Leases

3 Months Ended

Mar. 31, 2024

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.

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

	Three Months Ended
	March 31,
	2024		2023
Operating lease cost	$	20,475	$	17,006
Variable lease cost		3,057		4,910
Short-term lease cost		8,914		6,977
Sublease income		(22)		(331)
Net lease cost	$	32,424	$	28,562

Maturities of our operating lease liabilities as of March 31, 2024 are as follows (in thousands):

			Facilities and
	Vessels		Equipment		Total
Less than one year	$	75,235	$	6,232	$	81,467
One to two years		76,992		2,575		79,567
Two to three years		63,907		1,270		65,177
Three to four years		61,941		1,262		63,203
Four to five years		53,539		1,169		54,708
Over five years		125,999		1,656		127,655
Total lease payments	$	457,613	$	14,164	$	471,777
Less: imputed interest		(100,746)		(1,788)		(102,534)
Total operating lease liabilities	$	356,867	$	12,376	$	369,243
Current operating lease liabilities	$	49,135	$	5,757	$	54,892
Non-current operating lease liabilities		307,732		6,619		314,351
Total operating lease liabilities	$	356,867	$	12,376	$	369,243

Maturities of our operating lease liabilities as of December 31, 2023 are as follows (in thousands):

			Facilities and
	Vessels		Equipment		Total
Less than one year	$	67,488	$	6,639	$	74,127
One to two years		55,453		3,508		58,961
Two to three years		35,200		1,289		36,489
Three to four years		26,245		1,272		27,517
Four to five years		3,040		1,244		4,284
Over five years		—		1,926		1,926
Total lease payments	$	187,426	$	15,878	$	203,304
Less: imputed interest		(22,419)		(2,038)		(24,457)
Total operating lease liabilities	$	165,007	$	13,840	$	178,847
Current operating lease liabilities	$	56,602	$	6,060	$	62,662
Non-current operating lease liabilities		108,405		7,780		116,185
Total operating lease liabilities	$	165,007	$	13,840	$	178,847

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

	March 31,		December 31,
	2024		2023
Weighted average remaining lease term	6.3	years	3.1	years
Weighted average discount rate	7.96	%	8.20	%

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

	Three Months Ended
	March 31,
	2024		2023
Cash paid for operating lease liabilities	$	18,720	$	16,184
Right-of-use assets obtained in exchange for new operating lease liabilities (1)		203,040		6,070

(1) Our operating lease additions during the three-month period ended March 31, 2024 are primarily related to the charter extensions for the Siem Helix 1, the Siem Helix 2, the Grand Canyon II and the Shelia Bordelon (Note 13). Our operating lease additions during the three-month period ended March 31, 2023 are primarily related to the vessel charter for the Glomar Wave.