0001749723-22-000010 | 10-Q | XBRL Viewer

Goodwill and intangible assets (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

The following table summarizes the composition of intangible assets as of March 31, 2022 and December 31, 2021:


	March 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Currency Translation Adjustment		Net Carrying Amount		Weighted Average Life
Definite-lived intangible assets
Favorable vessel charter contracts	$	106,500	$	(36,630)	$	—	$	69,870	3
Permits and development rights	48,217		(3,516)		159		44,860		38
Acquired power purchase agreements	16,585		(1,173)		3,050		18,462		17
Easements	1,556		(255)		—		1,301		30

Indefinite-lived intangible assets
Easements	1,191		—		(34)		1,157		n/a
Total intangible assets	$	174,049	$	(41,574)	$	3,175	$	135,650


	December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Currency Translation Adjustment		Net Carrying Amount		Weighted Average Life
Definite-lived intangible assets
Favorable vessel charter contracts	$	106,500	$	(27,074)	$	—	$	79,426	3
Permits and development rights	48,217		(3,311)		(119)		$	44,787	38
Acquired power purchase agreements	16,585		(750)		406		$	16,241	17
Easements	1,556		(243)		—		1,313		30

Indefinite-lived intangible assets
Easements	1,191		—		(14)		1,177		n/a
Total intangible assets	$	174,049	$	(31,378)	$	273	$	142,944

Segments - Summary of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	$ 505,118	$ 145,684
Cost of sales	208,298	96,671
Vessel operating expenses	22,964	0
Operations and maintenance	23,168	16,252
Segment Operating Margin	250,688	32,761
Balance sheet:
Total assets	7,365,808	1,832,111	$ 6,876,492
Other segmental financial information:
Capital expenditures	199,679	106,895
Equity in earnings of investees	$ 50,235	0
CELSEPAR
Other segmental financial information:
Ownership interest acquired	50.00%
Hilli LLC
Other segmental financial information:
Ownership interest acquired	50.00%
Terminals and Infrastructure
Other segmental financial information:
Equity in earnings of investees	$ 36,680
Unrealized gain (loss) on derivatives	$ 2,492
Terminals and Infrastructure \| CELSEPAR
Other segmental financial information:
Ownership interest acquired	50.00%
Ships
Other segmental financial information:
Equity in earnings of investees	$ 13,555
Ships \| Hilli LLC
Other segmental financial information:
Ownership interest acquired	50.00%
Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	$ 595,291	145,684
Cost of sales	235,532	96,671
Vessel operating expenses	29,434	0
Operations and maintenance	30,242	16,252
Segment Operating Margin	300,083	32,761
Balance sheet:
Total assets	7,365,808	1,832,111
Other segmental financial information:
Capital expenditures	199,679	106,895
Operating Segments \| Terminals and Infrastructure
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	480,349	145,684
Cost of sales	235,532	96,671
Vessel operating expenses	3,492	0
Operations and maintenance	30,242	16,252
Segment Operating Margin	211,083	32,761
Balance sheet:
Total assets	5,291,601	1,832,111
Other segmental financial information:
Capital expenditures	196,390	106,895
Operating Segments \| Ships
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	114,942	0
Cost of sales	0	0
Vessel operating expenses	25,942	0
Operations and maintenance	0	0
Segment Operating Margin	89,000	0
Balance sheet:
Total assets	2,074,207	0
Other segmental financial information:
Capital expenditures	3,289	0
Consolidation and Other
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	(90,173)	0
Cost of sales	(27,234)	0
Vessel operating expenses	(6,470)	0
Operations and maintenance	(7,074)	0
Segment Operating Margin	(49,395)	0
Balance sheet:
Total assets	0	0
Other segmental financial information:
Capital expenditures	$ 0	$ 0
Ownership interest acquired	50.00%

Goodwill and intangible assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets

Goodwill

As of March 31, 2022 and December 31, 2021, the carrying amount of goodwill was $760,135, all of which was included within the Terminals and Infrastructure segment.

Intangible assets

The following table summarizes the composition of intangible assets as of March 31, 2022 and December 31, 2021:


	March 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Currency Translation Adjustment		Net Carrying Amount		Weighted Average Life
Definite-lived intangible assets
Favorable vessel charter contracts	$	106,500	$	(36,630)	$	—	$	69,870	3
Permits and development rights	48,217		(3,516)		159		44,860		38
Acquired power purchase agreements	16,585		(1,173)		3,050		18,462		17
Easements	1,556		(255)		—		1,301		30

Indefinite-lived intangible assets
Easements	1,191		—		(34)		1,157		n/a
Total intangible assets	$	174,049	$	(41,574)	$	3,175	$	135,650


	December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Currency Translation Adjustment		Net Carrying Amount		Weighted Average Life
Definite-lived intangible assets
Favorable vessel charter contracts	$	106,500	$	(27,074)	$	—	$	79,426	3
Permits and development rights	48,217		(3,311)		(119)		$	44,787	38
Acquired power purchase agreements	16,585		(750)		406		$	16,241	17
Easements	1,556		(243)		—		1,313		30

Indefinite-lived intangible assets
Easements	1,191		—		(14)		1,177		n/a
Total intangible assets	$	174,049	$	(31,378)	$	273	$	142,944

Amortization expense for the three months ended March 31, 2022 was $8,343, which is inclusive of reductions in expense for the amortization of unfavorable contract liabilities assumed in the Mergers. Amortization expense for the three months ended March 31, 2021 was $295.

Financial instruments (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Interest Rate Derivatives

The following table summarizes the terms of interest rate and cross currency interest rate swaps as of March 31, 2022:

Instrument

Notional Amount (in thousands)

Maturity Dates

Fixed
Interest Rate

Forward Foreign
Exchange Rate

Interest rate swap: Receiving floating, pay fixed

348,000

March 31, 2026

2.86%

N/A

Cross currency interest rate swap - Debenture Loan, due 2024

BRL

198,600

September 2024

5.90%

5.424

Fair Value, by Balance Sheet Grouping

The following table presents the Company’s financial assets and financial liabilities, including those that are measured at fair value, as of March 31, 2022 and December 31, 2021:


	Fair Value Hierarchy	March 31, 2022 Carrying Value		March 31, 2022 Fair Value		December 31, 2021 Carrying Value		December 31, 2021 Fair Value		Valuation Technique
Non-Derivatives:
Cash and cash equivalents	Level 1	$	156,173	$	156,173	$	187,509	$	187,509	Market approach
Restricted cash	Level 1	82,833		82,833		76,521		76,521		Market approach
Investment in equity securities	Level 1	11,003		11,003		11,195		11,195		Market approach
Investment in equity securities	Level 3	7,678		7,678		7,678		7,678		Market approach
Long-term debt(1)	Level 2	3,977,615		3,968,695		3,895,255		3,910,425		Market approach
Derivatives:
Derivative liability(2)(3)	Level 3	30,331		30,331		30,686		30,686		Income approach
Equity agreement(3)(4)	Level 3	20,083		20,083		18,163		18,163		Income approach
Cross-currency interest rate swap asset (5)(7)	Level 2	5,115		5,115		—		—		Income approach
Cross-currency interest rate swap and Interest rate swap liability(6)(7)	Level 2	3,929		3,929		21,929		21,929		Income approach

(1) Long-term debt is recorded at amortized cost on the condensed consolidated balance sheets, and is presented in the above table gross of deferred financing costs of $40,339 and $40,125 as of March 31, 2022 and December 31, 2021, respectively.

(2) Consideration due to the sellers in assets acquisitions when certain contingent events occur. The liability associated with the derivative liabilities is recorded within Other current liabilities and Other long-term liabilities on the condensed consolidated balance sheets.

(3) 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.

(4) To be paid upon the satisfaction in full of all conditions precedent related to the development, construction and operation of the facility in Shannon, Ireland. The liability associated with the equity agreement is recorded within Other current liabilities on the condensed consolidated balance sheets.

(5) Cross-currency interest rate swap asset is present within Other non-current assets on the condensed consolidated balance sheets as of March 31, 2022.

(6) Interest rate swap liability is presented within Other current liabilities on the condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021; this balance includes the liability for the cross-currency interest rate swap liability as of December 31, 2021.

(7) The fair value of certain derivative instruments, including interest rate swaps, is estimated considering current interest rates, foreign exchange rates, closing quoted market prices and the creditworthiness of counterparties.

Gain (Loss) on Securities

The table below summarizes the fair value adjustment to instruments measured at Level 3 in the fair value hierarchy, the derivative liability and equity agreement, as well as the cross currency interest rate swap and the interest rate swap.

These adjustments have been recorded within Other (income), net in the condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2022 and 2021:


	Three Months Ended March 31,
	2022		2021
Derivative liability/Equity agreement - Fair value adjustment - (Gain)	$	(446)	$	(425)
Interest rate swap - Fair value adjustment - (Gain)	(15,833)		—
Cross currency interest rate swap - Fair value adjustment - (Gain)	(8,576)		—

Segments - Reconciliation of Net loss to Operating Margin (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting [Abstract]
Net income (loss)	$ 241,181	$ (39,509)
Add:
Selling, general and administrative	48,041	33,617
Transaction and integration costs	1,901	11,564
Depreciation and amortization	34,290	9,890
Interest expense	44,916	18,680
Other (income), net	(19,725)	(604)
Tax benefit	(49,681)	(877)
(Income) from equity method investments	(50,235)	0
Consolidated Segment Operating Margin	$ 250,688	$ 32,761

Acquisitions - Assets Acquired and Liabilities Assumed, Hygo (Details) - Hygo Merger $ in Thousands	Apr. 15, 2021 USD ($)
Assets Acquired
Cash and cash equivalents	$ 26,641
Restricted cash	48,183
Accounts receivable	5,126
Inventory	1,022
Other current assets	8,095
Construction in process	128,625
Property, plant and equipment, net	385,389
Equity method investments	823,521
Finance leases, net	601,000
Deferred tax assets, net	1,065
Other non-current assets	52,996
Total assets acquired:	2,081,663
Liabilities Assumed
Current portion of long-term debt	38,712
Accounts payable	3,059
Accrued liabilities	39,149
Other current liabilities	13,495
Long-term debt	433,778
Deferred tax liabilities, net	254,949
Other non-current liabilities	21,520
Total liabilities assumed:	804,662
Non-controlling interest	40,414
Net assets acquired:	1,236,587
Goodwill	$ 744,197

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Asset Acquisition

Based on the closing price of NFE’s common stock on April 15, 2021, the total value of consideration in the Hygo Merger was $1.98 billion, shown as follows:


Consideration			As of April 15, 2021
Cash consideration for Hygo Preferred Shares	$	180,000
Cash consideration for Hygo Common Shares	400,000
Total Cash Consideration			$	580,000
Merger consideration to be paid in shares of NFE Common Stock	1,400,784
Total Non-Cash Consideration			1,400,784
Total Consideration			$	1,980,784

The consideration paid by the Company in the GMLP Merger was as follows:


Consideration			As of April 15, 2021
GMLP Common Units ($3.55 per unit x 69,301,636 units)	$	246,021
GMLP General Partner Interest ($3.55 per unit x 1,436,391 units)	5,099
Partnership Phantom Units ($3.55 per unit x 58,960 units)	209
Cash Consideration			$	251,329
GMLP debt repaid in acquisition	899,792
Total Cash Consideration			1,151,121
Cash settlement of preexisting relationship	(3,978)
Total Consideration			$	1,147,143

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Fair values assigned to the assets acquired, liabilities assumed and non-controlling interests of Hygo as of the closing date were as follows:


Hygo	As of April 15, 2021
Assets Acquired
Cash and cash equivalents	$	26,641
Restricted cash	48,183
Accounts receivable	5,126
Inventory	1,022
Other current assets	8,095
Construction in process	128,625
Property, plant and equipment, net	385,389
Equity method investments	823,521
Finance leases, net	601,000
Deferred tax assets, net	1,065
Other non-current assets	52,996
Total assets acquired:	$	2,081,663
Liabilities Assumed
Current portion of long-term debt	$	38,712
Accounts payable	3,059
Accrued liabilities	39,149
Other current liabilities	13,495
Long-term debt	433,778
Deferred tax liabilities, net	254,949
Other non-current liabilities	21,520
Total liabilities assumed:	804,662
Non-controlling interest	40,414
Net assets acquired:	1,236,587
Goodwill	$	744,197


GMLP	As of April 15, 2021
Assets Acquired
Cash and cash equivalents	$	41,461
Restricted cash	24,816
Accounts receivable	3,195
Inventory	2,151
Other current assets	2,789
Equity method investments	355,500
Property, plant and equipment, net	1,063,215
Intangible assets, net	106,500
Deferred tax assets, net	963
Other non-current assets	4,400
Total assets acquired:	$	1,604,990
Liabilities Assumed
Current portion of long-term debt	$	158,073
Accounts payable	3,019
Accrued liabilities	17,226
Other current liabilities	73,774
Deferred tax liabilities, net	14,907
Other non-current liabilities	10,630
Total liabilities assumed:	277,629
Non-controlling interest	196,156
Net assets to be acquired:	1,131,205
Goodwill	$	15,938

Equity method investments (Tables)

3 Months Ended

Mar. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Changes in Equity Method Investments

Changes in the balance of the Company’s equity method investments is as follows:


	March 31, 2022
Equity method investments as of December 31, 2021	$	1,182,013
Dividends	(7,609)
Equity in earnings of investees	50,235
Foreign currency translation adjustment	102,805
Equity method investments as of March 31, 2022	$	1,327,444

Equity Method Investments

The carrying amount of equity method investments as of March 31, 2022 is as follows:


	March 31, 2022
Hilli LLC	$	372,450
CELSEPAR	954,994
Total	$	1,327,444

Share-based compensation - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2021
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number (in shares)	173,340			676,338
Unrecognized compensation cost	$ 515,000
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition	3 months 7 days
Vested (in shares)	(515,194)
Share-based payment arrangement, expense	$ 880,000	$ 1,770,000
Restricted Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	10 months
Restricted Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Performance Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)			(2,105,522)
Share-based payment arrangement, expense	$ 0
Performance Share Units (PSUs) \| Employees and Non-employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		$ 30,878,000	$ 0
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition		9 months	0 years
Performance Share Units (PSUs) \| Minimum \| Employees and Non-employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)	0	0	0
Performance Share Units (PSUs) \| Maximum \| Employees and Non-employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)		(801,014)	(2,219,554)

Financial instruments

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Financial instruments

Interest rate and currency risk management

In connection with the Mergers, the Company has acquired financial instruments that GMLP and Hygo used to reduce the risk associated with fluctuations in interest rates and foreign exchange rates. Interest rate swaps are used to convert floating rate interest obligations to fixed rates, which from an economic perspective hedges the interest rate exposure. The Company also acquired a cross currency interest rate swap to manage interest rate exposure on the Debenture Loan and the foreign exchange rate exposure on the US dollar cash flows from the charter of the Nanook to CELSE that support repayment of the Brazilian Real-denominated Debenture Loan.

The Company does not hold or issue instruments for speculative or trading purposes, and the counterparties to such contracts are major banking and financial institutions. Credit risk exists to the extent that the counterparties are unable to perform under the contracts; however, the Company does not anticipate non-performance by any counterparties.

The following table summarizes the terms of interest rate and cross currency interest rate swaps as of March 31, 2022:

Instrument

Notional Amount (in thousands)

Maturity Dates

Fixed
Interest Rate

Forward Foreign
Exchange Rate

Interest rate swap: Receiving floating, pay fixed

348,000

March 31, 2026

2.86%

N/A

Cross currency interest rate swap - Debenture Loan, due 2024

BRL

198,600

September 2024

5.90%

5.424

The mark-to-market gain or loss on interest rate and foreign currency swaps that are not designated as hedges for accounting purposes are reported in Other (income), net in the condensed consolidated statements of operations and comprehensive income (loss).

Fair value

Fair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize use of unobservable inputs. These inputs are prioritized as follows:

•Level 1 – observable inputs such as quoted prices in active markets for identical assets or liabilities.

•Level 2 – inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs.

•Level 3 – unobservable inputs for which there is little or no market data and which require the Company to develop its own assumptions about how market participants price the asset or liability.

The valuation techniques that may be used to measure fair value are as follows:

•Market approach – uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

•Income approach – uses valuation techniques, such as the discounted cash flow technique, to convert future amounts to a single present amount based on current market expectations about those future amounts.

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

The following table presents the Company’s financial assets and financial liabilities, including those that are measured at fair value, as of March 31, 2022 and December 31, 2021:


	Fair Value Hierarchy	March 31, 2022 Carrying Value		March 31, 2022 Fair Value		December 31, 2021 Carrying Value		December 31, 2021 Fair Value		Valuation Technique
Non-Derivatives:
Cash and cash equivalents	Level 1	$	156,173	$	156,173	$	187,509	$	187,509	Market approach
Restricted cash	Level 1	82,833		82,833		76,521		76,521		Market approach
Investment in equity securities	Level 1	11,003		11,003		11,195		11,195		Market approach
Investment in equity securities	Level 3	7,678		7,678		7,678		7,678		Market approach
Long-term debt(1)	Level 2	3,977,615		3,968,695		3,895,255		3,910,425		Market approach
Derivatives:
Derivative liability(2)(3)	Level 3	30,331		30,331		30,686		30,686		Income approach
Equity agreement(3)(4)	Level 3	20,083		20,083		18,163		18,163		Income approach
Cross-currency interest rate swap asset (5)(7)	Level 2	5,115		5,115		—		—		Income approach
Cross-currency interest rate swap and Interest rate swap liability(6)(7)	Level 2	3,929		3,929		21,929		21,929		Income approach

(5) Cross-currency interest rate swap asset is present within Other non-current assets on the condensed consolidated balance sheets as of March 31, 2022.

The Company believes the carrying amounts of cash and cash equivalents, accounts receivable, finance lease receivables and accounts payable approximated their fair value as of March 31, 2022 and December 31, 2021 and are classified as Level 1 within the fair value hierarchy.


	Three Months Ended March 31,
	2022		2021
Derivative liability/Equity agreement - Fair value adjustment - (Gain)	$	(446)	$	(425)
Interest rate swap - Fair value adjustment - (Gain)	(15,833)		—
Cross currency interest rate swap - Fair value adjustment - (Gain)	(8,576)		—

During the three months ended March 31, 2022 and 2021, the Company had no settlements of the equity agreement or derivative liabilities or any transfers in or out of Level 3 in the fair value hierarchy.

Under the Company’s interest rate swap, the Company is required to provide cash collateral, and as of March 31, 2022 and December 31, 2021, $12,500 of cash collateral is presented as restricted cash on the condensed consolidated balance sheets.

- 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

Prepaid expenses and other current assets

3 Months Ended

Mar. 31, 2022

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid expenses and other current assets

As of March 31, 2022 and December 31, 2021, prepaid expenses and other current assets consisted of the following:


	March 31, 2022		December 31, 2021
Prepaid expenses	$	22,435	$	19,951
Recoverable taxes	35,352		33,053
Due from affiliates	3,236		3,299
Other current assets	21,369		26,812
Total prepaid expenses and other current assets, net	$	82,392	$	83,115

Other current assets as of March 31, 2022 and December 31, 2021 primarily consists of deposits, as well as the current portion of contract assets (Note 6) and finance leases (Note 6).

Inventory - Summary of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
LNG and natural gas inventory	$ 27,744	$ 16,815
Automotive diesel oil inventory	8,236	4,789
Bunker fuel, materials, supplies and other	18,293	15,578
Total inventory	$ 54,273	$ 37,182

Earnings per share - Summary (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income (loss)	$ 241,181	$ (39,509)
Less: net (income) loss attributable to non-controlling interests	(2,912)	1,606
Net income (loss) attributable to stockholders	$ 238,269	$ (37,903)
Denominator:
Weighted-average shares - basic (in shares)	209,928,070	176,500,576
Net income (loss) per share - basic (in dollars per share)	$ 1.14	$ (0.21)
Weighted-average shares - diluted (in shares)	210,082,295	176,500,576
Net income (loss) per share - diluted (in dollars per share)	$ 1.13	$ (0.21)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related party transactions - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended
	Aug. 31, 2018	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Related party transaction, selling, general and administrative expenses from transactions with related party		$ 1,515,000	$ 1,927,000
Related party transaction, amounts of transaction		1,022,000	1,609,000
Present value of lease liabilities		379,032,000
Accrued rent		195,000			$ 153,000
DevTech Investment
Related Party Transaction [Line Items]
Due to affiliate		98,000		$ 88,000
Percentage of shares issued capital	10.00%
Percentage of note payable purchased by affiliate	10.00%
Repayments of related party debt		$ 988,000
PT Pesona
Related Party Transaction [Line Items]
Percentage of shares issued capital		51.00%
Vessel management fees, charges		$ 191,000
Fortress
Related Party Transaction [Line Items]
Due to affiliate		7,057,000		5,700,000
Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliate		1,022,000		944,000
Florida East Coast Industries \| Land
Related Party Transaction [Line Items]
Present value of lease liabilities		3,321,000		3,314,000
Florida East Coast Industries \| Land \| Operating Expense
Related Party Transaction [Line Items]
Operating lease, expense		103,000	126,000
Florida East Coast Industries \| DevTech Investment \| Land \| Operating Expense
Related Party Transaction [Line Items]
Operating lease, expense		98,000
Fortress Affiliated Entities
Related Party Transaction [Line Items]
Due to affiliate		3,043,000		2,444,000
Due from affiliates		712,000		$ 1,241,000
Related party transaction, expenses from transactions with related party		$ 600,000	$ 803,000
Hilli Guarantees
Related Party Transaction [Line Items]
Percentage agreed to assume the outstanding principal and interest amount		50.00%
Free liquid assets		$ 30,000,000
Consolidated tangible net worth		123,950,000
Letter of credit guarantee amount		348,000,000
Hilli Guarantees \| Other Current Liabilities
Related Party Transaction [Line Items]
Long-term debt		4,918,000
Hilli Guarantees \| Other Noncurrent Liabilities
Related Party Transaction [Line Items]
Long-term debt		1,090,000
Hilli Guarantees \| Maximum
Related Party Transaction [Line Items]
Letter of credit guarantee, liable for outstanding amounts that are payable		$ 19,000,000
Net debt to EBITDA ratio		6.5

Restricted cash - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Minimum
Restricted Cash and Cash Equivalents Items [Line Items]
Cash balance required to maintain as financial covenants for sale and leaseback financings	$ 30,000	$ 30,000

Inventory

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Inventory

As of March 31, 2022 and December 31, 2021, inventory consisted of the following:


	March 31, 2022		December 31, 2021
LNG and natural gas inventory	$	27,744	$	16,815
Automotive diesel oil inventory	8,236		4,789
Bunker fuel, materials, supplies and other	18,293		15,578
Total inventory	$	54,273	$	37,182

Inventory is adjusted to the lower of cost or net realizable value each quarter. Changes in the value of inventory are recorded within Cost of sales in the condensed consolidated statements of operations and comprehensive income (loss). No adjustments were recorded during the three months ended March 31, 2022 and 2021.

Revenue recognition - Components of Lease Income from Vessel Operating Lease (Details) - Lessor $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Operating Leased Assets [Line Items]
Operating lease income	$ 80,222
Variable lease income	10,564
Total operating lease income	$ 90,786

Share-based compensation - Summary of Share Based Compensation Expense (Details) - Restricted Stock Units - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 880	$ 1,770
Operations and maintenance
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	4	222
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 876	$ 1,548

Leases, as lessee - Future Payments Due under Operating and Finance Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Operating Leases
Due remainder of 2022	$ 66,326
2023	72,928
2024	66,582
2025	58,126
2026	50,123
Thereafter	233,102
Total Lease Payments	547,187
Less: effects of discounting	168,155
Present value of lease liabilities	379,032
Current lease liability	56,616	$ 43,395
Non-current lease liability	322,416	219,189
Financing Leases
Due remainder of 2022	3,607
2023	4,362
2024	4,381
2025	4,381
2026	2,625
Thereafter	1,029
Total Lease Payments	20,385
Less: effects of discounting	2,466
Present value of lease liabilities	17,919
Finance lease liabilities	3,936	3,719
Non-current lease liability	$ 13,983	$ 14,871

Basis of presentation (Policies)	3 Months Ended
Basis of presentation (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited interim condensed consolidated financial statements contained herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and reflect all normal and recurring adjustments which are, in the opinion of management, necessary to provide a fair statement of the financial position, results of operations and cash flows of the Company for the interim periods presented. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual audited consolidated financial statements and accompanying notes included in its Annual Report on Form 10-K for the year ended December 31, 2021. Certain prior year amounts have been reclassified to confirm to current year presentation. The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions, impacting the reported amounts of assets and liabilities, net earnings and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements. Actual results could be different from these estimates.
Adoption of New and Revised Standards	New standards, amendments and interpretations issued but not effective for the year beginning January 1, 2022: The Company has reviewed recently issued accounting pronouncements and concluded that such pronouncements are either not applicable to the Company or no material impact is expected in the consolidated financial statements as a result of future adoption. (b)New and amended standards adopted by the Company: In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. ASU 2020-06 requires entities to provide expanded disclosures about the terms and features of convertible instruments and amends certain guidance in ASC 260 on the computation of EPS for convertible instruments and contracts on an entity’s own equity. ASU 2020-06 is effective for public companies for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption of all amendments in the same period permitted. The adoption of this guidance in the first quarter of 2022 did not have a material impact on the Company’s financial position, results of operations or cash flows.

Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt

As of March 31, 2022 and December 31, 2021, debt consisted of the following:


	March 31, 2022		December 31, 2021
Senior Secured Notes, due September 2025	$	1,241,721	$	1,241,196
Senior Secured Notes, due September 2026	1,478,514		1,477,512
Vessel Term Loan Facility, due September 2024	394,239		408,991
Debenture Loan due September 2024	41,177		40,665
South Power 2029 Bonds	170,256		96,820
Revolving Facility	225,000		200,000
Subtotal (excluding lessor VIE loans)	3,550,907		3,465,184
CCBFL VIE loan:
Golar Nanook SPV facility, due September 2030	187,385		186,638
COSCO VIE loan:
Golar Penguin SPV facility, due December 2025	87,725		90,035
AVIC VIE loan:
Golar Celsius SPV facility, due September 2023/May 2027	111,259		113,273
Total debt	$	3,937,276	$	3,855,130
Current portion of long-term debt	$	100,666	$	97,251
Long-term debt	3,836,610		3,757,879

Our outstanding debt as of March 31, 2022 is repayable as follows:


	March 31, 2022
Due remainder of 2022	$	64,055
2023	135,420
2024	325,328
2025	1,337,876
2026	1,754,095
Thereafter	361,476
Total debt	$	3,978,250
Add: fair value adjustments to assumed debt obligations	(635)
Less: deferred finance charges	(40,339)
Total debt, net deferred finance charges	$	3,937,276

The terms of the Company's debt instruments have been described in NFE's Annual Report on Form 10-K. There have been no significant changes to the Company's outstanding debt, other than described below.

South Power 2029 Bonds

In August 2021, NFE South Power Holdings Limited (“South Power”), a wholly owned subsidiary of NFE, entered into a financing agreement (“CHP Facility”), initially receiving approximately $100,000. The CHP Facility was secured by a mortgage over the lease of the site on which the Company’s combined heat and power plant in Clarendon, Jamaica (“CHP Plant”) is located and related security. In January 2022, South Power and the counterparty to the CHP Facility agreed to rescind the CHP Facility and entered into an agreement for the issuance of secured bonds (“South Power 2029 Bonds”) and subsequently authorized the issuance of up to $285,000 in South Power 2029 Bonds. The South Power 2029 Bonds are

secured by, amongst other things, the CHP Plant. Amounts outstanding at the time of the mutual rescission of the CHP Facility of $100,000 were credited towards the purchase price of the South Power 2029 Bonds. In the first quarter of 2022, the Company issued $75,783 of South Power 2029 Bonds for a total amount outstanding of $175,783 as of March 31, 2022.

The South Power 2029 Bonds bear interest at an annual fixed rate of 6.50% and mature seven years from the closing date of the final tranche. The Company expects to begin paying principal payments on a quarterly basis in July 2025. Interest payments on outstanding principal balances will be due quarterly.

South Power will be required to comply with certain financial covenants as well as customary affirmative and negative covenants. The South Power 2029 Bonds also provides for customary events of default, prepayment and cure provisions.

In conjunction with obtaining the CHP Facility, the Company incurred $3,243 in origination, structuring and other fees. The rescission of the CHP Facility and issuance of South Power 2029 Bonds was treated as a modification, and fees attributable to lenders that participated in the CHP Facility will be amortized over the life of the South Power 2029 Bonds; additional third party fees associated with such lenders of $258 were recognized as expense in the first quarter of 2022. Additional fees for new lenders participating in the South Power 2029 Bonds were recognized as a reduction of the principal balance on the condensed consolidated balance sheets. As of March 31, 2022 and December 31, 2021, the remaining unamortized deferred financing costs for the CHP Facility was $5,527 and $3,180, respectively.

Revolving Facility

In April 2021, the Company entered into a $200,000 senior secured revolving credit facility (the "Revolving Facility"). The proceeds of the Revolving Facility may be used for working capital and other general corporate purposes (including permitted acquisitions and other investments). In February 2022, the Revolving Facility was amended to increase the borrowing capacity by $115,000 to $315,000. Letters of credit issued under the $100,000 letter of credit sub-facility may be used for general corporate purposes. The Revolving Facility will mature in 2026, with the potential for the Company to extend the maturity date once in a one-year increment.

Borrowings under the Revolving Facility bear interest at a rate equal to LIBOR plus 2.50% if the usage under the Revolving Facility is equal to or less than 50% of the commitments under the Revolving Facility and LIBOR plus 2.75% if the usage under the Revolving Facility is in excess of 50% of the commitments under the Revolving Facility, subject in each case to a 0% LIBOR floor. Borrowings under the Revolving Facility may be prepaid, at the option of the Company, at any time without premium.

The obligations under the Revolving Facility are guaranteed by certain of the Company's subsidiaries, in addition to other collateral.

The Company incurred $5,398 in origination, structuring and other fees, associated with entry into the Revolving Facility. These costs have been capitalized within Other non-current assets on the condensed consolidated balance sheets. As of March 31, 2022 and December 31, 2021, total remaining unamortized deferred financing costs for the Revolving Facility was $4,661 and $3,807, respectively.

Debt and lease restrictions

The VIE loans and certain lease agreements with customers assumed in the Mergers contain certain operating and financing restrictions and covenants that require: (a) certain subsidiaries to maintain a minimum level of liquidity of $30,000 and consolidated net worth of $123,950, (b) certain subsidiaries to maintain a minimum debt service coverage ratio of 1.20:1, (c) certain subsidiaries to not exceed a maximum net debt to EBITDA ratio of 6.5:1, (d) certain subsidiaries to maintain a minimum percentage of the vessel values over the relevant outstanding loan facility balances of either 110% and 120%, (e) certain subsidiaries to maintain a ratio of liabilities to total assets of less than 0.70:1. As of March 31, 2022, the Company was in compliance with all covenants under debt and lease agreements.

Financial covenants under GMLP's Vessel Term Loan Facility include requirements that GMLP and the borrowing subsidiary maintain a certain amount of Free Liquid Assets, that the EBITDA to Consolidated Debt Service and the Net Debt to EBITDA ratios are no less than 1.15:1 and no greater than 6.50:1, respectively, and that Consolidated Net Worth is greater than $250 million, each as defined in the Vessel Term Loan Facility. GMLP was in compliance with these covenants as of March 31, 2022.

The Company is also required to comply with covenants under the Revolving Facility and letter of credit facility, including requirements to maintain Debt to Capitalization Ratio of less than 0.7:1.0, and for quarters in which the Revolving Facility is greater than 50% drawn, the Debt to Annualized EBITDA Ratio must be less than 5.0:1.0 for fiscal quarters ending December 31, 2021 until September 30, 2023 and less than 4.0:1.0 for the fiscal quarter ended December 31, 2023. The Company was in compliance with all covenants as of March 31, 2022.

Interest Expense

Interest and related amortization of debt issuance costs, premiums and discounts recognized during major development and construction projects are capitalized and included in the cost of the project. Interest expense, net of amounts capitalized, recognized for the three months ended March 31, 2022 and 2021 consisted of the following:


	Three Months Ended March 31,
	2022		2021
Interest per contractual rates	$	55,349	$	20,834
Amortization of debt issuance costs, premiums and discounts	2,475		487
Interest expense incurred on finance lease obligations	229		—
Total interest costs	$	58,053	$	21,321
Capitalized interest	13,137		2,641
Total interest expense	$	44,916	$	18,680

Acquisitions - Narrative, GMLP (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Apr. 15, 2021	Mar. 31, 2022	Mar. 31, 2021	Sep. 30, 2021
Business Acquisition [Line Items]
Transaction and integration costs		$ 1,901	$ 11,564
Operating revenue		400,075	91,196
Net income (loss) attributable to stockholders		$ 238,269	$ (37,903)
GMLP Merger Agreement
Business Acquisition [Line Items]
Business acquisition, share price (in USD per share)	$ 3.55
Payments to acquire business	$ 1,151,121
Non-controlling interest	196,156
Fair value of receivables	4,797
Weighted average amortization period		3 years
Transaction and integration costs		$ 3,978
Operating revenue				$ 73,041
Net income (loss) attributable to stockholders				$ 55,738
GMLP Merger Agreement \| Favorable Leases
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired	106,500
Weighted average amortization period		3 years
GMLP Merger Agreement \| Unfavorable Leases
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired	$ 13,400
Weighted average amortization period		1 year

Revenue recognition - Narrative (Details) - USD ($)	3 Months Ended
Revenue recognition - Narrative (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Operating revenue	$ 400,075,000	$ 91,196,000
Other revenues	12,623,000	54,488,000
Receivables, revenue from contracts with customers	213,476,000		$ 192,533,000
Accounts receivable, allowance for credit loss, current	164,000		164,000
Contract with customer, receivable, after allowance for credit loss	442,000		442,000
Unbilled receivables net of current expected credit losses	42,045,000		43,839,000
Capitalized contract cost, net	10,830,000		10,981,000
Other current assets	604,000		604,000
Other noncurrent assets	10,226,000		10,377,000
Direct financing lease, interest income	11,581,000
Vessel charter revenue	92,420,000	0
Receivables, net	238,614,000		208,499,000
Due from affiliates	3,236,000		3,299,000
Cargo Sales
Disaggregation of Revenue [Line Items]
Operating revenue	285,171,000	$ 0
CELSE
Disaggregation of Revenue [Line Items]
Vessel charter revenue	1,634,000
Due from affiliates	6,911,000		6,428,000
Receivables, net	4,388,000		4,371,000
Due from affiliates	$ 2,523,000		$ 2,057,000

Segments

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segments

As of March 31, 2022, the Company operates in two reportable segments: Terminals and Infrastructure and Ships:

•Terminals and Infrastructure includes the Company’s vertically integrated gas to power solutions, spanning the entire production and delivery chain from natural gas procurement and liquefaction to logistics, shipping, facilities and conversion or development of natural gas-fired power generation. Leased vessels as well as acquired vessels that are utilized in the Company’s terminal or logistics operations are included in this segment.

•Ships includes FSRUs and LNG carriers that are leased to customers under long-term or spot arrangements. FSRUs are stationed offshore for customer’s operations to regasify LNG; six of the FSRUs acquired in the Mergers are included in this segment, including the Nanook. LNG carriers are vessels that transport LNG and are compatible with many LNG loading and receiving terminals globally. Five of the LNG carriers acquired in the Mergers are included in this segment. The Company’s investment in Hilli LLC is also included in the Ships segment.

The CODM uses Segment Operating Margin to evaluate the performance of the segments and allocate resources. Segment Operating Margin is defined as the segment’s revenue less cost of sales less operations and maintenance less vessel operating expenses, excluding unrealized gains or losses to financial instruments recognized at fair value. Terminals and Infrastructure Segment Operating Margin includes our effective share of revenue, expenses and segment operating margin attributable to our 50% ownership of CELSEPAR. Ships Segment Operating Margin includes our effective share of revenue, expenses and operating margin attributable to our ownership of 50% of the common units of Hilli LLC.

Management considers Segment Operating Margin to be the appropriate metric to evaluate and compare the ongoing operating performance of the Company’s segments on a consistent basis across reporting periods as it eliminates the effect of items which management does not believe are indicative of each segment’s operating performance.

The table below presents segment information for the three months ended March 31, 2022 and 2021:


	Three Months Ended March 31, 2022
(in thousands of $)	Terminals and Infrastructure(1)		Ships(2)		Total Segment		Consolidation and Other(3)		Consolidated
Statement of operations:
Total revenues	$	480,349	$	114,942	$	595,291	$	(90,173)	$	505,118
Cost of sales	235,532		—		235,532		(27,234)		208,298
Vessel operating expenses	3,492		25,942		29,434		(6,470)		22,964
Operations and maintenance	30,242		—		30,242		(7,074)		23,168
Segment Operating Margin	$	211,083	$	89,000	$	300,083	$	(49,395)	$	250,688
Balance sheet:
Total assets(4)	$	5,291,601	$	2,074,207	$	7,365,808	$	—	$	7,365,808
Other segmental financial information:
Capital expenditures(4)(5)	$	196,390	$	3,289	$	199,679	$	—	$	199,679


	Three Months Ended March 31, 2021
(in thousands of $)	Terminals and Infrastructure(1)		Ships(2)		Total Segment		Consolidation and Other(3)		Consolidated
Statement of operations:
Total revenues	$	145,684	$	—	$	145,684	$	—	$	145,684
Cost of sales	96,671		—		96,671		—		96,671
Vessel operating expenses	—		—		—		—		—
Operations and maintenance	16,252		—		16,252		—		16,252
Segment Operating Margin	$	32,761	$	—	$	32,761	$	—	$	32,761
Balance sheet:
Total assets(4)	$	1,832,111	$	—	$	1,832,111	$	—	$	1,832,111
Other segmental financial information:
Capital expenditures(4)(5)	$	106,895	$	—	$	106,895	$	—	$	106,895

(1) Terminals and Infrastructure includes the Company’s effective share of revenues, expenses and operating margin attributable to 50% ownership of CELSEPAR. The earnings attributable to the investment of $36,680 for the three months ended March 31, 2022 are reported in income from equity method investments in the condensed consolidated statements of operations and comprehensive income (loss). Terminals and Infrastructure does not include the unrealized mark-to-market gain on derivative instruments of $2,492 for the three months ended March 31, 2022 reported in Cost of sales.

(2) Ships includes the Company’s effective share of revenues, expenses and operating margin attributable to 50% ownership of the Hilli Common Units. The earnings attributable to the investment of $13,555 for the three months ended March 31, 2022, are reported in income from equity method investments in the condensed consolidated statements of operations and comprehensive income (loss).

(3) Consolidation and Other adjusts for the inclusion of the effective share of revenues, expenses and operating margin attributable to 50% ownership of CELSEPAR and Hilli Common Units in the segment measure and exclusion of the unrealized mark-to-market gain or loss on derivative instruments.

(4) Total assets and capital expenditure by segment refers to assets held and capital expenditures related to the development of the Company’s terminals and vessels. The Terminals and Infrastructure segment includes the net book value of vessels utilized within the Terminals and Infrastructure segment.

(5) Capital expenditures includes amounts capitalized to construction in progress and additions to property, plant and equipment during the period.

Consolidated Segment Operating Margin is defined as net income (loss), adjusted for selling, general and administrative expenses, transaction and integration costs, depreciation and amortization, interest expense, other (income) expense, income from equity method investments and tax (benefit) provision.

The following table reconciles Net income (loss), the most comparable financial statement measure, to Consolidated Segment Operating Margin:


	Three Months Ended March 31,
(in thousands of $)	2022		2021
Net income (loss)	$	241,181	$	(39,509)
Add:
Selling, general and administrative	48,041		33,617
Transaction and integration costs	1,901		11,564

Depreciation and amortization	34,290		9,890
Interest expense	44,916		18,680
Other (income), net	(19,725)		(604)

Tax benefit	(49,681)		(877)
(Income) from equity method investments	(50,235)		—
Consolidated Segment Operating Margin	$	250,688	$	32,761

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 5: 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=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

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

Property, plant and equipment, net - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Accumulated depreciation	$ (168,404)	$ (141,915)
Total property, plant and equipment, net	2,160,025	2,137,936
Vessels
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,498,582	1,461,211
Terminal and power plant equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	213,449	206,889
CHP facilities
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	123,073	122,777
Gas terminals
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	169,142	167,614
ISO containers and other equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	138,259	134,775
LNG liquefaction facilities
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	63,213	63,213
Gas pipelines
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	58,987	58,987
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	54,347	55,008
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 9,377	$ 9,377

Debt - Revolving Facility (Details) - USD ($)		1 Months Ended
Debt - Revolving Facility (Details) - USD ($)	Apr. 15, 2021	Apr. 30, 2021	Mar. 31, 2022	Feb. 28, 2022	Dec. 31, 2021
Line of Credit Facility [Abstract]
Extended maturity period		1 year
Deferred financing costs			$ 40,339,000		$ 40,125,000
Revolving Facility
Line of Credit Facility [Abstract]
Outstanding principal balance		$ 200,000,000
Line of credit facility increase in commitment amount				$ 115,000,000
Issuance of letter of credit				$ 315,000,000
Letters of credit	$ 100,000,000
Fees incurred	$ 5,398,000
Deferred financing costs			$ 4,661,000		$ 3,807,000
Revolving Facility \| Interest Rate Floor \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Abstract]
Variable interest rate	0.00%
Revolving Facility \| Minimum
Line of Credit Facility [Abstract]
Percentage of commitments usage under credit facility	50.00%
Revolving Facility \| Minimum \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Abstract]
Variable interest rate	2.50%
Revolving Facility \| Maximum
Line of Credit Facility [Abstract]
Percentage of commitments usage under credit facility	50.00%
Revolving Facility \| Maximum \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Abstract]
Variable interest rate	2.75%

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 156,173	$ 187,509
Restricted cash	74,873	68,561
Receivables, net of allowances of $164 and $164, respectively	238,614	208,499
Inventory	54,273	37,182
Prepaid expenses and other current assets, net	82,392	83,115
Total current assets	606,325	584,866
Restricted cash	7,960	7,960
Construction in progress	1,238,313	1,043,883
Property, plant and equipment, net	2,160,025	2,137,936
Equity method investments	1,327,444	1,182,013
Right-of-use assets	419,819	309,663
Intangible assets, net	135,650	142,944
Finance leases, net	601,953	602,675
Goodwill	760,135	760,135
Deferred tax assets, net	6,048	5,999
Other non-current assets, net	102,136	98,418
Total assets	7,365,808	6,876,492
Current liabilities
Long-term interest bearing debt - current portion	100,666	97,251
Accounts payable	81,126	68,085
Accrued liabilities	252,859	244,025
Current lease liabilities	60,552	47,114
Other current liabilities	83,128	106,036
Total current liabilities	578,331	562,511
Long-term debt	3,836,610	3,757,879
Non-current lease liabilities	336,399	234,060
Deferred tax liabilities, net	239,060	269,513
Other long-term liabilities	57,503	58,475
Total liabilities	5,047,903	4,882,438
Commitments and contingencies (Note 21)
Stockholders’ equity
Class A common stock, $0.01 par value, 750.0 million shares authorized, 207.5 million issued and outstanding as of March 31, 2022; 206.9 million issued and outstanding as of December 31, 2021	2,076	2,069
Additional paid-in capital	1,888,842	1,923,990
Retained earnings (accumulated deficit)	105,870	(132,399)
Accumulated other comprehensive income (loss)	116,789	(2,085)
Total stockholders’ equity attributable to NFE	2,113,577	1,791,575
Non-controlling interest	204,328	202,479
Total stockholders’ equity	2,317,905	1,994,054
Total liabilities and stockholders’ equity	$ 7,365,808	$ 6,876,492

VIEs - Summary of Payment Obligations (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Nanook
Variable Interest Entity [Line Items]
Remaining 2022	$ 17,521
2023	22,686
2024	22,004
2025	21,266
2026	20,556
2027+	70,788
Penguin
Variable Interest Entity [Line Items]
Remaining 2022	9,812
2023	12,694
2024	12,203
2025	8,852
2026	0
2027+	0
Celsius
Variable Interest Entity [Line Items]
Remaining 2022	12,627
2023	16,195
2024	15,508
2025	14,794
2026	13,308
2027+	$ 0

Accrued liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Accrued Liabilities

As of March 31, 2022 and December 31, 2021, accrued liabilities consisted of the following:


	March 31, 2022		December 31, 2021
Accrued development costs	$	109,597	$	101,177
Accrued vessel operating and drydocking expenses	31,951		12,767
Accrued interest	13,553		61,630
Accrued consideration in asset acquisition	9,515		9,330
Accrued bonuses	5,832		27,591
Other accrued expenses	82,411		31,530
Total accrued liabilities	$	252,859	$	244,025

Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 22,435	$ 19,951
Recoverable taxes	35,352	33,053
Due from affiliates	3,236	3,299
Other current assets	21,369	26,812
Total prepaid expenses and other current assets, net	$ 82,392	$ 83,115

Financial instruments - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Collateral for interest rate swaps	$ 12,500	$ 12,500

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Total	Class A common stock	Class A common stock Class A common stock	Additional paid-in capital	Retained earnings (accumulated deficit)	Accumulated other comprehensive (loss) income	Non- controlling interest
Balance at beginning of period at Dec. 31, 2020	$ 375,086,000		$ 1,746,000	$ 594,534,000	$ (229,503,000)	$ 182,000	$ 8,127,000
Balance at beginning of period (in shares) at Dec. 31, 2020			174,622,862
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(39,509,000)				(37,903,000)		(1,606,000)
Other comprehensive income	(997,000)					(123,000)	(874,000)
Share-based compensation expense	1,770,000			1,770,000
Issuance of shares for vested RSUs (in shares)			1,335,787
Shares withheld from employees related to share-based compensation, at cost	(27,571,000)			(27,571,000)
Shares withheld from employees related to share-based compensation, at cost (in shares)			(638,235)
Dividends	(17,598,000)	$ (17,598,000)		(17,598,000)
Balance at end of period at Mar. 31, 2021	291,181,000		$ 1,746,000	551,135,000	(267,406,000)	59,000	5,647,000
Balance at end of period (in shares) at Mar. 31, 2021			175,320,414
Balance at beginning of period at Dec. 31, 2021	1,994,054,000		$ 2,069,000	1,923,990,000	(132,399,000)	(2,085,000)	202,479,000
Balance at beginning of period (in shares) at Dec. 31, 2021			206,863,242
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	241,181,000				238,269,000		2,912,000
Other comprehensive income	120,830,000					118,874,000	1,956,000
Share-based compensation expense	880,000			880,000
Issuance of shares for vested RSUs	7,000
Issuance of shares for vested RSUs (in shares)			1,121,255
Shares withheld from employees related to share-based compensation, at cost	(15,274,000)			(15,274,000)
Shares withheld from employees related to share-based compensation, at cost (in shares)			(442,146)
Dividends	(23,773,000)	$ (20,754,000)		(20,754,000)
Dividends							(3,019,000)
Balance at end of period at Mar. 31, 2022	$ 2,317,905,000		$ 2,076,000	$ 1,888,842,000	$ 105,870,000	$ 116,789,000	$ 204,328,000
Balance at end of period (in shares) at Mar. 31, 2022			207,542,351

Other current liabilities

3 Months Ended

Mar. 31, 2022

Other Liabilities Disclosure [Abstract]

Other current liabilities

As of March 31, 2022 and December 31, 2021, other current liabilities consisted of the following:


	March 31, 2022		December 31, 2021
Equity agreements (Note 8)	$	20,083	$	18,163
Deferred revenue	18,925		28,662
Income tax payable	10,481		8,881
Interest rate swaps (Note 8)	3,929		21,929
Due to affiliates	11,122		9,088
Other current liabilities	18,588		19,313
Total other current liabilities	$	83,128	$	106,036

Deferred revenue includes contract liabilities and prepayments received from lessees under charter agreements. Other current liabilities includes the value of unfavorable contracts assumed in the Mergers.

Income taxes	3 Months Ended
Income taxes	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income taxes As a result of the Mergers, the Company recognized deferred tax liabilities to reflect the impact of fair value adjustments, primarily the increased value of equity method investments, which did not impact tax basis. The Company acquired tax attribute carryforwards including net operating losses in certain jurisdictions for which net deferred tax assets have not been recognized as a result of cumulative losses and the developmental status of the entities. The effective tax rate for the three months ended March 31, 2022 was (25.94)%, compared to 2.20% for the three months ended March 31, 2021. The total tax benefit for the three months ended March 31, 2022 was $49,681, compared to a benefit of $877 for the three months ended March 31, 2021. The calculation of the effective tax rate includes income from equity method investments recognized for the three months ended March 31, 2022. The decrease to the effective tax rate for the three months ended March 31, 2022 resulted principally from the remeasurement of the deferred income tax liability in conjunction with an internal reorganization. The Company’s equity method investment in CELSEPAR is now directly held by a subsidiary domiciled in the United Kingdom; the investment was previously held by a subsidiary domiciled in Brazil, and this reorganization resulted in a discrete tax benefit of $76,460. This increase in tax benefit for the three months ended March 31, 2022 was offset in part by an increase in pretax income for certain profitable operations, including GMLP and Hygo, which resulted in income tax expense for the three months ended March 31, 2022. During the second quarter of 2021, the Company assumed a liability for tax contingencies in the Mergers primarily related to potential tax obligations for payments under certain charter agreements for acquired vessels; this liability is included in Other long-term liabilities on the condensed consolidated balance sheets. As of March 31, 2022 and December 31, 2021, the Company has recognized a liability for these uncertain tax positions of $12,370 and $12,474, respectively. In addition to the liabilities for unrecognized income tax benefits assumed in the Mergers, the Company assumed liabilities related to potential employment tax obligations that are accounted for under ASC 450.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: 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
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Revenue recognition

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue recognition

Operating revenue includes revenue from sales of LNG and natural gas as well as outputs from the Company’s natural gas-fueled power generation facilities, including power and steam, and the sale of LNG cargos. Included in operating revenue is revenue from LNG cargo sales of $285,171 for the three months ended March 31, 2022. The Company had no such sales in the first quarter of 2021. Other revenue includes revenue for development services as well as interest income from the Company’s finance leases and other revenue.

Under most customer contracts, invoicing occurs once the Company’s performance obligations have been satisfied, at which point payment is unconditional. As of March 31, 2022 and December 31, 2021, receivables related to revenue from contracts with customers totaled $213,476 and $192,533, respectively, and were included in Receivables, net on the condensed consolidated balance sheets, net of current expected credit losses of $164 and $164, respectively. Other items included in Receivables, net not related to revenue from contracts with customers represent leases which are accounted for outside the scope of ASC 606 and receivables associated with reimbursable costs.

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 March 31, 2022 and December 31, 2021 are detailed below:


	March 31, 2022		December 31, 2021
Contract assets, net - current	$	7,613	$	7,462
Contract assets, net - non-current	34,738		36,757
Total contract assets, net	$	42,351	$	44,219

Contract liabilities	$	10,915	$	2,951

Revenue recognized in the year from:
Amounts included in contract liabilities at the beginning of the year	$	560	$	8,028

Contract assets are presented net of expected credit losses of $442 and $442 as of March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022 and December 31, 2021, contract assets was comprised of $42,045 and $43,839 of unbilled receivables, respectively, that represent unconditional rights to payment only subject to the passage of time.

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 March 31, 2022, the Company has capitalized $10,830 of which $604 of these costs is presented within Other current assets and $10,226 is presented within Other non-current assets on the condensed consolidated balance sheets. As of December 31, 2021, the Company had capitalized $10,981, of which $604 of these costs was presented within Other current assets and $10,377 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.

Transaction price allocated to remaining performance obligations

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

The Company has arrangements in which LNG, natural gas or outputs from the Company’s power generation facilities are sold on a “take-or-pay” basis whereby the customer is obligated to pay for the minimum guaranteed volumes even if it does not take delivery. The price under these agreements is typically based on a market index plus a fixed margin. The fixed transaction price allocated to the remaining performance obligations under these arrangements represents the fixed margin multiplied by the outstanding minimum guaranteed volumes. The Company expects to recognize this revenue over the following time periods. The pattern of recognition reflects the minimum guaranteed volumes in each period:


Period	Revenue
Remainder of 2022	$	207,152
2023	520,335
2024	516,660
2025	507,868
2026	505,729
Thereafter	8,141,219
Total	$	10,398,963

For all other sales contracts that have a term exceeding one year, the Company has elected the practical expedient in ASC 606 under which the Company does not disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. For these excluded contracts, the sources of variability are (a) the market index prices of natural gas used to price the contracts, and (b) the variation in volumes that may be delivered to the customer. Both sources of variability are expected to be resolved at or shortly before delivery of each unit of LNG, natural gas, power or steam. As each unit of LNG, natural gas, power or steam represents a separate performance obligation, future volumes are wholly unsatisfied.

Lessor arrangements

The Company’s vessel charters of LNG carriers and FSRUs can take the form of operating or finance leases. Property, plant and equipment subject to vessel charters accounted for as operating leases is included within Vessels within Note 14 Property, plant and equipment, net. The following is the carrying amount of property, plant and equipment that is leased to customers under operating leases:


	March 31, 2022		December 31, 2021
Property, plant and equipment	$	1,275,195	$	1,274,234
Accumulated depreciation	(43,887)		(31,849)
Property, plant and equipment, net	$	1,231,308	$	1,242,385

The components of lease income from vessel operating leases for the three months ended March 31, 2022 were as follows:


	Three Months Ended March 31, 2022
Operating lease income	$	80,222
Variable lease income	10,564
Total operating lease income	$	90,786

The Company’s charter of the Nanook to CELSE (defined below) and certain equipment leases provided in connection with the supply of natural gas or LNG are accounted for as finance leases.

The Company recognized interest income of $11,581 for the three months ended March 31, 2022 related to the finance lease of the Nanook included within Other revenue in the condensed consolidated statements of operations and comprehensive income (loss). The Company recognized revenue of $1,634 for the three months ended March 31, 2022 related to the operation and services agreement within Vessel charter revenue in the condensed consolidated statements of operations and comprehensive income (loss).

As of March 31, 2022, there were outstanding balances due from CELSE of $6,911, of which $4,388 is recognized in Receivables, net and a loan to CELSE of $2,523 is recognized in Prepaid expenses and other current assets, net on the condensed consolidated balance sheets. As of December 31, 2021, there were outstanding balances due from CELSE of $6,428 of which $4,371 was recognized in Receivables, net and a loan to CELSE of $2,057 was recognized in Prepaid expenses and other current assets, net on the condensed consolidated balance sheets. CELSE is an affiliate due to the equity method investment held in CELSE’s parent, CELSEPAR, and as such, these transactions and balances are related party in nature.

The following table shows the expected future lease payments as of March 31, 2022, for the remainder of 2022 through 2026 and thereafter:


	Future cash receipts
	Financing Leases		Operating Leases
Remainder of 2022	$	37,740	$	209,621
2023	50,616		147,375
2024	51,442		104,148
2025	51,876		25,961
2026	52,147		—
Thereafter	1,051,956		—
Total minimum lease receivable	$	1,295,777	$	487,105
Unguaranteed residual value	107,000
Gross investment in sales-type lease	$	1,402,777
Less: Unearned interest income	795,356
Less: Current expected credit losses	1,551
Net investment in leased asset	$	605,870

Current portion of net investment in leased asset	$	3,917
Non-current portion of net investment in leased asset	601,953

- 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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Construction in progress (Tables)

3 Months Ended

Mar. 31, 2022

Construction in progress [Abstract]

Construction in Progress Activity

The Company’s construction in progress activity during the three months ended March 31, 2022 is detailed below:


	March 31, 2022
Balance at beginning of period	$	1,043,883

Additions	196,946
Impact of currency translation adjustment	40,327
Transferred to property, plant and equipment, net	(42,843)
Balance at end of period	$	1,238,313

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2022	May 02, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-38790
Entity Registrant Name	New Fortress Energy Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1482060
Entity Address, Address Line One	111 W. 19th Street
Entity Address, Address Line Two	8th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10011
City Area Code	516
Local Phone Number	268-7400
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Class A common stock
Trading Symbol	NFE
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		207,556,249
Entity Central Index Key	0001749723
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Debt - Debt and Lease Restrictions Narrative (Details)	3 Months Ended
Debt - Debt and Lease Restrictions Narrative (Details)	Mar. 31, 2022 USD ($)
Debt Instrument [Line Items]
Minimum level of liquidity	$ 30,000,000
Consolidated net worth	$ 123,950,000
Minimum debt service coverage ratio	1.20
Maximum net debt to EBITDA ratio	6.5
Ratio of liabilities to total assets	0.70
Maximum debt to capitalization ratio	0.7
Senior Secured Revolving Facility \| December 31, 2021 through September 30, 2023
Debt Instrument [Line Items]
Maximum debt to annualized EBITDA ratio	5.0
Senior Secured Revolving Facility \| Fiscal Quarter Ended Through December 31, 2023
Debt Instrument [Line Items]
Maximum debt to annualized EBITDA ratio	4.0
Vessel Term Loan Facility, due September 2024
Debt Instrument [Line Items]
Minimum debt service coverage ratio	1.15
Maximum net debt to EBITDA ratio	6.50
Minimum consolidated net worth	$ 250,000,000
Minimum
Debt Instrument [Line Items]
Percentage of outstanding loan facility balances	110.00%
Minimum \| Senior Secured Revolving Facility
Debt Instrument [Line Items]
Percentage of amount drawn	50.00%
Maximum
Debt Instrument [Line Items]
Percentage of outstanding loan facility balances	120.00%

Inventory - Narrative (Details) - USD ($)	3 Months Ended
Inventory - Narrative (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Inventory Disclosure [Abstract]
Inventory write-down	$ 0	$ 0

VIEs - Summary of Sale and Leaseback Arrangements (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Nanook
Sale Leaseback Transaction [Line Items]
Repurchase price at next repurchase option date	$ 196,083
Repurchase obligation at end of lease term	94,179
Penguin
Sale Leaseback Transaction [Line Items]
Repurchase price at next repurchase option date	84,668
Repurchase obligation at end of lease term	63,040
Celsius
Sale Leaseback Transaction [Line Items]
Repurchase price at next repurchase option date	86,456
Repurchase obligation at end of lease term	$ 45,000

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	(25.94%)	2.20%
Tax benefit	$ 49,681	$ 877
Income tax expense (benefit), discrete (benefit)	76,460
Liability for uncertainty in income taxes, current	$ 12,370		$ 12,474

- Definition

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

+ References + Details

Related party transactions	3 Months Ended
Related party transactions	Mar. 31, 2022
Related Party Transactions [Abstract]
Related party transactions	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, charges the Company for administrative and general expenses incurred pursuant to its Administrative Services Agreement (“Administrative Agreement”). The charges under the Administrative Agreement that are attributable to the Company totaled $1,515 and $1,927 for the three months ended March 31, 2022 and 2021, respectively. Costs associated with the Administrative Agreement are included within Selling, general and administrative in the condensed consolidated statements of operations and comprehensive income (loss). As of March 31, 2022 and December 31, 2021, $7,057 and $5,700 were due to Fortress, respectively. In addition to administrative services, an affiliate of Fortress owns and leases an aircraft chartered by the Company for business purposes in the course of operations. The Company incurred, at aircraft operator market rates, charter costs of $1,022 and $1,609 for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022 and December 31, 2021, $1,022 and $944 was due to this affiliate, respectively. Land lease The Company has leased land from Florida East Coast Industries, LLC (“FECI”), which is controlled by funds managed by an affiliate of Fortress. The Company recognized expense related to the land lease of $103 and $126 during the three months ended March 31, 2022 and 2021, respectively, which was included within Operations and maintenance in the condensed consolidated statements of operations and comprehensive income (loss). As of March 31, 2022 and December 31, 2021, the Company has recorded a lease liability of $3,321 and $3,314, respectively, 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. During the third quarter of 2021, the Company settled all outstanding amounts due under notes payable; the consulting agreement was also restructured to settle all previous amounts owed to DevTech and to include a royalty payment based on certain volumes sold in Jamaica. The Company paid $988 to settle these outstanding amounts. Subsequent to the restructuring of the consulting agreement, the Company recognized approximately $98 in expense for the three months ended March 31, 2022. As of March 31, 2022 and December 31, 2021, $98 and $88 was due to DevTech, respectively. Fortress affiliated entities The Company provides certain administrative services to related parties including Fortress affiliated entities. There are no costs incurred by the Company as the Company is fully reimbursed for all costs incurred. Beginning in the fourth quarter of 2020, the Company began subleasing a portion of office space and related administrative services to an affiliate of an entity managed by Fortress, and for the three months ended March 31, 2022 and 2021, $195 and $153 of rent and office related expenses were incurred by this affiliate, respectively. As of March 31, 2022 and December 31, 2021, $712 and $1,241 were due from all Fortress affiliated entities, respectively. Additionally, an entity formerly affiliated with Fortress and currently owned by Messrs. Edens and Nardone provides certain administrative services to the Company, as well as providing office space under a month-to-month non-exclusive license agreement. The Company incurred rent and administrative expenses of approximately $600 and $803 for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022 and December 31, 2021, $3,043 and $2,444 were due to Fortress affiliated entities, respectively. Agency agreement with PT Pesona Sentra Utama (or PT Pesona) PT Pesona, an Indonesian company, owns 51% of the issued share capital in the Company’s subsidiary, PTGI, the owner and operator of NR Satu, and provides agency and local representation services for the Company with respect to NR Satu. During the period after the Mergers, PT Pesona did not receive any agency fees. PT Pesona and certain of its subsidiaries charged vessel management fees to the Company for the provision of technical and commercial management of the vessels amounting to $191 for the three months ended March 31, 2022. Hilli guarantees As part of the GMLP Merger, the Company agreed to assume a guarantee (the “Partnership Guarantee”) of 50% of the outstanding principal and interest amounts payable by Hilli Corp under the Hilli Leaseback. The Company also assumed a guarantee of the letter of credit (“LOC Guarantee”) issued by a financial institution in the event of Hilli Corp’s underperformance or non-performance under the LTA. Under the LOC Guarantee, the Company is severally liable for any outstanding amounts that are payable, up to approximately $19,000. As of March 31, 2022, Company has guaranteed $348,000 under the Partnership Guarantee. Subsequent to the GMLP Merger, under the Partnership Guarantee and the LOC Guarantee NFE’s subsidiary, GMLP, is required to comply with the following covenants and ratios: •free liquid assets of at least $30 million throughout the Hilli Leaseback period; •a maximum net debt to EBITDA ratio for the previous 12 months of 6.5:1; and •a consolidated tangible net worth of $123.95 million. The fair value of debt guarantees after amortization of $4,918 and $1,090, has been presented within Other current liabilities and Other long-term liabilities, respectively, on the condensed consolidated balance sheet. As of March 31, 2022, the Company was in compliance with the covenants and ratios for both Hilli guarantees.

Goodwill and intangible assets - Summary of Intangible Assets (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Definite-lived intangible assets
Accumulated Amortization	$ (41,574,000)	$ (31,378,000)
Indefinite-lived intangible assets
Total intangible assets, Gross Carrying Amount	174,049,000	174,049,000
Total Intangible Assets, Currency Translation Adjustment	3,175,000	273,000
Total Intangible Assets, Net Carrying Amount	135,650,000	142,944,000
Easements
Indefinite-lived intangible assets
Gross Carrying Amount	1,191,000	1,191,000
Currency Translation Adjustment	(34,000)	(14,000)
Net Carrying Amount	1,157,000	1,177,000
Favorable vessel charter contracts
Definite-lived intangible assets
Gross Carrying Amount	106,500,000	106,500,000
Accumulated Amortization	(36,630,000)	(27,074,000)
Currency Translation Adjustment	0	0
Net Carrying Amount	$ 69,870,000	$ 79,426,000
Weighted Average Life	3 years	3 years
Permits and development rights
Definite-lived intangible assets
Gross Carrying Amount	$ 48,217,000	$ 48,217,000
Accumulated Amortization	(3,516,000)	(3,311,000)
Currency Translation Adjustment	159,000	(119,000)
Net Carrying Amount	$ 44,860,000	$ 44,787,000
Weighted Average Life	38 years	38 years
Acquired power purchase agreements
Definite-lived intangible assets
Gross Carrying Amount	$ 16,585,000	$ 16,585,000
Accumulated Amortization	(1,173,000)	(750,000)
Currency Translation Adjustment	3,050,000	406,000
Net Carrying Amount	$ 18,462,000	$ 16,241,000
Weighted Average Life	17 years	17 years
Easements
Definite-lived intangible assets
Gross Carrying Amount	$ 1,556,000	$ 1,556,000
Accumulated Amortization	(255,000)	(243,000)
Currency Translation Adjustment	0	0
Net Carrying Amount	$ 1,301,000	$ 1,313,000
Weighted Average Life	30 years	30 years

Other non-current assets - Summary Non-Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Assets, Noncurrent Disclosure [Abstract]
Contract asset, net (Note 6)	$ 34,738	$ 36,757
Investments in equity securities (Note 8)	18,681	18,873
Cost to fulfill (Note 6)	10,226	10,377
Upfront payments to customers	9,601	9,748
Other	28,890	22,663
Total other non-current assets, net	$ 102,136	$ 98,418

Other current liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Equity agreements (Note 8)	$ 20,083	$ 18,163
Deferred revenue	18,925	28,662
Income tax payable	10,481	8,881
Interest rate swaps (Note 8)	3,929	21,929
Due to affiliates	11,122	9,088
Other current liabilities	18,588	19,313
Total other current liabilities	$ 83,128	$ 106,036

Segments (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Information

The table below presents segment information for the three months ended March 31, 2022 and 2021:


	Three Months Ended March 31, 2022
(in thousands of $)	Terminals and Infrastructure(1)		Ships(2)		Total Segment		Consolidation and Other(3)		Consolidated
Statement of operations:
Total revenues	$	480,349	$	114,942	$	595,291	$	(90,173)	$	505,118
Cost of sales	235,532		—		235,532		(27,234)		208,298
Vessel operating expenses	3,492		25,942		29,434		(6,470)		22,964
Operations and maintenance	30,242		—		30,242		(7,074)		23,168
Segment Operating Margin	$	211,083	$	89,000	$	300,083	$	(49,395)	$	250,688
Balance sheet:
Total assets(4)	$	5,291,601	$	2,074,207	$	7,365,808	$	—	$	7,365,808
Other segmental financial information:
Capital expenditures(4)(5)	$	196,390	$	3,289	$	199,679	$	—	$	199,679


	Three Months Ended March 31, 2021
(in thousands of $)	Terminals and Infrastructure(1)		Ships(2)		Total Segment		Consolidation and Other(3)		Consolidated
Statement of operations:
Total revenues	$	145,684	$	—	$	145,684	$	—	$	145,684
Cost of sales	96,671		—		96,671		—		96,671
Vessel operating expenses	—		—		—		—		—
Operations and maintenance	16,252		—		16,252		—		16,252
Segment Operating Margin	$	32,761	$	—	$	32,761	$	—	$	32,761
Balance sheet:
Total assets(4)	$	1,832,111	$	—	$	1,832,111	$	—	$	1,832,111
Other segmental financial information:
Capital expenditures(4)(5)	$	106,895	$	—	$	106,895	$	—	$	106,895

(5) Capital expenditures includes amounts capitalized to construction in progress and additions to property, plant and equipment during the period.

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table reconciles Net income (loss), the most comparable financial statement measure, to Consolidated Segment Operating Margin:


	Three Months Ended March 31,
(in thousands of $)	2022		2021
Net income (loss)	$	241,181	$	(39,509)
Add:
Selling, general and administrative	48,041		33,617
Transaction and integration costs	1,901		11,564

Depreciation and amortization	34,290		9,890
Interest expense	44,916		18,680
Other (income), net	(19,725)		(604)

Tax benefit	(49,681)		(877)
(Income) from equity method investments	(50,235)		—
Consolidated Segment Operating Margin	$	250,688	$	32,761

Leases, as lessee - Right-of-use assets, Current Lease Liabilities and Non-Current Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating right-of-use-assets	$ 396,688	$ 285,751
Finance right-of-use-assets	23,131	23,912
Total right-of-use assets	419,819	309,663
Current lease liabilities:
Operating lease liabilities	56,616	43,395
Finance lease liabilities	3,936	3,719
Total current lease liabilities	60,552	47,114
Non-current lease liabilities:
Operating lease liabilities	322,416	219,189
Finance lease liabilities	13,983	14,871
Total non-current lease liabilities	$ 336,399	$ 234,060

Earnings per share - Potentially Dilutive (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in dollars per share)	472,084	1,333,529
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in dollars per share)	0	869,262
Shannon Equity Agreement Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in dollars per share)	472,084	464,267

Construction in progress - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Construction in progress [Abstract]
Interest costs capitalized	$ 13,137	$ 2,641

Construction in progress

3 Months Ended

Mar. 31, 2022

Construction in progress [Abstract]

Construction in progress

The Company’s construction in progress activity during the three months ended March 31, 2022 is detailed below:


	March 31, 2022
Balance at beginning of period	$	1,043,883

Additions	196,946
Impact of currency translation adjustment	40,327
Transferred to property, plant and equipment, net	(42,843)
Balance at end of period	$	1,238,313

Interest expense of $13,137 and $2,641, inclusive of amortized debt issuance costs, was capitalized for the three months ended March 31, 2022 and 2021, respectively.

The Company’s development activities are primarily in Latin America and the completion of such development is subject to risks related to successful completion, including those related to government approvals, site identification, financing, construction permitting and contract compliance.

Adoption of new and revised standards	3 Months Ended
Adoption of new and revised standards	Mar. 31, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
Adoption of new and revised standards	Adoption of new and revised standards (a)New standards, amendments and interpretations issued but not effective for the year beginning January 1, 2022: The Company has reviewed recently issued accounting pronouncements and concluded that such pronouncements are either not applicable to the Company or no material impact is expected in the consolidated financial statements as a result of future adoption. (b)New and amended standards adopted by the Company: In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. ASU 2020-06 requires entities to provide expanded disclosures about the terms and features of convertible instruments and amends certain guidance in ASC 260 on the computation of EPS for convertible instruments and contracts on an entity’s own equity. ASU 2020-06 is effective for public companies for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption of all amendments in the same period permitted. The adoption of this guidance in the first quarter of 2022 did not have a material impact on the Company’s financial position, results of operations or cash flows.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (g)(2)
-URI http://asc.fasb.org/extlink&oid=123338486&loc=SL49131195-203048

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-URI http://asc.fasb.org/topic&trid=2122394

Reference 3: 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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+ Details

Restricted cash (Tables)

3 Months Ended

Mar. 31, 2022

Restricted Cash [Abstract]

Restricted Cash

As of March 31, 2022 and December 31, 2021, restricted cash consisted of the following:


	March 31, 2022		December 31, 2021
Cash held by lessor VIEs	$	41,944	$	35,651
Collateral for letters of credit and performance bonds	27,633		27,614
Collateral for interest rate swaps	12,500		12,500
Other restricted cash	756		756
Total restricted cash	$	82,833	$	76,521

Current restricted cash	$	74,873	$	68,561
Non-current restricted cash	7,960		7,960

VIEs

3 Months Ended

Mar. 31, 2022

VIEs [Abstract]

VIEs

Lessor VIEs

The Company assumed sale leaseback arrangements for four vessels as part of the Mergers, one of which was terminated in 2021. As part of these financings, the vessel was sold to a single asset entity wholly owned by the lending bank (a special purpose vehicle or "SPV") and then leased back. While the Company does not hold an equity investment in these lending entities, these entities are variable interest entities ("VIEs"), and the Company has a variable interest in these lending entities due to the guarantees and fixed price repurchase options that absorb the losses of the VIE that could potentially be significant to the entity. The Company has concluded that it has the power to direct the economic activities that most impact the economic performance as it controls the significant decisions relating to the assets and it has the obligation to absorb losses or the right to receive the residual returns from the leased asset. Therefore, the Company consolidates these lending entities; as NFE has no equity interest in these VIEs, all equity attributable to these VIEs is included in non-controlling interest in the consolidated financial statements. Transactions between NFE's wholly-owned subsidiaries and these VIEs are eliminated in consolidation, including sale leaseback transactions.

CCB Financial Leasing Corporation Limited (“CCBFL”)

In September 2018, the Nanook was sold to a subsidiary of CCBFL, Compass Shipping 23 Corporation Limited, and subsequently leased back on a bareboat charter for a term of twelve years. The Company has options to repurchase the vessel throughout the charter term at fixed pre-determined amounts, commencing from the third anniversary of the commencement of the bareboat charter, with an obligation to repurchase the vessel at the end of the twelve-year lease period.

Oriental Shipping Company (“COSCO”)

In December 2019, the Penguin was sold to a subsidiary of COSCO, Oriental Fleet LNG 02 Limited, and subsequently leased back on a bareboat charter for a term of six years. The Company has options to repurchase the vessel throughout the charter term at fixed pre-determined amounts, commencing from the first anniversary of the commencement of the bareboat charter, with an obligation to repurchase the vessel at the end of the six-year lease period.

AVIC International Leasing Company Limited (“AVIC”)

In March 2020, the Celsius was sold to a subsidiary of AVIC, Noble Celsius Shipping Limited, and subsequently leased back on a bareboat charter for a term of seven years. The Company has options to repurchase the vessel throughout the charter term at fixed predetermined amounts, commencing from the first anniversary of the commencement of the bareboat charter, with an obligation to repurchase the vessel at the end of the seven-year lease period.

As of March 31, 2022, the Penguin and Celsius were recorded as Property, plant and equipment, net on the condensed consolidated balance sheet, and the Nanook was recognized in Finance leases, net on the condensed consolidated balance sheet.

The following table gives a summary of the sale and leaseback arrangements, including repurchase options and obligations as of March 31, 2022:

Vessel

End of lease term

Date of next
repurchase
option

Repurchase price
at next repurchase
option date

Repurchase
obligation at end of
lease term

Nanook

September 2030

June 2022

196,083

94,179

Penguin

December 2025

December 2022

84,668

63,040

Celsius

March 2027

March 2023

86,456

45,000

A summary of payment obligations under the bareboat charters with the lessor VIEs as of March 31, 2022, are shown below:


Vessel	Remaining 2022		2023		2024		2025		2026		2027+

Nanook	$	17,521	$	22,686	$	22,004	$	21,266	$	20,556	$	70,788
Penguin	9,812		12,694		12,203		8,852		—		—
Celsius	12,627		16,195		15,508		14,794		13,308		—

The payment obligation table above includes variable rental payments due under the lease based on an assumed LIBOR plus margin but excludes the repurchase obligation at the end of lease term.

The assets and liabilities of these lessor VIEs that most significantly impact the condensed consolidated balance sheet as of March 31, 2022 are as follows:


	Nanook		Penguin		Celsius
Assets
Restricted cash	$	9,541	$	5,690	$	26,713
Liabilities
Long-term interest bearing debt - current portion	$	—	$	18,850	$	5,799
Long-term interest bearing debt - non-current portion	187,385		68,875		105,460

The most significant impact of the lessor VIEs operations on the Company’s condensed consolidated statement of operations is an addition to interest expense of $2,014 for the three months ended March 31, 2022.

The most significant impact of the lessor VIEs cash flows on the condensed consolidated statements of cash flows is net cash used in financing activities of $4,312 for the three months ended March 31, 2022.

Other VIEs

Hilli LLC

The Company acquired an interest of 50% of the common units of Hilli LLC (“Hilli Common Units”) as part of the acquisition of GMLP. Hilli LLC owns Golar Hilli Corporation (“Hilli Corp”), the disponent owner of the Hilli. The Company determined that Hilli LLC is a VIE, and the Company is not the primary beneficiary of Hilli LLC. Thus, Hilli LLC has not been consolidated into the financial statements and has been recognized as an equity method investment.

As of March 31, 2022 the maximum exposure as a result of the Company’s ownership in the Hilli LLC is the carrying value of the equity method investment of $372,450 and the outstanding portion of the Hilli Leaseback (defined below) which have been guaranteed by the Company.

PT Golar Indonesia (“PTGI”)

The Company acquired all of the voting stock and controls all of the economic interests in PTGI pursuant to a shareholders’ agreement with the other shareholder of PTGI, PT Pesona Sentra Utama (“PT Pesona”), as part of the acquisition of GMLP. PT Pesona holds the remaining 51% interest in the issued share capital of PTGI and provides agency and local representation services for the Company with respect to NR Satu. PTGI is the owner and operator of NR Satu. The Company determined that PTGI is a VIE, and the Company is the primary beneficiary of PTGI. Thus, PTGI has been consolidated into the financial statements.

Trade creditors of PTGI have no recourse to the Company's general credit. PTGI paid no dividends to PT Persona during the period after the Mergers.

Acquisitions - Assets Acquired and Liabilities Assumed, GMLP (Details) - GMLP Merger $ in Thousands	Apr. 15, 2021 USD ($)
Assets Acquired
Cash and cash equivalents	$ 41,461
Restricted cash	24,816
Accounts receivable	3,195
Inventory	2,151
Other current assets	2,789
Equity method investments	355,500
Property, plant and equipment, net	1,063,215
Intangible assets, net	106,500
Deferred tax assets, net	963
Other non-current assets	4,400
Total assets acquired:	1,604,990
Liabilities Assumed
Current portion of long-term debt	158,073
Accounts payable	3,019
Accrued liabilities	17,226
Other current liabilities	73,774
Deferred tax liabilities, net	14,907
Other non-current liabilities	10,630
Total liabilities assumed:	277,629
Non-controlling interest	196,156
Net assets acquired:	1,131,205
Goodwill	$ 15,938

Other non-current assets (Tables)

3 Months Ended

Mar. 31, 2022

Other Assets, Noncurrent Disclosure [Abstract]

Schedule of Other Assets, Noncurrent

As of March 31, 2022 and December 31, 2021, Other non-current assets consisted of the following:


	March 31, 2022		December 31, 2021
Contract asset, net (Note 6)	$	34,738	$	36,757
Investments in equity securities (Note 8)	18,681		18,873
Cost to fulfill (Note 6)	10,226		10,377
Upfront payments to customers	9,601		9,748
Other	28,890		22,663
Total other non-current assets, net	$	102,136	$	98,418

Earnings per share - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Adjustments to additional paid in capital, dividends in excess of retained earnings	$ 23,773	$ 17,598
Payments of dividends	23,773	17,657
Class A Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Adjustments to additional paid in capital, dividends in excess of retained earnings	$ 20,754	$ 17,598
Common stock, dividends, per share, declared (in dollars per share)	$ 0.10	$ 0.10
Payments of dividends		$ 17,657
Series A Preferred Units \| GMLP Merger Agreement
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Payments of dividends	$ 3,019
Noncontrolling interest, ownership percentage by noncontrolling owners	8.75%

Other non-current assets

3 Months Ended

Mar. 31, 2022

Other Assets, Noncurrent Disclosure [Abstract]

Other non-current assets

As of March 31, 2022 and December 31, 2021, Other non-current assets consisted of the following:


	March 31, 2022		December 31, 2021
Contract asset, net (Note 6)	$	34,738	$	36,757
Investments in equity securities (Note 8)	18,681		18,873
Cost to fulfill (Note 6)	10,226		10,377
Upfront payments to customers	9,601		9,748
Other	28,890		22,663
Total other non-current assets, net	$	102,136	$	98,418

The Company recognized an unrealized (loss) gain on its investments in equity securities of $(192) and $137 for the three months ended March 31, 2022 and 2021, respectively, within Other (income), net in the condensed consolidated statements of operations and comprehensive income (loss). Investments in equity securities include investments without a readily determinable fair value of $7,678 as of March 31, 2022 and December 31, 2021.

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.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net income (loss)	$ 241,181	$ (39,509)
Adjustments for:
Amortization of deferred financing costs and debt guarantee, net	3,424	400
Depreciation and amortization	34,852	10,160
(Earnings) of equity method investees	(50,235)	0
Drydocking expenditure	(2,454)	0
Dividends received from equity method investees	7,609	0
Change in market value of derivatives	(24,855)	0
Deferred taxes	(58,769)	(1,412)
Share-based compensation	880	1,770
Other	997	393
Changes in operating assets and liabilities, net of acquisitions:
(Increase) in receivables	(58,462)	(19,223)
(Increase) in inventories	(18,617)	(5,171)
(Increase) in other assets	(15,440)	(36,943)
Decrease in right-of-use assets	17,016	9,772
Increase (Decrease) in accounts payable/accrued liabilities	68,520	(22,399)
Increase in amounts due to affiliates	2,035	1,879
(Decrease) in lease liabilities	(11,773)	(10,584)
(Decrease) in other liabilities	(21,527)	(1,119)
Net cash provided by (used in) operating activities	114,382	(111,986)
Cash flows from investing activities
Capital expenditures	(189,221)	(80,810)
Entities acquired in asset acquisitions, net of cash acquired	0	(8,817)
Other investing activities	0	(630)
Net cash (used in) investing activities	(189,221)	(90,257)
Cash flows from financing activities
Proceeds from borrowings of debt	200,836	0
Payment of deferred financing costs	(3,504)	(670)
Repayment of debt	(123,669)	0
Payments related to tax withholdings for share-based compensation	(13,054)	(29,564)
Payment of dividends	(23,773)	(17,657)
Net cash provided by (used in) financing activities	36,836	(47,891)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	12,979	0
Net (decrease) in cash, cash equivalents and restricted cash	(25,024)	(250,134)
Cash, cash equivalents and restricted cash – beginning of period	264,030	629,336
Cash, cash equivalents and restricted cash – end of period	239,006	379,202
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	19,838	26,311
Liabilities associated with consideration paid for entities acquired in asset acquisitions	$ 0	$ 11,845

Leases, as lessee

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases, as lessee

The Company has operating leases primarily for the use of LNG vessels, marine port space, office space, land and equipment under non-cancellable lease agreements. The Company’s leases may include multiple optional renewal periods that are exercisable solely at the Company’s discretion. Renewal periods are included in the lease term when the Company is reasonably certain that the renewal options would be exercised, and the associated lease payments for such periods are reflected in the right-of-use 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 right-of-use asset; such payments are included in variable lease cost when the obligation that triggers the variable payment becomes probable. Variable lease cost includes contingent rent payments for office space based on the percentage occupied by the Company in addition to common area charges and other charges that are variable in nature. The Company also has a component of lease payments that are variable related to the LNG vessels, in which the Company may receive credits based on the performance of the LNG vessels during the period.

As of March 31, 2022 and December 31, 2021, right-of-use assets, current lease liabilities and non-current lease liabilities consisted of the following:


	March 31, 2022		December 31, 2021
Operating right-of-use-assets	$	396,688	$	285,751
Finance right-of-use-assets	23,131		23,912
Total right-of-use assets	$	419,819	$	309,663

Current lease liabilities:
Operating lease liabilities	$	56,616	$	43,395
Finance lease liabilities	3,936		3,719
Total current lease liabilities	$	60,552	$	47,114
Non-current lease liabilities:
Operating lease liabilities	$	322,416	$	219,189
Finance lease liabilities	13,983		14,871
Total non-current lease liabilities	$	336,399	$	234,060

For the three months ended March 31, 2022 and 2021, the Company’s operating lease cost recorded within the condensed consolidated statements of operations and comprehensive income (loss) were as follows:


	Three Months Ended March 31,
	2022		2021
Fixed lease cost	$	18,500	$	11,745
Variable lease cost	470		693
Short-term lease cost	4,225		722

Lease cost - Cost of sales	$	20,903	$	11,036
Lease cost - Operations and maintenance	765		557
Lease cost - Selling, general and administrative	1,527		1,567

For the three months ended March 31, 2022 and 2021, the Company has capitalized $8,242 and $1,199 of lease costs, respectively, for vessels and port space used during the commissioning of development projects in addition to short-term lease costs for vessels chartered by the Company to transport inventory from a supplier’s facilities to the Company’s storage locations which are capitalized to inventory.

Beginning in the second quarter of 2021, leases for ISO tanks and a parcel of land that transfer the ownership in underlying assets to the Company at the end of the lease have commenced, and these leases are treated as finance leases. For the three months ended March 31, 2022, the Company recognized interest expense related to finance leases of $229 which is included within Interest expense, net in the condensed consolidated statements of operations and comprehensive income (loss). For the three months ended March 31, 2022, the Company recognized amortization of the right-of-use asset related to finance leases of $379 which are included within Depreciation and amortization in the condensed consolidated statements of operations and comprehensive income (loss).

Cash paid for operating leases is reported in operating activities in the condensed consolidated statements of cash flows. Supplemental cash flow information related to leases was as follows for the three months ended March 31, 2022 and 2021:


	Three Months Ended March 31,
	2022		2021
Operating cash outflows for operating lease liabilities	$	27,122	$	12,660
Financing cash outflows for finance lease liabilities	1,308		—
Right-of-use assets obtained in exchange for new operating lease liabilities	127,451		—

The future payments due under operating and finance leases as of March 31, 2022 are as follows:


	Operating Leases		Financing Leases
Due remainder of 2022	$	66,326	$	3,607
2023	72,928		4,362
2024	66,582		4,381
2025	58,126		4,381
2026	50,123		2,625
Thereafter	233,102		1,029
Total Lease Payments	$	547,187	$	20,385
Less: effects of discounting	168,155		2,466
Present value of lease liabilities	$	379,032	$	17,919

Current lease liability	$	56,616	$	3,936
Non-current lease liability	322,416		13,983

As of March 31, 2022, the weighted-average remaining lease term for operating leases was 8.6 years and finance leases was 4.9 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 March 31, 2022 and December 31, 2021 was 8.4% and 8.7%, respectively. The weighted average discount rate associated with finance leases as of March 31, 2022 and December 31, 2021 was 5.1% and 5.1%, respectively.

Leases, as lessee

As of March 31, 2022 and December 31, 2021, right-of-use assets, current lease liabilities and non-current lease liabilities consisted of the following:


	March 31, 2022		December 31, 2021
Operating right-of-use-assets	$	396,688	$	285,751
Finance right-of-use-assets	23,131		23,912
Total right-of-use assets	$	419,819	$	309,663

Current lease liabilities:
Operating lease liabilities	$	56,616	$	43,395
Finance lease liabilities	3,936		3,719
Total current lease liabilities	$	60,552	$	47,114
Non-current lease liabilities:
Operating lease liabilities	$	322,416	$	219,189
Finance lease liabilities	13,983		14,871
Total non-current lease liabilities	$	336,399	$	234,060


	Three Months Ended March 31,
	2022		2021
Fixed lease cost	$	18,500	$	11,745
Variable lease cost	470		693
Short-term lease cost	4,225		722

Lease cost - Cost of sales	$	20,903	$	11,036
Lease cost - Operations and maintenance	765		557
Lease cost - Selling, general and administrative	1,527		1,567


	Three Months Ended March 31,
	2022		2021
Operating cash outflows for operating lease liabilities	$	27,122	$	12,660
Financing cash outflows for finance lease liabilities	1,308		—
Right-of-use assets obtained in exchange for new operating lease liabilities	127,451		—

The future payments due under operating and finance leases as of March 31, 2022 are as follows:


	Operating Leases		Financing Leases
Due remainder of 2022	$	66,326	$	3,607
2023	72,928		4,362
2024	66,582		4,381
2025	58,126		4,381
2026	50,123		2,625
Thereafter	233,102		1,029
Total Lease Payments	$	547,187	$	20,385
Less: effects of discounting	168,155		2,466
Present value of lease liabilities	$	379,032	$	17,919

Current lease liability	$	56,616	$	3,936
Non-current lease liability	322,416		13,983

Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Long-term Debt

As of March 31, 2022 and December 31, 2021, debt consisted of the following:


	March 31, 2022		December 31, 2021
Senior Secured Notes, due September 2025	$	1,241,721	$	1,241,196
Senior Secured Notes, due September 2026	1,478,514		1,477,512
Vessel Term Loan Facility, due September 2024	394,239		408,991
Debenture Loan due September 2024	41,177		40,665
South Power 2029 Bonds	170,256		96,820
Revolving Facility	225,000		200,000
Subtotal (excluding lessor VIE loans)	3,550,907		3,465,184
CCBFL VIE loan:
Golar Nanook SPV facility, due September 2030	187,385		186,638
COSCO VIE loan:
Golar Penguin SPV facility, due December 2025	87,725		90,035
AVIC VIE loan:
Golar Celsius SPV facility, due September 2023/May 2027	111,259		113,273
Total debt	$	3,937,276	$	3,855,130
Current portion of long-term debt	$	100,666	$	97,251
Long-term debt	3,836,610		3,757,879

Schedule of Maturities of Long-term Debt

Our outstanding debt as of March 31, 2022 is repayable as follows:


	March 31, 2022
Due remainder of 2022	$	64,055
2023	135,420
2024	325,328
2025	1,337,876
2026	1,754,095
Thereafter	361,476
Total debt	$	3,978,250
Add: fair value adjustments to assumed debt obligations	(635)
Less: deferred finance charges	(40,339)
Total debt, net deferred finance charges	$	3,937,276

Interest Expense

Interest expense, net of amounts capitalized, recognized for the three months ended March 31, 2022 and 2021 consisted of the following:


	Three Months Ended March 31,
	2022		2021
Interest per contractual rates	$	55,349	$	20,834
Amortization of debt issuance costs, premiums and discounts	2,475		487
Interest expense incurred on finance lease obligations	229		—
Total interest costs	$	58,053	$	21,321
Capitalized interest	13,137		2,641
Total interest expense	$	44,916	$	18,680

- 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

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+ Details

Organization (Details)		3 Months Ended
Organization (Details)	Apr. 15, 2021 Fleet Carrier	Mar. 31, 2022 Carrier Segment
Business Acquisition [Line Items]
Number of other FSRU fleet acquired \| Fleet	6
Number of LNG carriers acquired \| Carrier	6	5
Number of operating segments \| Segment		2
Sergipe Facility
Business Acquisition [Line Items]
Percentage of interest acquired in power plant	50.00%

Equity method investments, - Carrying Amount of Equity Method Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 1,327,444	$ 1,182,013
Hilli LLC
Schedule of Equity Method Investments [Line Items]
Equity method investments	372,450
CELSEPAR
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 954,994

Revenue recognition - Carrying Amount of Leased Property Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Operating Leased Assets [Line Items]
Total property, plant and equipment, net	$ 2,160,025	$ 2,137,936
Lessor
Operating Leased Assets [Line Items]
Property, plant and equipment	1,275,195	1,274,234
Accumulated depreciation	(43,887)	(31,849)
Total property, plant and equipment, net	$ 1,231,308	$ 1,242,385

Subsequent Events (Details) - Senior Secured Revolving Facility - USD ($)	May 04, 2022	Feb. 28, 2022
Subsequent Event [Line Items]
Line of credit facility increase in commitment amount		$ 115,000,000
Issuance of letter of credit		$ 315,000,000
Subsequent Event
Subsequent Event [Line Items]
Line of credit facility increase in commitment amount	$ 125,000
Issuance of letter of credit	$ 440,000

Leases, as lessee - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Leases [Abstract]
Lease, cost	$ 8,242	$ 1,199
Finance lease, interest payment on liability	229
Finance lease, right-of-use asset, amortization	$ 379
Operating lease, weighted average remaining lease term	8 years 7 months 6 days
Finance lease, weighted average remaining lease term	4 years 10 months 24 days
Operating lease, weighted average discount rate, percent	8.40%		8.70%
Finance lease, weighted average discount rate, percent	5.10%		5.10%

Debt - Summary of Long Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	$ 3,550,907	$ 3,465,184
Total debt, net deferred finance charges	3,937,276	3,855,130
Long-term interest bearing debt - current portion	100,666	97,251
Non-current portion of debt	3,836,610	3,757,879
Revolving Facility
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	225,000	200,000
Senior Secured Notes, due September 2025
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	1,241,721	1,241,196
Senior Secured Notes, due September 2026
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	1,478,514	1,477,512
Vessel Term Loan Facility, due September 2024
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	394,239	408,991
Debenture Loan due September 2024
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	41,177	40,665
South Power 2029 Bonds
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	170,256	96,820
Total debt, net deferred finance charges	175,783
Golar Nanook SPV facility, due September 2030 \| CCBFL VIE Loan
Debt Instrument [Line Items]
Total debt, net deferred finance charges	187,385	186,638
Golar Penguin SPV facility, due December 2025 \| COSCO VIE Loan
Debt Instrument [Line Items]
Total debt, net deferred finance charges	87,725	90,035
Golar Celsius SPV facility, due September 2023/May 2027 \| AVIC VIE Loan
Debt Instrument [Line Items]
Total debt, net deferred finance charges	$ 111,259	$ 113,273

Goodwill and intangible assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 760,135		$ 760,135
Amortization of intangible assets	$ 8,343	$ 295

Restricted cash

3 Months Ended

Mar. 31, 2022

Restricted Cash [Abstract]

Restricted cash

As of March 31, 2022 and December 31, 2021, restricted cash consisted of the following:


	March 31, 2022		December 31, 2021
Cash held by lessor VIEs	$	41,944	$	35,651
Collateral for letters of credit and performance bonds	27,633		27,614
Collateral for interest rate swaps	12,500		12,500
Other restricted cash	756		756
Total restricted cash	$	82,833	$	76,521

Current restricted cash	$	74,873	$	68,561
Non-current restricted cash	7,960		7,960

Restricted cash does not include minimum consolidated cash balances of $30,000 required to be maintained as part of the financial covenants for sale and leaseback financings and the Vessel Term Loan Facility that is included in Cash and cash equivalents on the condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021.

Revenue recognition - Contract Liabilities and Contract Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract assets, net - current	$ 7,613	$ 7,462
Contract assets, net - non-current	34,738	36,757
Total contract assets, net	42,351	44,219
Contract liabilities	10,915	2,951
Revenue recognized in the year from:
Amounts included in contract liabilities at the beginning of the year	$ 560	$ 8,028

Commitments and contingencies - Narrative (Details) - Foreign Tax Authority JD in Thousands, $ in Thousands, Rp in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022 USD ($)	Mar. 31, 2022 IDR (Rp)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 JOD (JD)	Dec. 31, 2015 USD ($)	Dec. 31, 2015 JOD (JD)
INDONESIA
Income Tax Uncertainties [Abstract]
VAT importation waiver revoked	$ 24,000
Tax assessment for land and buildings for 2015 to 2019	$ 3,400	Rp 48,378.3
JORDAN
Income Tax Uncertainties [Abstract]
Additional tax assessed on tax audit			$ 3,100	JD 2,200	$ 1,600	JD 1,100

Debt - Schedule of Outstanding Debt Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Due remainder of 2022	$ 64,055
2023	135,420
2024	325,328
2025	1,337,876
2026	1,754,095
Thereafter	361,476
Total debt	3,978,250
Add: fair value adjustments to assumed debt obligations	(635)
Less: deferred finance charges	(40,339)	$ (40,125)
Total debt, net deferred finance charges	$ 3,937,276	$ 3,855,130

Accrued liabilities (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Inventory [Line Items]
Accrued development costs	$ 109,597,000	$ 101,177,000
Accrued vessel operating and drydocking expenses	31,951,000	12,767,000
Accrued interest	13,553,000	61,630,000
Accrued consideration in asset acquisition	9,515,000	9,330,000
Accrued bonuses	5,832,000	27,591,000
Other accrued expenses	82,411,000	31,530,000
Total accrued liabilities	252,859,000	$ 244,025,000
Liquefied Natural Gas
Inventory [Line Items]
Other accrued expenses	$ 49,459,000

Acquisitions

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Hygo Merger

On April 15, 2021, the Company completed the acquisition of all of the outstanding common and preferred shares representing all voting interests of Hygo, a 50-50 joint venture between Golar LNG Limited (“GLNG”) and Stonepeak Infrastructure Fund II Cayman (G) Ltd., a fund managed by Stonepeak Infrastructure Partners (“Stonepeak”), in exchange for 31,372,549 shares of NFE Class A common stock and $580,000 in cash. The acquisition of Hygo expanded the Company’s footprint in South America with three gas-to-power projects in Brazil’s large and fast-growing market.

Based on the closing price of NFE’s common stock on April 15, 2021, the total value of consideration in the Hygo Merger was $1.98 billion, shown as follows:


Consideration			As of April 15, 2021
Cash consideration for Hygo Preferred Shares	$	180,000
Cash consideration for Hygo Common Shares	400,000
Total Cash Consideration			$	580,000
Merger consideration to be paid in shares of NFE Common Stock	1,400,784
Total Non-Cash Consideration			1,400,784
Total Consideration			$	1,980,784

The Company determined it was the accounting acquirer of Hygo, which was accounted for under the acquisition method of accounting for business combinations. The total purchase price of the transaction was allocated to identifiable assets acquired, liabilities assumed and non-controlling interests of Hygo based on their respective estimated fair values as of the closing date.

The process of estimating the fair values of certain tangible assets, identifiable intangible assets and assumed liabilities requires the use of judgment, including determining the appropriate assumptions and estimates. As of March 31, 2022, the allocation of the purchase price is preliminary due to the finalization of the evaluation of tax related matters. The purchase price allocation will be finalized once such matters have been resolved. Accordingly, the fair value estimates presented below relating to this item is subject to change within the measurement period not to exceed one year from the date of acquisition. Fair values assigned to the assets acquired, liabilities assumed and non-controlling interests of Hygo as of the closing date were as follows:


Hygo	As of April 15, 2021
Assets Acquired
Cash and cash equivalents	$	26,641
Restricted cash	48,183
Accounts receivable	5,126
Inventory	1,022
Other current assets	8,095
Construction in process	128,625
Property, plant and equipment, net	385,389
Equity method investments	823,521
Finance leases, net	601,000
Deferred tax assets, net	1,065
Other non-current assets	52,996
Total assets acquired:	$	2,081,663
Liabilities Assumed
Current portion of long-term debt	$	38,712
Accounts payable	3,059
Accrued liabilities	39,149
Other current liabilities	13,495
Long-term debt	433,778
Deferred tax liabilities, net	254,949
Other non-current liabilities	21,520
Total liabilities assumed:	804,662
Non-controlling interest	40,414
Net assets acquired:	1,236,587
Goodwill	$	744,197

The fair value of Hygo’s non-controlling interest (“NCI”) as of April 15, 2021 was $40,414, including the fair value of the net assets of VIEs that Hygo has consolidated. These VIEs are SPVs (both defined below) for the sale and leaseback of certain vessels, and Hygo has no equity investment in these entities. The fair value of NCI was determined based on the valuation of the SPV’s external debt and the lease receivable asset associated with the sales leaseback transaction with Hygo’s subsidiary, using a discounted cash flow method.

The fair value of receivables acquired from Hygo was $8,009, which approximated the gross contractual amount; no material amounts were expected to be uncollectible.

Goodwill was calculated as the excess of the purchase price over the net assets acquired. Goodwill represents access to additional LNG and natural gas distribution systems and power markets, including workforce that will allow the Company to rapidly develop and deploy LNG to power solutions. While the goodwill is not deductible for local tax purposes, it is treated as an amortizable expense for the U.S. global intangible low-taxed income ("GILTI") computation.

The Company’s results of operations for the three months ended March 31, 2022 include Hygo’s result of operations for the entire quarter. Revenue and net income attributable to Hygo during the period was $21,962 and $120,698, respectively.

GMLP Merger

On April 15, 2021, the Company completed the acquisition of all of the outstanding common units, representing all voting interests, of GMLP in exchange for $3.55 in cash per common unit and for each of the outstanding membership interest of GMLP’s general partner. In conjunction with the closing of the GMLP Merger, NFE simultaneously extinguished a portion of GMLP’s debt for total consideration of $1.15 billion.

With the GMLP Merger, the Company acquired vessels to support the existing terminals and business development pipeline, as well as an interest in a floating natural gas facility (“FLNG”), which is expected to provide consistent cash flow streams under a long-term tolling arrangement. The interest in the FLNG facility also provides the Company access to intellectual property that will be used to develop future FLNG solutions.

The consideration paid by the Company in the GMLP Merger was as follows:


Consideration			As of April 15, 2021
GMLP Common Units ($3.55 per unit x 69,301,636 units)	$	246,021
GMLP General Partner Interest ($3.55 per unit x 1,436,391 units)	5,099
Partnership Phantom Units ($3.55 per unit x 58,960 units)	209
Cash Consideration			$	251,329
GMLP debt repaid in acquisition	899,792
Total Cash Consideration			1,151,121
Cash settlement of preexisting relationship	(3,978)
Total Consideration			$	1,147,143

The Company determined it is the accounting acquirer of GMLP, which was accounted for under the acquisition method of accounting for business combinations. The total purchase price of the transaction was allocated to identifiable assets acquired, liabilities assumed and non-controlling interests of GMLP based on their respective estimated fair values as of the closing date.


GMLP	As of April 15, 2021
Assets Acquired
Cash and cash equivalents	$	41,461
Restricted cash	24,816
Accounts receivable	3,195
Inventory	2,151
Other current assets	2,789
Equity method investments	355,500
Property, plant and equipment, net	1,063,215
Intangible assets, net	106,500
Deferred tax assets, net	963
Other non-current assets	4,400
Total assets acquired:	$	1,604,990
Liabilities Assumed
Current portion of long-term debt	$	158,073
Accounts payable	3,019
Accrued liabilities	17,226
Other current liabilities	73,774
Deferred tax liabilities, net	14,907
Other non-current liabilities	10,630
Total liabilities assumed:	277,629
Non-controlling interest	196,156
Net assets to be acquired:	1,131,205
Goodwill	$	15,938

The fair value of GMLP’s NCI as of April 15, 2021 was $196,156, which represents the fair value of other investors’ interest in the Mazo, GMLP’s preferred units which were not acquired by the Company and the fair value of net assets of an SPV formed for the purpose of a sale and leaseback of the Eskimo. The fair value of GMLP’s preferred units and the valuation of the SPV’s external debt and the lease receivable asset associated with the sale leaseback transaction have been estimated using a discounted cash flow method.

The fair value of receivables acquired from GMLP was $4,797, which approximated the gross contractual amount; no material amounts were expected to be uncollectible.

The Company acquired favorable and unfavorable leases for the use of GMLP’s vessels. The fair value of the favorable contracts was $106,500 and the fair value of the unfavorable contracts was $13,400. The total weighted average amortization period is approximately three years; the favorable contract asset has a weighted average amortization period of approximately three years and the unfavorable contract liability has a weighted average amortization period of approximately one year.

The Company and GMLP had an existing lease agreement prior to the GMLP Merger. As a result of the acquisition, the lease agreement and any associated receivable and payable balances were effectively settled. The lease agreement also included provisions that required a subsidiary of NFE to indemnify GMLP to the extent that GMLP incurred certain tax liabilities as a result of the lease. A loss of $3,978 related to settlement of this indemnification provision was recognized in Transaction and integration costs in the condensed consolidated statements of operations and comprehensive loss in the second quarter of 2021.

The Company’s results of operations for the three months ended March 31, 2022 include GMLP’s result of operations for the entire quarter. Revenue and net income (loss) attributable to GMLP during the period was $73,041 and $55,738, respectively.

Asset acquisitions

On January 12, 2021, the Company acquired 100% of the outstanding shares of CH4 Energia Ltda. (“CH4”), an entity that owns key permits and authorizations to develop an LNG terminal and an up to 1.37GW gas-fired power plant at the Port of Suape in Brazil. The purchase consideration consisted of $903 of cash paid at closing in addition to potential future payments contingent on achieving certain construction milestones of up to approximately $3,600. As the contingent payments meet the definition of a derivative, the fair value of the contingent payments as of the acquisition date of $3,047 was included as part of the purchase consideration and was recognized in Other long-term liabilities on the condensed consolidated balance sheets. The selling shareholders of CH4 may also receive future payments based on gas consumed by the power plant or sold to customers from the LNG terminal.

The purchase of CH4 has been accounted for as an asset acquisition. As a result, no goodwill was recorded, and the Company’s acquisition-related costs of $295 were included in the purchase consideration. The total purchase consideration of $5,776, which included a deferred tax liability of $1,531 recognized as a result from the acquisition, was allocated to permits and authorizations acquired and was recorded within Intangible assets, net.

On March 11, 2021, the Company acquired 100% of the outstanding shares of Pecém Energia S.A. (“Pecém”) and Energetica Camacari Muricy II S.A. (“Muricy”). These companies collectively hold grants to operate as an independent power provider and 15-year power purchase agreements for the development of thermoelectric power plants in the State of Bahia, Brazil. The Company is seeking to obtain the necessary approvals to transfer the power purchase agreements in connection with the construction the gas-fired power plant and LNG import terminal at the Port of Suape.

The purchase consideration consisted of $8,041 of cash paid at closing in addition to potential future payments contingent on achieving commercial operations of the gas-fired power plant at the Port of Suape of up to approximately $10.5 million. As the contingent payments meet the definition of a derivative, the fair value of the contingent payments as of the acquisition date of $7,473 was included as part of the purchase consideration and was recognized in Other long-term liabilities on the condensed consolidated balance sheets. The selling shareholders may also receive future payments based on power generated by the power plant in Suape, subject to a maximum payment of approximately $4.6 million.

The purchases of Pecém and Muricy were accounted for as asset acquisitions. As a result, no goodwill was recorded, and the Company’s acquisition-related costs of $1,275 were included in the purchase consideration. Of the total purchase consideration, $16,585 was allocated to acquired power purchase agreements and recorded in Intangible assets, net on the condensed consolidated balance sheets; the remaining purchase consideration was related to working capital acquired.

Segments - Narrative (Details)		3 Months Ended
Segments - Narrative (Details)	Apr. 15, 2021 Carrier	Mar. 31, 2022 Carrier Segment Storage
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment		2
Number of FSRUs acquired \| Storage		6
Number of LNG carriers acquired \| Carrier	6	5
CELSEPAR
Segment Reporting Information [Line Items]
Ownership interest acquired		50.00%
Hilli LLC
Segment Reporting Information [Line Items]
Ownership interest acquired		50.00%
Terminals and Infrastructure \| CELSEPAR
Segment Reporting Information [Line Items]
Ownership interest acquired		50.00%
Ships \| Hilli LLC
Segment Reporting Information [Line Items]
Ownership interest acquired		50.00%

Leases, as lessee - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating cash outflows for operating lease liabilities	$ 27,122	$ 12,660
Financing cash outflows for finance lease liabilities	1,308	0
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 127,451	$ 0

Other current liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

As of March 31, 2022 and December 31, 2021, other current liabilities consisted of the following:


	March 31, 2022		December 31, 2021
Equity agreements (Note 8)	$	20,083	$	18,163
Deferred revenue	18,925		28,662
Income tax payable	10,481		8,881
Interest rate swaps (Note 8)	3,929		21,929
Due to affiliates	11,122		9,088
Other current liabilities	18,588		19,313
Total other current liabilities	$	83,128	$	106,036

Share-based compensation - Performance Share Units (Details) - Performance Share Units (PSUs) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of Vesting (in shares)			2,105,522
Employees and Non-employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units Granted (in shares)		400,507	1,109,777
Unrecognized Compensation Cost		$ 30,878	$ 0
Weighted Average Remaining Vesting Period		9 months	0 years
Minimum \| Employees and Non-employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of Vesting (in shares)	0	0	0
Maximum \| Employees and Non-employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of Vesting (in shares)		801,014	2,219,554

Leases, as lessee - Components of Operating Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Fixed lease cost	$ 18,500	$ 11,745
Variable lease cost	470	693
Short-term lease cost	4,225	722
Lease cost - Cost of sales	20,903	11,036
Lease cost - Operations and maintenance	765	557
Lease cost - Selling, general and administrative	$ 1,527	$ 1,567

Property, plant and equipment, net (Tables)

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

As of March 31, 2022 and December 31, 2021, the Company’s property, plant and equipment, net consisted of the following:


	March 31, 2022		December 31, 2021
Vessels	$	1,498,582	$	1,461,211
Terminal and power plant equipment	213,449		206,889
CHP facilities	123,073		122,777
Gas terminals	169,142		167,614
ISO containers and other equipment	138,259		134,775
LNG liquefaction facilities	63,213		63,213
Gas pipelines	58,987		58,987
Land	54,347		55,008
Leasehold improvements	9,377		9,377
Accumulated depreciation	(168,404)		(141,915)
Total property, plant and equipment, net	$	2,160,025	$	2,137,936

Accrued liabilities

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Accrued liabilities

As of March 31, 2022 and December 31, 2021, accrued liabilities consisted of the following:


	March 31, 2022		December 31, 2021
Accrued development costs	$	109,597	$	101,177
Accrued vessel operating and drydocking expenses	31,951		12,767
Accrued interest	13,553		61,630
Accrued consideration in asset acquisition	9,515		9,330
Accrued bonuses	5,832		27,591
Other accrued expenses	82,411		31,530
Total accrued liabilities	$	252,859	$	244,025

As of March 31, 2022, the balance presented as other accrued expenses includes accruals of $49,459 for inventory purchases completed in the first quarter of 2022.

Acquisitions - Consideration, Hygo (Details) - Hygo Merger Agreement $ in Thousands	Apr. 15, 2021 USD ($)
Business Acquisition [Line Items]
Total Cash Consideration	$ 580,000
Total Non-Cash Consideration	1,400,784
Total Consideration	1,980,784
Preferred Stock
Business Acquisition [Line Items]
Total Cash Consideration	180,000
Class A common stock
Business Acquisition [Line Items]
Total Cash Consideration	400,000
Total Non-Cash Consideration	$ 1,400,784

Debt - CHP Facility Narrative (Details) - USD ($)		1 Months Ended
Debt - CHP Facility Narrative (Details) - USD ($)	Aug. 03, 2021	Jan. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total debt, net deferred finance charges			$ 3,937,276,000	$ 3,855,130,000
Deferred financing costs			40,339,000	40,125,000
South Power 2029 Bonds
Debt Instrument [Line Items]
Proceeds from lines of credit	$ 100,000,000
Outstanding principal balance			75,783,000
Total debt, net deferred finance charges			175,783,000
Fixed interest rate		6.50%
Maturity period		7 years
Fees incurred		$ 3,243,000	258,000
Deferred financing costs			$ 5,527,000	$ 3,180,000
South Power 2029 Bonds \| Maximum
Debt Instrument [Line Items]
Outstanding principal balance		$ 285,000,000

Revenue recognition - Performance Obligation (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 10,398,963
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 207,152
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 520,335
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 516,660
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 507,868
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 505,729
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 8,141,219
Revenue, remaining performance obligation, expected timing of satisfaction, period

Equity method investments

3 Months Ended

Mar. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Equity method investments

As a result of the Mergers, the Company acquired investments in Centrais Elétricas de Sergipe Participações S.A. (“CELSEPAR”) and Hilli LLC, both of which have been recognized as equity method investments. The Company has a 50% ownership interest in both entities. The investments are reflected in the Terminals and Infrastructure and Ships segments, respectively.

Changes in the balance of the Company’s equity method investments is as follows:


	March 31, 2022
Equity method investments as of December 31, 2021	$	1,182,013
Dividends	(7,609)
Equity in earnings of investees	50,235
Foreign currency translation adjustment	102,805
Equity method investments as of March 31, 2022	$	1,327,444

The carrying amount of equity method investments as of March 31, 2022 is as follows:


	March 31, 2022
Hilli LLC	$	372,450
CELSEPAR	954,994
Total	$	1,327,444

As of March 31, 2022 and December 31, 2021, the carrying value of the Company’s equity method investments exceeded its proportionate share of the underlying net assets of its investees by $739,659 and $792,995, respectively, and the basis difference attributable to amortizable net assets is amortized to Income from equity method investments over the remaining estimated useful lives of the underlying assets.

CELSEPAR

CELSEPAR is jointly owned and operated with Ebrasil Energia Ltda. (“Ebrasil”), an affiliate of Eletricidade do Brasil S.A., and the Company accounts for this 50% investment using the equity method. CELSEPAR owns 100% of the share capital of Centrais Elétricas de Sergipe S.A. (“CELSE”), the owner and operator of the Sergipe Power Plant.

Hilli LLC

The Company acquired 50% of the Hilli Common Units as part of the GMLP Merger. The ownership interests in Hilli LLC are represented by three classes of units, Hilli Common Units, Series A Special Units and Series B Special Units. The Company did not acquire any of the Series A Special Units or Series B Special Units. The Hilli Common Units provide the Company with significant influence over Hilli LLC. The Hilli is currently operating under an 8-year liquefaction tolling agreement (“LTA”) with Perenco Cameroon S.A. and Société Nationale des Hydrocarbures.

Within 60 days after the end of each quarter, GLNG, the managing member of Hilli LLC, determines the amount of Hilli LLC’s available cash and appropriate reserves, and Hilli LLC makes a distribution to the unitholders of Hilli LLC of the available cash, subject to such reserves. Hilli LLC makes distributions when declared by GLNG, provided that no distributions may be made on the Hilli Common Units unless current and accumulated Series A Distributions and Series B Distributions have been paid.

The Company is required to reimburse other investors in Hilli LLC or may receive reimbursements from other investors in Hilli LLC for 50% of the amount, if any, by which certain operating expenses and withholding taxes of Hilli LLC are above or below an annual threshold. During the three months ended March 31, 2022, operating expense reimbursements did not significantly impact distributions made by Hilli LLC.

Hilli Corp is a party to a Memorandum of Agreement, dated September 9, 2015, with Fortune Lianjiang Shipping S.A., a subsidiary of China State Shipbuilding Corporation (“Fortune”), pursuant to which Hilli Corp has sold to and leased back from Fortune the Hilli under a 10-year bareboat charter agreement (the “Hilli Leaseback”). The Hilli Leaseback provided postconstruction financing for the Hilli in the amount of $960 million. Under the Hilli Leaseback, Hilli Corp will pay to Fortune forty consecutive equal quarterly repayments of 1.375% of the construction cost, plus interest based on LIBOR plus a margin of 4.15%.

Share-based compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Share-based compensation

RSUs

The Company has granted RSUs to select officers, employees, non-employee members of the board of directors and select non-employees under the New Fortress Energy Inc. 2019 Omnibus 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 three months ended March 31, 2022:


	Restricted Stock Units	Weighted-average grant date fair value per share
Non-vested RSUs as of December 31, 2021	676,338	$	13.49
Granted	12,196	29.89
Vested	(515,194)	13.99
Forfeited	—	—
Non-vested RSUs as of March 31, 2022	173,340	$	13.27

The following table summarizes the share-based compensation expense for the Company’s RSUs recorded for the three months ended March 31, 2022 and 2021:


	Three Months Ended March 31,
	2022		2021
Operations and maintenance	$	4	$	222
Selling, general and administrative	876		1,548
Total share-based compensation expense	$	880	$	1,770

For both the three months ended March 31, 2022 and 2021, no cumulative compensation expense recognized for forfeited RSU awards 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 March 31, 2022, the Company had 173,340 non-vested RSUs subject to service conditions and had unrecognized compensation costs of approximately $515. 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 0.27 years as of March 31, 2022.

Performance Share Units (“PSUs”)

During the first quarter of 2020 and 2021, the Company granted PSUs to certain employees and non-employees that contain a performance condition. Vesting is determined based on achievement of a performance metric for the year subsequent to the grant, and the number of shares that will vest can range from zero to a multiple of units granted. During the fourth quarter of 2021, the Company determined that the 2020 Grant will vest at a multiple of two, resulting in the recognition of all compensation cost associated with this award. As of March 31, 2022, the Company determined that it was not probable that the performance condition required for the 2021 Grant to vest would be achieved, and as such, no compensation expense has been recognized for this award.


PSUs Granted	Units Granted	Range of Vesting	Units Vested / Probable of Vesting	Unrecognized Compensation Cost(1)		Weighted Average Remaining Vesting Period
Q1 2020 ("2020 Grant")	1,109,777	0 to 2,219,554	2,105,522	$	—	0
Q1 2021 ("2021 Grant")	400,507	0 to 801,014	—	30,878		0.75 years

(1) Unrecognized compensation cost is based upon the maximum amount of shares that could vest.

Inventory (Tables)

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Inventory

As of March 31, 2022 and December 31, 2021, inventory consisted of the following:


	March 31, 2022		December 31, 2021
LNG and natural gas inventory	$	27,744	$	16,815
Automotive diesel oil inventory	8,236		4,789
Bunker fuel, materials, supplies and other	18,293		15,578
Total inventory	$	54,273	$	37,182

Earnings per share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share


	Three Months Ended March 31,
	2022		2021
Numerator:
Net income (loss)	$	241,181	$	(39,509)
Less: net (income) loss attributable to non-controlling interests	(2,912)		1,606
Net income (loss) attributable to Class A common stock	$	238,269	$	(37,903)

Denominator:
Weighted-average shares - basic	209,928,070		176,500,576
Net income (loss) per share - basic	$	1.14	$	(0.21)








Weighted-average shares - diluted	210,082,295		176,500,576
Net income (loss) per share - diluted	$	1.13	$	(0.21)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents potentially dilutive securities excluded from the computation of diluted net income per share for the three months ended March 31, 2022 and 2021 because its effects would have been anti-dilutive.


	March 31, 2022	March 31, 2021
Unvested RSUs	—	869,262
Shannon Equity Agreement shares	472,084	464,267
Total	472,084	1,333,529

VIEs - Narrative (Details)	3 Months Ended
VIEs - Narrative (Details)	Mar. 31, 2022 USD ($) Vessel	Mar. 31, 2021 USD ($)
Variable Interest Entity [Line Items]
Number of vessels leased \| Vessel	4
Addition to interest expenses	$ 2,014,000
Variable interest entity, net cash provided by (used in) financing activities	4,312,000
Payments of dividends	$ 23,773,000	$ 17,657,000
PT Pesona
Variable Interest Entity [Line Items]
Sale of stock, percentage of ownership after transaction	51.00%
Payments of dividends	$ 0
CCBFL \| Nanook
Variable Interest Entity [Line Items]
Term of charter contract	12 years
Lease period to repurchase vessel	12 years
COSCO \| Penguin
Variable Interest Entity [Line Items]
Term of charter contract	6 years
Lease period to repurchase vessel	6 years
AVIC \| Celsius
Variable Interest Entity [Line Items]
Term of charter contract	7 years
Lease period to repurchase vessel	7 years
Hilli LLC
Variable Interest Entity [Line Items]
Ownership interest acquired	50.00%
Equity method investment, aggregate cost	$ 372,450,000

Equity method investments - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) Class Payment	Dec. 31, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Equity method investment, difference between carrying amount and underlying equity	$ 739,659	$ 792,995
Hilli LLC
Schedule of Equity Method Investments [Line Items]
Ownership interest acquired	50.00%
Number of classes of ownership units \| Class	3
Period of liquefaction tolling agreement	8 years
Period of distributions after end of each quarter	60 days
Percentage of reimbursements to other investors	50.00%
Postconstruction financing amount	$ 960,000
Number of consecutive equal quarterly repayments \| Payment	40
Percentage of repayments in construction cost	1.375%
Hilli LLC \| LIBOR
Schedule of Equity Method Investments [Line Items]
Variable interest rate	4.15%
Hilli LLC \| Fortune Lianjiang Shipping S.A
Schedule of Equity Method Investments [Line Items]
Period of bareboat charter agreement	10 years
CELSEPAR
Schedule of Equity Method Investments [Line Items]
Ownership interest acquired	50.00%
CELSEPAR \| Ebrasil
Schedule of Equity Method Investments [Line Items]
Ownership interest acquired	50.00%
CELSEPAR \| CELSE
Schedule of Equity Method Investments [Line Items]
Percentage of share capital owned	100.00%

Financial instruments - Interest Rate and Currency Risk Management (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Interest rate swap: Receiving floating, pay fixed
Derivatives, Fair Value [Line Items]
Notional Amount (in thousands)	$ 348,000
Fixed Interest Rate	2.86%
Cross currency interest rate swap - Debenture Loan, due 2024
Derivatives, Fair Value [Line Items]
Notional Amount (in thousands)	$ 198,600
Fixed Interest Rate	5.90%
Forward Foreign Exchange Rate	5.424

Property, plant and equipment, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Depreciation	$ 26,109	$ 9,842
Capitalized drydocking costs	8,691		$ 5,914
Cost of Sales
Property, Plant and Equipment [Line Items]
Depreciation	$ 563	$ 270

Financial instruments - Financial Assets and Financial Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Non-Derivatives:
Restricted cash	$ 82,833	$ 76,521
Derivatives:
Equity agreement	20,083	18,163
Interest rate swap liability	3,929	21,929
Deferred financing costs	40,339	40,125
Level 1 \| Market approach \| Carrying Value
Non-Derivatives:
Cash and cash equivalents	156,173	187,509
Restricted cash	82,833	76,521
Investment in equity securities	11,003	11,195
Level 1 \| Market approach \| Fair Value
Non-Derivatives:
Cash and cash equivalents	156,173	187,509
Restricted cash	82,833	76,521
Investment in equity securities	11,003	11,195
Level 2 \| Market approach \| Carrying Value
Non-Derivatives:
Long-term debt	3,977,615	3,895,255
Level 2 \| Market approach \| Fair Value
Non-Derivatives:
Long-term debt	3,968,695	3,910,425
Level 2 \| Income approach \| Carrying Value \| Cross-currency interest rate swap asset
Derivatives:
Interest rate swap liability	5,115	0
Level 2 \| Income approach \| Carrying Value \| Interest rate swap liability
Derivatives:
Interest rate swap liability	3,929	21,929
Level 2 \| Income approach \| Fair Value \| Cross-currency interest rate swap asset
Derivatives:
Interest rate swap liability	5,115	0
Level 2 \| Income approach \| Fair Value \| Interest rate swap liability
Derivatives:
Interest rate swap liability	3,929	21,929
Level 3 \| Market approach \| Carrying Value
Non-Derivatives:
Investment in equity securities	7,678	7,678
Level 3 \| Market approach \| Fair Value
Non-Derivatives:
Investment in equity securities	7,678	7,678
Level 3 \| Income approach \| Carrying Value
Derivatives:
Derivative Liability	30,331	30,686
Equity agreement	20,083	18,163
Level 3 \| Income approach \| Fair Value
Derivatives:
Derivative Liability	30,331	30,686
Equity agreement	$ 20,083	$ 18,163

Equity method investments - Changes in Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity Method Investments [Roll Forward]
Equity method investments as of December 31, 2021	$ 1,182,013
Dividends	(7,609)
Equity in earnings of investees	50,235	$ 0
Foreign currency translation adjustment	102,805
Equity method investments as of March 31, 2022	$ 1,327,444

Acquisitions - Narrative, Hygo (Details) $ in Thousands		3 Months Ended
Acquisitions - Narrative, Hygo (Details) $ in Thousands	Apr. 15, 2021 USD ($) shares	Mar. 31, 2022 USD ($) Project	Mar. 31, 2021 USD ($)
Business Acquisition [Line Items]
Operating revenue		$ 400,075	$ 91,196
Net income (loss) attributable to stockholders		$ 238,269	$ (37,903)
Hygo Merger Agreement
Business Acquisition [Line Items]
Cash consideration	$ 580,000
Number of gas-to-power projects \| Project		3
Non-controlling interest	40,414
Fair value of receivables	$ 8,009
Operating revenue		$ 21,962
Net income (loss) attributable to stockholders		$ 120,698
Hygo Merger Agreement \| GLNG
Business Acquisition [Line Items]
Percentage of interest acquired in power plant	50.00%
Hygo Merger Agreement \| Stonepeak
Business Acquisition [Line Items]
Percentage of interest acquired in power plant	50.00%
Hygo Merger Agreement \| Class A Shares
Business Acquisition [Line Items]
Total non-cash consideration (in shares) \| shares	31,372,549

Basis of presentation	3 Months Ended
Basis of presentation	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited interim condensed consolidated financial statements contained herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and reflect all normal and recurring adjustments which are, in the opinion of management, necessary to provide a fair statement of the financial position, results of operations and cash flows of the Company for the interim periods presented. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual audited consolidated financial statements and accompanying notes included in its Annual Report on Form 10-K for the year ended December 31, 2021. Certain prior year amounts have been reclassified to confirm to current year presentation. The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions, impacting the reported amounts of assets and liabilities, net earnings and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements. Actual results could be different from these estimates.

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands, shares in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets
Receivables, net of allowances of $164 and $164, respectively	$ 164	$ 164
Stockholders’ equity
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	750.0	750.0
Common stock, shares, issued (in shares)	207.5	206.9
Common stock, shares, outstanding (in shares)	207.5	206.9

Property, plant and equipment, net

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Property, plant and equipment, net

As of March 31, 2022 and December 31, 2021, the Company’s property, plant and equipment, net consisted of the following:


	March 31, 2022		December 31, 2021
Vessels	$	1,498,582	$	1,461,211
Terminal and power plant equipment	213,449		206,889
CHP facilities	123,073		122,777
Gas terminals	169,142		167,614
ISO containers and other equipment	138,259		134,775
LNG liquefaction facilities	63,213		63,213
Gas pipelines	58,987		58,987
Land	54,347		55,008
Leasehold improvements	9,377		9,377
Accumulated depreciation	(168,404)		(141,915)
Total property, plant and equipment, net	$	2,160,025	$	2,137,936

Depreciation expense for the three months ended March 31, 2022 and 2021 totaled $26,109 and $9,842, respectively, of which $563 and $270, respectively, is included within Cost of sales in the condensed consolidated statements of operations and comprehensive income (loss).

Capitalized drydocking costs of $8,691 and $5,914 are included in the vessel cost for March 31, 2022 and December 31, 2021, respectively, which are depreciated from the completion of drydocking until the next expected dry docking.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent eventsOn May 4, 2022, the Company entered into an amendment to the Revolving Facility to increase the commitments thereunder by $125,000, for a total capacity under the Revolving Facility of $440,000. The Applicable Margin for borrowings under the Revolving Facility based on the current usage of the facility has not changed. No changes were made to the maturity date or covenants.

Revenue recognition (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Contract with Customer, Contract Asset, Contract Liability, and Receivable

The contract liabilities and contract assets balances as of March 31, 2022 and December 31, 2021 are detailed below:


	March 31, 2022		December 31, 2021
Contract assets, net - current	$	7,613	$	7,462
Contract assets, net - non-current	34,738		36,757
Total contract assets, net	$	42,351	$	44,219

Contract liabilities	$	10,915	$	2,951

Revenue recognized in the year from:
Amounts included in contract liabilities at the beginning of the year	$	560	$	8,028

Remaining Performance Obligations

The pattern of recognition reflects the minimum guaranteed volumes in each period:


Period	Revenue
Remainder of 2022	$	207,152
2023	520,335
2024	516,660
2025	507,868
2026	505,729
Thereafter	8,141,219
Total	$	10,398,963

Property, Plant and Equipment Subject to Operating Leases

The following is the carrying amount of property, plant and equipment that is leased to customers under operating leases:


	March 31, 2022		December 31, 2021
Property, plant and equipment	$	1,275,195	$	1,274,234
Accumulated depreciation	(43,887)		(31,849)
Property, plant and equipment, net	$	1,231,308	$	1,242,385

Components of Lease Income

The components of lease income from vessel operating leases for the three months ended March 31, 2022 were as follows:


	Three Months Ended March 31, 2022
Operating lease income	$	80,222
Variable lease income	10,564
Total operating lease income	$	90,786

Operating and Financing Lease Payments to be Received

The following table shows the expected future lease payments as of March 31, 2022, for the remainder of 2022 through 2026 and thereafter:


	Future cash receipts
	Financing Leases		Operating Leases
Remainder of 2022	$	37,740	$	209,621
2023	50,616		147,375
2024	51,442		104,148
2025	51,876		25,961
2026	52,147		—
Thereafter	1,051,956		—
Total minimum lease receivable	$	1,295,777	$	487,105
Unguaranteed residual value	107,000
Gross investment in sales-type lease	$	1,402,777
Less: Unearned interest income	795,356
Less: Current expected credit losses	1,551
Net investment in leased asset	$	605,870

Current portion of net investment in leased asset	$	3,917
Non-current portion of net investment in leased asset	601,953

Construction in progress (Details) $ in Thousands	3 Months Ended
Construction in progress (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Construction in Progress [Roll Forward]
Balance at beginning of period	$ 1,043,883
Additions	196,946
Impact of currency translation adjustment	40,327
Transferred to property, plant and equipment, net	(42,843)
Balance at end of period	$ 1,238,313

Financial instruments - Summary of Fair Value Adjustment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability/Equity agreement - Fair value adjustment - (Gain)	$ (446)	$ (425)
Interest rate swap - Fair value adjustment - (Gain)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value adjustment loss (gain)	(15,833)	0
Cross currency interest rate swap - Fair value adjustment - (Gain)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value adjustment loss (gain)	$ (8,576)	$ 0

Prepaid expenses and other current assets (Tables)

3 Months Ended

Mar. 31, 2022

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets, Net

As of March 31, 2022 and December 31, 2021, prepaid expenses and other current assets consisted of the following:


	March 31, 2022		December 31, 2021
Prepaid expenses	$	22,435	$	19,951
Recoverable taxes	35,352		33,053
Due from affiliates	3,236		3,299
Other current assets	21,369		26,812
Total prepaid expenses and other current assets, net	$	82,392	$	83,115

Revenue recognition - Lessor Arrangements, Future Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financing Leases
Remainder of 2022	$ 37,740
2023	50,616
2024	51,442
2025	51,876
2026	52,147
Thereafter	1,051,956
Total minimum lease receivable	1,295,777
Unguaranteed residual value	107,000
Gross investment in sales-type lease	1,402,777
Less: Unearned interest income	795,356
Less: Current expected credit losses	1,551
Net investment in leased asset	605,870
Current portion of net investment in leased asset	3,917
Finance leases, net	601,953	$ 602,675
Operating Leases
Remainder of 2022	209,621
2023	147,375
2024	104,148
2025	25,961
2026	0
Thereafter	0
Total minimum lease receivable	$ 487,105

Share-based compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

RSU Activity

The following table summarizes the RSU activity for the three months ended March 31, 2022:


	Restricted Stock Units	Weighted-average grant date fair value per share
Non-vested RSUs as of December 31, 2021	676,338	$	13.49
Granted	12,196	29.89
Vested	(515,194)	13.99
Forfeited	—	—
Non-vested RSUs as of March 31, 2022	173,340	$	13.27

Share-based Compensation Expense

The following table summarizes the share-based compensation expense for the Company’s RSUs recorded for the three months ended March 31, 2022 and 2021:


	Three Months Ended March 31,
	2022		2021
Operations and maintenance	$	4	$	222
Selling, general and administrative	876		1,548
Total share-based compensation expense	$	880	$	1,770

Schedule of Nonvested Performance-based Units Activity

Performance Share Units (“PSUs”)


PSUs Granted	Units Granted	Range of Vesting	Units Vested / Probable of Vesting	Unrecognized Compensation Cost(1)		Weighted Average Remaining Vesting Period
Q1 2020 ("2020 Grant")	1,109,777	0 to 2,219,554	2,105,522	$	—	0
Q1 2021 ("2021 Grant")	400,507	0 to 801,014	—	30,878		0.75 years

(1) Unrecognized compensation cost is based upon the maximum amount of shares that could vest.

VIEs - Assets and Liabilities of Lessor VIEs (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Restricted cash	$ 82,833	$ 76,521
Liabilities
Long-term interest bearing debt - current portion	100,666	97,251
Long-term interest bearing debt - non-current portion	3,836,610	$ 3,757,879
Nanook \| Variable Interest Entity, Not Primary Beneficiary
Assets
Restricted cash	9,541
Liabilities
Long-term interest bearing debt - current portion	0
Long-term interest bearing debt - non-current portion	187,385
Penguin \| Variable Interest Entity, Not Primary Beneficiary
Assets
Restricted cash	5,690
Liabilities
Long-term interest bearing debt - current portion	18,850
Long-term interest bearing debt - non-current portion	68,875
Celsius \| Variable Interest Entity, Not Primary Beneficiary
Assets
Restricted cash	26,713
Liabilities
Long-term interest bearing debt - current portion	5,799
Long-term interest bearing debt - non-current portion	$ 105,460

Restricted cash - Summary of Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Restricted Cash [Abstract]
Cash held by lessor VIEs	$ 41,944	$ 35,651
Collateral for letters of credit and performance bonds	27,633	27,614
Collateral for interest rate swaps	12,500	12,500
Other restricted cash	756	756
Total restricted cash	82,833	76,521
Current restricted cash	74,873	68,561
Non-current restricted cash	$ 7,960	$ 7,960

Leases, as lessee (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Right-of-use Assets, Current Lease Liabilities and Non-current Lease Liabilities

As of March 31, 2022 and December 31, 2021, right-of-use assets, current lease liabilities and non-current lease liabilities consisted of the following:


	March 31, 2022		December 31, 2021
Operating right-of-use-assets	$	396,688	$	285,751
Finance right-of-use-assets	23,131		23,912
Total right-of-use assets	$	419,819	$	309,663

Current lease liabilities:
Operating lease liabilities	$	56,616	$	43,395
Finance lease liabilities	3,936		3,719
Total current lease liabilities	$	60,552	$	47,114
Non-current lease liabilities:
Operating lease liabilities	$	322,416	$	219,189
Finance lease liabilities	13,983		14,871
Total non-current lease liabilities	$	336,399	$	234,060

Lease, Cost


	Three Months Ended March 31,
	2022		2021
Fixed lease cost	$	18,500	$	11,745
Variable lease cost	470		693
Short-term lease cost	4,225		722

Lease cost - Cost of sales	$	20,903	$	11,036
Lease cost - Operations and maintenance	765		557
Lease cost - Selling, general and administrative	1,527		1,567

Supplemental Cash Flow Information Related to Leases


	Three Months Ended March 31,
	2022		2021
Operating cash outflows for operating lease liabilities	$	27,122	$	12,660
Financing cash outflows for finance lease liabilities	1,308		—
Right-of-use assets obtained in exchange for new operating lease liabilities	127,451		—

Future Payments Due under Operating and Financing Lease

The future payments due under operating and finance leases as of March 31, 2022 are as follows:


	Operating Leases		Financing Leases
Due remainder of 2022	$	66,326	$	3,607
2023	72,928		4,362
2024	66,582		4,381
2025	58,126		4,381
2026	50,123		2,625
Thereafter	233,102		1,029
Total Lease Payments	$	547,187	$	20,385
Less: effects of discounting	168,155		2,466
Present value of lease liabilities	$	379,032	$	17,919

Current lease liability	$	56,616	$	3,936
Non-current lease liability	322,416		13,983

Organization	3 Months Ended
Organization	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization New Fortress Energy Inc. (“NFE,” together with its subsidiaries, the “Company”), a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world’s transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas ("LNG") infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica and Brazil. Subsequent to the Mergers (defined below), the Company has marine operations with vessels operating under time charters and in the spot market globally. On April 15, 2021, the Company completed the acquisitions of Hygo Energy Transition Ltd. (“Hygo”) and Golar LNG Partners LP (“GMLP”); referred to as the “Hygo Merger” and “GMLP Merger,” respectively and, collectively, the “Mergers.” As a result of the Hygo Merger, the Company acquired a 50% interest in a 1.5GW power plant in Sergipe, Brazil (the “Sergipe Power Plant”) and its operating FSRU terminal in Sergipe, Brazil (the “Sergipe Facility”), as well as a terminal and power plant under development in the State of Pará, Brazil (the “Barcarena Facility” and "Barcarena Power Plant," respectively), a terminal under development on the southern coast of Brazil (the “Santa Catarina Facility”) and the Nanook, a newbuild FSRU moored and in service at the Sergipe Facility. As a result of the Mergers, the Company acquired a fleet of six other FSRUs, six LNG carriers and an interest in a floating liquefaction vessel, the Hilli Episeyo (the “Hilli”), each of which are expected to help support the Company’s existing facilities and international project pipeline. Acquired FSRUs are operating in Brazil, Kuwait, Indonesia and Jordan under time charters, and uncontracted vessels are available for short term employment in the spot market. The Company currently conducts its business through two operating segments, Terminals and Infrastructure and Ships. The business and reportable segment information reflect how the Chief Operating Decision Maker (“CODM”) regularly reviews and manages the business.

Acquisitions - Consideration, GMLP (Details) - GMLP Merger Agreement $ / shares in Units, $ in Thousands	Apr. 15, 2021 USD ($) $ / shares shares
Business Acquisition [Line Items]
Cash Consideration	$ 251,329
GMLP debt repaid in acquisition	899,792
Total Cash Consideration	1,151,121
Cash settlement of preexisting relationship	(3,978)
Total Consideration	$ 1,147,143
Business acquisition, share price (in USD per share) \| $ / shares	$ 3.55
Common Units
Business Acquisition [Line Items]
Cash Consideration	$ 246,021
Business acquisition, share price (in USD per share) \| $ / shares	$ 3.55
Total non-cash consideration (in shares) \| shares	69,301,636
General Partner Interest
Business Acquisition [Line Items]
Cash Consideration	$ 5,099
Business acquisition, share price (in USD per share) \| $ / shares	$ 3.55
Total non-cash consideration (in shares) \| shares	1,436,391
Partnership Phantom Units
Business Acquisition [Line Items]
Cash Consideration	$ 209
Business acquisition, share price (in USD per share) \| $ / shares	$ 3.55
Total non-cash consideration (in shares) \| shares	58,960

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Operating revenue	$ 400,075	$ 91,196
Vessel charter revenue	92,420	0
Other revenue	12,623	54,488
Total revenues	505,118	145,684
Operating expenses
Cost of sales	208,298	96,671
Vessel operating expenses	22,964	0
Operations and maintenance	23,168	16,252
Selling, general and administrative	48,041	33,617
Transaction and integration costs	1,901	11,564
Depreciation and amortization	34,290	9,890
Total operating expenses	338,662	167,994
Operating income (loss)	166,456	(22,310)
Interest expense	44,916	18,680
Other (income), net	(19,725)	(604)
Net income (loss) before income from equity method investments and income taxes	141,265	(40,386)
Income from equity method investments	50,235	0
Tax benefit	(49,681)	(877)
Net income (loss)	241,181	(39,509)
Net (income) loss attributable to non-controlling interest	(2,912)	1,606
Net income (loss) attributable to stockholders	$ 238,269	$ (37,903)
Net income (loss) per share - basic (in dollars per share)	$ 1.14	$ (0.21)
Net income (loss) per share - diluted (in dollars per share)	$ 1.13	$ (0.21)
Weighted average number of shares outstanding, basic (in shares)	209,928,070	176,500,576
Weighted average number of shares outstanding - diluted (in shares)	210,082,295	176,500,576
Other comprehensive income (loss):
Net income (loss)	$ 241,181	$ (39,509)
Currency translation adjustment	(120,830)	997
Comprehensive income (loss)	362,011	(40,506)
Comprehensive (income) loss attributable to non-controlling interest	(4,868)	2,480
Comprehensive income (loss) attributable to stockholders	$ 357,143	$ (38,026)

VIEs (Tables)

3 Months Ended

Mar. 31, 2022

VIEs [Abstract]

Sale Leaseback Transactions

The following table gives a summary of the sale and leaseback arrangements, including repurchase options and obligations as of March 31, 2022:

Vessel

End of lease term

Date of next
repurchase
option

Repurchase price
at next repurchase
option date

Repurchase
obligation at end of
lease term

Nanook

September 2030

June 2022

196,083

94,179

Penguin

December 2025

December 2022

84,668

63,040

Celsius

March 2027

March 2023

86,456

45,000

Contractual Obligation, Fiscal Year Maturity

A summary of payment obligations under the bareboat charters with the lessor VIEs as of March 31, 2022, are shown below:


Vessel	Remaining 2022		2023		2024		2025		2026		2027+

Nanook	$	17,521	$	22,686	$	22,004	$	21,266	$	20,556	$	70,788
Penguin	9,812		12,694		12,203		8,852		—		—
Celsius	12,627		16,195		15,508		14,794		13,308		—

Assets and Liabilities of Lessor VIEs

The assets and liabilities of these lessor VIEs that most significantly impact the condensed consolidated balance sheet as of March 31, 2022 are as follows:


	Nanook		Penguin		Celsius
Assets
Restricted cash	$	9,541	$	5,690	$	26,713
Liabilities
Long-term interest bearing debt - current portion	$	—	$	18,850	$	5,799
Long-term interest bearing debt - non-current portion	187,385		68,875		105,460

Acquisitions - Asset Acquisitions (Details) - USD ($) $ in Thousands	Mar. 11, 2021	Jan. 12, 2021
CH4 Energia Ltda.
Asset Acquisition [Abstract]
Percentage of outstanding shares acquired		100.00%
Cash consideration at date of merger		$ 903
Maximum future payments contingent on achieving certain construction milestones		3,600
Fair value of contingent payments		3,047
Acquisition related costs		295
Total purchase consideration		5,776
Deferred tax liability recognized on acquisition		$ 1,531
Pecem Energia S.A. and Energetica Camacari Muricy II S.A.
Asset Acquisition [Abstract]
Cash consideration at date of merger	$ 8,041
Maximum future payments contingent on achieving certain construction milestones	10,500
Fair value of contingent payments	7,473
Acquisition related costs	1,275
Total purchase consideration	$ 16,585
Term of power purchase agreements	15 years
Maximum future payments payable to shareholders	$ 4,600
Pecem Energia S.A.
Asset Acquisition [Abstract]
Percentage of outstanding shares acquired	100.00%
Energetica Camacari Muricy II S.A.
Asset Acquisition [Abstract]
Percentage of outstanding shares acquired	100.00%

Earnings per share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings per Share

Earnings per share


	Three Months Ended March 31,
	2022		2021
Numerator:
Net income (loss)	$	241,181	$	(39,509)
Less: net (income) loss attributable to non-controlling interests	(2,912)		1,606
Net income (loss) attributable to Class A common stock	$	238,269	$	(37,903)

Denominator:
Weighted-average shares - basic	209,928,070		176,500,576
Net income (loss) per share - basic	$	1.14	$	(0.21)








Weighted-average shares - diluted	210,082,295		176,500,576
Net income (loss) per share - diluted	$	1.13	$	(0.21)


	March 31, 2022	March 31, 2021
Unvested RSUs	—	869,262
Shannon Equity Agreement shares	472,084	464,267
Total	472,084	1,333,529

The Company declared and paid dividends of $20,754 during the first quarter of 2022, representing $0.10 per Class A share. The Company declared $17,598 and paid $17,657 during the first quarter of 2021, representing $0.10 per Class A

share. The Company's dividend payment during the first quarter of 2021 included dividends that were accrued in prior periods.During the first quarter of 2022, the Company paid a dividend of $3,019 to holders of GMLP’s 8.75% Series A Cumulative Redeemable Preferred Units (“Series A Preferred Units”). As these equity interests have been issued by the Company’s consolidated subsidiary, the value of the Series A Preferred Units is recognized as non-controlling interest in the condensed consolidated financial statements

Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Total interest expense	$ 44,916	$ 18,680
Debt
Debt Instrument [Line Items]
Interest per contractual rates	55,349	20,834
Amortization of debt issuance costs, premiums and discounts	2,475	487
Interest expense incurred on finance lease obligations	229	0
Total interest costs	58,053	21,321
Capitalized interest	13,137	2,641
Total interest expense	$ 44,916	$ 18,680

Other non-current assets - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) salesContract	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)
Other Assets, Noncurrent Disclosure [Abstract]
Recognized unrealized gains	$ (192)	$ 137
Equity securities without readily determinable fair value, amount	$ 7,678		$ 7,678
Number of sales contracts \| salesContract	2

Share-based compensation - Summary of RSU Activity (Details) - Restricted Stock Units	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Restricted Stock Units
Non-vested RSUs, beginning balance (in shares) \| shares	676,338
Granted (in shares) \| shares	12,196
Vested (in shares) \| shares	(515,194)
Forfeited (in shares) \| shares	0
Non-vested RSUs, ending balance (in shares) \| shares	173,340
Weighted-average grant date fair value per share
Non-vested RSUs, beginning balance (in dollars per share) \| $ / shares	$ 13.49
Granted (in dollars per share) \| $ / shares	29.89
Vested (in dollars per share) \| $ / shares	13.99
Forfeited (in dollars per share) \| $ / shares	0
Non-vested RSUs, ending balance (in dollars per share) \| $ / shares	$ 13.27

Commitments and contingencies	3 Months Ended
Commitments and contingencies	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and contingenciesLegal proceedings and claims 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. In conjunction with the Mergers, the Company has assumed contingencies for VAT in Indonesia. Indonesian tax authorities have issued letters to PTGI, a consolidated subsidiary, to revoke a previously granted VAT importation waiver for approximately $24,000 for the NR Satu. The Company does not believe it probable that a liability exists as no Tax Underpayment Assessment Notice has been received within the statute of limitations period, and the Company believes PTGI will be indemnified by PT Nusantara Regas, the charterer of the NR Satu, for any VAT liability as well as related interest and penalties under the time charter party agreement. Prior to the Mergers, Indonesian tax authorities also issued tax assessments for land and buildings tax to PTGI for the years 2015 to 2019 in relation to the NR Satu, for approximately $3,400 (IDR 48,378.3 million). The Company appealed against the assessments for the land and buildings tax as the tax authorities have not accepted the initial objection letter. The Company believes there are reasonable grounds for success on the basis of no precedent set from past case law and the new legislation effective prospectively from January 1, 2020, that now specifically lists FSRUs as being an object liable to land and buildings tax, when it previously did not. The assessed tax was paid in January 2020 to avoid further penalties and the payment is presented in Other non-current assets on the condensed consolidated balance sheets. Prior to the Mergers, Jordanian tax authorities concluded their tax audit into GMLP’s Jordan branch for the years 2015 and 2016 assessing additional tax of approximately $1,600 (JOD 1.10 million) and $3,100 (JOD 2.20 million), respectively. The Company has submitted an appeal to the tax notice, and a provision has not been recognized as the Company does not believes that the tax inspector has followed the correct tax audit process and the claim by the tax authorities to not allow tax depreciation is contrary to Jordan’s tax legislation.