v3.26.1
Note 11 - Properties and Equipment, Accrued Expenses, Other Current Liabilities and Other Liabilities
6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Other Assets Accrued Expenses Other Current Liabilities And Other Liabilities And Deferred Credits [Text Block]

(11)

PROPERTIES AND EQUIPMENT, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES

 

As of June 30, 2026, our property and equipment consisted primarily of 204 owned vessels located around the world. As of  December 31, 2025, our property and equipment consisted primarily of 208 owned vessels, two of which were owned under finance leases that are included in Other assets in the December 31, 2025 Consolidated Balance Sheet in the amount of $24.4 million. In the first quarter of 2026, we exercised our option under the bareboat lease agreements to purchase these two leased vessels. During the six months ending  June 30, 2026, we sold four vessels and other assets for approximately $14.9 million in proceeds and recognized a net gain of $3.2 million on the dispositions. During the six months ending  June 30, 2025, we sold six vessels and other assets for approximately $11.1 million in proceeds and recognized a net gain of $8.0 million on the dispositions.

 

A summary of properties and equipment is as follows:

 

(In Thousands)

        
  

June 30, 2026

  

December 31, 2025

 

Properties and equipment:

        

Vessels and related equipment

 $1,759,726  $1,751,479 

Other properties and equipment

  54,101   32,901 
   1,813,827   1,784,380 

Less accumulated depreciation and amortization

  775,713   712,360 

Properties and equipment, net

 $1,038,114  $1,072,020 

 

A summary of accrued expenses is as follows:

 

(In Thousands)

        
  

June 30, 2026

  

December 31, 2025

 

Payroll and related payables

 $40,322  $44,568 

Accrued vessel expenses

  47,113   54,546 

Accrued interest expense

  27,392   28,701 

Other accrued expenses

  18,879   25,354 
  $133,706  $153,169 

 

A summary of other current liabilities is as follows:

 

(In Thousands)

      
  June 30, 2026  December 31, 2025 

Taxes payable

 $62,544  $57,351 

Finance lease liability

     24,370 

Other

  5,535   8,155 
  $68,079  $89,876 

 

A summary of other liabilities is as follows:

 

(In Thousands)

      
  June 30, 2026  December 31, 2025 

Pension liabilities

 $15,283  $15,158 

Liability for uncertain tax positions

  23,817   22,855 

Other

  21,276   23,359 
  $60,376  $61,372