Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Feb. 26, 2024 | |
Cover [Abstract] | ||
Document Type | 10-K | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 2023 | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false | |
Entity File Number | 001-38790 | |
Entity Registrant Name | New Fortress Energy Inc. | |
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 | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
ICFR Auditor Attestation Flag | true | |
Document Financial Statement Error Correction [Flag] | false | |
Entity Shell Company | false | |
Entity Public Float | $ 2,776 | |
Entity Common Stock, Shares Outstanding | 205,033,557 | |
Documents Incorporated by Reference | Documents Incorporated by Reference : Portions of the registrant’s definitive proxy statement for the registrant’s 2024 annual meeting, to be filed within 120 days after the close of the registrant’s fiscal year, are incorporated by reference into Parts II and III of this Annual Report on Form 10-K. | |
Amendment Flag | false | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2023 | |
Entity Central Index Key | 0001749723 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Auditor Location | Philadelphia, Pennsylvania |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 155,414 | $ 675,492 |
Restricted cash | 155,400 | 165,396 |
Receivables, net of allowances of $1,158 and $884, respectively | 342,371 | 280,313 |
Inventory | 113,684 | 39,070 |
Prepaid expenses and other current assets, net | 213,104 | 226,883 |
Total current assets | 979,973 | 1,387,154 |
Construction in progress | 5,348,294 | 2,418,608 |
Property, plant and equipment, net | 2,481,415 | 2,116,727 |
Equity method investments | 137,793 | 392,306 |
Right-of-use assets | 588,385 | 377,877 |
Intangible assets, net | 51,815 | 85,897 |
Goodwill | 776,760 | 776,760 |
Deferred tax assets, net | 9,907 | 8,074 |
Other non-current assets, net | 126,903 | 141,679 |
Total assets | 10,501,245 | 7,705,082 |
Current liabilities | ||
Current portion of long-term debt and short-term borrowings | 292,625 | 64,820 |
Accounts payable | 549,489 | 80,387 |
Accrued liabilities | 471,675 | 1,162,412 |
Current lease liabilities | 164,548 | 48,741 |
Other current liabilities | 227,951 | 52,878 |
Total current liabilities | 1,706,288 | 1,409,238 |
Long-term debt | 6,510,523 | 4,476,865 |
Non-current lease liabilities | 406,494 | 302,121 |
Deferred tax liabilities, net | 44,444 | 25,989 |
Other long-term liabilities | 55,627 | 49,010 |
Total liabilities | 8,723,376 | 6,263,223 |
Commitments and contingencies (Note 22) | ||
Stockholders’ equity | ||
Class A common stock, $0.01 par value, 750.0 million shares authorized, 205.0 million issued and outstanding as of December 31, 2023; 208.8 million issued and outstanding as of December 31, 2022 | 2,050 | 2,088 |
Additional paid-in capital | 1,038,530 | 1,170,254 |
Retained earnings | 527,986 | 62,080 |
Accumulated other comprehensive income | 71,528 | 55,398 |
Total stockholders’ equity attributable to NFE | 1,640,094 | 1,289,820 |
Non-controlling interest | 137,775 | 152,039 |
Total stockholders’ equity | 1,777,869 | 1,441,859 |
Total liabilities and stockholders’ equity | $ 10,501,245 | $ 7,705,082 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands, shares in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Allowances for receivables | $ 1,158 | $ 884 |
Stockholders’ equity | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 750 | 750 |
Common stock, shares, issued (in shares) | 205 | 208.8 |
Common stock, shares, outstanding (in shares) | 205 | 208.8 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | |||
Operating revenue | $ 2,060,212 | $ 1,978,645 | $ 930,816 |
Vessel charter revenue | 276,843 | 357,158 | 230,809 |
Other revenue | 76,241 | 32,469 | 161,185 |
Total revenues | 2,413,296 | 2,368,272 | 1,322,810 |
Operating expenses | |||
Cost of sales (exclusive of depreciation and amortization shown separately below) | 877,451 | 1,010,428 | 616,010 |
Vessel operating expenses | 45,439 | 63,518 | 51,677 |
Operations and maintenance | 166,785 | 105,800 | 73,316 |
Selling, general and administrative | 205,104 | 236,051 | 199,881 |
Transaction and integration costs | 6,946 | 21,796 | 44,671 |
Depreciation and amortization | 187,324 | 142,640 | 98,377 |
Asset impairment expense | 10,958 | 50,659 | 0 |
Gain on sale of assets, net | (29,378) | 0 | 0 |
Total operating expenses | 1,470,629 | 1,630,892 | 1,083,932 |
Operating income | 942,667 | 737,380 | 238,878 |
Interest expense | 277,842 | 236,861 | 154,324 |
Other (income) expense, net | 10,408 | (48,044) | (17,150) |
Loss on extinguishment of debt, net | 0 | 14,997 | 10,975 |
Income before income from equity method investments and income taxes | 654,417 | 533,566 | 90,729 |
Income (loss) from equity method investments | 9,972 | (472,219) | 14,443 |
Tax (benefit) provision | 115,513 | (123,439) | 12,461 |
Net income | 548,876 | 184,786 | 92,711 |
Net (income) loss attributable to non-controlling interest | (994) | 9,693 | 4,393 |
Net income attributable to stockholders | $ 547,882 | $ 194,479 | $ 97,104 |
Net income per share - basic (in dollars per share) | $ 2.66 | $ 0.93 | $ 0.49 |
Net income per share - diluted (in dollars per share) | $ 2.65 | $ 0.93 | $ 0.47 |
Weighted average number of shares outstanding - basic (in shares) | 205,942,837 | 209,501,298 | 198,593,042 |
Weighted average number of shares outstanding - diluted (in shares) | 206,481,977 | 209,854,413 | 201,703,176 |
Other comprehensive income: | |||
Currency translation adjustment | $ 18,005 | $ 68,403 | $ (3,489) |
Reclassification of net foreign currency translation adjustment realized upon sale of foreign subsidiary | (1,457) | 0 | 0 |
Comprehensive income | 565,424 | 253,189 | 89,222 |
Comprehensive (income) loss attributable to non-controlling interest | (1,412) | 10,795 | 5,615 |
Comprehensive income attributable to stockholders | $ 564,012 | $ 263,984 | $ 94,837 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Class A common stock | Common Stock Class A common stock | Additional paid-in capital | Retained earnings (Accumulated deficit) | Accumulated other comprehensive (loss) income | Non-controlling Interest |
Balance at Dec. 31, 2020 | $ 375,086 | $ 1,746 | $ 594,534 | $ (229,503) | $ 182 | $ 8,127 | |
Balance (in shares) at Dec. 31, 2020 | 174,622,862 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 92,711 | 97,104 | (4,393) | ||||
Other comprehensive loss | (3,489) | (2,267) | (1,222) | ||||
Share-based compensation expense | 37,043 | 37,043 | |||||
Shares issued as consideration in business combinations | 1,400,784 | $ 314 | 1,400,470 | ||||
Shares issued as consideration in business combinations (in shares) | 31,372,549 | ||||||
Issuance of shares for vested RSU/PSUs | 0 | $ 9 | (9) | ||||
Issuance of shares for vested RSU/PSUs (in shares) | 1,537,910 | ||||||
Shares withheld from employees related to share-based compensation, at cost | (28,214) | (28,214) | |||||
Shares withheld from employees related to share-based compensation, at cost (in shares) | (670,079) | ||||||
Non-controlling interest acquired in business combinations | 236,570 | 236,570 | |||||
Deconsolidation | (28,049) | (28,049) | |||||
Dividends | (88,388) | (79,834) | (8,554) | ||||
Balance at Dec. 31, 2021 | 1,994,054 | $ 2,069 | 1,923,990 | (132,399) | (2,085) | 202,479 | |
Balance (in shares) at Dec. 31, 2021 | 206,863,242 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 184,786 | 194,479 | (9,693) | ||||
Other comprehensive loss | 68,403 | 69,505 | (1,102) | ||||
Share-based compensation expense | 30,382 | 30,382 | |||||
Currency translation adjustment released upon Sergipe Sale | (12,022) | (12,022) | |||||
Issuance of shares for vested RSU/PSUs | 7 | $ 19 | (12) | ||||
Issuance of shares for vested RSU/PSUs (in shares) | 3,426,213 | ||||||
Shares withheld from employees related to share-based compensation, at cost | (74,822) | (74,822) | |||||
Shares withheld from employees related to share-based compensation, at cost (in shares) | (1,519,367) | ||||||
Deconsolidation | (23,569) | (23,569) | |||||
Dividends | (725,360) | (709,284) | (16,076) | ||||
Balance at Dec. 31, 2022 | 1,441,859 | $ 2,088 | 1,170,254 | 62,080 | 55,398 | 152,039 | |
Balance (in shares) at Dec. 31, 2022 | 208,770,088 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 548,876 | 547,882 | 994 | ||||
Other comprehensive loss | 16,548 | 16,130 | 418 | ||||
Share-based compensation expense | 1,573 | 1,573 | |||||
Acquisition and cancellation of shares | (123,819) | $ (41) | (123,778) | ||||
Cancellation of shares (in shares) | (4,100,000) | ||||||
Issuance of shares for vested RSU/PSUs | 3 | $ 3 | 0 | ||||
Issuance of shares for vested RSU/PSUs (in shares) | 689,401 | ||||||
Shares withheld from employees related to share-based compensation, at cost | (9,519) | (9,519) | |||||
Shares withheld from employees related to share-based compensation, at cost (in shares) | (328,083) | ||||||
Dividends | (97,652) | $ (81,976) | (81,976) | (15,676) | |||
Balance at Dec. 31, 2023 | $ 1,777,869 | $ 2,050 | $ 1,038,530 | $ 527,986 | $ 71,528 | $ 137,775 | |
Balance (in shares) at Dec. 31, 2023 | 205,031,406 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Net income | $ 548,876 | $ 184,786 | $ 92,711 |
Adjustments for: | |||
Amortization of debt issuance costs, premiums and discounts | 6,589 | 2,536 | 14,116 |
Depreciation and amortization | 187,324 | 143,589 | 99,544 |
(Earnings) losses of equity method investees | (9,972) | 472,219 | (14,443) |
Dividends received from equity method investees | 5,830 | 29,372 | 21,365 |
Change in market value of derivatives | (3,204) | (136,811) | (8,691) |
Deferred taxes | 14,938 | (279,536) | (8,825) |
Share-based compensation | 1,573 | 30,382 | 37,043 |
Asset impairment expense | 10,958 | 50,659 | 0 |
Earnings recognized from vessels chartered to third parties transferred to Energos | (156,997) | (49,686) | 0 |
Loss on the disposal of equity method investment | 37,401 | 0 | 0 |
Gain on asset sales | (29,378) | 0 | 0 |
Tax (benefit) provision | 0 | (14,997) | (10,975) |
Loss on sale of net investment in lease | 0 | 11,592 | 0 |
Other | 21,438 | (14,186) | (11,177) |
Changes in operating assets and liabilities, net of acquisitions: | |||
(Increase) in receivables | (41,019) | (139,938) | (123,583) |
(Increase) in inventories | (39,790) | (7,933) | (11,152) |
Decrease (increase) in other assets | 41,828 | (30,086) | (1,839) |
Decrease in right-of-use assets | 83,537 | 63,593 | 28,576 |
Increase in accounts payable/accrued liabilities | 78,065 | 67,741 | 17,527 |
(Decrease) in lease liabilities | (74,576) | (63,493) | (36,126) |
Increase (decrease) in other liabilities | 141,335 | 5,314 | (21,251) |
Net cash provided by operating activities | 824,756 | 355,111 | 84,770 |
Cash flows from investing activities | |||
Capital expenditures | (3,029,834) | (1,174,008) | (669,348) |
Cash paid for business combinations, net of cash acquired | 0 | 0 | (1,586,042) |
Entities acquired in asset acquisitions, net of cash acquired | 0 | 0 | (8,817) |
Proceeds from sale of net investment in lease | 0 | 593,000 | 0 |
Sale of equity method investment | 100,000 | 500,076 | 0 |
Asset sales | 16,464 | 0 | 0 |
Other investing activities | 9,227 | (1,794) | (9,354) |
Net cash used in investing activities | (2,904,143) | (82,726) | (2,273,561) |
Cash flows from financing activities | |||
Proceeds from borrowings of debt | 3,005,387 | 2,032,020 | 2,434,650 |
Payment of deferred financing costs | (37,806) | (17,598) | (37,811) |
Repayment of debt | (686,508) | (1,520,813) | (461,015) |
Payments related to tax withholdings for share-based compensation | (9,519) | (72,602) | (30,124) |
Payment of dividends | (723,962) | (99,050) | (88,756) |
Other financing activities | (18,642) | 0 | 0 |
Net cash provided by financing activities | 1,528,950 | 321,957 | 1,816,944 |
Impact of changes in foreign exchange rates on cash and cash equivalents | 6,168 | (3,289) | 6,541 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (544,269) | 591,053 | (365,306) |
Cash, cash equivalents and restricted cash – beginning of period | 855,083 | 264,030 | 629,336 |
Cash, cash equivalents and restricted cash – end of period | 310,814 | 855,083 | 264,030 |
Cash paid for interest, net of capitalized interest | 100,304 | 160,618 | 154,249 |
Cash paid for taxes | 52,897 | 151,210 | 17,319 |
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 | 322,598 | 284,390 | 108,790 |
Liabilities associated with consideration paid for entities acquired in asset acquisitions | 0 | 0 | 10,520 |
Consideration paid in shares for business combinations | 0 | 0 | 1,400,784 |
Consideration received on asset sale | 27,704 | 0 | 0 |
Principal payments on financing obligation paid to Energos by third party charters | (66,866) | (24,949) | 0 |
Shares received in Hilli Exchange | (122,754) | 0 | 0 |
Investment in Energos | 1,501 | 129,518 | 0 |
Accrued dividend | 0 | 626,310 | 0 |
Non-cash financing costs | 0 | 46,371 | 0 |
Cash and cash equivalents | 155,414 | 675,492 | |
Current restricted cash | 155,400 | 165,396 | |
Non-current restricted cash | 0 | 2,581 | |
Cash and cash equivalents classified as held for sale | 0 | 11,614 | |
Cash, cash equivalents and restricted cash – end of period | $ 310,814 | $ 855,083 | $ 264,030 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands | Dec. 31, 2022 USD ($) |
Statement of Cash Flows [Abstract] | |
Assets held-for-sale, cash balance | $ (11,614) |
Organization
Organization | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization New Fortress Energy Inc. (“NFE,” together with its subsidiaries, the “Company”), a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world’s transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas (" LNG") infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. The Company currently conducts its business through two operating segments, Terminals and Infrastructure and Ships. The business and reportable segment information reflect how the Chief Operating Decision Maker (“CODM”) regularly reviews and manages the business. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant accounting policies | Significant accounting policies The principal 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 accounting principles generally accepted in the United States of America (“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. A variable interest entity (“VIE”) is an entity that by design meets any of the following characteristics: (1) lacks sufficient equity to allow the entity to finance its activities without additional subordinated financial support; (2) as a group, equity investors do not have the ability to make significant decisions relating to the entity’s operations through voting rights, do not have the obligation to absorb the expected losses or do not have the right to receive residual returns of the entity; or (3) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is required to consolidate the assets and liabilities of the VIE. The primary beneficiary is the party that has both (1) the power to direct the economic activities of the VIE that most significantly impact the VIE’s economic performance; and (2) through its interest in the VIE, the obligation to absorb the losses or the right to receive the benefits from the VIE that could potentially be significant to the VIE. Non-controlling interests are classified as a separate component of equity on the Consolidated Balance Sheets and Consolidated Statements of Changes in Stockholders’ Equity. Additionally, net income and comprehensive income (loss) attributable to non-controlling interests are reflected separately from consolidated net income and comprehensive income in the Consolidated Statements of Operations and Comprehensive Income and Consolidated Statements of Changes in Stockholders’ Equity. Any change in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and non-controlling interests. Losses continue to be attributed to the non-controlling interests, even when the non-controlling interests’ basis has been reduced to zero. (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. Management evaluates its estimates and related assumptions regularly. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates. (c) Foreign currencies The Company has certain foreign subsidiaries in which 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. The Company also has foreign subsidiaries that conduct business in currencies other than their respective functional currencies. Transactions are remeasured to the subsidiaries’ functional currency at the exchange rate in effect on the dates of such transactions. Net realized foreign currency gains or losses relating to the differences between these recorded amounts and the functional currency equivalent actually received or paid are included within Other expense (income), net in the Consolidated Statements of Operations and Comprehensive Income. 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. Accumulated foreign currency translation adjustments are reclassified from Accumulated other comprehensive income to net income only when realized upon sale or upon complete or substantially complete liquidation of the investment in a foreign entity. If the Company commits to a plan to sell or liquidate a foreign entity, accumulated foreign currency translation adjustments would be included in carrying amounts in impairment assessments. (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 contractual rights to receive cash on a fixed or determinable date and are recognized on the balance sheet as the amount invoiced to the customer, net of an allowance for current expected credit losses. Accounts receivable are carried at amortized cost. A mounts 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 Income. (g) Inventories LNG and natural gas inventories, bunker fuel 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 Income. 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 Income 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. Prior to putting our projects into service we may utilize gas to test and commission the assets, and we may be able to invoice our customers for gas used in commissioning. Amounts received as a result of the sale of test gas reduce the Construction in progress balance. 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 initially recorded at cost. Expenditures for construction activities and betterments that extend the useful life of the asset are capitalized. Vessel refurbishment costs are capitalized and depreciated over the vessels’ remaining useful economic lives. Refurbishment costs increase the capacity or improve the efficiency or safety of vessels and equipment. Expenditures for routine maintenance and repairs for assets in the Terminals and Infrastructure segment are charged to expense as incurred within Operations and maintenance in the Consolidated Statements of Operations and Comprehensive Income; such expenditures for assets in the Ships segment that do not improve the operating efficiency or extend the useful lives of the vessels are expensed as incurred within Vessel operating expenses. Major maintenance and overhauls of the Company’s power plant and terminals are capitalized and depreciated over the expected period until the next anticipated major maintenance or overhaul. Drydocking expenditures, including drydocking expenditures related to vessels that were included in the Energos Formation Transaction (defined below), are capitalized when incurred and amortized over the period until the next anticipated drydocking, which is generally five years. For vessels, the Company utilizes the “built-in overhaul” method of accounting and segregates vessel costs into those that should be depreciated over the useful life of the vessel and those that require drydocking at periodic intervals. If drydocking occurs prior to the expected timing, a cumulative adjustment to recognize the change in expected timing of drydocking is recognized within Depreciation and amortization in the Consolidated Statements of Operations and Comprehensive Income. The Company depreciates property, plant and equipment less the estimate residual value 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) Vessels 5-30 Terminal and power plant equipment 4-24 CHP facilities 4-20 Gas terminals 5-24 ISO containers and associated 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 Income. When a vessel is disposed, any unamortized drydocking expenditure is recognized as part of the gain or loss on disposal in the period of disposal. (j) 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. (k) Investments in equity securities Investments in equity securities are 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 Income. (l) Cloud computing costs The Company capitalizes the costs incurred during the implementation stage for cloud computing or hosting arrangements. Costs incurred in the preliminary project stage and post-implementation stage, which includes maintenance and training costs, are expensed as incurred. Such costs are recorded in Transaction and integration costs in the Consolidated Statements of Operations and Comprehensive Income . Capitalized software costs are amortized over the straight-line method over three Consolidated Balance Sheets . Amortization expense is recorded in Selling, general and administrative in the Consolidated Statements of Operations and Comprehensive Income. (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, on October 1 st of each year, 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 Income. (n) Goodwill Goodwill includes the excess of the purchase price over the fair value of the net tangible and intangible assets acquired in a business combination. The Company reviews the carrying values of goodwill at least annually to assess impairment since these assets are not amortized. An annual impairment assessment is conducted as of October 1 st of each year. Additionally, the Company reviews the carrying value of goodwill whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. For an annual goodwill impairment assessment, an optional qualitative analysis may be performed. If the option is not elected or if it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then a two-step goodwill impairment test is performed to identify potential goodwill impairment and to measure an impairment loss. A qualitative analysis was elected for the years ended December 31, 2023 and 2022. A goodwill impairment assessment compares the fair value of a respective reporting unit with its carrying amount, including goodwill. The estimate of fair value of the respective reporting unit is based on the best information available as of the date of assessment, which primarily incorporates assumptions about operating results, business plans, income projections, anticipated future cash flows and market data. If goodwill is determined to be impaired, an impairment loss, measured at the amount by which the reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill, is recorded. There was no impairment of goodwill for the years ended December 31, 2023 and 2022. (o) Long-term debt and debt issuance costs 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. Unamortized debt issuance costs associated with the revolving credit agreement, facilities for the issuance of letters of credit and other similar arrangements are presented as an asset within Other non-current assets on the Consolidated Balance Sheets (regardless of whether there are any amounts outstanding under the credit facility) and amortized over the life of the particular arrangement. 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. The Company evaluates changes to debt arrangements to determine whether the changes represent a modification or extinguishment to the old debt arrangement. If a debt instrument is deemed to be modified, all new lender fees are capitalized, and third-party fees associated with the previous lenders are recognized as expense within Transaction and integration costs in the Consolidated Statements of Operations and Comprehensive Income. If an extinguishment of debt instruments has occurred, the unamortized financing fees associated with the extinguished instrument are expensed to Loss on extinguishment of debt, net in the Consolidated Statements of Operations and Comprehensive Income. In the event an amendment to the Revolving Facility (defined below) reduces the committed capacity of any lenders, the portion of any unamortized fees associated with such lender is expensed on a pro-rata basis in proportion to the decrease in the committed capacity. (p) 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 recognizes 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 discloses 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. (q) Revenue recognition Terminals and Infrastructure Within the Terminals and Infrastructure segment, the Company’s contracts with customers may contain one or several performance obligations usually consisting of the sale of LNG, natural gas, power and steam, which are outputs from the Company’s natural gas-fueled infrastructure and the sale of LNG cargos. 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 delivered in containers transported by truck to customer sites but may also be delivered via vessel to an unloading point specified in a contract. Revenue from sales of LNG is recognized at the point in time at which physical possession and the risks and rewards of ownership transfer to the customer, 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 or vessels, which may be accounted for as a finance or operating lease. For operating leases, the Company has elected the practical expedient to combine revenue for the sale of natural gas or LNG and operating lease income as the timing and pattern of transfer of the components are the same. The Company has concluded that the predominant component of the transaction is the sale of natural gas or LNG and therefore has not separated the lease component. The lease component of such operating leases is recognized as Operating revenue The current and non-current portion of finance leases are recorded within Prepaid expenses and other current assets and Other non-current assets, 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 Income. 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 Income. The principal component of the lease payment is reflected as a reduction to the net investment in the lease. In addition to the revenue recognized from the finance lease 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. Other revenue also includes revenue recognized by the Company's subsidiary, Genera PR LLC ("Genera"), under its contract for the operation and maintenance of Puerto Rico Electric Power Authority's ("PREPA") thermal generation assets. Under this agreement, Genera is reimbursed for pass-through expenses, including payroll expenses of Genera employees. Genera is the principal for services for operation and maintenance services, and the Company recognizes revenue for amounts to be reimbursed by PREPA in the period such expenses are incurred. Genera is also eligible for performance-based incentive fees, which are considered variable consideration. The Company estimates the amount of variable consideration as the most likely amount, which is included in the transaction price to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur. The timing of revenue recognition, billings and cash collections results in receivables, contract assets and contract liabilities. Receivables represent unconditional rights to consideration. Contract assets are comprised of the transaction price allocated to completed performance obligations that will be billed to customers in subsequent periods. 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. 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 Income 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. Ships Charter contracts, that have a lease term greater than one year, for the use of the FSRUs and LNG carriers are leases as the contracts convey the right to obtain substantially all of the economic benefits from the use of the asset and allow the customer to direct the use of that asset. At inception, the Company makes an assessment on whether the charter contract is an operating lease or a finance lease. Renewal periods and termination options are included in the lease term if the Company believes such options are reasonably certain to be exercised by the lessee. Generally, lease accounting commences when the asset is made available to the customer, however, where the contract contains specific customer acceptance testing conditions, the lease will not commence until the asset has successfully passed the acceptance test. The Company assesses leases for modifications when there is a change to the terms and conditions of the contract that results in a change in the scope or the consideration of the lease. For charter contracts that are determined to be finance leases accounted for as sales-type leases, the profit from the sale of the vessel is recognized upon lease commencement in Other revenue in the Consolidated Statements of Operations and Comprehensive Income. 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 Income. The principal component of the lease payment is reflected as a reduction to the net investment in the lease. Revenue related to operating and service agreements in connection with charter contracts accounted for as sales-type leases are recognized over the term of the charter as the service is provided within Vessel charter revenue in the Consolidated Statements of Operations and Comprehensive Income. Revenue includes lease payments under charters accounted for as operating leases and fees for repositioning vessels. Revenue generated from charters contracts is recorded over the term of the charter on a straight-line basis as service is provided and is included in Vessel charter revenue in the Consolidated Statements of Operations and Comprehensive Income. Lease payments include fixed payments (including in-substance fixed payments that are unavoidable) and variable payments based on a rate or index. For operating leases, the Company has elected the practical expedient to combine service revenue and operating lease income as the timing and pattern of transfer of the components are the same. Variable lease payments are recognized in the period in which the circumstances on which the variable lease payments are based become probable or occur. Repositioning fees are included in Vessel charter revenue and are recognized at the end of the charter when the fee becomes fixed. However, where there is a fixed amount specified in the charter, which is not dependent upon redelivery location, the fee is recognized evenly over the term of the charter. Costs directly associated with the execution of the lease or costs incurred after lease inception but prior to the commencement of the lease that directly relate to preparing the asset for the contract are capitalized and amortized in Vessel operating expenses in the Consolidated Statements of Operations and Comprehensive Income over the lease term. The Company continues to be the accounting owner of vessels included in the Energos Formation Transaction (Note 5), and the Company accounts for third party charters of these vessels under the accounting policies for vessel leases described above. The third-party charters of these vessels are operating leases, and revenue is recognized from these charters within Vessel charter revenue in the Consolidated Statements of Operations and Comprehensive Income. (r) Leases, as lessee The Company has entered into lease agreements primarily for the use of LNG vessels, marine port space, office space, land and equipment. 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 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 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 Leases . (s) Share-based compensation The Company adopted the New Fortress Energy Inc. 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”), performance share units (“PSUs”) 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 and ASC 505, Equity , which require all share-based payments to employees and members of the board of directors to be recognized as expense in the consolidated financial statements based on their grant date fair values. The Company has elected not to estimate forfeitures of its share-based compensation awards but recognizes the reversal in compensation expense in the period in which the forfeiture occurs. The Company has granted PSUs to certain employees and non-employees. The PSUs contain a performance condition, and vesting is determined based on achievement of a performance metr |
Adoption of new and revised sta
Adoption of new and revised standards | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Adoption of new and revised standards | Adoption of new and revised standards New standards, amendments and interpretations issued but not effective for the year beginning January 1, 2023: In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements , to clarify or improve disclosure and presentation requirements of a variety of topics and align the requirements in the FASB accounting standard codification (ASC) with the SEC's regulations. The amendments in ASU 2023-06 will be effective on the date the related disclosures are removed from Regulation S-X or Regulation S-K by the SEC, and will no longer be effective if the SEC has not removed the applicable disclosure requirement by June 30, 2027. Early adoption is prohibited. Although ASU 2023-06 incorporates certain existing or incremental requirements of Regulation S-X into the Codification, those amendments do not affect the information that is already included in the audited financial statements of entities subject to the SEC’s current disclosure or presentation requirements. The Company has determined there is no material impact which will result from adoption of the ASU. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . ASU 2023-07 requires disclosure of significant segment expenses and other segment items that are regularly provided to the CODM and included within each reported measure of segment profit or loss, and the title and position of the entity’s CODM. The amendments in this update also require entities to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. ASU 2023-07 will be effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments in this update are required to be applied retrospectively to all periods presented in the financial statements, unless it is impracticable. The Company is currently reviewing the impact that the adoption of ASU 2023-07 may have on the Company's consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , requiring companies to annually disclose specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires disclosure of income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and early adoption is permitted. The amendments should be applied on a prospective basis, but retrospective application is permitted. The Company is currently reviewing the impact that the adoption of ASU 2023-09 may have on the Company's consolidated financial statements and disclosures. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions Hygo Merger On April 15, 2021, the Company completed the acquisition of all of the outstanding common and preferred shares representing all voting interests of Hygo Energy Transition Ltd. ("Hygo"), a 50-50 joint venture between Golar LNG Limited (“GLNG”) and Stonepeak Infrastructure Fund II Cayman (G) Ltd., a fund managed by Stonepeak Infrastructure Partners (“Stonepeak”), in exchange for 31,372,549 shares of NFE Class A common stock and $580,000 in cash (the "Hygo Merger"). The acquisition of Hygo expanded the Company’s footprint in South America with three gas-to-power projects in Brazil’s large and fast-growing market. The Company acquired a 50% interest in Centrais Elétricas de Sergipe Participações S.A. (“CELSEPAR”); CELSEPAR owns 100% of the share capital of Centrais Elétricas de Sergipe S.A. (“CELSE”), the owner and operator of a 1.5GW power plant in Sergipe, Brazil (the "Sergipe Power Plant"). Assets acquired also included an operating FSRU terminal in Sergipe, Brazil (the "Sergipe Facility"), as well as a terminal and power plant under development in State of Pará, Brazil (the "Barcarena Facility" and "Barcarena Power Plant," respectively), and a terminal under development on the southern coast of Brazil (the "Santa Catarina Facility"). In addition, the Company also acquired two LNG carriers and the Nanook, a newbuild FSRU moored and in service at the Sergipe Facility. Based on the closing price of NFE’s common stock on April 15, 2021, the total value of consideration in the Hygo Merger was $1.98 billion, shown as follows: Consideration As of Cash consideration for Hygo Preferred Shares $ 180,000 Cash consideration for Hygo Common Shares 400,000 Total Cash Consideration $ 580,000 Merger consideration to be paid in shares of NFE Common Stock 1,400,784 Total Non-Cash Consideration 1,400,784 Total Consideration $ 1,980,784 The Company determined it was the accounting acquirer of Hygo, which was accounted for under the acquisition method of accounting for business combinations. The total purchase price of the transaction was allocated to identifiable assets acquired, liabilities assumed and non-controlling interests of Hygo based on their respective estimated fair values as of the closing date. The final adjusted fair values assigned to the assets acquired, liabilities assumed and non-controlling interests of Hygo as of the closing date were as follows: Hygo As of Assets Acquired Cash and cash equivalents $ 26,641 Restricted cash 48,183 Accounts receivable 5,126 Inventory 1,022 Other current assets 8,095 Assets under development 128,625 Property, plant and equipment, net 385,389 Equity method investments 823,521 Finance leases, net 601,000 Deferred tax assets, net 1,065 Other non-current assets 52,996 Total assets acquired: $ 2,081,663 Liabilities Assumed Current portion of long-term debt $ 38,712 Accounts payable 3,059 Accrued liabilities 39,149 Other current liabilities 13,495 Long-term debt 433,778 Deferred tax liabilities, net 273,682 Other non-current liabilities 21,520 Total liabilities assumed: 823,395 Non-controlling interest 38,306 Net assets acquired: 1,219,962 Goodwill $ 760,822 The fair value of Hygo’s non-controlling interest (“NCI”) as of April 15, 2021 was $38,306, including the fair value of the net assets of VIEs that Hygo had consolidated. These VIEs were SPVs (defined below) for the sale and leaseback of certain vessels, and Hygo had no equity investment in these entities. The fair value of NCI was determined based on the valuation of the SPV’s external debt and the lease receivable asset associated with the sales leaseback transaction with Hygo’s subsidiary, using a discounted cash flow method. The fair value of receivables acquired from Hygo was $8,009, which approximated the gross contractual amount; no material amounts were expected to be uncollectible. Goodwill was calculated as the excess of the purchase price over the net assets acquired. Goodwill represents access to additional LNG and natural gas distribution systems and power markets, including workforce that will allow the Company to rapidly develop and deploy LNG to power solutions. While the goodwill is not deductible for local tax purposes, it is treated as an amortizable expense for the U.S. GILTI computation. The Company’s results of operations for the year ended December 31, 2023 include Hygo’s result of operations for the entire period. Revenue and net loss attributable to Hygo during the period was $5,465 and $11,389, respectively, which excludes revenue generated from the acquired vessels after the Energos Formation Transaction on August 15, 2022. GMLP Merger On April 15, 2021, the Company completed the acquisition of all of the outstanding common units, representing all voting interests, of Golar LNG Partners LP ("GMLP") in exchange for $3.55 in cash per common unit and for each of the outstanding membership interest of GMLP’s general partner (the "GMLP Merger, and collectively with the Hygo Merger, the "Mergers"). In conjunction with the closing of the GMLP Merger, NFE simultaneously extinguished a portion of GMLP’s debt for total consideration of $1.15 billion. As a result of the GMLP Merger, the Company acquired a fleet of six FSRUs and four LNG carriers to support the Company's existing facilities and international business development pipeline. Assets acquired also included an interest in a floating natural gas liquefaction vessel (“FLNG”), the Hilli Episeyo (the "Hilli"). The consideration paid by the Company in the GMLP Merger was as follows: Consideration As of GMLP Common Units ($3.55 per unit x 69,301,636 units) $ 246,021 GMLP General Partner Interest ($3.55 per unit x 1,436,391 units) 5,099 Partnership Phantom Units ($3.55 per unit x 58,960 units) 209 Cash Consideration $ 251,329 GMLP debt repaid in acquisition 899,792 Total Cash Consideration 1,151,121 Cash settlement of preexisting relationship (3,978) Total Consideration $ 1,147,143 The Company determined it is the accounting acquirer of GMLP, which was accounted for under the acquisition method of accounting for business combinations. The total purchase price of the transaction was allocated to identifiable assets acquired, liabilities assumed and non-controlling interests of GMLP based on their respective estimated fair values as of the closing date. The final adjusted fair values assigned to the assets acquired, liabilities assumed and non-controlling interests of GMLP as of the closing date were as follows: GMLP As of Assets Acquired Cash and cash equivalents $ 41,461 Restricted cash 24,816 Accounts receivable 3,195 Inventory 2,151 Other current assets 2,789 Equity method investments 355,500 Property, plant and equipment, net 1,063,215 Intangible assets, net 106,500 Deferred tax assets, net 963 Other non-current assets 4,400 Total assets acquired: $ 1,604,990 Liabilities Assumed Current portion of long-term debt $ 158,073 Accounts payable 3,019 Accrued liabilities 17,226 Other current liabilities 73,774 Deferred tax liabilities, net 14,907 Other non-current liabilities 10,630 Total liabilities assumed: 277,629 Non-controlling interest 196,156 Net assets to be acquired: 1,131,205 Goodwill $ 15,938 The fair value of GMLP’s NCI as of April 15, 2021 was $196,156, which represents the fair value of other investors’ interest in the Mazo , GMLP’s preferred units which were not acquired by the Company and the fair value of net assets of an SPV formed for the purpose of a sale and leaseback of the Eskimo . The fair value of GMLP’s preferred units and the valuation of the SPV’s external debt and the lease receivable asset associated with the sale leaseback transaction have been estimated using a discounted cash flow method. The fair value of receivables acquired from GMLP was $4,797, which approximated the gross contractual amount; no material amounts were expected to be uncollectible. The Company acquired favorable and unfavorable leases for the use of GMLP’s vessels. The fair value of the favorable contracts was $106,500 and the fair value of the unfavorable contracts was $13,400. The total weighted average amortization period was approximately three years, and the unfavorable contract liability had a weighted average amortization period of approximately one year. The Company and GMLP had an existing lease agreement prior to the GMLP Merger. As a result of the acquisition, the lease agreement and any associated receivable and payable balances were effectively settled. The lease agreement also included provisions that required a subsidiary of NFE to indemnify GMLP to the extent that GMLP incurred certain tax liabilities as a result of the lease. A loss of $3,978 related to settlement of this indemnification provision was recognized in Transaction and integration costs in the Consolidated Statements of Operations and Comprehensive Income in the second quarter of 2021. The Company’s results of operations for the year ended December 31, 2023 include GMLP’s result of operations from the entire period. Revenue and net loss attributable to GMLP during this period was $0 and $33,148, respectively, which excludes revenue generated from the acquired vessels after the Energos Formation Transaction on August 15, 2022. Acquisition costs associated with the Mergers of $33,907 for the year ended December 31, 2021 were included in Transaction and integration costs in the Company’s Consolidated Statements of Operations and Comprehensive Income. Unaudited pro forma financial information The following table summarizes the unaudited pro forma condensed financial information of the Company as if the Mergers had occurred on January 1, 2020. Year Ended December 31, 2021 2020 Revenue $ 1,429,361 $ 813,079 Net income (loss) 75,415 (339,909) Net income (loss) attributable to stockholders 62,059 (264,075) The unaudited pro forma financial information is based on historical results of operations as if the acquisitions had occurred on January 1, 2020, adjusted for transaction costs incurred, adjustments to depreciation expense associated with the recognition of the fair value of vessels acquired, additional amortization expense associated with the recognition of the fair value of favorable and unfavorable customer contracts for vessel charters, additional interest expense as a result of incurring new debt and extinguishing historical debt, elimination of a pre-existing lease relationship between the Company and GMLP, and a step-up of the equity method investments. Pro forma net income (loss) for the year ended December 31, 2020 includes non-recurring expenses associated with the Mergers of $37,885; such non-recurring expenses have been removed from the pro forma financial information for the year ended December 31, 2021. Transaction costs incurred and the elimination of a pre-existing lease relationship between the Company and GMLP are considered to be non-recurring. The unaudited pro forma financial information does not give effect to any synergies, operating efficiencies or cost savings that may result from the Mergers. CH4 Energia Ltda. On January 12, 2021, the Company acquired 100% of the outstanding shares of CH4 Energia Ltda. (“CH4”), an entity that owns key permits and authorizations to develop an LNG terminal. The purchase consideration consisted of $903 of cash paid at closing in addition to potential future payments contingent on achieving certain construction milestones of up to approximately $3,600. As the contingent payments met the definition of a derivative, the fair value of the contingent payments as of the acquisition date of $3,047 was included as part of the purchase consideration and was recognized in Other long-term liabilities on the Consolidated Balance Sheets. The purchase of CH4 was accounted for as an asset acquisition. As a result, no goodwill was recorded, and the Company’s acquisition-related costs of $295 were included in the purchase consideration. The total purchase consideration of $5,776, which included a deferred tax liability of $1,531 recognized as a result from the acquisition, was allocated to permits and authorizations acquired and was recorded within Intangible assets, net. Pecém Energia S.A. and Energetica Camacari Muricy II S.A. On March 11, 2021, the Company acquired 100% of the outstanding shares of Pecém Energia S.A. (“Pecém”) and Energetica Camacari Muricy II S.A. (“Muricy”). These companies collectively hold grants to operate as an independent power provider and 15-year power purchase agreements for the development of thermoelectric power plants in the State of Bahia, Brazil. The purchase consideration consisted of $8,041 of cash paid at closing in addition to potential future payments contingent on achieving commercial operations of a gas-fired power plant of up to approximately $10.5 million. As the contingent payments met the definition of a derivative, the fair value of the contingent payments as of the acquisition date of $7,473 was included as part of the purchase consideration and was recognized in Other long-term liabilities on the Consolidated Balance Sheets. The selling shareholders may also receive future payments based on power generated by a power plant, subject to a maximum payment of approximately $4.6 million. The purchases of Pecém and Muricy were accounted for as asset acquisitions. As a result, no goodwill was recorded, and the Company’s acquisition-related costs of $1,275 were included in the purchase consideration. Of the total purchase consideration, $16,585 was allocated to acquired power purchase agreements and was recorded in Intangible assets, net, and the remaining purchase consideration was related to working capital acquired. In the fourth quarter of 2023, a consolidated indirect subsidiary of NFE completed the sale of 100% of the shares of Pecém and Muricy. The sale price included cash consideration of BRL109,547 ($22,434 using exchange rates as of December 31, 2023), of which BRL 35,019 ($7,234 using exchange rates as of December 31, 2023) will be settled in the second quarter of 2024 . Consideration under this agreement also included potential future earnout payments based on the revenue generated from power purchase agreements held by Pecém and Muricy. The estimated value of the contingent payments as of the disposition date of BRL101,836 ($21,036 using exchange rates as of December 31, 2023) was included as part of the sale consideration and was recognized in Other non-current assets on the Consolidated Balance Sheets. Total consideration, including the value of contingent payments, totaled $43,470, and the Company recognized a pre-tax gain of $21,534 in Gain on sale of assets in the Consolidated Statements of Operations and Comprehensive Income. |
Energos Formation Transaction
Energos Formation Transaction | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Energos Formation Transaction | Energos Formation Transaction On August 15, 2022, the Company completed a transaction (the “Energos Formation Transaction”) with an affiliate of Apollo Global Management, Inc., pursuant to which the Company transferred ownership of 11 vessels to Energos Infrastructure ("Energos") in exchange for approximately $1.85 billion in cash and a 20% equity interest in Energos. Ten of the vessels were subject to current or future charters with the Company and one vessel (the Nanook ) was not subject to a future NFE charter. The in-place and future charters to the Company of ten vessels prevent the recognition of the sale of those vessels to Energos, and the proceeds associated with these vessels have been treated as a failed sale leaseback. As a result, these ten vessels continue to be recognized on the Consolidated Balance Sheets as Property, plant and equipment, and the proceeds are recognized as debt ("Vessel Financing Obligation"). Consistent with this treatment as a failed sale leaseback, (i) the third party charter revenues continue to be recognized by the Company as Vessel charter revenue; (ii) the costs of operating the vessels is included in Vessel operating expenses for the remaining terms of the third-party charters and (iii) such revenues are included as part of debt service for the sale leaseback financing debt and are included in additional financing costs within Interest expense, net. The Company has accounted for the investment in Energos as an equity method investment; see Note 13 for further discussion of this investment. As a result of the Mergers, the Company acquired a 50% ownership interest in both CELSEPAR and Hilli LLC, and both investments have been recognized as equity method investments. As part of the Energos Formation Transaction, the Company contributed certain vessels to Energos in exchange for an equity interest, and this equity interest has been accounted for under the equity method. The Company has a 20% ownership interest in Energos. The investment in CELSEPAR was reflected in the Terminals and Infrastructure segment; the investments in Hilli LLC and Energos were reflected in the Ships segment. Changes in the balance of the Company’s equity method investments is as follows: December 31, 2023 December 31, 2022 Equity method investments as of beginning of period $ 392,306 $ 1,182,013 Capital contributions 1,501 133,314 Dividends (5,830) (29,372) Equity in earnings of investees 15,249 15,546 Other-than-temporary impairment (5,277) (487,765) Sale of equity method investments (260,156) (500,076) Foreign currency translation adjustment — 78,646 Equity method investments as of end of period $ 137,793 $ 392,306 The carrying amounts of the Company's equity method investments as of December 31, 2023 and 2022 are as follows: December 31, 2023 December 31, 2022 Hilli LLC $ — $ 260,000 Energos 137,793 132,306 Total $ 137,793 $ 392,306 As of December 31, 2023, the carrying value of the Company’s equity method investments was less than its proportionate share of the underlying net assets of its investee by $5,277. At December 31, 2022, the carrying value of the Company’s equity method investments exceeded its proportionate share of the underlying net assets of its investees by $16,976, and the basis difference attributable to amortizable net assets was amortized to Income (loss) from equity method investments in the Consolidated Statements of Operations and Comprehensive Income over the remaining estimated useful lives of the underlying assets. Energos The Company acquired a 20% equity interest in Energos as part of the Energos Formation Transaction in the third quarter of 2022. The Company's equity investment provided certain rights, including representation on the Energos board of directors, that gave the Company significant influence over the operations of Energos, and as such, the investment was accounted for under the equity method. Energos was also an affiliate, and all transactions with Energos were transactions with an affiliate. Subsequent to December 31, 2023 , the Company entered into a Unit Purchase Agreement to sell substantially all of its stake in Energos. As a result of the transaction, the Company has recognized an other than temporary impairment ("OTTI") of the investment in Energos totaling $5,277 for the year ended December 31, 2023, and this loss was recognized in Income (loss) from equity method investments in the Consolidated Statements of Operations and Comprehensive Income . Nonrecurring, Level 2 inputs were used to estimate the fair value of the investment for the purpose of recognizing the OTTI. The sale was completed on February 14, 2023. Following the disposition of substantially all of the stake in Energos, the Company no longer has significant influence over Energos, and the value of any remaining investment will not be accounted for under the equity method. Due to the timing and availabili ty of financial information of Energos, the Company recognized its proportional share of the income or loss from the equity method investment on a financial reporting lag of one fiscal quarter. For the years ended December 31, 2023 and 2022, the Company has recognized earnings from Energos of $9,263 and $2,788, respectively. Hilli LLC On March 15, 2023, the Company completed a transaction with Golar LNG Limited ("GLNG") for the sale of the Company's investment in the common units of Hilli LLC in exchange for approximately 4.1 million NFE shares and $100,000 in cash (the "Hilli Exchange"). In the fourth quarter of 2022, the Company recognized an OTTI on the investment in Hilli LLC of $118,558; this impairment was recognized in Income (loss) from equity method investments in the Consolidated Statements of Operations and Comprehensive Income. Upon completion of the Hilli Exchange, a loss on disposal of $37,401 was recognized in Other expense (income), net in the Consolidated Statements of Operations and Comprehensive Income. As a result of the Hilli Exchange, the Company no longer has an ownership interest in the Hilli . NFE shares received from GLNG were cancelled upon closing of the Hilli Exchange. CELSEPAR CELSEPAR was jointly owned and operated with Ebrasil Energia Ltda. (“Ebrasil”), an affiliate of Eletricidade do Brasil S.A., and the Company accounted for this 50% investment using the equity method. On May 31, 2022, an indirect subsidiary of NFE and certain Ebrasil sellers as owners of CELSEPAR (the “Sergipe Sellers”), Eneva S.A., as purchaser ("Eneva") and Eletricidade do Brasil S.A. -- Ebrasil, entered into a Share Purchase Agreement pursuant to which Eneva agreed to acquire all of the outstanding shares of (a) CELSEPAR and (b) Centrais Elétricas Barra dos Coqueiros S.A. ("CEBARRA"), which owns 1.7 GW of expansion rights adjacent to the Sergipe Power Plant, for a purchase price of R$6.1 billion in cash (the “Sergipe Sale”). The purchase price payable by Eneva accrued interest at a rate of CDI +1% from December 31, 2021 until the date of the closing (CDI at closing used for interest calculation purposes) and was subject to certain customary adjustments, including for the amount of any (a) distributions or payments to or for the benefit of Sergipe Sellers and their affiliates and liabilities incurred or assumed for the benefit of Sergipe Sellers or their affiliates, and (b) certain fees and expenses incurred by CELSEPAR and CEBARRA in connection with the Sergipe Sale. The Sergipe Sale was completed on October 3, 2022, and Eneva paid the Sergipe Sellers R$6.8 billion (approximately $1.3 billion using the exchange rate as of the closing date), prior to the settlement of debt, settlement of other contractual liabilities and payment of transaction costs and consent fees at closing. The Company also entered into a foreign currency forward to mitigate foreign currency risk to the expected proceeds from the transaction, and this foreign currency forward settled at the time of the Sergipe Sale resulting in a gain of $20,394, recognized in Other expense (income), net in the Consolidated Statements of Operations and Comprehensive Income. |
VIEs
VIEs | 12 Months Ended |
Dec. 31, 2023 | |
VIEs [Abstract] | |
VIEs | VIEs The Company assumed sale leaseback arrangements for four vessels as part of the Mergers. To effectuate a financing, the vessel was sold to a single asset entity wholly owned by the lending bank (a special purpose vehicle or "SPV") and then leased back. While the Company did not hold an equity investment in these lending entities, these entities are VIEs, and the Company had a variable interest in these lending entities due to the guarantees and fixed price repurchase options that absorb the losses of the VIE that could potentially be significant to the entity. The Company had concluded that it had the power to direct the economic activities that most impact the economic performance as it controlled the significant decisions relating to the assets and it had the obligation to absorb losses or the right to receive the residual returns from the leased asset. Therefore, the Company consolidated these lending entities. As NFE had no equity interest in these VIEs, all equity attributable to the VIEs was included in non-controlling interest in the consolidated financial statements. Transactions between NFE's wholly-owned subsidiaries and the VIEs were eliminated in consolidation, including sale leaseback transactions. One of these sale leaseback arrangements was terminated in 2021; the remaining three sale leaseback arrangements were terminated as part of the Energos Formation Transaction in the third quarter of 2022. The Company is no longer party to any lessor VIE arrangements. Prior to the Energos Formation Transaction, the most significant impact of the lessor VIEs operations on the Company’s Consolidated Statements of Operations and Comprehensive Income was an addition to interest expense of $6,348 for the year ended December 31, 2022. Upon termination of the sale leaseback financing arrangements in the third quarter of 2022, the Company recognized a loss on extinguishment of debt of $9,082 in the Consolidated Statements of Operations and Comprehensive Income. For the period subsequent to the completion of the Mergers in 2021, the most significant impact of the lessor VIEs operations on the Company’s Consolidated Statements of Operations and Comprehensive Income was an addition to interest expense of $11,766 for the year ended December 31, 2021. The most significant impact of the lessor VIEs cash flows on the Consolidated Statements of Cash Flows is net cash used in financing activities of $400,622 and $236,916 for the years ended December 31, 2022 and 2021, respectively. In the second quarter of 2022, one of the lessor VIEs declared a dividend of $4,000, which was paid in the third quarter of 2022. The declared dividend was recognized as a change to non-controlling interest in the consolidated financial statements. |
Revenue recognition
Revenue recognition | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue recognition | Revenue recognition Operating revenue in the Consolidated Statements of Operations and Comprehensive Income 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, and the sale of LNG cargos. Included in operating revenue are LNG cargo sales to customers of $618,521, $1,175,866, and $462,695 for the years ended December 31, 2023, 2022 and 2021, respectively. LNG cargo sales for the year ended December 31, 2023 included $332,000 of contract settlements. The table below summarizes the balances in Other revenue: Year Ended December 31, 2023 2022 2021 Development services revenue $ — $ — $ 125,924 Interest income and other revenue 26,341 32,469 35,261 Operation and maintenance revenue 49,900 — — Total other revenue $ 76,241 $ 32,469 $ 161,185 Operation and maintenance revenue began to be recognized in the year ended December 31, 2023 once Genera's contract with PREPA commenced on July 1, 2023. Amounts recognized include fixed fees and the reimbursement of pass-through expenditures, and all variable consideration was fully constrained as of December 31, 2023. Under most customer contracts, invoicing occurs once the Company’s performance obligations have been satisfied, at which point payment is unconditional. As of December 31, 2023 and 2022, receivables related to revenue from contracts with customers totaled $331,108 and $280,382, respectively, and were included in Receivables, net on the Consolidated Balance Sheets, net of current expected credit losses of $1,158 and $884, respectively. Other items included in Receivables, net not related to revenue from contracts with customers represent leases, which are accounted for outside the scope of ASC 606 and receivables associated with reimbursable costs. Contract assets are comprised of the transaction price allocated to completed performance obligations that will be billed to customers in subsequent periods. 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 contract assets and contract liabilities balances as of December 31, 2023 and 2022 are detailed below: December 31, 2023 December 31, 2022 Contract assets, net - current $ 8,714 $ 8,083 Contract assets, net - non-current 19,901 28,651 Total contract assets, net $ 28,615 $ 36,734 Contract liabilities, net - current $ 65,287 $ 12,748 Contract liabilities, net - non-current 31,698 — Total contract liabilities, net $ 96,985 $ 12,748 Revenue recognized in the year from: Amounts included in contract liabilities at the beginning of the year $ 12,748 $ 2,951 Contract assets are presented net of expected credit losses of $326 and $401 as of December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, contract assets were comprised of $28,536 and $36,483 of unbilled receivables, respectively, which represent unconditional rights to payment only subject to the passage of time. Contract liabilities increased during the year ended December 31, 2023 primarily due to advance payments received under the Company's contracts in Puerto Rico to provide temporary power and to operate and maintain PREPA's power generation assets. These payments will be recognized as revenue over the expected term of these contracts. The Company has recognized costs to fulfill a contract with customers, which primarily consist of expenses required to enhance resources to deliver under agreements with these customers. These costs can include set-up and mobilization costs incurred ahead of the service period, and such costs will be recognized on a straight-line basis over the expected term of the agreement. As of December 31, 2023, the Company has capitalized $25,282, of which $2,864 of these costs is presented within Prepaid and other current assets and $22,418 is presented within Other non-current assets on the Consolidated Balance Sheets. As of December 31, 2022, the Company had capitalized $10,377, of which $604 of these costs was presented within Prepaid and other current assets and $9,773 was presented within Other non-current assets on the Consolidated Balance Sheets. 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 represents 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 2024 $ 2,073,254 2025 1,606,743 2026 685,108 2027 681,418 2028 667,251 Thereafter 9,188,750 Total $ 14,902,524 For all other sales contracts that have a term exceeding one year, the Company has elected the practical expedient in ASC 606 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. Lessor arrangements Property, plant and equipment subject to vessel charters accounted for as operating leases is included within Vessels within "Note 15. Property, plant and equipment, net." Vessels included in the Energos Formation Transaction, including those vessels chartered to third parties, continue to be recognized on the Consolidated Balance Sheets, and as such, the carrying amount of these vessels that are leased to third parties under operating leases is as follows: December 31, December 31, Property, plant and equipment $ 686,683 $ 1,292,957 Accumulated depreciation (69,977) (80,233) Property, plant and equipment, net $ 616,706 $ 1,212,724 The components of lease income from vessel operating leases for the years ended December 31, 2023, 2022 and 2021 are shown below. As the Company has not recognized the sale of all of the vessels included in the Energos Formation Transaction, the operating lease income shown below for the years ended December 31, 2023 and 2022, respectively, is comprised of revenue from third-party charters of vessels included in the Energos Formation Transaction. December 31, December 31, December 31, Operating lease income $ 276,113 $ 328,366 $ 214,193 Variable lease income 730 22,940 11,067 Total operating lease income $ 276,843 $ 351,306 $ 225,260 The Company’s charter of the Nanook and certain equipment leases provided in connection with the supply of natural gas or LNG are accounted for as finance leases. The Company recognized the sale of the net investment in the finance lease of the Nanook as part of the Energos Formation Transaction. Proceeds of $593,000 were allocated to the sale of this financial asset, and upon derecognition of the finance lease, a loss of $14,598 was recognized as Other expense (income), net, in the Consolidated Statements of Operations and Comprehensive Income. Prior to the completion of the Energos Formation Transaction, the Company's charter of the Nanook was accounted for as a finance lease, and the Company recognized interest income of $28,643 and $32,880 for the years ended December 31, 2022 and 2021, respectively, related to the finance lease , which was presented within Other revenue in the Consolidated Statements of Operations and Comprehensive Income. The Company also recognized revenue of $5,852 and $5,549 for the years ended December 31, 2022 and 2021, respectively, related to the operation and services agreement and variable charter revenue within Vessel charter revenue in the Consolidated Statements of Operations and Comprehensive Income. The Company recognized the sale of the net investment in the finance lease of the Nanook as part of the Energos Formation Transaction. Subsequent to the Energos Formation Transaction, all cash receipts on vessel charters, including the finance lease of the Nanook |
Leases, as lessee
Leases, as lessee | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases, as lessee | Leases, as lessee 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. As of December 31, 2023 and 2022, ROU assets, current lease liabilities and non-current lease liabilities consisted of the following: December 31, December 31, Operating right-of-use assets $ 538,055 $ 355,883 Finance right-of-use assets (1) 50,330 21,994 Total right-of-use assets $ 588,385 $ 377,877 Current lease liabilities: Operating lease liabilities $ 135,867 $ 44,371 Finance lease liabilities 28,681 4,370 Total current lease liabilities $ 164,548 $ 48,741 Non-current lease liabilities: Operating lease liabilities $ 390,519 $ 290,899 Finance lease liabilities 15,975 11,222 Total non-current lease liabilities $ 406,494 $ 302,121 (1) Finance lease ROU assets are recorded net of accumulated amortization of $21,470 and $2,134 as of December 31, 2023 and 2022, respectively. For the years ended December 31, 2023, 2022, and 2021, the Company’s operating lease cost recorded within the Consolidated Statements of Operations and Comprehensive Income were as follows: Year Ended December 31, 2023 2022 2021 Fixed lease cost $ 109,873 $ 75,771 $ 41,054 Variable lease cost 4,601 2,203 1,711 Short-term lease cost 23,903 20,129 6,974 Lease cost - Cost of sales $ 88,608 $ 87,610 $ 41,147 Lease cost - Operations and maintenance 42,520 3,681 2,343 Lease cost - Selling, general and administrative 7,249 6,812 6,249 For the years ended December 31, 2023, 2022 and 2021, the Company has capitalized $61,320, $20,403 and $15,568 of lease costs, respectively. Capitalized costs include vessels and port space used during the commissioning of development projects. Short-term lease costs for vessels chartered by the Company to transport inventory from a supplier’s facilities to the Company’s storage locations are capitalized to inventory. The Company has leases of turbines, ISO tanks and a parcel of land that are recognized as finance leases. For the years ended December 31, 2023, 2022 and 2021, the Company’s finance interest expense and amortization recorded in Interest expense and Depreciation and amortization, respectively, within the Consolidated Statements of Operations and Comprehensive Income were as follows: Year Ended December 31, 2023 2022 2021 Interest expense related to finance leases $ 3,706 $ 852 $ 409 Amortization of right-of-use asset related to finance leases 19,337 1,512 622 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 years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Operating cash outflows for operating lease liabilities $ 133,132 $ 96,698 $ 46,066 Financing cash outflows for finance lease liabilities 21,187 3,697 2,156 Right-of-use assets obtained in exchange for new operating lease liabilities 265,537 135,075 172,996 Right-of-use assets obtained in exchange for new finance lease liabilities 47,672 — 24,533 The future payments due under operating and finance leases as of December 31, 2023 are as follows: Operating Leases Financing Leases 2024 $ 179,273 $ 30,939 2025 125,262 12,427 2026 78,023 3,041 2027 77,557 436 2028 76,966 89 Thereafter 174,365 853 Total Lease Payments $ 711,446 $ 47,785 Less: effects of discounting 185,060 3,129 Present value of lease liabilities $ 526,386 $ 44,656 Current lease liability $ 135,867 $ 28,681 Non-current lease liability 390,519 15,975 As of December 31, 2023, the weighted-average remaining lease term for operating leases was 5.9 years and finance leases was 2.0 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, 2023 and 2022 was 10.1% and 8.5%, respectively. The weighted average discount rate associated with finance leases as of December 31, 2023 and 2022 was 8.2% and 5.1%, respectively. In January 2024, the Company has commenced a 10-year lease of a vessel with expected future payments of approximately $376 million. |
Leases, as lessee | Leases, as lessee 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. As of December 31, 2023 and 2022, ROU assets, current lease liabilities and non-current lease liabilities consisted of the following: December 31, December 31, Operating right-of-use assets $ 538,055 $ 355,883 Finance right-of-use assets (1) 50,330 21,994 Total right-of-use assets $ 588,385 $ 377,877 Current lease liabilities: Operating lease liabilities $ 135,867 $ 44,371 Finance lease liabilities 28,681 4,370 Total current lease liabilities $ 164,548 $ 48,741 Non-current lease liabilities: Operating lease liabilities $ 390,519 $ 290,899 Finance lease liabilities 15,975 11,222 Total non-current lease liabilities $ 406,494 $ 302,121 (1) Finance lease ROU assets are recorded net of accumulated amortization of $21,470 and $2,134 as of December 31, 2023 and 2022, respectively. For the years ended December 31, 2023, 2022, and 2021, the Company’s operating lease cost recorded within the Consolidated Statements of Operations and Comprehensive Income were as follows: Year Ended December 31, 2023 2022 2021 Fixed lease cost $ 109,873 $ 75,771 $ 41,054 Variable lease cost 4,601 2,203 1,711 Short-term lease cost 23,903 20,129 6,974 Lease cost - Cost of sales $ 88,608 $ 87,610 $ 41,147 Lease cost - Operations and maintenance 42,520 3,681 2,343 Lease cost - Selling, general and administrative 7,249 6,812 6,249 For the years ended December 31, 2023, 2022 and 2021, the Company has capitalized $61,320, $20,403 and $15,568 of lease costs, respectively. Capitalized costs include vessels and port space used during the commissioning of development projects. Short-term lease costs for vessels chartered by the Company to transport inventory from a supplier’s facilities to the Company’s storage locations are capitalized to inventory. The Company has leases of turbines, ISO tanks and a parcel of land that are recognized as finance leases. For the years ended December 31, 2023, 2022 and 2021, the Company’s finance interest expense and amortization recorded in Interest expense and Depreciation and amortization, respectively, within the Consolidated Statements of Operations and Comprehensive Income were as follows: Year Ended December 31, 2023 2022 2021 Interest expense related to finance leases $ 3,706 $ 852 $ 409 Amortization of right-of-use asset related to finance leases 19,337 1,512 622 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 years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Operating cash outflows for operating lease liabilities $ 133,132 $ 96,698 $ 46,066 Financing cash outflows for finance lease liabilities 21,187 3,697 2,156 Right-of-use assets obtained in exchange for new operating lease liabilities 265,537 135,075 172,996 Right-of-use assets obtained in exchange for new finance lease liabilities 47,672 — 24,533 The future payments due under operating and finance leases as of December 31, 2023 are as follows: Operating Leases Financing Leases 2024 $ 179,273 $ 30,939 2025 125,262 12,427 2026 78,023 3,041 2027 77,557 436 2028 76,966 89 Thereafter 174,365 853 Total Lease Payments $ 711,446 $ 47,785 Less: effects of discounting 185,060 3,129 Present value of lease liabilities $ 526,386 $ 44,656 Current lease liability $ 135,867 $ 28,681 Non-current lease liability 390,519 15,975 As of December 31, 2023, the weighted-average remaining lease term for operating leases was 5.9 years and finance leases was 2.0 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, 2023 and 2022 was 10.1% and 8.5%, respectively. The weighted average discount rate associated with finance leases as of December 31, 2023 and 2022 was 8.2% and 5.1%, respectively. In January 2024, the Company has commenced a 10-year lease of a vessel with expected future payments of approximately $376 million. |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial instruments | Financial instruments Commodity risk management The Company has utilized commodity swap transactions to manage exposure to changes in market pricing of natural gas or LNG. Realized and unrealized gains and losses on these transactions have been recognized in Cost of sales in the Consolidated Statements of Operations and Comprehensive Income . • During the fourth quarter of 2022, the Company entered into a commodity swap transaction to swap market pricing exposure for approximately 6.8 TBtus for a fixed price of $40.55 per MMBtu. The swap settled during the first quarter of 2023 resulting in a gain of $41,315 recognized as a reduction to Cost of sales in the Consolidated Statements of Operations and Comprehensive Income . The gain was comprised of a realized gain of $146,112 and the reversal of the unrealized gain of $104,797 recognized in the fourth quarter of 2022. • In January 2023, the Company entered into a series of commodity swap transactions. Realized loss of $8,495 for the year ended December 31, 2023 on this instrument have been recognized in Cost of sales Consolidated Statements of Operations and Comprehensive Income . All swaps have been settled prior to December 31, 2023. Interest rate and currency risk management In connection with the Mergers during 2022, the Company acquired an interest rate swap to reduce the risk associated with fluctuations in interest rates by converting floating rate interest obligations to fixed rates, which from an economic perspective hedges the interest rate exposure. The interest rate swap was terminated in the first quarter of 2023. During the fourth quarter of 2023 , the Company entered into a non-deliverable forward to secure the currency position of the Barcarena Debentures (defined below) to be issued nominated in USD. The forward was settled in November 2023, and the Company recorded a realized gain of $5,864. The Company does not hold or issue instruments for speculative purposes, and the counterparties to such contracts are major banking and financial institutions. Credit risk exists to the extent that the counterparties are unable to perform under the contracts; however, the Company does not anticipate non-performance by any counterparties. The mark-to-market gain or loss on the interest rate swap, non-deliverable forward and other derivative instruments that are not intended to mitigate commodity risk are reported in Other expense (income), net in the Consolidated Statements of Operations and Comprehensive Income . 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 Company uses the market approach when valuing investment in equity securities which is recorded in Other non-current assets on the Consolidated Balance Sheets as of December 31, 2023 and 2022. The Company uses the income approach when valuing the following financial instruments: • Interest rate swap and commodity swaps - The Company did not have any interest rate swaps or commodity swaps outstanding as of December 31, 2023. As of December 31, 2022, the interest rate swap and commodity swaps were recorded within Other non-current assets and Prepaid expenses and other current assets on the Consolidated Balance Sheets, respectively. • Contingent consideration derivative liability represents consideration due to the sellers in asset acquisitions when certain contingent events occur. The liabilities associated with these derivatives are recorded within Other current liabilities and Other long-term liabilities based on the timing of expected settlement. The fair value of certain derivative instruments, including commodity swaps, is estimated considering current interest rates, foreign exchange rates, closing quoted market prices and the creditworthiness of counterparties. The Company estimates fair value of the contingent consideration derivative liabilities 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 events occurring. The following table presents the Company’s financial assets and financial liabilities, including those that are measured at fair value, as of December 31, 2023 and 2022: Level 1 Level 2 Level 3 Total December 31, 2023 Assets Investment in equity securities $ — $ — $ 7,678 $ 7,678 Liabilities Contingent consideration derivative liabilities — — 37,832 37,832 December 31, 2022 Assets Investment in equity securities $ 10,128 $ — $ 7,678 $ 17,806 Interest rate swap — 11,650 — 11,650 Commodity swap — 104,797 — 104,797 Liabilities Contingent consideration derivative liabilities $ — $ — $ 46,619 $ 46,619 The Company believes the carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximated their fair value as of December 31, 2023 and 2022 and are classified as Level 1 within the fair value hierarchy. The table below summarizes the fair value adjustment to instruments measured at Level 3 in the fair value hierarchy, including the contingent consideration derivative liabilities. These adjustments have been recorded within Other expense (income), net in the Consolidated Statements of Operations and Comprehensive Income for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Contingent consideration derivative liabilities - Fair value adjustment - loss (gain) $ (4,801) $ 703 $ (341) During the years ended December 31, 2023 and 2022, the Company had no transfers in or out of Level 3 in the fair value hierarchy. |
Restricted cash
Restricted cash | 12 Months Ended |
Dec. 31, 2023 | |
Restricted Cash [Abstract] | |
Restricted cash | Restricted cash As of December 31, 2023 and 2022, restricted cash consisted of the following: December 31, December 31, Cash restricted under the terms of loan agreements $ 102,079 $ 124,085 Collateral for letters of credit and performance bonds 53,321 41,392 Collateral for interest rate swaps — 2,500 Total restricted cash $ 155,400 $ 167,977 Current restricted cash $ 155,400 $ 165,396 Non-current restricted cash — 2,581 |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory As of December 31, 2023 and 2022, inventory consisted of the following: December 31, December 31, LNG and natural gas inventory $ 75,417 $ 15,398 Automotive diesel oil inventory 10,121 8,164 Bunker fuel, materials, supplies and other 28,146 15,508 Total inventory $ 113,684 $ 39,070 |
Prepaid expenses and other curr
Prepaid expenses and other current assets | 12 Months Ended |
Dec. 31, 2023 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepaid expenses and other current assets | Prepaid expenses and other current assets As of December 31, 2023 and 2022, prepaid expenses and other current assets consisted of the following: December 31, December 31, Prepaid expenses $ 31,490 $ 56,380 Recoverable taxes 80,630 37,504 Commodity swap — 104,797 Due from affiliates 1,566 698 Assets held for sale 21,265 — Other current assets 78,153 27,504 Total prepaid expenses and other current assets, net $ 213,104 $ 226,883 During the fourth quarter of 2023, the Company began to sub-charter the Winter , a vessel included in the Energos Formation Transaction, and an asset was recorded representing the existing charterer's remaining payments to Energos, which was $59,074 as of December 31, 2023. The Company also recognized a liability of $49,400 (see Note 19) representing the Company's obligation to pay sub-charter payments until the vessel is chartered directly from Energos. The remaining balance of other current assets as of December 31, 2023 and 2022 primarily consists of deposits, as well as the current portion of contract assets (Note 7). Assets held for sale In December 2023, the Company entered into an agreement to sell the vessel, Mazo , for $22,400; the sale closed in the first quarter of 2024, and as such, the vessel has been classified as held for sale as of December 31, 2023. In conjunction with the classification to held for sale, the Company recognized an impairment of $10,958 within Asset impairment expense in the Consolidated Statements of Operations and Comprehensive Income. Nonrecurring, Level 2 inputs were used to estimate the fair value of the investment for the purpose of recognizing the OTTI. |
Equity method investments
Equity method investments | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity method investments | Energos Formation Transaction On August 15, 2022, the Company completed a transaction (the “Energos Formation Transaction”) with an affiliate of Apollo Global Management, Inc., pursuant to which the Company transferred ownership of 11 vessels to Energos Infrastructure ("Energos") in exchange for approximately $1.85 billion in cash and a 20% equity interest in Energos. Ten of the vessels were subject to current or future charters with the Company and one vessel (the Nanook ) was not subject to a future NFE charter. The in-place and future charters to the Company of ten vessels prevent the recognition of the sale of those vessels to Energos, and the proceeds associated with these vessels have been treated as a failed sale leaseback. As a result, these ten vessels continue to be recognized on the Consolidated Balance Sheets as Property, plant and equipment, and the proceeds are recognized as debt ("Vessel Financing Obligation"). Consistent with this treatment as a failed sale leaseback, (i) the third party charter revenues continue to be recognized by the Company as Vessel charter revenue; (ii) the costs of operating the vessels is included in Vessel operating expenses for the remaining terms of the third-party charters and (iii) such revenues are included as part of debt service for the sale leaseback financing debt and are included in additional financing costs within Interest expense, net. The Company has accounted for the investment in Energos as an equity method investment; see Note 13 for further discussion of this investment. As a result of the Mergers, the Company acquired a 50% ownership interest in both CELSEPAR and Hilli LLC, and both investments have been recognized as equity method investments. As part of the Energos Formation Transaction, the Company contributed certain vessels to Energos in exchange for an equity interest, and this equity interest has been accounted for under the equity method. The Company has a 20% ownership interest in Energos. The investment in CELSEPAR was reflected in the Terminals and Infrastructure segment; the investments in Hilli LLC and Energos were reflected in the Ships segment. Changes in the balance of the Company’s equity method investments is as follows: December 31, 2023 December 31, 2022 Equity method investments as of beginning of period $ 392,306 $ 1,182,013 Capital contributions 1,501 133,314 Dividends (5,830) (29,372) Equity in earnings of investees 15,249 15,546 Other-than-temporary impairment (5,277) (487,765) Sale of equity method investments (260,156) (500,076) Foreign currency translation adjustment — 78,646 Equity method investments as of end of period $ 137,793 $ 392,306 The carrying amounts of the Company's equity method investments as of December 31, 2023 and 2022 are as follows: December 31, 2023 December 31, 2022 Hilli LLC $ — $ 260,000 Energos 137,793 132,306 Total $ 137,793 $ 392,306 As of December 31, 2023, the carrying value of the Company’s equity method investments was less than its proportionate share of the underlying net assets of its investee by $5,277. At December 31, 2022, the carrying value of the Company’s equity method investments exceeded its proportionate share of the underlying net assets of its investees by $16,976, and the basis difference attributable to amortizable net assets was amortized to Income (loss) from equity method investments in the Consolidated Statements of Operations and Comprehensive Income over the remaining estimated useful lives of the underlying assets. Energos The Company acquired a 20% equity interest in Energos as part of the Energos Formation Transaction in the third quarter of 2022. The Company's equity investment provided certain rights, including representation on the Energos board of directors, that gave the Company significant influence over the operations of Energos, and as such, the investment was accounted for under the equity method. Energos was also an affiliate, and all transactions with Energos were transactions with an affiliate. Subsequent to December 31, 2023 , the Company entered into a Unit Purchase Agreement to sell substantially all of its stake in Energos. As a result of the transaction, the Company has recognized an other than temporary impairment ("OTTI") of the investment in Energos totaling $5,277 for the year ended December 31, 2023, and this loss was recognized in Income (loss) from equity method investments in the Consolidated Statements of Operations and Comprehensive Income . Nonrecurring, Level 2 inputs were used to estimate the fair value of the investment for the purpose of recognizing the OTTI. The sale was completed on February 14, 2023. Following the disposition of substantially all of the stake in Energos, the Company no longer has significant influence over Energos, and the value of any remaining investment will not be accounted for under the equity method. Due to the timing and availabili ty of financial information of Energos, the Company recognized its proportional share of the income or loss from the equity method investment on a financial reporting lag of one fiscal quarter. For the years ended December 31, 2023 and 2022, the Company has recognized earnings from Energos of $9,263 and $2,788, respectively. Hilli LLC On March 15, 2023, the Company completed a transaction with Golar LNG Limited ("GLNG") for the sale of the Company's investment in the common units of Hilli LLC in exchange for approximately 4.1 million NFE shares and $100,000 in cash (the "Hilli Exchange"). In the fourth quarter of 2022, the Company recognized an OTTI on the investment in Hilli LLC of $118,558; this impairment was recognized in Income (loss) from equity method investments in the Consolidated Statements of Operations and Comprehensive Income. Upon completion of the Hilli Exchange, a loss on disposal of $37,401 was recognized in Other expense (income), net in the Consolidated Statements of Operations and Comprehensive Income. As a result of the Hilli Exchange, the Company no longer has an ownership interest in the Hilli . NFE shares received from GLNG were cancelled upon closing of the Hilli Exchange. CELSEPAR CELSEPAR was jointly owned and operated with Ebrasil Energia Ltda. (“Ebrasil”), an affiliate of Eletricidade do Brasil S.A., and the Company accounted for this 50% investment using the equity method. On May 31, 2022, an indirect subsidiary of NFE and certain Ebrasil sellers as owners of CELSEPAR (the “Sergipe Sellers”), Eneva S.A., as purchaser ("Eneva") and Eletricidade do Brasil S.A. -- Ebrasil, entered into a Share Purchase Agreement pursuant to which Eneva agreed to acquire all of the outstanding shares of (a) CELSEPAR and (b) Centrais Elétricas Barra dos Coqueiros S.A. ("CEBARRA"), which owns 1.7 GW of expansion rights adjacent to the Sergipe Power Plant, for a purchase price of R$6.1 billion in cash (the “Sergipe Sale”). The purchase price payable by Eneva accrued interest at a rate of CDI +1% from December 31, 2021 until the date of the closing (CDI at closing used for interest calculation purposes) and was subject to certain customary adjustments, including for the amount of any (a) distributions or payments to or for the benefit of Sergipe Sellers and their affiliates and liabilities incurred or assumed for the benefit of Sergipe Sellers or their affiliates, and (b) certain fees and expenses incurred by CELSEPAR and CEBARRA in connection with the Sergipe Sale. The Sergipe Sale was completed on October 3, 2022, and Eneva paid the Sergipe Sellers R$6.8 billion (approximately $1.3 billion using the exchange rate as of the closing date), prior to the settlement of debt, settlement of other contractual liabilities and payment of transaction costs and consent fees at closing. The Company also entered into a foreign currency forward to mitigate foreign currency risk to the expected proceeds from the transaction, and this foreign currency forward settled at the time of the Sergipe Sale resulting in a gain of $20,394, recognized in Other expense (income), net in the Consolidated Statements of Operations and Comprehensive Income. |
Construction in progress
Construction in progress | 12 Months Ended |
Dec. 31, 2023 | |
Construction in progress [Abstract] | |
Construction in progress | Construction in progress The Company’s construction in progress activity during the years ended December 31, 2023 and 2022 is detailed below: December 31, December 31, Construction in progress as of beginning of period $ 2,418,608 $ 1,043,883 Additions 3,438,895 1,482,871 Asset impairment expense — (50,659) Impact of currency translation adjustment 30,989 5,580 Assets placed in service (540,198) (63,067) Construction in progress as of end of period $ 5,348,294 $ 2,418,608 Interest expense of $295,809, $94,454 and $30,093, inclusive of amortized debt issuance costs, was capitalized for the years ended December 31, 2023, 2022 and 2021, respectively. The Company has significant development activities in Latin America as well as the development of the Company's Fast LNG liquefaction solution, and the completion of such developments are subject to risks related to successful completion, including those related to government approvals, site identification, financing, construction permitting and contract compliance. The Company's development activities for the year ended December 31, 2023 were primarily focused on Fast LNG and the construction of temporary power generation assets to support the Puerto Rican grid stabilization project; additions to construction in progress in 2023 of $2,930,384 were to develop Fast LNG projects and Puerto Rican temporary power. Assets placed in service during 2023 are primarily comprised of assets to support our Puerto Rican temporary power project and our power plant at the Port of Pichilingue in Baja California Sur, Mexico. |
Property, plant and equipment,
Property, plant and equipment, net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment, net | Property, plant and equipment, net As of December 31, 2023 and 2022, the Company’s property, plant and equipment, net consisted of the following: December 31, December 31, Vessels $ 1,494,433 $ 1,518,839 Terminal and power plant equipment 430,883 218,296 CHP facilities 273,978 123,897 Gas terminals 179,103 177,780 ISO containers and other equipment 156,925 134,324 LNG liquefaction facilities 63,316 63,316 Gas pipelines 66,319 65,985 Land 54,324 52,995 Leasehold improvements 139,967 9,377 Accumulated depreciation (377,833) (248,082) Total property, plant and equipment, net $ 2,481,415 $ 2,116,727 The book value of the vessels that were recognized due to the failed sale leaseback in the Energos Formation Transaction as of December 31, 2023 and 2022 wa s $1,293,384 and $1,328,553, respectively . Depreciation for the years ended December 31, 2023, 2022 and 2021 totaled $141,069, $104,823 and $80,220, respectively, of which $905, $954 and $1,167, respectively, is included within Cost of sales in the Consolidated Statements of Operations and Comprehensive Income. |
Goodwill and intangible assets
Goodwill and intangible assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and intangible assets | Goodwill and intangible assets Goodwill The carrying amount of goodwill was $776,760 as of both December 31, 2023 and 2022. The Company performed its annual goodwill impairment test as of October 1, 2023 and 2022 and, in both periods, conducted a qualitative assessment. The Company concluded that the fair value of each reporting unit was greater than the carrying amount, and no goodwill impairment charges were recognized during the years ended December 31, 2023 and 2022. Intangible assets The following tables summarize the composition of intangible assets as of December 31, 2023 and 2022: December 31, 2023 Gross Carrying Accumulated Currency Translation Net Carrying Weighted Definite-lived intangible assets Favorable vessel charter contracts $ 17,700 $ (10,615) $ — $ 7,085 4 Permits and development rights 48,217 (5,557) (291) 42,369 38 Easements 1,555 (341) — 1,214 30 Indefinite-lived intangible assets Easements 1,191 — (44) 1,147 n/a Total intangible assets $ 68,663 $ (16,513) $ (335) $ 51,815 December 31, 2022 Gross Carrying Accumulated Currency Translation Net Carrying Weighted Definite-lived intangible assets Favorable vessel charter contracts $ 106,500 $ (64,836) $ — $ 41,664 3 Permits and development rights 48,217 (4,115) (2,239) 41,863 38 Easements 1,556 (294) — 1,262 30 Indefinite-lived intangible assets Easements 1,191 — (83) 1,108 n/a Total intangible assets $ 157,464 $ (69,245) $ (2,322) $ 85,897 As of December 31, 2023 and 2022, the weighted-average remaining amortization periods for the intangible assets were 28.8 and 18.0 years, respectively. Amortization expense for the years ended December 31, 2023, 2022, and 2021 was $26,853, $37,162, and $18,609, respectively which were inclusive of reductions in expense for the amortization of unfavorable contract liabilities assumed in the Mergers. During the year ended December 31, 2023, certain favorable vessel charter contract intangibles with a gross carrying amount of $88,000 became fully amortized, and the gross carrying amount and accumulated amortization have been written-off. Additionally, a vessel charter contract was terminated during 2023, and the net book value of the intangible asset on the date of termination of $9,553 was recognized as an impairment In the third quarter of 2023, An Bord Pleanála, Ireland's planning commission, denied the Company's application for the development of an LNG terminal and power plant in Shannon, Ireland. The Company is challenging this decision. Capitalized permits and development rights are primarily comprised of capitalized costs related to this project. The Company has concluded that these recent events do not indicate that these assets are not recoverable. The continued development of this project is uncertain and there are multiple risks, including regulatory risks, that could preclude the development of this project, and the results of these risks could have a material effect to the Company's results of operations. The estimated aggregate amortization expense, inclusive of reductions in expense for the amortization of unfavorable contract liabilities assumed in the Mergers, for each of the next five years is: Year ended December 31: 2024 $ 5,346 2025 4,353 2026 1,307 2027 1,307 2028 1,307 Thereafter 37,048 Total $ 50,668 |
Other non-current assets, net
Other non-current assets, net | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Other non-current assets, net | Other non-current assets, net As of December 31, 2023 and 2022, Other non-current assets consisted of the following: December 31, December 31, Assets held for sale $ — $ 40,685 Contract asset, net (Note 7) 19,901 28,651 Investments in equity securities 7,678 17,806 Cost to fulfill (Note 7) 22,418 9,773 Upfront payments to customers 8,855 9,158 Other 68,051 35,606 Total other non-current assets $ 126,903 $ 141,679 All assets and liabilities of Pecém and Muricy were classified as held for sale as of December 31, 2022 . The estimated fair value of these entities based on the consideration in the agreement was in excess of the carrying value, and no impairment loss was recognized upon classification as held for sale. The Company recognized unrealized (loss) gain on its investments in equity securities of $(1,067) and $8,254 for the years ended December 31, 2022 and 2021, respectively, within Other expense (income), net in the Consolidated Statements of Operations and Comprehensive Income. During the third quarter of 2023, the Company sold certain investments in equity securities recognizing a realized gain of $165. Investments in equity securities include investments without a readily determinable fair value of $7,678 as of both December 31, 2023 a nd 2022 . Upfront payments to customers consist of amounts the Company has paid in relation to two natural gas sales contracts with customers to construct fuel-delivery infrastructure that the customers will own. Other non-current assets includes the value of the earnout receivable recognized upon the sale of Pecém and Muricy, development costs for hosted software products and deferred financing costs related to the Revolving Facility. |
Accrued liabilities
Accrued liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued liabilities | Accrued liabilities As of December 31, 2023 and 2022, accrued liabilities consisted of the following: December 31, December 31, Accrued development costs $ 286,030 $ 364,157 Accrued interest 82,507 51,994 Accrued bonuses 41,356 37,739 Accrued dividend — 626,310 Other accrued expenses 61,782 82,212 Total accrued liabilities $ 471,675 $ 1,162,412 |
Other current liabilities
Other current liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities, Current [Abstract] | |
Other current liabilities | Other current liabilities As of December 31, 2023 and 2022, Other current liabilities consisted of the following: December 31, December 31, Derivative liabilities $ 19,450 $ 19,458 Contract liabilities 65,287 12,748 Income tax payable 54,040 6,261 Due to affiliates 9,579 7,499 Winter sub-charter liability 49,400 — Other current liabilities 30,195 6,912 Total other current liabilities $ 227,951 $ 52,878 During the fourth quarter of 2023, the Company began to sub-charter the Winter , a vessel included in the Energos Formation Transaction, and a liability was recorded representing the Company's obligation to pay sub-charter payments until the vessel is chartered directly from Energos. The Company also recognized an asset of $59,074 (see Note 12) representing the charterer's remaining payments to Energos. The remaining balance of other current liabilities as of December 31, 2023 primarily consists of recoverable taxes payable. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt As of December 31, 2023 and 2022, debt consisted of the following: December 31, 2023 December 31, 2022 Senior Secured Notes, due September 2025 $ 1,245,662 $ 1,243,351 Senior Secured Notes, due September 2026 1,486,374 1,481,639 Vessel Financing Obligation, due August 2042 1,359,995 1,406,091 Revolving Facility 866,600 — Term Loan B, due October 2028 771,420 — South Power 2029 Bonds, due May 2029 216,993 216,177 Barcarena Term Loan, due February 2024 199,678 194,427 Equipment Notes, due July 2026 190,789 — Short-term Borrowings 182,270 — Barcarena Debentures, due October 2028 175,025 — EB-5 Loan, due July 2028 61,614 — Tugboat Financing, due December 2038 46,728 — Total debt $ 6,803,148 $ 4,541,685 Current portion of long-term debt $ 292,625 $ 64,820 Long-term debt 6,510,523 4,476,865 Long-term debt is recorded at amortized cost on the Consolidated Balance Sheets . The fair value of the Company's long-term debt is $6,835,487 and $4,327,311 as of December 31, 2023 and 2022 , respectively, and is classified as Level 2 within the fair value hierarchy. The Company's debt arrangements include cross-acceleration clauses whereby events of default under an individual debt agreement can lead to acceleration of principal under other debt arrangements. Our outstanding debt as of December 31, 2023 is repayable as follows: December 31, 2023 2024 $ 292,625 2025 1,341,060 2026 2,605,990 2027 162,460 2028 1,124,501 Thereafter 1,392,834 Total debt $ 6,919,470 Less: deferred finance charges (116,322) Total debt, net deferred finance charges $ 6,803,148 The Company's future payments for the Vessel Financing Obligation include the expected carrying value of vessels that will be derecognized at the end of the lease term. The future payments also include third-party charter payments that will be received by Energos and included as part of debt service. 2025 Notes In September 2020, the Company issued $1,000,000 of 6.75% senior secured notes in a private offering pursuant to Rule 144A under the Securities Act (the “2025 Notes”). Interest is payable semi-annually in arrears on March 15 and September 15 of each year; no principal payments are due until maturity on September 15, 2025. The Company may redeem the 2025 Notes, in whole or in part, at any time prior to maturity, subject to certain make-whole premiums. The 2025 Notes are guaranteed, jointly and severally, by certain of the Company’s subsidiaries, in addition to other collateral. The 2025 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 2025 Notes also provide for customary events of default and prepayment provisions. In December 2020, the Company issued $250,000 of additional notes on the same terms as the 2025 Notes in a private offering pursuant to Rule 144A under the Securities Act (subsequent to this issuance, these additional notes are included in the definition of 2025 Notes herein). As of December 31, 2023 and 2022, remaining unamortized deferred financing costs for the 2025 Notes were $4,338 and $6,649, respectively. 2026 Notes In April 2021, the Company issued $1,500,000 of 6.50% senior secured notes in a private offering pursuant to Rule 144A under the Securities Act (the “2026 Notes”). Interest is payable semi-annually in arrears on March 31 and September 30 of each year; no principal payments are due until maturity on September 30, 2026. The Company may redeem the 2026 Notes, in whole or in part, at any time prior to maturity, subject to certain make-whole premiums. The 2026 Notes are guaranteed on a senior secured basis by each domestic subsidiary and foreign subsidiary that is a guarantor under the 2025 Notes, and the 2026 Notes are secured by substantially the same collateral as the first lien obligations under the 2025 Notes. In connection with the issuance of the 2026 Notes, the Company incurred $25,240 in origination, structuring and other fees, which was deferred as a reduction of the principal balance of the 2026 Notes on the Consolidated Balance Sheets. As of December 31, 2023 and 2022, total remaining unamortized deferred financing costs for the 2026 Notes was $13,626 and $18,361, respectively. Vessel Financing Obligation In connection with the Energos Formation Transaction (see discussion in Note 5), the Company entered into long-term time charter agreements for certain vessels for periods of up to 20 years. Vessels chartered to the Company at the time of closing were classified as finance leases. Additionally, the Company's charter of certain other vessels will commence only upon the expiration of the vessel's existing third-party charters. These forward starting charters prevented the recognition of a sale of the vessels to Energos. As such, the Company accounted for the Energos Formation Transaction as a failed sale-leaseback and has recorded a financing obligation for consideration received. The Company continues to be the owner for accounting purposes of vessels included in the Energos Formation Transaction (except the Nanook ), and as such, the Company will recognize revenue and operating expenses related to vessels under charter to third parties. Revenue recognized from these third-party charters form a portion of the debt service for the financing obligation; at inception of the arrangement, the effective interest rate on this financing obligation was approximately 15.9% and includes the cash flows that Energos receives from these third-party charters . In connection with closing the Energos Formation Transaction, the Company incurred $10,010 in origination, structuring and other fees, of which $2,995 was allocated to the sale of the Nanook and recognized as Other expense (income), net in the Consolidated Statements of Operations and Comprehensive Income . Financing costs of $7,015 were allocated and deferred as a reduction of the principal balance of the financing obligation on the Consolidated Balance Sheets . As of December 31, 2023 and 2022 , the remaining unamortized deferred financing costs for the Vessel Financing Obligation was $6,490 and $6,866, respectively. Revolving Facility In April 2021, the Company entered into a credit agreement (the "Revolving Credit Agreement") with a bank for $200,000 senior secured revolving credit facility (the "Revolving Facility"). The borrowings under the Revolving Facility bear interest at a Secured Overnight Financing Rate ("SOFR") based rate plus a margin based upon usage of the Revolving Facility. The Revolving Facility will mature in 2026 if the 2025 Notes are refinanced prior to maturity, with the potential for the Company to extend the maturity date of the Revolving Facility once for a one-year increment ; if not, the Revolving Facility becomes due approximately 60 days prior to the maturity of the 2025 Notes. Borrowings under the Revolving Facility may be prepaid, at the option of the Company, at any time without premium. In 2022, the Revolving Credit Agreement was amended twice to increase the borrowing capacity by a total of $240,000, and in the year ended December 31, 2023 , the Company entered into additional amendments which increased the borrowing capacity by $510,000, for a total capacity of $950,000. The amendments did not impact the interest rate or term of the Revolving Facility, and no deferred costs were written off. During the year ended December 31, 2023 , the Company drew $866,600 from the Revolving Facility, which is outstanding as of December 31, 2023 . The Company incurred $5,398 in origination, structuring and other fees, associated with entry into the Revolving Facility, which includes additional fees to expand the facility in 2022. During the year ended December 31, 2023 , the Company incurred an additional $9,431 in fees in relation to the 2023 amendments. These costs have been capitalized within Other non-current assets on the Consolidated Balance Sheets . As of December 31, 2023 and 2022 , total remaining unamortized deferred financing costs for the Revolving Facility was $11,923 and $5,172, respectively. The obligations under the Revolving Facility are guaranteed by certain of the Company's subsidiaries, including those that own the Company's first Fast LNG asset, and are secured by substantially the same collateral as the first lien obligations under the 2025 Notes and 2026 Notes . Additionally, the Revolving Facility is secured by assets comprising the Company's first Fast LNG project in Altamira, Mexico. The Company is required to comply with covenants under the Revolving Facility and Letter of Credit facility, including requirements to maintain Debt to Capitalization Ratio of less than 0.7:1.0, and for quarters in which the Revolving Facility is greater than 50% drawn, the Debt to Annualized EBITDA Ratio must be less than 4.0:1.0. The Company was in compliance with all covenants as of December 31, 2023. The Revolving Credit Agreement contains usual and customary representations and warranties, usual and customary affirmative and negative covenants and events of default. Term Loan B Credit Agreement On August 3, 2023, the Company entered into a credit agreement (the “Bridge Term Loan Agreement”) pursuant to which the lenders funded term loans (the “Bridge Term Loans”) to the Company in an aggregate principal amount of $400,000. The Bridge Term Loans were initially set to mature on August 1, 2024 and were payable in full on the maturity date. The Bridge Term Loans bore interest at a per annum rate equal to Adjusted Term SOFR (as defined in the Bridge Term Loan Agreement) plus 3.50%. On October 30, 2023, the Company entered into a credit agreement (the “Term Loan B Agreement”) pursuant to which the lenders funded term loans to the Company in an aggregate principal amount of $856,000 ("Term Loan B"). Borrowings were issued at a discount, and the Company received proceeds of $787,520. The proceeds from the Term Loan B issuance were used to repay the Bridge Term Loans and may be used for working capital and other general corporate purposes. The Term Loan B will mature on the earliest of (i) October 30, 2028 if the 2025 Notes and 2026 Notes are refinanced in full prior to their maturities, (ii) July 16, 2025 if any of the 2025 Notes remain outstanding as of such date, and (iii) July 31, 2026, if any of the 2026 Notes remain outstanding as of such date. Quarterly principal payments of approximately $2,140 will be due starting March 2024. The obligations under the Term Loan B are guaranteed by certain of the Company's subsidiaries, including those that own the Company's first Fast LNG project in Altamira, Mexico. The Term Loan B is secured by substantially the same collateral as the first lien obligations under the 2025 Notes and the 2026 Notes, and, in addition, is secured by assets compromising the Company's first Fast LNG Project. The Term Loan B bears interest at a per annum rate equal to Adjusted Term SOFR (as defined in the Term Loan B Agreement) plus 5.0%. The Company may prepay the Term Loan B at its option subject to prepayment premiums until October 2025 and customary break funding costs. The Company is required to prepay the Term Loan B with the net proceeds of certain asset sales, condemnations, and debt and convertible securities issuances, in each case subject to certain exceptions and thresholds. Additionally, commencing with the fiscal quarter ending December 31, 2024, the Company will be required to prepay the Term Loan B with the Company’s Excess Cash Flow (as defined in the Term Loan B Agreement). The Term Loan B Agreement contains usual and customary representations and warranties, and usual and customary affirmative and negative covenants. No financial covenant compliance is required under the Term Loan B Agreement. In connection with the execution of the Bridge Term Loan Agreement and the Term Loan B Agreement, the Company incurred $17,719 in origination, structuring and other fees. The repayment of the Bridge Term Loans with borrowings under the Term Loan B Agreement was treated as a modification, and fees attributable to lenders that participated in the Bridge Term Loans will be amortized over the life of the Term Loan B Agreement; additional third-party fees associated with such lenders of $1,578 were recognized as expense in Transaction and integration costs. Additional fees for new lenders participating in the Term Loan B were recognized as a reduction of the principal balance on the Consolidated Balance Sheets . As of December 31, 2023 , total remaining unamortized deferred financing costs, including the unamortized original issue discount, for the Term Loan B was $84,580. South Power 2029 Bonds In January 2022, NFE South Power Holdings Limited (“South Power”), a wholly owned subsidiary of NFE, entered into an agreement for the issuance of up to $285,000 secured bonds (“South Power 2029 Bonds”). The South Power 2029 Bonds are secured by, amongst other things, the Company’s combined heat and power plant in Clarendon, Jamaica (“CHP Plant”), and NFE has provided a guarantee of the obligations under the South Power 2029 Bonds. As of both December 31, 2023 and 2022 , South Power had $221,824 of South Power 2029 Bonds issued and outstanding. The South Power 2029 Bonds bear interest at an annual fixed rate of 6.50% and shall be repaid in quarterly installments beginning in August 2025 with the final repayment date in May 2029. Interest payments on outstanding principal balances are due quarterly. South Power is required to comply with certain financial covenants as well as customary affirmative and negative covenants. The South Power 2029 Bonds also provide for customary events of default, prepayment and cure provisions. The Company was in compliance with all covenants as of December 31, 2023 and 2022. As of December 31, 2023 and 2022, the remaining unamortized deferred financing costs for the South Power 2029 Bonds was $4,832 and $5,647, respectively. Equipment Notes In June 2023, the Company executed a Master Loan and Security Agreement with a lender to borrow up to $200,000 under promissory notes secured by certain turbines acquired in the first quarter of 2023 to support our grid stabilization project in Puerto Rico (the “Equipment Notes”). During the second and third quarters of 2023, the Company borrowed the full capacity bearing interest at approximately 7.68%, and the principal is partially repayable in monthly installments over the 36-month term of the loan with the balance due upon maturity in July 2026. The Equipment Notes contains usual and customary representations and warranties, and usual and customary affirmative and negative covenants. The Equipment Notes do not contain any restrictive financial covenants. NFE has provided a guarantee of the obligations under the Equipment Notes. Proceeds received were net of upfront fees due to the lender, and through December 31, 2023, the Company has incurred $ 2,516 in origination, structuring and other fees, associated with entry into the Equipment Notes . As of December 31, 2023 , total remaining unamortized deferred financing costs for the Equipment Notes was $2,382. EB-5 Loan Agreement On July 21, 2023, the Company entered into a loan agreement under the U.S. Citizenship and Immigration Services EB-5 Program (“EB-5 Loan Agreement”) to pay for the development and construction of a new green hydrogen facility in Texas. The maximum aggregate principal amount available under the EB-5 Loan Agreement is $100,000, and outstanding borrowings bear interest at a fixed rate of 4.75%. The loan matures in 5 years from the initial advance with an option to extend the maturity by two one-year periods. It is expected that the loan will be secured by NFE's green hydrogen facility, and NFE has provided a guarantee of the obligations under the EB-5 Loan Agreement. In the year ended December 31, 2023, $62,928 was funded under the EB-5 Loan Agreement. The EB-5 Loan Agreement contains usual and customary representations and warranties, and usual and customary affirmative and negative covenants. The EB-5 Loan Agreement does not contain any restrictive financial covenants. The Company has incurred $1,357 in origination, structuring and other fees associated with entry into the EB-5 Loan Agreement. As of December 31, 2023 , the total remaining unamortized deferred financing costs for the EB-5 Loan Agreement was $1,314. Short-term Borrowings The Company may, from time to time, enter into sales and repurchase agreements with a financial institution, whereby the Company sells to the financial institution an LNG cargo and concurrently enters into an agreement to repurchase the same LNG cargo immediately with the repurchase price payable at a future date, generally not to exceed 90-days from the date of the sale and repurchase (the “Short-term Borrowings”). As of December 31, 2023, the Company had $182,270 due under repurchase arrangements with a weighted average interest rate of 9.68%. Barcarena Financings In the third quarter of 2022, certain of the Company's indirect subsidiaries entered into a financing agreement to borrow up to $200,000 due upon maturity in February 2024 (the “Barcarena Term Loan”); proceeds were utilized to fund a portion of the construction of the Company's power plant located in Pará, Brazil (the "Barcarena Power Plant"). As of December 31, 2022, the loan was fully funded. Interest is due quarterly, and outstanding borrowings bear interest at a rate equal to the Secured Overnight Financing Rate ("SOFR") plus 4.70%. The obligations under the Barcarena Term Loan are guaranteed by certain indirect Brazilian subsidiaries that are constructing the Barcarena Power Plant, and New Fortress Energy Inc. has provided a parent company guarantee. Collateral on the Barcarena Term Loan includes liens on shares of entities constructing the Company's LNG regasification terminal located in Pará, Brazil ("Barcarena Terminal") and Barcarena Power Plant, liens on equipment and machinery owned by these entities, and rights to future operating cash flows and receivables under the Barcarena Power Plant's power purchase agreements. The Company is required to comply with customary affirmative and negative covenants, and the Barcarena Term Loan also provides for customary events of default, prepayment and cure provisions. The Company was in compliance with all covenants as of December 31, 2023 and 2022. The Company incurred $4,011 of structuring and other fees, and such fees were deferred as a reduction to the principal balance of the Barcarena Term Loan. As of December 31, 2023 and 2022, the remaining unamortized deferred financing costs for the Barcarena Term Loan was $334 and $3,077, respectively. In October 2023, certain of the Company's Brazilian subsidiaries entered into two long-term financing arrangements, fully funding the construction of the Barcarena Power Plant . Proceeds received will be used to repay the Barcarena Term Loan and to pay for all remaining expected construction costs through the planned completion of the Barcarena Power Plant in 2025. As the Company has committed financing in place to extinguish the Barcarena Term Loan as of December 31, 2023, the Barcarena Term Loan has been presented as long-term debt on the Consolidated Balance Sheets. The Barcarena Term Loan was repaid in January 2024 using proceeds from the BNDES Term Loan (defined below). The parent of the owner of the Barcarena Power Plant entered into an agreement for the issuance of up to $200 million of convertible debentures maturing in October 2028 ("Barcarena Debentures") and issued $180 million of the Barcarena Debentures prior to December 31, 2023 . The remaining series may be issued upon the achievement of certain conditions precedent. Interest on the Barcarena Debentures is due quarterly, and interest accrues at an annual rate of 12%, increasing 1.25% each year after the third anniversary of issuance. The Company is able to prepay the Barcarena Debentures, subject to customary break funding costs, and the Company is required to utilize certain excess cash flows from the Company's Brazilian operations to prepay principal. The Barcarena Debentures are convertible to shares of one of the Company's indirect Brazilian subsidiaries on the maturity date at the creditors' option, based on the current fair value of this subsidiary's equity at the time of conversion. The obligations under the Barcarena Debentures are guaranteed by certain indirect Brazilian subsidiaries that own the Barcarena Terminal and the LNG regasification terminal located in Santa Catarina, Brazil . NFE has also provided a parent company guarantee that will be released once the Barcarena Terminal commences commercial operations. Brazilian subsidiaries guaranteeing these obligations are required to comply with customary affirmative and negative covenants, and the Barcarena Debentures also provides for customary events of default, prepayment and cure provisions. The Company incurred $5,061 of structuring and other fees, and such fees were deferred as a reduction to the principal balance of the Barcarena Debentures. As of December 31, 2023, the remaining unamortized deferred financing costs for the Barcarena Debentures was $4,975. The owner of the Barcarena Power Plant entered into a credit agreement with BNDES, the Brazilian Development Bank (the "BNDES Credit Agreement"). The Company is able to borrow up to R$1.8 billion under the BNDES Credit Agreement, segregated into three tranches based on the use of proceeds ("BNDES Term Loan"); no amounts were funded under the BNDES Credit Agreement as of December 31, 2023. Each tranche bears a different rate of interest ranging from 2.61% to 4.41% plus the fixed rate announced by BNDES. No principal payments are required until April 2026 and are due quarterly thereafter until maturity in 2045. The obligations under the BNDES Credit Agreement are guaranteed by certain indirect Brazilian subsidiaries that are constructing the Barcarena Power Plant, and are secured by the Barcarena Power Plant and receivables under the Barcarena Power Plant's PPAs. These Brazilian subsidiaries are required to comply with customary affirmative and negative covenants, and the BNDES Credit Agreement also provides for customary events of default, prepayment and cure provisions. Tugboat Financing In December 2023, the Company sold and leased back four tugboat vessels for 15 years receiving proceeds of $46,728. ("Tugboat Financing"). The leasebacks of the tugboat vessels were classified as finance leases, and as such, the Company accounted for the Tugboat Financing as a failed sale-leaseback and has recorded a financing obligation for consideration received. The effective interest rate on this financing obligation is approximately 16.92%. Interest Expense Interest and related amortization of debt issuance costs, premiums and discounts 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, 2023, 2022 and 2021 consisted of the following: Year Ended December 31, 2023 2022 2021 Interest per contractual rates $ 339,631 $ 227,960 $ 175,420 Interest expense on Vessel Financing Obligation 211,745 91,405 — Amortization of debt issuance costs, premiums and discounts 18,569 11,098 8,588 Interest expense incurred on finance lease obligations 3,706 852 409 Total interest costs $ 573,651 $ 331,315 $ 184,417 Capitalized interest 295,809 94,454 30,093 Total interest expense $ 277,842 $ 236,861 $ 154,324 Interest expense on the Vessel Financing Obligations includes non-cash expense of $169,641 and $84,517 for the years ended December 31, 2023 and 2022, respectively, related to payments received by Energos from third party charterers. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes The components of the Company’s income (loss) before income taxes for the years ended December 31, 2023, 2022 and 2021 were as follows: Year Ended December 31, 2023 2022 2021 United States $ 287,768 $ 551,500 $ (283,363) Foreign 376,621 (490,153) 388,535 Income before taxes $ 664,389 $ 61,347 $ 105,172 Income tax expense is comprised of the following for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Current: Domestic $ 47,198 $ 37,831 $ 311 Foreign 53,377 118,266 20,975 Total current tax expense 100,575 156,097 21,286 Deferred: Domestic 4,030 5,794 — Foreign 10,908 (285,330) (8,825) Total deferred tax (benefit) expenses 14,938 (279,536) (8,825) Total provision for (benefit from) income taxes $ 115,513 $ (123,439) $ 12,461 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, 2023 2022 2021 Income tax at the statutory rate 21.0 % 21.0 % 21.0 % Foreign tax rate differential (12.1) (25.5) (33.8) US taxation on foreign earnings 0.1 25.5 9.6 Impact from foreign operations 0.4 (10.7) 1.5 Change in valuation allowance 8.2 (22.9) 14.7 Income attributable to non-controlling interest — 1.3 0.8 Effects of share-based compensation 0.3 (39.8) (8.5) Withholding taxes 0.6 12.6 9.5 Income tax credits (4.8) (0.3) (2.4) Sergipe Sale — (165.4) — Outside basis differences 0.1 (3.2) 2.6 Other 3.6 6.2 (3.2) Effective income tax rate 17.4 % (201.2 %) 11.8 % The Company's effective tax rate as of December 31, 2023 was primarily driven by increases in the valuation allowance against losses in foreign jurisdictions and utilization of foreign tax credits carryover from prior years. The Company has certain operations in jurisdictions that are not subject to income taxes. The effect of these earnings taxed at zero percent, as well as the impact of preferential tax rates are included in the foreign rate differential. The Organization for Economic Cooperation and Development is coordinating negotiations among more than 140 countries with the goal of achieving consensus around substantial changes to international tax policies, including the implementation of a minimum global effective tax rate of 15%. As of December 31, 2023, various countries have implemented the legislation, however, the Company does not expect a resulting material change to the income tax provision for the year ended December 31, 2024. As additional jurisdictions enact such legislation, the effective tax rate and cash tax payments could increase in future years. 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, 2023 and 2022 are as follows: Year Ended December 31, 2023 2022 Deferred tax assets: Accrued interest $ 37,735 $ 33,262 IRC Section 163(j) interest carryforward 758 19,251 Federal and state net operating loss carryforward 2,063 2,900 Foreign net operating loss carryforward 123,386 100,614 Debt 289,820 300,834 Lease liability 106,293 70,241 Goodwill 47,043 51,315 Other 24,214 17,141 Total deferred tax assets 631,312 595,558 Valuation allowance (188,036) (130,649) Deferred tax assets, net of valuation allowance 443,276 464,909 Deferred tax liabilities: Property and equipment (343,247) (355,596) Right-of-use assets (107,919) (74,289) Investments — (2,687) Commodity swap — (22,421) Deferred income (20,714) (22,414) Other (5,933) (5,417) Total deferred tax liabilities $ (477,813) $ (482,824) Net deferred tax liabilities $ (34,537) $ (17,915) As of December 31, 2023, the deferred tax asset related to Section 163(j) interest carryforward decreased due to the utilization of interest expense previously limited by the Tax Cuts and Jobs Act 163(j) business interest limitation rule. Tax Attributes United States As of December 31, 2023, NFE has approximately $8,015 of federal and $9,021 of state net operating loss carry forwards. The federal and state net operating losses are generally allowed to be carried forward indefinitely and can offset up to 80 percent of future taxable income. 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. The Company’s net operating loss carryforwards are subject to an annual limitation of $5,431 under Section 382 of the Internal Revenue Code. Foreign Jurisdictions The Company’s foreign subsidiaries file income tax returns in certain foreign jurisdictions. As of December 31, 2023, the Company’s foreign subsidiaries have approximately $506,673 of net operating loss carry forwards, of which $170,294 will expire, if unused between 2028 and 2041, and the remaining $336,379 are allowed to be carried forward indefinitely. Valuation Allowances The following table summarizes the changes in the Company’s valuation allowance on deferred tax assets for the years ended December 31, 2023 and 2022: Year Ended December 31, 2023 2022 Balance at the beginning of the period $ 130,649 $ 146,269 Change in valuation allowance 57,387 (15,620) Balance at the end of the period $ 188,036 $ 130,649 The change in valuation allowance was mainly due to losses in foreign jurisdictions for the year ended December 31, 2023. NFE recorded a valuation allowance against its US 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, 2023, 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 for the amount not supported by reversing taxable temporary differences. The Company recorded a valuation allowance against certain foreign deferred tax assets to reduce the net carrying value to an amount that it believes is more likely than not to be realized, generally based on cumulative losses in certain development stage jurisdictions. Uncertain Taxes The following table summarizes the changes in the Company’s unrecognized tax benefits for the years ended December 31, 2023 and 2022: Year Ended December 31, 2023 2022 Balance at the beginning of the period $ — $ 12,474 Reduction as a result of Energos Formation Transaction — (12,474) Balance at the end of the period $ — $ — Income Tax Examinations The Company and its subsidiaries file income tax returns in the U.S. federal and various state and local jurisdictions, as well as various foreign jurisdictions. The Company filed its first corporate U.S. federal and state income tax returns for the period ended December 31, 2019. The U.S. Federal and state income tax returns filed for tax years 2020, 2021 and 2022 are open for examination. The Company is generally open to tax examinations in other foreign jurisdictions for a period of four Undistributed Earnings The Company has not recorded a deferred tax liability for undistributed earnings for any controlled foreign corporation as of December 31, 2023. The Company has unremitted earnings in certain jurisdictions where distributions can be made at no net tax cost. From time to time, the Company may remit these earnings. The Company has the ability and intent to indefinitely reinvest any earnings that cannot be remitted at no net tax cost. It is not practicable to estimate the amount of any additional taxes which may be payable on these undistributed earnings. Preferential Tax Rates 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. On December 27, 2023, Bermuda enacted the Bermuda Corporate Income Tax Act 2023, which institutes a corporate income tax rate of 15% effective for tax years beginning January 1, 2025. As a result, such tax exemptions will not be valid beyond such subsidiaries' taxable year ending December 31, 2024, the impact of which has been included in the tax provision and was not material. The Company’s Puerto Rican operations received a tax decree from the Puerto Rico government that affords the Company a 4% tax rate on qualifying income until 2035. The effect of the earnings taxed at a 4% foreign tax rate is included in the foreign rate differential line in the Company’s effective tax rate. For the years ended December 31, 2023 and 2022, the income tax benefits attributable to the tax decree, before taking into consideration the impact on U.S. taxation and the associated U.S. foreign tax credits, are estimated to be approximately $164,668 ($0.80 per share of issued and outstanding Class A common stock on a diluted basis) and $10,605 ($0.05 per share of issued and outstanding Class A common stock on a diluted basis), respectively. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies The Company is subject to certain legal and regulatory 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, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per share | Earnings per share Year Ended December 31, 2023 2022 2021 Basic Numerator: Net income $ 548,876 $ 184,786 $ 92,711 Net income (loss) attributable to non-controlling interests (994) 9,693 4,393 Net income attributable to Class A common stock $ 547,882 $ 194,479 $ 97,104 Denominator: Weighted-average shares - basic 205,942,837 209,501,298 198,593,042 Net income per share - basic $ 2.66 $ 0.93 $ 0.49 Diluted Numerator: Net income $ 548,876 $ 184,786 $ 92,711 Net income (loss) attributable to non-controlling interests (994) 9,693 4,393 Adjustments attributable to dilutive securities (736) — (2,861) Net income attributable to Class A common stock $ 547,146 $ 194,479 $ 94,243 Denominator: Weighted-average shares - diluted 206,481,977 209,854,413 201,703,176 Net income per share - diluted $ 2.65 $ 0.93 $ 0.47 The following table presents potentially dilutive securities excluded from the computation of diluted net income per share for the years ended December 31, 2023, 2022 and 2021 because its effects would have been anti-dilutive. Year Ended December 31, 2023 2022 2021 Equity agreement shares (1) — 458,696 — Total — 458,696 — (1) Represents Class A common stock that would be issued in relation to an agreement to issue shares executed in conjunction with a prior year asset acquisition. The Company declared and paid quarterly dividends totaling $81,976 during the year ended December 31, 2023, representing $0.10 per Class A share. Additionally, on December 12, 2022, the Company’s Board of Directors approved an update to its dividend policy and declared a dividend of $626,310, representing $3.00 per Class A share, which was paid in January 2023. During the year ended December 31, 2023, the Company paid dividends of $12,076 to holders of Golar LNG Partners LP's ("GMLP") 8.75% Series A Cumulative Redeemable Preferred Units (“Series A Preferred Units”) . As these equity interests have been issued by the Company’s consolidated subsidiaries, the value of the Series A Preferred Units is recognized as non-controlling interest in the consolidated financial statements. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based compensation | Share-based compensationThe Company has granted Performance Share Units ("PSUs") to certain employees and non-employees that contain a performance condition under the Incentive Plan. Vesting is determined based on achievement of a performance metric for the year subsequent to the grant, and the number of shares that will vest can range from zero to a multiple of units granted. As of December 31, 2023, the Company determined that it was not probable that the performance condition required for the PSUs granted in the fourth quarter of 2022 to vest would be achieved, and as such, no compensation expense was recognized for this award. During the fourth quarter of 2022, the Company determined that the PSUs granted in the first quarter of 2021 will vest at a multiple of two, resulting in vesting of 681,204 PSUs. Compensation cost for the service period since the grant date of $27,705 was recognized in 2022. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related party transactions | Related party transactions Management services Messrs. Edens, chief executive officer and chairman of the Board of Directors and Nardone, member of the Board of Directors, are currently employed by Fortress Investment Group LLC (“Fortress”). In the ordinary course of business, Fortress, through affiliated entities, charges the Company for administrative and general expenses incurred pursuant to its Administrative Services Agreement (“Administrative Agreement”). The charges under the Administrative Agreement that are attributable to the Company totaled $5,845, $5,087 and $6,509 for the years ended December 31, 2023, 2022 and 2021, respectively. Costs associated with the Administrative Agreement are included within Selling, general and administrative in the Consolidated Statements of Operations and Comprehensive Income. As of December 31, 2023 and 2022, $5,691 and $4,629 were due to Fortress, respectively. In addition to administrative services, an entity beneficially owned by Mr. Edens, owns and leases an aircraft that is periodically chartered by the Company for business purposes in the course of operations. The Company incurred, at aircraft operator rates, charter costs of $2,784, $3,714 and $4,466 for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, $1,095 and $416 was due to this affiliate, respectively. Fortress affiliated entities The Company provides certain administrative services to related parties including entities affiliated with Fortress. No costs are incurred for such administrative services by the Company as the Company is fully reimbursed for all costs incurred. The Company has subleased a portion of office space to affiliates of an entities managed by Fortress, and for the years ended December 31, 2023, 2022 and 2021, r ent and office related expenses of $913, $857 and $799 were incurred by these affiliates, respectively. As of December 31, 2023 and 2022, $1,547 and $700 were due from affiliates, respectively. 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 $2,702, $2,453 and $2,444 for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, $2,702 and $2,455 were due to Fortress affiliated entities, respectively. Land leases The Company has leased land from Florida East Coast Industries, LLC (“FECI”), which is controlled by funds managed by an affiliate of Fortress. The Company recognized expense related to the land lease of $505, $506 and $526 during the years ended December 31, 2023, 2022 and 2021, respectively, which was included within Operations and maintenance in the Consolidated Statements of Operations and Comprehensive Income. The Company has amounts due to FECI of $92 and $0 as of December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, the Company has recorded a lease liability of $3,368 and $3,340, respectively, within Non-current lease liabilities on the Consolidated Balance Sheets. In September 2023, the Company entered into a lease agreement to lease land from Jefferson Terminal South LLC, which is an indirect, majority-owned subsidiary of a public company which is managed by an affiliate of Fortress. The Company does not have any amounts due to Jefferson Terminal South LLC as of December 31, 2023. As of December 31, 2023 the Company has recorded a right-of-use asset of $3,885 and a lease liability of $4,098 on the Consolidated Balance Sheets . 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 was reflected as non-controlling interest in the Company’s consolidated financial statements. The Company recognized approximately $424, $408 and $176 in expense within Selling, general and administrative for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, $106 and $80 were due to DevTech, respectively. Agency agreement with PT Pesona Sentra Utama (or PT Pesona) PT Pesona, an Indonesian company, owns 51% of the issued share capital in the Company’s former subsidiary, PTGI, the owner and operator of NR Satu , and prior to completion of the Energos Formation Transaction, provided agency and local representation services for the Company with respect to NR Satu . PT Pesona and certain of its subsidiaries also charged vessel management fees to the Company for the provision of technical and commercial management of the vessels; total expenses incurred to PT Pesona prior to the completion of the Energos Formation Transaction were $537 and $434 for the years ended December 31, 2022 and 2021, respectively. Hilli guarantees As part of the GMLP Merger, the Company agreed to assume a guarantee (the “Partnership Guarantee”) of 50% of the outstanding principal and interest amounts payable by Golar Hilli Corporation, a direct subsidiary of Hilli LLC, under a financing agreement. The Company also assumed a guarantee of the letter of credit (“LOC Guarantee”) issued by a financial institution in the event of Hilli Corp’s underperformance or non-performance under the tolling agreement with its customer. Under the LOC Guarantee, the Company was severally liable for any outstanding amounts that are payable, up to approximately $19,000. As of December 31, 2022, the amount the Company had guaranteed under the Partnership Guarantee and the LOC Guarantee was $323,250 and the fair value of debt guarantee after amortization of $2,320 was presented within Other current liabilities. In conjunction with the Hilli Exchange, the Company is no longer a guarantor under these arrangements, and the remaining guarantee liability of $2,286 was derecognized as a reduction to Selling, general and administrative in the Consolidated Statements of Operations and Comprehensive Income . |
Customer concentrations
Customer concentrations | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Customer concentrations | Customer concentrations For the year ended December 31, 2023, revenue from two significant customers constituted 47% of total revenue; no other customers comprised more than 10% of our revenue. For the year ended December 31, 2022, revenue from two significant customers constituted 42% of the total revenue. For the year ended December 31, 2021, revenue from three significant customers constituted 48% of the total revenue. These customers’ revenues are included in the Company’s Terminals and Infrastructure segment. During the years ended December 31, 2023, 2022 and 2021, revenue from external customers that were derived from customers located in the United States were $1,060,678, $246,628 and $203,477, respectively, and from customers outside of the United States were $1,352,618, $2,121,644, and $1,119,333, respectively. The Company attributes revenue from customers to the country in which the party to the applicable agreement has its principal place of business. As of December 31, 2023 and 2022, long lived assets, which are all non-current assets excluding investment in equity securities, restricted cash, deferred tax assets, goodwill, intangible assets and assets held for sale located in the United States were $1,744,591 and $1,695,604, respectively, and long lived assets located outside of the United States were $6,938,199 and $3,809,080, respectively, primarily located in Brazil and the Caribbean. |
Segments
Segments | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segments | Segments As of December 31, 2023, the Company operates in two reportable segments: Terminals and Infrastructure and Ships: • Terminals and Infrastructure includes the Company’s vertically integrated gas to power solutions, spanning the entire production and delivery chain from natural gas procurement and liquefaction to logistics, shipping, facilities and conversion or development of natural gas-fired power generation. Vessels that are utilized in the Company’s terminal or logistics operations are included in this segment. Terminals and Infrastructure Operating Margin included the Company’s effective share of revenues, expenses and operating margin attributable to the Company's 50% investment in CELSEPAR; the Company disposed of this investment in the fourth quarter of 2022. Terminal and Infrastructure segment includes realized gains and losses from the settlement of derivative transactions entered into as economic hedges to reduce market risks associated with commodity prices. • Ships includes vessels that are leased to customers under long-term arrangements, and as of December 31, 2023, four vessels are included in this segment. The Company’s investment in Energos is also included in the Ships segment. Ships Operating Margin included our effective share of revenue, expenses and operating margin attributable to our ownership of 50% of the common units of Hilli LLC prior to the disposition of this investment in first quarter of 2023. The CODM uses Segment Operating Margin to evaluate the performance of the segments and allocate resources. Segment Operating Margin is defined as the segment’s revenue less cost of sales less operations and maintenance less vessel operating expenses, excluding unrealized gains or losses to financial instruments recognized at fair value. Management considers Segment Operating Margin to be the appropriate metric to evaluate and compare the ongoing operating performance of the Company’s segments on a consistent basis across reporting periods as it eliminates the effect of items which management does not believe are indicative of each segment’s operating performance. The table below presents segment information for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 (in thousands of $) Terminals and Ships Total Segment Consolidation and Other (4) Consolidated Statement of operations: Total revenues $ 2,141,085 $ 293,605 $ 2,434,690 $ (21,394) $ 2,413,296 Cost of sales (1) (3) 764,828 — 764,828 112,623 877,451 Vessel operating expenses — 51,387 51,387 (5,948) 45,439 Operations and maintenance 166,785 — 166,785 — 166,785 Segment Operating Margin $ 1,209,472 $ 242,218 $ 1,451,690 $ (128,069) $ 1,323,621 Balance sheet: Total assets $ 9,680,917 $ 820,328 $ 10,501,245 $ — $ 10,501,245 Other segmental financial information: Capital expenditures (2) $ 3,461,659 $ 7,568 $ 3,469,227 $ — $ 3,469,227 Year Ended December 31, 2022 (in thousands of $) Terminals and Ships Total Segment Consolidation and Other (4) Consolidated Statement of operations: Total revenues $ 2,168,565 $ 444,616 $ 2,613,181 $ (244,909) $ 2,368,272 Cost of sales (1) (3) 1,142,374 — 1,142,374 (131,946) 1,010,428 Vessel operating expenses — 90,544 90,544 (27,026) 63,518 Operations and maintenance 129,970 — 129,970 (24,170) 105,800 Segment Operating Margin $ 896,221 $ 354,072 $ 1,250,293 $ (61,767) $ 1,188,526 Balance sheet: Total assets $ 5,913,775 $ 1,791,307 $ 7,705,082 $ — $ 7,705,082 Other segmental financial information: Capital expenditures (2) $ 1,482,871 $ 27,127 $ 1,509,998 $ — $ 1,509,998 Year Ended December 31, 2021 (in thousands of $) Terminals and Ships Total Segment Consolidation and Other (4) Consolidated Statement of operations: Total revenues $ 1,366,142 $ 329,608 $ 1,695,750 $ (372,940) $ 1,322,810 Cost of sales (1) (3) 789,069 — 789,069 (173,059) 616,010 Vessel operating expenses 3,442 64,385 67,827 (16,150) 51,677 Operations and maintenance 92,424 — 92,424 (19,108) 73,316 Segment Operating Margin $ 481,207 $ 265,223 $ 746,430 $ (164,623) $ 581,807 Other segmental financial information: Capital expenditures (2) $ 833,910 $ 8,293 $ 842,203 $ — $ 842,203 (1) Cost of sales in the Company’s segment measure only includes realized gains and losses on derivative transactions that are an economic hedge of commodity purchases and sales, and realized gains of $139,089 for the year ended December 31, 2023 were recognized as a reduction to Cost of sales in the segment measure. No realized gains or loss for the years ended December 31, 2022 or 2021 were recognized. The Company recognized unrealized (losses) and earnings of ($106,393), $106,103 and ($2,788) on the mark-to-market value of derivative transactions for the years ended December 31, 2023, 2022 and 2021, respectively, and these losses reconcile Cost of sales in the segment measure to Cost of sales in the Consolidated Statements of Operations and Comprehensive Income. The Company has excluded contract acquisition costs that do not meet the criteria for capitalization from the segment measure. Contract acquisition costs of $6,232 for the year ended December 31, 2023 reconcile Cost of sales in the segment measure to Cost of sales in the Consolidated Statements of Operations and Comprehensive Income. The Company did not incur such costs in the years ended December 31, 2022 and 2021. (2) Capital expenditures includes amounts capitalized to construction in progress and additions to property, plant and equipment during the period. (3) Cost of sales is presented exclusive of costs included in Depreciation and amortization in the Consolidated Statements of Operations and Comprehensive Income. (4) Consolidation and Other adjusts for the inclusion of the effective share of revenues, expenses and operating margin attributable to the Company's 50% ownership of CELSEPAR and the common units of Hilli LLC in the segment measure prior to the disposition of these investments, the exclusion of the unrealized mark-to-market gain or loss on derivative instruments, and the exclusion of non-capitalizable contract acquisition costs. Consolidated Segment Operating Margin is defined as net income, adjusted for selling, general and administrative expenses, transaction and integration costs, depreciation and amortization, asset impairment expense, interest expense, other (income) expense, net, loss on extinguishment of debt, net, tax provision (benefit) and income from equity method investments. The following table reconciles Net income, the most comparable financial statement measure, to Consolidated Segment Operating Margin: Year Ended December 31, (in thousands of $) 2023 2022 2021 Net income $ 548,876 $ 184,786 $ 92,711 Add: Selling, general and administrative 205,104 236,051 199,881 Transaction and integration costs 6,946 21,796 44,671 Depreciation and amortization 187,324 142,640 98,377 Interest expense 277,842 236,861 154,324 Other (income) expense, net 10,408 (48,044) (17,150) Gain on sale of assets, net (29,378) — — Tax (benefit) provision 115,513 (123,439) 12,461 Asset impairment expense 10,958 50,659 — Loss on extinguishment of debt, net — 14,997 10,975 Loss (income) from equity method investments (9,972) 472,219 (14,443) Consolidated Segment Operating Margin $ 1,323,621 $ 1,188,526 $ 581,807 |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent events [Text Block] | Subsequent eventsOn February 28, 2024, we entered into a commitment letter for the Company to receive $700 million in financing secured by our onshore FLNG project in Altamira, Mexico as well as the collateral securing the 2025 Notes and the 2026 Notes. The commitment letter is subject to the finalization of a credit agreement and customary closing conditions. The proceeds will be used to complete our onshore FLNG project in Altamira. |
Schedule II
Schedule II | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II | Schedule II Description Balance at Additions (1) Deductions Balance at Year ended December 31, 2023 Allowance for expected credit losses $ 1,526 $ — $ (42) $ 1,484 Year ended December 31, 2022 Allowance for expected credit losses 2,159 835 (1,468) 1,526 Year ended December 31, 2021 Allowance for expected credit losses 545 1,614 — 2,159 Notes: (1) |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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 accounting principles generally accepted in the United States of America (“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. A variable interest entity (“VIE”) is an entity that by design meets any of the following characteristics: (1) lacks sufficient equity to allow the entity to finance its activities without additional subordinated financial support; (2) as a group, equity investors do not have the ability to make significant decisions relating to the entity’s operations through voting rights, do not have the obligation to absorb the expected losses or do not have the right to receive residual returns of the entity; or (3) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is required to consolidate the assets and liabilities of the VIE. The primary beneficiary is the party that has both (1) the power to direct the economic activities of the VIE that most significantly impact the VIE’s economic performance; and (2) through its interest in the VIE, the obligation to absorb the losses or the right to receive the benefits from the VIE that could potentially be significant to the VIE. Non-controlling interests are classified as a separate component of equity on the Consolidated Balance Sheets and Consolidated Statements of Changes in Stockholders’ Equity. Additionally, net income and comprehensive income (loss) attributable to non-controlling interests are reflected separately from consolidated net income and comprehensive income in the Consolidated Statements of Operations and Comprehensive Income and Consolidated Statements of Changes in Stockholders’ Equity. Any change in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and non-controlling interests. Losses continue to be attributed to the non-controlling interests, even when the non-controlling interests’ basis has been reduced to zero. |
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. Management evaluates its estimates and related assumptions regularly. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates. |
Foreign currencies | (c) Foreign currencies The Company has certain foreign subsidiaries in which 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. The Company also has foreign subsidiaries that conduct business in currencies other than their respective functional currencies. Transactions are remeasured to the subsidiaries’ functional currency at the exchange rate in effect on the dates of such transactions. Net realized foreign currency gains or losses relating to the differences between these recorded amounts and the functional currency equivalent actually received or paid are included within Other expense (income), net in the Consolidated Statements of Operations and Comprehensive Income. 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. Accumulated foreign currency translation adjustments are reclassified from Accumulated other comprehensive income to net income only when realized upon sale or upon complete or substantially complete liquidation of the investment in a foreign entity. If the Company commits to a plan to sell or liquidate a foreign entity, accumulated foreign currency translation adjustments would be included in carrying amounts in impairment assessments. |
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 contractual rights to receive cash on a fixed or determinable date and are recognized on the balance sheet as the amount invoiced to the customer, net of an allowance for current expected credit losses. Accounts receivable are carried at amortized cost. A mounts 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 Income. |
Inventories | (g) Inventories LNG and natural gas inventories, bunker fuel 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 Income. 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 Income 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. Prior to putting our projects into service we may utilize gas to test and commission the assets, and we may be able to invoice our customers for gas used in commissioning. Amounts received as a result of the sale of test gas reduce the Construction in progress balance. 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 initially recorded at cost. Expenditures for construction activities and betterments that extend the useful life of the asset are capitalized. Vessel refurbishment costs are capitalized and depreciated over the vessels’ remaining useful economic lives. Refurbishment costs increase the capacity or improve the efficiency or safety of vessels and equipment. Expenditures for routine maintenance and repairs for assets in the Terminals and Infrastructure segment are charged to expense as incurred within Operations and maintenance in the Consolidated Statements of Operations and Comprehensive Income; such expenditures for assets in the Ships segment that do not improve the operating efficiency or extend the useful lives of the vessels are expensed as incurred within Vessel operating expenses. Major maintenance and overhauls of the Company’s power plant and terminals are capitalized and depreciated over the expected period until the next anticipated major maintenance or overhaul. Drydocking expenditures, including drydocking expenditures related to vessels that were included in the Energos Formation Transaction (defined below), are capitalized when incurred and amortized over the period until the next anticipated drydocking, which is generally five years. For vessels, the Company utilizes the “built-in overhaul” method of accounting and segregates vessel costs into those that should be depreciated over the useful life of the vessel and those that require drydocking at periodic intervals. If drydocking occurs prior to the expected timing, a cumulative adjustment to recognize the change in expected timing of drydocking is recognized within Depreciation and amortization in the Consolidated Statements of Operations and Comprehensive Income. The Company depreciates property, plant and equipment less the estimate residual value 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) Vessels 5-30 Terminal and power plant equipment 4-24 CHP facilities 4-20 Gas terminals 5-24 ISO containers and associated 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 Income. When a vessel is disposed, any unamortized drydocking expenditure is recognized as part of the gain or loss on disposal in the period of disposal. |
Impairment of long-lived assets | (j) 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. |
Investments in equity securities | (k) Investments in equity securities Investments in equity securities are 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 Income. |
Cloud computing costs | (l) Cloud computing costs The Company capitalizes the costs incurred during the implementation stage for cloud computing or hosting arrangements. Costs incurred in the preliminary project stage and post-implementation stage, which includes maintenance and training costs, are expensed as incurred. Such costs are recorded in Transaction and integration costs in the Consolidated Statements of Operations and Comprehensive Income . Capitalized software costs are amortized over the straight-line method over three Consolidated Balance Sheets . Amortization expense is recorded in Selling, general and administrative in the Consolidated Statements of Operations and Comprehensive Income. |
Intangible assets | 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, on October 1 st of each year, 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 Income. |
Goodwill | (n) Goodwill Goodwill includes the excess of the purchase price over the fair value of the net tangible and intangible assets acquired in a business combination. The Company reviews the carrying values of goodwill at least annually to assess impairment since these assets are not amortized. An annual impairment assessment is conducted as of October 1 st of each year. Additionally, the Company reviews the carrying value of goodwill whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. For an annual goodwill impairment assessment, an optional qualitative analysis may be performed. If the option is not elected or if it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then a two-step goodwill impairment test is performed to identify potential goodwill impairment and to measure an impairment loss. A qualitative analysis was elected for the years ended December 31, 2023 and 2022. A goodwill impairment assessment compares the fair value of a respective reporting unit with its carrying amount, including goodwill. The estimate of fair value of the respective reporting unit is based on the best information available as of the date of assessment, which primarily incorporates assumptions about operating results, business plans, income projections, anticipated future cash flows and market data. If goodwill is determined to be impaired, an impairment loss, measured at the amount by which the reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill, is recorded. There was no impairment of goodwill for the years ended December 31, 2023 and 2022. |
Long-term debt and debt issuance costs | (o) Long-term debt and debt issuance costs 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. Unamortized debt issuance costs associated with the revolving credit agreement, facilities for the issuance of letters of credit and other similar arrangements are presented as an asset within Other non-current assets on the Consolidated Balance Sheets (regardless of whether there are any amounts outstanding under the credit facility) and amortized over the life of the particular arrangement. 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. The Company evaluates changes to debt arrangements to determine whether the changes represent a modification or extinguishment to the old debt arrangement. If a debt instrument is deemed to be modified, all new lender fees are capitalized, and third-party fees associated with the previous lenders are recognized as expense within Transaction and integration costs in the Consolidated Statements of Operations and Comprehensive Income. If an extinguishment of debt instruments has occurred, the unamortized financing fees associated with the extinguished instrument are expensed to Loss on extinguishment of debt, net in the Consolidated Statements of Operations and Comprehensive Income. In the event an amendment to the Revolving Facility (defined below) reduces the committed capacity of any lenders, the portion of any unamortized fees associated with such lender is expensed on a pro-rata basis in proportion to the decrease in the committed capacity. |
Contingencies | 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 recognizes 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 discloses 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 | (q) Revenue recognition Terminals and Infrastructure Within the Terminals and Infrastructure segment, the Company’s contracts with customers may contain one or several performance obligations usually consisting of the sale of LNG, natural gas, power and steam, which are outputs from the Company’s natural gas-fueled infrastructure and the sale of LNG cargos. 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 delivered in containers transported by truck to customer sites but may also be delivered via vessel to an unloading point specified in a contract. Revenue from sales of LNG is recognized at the point in time at which physical possession and the risks and rewards of ownership transfer to the customer, 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 or vessels, which may be accounted for as a finance or operating lease. For operating leases, the Company has elected the practical expedient to combine revenue for the sale of natural gas or LNG and operating lease income as the timing and pattern of transfer of the components are the same. The Company has concluded that the predominant component of the transaction is the sale of natural gas or LNG and therefore has not separated the lease component. The lease component of such operating leases is recognized as Operating revenue The current and non-current portion of finance leases are recorded within Prepaid expenses and other current assets and Other non-current assets, 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 Income. 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 Income. The principal component of the lease payment is reflected as a reduction to the net investment in the lease. In addition to the revenue recognized from the finance lease 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. Other revenue also includes revenue recognized by the Company's subsidiary, Genera PR LLC ("Genera"), under its contract for the operation and maintenance of Puerto Rico Electric Power Authority's ("PREPA") thermal generation assets. Under this agreement, Genera is reimbursed for pass-through expenses, including payroll expenses of Genera employees. Genera is the principal for services for operation and maintenance services, and the Company recognizes revenue for amounts to be reimbursed by PREPA in the period such expenses are incurred. Genera is also eligible for performance-based incentive fees, which are considered variable consideration. The Company estimates the amount of variable consideration as the most likely amount, which is included in the transaction price to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur. The timing of revenue recognition, billings and cash collections results in receivables, contract assets and contract liabilities. Receivables represent unconditional rights to consideration. Contract assets are comprised of the transaction price allocated to completed performance obligations that will be billed to customers in subsequent periods. 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. 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 Income 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. Ships Charter contracts, that have a lease term greater than one year, for the use of the FSRUs and LNG carriers are leases as the contracts convey the right to obtain substantially all of the economic benefits from the use of the asset and allow the customer to direct the use of that asset. At inception, the Company makes an assessment on whether the charter contract is an operating lease or a finance lease. Renewal periods and termination options are included in the lease term if the Company believes such options are reasonably certain to be exercised by the lessee. Generally, lease accounting commences when the asset is made available to the customer, however, where the contract contains specific customer acceptance testing conditions, the lease will not commence until the asset has successfully passed the acceptance test. The Company assesses leases for modifications when there is a change to the terms and conditions of the contract that results in a change in the scope or the consideration of the lease. For charter contracts that are determined to be finance leases accounted for as sales-type leases, the profit from the sale of the vessel is recognized upon lease commencement in Other revenue in the Consolidated Statements of Operations and Comprehensive Income. 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 Income. The principal component of the lease payment is reflected as a reduction to the net investment in the lease. Revenue related to operating and service agreements in connection with charter contracts accounted for as sales-type leases are recognized over the term of the charter as the service is provided within Vessel charter revenue in the Consolidated Statements of Operations and Comprehensive Income. Revenue includes lease payments under charters accounted for as operating leases and fees for repositioning vessels. Revenue generated from charters contracts is recorded over the term of the charter on a straight-line basis as service is provided and is included in Vessel charter revenue in the Consolidated Statements of Operations and Comprehensive Income. Lease payments include fixed payments (including in-substance fixed payments that are unavoidable) and variable payments based on a rate or index. For operating leases, the Company has elected the practical expedient to combine service revenue and operating lease income as the timing and pattern of transfer of the components are the same. Variable lease payments are recognized in the period in which the circumstances on which the variable lease payments are based become probable or occur. Repositioning fees are included in Vessel charter revenue and are recognized at the end of the charter when the fee becomes fixed. However, where there is a fixed amount specified in the charter, which is not dependent upon redelivery location, the fee is recognized evenly over the term of the charter. Costs directly associated with the execution of the lease or costs incurred after lease inception but prior to the commencement of the lease that directly relate to preparing the asset for the contract are capitalized and amortized in Vessel operating expenses in the Consolidated Statements of Operations and Comprehensive Income over the lease term. |
Leases, as lessee | (r) Leases, as lessee The Company has entered into lease agreements primarily for the use of LNG vessels, marine port space, office space, land and equipment. 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 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 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 Leases . |
Share-based compensation | (s) Share-based compensation The Company adopted the New Fortress Energy Inc. 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”), performance share units (“PSUs”) 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 and ASC 505, Equity , which require all share-based payments to employees and members of the board of directors to be recognized as expense in the consolidated financial statements based on their grant date fair values. The Company has elected not to estimate forfeitures of its share-based compensation awards but recognizes the reversal in compensation expense in the period in which the forfeiture occurs. |
Lessor expense recognition | (t) Lessor expense recognition Vessel operating expenses are recognized when incurred. Vessel operating expenses include crewing, repairs and maintenance, insurance, stores, lube oils, communication expenses and third-party management fees. Initial direct costs include costs directly related to the negotiation and consummation of the lease and are deferred and recognized in Vessel operating expenses over the lease term. |
Transaction and integration costs | (u) Transaction and integration costs |
Taxation | Taxation The Company accounts for income taxes in accordance with ASC 740, Accounting for Income Taxes (“ASC 740”), under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts and the tax bases of assets and liabilities by applying the enacted tax rates in effect for the year in which the differences are expected to reverse. Such net tax effects on temporary differences are reflected on the Company’s Consolidated Balance Sheets as deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when the Company believes that it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. 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 upon ultimate settlement with the relevant tax authority. 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. 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 Selling, general and administrative in the Consolidated Statements of Operations and Comprehensive Income. |
Net income per share | (w) Net income per share Basic net income per share (“EPS”) is computed by dividing net income attributable to Class A common stock by the weighted average number of shares of Class A common stock outstanding. 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. |
Acquisitions | (x) Acquisitions Business combinations are accounted for under the acquisition method. On acquisition, the identifiable assets acquired and liabilities assumed are measured at their fair values at the date of acquisition. Any excess of the purchase price over the fair values of the identifiable net assets acquired is recognized as goodwill. Acquisition-related costs are expensed as incurred as Transaction and integration costs in the Consolidated Statements of Operations and Comprehensive Income. The results of operations of acquired businesses are included in the Company’s Consolidated Statements of Operations and Comprehensive Income from the date of acquisition. If the assets acquired do not meet the definition of a business, the transaction is accounted for as an asset acquisition and no goodwill is recognized. Costs incurred in conjunction with asset acquisitions are included in the purchase price, and any excess consideration transferred over the fair value of the net assets acquired is reallocated to the identifiable assets based on their relative fair values. |
Equity method investments | (y) Equity method investments The Company accounts for investments in entities over which the Company has significant influence, but do not meet the criteria for consolidation, under the equity method of accounting. Under the equity method of accounting, the Company’s investment is recorded at cost. In the case of equity method investments acquired as part of a business combination or acquired in exchange for the contribution of assets or entities to the investee, the investment is initially recorded at the acquisition date fair value of the investment. The carrying amount is adjusted for the Company’s share of the earnings or losses, and dividends received from the investee reduce the carrying amount of the investment. The Company allocates the difference between the fair value of investments acquired in a business combination and the Company’s proportionate share of the carrying value of the underlying assets, or basis difference, across the assets and liabilities of the investee. The basis difference assigned to amortizable net assets is included in Income (loss) from equity method investments in the Consolidated Statements of Operations and Comprehensive Income. When the Company’s share of losses in an investee equals or exceeds the carrying value of the investment, no further losses are recognized unless the Company has incurred obligations or made payments on behalf of the investee. The Company periodically assesses if impairment indicators exist at equity method investments. When an impairment is observed, any excess of the carrying amount over its estimated fair value is recognized as impairment expense when the loss in value is deemed other-than-temporary and included in Income (loss) from equity method investments in the Consolidated Statements of Operations and Comprehensive Income. |
Loss of control of subsidiary | (z) Loss of control of subsidiary When there is a loss of control over a subsidiary, the Company de-consolidates the entity as of the date the Company ceases to have a controlling financial interest. The Company accounts for the deconsolidation of a subsidiary by recognizing a gain or loss in the Consolidated Statements of Operations and Comprehensive Income, measured by the difference between the aggregate of the fair value of the consolidation received, fair value of any retained non-controlling interest in the former subsidiary and the carrying amount of any non-controlling interest in the former subsidiary with the carrying amount of the former subsidiary’s assets and liabilities. If a change of ownership interest causes a loss of control of a foreign entity, in addition to de-recognizing the assets and liabilities, the Company will also de-recognize any amounts previously recorded in other comprehensive income. |
Guarantees | (aa) Guarantees Guarantees issued by the Company, excluding those that are guaranteeing the Company’s own performance, are recognized at fair value at the time that the guarantees are issued and recognized in Other current liabilities and Other non-current liabilities on the Consolidated Balance Sheets. The guarantee liability is amortized each period as a reduction to Selling, general and administrative expenses. If it becomes probable that the Company will have to perform under a guarantee, the Company will recognize an additional liability if the amount of the loss can be reasonably estimated. |
Derivatives | (ab) Derivatives The Company has entered into derivative positions that were used to reduce market risks associated with interest rates, foreign exchange rates and commodity prices. The Company also accounts for arrangements that require the Company to pay sellers contingent payments in asset acquisitions as derivatives. All derivative instruments are initially recorded at fair value as either assets or liabilities on the Consolidated Balance Sheets and subsequently remeasured to fair value, regardless of the purpose or intent for holding the derivative, unless they qualify for a Normal Purchases and Normal Sales (“NPNS”) exception. The Company has not designated any derivatives as cash flow or fair value hedges; however, certain instruments may be considered economic hedges. Cash inflows and outflows related to commodity derivatives and interest rate swap are classified as cash flows from operating activities in the Consolidated Statements of Cash Flows. Revenues and expenses on contracts that qualify for the NPNS exception are recognized when the underlying physical transaction is delivered under other applicable GAAP (e.g., ASC 606 or ASC 705). While these contracts are considered derivative financial instruments under ASC 815, Derivatives and Hedging , they are not recorded at fair value, but on an accrual basis of accounting. If it is determined that a transaction designated as NPNS no longer meets the scope exception, the fair value of the related contract is recorded on the balance sheet and immediately recognized through earnings. |
Adoption of new and revised standards | Adoption of new and revised standards New standards, amendments and interpretations issued but not effective for the year beginning January 1, 2023: In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements , to clarify or improve disclosure and presentation requirements of a variety of topics and align the requirements in the FASB accounting standard codification (ASC) with the SEC's regulations. The amendments in ASU 2023-06 will be effective on the date the related disclosures are removed from Regulation S-X or Regulation S-K by the SEC, and will no longer be effective if the SEC has not removed the applicable disclosure requirement by June 30, 2027. Early adoption is prohibited. Although ASU 2023-06 incorporates certain existing or incremental requirements of Regulation S-X into the Codification, those amendments do not affect the information that is already included in the audited financial statements of entities subject to the SEC’s current disclosure or presentation requirements. The Company has determined there is no material impact which will result from adoption of the ASU. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . ASU 2023-07 requires disclosure of significant segment expenses and other segment items that are regularly provided to the CODM and included within each reported measure of segment profit or loss, and the title and position of the entity’s CODM. The amendments in this update also require entities to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. ASU 2023-07 will be effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments in this update are required to be applied retrospectively to all periods presented in the financial statements, unless it is impracticable. The Company is currently reviewing the impact that the adoption of ASU 2023-07 may have on the Company's consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , requiring companies to annually disclose specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires disclosure of income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and early adoption is permitted. The amendments should be applied on a prospective basis, but retrospective application is permitted. The Company is currently reviewing the impact that the adoption of ASU 2023-09 may have on the Company's consolidated financial statements and disclosures. |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Estimated Economic Life of Property Plant and Equipment | The Company depreciates property, plant and equipment less the estimate residual value 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) Vessels 5-30 Terminal and power plant equipment 4-24 CHP facilities 4-20 Gas terminals 5-24 ISO containers and associated equipment 3-25 LNG liquefaction facilities 20-40 Gas pipelines 4-24 Leasehold improvements 2-20 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Asset Acquisition [Table Text Block] | Based on the closing price of NFE’s common stock on April 15, 2021, the total value of consideration in the Hygo Merger was $1.98 billion, shown as follows: Consideration As of Cash consideration for Hygo Preferred Shares $ 180,000 Cash consideration for Hygo Common Shares 400,000 Total Cash Consideration $ 580,000 Merger consideration to be paid in shares of NFE Common Stock 1,400,784 Total Non-Cash Consideration 1,400,784 Total Consideration $ 1,980,784 The consideration paid by the Company in the GMLP Merger was as follows: Consideration As of GMLP Common Units ($3.55 per unit x 69,301,636 units) $ 246,021 GMLP General Partner Interest ($3.55 per unit x 1,436,391 units) 5,099 Partnership Phantom Units ($3.55 per unit x 58,960 units) 209 Cash Consideration $ 251,329 GMLP debt repaid in acquisition 899,792 Total Cash Consideration 1,151,121 Cash settlement of preexisting relationship (3,978) Total Consideration $ 1,147,143 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The final adjusted fair values assigned to the assets acquired, liabilities assumed and non-controlling interests of Hygo as of the closing date were as follows: Hygo As of Assets Acquired Cash and cash equivalents $ 26,641 Restricted cash 48,183 Accounts receivable 5,126 Inventory 1,022 Other current assets 8,095 Assets under development 128,625 Property, plant and equipment, net 385,389 Equity method investments 823,521 Finance leases, net 601,000 Deferred tax assets, net 1,065 Other non-current assets 52,996 Total assets acquired: $ 2,081,663 Liabilities Assumed Current portion of long-term debt $ 38,712 Accounts payable 3,059 Accrued liabilities 39,149 Other current liabilities 13,495 Long-term debt 433,778 Deferred tax liabilities, net 273,682 Other non-current liabilities 21,520 Total liabilities assumed: 823,395 Non-controlling interest 38,306 Net assets acquired: 1,219,962 Goodwill $ 760,822 GMLP As of Assets Acquired Cash and cash equivalents $ 41,461 Restricted cash 24,816 Accounts receivable 3,195 Inventory 2,151 Other current assets 2,789 Equity method investments 355,500 Property, plant and equipment, net 1,063,215 Intangible assets, net 106,500 Deferred tax assets, net 963 Other non-current assets 4,400 Total assets acquired: $ 1,604,990 Liabilities Assumed Current portion of long-term debt $ 158,073 Accounts payable 3,019 Accrued liabilities 17,226 Other current liabilities 73,774 Deferred tax liabilities, net 14,907 Other non-current liabilities 10,630 Total liabilities assumed: 277,629 Non-controlling interest 196,156 Net assets to be acquired: 1,131,205 Goodwill $ 15,938 |
Business Acquisition, Pro Forma Information [Table Text Block] | The following table summarizes the unaudited pro forma condensed financial information of the Company as if the Mergers had occurred on January 1, 2020. Year Ended December 31, 2021 2020 Revenue $ 1,429,361 $ 813,079 Net income (loss) 75,415 (339,909) Net income (loss) attributable to stockholders 62,059 (264,075) |
Revenue recognition (Tables)
Revenue recognition (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable | The table below summarizes the balances in Other revenue: Year Ended December 31, 2023 2022 2021 Development services revenue $ — $ — $ 125,924 Interest income and other revenue 26,341 32,469 35,261 Operation and maintenance revenue 49,900 — — Total other revenue $ 76,241 $ 32,469 $ 161,185 December 31, 2023 December 31, 2022 Contract assets, net - current $ 8,714 $ 8,083 Contract assets, net - non-current 19,901 28,651 Total contract assets, net $ 28,615 $ 36,734 Contract liabilities, net - current $ 65,287 $ 12,748 Contract liabilities, net - non-current 31,698 — Total contract liabilities, net $ 96,985 $ 12,748 Revenue recognized in the year from: Amounts included in contract liabilities at the beginning of the year $ 12,748 $ 2,951 |
Remaining Performance Obligations | The pattern of recognition reflects the minimum guaranteed volumes in each period: Period Revenue 2024 $ 2,073,254 2025 1,606,743 2026 685,108 2027 681,418 2028 667,251 Thereafter 9,188,750 Total $ 14,902,524 |
Property, Plant and Equipment Subject to Operating Leases | Vessels included in the Energos Formation Transaction, including those vessels chartered to third parties, continue to be recognized on the Consolidated Balance Sheets, and as such, the carrying amount of these vessels that are leased to third parties under operating leases is as follows: December 31, December 31, Property, plant and equipment $ 686,683 $ 1,292,957 Accumulated depreciation (69,977) (80,233) Property, plant and equipment, net $ 616,706 $ 1,212,724 |
Components of Lease Income | The components of lease income from vessel operating leases for the years ended December 31, 2023, 2022 and 2021 are shown below. As the Company has not recognized the sale of all of the vessels included in the Energos Formation Transaction, the operating lease income shown below for the years ended December 31, 2023 and 2022, respectively, is comprised of revenue from third-party charters of vessels included in the Energos Formation Transaction. December 31, December 31, December 31, Operating lease income $ 276,113 $ 328,366 $ 214,193 Variable lease income 730 22,940 11,067 Total operating lease income $ 276,843 $ 351,306 $ 225,260 |
Leases, as lessee (Tables)
Leases, as lessee (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Right-of-use Assets, Current Lease Liabilities and Non-current Lease Liabilities | As of December 31, 2023 and 2022, ROU assets, current lease liabilities and non-current lease liabilities consisted of the following: December 31, December 31, Operating right-of-use assets $ 538,055 $ 355,883 Finance right-of-use assets (1) 50,330 21,994 Total right-of-use assets $ 588,385 $ 377,877 Current lease liabilities: Operating lease liabilities $ 135,867 $ 44,371 Finance lease liabilities 28,681 4,370 Total current lease liabilities $ 164,548 $ 48,741 Non-current lease liabilities: Operating lease liabilities $ 390,519 $ 290,899 Finance lease liabilities 15,975 11,222 Total non-current lease liabilities $ 406,494 $ 302,121 (1) Finance lease ROU assets are recorded net of accumulated amortization of $21,470 and $2,134 as of December 31, 2023 and 2022, respectively. |
Lease, Cost | For the years ended December 31, 2023, 2022, and 2021, the Company’s operating lease cost recorded within the Consolidated Statements of Operations and Comprehensive Income were as follows: Year Ended December 31, 2023 2022 2021 Fixed lease cost $ 109,873 $ 75,771 $ 41,054 Variable lease cost 4,601 2,203 1,711 Short-term lease cost 23,903 20,129 6,974 Lease cost - Cost of sales $ 88,608 $ 87,610 $ 41,147 Lease cost - Operations and maintenance 42,520 3,681 2,343 Lease cost - Selling, general and administrative 7,249 6,812 6,249 Year Ended December 31, 2023 2022 2021 Interest expense related to finance leases $ 3,706 $ 852 $ 409 Amortization of right-of-use asset related to finance leases 19,337 1,512 622 |
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 years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Operating cash outflows for operating lease liabilities $ 133,132 $ 96,698 $ 46,066 Financing cash outflows for finance lease liabilities 21,187 3,697 2,156 Right-of-use assets obtained in exchange for new operating lease liabilities 265,537 135,075 172,996 Right-of-use assets obtained in exchange for new finance lease liabilities 47,672 — 24,533 |
Future Payments Due under Operating and Financing Lease | The future payments due under operating and finance leases as of December 31, 2023 are as follows: Operating Leases Financing Leases 2024 $ 179,273 $ 30,939 2025 125,262 12,427 2026 78,023 3,041 2027 77,557 436 2028 76,966 89 Thereafter 174,365 853 Total Lease Payments $ 711,446 $ 47,785 Less: effects of discounting 185,060 3,129 Present value of lease liabilities $ 526,386 $ 44,656 Current lease liability $ 135,867 $ 28,681 Non-current lease liability 390,519 15,975 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The following table presents the Company’s financial assets and financial liabilities, including those that are measured at fair value, as of December 31, 2023 and 2022: Level 1 Level 2 Level 3 Total December 31, 2023 Assets Investment in equity securities $ — $ — $ 7,678 $ 7,678 Liabilities Contingent consideration derivative liabilities — — 37,832 37,832 December 31, 2022 Assets Investment in equity securities $ 10,128 $ — $ 7,678 $ 17,806 Interest rate swap — 11,650 — 11,650 Commodity swap — 104,797 — 104,797 Liabilities Contingent consideration derivative liabilities $ — $ — $ 46,619 $ 46,619 |
Gain (Loss) on Securities | These adjustments have been recorded within Other expense (income), net in the Consolidated Statements of Operations and Comprehensive Income for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Contingent consideration derivative liabilities - Fair value adjustment - loss (gain) $ (4,801) $ 703 $ (341) |
Restricted cash (Tables)
Restricted cash (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restricted Cash [Abstract] | |
Restricted Cash | As of December 31, 2023 and 2022, restricted cash consisted of the following: December 31, December 31, Cash restricted under the terms of loan agreements $ 102,079 $ 124,085 Collateral for letters of credit and performance bonds 53,321 41,392 Collateral for interest rate swaps — 2,500 Total restricted cash $ 155,400 $ 167,977 Current restricted cash $ 155,400 $ 165,396 Non-current restricted cash — 2,581 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory | As of December 31, 2023 and 2022, inventory consisted of the following: December 31, December 31, LNG and natural gas inventory $ 75,417 $ 15,398 Automotive diesel oil inventory 10,121 8,164 Bunker fuel, materials, supplies and other 28,146 15,508 Total inventory $ 113,684 $ 39,070 |
Prepaid expenses and other cu_2
Prepaid expenses and other current assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepaid Expenses and Other Current Assets | As of December 31, 2023 and 2022, prepaid expenses and other current assets consisted of the following: December 31, December 31, Prepaid expenses $ 31,490 $ 56,380 Recoverable taxes 80,630 37,504 Commodity swap — 104,797 Due from affiliates 1,566 698 Assets held for sale 21,265 — Other current assets 78,153 27,504 Total prepaid expenses and other current assets, net $ 213,104 $ 226,883 |
Equity method investments (Tabl
Equity method investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Changes in Equity Method Investments | Changes in the balance of the Company’s equity method investments is as follows: December 31, 2023 December 31, 2022 Equity method investments as of beginning of period $ 392,306 $ 1,182,013 Capital contributions 1,501 133,314 Dividends (5,830) (29,372) Equity in earnings of investees 15,249 15,546 Other-than-temporary impairment (5,277) (487,765) Sale of equity method investments (260,156) (500,076) Foreign currency translation adjustment — 78,646 Equity method investments as of end of period $ 137,793 $ 392,306 |
Equity Method Investments | The carrying amounts of the Company's equity method investments as of December 31, 2023 and 2022 are as follows: December 31, 2023 December 31, 2022 Hilli LLC $ — $ 260,000 Energos 137,793 132,306 Total $ 137,793 $ 392,306 |
Construction in progress (Table
Construction in progress (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Construction in progress [Abstract] | |
Construction in Progress Activity | The Company’s construction in progress activity during the years ended December 31, 2023 and 2022 is detailed below: December 31, December 31, Construction in progress as of beginning of period $ 2,418,608 $ 1,043,883 Additions 3,438,895 1,482,871 Asset impairment expense — (50,659) Impact of currency translation adjustment 30,989 5,580 Assets placed in service (540,198) (63,067) Construction in progress as of end of period $ 5,348,294 $ 2,418,608 |
Property, plant and equipment_2
Property, plant and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | As of December 31, 2023 and 2022, the Company’s property, plant and equipment, net consisted of the following: December 31, December 31, Vessels $ 1,494,433 $ 1,518,839 Terminal and power plant equipment 430,883 218,296 CHP facilities 273,978 123,897 Gas terminals 179,103 177,780 ISO containers and other equipment 156,925 134,324 LNG liquefaction facilities 63,316 63,316 Gas pipelines 66,319 65,985 Land 54,324 52,995 Leasehold improvements 139,967 9,377 Accumulated depreciation (377,833) (248,082) Total property, plant and equipment, net $ 2,481,415 $ 2,116,727 |
Goodwill and intangible assets
Goodwill and intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Composition of Intangible Assets | The following tables summarize the composition of intangible assets as of December 31, 2023 and 2022: December 31, 2023 Gross Carrying Accumulated Currency Translation Net Carrying Weighted Definite-lived intangible assets Favorable vessel charter contracts $ 17,700 $ (10,615) $ — $ 7,085 4 Permits and development rights 48,217 (5,557) (291) 42,369 38 Easements 1,555 (341) — 1,214 30 Indefinite-lived intangible assets Easements 1,191 — (44) 1,147 n/a Total intangible assets $ 68,663 $ (16,513) $ (335) $ 51,815 December 31, 2022 Gross Carrying Accumulated Currency Translation Net Carrying Weighted Definite-lived intangible assets Favorable vessel charter contracts $ 106,500 $ (64,836) $ — $ 41,664 3 Permits and development rights 48,217 (4,115) (2,239) 41,863 38 Easements 1,556 (294) — 1,262 30 Indefinite-lived intangible assets Easements 1,191 — (83) 1,108 n/a Total intangible assets $ 157,464 $ (69,245) $ (2,322) $ 85,897 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated aggregate amortization expense, inclusive of reductions in expense for the amortization of unfavorable contract liabilities assumed in the Mergers, for each of the next five years is: Year ended December 31: 2024 $ 5,346 2025 4,353 2026 1,307 2027 1,307 2028 1,307 Thereafter 37,048 Total $ 50,668 |
Other non-current assets, net (
Other non-current assets, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Schedule of Other Assets, Noncurrent | As of December 31, 2023 and 2022, Other non-current assets consisted of the following: December 31, December 31, Assets held for sale $ — $ 40,685 Contract asset, net (Note 7) 19,901 28,651 Investments in equity securities 7,678 17,806 Cost to fulfill (Note 7) 22,418 9,773 Upfront payments to customers 8,855 9,158 Other 68,051 35,606 Total other non-current assets $ 126,903 $ 141,679 |
Accrued liabilities (Tables)
Accrued liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | As of December 31, 2023 and 2022, accrued liabilities consisted of the following: December 31, December 31, Accrued development costs $ 286,030 $ 364,157 Accrued interest 82,507 51,994 Accrued bonuses 41,356 37,739 Accrued dividend — 626,310 Other accrued expenses 61,782 82,212 Total accrued liabilities $ 471,675 $ 1,162,412 |
Other current liabilities (Tabl
Other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities, Current [Abstract] | |
Components of Other Current Liabilities | As of December 31, 2023 and 2022, Other current liabilities consisted of the following: December 31, December 31, Derivative liabilities $ 19,450 $ 19,458 Contract liabilities 65,287 12,748 Income tax payable 54,040 6,261 Due to affiliates 9,579 7,499 Winter sub-charter liability 49,400 — Other current liabilities 30,195 6,912 Total other current liabilities $ 227,951 $ 52,878 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-term Debt | As of December 31, 2023 and 2022, debt consisted of the following: December 31, 2023 December 31, 2022 Senior Secured Notes, due September 2025 $ 1,245,662 $ 1,243,351 Senior Secured Notes, due September 2026 1,486,374 1,481,639 Vessel Financing Obligation, due August 2042 1,359,995 1,406,091 Revolving Facility 866,600 — Term Loan B, due October 2028 771,420 — South Power 2029 Bonds, due May 2029 216,993 216,177 Barcarena Term Loan, due February 2024 199,678 194,427 Equipment Notes, due July 2026 190,789 — Short-term Borrowings 182,270 — Barcarena Debentures, due October 2028 175,025 — EB-5 Loan, due July 2028 61,614 — Tugboat Financing, due December 2038 46,728 — Total debt $ 6,803,148 $ 4,541,685 Current portion of long-term debt $ 292,625 $ 64,820 Long-term debt 6,510,523 4,476,865 |
Schedule of Maturities of Long-term Debt | Our outstanding debt as of December 31, 2023 is repayable as follows: December 31, 2023 2024 $ 292,625 2025 1,341,060 2026 2,605,990 2027 162,460 2028 1,124,501 Thereafter 1,392,834 Total debt $ 6,919,470 Less: deferred finance charges (116,322) Total debt, net deferred finance charges $ 6,803,148 |
Interest Expense | Interest expense, net of amounts capitalized, recognized for the years ended December 31, 2023, 2022 and 2021 consisted of the following: Year Ended December 31, 2023 2022 2021 Interest per contractual rates $ 339,631 $ 227,960 $ 175,420 Interest expense on Vessel Financing Obligation 211,745 91,405 — Amortization of debt issuance costs, premiums and discounts 18,569 11,098 8,588 Interest expense incurred on finance lease obligations 3,706 852 409 Total interest costs $ 573,651 $ 331,315 $ 184,417 Capitalized interest 295,809 94,454 30,093 Total interest expense $ 277,842 $ 236,861 $ 154,324 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The components of the Company’s income (loss) before income taxes for the years ended December 31, 2023, 2022 and 2021 were as follows: Year Ended December 31, 2023 2022 2021 United States $ 287,768 $ 551,500 $ (283,363) Foreign 376,621 (490,153) 388,535 Income before taxes $ 664,389 $ 61,347 $ 105,172 |
Income Tax Expense | Income tax expense is comprised of the following for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Current: Domestic $ 47,198 $ 37,831 $ 311 Foreign 53,377 118,266 20,975 Total current tax expense 100,575 156,097 21,286 Deferred: Domestic 4,030 5,794 — Foreign 10,908 (285,330) (8,825) Total deferred tax (benefit) expenses 14,938 (279,536) (8,825) Total provision for (benefit from) income taxes $ 115,513 $ (123,439) $ 12,461 |
Schedule of Effective Income Tax Rate Reconciliation | 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, 2023 2022 2021 Income tax at the statutory rate 21.0 % 21.0 % 21.0 % Foreign tax rate differential (12.1) (25.5) (33.8) US taxation on foreign earnings 0.1 25.5 9.6 Impact from foreign operations 0.4 (10.7) 1.5 Change in valuation allowance 8.2 (22.9) 14.7 Income attributable to non-controlling interest — 1.3 0.8 Effects of share-based compensation 0.3 (39.8) (8.5) Withholding taxes 0.6 12.6 9.5 Income tax credits (4.8) (0.3) (2.4) Sergipe Sale — (165.4) — Outside basis differences 0.1 (3.2) 2.6 Other 3.6 6.2 (3.2) Effective income tax rate 17.4 % (201.2 %) 11.8 % |
Schedule of 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, 2023 and 2022 are as follows: Year Ended December 31, 2023 2022 Deferred tax assets: Accrued interest $ 37,735 $ 33,262 IRC Section 163(j) interest carryforward 758 19,251 Federal and state net operating loss carryforward 2,063 2,900 Foreign net operating loss carryforward 123,386 100,614 Debt 289,820 300,834 Lease liability 106,293 70,241 Goodwill 47,043 51,315 Other 24,214 17,141 Total deferred tax assets 631,312 595,558 Valuation allowance (188,036) (130,649) Deferred tax assets, net of valuation allowance 443,276 464,909 Deferred tax liabilities: Property and equipment (343,247) (355,596) Right-of-use assets (107,919) (74,289) Investments — (2,687) Commodity swap — (22,421) Deferred income (20,714) (22,414) Other (5,933) (5,417) Total deferred tax liabilities $ (477,813) $ (482,824) Net deferred tax liabilities $ (34,537) $ (17,915) |
Valuation Allowance on Deferred Tax Assets | The following table summarizes the changes in the Company’s valuation allowance on deferred tax assets for the years ended December 31, 2023 and 2022: Year Ended December 31, 2023 2022 Balance at the beginning of the period $ 130,649 $ 146,269 Change in valuation allowance 57,387 (15,620) Balance at the end of the period $ 188,036 $ 130,649 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes the changes in the Company’s unrecognized tax benefits for the years ended December 31, 2023 and 2022: Year Ended December 31, 2023 2022 Balance at the beginning of the period $ — $ 12,474 Reduction as a result of Energos Formation Transaction — (12,474) Balance at the end of the period $ — $ — |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Year Ended December 31, 2023 2022 2021 Basic Numerator: Net income $ 548,876 $ 184,786 $ 92,711 Net income (loss) attributable to non-controlling interests (994) 9,693 4,393 Net income attributable to Class A common stock $ 547,882 $ 194,479 $ 97,104 Denominator: Weighted-average shares - basic 205,942,837 209,501,298 198,593,042 Net income per share - basic $ 2.66 $ 0.93 $ 0.49 Diluted Numerator: Net income $ 548,876 $ 184,786 $ 92,711 Net income (loss) attributable to non-controlling interests (994) 9,693 4,393 Adjustments attributable to dilutive securities (736) — (2,861) Net income attributable to Class A common stock $ 547,146 $ 194,479 $ 94,243 Denominator: Weighted-average shares - diluted 206,481,977 209,854,413 201,703,176 Net income per share - diluted $ 2.65 $ 0.93 $ 0.47 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table presents potentially dilutive securities excluded from the computation of diluted net income per share for the years ended December 31, 2023, 2022 and 2021 because its effects would have been anti-dilutive. Year Ended December 31, 2023 2022 2021 Equity agreement shares (1) — 458,696 — Total — 458,696 — (1) Represents Class A common stock that would be issued in relation to an agreement to issue shares executed in conjunction with a prior year asset acquisition. |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | The table below presents segment information for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 (in thousands of $) Terminals and Ships Total Segment Consolidation and Other (4) Consolidated Statement of operations: Total revenues $ 2,141,085 $ 293,605 $ 2,434,690 $ (21,394) $ 2,413,296 Cost of sales (1) (3) 764,828 — 764,828 112,623 877,451 Vessel operating expenses — 51,387 51,387 (5,948) 45,439 Operations and maintenance 166,785 — 166,785 — 166,785 Segment Operating Margin $ 1,209,472 $ 242,218 $ 1,451,690 $ (128,069) $ 1,323,621 Balance sheet: Total assets $ 9,680,917 $ 820,328 $ 10,501,245 $ — $ 10,501,245 Other segmental financial information: Capital expenditures (2) $ 3,461,659 $ 7,568 $ 3,469,227 $ — $ 3,469,227 Year Ended December 31, 2022 (in thousands of $) Terminals and Ships Total Segment Consolidation and Other (4) Consolidated Statement of operations: Total revenues $ 2,168,565 $ 444,616 $ 2,613,181 $ (244,909) $ 2,368,272 Cost of sales (1) (3) 1,142,374 — 1,142,374 (131,946) 1,010,428 Vessel operating expenses — 90,544 90,544 (27,026) 63,518 Operations and maintenance 129,970 — 129,970 (24,170) 105,800 Segment Operating Margin $ 896,221 $ 354,072 $ 1,250,293 $ (61,767) $ 1,188,526 Balance sheet: Total assets $ 5,913,775 $ 1,791,307 $ 7,705,082 $ — $ 7,705,082 Other segmental financial information: Capital expenditures (2) $ 1,482,871 $ 27,127 $ 1,509,998 $ — $ 1,509,998 Year Ended December 31, 2021 (in thousands of $) Terminals and Ships Total Segment Consolidation and Other (4) Consolidated Statement of operations: Total revenues $ 1,366,142 $ 329,608 $ 1,695,750 $ (372,940) $ 1,322,810 Cost of sales (1) (3) 789,069 — 789,069 (173,059) 616,010 Vessel operating expenses 3,442 64,385 67,827 (16,150) 51,677 Operations and maintenance 92,424 — 92,424 (19,108) 73,316 Segment Operating Margin $ 481,207 $ 265,223 $ 746,430 $ (164,623) $ 581,807 Other segmental financial information: Capital expenditures (2) $ 833,910 $ 8,293 $ 842,203 $ — $ 842,203 (1) Cost of sales in the Company’s segment measure only includes realized gains and losses on derivative transactions that are an economic hedge of commodity purchases and sales, and realized gains of $139,089 for the year ended December 31, 2023 were recognized as a reduction to Cost of sales in the segment measure. No realized gains or loss for the years ended December 31, 2022 or 2021 were recognized. The Company recognized unrealized (losses) and earnings of ($106,393), $106,103 and ($2,788) on the mark-to-market value of derivative transactions for the years ended December 31, 2023, 2022 and 2021, respectively, and these losses reconcile Cost of sales in the segment measure to Cost of sales in the Consolidated Statements of Operations and Comprehensive Income. The Company has excluded contract acquisition costs that do not meet the criteria for capitalization from the segment measure. Contract acquisition costs of $6,232 for the year ended December 31, 2023 reconcile Cost of sales in the segment measure to Cost of sales in the Consolidated Statements of Operations and Comprehensive Income. The Company did not incur such costs in the years ended December 31, 2022 and 2021. (2) Capital expenditures includes amounts capitalized to construction in progress and additions to property, plant and equipment during the period. (3) Cost of sales is presented exclusive of costs included in Depreciation and amortization in the Consolidated Statements of Operations and Comprehensive Income. (4) Consolidation and Other adjusts for the inclusion of the effective share of revenues, expenses and operating margin attributable to the Company's 50% ownership of CELSEPAR and the common units of Hilli LLC in the segment measure prior to the disposition of these investments, the exclusion of the unrealized mark-to-market gain or loss on derivative instruments, and the exclusion of non-capitalizable contract acquisition costs. |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The following table reconciles Net income, the most comparable financial statement measure, to Consolidated Segment Operating Margin: Year Ended December 31, (in thousands of $) 2023 2022 2021 Net income $ 548,876 $ 184,786 $ 92,711 Add: Selling, general and administrative 205,104 236,051 199,881 Transaction and integration costs 6,946 21,796 44,671 Depreciation and amortization 187,324 142,640 98,377 Interest expense 277,842 236,861 154,324 Other (income) expense, net 10,408 (48,044) (17,150) Gain on sale of assets, net (29,378) — — Tax (benefit) provision 115,513 (123,439) 12,461 Asset impairment expense 10,958 50,659 — Loss on extinguishment of debt, net — 14,997 10,975 Loss (income) from equity method investments (9,972) 472,219 (14,443) Consolidated Segment Operating Margin $ 1,323,621 $ 1,188,526 $ 581,807 |
Organization (Details)
Organization (Details) | 12 Months Ended |
Dec. 31, 2023 Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Operating Segments | 2 |
Significant accounting polici_4
Significant accounting policies - Property Plant and Equipment Net (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Line Items] | |
Anticipated drydocking period | 5 years |
Vessels | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life (Yrs) | 5 years |
Vessels | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life (Yrs) | 30 years |
Terminal and power plant equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life (Yrs) | 4 years |
Terminal and power plant equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life (Yrs) | 24 years |
CHP facilities | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life (Yrs) | 4 years |
CHP facilities | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life (Yrs) | 20 years |
Gas terminals | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life (Yrs) | 5 years |
Gas terminals | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life (Yrs) | 24 years |
ISO containers and other equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life (Yrs) | 3 years |
ISO containers and other equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life (Yrs) | 25 years |
LNG liquefaction facilities | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life (Yrs) | 20 years |
LNG liquefaction facilities | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life (Yrs) | 40 years |
Gas pipelines | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life (Yrs) | 4 years |
Gas pipelines | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life (Yrs) | 24 years |
Leasehold improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life (Yrs) | 2 years |
Leasehold improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life (Yrs) | 20 years |
Significant accounting polici_5
Significant accounting policies - Cloud Computing Costs (Details) | Dec. 31, 2023 |
Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Hosting arrangement, service contract, useful life | 5 years |
Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Hosting arrangement, service contract, useful life | 3 years |
Significant accounting polici_6
Significant accounting policies - Goodwill (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Abstract] | ||
Impairment of goodwill | $ 0 | $ 0 |
Significant accounting polici_7
Significant accounting policies - Revenue Recognition (Details) - Obligation | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue recognition [Abstract] | ||
Number of performance obligations | 1 | |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Operating revenue | Operating revenue |
Significant accounting polici_8
Significant accounting policies - Taxation (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Significant accounting policies [Line Items] | ||
Deferred tax assets, net | $ 9,907,000 | $ 8,074,000 |
Deferred tax liabilities | 477,813,000 | $ 482,824,000 |
GILTI | ||
Significant accounting policies [Line Items] | ||
Deferred tax assets, net | 0 | |
Deferred tax liabilities | $ 0 |
Significant accounting polici_9
Significant accounting policies - Equity Method Investments (Details) | Dec. 31, 2023 |
Energos | |
Schedule of Equity Method Investments [Line Items] | |
Ownership interest acquired | 20% |
Acquisitions - Narrative, Hygo
Acquisitions - Narrative, Hygo (Details) $ in Thousands | 12 Months Ended | 21 Months Ended | |||
Apr. 15, 2021 USD ($) Carrier Project GW shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | |
Business Acquisition [Line Items] | |||||
Total Cash Consideration | $ 0 | $ 0 | $ 1,586,042 | ||
Operating revenue | 2,060,212 | 1,978,645 | 930,816 | ||
Net income (loss) attributable to parent | $ 547,882 | $ 194,479 | $ 97,104 | ||
Hygo Merger Agreement | |||||
Business Acquisition [Line Items] | |||||
Total Cash Consideration | $ 580,000 | ||||
Number of gas-to-power projects | Project | 3 | ||||
Equity method investments, power plant energy | GW | 1.5 | ||||
Number of carries acquired | Carrier | 2 | ||||
Non-controlling interest | $ 38,306 | ||||
Fair value of receivables | $ 8,009 | ||||
Operating revenue | $ 5,465 | ||||
Net income (loss) attributable to parent | $ (11,389) | ||||
Hygo Merger Agreement | GLNG | |||||
Business Acquisition [Line Items] | |||||
Percentage of interest acquired in power plant | 50% | ||||
Hygo Merger Agreement | Stonepeak | |||||
Business Acquisition [Line Items] | |||||
Percentage of interest acquired in power plant | 50% | ||||
Hygo Merger Agreement | Class A common stock | |||||
Business Acquisition [Line Items] | |||||
Total non-cash consideration (in shares) | shares | 31,372,549 | ||||
Sergipe Facility | |||||
Business Acquisition [Line Items] | |||||
Percentage of interest acquired in power plant | 50% | ||||
Sergipe Facility | CELSEPAR | |||||
Business Acquisition [Line Items] | |||||
Percentage of shares issued capital | 100% |
Acquisitions - Consideration, H
Acquisitions - Consideration, Hygo (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Apr. 15, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||||
Total Cash Consideration | $ 0 | $ 0 | $ 1,586,042 | |
Hygo Merger Agreement | ||||
Business Acquisition [Line Items] | ||||
Total Cash Consideration | $ 580,000 | |||
Total Non-Cash Consideration | 1,400,784 | |||
Total Consideration | 1,980,784 | |||
Hygo Merger Agreement | Preferred Shares | ||||
Business Acquisition [Line Items] | ||||
Total Cash Consideration | 180,000 | |||
Hygo Merger Agreement | Common Shares | ||||
Business Acquisition [Line Items] | ||||
Total Cash Consideration | 400,000 | |||
Total Non-Cash Consideration | $ 1,400,784 |
Acquisitions - Assets Acquired
Acquisitions - Assets Acquired and Liabilities Assumed, Hygo (Details) - Hygo Merger Agreement $ in Thousands | Apr. 15, 2021 USD ($) |
Assets Acquired | |
Cash and cash equivalents | $ 26,641 |
Restricted cash | 48,183 |
Accounts receivable | 5,126 |
Inventory | 1,022 |
Other current assets | 8,095 |
Assets under development | 128,625 |
Property, plant and equipment, net | 385,389 |
Equity method investments | 823,521 |
Finance leases, net | 601,000 |
Deferred tax assets, net | 1,065 |
Other non-current assets | 52,996 |
Total assets acquired: | 2,081,663 |
Liabilities Assumed | |
Current portion of long-term debt | 38,712 |
Accounts payable | 3,059 |
Accrued liabilities | 39,149 |
Other current liabilities | 13,495 |
Long-term debt | 433,778 |
Deferred tax liabilities, net | 273,682 |
Other non-current liabilities | 21,520 |
Total liabilities assumed: | 823,395 |
Non-controlling interest | 38,306 |
Net assets acquired: | 1,219,962 |
Goodwill | $ 760,822 |
Acquisitions - Narrative, GMLP
Acquisitions - Narrative, GMLP (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | 33 Months Ended | |||
Apr. 15, 2021 USD ($) Unit Carrier $ / shares | Jun. 30, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | |
Business Acquisition [Line Items] | ||||||
Number of other FSRU fleet acquired | Unit | 6 | |||||
Number of LNG carriers acquired | Carrier | 4 | |||||
Weighted average amortization period | 28 years 9 months 18 days | 18 years | ||||
Transaction and integration costs | $ 6,946 | $ 21,796 | $ 44,671 | |||
Operating revenue | 2,060,212 | 1,978,645 | 930,816 | |||
Net income (loss) attributable to parent | $ 547,882 | $ 194,479 | 97,104 | |||
GMLP Merger Agreement | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, share price (in USD per share) | $ / shares | $ 3.55 | |||||
Payments to acquire business | $ 1,151,121 | |||||
Non-controlling interest | 196,156 | |||||
Fair value of receivables | $ 4,797 | |||||
Weighted average amortization period | 3 years | |||||
Transaction and integration costs | $ 3,978 | |||||
Operating revenue | $ 0 | |||||
Net income (loss) attributable to parent | $ (33,148) | |||||
Acquisition related costs | $ 33,907 | |||||
GMLP Merger Agreement | Favorable Leases | ||||||
Business Acquisition [Line Items] | ||||||
Finite-lived intangible assets acquired | $ 106,500 | |||||
GMLP Merger Agreement | Unfavorable Leases | ||||||
Business Acquisition [Line Items] | ||||||
Finite-lived intangible assets acquired | $ 13,400 | |||||
Weighted average amortization period | 1 year |
Acquisitions - Consideration, G
Acquisitions - Consideration, GMLP (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Apr. 15, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||||
Cash Consideration | $ 0 | $ 0 | $ 1,586,042 | |
GMLP Merger Agreement | ||||
Business Acquisition [Line Items] | ||||
Cash Consideration | $ 251,329 | |||
GMLP debt repaid in acquisition | 899,792 | |||
Total Cash Consideration | 1,151,121 | |||
Cash settlement of preexisting relationship | (3,978) | |||
Total Consideration | $ 1,147,143 | |||
Business acquisition, share price (in USD per share) | $ 3.55 | |||
GMLP Merger Agreement | Common Units | ||||
Business Acquisition [Line Items] | ||||
Cash Consideration | $ 246,021 | |||
Business acquisition, share price (in USD per share) | $ 3.55 | |||
Total non-cash consideration (in shares) | 69,301,636 | |||
GMLP Merger Agreement | General Partner Interest | ||||
Business Acquisition [Line Items] | ||||
Cash Consideration | $ 5,099 | |||
Business acquisition, share price (in USD per share) | $ 3.55 | |||
Total non-cash consideration (in shares) | 1,436,391 | |||
GMLP Merger Agreement | Partnership Phantom Units | ||||
Business Acquisition [Line Items] | ||||
Cash Consideration | $ 209 | |||
Business acquisition, share price (in USD per share) | $ 3.55 | |||
Total non-cash consideration (in shares) | 58,960 |
Acquisitions - Assets Acquire_2
Acquisitions - Assets Acquired and Liabilities Assumed, GMLP (Details) - GMLP Merger Agreement $ in Thousands | Apr. 15, 2021 USD ($) |
Assets Acquired | |
Cash and cash equivalents | $ 41,461 |
Restricted cash | 24,816 |
Accounts receivable | 3,195 |
Inventory | 2,151 |
Other current assets | 2,789 |
Equity method investments | 355,500 |
Property, plant and equipment, net | 1,063,215 |
Intangible assets, net | 106,500 |
Deferred tax assets, net | 963 |
Other non-current assets | 4,400 |
Total assets acquired: | 1,604,990 |
Liabilities Assumed | |
Current portion of long-term debt | 158,073 |
Accounts payable | 3,019 |
Accrued liabilities | 17,226 |
Other current liabilities | 73,774 |
Deferred tax liabilities, net | 14,907 |
Other non-current liabilities | 10,630 |
Total liabilities assumed: | 277,629 |
Non-controlling interest | 196,156 |
Net assets acquired: | 1,131,205 |
Goodwill | $ 15,938 |
Acquisitions - Pro Forma (Detai
Acquisitions - Pro Forma (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | ||
Revenue | $ 1,429,361 | $ 813,079 |
Net income (loss) | 75,415 | (339,909) |
Net income (loss) attributable to stockholders | $ 62,059 | $ (264,075) |
Acquisitions - Pro Forma Narrat
Acquisitions - Pro Forma Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Asset Acquisition [Line Items] | ||||
Net income (loss) attributable to parent | $ 547,882 | $ 194,479 | $ 97,104 | |
Acquisition-related Costs | ||||
Asset Acquisition [Line Items] | ||||
Net income (loss) attributable to parent | $ 37,885 |
Acquisitions - Pecem Energia S.
Acquisitions - Pecem Energia S.A. and Energetica Camacari Muricy II S.A. Narrative (Details) R$ in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Mar. 11, 2021 USD ($) | Jan. 12, 2021 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2024 BRL (R$) | Dec. 31, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2024 BRL (R$) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 BRL (R$) | |
Asset Acquisition [Abstract] | |||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain (Loss) on Disposition of Assets | ||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Pecem And Muricy | |||||||||
Asset Acquisition [Abstract] | |||||||||
Disposal group, not discontinued operation, percentage of shares sold | 100% | ||||||||
Contingent payments from divestiture of business | $ 21,036 | $ 21,036 | R$ 101836 | ||||||
Disposal group, including discontinued operation, consideration | 43,470 | $ 43,470 | |||||||
Disposal group, not discontinued operation, gain (loss) on disposal | $ 21,534 | ||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Pecem And Muricy | Forecast | |||||||||
Asset Acquisition [Abstract] | |||||||||
Proceeds from divestiture of businesses | $ 7,234 | R$ 35019 | $ 22,434 | R$ 109547 | |||||
CH4 Energia Ltda. | |||||||||
Asset Acquisition [Abstract] | |||||||||
Percentage of outstanding shares acquired | 100% | ||||||||
Cash consideration at date of merger | $ 903 | ||||||||
Maximum future payments contingent on achieving certain construction milestones | 3,600 | ||||||||
Fair value of contingent payments | 3,047 | ||||||||
Acquisition related costs | 295 | ||||||||
Total purchase consideration | 5,776 | ||||||||
Deferred tax liability recognized on acquisition | $ 1,531 | ||||||||
Pecem Energia S.A. and Energetica Camacari Muricy II S.A. | |||||||||
Asset Acquisition [Abstract] | |||||||||
Cash consideration at date of merger | $ 8,041 | ||||||||
Maximum future payments contingent on achieving certain construction milestones | 10,500 | ||||||||
Fair value of contingent payments | 7,473 | ||||||||
Acquisition related costs | 1,275 | ||||||||
Total purchase consideration | $ 16,585 | ||||||||
Term of power purchase agreements | 15 years | ||||||||
Maximum future payments payable to shareholders | $ 4,600 | ||||||||
Pecem Energia S.A. | |||||||||
Asset Acquisition [Abstract] | |||||||||
Percentage of outstanding shares acquired | 100% | ||||||||
Energetica Camacari Muricy II S.A. | |||||||||
Asset Acquisition [Abstract] | |||||||||
Percentage of outstanding shares acquired | 100% |
Energos Formation Transaction (
Energos Formation Transaction (Details) $ in Millions | Aug. 15, 2022 USD ($) Vessel |
Schedule of Equity Method Investments [Line Items] | |
Number of vessels | 11 |
Purchase agreement, consideration received | $ | $ 1,850 |
Number of vessels subject to long term charter agreements | 10 |
Number of vessels not subject to long term charter agreements | 1 |
Energos Infrastructure | |
Schedule of Equity Method Investments [Line Items] | |
Ownership interest acquired | 20% |
VIEs - Narrative (Details)
VIEs - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 USD ($) arrangement | Dec. 31, 2023 USD ($) Vessel | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Variable Interest Entity [Line Items] | ||||
Number of vessels leased | Vessel | 4 | |||
Number of vessels terminated | arrangement | 3 | |||
Addition to interest expenses | $ 6,348 | $ 11,766 | ||
Loss on extinguishment of debt, net | $ 0 | 14,997 | 10,975 | |
Variable interest entity, net cash provided by (used in) financing activities | $ 400,622 | $ 236,916 | ||
Dividends payable | $ 4,000 | |||
Variable Interest Entity, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Loss on extinguishment of debt, net | $ 9,082 |
Revenue recognition - Narrative
Revenue recognition - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Operating revenue | $ 2,060,212 | $ 1,978,645 | $ 930,816 |
Receivables, revenue from contracts with customers | 331,108 | 280,382 | |
Accounts receivable, allowance for credit loss, current | 1,158 | 884 | |
Contract with customer, receivable, after allowance for credit loss | 326 | 401 | |
Unbilled receivables net of current expected credit losses | 28,536 | 36,483 | |
Capitalized contract cost, net | 25,282 | 10,377 | |
Other current assets | 2,864 | 604 | |
Other noncurrent assets | 22,418 | 9,773 | |
Proceeds from sale of other assets | 593,000 | ||
Derecognition of lease, loss | 14,598 | ||
Direct financing lease, interest income | 28,643 | 32,880 | |
Vessel charter revenue | 276,843 | 357,158 | 230,809 |
Cargo Sales | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 618,521 | 1,175,866 | 462,695 |
Cargo sales, cancellation fee | |||
Disaggregation of Revenue [Line Items] | |||
Contract settlements | $ 332,000 | ||
CELSE | |||
Disaggregation of Revenue [Line Items] | |||
Vessel charter revenue | $ 5,852 | $ 5,549 |
Revenue recognition - Other Rev
Revenue recognition - Other Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Other revenue | $ 76,241 | $ 32,469 | $ 161,185 |
Development services revenue | |||
Disaggregation of Revenue [Line Items] | |||
Other revenue | 0 | 0 | 125,924 |
Interest income and other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Other revenue | 26,341 | 32,469 | 35,261 |
Operation and maintenance revenue | |||
Disaggregation of Revenue [Line Items] | |||
Other revenue | $ 49,900 | $ 0 | $ 0 |
Revenue recognition - Contract
Revenue recognition - Contract Liabilities and Contract Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Contract assets, net - current | $ 8,714 | $ 8,083 |
Contract assets, net - non-current | 19,901 | 28,651 |
Total contract assets, net | 28,615 | 36,734 |
Contract liabilities | 65,287 | 12,748 |
Contract liabilities, net - non-current | 31,698 | 0 |
Total contract liabilities, net | 96,985 | 12,748 |
Revenue recognized in the year from: | ||
Amounts included in contract liabilities at the beginning of the year | $ 12,748 | $ 2,951 |
Revenue recognition - Performan
Revenue recognition - Performance Obligation (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 14,902,524 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 2,073,254 |
Revenue, 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, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 1,606,743 |
Revenue, 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, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 685,108 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 681,418 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 667,251 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 9,188,750 |
Revenue, remaining performance obligation, expected timing of satisfaction, period |
Revenue recognition - Carrying
Revenue recognition - Carrying Amount of Leased Property Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Property, plant and equipment | $ 686,683 | $ 1,292,957 |
Accumulated depreciation | (69,977) | (80,233) |
Property, plant and equipment, net | $ 616,706 | $ 1,212,724 |
Revenue recognition - Component
Revenue recognition - Components of Lease Income from Vessel Operating Lease (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |||
Operating lease income | $ 276,113 | $ 328,366 | $ 214,193 |
Variable lease income | 730 | 22,940 | 11,067 |
Total operating lease income | $ 276,843 | $ 351,306 | $ 225,260 |
Leases, as lessee - Right-of-us
Leases, as lessee - Right-of-use assets, Current Lease Liabilities and Non-Current Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating right-of-use assets | $ 538,055 | $ 355,883 |
Finance leases, net | 50,330 | 21,994 |
Total right-of-use assets | $ 588,385 | $ 377,877 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total right-of-use assets | Total right-of-use assets |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total right-of-use assets | Total right-of-use assets |
Current lease liabilities: | ||
Operating lease liabilities | $ 135,867 | $ 44,371 |
Finance lease liabilities | 28,681 | 4,370 |
Total current lease liabilities | $ 164,548 | $ 48,741 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Total current lease liabilities | Total current lease liabilities |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Total current lease liabilities | Total current lease liabilities |
Non-current lease liabilities: | ||
Operating lease liabilities | $ 390,519 | $ 290,899 |
Finance lease liabilities | 15,975 | 11,222 |
Total non-current lease liabilities | $ 406,494 | $ 302,121 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Total non-current lease liabilities | Total non-current lease liabilities |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Total non-current lease liabilities | Total non-current lease liabilities |
Finance lease, right-of-use asset, accumulated amortization | $ 21,470 | $ 2,134 |
Leases, as lessee - Components
Leases, as lessee - Components of Operating Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Fixed lease cost | $ 109,873 | $ 75,771 | $ 41,054 |
Variable lease cost | 4,601 | 2,203 | 1,711 |
Short-term lease cost | 23,903 | 20,129 | 6,974 |
Lease cost - Cost of sales | 88,608 | 87,610 | 41,147 |
Lease cost - Operations and maintenance | 42,520 | 3,681 | 2,343 |
Lease cost - Selling, general and administrative | $ 7,249 | $ 6,812 | $ 6,249 |
Leases, as lessee - Narrative (
Leases, as lessee - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 31, 2024 | |
Subsequent Event [Line Items] | ||||
Lease, cost | $ 61,320 | $ 20,403 | $ 15,568 | |
Operating lease, weighted average remaining lease term | 5 years 10 months 24 days | |||
Finance lease, weighted average remaining lease term | 2 years | |||
Operating lease, weighted average discount rate, percent | 10.10% | 8.50% | ||
Finance lease, weighted average discount rate, percent | 8.20% | 5.10% | ||
Lessee, operating lease, liability, to be paid | $ 711,446 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Lessee, operating lease, term of contract | 10 years | |||
Lessee, operating lease, liability, to be paid | $ 376,000 |
Leases, as lessee - Depreciatio
Leases, as lessee - Depreciation and Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Interest expense related to finance leases | $ 3,706 | $ 852 | $ 409 |
Amortization of right-of-use asset related to finance leases | $ 19,337 | $ 1,512 | $ 622 |
Leases, as lessee - Supplementa
Leases, as lessee - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating cash outflows for operating lease liabilities | $ 133,132 | $ 96,698 | $ 46,066 |
Financing cash outflows for finance lease liabilities | 21,187 | 3,697 | 2,156 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 265,537 | 135,075 | 172,996 |
Right-of-use assets obtained in exchange for new finance lease liabilities | $ 47,672 | $ 0 | $ 24,533 |
Leases, as lessee - Future Paym
Leases, as lessee - Future Payments Due under Operating and Finance Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases | ||
2024 | $ 179,273 | |
2025 | 125,262 | |
2026 | 78,023 | |
2027 | 77,557 | |
2028 | 76,966 | |
Thereafter | 174,365 | |
Total Lease Payments | 711,446 | |
Less: effects of discounting | 185,060 | |
Present value of lease liabilities | 526,386 | |
Current lease liability | 135,867 | $ 44,371 |
Non-current lease liability | 390,519 | 290,899 |
Financing Leases | ||
2024 | 30,939 | |
2025 | 12,427 | |
2026 | 3,041 | |
2027 | 436 | |
2028 | 89 | |
Thereafter | 853 | |
Total Lease Payments | 47,785 | |
Less: effects of discounting | 3,129 | |
Present value of lease liabilities | 44,656 | |
Finance lease liabilities | 28,681 | 4,370 |
Non-current lease liability | $ 15,975 | $ 11,222 |
Financial instruments - Narrati
Financial instruments - Narrative (Details) MMBTU in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Nov. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) MMBTU $ / MMBTU | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Fair value adjustment loss (gain) | $ 8,495,000 | |||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of sales (exclusive of depreciation and amortization shown separately below) | |||||
Realized gain (loss) on derivatives | $ 139,089,000 | $ 0 | $ 0 | |||
Commodity swap | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Energy of commodity swap transaction | MMBTU | 6,800 | |||||
Underlying, derivative energy measure (in dollars per MMBtu) | $ / MMBTU | 40,550 | |||||
Gain (loss) on settlement of swap | $ 41,315,000 | |||||
Realized gain on settlement of swap | $ 146,112,000 | |||||
Unrealized gain on settlement of swap | $ 104,797,000 | |||||
Forward Currency Contract | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Realized gain (loss) on derivatives | $ 5,864,000 |
Financial instruments - Financi
Financial instruments - Financial Assets and Financial Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Non- Derivatives [Abstract] | ||
Investment in equity securities | $ 7,678 | $ 17,806 |
Interest rate swap | ||
Non- Derivatives [Abstract] | ||
Assets | 11,650 | |
Commodity swap | ||
Non- Derivatives [Abstract] | ||
Assets | 104,797 | |
Contingent consideration derivative liabilities | ||
Derivatives [Abstract] | ||
Liabilities | 37,832 | 46,619 |
Level 1 | ||
Non- Derivatives [Abstract] | ||
Investment in equity securities | 0 | 10,128 |
Level 1 | Interest rate swap | ||
Non- Derivatives [Abstract] | ||
Assets | 0 | |
Level 1 | Commodity swap | ||
Non- Derivatives [Abstract] | ||
Assets | 0 | |
Level 1 | Contingent consideration derivative liabilities | ||
Derivatives [Abstract] | ||
Liabilities | 0 | 0 |
Level 2 | ||
Non- Derivatives [Abstract] | ||
Investment in equity securities | 0 | 0 |
Level 2 | Interest rate swap | ||
Non- Derivatives [Abstract] | ||
Assets | 11,650 | |
Level 2 | Commodity swap | ||
Non- Derivatives [Abstract] | ||
Assets | 104,797 | |
Level 2 | Contingent consideration derivative liabilities | ||
Derivatives [Abstract] | ||
Liabilities | 0 | 0 |
Level 3 | ||
Non- Derivatives [Abstract] | ||
Investment in equity securities | 7,678 | 7,678 |
Level 3 | Interest rate swap | ||
Non- Derivatives [Abstract] | ||
Assets | 0 | |
Level 3 | Commodity swap | ||
Non- Derivatives [Abstract] | ||
Assets | 0 | |
Level 3 | Contingent consideration derivative liabilities | ||
Derivatives [Abstract] | ||
Liabilities | $ 37,832 | $ 46,619 |
Financial instruments - Summary
Financial instruments - Summary of Fair Value Adjustment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value adjustment loss (gain) | $ 8,495 | ||
Contingent consideration derivative liabilities | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value adjustment loss (gain) | $ (4,801) | $ 703 | $ (341) |
Restricted cash - Summary of Re
Restricted cash - Summary of Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Restricted Cash [Abstract] | ||
Cash restricted under the terms of loan agreements | $ 102,079 | $ 124,085 |
Collateral for letters of credit and performance bonds | 53,321 | 41,392 |
Collateral for interest rate swaps | 0 | 2,500 |
Total restricted cash | 155,400 | 167,977 |
Current restricted cash | 155,400 | 165,396 |
Non-current restricted cash | $ 0 | $ 2,581 |
Inventory - Summary of Inventor
Inventory - Summary of Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
LNG and natural gas inventory | $ 75,417 | $ 15,398 |
Automotive diesel oil inventory | 10,121 | 8,164 |
Bunker fuel, materials, supplies and other | 28,146 | 15,508 |
Total inventory | $ 113,684 | $ 39,070 |
Inventory - Narrative (Details)
Inventory - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |||
Inventory write-down | $ 6,232,000 | $ 0 | $ 0 |
Prepaid expenses and other cu_3
Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Investments [Line Items] | |||
Prepaid expenses | $ 31,490 | $ 56,380 | |
Recoverable taxes | 80,630 | 37,504 | |
Commodity swap | 0 | 104,797 | |
Due from affiliates | 1,566 | 698 | |
Assets held for sale | 21,265 | 0 | |
Other current assets | 78,153 | 27,504 | |
Total prepaid expenses and other current assets, net | 213,104 | 226,883 | |
Lease termination asset, current | 59,074 | ||
Winter sub-charter liability | 49,400 | 0 | |
Asset impairment expense | 10,958 | $ 50,659 | $ 0 |
Mazo Vessel | |||
Schedule of Investments [Line Items] | |||
Asset, held-for-sale, not part of disposal group | $ 22,400 |
Equity method investments - Nar
Equity method investments - Narrative (Details) $ in Thousands, shares in Millions, R$ in Billions | 12 Months Ended | |||||
Mar. 15, 2023 USD ($) shares | Dec. 31, 2023 USD ($) GW | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Oct. 03, 2022 USD ($) | Oct. 03, 2022 BRL (R$) | |
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investment, difference between carrying amount and underlying equity | $ 5,277 | $ 16,976 | ||||
Other-than-temporary impairment | 5,277 | 487,765 | ||||
Income (loss) from equity method investments | 9,972 | (472,219) | $ 14,443 | |||
Sale of equity method investment | 100,000 | 500,076 | 0 | |||
Loss on the disposal of equity method investment | 37,401 | 0 | $ 0 | |||
Fair value adjustment loss (gain) | 8,495 | |||||
Foreign currency forward purchase | Level 3 | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Fair value adjustment loss (gain) | $ (20,394) | |||||
Eneva | Certificate Of Interbank Deposit | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Share purchase agreement, basis spread on variable rate | 1% | |||||
Ebrasil | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Power plant energy (GW) | GW | 1.7 | |||||
Centrais Eletricas de Sergipe Participacoes S.A. | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Share purchase agreement, payments to acquire shares | $ 6,100,000 | |||||
Hilli LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership interest acquired | 50% | |||||
Other-than-temporary impairment | $ 118,558 | |||||
Stock repurchased and retired during period, shares (in shares) | shares | 4.1 | |||||
Sale of equity method investment | $ 100,000 | |||||
Loss on the disposal of equity method investment | $ 37,401 | |||||
Energos | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership interest acquired | 20% | |||||
Income (loss) from equity method investments | $ 9,263 | 2,788 | ||||
Centrais Eletricas de Sergipe Participacoes S.A. | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership interest acquired | 50% | |||||
Other-than-temporary impairment | $ 369,207 | |||||
Share purchase agreement, transaction closing costs | $ 1,300,000 | R$ 6.8 |
Equity method investments - Cha
Equity method investments - Changes in Equity Method Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Equity Method Investments [Roll Forward] | ||
Equity method investments as of beginning of period | $ 392,306 | $ 1,182,013 |
Capital contributions | 1,501 | 133,314 |
Dividends | (5,830) | (29,372) |
Equity in earnings of investees | 15,249 | 15,546 |
Other-than-temporary impairment | (5,277) | (487,765) |
Sale of equity method investments | (260,156) | (500,076) |
Foreign currency translation adjustment | 0 | 78,646 |
Equity method investments as of end of period | $ 137,793 | $ 392,306 |
Equity method investments - Car
Equity method investments - Carrying Amount of Equity Method Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 137,793 | $ 392,306 | $ 1,182,013 |
Hilli LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | 0 | 260,000 | |
Energos | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 137,793 | $ 132,306 |
Construction in progress (Detai
Construction in progress (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Construction in Progress [Roll Forward] | ||
Construction in progress as of beginning of period | $ 2,418,608 | $ 1,043,883 |
Additions | 3,438,895 | 1,482,871 |
Asset impairment expense | 0 | (50,659) |
Impact of currency translation adjustment | 30,989 | 5,580 |
Assets placed in service | (540,198) | (63,067) |
Construction in progress as of end of period | $ 5,348,294 | $ 2,418,608 |
Construction in progress - Narr
Construction in progress - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Long-Lived Assets Held-for-sale [Line Items] | |||
Interest expense | $ 277,842 | $ 236,861 | $ 154,324 |
Additions | 3,438,895 | 1,482,871 | |
Construction in Progress | |||
Long-Lived Assets Held-for-sale [Line Items] | |||
Interest expense | 295,809 | $ 94,454 | $ 30,093 |
FAST LNG Projects | |||
Long-Lived Assets Held-for-sale [Line Items] | |||
Additions | $ 2,930,384 |
Property, plant and equipment_3
Property, plant and equipment, net - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | $ (377,833) | $ (248,082) |
Total property, plant and equipment, net | 2,481,415 | 2,116,727 |
Vessels | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 1,494,433 | 1,518,839 |
Total property, plant and equipment, net | 1,293,384 | 1,328,553 |
Terminal and power plant equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 430,883 | 218,296 |
CHP facilities | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 273,978 | 123,897 |
Gas terminals | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 179,103 | 177,780 |
ISO containers and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 156,925 | 134,324 |
LNG liquefaction facilities | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 63,316 | 63,316 |
Gas pipelines | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 66,319 | 65,985 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 54,324 | 52,995 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 139,967 | $ 9,377 |
Property, plant and equipment_4
Property, plant and equipment, net - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | $ 2,481,415 | $ 2,116,727 | |
Depreciation | 141,069 | 104,823 | $ 80,220 |
Vessels | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | 1,293,384 | 1,328,553 | |
Cost of Sales | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 905 | $ 954 | $ 1,167 |
Goodwill and intangible asset_2
Goodwill and intangible assets - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Line Items] | |||
Goodwill | $ 776,760 | $ 776,760 | |
Amortization of intangibles | $ 26,853 | 37,162 | $ 18,609 |
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration] | Asset impairment expense | ||
Favorable vessel charter contracts | |||
Goodwill [Line Items] | |||
Amortization of intangibles | $ 88,000 | ||
Terminated Vessel Charter Contract | |||
Goodwill [Line Items] | |||
Impairment of Intangible Assets, Finite-Lived | 9,553 | ||
Terminals and Infrastructure | |||
Goodwill [Line Items] | |||
Goodwill | $ 776,760 | $ 776,760 |
Goodwill and intangible asset_3
Goodwill and intangible assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Definite-lived intangible assets | ||
Accumulated Amortization | $ (16,513) | $ (69,245) |
Net Carrying Amount | 50,668 | |
Indefinite-lived intangible assets | ||
Total intangible assets, Gross Carrying Amount | 68,663 | 157,464 |
Total Intangible Assets, Currency Translation Adjustment | (335) | (2,322) |
Total Intangible Assets, Net Carrying Amount | 51,815 | 85,897 |
Easements | ||
Indefinite-lived intangible assets | ||
Gross Carrying Amount | 1,191 | 1,191 |
Currency Translation Adjustment | (44) | (83) |
Net Carrying Amount | 1,147 | 1,108 |
Favorable vessel charter contracts | ||
Definite-lived intangible assets | ||
Gross Carrying Amount | 17,700 | 106,500 |
Accumulated Amortization | (10,615) | (64,836) |
Currency Translation Adjustment | 0 | 0 |
Net Carrying Amount | $ 7,085 | $ 41,664 |
Weighted Average Life | 4 years | 3 years |
Permits and development rights | ||
Definite-lived intangible assets | ||
Gross Carrying Amount | $ 48,217 | $ 48,217 |
Accumulated Amortization | (5,557) | (4,115) |
Currency Translation Adjustment | (291) | (2,239) |
Net Carrying Amount | $ 42,369 | $ 41,863 |
Weighted Average Life | 38 years | 38 years |
Easements | ||
Definite-lived intangible assets | ||
Gross Carrying Amount | $ 1,555 | $ 1,556 |
Accumulated Amortization | (341) | (294) |
Currency Translation Adjustment | 0 | 0 |
Net Carrying Amount | $ 1,214 | $ 1,262 |
Weighted Average Life | 30 years | 30 years |
Goodwill and intangible asset_4
Goodwill and intangible assets - Estimated aggregate amortization expense (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 5,346 |
2025 | 4,353 |
2026 | 1,307 |
2027 | 1,307 |
2028 | 1,307 |
Thereafter | 37,048 |
Total | $ 50,668 |
Other non-current assets, net_2
Other non-current assets, net (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) SalesContract | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Other Assets, Noncurrent Disclosure [Abstract] | ||||
Assets held for sale | $ 0 | $ 40,685 | ||
Contract asset, net (Note 7) | 19,901 | 28,651 | ||
Investments in equity securities | 7,678 | 17,806 | ||
Cost to fulfill (Note 7) | 22,418 | 9,773 | ||
Upfront payments to customers | 8,855 | 9,158 | ||
Other | 68,051 | 35,606 | ||
Total other non-current assets | 126,903 | 141,679 | ||
Equity securities, FV-NI, unrealized gain (loss) | (1,067) | $ 8,254 | ||
Equity securities, FV-NI, realized gain (loss) | $ 165 | |||
Equity securities without readily determinable fair value, amount | $ 7,678 | $ 7,678 | ||
Number of sales contracts | SalesContract | 2 |
Accrued liabilities (Details)
Accrued liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued development costs | $ 286,030 | $ 364,157 |
Accrued interest | 82,507 | 51,994 |
Accrued bonuses | 41,356 | 37,739 |
Accrued dividend | 0 | 626,310 |
Other accrued expenses | 61,782 | 82,212 |
Total accrued liabilities | $ 471,675 | $ 1,162,412 |
Other current liabilities (Deta
Other current liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Liabilities, Current [Abstract] | ||
Derivative liabilities | $ 19,450 | $ 19,458 |
Contract liabilities | 65,287 | 12,748 |
Income tax payable | 54,040 | 6,261 |
Due to affiliates | 9,579 | 7,499 |
Winter sub-charter liability | 49,400 | 0 |
Other current liabilities | 30,195 | 6,912 |
Total other current liabilities | 227,951 | $ 52,878 |
Lease termination asset, current | $ 59,074 |
Debt - Summary of Long Term Deb
Debt - Summary of Long Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total debt, net deferred finance charges | $ 6,803,148 | $ 4,541,685 |
Current portion of long-term debt | 292,625 | 64,820 |
Long-term debt | 6,510,523 | 4,476,865 |
Short-Term Debt | 182,270 | 0 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt (excluding lessor VIE loans) | 866,600 | 0 |
Senior Secured Notes, due September 2025 | ||
Debt Instrument [Line Items] | ||
Debt (excluding lessor VIE loans) | 1,245,662 | 1,243,351 |
Senior Secured Notes, due September 2026 | ||
Debt Instrument [Line Items] | ||
Debt (excluding lessor VIE loans) | 1,486,374 | 1,481,639 |
Vessel Financing Obligation, due August 2042 | ||
Debt Instrument [Line Items] | ||
Debt (excluding lessor VIE loans) | 1,359,995 | 1,406,091 |
Term Loan B, due October 2028 | ||
Debt Instrument [Line Items] | ||
Debt (excluding lessor VIE loans) | 771,420 | 0 |
South Power 2029 Bonds, due May 2029 | ||
Debt Instrument [Line Items] | ||
Debt (excluding lessor VIE loans) | 216,993 | 216,177 |
Total debt, net deferred finance charges | 221,824 | 221,824 |
Barcarena Term Loan, due February 2024 | ||
Debt Instrument [Line Items] | ||
Debt (excluding lessor VIE loans) | 199,678 | 194,427 |
Equipment Notes, due July 2026 | ||
Debt Instrument [Line Items] | ||
Debt (excluding lessor VIE loans) | 190,789 | 0 |
Barcarena Debentures, due October 2028 | ||
Debt Instrument [Line Items] | ||
Debt (excluding lessor VIE loans) | 175,025 | 0 |
EB-5 Loan, due July 2028 | ||
Debt Instrument [Line Items] | ||
Debt (excluding lessor VIE loans) | 61,614 | 0 |
Tugboat Financing, due December 2038 | ||
Debt Instrument [Line Items] | ||
Debt (excluding lessor VIE loans) | $ 46,728 | |
Short-Term Debt | $ 0 |
Debt - Narrative (Details)
Debt - Narrative (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Oct. 31, 2023 financingAgreement | Dec. 31, 2022 USD ($) |
Debt Instrument [Line Items] | |||
Long-term debt | $ 4,327,311 | ||
Barcarena Term Loan, due February 2024 | |||
Debt Instrument [Line Items] | |||
Number Of Financing Arrangements | financingAgreement | 2 | ||
Level 2 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 6,835,487 |
Debt - Schedule of Outstanding
Debt - Schedule of Outstanding Debt Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
2024 | $ 292,625 | |
2025 | 1,341,060 | |
2026 | 2,605,990 | |
2027 | 162,460 | |
2028 | 1,124,501 | |
Thereafter | 1,392,834 | |
Total debt | 6,919,470 | |
Less: deferred finance charges | (116,322) | |
Total debt, net deferred finance charges | $ 6,803,148 | $ 4,541,685 |
Debt - 2025 Senior Secured Note
Debt - 2025 Senior Secured Notes (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2020 | Sep. 30, 2020 |
Senior Secured Notes [Abstract] | ||||
Deferred financing costs | $ 116,322,000 | |||
Senior Secured Notes, due September 2025 | ||||
Senior Secured Notes [Abstract] | ||||
Debt instrument, face amount | $ 250,000,000 | $ 1,000,000,000 | ||
Fixed interest rate | 6.75% | |||
Deferred financing costs | $ 4,338,000 | $ 6,649,000 |
Debt - 2026 Senior Secured Note
Debt - 2026 Senior Secured Notes (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Apr. 30, 2021 |
Senior Secured Notes [Abstract] | |||
Deferred financing costs | $ 116,322,000 | ||
Senior Secured Notes, due September 2026 | |||
Senior Secured Notes [Abstract] | |||
Debt instrument, face amount | $ 1,500,000,000 | ||
Fixed interest rate | 6.50% | ||
Fees incurred | $ 25,240,000 | ||
Deferred financing costs | $ 13,626,000 | $ 18,361,000 |
Debt - Vessel Financing Obligat
Debt - Vessel Financing Obligation (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Aug. 15, 2022 |
Debt Instrument [Line Items] | |||
Deferred financing costs | $ 116,322 | ||
Financing Transaction Obligation | |||
Debt Instrument [Line Items] | |||
Lessee, finance lease, term of contract | 20 years | ||
Vessel Financing Obligation, due August 2042 | Financing Transaction Obligation | |||
Debt Instrument [Line Items] | |||
Effective interest rate | 15.90% | ||
Debt instrument, fee amount | $ 10,010 | ||
Deferred financing costs | $ 6,490 | $ 6,866 | 7,015 |
Nanook | Financing Transaction Obligation | |||
Debt Instrument [Line Items] | |||
Debt instrument, fee amount | $ 2,995 |
Debt - Revolving Facility Narra
Debt - Revolving Facility Narrative (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Apr. 30, 2021 USD ($) | |
Line of Credit Facility [Abstract] | ||||
Deferred financing costs | $ 116,322 | $ 116,322 | ||
Maximum debt to capitalization ratio | 0.7 | 0.7 | ||
Revolving Credit Facility | ||||
Line of Credit Facility [Abstract] | ||||
Outstanding principal balance | $ 200,000 | |||
Extended maturity period | 1 year | |||
Debt instrument, term of maturity, period before maturity of notes | 60 days | |||
Fees incurred | $ 9,431 | $ 9,431 | $ 5,398 | |
Deferred financing costs | 11,923 | 11,923 | 5,172 | |
Revolving Credit Facility | Line of Credit | ||||
Line of Credit Facility [Abstract] | ||||
Line of credit facility, increase limit | 510,000 | 510,000 | $ 240,000 | |
Issuance of letter of credit | $ 950,000 | 950,000 | ||
Proceeds from long-term lines of credit | $ 866,600 | |||
Revolving Credit Facility | Fiscal Quarter Ended Through December 31, 2023 | ||||
Line of Credit Facility [Abstract] | ||||
Maximum debt to annualized EBITDA ratio | 4 | |||
Revolving Credit Facility | Minimum | ||||
Line of Credit Facility [Abstract] | ||||
Percentage of amount drawn | 50% |
Debt - Term Loan B (Details)
Debt - Term Loan B (Details) - USD ($) | Oct. 30, 2023 | Aug. 03, 2023 | Dec. 31, 2023 |
Debt Instrument [Line Items] | |||
Deferred financing costs | $ 116,322,000 | ||
Bridge Term Loan, Due August 2024 | Secured Debt | |||
Debt Instrument [Line Items] | |||
Outstanding principal balance | $ 400,000,000 | ||
Bridge Term Loan, Due August 2024 | Secured Debt | Secured Overnight Financing Rate (SOFR) | |||
Debt Instrument [Line Items] | |||
Variable interest rate | 3.50% | ||
Term Loan B, due October 2028 | Secured Debt | |||
Debt Instrument [Line Items] | |||
Outstanding principal balance | $ 856,000,000 | ||
Debt instrument initial borrowed amount | 787,520,000 | ||
Debt instrument, periodic payment | 2,140,000 | ||
Debt instrument, fee amount | 17,719,000 | ||
Third party fees | $ 1,578,000 | ||
Deferred financing costs | $ 84,580,000 | ||
Term Loan B, due October 2028 | Secured Debt | Secured Overnight Financing Rate (SOFR) | |||
Debt Instrument [Line Items] | |||
Variable interest rate | 5% |
Debt - South Power 2029 Bonds N
Debt - South Power 2029 Bonds Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 31, 2022 |
Debt Instrument [Line Items] | |||
Total debt, net deferred finance charges | $ 6,803,148 | $ 4,541,685 | |
Deferred financing costs | 116,322 | ||
South Power 2029 Bonds, due May 2029 | |||
Debt Instrument [Line Items] | |||
Outstanding principal balance | 221,824 | 221,824 | |
Total debt, net deferred finance charges | 221,824 | 221,824 | |
Fixed interest rate | 6.50% | ||
Deferred financing costs | $ 4,832 | $ 5,647 | |
South Power 2029 Bonds, due May 2029 | Maximum | |||
Debt Instrument [Line Items] | |||
Outstanding principal balance | $ 285,000 |
Debt - Equipment Notes (Details
Debt - Equipment Notes (Details) - USD ($) | Dec. 31, 2023 | Jun. 30, 2023 |
Debt Instrument [Line Items] | ||
Deferred financing costs | $ 116,322,000 | |
Equipment Notes, due July 2026 | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 200,000,000 | |
Fixed interest rate | 7.68% | |
Debt, term | 36 months | |
Debt instrument, fee amount | 2,516,000 | |
Deferred financing costs | $ 2,382,000 |
Debt - EB-5 Loan Agreement (Det
Debt - EB-5 Loan Agreement (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) Unit | Jul. 21, 2023 USD ($) | |
Debt Instrument [Line Items] | ||
Deferred financing costs | $ 116,322,000 | |
EB-5 Loan, due July 2028 | Construction Loans | ||
Debt Instrument [Line Items] | ||
Outstanding principal balance | $ 100,000,000 | |
Fixed interest rate | 4.75% | |
Debt, term | 5 years | |
Number of debt term extensions | Unit | 2 | |
Debt term, extended maturity | 1 year | |
Debt instrument initial borrowed amount | $ 62,928,000 | |
Debt instrument, fee amount | 1,357,000 | |
Deferred financing costs | $ 1,314,000 |
Debt - Short-term Borrowings (D
Debt - Short-term Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Short-term debt | $ 182,270 | $ 0 |
Weighted average interest rate | 9.68% |
Debt - Barcarena Term Loan Narr
Debt - Barcarena Term Loan Narrative (Details) | 1 Months Ended | 3 Months Ended | ||
Oct. 31, 2023 USD ($) tranch | Sep. 30, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||
Deferred financing costs | $ 116,322,000 | |||
Total debt, net deferred finance charges | 6,803,148,000 | $ 4,541,685,000 | ||
Barcarena Term Loan, due February 2024 | Secured Overnight Financing Rate | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 4.70% | |||
Barcarena Debentures, due October 2028 | ||||
Debt Instrument [Line Items] | ||||
Deferred financing costs | 4,975,000 | |||
Issuance of letter of credit | $ 1,800,000,000 | |||
Line Of Credit Facility, Number Of Tranches | tranch | 3 | |||
Debt instrument, fee amount | 5,061,000 | |||
Barcarena Debentures, due October 2028 | Minimum | ||||
Debt Instrument [Line Items] | ||||
Fixed interest rate | 2.61% | |||
Barcarena Debentures, due October 2028 | Maximum | ||||
Debt Instrument [Line Items] | ||||
Fixed interest rate | 4.41% | |||
Line of Credit | Barcarena Term Loan, due February 2024 | ||||
Debt Instrument [Line Items] | ||||
Deferred financing costs | $ 4,011,000 | 334,000 | $ 3,077,000 | |
Convertible Debt | Barcarena Term Loan, due February 2024 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 200,000,000 | |||
Convertible Debt | Barcarena Debentures, due October 2028 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 200,000,000 | |||
Fixed interest rate | 12% | |||
Debt Instrument, Interest Rate, Increase (Decrease) | 1.25% | |||
Total debt, net deferred finance charges | $ 180,000,000 |
Debt - Tugboat Financing (Detai
Debt - Tugboat Financing (Details) $ in Thousands | Dec. 31, 2023 USD ($) Vessel |
Debt Instrument [Line Items] | |
Number of vessels leased | Vessel | 4 |
Tugboat Financing, due December 2038 | |
Debt Instrument [Line Items] | |
Debt (excluding lessor VIE loans) | $ | $ 46,728 |
Financing Transaction Obligation | Tugboat Financing, due December 2038 | |
Debt Instrument [Line Items] | |
Number of vessels leased | Vessel | 4 |
Debt, term | 15 years |
Debt (excluding lessor VIE loans) | $ | $ 46,728 |
Effective interest rate | 16.92% |
Debt - Summary of Interest Expe
Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Total interest expense | $ 277,842 | $ 236,861 | $ 154,324 |
Financing interest expense, non-cash | 169,641 | 84,517 | |
Debt | |||
Debt Instrument [Line Items] | |||
Interest per contractual rates | 339,631 | 227,960 | 175,420 |
Interest expense on Vessel Financing Obligation | 211,745 | 91,405 | 0 |
Amortization of debt issuance costs, premiums and discounts | 18,569 | 11,098 | 8,588 |
Interest expense incurred on finance lease obligations | 3,706 | 852 | 409 |
Total interest costs | 573,651 | 331,315 | 184,417 |
Capitalized interest | 295,809 | 94,454 | 30,093 |
Total interest expense | $ 277,842 | $ 236,861 | $ 154,324 |
Income taxes - Components of In
Income taxes - Components of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Line Items] | |||
Income before taxes | $ 664,389 | $ 61,347 | $ 105,172 |
United States | |||
Income Tax Disclosure [Line Items] | |||
Income before taxes | 287,768 | 551,500 | (283,363) |
Foreign | |||
Income Tax Disclosure [Line Items] | |||
Income before taxes | $ 376,621 | $ (490,153) | $ 388,535 |
Income taxes - Income Tax Expen
Income taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Domestic | $ 47,198 | $ 37,831 | $ 311 |
Foreign | 53,377 | 118,266 | 20,975 |
Total current tax expense | 100,575 | 156,097 | 21,286 |
Deferred: | |||
Domestic | 4,030 | 5,794 | 0 |
Foreign | 10,908 | (285,330) | (8,825) |
Total deferred tax (benefit) expenses | 14,938 | (279,536) | (8,825) |
Total provision for (benefit from) income taxes | $ 115,513 | $ (123,439) | $ 12,461 |
Income taxes - Reconciliation o
Income taxes - Reconciliation of Income tax to Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Income tax at the statutory rate | 21% | 21% | 21% |
Foreign tax rate differential | (12.10%) | (25.50%) | (33.80%) |
US taxation on foreign earnings | 0.10% | 25.50% | 9.60% |
Impact from foreign operations | 0.40% | (10.70%) | 1.50% |
Change in valuation allowance | 8.20% | (22.90%) | 14.70% |
Income attributable to non-controlling interest | 0% | 1.30% | 0.80% |
Effects of share-based compensation | 0.30% | (39.80%) | (8.50%) |
Withholding taxes | 0.60% | 12.60% | 9.50% |
Income tax credits | (4.80%) | (0.30%) | (2.40%) |
Sergipe Sale | 0% | (165.40%) | 0% |
Outside basis differences | 0.10% | (3.20%) | 2.60% |
Other | 3.60% | 6.20% | (3.20%) |
Effective income tax rate | 17.40% | (201.20%) | 11.80% |
Income taxes - Narrative (Detai
Income taxes - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Line Items] | |||
Effective tax rate | 17.40% | (201.20%) | 11.80% |
Offset percentage of future taxable income | 80% | ||
Deferred tax assets, operating loss carryforwards, foreign | $ 506,673 | ||
Deferred tax assets, operating loss carryforwards, subject to expiration | $ 170,294 | ||
Foreign tax rate differential | (12.10%) | (25.50%) | (33.80%) |
Tax (benefit) provision | $ 115,513 | $ (123,439) | $ 12,461 |
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | $ 336,379 | ||
Minimum | |||
Income Tax Disclosure [Line Items] | |||
Tax examinations open period in other foreign jurisdictions | 4 years | ||
Maximum | |||
Income Tax Disclosure [Line Items] | |||
Tax examinations open period in other foreign jurisdictions | 6 years | ||
United States | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards | $ 8,015 | ||
State and Local Jurisdiction | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards | 9,021 | ||
Internal Revenue Service (IRS) | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards annual limitation | $ 5,431 | ||
Puerto Rico | |||
Income Tax Disclosure [Line Items] | |||
Effective tax rate | 4% | ||
Foreign tax rate differential | 4% | ||
Tax (benefit) provision | $ 164,668 | $ 10,605 | |
Income (loss) from continuing operations, per diluted share (in dollars per share) | $ 0.80 | $ 0.05 |
Income taxes - Significant Defe
Income taxes - Significant Deferred Tax Asset or Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | |||
Accrued interest | $ 37,735 | $ 33,262 | |
IRC Section 163(j) interest carryforward | 758 | 19,251 | |
Federal and state net operating loss carryforward | 2,063 | 2,900 | |
Foreign net operating loss carryforward | 123,386 | 100,614 | |
Debt | 289,820 | 300,834 | |
Lease liability | 106,293 | 70,241 | |
Goodwill | 47,043 | 51,315 | |
Other | 24,214 | 17,141 | |
Total deferred tax assets | 631,312 | 595,558 | |
Valuation allowance | (188,036) | (130,649) | $ (146,269) |
Deferred tax assets, net of valuation allowance | 443,276 | 464,909 | |
Deferred tax liabilities: | |||
Property and equipment | (343,247) | (355,596) | |
Right-of-use assets | (107,919) | (74,289) | |
Investments | 0 | (2,687) | |
Commodity swap | 0 | (22,421) | |
Deferred income | (20,714) | (22,414) | |
Other | (5,933) | (5,417) | |
Total deferred tax liabilities | (477,813) | (482,824) | |
Net deferred tax liabilities | $ (34,537) | $ (17,915) |
Income taxes - Changes in Valua
Income taxes - Changes in Valuation Allowance on Deferred Tax Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred Tax Assets, Valuation Allowance [Roll Forward] | ||
Balance at the beginning of the period | $ 130,649 | $ 146,269 |
Change in valuation allowance | 57,387 | (15,620) |
Balance at the end of the period | $ 188,036 | $ 130,649 |
Income taxes - Uncertain Taxes
Income taxes - Uncertain Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at the beginning of the period | $ 0 | $ 12,474 |
Reduction as a result of Energos Formation Transaction | 0 | (12,474) |
Balance at the end of the period | $ 0 | $ 0 |
Earnings per share - Summary (D
Earnings per share - Summary (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator: | |||
Net income | $ 548,876 | $ 184,786 | $ 92,711 |
Net income (loss) attributable to non-controlling interests | (994) | 9,693 | 4,393 |
Net income attributable to Class A common stock | $ 547,882 | $ 194,479 | $ 97,104 |
Denominator: | |||
Weighted-average shares - basic (in shares) | 205,942,837 | 209,501,298 | 198,593,042 |
Net income per share - basic (in dollars per share) | $ 2.66 | $ 0.93 | $ 0.49 |
Numerator: | |||
Net income | $ 548,876 | $ 184,786 | $ 92,711 |
Net income (loss) attributable to non-controlling interests | (994) | 9,693 | 4,393 |
Adjustments attributable to dilutive securities | (736) | 0 | (2,861) |
Net income attributable to Class A common stock | $ 547,146 | $ 194,479 | $ 94,243 |
Denominator: | |||
Weighted-average shares - diluted (in shares) | 206,481,977 | 209,854,413 | 201,703,176 |
Net income per share - diluted (in dollars per share) | $ 2.65 | $ 0.93 | $ 0.47 |
Earnings per share - Potentiall
Earnings per share - Potentially Dilutive (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount (in dollars per share) | 0 | 458,696 | 0 |
Shannon Equity Agreement shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount (in dollars per share) | 0 | 458,696 | 0 |
Earnings per share - Narrative
Earnings per share - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Adjustments to additional paid in capital, dividends in excess of retained earnings | $ 97,652 | $ 725,360 | $ 88,388 | |
Dividends payable | $ 4,000 | |||
Dividends paid | 723,962 | $ 99,050 | $ 88,756 | |
Class A common stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Adjustments to additional paid in capital, dividends in excess of retained earnings | $ 81,976 | |||
Dividend per share (in dollars per share) | $ 0.10 | $ 3 | ||
Dividends payable | $ 626,310 | |||
Series A Preferred Units | GMLP Merger Agreement | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Dividends paid | $ 12,076 | |||
Noncontrolling interest, ownership percentage by noncontrolling owners | 8.75% |
Share-based compensation - Narr
Share-based compensation - Narrative (Details) - Performance Shares - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment arrangement, expense | $ 27,705 | ||
Employees and Non-employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested (in shares) | 681,204 | ||
Minimum | Employees and Non-employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested (in shares) | 0 |
Related party transactions - Ma
Related party transactions - Management Services Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Due to affiliates | $ 9,579 | $ 7,499 | |
Related party transaction, amounts of transaction | 2,784 | 3,714 | $ 4,466 |
Related Party | Service Agreements | |||
Related Party Transaction [Line Items] | |||
General and administrative expense | 5,845 | 5,087 | $ 6,509 |
Due to affiliates | 5,691 | 4,629 | |
Affiliated Entity | Chartered Aircraft | |||
Related Party Transaction [Line Items] | |||
Due to affiliates | $ 1,095 | $ 416 |
Related party transactions - Fo
Related party transactions - Fortress Affiliated Entities Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Related party transaction, amounts of transaction | $ 2,784 | $ 3,714 | $ 4,466 |
Due from affiliates | 1,566 | 698 | |
Due to affiliates | 9,579 | 7,499 | |
Affiliated Entity | Fortress | |||
Related Party Transaction [Line Items] | |||
Due from affiliates | 1,547 | 700 | |
Affiliated Entity | Fortress | Rent And Related Office Expenses | |||
Related Party Transaction [Line Items] | |||
Related party transaction, amounts of transaction | 913 | 857 | 799 |
Affiliated Entity | Fortress, Formerly Owned Entity | |||
Related Party Transaction [Line Items] | |||
Due to affiliates | 2,702 | 2,455 | |
Affiliated Entity | Fortress, Formerly Owned Entity | Rent And Administrative Expenses | |||
Related Party Transaction [Line Items] | |||
Related party transaction, amounts of transaction | $ 2,702 | $ 2,453 | $ 2,444 |
Related party transactions - La
Related party transactions - Land Lease Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Operations and maintenance | $ 166,785 | $ 105,800 | $ 73,316 |
Due to affiliates | 9,579 | 7,499 | |
Operating right-of-use assets | 538,055 | 355,883 | |
Non-current lease liabilities | 406,494 | 302,121 | |
Affiliated Entity | Florida East Coast Industries, LLC | |||
Related Party Transaction [Line Items] | |||
Due to affiliates | 92 | 0 | |
Affiliated Entity | Land | Jefferson Terminal South LLC | |||
Related Party Transaction [Line Items] | |||
Operating right-of-use assets | 3,885 | ||
Non-current lease liabilities | 4,098 | ||
Affiliated Entity | Land | Florida East Coast Industries, LLC | |||
Related Party Transaction [Line Items] | |||
Operations and maintenance | 505 | 506 | $ 526 |
Non-current lease liabilities | $ 3,368 | $ 3,340 |
Related party transactions - De
Related party transactions - DevTech Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Selling, general and administrative | $ 205,104 | $ 236,051 | $ 199,881 |
Due to affiliates | 9,579 | 7,499 | |
DevTech Environment Limited | Related Party | |||
Related Party Transaction [Line Items] | |||
Selling, general and administrative | 424 | 408 | $ 176 |
Due to affiliates | $ 106 | $ 80 | |
DevTech Investment | |||
Related Party Transaction [Line Items] | |||
Percentage of shares issued capital | 10% |
Related party transactions - Ag
Related party transactions - Agency Agreement with PT Pesona Sentra Utama Narrative (Details) - PT Pesona - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | |
Related Party Transaction [Line Items] | |||
Vessel management fees, charges | $ 537 | $ 434 | |
Percentage of shares issued capital | 51% |
Related party transactions - Hi
Related party transactions - Hilli Guarantees Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | ||
Fair value of debt guarantee after amortization | $ 4,327,311 | |
Hilli Guarantees | ||
Related Party Transaction [Line Items] | ||
Percentage agreed to assume the outstanding principal and interest amount | 50% | |
Letter of credit guarantee, liable for outstanding amounts that are payable | 323,250 | |
Guaranteed benefit liability, net | 2,286 | |
Hilli Guarantees | Other Current Liabilities | ||
Related Party Transaction [Line Items] | ||
Fair value of debt guarantee after amortization | $ 2,320 | |
Hilli Guarantees | Maximum | ||
Related Party Transaction [Line Items] | ||
Letter of credit guarantee, liable for outstanding amounts that are payable | $ 19,000 |
Customer concentrations (Detail
Customer concentrations (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Customer | Dec. 31, 2022 USD ($) Customer | Dec. 31, 2021 USD ($) Customer | |
Concentration Risk [Line Items] | |||
Total revenues | $ 2,413,296 | $ 2,368,272 | $ 1,322,810 |
UNITED STATES | |||
Concentration Risk [Line Items] | |||
Total revenues | 1,060,678 | 246,628 | 203,477 |
Long-lived assets | 1,744,591 | 1,695,604 | |
Non-US | |||
Concentration Risk [Line Items] | |||
Total revenues | 1,352,618 | 2,121,644 | $ 1,119,333 |
Long-lived assets | $ 6,938,199 | $ 3,809,080 | |
Revenue Benchmark | |||
Concentration Risk [Line Items] | |||
Concentration risk, customer | Customer | 2 | 2 | 3 |
Customer Concentration Risk | Revenue Benchmark | Two Customers | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 47% | 42% | |
Customer Concentration Risk | Revenue Benchmark | Three Customers | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 48% |
Segments - Narrative (Details)
Segments - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2023 Vessel Segment | Aug. 15, 2022 Vessel | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | Segment | 2 | |
Number of vessels | 11 | |
Centrais Eletricas de Sergipe Participacoes S.A. | ||
Segment Reporting Information [Line Items] | ||
Ownership interest acquired | 50% | |
Hilli LLC | ||
Segment Reporting Information [Line Items] | ||
Ownership interest acquired | 50% | |
Terminals and Infrastructure | Centrais Eletricas de Sergipe Participacoes S.A. | ||
Segment Reporting Information [Line Items] | ||
Ownership interest acquired | 50% | |
Ships | ||
Segment Reporting Information [Line Items] | ||
Number of vessels | 4 | |
Ships | Hilli LLC | ||
Segment Reporting Information [Line Items] | ||
Ownership interest acquired | 50% |
Segments - Summary of Segment I
Segments - Summary of Segment Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of operations [Abstract] | |||
Total revenues | $ 2,413,296,000 | $ 2,368,272,000 | $ 1,322,810,000 |
Cost of sales | 877,451,000 | 1,010,428,000 | 616,010,000 |
Vessel operating expenses | 45,439,000 | 63,518,000 | 51,677,000 |
Operations and maintenance | 166,785,000 | 105,800,000 | 73,316,000 |
Segment Operating Margin | 1,323,621,000 | 1,188,526,000 | 581,807,000 |
Balance sheet: | |||
Total assets | 10,501,245,000 | 7,705,082,000 | |
Other segmental financial information: | |||
Capital expenditures | 3,469,227,000 | 1,509,998,000 | 842,203,000 |
Realized gain (loss) on derivatives | 139,089,000 | 0 | 0 |
Inventory write-down | $ 6,232,000 | 0 | 0 |
Centrais Eletricas de Sergipe Participacoes S.A. | |||
Other segmental financial information: | |||
Ownership interest acquired | 50% | ||
Terminals and Infrastructure | Cost of Sales | |||
Other segmental financial information: | |||
Unrealized gain (loss) on derivatives | $ 106,393,000 | 106,103,000 | 2,788,000 |
Terminals and Infrastructure | Centrais Eletricas de Sergipe Participacoes S.A. | |||
Other segmental financial information: | |||
Ownership interest acquired | 50% | ||
Operating Segments | |||
Statement of operations [Abstract] | |||
Total revenues | $ 2,434,690,000 | 2,613,181,000 | 1,695,750,000 |
Cost of sales | 764,828,000 | 1,142,374,000 | 789,069,000 |
Vessel operating expenses | 51,387,000 | 90,544,000 | 67,827,000 |
Operations and maintenance | 166,785,000 | 129,970,000 | 92,424,000 |
Segment Operating Margin | 1,451,690,000 | 1,250,293,000 | 746,430,000 |
Balance sheet: | |||
Total assets | 10,501,245,000 | 7,705,082,000 | |
Other segmental financial information: | |||
Capital expenditures | 3,469,227,000 | 1,509,998,000 | 842,203,000 |
Operating Segments | Terminals and Infrastructure | |||
Statement of operations [Abstract] | |||
Total revenues | 2,141,085,000 | 2,168,565,000 | 1,366,142,000 |
Cost of sales | 764,828,000 | 1,142,374,000 | 789,069,000 |
Vessel operating expenses | 0 | 0 | 3,442,000 |
Operations and maintenance | 166,785,000 | 129,970,000 | 92,424,000 |
Segment Operating Margin | 1,209,472,000 | 896,221,000 | 481,207,000 |
Balance sheet: | |||
Total assets | 9,680,917,000 | 5,913,775,000 | |
Other segmental financial information: | |||
Capital expenditures | 3,461,659,000 | 1,482,871,000 | 833,910,000 |
Operating Segments | Ships | |||
Statement of operations [Abstract] | |||
Total revenues | 293,605,000 | 444,616,000 | 329,608,000 |
Cost of sales | 0 | 0 | 0 |
Vessel operating expenses | 51,387,000 | 90,544,000 | 64,385,000 |
Operations and maintenance | 0 | 0 | 0 |
Segment Operating Margin | 242,218,000 | 354,072,000 | 265,223,000 |
Balance sheet: | |||
Total assets | 820,328,000 | 1,791,307,000 | |
Other segmental financial information: | |||
Capital expenditures | 7,568,000 | 27,127,000 | 8,293,000 |
Consolidation and Other | |||
Statement of operations [Abstract] | |||
Total revenues | (21,394,000) | (244,909,000) | (372,940,000) |
Cost of sales | 112,623,000 | (131,946,000) | (173,059,000) |
Vessel operating expenses | (5,948,000) | (27,026,000) | (16,150,000) |
Operations and maintenance | 0 | (24,170,000) | (19,108,000) |
Segment Operating Margin | (128,069,000) | (61,767,000) | (164,623,000) |
Balance sheet: | |||
Total assets | 0 | 0 | |
Other segmental financial information: | |||
Capital expenditures | $ 0 | $ 0 | $ 0 |
Segments - Reconciliation of Ne
Segments - Reconciliation of Net loss to Operating Margin (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting [Abstract] | |||
Net income | $ 548,876 | $ 184,786 | $ 92,711 |
Add: | |||
Selling, general and administrative | 205,104 | 236,051 | 199,881 |
Transaction and integration costs | 6,946 | 21,796 | 44,671 |
Depreciation and amortization | 187,324 | 142,640 | 98,377 |
Interest expense | 277,842 | 236,861 | 154,324 |
Other (income) expense, net | 10,408 | (48,044) | (17,150) |
Gain on sale of assets, net | (29,378) | 0 | 0 |
Tax (benefit) provision | 115,513 | (123,439) | 12,461 |
Asset impairment expense | 10,958 | 50,659 | 0 |
Loss on extinguishment of debt, net | 0 | 14,997 | 10,975 |
Income (loss) from equity method investments | (9,972) | 472,219 | (14,443) |
Segment Operating Margin | $ 1,323,621 | $ 1,188,526 | $ 581,807 |
Subsequent events (Details)
Subsequent events (Details) | Feb. 28, 2024 USD ($) |
Subsequent Event [Member] | Letter of Credit | |
Subsequent Event [Line Items] | |
Issuance of letter of credit | $ 700,000,000 |
Schedule II (Details)
Schedule II (Details) - Allowance for expected credit losses - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 1,526 | $ 2,159 | $ 545 |
Additions | 0 | 835 | 1,614 |
Deductions | (42) | (1,468) | 0 |
Balance at End of Year | $ 1,484 | $ 1,526 | $ 2,159 |