Annual report pursuant to Section 13 and 15(d)

Operating Leases (Tables)

v3.19.3.a.u2
Operating Leases (Tables)
12 Months Ended
Dec. 31, 2019
Operating Leases [Abstract]  
Lessee, Operating Lease, Liability, Maturity
For operating leases as of December 31, 2019, the future minimum payments in the years ended December 31, were as follows (in thousands):
2020 $ 41,914   
2021 37,711   
2022 27,460   
2023 15,531   
2024 13,603   
Years subsequent to 2024 27,066   
163,285   
Interest component (18,979)  
144,306   
Current portion of long-term operating lease liabilities (36,011)  
Long-term operating lease liabilities $ 108,295   
Lease, Cost
The components of lease expense for the year ended December 31, were as follows (in thousands):
2019
Operating lease expense $ 42,863   
Short-term lease expense (lease duration of twelve months or less at lease commencement) 22,992   
Sublease income (33,428)  
$ 32,427   
Operating Leases Other Information
Other information related to operating leases for the year ended December 31, was as follows (in thousands except weighted average data):
2019
Operating cash outflows from operating leases $ 43,096   
Right-of-use assets obtained in exchange for operating lease liabilities $ 179,944   
Weighted average remaining lease term, in years 5.2
Weighted average discount rate 4.9  %
Schedule of Future Minimum Lease Revenues for Operating Leases Future minimum lease revenues from these arrangements for the years ended December 31, were as follows (in thousands):
Total Minimum Lease Revenues
Leased-in Obligations(1)
Net Minimum Lease Income
2020 $ 160,324    $ (31,572)   $ 128,752   
2021 114,395    (29,683)   84,712   
2022 55,990    (22,942)   33,048   
2023 34,701    (11,315)   23,386   
2024 27,205    (11,346)   15,859   
Years subsequent to 2024 55,102    (18,662)   36,440   
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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
The major classes of owned property and equipment earning lease revenues as of December 31, were as follows (in thousands):
Historical
Cost
Accumulated
Depreciation
Net Book
Value
2019
Ocean Services:
Petroleum and chemical carriers - U.S.-flag $ 544,549    $ (258,153)   $ 286,396   
Harbor and offshore tugs - U.S.-flag & foreign-flag 51,129    (17,363)   33,766   
Ocean liquid tank barges - U.S.-flag 39,238    (16,171)   23,067   
634,916    (291,687)   343,229   
Inland Services:
Towboats 50,615    (3,498)   47,117   
$ 685,531    $ (295,185)   $ 390,346