Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.22.0.1
Leases (Tables)
12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Schedule of components of lease expense and revenue

The components of lease expense were as follows (in thousands):

    

Year Ended

    

Year Ended

    

Year Ended

 

December 31, 2021

 

December 31, 2020

 

December 31, 2019

Operating lease expense

$

17,534

$

19,406

$

31,596

Variable lease expense

12,414

9,705

14,284

Short-term lease expense

6,421

11,076

50,832

Finance lease cost:

Amortization of right-of-use assets

1,428

1,924

1,765

Interest on lease liabilities

793

1,072

1,239

Schedule of lease balances

Lease balances were as follows (in thousands):

    

Balance Sheet location

    

December 31, 2021

December 31, 2020

Operating leases

 

  

 

  

  

Right-of-use assets

 

Other long-term assets

$

794,187

$

209,037

Current operating lease liabilities

 

Accrued expenses and other liabilities

34,407

17,700

Non-current operating lease liabilities

 

Other long-term liabilities

670,688

185,414

Finance leases

 

  

Right-of-use assets

 

Property and equipment, net

9,820

11,948

Current finance lease liabilities

 

Current portion of long-term debt

3,866

5,143

Non-current finance lease liabilities

 

Long-term debt

1,847

4,648

Supplemental information related to leases

Supplemental cash flow and non-cash information related to leases was as follows (in thousands):

    

Year Ended

    

Year Ended

    

Year Ended

 

December 31, 2021

 

December 31, 2020

 

December 31, 2019

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash outflows from operating leases

$

31,385

$

70,555

$

75,539

Operating cash outflows from finance leases

579

898

1,051

Financing cash outflows from finance leases

4,315

4,078

2,826

Right-of-use assets obtained in exchange for lease obligations:

Operating leases

506,761

823

24,834

Finance leases

265

705

The right-of-use assets obtained in exchange for lease obligations for the year ended December 31, 2021 was primarily for port facilities.

Other supplemental information related to leases was as follows:

Year Ended

    

Year Ended

    

Year Ended

    

December 31, 2021

 

December 31, 2020

 

December 31, 2019

 

Weighted average remaining lease term (years) - operating leases

 

24.28

 

7.36

 

8.30

Weighted average remaining lease term (years) - finance leases

 

2.37

2.89

3.65

Weighted average discount rate - operating leases

5.41

%  

3.96

%  

3.76

%  

Weighted average discount rate - finance leases

7.36

%

7.75

%

7.47

%

Maturities of operating lease liabilities

As of December 31, 2021, maturities of lease liabilities were as follows (in thousands):

Operating

Finance 

 

    

leases

    

leases

 

2022

$

46,179

$

4,096

2023

 

61,675

 

753

2024

 

65,727

 

630

2025

 

66,773

 

544

2026

 

66,226

 

38

Thereafter

 

1,031,088

 

Total

 

1,337,668

6,061

Less: Present value discount

 

(632,573)

(348)

Present value of lease liabilities

$

705,095

$

5,713

Maturities of finance lease liabilities

As of December 31, 2021, maturities of lease liabilities were as follows (in thousands):

Operating

Finance 

 

    

leases

    

leases

 

2022

$

46,179

$

4,096

2023

 

61,675

 

753

2024

 

65,727

 

630

2025

 

66,773

 

544

2026

 

66,226

 

38

Thereafter

 

1,031,088

 

Total

 

1,337,668

6,061

Less: Present value discount

 

(632,573)

(348)

Present value of lease liabilities

$

705,095

$

5,713

Maturities of sales-type lease receivable

Sales-type

    

lease

2022

$

3,916

2023

 

4,563

2024

 

4,682

2025

 

4,799

2026

 

2,947

Thereafter

 

22,595

Total

$

43,502