Leases, Codification Topic 842

12 Months Ended

Dec. 31, 2021

LEASES

Supplemental information about our operating leases follows:


		December 31,
(in thousands)		2021		2020
Assets:

	Right-of-use operating lease assets	$	146,097	$	141,206

Liabilities:

Operating	Current	$	18,781	$	18,798

Operating	Noncurrent	158,503		156,074
Lease liabilities		$	177,284	$	174,872


		December 31,
		2021		2020
Lease Term and Discount Rate:
	Weighted-average remaining lease term (years)	10		10

	Weighted-average discount rate	5.9	%	6.1	%

No impairments of right-of-use operating leases was recorded in 2021. During the first quarter of 2020, we determined there were impairment indicators present for reporting units in our Subsea Products and Advanced Technologies segments and, as a result, we recorded a pre-tax right-of-use operating lease impairments of $17 million. See Note 5—“Impairments” for more information on determination of impairment indicators for our right-of-use assets.

Operating lease cost reflects the lease expense resulting from amortization over the respective lease terms of our operating leases with initial lease terms greater than 12 months. Our short-term lease cost consists of expense for our operating leases with initial lease terms of 12 months or less that are not recorded on our balance sheet. The components of lease cost are as follows:


		Year ended December 31,
(in thousands)		2021		2020
Lease Cost:
Operating lease cost	Operating lease cost	$	34,406	$	34,030
Short-term lease cost	Short-term lease cost	78,835		52,886
Total Lease Cost		$	113,241	$	86,916

As of December 31, 2021, future maturities of lease liabilities for our operating leases with an initial lease term of more than 12 months were as follows:


Maturities of Lease Liabilities
(in thousands)
For the year ended December 31,
2022	$	28,619
2023	25,439
2024	22,402
2025	22,027
2026	22,841
Thereafter	114,828
Total lease payments	236,156
Less: Interest	(58,872)
Present Value of Lease Liabilities	$	177,284