v3.26.1
Leases (Tables)
3 Months Ended
Mar. 31, 2026
Leases  
Schedule of components of lease cost

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

Three Months Ended

March 31, 

  ​ ​ ​

2026

  ​ ​ ​

2025

Operating lease cost

$

22,781

 

$

21,230

Variable lease cost

 

476

 

2,346

Short-term lease cost

 

8,862

 

8,943

Sublease income

 

(30)

 

(29)

Net lease cost

$

32,089

 

$

32,490

Schedule of maturities of operating lease liabilities

Maturities of our operating lease liabilities as of March 31, 2026 are as follows (in thousands):

  ​ ​ ​

  ​ ​ ​

Facilities and

  ​ ​ ​

  ​ ​ ​

Vessels

  ​ ​ ​

Equipment

  ​ ​ ​

Total

Less than one year

$

80,588

$

4,032

 

$

84,620

One to two years

 

81,049

 

4,793

 

85,842

Two to three years

 

64,259

 

3,610

 

67,869

Three to four years

 

56,205

 

4,303

 

60,508

Four to five years

 

51,183

 

4,235

 

55,418

Over five years

 

22,067

 

11,092

 

33,159

Total lease payments

$

355,351

$

32,065

 

$

387,416

Less: imputed interest

 

(57,281)

 

(8,134)

 

(65,415)

Total operating lease liabilities

$

298,070

$

23,931

 

$

322,001

Current operating lease liabilities

$

60,759

$

3,353

 

$

64,112

Non-current operating lease liabilities

 

237,311

 

20,578

 

257,889

Total operating lease liabilities

$

298,070

$

23,931

 

$

322,001

Maturities of our operating lease liabilities as of December 31, 2025 are as follows (in thousands):

  ​ ​ ​

  ​ ​ ​

Facilities and

  ​ ​ ​

  ​ ​ ​

Vessels

  ​ ​ ​

Equipment

  ​ ​ ​

Total

Less than one year

$

77,129

$

4,267

 

$

81,396

One to two years

 

76,334

 

4,328

 

80,662

Two to three years

 

65,278

 

4,088

 

69,366

Three to four years

 

53,006

 

3,869

 

56,875

Four to five years

 

59,020

 

4,636

 

63,656

Over five years

 

27,237

 

11,950

 

39,187

Total lease payments

$

358,004

$

33,138

 

$

391,142

Less: imputed interest

 

(60,774)

 

(8,613)

 

(69,387)

Total operating lease liabilities

$

297,230

$

24,525

 

$

321,755

Current operating lease liabilities

$

57,240

$

3,556

 

$

60,796

Non-current operating lease liabilities

 

239,990

 

20,969

 

260,959

Total operating lease liabilities

$

297,230

$

24,525

 

$

321,755

Schedule of weighted average remaining lease term and discount rate

March 31, 

December 31, 

  ​ ​ ​

2026

2025

Weighted average remaining lease term

 

4.8

years

5.0

years

Weighted average discount rate

 

7.62

%  

7.68

%

Schedule of other information related to operating leases

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

Three Months Ended

March 31, 

  ​ ​ ​

2026

  ​ ​ ​

2025

Cash paid for operating lease liabilities

$

22,648

 

$

20,428

Right-of-use assets related to new operating lease liabilities (1)

 

16,932

 

12,073

(1)Our operating lease additions are primarily related to the charter for the Patriot during the three-month period ended March 31, 2026, and the charter for the Trym during the three-month period ended March 31, 2025.