Annual report pursuant to Section 13 and 15(d)

Operating Leases (Tables)

v3.20.4
Operating Leases (Tables)
12 Months Ended
Dec. 31, 2020
Operating Leases [Abstract]  
Lessee, Operating Lease, Liability, Maturity
For operating leases as of December 31, 2020, the future minimum payments in the years ended December 31, were as follows (in thousands):
2021 $ 42,215 
2022 28,986 
2023 16,687 
2024 14,400 
2025 13,412 
Years subsequent to 2025 15,083 
130,783 
Interest component (13,765)
117,018 
Current portion of long-term operating lease liabilities (37,599)
Long-term operating lease liabilities $ 79,419 
Lease, Cost
The components of lease expense for the year ended December 31, were as follows (in thousands):
2020 2019
Operating lease expense $ 44,732  $ 42,863 
Short-term lease expense (lease duration of twelve months or less at lease commencement) 24,585  22,992 
Sublease income (35,038) (33,428)
$ 34,279  $ 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):
2020 2019
Operating cash outflows from operating leases $ 44,578  $ 43,096 
Right-of-use assets obtained in exchange for operating lease liabilities $ 11,142  $ 179,944 
Weighted average remaining lease term, in years 4.7 5.2
Weighted average discount rate 4.9  % 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
2021 $ 133,751  $ (32,416) $ 101,335 
2022 91,172  (23,145) 68,027 
2023 57,908  (11,502) 46,406 
2024 31,923  (11,502) 20,421 
2025 27,516  (11,561) 15,955 
Years subsequent to 2025 28,263  (7,420) 20,843 
____________________
(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
2020
Ocean Services:
Petroleum and chemical carriers - U.S.-flag $ 544,549  $ (280,432) $ 264,117 
Harbor tugs - U.S.-flag & foreign-flag 45,379  (18,313) 27,066 
Ocean liquid tank barges - U.S.-flag 39,238  (17,694) 21,544 
629,166  (316,439) 312,727 
Inland Services:
Towboats 50,615  (5,319) 45,296 
$ 679,781  $ (321,758) $ 358,023 
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