Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 15, 2021 | Jun. 30, 2020 | |
Cover page. | |||
Entity Registrant Name | New Fortress Energy Inc. | ||
Entity Central Index Key | 0001749723 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Document Transition Report | false | ||
Entity File Number | 001-38790 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 83-1482060 | ||
Entity Address, Address Line One | 111 W. 19th Street | ||
Entity Address, Address Line Two | 8th Floor | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10011 | ||
City Area Code | 516 | ||
Local Phone Number | 268-7400 | ||
Title of 12(b) Security | Class A common stock | ||
Trading Symbol | NFE | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 417.4 | ||
Entity Common Stock, Shares Outstanding | 175,958,649 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 601,522 | $ 27,098 |
Restricted cash | 12,814 | 30,966 |
Receivables, net of allowances of $98 and $0, respectively | 76,544 | 49,890 |
Inventory | 22,860 | 63,432 |
Prepaid expenses and other current assets, net | 48,270 | 39,734 |
Total current assets | 762,010 | 211,120 |
Restricted cash | 15,000 | 34,971 |
Construction in progress | 234,037 | 466,587 |
Property, plant and equipment, net | 614,206 | 192,222 |
Right-of-use assets | 141,347 | 0 |
Intangible assets, net | 46,102 | 43,540 |
Finance leases, net | 7,044 | 91,174 |
Deferred tax assets, net | 2,315 | 34 |
Other non-current assets, net | 86,030 | 84,166 |
Total assets | 1,908,091 | 1,123,814 |
Current liabilities | ||
Accounts payable | 21,331 | 11,593 |
Accrued liabilities | 90,352 | 54,943 |
Current lease liabilities | 35,481 | 0 |
Due to affiliates | 8,980 | 10,252 |
Other current liabilities | 35,006 | 25,475 |
Total current liabilities | 191,150 | 102,263 |
Long-term debt | 1,239,561 | 619,057 |
Non-current lease liabilities | 84,323 | 0 |
Deferred tax liabilities, net | 2,330 | 241 |
Other long-term liabilities | 15,641 | 14,929 |
Total liabilities | 1,533,005 | 736,490 |
Commitments and contingences (Note 17) | ||
Stockholders' equity | ||
Additional Paid in Capital | 594,534 | 0 |
Accumulated deficit | (229,503) | (45,823) |
Accumulated other comprehensive income (loss) | 182 | (30) |
Total stockholders' equity attributable to NFE | 366,959 | 84,805 |
Non-controlling interest | 8,127 | 302,519 |
Total stockholders' equity | 375,086 | 387,324 |
Total liabilities and stockholders' equity | 1,908,091 | 1,123,814 |
Class A Common Stock [Member] | ||
Stockholders' equity | ||
Common stock | 1,746 | 0 |
Class A Shares [Member] | ||
Stockholders' equity | ||
Common stock | 0 | 130,658 |
Class B Shares [Member] | ||
Stockholders' equity | ||
Common stock | $ 0 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Allowances for receivables | $ 98 | $ 0 |
Class A Common Stock [Member] | ||
Stockholders' equity | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 750,000,000 | |
Common stock, shares issued (in shares) | 174,600,000 | |
Shares outstanding (in shares) | 174,622,862 | |
Class A Shares [Member] | ||
Stockholders' equity | ||
Common stock, shares issued (in shares) | 0 | 23,600,000 |
Shares outstanding (in shares) | 0 | 23,600,000 |
Class B Shares [Member] | ||
Stockholders' equity | ||
Common stock, shares issued (in shares) | 0 | 144,300,000 |
Shares outstanding (in shares) | 0 | 144,300,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | |||
Operating revenue | $ 318,311 | $ 145,500 | $ 96,906 |
Other revenue | 133,339 | 43,625 | 15,395 |
Total revenues | 451,650 | 189,125 | 112,301 |
Operating expenses | |||
Cost of sales | 278,767 | 183,359 | 95,742 |
Operations and maintenance | 47,581 | 26,899 | 9,589 |
Selling, general and administrative | 124,170 | 152,922 | 62,137 |
Contract termination charges and loss on mitigation sales | 124,114 | 5,280 | 0 |
Depreciation and amortization | 32,376 | 7,940 | 3,321 |
Total operating expenses | 607,008 | 376,400 | 170,789 |
Operating loss | (155,358) | (187,275) | (58,488) |
Interest expense | 65,723 | 19,412 | 11,248 |
Other expense (income), net | 5,005 | (2,807) | (784) |
Loss on extinguishment of debt, net | 33,062 | 0 | 9,568 |
Loss before taxes | (259,148) | (203,880) | (78,520) |
Tax expense (benefit) | 4,817 | 439 | (338) |
Net loss | (263,965) | (204,319) | (78,182) |
Net loss attributable to non-controlling interest | 81,818 | 170,510 | 106 |
Net loss attributable to stockholders | $ (182,147) | $ (33,809) | (78,076) |
Net loss per share - basic and diluted (in dollars per share) | $ (1.71) | $ (1.62) | |
Weighted average number of shares outstanding - basic and diluted (in shares) | 106,654,918 | 20,862,555 | |
Other comprehensive loss: | |||
Net loss | $ (263,965) | $ (204,319) | (78,182) |
Unrealized (gain) loss on currency translation adjustment | (2,005) | 219 | 0 |
Unrealized loss on available-for-sale investment | 0 | 0 | 2,677 |
Comprehensive loss | (261,960) | (204,538) | (80,859) |
Comprehensive loss attributable to non-controlling interest | 80,025 | 170,699 | 106 |
Comprehensive loss attributable to stockholders | $ (181,935) | $ (33,839) | $ (80,753) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Members' Capital [Member] | Common Stock [Member]Class A Shares [Member] | Common Stock [Member]Class B Shares [Member] | Common Stock [Member]Class A Common Stock [Member] | Additional Paid-in Capital [Member] | Stock Subscription Receivable [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Non-controlling Interest [Member] | Total | Cumulative Effect, Period of Adoption, Adjustment [Member]Stock Subscription Receivable [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Accumulated Deficit [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Accumulated Other Comprehensive (Loss) Income [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Non-controlling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] |
Balance at Dec. 31, 2017 | $ 406,591 | $ 0 | $ 0 | $ 0 | $ 0 | $ (50,000) | $ (80,347) | $ 2,666 | $ 0 | $ 278,910 | |||||
Balance (in shares) at Dec. 31, 2017 | 65,665,037 | 0 | 0 | 0 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net loss | (78,076) | (106) | (78,182) | ||||||||||||
Other comprehensive income (loss) | (2,677) | (2,677) | |||||||||||||
Capital contributions | $ 20,150 | 20,150 | |||||||||||||
Capital contributions (in shares) | 665,843 | ||||||||||||||
Stock subscription receivable | 50,000 | 50,000 | |||||||||||||
Stock subscription receivable (in shares) | 1,652,215 | ||||||||||||||
Acquisition of Shannon LNG | 14,446 | 14,446 | |||||||||||||
Balance at Dec. 31, 2018 | $ 426,741 | $ 0 | $ 0 | $ 0 | 0 | 0 | (158,423) | (11) | 14,340 | 282,647 | |||||
Balance (in shares) at Dec. 31, 2018 | 67,983,095 | 0 | 0 | 0 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net loss | (204,319) | ||||||||||||||
Balance at Dec. 31, 2019 | $ 0 | $ 130,658 | $ 0 | $ 0 | 0 | 0 | (45,823) | (30) | 302,519 | 387,324 | $ 0 | $ (1,533) | $ 0 | $ (7,780) | $ (9,313) |
Balance (in shares) at Dec. 31, 2019 | 0 | 23,607,096 | 144,342,572 | 0 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net loss | 0 | 0 | (182,147) | 0 | (81,818) | (263,965) | |||||||||
Issuance of Class A shares in the IPO, net of underwriting discount and offering costs | $ 59 | 290,712 | 0 | 0 | 0 | 290,771 | |||||||||
Issuance of Class A shares in the IPO, net of underwriting discount and offering costs (in shares) | 5,882,352 | ||||||||||||||
Issuance of Class A shares in the IPO, net of underwriting discount and offering costs | 0 | ||||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 212 | 1,793 | 2,005 | |||||||||
Share-based compensation expense | $ 4,430 | 4,313 | 0 | 0 | 0 | 0 | 8,743 | ||||||||
Exchange of NFI Units | $ 206,587 | 0 | 0 | 0 | 0 | (206,587) | 0 | ||||||||
Exchange of NFI Units (in shares) | 144,342,572 | (144,342,572) | 144,342,572 | ||||||||||||
Issuance of shares for vested RSUs | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Issuance of shares for vested RSUs (in shares) | 1,224,436 | 160,317 | |||||||||||||
Shares withheld from employees related to share-based compensation, at cost | (6,468) | 0 | 0 | 0 | 0 | (6,468) | |||||||||
Shares withheld from employees related to share-based compensation, at cost (in shares) | (593,911) | ||||||||||||||
Conversion from LLC to Corporation | $ (341,675) | $ 1,687 | 339,988 | 0 | 0 | 0 | 0 | 0 | |||||||
Conversion from LLC to Corporation (in shares) | (169,174,104) | 169,174,104 | |||||||||||||
Dividends | (34,011) | (34,011) | |||||||||||||
Balance at Dec. 31, 2020 | $ 0 | $ 0 | $ 1,746 | $ 594,534 | $ 0 | $ (229,503) | $ 182 | $ 8,127 | $ 375,086 | ||||||
Balance (in shares) at Dec. 31, 2020 | 0 | 0 | 174,622,862 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | |||
Net loss | $ (263,965) | $ (204,319) | $ (78,182) |
Adjustments for: | |||
Amortization of deferred financing costs | 10,519 | 5,873 | 4,023 |
Depreciation and amortization | 33,303 | 8,641 | 4,034 |
Non-cash contract termination charges and loss on mitigation sales | 19,114 | 2,622 | 0 |
Loss on extinguishment and financing expenses | 37,090 | 0 | 3,188 |
Deferred taxes | 2,754 | 392 | (345) |
Share-based compensation | 8,743 | 41,205 | 0 |
Other | 4,341 | 1,247 | 439 |
Changes in operating assets and liabilities: | |||
(Increase) in receivables | (26,795) | (19,754) | (9,516) |
Decrease (Increase) in inventories | 23,230 | (50,345) | (4,807) |
(Increase) in other assets | (35,927) | (39,344) | (28,338) |
Decrease in right-of-use assets | 41,452 | 0 | 0 |
Increase in accounts payable/accrued liabilities | 55,514 | 3,036 | 12,232 |
(Decrease) Increase in amounts due to affiliates | (1,272) | 5,771 | 2,390 |
(Decrease) in lease liabilities | (42,094) | 0 | 0 |
Increase in other liabilities | 8,427 | 10,714 | 1,655 |
Net cash used in operating activities | (125,566) | (234,261) | (93,227) |
Cash flows from investing activities | |||
Capital expenditures | (156,995) | (377,051) | (181,151) |
Acquisition of consolidated subsidiary | 0 | 0 | (4,028) |
Other investing activities | (636) | 887 | 724 |
Net cash used in investing activities | (157,631) | (376,164) | (184,455) |
Cash flows from financing activities | |||
Proceeds from borrowings of debt | 2,095,269 | 347,856 | 280,600 |
Payment of deferred financing costs | (36,499) | (8,259) | (14,026) |
Repayment of debt | (1,490,002) | (5,000) | (76,520) |
Proceeds from IPO | 0 | 274,948 | 0 |
Proceeds from issuance of Class A common stock | 291,992 | 0 | |
Payments related to tax withholdings for share-based compensation | (6,413) | 0 | 0 |
Payment of dividends | (33,742) | 0 | 0 |
Capital contributed from Members | 0 | 0 | 20,150 |
Collection of subscription receivable | 0 | 0 | 50,000 |
Payment of stock issuance costs | (1,107) | (6,938) | 0 |
Net cash provided by financing activities | 819,498 | 602,607 | 260,204 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 536,301 | (7,818) | (17,478) |
Cash, cash equivalents and restricted cash - beginning of period | 93,035 | 100,853 | 118,331 |
Cash, cash equivalents and restricted cash - end of period | 629,336 | 93,035 | 100,853 |
Supplemental disclosure of non-cash investing and financing activities: | |||
Changes in accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions | (12,786) | (48,150) | 74,280 |
Cash paid for interest, net of capitalized interest | 27,255 | 6,765 | 7,515 |
Cash paid for taxes | $ 58 | $ 28 | $ 0 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
Organization [Abstract] | |
Organization | 1 . Organization New Fortress Energy Inc. (“NFE,” together with its subsidiaries, the “Company”) is a Delaware corporation formed by New Fortress Energy Holdings LLC (“New Fortress Energy Holdings”). The Company is a global integrated gas-to-power infrastructure company that seeks to use natural gas to satisfy the world’s large and growing power needs and is engaged in providing energy and development services to end-users worldwide seeking to convert their operating assets from diesel or heavy fuel oil to LNG. The Company currently sources LNG from a combination of its own liquefaction facility in Miami, Florida and purchases on the open market. The Company has liquefaction, regasification and power generation operations in the United States and Jamaica. The Company manages, analyzes and reports on its business and results of operations on the basis of one operating segment. The chief operating decision maker makes resource allocation decisions and assesses performance based on financial information presented on a consolidated basis. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2020 | |
Significant accounting policies [Abstract] | |
Significant accounting policies | 2. Significant accounting policies The principle accounting policies adopted are set out below. (a) Basis of presentation and principles of consolidation The accompanying consolidated financial statements contained herein were prepared in accordance with GAAP. The consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned consolidated subsidiaries. The ownership interest of other investors in consolidated subsidiaries is recorded as a non-controlling interest. All significant intercompany transactions and balances have been eliminated on consolidation. Certain prior year amounts have been reclassified to conform to current year presentation. On February 4, 2019, the Company completed an initial public offering (“IPO”) and a series of other transactions, in which the Company issued and sold 20,000,000 Class A shares at an IPO price of $14.00 per share. The Company’s Class A shares began trading on NASDAQ Global Select Market (“NASDAQ”) under the symbol “NFE” on January 31, 2019. Net proceeds from the IPO were $257.0 million, after deducting underwriting discounts and commissions and transaction costs. These proceeds were contributed to New Fortress Intermediate LLC (“NFI”), an entity formed in conjunction with the IPO, in exchange for 20,000,000 limited liability company units in NFI (“NFI LLC Units”). In addition, New Fortress Energy Holdings contributed all of its interests in consolidated subsidiaries that comprised substantially all of its historical operations to NFI in exchange for NFI LLC Units. In connection with the IPO, New Fortress Energy Holdings also received 147,058,824 Class B shares of NFE, which is equal to the number of NFI LLC Units held by New Fortress Energy Holdings immediately following the IPO. New Fortress Energy Holdings retained a significant interest in NFE through its ownership of 147,058,824 Class B shares, representing an 88.0% voting and non-economic interest. New Fortress Energy Holdings also had an 88.0% economic interest in NFI through its ownership of 147,058,824 of NFI LLC Units. New Fortress Energy Holdings is NFE’s predecessor for accounting purposes. On March 1, 2019, the underwriters of the IPO exercised their option to purchase an additional 837,272 Class A shares at the IPO price of $14.00 per share, less underwriting discounts, which resulted in $11.0 million in additional net proceeds after deducting $0.7 million of underwriting discounts and commissions, such that there were 20,837,272 outstanding Class A shares. In connection with the exercise of the underwriters’ option to purchase an additional 837,272 Class A shares, NFE contributed such additional net proceeds to NFI in exchange for 837,272 NFI LLC Units. Until the Exchange Transactions (as defined below) were completed, NFE was a holding company whose sole material asset was a controlling equity interest in NFI. As the sole managing member of NFI, NFE operated and controlled all of the business and affairs of NFI, and through NFI and its subsidiaries, conducted the Company’s historical business. The contribution of the assets of New Fortress Energy Holdings and net proceeds from the IPO to NFI was treated as a reorganization of entities under common control (the “Reorganization”). As a result, NFE presented the consolidated balance sheets and statements of operations and comprehensive loss of New Fortress Energy Holdings for all periods prior to the IPO. On , the Company entered into a mutual agreement (the “Mutual Agreement”) with the members holding the majority voting interest in New Fortress Energy Holdings (“Exchanging Members”) and NFE Sub LLC, a wholly-owned subsidiary of NFE. Pursuant to the Mutual Agreement, the Exchanging Members agreed to deliver a block redemption notice in accordance with the Amended and Restated Limited Liability Company Agreement of NFI (the “NFI LLCA”) with respect to all of the NFI LLC Units, together with an equal number of Class B shares of NFE, that such Exchanging Members indirectly own as members of New Fortress Energy Holdings. Pursuant to the Mutual Agreement, NFE agreed to exercise the Call Right (as defined in the NFI LLCA), pursuant to which NFE would acquire such NFI LLC Units and such Class B shares in exchange for Class A shares of NFE (the “Exchange Transactions”). The Exchange Transactions were completed on . In connection with the closing of the Exchange Transactions, NFE issued Class A shares in exchange for an equal number of NFI LLC Units, together with an equal number of Class B shares of NFE. Following the completion of the Exchange Transactions, NFE owns all of the NFI LLC Units directly or indirectly and Class B shares remain outstanding. Prior to the Exchange Transactions, the Company recognized the Exchanging Members’ economic interest in NFI as non-controlling interest in the Company’s consolidated financial statements. Results of operations for the period prior to the date of the Exchange Transactions, , was attributed to non-controlling interest based on the Exchanging Members’ interest in NFI; subsequent to the Exchange Transactions, results of operations, excluding results attributable to other investors in non-wholly owned subsidiaries, were recognized as net income or loss attributable to stockholders. Amounts that were attributable to these Exchanging Members’ prior interest in NFI previously shown as non-controlling interest on the Company’s consolidated balance sheets have been reclassified to Class A shares. On , the Company converted New Fortress Energy LLC (“NFE LLC”) from a Delaware limited liability company to a Delaware corporation named New Fortress Energy Inc. (“the Conversion”). Since the IPO, NFE LLC has been a corporation for U.S. federal tax purposes and converting NFE LLC from a limited liability company to a corporation has effect on the U.S. federal tax treatment of the Company or its shareholders. Upon the Conversion, each Class A share, representing Class A limited liability company interests of NFE LLC (“Class A shares”), outstanding immediately prior to the Conversion was converted into issued and outstanding, fully paid and nonassessable share of Class A common stock, $ par value per share, of NFE (“Class A common stock”). Class A shares shown on the Company’s consolidated statements of changes in stockholders’ equity were reclassified to Class A common stock and Additional paid-in capital with change to total stockholders’ equity. As of , NFE had Class A common stock outstanding. (b) Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include relative fair value allocations between revenue and lease components of contracts with customers, determination of current expected credit losses, the incremental borrowing rates used in the determination of lease liabilities, (c) Foreign currencies The Company has certain foreign subsidiaries where the functional currency is the local currency. All of the assets and liabilities of these subsidiaries are translated to U.S. dollars at the exchange rate in effect at the balance sheet date; income and expense accounts are translated at average rates for the period. The effects of translating financial statements of foreign operations into our reporting currency are recognized as a cumulative translation adjustment in accumulated other comprehensive income (loss). The Company also has foreign subsidiaries that have a functional currency of the U.S. dollar. Purchases and sales of assets and income and expense items denominated in foreign currencies are remeasured into U.S. dollar amounts on the respective dates of such transactions. Net realized foreign currency gains or losses relating to the differences between these recorded amounts and the U.S. dollar equivalent actually received or paid are included within Other expense (income), net in the consolidated statements of operations and comprehensive loss. Gains and losses on intercompany foreign currency transactions that are long-term in nature and which the Company does not intend to settle in the foreseeable future, are also recognized in accumulated other comprehensive income (loss). Accumulated foreign currency translation adjustments are reclassified from accumulated other comprehensive income (loss) to net income only when realized upon sale or upon complete or substantially complete liquidation of the investment in a foreign entity. (d) Cash and cash equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents. (e) Restricted cash Restricted cash consists of funds that are contractually restricted as to usage or withdrawal and have been presented separately from cash and cash equivalents on the consolidated balance sheets. (f) Receivables Receivables are reported at amortized cost, net of an allowance for current expected credit losses. Amounts are written off against the allowance when management is certain that outstanding amounts will not be collected. The Company estimates expected credit losses based on relevant information about the current credit quality of customers, past events, including historical experience, and reasonable and supportable forecasts that affect the collectability of the reported amount. Credit loss expense, inclusive of credit loss expense on all categories of financial assets, is recorded within Selling, general and administrative in the consolidated statements of operations and comprehensive loss. (g) Inventories LNG and natural gas inventories and automotive diesel oil inventories are recorded at weighted average cost, and materials and other inventory are recorded at cost. The Company’s cost to convert from natural gas to LNG, which primarily consists of labor, depreciation and other direct costs to operate liquefaction facilities, is reflected in Inventory on the consolidated balance sheets. Inventory is adjusted to the lower of cost or net realizable value each quarter. Changes in the value of inventory are recorded within Cost of sales in the consolidated statements of operations and comprehensive loss. LNG is subject to “boil-off,” a natural loss of gas volume over time when LNG is exposed to environments with temperatures above its optimum storage state. Boil-off losses are expensed through Cost of sales in the consolidated statements of operations and comprehensive loss in instances where gas cannot be contained and recycled back into the production process. (h) Construction in progress Construction in progress is recorded at cost, and at the point at which the constructed asset is put into use, the full cost of the asset is reclassified from Construction in progress to Property, plant and equipment, net or Finance leases, net on the consolidated balance sheets. Construction progress payments, engineering costs and other costs directly relating to the asset under construction are capitalized during the construction period, provided the completion of the construction project is deemed probable or if the costs are associated with activities that could be utilized in future projects. Depreciation is not recognized during the construction period. The interest cost associated with major development and construction projects is capitalized during the construction period and included in the cost of the project in Construction in progress. (i) Property, plant and equipment, net Property, plant and equipment is recorded at cost. Expenditures for construction activities and betterments that extend the useful life of the asset are capitalized. Major maintenance and overhauls are capitalized and depreciated over the expected period until the next anticipated major maintenance or overhaul, while expenditures for routine maintenance and repairs are charged to expense as incurred within Operations and maintenance in the consolidated statements of operations and comprehensive loss. The Company depreciates property, plant and equipment using the straight-line depreciation method over the estimated economic life of the asset or lease term, whichever is shorter using the following useful lives: Useful life (Yrs) Terminal and power plant equipment 4-24 CHP facilities 4-20 Gas terminals 5-24 ISO containers and other equipment 3-25 LNG liquefaction facilities 20-40 Gas pipelines 4-24 Leasehold improvements 2-20 The Company reviews the remaining useful life of its assets on a regular basis to determine whether changes have taken place that would suggest that a change to depreciation policies is warranted. Upon retirement or disposal of property, plant and equipment, the cost and related accumulated depreciation are removed from the account, and the resulting gains or losses, if any, are recorded in the consolidated statements of operations and comprehensive loss. (j) Asset retirement obligations (“AROs”) AROs are recognized for legal obligations associated with the retirement of long-lived assets that result from the acquisition, leasing, construction, development and/or normal use of the assets and for conditional AROs in which the timing or method of settlement are conditional on a future event. The fair value of a liability for an ARO is recognized in the period in which the liability is incurred if a reasonable estimate of fair value can be made and is accreted to its final value over the life of the liability. The initial fair value of the liability is added to the carrying amount of the associated asset. This additional carrying amount is depreciated over the estimated useful life of the asset. The Company estimates the fair value of the ARO liability based on the present value of expected cash flows using a credit-adjusted risk-free rate. Liabilities for AROs may be incurred over more than one reporting period if the events that create the obligation occur over more than one period or if estimates change. The liability is accreted to its present value each period and the capitalized cost is depreciated in Depreciation and amortization in the consolidated statements of operations and comprehensive loss. Upon settlement of the obligation, the Company eliminates the liability and based on the actual cost to retire, may incur a gain or loss. There were no settlements of AROs during the years ended December 31, 2020 and 2019. (k) Impairment of long-lived assets The Company performs a recoverability assessment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Indicators may include, but are not limited to, adverse changes in the regulatory environment in a jurisdiction where the Company operates, unfavorable events impacting the supply chain for LNG to the Company’s operations, a decision to discontinue the development of a long-lived asset, early termination of a significant customer contract or the introduction of newer technology. When performing a recoverability assessment, the Company measures whether the estimated future undiscounted net cash flows expected to be generated by the asset exceeds its carrying value. In the event that an asset does not meet the recoverability test, the carrying value of the asset will be adjusted to fair value resulting in an impairment charge. Management develops the assumptions used in the recoverability assessment based on active contracts, current and future expectations of the global demand for LNG and natural gas, as well as information received from third party industry sources. The Company did not record an impairment during the years ended December 31, 2020, 2019 and 2018. (l) Investment in equity securities Investment in equity securities is carried at fair value and included in Other non-current assets on the consolidated balance sheets, with gains or losses recorded in earnings in Other expense (income), net in the consolidated statements of operations and comprehensive loss. (m) Intangible assets Upon a business combination or asset acquisition, the Company may obtain identifiable intangible assets. Intangible assets with a finite life are amortized over the estimated useful life of the asset under the straight-line method. Indefinite lived intangible assets are not amortized. Intangible assets with an indefinite useful life are tested for impairment on an annual basis or more frequently if changes in circumstances indicate that it is more likely than not that the asset is impaired. Indefinite lived intangible assets are evaluated for impairment either under the qualitative assessment option or the two-step quantitative test. If the carrying amount of an intangible asset being tested for impairment exceeds its fair value, the excess is recognized as impairment expense in the consolidated statements of operations and comprehensive loss. (n) Long-term debt and debt issuance costs The Company’s debt has historically consisted of credit facilities with financial institutions and secured and unsecured bonds. Costs directly related to the issuance of debt are reported on the consolidated balance sheets as a reduction from the carrying amount of the recognized debt liability and amortized over the term of the debt using the effective interest method. Interest and related amortization of debt issuance costs recognized during major development and construction projects are capitalized and included in the cost of the project. (o) Contingencies The Company may be involved in legal actions in the ordinary course of business, including governmental and administrative investigations, inquiries and proceedings concerning employment, labor, environmental and other claims. The Company will recognize a loss contingency in the consolidated financial statements when it is probable a liability has been incurred and the amount of the loss can be reasonably estimated. The Company will disclose any loss contingencies that do not meet both conditions if there is a reasonable possibility that a loss may have been incurred. Gain contingencies are not recorded until realized. (p) Revenue recognition The Company’s contracts with customers may contain one or several performance obligations usually consisting of the sale of LNG, natural gas, and beginning in the first quarter of 2020, power and steam which are outputs from the Company’s natural gas-fueled infrastructure. The transaction price for each of these contracts is structured using similar inputs and factors regardless of the output delivered to the customer. The customers consume the benefit of the natural gas, power and steam when they are delivered by the Company to the customer’s power generation facilities or interconnection facility. Natural gas, power and steam qualify as a series with revenue being recognized over time using an output method, based on the quantity of natural gas, power or steam that the customer has consumed. LNG is typically delivered in containers transported by truck to customer sites. Revenue from sales of LNG delivered by truck is recognized at the point in time at which physical possession and the risks and rewards of ownership transfer to the customer, either when the containers are shipped or delivered to the customers’ storage facilities, depending on the terms of the contract. Because the nature, timing and uncertainty of revenue and cash flows are substantially the same for LNG, natural gas, power and steam, the Company has presented Operating revenue on an aggregated basis. The Company has concluded that variable consideration included in its agreements meets the exception for allocating variable consideration. As such, the variable consideration for these contracts is allocated to each distinct unit of LNG, natural gas, power or steam delivered and recognized when that distinct unit is delivered to the customer. The Company’s contracts with customers to supply natural gas or LNG may contain a lease of equipment. The Company allocates consideration received from customers between lease and non-lease components based on the relative fair value of each component. The fair value of the lease component is estimated based on the estimated standalone selling price of the same or similar equipment leased to the customer. The Company estimates the fair value of the non-lease component by forecasting volumes and pricing of gas to be delivered to the customer over the lease term. The leases of certain facilities and equipment to customers are accounted for as finance or operating leases. The current and non-current portion of finance leases are recorded within Prepaid expenses and other current assets and Finance leases, net on the consolidated balance sheets, respectively. For finance leases accounted for as sales-type leases, the profit from the sale of equipment is recognized upon lease commencement in Other revenue in the consolidated statements of operations and comprehensive loss. The lease payments for finance leases are segregated into principal and interest components similar to a loan. Interest income is recognized on an effective interest method over the lease term and included in Other revenue in the consolidated statements of operations and comprehensive loss. The principal component of the lease payment is reflected as a reduction to the net investment in the lease. For the Company’s operating leases, the amount allocated to the leasing component is recognized over the lease term as Other revenue in the consolidated statements of operations and comprehensive loss. In addition to the revenue recognized from the leasing components of agreements with customers, Other revenue includes revenue recognized from the construction, installation and commissioning of equipment, inclusive of natural gas delivered for the commissioning process, to transform customers’ facilities to operate utilizing natural gas or to allow customers to receive power or other outputs from our natural gas-fueled power generation facilities. Revenue from these development services is recognized over time as the Company transfers control of the asset to the customer or based on the quantity of natural gas consumed as part of commissioning the customer’s facilities until such time that the customer has declared such conversion services have been completed. If the customer is not able to obtain control over the asset under construction until such services are completed, revenue is recognized when the services are completed and the customer has control of the infrastructure. Such agreements may also include a significant financing component, and the Company recognizes revenue for the interest income component over the term of the financing as Other revenue. The timing of revenue recognition, billings and cash collections results in receivables, contract assets and contract liabilities. Receivables represent unconditional rights to consideration; unbilled amounts typically result from sales under long-term contracts when revenue recognized exceeds the amount billed to the customer. Contract assets are comprised of the transaction price allocated to completed performance obligations that will be billed to customers in subsequent periods. Both unbilled receivables and contract assets are recognized within Prepaid expenses and other current assets, net and Other non-current assets, net on the consolidated balance sheets. Contract liabilities consist of deferred revenue and are recognized within Other current liabilities on the consolidated balance sheets. Shipping and handling costs are not considered to be separate performance obligations. These costs are recognized in the period in which the costs are incurred and presented within Cost of sales in the consolidated statements of operations and comprehensive loss. All such shipping and handling activities are performed prior to the customer obtaining control of the LNG or natural gas. The Company collects sales taxes from its customers based on sales of taxable products and remits such collections to the appropriate taxing authority. The Company has elected to present sales tax collections in the consolidated statements of operations and comprehensive loss on a net basis and, accordingly, such taxes are excluded from reported revenues. The Company elected the practical expedient under which the Company does not adjust consideration for the effects of a significant financing component for those contracts where the Company expects at contract inception that the period between transferring goods to the customer and receiving payment from the customer will be one year or less. (q) Contract termination charges and oss on mitigation sales The Company has long-term supply agreements to purchase LNG, and the Company may incur termination charges to the extent that the Company cancels such contractual arrangements. Further, if the Company is unable to take physical possession of a portion of the contracted quantity of LNG due to capacity limitations, the supplier will attempt to sell the undelivered quantity through a mitigation sale. The Company may incur a loss on a mitigation sale if the cargo is unable to be sold for a price greater than the contracted price. These costs are included in a separate line in the consolidated statements of operations and comprehensive loss because such costs are not related to inventory delivered to the Company’s customers. During the year ended , the Company recognized a termination charge of $ associated with an agreement with of the Company’s LNG suppliers to terminate the obligation to purchase any LNG from this supplier for the remainder of . were recognized during the year ended . (r) Leases, as lessee Effective January 1, 2020, the Company adopted ASU 2016-02, Leases (Topic 842), using a modified retrospective approach. The Company has entered into lease agreements for the use of LNG vessels, marine port space, office space, land and equipment, all of which are operating leases. Right-of-use (“ROU”) assets recognized for these leases represent the Company’s right to use an underlying asset for the lease term, and the lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of fixed lease payments over the lease term. Leases with terms of 12 months or less are excluded from ROU assets and lease liabilities on the balance sheet, and short-term lease payments are recognized on a straight-line basis over the lease term. Variable payments under short-term leases are recognized in the period in which the obligation that triggers the variable payment becomes probable. The Company, as lessee, has also elected the practical expedient not to separate lease and non-lease components for marine port space, office space, land and equipment leases. The Company separates the lease and non-lease components for LNG vessel leases. The allocation of lease payments between lease and non-lease components has been determined based on the relative fair value of each component. The fair value of the lease component is estimated based on the estimated standalone price to lease a bareboat LNG vessel. The fair value of the non-lease component is estimated based on the estimated standalone price of operating the respective vessel, inclusive of the costs of the crew and other operating costs. The Company has elected the land easement practical expedient, which allows the Company to continue to account for pre-existing land easements as intangible assets under the accounting policy that existed before adoption of ASC 842. (s) Share-based compensation In connection with the IPO, the Company adopted the New Fortress Energy LLC 2019 Omnibus Incentive Plan (the “Incentive Plan”), effective as of February 4, 2019. Under the Incentive Plan, the Company may issue options, share appreciation rights, restricted shares, restricted share units (“RSUs”), share bonuses or other share-based awards to selected officers, employees, non-employee directors and select non-employees of NFE or its affiliates. The Company accounts for share-based compensation in accordance with ASC 718, Compensation – Stock Compensation Equity During the first quarter of 2020, the Company granted performance share units (“PSUs”) to certain employees and non-employees. The PSUs contain a performance condition, and vesting will be determined based on achievement of an adjusted operating margin for the year ended December 31, 2021. (t) Taxation Federal and state income taxes The Company accounts for income taxes in accordance with ASC 740, “Accounting for Income Taxes” The Company recognizes the effect of tax positions only if those positions are more likely than not of being sustained. Recognized tax positions are measured at the largest amount that is greater than 50 percent likely of being realized. Conclusions reached regarding tax positions are continually reviewed based on ongoing analyses of tax laws, regulations and interpretations thereof. To the extent that the Company’s assessment of the conclusions reached regarding tax positions changes as a result of the evaluation of new information, such change in estimate will be recorded in the period in which such determination is made. The Company reports interest and penalties relating to an underpayment of income taxes, if applicable, as a component of income tax expense. The Company has elected to treat amounts incurred under the global intangible low-taxed income (“GILTI”) rules as an expense in the period in which the tax is accrued. Accordingly, no deferred tax assets or liabilities are recorded related to GILTI. Foreign taxes Certain subsidiaries of the Company are subject to income tax in the local jurisdiction in which they operate; foreign taxes are computed based on the taxable income and the local jurisdictional tax rate. Other taxes Certain subsidiaries may be subject to payroll taxes, excise taxes, property taxes, sales and use taxes, in addition to income taxes in foreign countries in which they conduct business. In addition, certain subsidiaries are exposed to local state taxes, such as franchise taxes. Local state taxes that are not income taxes are recorded within Other expense (income), net in the consolidated statements of operations and comprehensive loss. (u) Net loss per share Basic net loss per share (“EPS”) is computed by dividing net loss attributable to Class A common stock by the weighted average number of shares of Class A common stock outstanding during the period following the Reorganization. Class B shares represented non-economic interests in the Company, and as such, prior to the Exchange Transactions, earnings were not allocated to Class B shares. The dilutive effect of outstanding awards, if any, is reflected in diluted earnings per share by application of the treasury stock method or if-converted method, as applicable. For the years ended December 31, 2020 and 2019, there were no potentially dilutive shares outstanding. |
Adoption of new and revised sta
Adoption of new and revised standards | 12 Months Ended |
Dec. 31, 2020 | |
Adoption of new and revised standards [Abstract] | |
Adoption of new and revised standards | 3. Adoption of new and revised standards Following the issuance of Senior Secured Notes (defined below) on September 2, 2020, the Company ceased to qualify as an “emerging growth company” or EGC and is required to accelerate the adoption of certain new or revised accounting pronouncements. The adoption dates below reflect the changes as a result of no longer qualifying as an EGC. (a) New standards, amendments and interpretations issued but not effective for the financial year beginning January 1, 2020: In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Income Taxes In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06) (b) New and amended standards adopted by the Company: In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Disclosure Framework – Measurement of Credit Losses on Financial Instruments On February 25, 2016, the FASB issued ASU No. 2016-02, Leases The Company adopted ASC 842 effective January 1, 2020 and elected to apply the modified retrospective transition method at the beginning of the period of adoption, which allowed the Company to begin recognizing and measuring leases under ASC 842 at January 1, 2020, without modifying the comparative period financial statements. Upon adoption of ASC 842, the Company recorded ROU assets and corresponding lease liabilities of $124,774 and $103,874, respectively. The Company did not elect the package of practical expedients and therefore, as part of transition, the Company reassessed the previous conclusions made under ASC 840 related to the identification of leases, classification of leases and initial direct costs based on the standards of ASC 842. In connection with the reassessment of previous conclusions, the Company determined that the direct financing lease recognized related to the Montego Bay Facility is no longer a lease under ASC 842. The Company recognized a transition adjustment that removed the unamortized net investment in the direct financing lease and recognized the underlying assets as Property, plant and equipment, net of depreciation, that would have been recognized since the commissioning of the Montego Bay Facility, with the difference of approximately $9,085, net of taxes of $2,945, recorded as a reduction to retained earnings. Beginning in 2020, the Company recognized payments previously allocated to the leasing component of the gas sales agreement with this customer within Operating revenue in the consolidated statements of operations and comprehensive loss. Under ASC 840, amounts allocated to the leasing component had been recognized on an effective interest method over the lease term with only the portion representing interest income recognized as Other revenue. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. |
Revenue from contracts with cus
Revenue from contracts with customers | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from contracts with customers [Abstract] | |
Revenue from contracts with customers | 4 . Revenue from contracts with customers Under most customer contracts, invoicing occurs once the Company’s performance obligations have been satisfied, at which point payment is unconditional. As of and , receivables related to revenue from contracts with customers totaled $ and $ , respectively, and were included in Receivables, net on the consolidated balance sheets, net of current expected credit losses of $ and $ , respectively. Other items included in Receivables, net not related to revenue from contracts with customers represent receivables associated with reimbursable costs and leases which are accounted for outside the scope of ASC . The Company has recognized contract liabilities, comprised of unconditional payments due or paid under the contracts with customers prior to the Company’s satisfaction of the related performance obligations. The performance obligations are expected to be satisfied during the next months, and the contract liabilities are classified within Other current liabilities on the consolidated balance sheets. Contract assets are comprised of the transaction price allocated to completed performance obligations that will be billed to customers in subsequent periods. The contract liabilities and contract assets balances as of and are detailed below: December 31, 2020 December 31, 2019 Contract assets, net - current $ 3,673 $ 3,787 Contract assets, net - non-current 23,972 19,474 Total contract assets, net $ 27,645 $ 23,261 Contract liabilities $ 8,399 $ 6,542 Revenue recognized in the year from: Amounts included in contract liabilities at the beginning of the year $ 6,542 $ - Contract assets are presented net of expected credit losses of $ and $ as of and , respectively. As of , the Company has unbilled receivables, net of current expected credit losses, of $ , of which $ is presented within Other current assets and $ is presented within Other non-current assets on the consolidated balance sheets. These unbilled receivables represent unconditional right to payment subject only to the passage of time. Operating revenue which includes revenue from sales of LNG and natural gas as well as outputs from the Company’s natural gas-fueled power generation facilities, including power and steam, was $ , $ and $ for the years ended and respectively. During , the Company began to deliver power and steam recognizing $ in operating revenue for the year ended . Other revenue includes revenue for development services as well as lease and other revenue. The table below summarizes the balances in Other revenue Year Ended December 31, 2020 2019 2018 Development services revenue $ 129,753 $ 27,308 $ - Lease and other revenue 3,586 16,317 15,395 Total other revenue $ 133,339 $ 43,625 $ 15,395 Development services revenue recognized in the year ended included $ for the customer’s use of natural gas as part of commissioning their assets. Transaction price allocated to remaining performance obligations Some of the Company’s contracts are short-term in nature with a contract term of less than a year. The Company applied the optional exemption not to report any unfulfilled performance obligations related to these contracts. The Company has arrangements in which LNG, natural gas or outputs from the Company’s power generation facilities are sold on a “take-or-pay” basis whereby the customer is obligated to pay for the minimum guaranteed volumes even if it does not take delivery. The price under these agreements is typically based on a market index plus a fixed margin. The fixed transaction price allocated to the remaining performance obligations under these arrangements of , representing the fixed margin multiplied by the outstanding minimum guaranteed volumes. The Company expects to recognize this revenue over the following time periods. The pattern of recognition reflects the minimum guaranteed volumes in each period Period Revenue 2021 $ 258,738 2022 250,226 2023 250,317 2024 249,804 2025 246,709 Thereafter 3,101,260 Total $ 4,357,054 For all other sales contracts that have a term exceeding year, the Company has elected the practical expedient in ASC under which the Company does not disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. For these excluded contracts, the sources of variability are (a) the market index prices of natural gas used to price the contracts, and (b) the variation in volumes that may be delivered to the customer. Both sources of variability are expected to be resolved at or shortly before delivery of each unit of LNG, natural gas, power or steam. As each unit of LNG, natural gas, power or steam represents a separate performance obligation, future volumes are wholly unsatisfied. The Company has recognized costs to fulfill a contract with a significant customer, which primarily consist of expenses required to enhance resources to deliver under the agreement with the customer. As of , the Company has capitalized $ , of which $ of these costs is presented within Other current assets and $ is presented within Other non-current assets on the consolidated balance sheets. As of , the Company had capitalized $ , of which $ of these costs was presented within Other current assets and $ was presented within Other non-current assets on the consolidated balance sheets. In the quarter of , the Company began delivery under the agreement and started recognizing these costs on a straight-line basis over the expected term of the agreement |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 5. Leases The Company has operating leases primarily for the use of LNG vessels, marine port space, office space, land and equipment under non-cancellable lease agreements. The Company’s leases may include multiple optional renewal periods that are exercisable solely at the Company’s discretion. Renewal periods are included in the lease term when the Company is reasonably certain that the renewal options would be exercised, and the associated lease payments for such periods are reflected in the ROU asset and lease liability. The Company’s leases include fixed lease payments which may include escalation terms based on a fixed percentage or may vary based on an inflation index or other market adjustments. Escalations based on changes in inflation indices and market adjustments and other lease costs that vary based on the use of the underlying asset are not included as lease payments in the calculation of the lease liability or ROU asset; such payments are included in variable lease cost when the obligation that triggers the variable payment becomes probable. Variable lease cost includes contingent rent payments for office space based on the percentage occupied by the Company in addition to common area charges and other charges that are variable in nature. The Company also has a component of lease payments that are variable related to the LNG vessels, in which the Company may receive credits based on the performance of the LNG vessels during the period. For the year ended December 31, 2020, the Company’s operating lease cost recorded within the consolidated statements of operations and comprehensive loss were as follows: December 31 , 2020 Fixed lease cost $ 39,841 Variable lease cost 2,013 Short-term lease cost 1,454 Lease cost - Cost of sales $ 36,283 Lease cost - Operations and maintenance 2,501 Lease cost - Selling, general and administrative 4,524 For the year ended December 31, 2020, the Company has capitalized $10,457 of lease costs for vessels and port space used during the commissioning of development projects in addition to short-term lease costs for vessels chartered by the Company to bring inventory from a supplier’s facilities to the Company’s storage locations which are capitalized to inventory. Cash paid for operating leases is reported in operating activities in the consolidated statements of cash flows. Supplemental cash flow information related to leases was as follows for the year ended December 31, 2020: December 31 , 2020 Operating cash outflows for operating lease liabilities $ 45,934 Right-of-use assets obtained in exchange for new operating lease liabilities 182,799 The future payments due under operating leases as of December 31, 2020 are as follows: Operating Leases 2021 $ 43,467 2022 29,949 2023 18,738 2024 17,884 2025 10,698 Thereafter 50,387 Total lease payments $ 171,123 Less: effects of discounting 51,319 Present value of lease liabilities $ 119,804 Current lease liability $ 35,481 Non-current lease liability 84,323 As of December 31, 2020, the weighted-average remaining lease term for all operating leases was 7.2 years. Because the Company generally does not have access to the rate implicit in the lease, the incremental borrowing rate is utilized as the discount rate. The weighted average discount rate associated with operating leases as of December 31, 2020 was 8.3%. Future annual minimum lease payments for operating leases as of December 31, 2019, prepared in accordance with accounting standards prior to the adoption of ASC 842, were as follows: Year ending : 2020 $ 37,776 2021 35,478 2022 18,387 2023 7,083 2024 7,151 Thereafter 26,458 Total $ 132,333 During the years ended December 31, 2019 and 2018, the Company recognized rental expense for all operating leases of $37,069 and $23,687, respectively, related primarily to LNG vessel time charters, office space, a land site lease and marine port berth leases. The Company has entered into several leases for ISO tanks that have not commenced as of December 31, 2020 with noncancelable terms of 5 years and including fixed payments of approximately $19 million. Lessor In the Company’s agreements to sell LNG or natural gas to customers, the Company may also lease certain equipment to customers which are accounted for either as a finance or an operating lease. Property, plant and equipment subject to operating leases is included within ISO containers and other equipment within Note 11. Property, plant and equipment, net. The following is the amount of property, plant and equipment that is leased to customers: December 31 , 2020 Property, plant and equipment $ 18,394 Accumulated depreciation (932 ) Property, plant and equipment, net $ 17,462 The following table shows the expected future lease payments as of December 31, 2020, for 2021 through 2025 and thereafter: Future cash receipts Financing leases Operating leases 2021 $ 1,965 $ 256 2022 2,065 247 2023 2,066 249 2024 2,068 234 2025 1,933 194 Thereafter 5,438 539 Total $ 15,535 $ 1,719 Less: Imputed interest 7,119 Present value of total lease receipts $ 8,416 Current finance leases, net $ 1,372 Non-current finance leases, net 7,044 |
Fair value
Fair value | 12 Months Ended |
Dec. 31, 2020 | |
Fair value [Abstract] | |
Fair value | 6. Fair value Fair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize use of unobservable inputs. These inputs are prioritized as follows: • Level 1 – observable inputs such as quoted prices in active markets for identical assets or liabilities. • Level 2 – inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs. • Level 3 – unobservable inputs for which there is little or no market data and which require the Company to develop its own assumptions about how market participants price the asset or liability. The valuation techniques that may be used to measure fair value are as follows: • Market approach – uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. • Income approach – uses valuation techniques, such as the discounted cash flow technique, to convert future amounts to a single present amount based on current market expectations about those future amounts. • Cost approach – based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). The following table presents the Company’s financial assets and financial liabilities that are measured at fair value as of December 31, 2020 and 2019: December 31, 2020 Level 1 Level 2 Level 3 Total Valuation technique Assets 0 Cash and cash equivalents $ 601,522 $ - $ - $ 601,522 Market approach Restricted cash 27,814 - - 27,814 Market approach Investment in equity securities 1,095 - - 1,095 Market approach Total $ 630,431 $ - $ - $ 630,431 Liabilities Derivative liability¹ $ - $ - $ 10,716 $ 10,716 Income approach Equity agreement² - - 22,768 22,768 Income approach Total $ - $ - $ 33,484 $ 33,484 December 31, 2019 Level 1 Level 2 Level 3 Total Valuation technique Assets 0 Cash and cash equivalents $ 27,098 $ - $ - $ 27,098 Market approach Restricted cash 65,937 - - 65,937 Market approach Investment in equity securities 2,540 - - 2,540 Market approach Total $ 95,575 $ - $ - $ 95,575 Liabilities Derivative liability¹ $ - $ - $ 9,800 $ 9,800 Income approach Equity agreement² - - 16,800 16,800 Income approach Total $ - $ - $ 26,600 $ 26,600 (1) Consideration due to the sellers of Shannon LNG once first gas is supplied from the terminal to be built. (2) To be paid at the earlier of agreed-upon date or the date on which the valid planning permission is received as specified in the amended Shannon LNG Agreement. The Company estimates fair value of the derivative liability and equity agreement using a discounted cash flows method with discount rates based on the average yield curve for bonds with similar credit ratings and matching terms to the discount periods as well as a probability of the contingent event occurring. The table below summarizes the fair value adjustment, recorded within Other expense (income), net in the consolidated statements of operations and comprehensive loss, and currency translation adjustment, recorded within the Other comprehensive loss, for the year ended December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Fair value adjustment - Loss $ 4,408 $ 121 Currency translation adjustment - Loss/(gain) 2,476 (280 ) During the years ended December 31, 2020 and 2019, the Company had no settlements of the equity agreement or derivative liability or any transfers in or out of Level 3 in the fair value hierarchy. The liability associated with the equity agreement of $22,768 and $16,800 as of December 31, 2020 and 2019, respectively, is recorded within Other current liabilities on the consolidated balance sheets. The liability associated with the derivative liability of $10,716 and $9,800 as of December 31, 2020 and 2019, respectively, is recorded within Other long-term liabilities on the consolidated balance sheets. The Company estimates fair value of outstanding debt using quoted market prices. The fair value of the Senior Secured Notes (defined below in “Note 15. Debt”) was approximately $1,327,488 as of December 31, 2020. The fair value estimate is classified as Level 2 in the fair value hierarchy. |
Restricted cash
Restricted cash | 12 Months Ended |
Dec. 31, 2020 | |
Restricted cash [Abstract] | |
Restricted cash | 7 . Restricted cash As of December 31, 2020 and 2019, restricted cash consisted of the following: December 31, December 31, Collateral for performance under customer agreements $ 15,000 $ 15,000 Collateral for LNG purchases 11,664 35,000 Collateral for letters of credit and performance bonds 900 7,388 Debt service reserve account - 8,299 Other restricted cash 250 250 Total restricted cash $ 27,814 $ 65,937 Current restricted cash $ 12,814 $ 30,966 Non-current restricted cash 15,000 34,971 |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2020 | |
Inventory [Abstract] | |
Inventory | 8 . Inventory As of December 31, 2020 and 2019, inventory consisted of the following: December 31, December 31, LNG and natural gas inventory $ 13,986 $ 57,436 Automotive diesel oil inventory 3,986 4,746 Bunker fuel, materials, supplies and other 4,888 1,250 Total inventory $ 22,860 $ 63,432 Inventory is adjusted to the lower of cost or net realizable value each quarter. Changes in the value of inventory are recorded within Cost of sales in the consolidated statements of operations and comprehensive loss. |
Prepaid expenses and other curr
Prepaid expenses and other current assets | 12 Months Ended |
Dec. 31, 2020 | |
Prepaid expenses and other current assets [Abstract] | |
Prepaid expenses and other current assets | 9. Prepaid expenses and other current assets As of December 31, 2020 and 2019, prepaid expenses and other current assets consisted of the following: December 31, December 31, Prepaid LNG $ 11,987 $ 7,097 Prepaid expenses 4,941 7,458 Due from affiliates (Note 21) 1,881 1,577 Other current assets 29,461 23,602 Total prepaid expenses and other current assets, net $ 48,270 $ 39,734 Other current assets as of December 31, 2020 and 2019 primarily consists of receivables for recoverable taxes. |
Construction in progress
Construction in progress | 12 Months Ended |
Dec. 31, 2020 | |
Construction in progress [Abstract] | |
Construction in progress | 10 . Construction in progress The Company’s construction in progress activity during the years ended December 31, 2020 and 2019 is detailed below: December 31, 2020 December 31, 2019 Balance at beginning of period $ 466,587 $ 254,700 Additions 118,530 315,188 Transferred to property, plant and equipment, net (Note 11) (351,080 ) (103,301 ) Balance at end of period $ 234,037 $ 466,587 Interest expense of $25,924, $25,172 and $1,732 was capitalized for the years ended December 31, 2020, 2019 and 2018, respectively, inclusive of amortized debt issuance costs disclosed in “Note 15. Debt.” |
Property, plant and equipment,
Property, plant and equipment, net | 12 Months Ended |
Dec. 31, 2020 | |
Property, plant and equipment, net [Abstract] | |
Property, plant and equipment, net | 11 . Property, plant and equipment, net As of December 31, 2020 and 2019 the Company’s property, plant and equipment, net consisted of the following: December 31, 2020 December 31, 2019 Terminal and power plant equipment $ 188,855 $ 14,981 CHP facilities 119,723 - Gas terminals 120,810 53,380 ISO containers and other equipment 100,137 42,704 LNG liquefaction facilities 63,213 62,929 Gas pipelines 58,974 11,684 Land 16,246 15,401 Leasehold improvements 8,723 8,054 Accumulated depreciation (62,475 ) (16,911 ) Total property, plant and equipment, net $ 614,206 $ 192,222 Depreciation for years ended December 31, 2020, 2019 and 2018 totaled $32,116, $7,527 and $3,900, respectively, of which $927, $701 and $713, respectively, is included within Cost of sales in the consolidated statements of operations and comprehensive loss. |
Intangible assets, net
Intangible assets, net | 12 Months Ended |
Dec. 31, 2020 | |
Intangible assets, net [Abstract] | |
Intangible assets, net | 12 . Intangible assets, net The following table summarizes the composition of intangible assets as of December 31, 2020 and 2019: December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Life Definite-lived intangible assets Shannon LNG permits $ 45,897 $ 2,438 $ 43,459 40 Easements 1,559 190 1,369 30 Indefinite-lived intangible assets Easements 1,274 - 1,274 n/a Total intangible assets $ 48,730 $ 2,628 $ 46,102 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Life Definite-lived intangible assets Shannon LNG permits $ 42,157 $ 1,198 $ 40,959 40 Easements 1,559 139 1,420 30 Indefinite-lived intangible assets Easements 1,161 - 1,161 n/a Total intangible assets $ 44,877 $ 1,337 $ 43,540 As of December 31, 2020 and 2019, the weighted-average remaining amortization periods for the intangible assets was 37.5 years and 38.8 years, respectively. As of January 1, 2020, intangible assets associated with favorable lease terms in acquired leases have been reclassified as ROU assets as a result of adoption of ASC 842. Amortization for the years ended December 31, 2020 and 2019 totaled $1,120 and $1,114, respectively. The estimated aggregate amortization expense for each of the next five years is: Year ending December 31: 2021 $ 1,199 2022 1,199 2023 1,199 2024 1,199 2025 1,199 Thereafter 38,833 Total $ 44,828 |
Other non-current assets
Other non-current assets | 12 Months Ended |
Dec. 31, 2020 | |
Other non-current assets [Abstract] | |
Other non-current assets | 13 . Other non-current assets As of December 31, 2020 and 2019, other non-current assets consisted of the following: December 31, December 31, Nonrefundable deposit $ 28,509 $ 22,262 Contract asset, net (Note 4) 23,972 19,474 Cost to fulfill (Note 4) 10,688 8,508 Unbilled receivables, net (Note 4) 6,462 - Upfront payments to customers 6,330 5,904 Port access rights and initial lease costs - 17,762 Other 10,069 10,256 Total other non-current assets, net $ 86,030 $ 84,166 Nonrefundable deposits are primarily related to deposits for planned land purchases in Pennsylvania and Ireland. Upfront payments to customers consist of amounts the Company has paid in relation to natural gas sales contracts with customers to construct fuel-delivery infrastructure that the customers will own. Other includes upfront payments to our service providers, a long-term refundable deposit and investments in equity securities. During the quarter of , the Company invested $ in a hydrogen technology development company through a Simple Agreement for Future Equity (“SAFE”) that will convert to preferred shares upon completion of a qualified financing by the investee, and this amount is classified within other in the table above. As of , port access rights related to the Company’s port lease in Baja California Sur, Mexico, and payments to incumbent tenants to secure the Company’s port lease in San Juan, Puerto Rico were reclassified as ROU assets in connection with the adoption of ASC . |
Accrued liabilities
Accrued liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Accrued liabilities [Abstract] | |
Accrued liabilities | 14 . Accrued liabilities As of December 31, 2020 and 2019 accrued liabilities consisted of the following: December 31, December 31, Accrued development costs $ 16,631 $ 25,037 Accrued interest 27,938 - Accrued bonuses 17,344 14,991 Other accrued expenses 28,439 14,915 Total accrued liabilities $ 90,352 $ 54,943 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt [Abstract] | |
Debt | 15 . Debt As of December 31, 2020 and 2019, debt consisted of the following: December 31, 2020 December 31, 2019 Senior Secured Notes, due September 15, 2025 $ 1,239,561 $ - Term Loan Facility, due January 21, 2020 - 495,000 Senior Secured Bonds, due September 2034 - 70,960 Senior Secured Bonds, due December 2034 - 10,823 Senior Unsecured Bonds, due September 2036 - 42,274 Total debt $ 1,239,561 $ 619,057 Senior Secured Notes On , the Company issued $ of senior secured notes in a private offering pursuant to Rule A under the Securities Act (the “Senior Secured Notes”). Interest is payable in arrears on and of each year, commencing on ; principal payments are due until maturity on . The Company may redeem the Senior Secured Notes, in whole or in part, at any time prior to maturity, subject to certain make-whole premiums. The Senior Secured Notes are guaranteed, jointly and severally, by certain of the Company’s subsidiaries, in addition to other collateral. The Senior Secured Notes may limit the Company’s ability to incur additional indebtedness or issue certain preferred shares, make certain payments, and sell or transfer certain assets subject to certain financial covenants and qualifications. The Senior Secured Notes also provide for customary events of default and prepayment provisions. The Company used a portion of the net cash proceeds received from the Senior Secured Notes to repay in full the outstanding principal and interest under the Credit Agreement (as defined below), including related costs and expenses. The Company also used the remaining net proceeds, together with cash on hand, to redeem in full the outstanding Senior Secured Bonds and Senior Unsecured Bonds (as defined below), including related premiums, costs and expenses, terminating the Senior Secured Bonds and Senior Unsecured Bonds. The Company completed the redemption of the Senior Secured Bonds and Senior Unsecured Bonds on . In connection with the issuance of the Senior Secured Notes, the Company incurred $ in origination, structuring and other fees. Issuance costs of $ were deferred as a reduction of the principal balance of the Senior Secured Notes on the consolidated balance sheets; unamortized deferred financing costs related to lenders in the Credit Agreement that participated in the Senior Secured Notes were $ and such unamortized costs were also included as a reduction of the principal balance of the Senior Secured Notes and will be amortized over the remaining term of the Senior Secured Notes. As a portion of the repayment of the Credit Agreement was a modification, the Company recorded $ of -party fees in Selling, general and administrative in the consolidated statements of operations and comprehensive loss. On , the Company issued $ of additional notes on the same terms as the Senior Secured Notes in a private offering pursuant to Rule A under the Securities Act (subsequent to this issuance, these additional notes are included in the definition of Senior Secured Notes herein). Proceeds received included a premium of $ , which was offset by additional financing costs incurred of $ . As of , total remaining unamortized deferred financing costs were $ . The Credit Agreement On , the Company entered into a credit agreement to borrow $ in term loans (the “Credit Agreement”). The Credit Agreement was set to mature in January 2023 with the full principal balance due upon maturity. Interest was payable quarterly and was based on a LIBOR rate divided by minus the applicable reserve requirement, subject to a floor of , plus a margin of . The interest rate margin was to increase each year of the term by . A portion of the proceeds received were utilized to extinguish the Term Loan Facility (defined below), including outstanding principal of $ . The Credit Agreement was secured by mortgages on certain properties owned by the Company’s subsidiaries, in addition to other collateral. The Company was required to comply with certain financial covenants and other restricted covenants customary for credit agreements of this type, including restrictions on indebtedness, liens, acquisitions and investments, restricted payments and dispositions. The Credit Agreement also provided for customary events of default, prepayment and cure provisions. In connection with obtaining the Credit Agreement and the extinguishment of the Term Loan Facility, the Company incurred $ in origination, structuring and other fees which were recognized as a reduction of the principal balance of the Credit Agreement on the consolidated balance sheets. On , the Company repaid the full amount outstanding using proceeds from the Senior Secured Notes. Certain lenders in the Credit Agreement participated in the issuance of the Senior Secured Notes, and a portion of the repayment of the Credit Agreement was treated as a debt modification. For the portion of the Credit Agreement that was considered extinguished, $ of unamortized deferred debt issuance costs was recognized as a loss on extinguishment of debt in the consolidated statements of operations and comprehensive loss. The remaining unamortized deferred debt issuance costs of $ will be amortized over the remaining term of the Senior Secured Notes. Term Loan Facility On August 16, 2018, the Company entered into a credit agreement with a syndicate of two lenders to borrow up to an aggregate principal amount of $240,000, and proceeds received from this credit agreement were utilized to repay prior debt facilities. On December 31, 2018, the Company amended this credit agreement to increase the available borrowing principal amount to $500,000 (as amended, the “Term Loan Facility”), and as of December 31, 2018, the Company had an outstanding principal balance of $280,000 under the Term Loan Facility. On March 21, 2019, the Company drew an additional $220,000, bringing the Company’s total outstanding borrowings to $500,000 under the Term Loan Facility. All borrowings under the Term Loan Facility bore interest at a rate selected by the Company of either (i) LIBOR divided by one minus the applicable reserve requirement plus a spread of 4% or (ii) subject to a floor of 1%, a Base Rate equal to the higher of (a) the Prime Rate, (b) the Federal Funds Rate plus 1/2 The Term Loan Facility was secured by mortgages on certain properties owned by the Company’s subsidiaries, in addition to other collateral. The Term Loan Facility was amended in the third quarter of 2019 to allow certain properties of a consolidated subsidiary to secure the Senior Secured Bonds. The Company incurred costs in connection with obtaining the Term Loan Facility, the extinguishment of the Company’s prior debt facilities and the amendment of the Term Loan Facility. Some of the costs incurred The Term Loan Facility had a maturity date of December 31, 2019 with an option to extend the maturity date for additional periods. Upon the exercise of each extension option, the Company would pay a fee equal to of the outstanding principal balance at the time of the exercise and the spread on LIBOR and Base Rate would increase by . O On including fees due to the lenders In conjunction with the extinguishment of the Term Loan Facility, the Company recognized a Loss on extinguishment of debt of $ in the consolidated statements of operations and comprehensive loss South Power Bonds On September 2, 2019, NFE South Power Holdings Limited (“South Power”), a consolidated subsidiary of the Company, entered into a facility for the issuance of secured and unsecured bonds (the “Senior Secured Bonds” and “Senior Unsecured Bonds”, respectively) and subsequently issued $73,317 and $43,683 in Senior Secured Bonds and Senior Unsecured Bonds, respectively. The Senior Secured Bonds were secured by the dual-fired combined heat and power facility in Clarendon, Jamaica (the “CHP Plant”) and related receivables and assets, and the proceeds were used to fund the completion of the CHP Plant and to reimburse shareholder advances. Upon completion of construction of the CHP Plant in The Senior Secured Bonds bore interest at an annual fixed rate of 8.25% and matured 15 years from the closing date of each issuance. No principal payments were due for the first seven years. After seven years, quarterly principal payments of approximately 1.6% of the original principal amount were due, with a 50% balloon payment due upon maturity. Interest payments on outstanding principal balances were due quarterly. The Senior Unsecured Bonds bore interest at an annual fixed rate of 11.00% and matured in September 2036 South Power was required to comply with certain financial covenants as well as customary affirmative and negative covenants, including limitations on incurring additional indebtedness. The facility also provided for customary events of default, prepayment and cure provisions. The Company paid approximately $3,892 of fees in connection with the issuance of Senior Secured Bonds and Senior Unsecured Bonds. These fees were capitalized on a pro-rata basis as a reduction of the Senior Secured Bonds and Senior Unsecured Bonds on the consolidated balance sheets. On , the Company repaid the full amount outstanding including fees dues to the lenders using proceeds from the Senior Secured Notes and cash on hand. In conjunction with the repayment of the Senior Secured Bonds and Senior Unsecured Bonds, the Company recognized a loss on extinguishment of debt of $ in the consolidated statements of operations and comprehensive loss, including the write-off of $ of unamortized deferred financing costs and prepayment premium paid to bondholders of $ Interest Expense Interest and related amortization of debt issuance costs recognized during major development and construction projects are capitalized and included in the cost of the project. Interest expense, net of amounts capitalized, recognized for the years ended December 31, 2020, 2019 and 2018 consisted of the following: Year Ended December 31, 2020 2019 2018 Interest per contractual rates $ 76,176 $ 32,283 $ 9,363 Amortization of debt issuance costs 15,471 12,301 3,617 Total interest costs 91,647 44,584 12,980 Capitalized interest 25,924 25,172 1,732 Total interest expense $ 65,723 $ 19,412 $ 11,248 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income taxes [Abstract] | |
Income taxes | 16. Income taxes In connection with the IPO, NFE LLC contributed the net proceeds from the IPO to NFI in exchange for NFI LLC Units, and NFE LLC became the managing member of NFI. NFI is a limited liability company that was treated as a partnership through December 31, 2020 for U.S. federal income tax purposes and for most applicable state and local income tax purposes. As a partnership, NFI was not subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by NFI was passed through to and included in the taxable income or loss of its members, on a pro rata basis, subject to applicable tax regulations. NFE is subject to U.S. federal income taxes, in addition to state and local income taxes, with respect to its allocable share of any taxable income or loss of NFI. Additionally, NFI and its subsidiaries are subject to income taxes in the various foreign jurisdictions in which they operate. In connection with the IPO, NFE recorded a deferred tax asset of $42,783 related to the difference between its tax basis in its investment in NFI and NFE’s share of the financial statement carrying amount of the net assets of NFI. The deferred tax asset was recorded to equity and is fully offset by a valuation allowance also recorded to equity. Subsequent to the Exchange Transactions completed on June 10, 2020, 100% of NFI’s operations are included in the NFE income tax provision; there was no impact on income tax expense due to the Exchange Transactions. Additionally, in the third quarter of 2020, the Company completed the Conversion; NFE LLC has been a corporation for U.S. federal tax purposes, and converting NFE LLC from a limited liability company to a corporation has no effect on the U.S. federal tax treatment of the Company or its shareholders. The components of the Company’s loss before income taxes for the years ended December 31, 2020, 2019, and 2018 were as follows: Year Ended December 31, 2020 2019 2018 United States $ (166,571 ) $ (194,481 ) $ (74,873 ) Foreign (92,577 ) (9,399 ) (3,647 ) Loss before taxes $ (259,148 ) $ (203,880 ) $ (78,520 ) Income tax expense (benefit) is comprised of the following for the years ended December 31, 2020, 2019, and 2018: Year Ended December 31, 2020 2019 2018 Current: Domestic $ - $ - $ - Foreign 2,063 47 7 Total current tax expense 2,063 47 7 Deferred: Domestic - - - Foreign 2,754 392 (345 ) Total deferred tax expense (benefit) 2,754 392 (345 ) Total provision for (benefit from) income taxes $ 4,817 $ 439 $ (338 ) Effective Tax Rate A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate is as follows: Year Ended December 31, 2020 2019 2018 Income tax at the statutory rate 21.0 % 21.0 % - Impact from foreign operations (2.9 %) - - Foreign tax rate differential 2.9 % 0.8 % 0.4 % Foreign tax on foreign operations 0.4 % 2.9 % - Foreign permanent adjustments (0.4 %) 5.0 % - Foreign valuation allowance 0.1 % (10.8 %) - Domestic valuation allowance (14.2 %) (2.1 %) - Income attributable to non-controlling interest (6.4 %) (18.2 %) - Other (2.4 %) 1.2 % - Effective income tax rate (1.9 %) (0.2 %) 0.4 % The primary items which decreased the Company’s effective income tax rate from the federal statutory rate in 2020 and 2019 were increases in domestic and foreign valuation allowances and income attributable to non-controlling interests. For 2018, the entire difference between the statutory and effective rate was attributable to foreign taxes. During the years ended December 31, 2020, 2019 and 2018, the Company did not have any unrecognized tax benefits. The following table summarizes the changes in the Company’s valuation allowance on deferred tax assets for the period indicated for the years ended December 31, 2020 and 2019: Year Ended December 31, 2020 2019 Balance at the beginning of the period $ 80,911 $ 241 Change in valuation allowance 51,586 80,670 Balance at the end of the period $ 132,497 $ 80,911 The tax effect of each type of temporary difference and carryforward that give rise to a significant deferred tax asset or liability as of December 31, 2020 and 2019 are as follows: Year Ended December 31, 2020 2019 Deferred tax assets: Investment in NFI $ 64,553 $ 46,185 Accrued interest 18,885 14,047 IRC Section 163(j) interest carryforward 6,909 182 Federal and state net operating loss carryforward 32,145 3,215 Foreign net operating loss carryforward 24,525 19,713 Share-based compensation 6,611 8,958 Lease liability 4,383 - Other 1,252 224 Total deferred tax assets 159,263 92,524 Valuation allowance (132,497 ) (80,911 ) Deferred tax assets, net of valuation allowance 26,766 11,613 Deferred tax liabilities: Property and equipment (22,566 ) (11,820 ) Lease asset (4,215 ) - Total deferred tax liabilities (26,781 ) (11,820 ) Net deferred tax liabilities $ (15 ) $ (207 ) U.S. Federal and State Jurisdictions The Company and its subsidiaries file income tax returns in the U.S. federal and various state and local jurisdictions. The Company is not currently under income tax examination in any jurisdiction, and NFE filed its first corporate U.S. federal and state income tax returns for the period ended December 31, 2019. NFI was taxed as a U.S. partnership and controlled the underlying operations, thus the tax effects of temporary differences were captured through December 31, 2020 within the net deferred tax asset for the investment in the partnership. As of December 31, 2020, NFE has approximately $147,928 of federal and $30,661 of state net operating loss carry forwards. The federal net operating losses are generally allowed to be carried forward indefinitely and can offset up to 80 percent of future taxable income. The state net operating losses relate to Florida and are generally allowed to be carried forward indefinitely. Under the provisions of Internal Revenue Code Section 382, certain substantial changes in the Company’s ownership may result in a limitation on the amount of U.S. net operating loss carryforwards that can be utilized annually to offset future taxable income and taxes payable. A portion of the Company’s net operating loss carryforwards are subject to an annual limitation under Section 382 of the Internal Revenue Code. NFE recorded a valuation allowance against its U.S. federal and state deferred tax assets to reduce the net carrying value to an amount that it believes is more likely than not to be realized. As of December 31, 2020, the Company concluded, based on the weight of all available positive and negative evidence, those deferred tax assets are not more likely than not to be realized and accordingly, a valuation allowance has been recorded on this deferred tax asset as of December 31, 2020 for the amount not supported by reversing taxable temporary differences. The Company has not recorded any deferred tax liabilities for undistributed earnings of controlled foreign corporations, primarily consisting of the Company’s Puerto Rican operations. The Company’s intent is to only make distributions from non-U.S. subsidiaries in the future when distributions can be made at no net tax cost; any remaining cash will be reinvested to grow operations in such subsidiaries. The Company has no material unremitted earnings from its non-U.S. subsidiaries. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act, which includes various income and payroll tax provisions, was signed into law by the U.S. government. In addition, various other coronavirus tax relief initiatives have been implemented around the world. This tax legislation did not have a material impact on the Company’s financial position, results of operations or cash flows for the year ended December 31, 2020. Foreign Jurisdictions NFI’s foreign subsidiaries file income tax returns in certain foreign jurisdictions. As of December 31, 2020, NFI’s foreign subsidiaries have approximately $86,176 of net operating loss carry forwards. Net operating losses of $64,819 incurred in Jamaica are generally allowed to be carried forward indefinitely. Net operating loss carryforwards of $11,830 incurred in Puerto Rico and Mexico will expire, if unused, between 2028 and 2029. Net operating loss carryforwards of $8,865 incurred in Ireland are generally allowed to be carried forward indefinitely. The Company commenced operations in Puerto Rico during the year ended December 31, 2020 giving rise to cumulative profits, and the valuation allowance against a portion of the net deferred tax asset has been released. The Company recorded a valuation allowance against other foreign deferred tax assets to reduce the net carrying value to an amount that it believes is more likely than not to be realized. The Company has subsidiaries incorporated in Bermuda. Under current Bermuda law, the Company is not required to pay taxes in Bermuda on either income or capital gains. The Company has received an undertaking from the Bermuda government that, in the event of income or capital gain taxes being imposed, it will be exempted from such taxes until 2035. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and contingencies [Abstract] | |
Commitments and contingencies | 17. Commitments and contingencies In conjunction with its principal business activities, the Company enters into various firm commitments for the purchase, production, and transportation of LNG and natural gas, as well as engineering, procurement and construction agreements to develop the Company’s terminals and related infrastructure. The estimated future cash payments related to outstanding contractual commitments, at market prices as of December 31, 2020, is summarized as follows: 2021 2022 2023 2024 _ Purchase obligations $ 376,097 $ 362,294 $ 362,294 $ 362,311 $ 1,027,352 The future cash payments summarized above represent the Company’s minimum firm purchase commitments as of December 31, 2020. In 2020, the Company entered into four LNG supply agreements for the purchase of 415 TBtu of LNG between 2021 and 2030. Between 2022 and 2025, the total annual commitment under these agreements is approximately 68 TBtu per year, reducing to approximately 28 TBtu per year from 2026 to 2029. The amounts disclosed above also include the commitment to purchase 12 firm cargoes in 2021 under a supply contract entered into in December 2018. The Company has a contractual purchase commitment for feedgas with a remaining term of approximately five years. This commitment is designed to assure sources of supply and is not expected to be in excess of normal requirements. For agreements for supply where there is an active market, such agreements qualify for and the Company has elected the normal purchase exception under the derivatives guidance; therefore, the purchases under these contracts are included in Inventory and Cost of sales as incurred. The Company’s lease obligations are discussed in Note 5. Leases. Contingencies The Company may be subject to certain legal proceedings, claims and disputes that arise in the ordinary course of business. The Company does not believe that these proceedings, individually or in the aggregate, will have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings per share [Abstract] | |
Earnings per share | 18 . Earnings per share December 31, 2020 December 31, 2019 Numerator: Net loss $ (263,965 ) $ (204,319 ) Less: net loss attributable to non-controlling interests 81,818 170,510 Net loss attributable to Class A common stock $ (182,147 ) $ (33,809 ) Denominator: Weighted-average shares-basic and diluted 106,654,918 20,862,555 Net loss per share - basic and diluted $ (1.71 ) $ (1.62 ) In connection with the closing of the Exchange Transactions on , all outstanding Class B shares were exchanged for Class A shares. The weighted average shares outstanding for the year ended are significantly lower than the Class A common stock outstanding on due to the timing of the Exchange Transactions. The following table presents potentially dilutive securities excluded from the computation of diluted net loss per share for the periods presented because its effects would have been anti-dilutive. December 31, 2020 December 31, 2019 Unvested RSUs1 1,538,060 3,137,415 Class B shares2 - 144,342,572 Shannon Equity Agreement shares3 428,275 1,083,995 Total 1,966,335 148,563,982 1 Represents the number of instruments outstanding at the end of the period. 2 Class B shares at the end of the period are considered potentially dilutive Class A shares. 3 Class A common stock that would be issued in relation to the Shannon LNG Equity Agreement. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based compensation [Abstract] | |
Share-based compensation | 19 . Share-based compensation RSUs The Company has granted RSUs to select officers, employees, non-employee members of the board of directors and select non-employees under the Incentive Plan. The fair value of RSUs on the grant date is estimated based on the closing price of the underlying shares on the grant date and other fair value adjustments to account for a post-vesting holding period. These fair value adjustments were estimated based on the Finnerty model. The following table summarizes the RSU activity for the year ended Restricted Share Units Weighted-average grant date fair value per share Non-vested RSUs as of December 31, 2019 3,137,415 $ 13.44 Granted 109,409 14.47 Vested (1,507,633 ) 13.47 Forfeited (201,131 ) 13.51 Non-vested RSUs as of December 31, 2020 1,538,060 $ 13.49 The following table summarizes the share-based compensation expense for the Company’s RSUs recorded for the year ended and : Year Ended 2020 2019 Operations and maintenance $ 800 $ 853 Selling, general and administrative 7,943 40,594 Total share-based compensation expense $ 8,743 $ 41,447 For the years ended December 31, 2020 and , cumulative compensation expense recognized for forfeited RSU awards and $ , respectively, was reversed. The Company recognizes the income tax benefits resulting from vesting of RSUs in the period of vesting, to the extent the compensation expense has been recognized. As of , the Company had non-vested RSUs subject to service conditions and had unrecognized compensation costs of approximately The weighted-average remaining vesting period of non-vested RSUs totaled years as of . Performance Share Units (“PSUs”) During the quarter of , the Company granted PSUs to certain employees and non-employees. The PSUs contain a performance condition, and vesting will be determined based on achievement of a performance metric for the year ended . The number of shares that will vest can range from to . For the year ended , the Company determined that it was not probable that the performance condition required for any of the PSUs to vest would be achieved, and as such, compensation expense has been recognized in the consolidated statements of operations and comprehensive loss. Unrecognized compensation costs if the maximum amount of shares were to vest based on the achievement of the performance condition was $ , and the weighted-average remaining vesting period of non-vested PSUs was as of |
Stockholder's equity and Member
Stockholder's equity and Members' equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholder's equity and Members' equity [Abstract] | |
Stockholder's equity and Members' equity | 20 . Stockholder’s equity and Members’ equity New Fortress Energy Holdings In , the Company issued New Fortress Energy LLC, New Fortress Energy Inc. During the year ended December 31, 2019, the Company issued 2,716,252 shares of Class A shares in exchange for Class B shares, and 53,572 Class A shares were issued for vested RSUs. As a result of the Exchange Transactions, Class A shares were issued in exchange for all outstanding Class B shares. As a result of the Conversion, all outstanding Class A shares were converted to Class A common stock. In , NFE issued shares of Class A common stock and received proceeds of $ , net of $ in issuance costs. The Company declared dividends of $ per share in and , totaling $ in dividend payments during the year ended |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related party transactions [Abstract] | |
Related party transactions | 21. Related party transactions Management services The Company is majority owned by Messrs. Edens (our chief executive officer and chairman of our Board of Directors) and Nardone ( of our Directors) who are currently employed by Fortress Investment Group LLC (“Fortress”). In the ordinary course of business, Fortress, through affiliated entities, has historically charged the Company for administrative and general expenses incurred pursuant to its Management Services Agreement (“Management Agreement”). Upon completion of the IPO, the Management Agreement was terminated and replaced by an Administrative Services Agreement (“Administrative Agreement”) to charge the Company for similar administrative and general expenses. The charges under the Management Agreement and Administrative Agreement that are attributable to the Company for the years ended and , respectively. Costs associated with the Management Agreement and Administrative Agreement are included within Selling, general and administrative in the consolidated statements of operations and comprehensive loss. As of and In addition to management and administrative services, an affiliate of Fortress owns and leases an aircraft chartered by the Company for business purposes in the course of operations. The Company incurred, at aircraft operator market rates, charter costs of $2,483 and $ for the years ended and , respectively. In , such charges were incurred under the Management Agreement, and amounts incurred of $ for the year ended are included in the activity and balances disclosed above. As of and , $ and $ was due to this affiliate, respectively. Land and office lease The Company has leased land and office space from Florida East Coast Industries, LLC (“FECI”), which is controlled by funds managed by an affiliate of Fortress. In , FECI sold the office building to a non-affiliate, and as such, the lease of the office space is longer held with a related party. The Company recognized expense related to the land lease still held by a related party of $ , $ and $ during the years ended and , respectively, which was included within Operations and maintenance in the consolidated statements of operations and comprehensive loss. The expense for the period that the building was owned by a related party during the year ended totaled $ , of which $ was capitalized to Construction in progress was included in Selling, general and administrative in the consolidated statements of operations and comprehensive loss; expense for the office space was incurred prior to . As of and As of , the Company has recorded a lease liability of $ within Non-current lease liabilities on the consolidated balance sheet. DevTech Investment In August 2018, the Company entered into a consulting arrangement with DevTech Environment Limited (“DevTech”) to provide business development services to increase the customer base of the Company. DevTech also contributed cash consideration in exchange for a 10% interest in a consolidated subsidiary. The 10% interest is reflected as non-controlling interest in the Company’s consolidated financial statements. DevTech purchased 10% of a note payable due to an affiliate of the Company. As of and The interest expense on the note payable due to DevTech was and $ for the years ended and respectively. interest has been paid, and accrued interest has been recognized within Accrued expenses on the consolidated balance sheets. As of and Fortress affiliated entities Since , the Company has provided certain administrative services to related parties including Fortress affiliated entities. As of and Additionally, an entity formerly affiliated with Fortress and currently owned by Messrs. Edens and Nardone provides certain administrative services to the Company, as well as providing office space under a month-to-month non-exclusive license agreement. The Company incurred rent and administrative expenses of approximately $ , $ and $ for the years ended and , respectively. Additionally, the Company subleases a portion of office space to an affiliate of an entity managed by Fortress, and for the year ended , $ of rent and office related expenses were incurred by this affiliate. As of and Due to/from Affiliates The table below summarizes the balances outstanding with affiliates as of December 31, 2020 and 2019: December 31, December 31, Amounts due to affiliates $ 8,980 $ 10,252 Amounts due from affiliates 1,881 1,577 |
Customer concentrations
Customer concentrations | 12 Months Ended |
Dec. 31, 2020 | |
Customer concentrations [Abstract] | |
Customer concentrations | 22 . Customer concentrations For the year ended December 31, 2020, revenue from three significant customers constituted 88% of the total revenue and 83% of trade receivables. For the year ended December 31, 2019, revenue from two significant customers constituted 74% of the total revenue and 85% of trade receivables, and for the year ended December 31, 2018, one significant customer constituted 87% of total revenue. Prior to the adoption of ASC 842, the Company recognized a direct financing leases within the Company’s agreement with this customer. As of December 31, 2019, 99% of the Finance leases, net balance was attributed to this significant customer. During the years ended December 31, 2020, 2019 and 2018, revenue from external customers that were derived from customers located in the United States were $135,702, $21,386 and $7,214, respectively, and from customers outside of the United States were $315,948, $167,739 and $105,087, respectively, primarily derived from customers in the Caribbean. The Company attributes revenue from external customers to the country in which the party to the applicable agreement has its principal place of business. As of December 31, 2020 and 2019, long lived assets, which are all non-current assets excluding investment in equity securities, restricted cash, deferred tax assets and intangible assets, located in the United States were $442,199 and $360,860 respectively, and long lived assets located outside of the United States were $639,370 and $470,749, respectively, primarily located in the Caribbean. |
Unaudited quarterly financial d
Unaudited quarterly financial data | 12 Months Ended |
Dec. 31, 2020 | |
Unaudited quarterly financial data [Abstract] | |
Unaudited quarterly financial data | 23. Unaudited quarterly financial data Summarized quarterly financial data for the years ended December 31, 2020 and 2019 are as follows: (in thousands of U.S. dollars, except per share data) Three Months Ended March 31, 2020 (1) June 30, 2020 (1, 2) September 30, 2020 December 31, 2020 Revenues $ 74,530 $ 94,566 $ 136,858 $ 145,696 Operating loss (36,169 ) (148,273 ) 11,053 18,031 Net loss (60,223 ) (166,587 ) (36,670 ) (485 ) Net (loss) income attributable to stockholders (8,466 ) (137,493 ) (36,358 ) 170 Basic and diluted (loss) income per share (3) (0.32 ) (2.40 ) (0.21 ) 0.00 Three Months Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Revenues $ 29,951 $ 39,766 $ 49,656 $ 69,752 Operating loss (59,337 ) (43,959 ) (47,726 ) (36,253 ) Net loss (60,292 ) (51,233 ) (54,424 ) (38,370 ) Net loss attributable to stockholders (13,557 ) (6,186 ) (6,723 ) (7,343 ) Basic and diluted loss per share (3) (0.96 ) (0.28 ) (0.30 ) (0.30 ) (1) Operating loss, net loss and net loss attributable to stockholders for the months ended and reflect the adoption of ASC . The Company adopted ASC in the quarter of with an effective date of , due to the loss of EGC status in that quarter. (2) Operating loss, net loss and net loss attributable to stockholders for the three months ended June 30, 2020 includes a termination charge of $105,000 associated with an agreement with one of the Company’s LNG suppliers to terminate the obligation to purchase any LNG from this supplier for the remainder of 2020. (3) Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent events [Abstract] | |
Subsequent events | 24. Subsequent events Hygo Merger Agreement On January 13, 2021, NFE, Hygo Energy Transition Ltd., a Bermuda exempted company (“Hygo”), Golar LNG Limited, a Bermuda exempted company (“GLNG”), Stonepeak Infrastructure Fund II Cayman (G) Ltd. (“Stonepeak”), and Lobos Acquisition Ltd., a Bermuda exempted company and an indirect, wholly-owned subsidiary of NFE (“Hygo Merger Sub”), entered into an Agreement and Plan of Merger (the “Hygo Merger Agreement”), pursuant to which Hygo Merger Sub will merge with and into Hygo (the “Hygo Merger”), with Hygo surviving the Hygo Merger as a wholly owned subsidiary of NFE. As of the date of the Hygo Merger Agreement, each of GLNG and Stonepeak owned 50% of the outstanding common shares, par value $1.00 per share, of Hygo, and Stonepeak owned all of Hygo’s outstanding redeemable preferred shares, par value $5.00 per share. At the effective time of the Hygo Merger: (i) GLNG will receive 18.6 million shares of NFE Class A common stock and an aggregate of $50 million in cash and (ii) Stonepeak will receive 12.7 million shares of NFE Class A common stock and an aggregate of $530 million in cash. The Hygo Merger Agreement may be terminated by NFE or Hygo under certain circumstances, including, among others, by either NFE or Hygo if the closing of the Hygo Merger has not occurred on or before July 12, 2021. GMLP Merger Agreement On January 13, 2021, NFE entered into an Agreement and Plan of Merger (the “GMLP Merger Agreement”) with Golar LNG Partners LP, a Marshall Islands limited partnership (“GMLP”), Golar GP LLC, a Marshall Islands limited liability company and the general partner of GMLP (the “General Partner”), Lobos Acquisition LLC, a Marshall Islands limited liability company and an indirect subsidiary of NFE (“GMLP Merger Sub”), and NFE International Holdings Limited, a private limited company incorporated under the laws of England and Wales and an indirect subsidiary of NFE (“GP Buyer”), pursuant to which GMLP Merger Sub will merge with and into GMLP, with GMLP surviving the merger as an indirect subsidiary of NFE (the “GMLP Merger”). At the effective time of the GMLP Merger (the “GMLP Effective Time”), each common unit representing a limited partner interest in GMLP that is issued and outstanding as of immediately prior to the GMLP Effective Time will automatically be converted into the right to receive $3.55 in cash. At the GMLP Effective Time, each of the incentive distribution rights of GMLP will be canceled and cease to exist, and no consideration shall be delivered in respect thereof. Each 8.75% Series A Cumulative Redeemable Preferred Unit of GMLP issued and outstanding immediately prior to the GMLP Effective Time will be unaffected by the GMLP Merger and will remain outstanding, and no consideration shall be delivered in respect thereof. Each outstanding unit representing a general partner interest of GMLP that is issued and outstanding immediately prior to the GMLP Effective Time will remain issued and outstanding immediately following the GMLP Effective Time. Concurrently with the consummation of the GMLP Merger, GP Buyer will purchase from GLNG all of the outstanding membership interests of the General Partner pursuant to a Transfer Agreement dated as of January 13, 2021 for a purchase price of approximately $5 million, which is equivalent to $3.55 per general partner unit of GMLP. The GMLP Merger Agreement may be terminated by NFE or GMLP (which, in the case of GMLP, must be approved by GMLP ’ We have obtained debt financing commitments from Morgan Stanley Senior Funding, Inc. and Goldman Sachs Bank USA for loans in an aggregate principal amount of $ billion, consisting of a $ billion senior secured bridge facility and a $ million senior secured revolving facility to pay, subject to the terms and conditions set forth therein, a portion of the cash purchase price in connection with the Suape Development On January 12, 2021, we acquired CH4 Energia Ltda., an entity that owns key permits and authorizations to develop an LNG terminal at the Port of Suape, Brazil. On March 11, 2021, we acquired 100% of the outstanding shares of Pecem Energia S.A. (“Pecem”) and Energetica Camacari Muricy II S.A. (“Muricy”). These companies collectively hold certain 15-year power purchase agreements for the development of thermoelectric power plants in the State of Bahia, Brazil. We will seek to obtain the necessary approvals to transfer the power purchase agreements to the Port of Suape and plan to construct a gas-fired power plant and LNG import terminal at the Port of Suape. The Company paid approximately $9 million at closing in total and will make additional payments to the sellers based on certain contingent considerations. |
Schedule II
Schedule II | 12 Months Ended |
Dec. 31, 2020 | |
Schedule II [Abstract] | |
Schedule II | Schedule II Description Balance at Beginning of Year Additions (1) Deductions Balance at End of Year Year ended December 31, 2020 Allowance for doubtful accounts $ - $ - $ - $ - Allowance for expected credit losses - 316 - 316 Total allowance - 316 - 316 Year ended December 31, 2019 Allowance for doubtful accounts 257 - (257 ) - Year ended December 31, 2018 Allowance for doubtful accounts - 257 - 257 Note (1) Amount expensed in included within Selling, general and administrative. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Significant accounting policies [Abstract] | |
Basis of presentation and principles of consolidation | (a) Basis of presentation and principles of consolidation The accompanying consolidated financial statements contained herein were prepared in accordance with GAAP. The consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned consolidated subsidiaries. The ownership interest of other investors in consolidated subsidiaries is recorded as a non-controlling interest. All significant intercompany transactions and balances have been eliminated on consolidation. Certain prior year amounts have been reclassified to conform to current year presentation. On February 4, 2019, the Company completed an initial public offering (“IPO”) and a series of other transactions, in which the Company issued and sold 20,000,000 Class A shares at an IPO price of $14.00 per share. The Company’s Class A shares began trading on NASDAQ Global Select Market (“NASDAQ”) under the symbol “NFE” on January 31, 2019. Net proceeds from the IPO were $257.0 million, after deducting underwriting discounts and commissions and transaction costs. These proceeds were contributed to New Fortress Intermediate LLC (“NFI”), an entity formed in conjunction with the IPO, in exchange for 20,000,000 limited liability company units in NFI (“NFI LLC Units”). In addition, New Fortress Energy Holdings contributed all of its interests in consolidated subsidiaries that comprised substantially all of its historical operations to NFI in exchange for NFI LLC Units. In connection with the IPO, New Fortress Energy Holdings also received 147,058,824 Class B shares of NFE, which is equal to the number of NFI LLC Units held by New Fortress Energy Holdings immediately following the IPO. New Fortress Energy Holdings retained a significant interest in NFE through its ownership of 147,058,824 Class B shares, representing an 88.0% voting and non-economic interest. New Fortress Energy Holdings also had an 88.0% economic interest in NFI through its ownership of 147,058,824 of NFI LLC Units. New Fortress Energy Holdings is NFE’s predecessor for accounting purposes. On March 1, 2019, the underwriters of the IPO exercised their option to purchase an additional 837,272 Class A shares at the IPO price of $14.00 per share, less underwriting discounts, which resulted in $11.0 million in additional net proceeds after deducting $0.7 million of underwriting discounts and commissions, such that there were 20,837,272 outstanding Class A shares. In connection with the exercise of the underwriters’ option to purchase an additional 837,272 Class A shares, NFE contributed such additional net proceeds to NFI in exchange for 837,272 NFI LLC Units. Until the Exchange Transactions (as defined below) were completed, NFE was a holding company whose sole material asset was a controlling equity interest in NFI. As the sole managing member of NFI, NFE operated and controlled all of the business and affairs of NFI, and through NFI and its subsidiaries, conducted the Company’s historical business. The contribution of the assets of New Fortress Energy Holdings and net proceeds from the IPO to NFI was treated as a reorganization of entities under common control (the “Reorganization”). As a result, NFE presented the consolidated balance sheets and statements of operations and comprehensive loss of New Fortress Energy Holdings for all periods prior to the IPO. On , the Company entered into a mutual agreement (the “Mutual Agreement”) with the members holding the majority voting interest in New Fortress Energy Holdings (“Exchanging Members”) and NFE Sub LLC, a wholly-owned subsidiary of NFE. Pursuant to the Mutual Agreement, the Exchanging Members agreed to deliver a block redemption notice in accordance with the Amended and Restated Limited Liability Company Agreement of NFI (the “NFI LLCA”) with respect to all of the NFI LLC Units, together with an equal number of Class B shares of NFE, that such Exchanging Members indirectly own as members of New Fortress Energy Holdings. Pursuant to the Mutual Agreement, NFE agreed to exercise the Call Right (as defined in the NFI LLCA), pursuant to which NFE would acquire such NFI LLC Units and such Class B shares in exchange for Class A shares of NFE (the “Exchange Transactions”). The Exchange Transactions were completed on . In connection with the closing of the Exchange Transactions, NFE issued Class A shares in exchange for an equal number of NFI LLC Units, together with an equal number of Class B shares of NFE. Following the completion of the Exchange Transactions, NFE owns all of the NFI LLC Units directly or indirectly and Class B shares remain outstanding. Prior to the Exchange Transactions, the Company recognized the Exchanging Members’ economic interest in NFI as non-controlling interest in the Company’s consolidated financial statements. Results of operations for the period prior to the date of the Exchange Transactions, , was attributed to non-controlling interest based on the Exchanging Members’ interest in NFI; subsequent to the Exchange Transactions, results of operations, excluding results attributable to other investors in non-wholly owned subsidiaries, were recognized as net income or loss attributable to stockholders. Amounts that were attributable to these Exchanging Members’ prior interest in NFI previously shown as non-controlling interest on the Company’s consolidated balance sheets have been reclassified to Class A shares. On , the Company converted New Fortress Energy LLC (“NFE LLC”) from a Delaware limited liability company to a Delaware corporation named New Fortress Energy Inc. (“the Conversion”). Since the IPO, NFE LLC has been a corporation for U.S. federal tax purposes and converting NFE LLC from a limited liability company to a corporation has effect on the U.S. federal tax treatment of the Company or its shareholders. Upon the Conversion, each Class A share, representing Class A limited liability company interests of NFE LLC (“Class A shares”), outstanding immediately prior to the Conversion was converted into issued and outstanding, fully paid and nonassessable share of Class A common stock, $ par value per share, of NFE (“Class A common stock”). Class A shares shown on the Company’s consolidated statements of changes in stockholders’ equity were reclassified to Class A common stock and Additional paid-in capital with change to total stockholders’ equity. As of , NFE had Class A common stock outstanding. |
Use of estimates | (b) Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include relative fair value allocations between revenue and lease components of contracts with customers, determination of current expected credit losses, the incremental borrowing rates used in the determination of lease liabilities, |
Foreign currencies | (c) Foreign currencies The Company has certain foreign subsidiaries where the functional currency is the local currency. All of the assets and liabilities of these subsidiaries are translated to U.S. dollars at the exchange rate in effect at the balance sheet date; income and expense accounts are translated at average rates for the period. The effects of translating financial statements of foreign operations into our reporting currency are recognized as a cumulative translation adjustment in accumulated other comprehensive income (loss). The Company also has foreign subsidiaries that have a functional currency of the U.S. dollar. Purchases and sales of assets and income and expense items denominated in foreign currencies are remeasured into U.S. dollar amounts on the respective dates of such transactions. Net realized foreign currency gains or losses relating to the differences between these recorded amounts and the U.S. dollar equivalent actually received or paid are included within Other expense (income), net in the consolidated statements of operations and comprehensive loss. Gains and losses on intercompany foreign currency transactions that are long-term in nature and which the Company does not intend to settle in the foreseeable future, are also recognized in accumulated other comprehensive income (loss). Accumulated foreign currency translation adjustments are reclassified from accumulated other comprehensive income (loss) to net income only when realized upon sale or upon complete or substantially complete liquidation of the investment in a foreign entity. |
Cash and cash equivalents | (d) Cash and cash equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents. |
Restricted cash | (e) Restricted cash Restricted cash consists of funds that are contractually restricted as to usage or withdrawal and have been presented separately from cash and cash equivalents on the consolidated balance sheets. |
Receivables | (f) Receivables Receivables are reported at amortized cost, net of an allowance for current expected credit losses. Amounts are written off against the allowance when management is certain that outstanding amounts will not be collected. The Company estimates expected credit losses based on relevant information about the current credit quality of customers, past events, including historical experience, and reasonable and supportable forecasts that affect the collectability of the reported amount. Credit loss expense, inclusive of credit loss expense on all categories of financial assets, is recorded within Selling, general and administrative in the consolidated statements of operations and comprehensive loss. |
Inventories | (g) Inventories LNG and natural gas inventories and automotive diesel oil inventories are recorded at weighted average cost, and materials and other inventory are recorded at cost. The Company’s cost to convert from natural gas to LNG, which primarily consists of labor, depreciation and other direct costs to operate liquefaction facilities, is reflected in Inventory on the consolidated balance sheets. Inventory is adjusted to the lower of cost or net realizable value each quarter. Changes in the value of inventory are recorded within Cost of sales in the consolidated statements of operations and comprehensive loss. LNG is subject to “boil-off,” a natural loss of gas volume over time when LNG is exposed to environments with temperatures above its optimum storage state. Boil-off losses are expensed through Cost of sales in the consolidated statements of operations and comprehensive loss in instances where gas cannot be contained and recycled back into the production process. |
Construction in progress | (h) Construction in progress Construction in progress is recorded at cost, and at the point at which the constructed asset is put into use, the full cost of the asset is reclassified from Construction in progress to Property, plant and equipment, net or Finance leases, net on the consolidated balance sheets. Construction progress payments, engineering costs and other costs directly relating to the asset under construction are capitalized during the construction period, provided the completion of the construction project is deemed probable or if the costs are associated with activities that could be utilized in future projects. Depreciation is not recognized during the construction period. The interest cost associated with major development and construction projects is capitalized during the construction period and included in the cost of the project in Construction in progress. |
Property, plant and equipment, net | (i) Property, plant and equipment, net Property, plant and equipment is recorded at cost. Expenditures for construction activities and betterments that extend the useful life of the asset are capitalized. Major maintenance and overhauls are capitalized and depreciated over the expected period until the next anticipated major maintenance or overhaul, while expenditures for routine maintenance and repairs are charged to expense as incurred within Operations and maintenance in the consolidated statements of operations and comprehensive loss. The Company depreciates property, plant and equipment using the straight-line depreciation method over the estimated economic life of the asset or lease term, whichever is shorter using the following useful lives: Useful life (Yrs) Terminal and power plant equipment 4-24 CHP facilities 4-20 Gas terminals 5-24 ISO containers and other equipment 3-25 LNG liquefaction facilities 20-40 Gas pipelines 4-24 Leasehold improvements 2-20 The Company reviews the remaining useful life of its assets on a regular basis to determine whether changes have taken place that would suggest that a change to depreciation policies is warranted. Upon retirement or disposal of property, plant and equipment, the cost and related accumulated depreciation are removed from the account, and the resulting gains or losses, if any, are recorded in the consolidated statements of operations and comprehensive loss. |
Asset retirement obligations ("AROs") | (j) Asset retirement obligations (“AROs”) AROs are recognized for legal obligations associated with the retirement of long-lived assets that result from the acquisition, leasing, construction, development and/or normal use of the assets and for conditional AROs in which the timing or method of settlement are conditional on a future event. The fair value of a liability for an ARO is recognized in the period in which the liability is incurred if a reasonable estimate of fair value can be made and is accreted to its final value over the life of the liability. The initial fair value of the liability is added to the carrying amount of the associated asset. This additional carrying amount is depreciated over the estimated useful life of the asset. The Company estimates the fair value of the ARO liability based on the present value of expected cash flows using a credit-adjusted risk-free rate. Liabilities for AROs may be incurred over more than one reporting period if the events that create the obligation occur over more than one period or if estimates change. The liability is accreted to its present value each period and the capitalized cost is depreciated in Depreciation and amortization in the consolidated statements of operations and comprehensive loss. Upon settlement of the obligation, the Company eliminates the liability and based on the actual cost to retire, may incur a gain or loss. There were no settlements of AROs during the years ended December 31, 2020 and 2019. |
Impairment of long-lived assets | (k) Impairment of long-lived assets The Company performs a recoverability assessment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Indicators may include, but are not limited to, adverse changes in the regulatory environment in a jurisdiction where the Company operates, unfavorable events impacting the supply chain for LNG to the Company’s operations, a decision to discontinue the development of a long-lived asset, early termination of a significant customer contract or the introduction of newer technology. When performing a recoverability assessment, the Company measures whether the estimated future undiscounted net cash flows expected to be generated by the asset exceeds its carrying value. In the event that an asset does not meet the recoverability test, the carrying value of the asset will be adjusted to fair value resulting in an impairment charge. Management develops the assumptions used in the recoverability assessment based on active contracts, current and future expectations of the global demand for LNG and natural gas, as well as information received from third party industry sources. The Company did not record an impairment during the years ended December 31, 2020, 2019 and 2018. |
Investment in equity securities | (l) Investment in equity securities Investment in equity securities is carried at fair value and included in Other non-current assets on the consolidated balance sheets, with gains or losses recorded in earnings in Other expense (income), net in the consolidated statements of operations and comprehensive loss. |
Intangible assets | (m) Intangible assets Upon a business combination or asset acquisition, the Company may obtain identifiable intangible assets. Intangible assets with a finite life are amortized over the estimated useful life of the asset under the straight-line method. Indefinite lived intangible assets are not amortized. Intangible assets with an indefinite useful life are tested for impairment on an annual basis or more frequently if changes in circumstances indicate that it is more likely than not that the asset is impaired. Indefinite lived intangible assets are evaluated for impairment either under the qualitative assessment option or the two-step quantitative test. If the carrying amount of an intangible asset being tested for impairment exceeds its fair value, the excess is recognized as impairment expense in the consolidated statements of operations and comprehensive loss. |
Long-term debt and debt issuance costs | (n) Long-term debt and debt issuance costs The Company’s debt has historically consisted of credit facilities with financial institutions and secured and unsecured bonds. Costs directly related to the issuance of debt are reported on the consolidated balance sheets as a reduction from the carrying amount of the recognized debt liability and amortized over the term of the debt using the effective interest method. Interest and related amortization of debt issuance costs recognized during major development and construction projects are capitalized and included in the cost of the project. |
Contingencies | (o) Contingencies The Company may be involved in legal actions in the ordinary course of business, including governmental and administrative investigations, inquiries and proceedings concerning employment, labor, environmental and other claims. The Company will recognize a loss contingency in the consolidated financial statements when it is probable a liability has been incurred and the amount of the loss can be reasonably estimated. The Company will disclose any loss contingencies that do not meet both conditions if there is a reasonable possibility that a loss may have been incurred. Gain contingencies are not recorded until realized. |
Revenue recognition | (p) Revenue recognition The Company’s contracts with customers may contain one or several performance obligations usually consisting of the sale of LNG, natural gas, and beginning in the first quarter of 2020, power and steam which are outputs from the Company’s natural gas-fueled infrastructure. The transaction price for each of these contracts is structured using similar inputs and factors regardless of the output delivered to the customer. The customers consume the benefit of the natural gas, power and steam when they are delivered by the Company to the customer’s power generation facilities or interconnection facility. Natural gas, power and steam qualify as a series with revenue being recognized over time using an output method, based on the quantity of natural gas, power or steam that the customer has consumed. LNG is typically delivered in containers transported by truck to customer sites. Revenue from sales of LNG delivered by truck is recognized at the point in time at which physical possession and the risks and rewards of ownership transfer to the customer, either when the containers are shipped or delivered to the customers’ storage facilities, depending on the terms of the contract. Because the nature, timing and uncertainty of revenue and cash flows are substantially the same for LNG, natural gas, power and steam, the Company has presented Operating revenue on an aggregated basis. The Company has concluded that variable consideration included in its agreements meets the exception for allocating variable consideration. As such, the variable consideration for these contracts is allocated to each distinct unit of LNG, natural gas, power or steam delivered and recognized when that distinct unit is delivered to the customer. The Company’s contracts with customers to supply natural gas or LNG may contain a lease of equipment. The Company allocates consideration received from customers between lease and non-lease components based on the relative fair value of each component. The fair value of the lease component is estimated based on the estimated standalone selling price of the same or similar equipment leased to the customer. The Company estimates the fair value of the non-lease component by forecasting volumes and pricing of gas to be delivered to the customer over the lease term. The leases of certain facilities and equipment to customers are accounted for as finance or operating leases. The current and non-current portion of finance leases are recorded within Prepaid expenses and other current assets and Finance leases, net on the consolidated balance sheets, respectively. For finance leases accounted for as sales-type leases, the profit from the sale of equipment is recognized upon lease commencement in Other revenue in the consolidated statements of operations and comprehensive loss. The lease payments for finance leases are segregated into principal and interest components similar to a loan. Interest income is recognized on an effective interest method over the lease term and included in Other revenue in the consolidated statements of operations and comprehensive loss. The principal component of the lease payment is reflected as a reduction to the net investment in the lease. For the Company’s operating leases, the amount allocated to the leasing component is recognized over the lease term as Other revenue in the consolidated statements of operations and comprehensive loss. In addition to the revenue recognized from the leasing components of agreements with customers, Other revenue includes revenue recognized from the construction, installation and commissioning of equipment, inclusive of natural gas delivered for the commissioning process, to transform customers’ facilities to operate utilizing natural gas or to allow customers to receive power or other outputs from our natural gas-fueled power generation facilities. Revenue from these development services is recognized over time as the Company transfers control of the asset to the customer or based on the quantity of natural gas consumed as part of commissioning the customer’s facilities until such time that the customer has declared such conversion services have been completed. If the customer is not able to obtain control over the asset under construction until such services are completed, revenue is recognized when the services are completed and the customer has control of the infrastructure. Such agreements may also include a significant financing component, and the Company recognizes revenue for the interest income component over the term of the financing as Other revenue. The timing of revenue recognition, billings and cash collections results in receivables, contract assets and contract liabilities. Receivables represent unconditional rights to consideration; unbilled amounts typically result from sales under long-term contracts when revenue recognized exceeds the amount billed to the customer. Contract assets are comprised of the transaction price allocated to completed performance obligations that will be billed to customers in subsequent periods. Both unbilled receivables and contract assets are recognized within Prepaid expenses and other current assets, net and Other non-current assets, net on the consolidated balance sheets. Contract liabilities consist of deferred revenue and are recognized within Other current liabilities on the consolidated balance sheets. Shipping and handling costs are not considered to be separate performance obligations. These costs are recognized in the period in which the costs are incurred and presented within Cost of sales in the consolidated statements of operations and comprehensive loss. All such shipping and handling activities are performed prior to the customer obtaining control of the LNG or natural gas. The Company collects sales taxes from its customers based on sales of taxable products and remits such collections to the appropriate taxing authority. The Company has elected to present sales tax collections in the consolidated statements of operations and comprehensive loss on a net basis and, accordingly, such taxes are excluded from reported revenues. The Company elected the practical expedient under which the Company does not adjust consideration for the effects of a significant financing component for those contracts where the Company expects at contract inception that the period between transferring goods to the customer and receiving payment from the customer will be one year or less. |
Contract termination charges and loss on mitigation sales | (q) Contract termination charges and oss on mitigation sales The Company has long-term supply agreements to purchase LNG, and the Company may incur termination charges to the extent that the Company cancels such contractual arrangements. Further, if the Company is unable to take physical possession of a portion of the contracted quantity of LNG due to capacity limitations, the supplier will attempt to sell the undelivered quantity through a mitigation sale. The Company may incur a loss on a mitigation sale if the cargo is unable to be sold for a price greater than the contracted price. These costs are included in a separate line in the consolidated statements of operations and comprehensive loss because such costs are not related to inventory delivered to the Company’s customers. During the year ended , the Company recognized a termination charge of $ associated with an agreement with of the Company’s LNG suppliers to terminate the obligation to purchase any LNG from this supplier for the remainder of . were recognized during the year ended . |
Leases, as lessee | (r) Leases, as lessee Effective January 1, 2020, the Company adopted ASU 2016-02, Leases (Topic 842), using a modified retrospective approach. The Company has entered into lease agreements for the use of LNG vessels, marine port space, office space, land and equipment, all of which are operating leases. Right-of-use (“ROU”) assets recognized for these leases represent the Company’s right to use an underlying asset for the lease term, and the lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of fixed lease payments over the lease term. Leases with terms of 12 months or less are excluded from ROU assets and lease liabilities on the balance sheet, and short-term lease payments are recognized on a straight-line basis over the lease term. Variable payments under short-term leases are recognized in the period in which the obligation that triggers the variable payment becomes probable. The Company, as lessee, has also elected the practical expedient not to separate lease and non-lease components for marine port space, office space, land and equipment leases. The Company separates the lease and non-lease components for LNG vessel leases. The allocation of lease payments between lease and non-lease components has been determined based on the relative fair value of each component. The fair value of the lease component is estimated based on the estimated standalone price to lease a bareboat LNG vessel. The fair value of the non-lease component is estimated based on the estimated standalone price of operating the respective vessel, inclusive of the costs of the crew and other operating costs. The Company has elected the land easement practical expedient, which allows the Company to continue to account for pre-existing land easements as intangible assets under the accounting policy that existed before adoption of ASC 842. |
Share-based compensation | (s) Share-based compensation In connection with the IPO, the Company adopted the New Fortress Energy LLC 2019 Omnibus Incentive Plan (the “Incentive Plan”), effective as of February 4, 2019. Under the Incentive Plan, the Company may issue options, share appreciation rights, restricted shares, restricted share units (“RSUs”), share bonuses or other share-based awards to selected officers, employees, non-employee directors and select non-employees of NFE or its affiliates. The Company accounts for share-based compensation in accordance with ASC 718, Compensation – Stock Compensation Equity During the first quarter of 2020, the Company granted performance share units (“PSUs”) to certain employees and non-employees. The PSUs contain a performance condition, and vesting will be determined based on achievement of an adjusted operating margin for the year ended December 31, 2021. |
Taxation | (t) Taxation Federal and state income taxes The Company accounts for income taxes in accordance with ASC 740, “Accounting for Income Taxes” The Company recognizes the effect of tax positions only if those positions are more likely than not of being sustained. Recognized tax positions are measured at the largest amount that is greater than 50 percent likely of being realized. Conclusions reached regarding tax positions are continually reviewed based on ongoing analyses of tax laws, regulations and interpretations thereof. To the extent that the Company’s assessment of the conclusions reached regarding tax positions changes as a result of the evaluation of new information, such change in estimate will be recorded in the period in which such determination is made. The Company reports interest and penalties relating to an underpayment of income taxes, if applicable, as a component of income tax expense. The Company has elected to treat amounts incurred under the global intangible low-taxed income (“GILTI”) rules as an expense in the period in which the tax is accrued. Accordingly, no deferred tax assets or liabilities are recorded related to GILTI. Foreign taxes Certain subsidiaries of the Company are subject to income tax in the local jurisdiction in which they operate; foreign taxes are computed based on the taxable income and the local jurisdictional tax rate. Other taxes Certain subsidiaries may be subject to payroll taxes, excise taxes, property taxes, sales and use taxes, in addition to income taxes in foreign countries in which they conduct business. In addition, certain subsidiaries are exposed to local state taxes, such as franchise taxes. Local state taxes that are not income taxes are recorded within Other expense (income), net in the consolidated statements of operations and comprehensive loss. |
Net loss per share | (u) Net loss per share Basic net loss per share (“EPS”) is computed by dividing net loss attributable to Class A common stock by the weighted average number of shares of Class A common stock outstanding during the period following the Reorganization. Class B shares represented non-economic interests in the Company, and as such, prior to the Exchange Transactions, earnings were not allocated to Class B shares. The dilutive effect of outstanding awards, if any, is reflected in diluted earnings per share by application of the treasury stock method or if-converted method, as applicable. For the years ended December 31, 2020 and 2019, there were no potentially dilutive shares outstanding. |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Significant accounting policies [Abstract] | |
Estimated Economic Life of Property Plant and Equipment | Property, plant and equipment is recorded at cost. Expenditures for construction activities and betterments that extend the useful life of the asset are capitalized. Major maintenance and overhauls are capitalized and depreciated over the expected period until the next anticipated major maintenance or overhaul, while expenditures for routine maintenance and repairs are charged to expense as incurred within Operations and maintenance in the consolidated statements of operations and comprehensive loss. The Company depreciates property, plant and equipment using the straight-line depreciation method over the estimated economic life of the asset or lease term, whichever is shorter using the following useful lives: Useful life (Yrs) Terminal and power plant equipment 4-24 CHP facilities 4-20 Gas terminals 5-24 ISO containers and other equipment 3-25 LNG liquefaction facilities 20-40 Gas pipelines 4-24 Leasehold improvements 2-20 |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from contracts with customers [Abstract] | |
Contract with Customer, Asset and Liability | The Company has recognized contract liabilities, comprised of unconditional payments due or paid under the contracts with customers prior to the Company’s satisfaction of the related performance obligations. The performance obligations are expected to be satisfied during the next months, and the contract liabilities are classified within Other current liabilities on the consolidated balance sheets. Contract assets are comprised of the transaction price allocated to completed performance obligations that will be billed to customers in subsequent periods. The contract liabilities and contract assets balances as of and are detailed below: December 31, 2020 December 31, 2019 Contract assets, net - current $ 3,673 $ 3,787 Contract assets, net - non-current 23,972 19,474 Total contract assets, net $ 27,645 $ 23,261 Contract liabilities $ 8,399 $ 6,542 Revenue recognized in the year from: Amounts included in contract liabilities at the beginning of the year $ 6,542 $ - |
Other Revenue | Other revenue includes revenue for development services as well as lease and other revenue. The table below summarizes the balances in Other revenue Year Ended December 31, 2020 2019 2018 Development services revenue $ 129,753 $ 27,308 $ - Lease and other revenue 3,586 16,317 15,395 Total other revenue $ 133,339 $ 43,625 $ 15,395 |
Remaining Performance Obligations | The Company has arrangements in which LNG, natural gas or outputs from the Company’s power generation facilities are sold on a “take-or-pay” basis whereby the customer is obligated to pay for the minimum guaranteed volumes even if it does not take delivery. The price under these agreements is typically based on a market index plus a fixed margin. The fixed transaction price allocated to the remaining performance obligations under these arrangements of , representing the fixed margin multiplied by the outstanding minimum guaranteed volumes. The Company expects to recognize this revenue over the following time periods. The pattern of recognition reflects the minimum guaranteed volumes in each period Period Revenue 2021 $ 258,738 2022 250,226 2023 250,317 2024 249,804 2025 246,709 Thereafter 3,101,260 Total $ 4,357,054 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Components of Operating Lease Costs | For the year ended December 31, 2020, the Company’s operating lease cost recorded within the consolidated statements of operations and comprehensive loss were as follows: December 31 , 2020 Fixed lease cost $ 39,841 Variable lease cost 2,013 Short-term lease cost 1,454 Lease cost - Cost of sales $ 36,283 Lease cost - Operations and maintenance 2,501 Lease cost - Selling, general and administrative 4,524 |
Supplemental Cash Flow Information Related to Leases | Cash paid for operating leases is reported in operating activities in the consolidated statements of cash flows. Supplemental cash flow information related to leases was as follows for the year ended December 31, 2020: December 31 , 2020 Operating cash outflows for operating lease liabilities $ 45,934 Right-of-use assets obtained in exchange for new operating lease liabilities 182,799 |
Future Payments Due under Operating Leases | The future payments due under operating leases as of December 31, 2020 are as follows: Operating Leases 2021 $ 43,467 2022 29,949 2023 18,738 2024 17,884 2025 10,698 Thereafter 50,387 Total lease payments $ 171,123 Less: effects of discounting 51,319 Present value of lease liabilities $ 119,804 Current lease liability $ 35,481 Non-current lease liability 84,323 |
Future Annual Minimum Lease Payments for Operating Leases | Future annual minimum lease payments for operating leases as of December 31, 2019, prepared in accordance with accounting standards prior to the adoption of ASC 842, were as follows: Year ending : 2020 $ 37,776 2021 35,478 2022 18,387 2023 7,083 2024 7,151 Thereafter 26,458 Total $ 132,333 |
Property, Plant and Equipment Subject to Operating Leases | In the Company’s agreements to sell LNG or natural gas to customers, the Company may also lease certain equipment to customers which are accounted for either as a finance or an operating lease. Property, plant and equipment subject to operating leases is included within ISO containers and other equipment within Note 11. Property, plant and equipment, net. The following is the amount of property, plant and equipment that is leased to customers: December 31 , 2020 Property, plant and equipment $ 18,394 Accumulated depreciation (932 ) Property, plant and equipment, net $ 17,462 |
Operating and Financing Lease Payments to be Received | The following table shows the expected future lease payments as of December 31, 2020, for 2021 through 2025 and thereafter: Future cash receipts Financing leases Operating leases 2021 $ 1,965 $ 256 2022 2,065 247 2023 2,066 249 2024 2,068 234 2025 1,933 194 Thereafter 5,438 539 Total $ 15,535 $ 1,719 Less: Imputed interest 7,119 Present value of total lease receipts $ 8,416 Current finance leases, net $ 1,372 Non-current finance leases, net 7,044 |
Fair value (Tables)
Fair value (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair value [Abstract] | |
Financial Assets and Financial Liabilities | The following table presents the Company’s financial assets and financial liabilities that are measured at fair value as of December 31, 2020 and 2019: December 31, 2020 Level 1 Level 2 Level 3 Total Valuation technique Assets 0 Cash and cash equivalents $ 601,522 $ - $ - $ 601,522 Market approach Restricted cash 27,814 - - 27,814 Market approach Investment in equity securities 1,095 - - 1,095 Market approach Total $ 630,431 $ - $ - $ 630,431 Liabilities Derivative liability¹ $ - $ - $ 10,716 $ 10,716 Income approach Equity agreement² - - 22,768 22,768 Income approach Total $ - $ - $ 33,484 $ 33,484 December 31, 2019 Level 1 Level 2 Level 3 Total Valuation technique Assets 0 Cash and cash equivalents $ 27,098 $ - $ - $ 27,098 Market approach Restricted cash 65,937 - - 65,937 Market approach Investment in equity securities 2,540 - - 2,540 Market approach Total $ 95,575 $ - $ - $ 95,575 Liabilities Derivative liability¹ $ - $ - $ 9,800 $ 9,800 Income approach Equity agreement² - - 16,800 16,800 Income approach Total $ - $ - $ 26,600 $ 26,600 (1) Consideration due to the sellers of Shannon LNG once first gas is supplied from the terminal to be built. (2) To be paid at the earlier of agreed-upon date or the date on which the valid planning permission is received as specified in the amended Shannon LNG Agreement. |
Fair Value and Currency Translation Adjustment | The Company estimates fair value of the derivative liability and equity agreement using a discounted cash flows method with discount rates based on the average yield curve for bonds with similar credit ratings and matching terms to the discount periods as well as a probability of the contingent event occurring. The table below summarizes the fair value adjustment, recorded within Other expense (income), net in the consolidated statements of operations and comprehensive loss, and currency translation adjustment, recorded within the Other comprehensive loss, for the year ended December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Fair value adjustment - Loss $ 4,408 $ 121 Currency translation adjustment - Loss/(gain) 2,476 (280 ) |
Restricted cash (Tables)
Restricted cash (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restricted cash [Abstract] | |
Restricted Cash | As of December 31, 2020 and 2019, restricted cash consisted of the following: December 31, December 31, Collateral for performance under customer agreements $ 15,000 $ 15,000 Collateral for LNG purchases 11,664 35,000 Collateral for letters of credit and performance bonds 900 7,388 Debt service reserve account - 8,299 Other restricted cash 250 250 Total restricted cash $ 27,814 $ 65,937 Current restricted cash $ 12,814 $ 30,966 Non-current restricted cash 15,000 34,971 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory [Abstract] | |
Inventory | As of December 31, 2020 and 2019, inventory consisted of the following: December 31, December 31, LNG and natural gas inventory $ 13,986 $ 57,436 Automotive diesel oil inventory 3,986 4,746 Bunker fuel, materials, supplies and other 4,888 1,250 Total inventory $ 22,860 $ 63,432 |
Prepaid expenses and other cu_2
Prepaid expenses and other current assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Prepaid expenses and other current assets [Abstract] | |
Prepaid Expenses and Other Current Assets | As of December 31, 2020 and 2019, prepaid expenses and other current assets consisted of the following: December 31, December 31, Prepaid LNG $ 11,987 $ 7,097 Prepaid expenses 4,941 7,458 Due from affiliates (Note 21) 1,881 1,577 Other current assets 29,461 23,602 Total prepaid expenses and other current assets, net $ 48,270 $ 39,734 |
Construction in progress (Table
Construction in progress (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Construction in progress [Abstract] | |
Construction in Progress Activity | The Company’s construction in progress activity during the years ended December 31, 2020 and 2019 is detailed below: December 31, 2020 December 31, 2019 Balance at beginning of period $ 466,587 $ 254,700 Additions 118,530 315,188 Transferred to property, plant and equipment, net (Note 11) (351,080 ) (103,301 ) Balance at end of period $ 234,037 $ 466,587 |
Property, plant and equipment_2
Property, plant and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, plant and equipment, net [Abstract] | |
Property, Plant and Equipment, Net | As of December 31, 2020 and 2019 the Company’s property, plant and equipment, net consisted of the following: December 31, 2020 December 31, 2019 Terminal and power plant equipment $ 188,855 $ 14,981 CHP facilities 119,723 - Gas terminals 120,810 53,380 ISO containers and other equipment 100,137 42,704 LNG liquefaction facilities 63,213 62,929 Gas pipelines 58,974 11,684 Land 16,246 15,401 Leasehold improvements 8,723 8,054 Accumulated depreciation (62,475 ) (16,911 ) Total property, plant and equipment, net $ 614,206 $ 192,222 |
Intangible assets, net (Tables)
Intangible assets, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Intangible assets, net [Abstract] | |
Composition of Intangible Assets | The following table summarizes the composition of intangible assets as of December 31, 2020 and 2019: December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Life Definite-lived intangible assets Shannon LNG permits $ 45,897 $ 2,438 $ 43,459 40 Easements 1,559 190 1,369 30 Indefinite-lived intangible assets Easements 1,274 - 1,274 n/a Total intangible assets $ 48,730 $ 2,628 $ 46,102 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Life Definite-lived intangible assets Shannon LNG permits $ 42,157 $ 1,198 $ 40,959 40 Easements 1,559 139 1,420 30 Indefinite-lived intangible assets Easements 1,161 - 1,161 n/a Total intangible assets $ 44,877 $ 1,337 $ 43,540 |
Estimated Aggregate Amortization Expense | Amortization for the years ended December 31, 2020 and 2019 totaled $1,120 and $1,114, respectively. The estimated aggregate amortization expense for each of the next five years is: Year ending December 31: 2021 $ 1,199 2022 1,199 2023 1,199 2024 1,199 2025 1,199 Thereafter 38,833 Total $ 44,828 |
Other non-current assets (Table
Other non-current assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other non-current assets [Abstract] | |
Other Non-Current Assets | As of December 31, 2020 and 2019, other non-current assets consisted of the following: December 31, December 31, Nonrefundable deposit $ 28,509 $ 22,262 Contract asset, net (Note 4) 23,972 19,474 Cost to fulfill (Note 4) 10,688 8,508 Unbilled receivables, net (Note 4) 6,462 - Upfront payments to customers 6,330 5,904 Port access rights and initial lease costs - 17,762 Other 10,069 10,256 Total other non-current assets, net $ 86,030 $ 84,166 |
Accrued liabilities (Tables)
Accrued liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accrued liabilities [Abstract] | |
Accrued Liabilities | As of December 31, 2020 and 2019 accrued liabilities consisted of the following: December 31, December 31, Accrued development costs $ 16,631 $ 25,037 Accrued interest 27,938 - Accrued bonuses 17,344 14,991 Other accrued expenses 28,439 14,915 Total accrued liabilities $ 90,352 $ 54,943 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt [Abstract] | |
Long-Term Debt | As of December 31, 2020 and 2019, debt consisted of the following: December 31, 2020 December 31, 2019 Senior Secured Notes, due September 15, 2025 $ 1,239,561 $ - Term Loan Facility, due January 21, 2020 - 495,000 Senior Secured Bonds, due September 2034 - 70,960 Senior Secured Bonds, due December 2034 - 10,823 Senior Unsecured Bonds, due September 2036 - 42,274 Total debt $ 1,239,561 $ 619,057 |
Interest Expense | Interest and related amortization of debt issuance costs recognized during major development and construction projects are capitalized and included in the cost of the project. Interest expense, net of amounts capitalized, recognized for the years ended December 31, 2020, 2019 and 2018 consisted of the following: Year Ended December 31, 2020 2019 2018 Interest per contractual rates $ 76,176 $ 32,283 $ 9,363 Amortization of debt issuance costs 15,471 12,301 3,617 Total interest costs 91,647 44,584 12,980 Capitalized interest 25,924 25,172 1,732 Total interest expense $ 65,723 $ 19,412 $ 11,248 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income taxes [Abstract] | |
Loss Before Income Taxes | The components of the Company’s loss before income taxes for the years ended December 31, 2020, 2019, and 2018 were as follows: Year Ended December 31, 2020 2019 2018 United States $ (166,571 ) $ (194,481 ) $ (74,873 ) Foreign (92,577 ) (9,399 ) (3,647 ) Loss before taxes $ (259,148 ) $ (203,880 ) $ (78,520 ) |
Income Tax Expense (Benefit) | Income tax expense (benefit) is comprised of the following for the years ended December 31, 2020, 2019, and 2018: Year Ended December 31, 2020 2019 2018 Current: Domestic $ - $ - $ - Foreign 2,063 47 7 Total current tax expense 2,063 47 7 Deferred: Domestic - - - Foreign 2,754 392 (345 ) Total deferred tax expense (benefit) 2,754 392 (345 ) Total provision for (benefit from) income taxes $ 4,817 $ 439 $ (338 ) |
Effective Tax Rate | A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate is as follows: Year Ended December 31, 2020 2019 2018 Income tax at the statutory rate 21.0 % 21.0 % - Impact from foreign operations (2.9 %) - - Foreign tax rate differential 2.9 % 0.8 % 0.4 % Foreign tax on foreign operations 0.4 % 2.9 % - Foreign permanent adjustments (0.4 %) 5.0 % - Foreign valuation allowance 0.1 % (10.8 %) - Domestic valuation allowance (14.2 %) (2.1 %) - Income attributable to non-controlling interest (6.4 %) (18.2 %) - Other (2.4 %) 1.2 % - Effective income tax rate (1.9 %) (0.2 %) 0.4 % |
Valuation Allowance on Deferred Tax Assets | The following table summarizes the changes in the Company’s valuation allowance on deferred tax assets for the period indicated for the years ended December 31, 2020 and 2019: Year Ended December 31, 2020 2019 Balance at the beginning of the period $ 80,911 $ 241 Change in valuation allowance 51,586 80,670 Balance at the end of the period $ 132,497 $ 80,911 |
Deferred Tax Assets and Liabilities | The tax effect of each type of temporary difference and carryforward that give rise to a significant deferred tax asset or liability as of December 31, 2020 and 2019 are as follows: Year Ended December 31, 2020 2019 Deferred tax assets: Investment in NFI $ 64,553 $ 46,185 Accrued interest 18,885 14,047 IRC Section 163(j) interest carryforward 6,909 182 Federal and state net operating loss carryforward 32,145 3,215 Foreign net operating loss carryforward 24,525 19,713 Share-based compensation 6,611 8,958 Lease liability 4,383 - Other 1,252 224 Total deferred tax assets 159,263 92,524 Valuation allowance (132,497 ) (80,911 ) Deferred tax assets, net of valuation allowance 26,766 11,613 Deferred tax liabilities: Property and equipment (22,566 ) (11,820 ) Lease asset (4,215 ) - Total deferred tax liabilities (26,781 ) (11,820 ) Net deferred tax liabilities $ (15 ) $ (207 ) |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and contingencies [Abstract] | |
Estimated Future Cash Payments | In conjunction with its principal business activities, the Company enters into various firm commitments for the purchase, production, and transportation of LNG and natural gas, as well as engineering, procurement and construction agreements to develop the Company’s terminals and related infrastructure. The estimated future cash payments related to outstanding contractual commitments, at market prices as of December 31, 2020, is summarized as follows: 2021 2022 2023 2024 _ Purchase obligations $ 376,097 $ 362,294 $ 362,294 $ 362,311 $ 1,027,352 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings per share [Abstract] | |
Earnings Per Share | December 31, 2020 December 31, 2019 Numerator: Net loss $ (263,965 ) $ (204,319 ) Less: net loss attributable to non-controlling interests 81,818 170,510 Net loss attributable to Class A common stock $ (182,147 ) $ (33,809 ) Denominator: Weighted-average shares-basic and diluted 106,654,918 20,862,555 Net loss per share - basic and diluted $ (1.71 ) $ (1.62 ) |
Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share Effects Presented in Anti-dilutive | The following table presents potentially dilutive securities excluded from the computation of diluted net loss per share for the periods presented because its effects would have been anti-dilutive. December 31, 2020 December 31, 2019 Unvested RSUs1 1,538,060 3,137,415 Class B shares2 - 144,342,572 Shannon Equity Agreement shares3 428,275 1,083,995 Total 1,966,335 148,563,982 1 Represents the number of instruments outstanding at the end of the period. 2 Class B shares at the end of the period are considered potentially dilutive Class A shares. 3 Class A common stock that would be issued in relation to the Shannon LNG Equity Agreement. |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based compensation [Abstract] | |
RSU Activity | The following table summarizes the RSU activity for the year ended Restricted Share Units Weighted-average grant date fair value per share Non-vested RSUs as of December 31, 2019 3,137,415 $ 13.44 Granted 109,409 14.47 Vested (1,507,633 ) 13.47 Forfeited (201,131 ) 13.51 Non-vested RSUs as of December 31, 2020 1,538,060 $ 13.49 |
Share-based Compensation Expense | The following table summarizes the share-based compensation expense for the Company’s RSUs recorded for the year ended and : Year Ended 2020 2019 Operations and maintenance $ 800 $ 853 Selling, general and administrative 7,943 40,594 Total share-based compensation expense $ 8,743 $ 41,447 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related party transactions [Abstract] | |
Due to/from Affiliates | The table below summarizes the balances outstanding with affiliates as of December 31, 2020 and 2019: December 31, December 31, Amounts due to affiliates $ 8,980 $ 10,252 Amounts due from affiliates 1,881 1,577 |
Unaudited quarterly financial_2
Unaudited quarterly financial data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Unaudited quarterly financial data [Abstract] | |
Quarterly Financial Data | Summarized quarterly financial data for the years ended December 31, 2020 and 2019 are as follows: (in thousands of U.S. dollars, except per share data) Three Months Ended March 31, 2020 (1) June 30, 2020 (1, 2) September 30, 2020 December 31, 2020 Revenues $ 74,530 $ 94,566 $ 136,858 $ 145,696 Operating loss (36,169 ) (148,273 ) 11,053 18,031 Net loss (60,223 ) (166,587 ) (36,670 ) (485 ) Net (loss) income attributable to stockholders (8,466 ) (137,493 ) (36,358 ) 170 Basic and diluted (loss) income per share (3) (0.32 ) (2.40 ) (0.21 ) 0.00 Three Months Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Revenues $ 29,951 $ 39,766 $ 49,656 $ 69,752 Operating loss (59,337 ) (43,959 ) (47,726 ) (36,253 ) Net loss (60,292 ) (51,233 ) (54,424 ) (38,370 ) Net loss attributable to stockholders (13,557 ) (6,186 ) (6,723 ) (7,343 ) Basic and diluted loss per share (3) (0.96 ) (0.28 ) (0.30 ) (0.30 ) (1) Operating loss, net loss and net loss attributable to stockholders for the months ended and reflect the adoption of ASC . The Company adopted ASC in the quarter of with an effective date of , due to the loss of EGC status in that quarter. (2) Operating loss, net loss and net loss attributable to stockholders for the three months ended June 30, 2020 includes a termination charge of $105,000 associated with an agreement with one of the Company’s LNG suppliers to terminate the obligation to purchase any LNG from this supplier for the remainder of 2020. (3) Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share. |
Organization (Details)
Organization (Details) | 12 Months Ended |
Dec. 31, 2020Segment | |
Organization [Abstract] | |
Number of operating segments | 1 |
Significant accounting polici_4
Significant accounting policies (Details) $ / shares in Units, $ in Thousands | Aug. 07, 2020$ / sharesshares | Jun. 10, 2020shares | Mar. 01, 2019USD ($)$ / sharesshares | Feb. 04, 2019USD ($)$ / sharesshares | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)Obligation$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($) |
Basis of presentation and principles of consolidation [Abstract] | ||||||||
Net proceeds from initial public offering | $ 0 | $ 274,948 | $ 0 | |||||
Percentage of voting and non-economic interest | 88.00% | |||||||
Percentage of economic interest in NFI | 88.00% | |||||||
Payment of stock issuance costs | $ 1,107 | 6,938 | $ 0 | |||||
Exchange transactions completion date | Jun. 10, 2020 | |||||||
Number of LLC shares converted to Corporate shares (in shares) | shares | 1 | |||||||
Par value per share (in dollars per share) | $ / shares | $ 0.01 | |||||||
Taxation [Abstract] | ||||||||
Deferred tax assets, net | $ 2,315 | 34 | ||||||
Deferred tax liabilities | 26,781 | 11,820 | ||||||
Asset retirement obligations [Abstract] | ||||||||
Asset retirement obligations settlements | 0 | 0 | ||||||
Impairment of long-lived assets [Abstract] | ||||||||
Impairment of long-lived assets | $ 0 | $ 0 | ||||||
Revenue recognition [Abstract] | ||||||||
Number of performance obligations | Obligation | 1 | |||||||
Contract Termination Charges and Loss on Mitigation Sales [Abstract] | ||||||||
Termination charges | $ 105,000 | $ 105,000 | ||||||
Loss on mitigation sales | $ (19,114) | |||||||
Net loss per share [Abstract] | ||||||||
Shares outstanding (in shares) | shares | 0 | 0 | ||||||
GILTI [Member] | ||||||||
Taxation [Abstract] | ||||||||
Deferred tax assets, net | $ 0 | |||||||
Deferred tax liabilities | $ 0 | |||||||
Terminal and Power Plant Equipment [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment, Net [Abstract] | ||||||||
Estimated economic life | 4 years | |||||||
Terminal and Power Plant Equipment [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment, Net [Abstract] | ||||||||
Estimated economic life | 24 years | |||||||
CHP Facilities [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment, Net [Abstract] | ||||||||
Estimated economic life | 4 years | |||||||
CHP Facilities [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment, Net [Abstract] | ||||||||
Estimated economic life | 20 years | |||||||
Gas Terminals [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment, Net [Abstract] | ||||||||
Estimated economic life | 5 years | |||||||
Gas Terminals [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment, Net [Abstract] | ||||||||
Estimated economic life | 24 years | |||||||
ISO Containers and Other Equipment [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment, Net [Abstract] | ||||||||
Estimated economic life | 3 years | |||||||
ISO Containers and Other Equipment [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment, Net [Abstract] | ||||||||
Estimated economic life | 25 years | |||||||
LNG Liquefaction Facilities [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment, Net [Abstract] | ||||||||
Estimated economic life | 20 years | |||||||
LNG Liquefaction Facilities [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment, Net [Abstract] | ||||||||
Estimated economic life | 40 years | |||||||
Gas Pipelines [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment, Net [Abstract] | ||||||||
Estimated economic life | 4 years | |||||||
Gas Pipelines [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment, Net [Abstract] | ||||||||
Estimated economic life | 24 years | |||||||
Leasehold Improvements [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment, Net [Abstract] | ||||||||
Estimated economic life | 2 years | |||||||
Leasehold Improvements [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment, Net [Abstract] | ||||||||
Estimated economic life | 20 years | |||||||
Class A [Member] | ||||||||
Basis of presentation and principles of consolidation [Abstract] | ||||||||
Shares outstanding (in shares) | shares | 174,622,862 | |||||||
Shares issued in exchange of NFI units (in shares) | shares | 144,342,572 | |||||||
Par value per share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||
Class A [Member] | IPO [Member] | ||||||||
Basis of presentation and principles of consolidation [Abstract] | ||||||||
Shares issued in initial public offering (in shares) | shares | 837,272 | 20,000,000 | ||||||
IPO price per share (in dollars per share) | $ / shares | $ 14 | $ 14 | ||||||
Net proceeds from initial public offering | $ 11,000 | $ 257,000 | ||||||
Shares outstanding (in shares) | shares | 20,837,272 | |||||||
Payment of stock issuance costs | $ 700 | |||||||
Class B [Member] | ||||||||
Basis of presentation and principles of consolidation [Abstract] | ||||||||
Shares outstanding (in shares) | shares | 0 | |||||||
Shares issued in exchange of NFI units (in shares) | shares | 144,342,572 | |||||||
Class B [Member] | IPO [Member] | ||||||||
Basis of presentation and principles of consolidation [Abstract] | ||||||||
Effects of reorganization transactions (in shares) | shares | 147,058,824 | |||||||
Shares outstanding (in shares) | shares | 147,058,824 |
Adoption of new and revised s_2
Adoption of new and revised standards (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Adoption of New and Revised Standards [Abstract] | ||
Right-of-use asset | $ 141,347 | $ 0 |
Lease liability | 119,804 | |
Adjustments to retained earnings, net of tax | (229,503) | (45,823) |
ASU 2016-13 [Member] | ||
Adoption of New and Revised Standards [Abstract] | ||
Credit loss expense | $ 316 | |
ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Adoption of New and Revised Standards [Abstract] | ||
Adjustments to retained earnings, net of tax | (228) | |
ASU 2016-02 [Member] | ||
Adoption of New and Revised Standards [Abstract] | ||
Right-of-use asset | 124,774 | |
Lease liability | 103,874 | |
ASU 2016-02 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Adoption of New and Revised Standards [Abstract] | ||
Adjustments to retained earnings, net of tax | (9,085) | |
Adjustments to retained earnings, tax | $ (2,945) |
Revenue from contracts with c_3
Revenue from contracts with customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from contracts with customers [Abstract] | |||
Receivables, revenue from contracts with customers | $ 76,431 | $ 40,731 | |
Current expected credit losses | 98 | 0 | |
Contract with Customer, Asset and Liability [Abstract] | |||
Contract assets, net - current | 3,673 | 3,787 | |
Contract assets, net - non-current | 23,972 | 19,474 | |
Total contract assets, net | 27,645 | 23,261 | |
Contract liabilities | 8,399 | 6,542 | |
Revenue recognized in the year from [Abstract] | |||
Amounts included in contract liabilities at the beginning of the year | 6,542 | 0 | |
Contract assets net of current expected credit losses | 372 | 0 | |
Unbilled receivables net of current expected credit losses | 6,818 | ||
Unbilled receivables included in other current assets | 356 | ||
Unbilled receivables included in other non-current asset | 6,462 | ||
Disaggregation of Revenue [Abstract] | |||
Operating revenue | 318,311 | 145,500 | $ 96,906 |
Other revenues | 133,339 | 43,625 | 15,395 |
Revenue, Performance Obligation Satisfied over Time [Abstract] | |||
Remaining performance obligation | 4,357,054 | ||
Capitalized Contract Cost [Abstract] | |||
Capitalized contract costs | 11,276 | 8,839 | |
Other current assets | 588 | 331 | |
Other noncurrent assets | 10,688 | 8,508 | |
Power and Steam [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Operating revenue | 23,062 | ||
Development Services [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Other revenues | 129,753 | 27,308 | 0 |
Development Services [Member] | Natural Gas Used In Commissioning [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Other revenues | 118,757 | ||
Lease and Other Revenue [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Other revenues | 3,586 | $ 16,317 | $ 15,395 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |||
Revenue, Performance Obligation Satisfied over Time [Abstract] | |||
Remaining performance obligation | $ 258,738 | ||
Remaining performance obligation, expected timing of satisfaction, period | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |||
Revenue, Performance Obligation Satisfied over Time [Abstract] | |||
Remaining performance obligation | $ 250,226 | ||
Remaining performance obligation, expected timing of satisfaction, period | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |||
Revenue, Performance Obligation Satisfied over Time [Abstract] | |||
Remaining performance obligation | $ 250,317 | ||
Remaining performance obligation, expected timing of satisfaction, period | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |||
Revenue, Performance Obligation Satisfied over Time [Abstract] | |||
Remaining performance obligation | $ 249,804 | ||
Remaining performance obligation, expected timing of satisfaction, period | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |||
Revenue, Performance Obligation Satisfied over Time [Abstract] | |||
Remaining performance obligation | $ 246,709 | ||
Remaining performance obligation, expected timing of satisfaction, period | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |||
Revenue, Performance Obligation Satisfied over Time [Abstract] | |||
Remaining performance obligation | $ 3,101,260 | ||
Remaining performance obligation, expected timing of satisfaction, period |
Leases, Components of Operating
Leases, Components of Operating Lease Costs (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Operating lease cost [Abstract] | |
Fixed lease cost | $ 39,841 |
Variable lease cost | 2,013 |
Short-term lease cost | 1,454 |
Lease cost - Cost of sales | 36,283 |
Lease cost - Operations and maintenance | 2,501 |
Lease cost - Selling, general and administrative | 4,524 |
Capitalized lease cost | $ 10,457 |
Leases, Lessee Operating Lease
Leases, Lessee Operating Lease Supplemental Cash Flow Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Supplemental cash flow information related to leases [Abstract] | |
Operating cash outflows for operating lease liabilities | $ 45,934 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 182,799 |
Leases, Future Payments Due und
Leases, Future Payments Due under Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Future payments due under operating leases [Abstract] | ||
2021 | $ 43,467 | |
2022 | 29,949 | |
2023 | 18,738 | |
2024 | 17,884 | |
2025 | 10,698 | |
Thereafter | 50,387 | |
Total lease payments | 171,123 | |
Less: effects of discounting | 51,319 | |
Present value of lease liabilities | 119,804 | |
Current lease liability | 35,481 | $ 0 |
Non-current lease liability | $ 84,323 | $ 0 |
Weighted-average remaining lease term | 7 years 2 months 12 days | |
Weighted average discount rate | 8.30% |
Leases, Future Annual Minimum L
Leases, Future Annual Minimum Lease Payments for Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating lease future minimum payments before adoption of ASC 842 [Abstract] | |||
2020 | $ 37,776 | ||
2021 | 35,478 | ||
2022 | 18,387 | ||
2023 | 7,083 | ||
2024 | 7,151 | ||
Thereafter | 26,458 | ||
Total | 132,333 | ||
Operating leases, rent expense [Abstract] | |||
Rental expense | $ 37,069 | $ 23,687 | |
Noncancelable term for ISO tanks | 5 years | ||
Fixed payments for lease components | $ 19,000 |
Leases, Property, Plant and Equ
Leases, Property, Plant and Equipment Subject to Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment Subjected to Operating Lease [Abstract] | ||
Total property, plant and equipment, net | $ 614,206 | $ 192,222 |
Lessor [Member] | ||
Property, Plant and Equipment Subjected to Operating Lease [Abstract] | ||
Property, plant and equipment | 18,394 | |
Accumulated depreciation | (932) | |
Total property, plant and equipment, net | $ 17,462 |
Leases, Expected Future Lease P
Leases, Expected Future Lease Payments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Financing leases, lease receivable, fiscal year maturity [Abstract] | |
2021 | $ 1,965 |
2022 | 2,065 |
2023 | 2,066 |
2024 | 2,068 |
2025 | 1,933 |
Thereafter | 5,438 |
Total | 15,535 |
Less: Imputed interest | 7,119 |
Present value of total lease receipts | 8,416 |
Current finance leases, net | 1,372 |
Non-current finance leases, net | 7,044 |
Operating lease, payments, fiscal year maturity [Abstract] | |
2021 | 256 |
2022 | 247 |
2023 | 249 |
2024 | 234 |
2025 | 194 |
Thereafter | 539 |
Total | $ 1,719 |
Fair value (Details)
Fair value (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Assets [Abstract] | |||
Restricted cash | $ 27,814 | $ 65,937 | |
Fair Value Adjustment and Currency Translation Adjustment [Abstract] | |||
Fair value adjustment - Loss | 4,408 | 121 | |
Currency translation adjustment - Loss/(gain) | 2,476 | (280) | |
Senior Notes [Member] | |||
Fair Value Adjustment and Currency Translation Adjustment [Abstract] | |||
Fair value of notes | 1,327,488 | ||
Market Approach [Member] | |||
Assets [Abstract] | |||
Cash and cash equivalents | 601,522 | 27,098 | |
Restricted cash | 27,814 | 65,937 | |
Investment in equity securities | 1,095 | 2,540 | |
Total | 630,431 | 95,575 | |
Income Approach [Member] | |||
Liabilities [Abstract] | |||
Derivative liability | [1] | 10,716 | 9,800 |
Equity agreement | [2] | 22,768 | 16,800 |
Total | 33,484 | 26,600 | |
Level 1 [Member] | Market Approach [Member] | |||
Assets [Abstract] | |||
Cash and cash equivalents | 601,522 | 27,098 | |
Restricted cash | 27,814 | 65,937 | |
Investment in equity securities | 1,095 | 2,540 | |
Total | 630,431 | 95,575 | |
Level 1 [Member] | Income Approach [Member] | |||
Liabilities [Abstract] | |||
Derivative liability | [1] | 0 | 0 |
Equity agreement | [2] | 0 | 0 |
Total | 0 | 0 | |
Level 2 [Member] | Market Approach [Member] | |||
Assets [Abstract] | |||
Cash and cash equivalents | 0 | 0 | |
Restricted cash | 0 | 0 | |
Investment in equity securities | 0 | 0 | |
Total | 0 | 0 | |
Level 2 [Member] | Income Approach [Member] | |||
Liabilities [Abstract] | |||
Derivative liability | [1] | 0 | 0 |
Equity agreement | [2] | 0 | 0 |
Total | 0 | 0 | |
Level 3 [Member] | Market Approach [Member] | |||
Assets [Abstract] | |||
Cash and cash equivalents | 0 | 0 | |
Restricted cash | 0 | 0 | |
Investment in equity securities | 0 | 0 | |
Total | 0 | 0 | |
Level 3 [Member] | Income Approach [Member] | |||
Liabilities [Abstract] | |||
Derivative liability | [1] | 10,716 | 9,800 |
Equity agreement | [2] | 22,768 | 16,800 |
Total | $ 33,484 | $ 26,600 | |
[1] | Consideration due to the sellers of Shannon LNG once first gas is supplied from the terminal to be built. | ||
[2] | To be paid at the earlier of agreed-upon date or the date on which the valid planning permission is received as specified in the amended Shannon LNG Agreement. |
Restricted cash (Details)
Restricted cash (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted cash [Abstract] | ||
Collateral for performance under customer agreements | $ 15,000 | $ 15,000 |
Collateral for LNG purchases | 11,664 | 35,000 |
Collateral for letters of credit and performance bonds | 900 | 7,388 |
Debt service reserve account | 0 | 8,299 |
Other restricted cash | 250 | 250 |
Total restricted cash | 27,814 | 65,937 |
Current restricted cash | 12,814 | 30,966 |
Non-current restricted cash | $ 15,000 | $ 34,971 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Inventory [Abstract] | |||
LNG and natural gas inventory | $ 13,986 | $ 57,436 | |
Automotive diesel oil inventory | 3,986 | 4,746 | |
Bunker fuel, materials, supplies and other | 4,888 | 1,250 | |
Total inventory | 22,860 | 63,432 | |
Inventory adjustments | $ 0 | $ 251 | $ 0 |
Prepaid expenses and other cu_3
Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Prepaid expenses and other current assets [Abstract] | ||
Prepaid LNG | $ 11,987 | $ 7,097 |
Prepaid expenses | 4,941 | 7,458 |
Due from affiliates (Note 21) | 1,881 | 1,577 |
Other current assets | 29,461 | 23,602 |
Total prepaid expenses and other current assets, net | $ 48,270 | $ 39,734 |
Construction in progress (Detai
Construction in progress (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Construction in Progress [Roll Forward] | |||
Balance at beginning of period | $ 466,587 | $ 254,700 | |
Additions | 118,530 | 315,188 | |
Transferred to property, plant and equipment, net (Note 11) | (351,080) | (103,301) | |
Balance at end of period | 234,037 | 466,587 | $ 254,700 |
Interest costs capitalized | $ 25,924 | $ 25,172 | $ 1,732 |
Property, plant and equipment_3
Property, plant and equipment, net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment, Net [Abstract] | |||
Accumulated depreciation | $ (62,475) | $ (16,911) | |
Total property, plant and equipment, net | 614,206 | 192,222 | |
Depreciation | 32,116 | 7,527 | $ 3,900 |
Cost of Sales [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Depreciation | 927 | 701 | $ 713 |
Terminal and Power Plant Equipment [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property, plant and equipment, gross | 188,855 | 14,981 | |
CHP Facilities [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property, plant and equipment, gross | 119,723 | 0 | |
Gas Terminals [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property, plant and equipment, gross | 120,810 | 53,380 | |
ISO Containers and Other Equipment [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property, plant and equipment, gross | 100,137 | 42,704 | |
LNG Liquefaction Facilities [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property, plant and equipment, gross | 63,213 | 62,929 | |
Gas Pipelines [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property, plant and equipment, gross | 58,974 | 11,684 | |
Land [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property, plant and equipment, gross | 16,246 | 15,401 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property, plant and equipment, gross | $ 8,723 | $ 8,054 |
Intangible assets, net, Composi
Intangible assets, net, Composition of intangible assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Intangible Assets, Net [Abstract] | ||
Definite-Lived Intangible Assets, Accumulated Amortization | $ 2,628 | $ 1,337 |
Definite-Lived Intangible Assets, Net Carrying Amount | 44,828 | |
Total Intangible Assets, Gross Carrying Amount | 48,730 | 44,877 |
Total Intangible Assets, Net Carrying Amount | $ 46,102 | $ 43,540 |
Weighted average remaining amortization period for intangible assets | 37 years 6 months | 38 years 9 months 18 days |
Easements [Member] | ||
Intangible Assets, Net [Abstract] | ||
Indefinite-Lived Intangible Assets, Carrying Amount | $ 1,274 | $ 1,161 |
Shannon LNG Permits [Member] | ||
Intangible Assets, Net [Abstract] | ||
Definite-Lived Intangible Assets, Gross Carrying Amount | 45,897 | 42,157 |
Definite-Lived Intangible Assets, Accumulated Amortization | 2,438 | 1,198 |
Definite-Lived Intangible Assets, Net Carrying Amount | $ 43,459 | $ 40,959 |
Definite-Lived Intangible Assets, Weighted Average Life | 40 years | 40 years |
Easements [Member] | ||
Intangible Assets, Net [Abstract] | ||
Definite-Lived Intangible Assets, Gross Carrying Amount | $ 1,559 | $ 1,559 |
Definite-Lived Intangible Assets, Accumulated Amortization | 190 | 139 |
Definite-Lived Intangible Assets, Net Carrying Amount | $ 1,369 | $ 1,420 |
Definite-Lived Intangible Assets, Weighted Average Life | 30 years | 30 years |
Intangible assets, net, Estimat
Intangible assets, net, Estimated aggregate amortization expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Estimated aggregate amortization expense for next five year [Abstract] | ||
2021 | $ 1,199 | |
2022 | 1,199 | |
2023 | 1,199 | |
2024 | 1,199 | |
2025 | 1,199 | |
Thereafter | 38,833 | |
Definite-Lived Intangible Assets, Net Carrying Amount | 44,828 | |
Amortization | $ 1,120 | $ 1,114 |
Other non-current assets (Detai
Other non-current assets (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)SalesContract | Dec. 31, 2019USD ($) | |
Other non-current assets [Abstract] | ||
Nonrefundable deposit | $ 28,509 | $ 22,262 |
Contract asset net (Note 4) | 23,972 | 19,474 |
Cost to fulfill (Note 4) | 10,688 | 8,508 |
Unbilled receivables, net (Note 4) | 6,462 | 0 |
Upfront payments to customers | 6,330 | 5,904 |
Port access rights and initial lease costs | 0 | 17,762 |
Other | 10,069 | 10,256 |
Total other non-current assets, net | $ 86,030 | $ 84,166 |
Number of sales contracts | SalesContract | 2 | |
SAFE [Member] | ||
Other Assets, Noncurrent [Abstract] | ||
Investment in equity securities | $ 1,000 |
Accrued liabilities (Details)
Accrued liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued liabilities [Abstract] | ||
Accrued development costs | $ 16,631 | $ 25,037 |
Accrued interest | 27,938 | 0 |
Accrued bonuses | 17,344 | 14,991 |
Other accrued expenses | 28,439 | 14,915 |
Total accrued liabilities | $ 90,352 | $ 54,943 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Long-term Debt, Current and Noncurrent [Abstract] | ||
Debt | $ 1,239,561 | $ 619,057 |
Senior Secured Notes, due September 15, 2025 [Member] | ||
Long-term Debt, Current and Noncurrent [Abstract] | ||
Debt | $ 1,239,561 | 0 |
Maturity date | Sep. 15, 2025 | |
Term Loan Facility, due January 21, 2020 [Member] | ||
Long-term Debt, Current and Noncurrent [Abstract] | ||
Debt | $ 0 | 495,000 |
Maturity date | Jan. 21, 2020 | |
Senior Secured Bonds, due September 2034 [Member] | ||
Long-term Debt, Current and Noncurrent [Abstract] | ||
Debt | $ 0 | 70,960 |
Maturity date | Sep. 30, 2034 | |
Senior Secured Bonds, due December 2034 [Member] | ||
Long-term Debt, Current and Noncurrent [Abstract] | ||
Debt | $ 0 | 10,823 |
Maturity date | Dec. 31, 2034 | |
Senior Unsecured Bonds, due September 2036 [Member] | ||
Long-term Debt, Current and Noncurrent [Abstract] | ||
Debt | $ 0 | $ 42,274 |
Maturity date | Sep. 30, 2036 |
Debt, Senior Secured Notes (Det
Debt, Senior Secured Notes (Details) - USD ($) $ in Thousands | Dec. 17, 2020 | Sep. 02, 2020 | Dec. 31, 2020 | Jan. 10, 2020 |
Senior Secured Notes [Member] | ||||
Senior Secured Notes [Abstract] | ||||
Debt instrument, issued | $ 250,000 | $ 1,000,000 | ||
Fixed interest rate | 6.75% | |||
Frequency of payments | semi-annually | |||
Maturity date | Sep. 15, 2025 | |||
Fees incurred | $ 17,937 | |||
Third party fees | 4,028 | |||
Reduction in principal balance | $ 13,909 | |||
Remaining unamortized deferred financing costs | 6,501 | $ 10,439 | ||
Proceeds from premium on issuance of secured debt | 13,125 | |||
Additional financing costs incurred | $ 4,188 | |||
Credit Agreement [Member] | ||||
Senior Secured Notes [Abstract] | ||||
Debt instrument, issued | $ 800,000 | |||
Maturity date | Jan. 15, 2023 | |||
Reduction in principal balance | $ 6,501 | $ 37,051 |
Debt, The Credit Agreement (Det
Debt, The Credit Agreement (Details) - USD ($) $ in Thousands | Sep. 02, 2020 | Jan. 10, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 16, 2018 |
Credit Agreement [Abstract] | ||||||
Outstanding principal amount | $ 1,239,561 | $ 619,057 | ||||
Loss on extinguishment of debt | $ 33,062 | $ 0 | $ 9,568 | |||
Credit Agreement [Member] | ||||||
Credit Agreement [Abstract] | ||||||
Aggregate principal amount | $ 800,000 | |||||
Debt maturity date | Jan. 15, 2023 | |||||
Variable interest rate | 6.25% | |||||
Increase in interest rate | 1.50% | |||||
Loss on extinguishment of debt | $ 16,310 | |||||
Reduction in principal balance | $ 6,501 | $ 37,051 | ||||
Credit Agreement [Member] | Interest Rate Floor [Member] | ||||||
Credit Agreement [Abstract] | ||||||
Variable interest rate | 1.50% | |||||
Term Loan Facility, due January 21, 2020 [Member] | ||||||
Credit Agreement [Abstract] | ||||||
Aggregate principal amount | $ 500,000 | $ 240,000 | ||||
Debt maturity date | Jan. 21, 2020 | |||||
Variable interest rate | 4.00% | |||||
Increase in interest rate | 0.50% | |||||
Outstanding principal amount | $ 0 | $ 495,000 | ||||
Loss on extinguishment of debt | $ 9,557 |
Debt, Term Loan Facility (Detai
Debt, Term Loan Facility (Details) $ in Thousands | Mar. 21, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)Extension | Dec. 31, 2018USD ($) | Aug. 16, 2018USD ($)Lender |
Term Loan Facility [Abstract] | |||||
Loss on extinguishment of debt, net | $ (33,062) | $ 0 | $ (9,568) | ||
Term Loan Facility, Due January 21, 2020 [Member] | |||||
Term Loan Facility [Abstract] | |||||
Number of lenders | Lender | 2 | ||||
Aggregate principal amount | 500,000 | $ 240,000 | |||
Outstanding borrowings | $ 500,000 | $ 280,000 | |||
Additional borrowing amount | $ 220,000 | ||||
Debt instrument, basis spread on variable rate | 4.00% | ||||
Debt instrument, frequency of periodic payment | quarterly | ||||
Debt instrument, periodic payment | $ 1,250 | ||||
Unamortized deferred financing cost | $ 0 | ||||
Number of extensions for maturity date | Extension | 2 | ||||
Additional extended maturity period | 6 months | ||||
Percentage of fee payable in outstanding principal for extension of maturity date | 1.00% | ||||
Increase in interest rate | 0.50% | ||||
Loss on extinguishment of debt, net | $ (9,557) | ||||
Term Loan Facility, Due January 21, 2020 [Member] | Floor Rate [Member] | |||||
Term Loan Facility [Abstract] | |||||
Debt instrument, basis spread on variable rate | 1.00% | ||||
Term Loan Facility, Due January 21, 2020 [Member] | Federal Funds Rate [Member] | |||||
Term Loan Facility [Abstract] | |||||
Debt instrument, basis spread on variable rate | 0.50% | ||||
Term Loan Facility, Due January 21, 2020 [Member] | LIBOR [Member] | |||||
Term Loan Facility [Abstract] | |||||
Debt instrument, basis spread on variable rate | 1.00% | ||||
Debt instrument, term of variable rate | 1 month | ||||
Interest rate plus spread | 3.00% |
Debt, South Power Bonds (Detail
Debt, South Power Bonds (Details) - USD ($) $ in Thousands | Sep. 21, 2020 | Jan. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 02, 2019 |
Senior Secured and Unsecured Bonds [Abstract] | ||||||
Loss on extinguishment of debt | $ 33,062 | $ 0 | $ 9,568 | |||
Senior Secured Bonds [Member] | South Power [Member] | ||||||
Senior Secured and Unsecured Bonds [Abstract] | ||||||
Debt instrument, issuable | $ 73,317 | |||||
Debt instrument, issuable upon completion of certain conditions | 63,000 | |||||
Proceeds from issuance of bonds | $ 52,144 | $ 10,856 | ||||
Fixed interest rate | 8.25% | |||||
Maturity period | 15 years | |||||
Non-payment of principal due period | 7 years | |||||
Frequency of payments | quarterly | |||||
Percentage of quarterly principal payment | 1.60% | |||||
Percentage of balloon payment due upon maturity | 50.00% | |||||
Senior Unsecured Bonds [Member] | South Power [Member] | ||||||
Senior Secured and Unsecured Bonds [Abstract] | ||||||
Debt instrument, issuable | $ 43,683 | |||||
Fixed interest rate | 11.00% | |||||
Maturity date | Sep. 30, 2036 | |||||
Non-payment of principal due period | 9 years | |||||
Frequency of payments | quarterly | |||||
Senior Secured Bonds and Senior Unsecured Bonds [Member] | South Power [Member] | ||||||
Senior Secured and Unsecured Bonds [Abstract] | ||||||
Fees paid | $ 3,892 | |||||
Loss on extinguishment of debt | $ 7,195 | |||||
Unamortized deferred financing costs, write-off | 3,594 | |||||
Prepayment premium paid to bondholders | $ 3,601 |
Debt, Interest Expense (Details
Debt, Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest costs [Abstract] | |||
Amortization of debt issuance costs | $ 10,519 | $ 5,873 | $ 4,023 |
Interest expense | 65,723 | 19,412 | 11,248 |
Debt [Member] | |||
Interest costs [Abstract] | |||
Interest per contractual rates | 76,176 | 32,283 | 9,363 |
Amortization of debt issuance costs | 15,471 | 12,301 | 3,617 |
Total interest costs | 91,647 | 44,584 | 12,980 |
Capitalized interest | 25,924 | 25,172 | 1,732 |
Interest expense | $ 65,723 | $ 19,412 | $ 11,248 |
Income taxes, Components of Los
Income taxes, Components of Loss Before Income Taxes (Details) - USD ($) $ in Thousands | Jun. 10, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 04, 2019 |
Loss before Income Taxes [Abstract] | |||||
Deferred tax asset | $ 159,263 | $ 92,524 | |||
Percentage of NFI operations included in income tax provision | 100.00% | ||||
Loss before taxes | (259,148) | (203,880) | $ (78,520) | ||
IPO [Member] | |||||
Loss before Income Taxes [Abstract] | |||||
Deferred tax asset | $ 42,783 | ||||
United States [Member] | |||||
Loss before Income Taxes [Abstract] | |||||
Loss before taxes | (166,571) | (194,481) | (74,873) | ||
Foreign [Member] | |||||
Loss before Income Taxes [Abstract] | |||||
Loss before taxes | $ (92,577) | $ (9,399) | $ (3,647) |
Income taxes, Income Tax Expens
Income taxes, Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current [Abstract] | |||
Domestic | $ 0 | $ 0 | $ 0 |
Foreign | 2,063 | 47 | 7 |
Total current tax expense | 2,063 | 47 | 7 |
Deferred [Abstract] | |||
Domestic | 0 | 0 | 0 |
Foreign | 2,754 | 392 | (345) |
Total deferred tax expense (benefit) | 2,754 | 392 | (345) |
Total provision for (benefit from) income taxes | $ 4,817 | $ 439 | $ (338) |
Income taxes, Reconciliation of
Income taxes, Reconciliation of Income tax to Effective Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Tax Rate [Abstract] | |||
Income tax at the statutory rate | 21.00% | 21.00% | 0.00% |
Impact from foreign operations | (2.90%) | 0.00% | 0.00% |
Foreign tax rate differential | 2.90% | 0.80% | 0.40% |
Foreign tax on foreign operations | 0.40% | 2.90% | 0.00% |
Foreign permanent adjustments | (0.40%) | 5.00% | 0.00% |
Foreign valuation allowance | 0.10% | (10.80%) | 0.00% |
Domestic valuation allowance | (14.20%) | (2.10%) | 0.00% |
Income attributable to non-controlling interest | (6.40%) | (18.20%) | 0.00% |
Other | (2.40%) | 1.20% | 0.00% |
Effective income tax rate | (1.90%) | (0.20%) | 0.40% |
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 |
Income taxes, Changes in Valuat
Income taxes, Changes in Valuation Allowance on Deferred Tax Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income taxes [Abstract] | ||
Balance at the beginning of the period | $ 80,911 | $ 241 |
Change in valuation allowance | 51,586 | 80,670 |
Balance at the end of the period | $ 132,497 | $ 80,911 |
Income taxes, Significant Defer
Income taxes, Significant Deferred Tax Asset or Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Tax Assets [Abstract] | |||
Investment in NFI | $ 64,553 | $ 46,185 | |
Accrued interest | 18,885 | 14,047 | |
IRC Section 163(j) interest carryforward | 6,909 | 182 | |
Federal and state net operating loss carryforward | 32,145 | 3,215 | |
Foreign net operating loss carryforward | 24,525 | 19,713 | |
Share-based compensation | 6,611 | 8,958 | |
Lease liability | 4,383 | 0 | |
Other | 1,252 | 224 | |
Total deferred tax assets | 159,263 | 92,524 | |
Valuation allowance | (132,497) | (80,911) | $ (241) |
Deferred tax assets, net of valuation allowance | 26,766 | 11,613 | |
Deferred Tax Liabilities [Abstract] | |||
Property and equipment | (22,566) | (11,820) | |
Lease asset | (4,215) | 0 | |
Total deferred tax liabilities | (26,781) | (11,820) | |
Net deferred tax liabilities | $ (15) | $ (207) | |
Offset percentage of future taxable income | 80.00% | ||
Operating loss carryforwards from foreign subsidiaries | $ 86,176 | ||
Federal [Member] | |||
Deferred Tax Liabilities [Abstract] | |||
Operating loss carryforwards | 147,928 | ||
State [Member] | |||
Deferred Tax Liabilities [Abstract] | |||
Operating loss carryforwards | 30,661 | ||
Jamaica [Member] | |||
Deferred Tax Liabilities [Abstract] | |||
Operating loss carryforwards from foreign subsidiaries | 64,819 | ||
Ireland [Member] | |||
Deferred Tax Liabilities [Abstract] | |||
Operating loss carryforwards from foreign subsidiaries | 8,865 | ||
Puerto Rico and Mexico [Member] | |||
Deferred Tax Liabilities [Abstract] | |||
Operating loss carryforwards from foreign subsidiaries | $ 11,830 |
Commitments and contingencies_2
Commitments and contingencies (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)MMBTUAgreementCargo | |
Estimated Future Cash Payments [Abstract] | |
2021 | $ 376,097 |
2022 | 362,294 |
2023 | 362,294 |
2024 | 362,311 |
2024+ | $ 1,027,352 |
LNG Inventory Purchases [Member] | |
Estimated Future Cash Payments [Abstract] | |
Number of supply agreements | Agreement | 4 |
Number of cargoes | Cargo | 12 |
LNG Inventory Purchases Between 2021 and 2030 [Member] | |
Estimated Future Cash Payments [Abstract] | |
Energy of purchase commitment | MMBTU | 415 |
LNG Inventory Purchases Between 2022 and 2025 [Member] | |
Estimated Future Cash Payments [Abstract] | |
Energy of purchase commitment | MMBTU | 68 |
LNG Inventory Purchases Between 2026 and 2029 [Member] | |
Estimated Future Cash Payments [Abstract] | |
Energy of purchase commitment | MMBTU | 28 |
Gas Inventory Purchases [Member] | |
Estimated Future Cash Payments [Abstract] | |
Contractual purchase commitment remaining term | 5 years |
Earnings per share (Details)
Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||||||||||
Feb. 04, 2019 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | [2] | Mar. 31, 2020 | [2] | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||||||
Numerator [Abstract] | ||||||||||||||||||||||
Net loss | $ (8,003) | $ (485) | $ (36,670) | $ (166,587) | [1] | $ (60,223) | $ (38,370) | $ (54,424) | $ (51,233) | $ (60,292) | $ (196,316) | $ (263,965) | $ (204,319) | $ (78,182) | ||||||||
Less: net loss attributable to non-controlling interests | 81,818 | 170,510 | 106 | |||||||||||||||||||
Net loss attributable to stockholders | $ 170 | $ (36,358) | $ (137,493) | [1] | $ (8,466) | $ (7,343) | $ (6,723) | $ (6,186) | $ (13,557) | $ (182,147) | $ (33,809) | $ (78,076) | ||||||||||
Denominator [Abstract] | ||||||||||||||||||||||
Weighted-average shares-basic and diluted (in shares) | 106,654,918 | 20,862,555 | ||||||||||||||||||||
Net loss per share - basic and diluted (in dollars per share) | $ 0 | [3] | $ (0.21) | [3] | $ (2.40) | [3] | $ (0.32) | [3] | $ (0.30) | [3] | $ (0.30) | [3] | $ (0.28) | [3] | $ (0.96) | [3] | $ (1.71) | $ (1.62) | ||||
Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share Effects Presented in Anti-dilutive [Abstract] | ||||||||||||||||||||||
Anti-dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares) | 1,966,335 | 148,563,982 | ||||||||||||||||||||
Class B [Member] | ||||||||||||||||||||||
Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share Effects Presented in Anti-dilutive [Abstract] | ||||||||||||||||||||||
Anti-dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares) | [4] | 0 | 144,342,572 | |||||||||||||||||||
Unvested RSU [Member] | ||||||||||||||||||||||
Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share Effects Presented in Anti-dilutive [Abstract] | ||||||||||||||||||||||
Anti-dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares) | [5] | 1,538,060 | 3,137,415 | |||||||||||||||||||
Shannon Equity Agreement [Member] | ||||||||||||||||||||||
Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share Effects Presented in Anti-dilutive [Abstract] | ||||||||||||||||||||||
Anti-dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares) | [6] | 428,275 | 1,083,995 | |||||||||||||||||||
[1] | Operating loss, net loss and net loss attributable to stockholders for the three months ended June 30, 2020 includes a termination charge of $105,000 associated with an agreement with one of the Company’s LNG suppliers to terminate the obligation to purchase any LNG from this supplier for the remainder of 2020. | |||||||||||||||||||||
[2] | Operating loss, net loss and net loss attributable to stockholders for the three months ended March 31, 2020 and June 30, 2020 reflect the adoption of ASC 326. The Company adopted ASC 326 in the third quarter of 2020 with an effective date of January 1, 2020, due to the loss of EGC status in that quarter. | |||||||||||||||||||||
[3] | Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share. | |||||||||||||||||||||
[4] | Class B shares at the end of the period are considered potentially dilutive Class A shares. | |||||||||||||||||||||
[5] | Represents the number of instruments outstanding at the end of the period. | |||||||||||||||||||||
[6] | Class A common stock that would be issued in relation to the Shannon LNG Equity Agreement. |
Share-based compensation (Detai
Share-based compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Stock Units [Member] | |||
Number of Shares [Roll Forward] | |||
Non-vested RSUs, beginning balance (in shares) | 3,137,415 | 3,137,415 | |
Granted (in shares) | 109,409 | ||
Vested and shares issued (in shares) | (1,507,633) | ||
Forfeited (in shares) | (201,131) | ||
Non-vested RSUs, ending balance (in shares) | 1,538,060 | 3,137,415 | |
Weighted Average Grant Date Fair Value Per Share [Abstract] | |||
Non-vested RSUs, beginning balance (in dollars per share) | $ 13.44 | $ 13.44 | |
Granted (in dollars per share) | 14.47 | ||
Vested and shares issued (in dollars per share) | 13.47 | ||
Forfeited (in dollars per share) | 13.51 | ||
Non-vested RSUs, ending balance (in dollars per share) | $ 13.49 | $ 13.44 | |
Share-based compensation expense | $ 8,743 | $ 41,447 | |
Compensation expense recognized for forfeited RSU awards | 914 | 2,248 | |
Unrecognized compensation cost | $ 8,211 | ||
Weighted-average remaining vesting period of non-vested stock (in years) | 1 year 10 days | ||
Restricted Stock Units [Member] | Operations and Maintenance [Member] | |||
Weighted Average Grant Date Fair Value Per Share [Abstract] | |||
Share-based compensation expense | $ 800 | 853 | |
Restricted Stock Units [Member] | Selling, General and Administrative Expenses [Member] | |||
Weighted Average Grant Date Fair Value Per Share [Abstract] | |||
Share-based compensation expense | $ 7,943 | $ 40,594 | |
Restricted Stock Units [Member] | Minimum [Member] | |||
Weighted Average Grant Date Fair Value Per Share [Abstract] | |||
Vesting period | 10 months | ||
Restricted Stock Units [Member] | Maximum [Member] | |||
Weighted Average Grant Date Fair Value Per Share [Abstract] | |||
Vesting period | 3 years | ||
Performance Share Units [Member] | |||
Weighted Average Grant Date Fair Value Per Share [Abstract] | |||
Unrecognized compensation cost | $ 30,864 | ||
Weighted-average remaining vesting period of non-vested stock (in years) | 1 year | ||
Performance Share Units [Member] | Employees and Non-employees [Member] | |||
Number of Shares [Roll Forward] | |||
Granted (in shares) | 1,109,777 | ||
Performance Share Units [Member] | Minimum [Member] | |||
Number of Shares [Roll Forward] | |||
Vested and shares issued (in shares) | 0 | ||
Performance Share Units [Member] | Maximum [Member] | |||
Number of Shares [Roll Forward] | |||
Vested and shares issued (in shares) | (2,219,554) |
Stockholder's equity and Memb_2
Stockholder's equity and Members' equity (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 10, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 31, 2020 | Aug. 31, 2020 | Jan. 31, 2018 |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Proceeds from issuance of common stock net of issuance costs | $ 291,992 | $ 0 | |||||||
Common stock issuance costs | 1,107 | 6,938 | $ 0 | ||||||
Dividend amount per share (in dollars per share) | $ 0.10 | $ 0.10 | |||||||
Payment of dividends | $ 33,742 | $ 0 | $ 0 | ||||||
Class A [Member] | |||||||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Shares issued in exchange of NFI units (in shares) | 144,342,572 | ||||||||
Class B [Member] | |||||||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Shares issued in exchange of NFI units (in shares) | 144,342,572 | ||||||||
Members' Capital [Member] | |||||||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Shares issued (in shares) | 665,843 | ||||||||
Common stock par value (in dollars per share) | $ 0 | ||||||||
Shares issued, value | $ 20,150 | ||||||||
Common Stock [Member] | Class A [Member] | |||||||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Shares issued in exchange of NFI units (in shares) | 2,716,252 | 144,342,572 | |||||||
Issuance of shares for vested RSUs (in shares) | 53,572 | 160,317 | |||||||
Shares issued (in shares) | 5,882,352 | 5,882,352 | |||||||
Proceeds from issuance of common stock net of issuance costs | $ 290,771 | ||||||||
Common stock issuance costs | $ 1,221 | ||||||||
Common Stock [Member] | Class B [Member] | |||||||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Shares issued in exchange of NFI units (in shares) | (2,716,252) | 144,342,572 |
Related party transactions (Det
Related party transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related party transaction [Abstract] | |||
Administrative and general expenses | $ 7,291 | $ 7,942 | $ 5,741 |
Amount due to affiliates | 8,980 | 10,252 | |
Charter costs | 2,483 | 5,367 | 1,873 |
Lease liability | 119,804 | ||
Amounts due from affiliates | 1,881 | 1,577 | |
Rent and office related expenses incurred by affiliate | 204 | ||
Noncurrent Lease Liabilities [Member] | |||
Related party transaction [Abstract] | |||
Lease liability | $ 3,279 | ||
DevTech Investment [Member] | |||
Related party transaction [Abstract] | |||
Minority interest percentage in exchange for cash consideration | 10.00% | ||
Percentage of note payable purchased by affiliate | 10.00% | ||
Note payable due | $ 715 | 815 | |
Interest expense on note payable | 77 | 94 | 18 |
Amounts due from affiliates | 343 | 443 | |
Fortress [Member] | |||
Related party transaction [Abstract] | |||
Amount due to affiliates | 5,535 | 5,083 | |
Fortress Affiliate [Member] | |||
Related party transaction [Abstract] | |||
Amount due to affiliates | 472 | 4,286 | |
Florida East Coast Industries [Member] | |||
Related party transaction [Abstract] | |||
Amount due to affiliates | 316 | 0 | |
Florida East Coast Industries [Member] | Selling, General and Administrative Expenses [Member] | |||
Related party transaction [Abstract] | |||
Lease expense | 223 | ||
Florida East Coast Industries [Member] | Office Building [Member] | |||
Related party transaction [Abstract] | |||
Lease expense | 609 | 0 | |
Florida East Coast Industries [Member] | Land [Member] | Operations and Maintenance [Member] | |||
Related party transaction [Abstract] | |||
Lease expense | 730 | 396 | 260 |
Florida East Coast Industries [Member] | Construction in Progress [Member] | |||
Related party transaction [Abstract] | |||
Lease expense | 386 | ||
Fortress Affiliated Entities [Member] | |||
Related party transaction [Abstract] | |||
Amount due to affiliates | 2,657 | 883 | |
Amounts due from affiliates | 1,334 | 1,134 | |
Rent and administrative expenses | $ 2,357 | $ 811 | $ 903 |
Related party transactions, Due
Related party transactions, Due to/from Affiliates (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Related party transactions [Abstract] | ||
Amounts due to affiliates | $ 8,980 | $ 10,252 |
Amounts due from affiliates | $ 1,881 | $ 1,577 |
Customer concentrations (Detail
Customer concentrations (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | [1] | Mar. 31, 2020USD ($) | [1] | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)Customer | Dec. 31, 2019USD ($)Customer | Dec. 31, 2018USD ($)Customer | |
Concentration Risk, Net Assets Amount, Geographic Area [Abstract] | |||||||||||||
Revenues | $ 145,696 | $ 136,858 | $ 94,566 | $ 74,530 | $ 69,752 | $ 49,656 | $ 39,766 | $ 29,951 | $ 451,650 | $ 189,125 | $ 112,301 | ||
United States [Member] | |||||||||||||
Concentration Risk, Net Assets Amount, Geographic Area [Abstract] | |||||||||||||
Revenues | 135,702 | 21,386 | 7,214 | ||||||||||
Long-Lived Assets | 442,199 | 360,860 | 442,199 | 360,860 | |||||||||
Outside of United States [Member] | |||||||||||||
Concentration Risk, Net Assets Amount, Geographic Area [Abstract] | |||||||||||||
Revenues | 315,948 | 167,739 | $ 105,087 | ||||||||||
Long-Lived Assets | $ 639,370 | $ 470,749 | $ 639,370 | $ 470,749 | |||||||||
Total Revenues [Member] | |||||||||||||
Concentration Risk [Abstract] | |||||||||||||
Concentration risk, customer | Customer | 3 | 2 | 1 | ||||||||||
Concentration risk | 88.00% | 74.00% | 87.00% | ||||||||||
Total Trade Receivables [Member] | |||||||||||||
Concentration Risk [Abstract] | |||||||||||||
Concentration risk, customer | Customer | 3 | 2 | |||||||||||
Concentration risk | 83.00% | 85.00% | |||||||||||
Finance Leases, Net Balance [Member] | |||||||||||||
Concentration Risk [Abstract] | |||||||||||||
Concentration risk | 99.00% | ||||||||||||
[1] | Operating loss, net loss and net loss attributable to stockholders for the three months ended March 31, 2020 and June 30, 2020 reflect the adoption of ASC 326. The Company adopted ASC 326 in the third quarter of 2020 with an effective date of January 1, 2020, due to the loss of EGC status in that quarter. |
Unaudited quarterly financial_3
Unaudited quarterly financial data (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||||||||||
Feb. 04, 2019 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | [1] | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||||||
Unaudited quarterly financial data [Abstract] | |||||||||||||||||||||
Revenues | $ 145,696 | $ 136,858 | $ 94,566 | [1] | $ 74,530 | $ 69,752 | $ 49,656 | $ 39,766 | $ 29,951 | $ 451,650 | $ 189,125 | $ 112,301 | |||||||||
Operating loss | 18,031 | 11,053 | (148,273) | [1],[2] | (36,169) | (36,253) | (47,726) | (43,959) | (59,337) | (155,358) | (187,275) | (58,488) | |||||||||
Net loss | $ (8,003) | (485) | (36,670) | (166,587) | [1],[2] | (60,223) | (38,370) | (54,424) | (51,233) | (60,292) | $ (196,316) | (263,965) | (204,319) | (78,182) | |||||||
Net (loss) income attributable to stockholders | $ 170 | $ (36,358) | $ (137,493) | [1],[2] | $ (8,466) | $ (7,343) | $ (6,723) | $ (6,186) | $ (13,557) | $ (182,147) | $ (33,809) | $ (78,076) | |||||||||
Basic and diluted (loss) income per share (in dollars per share) | $ 0 | [3] | $ (0.21) | [3] | $ (2.40) | [1],[3] | $ (0.32) | [3] | $ (0.30) | [3] | $ (0.30) | [3] | $ (0.28) | [3] | $ (0.96) | [3] | $ (1.71) | $ (1.62) | |||
Termination charges | $ 105,000 | $ 105,000 | |||||||||||||||||||
[1] | Operating loss, net loss and net loss attributable to stockholders for the three months ended March 31, 2020 and June 30, 2020 reflect the adoption of ASC 326. The Company adopted ASC 326 in the third quarter of 2020 with an effective date of January 1, 2020, due to the loss of EGC status in that quarter. | ||||||||||||||||||||
[2] | Operating loss, net loss and net loss attributable to stockholders for the three months ended June 30, 2020 includes a termination charge of $105,000 associated with an agreement with one of the Company’s LNG suppliers to terminate the obligation to purchase any LNG from this supplier for the remainder of 2020. | ||||||||||||||||||||
[3] | Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share. |
Subsequent events (Details)
Subsequent events (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Jan. 13, 2021 | Jan. 12, 2021 | Dec. 31, 2020 | Aug. 07, 2020 | Dec. 31, 2019 |
Merger Agreement [Abstract] | |||||
Common stock, par value (in dollars per share) | $ 0.01 | ||||
Class A [Member] | |||||
Merger Agreement [Abstract] | |||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
GMLP Merger Agreement [Member] | |||||
Merger Agreement [Abstract] | |||||
Aggregate principal amount | $ 1,700 | ||||
GMLP Merger Agreement [Member] | Senior Secured Bridge Facility [Member] | |||||
Merger Agreement [Abstract] | |||||
Aggregate principal amount | 1,500 | ||||
GMLP Merger Agreement [Member] | Senior Secured Revolving Facility [Member] | |||||
Merger Agreement [Abstract] | |||||
Aggregate principal amount | $ 200 | ||||
Subsequent Events [Member] | Senior Secured Bridge Facility [Member] | |||||
Merger Agreement [Abstract] | |||||
Fixed interest rate | 6.25% | ||||
Debt instrument term | 1 year | ||||
Debt Instrument additional term | 7 years | ||||
Subsequent Events [Member] | Senior Secured Revolving Facility [Member] | |||||
Merger Agreement [Abstract] | |||||
Debt instrument term | 5 years | ||||
Subsequent Events [Member] | Senior Secured Revolving Facility [Member] | LIBOR [Member] | |||||
Merger Agreement [Abstract] | |||||
Term of variable rate | 3 months | ||||
Subsequent Events [Member] | Maximum [Member] | Senior Secured Bridge Facility [Member] | |||||
Merger Agreement [Abstract] | |||||
Step-up interest rate for every three months | 0.50% | ||||
Subsequent Events [Member] | GLNG [Member] | Class A [Member] | |||||
Merger Agreement [Abstract] | |||||
Number of common stock, shares issuable upon merger transaction (in shares) | 18.6 | ||||
Aggregate cash consideration at date of merger | $ 50 | ||||
Subsequent Events [Member] | Stonepeak [Member] | Class A [Member] | |||||
Merger Agreement [Abstract] | |||||
Number of common stock, shares issuable upon merger transaction (in shares) | 12.7 | ||||
Aggregate cash consideration at date of merger | $ 530 | ||||
Subsequent Events [Member] | Hygo Merger Agreement [Member] | GLNG [Member] | |||||
Merger Agreement [Abstract] | |||||
Percentage of outstanding shares owned by subsidiaries at date of merger | 50.00% | ||||
Common stock, par value (in dollars per share) | $ 1 | ||||
Subsequent Events [Member] | Hygo Merger Agreement [Member] | Stonepeak [Member] | |||||
Merger Agreement [Abstract] | |||||
Percentage of outstanding shares owned by subsidiaries at date of merger | 50.00% | ||||
Common stock, par value (in dollars per share) | $ 1 | ||||
Outstanding redeemable preferred stock owned, par value (in dollars per share) | 5 | ||||
Subsequent Events [Member] | GMLP Merger Agreement [Member] | |||||
Merger Agreement [Abstract] | |||||
Right to receive cash, upon conversion of stock (in dollars per share) | $ 3.55 | ||||
Agreement date of sale transaction | Jan. 13, 2021 | ||||
Purchase consideration | $ 5 | ||||
Purchase price (in dollars per share) | $ 3.55 | ||||
Termination fee receivable in event of merger agreement terminated by GMLP | $ 9.4 | ||||
Subsequent Events [Member] | GMLP Merger Agreement [Member] | Series A Cumulative Redeemable Preferred Unit [Member] | |||||
Merger Agreement [Abstract] | |||||
Percentage of cumulative redeemable preferred stock unit | 8.75% | ||||
Subsequent Events [Member] | CH4 Energia Ltda. [Member] | |||||
Merger Agreement [Abstract] | |||||
Purchase consideration | $ 9 | ||||
Term of power purchase agreements | 15 years | ||||
Subsequent Events [Member] | Pecem Energia S.A. [Member] | |||||
Merger Agreement [Abstract] | |||||
Percentage of outstanding shares acquired | 100.00% | ||||
Subsequent Events [Member] | Energetica Camacari Muricy II S.A. [Member] | |||||
Merger Agreement [Abstract] | |||||
Percentage of outstanding shares acquired | 100.00% |
Schedule II (Details)
Schedule II (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Year | $ 0 | |||
Additions | [1] | 316 | ||
Deductions | 0 | |||
Balance at End of Year | 316 | $ 0 | ||
Allowance for Doubtful Accounts [Member] | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Year | 0 | 257 | $ 0 | |
Additions | [1] | 0 | 0 | 257 |
Deductions | 0 | (257) | 0 | |
Balance at End of Year | 0 | 0 | $ 257 | |
Allowance for Expected Credit Losses [Member] | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Year | 0 | |||
Additions | [1] | 316 | ||
Deductions | 0 | |||
Balance at End of Year | $ 316 | $ 0 | ||
[1] | Amount expensed in included within Selling, general and administrative. |
Uncategorized Items - brhc10021
Label | Element | Value |
Effects of Reorganization Transactions Value | nfe_EffectsOfReorganizationTransactionsValue | $ 0 |
Issuance of Class A shares in the IPO, net of underwriting discount and offering costs | us-gaap_StockIssuedDuringPeriodValueNewIssues | 268,010,000 |
Shares Issued in Exchange of Units | nfe_SharesIssuedInExchangeOfUnits | 0 |
Other Comprehensive Income (Loss), Net of Tax | us-gaap_OtherComprehensiveIncomeLossNetOfTax | (219,000) |
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation | 41,205,000 |
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures | 0 |
Non-controlling Interest [Member] | ||
Effects of Reorganization Transactions Value | nfe_EffectsOfReorganizationTransactionsValue | 229,229,000 |
Shares Issued in Exchange of Units | nfe_SharesIssuedInExchangeOfUnits | (6,225,000) |
Other Comprehensive Income (Loss), Net of Tax | us-gaap_OtherComprehensiveIncomeLossNetOfTax | (189,000) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | (91,000) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | (170,419,000) |
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance | 235,874,000 |
Accumulated Other Comprehensive (Loss) Income [Member] | ||
Other Comprehensive Income (Loss), Net of Tax | us-gaap_OtherComprehensiveIncomeLossNetOfTax | (30,000) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 11,000 |
Members' Capital [Member] | ||
Effects of Reorganization Transactions Value | nfe_EffectsOfReorganizationTransactionsValue | $ (426,741,000) |
Effects of Reorganization Transactions Shares | nfe_EffectsOfReorganizationTransactionsShares | (67,983,095) |
Accumulated Deficit [Member] | ||
Effects of Reorganization Transactions Value | nfe_EffectsOfReorganizationTransactionsValue | $ 146,420,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | (7,923,000) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | $ (25,897,000) |
Class B Shares [Member] | Common Stock [Member] | ||
Effects of Reorganization Transactions Shares | nfe_EffectsOfReorganizationTransactionsShares | 147,058,824 |
Number of Shares Exchanged, Shares | nfe_NumberOfSharesExchangedShares | (2,716,252) |
Class A Shares [Member] | Common Stock [Member] | ||
Effects of Reorganization Transactions Value | nfe_EffectsOfReorganizationTransactionsValue | $ 51,092,000 |
Shares issued in initial public offering (in shares) | us-gaap_StockIssuedDuringPeriodSharesNewIssues | 20,837,272 |
Issuance of Class A shares in the IPO, net of underwriting discount and offering costs | us-gaap_StockIssuedDuringPeriodValueNewIssues | $ 32,136,000 |
Shares Issued in Exchange of Units | nfe_SharesIssuedInExchangeOfUnits | 6,225,000 |
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation | $ 41,205,000 |
Number of Shares Exchanged, Shares | nfe_NumberOfSharesExchangedShares | 2,716,252 |
Issuance of shares for vested RSUs (in shares) | us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross | 53,572 |