of December 31, 2023 are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Facilities and |  | ​ | ​
​ |  | Vessels |  | Equipment |  | Total
Less than one year | ​ | $ | 67,488 | ​ | $ | 6,639 |  | $ | 74,127
One to two years | ​ |  | 55,453 | ​ |  | 3,508 |  | ​ | 58,961
Two to three years | ​ |  | 35,200 | ​ |  | 1,289 |  | ​ | 36,489
Three to four years | ​ |  | 26,245 | ​ |  | 1,272 |  | ​ | 27,517
Four to five years | ​ |  | 3,040 | ​ |  | 1,244 |  | ​ | 4,284
Over five years | ​ |  | — | ​ |  | 1,926 |  | ​ | 1,926
Total lease payments | ​ | $ | 187,426 | ​ | $ | 15,878 |  | $ | 203,304
Less: imputed interest | ​ |  | (22,419) | ​ |  | (2,038) |  | ​ | (24,457)
Total operating lease liabilities | ​ | $ | 165,007 | ​ | $ | 13,840 |  | $ | 178,847
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current operating lease liabilities | ​ | $ | 56,602 | ​ | $ | 6,060 |  | $ | 62,662
Non-current operating lease liabilities | ​ |  | 108,405 | ​ |  | 7,780 |  | ​ | 116,185
Total operating lease liabilities | ​ | $ | 165,007 | ​ | $ | 13,840 |  | $ | 178,847
​ The following table presents the weighted average remaining lease term and discount rate: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31,
​ |  | 2024 | ​ | 2023
Weighted average remaining lease term |  | 6.1 | years | ​ | 3.1 | years
Weighted average discount rate |  | 7.93 | % | ​ | 8.20 | %
​ The following table presents other information related to our operating leases (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended
​ | ​ | June 30,
​ |  | 2024 |  | 2023
Cash paid for operating lease liabilities | ​ | $ | 38,877 |  | $ | 32,964
Right-of-use assets obtained in exchange for new operating lease liabilities (1) | ​ |  | 207,511 |  | ​ | 6,234
(1) | Our operating lease additions during the six-month period ended June 30, 2024 are primarily related to the charter extensions for the Siem Helix 1, the Siem Helix 2, the Grand Canyon II and the Shelia Bordelon (Note 13). Our operating lease additions during the six-month period ended June 30, 2023 are primarily related to the vessel charter for the Glomar Wave.

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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