Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2023 | May 01, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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 | |
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 | |
Entity Shell Company | false | |
Title of 12(b) Security | Class A common stock | |
Trading Symbol | NFE | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 205,030,155 | |
Entity Central Index Key | 0001749723 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 296,860 | $ 675,492 |
Restricted cash | 325,298 | 165,396 |
Receivables, net of allowances of $748 and $884, respectively | 353,192 | 280,313 |
Inventory | 76,536 | 39,070 |
Prepaid expenses and other current assets, net | 102,251 | 226,883 |
Total current assets | 1,154,137 | 1,387,154 |
Construction in progress | 3,357,434 | 2,418,608 |
Property, plant and equipment, net | 2,094,417 | 2,116,727 |
Equity method investments | 136,300 | 392,306 |
Right-of-use assets | 477,757 | 377,877 |
Intangible assets, net | 80,312 | 85,897 |
Goodwill | 776,760 | 776,760 |
Deferred tax assets, net | 8,074 | 8,074 |
Other non-current assets, net | 138,555 | 141,679 |
Total assets | 8,223,746 | 7,705,082 |
Current liabilities | ||
Current portion of long-term debt | 277,035 | 64,820 |
Accounts payable | 310,272 | 80,387 |
Accrued liabilities | 602,928 | 1,162,412 |
Current lease liabilities | 106,666 | 48,741 |
Other current liabilities | 99,275 | 52,878 |
Total current liabilities | 1,396,176 | 1,409,238 |
Long-term debt | 4,951,545 | 4,476,865 |
Non-current lease liabilities | 349,621 | 302,121 |
Deferred tax liabilities, net | 26,455 | 25,989 |
Other long-term liabilities | 50,623 | 49,010 |
Total liabilities | 6,774,420 | 6,263,223 |
Commitments and contingencies (Note 19) | ||
Stockholders’ equity | ||
Class A common stock, $0.01 par value, 750 million shares authorized, 204.7 million issued and outstanding as of March 31, 2023; 208.8 million issued and outstanding as of December 31, 2022 | 2,047 | 2,088 |
Additional paid-in capital | 1,047,541 | 1,170,254 |
Retained earnings | 191,819 | 62,080 |
Accumulated other comprehensive income | 57,344 | 55,398 |
Total stockholders’ equity attributable to NFE | 1,298,751 | 1,289,820 |
Non-controlling interest | 150,575 | 152,039 |
Total stockholders’ equity | 1,449,326 | 1,441,859 |
Total liabilities and stockholders’ equity | $ 8,223,746 | $ 7,705,082 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands, shares in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Accounts receivable, allowance for credit loss, current | $ 748 | $ 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) | 204.7 | 208.8 |
Common stock, shares, outstanding (in shares) | 204.7 | 208.8 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues | ||
Operating revenue | $ 501,688 | $ 400,075 |
Vessel charter revenue | 76,524 | 92,420 |
Other revenue | 919 | 12,623 |
Total revenues | 579,131 | 505,118 |
Operating expenses | ||
Cost of sales (exclusive of depreciation and amortization shown separately below) | 184,938 | 208,298 |
Vessel operating expenses | 13,291 | 22,964 |
Operations and maintenance | 26,671 | 23,168 |
Selling, general and administrative | 52,138 | 48,041 |
Transaction and integration costs | 494 | 1,901 |
Depreciation and amortization | 34,375 | 34,290 |
Total operating expenses | 311,907 | 338,662 |
Operating income | 267,224 | 166,456 |
Interest expense | 71,673 | 44,916 |
Other expense (income), net | 25,005 | (19,725) |
Income before income from equity method investments and income taxes | 170,546 | 141,265 |
Income from equity method investments | 9,980 | 50,235 |
Tax provision (benefit) | 28,960 | (49,681) |
Net income | 151,566 | 241,181 |
Net income attributable to non-controlling interest | (1,360) | (2,912) |
Net income attributable to stockholders | $ 150,206 | $ 238,269 |
Net income per share - basic (in dollars per share) | $ 0.72 | $ 1.14 |
Net income per share - diluted (in dollars per share) | $ 0.71 | $ 1.13 |
Weighted average number of shares outstanding, basic (in shares) | 208,707,385 | 209,928,070 |
Weighted average number of shares outstanding - diluted (in shares) | 209,325,619 | 210,082,295 |
Other comprehensive income: | ||
Net income | $ 151,566 | $ 241,181 |
Currency translation adjustment | 2,141 | 120,830 |
Comprehensive income | 153,707 | 362,011 |
Comprehensive income attributable to non-controlling interest | (1,555) | (4,868) |
Comprehensive income attributable to stockholders | $ 152,152 | $ 357,143 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Class A common stock | Class A common stock Class A common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income | Non- controlling interest |
Balance at beginning of period at Dec. 31, 2021 | $ 1,994,054 | $ 2,069 | $ 1,923,990 | $ (132,399) | $ (2,085) | $ 202,479 | |
Balance at beginning of period (in shares) at Dec. 31, 2021 | 206,863,242 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (loss) income | 241,181 | 238,269 | 2,912 | ||||
Other comprehensive income | 120,830 | 118,874 | 1,956 | ||||
Share-based compensation expense | 880 | 880 | |||||
Issuance of shares for vested RSUs | 7 | $ 7 | |||||
Issuance of shares for vested RSUs (in shares) | 1,121,255 | ||||||
Shares withheld from employees related to share-based compensation, at cost | (15,274) | (15,274) | |||||
Shares withheld from employees related to share-based compensation, at cost (in shares) | (442,146) | ||||||
Dividends | (23,773) | $ (20,754) | (20,754) | (3,019) | |||
Balance at end of period at Mar. 31, 2022 | 2,317,905 | $ 2,076 | 1,888,842 | 105,870 | 116,789 | 204,328 | |
Balance at end of period (in shares) at Mar. 31, 2022 | 207,542,351 | ||||||
Balance at beginning of period at Dec. 31, 2022 | 1,441,859 | $ 2,088 | 1,170,254 | 62,080 | 55,398 | 152,039 | |
Balance at beginning of period (in shares) at Dec. 31, 2022 | 208,770,088 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (loss) income | 151,566 | 150,206 | 1,360 | ||||
Other comprehensive income | 2,141 | 1,946 | 195 | ||||
Cancellation of shares | (122,754) | $ (41) | (122,713) | ||||
Cancellation of shares (in shares) | (4,100,000) | ||||||
Dividends | (23,486) | $ (20,467) | (20,467) | (3,019) | |||
Balance at end of period at Mar. 31, 2023 | $ 1,449,326 | $ 2,047 | $ 1,047,541 | $ 191,819 | $ 57,344 | $ 150,575 | |
Balance at end of period (in shares) at Mar. 31, 2023 | 204,670,088 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities | ||
Net income | $ 151,566 | $ 241,181 |
Adjustments for: | ||
Depreciation and amortization | 34,608 | 34,852 |
(Earnings) of equity method investees | (9,980) | (50,235) |
Dividends received from equity method investees | 5,830 | 7,609 |
Change in market value of derivatives | 3,330 | (24,855) |
Deferred taxes | 0 | (58,769) |
(Earnings) recognized from vessels chartered to third parties transferred to Energos | (31,954) | 0 |
Sale of equity method investments | 37,401 | 0 |
Other | (2,090) | 2,847 |
Changes in operating assets and liabilities: | ||
Decrease (increase) in receivables | 28,136 | (58,462) |
(Increase) in inventories | (2,271) | (18,617) |
(Increase) in other assets | (27,966) | (15,440) |
Decrease in right-of-use assets | 13,336 | 17,016 |
(Decrease) increase in accounts payable/accrued liabilities | (43,400) | 68,520 |
(Decrease) increase in amounts due to affiliates | (2,519) | 2,035 |
(Decrease) in lease liabilities | (9,709) | (11,773) |
Increase (decrease) in other liabilities | 55,822 | (21,527) |
Net cash provided by operating activities | 200,140 | 114,382 |
Cash flows from investing activities | ||
Capital expenditures | (563,268) | (189,221) |
Sale of equity method investment | 100,000 | 0 |
Net cash used in investing activities | (463,268) | (189,221) |
Cash flows from financing activities | ||
Proceeds from borrowings of debt | 700,000 | 200,836 |
Payment of deferred financing costs | (5,903) | (3,504) |
Repayment of debt | (1,080) | (123,669) |
Payments related to tax withholdings for share-based compensation | 0 | (13,054) |
Payment of dividends | (649,796) | (23,773) |
Net cash provided by financing activities | 43,221 | 36,836 |
Impact of changes in foreign exchange rates on cash and cash equivalents | 948 | 12,979 |
Net (decrease) in cash, cash equivalents and restricted cash | (218,959) | (25,024) |
Cash, cash equivalents and restricted cash – beginning of period | 855,083 | 264,030 |
Cash, cash equivalents and restricted cash – end of period | 636,124 | 239,006 |
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 | 348,737 | 19,838 |
Principal payments on financing obligation to Energos by third party charterers | (11,648) | 0 |
Shares received in Hilli Exchange | (122,754) | 0 |
Cash and cash equivalents | 296,860 | 156,173 |
Current restricted cash | 325,298 | 74,873 |
Non-current restricted cash | 0 | 7,960 |
Cash and cash equivalents classified as held for sale | $ 13,966 | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Cash Flows [Abstract] | ||
Assets held-for-sale, cash balance | $ 13,966 | $ 11,614 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. 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. |
Basis of presentation
Basis of presentation | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation | 2. Basis of presentation The accompanying unaudited interim condensed consolidated financial statements contained herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and reflect all normal and recurring adjustments which are, in the opinion of management, necessary to provide a fair statement of the financial position, results of operations and cash flows of the Company for the interim periods presented. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual audited consolidated financial statements and accompanying notes included in its Annual Report on Form 10-K for the year ended December 31, 2022 (the "Annual Report"). Certain prior year amounts have been reclassified to conform to current year presentation. The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions, impacting the reported amounts of assets and liabilities, net earnings and disclosures of contingent assets and liabilities as of the date of the condensed consolidated financial statements. Actual results could be different from these estimates. |
Adoption of new and revised sta
Adoption of new and revised standards | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Adoption of new and revised standards | 3. Adoption of new and revised standardsThe Company has reviewed recently issued accounting pronouncements and concluded that such pronouncements are either not applicable to the Company or no material impact is expected in the condensed consolidated financial statements as a result of future adoption. |
Revenue recognition
Revenue recognition | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue recognition | 4. Revenue recognition Operating revenue in the condensed 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 for the three months ended March 31, 2023 are LNG cargo sales to customers of $349,361, of which $169,500 was recognized for a cancellation fee received from a customer to cancel a future delivery. LNG cargo sales for the three months ended March 31, 2022 were $285,171. Under most customer contracts, invoicing occurs once the Company’s performance obligations have been satisfied, at which point payment is unconditional. As of March 31, 2023 and December 31, 2022, receivables related to revenue from contracts with customers totaled $196,256 and $280,382, respectively, and were included in Receivables, net on the condensed consolidated balance sheets, net of current expected credit losses of $748 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, receivables associated with reimbursable costs and the realized gain of a commodity swap of $146,112. 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. Contract liabilities associated with performance obligations that are expected to be satisfied during the next 12 months are classified within Other current liabilities on the condensed consolidated balance sheets; when the performance obligation is expected to be satisfied in a period after 12 months from the balance sheet date, the contract liabilities are classified within Other long-term liabilities on the condensed consolidated balance sheets. Contract assets are comprised of the transaction price allocated to completed performance obligations that will be billed to customers in subsequent periods. The contract liabilities and contract assets balances as of March 31, 2023 and December 31, 2022 are detailed below: March 31, 2023 December 31, 2022 Contract assets, net - current $ 8,247 $ 8,083 Contract assets, net - non-current 26,538 28,651 Total contract assets, net $ 34,785 $ 36,734 Contract liabilities $ 36,020 $ 12,748 Revenue recognized in the year from: Amounts included in contract liabilities at the beginning of the year $ 6,809 $ 2,951 Contract assets are presented net of expected credit losses of $376 and $401 as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023 and December 31, 2022, contract assets was comprised of $34,563 and $36,483 of unbilled receivables, respectively, which represent unconditional rights to payment only subject to the passage of time, and the reduction to contract assets in the first quarter of 2023 was primarily due to the invoicing of unbilled receivables. Contract liabilities increased in the first quarter of 2023 due to upfront 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 contracts 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 terms of the agreements. As of March 31, 2023, the Company has capitalized $11,632 of which $2,010 of these costs is presented within Prepaid expenses and other current assets, net and $9,622 is presented within Other non-current assets, net on the condensed consolidated balance sheets. As of December 31, 2022, the Company had capitalized $10,377, of which $604 of these costs was presented within Prepaid expenses and other current assets, net and $9,773 was presented within Other non-current assets, net on the condensed 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 Remainder of 2023 $ 667,782 2024 1,183,908 2025 770,982 2026 501,753 2027 498,876 Thereafter 7,943,959 Total $ 11,567,260 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 12 Property, plant and equipment, net." Vessels included in the Energos Formation Transaction (defined below), including those vessels chartered to third parties, continue to be recognized on the condensed consolidated balance sheet. The carrying amount of these vessels that are leased to third parties under operating leases is as follows: March 31, 2023 December 31, 2022 Property, plant and equipment $ 896,719 $ 1,292,957 Accumulated depreciation (91,385) (80,233) Property, plant and equipment, net $ 805,334 $ 1,212,724 The components of lease income from vessel operating leases for the three months ended March 31, 2023 and 2022 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 for the three months ended March 31, 2023 includes revenue of $76,524 from third-party charters of vessels included in the Energos Formation Transaction. Three Months Ended March 31, 2023 2022 Operating lease income $ 76,524 $ 80,222 Variable lease income — 10,564 Total operating lease income $ 76,524 $ 90,786 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 $11,581 for the three months ended March 31, 2022 related to this finance lease. The Company also recognized revenue of $1,634 for the three months ended March 31, 2022 related to the operation and services agreement and variable charter revenue within Vessel charter revenue in the condensed 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 | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases, as lessee | 5. 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 right-of-use ("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 March 31, 2023 and December 31, 2022, ROU assets, current lease liabilities and non-current lease liabilities consisted of the following: March 31, 2023 December 31, 2022 Operating right-of-use-assets $ 407,553 $ 355,883 Finance right-of-use-assets (1) 70,204 21,994 Total right-of-use assets $ 477,757 $ 377,877 Current lease liabilities: Operating lease liabilities $ 77,692 $ 44,371 Finance lease liabilities 28,974 4,370 Total current lease liabilities $ 106,666 $ 48,741 Non-current lease liabilities: Operating lease liabilities $ 313,822 $ 290,899 Finance lease liabilities 35,799 11,222 Total non-current lease liabilities $ 349,621 $ 302,121 (1) Finance lease ROU assets are recorded net of accumulated amortization of $3,923 and $2,134 as of March 31, 2023 and December 31, 2022 , respectively. For the three months ended March 31, 2023 and 2022, the Company’s operating lease cost recorded within the condensed consolidated statements of operations and comprehensive income was as follows: Three Months Ended March 31, 2023 2022 Fixed lease cost $ 16,368 $ 18,500 Variable lease cost 597 470 Short-term lease cost 3,549 4,225 Lease cost - Cost of sales $ 15,754 $ 20,903 Lease cost - Operations and maintenance 2,841 765 Lease cost - Selling, general and administrative 1,919 1,527 For the three months ended March 31, 2023 and 2022, the Company has capitalized $4,256 and $8,242 of lease costs, respectively. Capitalized costs include of 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 transfer the ownership in underlying assets to the Company at the end of the lease, and these leases are treated as finance leases. For the three months ended March 31, 2023 and 2022, the Company’s finance interest expense and amortization recorded in Interest expense and Depreciation and amortization, respectively, within the condensed consolidated statements of operations and comprehensive income were as follows: Three Months Ended March 31, 2023 2022 Interest expense related to finance leases $ 468 $ 229 Amortization of right-of-use asset related to finance leases 1,789 379 Cash paid for operating leases is reported in operating activities in the condensed consolidated statements of cash flows. Supplemental cash flow information related to leases was as follows for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Operating cash outflows for operating lease liabilities $ 24,849 $ 27,122 Financing cash outflows for finance lease liabilities 372 1,308 Right-of-use assets obtained in exchange for new operating lease liabilities 65,040 127,451 Right-of-use assets obtained in exchange for new finance lease liabilities 49,999 — The future payments due under operating and finance leases as of March 31, 2023 are as follows: Operating Leases Financing Leases Due remainder of 2023 $ 79,564 $ 25,406 2024 102,863 29,997 2025 66,893 11,867 2026 51,925 3,041 2027 51,464 436 Thereafter 184,056 941 Total lease payments $ 536,765 $ 71,688 Less: effects of discounting 145,251 6,915 Present value of lease liabilities $ 391,514 $ 64,773 Current lease liability $ 77,692 $ 28,974 Non-current lease liability 313,822 35,799 As of March 31, 2023, the weighted average remaining lease term for operating leases was 7.2 years and finance leases was 2.6 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 both March 31, 2023 and December 31, 2022 was 8.5%. The weighted average discount rate associated with finance leases as of March 31, 2023 was 8.3% and as of December 31, 2022 was 5.1%. |
Leases, as lessee | 5. 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 right-of-use ("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 March 31, 2023 and December 31, 2022, ROU assets, current lease liabilities and non-current lease liabilities consisted of the following: March 31, 2023 December 31, 2022 Operating right-of-use-assets $ 407,553 $ 355,883 Finance right-of-use-assets (1) 70,204 21,994 Total right-of-use assets $ 477,757 $ 377,877 Current lease liabilities: Operating lease liabilities $ 77,692 $ 44,371 Finance lease liabilities 28,974 4,370 Total current lease liabilities $ 106,666 $ 48,741 Non-current lease liabilities: Operating lease liabilities $ 313,822 $ 290,899 Finance lease liabilities 35,799 11,222 Total non-current lease liabilities $ 349,621 $ 302,121 (1) Finance lease ROU assets are recorded net of accumulated amortization of $3,923 and $2,134 as of March 31, 2023 and December 31, 2022 , respectively. For the three months ended March 31, 2023 and 2022, the Company’s operating lease cost recorded within the condensed consolidated statements of operations and comprehensive income was as follows: Three Months Ended March 31, 2023 2022 Fixed lease cost $ 16,368 $ 18,500 Variable lease cost 597 470 Short-term lease cost 3,549 4,225 Lease cost - Cost of sales $ 15,754 $ 20,903 Lease cost - Operations and maintenance 2,841 765 Lease cost - Selling, general and administrative 1,919 1,527 For the three months ended March 31, 2023 and 2022, the Company has capitalized $4,256 and $8,242 of lease costs, respectively. Capitalized costs include of 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 transfer the ownership in underlying assets to the Company at the end of the lease, and these leases are treated as finance leases. For the three months ended March 31, 2023 and 2022, the Company’s finance interest expense and amortization recorded in Interest expense and Depreciation and amortization, respectively, within the condensed consolidated statements of operations and comprehensive income were as follows: Three Months Ended March 31, 2023 2022 Interest expense related to finance leases $ 468 $ 229 Amortization of right-of-use asset related to finance leases 1,789 379 Cash paid for operating leases is reported in operating activities in the condensed consolidated statements of cash flows. Supplemental cash flow information related to leases was as follows for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Operating cash outflows for operating lease liabilities $ 24,849 $ 27,122 Financing cash outflows for finance lease liabilities 372 1,308 Right-of-use assets obtained in exchange for new operating lease liabilities 65,040 127,451 Right-of-use assets obtained in exchange for new finance lease liabilities 49,999 — The future payments due under operating and finance leases as of March 31, 2023 are as follows: Operating Leases Financing Leases Due remainder of 2023 $ 79,564 $ 25,406 2024 102,863 29,997 2025 66,893 11,867 2026 51,925 3,041 2027 51,464 436 Thereafter 184,056 941 Total lease payments $ 536,765 $ 71,688 Less: effects of discounting 145,251 6,915 Present value of lease liabilities $ 391,514 $ 64,773 Current lease liability $ 77,692 $ 28,974 Non-current lease liability 313,822 35,799 As of March 31, 2023, the weighted average remaining lease term for operating leases was 7.2 years and finance leases was 2.6 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 both March 31, 2023 and December 31, 2022 was 8.5%. The weighted average discount rate associated with finance leases as of March 31, 2023 was 8.3% and as of December 31, 2022 was 5.1%. |
Financial instruments
Financial instruments | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial instruments | 6. 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 condensed 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 condensed 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 commodity swap transaction. Mark-to-market losses of $5,730 on this instrument have been recognized in Cost of sales in the condensed consolidated statements of operations and comprehensive income. Interest rate and currency risk management The Company was party to an interest rate swap, and in the first quarter of 2023, the interest rate swap was terminated. 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 and other derivative instruments that are not intended to mitigate commodity risk are reported in Other expense (income), net in the condensed 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 condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022. The Company uses the income approach when valuing the following financial instruments: ◦ Interest rate swap - The Company did not have any interest rate swaps outstanding as of March 31, 2023. As of December 31, 2022, the Company had an interest rate swap that was recorded within Other non-current assets, net on the condensed consolidated balance sheets. ◦ The liability and asset associated with commodity swaps are recorded within Other current liabilities and Prepaid expenses and other current assets on the condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022, respectively. ◦ Contingent consideration derivative liability represents consideration due to the sellers in asset acquisitions when certain contingent events occur. The liability associated with these derivative liabilities is recorded within Other current liabilities and Other long-term liabilities on the condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022. The fair value of 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 March 31, 2023 and December 31, 2022: Level 1 Level 2 Level 3 Total March 31, 2023 Assets Investment in equity securities $ 12,653 $ — $ 7,678 $ 20,331 Liabilities Commodity swap $ — $ 5,730 $ — $ 5,730 Contingent consideration derivative liabilities — — 44,374 44,374 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 March 31, 2023 and December 31, 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 condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Contingent consideration derivative liabilities - Fair value adjustment - gain $ (3,013) $ (446) During the three months ended March 31, 2023 and 2022, |
Restricted cash
Restricted cash | 3 Months Ended |
Mar. 31, 2023 | |
Restricted Cash [Abstract] | |
Restricted cash | 7. Restricted cash As of March 31, 2023 and December 31, 2022, restricted cash consisted of the following: March 31, 2023 December 31, 2022 Cash restricted under the terms of loan agreements $ 85,819 $ 124,085 Collateral for letters of credit and performance bonds 239,479 41,392 Collateral for interest rate swaps — 2,500 Total restricted cash $ 325,298 $ 167,977 Current restricted cash $ 325,298 $ 165,396 Non-current restricted cash — 2,581 |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory | 8. Inventory As of March 31, 2023 and December 31, 2022, inventory consisted of the following: March 31, 2023 December 31, 2022 LNG and natural gas inventory $ 50,038 $ 15,398 Automotive diesel oil inventory 9,270 8,164 Bunker fuel, materials, supplies and other 17,228 15,508 Total inventory $ 76,536 $ 39,070 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 condensed consolidated statements of operations and comprehensive income. No adjustments were recorded during the three months ended March 31, 2023 and 2022. |
Prepaid expenses and other curr
Prepaid expenses and other current assets | 3 Months Ended |
Mar. 31, 2023 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepaid expenses and other current assets | 9. Prepaid expenses and other current assets As of March 31, 2023 and December 31, 2022, prepaid expenses and other current assets consisted of the following: March 31, 2023 December 31, 2022 Prepaid expenses $ 24,701 $ 56,380 Recoverable taxes 47,989 37,504 Commodity swap — 104,797 Due from affiliates 890 698 Other current assets 28,671 27,504 Total prepaid expenses and other current assets, net $ 102,251 $ 226,883 Prepaid expenses included $4,821 and $34,882 of prepaid LNG inventory as of March 31, 2023 and December 31, 2022, respectively. Other current assets as of March 31, 2023 and December 31, 2022 primarily consists of deposits, as well as the current portion of contract assets (Note 4). |
Equity method investments
Equity method investments | 3 Months Ended |
Mar. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity method investments | 10. Equity method investments Changes in the balance of the Company’s equity method investments is as follows: March 31, 2023 Equity method investments as of December 31, 2022 $ 392,306 Dividends (5,830) Equity in earnings of investees 9,980 Sale of equity method investments (260,156) Equity method investments as of March 31, 2023 $ 136,300 The carrying amounts of the Company's equity method investments as of March 31, 2023 and December 31, 2022 are: March 31, 2023 December 31, 2022 Hilli LLC $ — $ 260,000 Energos 136,300 132,306 Total $ 136,300 $ 392,306 As of March 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 investees by $1,548. 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 is amortized to Income from equity method investments in the condensed consolidated statements of operations and comprehensive income over the remaining estimated useful lives of the underlying assets. Hilli LLC On March 15, 2023, the Company completed a transaction with Golar LNG Limited 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 other-than-temporary impairment on the investment in Hilli LLC of $118,558; this impairment was recognized in 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 condensed 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. The Company had guaranteed 50% of the outstanding principal and interest amounts payable by Hilli Corp., a direct subsidiary of Hilli LLC. The Company had also guaranteed letters of credit issued by a financial institution in the event of Hilli Corp.’s underperformance or non-performance under the liquefaction tolling agreement with its customer. 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 condensed consolidated statements of operations in the three months ended March 31, 2023. Energos On August 15, 2022, the Company and an affiliate of certain funds or investment vehicles managed by affiliates of Apollo Global Management, Inc., AP Neptune Holdings Ltd. ("Purchaser"), completed a sales and financing transaction resulting in cash proceeds of approximately $1.85 billion. This sales and financing transaction comprised (1) the formation of a limited liability company doing business as Energos Infrastructure ("Energos"), (2) the sale for cash of eight vessels, along with these vessels' owning and operating entities to the Purchaser, (3) the contribution of acquired vessel owning entities to Energos by the Purchaser and (4) the Company's contribution of three vessels, along with each vessels' owning and operating entities, to Energos in exchange for equity in Energos (the “Energos Formation Transaction”). As a result of the Energos Formation Transaction, the Company owns an approximately 20% equity interest in Energos, with the remaining interest owned by the Purchaser. The Company's equity investment provides certain rights, including representation on the board of directors, which give the Company significant influence over the operations of Energos, and as such, the investment has been accounted for under the equity method; this investment is included within the Ships segment. Energos is also an affiliate, and all transactions with Energos are transactions with an affiliate. Due to the timing and availability of financial information of Energos, the Company recognizes its proportional share of the income or loss from the equity method investment on a financial reporting lag of one fiscal quarter. For the three months ended March 31, 2023, the Company has recognized earnings from Energos of $3,994. |
Construction in progress
Construction in progress | 3 Months Ended |
Mar. 31, 2023 | |
Construction in progress [Abstract] | |
Construction in progress | 11. Construction in progress The Company’s construction in progress activity during the three months ended March 31, 2023 is detailed below: March 31, 2023 Construction in progress as of December 31, 2022 $ 2,418,608 Additions 931,823 Impact of currency translation adjustment 8,387 Transferred to property, plant and equipment, net (1,384) Construction in progress as of March 31, 2023 $ 3,357,434 Interest expense of $50,976 and $13,137, inclusive of amortized debt issuance costs, was capitalized for the three months ended March 31, 2023 and 2022, respectively. The Company has significant development activities in Latin America as well as the development of the Company's Fast LNG floating liquefaction solution, and the completion of such developments are subject to risks of successful completion, including those related to government approvals, site identification, financing, construction permitting and contract compliance. The Company's development activities for the three months ended March 31, 2023 |
Property, plant and equipment,
Property, plant and equipment, net | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment, net | 12. Property, plant and equipment, net As of March 31, 2023 and December 31, 2022, the Company’s property, plant and equipment, net consisted of the following: March 31, 2023 December 31, 2022 Vessels $ 1,518,839 $ 1,518,839 Terminal and power plant equipment 218,572 218,296 CHP facilities 125,015 123,897 Gas terminals 177,780 177,780 ISO containers and other equipment 134,924 134,324 LNG liquefaction facilities 63,316 63,316 Gas pipelines 66,319 65,985 Land 53,737 52,995 Leasehold improvements 10,252 9,377 Accumulated depreciation (274,337) (248,082) Total property, plant and equipment, net $ 2,094,417 $ 2,116,727 The book value of the vessels that was recognized due to the failed sale leaseback in the Energos Formation Transaction as of March 31, 2023 and December 31, 2022 was $1,315,661 and $1,328,553, respectively. |
Goodwill and intangible assets
Goodwill and intangible assets | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and intangible assets | 13. Goodwill and intangible assets Goodwill The carrying amount of goodwill was $776,760 as of both March 31, 2023 and December 31, 2022 . Intangible assets The following tables summarize the composition of intangible assets as of March 31, 2023 and December 31, 2022: March 31, 2023 Gross Carrying Accumulated Currency Translation Net Carrying Weighted Definite-lived intangible assets Favorable vessel charter contracts $ 106,500 $ (71,098) $ — $ 35,402 3 Permits and development rights 48,217 (4,452) (1,234) 42,531 38 Easements 1,556 (307) — 1,249 30 Indefinite-lived intangible assets Easements 1,191 — (61) 1,130 n/a Total intangible assets $ 157,464 $ (75,857) $ (1,295) $ 80,312 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 Amortization expense for the three months ended March 31, 2023 and 2022 was $6,796 and $8,343, respectively. Amortization expense for the three months ended March 31, 2022 is inclusive of reductions in expense for the amortization of unfavorable contract liabilities. Intangible assets associated with the acquired power purchase agreements have been classified as held for sale as of March 31, 2023 and December 31, 2022; no impairment loss was recognized upon classification as held for sale (See Note 14). |
Other non-current assets, net
Other non-current assets, net | 3 Months Ended |
Mar. 31, 2023 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Other non-current assets, net | 14. Other non-current assets, net As of March 31, 2023 and December 31, 2022, Other non-current assets consisted of the following: March 31, 2023 December 31, 2022 Assets held for sale $ 45,652 $ 40,685 Contract assets, net (Note 4) 26,538 28,651 Investments in equity securities (Note 6) 20,331 17,806 Cost to fulfill (Note 4) 9,622 9,773 Upfront payments to customers 9,010 9,158 Other 27,402 35,606 Total other non-current assets, net $ 138,555 $ 141,679 The Company recognized unrealized gains / (losses) on its investments in equity securities of $2,525 and $(192) for the three months ended March 31, 2023 and 2022, respectively, within Other expense (income), net in the condensed consolidated statements of operations and comprehensive income. Investments in equity securities include investments without a readily determinable fair value of $7,678 as of March 31, 2023 and December 31, 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 deferred financing costs related to the Revolving Facility. Assets held for sale In the third quarter of 2022, NFE Brazil Holdings LLC ("Brazil Holdings"), a consolidated indirect subsidiary of NFE and indirect owner of Pecém Energia S.A. (“Pecém”) and Energetica Camacari Muricy II S.A. (“Muricy”), and Centrais Elétricas de Pernambuco S.A. – EPESA (“EPESA”), entered into a Share Purchase Agreement pursuant to which Brazil Holdings agreed to sell 100% of the shares of Pecém and Muricy to EPESA, following an internal reorganization. The sale price includes cash consideration of BRL 59 million (approximately $12 million using the exchange rate as of March 31, 2023), as well as additional consideration for the satisfaction of certain milestones. Consideration under this agreement also includes potential future earnout payments based on the revenue generated from the PPAs by EPESA. The sale of Pecém and Muricy is subject to regulatory approval as well as the customary terms and conditions and conditions precedent prior to closing. All assets and liabilities of Pecém and Muricy were classified as held for sale as of March 31, 2023 and 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 assets and liabilities held for sale have not been classified as a separate financial statement line item on the condensed consolidated balance sheets and are presented as Other non-current assets and Other long-term liabilities. Liabilities held for sale of $24,151 and $23,543 are presented as other long-term liabilities as of March 31, 2023 and December 31, 2022, respectively . Assets held for sale include a cash balance of $13,966 and $11,614 as of March 31, 2023 and December 31, 2022, respectively , which have been included in the ending cash and cash equivalents on the condensed consolidated statement of cash flows. |
Accrued liabilities
Accrued liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued liabilities | 15. Accrued liabilities As of March 31, 2023 and December 31, 2022, accrued liabilities consisted of the following: March 31, 2023 December 31, 2022 Accrued development costs $ 507,503 $ 364,157 Accrued interest 12,106 51,994 Accrued bonuses 12,063 37,739 Accrued dividend — 626,310 Other accrued expenses 71,256 82,212 Total accrued liabilities $ 602,928 $ 1,162,412 As of March 31, 2023 and December 31, 2022, the balance presented as other accrued expenses includes accruals of $11,304 and $45,511, respectively, for inventory purchases completed prior to the end of the period. |
Other current liabilities
Other current liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other current liabilities | 16. Other current liabilities As of March 31, 2023 and December 31, 2022 , other current liabilities consisted of the following: March 31, 2023 December 31, 2022 Derivative liabilities $ 23,925 $ 19,458 Contract liabilities (Note 4) 36,020 12,748 Income tax payable 26,592 6,261 Due to affiliates 4,980 7,499 Other current liabilities 7,758 6,912 Total other current liabilities $ 99,275 $ 52,878 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 17. Debt As of March 31, 2023 and December 31, 2022, debt consisted of the following: March 31, 2023 December 31, 2022 Senior Secured Notes, due September 2025 $ 1,243,914 $ 1,243,351 Senior Secured Notes, due September 2026 1,482,722 1,481,639 Vessel Financing Obligation, due August 2042 1,388,535 1,406,091 South Power 2029 Bonds, due May 2029 216,373 216,177 Barcarena Term Loan, due February 2024 197,036 194,427 Revolving Facility 700,000 — Total debt $ 5,228,580 $ 4,541,685 Current portion of long-term debt $ 277,035 $ 64,820 Long-term debt 4,951,545 4,476,865 Long-term debt is recorded at amortized cost on the condensed consolidated balance sheets. The fair value of the Company's long-term debt is $5,086,118 and $4,327,311 as of March 31, 2023 and December 31, 2022, respectively, and is classified as Level 2 within the fair value hierarchy. The terms of the Company's debt instruments have been described in the Annual Report on Form 10-K. Significant changes to the Company's outstanding debt are described below. Revolving Facility In April 2021, the Company entered into a $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 matures in 2025, with the potential for the Company to extend the maturity date once in a one-year increment. Borrowings under the Revolving Facility may be prepaid, at the option of the Company, at any time without premium. In 2022, the Revolving Facility was amended twice to increase the borrowing capacity by a total of $240,000, and in February 2023, the Company entered into an amendment which increased the borrowing capacity by $301,700, for a total capacity of $741,700. The amendments did not impact the interest rate or term of the Revolving Facility, and no deferred costs were written off. During the first quarter of 2023, the Company drew $700,000 from the Revolving Facility, which is outstanding as of March 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 first quarter of 2023, the Company incurred an additional $4,965 in fees in relation to the 2023 amendment. These costs have been capitalized within Other non-current assets on the condensed consolidated balance sheets. As of March 31, 2023 and December 31, 2022 , total remaining unamortized deferred financing costs for the Revolving Facility was $9,560 and $5,172, respectively. The obligations under the Revolving Facility are guaranteed by certain of the Company's subsidiaries. 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 5.0:1.0 for fiscal quarters ending December 31, 2021 until September 30, 2023 and less than 4.0:1.0 for the fiscal quarter ended December 31, 2023 and onwards. The Company was in compliance with all covenants as of March 31, 2023. 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 three months ended March 31, 2023 and 2022 consisted of the following: Three Months Ended March 31, 2023 2022 Interest per contractual rates $ 64,259 $ 55,349 Interest expense on Vessel Financing Obligation 54,330 — Amortization of debt issuance costs, premiums and discounts 3,592 2,475 Interest expense incurred on finance lease obligations 468 229 Total interest costs $ 122,649 $ 58,053 Capitalized interest 50,976 13,137 Total interest expense $ 71,673 $ 44,916 Interest expense on the Vessel Financing Obligation includes non-cash expense of $49,903 related to payments received by Energos from third-party charterers. |
Income taxes
Income taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 18. Income Taxes The effective tax rate for the three months ended March 31, 2023 was 16.0% compared to (25.9)% for the three months ended March 31, 2022 . The total tax provision for the three months ended March 31, 2023 was $28,960 compared to a benefit of $49,681 for the three months ended March 31, 2022 |
Commitments and contingencies
Commitments and contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 19. Commitments and contingencies The Company may be subject to certain legal proceedings, claims and disputes that arise in the ordinary course of business. The Company does not believe that these proceedings, individually or in the aggregate, will have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
Earnings per share
Earnings per share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per share | 20. Earnings per share Three Months Ended March 31, 2023 2022 Numerator: Net income $ 151,566 $ 241,181 Net loss attributable to non-controlling interests (1,360) (2,912) Net income attributable to Class A common stock $ 150,206 $ 238,269 Denominator: Weighted-average shares - basic 208,707,385 209,928,070 Net income per share - basic $ 0.72 $ 1.14 Weighted-average shares - diluted 209,325,619 210,082,295 Net income per share - diluted $ 0.71 $ 1.13 The following table presents potentially dilutive securities excluded from the computation of diluted net income per share for the periods presented because its effects would have been anti-dilutive. March 31, 2023 March 31, 2022 Equity Agreement shares (1) — 472,084 Total — 472,084 (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. In connection with the dividend policy update in the fourth quarter of 2022, the Board declared a dividend of $626,310 representing $3.00 per Class A share, which was paid in January 2023. The Company also declared and paid dividends of $20,467 and $20,754 during the three months ended March 31, 2023 and 2022 , respectively, representing $0.10 per Class A share. During each of the three months ended March 31, 2023 and 2022 |
Share-based compensation
Share-based compensation | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based compensation | 21. Share-based compensation The Company has granted Performance Share Units ("PSUs") to certain employees and non-employees that contain a performance condition under the New Fortress Energy Inc. 2019 Omnibus 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 March 31, 2023, the Company determined it was not probable that the performance condition required for the PSUs granted in the fourth quarter of 2022 ("2022 Grant") to vest would be achieved, and as such, no compensation expense was recognized for this award. PSUs Granted Units Granted Range of Vesting Units Vested / Probable of Vesting Unrecognized Compensation Cost (1) Weighted Average 2022 Grant 742,073 0 to 1,484,146 — 62,015 0.75 years (1) Unrecognized compensation cost is based upon the maximum amount of shares that could vest. |
Related party transactions
Related party transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related party transactions | 22. 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 $1,345 and $1,515 for the three months ended March 31, 2023 and 2022, respectively. Costs associated with the Administrative Agreement are included within Selling, general and administrative in the condensed consolidated statements of operations and comprehensive income. As of March 31, 2023 and December 31, 2022, $1,377 and $4,629 were due to Fortress, respectively. In addition to administrative services, an affiliate of Fortress owns and leases an aircraft chartered by the Company for business purposes in the course of operations. The Company incurred, at aircraft operator rates, charter costs of $771 and $1,022 for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023 and December 31, 2022, $771 and $416 was due to this affiliate, respectively. Land lease 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 $103 and $ 103 during the three months ended March 31, 2023 and 2022, respectively, which was included within Operations and maintenance in the condensed consolidated statements of operations and comprehensive income . The Company has amounts due to FECI of $23 and $0 as of March 31, 2023 and December 31, 2022 , respectively . As of March 31, 2023 and December 31, 2022, the Company has recorded a lease liability of $3,341 and $3,340, respectively, within Non-cur rent lease liabilities on the condensed 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 condensed consolidated financial statements. The Company recognized approximately $105 and $98 in expense within Selling, general and administrative for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023 and December 31, 2022 , $105 and $80 were due to DevTech, respectively. Fortress affiliated entities The Company provides certain administrative services to related parties including Fortress affiliated entities. 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 entities managed by Fortress, and for the three months ended March 31, 2023 and 2022, $192 and $195 of rent and office related expenses were incurred by these affiliates, respectively. As of March 31, 2023 and December 31, 2022, $892 and $700, respectively, were due from all Fortress affiliated entities. 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 $589 and $600 for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023 and December 31, 2022, $3,043 and $2,455 were d ue to Fortress affiliated entities, respectively. |
Segments
Segments | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segments | 23. Segments As of March 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 Centrais Elétricas de Sergipe Participações S.A. (“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 FSRUs and LNG carriers that are leased to customers under long-term or spot arrangements. FSRUs are stationed offshore for customer’s operations to regasify LNG; LNG carriers are vessels that transport LNG and are compatible with many LNG loading and receiving terminals globally. Five FSRUs and five LNG carriers 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 three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 (in thousands of $) Terminals and Ships Total Consolidation and Other (4) Consolidated Statement of operations: Total revenues $ 502,608 $ 97,917 $ 600,525 $ (21,394) $ 579,131 Cost of sales (1) (3) 73,798 — 73,798 111,140 184,938 Vessel operating expenses — 19,239 19,239 (5,948) 13,291 Operations and maintenance 26,671 — 26,671 — 26,671 Segment Operating Margin $ 402,139 $ 78,678 $ 480,817 $ (126,586) $ 354,231 Balance sheet: Total assets $ 6,584,603 $ 1,639,143 $ 8,223,746 $ — $ 8,223,746 Other segmental financial information: Capital expenditures (2) $ 931,823 $ — $ 931,823 $ — $ 931,823 Three Months Ended March 31, 2022 (in thousands of $) Terminals and Ships Total Segment Consolidation and Other (4) Consolidated Statement of operations: Total revenues $ 480,349 $ 114,942 $ 595,291 $ (90,173) $ 505,118 Cost of sales (3) 235,532 — 235,532 (27,234) 208,298 Vessel operating expenses 3,492 25,942 29,434 (6,470) 22,964 Operations and maintenance 30,242 — 30,242 (7,074) 23,168 Segment Operating Margin $ 211,083 $ 89,000 $ 300,083 $ (49,395) $ 250,688 Balance sheet: Total assets $ 5,291,601 $ 2,074,207 $ 7,365,808 $ — $ 7,365,808 Other segmental financial information: Capital expenditures (2) $ 196,390 $ 3,289 $ 199,679 $ — $ 199,679 (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 our commodity purchases and sales, and in the first quarter of 2023, realized gains of $146,112 were recognized as a reduction to Cost of sales in the segment measure. Unrealized changes in the mark-to-market value of derivative transactions of $111,140 reconcile Cost of sales in the segment measure to Cost of sales in the condensed consolidated statements of operations and comprehensive income. (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 condensed 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 and exclusion of the unrealized mark-to-market gain or loss on derivative instruments. Consolidated Segment Operating Margin is defined as net income, adjusted for Selling, general and administrative expenses, Transaction and integration costs, Depreciation and amortization, Interest expense, Other expense (income), net, Income from equity method investments and Tax provision (benefit). The following table reconciles Net income, the most comparable financial statement measure, to Consolidated Segment Operating Margin: Three Months Ended March 31, (in thousands of $) 2023 2022 Net income $ 151,566 $ 241,181 Add: Selling, general and administrative 52,138 48,041 Transaction and integration costs 494 1,901 Depreciation and amortization 34,375 34,290 Interest expense 71,673 44,916 Other expense (income), net 25,005 (19,725) Tax provision (benefit) 28,960 (49,681) (Income) from equity method investments (9,980) (50,235) Consolidated Segment Operating Margin $ 354,231 $ 250,688 |
Basis of presentation (Policies
Basis of presentation (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited interim condensed consolidated financial statements contained herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and reflect all normal and recurring adjustments which are, in the opinion of management, necessary to provide a fair statement of the financial position, results of operations and cash flows of the Company for the interim periods presented. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual audited consolidated financial statements and accompanying notes included in its Annual Report on Form 10-K for the year ended December 31, 2022 (the "Annual Report"). Certain prior year amounts have been reclassified to conform to current year presentation. The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions, impacting the reported amounts of assets and liabilities, net earnings and disclosures of contingent assets and liabilities as of the date of the condensed consolidated financial statements. Actual results could be different from these estimates. |
Adoption of New and Revised Standards | The Company has reviewed recently issued accounting pronouncements and concluded that such pronouncements are either not applicable to the Company or no material impact is expected in the condensed consolidated financial statements as a result of future adoption. |
Revenue recognition (Tables)
Revenue recognition (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable | The contract liabilities and contract assets balances as of March 31, 2023 and December 31, 2022 are detailed below: March 31, 2023 December 31, 2022 Contract assets, net - current $ 8,247 $ 8,083 Contract assets, net - non-current 26,538 28,651 Total contract assets, net $ 34,785 $ 36,734 Contract liabilities $ 36,020 $ 12,748 Revenue recognized in the year from: Amounts included in contract liabilities at the beginning of the year $ 6,809 $ 2,951 |
Remaining Performance Obligations | The pattern of recognition reflects the minimum guaranteed volumes in each period: Period Revenue Remainder of 2023 $ 667,782 2024 1,183,908 2025 770,982 2026 501,753 2027 498,876 Thereafter 7,943,959 Total $ 11,567,260 |
Property, Plant and Equipment Subject to Operating Leases | Vessels included in the Energos Formation Transaction (defined below), including those vessels chartered to third parties, continue to be recognized on the condensed consolidated balance sheet. The carrying amount of these vessels that are leased to third parties under operating leases is as follows: March 31, 2023 December 31, 2022 Property, plant and equipment $ 896,719 $ 1,292,957 Accumulated depreciation (91,385) (80,233) Property, plant and equipment, net $ 805,334 $ 1,212,724 |
Components of Lease Income | The components of lease income from vessel operating leases for the three months ended March 31, 2023 and 2022 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 for the three months ended March 31, 2023 includes revenue of $76,524 from third-party charters of vessels included in the Energos Formation Transaction. Three Months Ended March 31, 2023 2022 Operating lease income $ 76,524 $ 80,222 Variable lease income — 10,564 Total operating lease income $ 76,524 $ 90,786 |
Leases, as lessee (Tables)
Leases, as lessee (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Right-of-use Assets, Current Lease Liabilities and Non-current Lease Liabilities | As of March 31, 2023 and December 31, 2022, ROU assets, current lease liabilities and non-current lease liabilities consisted of the following: March 31, 2023 December 31, 2022 Operating right-of-use-assets $ 407,553 $ 355,883 Finance right-of-use-assets (1) 70,204 21,994 Total right-of-use assets $ 477,757 $ 377,877 Current lease liabilities: Operating lease liabilities $ 77,692 $ 44,371 Finance lease liabilities 28,974 4,370 Total current lease liabilities $ 106,666 $ 48,741 Non-current lease liabilities: Operating lease liabilities $ 313,822 $ 290,899 Finance lease liabilities 35,799 11,222 Total non-current lease liabilities $ 349,621 $ 302,121 (1) Finance lease ROU assets are recorded net of accumulated amortization of $3,923 and $2,134 as of March 31, 2023 and December 31, 2022 , respectively. |
Lease, Cost | For the three months ended March 31, 2023 and 2022, the Company’s operating lease cost recorded within the condensed consolidated statements of operations and comprehensive income was as follows: Three Months Ended March 31, 2023 2022 Fixed lease cost $ 16,368 $ 18,500 Variable lease cost 597 470 Short-term lease cost 3,549 4,225 Lease cost - Cost of sales $ 15,754 $ 20,903 Lease cost - Operations and maintenance 2,841 765 Lease cost - Selling, general and administrative 1,919 1,527 Three Months Ended March 31, 2023 2022 Interest expense related to finance leases $ 468 $ 229 Amortization of right-of-use asset related to finance leases 1,789 379 |
Supplemental Cash Flow Information Related to Leases | Cash paid for operating leases is reported in operating activities in the condensed consolidated statements of cash flows. Supplemental cash flow information related to leases was as follows for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Operating cash outflows for operating lease liabilities $ 24,849 $ 27,122 Financing cash outflows for finance lease liabilities 372 1,308 Right-of-use assets obtained in exchange for new operating lease liabilities 65,040 127,451 Right-of-use assets obtained in exchange for new finance lease liabilities 49,999 — |
Future Payments Due under Operating and Financing Lease | The future payments due under operating and finance leases as of March 31, 2023 are as follows: Operating Leases Financing Leases Due remainder of 2023 $ 79,564 $ 25,406 2024 102,863 29,997 2025 66,893 11,867 2026 51,925 3,041 2027 51,464 436 Thereafter 184,056 941 Total lease payments $ 536,765 $ 71,688 Less: effects of discounting 145,251 6,915 Present value of lease liabilities $ 391,514 $ 64,773 Current lease liability $ 77,692 $ 28,974 Non-current lease liability 313,822 35,799 |
Financial instruments (Tables)
Financial instruments (Tables) | 3 Months Ended |
Mar. 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 March 31, 2023 and December 31, 2022: Level 1 Level 2 Level 3 Total March 31, 2023 Assets Investment in equity securities $ 12,653 $ — $ 7,678 $ 20,331 Liabilities Commodity swap $ — $ 5,730 $ — $ 5,730 Contingent consideration derivative liabilities — — 44,374 44,374 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 | 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 condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Contingent consideration derivative liabilities - Fair value adjustment - gain $ (3,013) $ (446) |
Restricted cash (Tables)
Restricted cash (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Restricted Cash [Abstract] | |
Restricted Cash | As of March 31, 2023 and December 31, 2022, restricted cash consisted of the following: March 31, 2023 December 31, 2022 Cash restricted under the terms of loan agreements $ 85,819 $ 124,085 Collateral for letters of credit and performance bonds 239,479 41,392 Collateral for interest rate swaps — 2,500 Total restricted cash $ 325,298 $ 167,977 Current restricted cash $ 325,298 $ 165,396 Non-current restricted cash — 2,581 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory | As of March 31, 2023 and December 31, 2022, inventory consisted of the following: March 31, 2023 December 31, 2022 LNG and natural gas inventory $ 50,038 $ 15,398 Automotive diesel oil inventory 9,270 8,164 Bunker fuel, materials, supplies and other 17,228 15,508 Total inventory $ 76,536 $ 39,070 |
Prepaid expenses and other cu_2
Prepaid expenses and other current assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepaid Expenses and Other Current Assets, Net | As of March 31, 2023 and December 31, 2022, prepaid expenses and other current assets consisted of the following: March 31, 2023 December 31, 2022 Prepaid expenses $ 24,701 $ 56,380 Recoverable taxes 47,989 37,504 Commodity swap — 104,797 Due from affiliates 890 698 Other current assets 28,671 27,504 Total prepaid expenses and other current assets, net $ 102,251 $ 226,883 |
Equity method investments (Tabl
Equity method investments (Tables) | 3 Months Ended |
Mar. 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: March 31, 2023 Equity method investments as of December 31, 2022 $ 392,306 Dividends (5,830) Equity in earnings of investees 9,980 Sale of equity method investments (260,156) Equity method investments as of March 31, 2023 $ 136,300 |
Equity Method Investments | The carrying amounts of the Company's equity method investments as of March 31, 2023 and December 31, 2022 are: March 31, 2023 December 31, 2022 Hilli LLC $ — $ 260,000 Energos 136,300 132,306 Total $ 136,300 $ 392,306 |
Construction in progress (Table
Construction in progress (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Construction in progress [Abstract] | |
Construction in Progress Activity | The Company’s construction in progress activity during the three months ended March 31, 2023 is detailed below: March 31, 2023 Construction in progress as of December 31, 2022 $ 2,418,608 Additions 931,823 Impact of currency translation adjustment 8,387 Transferred to property, plant and equipment, net (1,384) Construction in progress as of March 31, 2023 $ 3,357,434 |
Property, plant and equipment_2
Property, plant and equipment, net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | As of March 31, 2023 and December 31, 2022, the Company’s property, plant and equipment, net consisted of the following: March 31, 2023 December 31, 2022 Vessels $ 1,518,839 $ 1,518,839 Terminal and power plant equipment 218,572 218,296 CHP facilities 125,015 123,897 Gas terminals 177,780 177,780 ISO containers and other equipment 134,924 134,324 LNG liquefaction facilities 63,316 63,316 Gas pipelines 66,319 65,985 Land 53,737 52,995 Leasehold improvements 10,252 9,377 Accumulated depreciation (274,337) (248,082) Total property, plant and equipment, net $ 2,094,417 $ 2,116,727 |
Goodwill and intangible assets
Goodwill and intangible assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Composition of Intangible Assets | The following tables summarize the composition of intangible assets as of March 31, 2023 and December 31, 2022: March 31, 2023 Gross Carrying Accumulated Currency Translation Net Carrying Weighted Definite-lived intangible assets Favorable vessel charter contracts $ 106,500 $ (71,098) $ — $ 35,402 3 Permits and development rights 48,217 (4,452) (1,234) 42,531 38 Easements 1,556 (307) — 1,249 30 Indefinite-lived intangible assets Easements 1,191 — (61) 1,130 n/a Total intangible assets $ 157,464 $ (75,857) $ (1,295) $ 80,312 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 |
Other non-current assets, net (
Other non-current assets, net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Schedule of Other Assets, Noncurrent | As of March 31, 2023 and December 31, 2022, Other non-current assets consisted of the following: March 31, 2023 December 31, 2022 Assets held for sale $ 45,652 $ 40,685 Contract assets, net (Note 4) 26,538 28,651 Investments in equity securities (Note 6) 20,331 17,806 Cost to fulfill (Note 4) 9,622 9,773 Upfront payments to customers 9,010 9,158 Other 27,402 35,606 Total other non-current assets, net $ 138,555 $ 141,679 |
Accrued liabilities (Tables)
Accrued liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | As of March 31, 2023 and December 31, 2022, accrued liabilities consisted of the following: March 31, 2023 December 31, 2022 Accrued development costs $ 507,503 $ 364,157 Accrued interest 12,106 51,994 Accrued bonuses 12,063 37,739 Accrued dividend — 626,310 Other accrued expenses 71,256 82,212 Total accrued liabilities $ 602,928 $ 1,162,412 |
Other current liabilities (Tabl
Other current liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | As of March 31, 2023 and December 31, 2022 , other current liabilities consisted of the following: March 31, 2023 December 31, 2022 Derivative liabilities $ 23,925 $ 19,458 Contract liabilities (Note 4) 36,020 12,748 Income tax payable 26,592 6,261 Due to affiliates 4,980 7,499 Other current liabilities 7,758 6,912 Total other current liabilities $ 99,275 $ 52,878 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-term Debt | As of March 31, 2023 and December 31, 2022, debt consisted of the following: March 31, 2023 December 31, 2022 Senior Secured Notes, due September 2025 $ 1,243,914 $ 1,243,351 Senior Secured Notes, due September 2026 1,482,722 1,481,639 Vessel Financing Obligation, due August 2042 1,388,535 1,406,091 South Power 2029 Bonds, due May 2029 216,373 216,177 Barcarena Term Loan, due February 2024 197,036 194,427 Revolving Facility 700,000 — Total debt $ 5,228,580 $ 4,541,685 Current portion of long-term debt $ 277,035 $ 64,820 Long-term debt 4,951,545 4,476,865 |
Interest Expense | Interest expense, net of amounts capitalized, recognized for the three months ended March 31, 2023 and 2022 consisted of the following: Three Months Ended March 31, 2023 2022 Interest per contractual rates $ 64,259 $ 55,349 Interest expense on Vessel Financing Obligation 54,330 — Amortization of debt issuance costs, premiums and discounts 3,592 2,475 Interest expense incurred on finance lease obligations 468 229 Total interest costs $ 122,649 $ 58,053 Capitalized interest 50,976 13,137 Total interest expense $ 71,673 $ 44,916 |
Earnings per share (Tables)
Earnings per share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Three Months Ended March 31, 2023 2022 Numerator: Net income $ 151,566 $ 241,181 Net loss attributable to non-controlling interests (1,360) (2,912) Net income attributable to Class A common stock $ 150,206 $ 238,269 Denominator: Weighted-average shares - basic 208,707,385 209,928,070 Net income per share - basic $ 0.72 $ 1.14 Weighted-average shares - diluted 209,325,619 210,082,295 Net income per share - diluted $ 0.71 $ 1.13 |
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 periods presented because its effects would have been anti-dilutive. March 31, 2023 March 31, 2022 Equity Agreement shares (1) — 472,084 Total — 472,084 |
Share-based compensation (Table
Share-based compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Nonvested Performance-based Units Activity | PSUs Granted Units Granted Range of Vesting Units Vested / Probable of Vesting Unrecognized Compensation Cost (1) Weighted Average 2022 Grant 742,073 0 to 1,484,146 — 62,015 0.75 years (1) Unrecognized compensation cost is based upon the maximum amount of shares that could vest. |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | The table below presents segment information for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 (in thousands of $) Terminals and Ships Total Consolidation and Other (4) Consolidated Statement of operations: Total revenues $ 502,608 $ 97,917 $ 600,525 $ (21,394) $ 579,131 Cost of sales (1) (3) 73,798 — 73,798 111,140 184,938 Vessel operating expenses — 19,239 19,239 (5,948) 13,291 Operations and maintenance 26,671 — 26,671 — 26,671 Segment Operating Margin $ 402,139 $ 78,678 $ 480,817 $ (126,586) $ 354,231 Balance sheet: Total assets $ 6,584,603 $ 1,639,143 $ 8,223,746 $ — $ 8,223,746 Other segmental financial information: Capital expenditures (2) $ 931,823 $ — $ 931,823 $ — $ 931,823 Three Months Ended March 31, 2022 (in thousands of $) Terminals and Ships Total Segment Consolidation and Other (4) Consolidated Statement of operations: Total revenues $ 480,349 $ 114,942 $ 595,291 $ (90,173) $ 505,118 Cost of sales (3) 235,532 — 235,532 (27,234) 208,298 Vessel operating expenses 3,492 25,942 29,434 (6,470) 22,964 Operations and maintenance 30,242 — 30,242 (7,074) 23,168 Segment Operating Margin $ 211,083 $ 89,000 $ 300,083 $ (49,395) $ 250,688 Balance sheet: Total assets $ 5,291,601 $ 2,074,207 $ 7,365,808 $ — $ 7,365,808 Other segmental financial information: Capital expenditures (2) $ 196,390 $ 3,289 $ 199,679 $ — $ 199,679 (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 our commodity purchases and sales, and in the first quarter of 2023, realized gains of $146,112 were recognized as a reduction to Cost of sales in the segment measure. Unrealized changes in the mark-to-market value of derivative transactions of $111,140 reconcile Cost of sales in the segment measure to Cost of sales in the condensed consolidated statements of operations and comprehensive income. (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 condensed 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 and exclusion of the unrealized mark-to-market gain or loss on derivative instruments. |
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: Three Months Ended March 31, (in thousands of $) 2023 2022 Net income $ 151,566 $ 241,181 Add: Selling, general and administrative 52,138 48,041 Transaction and integration costs 494 1,901 Depreciation and amortization 34,375 34,290 Interest expense 71,673 44,916 Other expense (income), net 25,005 (19,725) Tax provision (benefit) 28,960 (49,681) (Income) from equity method investments (9,980) (50,235) Consolidated Segment Operating Margin $ 354,231 $ 250,688 |
Organization (Details)
Organization (Details) | 3 Months Ended |
Mar. 31, 2023 Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | 2 |
Revenue recognition - Narrative
Revenue recognition - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | |||
Operating revenue | $ 501,688 | $ 400,075 | |
Receivables, revenue from contracts with customers | 196,256 | $ 280,382 | |
Accounts receivable, allowance for credit loss, current | 748 | 884 | |
Contract with customer, receivable, after allowance for credit loss | 376 | 401 | |
Unbilled receivables net of current expected credit losses | 34,563 | 36,483 | |
Capitalized contract cost, net | 11,632 | 10,377 | |
Other current assets | 2,010 | 604 | |
Other noncurrent assets | 9,622 | $ 9,773 | |
Revenue from third party charters | 76,524 | ||
Direct financing lease, interest income | 11,581 | ||
Vessel charter revenue | 76,524 | 92,420 | |
Realized Investment Gains (Losses) | 146,112 | ||
Cargo Sales | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 349,361 | 285,171 | |
Cargo Sales, Cancellation Fee | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | $ 169,500 | ||
CELSE | |||
Disaggregation of Revenue [Line Items] | |||
Vessel charter revenue | $ 1,634 |
Revenue recognition - Contract
Revenue recognition - Contract Liabilities and Contract Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Contract assets, net - current | $ 8,247 | $ 8,083 |
Contract assets, net - non-current | 26,538 | 28,651 |
Total contract assets, net | 34,785 | 36,734 |
Contract liabilities | 36,020 | 12,748 |
Revenue recognized in the year from: | ||
Amounts included in contract liabilities at the beginning of the year | $ 6,809 | $ 2,951 |
Revenue recognition - Performan
Revenue recognition - Performance Obligation (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 11,567,260 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 667,782 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 9 months |
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 | $ 1,183,908 |
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 | $ 770,982 |
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 | $ 501,753 |
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 | $ 498,876 |
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 | $ 7,943,959 |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Property, plant and equipment | $ 896,719 | $ 1,292,957 |
Accumulated depreciation | (91,385) | (80,233) |
Total property, plant and equipment, net | $ 805,334 | $ 1,212,724 |
Revenue recognition - Component
Revenue recognition - Components of Lease Income from Vessel Operating Lease (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Operating lease income | $ 76,524 | $ 80,222 |
Variable lease income | 0 | 10,564 |
Total operating lease income | $ 76,524 | $ 90,786 |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating right-of-use-assets | $ 407,553 | $ 355,883 |
Finance right-of-use assets | 70,204 | 21,994 |
Total right-of-use assets | 477,757 | 377,877 |
Current lease liabilities: | ||
Operating lease liabilities | 77,692 | 44,371 |
Finance lease liabilities | 28,974 | 4,370 |
Total current lease liabilities | 106,666 | 48,741 |
Non-current lease liabilities: | ||
Operating lease liabilities | 313,822 | 290,899 |
Finance lease liabilities | 35,799 | 11,222 |
Total non-current lease liabilities | 349,621 | 302,121 |
Finance lease, right-of-use asset, accumulated amortization | $ 3,923 | $ 2,134 |
Leases, as lessee - Components
Leases, as lessee - Components of Operating Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Fixed lease cost | $ 16,368 | $ 18,500 |
Variable lease cost | 597 | 470 |
Short-term lease cost | 3,549 | 4,225 |
Lease cost - Cost of sales | 15,754 | 20,903 |
Lease cost - Operations and maintenance | 2,841 | 765 |
Lease cost - Selling, general and administrative | $ 1,919 | $ 1,527 |
Leases, as lessee - Narrative (
Leases, as lessee - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Leases [Abstract] | |||
Lease, cost | $ 4,256 | $ 8,242 | |
Operating lease, weighted average remaining lease term | 7 years 2 months 12 days | ||
Finance lease, weighted average remaining lease term | 2 years 7 months 6 days | ||
Operating lease, weighted average discount rate, percent | 8.50% | 8.50% | |
Finance lease, weighted average discount rate, percent | 8.30% | 5.10% |
Leases, as lessee - Depreciatio
Leases, as lessee - Depreciation and Amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Interest expense related to finance leases | $ 468 | $ 229 |
Amortization of right-of-use asset related to finance leases | $ 1,789 | $ 379 |
Leases, as lessee - Supplementa
Leases, as lessee - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Operating cash outflows for operating lease liabilities | $ 24,849 | $ 27,122 |
Financing cash outflows for finance lease liabilities | 372 | 1,308 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 65,040 | 127,451 |
Right-of-use assets obtained in exchange for new finance lease liabilities | $ 49,999 | $ 0 |
Leases, as lessee - Future Paym
Leases, as lessee - Future Payments Due under Operating and Finance Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Operating Leases | ||
Due remainder of 2023 | $ 79,564 | |
2024 | 102,863 | |
2025 | 66,893 | |
2026 | 51,925 | |
2027 | 51,464 | |
Thereafter | 184,056 | |
Total lease payments | 536,765 | |
Less: effects of discounting | 145,251 | |
Present value of lease liabilities | 391,514 | |
Current lease liability | 77,692 | $ 44,371 |
Non-current lease liability | 313,822 | 290,899 |
Financing Leases | ||
Due remainder of 2023 | 25,406 | |
2024 | 29,997 | |
2025 | 11,867 | |
2026 | 3,041 | |
2027 | 436 | |
Thereafter | 941 | |
Total lease payments | 71,688 | |
Less: effects of discounting | 6,915 | |
Present value of lease liabilities | 64,773 | |
Finance lease liabilities | 28,974 | 4,370 |
Non-current lease liability | $ 35,799 | $ 11,222 |
Financial instruments - Narrati
Financial instruments - Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 MMBTU $ / MMBTU | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Unrealized loss on derivatives | $ 5,730 | ||
Commodity swap | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Energy of commodity swap transaction | MMBTU | 6,800,000 | ||
Underlying, derivative energy measure (in dollars per MMBtu) | $ / MMBTU | 40.55 | ||
Gain on settlement of swap | $ 41,315 | ||
Realized gain on settlement of swap | 146,112 | ||
Unrealized gain on settlement of swap | $ 104,797 |
Financial instruments - Financi
Financial instruments - Financial Assets and Financial Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Investment in equity securities | $ 20,331 | $ 17,806 |
Interest rate swap | ||
Assets | ||
Derivative asset | 11,650 | |
Commodity swap | ||
Assets | ||
Derivative asset | 104,797 | |
Contingent consideration derivative liabilities | ||
Contingent consideration derivative liabilities | 5,730 | |
Contingent consideration derivative liabilities | ||
Contingent consideration derivative liabilities | ||
Contingent consideration derivative liabilities | 44,374 | 46,619 |
Level 1 | ||
Assets | ||
Investment in equity securities | 12,653 | 10,128 |
Level 1 | Interest rate swap | ||
Assets | ||
Derivative asset | 0 | |
Level 1 | Commodity swap | ||
Assets | ||
Derivative asset | 0 | |
Contingent consideration derivative liabilities | ||
Contingent consideration derivative liabilities | 0 | |
Level 1 | Contingent consideration derivative liabilities | ||
Contingent consideration derivative liabilities | ||
Contingent consideration derivative liabilities | 0 | 0 |
Level 2 | ||
Assets | ||
Investment in equity securities | 0 | 0 |
Level 2 | Interest rate swap | ||
Assets | ||
Derivative asset | 11,650 | |
Level 2 | Commodity swap | ||
Assets | ||
Derivative asset | 104,797 | |
Contingent consideration derivative liabilities | ||
Contingent consideration derivative liabilities | 5,730 | |
Level 2 | Contingent consideration derivative liabilities | ||
Contingent consideration derivative liabilities | ||
Contingent consideration derivative liabilities | 0 | 0 |
Level 3 | ||
Assets | ||
Investment in equity securities | 7,678 | 7,678 |
Level 3 | Interest rate swap | ||
Assets | ||
Derivative asset | 0 | |
Level 3 | Commodity swap | ||
Assets | ||
Derivative asset | 0 | |
Contingent consideration derivative liabilities | ||
Contingent consideration derivative liabilities | 0 | |
Level 3 | Contingent consideration derivative liabilities | ||
Contingent consideration derivative liabilities | ||
Contingent consideration derivative liabilities | $ 44,374 | $ 46,619 |
Financial instruments - Summary
Financial instruments - Summary of Fair Value Adjustment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Contingent consideration derivative liabilities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value adjustment loss (gain) | $ (3,013) | $ (446) |
Restricted cash - Summary of Re
Restricted cash - Summary of Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Restricted Cash [Abstract] | |||
Cash restricted under the terms of loan agreements | $ 85,819 | $ 124,085 | |
Collateral for letters of credit and performance bonds | 239,479 | 41,392 | |
Collateral for interest rate swaps | 0 | 2,500 | |
Total restricted cash | 325,298 | 167,977 | |
Current restricted cash | 325,298 | 165,396 | $ 74,873 |
Non-current restricted cash | 0 | $ 2,581 | $ 7,960 |
Cash collateral for letter of credit | $ 203,000 |
Inventory - Summary of Inventor
Inventory - Summary of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
LNG and natural gas inventory | $ 50,038 | $ 15,398 |
Automotive diesel oil inventory | 9,270 | 8,164 |
Bunker fuel, materials, supplies and other | 17,228 | 15,508 |
Total inventory | $ 76,536 | $ 39,070 |
Inventory - Narrative (Details)
Inventory - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | ||
Inventory write-down | $ 0 | $ 0 |
Prepaid expenses and other cu_3
Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid expenses | $ 24,701 | $ 56,380 |
Recoverable taxes | 47,989 | 37,504 |
Commodity swap | 0 | 104,797 |
Due from affiliates | 890 | 698 |
Other current assets | 28,671 | 27,504 |
Total prepaid expenses and other current assets, net | 102,251 | 226,883 |
Prepaid inventory | $ 4,821 | $ 34,882 |
Equity method investments - Cha
Equity method investments - Changes in Equity Method Investments (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Equity Method Investments [Roll Forward] | |
Equity method investments as of December 31, 2022 | $ 392,306 |
Dividends | (5,830) |
Equity in earnings of investees | 9,980 |
Sale of equity method investments | (260,156) |
Equity method investments as of March 31, 2023 | $ 136,300 |
Equity method investments - Car
Equity method investments - Carrying Amount of Equity Method Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 136,300 | $ 392,306 |
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 | $ 136,300 | $ 132,306 |
Equity method investments - Nar
Equity method investments - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 15, 2023 USD ($) shares | Aug. 15, 2022 USD ($) Vessel | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investment, difference between carrying amount and underlying equity | $ (1,548) | $ 16,976 | $ 16,976 | |||
Sale of equity method investment | 100,000 | $ 0 | ||||
Sale of equity method investments | 37,401 | 0 | ||||
Purchase agreement, consideration received | $ 1,850,000 | |||||
Number of vessels sold | Vessel | 8 | |||||
Number of additional vessels contributed | Vessel | 3 | |||||
Equity in earnings of investees | 9,980 | $ 50,235 | ||||
Hilli LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Cancellation of shares (in shares) | shares | 4,100,000 | |||||
Sale of equity method investment | $ 100,000 | |||||
Other-than-temporary impairment | $ 118,558 | |||||
Sale of equity method investments | 37,401 | |||||
Equity method investment, percentage of outstanding principal and interest guaranteed | 50% | |||||
Guarantor obligations, derecognized | 2,286 | |||||
Energos Infrastructure | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership interest acquired | 20% | |||||
Energos | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity in earnings of investees | $ 3,994 |
Construction in progress (Detai
Construction in progress (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Construction in Progress [Roll Forward] | |
Construction in progress as of December 31, 2022 | $ 2,418,608 |
Additions | 931,823 |
Impact of currency translation adjustment | 8,387 |
Transferred to property, plant and equipment, net | (1,384) |
Construction in progress as of March 31, 2023 | $ 3,357,434 |
Construction in progress - Narr
Construction in progress - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Long-Lived Assets Held-for-sale [Line Items] | ||
Interest expense | $ 71,673 | $ 44,916 |
Additions | 931,823 | |
Construction in Progress | ||
Long-Lived Assets Held-for-sale [Line Items] | ||
Interest expense | 50,976 | $ 13,137 |
FAST LNG Projects | ||
Long-Lived Assets Held-for-sale [Line Items] | ||
Additions | $ 767,607 |
Property, plant and equipment_3
Property, plant and equipment, net - Summary (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | $ (274,337) | $ (248,082) |
Total property, plant and equipment, net | 2,094,417 | 2,116,727 |
Vessels | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,518,839 | 1,518,839 |
Total property, plant and equipment, net | 1,315,661 | 1,328,553 |
Terminal and power plant equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 218,572 | 218,296 |
CHP facilities | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 125,015 | 123,897 |
Gas terminals | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 177,780 | 177,780 |
ISO containers and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 134,924 | 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 | 53,737 | 52,995 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 10,252 | $ 9,377 |
Property, plant and equipment_4
Property, plant and equipment, net - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 26,000 | $ 26,109 |
Cost of Sales | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 231 | $ 563 |
Goodwill and intangible asset_2
Goodwill and intangible assets - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 776,760 | $ 776,760 | |
Amortization of intangible assets | $ 6,796 | $ 8,343 |
Goodwill and intangible asset_3
Goodwill and intangible assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Definite-lived intangible assets | ||
Accumulated Amortization | $ (75,857) | $ (69,245) |
Indefinite-lived intangible assets | ||
Total intangible assets, Gross Carrying Amount | 157,464 | 157,464 |
Total Intangible Assets, Currency Translation Adjustment | (1,295) | (2,322) |
Total Intangible Assets, Net Carrying Amount | 80,312 | 85,897 |
Easements | ||
Indefinite-lived intangible assets | ||
Gross Carrying Amount | 1,191 | 1,191 |
Currency Translation Adjustment | (61) | (83) |
Net Carrying Amount | 1,130 | 1,108 |
Favorable vessel charter contracts | ||
Definite-lived intangible assets | ||
Gross Carrying Amount | 106,500 | 106,500 |
Accumulated Amortization | (71,098) | (64,836) |
Currency Translation Adjustment | 0 | 0 |
Net Carrying Amount | $ 35,402 | $ 41,664 |
Weighted Average Life | 3 years | 3 years |
Permits and development rights | ||
Definite-lived intangible assets | ||
Gross Carrying Amount | $ 48,217 | $ 48,217 |
Accumulated Amortization | (4,452) | (4,115) |
Currency Translation Adjustment | (1,234) | (2,239) |
Net Carrying Amount | $ 42,531 | $ 41,863 |
Weighted Average Life | 38 years | 38 years |
Easements | ||
Definite-lived intangible assets | ||
Gross Carrying Amount | $ 1,556 | $ 1,556 |
Accumulated Amortization | (307) | (294) |
Currency Translation Adjustment | 0 | 0 |
Net Carrying Amount | $ 1,249 | $ 1,262 |
Weighted Average Life | 30 years | 30 years |
Other non-current assets, net -
Other non-current assets, net - Summary Non-Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Other Assets, Noncurrent Disclosure [Abstract] | ||
Assets held for sale | $ 45,652 | $ 40,685 |
Contract assets, net (Note 4) | 26,538 | 28,651 |
Investments in equity securities (Note 6) | 20,331 | 17,806 |
Cost to fulfill (Note 4) | 9,622 | 9,773 |
Upfront payments to customers | 9,010 | 9,158 |
Other | 27,402 | 35,606 |
Total other non-current assets, net | $ 138,555 | $ 141,679 |
Other non-current assets, net_2
Other non-current assets, net - Narrative (Details) $ in Thousands, R$ in Millions | 3 Months Ended | ||||
Mar. 31, 2023 USD ($) contract | Sep. 30, 2022 | Mar. 31, 2022 USD ($) | Mar. 31, 2023 BRL (R$) contract | Dec. 31, 2022 USD ($) | |
Asset Acquisition [Line Items] | |||||
Recognized unrealized gains | $ 2,525 | $ (192) | |||
Equity securities without readily determinable fair value, amount | $ 7,678 | $ 7,678 | |||
Number of natural gas sales contracts | contract | 2 | 2 | |||
Share purchase agreement, payments to acquire shares | $ 12,000 | R$ 59 | |||
Disposal group, including discontinued operation, other long-term liabilities | 24,151 | 23,543 | |||
Assets held-for-sale, cash balance | $ 13,966 | $ 11,614 | |||
Newco | Centrais Eletricas de Pernambuco S.A (EPESA) | |||||
Asset Acquisition [Line Items] | |||||
Share purchase agreement, percentage of shares subsequently sold | 100% |
Accrued liabilities (Details)
Accrued liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Inventory [Line Items] | ||
Accrued development costs | $ 507,503 | $ 364,157 |
Accrued interest | 12,106 | 51,994 |
Accrued bonuses | 12,063 | 37,739 |
Accrued dividend | 0 | 626,310 |
Other accrued expenses | 71,256 | 82,212 |
Total accrued liabilities | 602,928 | 1,162,412 |
Liquefied Natural Gas | ||
Inventory [Line Items] | ||
Other accrued expenses | $ 11,304 | $ 45,511 |
Other current liabilities (Deta
Other current liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Derivative liabilities | $ 23,925 | $ 19,458 |
Contract liabilities (Note 4) | 36,020 | 12,748 |
Income tax payable | 26,592 | 6,261 |
Due to affiliates | 4,980 | 7,499 |
Other current liabilities | 7,758 | 6,912 |
Total other current liabilities | $ 99,275 | $ 52,878 |
Debt - Summary of Long Term Deb
Debt - Summary of Long Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Debt (excluding lessor VIE loans) | $ 5,228,580 | $ 4,541,685 |
Current portion of long-term debt | 277,035 | 64,820 |
Long-term debt | 4,951,545 | 4,476,865 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt (excluding lessor VIE loans) | 700,000 | 0 |
Senior Secured Notes, due September 2025 | ||
Debt Instrument [Line Items] | ||
Debt (excluding lessor VIE loans) | 1,243,914 | 1,243,351 |
Senior Secured Notes, due September 2026 | ||
Debt Instrument [Line Items] | ||
Debt (excluding lessor VIE loans) | 1,482,722 | 1,481,639 |
Vessel Financing Obligation, due August 2042 | ||
Debt Instrument [Line Items] | ||
Debt (excluding lessor VIE loans) | 1,388,535 | 1,406,091 |
South Power 2029 Bonds, due May 2029 | ||
Debt Instrument [Line Items] | ||
Debt (excluding lessor VIE loans) | 216,373 | 216,177 |
Barcarena Term Loan, due February 2024 | ||
Debt Instrument [Line Items] | ||
Debt (excluding lessor VIE loans) | $ 197,036 | $ 194,427 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Level 2 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 5,086,118 | $ 4,327,311 |
Debt - Revolving Facility Narra
Debt - Revolving Facility Narrative (Details) | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2021 USD ($) | Mar. 31, 2023 USD ($) | Feb. 28, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Line of Credit Facility [Abstract] | ||||
Extended maturity period | 1 year | |||
Maximum debt to capitalization ratio | 0.7 | |||
Revolving Credit Facility | ||||
Line of Credit Facility [Abstract] | ||||
Outstanding principal balance | $ 200,000,000 | |||
Fees incurred | $ 4,965,000 | $ 5,398,000 | ||
Deferred financing costs | 9,560,000 | 5,172,000 | ||
Revolving Credit Facility | Line of Credit | ||||
Line of Credit Facility [Abstract] | ||||
Line of credit facility, increase limit | $ 301,700,000 | $ 240,000,000 | ||
Issuance of letter of credit | $ 741,700,000 | |||
Proceeds from long-term lines of credit | $ 700,000,000 | |||
Revolving Credit Facility | December 31, 2021 through September 30, 2023 | ||||
Line of Credit Facility [Abstract] | ||||
Maximum debt to annualized EBITDA ratio | 5 | |||
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 - Summary of Interest Expe
Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Instrument [Line Items] | ||
Total interest expense | $ 71,673 | $ 44,916 |
Financing interest expense, non-cash | 49,903 | |
Debt | ||
Debt Instrument [Line Items] | ||
Interest per contractual rates | 64,259 | 55,349 |
Interest expense on Vessel Financing Obligation | 54,330 | 0 |
Amortization of debt issuance costs, premiums and discounts | 3,592 | 2,475 |
Interest expense incurred on finance lease obligations | 468 | 229 |
Total interest costs | 122,649 | 58,053 |
Capitalized interest | 50,976 | 13,137 |
Total interest expense | $ 71,673 | $ 44,916 |
Income taxes (Details)
Income taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 16% | (25.90%) |
Tax provision (benefit) | $ (28,960) | $ 49,681 |
Earnings per share - Summary (D
Earnings per share - Summary (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator: | ||
Net income | $ 151,566 | $ 241,181 |
Net loss attributable to non-controlling interests | (1,360) | (2,912) |
Net income attributable to stockholders | $ 150,206 | $ 238,269 |
Denominator: | ||
Weighted-average shares - basic (in shares) | 208,707,385 | 209,928,070 |
Net income (loss) per share - basic (in dollars per share) | $ 0.72 | $ 1.14 |
Weighted-average shares - diluted (in shares) | 209,325,619 | 210,082,295 |
Net income (loss) per share - diluted (in dollars per share) | $ 0.71 | $ 1.13 |
Earnings per share - Potentiall
Earnings per share - Potentially Dilutive (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
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 | 472,084 |
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 | 472,084 |
Earnings per share - Narrative
Earnings per share - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Adjustments to additional paid in capital, dividends in excess of retained earnings | $ 23,486 | $ 23,773 | |
Payments of dividends | 649,796 | 23,773 | |
Class A Shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Dividends payable | $ 626,310 | ||
Adjustments to additional paid in capital, dividends in excess of retained earnings | $ 20,467 | $ 20,754 | |
Common stock, dividends, per share, declared (in dollars per share) | $ 0.10 | $ 3 | $ 0.10 |
Series A Preferred Units | GMLP Merger Agreement | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Payments of dividends | $ 3,019 | $ 3,019 | |
Noncontrolling interest, ownership percentage by noncontrolling owners | 8.75% | 8.75% |
Share-based compensation - Summ
Share-based compensation - Summary of PSU Activity (Details) - Performance Share Units (PSUs) - Employees and Non-employees - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 742,073 | |
Vested (in shares) | 0 | |
Unrecognized Compensation Cost | $ 62,015 | |
Weighted Average Remaining Vesting Period | 9 months | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vested (in shares) | 0 | 0 |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vested (in shares) | 1,484,146 |
Related party transactions - Na
Related party transactions - Narrative (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Aug. 31, 2018 | |
Related Party Transaction [Line Items] | ||||
Related party transaction, selling, general and administrative expenses from transactions with related party | $ 1,345,000 | $ 1,515,000 | ||
Related party transaction, amounts of transaction | 771,000 | 1,022,000 | ||
Present value of lease liabilities | 391,514,000 | |||
Related party transaction, expenses from transactions with related party | 192,000 | 195,000 | ||
DevTech Investment | ||||
Related Party Transaction [Line Items] | ||||
Due to affiliate | 105,000 | $ 80,000 | ||
Percentage of shares issued capital | 10% | |||
Restructured expense under related party | 105,000 | 98,000 | ||
Fortress | ||||
Related Party Transaction [Line Items] | ||||
Due to affiliate | 1,377,000 | 4,629,000 | ||
Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Due to affiliate | 771,000 | 416,000 | ||
Florida East Coast Industries | ||||
Related Party Transaction [Line Items] | ||||
Due to related parties | 23,000 | 0 | ||
Florida East Coast Industries | Land | ||||
Related Party Transaction [Line Items] | ||||
Present value of lease liabilities | 3,341,000 | 3,340,000 | ||
Florida East Coast Industries | Land | Operating Expense | ||||
Related Party Transaction [Line Items] | ||||
Operating lease, expense | 103,000 | 103,000 | ||
Fortress Affiliated Entities | ||||
Related Party Transaction [Line Items] | ||||
Due to affiliate | 3,043,000 | 2,455,000 | ||
Related party transaction, expenses from transactions with related party | 589,000 | $ 600,000 | ||
Due from affiliates | $ 892,000 | $ 700,000 |
Segments - Narrative (Details)
Segments - Narrative (Details) | 3 Months Ended |
Mar. 31, 2023 Carrier Segment Storage | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | Segment | 2 |
Number of FSRUs acquired | Storage | 5 |
Number of LNG carriers acquired | Carrier | 5 |
Terminals and Infrastructure | Centrais Eletricas de Sergipe Participacoes S.A. | |
Segment Reporting Information [Line Items] | |
Ownership interest acquired | 50% |
Ships | Hilli LLC | |
Segment Reporting Information [Line Items] | |
Ownership interest acquired | 50% |
Segments - Summary of Segment I
Segments - Summary of Segment Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Jan. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Segment Reporting Information, Profit (Loss) [Abstract] | ||||
Total revenues | $ 579,131 | $ 505,118 | ||
Cost of sales | 184,938 | 208,298 | ||
Vessel operating expenses | 13,291 | 22,964 | ||
Operations and maintenance | 26,671 | 23,168 | ||
Segment Operating Margin | 354,231 | 250,688 | ||
Balance sheet: | ||||
Total assets | 8,223,746 | 7,365,808 | $ 7,705,082 | |
Other segmental financial information: | ||||
Capital expenditures | 931,823 | 199,679 | ||
Unrealized gain (loss) on derivatives | $ (5,730) | |||
Commodity swap | ||||
Other segmental financial information: | ||||
Realized gain on settlement of swap | $ 146,112 | |||
Terminals and Infrastructure | 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 | $ (111,140) | |||
Ships | Hilli LLC | ||||
Other segmental financial information: | ||||
Ownership interest acquired | 50% | |||
Operating Segments | ||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||
Total revenues | $ 600,525 | 595,291 | ||
Cost of sales | 73,798 | 235,532 | ||
Vessel operating expenses | 19,239 | 29,434 | ||
Operations and maintenance | 26,671 | 30,242 | ||
Segment Operating Margin | 480,817 | 300,083 | ||
Balance sheet: | ||||
Total assets | 8,223,746 | 7,365,808 | ||
Other segmental financial information: | ||||
Capital expenditures | 931,823 | 199,679 | ||
Operating Segments | Terminals and Infrastructure | ||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||
Total revenues | 502,608 | 480,349 | ||
Cost of sales | 73,798 | 235,532 | ||
Vessel operating expenses | 0 | 3,492 | ||
Operations and maintenance | 26,671 | 30,242 | ||
Segment Operating Margin | 402,139 | 211,083 | ||
Balance sheet: | ||||
Total assets | 6,584,603 | 5,291,601 | ||
Other segmental financial information: | ||||
Capital expenditures | 931,823 | 196,390 | ||
Operating Segments | Ships | ||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||
Total revenues | 97,917 | 114,942 | ||
Cost of sales | 0 | 0 | ||
Vessel operating expenses | 19,239 | 25,942 | ||
Operations and maintenance | 0 | 0 | ||
Segment Operating Margin | 78,678 | 89,000 | ||
Balance sheet: | ||||
Total assets | 1,639,143 | 2,074,207 | ||
Other segmental financial information: | ||||
Capital expenditures | 0 | 3,289 | ||
Consolidation and Other | ||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||
Total revenues | (21,394) | (90,173) | ||
Cost of sales | 111,140 | (27,234) | ||
Vessel operating expenses | (5,948) | (6,470) | ||
Operations and maintenance | 0 | (7,074) | ||
Segment Operating Margin | (126,586) | (49,395) | ||
Balance sheet: | ||||
Total assets | 0 | 0 | ||
Other segmental financial information: | ||||
Capital expenditures | $ 0 | $ 0 |
Segments - Reconciliation of Ne
Segments - Reconciliation of Net loss to Operating Margin (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting [Abstract] | ||
Net income | $ 151,566 | $ 241,181 |
Add: | ||
Selling, general and administrative | 52,138 | 48,041 |
Transaction and integration costs | 494 | 1,901 |
Depreciation and amortization | 34,375 | 34,290 |
Interest expense | 71,673 | 44,916 |
Other expense (income), net | 25,005 | (19,725) |
Tax provision (benefit) | 28,960 | (49,681) |
(Income) from equity method investments | (9,980) | (50,235) |
Segment Operating Margin | $ 354,231 | $ 250,688 |