Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

Note 4 — Leases

We charter vessels and lease facilities and equipment under non-cancelable contracts that expire on various dates through 2031. We also sublease some of our facilities under non-cancelable sublease agreements.

The following table details the components of our lease cost (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Operating lease cost	$	13,798	$	14,839	$	28,260	$	31,055
Variable lease cost		4,625		3,635		9,547		7,119
Short-term lease cost		7,571		5,243		13,009		6,975
Sublease income		(381)		(329)		(630)		(678)
Net lease cost	$	25,613	$	23,388	$	50,186	$	44,471

Maturities of our operating lease liabilities as of June 30, 2022 are as follows (in thousands):

			Facilities and
	Vessels		Equipment		Total
Less than one year	$	42,744	$	5,135	$	47,879
One to two years		34,404		4,672		39,076
Two to three years		34,002		4,058		38,060
Three to four years		17,155		916		18,071
Four to five years		16,847		966		17,813
Over five years		—		3,289		3,289
Total lease payments	$	145,152	$	19,036	$	164,188
Less: imputed interest		(18,030)		(2,913)		(20,943)
Total operating lease liabilities	$	127,122	$	16,123	$	143,245
Current operating lease liabilities	$	35,306	$	4,391	$	39,697
Non-current operating lease liabilities		91,816		11,732		103,548
Total operating lease liabilities	$	127,122	$	16,123	$	143,245

Maturities of our operating lease liabilities as of December 31, 2021 are as follows (in thousands):

			Facilities and
	Vessels		Equipment		Total
Less than one year	$	55,573	$	5,601	$	61,174
One to two years		34,580		4,844		39,424
Two to three years		2,470		4,514		6,984
Three to four years		—		2,462		2,462
Four to five years		—		1,074		1,074
Over five years		—		4,193		4,193
Total lease payments	$	92,623	$	22,688	$	115,311
Less: imputed interest		(5,633)		(3,741)		(9,374)
Total operating lease liabilities	$	86,990	$	18,947	$	105,937
Current operating lease liabilities	$	51,035	$	4,704	$	55,739
Non-current operating lease liabilities		35,955		14,243		50,198
Total operating lease liabilities	$	86,990	$	18,947	$	105,937

The following table presents the weighted average remaining lease term and discount rate:

	June 30,		December 31,
	2022		2021
Weighted average remaining lease term	3.8	years	2.4	years
Weighted average discount rate	6.97	%	7.57	%

The following table presents other information related to our operating leases (in thousands):

	Six Months Ended
	June 30,
	2022		2021
Cash paid for operating lease liabilities	$	28,860	$	31,562
Right-of-use assets obtained in exchange for new operating lease obligations (1)		60,772		1,500

(1) Amount in 2022 primarily relates to the charter extensions for the Siem Helix 1 and the Siem Helix 2 (Note 12).