0001140361-20-024135 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2020	Oct. 26, 2020
Cover page.
Entity Registrant Name	New Fortress Energy Inc.
Entity Central Index Key	0001749723
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		168,738,423
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-38790
Entity Tax Identification Number	83-1482060
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	111 W. 19th Street
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Address Line Two	8th Floor
Entity Address, Postal Zip Code	10011
City Area Code	516
Local Phone Number	268-7400
Title of 12(b) Security	Class A common stock
Trading Symbol	NFE
Security Exchange Name	NASDAQ

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 112,723	$ 27,098
Restricted cash	25,714	30,966
Receivables, net of allowances of $183 and $0, respectively	93,000	49,890
Inventory	19,399	63,432
Prepaid expenses and other current assets, net	29,689	39,734
Total current assets	280,525	211,120
Restricted cash	15,000	34,971
Construction in progress	206,110	466,587
Property, plant and equipment, net	622,475	192,222
Right-of-use assets	140,143	0
Intangible assets, net	44,381	43,540
Finance leases, net	4,872	91,174
Investment in equity securities	164	2,540
Deferred tax assets, net	2,532	34
Other non-current assets, net	83,611	81,626
Total assets	1,399,813	1,123,814
Current liabilities
Accounts payable	92,774	11,593
Accrued liabilities	52,606	54,943
Current lease liabilities	36,380	0
Due to affiliates	9,219	10,252
Other current liabilities	31,272	25,475
Total current liabilities	222,251	102,263
Long-term debt	980,183	619,057
Non-current lease liabilities	83,843	0
Deferred tax liabilities, net	182	241
Other long-term liabilities	14,617	14,929
Total liabilities	1,301,076	736,490
Commitments and contingences (Note 18)
Stockholders' equity
Additional paid-in capital	325,053
Accumulated deficit	(229,673)	(45,823)
Accumulated other comprehensive income (loss)	85	(30)
Total stockholders' equity attributable to NFE	90,741	84,805
Non-controlling interest	7,996	302,519
Total stockholders' equity	98,737	387,324
Total liabilities and stockholders' equity	1,399,813	1,123,814
Class A Common Stock [Member]
Stockholders' equity
Common stock	1,687	0
Treasury stock, 0.6 million shares as of September 30, 2020, at cost; 0 shares at December 31, 2019, at cost	(6,411)	0
Class A Shares [Member]
Stockholders' equity
Common stock	0	130,658
Class B Shares [Member]
Stockholders' equity
Common stock	$ 0	$ 0

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets
Allowances for receivables	$ 183	$ 0
Stockholders' equity
Treasury shares (in shares)	600,000	0
Class A Common Stock [Member]
Stockholders' equity
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	750,000,000.0
Common stock, shares issued (in shares)	169,300,000
Shares outstanding (in shares)	168,738,423
Class A Shares [Member]
Stockholders' equity
Common stock, shares issued (in shares)	0	23,600,000
Shares outstanding (in shares)	0	23,600,000
Class B Shares [Member]
Stockholders' equity
Common stock, shares issued (in shares)	0	144,300,000
Shares outstanding (in shares)	0	144,300,000

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Operating revenue	$ 83,863	$ 35,345	$ 223,542	$ 93,221
Other revenue	52,995	14,311	82,412	26,152
Total revenues	136,858	49,656	305,954	119,373
Operating expenses
Cost of sales	71,665	45,832	209,780	123,224
Operations and maintenance	13,802	8,707	31,785	18,609
Selling, general and administrative	30,849	40,913	91,301	122,831
Contract termination charges and loss on mitigation sales	0	0	124,114	0
Depreciation and amortization	9,489	1,930	22,363	5,731
Total operating expenses	125,805	97,382	479,343	270,395
Operating income (loss)	11,053	(47,726)	(173,389)	(151,022)
Interest expense	19,813	4,974	50,901	14,457
Other expense, net	2,569	1,788	4,179	133
Loss on extinguishment and financing expenses	23,505	0	33,062	0
Loss before taxes	(34,834)	(54,488)	(261,531)	(165,612)
Tax expense (benefit)	1,836	(64)	1,949	337
Net loss	(36,670)	(54,424)	(263,480)	(165,949)
Net loss attributable to non-controlling interest	312	47,701	81,163	139,483
Net loss attributable to stockholders	$ (36,358)	$ (6,723)	$ (182,317)	$ (26,466)
Net loss per share - basic and diluted (in dollars per share)	$ (0.21)	$ (0.30)	$ (2.14)	$ (1.34)
Weighted average number of shares outstanding - basic and diluted (in shares)	170,074,532	22,692,104	85,009,385	19,689,568
Other comprehensive loss:
Net loss	$ (36,670)	$ (54,424)	$ (263,480)	$ (165,949)
Unrealized (gain) loss on currency translation adjustment	(971)	143	(1,122)	143
Comprehensive loss	(35,699)	(54,567)	(262,358)	(166,092)
Comprehensive (income) loss attributable to non-controlling interest	(926)	47,825	80,156	139,607
Comprehensive loss attributable to stockholders	$ (36,625)	$ (6,742)	$ (182,202)	$ (26,485)

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Members' Capital [Member]	Common Stock [Member] Class A Shares [Member]	Common Stock [Member] Class B Shares [Member]	Common Stock [Member] Class A Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Shares [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Non-controlling Interest [Member]	Total	Cumulative Effect, Period of Adoption, Adjustment [Member] Accumulated Deficit [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Accumulated Other Comprehensive (Loss) Income [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Non-controlling Interest [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]
Balance at Dec. 31, 2018	$ 426,741	$ 0	$ 0				$ (158,423)	$ (11)	$ 14,340	$ 282,647
Balance (in shares) at Dec. 31, 2018	67,983,095	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss										(165,949)
Balance at Sep. 30, 2019	$ 0	$ 123,760	$ 0				(38,480)	(19)	335,137	420,398
Balance (in shares) at Sep. 30, 2019	0	22,892,293	145,057,375
Balance at Mar. 31, 2019	$ 0	$ 102,265	$ 0				(25,571)	0	432,708	509,402
Balance (in shares) at Mar. 31, 2019	0	20,837,272	147,058,824
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss							(6,186)		(45,047)	(51,233)
Share-based compensation expense		$ 8,971								8,971
Balance at Jun. 30, 2019	$ 0	$ 111,236	$ 0				(31,757)	0	387,661	467,140
Balance (in shares) at Jun. 30, 2019	0	20,837,272	147,058,824
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss							(6,723)	0	(47,701)	(54,424)
Other comprehensive income (loss)							0	(19)	(124)	(143)
Share-based compensation expense		$ 7,825					0	0	0	7,825
Issuance of shares for vested RSUs							0	0	0	0
Issuance of shares for vested RSUs (in shares)		53,572
Exchange of NFI Units		$ 4,699					0	0	(4,699)	0
Exchange of NFI Units (in shares)		2,001,449	(2,001,449)
Balance at Sep. 30, 2019	$ 0	$ 123,760	$ 0				(38,480)	(19)	335,137	420,398
Balance (in shares) at Sep. 30, 2019	0	22,892,293	145,057,375
Balance at Dec. 31, 2019		$ 130,658	$ 0	$ 0	$ 0		(45,823)	(30)	302,519	387,324	$ (1,533)	$ 0	$ (7,780)	$ (9,313)
Balance (in shares) at Dec. 31, 2019		23,607,096	144,342,572	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss							(8,466)	0	(51,757)	(60,223)
Other comprehensive income (loss)							0	(53)	(316)	(369)
Share-based compensation expense		$ 2,508					0	0	0	2,508
Issuance of shares for vested RSUs							0	0	0	0
Issuance of shares for vested RSUs (in shares)		1,212,907
Shares withheld from employees related to share-based compensation, at cost (in shares)						(583,508)
Shares withheld from employees related to share-based compensation, at cost						$ (6,132)	0	0	0	(6,132)
Balance at Mar. 31, 2020		$ 133,166	$ 0	$ 0	0	$ (6,132)	(55,822)	(83)	242,666	313,795
Balance (in shares) at Mar. 31, 2020		24,820,003	144,342,572	0		(583,508)
Balance at Dec. 31, 2019		$ 130,658	$ 0	$ 0	0		(45,823)	(30)	302,519	387,324	$ (1,533)	$ 0	$ (7,780)	$ (9,313)
Balance (in shares) at Dec. 31, 2019		23,607,096	144,342,572	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss										(263,480)
Balance at Sep. 30, 2020		$ 0		$ 1,687	325,053	$ (6,411)	(229,673)	85	7,996	98,737
Balance (in shares) at Sep. 30, 2020		0	0	169,331,252		(592,829)
Balance at Mar. 31, 2020		$ 133,166	$ 0	$ 0	0	$ (6,132)	(55,822)	(83)	242,666	313,795
Balance (in shares) at Mar. 31, 2020		24,820,003	144,342,572	0		(583,508)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss							(137,493)	0	(29,094)	(166,587)
Other comprehensive income (loss)							0	435	85	520
Share-based compensation expense		$ 1,922					0	0	0	1,922
Issuance of shares for vested RSUs							0	0	0	0
Issuance of shares for vested RSUs (in shares)		11,529
Shares withheld from employees related to share-based compensation, at cost (in shares)						(3,250)
Shares withheld from employees related to share-based compensation, at cost						$ (40)	0	0	0	(40)
Exchange of NFI Units		$ 206,587							(206,587)
Exchange of NFI Units (in shares)		144,342,572	(144,342,572)	0
Balance at Jun. 30, 2020		$ 341,675	$ 0	$ 0	0	$ (6,172)	(193,315)	352	7,070	149,610
Balance (in shares) at Jun. 30, 2020		169,174,104	0	0		(586,758)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion from LLC to Corporation		$ (341,675)		$ 1,687	339,988		0	0	0	0
Conversion from LLC to Corporation (in shares)		(169,174,104)		169,174,104
Net loss							(36,358)	0	(312)	(36,670)
Other comprehensive income (loss)							0	(267)	1,238	971
Share-based compensation expense					2,071		0	0	0	2,071
Issuance of shares for vested RSUs							0	0	0	0
Issuance of shares for vested RSUs (in shares)		0		157,148
Shares withheld from employees related to share-based compensation, at cost (in shares)						(6,071)
Shares withheld from employees related to share-based compensation, at cost						$ (239)				(239)
Dividends					(17,006)					(17,006)
Balance at Sep. 30, 2020		$ 0		$ 1,687	$ 325,053	$ (6,411)	$ (229,673)	$ 85	$ 7,996	$ 98,737
Balance (in shares) at Sep. 30, 2020		0	0	169,331,252		(592,829)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net loss	$ (263,480)	$ (165,949)
Adjustments for:
Amortization of deferred financing costs	9,949	4,150
Depreciation and amortization	23,025	6,197
Non-cash contract termination charges and loss on mitigation sales	71,510	0
Loss on extinguishment of debt and financing expenses	37,090	0
Deferred taxes	388	318
Change in value of Investment in equity securities	2,376	2,127
Share-based compensation	6,501	35,833
Other	1,895	(209)
(Increase) in receivables	(43,307)	(8,403)
Decrease (Increase) in inventories	26,691	(12,666)
(Increase) in other assets	(16,526)	(44,985)
Decrease in right-of-use assets	31,910	0
Increase in accounts payable/accrued liabilities	23,982	8,807
(Decrease) Increase in amounts due to affiliates	(1,033)	3,375
(Decrease) in lease liabilities	(30,930)	0
Increase in other liabilities	4,249	16,644
Net cash used in operating activities	(115,710)	(154,761)
Cash flows from investing activities
Capital expenditures	(115,841)	(295,635)
Principal payments received on finance lease, net	137	600
Net cash used in investing activities	(115,704)	(295,035)
Cash flows from financing activities
Proceeds from borrowings of debt	1,832,144	337,000
Payment of deferred financing costs	(27,099)	(8,259)
Repayment of debt	(1,490,002)	(3,750)
Proceeds from IPO	0	274,948
Payments related to tax withholdings for share-based compensation	(6,356)	0
Payment of dividends	(16,871)	0
Payment of offering costs	0	(6,938)
Net cash provided by financing activities	291,816	593,001
Net increase in cash, cash equivalents and restricted cash	60,402	143,205
Cash, cash equivalents and restricted cash - beginning of period	93,035	100,853
Cash, cash equivalents and restricted cash - end of period	153,437	244,058
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	$ (4,682)	$ (51,586)

Organization

9 Months Ended

Sep. 30, 2020

Organization [Abstract]

Organization

1.	Organization

New Fortress Energy Inc. (“NFE,” together with its subsidiaries, the “Company”) is a Delaware corporation formed by New Fortress Energy Holdings LLC (“New Fortress Energy Holdings”). The Company is a global integrated gas-to-power infrastructure company that seeks to use natural gas to satisfy the world’s large and growing power needs and is engaged in providing energy and logistical services to end-users worldwide seeking to convert their operating assets from diesel or heavy fuel oil to LNG. The Company currently sources LNG from a combination of its own liquefaction facility in Miami, Florida and purchases on the open market. The Company has liquefaction, regasification and power generation operations in the United States and Jamaica.

The Company manages, analyzes and reports on its business and results of operations on the basis of one operating segment. The chief operating decision maker makes resource allocation decisions and assesses performance based on financial information presented on a consolidated basis.

Significant accounting policies

9 Months Ended

Sep. 30, 2020

Significant accounting policies [Abstract]

Significant accounting policies

2.	Significant accounting policies

The principle accounting policies adopted are set out below.

(a)	Basis of presentation and principles of consolidation

The accompanying unaudited interim condensed consolidated financial statements contained herein were prepared in accordance with 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. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned consolidated subsidiaries. The ownership interest of other investors in consolidated subsidiaries is recorded as a non-controlling interest. All significant intercompany transactions and balances have been eliminated on consolidation. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and accompanying notes included in its Annual Report on Form 10-K for the year ended December 31, 2019.

On February 4, 2019, the Company completed an initial public offering (“IPO”) and a series of other transactions, in which the Company issued and sold 20,000,000 Class A shares at an IPO price of $14.00 per share. The Company’s Class A shares began trading on NASDAQ Global Select Market (“NASDAQ”) under the symbol “NFE” on January 31, 2019. Net proceeds from the IPO were $257.0 million, after deducting underwriting discounts and commissions and transaction costs. These proceeds were contributed to New Fortress Intermediate LLC (“NFI”), an entity formed in conjunction with the IPO, in exchange for 20,000,000 limited liability company units in NFI (“NFI LLC Units”). In addition, New Fortress Energy Holdings contributed all of its interests in consolidated subsidiaries that comprised substantially all of its historical operations to NFI in exchange for NFI LLC Units. In connection with the IPO, New Fortress Energy Holdings also received 147,058,824 Class B shares of the Company, which is equal to the number of NFI LLC Units held by New Fortress Energy Holdings immediately following the IPO. New Fortress Energy Holdings retained a significant interest in NFE through its ownership of 147,058,824 Class B shares, representing a 88.0% voting and non-economic interest. New Fortress Energy Holdings also had an 88.0% economic interest in NFI through its ownership of 147,058,824 of NFI LLC Units. New Fortress Energy Holdings has been determined to be NFE’s predecessor for accounting purposes.

On March 1, 2019, the underwriters of the IPO exercised their option to purchase an additional 837,272 Class A shares at the IPO price of $14.00 per share, less underwriting discounts, which resulted in $11.0 million in additional net proceeds after deducting $0.7 million of underwriting discounts and commissions, such that there were 20,837,272 outstanding Class A shares. In connection with the exercise of the underwriters’ option to purchase an additional 837,272 Class A shares, NFE contributed such additional net proceeds to NFI in exchange for 837,272 NFI LLC Units.

NFE is a holding company whose sole material asset is a controlling equity interest in NFI. As the sole managing member of NFI, NFE operates and controls all of the business and affairs of NFI, and through NFI and its subsidiaries, conducts the Company’s historical business. The contribution of the assets of New Fortress Energy Holdings and net proceeds from the IPO to NFI was treated as a reorganization of entities under common control. As a result, NFE presented the condensed consolidated balance sheets and statements of operations and comprehensive loss of New Fortress Energy Holdings for all periods prior to the IPO.

On June 3, 2020, the Company entered into a mutual agreement (the “Mutual Agreement”) with the members holding the majority voting interest in New Fortress Energy Holdings (“Exchanging Members”) and NFE Sub LLC, a wholly-owned subsidiary of the Company. Pursuant to the Mutual Agreement, the Exchanging Members agreed to deliver a block redemption notice in accordance with the Amended and Restated Limited Liability Company Agreement of NFI (the “NFI LLCA”) with respect to all of the NFI LLC Units, together with an equal number of Class B shares of the Company, that such Exchanging Members indirectly own as members of New Fortress Energy Holdings. Pursuant to the Mutual Agreement, the Company agreed to exercise the Call Right (as defined in the NFI LLCA), pursuant to which the Company would acquire such NFI LLC Units and such Class B shares in exchange for Class A shares of the Company (the “Exchange Transactions”). The Exchange Transactions were completed on June 10, 2020. In connection with the closing of the Exchange Transactions, the Company issued 144,342,572 Class A shares in exchange for an equal number of NFI LLC Units, together with an equal number of Class B shares of the Company. Following the completion of the Exchange Transactions, the Company owns all of the NFI LLC Units directly or indirectly and no Class B shares remain outstanding.

Prior to the Exchange Transactions, the Company recognized the Exchanging Members’ economic interest in NFI as non-controlling interest in the Company’s condensed consolidated financial statements. Results of operations for the period prior to the date of the Exchange Transactions, June 10, 2020, was attributed to non-controlling interest based on the Exchanging Members’ interest in NFI; subsequent to the Exchange Transactions, results of operations, excluding results attributable to other investors in non-wholly owned subsidiaries, were recognized as net income or loss attributable to stockholders. Amounts that were attributable to these Exchanging Members' prior interest in NFI previously shown as non-controlling interest on the Company’s consolidated balance sheets have been reclassified to Class A shares.

On August 7, 2020, the Company converted New Fortress Energy LLC (“NFE LLC”) from a Delaware limited liability company to a Delaware corporation named New Fortress Energy Inc. (“the Conversion”). Since the IPO, NFE LLC has been a corporation for U.S. federal tax purposes, and converting NFE LLC from a limited liability company to a corporation has no effect on the U.S. federal tax treatment of the Company or its shareholders. Upon the Conversion, each Class A share, representing Class A limited liability company interests of NFE LLC (“Class A shares”), outstanding immediately prior to the Conversion were converted into one issued and outstanding, fully paid and nonassessable share of Class A common stock, $0.01 par value per share, of the Company (“Class A common stock”). Class A shares shown on the Company’s condensed consolidated statements of changes in stockholders’ equity were reclassified to Class A common stock and Additional paid-in capital with no change to Total stockholders’ equity. As of September 30, 2020, NFE had 168,738,423 Class A common stock outstanding.

(b)	Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include relative fair value allocations between revenue and lease components of contracts with customers, determination of current expected credit losses, total consideration and fair value of identifiable net assets related to acquisitions and the fair value of equity awards granted to both employees and non-employees. Management evaluates its estimates and related assumptions regularly. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates.

(c)	Legal and contingencies

The Company may be involved in legal actions in the ordinary course of business, including governmental and administrative investigations, inquiries and proceedings concerning employment, labor, environmental and other claims. The Company will recognize a loss contingency in the condensed consolidated financial statements when it is probable a liability has been incurred and the amount of the loss can be reasonably estimated. The Company will disclose any loss contingencies that do not meet both conditions if there is a reasonable possibility that a loss may have been incurred. Gain contingencies are not recorded until they are realized.

(d)	Revenue recognition

The Company’s contracts with customers may contain one or several performance obligations usually consisting of the sale of LNG, natural gas, and beginning in the first quarter of 2020, power and steam which are outputs from the Company’s natural gas-fueled infrastructure. The transaction price for each of these contracts is structured using similar inputs and factors regardless of the output delivered to the customer. The customers consume the benefit of the natural gas, power and steam when they are delivered by the Company to the customer’s power generation facilities or interconnection facility. Natural gas, power and steam qualify as a series with revenue being recognized over time using an output method, based on the quantity of natural gas, power, or steam that the customer has consumed. LNG is typically delivered in containers transported by truck to customer sites. Revenue from sales of LNG delivered by truck is recognized at the point in time at which physical possession and the risks and rewards of ownership transfer to the customer, either when the containers are shipped or delivered to the customers’ storage facilities, depending on the terms of the contract. Because the nature, timing and uncertainty of revenue and cash flows are substantially the same for LNG, natural gas, power and steam, the Company has presented Operating revenue on an aggregated basis.

The Company has concluded that variable consideration included in its agreements meets the exception for allocating variable consideration. As such, the variable consideration for these contracts is allocated to each distinct unit of LNG, natural gas, power or steam delivered and recognized when that distinct unit is delivered to the customer.

The Company’s contracts with customers to supply natural gas or LNG may contain a lease of equipment. The Company allocates consideration received from customers between lease and non-lease components based on the relative fair value of each component. The fair value of the lease component is estimated based on the estimated standalone selling price of the same or similar equipment leased to the customer. The Company estimates the fair value of the non-lease component by forecasting volumes and pricing of gas to be delivered to the customer over the lease term.

The leases of certain facilities and equipment to customers are accounted for as finance or operating leases. The current and non-current portion of finance leases are recorded within Prepaid expenses and other current assets and Finance leases, net on the condensed consolidated balance sheets, respectively. For finance leases accounted for as sales-type leases, the profit from the sale of equipment is recognized upon lease commencement in Other revenue in the condensed consolidated statements of operations and comprehensive loss. The lease payments for finance leases are segregated into principal and interest components similar to a loan. Interest income is recognized on an effective interest method over the lease term and included in Other revenue in the condensed consolidated statements of operations and comprehensive loss. The principal component of the lease payment is reflected as a reduction to the net investment in the lease. For the Company’s operating leases, the amount allocated to the leasing component is recognized over the lease term as Other revenue in the condensed consolidated statements of operations and comprehensive loss.

In addition to the revenue recognized from the leasing components of agreements with customers, Other revenue includes revenue recognized from the construction, installation and commissioning of equipment, inclusive of natural gas delivered for the commissioning process, to transform customers’ facilities to operate utilizing natural gas or to allow customers to receive power or other outputs from our natural gas-fueled power generation facilities. Revenue from these development services is recognized over time as the Company transfers control of the asset to the customer or based on the quantity of natural gas consumed as part of commissioning the customer’s facilities until such time that the customer has declared such conversion services have been completed. If the customer is not able to obtain control over the asset under construction until such services are completed, revenue is recognized when the services are completed and the customer has control of the infrastructure. Such agreements may also include a significant financing component, and the Company recognizes revenue for the interest income component over the term of the financing as Other revenue.

Shipping and handling costs are not considered to be separate performance obligations. These costs are recognized in the period in which the costs are incurred and presented within Cost of sales in the condensed consolidated statements of operations and comprehensive loss. All such shipping and handling activities are performed prior to the customer obtaining control of the LNG or natural gas.

The Company collects sales taxes from its customers based on sales of taxable products and remits such collections to the appropriate taxing authority. The Company has elected to present sales tax collections in the condensed consolidated statements of operations and comprehensive loss on a net basis and, accordingly, such taxes are excluded from reported revenues.

The Company elected the practical expedient under which the Company does not adjust consideration for the effects of a significant financing component for those contracts where the Company expects at contract inception that the period between transferring goods to the customer and receiving payment from the customer will be one year or less.

(e)	Contract termination charges and loss on mitigation sales

The Company has long-term supply agreements to purchase LNG, and the Company may incur termination charges to the extent that the Company cancels such contractual arrangements. Further, if the Company is unable to take physical possession of a portion of the contracted quantity of LNG due to capacity limitations, the supplier will attempt to sell the undelivered quantity through a mitigation sale. The Company may incur a loss on a mitigation sale if the cargo is unable to be sold for a price greater than the contracted price. These costs are included in a separate line in the condensed consolidated statements of operations and comprehensive loss because such costs are not related to inventory delivered to the Company’s customers.

During the nine months ended September 30, 2020, the Company recognized a termination charge of $105,000 associated with an agreement with one of the Company’s LNG suppliers to terminate the obligation to purchase any LNG from this supplier for the remainder of 2020. Loss on mitigation sales of $19,114 were recognized in the nine months ended September 30, 2020.

(f)	Credit losses

Financial assets recorded at amortized cost, which include trade and other receivables, contracts assets, and finance lease receivables, are presented net of an allowance for current expected credit losses. Amounts are written off against the allowance when management is certain that outstanding amounts will not be collected. The Company estimates expected credit losses based on relevant information about the current credit quality of our customers, past events, including historical experience, and reasonable and supportable forecasts that affect the collectability of the reported amount. Credit loss expense is recorded within Selling, general and administrative in the condensed consolidated statements of operations and comprehensive loss.

Adoption of new and revised standards

9 Months Ended

Sep. 30, 2020

Adoption of new and revised standards [Abstract]

Adoption of new and revised standards

3.	Adoption of new and revised standards

Following the issuance of Senior Secured Notes (defined below) on September 2, 2020, the Company ceased to qualify as an “emerging growth company” or EGC and is required to accelerate the adoption of certain new or revised accounting pronouncements. The adoption dates below reflect the changes as a result of no longer qualifying as an EGC.

(a)	New standards, amendments and interpretations issued but not effective for the financial year beginning January 1, 2020:

In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which simplifies the accounting for income taxes, including removing certain exceptions related to the general principles in ASU 740, Income Taxes. ASU 2019-12 also clarifies and simplifies other aspects of the accounting for income taxes. The new standard is effective for interim and annual periods beginning after December 15, 2020, and early adoption is permitted. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements.

(b)	New and amended standards adopted by the Company:

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Disclosure Framework – Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires financial assets measured at amortized cost basis, including trade receivables, to be presented net of the amount expected to be collected. The measurement of all expected credit losses will be based on relevant information about the credit quality of our customers, past events, including historical experience, and reasonable and supportable forecasts that affect the collectability of the reported amount. Upon the loss of EGC status, ASU 2016-13 was adopted in the third quarter of 2020 with an effective date of January 1, 2020. The Company elected to apply the modified retrospective transition method, which allowed the Company to begin recognizing and measuring current expected credit losses at January 1, 2020, without modifying the comparative period financial statements. In connection with the adoption of ASC 2016-13, the Company recorded a transition adjustment of $228 which was recorded as an adjustment to retained earnings. The Company recorded credit loss expense of $149 and $385 for the three and nine months ended September 30, 2020, respectively.

On February 25, 2016, the FASB issued ASU No. 2016-02, Leases (“ASC 842”), which amends the existing accounting standards for lease accounting, including requiring most leases to be recognized on a lessee’s balance sheet and making targeted changes to lessor accounting. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee will depend primarily on the lease’s classification as a finance or operating lease. However, unlike ASC 840, which required only capital leases to be recognized on the balance sheet, ASC 842 requires most leases to be recognized on the balance sheet as a right-of-use (“ROU”) asset and a lease liability.

The Company has entered into lease agreements for the use of LNG vessels, marine port space, office space, land and equipment, all of which are operating leases. ROU assets recognized for these leases represent the Company’s right to use an underlying asset for the lease term, and the lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of fixed lease payments over the lease term. The incremental borrowing rate used to calculate the present value of lease payments is determined using existing credit rates of unsecured borrowings adjusted for collateral, which are then adjusted for the appropriate lease term and currency.

The Company adopted ASC 842 effective January 1, 2020 and elected to apply the modified retrospective transition method at the beginning of the period of adoption, which allowed the Company to begin recognizing and measuring leases under ASC 842 at January 1, 2020, without modifying the comparative period financial statements. Upon adoption of ASC 842, the Company recorded ROU assets and corresponding lease liabilities of $124,774 and $103,874, respectively.

The Company did not elect the package of practical expedients and therefore, as part of transition, the Company reassessed the previous conclusions made under ASC 840 related to the identification of leases, classification of leases and initial direct costs based on the standards of ASC 842. In connection with the reassessment of previous conclusions, the Company determined that the direct financing lease recognized related to the Montego Bay Facility is no longer a lease under ASC 842. The Company recognized a transition adjustment that removed the unamortized net investment in the direct financing lease and recognized the underlying assets as Property, plant and equipment, net of depreciation, that would have been recognized since the commissioning of the Montego Bay Facility, with the difference of approximately $9,085, net of taxes of $2,945, recorded as a reduction to retained earnings. Beginning in 2020, the Company will recognize payments previously allocated to the leasing component of the gas sales agreement with this customer within Operating revenue in the condensed consolidated statements of operations and comprehensive loss. Under ASC 840, amounts allocated to the leasing component had been recognized on an effective interest method over the lease term with only the portion representing interest income recognized as Other revenue.

The Company made an accounting policy election to exclude leases with terms of 12 months or less from ROU assets and lease liabilities on the balance sheet, and short-term lease payments are recognized on a straight-line basis over the lease term. Variable payments under short-term leases are recognized in the period in which the obligation that triggers the variable payment becomes probable. The Company, as lessee, has also elected the practical expedient not to separate lease and non-lease components for marine port space, office space, land and equipment leases. The Company will separate the lease and non-lease components for LNG vessel leases. The allocation of lease payments between lease and non-lease components has been determined based on the relative fair value of each component. The fair value of the lease component is estimated based on the estimated standalone price to lease a bareboat LNG vessel. The fair value of the non-lease component is estimated based on the estimated standalone price of operating the respective vessel, inclusive of the costs of the crew and other operating costs.

The Company, as lessor, will continue to separate lease and non-lease components for the equipment leases provided in connection with agreements for the sale of LNG or natural gas to customers.

The Company has elected the land easement practical expedient, which allows the Company to continue to account for pre-existing land easements as intangible assets under the accounting policy that existed before adoption of ASC 842.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which provides additional guidance to improve the effectiveness of disclosure requirements on fair value measurement. The Company has adopted ASU 2018-13 for the year beginning January 1, 2020. As this guidance is only related to qualitative financial disclosures, it did not have a material impact on the Company’s condensed consolidated financial statements.

In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets. A customer’s accounting for the costs of the hosting component of the arrangement is not affected by the new guidance. The Company has early adopted ASU 2018-15 for the year beginning January 1, 2020, using the prospective transition approach. This approach did not require any adjustment to comparative financial statements. The Company did not capitalize a material amount of implementation costs as a result of adopting this guidance in the three or nine months ended September 30, 2020, and the adoption did not result in material impact on the Company’s condensed consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue from contracts with customers

9 Months Ended

Sep. 30, 2020

Revenue from contracts with customers [Abstract]

Revenue from contracts with customers

4.	Revenue from contracts with customers

Under most customer contracts, invoicing occurs once the Company’s performance obligations have been satisfied, at which point payment is unconditional. As of September 30, 2020 and December 31, 2019, receivables related to revenue from contracts with customers totaled $91,337 and $40,731, respectively, and were included in Receivables, net on the condensed consolidated balance sheets, net of current expected credit losses of $183 and $0, respectively. Other items included in Receivables, net not related to revenue from contracts with customers represent receivables associated with reimbursable costs and leases which are accounted for outside the scope of ASC 606.

The Company has recognized contract liabilities, comprised of unconditional payments due or paid under the contracts with customers prior to the Company’s satisfaction of the related performance obligations. The performance obligations are expected to be satisfied during the next 12 months, and the contract liabilities are classified within Other current 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 September 30, 2020 and December 31, 2019 are detailed below:

	September 30, 2020		December 31, 2019
Contract assets, net - current	$	110	$	3,787
Contract assets, net - non-current		27,563		19,474
Total contract assets, net	$	27,673	$	23,261

Contract liabilities	$	7,682	$	6,542

Revenue recognized in the year from:
Amounts included in contract liabilities at the beginning of the year	$	5,394	$	-

Contract assets are presented net of expected credit losses of $373 and $0 as of September 30, 2020 and December 31, 2019, respectively. As of September 30, 2020, the Company has unbilled receivables, net of current expected credit losses, of $6,907, of which $356 is presented within Other current assets and $6,551 is presented within Other non-current assets on the condensed consolidated balance sheet. These unbilled receivables represent unconditional right to payment subject only to the passage of time.

Operating revenue which includes revenue from sales of LNG and natural gas as well as outputs from the Company’s natural gas-fired power generation facilities, including power and steam, was $83,863 and $35,345 for the three months ended September 30, 2020 and 2019, respectively. Operating revenue was $223,542 and $93,221 for the nine months ended September 30, 2020 and 2019, respectively. During March 2020, the Company began to deliver power and steam recognizing $7,280 and $15,957 in operating revenue for the three and nine months ended September 30, 2020, respectively.

Other revenue includes revenue for development services as well as lease and other revenue. The table below summarizes the balances in Other revenue:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Development services revenue	$	51,974	$	10,195	$	79,540	$	14,103
Lease and other revenue		1,021		4,116		2,872		12,049
Total other revenue	$	52,995	$	14,311	$	82,412	$	26,152

Development services revenue recognized in the three months and nine months ended September 30, 2020 included $51,974 and $68,458 respectively, for the customer’s use of natural gas as part of commissioning their assets.

Transaction price allocated to remaining performance obligations

Some of the Company’s contracts are short-term in nature with a contract term of less than a year. The Company applied the optional exemption not to report any unfulfilled performance obligations related to these contracts.

The Company has arrangements in which LNG, natural gas or outputs from the Company’s power generation facilities are sold on a “take-or-pay” basis whereby the customer is obligated to pay for the minimum guaranteed volumes even if it does not take delivery of them. 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 is $4,379,854 as of September 30, 2020, representing the fixed margin multiplied by the outstanding minimum guaranteed volumes. The Company expects to recognize this revenue over the following time periods. The pattern of recognition reflects the minimum guaranteed volumes in each period:

Period	Revenue
Remainder of 2020	$	61,865
2021		254,787
2022		246,144
2023		246,235
2024		246,495
Thereafter		3,324,328
Total	$	4,379,854

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 fluctuating market index prices of natural gas used to price the contracts, and (b) the variation in volumes that may be delivered to the customer. Both sources of variability are expected to be resolved at or shortly before delivery of each unit of LNG, natural gas, power or steam. As each unit of LNG, natural gas, power or steam represents a separate performance obligation, future volumes are wholly unsatisfied.

The Company has recognized costs to fulfill a contract with a significant customer, which primarily consist of expenses required to enhance resources to deliver under the agreement with the customer. As of September 30, 2020, the Company has capitalized $10,820, of which $548 of these costs is presented within Other current assets and $10,272 is presented within Other non-current assets on the condensed consolidated balance sheets. As of December 31, 2019, the Company had capitalized $8,839, of which $331 of these costs was presented within Other current assets and $8,508 was presented within Other non-current assets on the condensed consolidated balance sheets. In the first quarter of 2020, the Company began delivery under the agreement and started recognizing these costs on a straight-line basis over the expected term of the agreement.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

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+ Details

Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

Lessee

The Company has operating leases primarily for the use of LNG vessels, marine port space, office space, land and equipment under non-cancellable lease agreements. The Company’s leases may include multiple optional renewal periods that are exercisable solely at the Company’s discretion. Renewal periods are included in the lease term when the Company is reasonably certain that the renewal options would be exercised, and the associated lease payments for such periods are reflected in the ROU asset and lease liability.

The Company’s leases include fixed lease payments which may include escalation terms based on a fixed percentage or may vary based on an inflation index or other market adjustments. Escalations based on changes in inflation indices and market adjustments and other lease costs that vary based on the use of the underlying asset are not included as lease payments in the calculation of the lease liability or ROU asset and are included in variable lease cost when the obligation that triggers the variable payment becomes probable. Variable lease cost includes contingent rent payments for office space based on the percentage occupied by the Company in addition to common area charges and other charges that are variable in nature. The Company also has a component of lease payments that are variable related to the LNG vessels, in which the Company may receive credits based on the performance of the LNG vessels during the period.

For the three months and nine months ended September 30, 2020, the Company’s operating lease cost recorded within the condensed consolidated statements of operations and comprehensive loss were as follows:

	Three Months Ended September 30, 2020		Nine Months Ended September 30, 2020
Fixed lease cost	$	11,160	$	28,024
Variable lease cost		1,054		1,767
Short-term lease cost		473		1,088

Lease cost - Cost of sales	$	10,690	$	26,150
Lease cost - Operations and maintenance		619		1,447
Lease cost - Selling, general and administrative		1,378		3,282

For the three and nine months ended September 30, 2020, the Company has capitalized $1,348 and $9,361 of lease costs, respectively, for vessels and port space used during the commissioning of development projects. Short-term lease costs for vessels chartered by the Company to bring inventory from a supplier’s facilities to the Company’s storage locations are capitalized to inventory.

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 nine months ended September 30, 2020:

	Nine Months Ended September 30, 2020
Operating cash outflows for operating lease liabilities	$	32,230
Right-of-use assets obtained in exchange for new operating lease liabilities		172,053

The future payments due under operating leases as of September 30, 2020 are as follows:

	Operating Leases
Due remainder of 2020	$	10,687
2021		44,692
2022		28,989
2023		17,777
2024		16,926
Thereafter		39,534
Total lease payments		158,605
Less: effects of discounting		38,382
Present value of lease liabilities	$	120,223

Current lease liability	$	36,380
Non-current lease liability		83,843

As of September 30, 2020, the weighted-average remaining lease term for all operating leases was 5.5 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 September 30, 2020 was 8.2%.

Future annual minimum lease payments for operating leases as of December 31, 2019, prepared in accordance with accounting standards prior to the adoption of ASC 842, were as follows:

Year ending December 31:
2020	$	37,776
2021		35,478
2022		18,387
2023		7,083
2024		7,151
Thereafter		26,458
Total	$	132,333

During the three and nine months ended September 30, 2019, the Company recognized rental expense for all operating leases of $10,947 and $28,323, respectively, related primarily to LNG vessel time charters, office space, a land site lease and marine port berth leases.

Lessor

In the Company’s agreements to sell LNG or natural gas to customers, the Company may also lease certain equipment to customers which are accounted for either as a finance or an operating lease. Property, plant and equipment subject to operating leases is included within ISO containers and other equipment within Note 12. Property, plant and equipment, net.

	September 30, 2020
Property, plant and equipment	$	15,974
Accumulated depreciation		(808	)
Property, plant and equipment, net	$	15,166

The following table shows the expected future lease payments as of September 30, 2020, for the remainder of 2020 through 2024 and thereafter:

	Future cash receipts
	Financing leases		Operating leases
Remainder of 2020	$	96	$	60
2021		1,021		228
2022		1,115		216
2023		1,121		218
2024		1,121		220
Thereafter		5,894		733
Total	$	10,368	$	1,675
Less: Imputed interest		4,974
Present value of total lease receipts	$	5,394

Current finance leases, net	$	522
Non-current finance leases, net		4,872

Fair value

9 Months Ended

Sep. 30, 2020

Fair value [Abstract]

Fair value

6.	Fair value

Fair value measurements and disclosures require the use of valuation techniques that maximize the use of observable inputs and minimize the 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 discounted cash flow technique, to convert future amounts to a single present amount based on current market expectations about those future amounts.

•

Cost approach – based on the amount that currently would be required to replace the service capacity of an asset (replacement cost).

The following table presents the Company’s financial assets and financial liabilities that are measured at fair value as of September 30, 2020 and December 31, 2019:

	September 30, 2020
	Level 1		Level 2		Level 3		Total		Valuation technique
Assets
Cash and cash equivalents	$	112,723	$	-	$	-	$	112,723	Market approach
Restricted cash		40,714		-		-		40,714	Market approach
Investment in equity securities		164		-		-		164	Market approach
Total	$	153,601	$	-	$	-	$	153,601

Liabilities
Derivative liability¹	$	-	$	-	$	9,778	$	9,778	Income approach
Equity agreement²		-		-		20,592		20,592	Income approach
Total	$	-	$	-	$	30,370	$	30,370

	December 31, 2019
	Level 1		Level 2		Level 3		Total		Valuation technique
Assets
Cash and cash equivalents	$	27,098	$	-	$	-	$	27,098	Market approach
Restricted cash		65,937		-		-		65,937	Market approach
Investment in equity securities		2,540		-		-		2,540	Market approach
Total	$	95,575	$	-	$	-	$	95,575

Liabilities
Derivative liability¹	$	-	$	-	$	9,800	$	9,800	Income approach
Equity agreement²		-		-		16,800		16,800	Income approach
Total	$	-	$	-	$	26,600	$	26,600

⁽¹⁾

Consideration due to the sellers of Shannon LNG once first gas is supplied from the terminal to be built.

⁽²⁾

To be paid at the earlier of agreed-upon date or the date on which the valid planning permission is received as specified in the amended Shannon LNG Agreement.

The Company estimates fair value of the derivative liability and equity agreement using a discounted cash flows method with discount rates based on the average yield curve for bonds with similar credit ratings and matching terms to the discount periods as well as a probability of the contingent event occurring. The table below summarizes the fair value adjustment, recorded within Other expense, net in the condensed consolidated statements of operations and comprehensive loss, and currency translation adjustment, recorded within the Other comprehensive loss, for the three and nine months ended September 30, 2020 and 2019:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2020		2019			2020		2019
Fair value adjustment - Loss	$	2,892	$	1,144		$	2,598	$	988
Currency translation adjustment - Loss/(gain)		1,114		(1,115	)		1,172		(1,114	)

During the three and nine months ended September 30, 2020 and 2019, the Company had no settlements of the equity agreement or derivative liability or any transfers in or out of Level 3 in the fair value hierarchy.

The liability associated with the equity agreement of $20,592 and $16,800 as of September 30, 2020 and December 31, 2019, respectively, is recorded within Other current liabilities on the condensed consolidated balance sheets. The liability associated with the derivative liability of $9,778 and $9,800 as of September 30, 2020 and December 31, 2019, respectively, is recorded within Other long-term liabilities on the condensed consolidated balance sheets.

The Company estimates fair value of outstanding debt using quoted prices in markets. The fair value for the Senior Secured Notes (defined below in “Note 16. Debt”) was approximately $1,050,000 as of September 30, 2020. The fair value estimate is classified as Level 2 in the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Restricted cash

9 Months Ended

Sep. 30, 2020

Restricted cash [Abstract]

Restricted cash

7.	Restricted cash

As of September 30, 2020 and December 31, 2019, restricted cash consisted of the following:

	September 30, 2020		December 31, 2019
Collateral for performance under customer agreements	$	15,000	$	15,000
Collateral for LNG purchases		19,070		35,000
Collateral for letters of credit and performance bonds		6,394		7,388
Debt service reserve account		-		8,299
Other restricted cash		250		250
Total restricted cash	$	40,714	$	65,937

Current restricted cash	$	25,714	$	30,966
Non-current restricted cash		15,000		34,971

Inventory

9 Months Ended

Sep. 30, 2020

Inventory [Abstract]

Inventory

As of September 30, 2020 and December 31, 2019, inventory consisted of the following:

	September 30, 2020		December 31, 2019
LNG and natural gas inventory	$	9,986	$	57,436
Automotive diesel oil inventory		4,966		4,746
Bunker fuel, materials, supplies and other		4,447		1,250
Total inventory	$	19,399	$	63,432

Inventory is adjusted to the lower of cost or net realizable value each quarter. Changes in the value of inventory are recorded within Cost of sales in the condensed consolidated statements of operations and comprehensive loss. No adjustments were recorded during the three and nine months ended September 30, 2020 and 2019.

Prepaid expenses and other current assets, net

9 Months Ended

Sep. 30, 2020

Prepaid expenses and other current assets, net [Abstract]

Prepaid expenses and other current assets, net

9.	Prepaid expenses and other current assets, net

As of September 30, 2020 and December 31, 2019, prepaid expenses and other current assets, net consisted of the following:

	September 30, 2020		December 31, 2019
Prepaid LNG	$	5,904	$	7,097
Prepaid expenses		5,138		7,458
Due from affiliates (Note 21)		1,558		1,577
Other current assets		17,089		23,602
Total prepaid expenses and other current assets, net	$	29,689	$	39,734

Other current assets as of September 30, 2020 and December 31, 2019 primarily consists of receivables for recoverable taxes.

Investment in equity securities

9 Months Ended

Sep. 30, 2020

Investment in equity securities [Abstract]

Investment in equity securities

10.	Investment in equity securities

The Company has invested in equity securities of an international oil and gas drilling contractor. The cost of the investment was $3,667. As of September 30, 2020 and December 31, 2019, the Company owned 295,256 shares of that contractor and the fair value of the investment was $164 and $2,540, respectively.

The unrealized loss of $159 and $1,325 for the three months ended September 30, 2020 and 2019, respectively, and $2,376 and $2,127 for the nine months ended September 30, 2020 and 2019, respectively, is included within Other expense, net in the condensed consolidated statements of operations and comprehensive loss.

Construction in progress

9 Months Ended

Sep. 30, 2020

Construction in progress [Abstract]

Construction in progress

11.	Construction in progress

The Company’s construction in progress activity during the nine months ended September 30, 2020 is detailed below:

	September 30, 2020
Balance at beginning of period	$	466,587
Additions		89,441
Transferred to property, plant and equipment, net (Note 12)		(349,918	)
Balance at end of period	$	206,110

Interest expense of $22,441 and $16,380, inclusive of amortized debt issuance costs, was capitalized for the nine months ended September 30, 2020 and 2019, respectively.

Property, plant and equipment, net

9 Months Ended

Sep. 30, 2020

Property, plant and equipment, net [Abstract]

Property, plant and equipment, net

12.	Property, plant and equipment, net

As of September 30, 2020 and December 31, 2019, the Company’s property, plant and equipment, net consisted of the following:

	September 30, 2020			December 31, 2019
Terminal and power plant equipment	$	188,038		$	14,981
CHP facilities		119,036			-
Gas terminals		120,810			52,781
ISO containers and other equipment		98,274			39,951
LNG liquefaction facilities		65,992			66,273
Gas pipelines		58,974			11,692
Land		15,683			15,401
Leasehold improvements		8,322			8,054
Accumulated depreciation		(52,654	)		(16,911	)
Total property, plant and equipment, net	$	622,475		$	192,222

In connection with the adoption of ASC 842, the Company determined that the direct financing lease recognized related to the Montego Bay Facility is no longer a lease under ASC 842. As of January 1, 2020, the Company recognized a transition adjustment that removed the unamortized net investment in the direct financing lease of $91,005 and recognized the underlying assets as Property, plant and equipment of $92,207 and accumulated depreciation of $13,932 that would have been recognized since the commissioning of the Montego Bay Facility, with the difference of approximately $9,085, net of taxes of $2,945, recorded as an adjustment to retained earnings.

Depreciation for the three months ended September 30, 2020 and 2019 totaled $9,370 and $1,837, respectively, of which $212 and $161 is respectively included within Cost of sales in the condensed consolidated statements of operations and comprehensive loss. Depreciation for the nine months ended September 30, 2020 and 2019 totaled $22,120 and $5,400, respectively, of which $662 and $466 is respectively included within Cost of sales in the condensed consolidated statements of operations and comprehensive loss.

Intangible assets

9 Months Ended

Sep. 30, 2020

Intangible assets [Abstract]

Intangible assets

13.	Intangible assets

The following table summarizes the composition of intangible assets as of September 30, 2020 and December 31, 2019:

	September 30, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Life
Definite-lived intangible assets
Shannon LNG permits	$	43,838	$	2,055	$	41,783		40
Easements		1,558		177		1,381		30

Indefinite-lived intangible assets
Easements		1,217		-		1,217		n/a
Total intangible assets	$	46,613	$	2,232	$	44,381

	December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Life
Definite-lived intangible assets
Shannon LNG leases and permits	$	42,157	$	1,198	$	40,959		40
Easements		1,559		139		1,420		30

Indefinite-lived intangible assets
Easements		1,161		-		1,161		n/a
Total intangible assets	$	44,877	$	1,337	$	43,540

As of September 30, 2020 and December 31, 2019, the weighted-average remaining amortization periods for the intangible assets was 37.8 years and 38.8 years, respectively. As of January 1, 2020, intangible assets associated with favorable lease terms in acquired leases have been reclassified as ROU assets as a result of adoption of ASC 842.

Amortization for the three months ended September 30, 2020 and 2019 totaled $309 and $266, respectively. Amortization was $861 and $830 for the nine months ended September 30, 2020 and 2019, respectively.

Other non-current assets, net

9 Months Ended

Sep. 30, 2020

Other non-current assets, net [Abstract]

Other non-current assets, net

14.	Other non-current assets, net

As of September 30, 2020 and December 31, 2019, Other non-current assets, net consisted of the following:

	September 30, 2020		December 31, 2019
Nonrefundable deposit	$	25,269	$	22,262
Contract asset, net (Note 4)		27,563		19,474
Cost to fulfill (Note 4)		10,272		8,508
Unbilled receivables, net (Note 4)		6,551		-
Upfront payments to customers		5,660		5,904
Port access rights and initial lease costs		-		17,762
Other		8,296		7,716
Total other non-current assets, net	$	83,611	$	81,626

Nonrefundable deposits are primarily related to deposits for planned land purchases in Pennsylvania and Ireland.

Upfront payments to customers consist of amounts the Company has paid in relation to two natural gas sales contracts with customers to construct fuel-delivery infrastructure that the customers will own.

As of January 1, 2020, port access rights related to the Company’s port lease in Baja California Sur, Mexico, and payments to incumbent tenants to secure the Company’s port lease in San Juan, Puerto Rico were reclassified as ROU assets in connection with the adoption of ASC 842.

Accrued liabilities

9 Months Ended

Sep. 30, 2020

Accrued liabilities [Abstract]

Accrued liabilities

15.	Accrued liabilities

As of September 30, 2020 and December 31, 2019, accrued liabilities consisted of the following:

	September 30, 2020		December 31, 2019
Accrued development costs	$	8,284	$	25,037
Accrued interest		5,437		-
Accrued bonuses		12,842		14,991
Other accrued expenses		26,043		14,915
Total accrued liabilities	$	52,606	$	54,943

Debt

9 Months Ended

Sep. 30, 2020

Debt [Abstract]

Debt

16.

Debt

As of September 30, 2020 and December 31, 2019, debt consisted of the following:

	September 30, 2020		December 31, 2019
Senior Secured Notes, due September 15, 2025	$	980,183	$	-
Term Loan Facility, due January 21, 2020		-		495,000
Senior Secured Bonds, due September 2034		-		70,960
Senior Secured Bonds, due December 2034		-		10,823
Senior Unsecured Bonds, due September 2036		-		42,274
Total debt	$	980,183	$	619,057

Senior Secured Notes

On September 2, 2020, the Company issued $1,000,000 of 6.75% senior secured notes in a private offering pursuant to Rule 144A under the Securities Act (the “Senior Secured Notes”). Interest is payable semi-annually in arrears on March 15 and September 15 of each year, commencing on March 15, 2021; no principal payments are due until maturity on September 15, 2025. The Company may redeem the Senior Secured Notes, in whole or in part, at any time prior to maturity, subject to certain make-whole premiums.

The Senior Secured Notes are guaranteed, jointly and severally, by certain of the Company’s subsidiaries, in addition to other collateral. The Senior Secured Notes may limit the Company’s ability to incur additional indebtedness or issue certain preferred shares, make certain payments, and sell or transfer certain assets subject to certain financial covenants and qualifications. The Senior Secured Notes also provide for customary events of default and prepayment provisions.

The Company used a portion of the net cash proceeds received from the Senior Secured Notes to repay in full the outstanding principal and interest under the Credit Agreement (as defined below), including related costs and expenses. The Company also used the remaining net proceeds, together with cash on hand, to redeem in full the outstanding Senior Secured Bonds and Senior Unsecured Bonds (as defined below), including related premiums, costs and expenses, terminating the Senior Secured Bonds and Senior Unsecured Bonds. The Company completed the redemption of the Senior Secured Bonds and Senior Unsecured Bonds on September 21, 2020.

In connection with the issuance of the Senior Secured Notes, the Company incurred $17,666 in origination, structuring and other fees. Issuance costs of $13,638 were deferred as a reduction of the principal balance of the Senior Secured Notes on the condensed consolidated balance sheets; unamortized deferred financing costs related to lenders in the Credit Agreement that participated in the Senior Secured Notes were $6,501 and such unamortized costs were also included as a reduction of the principal balance of the Senior Secured Notes and will be amortized over the remaining term of the Senior Secured Notes. As a portion of the repayment of the Credit Agreement was a modification, the Company recorded $4,028 of third-party fees in Selling, general and administrative in the condensed consolidated statements of operations and comprehensive loss. As of September 30, 2020, the remaining unamortized deferred financing costs were $19,817.

The Credit Agreement

On January 10, 2020, the Company entered into a credit agreement to borrow $800,000 in term loans (the “Credit Agreement”). The Credit Agreement was set to mature in January 2023 with the full principal balance due upon maturity. Interest was payable quarterly and was based on a LIBOR rate divided by one minus the applicable reserve requirement, subject to a floor of 1.50%, plus a margin of 6.25%. The interest rate margin was to increase each year of the term by 1.50%. A portion of the proceeds received were utilized to extinguish the Term Loan Facility (defined below), including outstanding principal of $495,000.

The Credit Agreement was secured by mortgages on certain properties owned by the Company’s subsidiaries, in addition to other collateral. The Company was required to comply with certain financial covenants and other restricted covenants customary for credit agreements of this type, including restrictions on indebtedness, liens, acquisitions and investments, restricted payments and dispositions. The Credit Agreement also provided for customary events of default, prepayment and cure provisions.

In connection with obtaining the Credit Agreement and the extinguishment of the Term Loan Facility, the Company incurred $37,051 in origination, structuring and other fees which were recognized as a reduction of the principal balance of the Credit Agreement on the condensed consolidated balance sheets.

On September 2, 2020, the Company repaid the full amount outstanding using proceeds from the Senior Secured Notes. Certain lenders in the Credit Agreement participated in the issuance of the Senior Secured Notes, and a portion of the repayment of the Credit Agreement was treated as a debt modification. For the portion of the Credit Agreement that was considered extinguished, $16,310 of unamortized deferred debt issuance costs was recognized as a loss on extinguishment of debt in the condensed consolidated statements of operations and comprehensive loss. The remaining unamortized deferred debt issuance costs of $6,501 will be amortized over the remaining term of the Senior Secured Notes.

Term Loan Facility

On August 16, 2018, the Company entered into a credit agreement with a syndicate of two lenders to borrow up to an aggregate principal amount of $240,000, and proceeds received from this credit agreement were utilized to repay prior debt facilities. On December 31, 2018, the Company amended this credit agreement to increase the available borrowing principal amount to $500,000 (as amended, the “Term Loan Facility”), and as of December 31, 2018, the Company had an outstanding principal balance of $280,000 under the Term Loan Facility. On March 21, 2019, the Company drew an additional $220,000, bringing the Company’s total outstanding borrowings to $500,000 under the Term Loan Facility.

All borrowings under the Term Loan Facility bore interest at a rate selected by the Company of either (i) LIBOR divided by one minus the applicable reserve requirement plus a spread of 4% or (ii) subject to a floor of 1%, a Base Rate equal to the higher of (a) the Prime Rate, (b) the Federal Funds Rate plus 1/2 of 1% or (c) the 1-month LIBOR rate plus 1.00% plus a spread of 3.0%. The Term Loan Facility was repayable in quarterly installments of $1,250 with a balloon payment due at maturity.

The Term Loan Facility was secured by mortgages on certain properties owned by the Company’s subsidiaries, in addition to other collateral. The Term Loan Facility was amended in the third quarter of 2019 to allow certain properties of a consolidated subsidiary to secure the Senior Secured Bonds.

The Company incurred costs in connection with obtaining the Term Loan Facility, the extinguishment of the Company’s prior debt facilities and the amendment of the Term Loan Facility. Some of the costs incurred were capitalized as a reduction to the Term Loan Facility on the consolidated balance sheets, and all deferred financing costs associated with the Term Loan Facility were amortized over the term of the Term Loan Facility, through December 31, 2019. As such, there were no unamortized deferred financing costs as of December 31, 2019.

The Term Loan Facility had a maturity date of December 31, 2019 with an option to extend the maturity date for two additional six-month periods. Upon the exercise of each extension option, the Company would pay a fee equal to 1.0% of the outstanding principal balance at the time of the exercise and the spread on LIBOR and Base Rate would increase by 0.5%. On December 30, 2019, the Company entered into an amendment with the lenders to extend the maturity to January 21, 2020; no fees were due to lenders from the execution of this amendment. On January 15, 2020, the Company repaid the full amount outstanding including fees due to the lenders using proceeds from the Credit Agreement to extinguish the Term Loan Facility. In conjunction with the extinguishment of the Term Loan Facility, the Company recognized a Loss on extinguishment of debt of $9,557 in the condensed consolidated statements of operations and comprehensive loss.

South Power Bonds

On September 2, 2019, NFE South Power Holdings Limited (“South Power”), a consolidated subsidiary of the Company, entered into a facility for the issuance of secured and unsecured bonds (the “Senior Secured Bonds” and “Senior Unsecured Bonds”, respectively) and subsequently issued $73,317 and $43,683 in Senior Secured Bonds and Senior Unsecured Bonds, respectively. The Senior Secured Bonds were secured by the dual-fired combined heat and power facility in Clarendon, Jamaica (the “CHP Plant”) and related receivables and assets, and the proceeds were used to fund the completion of the CHP Plant and to reimburse shareholder advances. Upon completion of construction of the CHP Plant in the fourth quarter of 2019, South Power issued an additional $63,000 in Senior Secured Bonds. The Company received $10,856 of the proceeds in 2019 and received the remaining proceeds of $52,144 in January 2020.

The Senior Secured Bonds bore interest at an annual fixed rate of 8.25% and matured 15 years from the closing date of each issuance. No principal payments were due for the first seven years. After seven years, quarterly principal payments of approximately 1.6% of the original principal amount were due, with a 50% balloon payment due upon maturity. Interest payments on outstanding principal balances were due quarterly.

The Senior Unsecured Bonds bore interest at an annual fixed rate of 11.00% and matured in September 2036. No principal payments were due for the first nine years. Beginning in 2028, principal payments were due quarterly on an escalating schedule. Interest payments on outstanding principal balances were due quarterly.

South Power was required to comply with certain financial covenants as well as customary affirmative and negative covenants, including limitations on incurring additional indebtedness. The facility also provided for customary events of default, prepayment and cure provisions.

The Company paid approximately $3,892 of fees in connection with the issuance of Senior Secured Bonds and Senior Unsecured Bonds. These fees were capitalized on a pro-rata basis as a reduction of the Senior Secured Bonds and Senior Unsecured Bonds on the condensed consolidated balance sheets. On September 21, 2020, the Company repaid the full amount outstanding including fees dues to the lenders using proceeds from the Senior Secured Notes and cash on hand. In conjunction with the repayment of the Senior Secured Bonds and Senior Unsecured Bonds, the Company recognized a loss on extinguishment of debt of $7,195 in the condensed consolidated statements of operations and comprehensive loss, including the write-off of $3,594 of unamortized deferred financing costs and prepayment premium paid to bondholders of $3,601.

Interest Expense

Interest and related amortization of debt issuance costs recognized during major development and construction projects are capitalized and included in the cost of the project. Interest expense, net of amounts capitalized, recognized for the three and nine months ended September 30, 2020 and 2019 consisted of the following:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Interest costs:
Interest per contractual rates	$	19,936	$	8,731	$	58,576	$	22,094
Amortization of debt issuance costs		4,416		3,512		14,766		8,743
Total interest costs		24,352		12,243		73,342		30,837
Capitalized interest		4,539		7,269		22,441		16,380
Total interest expense	$	19,813	$	4,974	$	50,901	$	14,457

Income taxes

9 Months Ended

Sep. 30, 2020

Income taxes [Abstract]

Income taxes

17.	Income taxes

In connection with the IPO, NFE LLC contributed the net proceeds from the IPO to NFI in exchange for NFI LLC Units, and NFE LLC became the managing member of NFI. NFI is a limited liability company that is treated as a partnership for U.S. federal income tax purposes and for most applicable state and local income tax purposes. As a partnership, NFI is not subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by NFI is passed through to and included in the taxable income or loss of its members, on a pro rata basis, subject to applicable tax regulations. NFE is subject to U.S. federal income taxes, in addition to state and local income taxes, with respect to its allocable share of any taxable income or loss of NFI. Additionally, NFI and its subsidiaries are subject to income taxes in the various foreign jurisdictions in which they operate.

In connection with the IPO, NFE recorded a deferred tax asset of $42,783 related to the difference between its tax basis in its investment in NFI and NFE’s share of the financial statement carrying amount of the net assets of NFI. The deferred tax asset was recorded to equity and is fully offset by a valuation allowance also recorded to equity.

Subsequent to the Exchange Transactions completed on June 10, 2020, 100% of NFI’s operations are included in the NFE income tax provision; there is no impact on income tax expense expected due to the Exchange Transactions. Additionally, in the third quarter of 2020, the Company completed the Conversion; NFE LLC has been a corporation for U.S. federal tax purposes, and converting NFE LLC from a limited liability company to a corporation has no effect on the U.S. federal tax treatment of the Company or its shareholders.

The effective tax rate for the three months ended September 30, 2020 was (5.27)%, compared to 0.12% for the three months ended September 30, 2019. The total tax expense (benefit) for the three months ended September 30, 2020 was $1,836, compared to $(64) for the three months ended September 30, 2019.

The effective tax rate for the nine months ended September 30, 2020 was (0.75)%, compared to (0.20)% for the nine months ended September 30, 2019. The total tax expense for the nine months ended September 30, 2020 was $1,949, compared to $337 for the nine months ended September 30, 2019.

The primary items which decreased the Company’s effective tax rate for the three months and nine months ended September 30, 2020 and September 30, 2019 from the U.S. federal statutory rate of 21% were valuation allowances recorded against the Company’s current period losses and earnings generated in non-U.S. jurisdictions with lower tax rates.

The Company has not recorded a liability for uncertain tax positions as of September 30, 2020. The Company remains subject to periodic audits and reviews by the taxing authorities, and NFE’s returns since its formation remain open for examination.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Commitments and contingencies

9 Months Ended

Sep. 30, 2020

Commitments and contingencies [Abstract]

Commitments and contingencies

18.	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

9 Months Ended

Sep. 30, 2020

Earnings per share [Abstract]

Earnings per share

19.	Earnings per share

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Numerator:
Net loss	$	(36,670	)	$	(54,424	)	$	(263,480	)	$	(165,949	)
Less: net loss attributable to non-controlling interests		312			47,701			81,163			139,483
Net loss attributable to Class A common stock	$	(36,358	)	$	(6,723	)	$	(182,317	)	$	(26,466	)
Denominator:
Weighted-average shares-basic and diluted		170,074,532			22,692,104			85,009,385			19,689,568

Net loss per share - basic and diluted	$	(0.21	)	$	(0.30	)	$	(2.14	)	$	(1.34	)

In connection with the closing of the Exchange Transactions on June 10, 2020, all outstanding Class B shares were exchanged for Class A shares. The weighted average shares outstanding for the nine months ended September 30, 2020 are significantly lower than the Class A common stock outstanding on September 30, 2020 due to the timing of the Exchange Transactions.

The following table presents potentially dilutive securities excluded from the computation of diluted net loss per share for the periods presented because its effects would have been anti-dilutive.

	September 30, 2020		September 30, 2019
Unvested RSUs¹		1,555,363		3,875,081
Class B shares		-		145,057,375
Shannon Equity Agreement shares²		478,654		932,914
Total		2,034,017		149,865,370

Represents the number of instruments outstanding at the end of the period.

Class A common stock that would be issued in relation to the Shannon LNG Equity Agreement.

The Company declared dividends of $17,006 ($0.10 per share), of which $16,871 was paid, during for three months ended September 30, 2020.

Share-based compensation

9 Months Ended

Sep. 30, 2020

Share-based compensation [Abstract]

Share-based compensation

20.	Share-based compensation

In connection with the IPO, the Company adopted the New Fortress Energy LLC 2019 Omnibus Incentive Plan (the “Incentive Plan”), effective as of February 4, 2019. Under the Incentive Plan, the Company may issue options, share appreciation rights, restricted shares, restricted share units (“RSUs”), share bonuses or other share-based awards to selected officers, employees, non-employee directors and select non-employees of NFE or its affiliates.

RSUs

The Company has granted RSUs to select officers, employees, non-employee members of the board of directors and select non-employees under the Incentive Plan. The fair value of RSUs on the grant date is estimated based on the closing price of the underlying shares on the grant date and other fair value adjustments to account for a post-vesting holding period. These fair value adjustments were estimated based on the Finnerty model.

The following table summarizes the RSU activity for the nine months ended September 30, 2020:

	Restricted Share Units			Weighted-average grant date fair value per share
Non-vested RSUs as of December 31, 2019		3,137,415		$	13.44
Granted		109,409			14.47
Vested and shares issued		(1,504,464	)		13.47
Forfeited		(186,997	)		13.51
Non-vested RSUs as of September 30, 2020		1,555,363		$	13.49

The following table summarizes the share-based compensation expense for the Company’s RSUs recorded for the three and nine months ended September 30, 2020 and 2019:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Operations and maintenance	$	142	$	263	$	632	$	592
Selling, general and administrative		1,929		7,804		5,869		35,483
Total share-based compensation expense	$	2,071	$	8,067	$	6,501	$	36,075

For the three months ended September 30, 2020 and 2019, cumulative compensation expense recognized for forfeited RSU awards of $278 and $193, respectively, was reversed. For the nine months ended September 30, 2020 and 2019, cumulative compensation expense recognized for forfeited RSU awards of $827 and $249, respectively, was reversed. The Company recognizes the income tax benefits resulting from vesting of RSUs in the period of vesting, to the extent the compensation expense has been recognized.

As of September 30, 2020, the Company had 1,555,363 non-vested RSUs subject to service conditions and had unrecognized compensation costs of approximately $10,644. The non-vested RSUs will vest over a period from ten months to three years following the grant date. The weighted-average remaining vesting period of non-vested RSUs totaled 1.46 years as of September 30, 2020.

Performance Share Units (“PSUs”)

During the first quarter of 2020, the Company granted 1,109,777 PSUs to certain employees and non-employees. The PSUs contain a performance condition, and vesting will be determined based on achievement of a performance metric for the year ended December 31, 2021. The number of shares that will vest can range from zero to 2,219,554. For the three and nine months ended September 30, 2020, the Company determined that it was not probable that the performance condition required for any of the PSUs to vest would be achieved, and as such, no compensation expense has been recognized in the condensed consolidated statements of operations and comprehensive loss. Unrecognized compensation costs if the maximum amount of shares were to vest based on the achievement of the performance condition was $31,014, and the weighted-average remaining vesting period of non-vested PSUs totaled 1.25 years as of September 30, 2020.

Related party transactions

9 Months Ended

Sep. 30, 2020

Related party transactions

21.	Related party transactions

Management services

The Company is majority owned by Messrs. Edens (our chief executive officer and chairman of our Board of Directors) and Nardone (one of our Directors) who are currently employed by Fortress Investment Group LLC (“Fortress”). In the ordinary course of business, Fortress, through affiliated entities, has historically charged the Company for administrative and general expenses incurred pursuant to its Management Services Agreement (“Management Agreement”). Upon completion of the IPO, the Management Agreement was terminated and replaced by an Administrative Services Agreement (“Administrative Agreement”) to charge the Company for similar administrative and general expenses. The charges under the Management Agreement and Administrative Agreement that are attributable to the Company totaled $1,749 and $1,952 for the three months ended September 30, 2020 and 2019, respectively, and $5,894 and $6,472 for the nine months ended September 30, 2020 and 2019, respectively. Costs associated with the Management Agreement and Administrative Agreement are included within Selling, general and administrative in the condensed consolidated statements of operations and comprehensive loss. As of September 30, 2020 and December 31, 2019, $5,177 and $5,083 were due to Fortress, respectively.

In addition to management and administrative services, an affiliate of Fortress owns and leases an aircraft chartered by the Company for business purposes in the course of operations. The Company incurred, at aircraft operator market rates, charter costs of $242 and $1,306 for the three months ended September 30, 2020 and 2019, respectively, and $1,526 and $2,931 for the nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020 and December 31, 2019, $2,087 and $4,286 was due to this affiliate, respectively.

Land and office lease

The Company has leased land and office space from Florida East Coast Industries, LLC (“FECI”), which is controlled by funds managed by an affiliate of Fortress. In April 2019, FECI sold the office building to a non-affiliate, and as such, the lease of the office space is no longer held with a related party. The Company recognized expense related to the land lease still held by a related party of $103 and $76 during the three months ended September 30, 2020 and 2019, respectively and $309 and $225 during nine months ended September 30, 2020 and 2019, respectively, which was included within Operations and maintenance in the condensed consolidated statements of operations and comprehensive loss. The expense for the period that the building was owned by a related party during the nine months ended September 30, 2019 totaled $609 of which $386 was capitalized to Construction in progress and $223 related to the office lease and ancillary services was included in Selling, general and administrative in the condensed consolidated statements of operations and comprehensive loss. As of September 30, 2020 and December 31, 2019, there was no amount due to FECI. As of September 30, 2020, the Company has recorded a lease liability of $3,270 within Non-current lease liabilities on the condensed consolidated balance sheet.

DevTech Investment

In August 2018, the Company entered into a consulting arrangement with DevTech Environment Limited (“DevTech”) to provide business development services to increase the customer base of the Company. DevTech also contributed cash consideration in exchange for a 10% interest in a consolidated subsidiary. The 10% interest is reflected as non-controlling interest in the Company’s condensed consolidated financial statements. DevTech purchased 10% of a note payable due to an affiliate of the Company. As of September 30, 2020 and December 31, 2019, $715 and $815 was owed to DevTech on the note payable, respectively. The outstanding note payable due to DevTech is included in Other long-term liabilities on the condensed consolidated balance sheets as of September 30, 2020. The interest expense on the note payable due to DevTech was $19 and $25 for the three months ended September 30, 2020 and 2019, respectively, and $57 and $71 for the nine months ended September 30, 2020 and 2019, respectively. No interest has been paid, and accrued interest has been recognized within Accrued expenses on the condensed consolidated balance sheets. As of September 30, 2020 and December 31, 2019, $343 and $443 was due from DevTech, respectively.

Fortress affiliated entities

Since 2017, the Company has provided certain administrative services to related parties including Fortress affiliated entities. As of September 30, 2020 and December 31, 2019, $1,215 and $1,134 were due from affiliates, respectively. There are no costs incurred by the Company as the Company is fully reimbursed for all costs incurred.

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 $808 and $811 for the three months ended September 30, 2020 and 2019, respectively, and $1,657 and $1,837 for the nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020 and December 31, 2019, $1,955 and $883 were due to Fortress affiliated entities, respectively.

Due to/from Affiliates

The table below summarizes the balances outstanding with affiliates at September 30, 2020 and December 31, 2019:

	September 30, 2020		December 31, 2019
Amounts due to affiliates	$	9,219	$	10,252
Amounts due from affiliates		1,558		1,577

Subsequent events

9 Months Ended

Sep. 30, 2020

Subsequent events [Abstract]

Subsequent events

22.	Subsequent events

On October 29, 2020, the Company declared a dividend for the fourth quarter of $0.10 per share which will have a record date of December 2, 2020 and a payment date of December 9, 2020.

Significant accounting policies (Policies)

9 Months Ended

Sep. 30, 2020

Significant accounting policies [Abstract]

Basis of presentation and principles of consolidation

(a)	Basis of presentation and principles of consolidation

Use of estimates

(b)	Use of estimates

Legal and contingencies

(c)	Legal and contingencies

Revenue recognition

(d)	Revenue recognition

Contract termination charges and loss on mitigation sales

(e)	Contract termination charges and loss on mitigation sales

Credit losses

(f)	Credit losses

- Definition

Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=121565518&loc=SL120269220-210453

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=121614247&loc=SL120267897-210452

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Revenue from contracts with customers (Tables)

9 Months Ended

Sep. 30, 2020

Revenue from contracts with customers [Abstract]

Contract with Customer, Asset and Liability

	September 30, 2020		December 31, 2019
Contract assets, net - current	$	110	$	3,787
Contract assets, net - non-current		27,563		19,474
Total contract assets, net	$	27,673	$	23,261

Contract liabilities	$	7,682	$	6,542

Revenue recognized in the year from:
Amounts included in contract liabilities at the beginning of the year	$	5,394	$	-

Other Revenue

Other revenue includes revenue for development services as well as lease and other revenue. The table below summarizes the balances in Other revenue:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Development services revenue	$	51,974	$	10,195	$	79,540	$	14,103
Lease and other revenue		1,021		4,116		2,872		12,049
Total other revenue	$	52,995	$	14,311	$	82,412	$	26,152

Remaining Performance Obligations

Period	Revenue
Remainder of 2020	$	61,865
2021		254,787
2022		246,144
2023		246,235
2024		246,495
Thereafter		3,324,328
Total	$	4,379,854

Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Components of Operating Lease Costs

	Three Months Ended September 30, 2020		Nine Months Ended September 30, 2020
Fixed lease cost	$	11,160	$	28,024
Variable lease cost		1,054		1,767
Short-term lease cost		473		1,088

Lease cost - Cost of sales	$	10,690	$	26,150
Lease cost - Operations and maintenance		619		1,447
Lease cost - Selling, general and administrative		1,378		3,282

Supplemental Cash Flow Information Related to Leases

	Nine Months Ended September 30, 2020
Operating cash outflows for operating lease liabilities	$	32,230
Right-of-use assets obtained in exchange for new operating lease liabilities		172,053

Future Payments Due under Operating Leases

The future payments due under operating leases as of September 30, 2020 are as follows:

	Operating Leases
Due remainder of 2020	$	10,687
2021		44,692
2022		28,989
2023		17,777
2024		16,926
Thereafter		39,534
Total lease payments		158,605
Less: effects of discounting		38,382
Present value of lease liabilities	$	120,223

Current lease liability	$	36,380
Non-current lease liability		83,843

Future Annual Minimum Lease Payments for Operating Leases

Future annual minimum lease payments for operating leases as of December 31, 2019, prepared in accordance with accounting standards prior to the adoption of ASC 842, were as follows:

Year ending December 31:
2020	$	37,776
2021		35,478
2022		18,387
2023		7,083
2024		7,151
Thereafter		26,458
Total	$	132,333

Property, Plant and Equipment Subject to Operating Leases

	September 30, 2020
Property, plant and equipment	$	15,974
Accumulated depreciation		(808	)
Property, plant and equipment, net	$	15,166

Operating and Financing Lease Payments to be Received

The following table shows the expected future lease payments as of September 30, 2020, for the remainder of 2020 through 2024 and thereafter:

	Future cash receipts
	Financing leases		Operating leases
Remainder of 2020	$	96	$	60
2021		1,021		228
2022		1,115		216
2023		1,121		218
2024		1,121		220
Thereafter		5,894		733
Total	$	10,368	$	1,675
Less: Imputed interest		4,974
Present value of total lease receipts	$	5,394

Current finance leases, net	$	522
Non-current finance leases, net		4,872

Fair value (Tables)

9 Months Ended

Sep. 30, 2020

Fair value [Abstract]

Financial Assets and Financial Liabilities

The following table presents the Company’s financial assets and financial liabilities that are measured at fair value as of September 30, 2020 and December 31, 2019:

	September 30, 2020
	Level 1		Level 2		Level 3		Total		Valuation technique
Assets
Cash and cash equivalents	$	112,723	$	-	$	-	$	112,723	Market approach
Restricted cash		40,714		-		-		40,714	Market approach
Investment in equity securities		164		-		-		164	Market approach
Total	$	153,601	$	-	$	-	$	153,601

Liabilities
Derivative liability¹	$	-	$	-	$	9,778	$	9,778	Income approach
Equity agreement²		-		-		20,592		20,592	Income approach
Total	$	-	$	-	$	30,370	$	30,370

	December 31, 2019
	Level 1		Level 2		Level 3		Total		Valuation technique
Assets
Cash and cash equivalents	$	27,098	$	-	$	-	$	27,098	Market approach
Restricted cash		65,937		-		-		65,937	Market approach
Investment in equity securities		2,540		-		-		2,540	Market approach
Total	$	95,575	$	-	$	-	$	95,575

Liabilities
Derivative liability¹	$	-	$	-	$	9,800	$	9,800	Income approach
Equity agreement²		-		-		16,800		16,800	Income approach
Total	$	-	$	-	$	26,600	$	26,600

⁽¹⁾

Consideration due to the sellers of Shannon LNG once first gas is supplied from the terminal to be built.

⁽²⁾

To be paid at the earlier of agreed-upon date or the date on which the valid planning permission is received as specified in the amended Shannon LNG Agreement.

Fair Value and Currency Translation Adjustment

	Three Months Ended September 30,					Nine Months Ended September 30,
	2020		2019			2020		2019
Fair value adjustment - Loss	$	2,892	$	1,144		$	2,598	$	988
Currency translation adjustment - Loss/(gain)		1,114		(1,115	)		1,172		(1,114	)

Restricted cash (Tables)

9 Months Ended

Sep. 30, 2020

Restricted cash [Abstract]

Restricted Cash

As of September 30, 2020 and December 31, 2019, restricted cash consisted of the following:

	September 30, 2020		December 31, 2019
Collateral for performance under customer agreements	$	15,000	$	15,000
Collateral for LNG purchases		19,070		35,000
Collateral for letters of credit and performance bonds		6,394		7,388
Debt service reserve account		-		8,299
Other restricted cash		250		250
Total restricted cash	$	40,714	$	65,937

Current restricted cash	$	25,714	$	30,966
Non-current restricted cash		15,000		34,971

Inventory (Tables)

9 Months Ended

Sep. 30, 2020

Inventory [Abstract]

Inventory

As of September 30, 2020 and December 31, 2019, inventory consisted of the following:

	September 30, 2020		December 31, 2019
LNG and natural gas inventory	$	9,986	$	57,436
Automotive diesel oil inventory		4,966		4,746
Bunker fuel, materials, supplies and other		4,447		1,250
Total inventory	$	19,399	$	63,432

Prepaid expenses and other current assets, net (Tables)

9 Months Ended

Sep. 30, 2020

Prepaid expenses and other current assets, net [Abstract]

Prepaid Expenses and Other Current Assets, Net

As of September 30, 2020 and December 31, 2019, prepaid expenses and other current assets, net consisted of the following:

	September 30, 2020		December 31, 2019
Prepaid LNG	$	5,904	$	7,097
Prepaid expenses		5,138		7,458
Due from affiliates (Note 21)		1,558		1,577
Other current assets		17,089		23,602
Total prepaid expenses and other current assets, net	$	29,689	$	39,734

Construction in progress (Tables)

9 Months Ended

Sep. 30, 2020

Construction in progress [Abstract]

Construction in Progress Activity

The Company’s construction in progress activity during the nine months ended September 30, 2020 is detailed below:

	September 30, 2020
Balance at beginning of period	$	466,587
Additions		89,441
Transferred to property, plant and equipment, net (Note 12)		(349,918	)
Balance at end of period	$	206,110

Property, plant and equipment, net (Tables)

9 Months Ended

Sep. 30, 2020

Property, plant and equipment, net [Abstract]

Property, Plant and Equipment, Net

As of September 30, 2020 and December 31, 2019, the Company’s property, plant and equipment, net consisted of the following:

	September 30, 2020			December 31, 2019
Terminal and power plant equipment	$	188,038		$	14,981
CHP facilities		119,036			-
Gas terminals		120,810			52,781
ISO containers and other equipment		98,274			39,951
LNG liquefaction facilities		65,992			66,273
Gas pipelines		58,974			11,692
Land		15,683			15,401
Leasehold improvements		8,322			8,054
Accumulated depreciation		(52,654	)		(16,911	)
Total property, plant and equipment, net	$	622,475		$	192,222

Intangible assets (Tables)

9 Months Ended

Sep. 30, 2020

Intangible assets [Abstract]

Composition of Intangible Assets

The following table summarizes the composition of intangible assets as of September 30, 2020 and December 31, 2019:

	September 30, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Life
Definite-lived intangible assets
Shannon LNG permits	$	43,838	$	2,055	$	41,783		40
Easements		1,558		177		1,381		30

Indefinite-lived intangible assets
Easements		1,217		-		1,217		n/a
Total intangible assets	$	46,613	$	2,232	$	44,381

	December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Life
Definite-lived intangible assets
Shannon LNG leases and permits	$	42,157	$	1,198	$	40,959		40
Easements		1,559		139		1,420		30

Indefinite-lived intangible assets
Easements		1,161		-		1,161		n/a
Total intangible assets	$	44,877	$	1,337	$	43,540

Other non-current assets, net (Tables)

9 Months Ended

Sep. 30, 2020

Other non-current assets, net [Abstract]

Other Non-Current Assets, Net

As of September 30, 2020 and December 31, 2019, Other non-current assets, net consisted of the following:

	September 30, 2020		December 31, 2019
Nonrefundable deposit	$	25,269	$	22,262
Contract asset, net (Note 4)		27,563		19,474
Cost to fulfill (Note 4)		10,272		8,508
Unbilled receivables, net (Note 4)		6,551		-
Upfront payments to customers		5,660		5,904
Port access rights and initial lease costs		-		17,762
Other		8,296		7,716
Total other non-current assets, net	$	83,611	$	81,626

Accrued liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Accrued liabilities [Abstract]

Accrued Liabilities

As of September 30, 2020 and December 31, 2019, accrued liabilities consisted of the following:

	September 30, 2020		December 31, 2019
Accrued development costs	$	8,284	$	25,037
Accrued interest		5,437		-
Accrued bonuses		12,842		14,991
Other accrued expenses		26,043		14,915
Total accrued liabilities	$	52,606	$	54,943

Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt [Abstract]

Long-term Debt

As of September 30, 2020 and December 31, 2019, debt consisted of the following:

	September 30, 2020		December 31, 2019
Senior Secured Notes, due September 15, 2025	$	980,183	$	-
Term Loan Facility, due January 21, 2020		-		495,000
Senior Secured Bonds, due September 2034		-		70,960
Senior Secured Bonds, due December 2034		-		10,823
Senior Unsecured Bonds, due September 2036		-		42,274
Total debt	$	980,183	$	619,057

Interest Expense

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Interest costs:
Interest per contractual rates	$	19,936	$	8,731	$	58,576	$	22,094
Amortization of debt issuance costs		4,416		3,512		14,766		8,743
Total interest costs		24,352		12,243		73,342		30,837
Capitalized interest		4,539		7,269		22,441		16,380
Total interest expense	$	19,813	$	4,974	$	50,901	$	14,457

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Earnings per share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings per share [Abstract]

Earnings Per Share

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Numerator:
Net loss	$	(36,670	)	$	(54,424	)	$	(263,480	)	$	(165,949	)
Less: net loss attributable to non-controlling interests		312			47,701			81,163			139,483
Net loss attributable to Class A common stock	$	(36,358	)	$	(6,723	)	$	(182,317	)	$	(26,466	)
Denominator:
Weighted-average shares-basic and diluted		170,074,532			22,692,104			85,009,385			19,689,568

Net loss per share - basic and diluted	$	(0.21	)	$	(0.30	)	$	(2.14	)	$	(1.34	)

Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share Effects Presented in Anti-dilutive

The following table presents potentially dilutive securities excluded from the computation of diluted net loss per share for the periods presented because its effects would have been anti-dilutive.

	September 30, 2020		September 30, 2019
Unvested RSUs¹		1,555,363		3,875,081
Class B shares		-		145,057,375
Shannon Equity Agreement shares²		478,654		932,914
Total		2,034,017		149,865,370

Represents the number of instruments outstanding at the end of the period.

Class A common stock that would be issued in relation to the Shannon LNG Equity Agreement.

Share-based compensation (Tables)

9 Months Ended

Sep. 30, 2020

Share-based compensation [Abstract]

RSU Activity

The following table summarizes the RSU activity for the nine months ended September 30, 2020:

	Restricted Share Units			Weighted-average grant date fair value per share
Non-vested RSUs as of December 31, 2019		3,137,415		$	13.44
Granted		109,409			14.47
Vested and shares issued		(1,504,464	)		13.47
Forfeited		(186,997	)		13.51
Non-vested RSUs as of September 30, 2020		1,555,363		$	13.49

Share-based Compensation Expense

The following table summarizes the share-based compensation expense for the Company’s RSUs recorded for the three and nine months ended September 30, 2020 and 2019:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Operations and maintenance	$	142	$	263	$	632	$	592
Selling, general and administrative		1,929		7,804		5,869		35,483
Total share-based compensation expense	$	2,071	$	8,067	$	6,501	$	36,075

Related party transactions (Tables)

9 Months Ended

Sep. 30, 2020

Due to/from Affiliates

The table below summarizes the balances outstanding with affiliates at September 30, 2020 and December 31, 2019:

	September 30, 2020		December 31, 2019
Amounts due to affiliates	$	9,219	$	10,252
Amounts due from affiliates		1,558		1,577

Organization (Details)	9 Months Ended
Organization (Details)	Sep. 30, 2020 Segment
Organization [Abstract]
Number of operating segments	1

Significant accounting policies (Details) $ / shares in Units, $ in Thousands					3 Months Ended	9 Months Ended
	Aug. 07, 2020 $ / shares shares	Jun. 10, 2020 shares	Mar. 01, 2019 USD ($) $ / shares shares	Feb. 04, 2019 USD ($) $ / shares shares	Jun. 30, 2020 shares	Sep. 30, 2020 USD ($) Obligation $ / shares shares	Sep. 30, 2019 USD ($)	Dec. 31, 2019 $ / shares
Basis of presentation and principles of consolidation [Abstract]
Net proceeds from initial public offering \| $						$ 0	$ 274,948
Percentage of voting and non-economic interest				88.00%
Percentage of economic interest in NFI				88.00%
Underwriting discounts and commissions \| $						$ 0	$ 6,938
Exchange transactions completion date						Jun. 10, 2020
Number of LLC shares converted to Corporate shares (in shares)	1
Par value per share (in dollars per share) \| $ / shares	$ 0.01
Revenue recognition [Abstract]
Number of performance obligations \| Obligation						1
Contract Termination Charges and Loss on Mitigation Sales [Abstract]
Termination charges \| $						$ 105,000
Loss on mitigation sales \| $						$ (19,114)
Class A [Member]
Basis of presentation and principles of consolidation [Abstract]
Shares outstanding (in shares)						168,738,423
Shares issued in exchange of NFI units (in shares)		144,342,572
Par value per share (in dollars per share) \| $ / shares						$ 0.01		$ 0.01
Class A [Member] \| IPO [Member]
Basis of presentation and principles of consolidation [Abstract]
Shares issued in initial public offering (in shares)			837,272	20,000,000
IPO price per share (in dollars per share) \| $ / shares			$ 14.00	$ 14.00
Net proceeds from initial public offering \| $			$ 11,000	$ 257,000
Shares outstanding (in shares)			20,837,272
Underwriting discounts and commissions \| $			$ 700
Class A [Member] \| Common Stock [Member]
Basis of presentation and principles of consolidation [Abstract]
Shares issued in exchange of NFI units (in shares)					0
Class B [Member]
Basis of presentation and principles of consolidation [Abstract]
Shares outstanding (in shares)						0
Shares issued in exchange of NFI units (in shares)		144,342,572
Class B [Member] \| IPO [Member]
Basis of presentation and principles of consolidation [Abstract]
Effects of reorganization transactions (in shares)				147,058,824
Shares outstanding (in shares)				147,058,824

Adoption of new and revised standards (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
Adoption of New and Revised Standards [Abstract]
Adjustments to retained earnings, net of tax	$ (229,673)	$ (229,673)	$ (45,823)
Right-of-use asset	140,143	140,143	0
Lease liability	120,223	120,223
ASU 2016-13 [Member]
Adoption of New and Revised Standards [Abstract]
Credit loss expense	$ 149	$ 385
ASU 2016-13 [Member] \| Cumulative Effect, Period of Adoption, Adjustment [Member]
Adoption of New and Revised Standards [Abstract]
Adjustments to retained earnings, net of tax			(228)
ASU 2016-02 [Member]
Adoption of New and Revised Standards [Abstract]
Right-of-use asset			124,774
Lease liability			103,874
ASU 2016-02 [Member] \| Cumulative Effect, Period of Adoption, Adjustment [Member]
Adoption of New and Revised Standards [Abstract]
Adjustments to retained earnings, net of tax			(9,085)
Adjustments to retained earnings, tax			$ (2,945)

Revenue from contracts with customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Contract with Customer, Asset and Liability [Abstract]
Receivables, revenue from contracts with customers	$ 91,337		$ 91,337		$ 40,731
Current expected credit losses	183		183		0
Contract assets, net - current	110		110		3,787
Contract assets, net - non-current	27,563		27,563		19,474
Total contract assets, net	27,673		27,673		23,261
Contract liabilities	7,682		7,682		6,542
Revenue recognized in the year from [Abstract]
Amounts included in contract liabilities at the beginning of the year					5,394	$ 0
Contract assets net of current expected credit losses	373		373		0
Unbilled receivables net of current expected credit losses	6,907		6,907
Unbilled receivables included in other current assets	356		356
Unbilled receivables included in other non-current asset	6,551		6,551
Disaggregation of Revenue [Abstract]
Operating revenue	83,863	$ 35,345	223,542	$ 93,221
Other revenues	52,995	14,311	82,412	26,152
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	4,379,854		4,379,854
Capitalized Contract Cost [Abstract]
Capitalized contract costs	10,820		10,820		8,839
Other current assets	548		548		331
Other noncurrent assets	10,272		10,272		$ 8,508
Power and Steam [Member]
Disaggregation of Revenue [Abstract]
Operating revenue	7,280		15,957
Development Services [Member]
Disaggregation of Revenue [Abstract]
Other revenues	51,974	10,195	79,540	14,103
Development Services [Member] \| Natural Gas Used In Commissioning [Member]
Disaggregation of Revenue [Abstract]
Other revenues	51,974		68,458
Lease and Other Revenue [Member]
Disaggregation of Revenue [Abstract]
Other revenues	1,021	$ 4,116	2,872	$ 12,049
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	$ 61,865		$ 61,865
Remaining performance obligation, expected timing of satisfaction, period	3 months		3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	$ 254,787		$ 254,787
Remaining performance obligation, expected timing of satisfaction, period	1 year		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	$ 246,144		$ 246,144
Remaining performance obligation, expected timing of satisfaction, period	1 year		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	$ 246,235		$ 246,235
Remaining performance obligation, expected timing of satisfaction, period	1 year		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	$ 246,495		$ 246,495
Remaining performance obligation, expected timing of satisfaction, period	1 year		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Performance Obligation Satisfied over Time [Abstract]
Remaining performance obligation	$ 3,324,328		$ 3,324,328
Remaining performance obligation, expected timing of satisfaction, period

Leases, Components of Operating Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Operating lease cost [Abstract]
Fixed lease cost	$ 11,160	$ 28,024
Variable lease cost	1,054	1,767
Short-term lease cost	473	1,088
Lease cost - Cost of sales	10,690	26,150
Lease cost - Operations and maintenance	619	1,447
Lease cost - Selling, general and administrative	1,378	3,282
Capitalized lease cost	$ 1,348	$ 9,361

Leases, Lessee Operating Lease Supplemental Cash Flow Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020 USD ($)
Supplemental cash flow information related to leases [Abstract]
Operating cash outflows for operating lease liabilities	$ 32,230
Right-of-use assets obtained in exchange for new operating leases	$ 172,053

Leases, Future Payments Due under Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Future minimum payments of operating lease liability [Abstract]
Due remainder of 2020	$ 10,687
2021	44,692
2022	28,989
2023	17,777
2024	16,926
Thereafter	39,534
Total lease payments	158,605
Less: effects of discounting	38,382
Present value of lease liabilities	120,223
Current lease liability	36,380	$ 0
Non-current lease liability	$ 83,843	$ 0
Weighted-average remaining lease term	5 years 6 months
Weighted average discount rate	8.20%

Leases, Future Annual Minimum Lease Payments for Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Dec. 31, 2019
Operating lease future minimum payments before adoption of ASC 842 [Abstract]
2020			$ 37,776
2021			35,478
2022			18,387
2023			7,083
2024			7,151
Thereafter			26,458
Total			$ 132,333
Operating leases, rent expense [Abstract]
Rental expense	$ 10,947	$ 28,323

Leases, Property, Plant and Equipment Subject to Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment Subjected to Operating Lease [Abstract]
Total property, plant and equipment, net	$ 622,475	$ 192,222
Lessor [Member]
Property, Plant and Equipment Subjected to Operating Lease [Abstract]
Property, plant and equipment	15,974
Accumulated depreciation	(808)
Total property, plant and equipment, net	$ 15,166

Leases, Expected Future Lease Payments (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Financing leases, lease receivable, fiscal year maturity [Abstract]
Remainder of 2020	$ 96
2021	1,021
2022	1,115
2023	1,121
2024	1,121
Thereafter	5,894
Total	10,368
Less: Imputed interest	4,974
Present value of total lease receipts	5,394
Current finance leases, net	522
Non-current finance leases, net	4,872
Operating lease, payments, fiscal year maturity [Abstract]
Reminder of 2020	60
2021	228
2022	216
2023	218
2024	220
Thereafter	733
Total	$ 1,675

Fair value (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2020

Sep. 30, 2019

Sep. 30, 2020

Sep. 30, 2019

Dec. 31, 2019

Assets [Abstract]

Restricted cash

$ 40,714

$ 65,937

Investment in equity securities

164

2,540

Fair Value Adjustment and Currency Translation Adjustment [Abstract]

Fair value adjustment - Loss

2,892

$ 1,144

2,598

$ 988

Currency translation adjustment - Loss/(gain)

1,114

$ (1,115)

1,172

$ (1,114)

Senior Notes [Member]

Fair Value Adjustment and Currency Translation Adjustment [Abstract]

Fair value of notes

1,050,000

Market Approach [Member]

Assets [Abstract]

Cash and cash equivalents

112,723

27,098

Restricted cash

40,714

65,937

Investment in equity securities

164

2,540

Total

153,601

95,575

Income Approach [Member]

Liabilities [Abstract]

Derivative liability

^[1]

9,778

9,800

Equity agreement

^[2]

20,592

16,800

Total

30,370

26,600

Level 1 [Member] | Market Approach [Member]

Assets [Abstract]

Cash and cash equivalents

112,723

27,098

Restricted cash

40,714

65,937

Investment in equity securities

164

2,540

Total

153,601

95,575

Level 1 [Member] | Income Approach [Member]

Liabilities [Abstract]

Derivative liability

^[1]

Equity agreement

^[2]

Total

Level 2 [Member] | Market Approach [Member]

Assets [Abstract]

Cash and cash equivalents

Restricted cash

Investment in equity securities

Total

Level 2 [Member] | Income Approach [Member]

Liabilities [Abstract]

Derivative liability

^[1]

Equity agreement

^[2]

Total

Level 3 [Member] | Market Approach [Member]

Assets [Abstract]

Cash and cash equivalents

Restricted cash

Investment in equity securities

Total

Level 3 [Member] | Income Approach [Member]

Liabilities [Abstract]

Derivative liability

^[1]

9,778

9,800

Equity agreement

^[2]

20,592

16,800

Total

$ 30,370

$ 26,600

[1]	Consideration due to the sellers of Shannon LNG once first gas is supplied from the terminal to be built.
[2]	To be paid at the earlier of agreed-upon date or the date on which the valid planning permission is received as specified in the amended Shannon LNG Agreement.

Restricted cash (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Restricted cash [Abstract]
Collateral for performance under customer agreements	$ 15,000	$ 15,000
Collateral for LNG purchases	19,070	35,000
Collateral for letters of credit and performance bonds	6,394	7,388
Debt service reserve account	0	8,299
Other restricted cash	250	250
Total restricted cash	40,714	65,937
Current restricted cash	25,714	30,966
Non-current restricted cash	$ 15,000	$ 34,971

Inventory (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Inventory [Abstract]
LNG and natural gas inventory	$ 9,986		$ 9,986		$ 57,436
Automotive diesel oil inventory	4,966		4,966		4,746
Bunker fuel, materials, supplies and other	4,447		4,447		1,250
Total inventory	19,399		19,399		$ 63,432
Inventory adjustments	$ 0	$ 0	$ 0	$ 0

Prepaid expenses and other current assets, net (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Prepaid expenses and other current assets, net [Abstract]
Prepaid LNG	$ 5,904	$ 7,097
Prepaid expenses	5,138	7,458
Due from affiliates (Note 21)	1,558	1,577
Other current assets	17,089	23,602
Total prepaid expenses and other current assets, net	$ 29,689	$ 39,734

Investment in equity securities (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Investment in equity securities [Abstract]
Investment cost	$ 3,667		$ 3,667
Number of shares (in shares)	295,256		295,256		295,256
Fair value	$ 164		$ 164		$ 2,540
Unrealized loss	$ 159	$ 1,325	$ 2,376	$ 2,127

Construction in progress (Details) - USD ($) $ in Thousands	9 Months Ended
Construction in progress (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Construction in Progress [Roll Forward]
Balance at beginning of period	$ 466,587
Additions	89,441
Transferred to property, plant and equipment, net (Note 12)	(349,918)
Balance at end of period	206,110
Interest costs capitalized	$ 22,441	$ 16,380

Property, plant and equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Property, Plant and Equipment, Net [Abstract]
Accumulated depreciation	$ (52,654)		$ (52,654)		$ (16,911)
Total property, plant and equipment, net	622,475		622,475		192,222
Adjustment to retained earnings	(229,673)		(229,673)		(45,823)
Depreciation	9,370	$ 1,837	22,120	$ 5,400
Cost of Sales [Member]
Property, Plant and Equipment, Net [Abstract]
Depreciation	212	$ 161	662	$ 466
ASU 2016-02 [Member]
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross					92,207
Accumulated depreciation					13,932
Adjustment to net investment in direct financing lease					91,005
ASU 2016-02 [Member] \| Cumulative Effect, Period of Adoption, Adjustment [Member]
Property, Plant and Equipment, Net [Abstract]
Adjustment to retained earnings					(9,085)
Adjustments to retained earnings, tax					(2,945)
Terminal and Power Plant Equipment [Member]
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	188,038		188,038		14,981
CHP Facilities [Member]
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	119,036		119,036		0
Gas Terminals [Member]
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	120,810		120,810		52,781
ISO Containers and Other Equipment [Member]
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	98,274		98,274		39,951
LNG Liquefaction Facilities [Member]
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	65,992		65,992		66,273
Gas Pipelines [Member]
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	58,974		58,974		11,692
Land [Member]
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	15,683		15,683		15,401
Leasehold Improvements [Member]
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	$ 8,322		$ 8,322		$ 8,054

Intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
Intangible assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Intangible Assets, Net [Abstract]
Definite-Lived Intangible Assets, Accumulated Amortization	$ 2,232		$ 2,232		$ 1,337
Total Intangible Assets, Gross Carrying Amount	46,613		46,613		44,877
Total Intangible Assets, Net Carrying Amount	44,381		$ 44,381		$ 43,540
Weighted average remaining amortization period for intangible assets			37 years 9 months 18 days		38 years 9 months 18 days
Amortization	309	$ 266	$ 861	$ 830
Easements [Member]
Intangible Assets, Net [Abstract]
Indefinite-Lived Intangible Assets, Carrying Amount	1,217		1,217		$ 1,161
Shannon LNG Leases and Permits [Member]
Intangible Assets, Net [Abstract]
Definite-Lived Intangible Assets, Gross Carrying Amount	43,838		43,838		42,157
Definite-Lived Intangible Assets, Accumulated Amortization	2,055		2,055		1,198
Definite-Lived Intangible Assets, Net Carrying Amount	41,783		$ 41,783		$ 40,959
Definite-Lived Intangible Assets, Weighted Average Life			40 years		40 years
Easements [Member]
Intangible Assets, Net [Abstract]
Definite-Lived Intangible Assets, Gross Carrying Amount	1,558		$ 1,558		$ 1,559
Definite-Lived Intangible Assets, Accumulated Amortization	177		177		139
Definite-Lived Intangible Assets, Net Carrying Amount	$ 1,381		$ 1,381		$ 1,420
Definite-Lived Intangible Assets, Weighted Average Life			30 years		30 years

Other non-current assets, net (Details) $ in Thousands	9 Months Ended
Other non-current assets, net (Details) $ in Thousands	Sep. 30, 2020 USD ($) SalesContract	Dec. 31, 2019 USD ($)
Other non-current assets, net [Abstract]
Nonrefundable deposit	$ 25,269	$ 22,262
Contract asset, net (Note 4)	27,563	19,474
Cost to fulfill (Note 4)	10,272	8,508
Unbilled receivables, net (Note 4)	6,551	0
Upfront payments to customers	5,660	5,904
Port access rights and initial lease costs	0	17,762
Other	8,296	7,716
Total other non-current assets, net	$ 83,611	$ 81,626
Number of sales contracts \| SalesContract	2

Accrued liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accrued liabilities [Abstract]
Accrued development costs	$ 8,284	$ 25,037
Accrued interest	5,437	0
Accrued bonuses	12,842	14,991
Other accrued expenses	26,043	14,915
Total accrued liabilities	$ 52,606	$ 54,943

Debt (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
Long-term Debt, Current and Noncurrent [Abstract]
Total debt	$ 980,183	$ 980,183	$ 619,057
Credit Agreement, due January 15, 2023 [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Maturity date		Jan. 15, 2023
Senior Secured Notes, due September 15, 2025 [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Total debt	$ 980,183	$ 980,183	0
Maturity date	Sep. 15, 2025
Term Loan Facility, due January 21, 2020 [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Total debt	$ 0	0	495,000
Maturity date	Jan. 21, 2020
Senior Secured Bonds, due September 2034 [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Total debt	$ 0	0	70,960
Maturity date	Sep. 30, 2034
Senior Secured Bonds, due December 2034 [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Total debt	$ 0	0	10,823
Maturity date	Dec. 31, 2034
Senior Unsecured Bonds, due September 2036 [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Total debt	$ 0	$ 0	$ 42,274
Maturity date	Sep. 30, 2036

Debt, Senior Secured Notes (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 02, 2020	Jan. 10, 2020
Senior Secured Notes [Member]
Senior Secured Notes [Abstract]
Frequency of payments	semi-annually
Maturity date	Sep. 15, 2025
Third-party fees		$ 4,028
Reduction in principal balance	$ 13,638
Remaining unamortized deferred financing costs	$ 19,817	6,501
Senior Secured Notes [Member] \| Private Offering [Member]
Senior Secured Notes [Abstract]
Debt instrument, issued		$ 1,000,000
Fixed interest rate		6.75%
Remaining unamortized deferred financing costs		$ 17,666
Credit Agreement [Member]
Senior Secured Notes [Abstract]
Debt instrument, issued			$ 800,000
Maturity date	Jan. 15, 2023
Reduction in principal balance		$ 6,501	$ 37,051

Debt, The Credit Agreement (Details) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
	Sep. 02, 2020	Jan. 10, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Aug. 16, 2018
Credit Agreement [Abstract]
Outstanding principal amount			$ 980,183		$ 980,183		$ 619,057
Loss on extinguishment of debt			$ 23,505	$ 0	$ 33,062	$ 0
Credit Agreement [Member]
Credit Agreement [Abstract]
Aggregate principal amount		$ 800,000
Debt maturity date					Jan. 15, 2023
Variable interest rate		6.25%
Increase in interest rate		1.50%
Loss on extinguishment of debt	$ 16,310
Reduction in principal balance	$ 6,501	$ 37,051
Credit Agreement [Member] \| Interest Rate Floor [Member]
Credit Agreement [Abstract]
Variable interest rate		1.50%
Term Loan Facility, due January 21, 2020 [Member]
Credit Agreement [Abstract]
Aggregate principal amount								$ 500,000	$ 240,000
Debt maturity date			Jan. 21, 2020
Variable interest rate					4.00%
Increase in interest rate					0.50%
Outstanding principal amount			$ 0		$ 0		$ 495,000
Loss on extinguishment of debt					$ 9,557

Debt, Term Loan Facility (Details) $ in Thousands		3 Months Ended		9 Months Ended
Debt, Term Loan Facility (Details) $ in Thousands	Mar. 21, 2019 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) Extension	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Aug. 16, 2018 USD ($) Lender
Term Loan Facility [Abstract]
Loss on extinguishment of debt		$ (23,505)	$ 0	$ (33,062)	$ 0
Term Loan Facility, due January 21, 2020 [Member]
Term Loan Facility [Abstract]
Number of lenders \| Lender								2
Aggregate principal amount							$ 500,000	$ 240,000
Outstanding borrowings	$ 500,000						$ 280,000
Additional borrowing amount	$ 220,000
Debt instrument, basis spread on variable rate				4.00%
Debt instrument, frequency of periodic payment				quarterly
Debt instrument, periodic payment				$ 1,250
Unamortized deferred financing cost						$ 0
Number of extensions for maturity date \| Extension				2
Additional extended maturity period				6 months
Percentage of fee payable in outstanding principal for extension of maturity date		1.00%		1.00%
Increase in interest rate				0.50%
Loss on extinguishment of debt				$ (9,557)
Term Loan Facility, due January 21, 2020 [Member] \| Floor Rate [Member]
Term Loan Facility [Abstract]
Debt instrument, basis spread on variable rate				1.00%
Term Loan Facility, due January 21, 2020 [Member] \| Federal Funds Rate [Member]
Term Loan Facility [Abstract]
Debt instrument, basis spread on variable rate				0.50%
Term Loan Facility, due January 21, 2020 [Member] \| LIBOR [Member]
Term Loan Facility [Abstract]
Debt instrument, basis spread on variable rate				1.00%
Debt instrument, term of variable rate				1 month
Interest rate plus spread				3.00%

Debt, South Power Bonds (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
Debt, South Power Bonds (Details) - USD ($) $ in Thousands	Sep. 21, 2020	Jan. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Sep. 02, 2019
Senior Secured and Unsecured Bonds [Abstract]
Loss on extinguishment of debt			$ (23,505)	$ 0	$ (33,062)	$ 0
Senior Secured Bonds [Member] \| South Power [Member]
Senior Secured and Unsecured Bonds [Abstract]
Debt instrument, issued							$ 63,000	$ 73,317
Proceeds from issuance of bonds		$ 52,144					$ 10,856
Fixed interest rate			8.25%		8.25%
Maturity period					15 years
Non-payment of principal due period					7 years
Frequency of payments					quarterly
Percentage of quarterly principal payment					1.60%
Percentage of balloon payment due upon maturity					50.00%
Senior Unsecured Bonds [Member] \| South Power [Member]
Senior Secured and Unsecured Bonds [Abstract]
Debt instrument, issued								$ 43,683
Fixed interest rate			11.00%		11.00%
Maturity date					Sep. 30, 2036
Non-payment of principal due period					9 years
Frequency of payments					quarterly
Senior Secured Bonds and Senior Unsecured Bonds [Member] \| South Power [Member]
Senior Secured and Unsecured Bonds [Abstract]
Fees paid			$ 3,892		$ 3,892
Loss on extinguishment of debt	$ 7,195
Unamortized deferred financing costs, write-off	3,594
Prepayment Premium Paid to Bondholders	$ 3,601

Debt, Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Debt, Interest Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Interest costs [Abstract]
Amortization of debt issuance costs			$ 9,949	$ 4,150
Interest expense	$ 19,813	$ 4,974	50,901	14,457
Debt [Member]
Interest costs [Abstract]
Interest per contractual rates	19,936	8,731	58,576	22,094
Amortization of debt issuance costs	4,416	3,512	14,766	8,743
Total interest costs	24,352	12,243	73,342	30,837
Capitalized interest	4,539	7,269	22,441	16,380
Interest expense	$ 19,813	$ 4,974	$ 50,901	$ 14,457

Income taxes (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
Income taxes (Details) - USD ($) $ in Thousands	Jun. 10, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Feb. 04, 2019
Loss before Income Taxes [Abstract]
Percentage of NFI operations included in income tax provision	100.00%
Effective tax rate		(5.27%)	0.12%	(0.75%)	(0.20%)
Tax expense		$ 1,836	$ (64)	$ 1,949	$ 337
Statutory tax rate		21.00%	21.00%	21.00%	21.00%
Uncertain tax positions		$ 0		$ 0
IPO [Member]
Loss before Income Taxes [Abstract]
Deferred tax asset						$ 42,783

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Earnings per share (Details) - USD ($)
$ / shares in Units, $ in Thousands

1 Months Ended

2 Months Ended

3 Months Ended

9 Months Ended

Feb. 04, 2019

Mar. 31, 2019

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Sep. 30, 2019

Jun. 30, 2019

Sep. 30, 2020

Sep. 30, 2019

Numerator [Abstract]

Net loss

$ (8,003)

$ (52,289)

$ (36,670)

$ (166,587)

$ (60,223)

$ (54,424)

$ (51,233)

$ (263,480)

$ (165,949)

Less: net loss attributable to non-controlling interests

312

47,701

81,163

139,483

Net loss attributable to stockholders

$ (36,358)

$ (6,723)

$ (182,317)

$ (26,466)

Denominator [Abstract]

Weighted-average shares-basic and diluted (in shares)

170,074,532

22,692,104

85,009,385

19,689,568

Net loss per share - basic and diluted (in dollars per share)

$ (0.21)

$ (0.30)

$ (2.14)

$ (1.34)

Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share Effects Presented in Anti-dilutive [Abstract]

Anti-dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares)

2,034,017

149,865,370

Dividend [Abstract]

Dividend declared

$ 17,006

Dividend per share (in dollars per share)

$ 0.10

Dividend paid

$ 16,871

$ 0

Class B [Member]

Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share Effects Presented in Anti-dilutive [Abstract]

Anti-dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares)

145,057,375

Unvested RSU [Member]

Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share Effects Presented in Anti-dilutive [Abstract]

Anti-dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares)

^[1]

1,555,363

3,875,081

Shannon Equity Agreement [Member]

Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share Effects Presented in Anti-dilutive [Abstract]

Anti-dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares)

^[2]

478,654

932,914

[1]	Represents the number of instruments outstanding at the end of the period.
[2]	Class A common stock that would be issued in relation to the Shannon LNG Equity Agreement.

Share-based compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Restricted Stock Units [Member]
Number of Shares [Roll Forward]
Non-vested RSUs, beginning balance (in shares)		3,137,415		3,137,415
Granted (in shares)				109,409
Vested and shares issued (in shares)				(1,504,464)
Forfeited (in shares)				(186,997)
Non-vested RSUs, ending balance (in shares)	1,555,363			1,555,363
Weighted Average Grant Date Fair Value Per Share [Abstract]
Non-vested RSUs, beginning balance (in dollars per share)		$ 13.44		$ 13.44
Granted (in dollars per share)				14.47
Vested and shares issued (in dollars per share)				13.47
Forfeited (in dollars per share)				13.51
Non-vested RSUs, ending balance (in dollars per share)	$ 13.49			$ 13.49
Share-based Payment Arrangement [Abstract]
Share-based compensation expense	$ 2,071		$ 8,067	$ 6,501	$ 36,075
Compensation expense recognized for forfeited RSU awards	278		193	827	249
Unrecognized compensation cost	10,644			$ 10,644
Weighted-average remaining vesting period of non-vested stock (in years)				1 year 5 months 15 days
Restricted Stock Units [Member] \| Operations and Maintenance [Member]
Share-based Payment Arrangement [Abstract]
Share-based compensation expense	142		263	$ 632	592
Restricted Stock Units [Member] \| Selling, General and Administrative Expenses [Member]
Share-based Payment Arrangement [Abstract]
Share-based compensation expense	1,929		$ 7,804	$ 5,869	$ 35,483
Restricted Stock Units [Member] \| Minimum [Member]
Share-based Payment Arrangement [Abstract]
Vesting period				10 months
Restricted Stock Units [Member] \| Maximum [Member]
Share-based Payment Arrangement [Abstract]
Vesting period				3 years
Performance Share Units [Member]
Share-based Payment Arrangement [Abstract]
Unrecognized compensation cost	$ 31,014			$ 31,014
Weighted-average remaining vesting period of non-vested stock (in years)				1 year 3 months
Performance Share Units [Member] \| Employees and Non-employees [Member]
Number of Shares [Roll Forward]
Granted (in shares)		1,109,777
Performance Share Units [Member] \| Minimum [Member]
Number of Shares [Roll Forward]
Vested and shares issued (in shares)		0
Performance Share Units [Member] \| Maximum [Member]
Number of Shares [Roll Forward]
Vested and shares issued (in shares)		(2,219,554)

Related party transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Related party transaction [Abstract]
Administrative and general expenses	$ 1,749	$ 1,952	$ 5,894	$ 6,472
Amount due to affiliates	9,219		9,219		$ 10,252
Charter costs	242	1,306	1,526	2,931
Lease liability	120,223		120,223
Amounts due from affiliates	1,558		1,558		1,577
Noncurrent Lease Liabilities [Member]
Related party transaction [Abstract]
Lease liability	$ 3,270		$ 3,270
DevTech Investment [Member]
Related party transaction [Abstract]
Minority interest percentage in exchange for cash consideration	10.00%		10.00%
Percentage of note payable purchased by affiliate			10.00%
Note payable due	$ 715		$ 715		815
Interest expense on note payable	19	25	57	71
Amounts due from affiliates	343		343		443
Fortress [Member]
Related party transaction [Abstract]
Amount due to affiliates	5,177		5,177		5,083
Fortress Affiliate [Member]
Related party transaction [Abstract]
Amount due to affiliates	2,087		2,087		4,286
Florida East Coast Industries [Member]
Related party transaction [Abstract]
Amount due to affiliates	0		0		0
Florida East Coast Industries [Member] \| Selling, General and Administrative Expenses [Member]
Related party transaction [Abstract]
Lease expense				223
Florida East Coast Industries [Member] \| Land [Member] \| Operations and Maintenance [Member]
Related party transaction [Abstract]
Lease expense	103	76	309	225
Florida East Coast Industries [Member] \| Building [Member]
Related party transaction [Abstract]
Lease expense				609
Florida East Coast Industries [Member] \| Construction in Progress [Member]
Related party transaction [Abstract]
Lease expense				386
Fortress Affiliated Entities [Member]
Related party transaction [Abstract]
Amount due to affiliates	1,955		1,955		883
Amounts due from affiliates	1,215		1,215		$ 1,134
Rent and administrative expenses	$ 808	$ 811	$ 1,657	$ 1,837

Related party transactions, Due to/from Affiliates (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Related party transactions [Abstract]
Amounts due to affiliates	$ 9,219	$ 10,252
Amounts due from affiliates	$ 1,558	$ 1,577

Subsequent events (Details) - Subsequent Events [Member]	Oct. 29, 2020 $ / shares
Subsequent Events [Abstract]
Dividend date declared	Oct. 29, 2020
Dividend amount per share (in dlaars per share)	$ 0.10
Dividend date of record	Dec. 02, 2020
Dividend payment date	Dec. 09, 2020

Label	Element	Value
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation	$ 19,037,000
Issuance of Class A shares in the IPO, net of underwriting discount and offering costs	us-gaap_StockIssuedDuringPeriodValueNewIssues	268,010,000
Effects of Reorganization Transactions Value	nfe_EffectsOfReorganizationTransactionsValue	0
Accumulated Deficit [Member]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	(7,923,000)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	(5,645,000)
Effects of Reorganization Transactions Value	nfe_EffectsOfReorganizationTransactionsValue	146,420,000
Accumulated Other Comprehensive (Loss) Income [Member]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	11,000
Effects of Reorganization Transactions Value	nfe_EffectsOfReorganizationTransactionsValue	0
Non-controlling Interest [Member]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	(91,000)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	(46,644,000)
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance	235,874,000
Effects of Reorganization Transactions Value	nfe_EffectsOfReorganizationTransactionsValue	$ 229,229,000
Members' Capital [Member]
Effects of Reorganization Transactions Shares	nfe_EffectsOfReorganizationTransactionsShares	(67,983,095)
Effects of Reorganization Transactions Value	nfe_EffectsOfReorganizationTransactionsValue	$ (426,741,000)
Class B Shares [Member] \| Common Stock [Member]
Effects of Reorganization Transactions Shares	nfe_EffectsOfReorganizationTransactionsShares	147,058,824
Effects of Reorganization Transactions Value	nfe_EffectsOfReorganizationTransactionsValue	$ 0
Class A Shares [Member] \| Common Stock [Member]
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation	$ 19,037,000
Shares issued in initial public offering (in shares)	us-gaap_StockIssuedDuringPeriodSharesNewIssues	20,837,272
Issuance of Class A shares in the IPO, net of underwriting discount and offering costs	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 32,136,000
Effects of Reorganization Transactions Value	nfe_EffectsOfReorganizationTransactionsValue	$ 51,092,000