Leases

3 Months Ended

Mar. 31, 2026

Leases

Leases

Note 4 — Leases

We charter vessels and lease facilities and equipment under non-cancelable contracts that expire on various dates through 2034.

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

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

The following table presents the 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	%

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.

See Note 13 for additional information on our significant leases.