Quarterly report pursuant to Section 13 or 15(d)

Operating Leases (Tables)

v3.19.3
Operating Leases (Tables)
9 Months Ended
Sep. 30, 2019
Operating Leases [Abstract]  
Lessee, Operating Lease, Liability, Maturity
As of September 30, 2019, future minimum payments for operating leases for the remainder of 2019 and the years ended December 31 were as follows (in thousands):
Remainder of 2019 $ 10,891   
2020 41,837   
2021 37,649   
2022 27,453   
2023 15,524   
Years subsequent to 2023 40,623   
173,977   
Interest component (20,689)  
153,288   
Current portion of long-term operating lease liabilities (36,422)  
Long-term operating lease liabilities $ 116,866   
Lease, Cost
For the nine months ended September 30, 2019, the components of lease expense were as follows (in thousands):
Operating lease expense $ 32,009   
Short-term lease expense (lease duration of twelve months or less at lease commencement) 17,136   
Sublease income (24,129)  
$ 25,016   
Operating Leases Other Information
For the nine months ended September 30, 2019, other information related to operating leases was as follows (in thousands except weighted average data):
Operating cash outflows from operating leases $ 32,185   
Right-of-use assets obtained in exchange for operating lease liabilities $ 179,746   
Weighted average remaining lease term, in years 5.4
Weighted average discount rate 4.8  %
Schedule of Future Minimum Lease Revenues for Operating Leases As of September 30, 2019, future minimum lease revenues from these arrangements for the remainder of 2019 and in the years ended December 31 were as follows (in thousands):
Total Minimum Lease Revenues
Leased-in Obligations(1)
Net Minimum Lease Income
Remainder of 2019 $ 33,817    $ (7,995)   $ 25,822   
2020 142,748    (31,595)   111,153   
2021 108,740    (29,590)   79,150   
2022 54,374    (22,812)   31,562   
2023 34,701    (11,315)   23,386   
Years subsequent to 2023 87,375    (29,884)   57,491   
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(1)The total payments to be made under existing non-cancelable leases for the property and equipment subject to these future minimum lease revenues.
Major Classes of Property and Equipment Earning Lease Revenues
As of September 30, 2019, the major classes of owned property and equipment earning lease revenues were as follows (in thousands):
Historical
Cost
Accumulated
Depreciation
Net Book
Value
Ocean Services:
Petroleum and chemical carriers - U.S.-flag $ 471,049    $ (196,317)   $ 274,732   
Harbor and offshore tugs - U.S.-flag & foreign-flag 51,129    (16,696)   34,433   
Ocean liquid tank barges - U.S.-flag 38,097    (14,649)   23,448   
560,275    (227,662)   332,613   
Inland Services:
Towboats 36,236    (3,086)   33,150   
$ 596,511    $ (230,748)   $ 365,763