Quarterly report pursuant to Section 13 or 15(d)


9 Months Ended
Sep. 30, 2022
Leases [Abstract]  

4.   Leases

In April 2020, the FASB issued interpretive guidance relating to the accounting for lease concessions provided as a result of COVID-19. In this guidance, entities can elect not to apply lease modification accounting with respect to such lease concessions and instead, treat the concession as if it was a part of the existing contract. In 2020, the Company elected to not evaluate leases under the lease modification accounting framework for concessions that result from effects of the COVID-19 pandemic. In relation to our rights to use port facilities, we have elected the approach consistent with resolving a contingency, which allows us to remeasure the lease liability and recognize the amount of change in the lease liability as an adjustment to the carrying amount of the associated right-of-use asset. As of September 30, 2022, certain of our port facilities were remeasured with an increase of $35.2 million to other long-term assets and other long-term liabilities.

Operating lease balances were as follows (in thousands):


Balance Sheet location


September 30, 2022


December 31, 2021

Operating leases






Right-of-use assets


Other long-term assets





Current operating lease liabilities


Accrued expenses and other liabilities



Non-current operating lease liabilities


Other long-term liabilities