0001749723-23-000042 | 10-Q | XBRL Viewer

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Subsequent events	6 Months Ended
Subsequent events	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent events	24. Subsequent events EB-5 Loan Agreement On July 21, 2023, the Company entered into a loan agreement under the U.S. Citizenship and Immigration Services EB-5 Program (“EB-5 Loan Agreement”) to pay for the development and construction of a new green hydrogen facility in Texas. The maximum aggregate principal amount available under the EB-5 Loan Agreement is $100,000, and outstanding borrowings bear interest at a fixed rate of 4.75%. The loan matures in 5 years from the initial advance with an option to extend the maturity by two one-year periods. It is expected that the loan will be secured by NFE's green hydrogen facility, and NFE has provided a guarantee of our obligations under the EB-5 Loan Agreement. In July 2023, $25,600 was funded under the EB-5 Loan Agreement. Term Loan Credit Agreement On August 3, 2023, the Company entered into a Term Loan Credit Agreement (the “Term Loan Agreement”) pursuant to which the lenders funded term loans (the “Term Loans”) to the Company in an aggregate principal amount of $400,000. The proceeds of the Term Loans may be used for working capital and other general corporate purposes. The Term Loans will mature on August 1, 2024 and are payable in full on the maturity date. The Term Loans are guaranteed on a senior secured basis by each domestic subsidiary that is a guarantor under the 2025 Notes, 2026 Notes and Revolving Facility (each as defined in the Annual Report) and will be guaranteed on a senior secured basis by each foreign guarantor that is a guarantor under the 2025 Notes, 2026 Notes and Revolving Facility (each as defined in the Annual Report) on a post-closing basis. The Term Loans are and will be secured by substantially the same collateral as the first lien obligations under the 2025 Notes, 2026 Notes and Revolving Facility. The Term Loans bear interest at a per annum rate equal to Adjusted Term SOFR (as defined in the Term Loan Agreement) plus 3.50%. The Company may prepay Term Loans at its option at any time without premium (subject to customary break funding costs). The Company is required to prepay Term Loans with the net proceeds of certain asset sales, condemnations, and debt and convertible securities issuances, in each case subject to certain exceptions and thresholds. Additionally, commencing with the fiscal quarter ending December 31, 2023, the Company will be required to prepay Term Loans with the Company’s Excess Cash Flow (as defined in the Term Loan Agreement). The Term Loan Agreement contains usual and customary representations and warranties, and usual and customary affirmative and negative covenants, including requirements to maintain certain levels of total debt to capitalization and total first lien debt to EBITDA, and the ratios required to be maintained are consistent with the requirements under the Revolving Facility. Equipment Notes On July 31, 2023, we borrowed an additional $85,000 under the Equipment Notes, and we expect to receive funding on the final tranche of the Equipment Notes of $15,000 in August 2023.

Debt - Summary of Long Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Short-term Borrowings	$ 78,025	$ 0
Total debt	5,431,133	4,541,685
Current portion of long-term debt and short-term borrowings	366,945	64,820
Long-term debt	5,064,188	4,476,865
Revolving Credit Facility
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	741,600	0
Senior Secured Notes, due September 2025
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	1,244,487	1,243,351
Senior Secured Notes, due September 2026
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	1,483,823	1,481,639
Vessel Financing Obligation, due August 2042
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	1,371,221	1,406,091
South Power 2029 Bonds, due May 2029
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	216,575	216,177
Barcarena Term Loan, due February 2024
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	196,870	194,427
Equipment Notes, due June 2026
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	$ 98,532	$ 0

Restricted cash

6 Months Ended

Jun. 30, 2023

Restricted Cash [Abstract]

Restricted cash

7. Restricted cash

As of June 30, 2023 and December 31, 2022, restricted cash consisted of the following:


	June 30, 2023		December 31, 2022
Cash restricted under the terms of loan agreements	$	40,678	$	124,085
Collateral for letters of credit and performance bonds	59,835		41,392
Collateral for interest rate swaps	—		2,500

Total restricted cash	$	100,513	$	167,977

Current restricted cash	$	100,513	$	165,396
Non-current restricted cash	—		2,581

As of June 30, 2023, the balance presented as collateral for letters of credit and performance bonds includes $21,300 to support a letter of credit to facilitate the purchase of turbines that was completed in the third quarter of 2023. A portion of these turbines will be utilized to support the Company's contract to generate temporary power in Puerto Rico.

Use of cash proceeds under the Barcarena Term Loan are restricted to certain payments to construct the Barcarena Power Plant (each as defined in our Annual Report). Non-current restricted cash is presented in Other non-current assets, net on the condensed consolidated balance sheets.

Equity method investments - Narrative (Details) $ in Thousands		1 Months Ended	3 Months Ended				6 Months Ended
	Mar. 15, 2023 USD ($) shares	Aug. 31, 2022 USD ($) Vessel	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Equity method investment, difference between carrying amount and underlying equity			$ (1,548)		$ 16,976		$ (1,548)
Sale of equity method investment							100,000	$ 0
Sale of equity method investments							37,401	0
Purchase agreement, consideration received		$ 1,850,000
Number of vessels transferred \| Vessel		11
Equity in earnings of investees			$ 2,269			$ (372,927)	$ 12,249	$ (322,692)
Hilli LLC
Schedule of Equity Method Investments [Line Items]
Cancellation of shares (in shares) \| shares	4,100,000
Sale of equity method investment	$ 100,000
Other-than-temporary impairment					$ 118,558
Sale of equity method investments	$ 37,401
Equity method investment, percentage of outstanding principal and interest guaranteed	50.00%
Guarantor obligations, derecognized				$ 2,286
Ownership interest acquired			50.00%				50.00%
Energos
Schedule of Equity Method Investments [Line Items]
Ownership interest acquired		20.00%
Equity in earnings of investees			$ 2,269				$ 6,263

Earnings per share - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Adjustments to additional paid in capital, dividends in excess of retained earnings	$ 27,122	$ 23,486		$ 27,601	$ 23,773
Payments of dividends						$ 676,918	$ 47,374
Operating lease, weighted average remaining lease term	6 years 4 months 24 days					6 years 4 months 24 days
Finance lease, weighted average remaining lease term	2 years 4 months 24 days					2 years 4 months 24 days
Faraway Maritime Shipping Company
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dividends and Interest Paid	$ 3,600					$ 3,600
Class A Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dividends payable			$ 626,310
Adjustments to additional paid in capital, dividends in excess of retained earnings	$ 20,503			$ 20,582		$ 40,970	$ 41,336
Common stock, dividends, per share, declared (in dollars per share)	$ 0.10		$ 3.00	$ 0.10		$ 0.10	$ 0.10
Series A Preferred Units \| GMLP Merger Agreement
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Payments of dividends	$ 3,019			$ 3,019		$ 6,038	$ 6,038
Noncontrolling interest, ownership percentage by noncontrolling owners	8.75%			8.75%		8.75%	8.75%

Inventory - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended
Inventory - Narrative (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Inventory Disclosure [Abstract]
Inventory write-down	$ 6,232,000	$ 0

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Assets held-for-sale, cash balance	$ 11,204	$ 11,614

Revenue recognition - Components of Lease Income from Vessel Operating Lease (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Operating lease income	$ 65,840	$ 71,682	$ 142,364	$ 151,904
Variable lease income	0	668	0	11,232
Total operating lease income	$ 65,840	$ 72,350	$ 142,364	$ 163,136

Goodwill and intangible assets (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Composition of Intangible Assets

The following tables summarize the composition of intangible assets as of June 30, 2023 and December 31, 2022:


	June 30, 2023
	Gross Carrying Amount		Accumulated Amortization		Currency Translation Adjustment		Net Carrying Amount		Weighted Average Life
Definite-lived intangible assets
Favorable vessel charter contracts	$	106,500	$	(76,704)	$	—	$	29,796	3
Permits and development rights	48,217		(4,827)		(1,013)		42,377		38

Easements	1,556		(317)		—		1,239		30

Indefinite-lived intangible assets
Easements	1,191		—		(63)		1,128		n/a
Total intangible assets	$	157,464	$	(81,848)	$	(1,076)	$	74,540


	December 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	$	(64,836)	$	—	$	41,664	3
Permits and development rights	48,217		(4,115)		(2,239)		41,863		38
Easements	1,556		(294)		—		1,262		30

Indefinite-lived intangible assets
Easements	1,191		—		(83)		1,108		n/a
Total intangible assets	$	157,464	$	(69,245)	$	(2,322)	$	85,897

Inventory - Summary of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
LNG and natural gas inventory	$ 100,373	$ 15,398
Automotive diesel oil inventory	9,195	8,164
Bunker fuel, materials, supplies and other	18,843	15,508
Total inventory	$ 128,411	$ 39,070

Accrued liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued development costs	$ 618,815	$ 364,157
Accrued interest	61,398	51,994
Accrued inventory	50,432	45,511
Accrued bonuses	23,665	37,739
Accrued dividend	0	626,310
Other accrued expenses	66,827	36,701
Total accrued liabilities	$ 821,137	$ 1,162,412

Leases, as lessee - Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Interest expense related to finance leases	$ 1,218	$ 218	$ 1,686	$ 447
Amortization of right-of-use asset related to finance leases	$ 5,771	$ 380	$ 7,560	$ 759

Segments - Narrative (Details)	6 Months Ended
Segments - Narrative (Details)	Jun. 30, 2023 Segment Vessel
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment	2
Ships
Segment Reporting Information [Line Items]
Number of vessels \| Vessel	8

Basis of presentation (Policies)	6 Months Ended
Basis of presentation (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited interim condensed consolidated financial statements contained herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and reflect all normal and recurring adjustments which are, in the opinion of management, necessary to provide a fair statement of the financial position, results of operations and cash flows of the Company for the interim periods presented. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual audited consolidated financial statements and accompanying notes included in its Annual Report on Form 10-K for the year ended December 31, 2022 (the "Annual Report"). Certain prior year amounts have been reclassified to conform to current year presentation. The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions, impacting the reported amounts of assets and liabilities, net earnings and disclosures of contingent assets and liabilities as of the date of the condensed consolidated financial statements. Actual results could be different from these estimates.
Adoption of New and Revised Standards	The Company has reviewed recently issued accounting pronouncements and concluded that such pronouncements are either not applicable to the Company or no material impact is expected in the condensed consolidated financial statements as a result of future adoption.

Equity method investments - Changes in Equity Method Investments (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Equity Method Investments [Roll Forward]
Equity method investments as of December 31, 2022	$ 392,306
Dividends	(5,830)
Equity in earnings of investees	12,249
Sale of equity method investments	(260,156)
Equity method investments as of June 30, 2023	$ 138,569

Inventory (Tables)

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventory

As of June 30, 2023 and December 31, 2022, inventory consisted of the following:


	June 30, 2023		December 31, 2022
LNG and natural gas inventory	$	100,373	$	15,398
Automotive diesel oil inventory	9,195		8,164
Bunker fuel, materials, supplies and other	18,843		15,508
Total inventory	$	128,411	$	39,070

Equity method investments - Carrying Amount of Equity Method Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 138,569	$ 392,306
Hilli LLC
Schedule of Equity Method Investments [Line Items]
Equity method investments	0	260,000
Energos
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 138,569	$ 132,306

Prepaid expenses and other current assets

6 Months Ended

Jun. 30, 2023

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid expenses and other current assets

9. Prepaid expenses and other current assets

As of June 30, 2023 and December 31, 2022, prepaid expenses and other current assets consisted of the following:


	June 30, 2023		December 31, 2022
Prepaid expenses	$	18,618	$	56,380
Recoverable taxes	60,956		37,504
Commodity swap	—		104,797
Due from affiliates	1,174		698
Other current assets	24,385		27,504
Total prepaid expenses and other current assets, net	$	105,133	$	226,883

Prepaid expenses as December 31, 2022 included $34,882 of prepaid LNG inventory. The Company does not have any significant prepaid LNG as of June 30, 2023. Other current assets as of June 30, 2023 and December 31, 2022 primarily consists of deposits and the current portion of contract assets (Note 4).

Leases, as lessee - Components of Operating Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Fixed lease cost	$ 22,858	$ 20,413	$ 39,226	$ 38,913
Variable lease cost	1,004	466	1,601	936
Short-term lease cost	2,370	1,897	5,919	6,122
Lease cost - Cost of sales	15,137	20,112	30,891	41,015
Lease cost - Operations and maintenance	9,207	844	12,048	1,609
Lease cost - Selling, general and administrative	$ 1,888	$ 1,820	$ 3,807	$ 3,347

Accrued liabilities

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Accrued liabilities

15. Accrued liabilities

As of June 30, 2023 and December 31, 2022, accrued liabilities consisted of the following:


	June 30, 2023		December 31, 2022
Accrued development costs	$	618,815	$	364,157
Accrued interest	61,398		51,994
Accrued inventory	50,432		45,511
Accrued bonuses	23,665		37,739

Accrued dividend	—		626,310
Other accrued expenses	66,827		36,701
Total accrued liabilities	$	821,137	$	1,162,412

Revenue recognition

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue recognition

4. Revenue recognition

Operating revenue in the condensed consolidated statements of operations and comprehensive income (loss) 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. For the three and six months ended June 30, 2023, the Company recognized LNG cargo sales to customers of $267,777 and $617,138, respectively, which includes $162,500 and $332,000 of contract settlements, respectively. LNG cargo sales for the three and six months ended June 30, 2022 were $309,030 and $594,201, respectively.

Under most customer contracts, invoicing occurs once the Company’s performance obligations have been satisfied, at which point payment is unconditional. As of June 30, 2023 and December 31, 2022, receivables related to revenue from contracts with customers totaled $269,973 and $280,382, respectively, and were included in Receivables, net on the condensed consolidated balance sheets, net of current expected credit losses of $805 and $884, respectively. Other items included in Receivables, net not related to revenue from contracts with customers represent leases, which are accounted for outside the scope of ASC 606, and receivables associated with reimbursable costs.

Contract assets are comprised of the transaction price allocated to completed performance obligations that will be billed to customers in subsequent periods. The Company has recognized contract liabilities, comprised of unconditional payments due or paid under the contracts with customers prior to the Company’s satisfaction of the related performance obligations. The contract liabilities and contract assets balances as of June 30, 2023 and December 31, 2022 are detailed below:


	June 30, 2023		December 31, 2022
Contract assets, net - current	$	8,414	$	8,083
Contract assets, net - non-current	24,379		28,651
Total contract assets, net	$	32,793	$	36,734

Contract liabilities	$	91,771	$	12,748

Revenue recognized in the year from:
Amounts included in contract liabilities at the beginning of the year	$	12,613	$	2,951

Contract assets are presented net of expected credit losses of $351 and $401 as of June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023 and December 31, 2022, contract assets was comprised of $32,603 and $36,483 of unbilled receivables, respectively, which represent unconditional rights to payment only subject to the passage of time.

Contract liabilities increased during the six months ended June 30, 2023 due to upfront payments received under the Company's contracts in Puerto Rico to provide temporary power and to operate and maintain PREPA's power generation assets. These payments will be recognized as revenue over the expected term of these contracts.

The Company has recognized costs to fulfill contracts with customers, which primarily consist of expenses required to enhance resources to deliver under agreements with these customers. These costs can include set-up and mobilization costs incurred ahead of the service period, and such costs will be recognized on a straight-line basis over the expected terms of the agreements. As of June 30, 2023, the Company has capitalized $26,349 of which $2,104 of these costs is presented within Prepaid expenses and other current assets, net and $24,245 is presented within Other non-current assets, net on the condensed consolidated balance sheets. As of December 31, 2022, the Company had capitalized $10,377, of which $604 of these costs was presented within Prepaid expenses and other current assets, net and $9,773 was presented within Other non-current assets, net on the condensed consolidated balance sheets.

Transaction price allocated to remaining performance obligations

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

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


Period	Revenue
Remainder of 2023	$	846,988
2024	2,043,173
2025	1,355,952
2026	525,753
2027	522,876
Thereafter	7,988,459
Total	$	13,283,201

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

delivery of each unit of LNG, natural gas, power or steam. As each unit of LNG, natural gas, power or steam represents a separate performance obligation, future volumes are wholly unsatisfied.

Lessor arrangements

Property, plant and equipment subject to vessel charters accounted for as operating leases is included within Vessels within "Note 12 Property, plant and equipment, net." Vessels included in the Energos Formation Transaction (defined below in "Note 10 Equity method investments"), including those vessels chartered to third parties, continue to be recognized on the condensed consolidated balance sheet. The carrying amount of these vessels that are leased to third parties under operating leases is as follows:


	June 30, 2023		December 31, 2022
Property, plant and equipment	$	902,839	$	1,292,957
Accumulated depreciation	(74,615)		(80,233)
Property, plant and equipment, net	$	828,224	$	1,212,724

The components of lease income from vessel operating leases for the three and six months ended June 30, 2023 and 2022 are shown below. As the Company has not recognized the sale of all of the vessels included in the Energos Formation Transaction, the operating lease income shown below for the three and six months ended June 30, 2023 is comprised of revenue from third-party charters of vessels included in the Energos Formation Transaction.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Operating lease income	$	65,840	$	71,682	$	142,364	$	151,904
Variable lease income	—		668		—		11,232
Total operating lease income	$	65,840	$	72,350	$	142,364	$	163,136

Prior to the completion of the Energos Formation Transaction, the Company's charter of the Nanook was accounted for as a finance lease, and the Company recognized interest income of $11,545 and $23,126 for the three and six months ended June 30, 2022, respectively, related to this finance lease, which was presented within other revenue in the condensed consolidated statements of operations and comprehensive income (loss). The Company also recognized revenue of $2,784 and $4,418 for the three and six months ended June 30, 2022, respectively, related to the operation and services agreement and variable charter revenue within Vessel charter revenue in the condensed consolidated statements of operations and comprehensive income (loss). The Company recognized the sale of the net investment in the finance lease of the Nanook as part of the Energos Formation Transaction.

Subsequent to the Energos Formation Transaction, all cash receipts on vessel charters, including the finance lease of the Nanook, will be received by Energos. As such, there are no future cash receipts from operating leases, and the future cash receipts from other finance leases are not significant as of June 30, 2023.

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Segments (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Information

The table below presents segment information for the three and six months ended June 30, 2023 and 2022:


	Three Months Ended June 30, 2023
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other(4)		Consolidated
Statement of operations:
Total revenues	$	495,504	$	65,841	$	561,345	$	—	$	561,345
Cost of sales(1) (3)	222,371		—		222,371		3,397		225,768
Vessel operating expenses	—		11,443		11,443		—		11,443
Operations and maintenance	33,697				33,697		—		33,697
Segment Operating Margin	$	239,436	$	54,398	$	293,834	$	(3,397)	$	290,437
Balance sheet:
Total assets	$	7,924,074	$	1,211,165	$	9,135,239	$	—	$	9,135,239
Other segmental financial information:
Capital expenditures(2)	$	1,316,805	$	—	$	1,316,805	$	—	$	1,316,805


	Six Months Ended June 30, 2023
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other(4)		Consolidated
Statement of operations:
Total revenues	$	998,112	$	163,758	$	1,161,870	$	(21,394)	$	1,140,476
Cost of sales(1) (3)	296,169		—		296,169		114,537		410,706
Vessel operating expenses	—		30,682		30,682		(5,948)		24,734
Operations and maintenance	60,368		—		60,368		—		60,368
Segment Operating Margin	$	641,575	$	133,076	$	774,651	$	(129,983)	$	644,668
Balance sheet:
Total assets	$	7,924,074	$	1,211,165	$	9,135,239	$	—	$	9,135,239
Other segmental financial information:
Capital expenditures(2)	$	2,248,628	$	—	$	2,248,628	$	—	$	2,248,628


	Three Months Ended June 30, 2022
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other(4)		Consolidated
Statement of operations:
Total revenues	$	543,455	$	111,024	$	654,479	$	(69,624)	$	584,855
Cost of sales(3)	271,948		—		271,948		453		272,401
Vessel operating expenses	4,255		21,288		25,543		(6,915)		18,628
Operations and maintenance	29,540		—		29,540		(9,050)		20,490
Segment Operating Margin	$	237,712	$	89,736	$	327,448	$	(54,112)	$	273,336
Balance sheet:
Total assets	$	5,189,044	$	2,062,332	$	7,251,376	$	—	$	7,251,376
Other segmental financial information:
Capital expenditures(2)	$	242,808	$	11,148	$	253,956	$	—	$	253,956


	Six Months Ended June 30, 2022
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other(4)		Consolidated
Statement of operations:
Total revenues	$	1,023,804	$	225,966	$	1,249,770	$	(159,797)	$	1,089,973
Cost of sales(3)	507,480		—		507,480		(26,781)		480,699
Vessel operating expenses	7,747		47,230		54,977		(13,385)		41,592
Operations and maintenance	59,782		—		59,782		(16,124)		43,658
Segment Operating Margin	$	448,795	$	178,736	$	627,531	$	(103,507)	$	524,024
Balance sheet:
Total assets	$	5,189,044	$	2,062,332	$	7,251,376	$	—	$	7,251,376
Other segmental financial information:
Capital expenditures(2)	$	439,198	$	14,437	$	453,635	$	—	$	453,635

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands of $)	2023		2022		2023		2022
Net income	$	120,100	$	(178,431)	$	271,666	$	62,750
Add:
Selling, general and administrative	55,803		50,310		107,941		98,351
Transaction and integration costs	1,554		4,866		2,048		6,767

Depreciation and amortization	42,115		36,356		76,490		70,646
Asset impairment expense	—		48,109		—		48,109
Interest expense	64,396		47,840		136,069		92,756
Other expense (income), net	(6,584)		(22,102)		18,421		(41,827)

Tax provision (benefit)	15,322		(86,539)		44,282		(136,220)
(Income) from equity method investments	(2,269)		372,927		(12,249)		322,692
Consolidated Segment Operating Margin	$	290,437	$	273,336	$	644,668	$	524,024

Financial instruments - Financial Assets and Financial Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Investment in equity securities	$ 20,467	$ 17,806
Interest rate swap
Assets
Derivative asset		11,650
Commodity swap
Assets
Derivative asset		104,797
Contingent consideration derivative liabilities
Contingent consideration derivative liabilities	2,816
Contingent consideration derivative liabilities
Contingent consideration derivative liabilities
Contingent consideration derivative liabilities	44,552	46,619
Level 1
Assets
Investment in equity securities	12,789	10,128
Level 1 \| Interest rate swap
Assets
Derivative asset		0
Level 1 \| Commodity swap
Assets
Derivative asset		0
Contingent consideration derivative liabilities
Contingent consideration derivative liabilities	0
Level 1 \| Contingent consideration derivative liabilities
Contingent consideration derivative liabilities
Contingent consideration derivative liabilities	0	0
Level 2
Assets
Investment in equity securities	0	0
Level 2 \| Interest rate swap
Assets
Derivative asset		11,650
Level 2 \| Commodity swap
Assets
Derivative asset		104,797
Contingent consideration derivative liabilities
Contingent consideration derivative liabilities	2,816
Level 2 \| Contingent consideration derivative liabilities
Contingent consideration derivative liabilities
Contingent consideration derivative liabilities	0	0
Level 3
Assets
Investment in equity securities	7,678	7,678
Level 3 \| Interest rate swap
Assets
Derivative asset		0
Level 3 \| Commodity swap
Assets
Derivative asset		0
Contingent consideration derivative liabilities
Contingent consideration derivative liabilities	0
Level 3 \| Contingent consideration derivative liabilities
Contingent consideration derivative liabilities
Contingent consideration derivative liabilities	$ 44,552	$ 46,619

Debt - Revolving Facility Narrative (Details)	1 Months Ended	3 Months Ended	6 Months Ended
Debt - Revolving Facility Narrative (Details)	Apr. 30, 2021 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Feb. 28, 2023 USD ($)	Dec. 31, 2022 USD ($)
Line of Credit Facility [Abstract]
Extended maturity period	1 year
Maximum debt to capitalization ratio			0.7
Revolving Credit Facility
Line of Credit Facility [Abstract]
Outstanding principal balance	$ 200,000,000
Fees incurred		$ 5,298,000			$ 5,398,000
Deferred financing costs			$ 9,198,000		5,172,000
Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Abstract]
Line of credit facility, increase limit				$ 301,700,000	$ 240,000,000
Issuance of letter of credit				$ 741,700,000
Proceeds from long-term lines of credit		$ 741,600,000
Revolving Credit Facility \| December 31, 2021 through September 30, 2023
Line of Credit Facility [Abstract]
Maximum debt to annualized EBITDA ratio			5.0
Revolving Credit Facility \| Fiscal Quarter Ended Through December 31, 2023
Line of Credit Facility [Abstract]
Maximum debt to annualized EBITDA ratio			4.0
Revolving Credit Facility \| Minimum
Line of Credit Facility [Abstract]
Percentage of amount drawn			50.00%

Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Long-term Debt

As of June 30, 2023 and December 31, 2022, debt consisted of the following:


	June 30, 2023		December 31, 2022
Senior Secured Notes, due September 2025	$	1,244,487	$	1,243,351
Senior Secured Notes, due September 2026	1,483,823		1,481,639
Vessel Financing Obligation, due August 2042	1,371,221		1,406,091
South Power 2029 Bonds, due May 2029	216,575		216,177
Barcarena Term Loan, due February 2024	196,870		194,427
Revolving Facility	741,600		—
Equipment Notes, due June 2026	98,532		—
Short-term Borrowings	78,025		—
Total debt	$	5,431,133	$	4,541,685
Current portion of long-term debt and short-term borrowings	$	366,945	$	64,820
Long-term debt	5,064,188		4,476,865

Interest Expense

Interest expense, net of amounts capitalized, recognized for the three and six months ended June 30, 2023 and 2022 consisted of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Interest per contractual rates	$	75,160	$	60,662	$	139,419	$	116,011
Interest expense on Vessel Financing Obligation	52,465		—		106,795		—
Amortization of debt issuance costs, premiums and discounts	3,150		3,318		6,742		5,793
Interest expense incurred on finance lease obligations	1,218		218		1,686		447
Total interest costs	$	131,993	$	64,198	$	254,642	$	122,251
Capitalized interest	67,597		16,358		118,573		29,495
Total interest expense	$	64,396	$	47,840	$	136,069	$	92,756

- Definition

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

+ References

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

Adoption of new and revised standards	6 Months Ended
Adoption of new and revised standards	Jun. 30, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
Adoption of new and revised standards	3. Adoption of new and revised standardsThe Company has reviewed recently issued accounting pronouncements and concluded that such pronouncements are either not applicable to the Company or no material impact is expected in the condensed consolidated financial statements as a result of future adoption.

- 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

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+ Details

Revenue recognition - Contract Liabilities and Contract Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets, net - current	$ 8,414	$ 8,083
Contract assets, net - non-current	24,379	28,651
Total contract assets, net	32,793	36,734
Contract liabilities	91,771	12,748
Revenue recognized in the year from:
Amounts included in contract liabilities at the beginning of the year	$ 12,613	$ 2,951

Related party transactions	6 Months Ended
Related party transactions	Jun. 30, 2023
Related Party Transactions [Abstract]
Related party transactions	22. Related party transactions Management services Messrs. Edens, chief executive officer and chairman of the Board of Directors, and Nardone, member of the Board of Directors, are currently employed by Fortress Investment Group LLC (“Fortress”). In the ordinary course of business, Fortress, through affiliated entities, charges the Company for administrative and general expenses incurred pursuant to its Administrative Services Agreement (“Administrative Agreement”). The charges under the Administrative Agreement that are attributable to the Company totaled $1,296 and $1,144 for the three months ended June 30, 2023 and 2022, respectively, and totaled $2,641 and $2,659 for the six months ended June 30, 2023 and 2022, respectively. Costs associated with the Administrative Agreement are included within Selling, general and administrative in the condensed consolidated statements of operations and comprehensive income (loss). As of June 30, 2023 and December 31, 2022, $2,487 and $4,629 were due to Fortress, respectively. In addition to administrative services, an affiliate of Fortress owns and leases an aircraft chartered by the Company for business purposes in the course of operations. The Company incurred, at aircraft operator rates, charter costs of $640 and $1,125 for the three months ended June 30, 2023 and 2022, respectively, and $1,411 and $2,147 for the six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023 and December 31, 2022, $1,232 and $416 was due to this affiliate, respectively. Land lease The Company has leased land from Florida East Coast Industries, LLC (“FECI”), which is controlled by funds managed by an affiliate of Fortress. The Company recognized expense related to the land lease of $126 and $103 during the three months ended June 30, 2023 and 2022, respectively, and $252 and $206 during the six months ended June 30, 2023 and 2022, respectively, which was included within Operations and maintenance in the condensed consolidated statements of operations and comprehensive income (loss). The Company has amounts due to FECI of $46 and $0 as of June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023 and December 31, 2022, the Company has recorded a lease liability of $3,349 and $3,340, respectively, within Non-current lease liabilities on the condensed consolidated balance sheets. DevTech investment In August 2018, the Company entered into a consulting arrangement with DevTech Environment Limited (“DevTech”) to provide business development services to increase the customer base of the Company. DevTech also contributed cash consideration in exchange for a 10% interest in a consolidated subsidiary. The 10% interest was reflected as non- controlling interest in the Company’s condensed consolidated financial statements. The Company recognized approximately $96 and $119 in expense within Selling, general and administrative for the three months ended June 30, 2023 and 2022, respectively, and $201 and $217 in expense within Selling, general and administrative for the six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023 and December 31, 2022, $201 and $80 were due to DevTech, respectively. Fortress affiliated entities The Company provides certain administrative services to related parties including Fortress affiliated entities. No costs are incurred for such administrative services by the Company as the Company is fully reimbursed for all costs incurred. The Company has subleased a portion of office space to affiliates of entities managed by Fortress, and for the three months ended June 30, 2023 and 2022, $331 and $201 of rent and office related expenses were incurred by these affiliates, respectively. For the six months ended June 30, 2023 and 2022, $541 and $396 of rent and office related expenses were incurred by these affiliates, respectively. As of June 30, 2023 and December 31, 2022, $1,176 and $700, respectively, were due from all Fortress affiliated entities. Additionally, an entity formerly affiliated with Fortress and currently owned by Messrs. Edens and Nardone provides certain administrative services to the Company, as well as providing office space under a month-to-month non-exclusive license agreement. The Company incurred rent and administrative expenses of approximately $660 and $582 for the three months ended June 30, 2023 and 2022, respectively, and $1,249 and $1,182 for the six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023 and December 31, 2022, $3,427 and $2,455 were due to Fortress affiliated entities, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Leases, as lessee - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Cash outflows for operating lease liabilities	$ 61,506	$ 52,254
Cash outflows for finance lease liabilities	5,589	2,554
Right-of-use assets obtained in exchange for new operating lease liabilities	126,863	134,075
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 47,672	$ 0

Segments - Summary of Segment Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	$ 561,345,000	$ 584,855,000	$ 1,140,476,000	$ 1,089,973,000
Cost of sales	225,768,000	272,401,000	410,706,000	480,699,000
Vessel operating expenses	11,443,000	18,628,000	24,734,000	41,592,000
Operations and maintenance	33,697,000	20,490,000	60,368,000	43,658,000
Consolidated Segment Operating Margin	290,437,000	273,336,000	644,668,000	524,024,000
Statement of Financial Position [Abstract]
Total assets	9,135,239,000	7,251,376,000	9,135,239,000	7,251,376,000		$ 7,705,082,000
Other segmental financial information:
Capital expenditures	1,316,805,000	253,956,000	2,248,628,000	453,635,000
Unrealized gain (loss) on derivatives	(2,816,000)		2,914,000
Inventory write-down	6,232,000			0
Not Designated as Hedging Instrument, Economic Hedge
Other segmental financial information:
Realized loss on derivative	$ (3,911,000)
Unrealized gain (loss) on derivatives			$ (141,853,000)
Hilli LLC
Other segmental financial information:
Ownership interest acquired	50.00%		50.00%
Terminals and Infrastructure \| Centrais Eletricas de Sergipe Participacoes S.A.
Other segmental financial information:
Ownership interest acquired	50.00%		50.00%
Terminals and Infrastructure \| Cost of Sales
Other segmental financial information:
Unrealized gain (loss) on derivatives	$ (2,835,000)		$ 108,305,000
Inventory write-down	6,232,000		6,232,000
Ships \| Hilli LLC
Other segmental financial information:
Ownership interest acquired					50.00%
Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	561,345,000	654,479,000	1,161,870,000	1,249,770,000
Cost of sales	222,371,000	271,948,000	296,169,000	507,480,000
Vessel operating expenses	11,443,000	25,543,000	30,682,000	54,977,000
Operations and maintenance	33,697,000	29,540,000	60,368,000	59,782,000
Consolidated Segment Operating Margin	293,834,000	327,448,000	774,651,000	627,531,000
Statement of Financial Position [Abstract]
Total assets	9,135,239,000	7,251,376,000	9,135,239,000	7,251,376,000
Other segmental financial information:
Capital expenditures	1,316,805,000	253,956,000	2,248,628,000	453,635,000
Operating Segments \| Terminals and Infrastructure
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	495,504,000	543,455,000	998,112,000	1,023,804,000
Cost of sales	222,371,000	271,948,000	296,169,000	507,480,000
Vessel operating expenses	0	4,255,000	0	7,747,000
Operations and maintenance	33,697,000	29,540,000	60,368,000	59,782,000
Consolidated Segment Operating Margin	239,436,000	237,712,000	641,575,000	448,795,000
Statement of Financial Position [Abstract]
Total assets	7,924,074,000	5,189,044,000	7,924,074,000	5,189,044,000
Other segmental financial information:
Capital expenditures	1,316,805,000	242,808,000	2,248,628,000	439,198,000
Operating Segments \| Ships
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	65,841,000	111,024,000	163,758,000	225,966,000
Cost of sales	0	0	0	0
Vessel operating expenses	11,443,000	21,288,000	30,682,000	47,230,000
Operations and maintenance		0	0	0
Consolidated Segment Operating Margin	54,398,000	89,736,000	133,076,000	178,736,000
Statement of Financial Position [Abstract]
Total assets	1,211,165,000	2,062,332,000	1,211,165,000	2,062,332,000
Other segmental financial information:
Capital expenditures	0	11,148,000	0	14,437,000
Consolidation and Other
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	0	(69,624,000)	(21,394,000)	(159,797,000)
Cost of sales	3,397,000	453,000	114,537,000	(26,781,000)
Vessel operating expenses	0	(6,915,000)	(5,948,000)	(13,385,000)
Operations and maintenance	0	(9,050,000)	0	(16,124,000)
Consolidated Segment Operating Margin	(3,397,000)	(54,112,000)	(129,983,000)	(103,507,000)
Statement of Financial Position [Abstract]
Total assets	0	0	0	0
Other segmental financial information:
Capital expenditures	$ 0	$ 0	$ 0	$ 0

Segments - Reconciliation of Net loss to Operating Margin (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting [Abstract]
Net income (loss)	$ 120,100	$ 151,566	$ (178,431)	$ 241,181	$ 271,666	$ 62,750
Add:
Selling, general and administrative	55,803		50,310		107,941	98,351
Transaction and integration costs	1,554		4,866		2,048	6,767
Depreciation and amortization	42,115		36,356		76,490	70,646
Asset impairment expense	0		48,109		0	48,109
Interest expense	64,396		47,840		136,069	92,756
Other (income) expense, net	(6,584)		(22,102)		18,421	(41,827)
Tax provision (benefit)	15,322		(86,539)		44,282	(136,220)
(Income) from equity method investments	(2,269)		372,927		(12,249)	322,692
Consolidated Segment Operating Margin	$ 290,437		$ 273,336		$ 644,668	$ 524,024

Earnings per share - Summary (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income (loss)	$ 120,100	$ 151,566	$ (178,431)	$ 241,181	$ 271,666	$ 62,750
Net (income) loss attributable to non-controlling interests	(852)		8,666		(2,212)	5,754
Net income (loss) attributable to stockholders	$ 119,248		$ (169,765)		$ 269,454	$ 68,504
Denominator:
Weighted-average shares - basic (in shares)	205,045,121		209,669,188		206,867,828	209,797,133
Net income per share - basic (in dollars per share)	$ 0.58		$ (0.81)		$ 1.30	$ 0.33
Numerator:
Net income (loss)	$ 120,100	$ 151,566	$ (178,431)	$ 241,181	$ 271,666	$ 62,750
Net (income) loss attributable to non-controlling interests	(852)		8,666		(2,212)	5,754
Adjustments attributable to dilutive securities	(304)		0		(1,954)	0
Net income (loss) attributable to Class A common stock	$ 118,944		$ (169,765)		$ 267,500	$ 68,504
Denominator:
Weighted-average shares - diluted (in shares)	205,711,467		209,669,188		207,534,174	209,810,647
Net income (loss) per share - diluted (in dollars per share)	$ 0.58		$ (0.81)		$ 1.29	$ 0.33

Organization	6 Months Ended
Organization	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization New Fortress Energy Inc. (“NFE,” together with its subsidiaries, the “Company”), a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world’s transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas ("LNG") infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. The Company currently conducts its business through two operating segments, Terminals and Infrastructure and Ships. The business and reportable segment information reflect how the Chief Operating Decision Maker (“CODM”) regularly reviews and manages the business.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net income	$ 271,666	$ 62,750
Adjustments for:
Depreciation and amortization	76,949	71,172
(Earnings) losses of equity method investees	(12,249)	322,692
Drydocking expenditure	0	(12,439)
Dividends received from equity method investees	5,830	14,859
Change in market value of derivatives	572	(9,798)
Deferred taxes	0	(178,109)
Asset impairment expense	0	48,109
(Earnings) recognized from vessels chartered to third parties transferred to Energos	(71,536)	0
Sale of equity method investments	37,401	0
Other	12,435	6,808
Changes in operating assets and liabilities:
(Increase) in receivables	(14,532)	(123,843)
(Increase) in inventories	(60,710)	(35,167)
Decrease (increase) in other assets	63,576	(58,949)
Decrease in right-of-use assets	40,655	35,265
Increase in accounts payable/accrued liabilities	75,746	71,603
(Decrease) in lease liabilities	(38,885)	(31,352)
Increase (decrease) in other liabilities	116,959	(12,668)
Net cash provided by operating activities	503,877	170,933
Cash flows from investing activities
Capital expenditures	(1,465,642)	(441,708)
Sale of equity method investment	100,000	0
Other non-cash items	(1,450)	0
Net cash used in investing activities	(1,367,092)	(441,708)
Cash flows from financing activities
Proceeds from borrowings of debt	919,625	437,917
Payment of deferred financing costs	(6,659)	(4,805)
Repayment of debt	0	(146,030)
Payments related to tax withholdings for share-based compensation	(9,519)	(13,054)
Payment of dividends	(676,918)	(47,374)
Other financing activities	(3,946)	0
Net cash provided by financing activities	222,583	226,654
Impact of changes in foreign exchange rates on cash and cash equivalents	1,608	(2,018)
Net decrease in cash, cash equivalents and restricted cash	(639,024)	(46,139)
Cash, cash equivalents and restricted cash – beginning of period	855,083	264,030
Cash, cash equivalents and restricted cash – end of period	216,059	217,891
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	732,858	5,302
Principal payments on financing obligation to Energos by third party charterers	(32,836)	0
Shares received in Hilli Exchange	(122,754)	0
Repurchase obligation	24,320	0
Cash and cash equivalents	104,342	138,329
Current restricted cash	100,513	71,602
Non-current restricted cash	0	7,960
Cash and cash equivalents classified as held for sale	11,204	0
Cash, cash equivalents and restricted cash – end of period	$ 216,059	$ 217,891

Revenue recognition - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Operating revenue	$ 494,619	$ 497,240	$ 996,307	$ 897,315
Receivables, revenue from contracts with customers	269,973		269,973		$ 280,382
Accounts receivable, allowance for credit loss, current	805		805		884
Contract with customer, receivable, after allowance for credit loss	351		351		401
Unbilled receivables net of current expected credit losses	32,603		32,603		36,483
Capitalized contract cost, net	26,349		26,349		10,377
Other current assets	2,104		2,104		604
Other noncurrent assets	24,245		24,245		$ 9,773
Direct financing lease, interest income		11,545		23,126
Vessel charter revenue	65,840	75,134	142,364	167,554
Cargo Sales
Disaggregation of Revenue [Line Items]
Operating revenue	267,777	309,030	617,138	594,201
Cargo Sales, Cancellation Fee
Disaggregation of Revenue [Line Items]
Operating revenue	$ 162,500		$ 332,000
CELSE
Disaggregation of Revenue [Line Items]
Vessel charter revenue		$ 2,784		$ 4,418

Construction in progress

6 Months Ended

Jun. 30, 2023

Construction in progress [Abstract]

Construction in progress

11. Construction in progress

The Company’s construction in progress activity during the six months ended June 30, 2023 is detailed below:


	June 30, 2023
Construction in progress as of December 31, 2022	$	2,418,608

Additions	2,248,628

Impact of currency translation adjustment	28,620
Assets placed in service	(102,724)
Construction in progress as of June 30, 2023	$	4,593,132

Interest expense of $118,573 and $29,495, inclusive of amortized debt issuance costs, was capitalized for the six months ended June 30, 2023 and 2022, respectively.

The Company has significant development activities in Latin America as well as the development of the Company's Fast LNG liquefaction solution, and the completion of such developments are subject to risks of successful completion, including those related to government approvals, site identification, financing, construction permitting and contract compliance. The Company's development activities for the six months ended June 30, 2023 were primarily focused on Fast LNG and to construct temporary power generation assets to support the Puerto Rican grid stabilization project; additions to construction in progress in the first six months of 2023 of $2,031,681 were to develop Fast LNG projects and Puerto Rican temporary power.

Debt - Equipment Notes and Short-term Borrowings (Details) - USD ($)	1 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Weighted average interest rate	9.43%
Short-term debt	$ 78,025,000	$ 0
Equipment Notes, due June 2026
Debt Instrument [Line Items]
Debt instrument, face amount	200,000,000
Debt instrument, borrowed amount	$ 100,000,000
Fixed interest rate	7.40%
Debt, term	36 months
Deferred financing costs	$ 1,468,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Other non-current assets, net - Summary Non-Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Assets, Noncurrent Disclosure [Abstract]
Assets held for sale	$ 45,371	$ 40,685
Contract assets, net (Note 4)	24,379	28,651
Investments in equity securities (Note 6)	20,467	17,806
Cost to fulfill (Note 4)	24,245	9,773
Upfront payments to customers	8,862	9,158
Other	40,920	35,606
Total other non-current assets, net	$ 164,244	$ 141,679

- Definition

Amount classified as assets attributable to disposal group held for sale or disposed of, expected to be disposed of after one year or the normal operating cycle, if longer.

+ References + Details

Debt - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Level 2
Debt Instrument [Line Items]
Long-term debt	$ 5,217,159	$ 4,327,311

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Revenue recognition - Carrying Amount of Leased Property Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Property, plant and equipment	$ 902,839	$ 1,292,957
Accumulated depreciation	(74,615)	(80,233)
Property, plant and equipment, net	$ 828,224	$ 1,212,724

Construction in progress - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Long-Lived Assets Held-for-sale [Line Items]
Interest expense	$ 64,396	$ 47,840	$ 136,069	$ 92,756
Additions			2,248,628
Construction in Progress
Long-Lived Assets Held-for-sale [Line Items]
Interest expense			118,573	$ 29,495
FAST LNG Projects
Long-Lived Assets Held-for-sale [Line Items]
Additions			$ 2,031,681

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Leases, as lessee - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Leases [Abstract]
Lease, cost	$ 14,449	$ 2,973	$ 18,705	$ 11,215
Operating lease, weighted average remaining lease term	6 years 4 months 24 days		6 years 4 months 24 days
Finance lease, weighted average remaining lease term	2 years 4 months 24 days		2 years 4 months 24 days
Operating lease, weighted average discount rate, percent	8.80%		8.80%		8.50%
Finance lease, weighted average discount rate, percent	8.30%		8.30%		5.10%

Construction in progress (Tables)

6 Months Ended

Jun. 30, 2023

Construction in progress [Abstract]

Construction in Progress Activity

The Company’s construction in progress activity during the six months ended June 30, 2023 is detailed below:


	June 30, 2023
Construction in progress as of December 31, 2022	$	2,418,608

Additions	2,248,628

Impact of currency translation adjustment	28,620
Assets placed in service	(102,724)
Construction in progress as of June 30, 2023	$	4,593,132

Subsequent events (Details)			1 Months Ended
Subsequent events (Details)	Aug. 03, 2023 USD ($)	Jul. 31, 2023 USD ($)	Aug. 31, 2023 USD ($)	Jul. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jul. 21, 2023 USD ($) extensionOption
Equipment Notes, due June 2026
Subsequent Event [Line Items]
Outstanding principal balance					$ 200,000,000
Fixed interest rate					7.40%
Debt, term					36 months
Debt instrument, borrowed amount					$ 100,000,000
Equipment Notes, due June 2026 \| Forecast
Subsequent Event [Line Items]
Debt instrument, borrowed amount			$ 15,000,000
Subsequent Event \| EB-5 Loan Agreement \| Construction Loans
Subsequent Event [Line Items]
Outstanding principal balance						$ 100,000,000
Fixed interest rate						4.75%
Debt, term						5 years
Number of debt term extensions \| extensionOption						2
Debt term, extended maturity						1 year
Debt instrument, borrowed amount				$ 25,600,000
Subsequent Event \| Term Loan Agreement
Subsequent Event [Line Items]
Outstanding principal balance	$ 400,000,000
Subsequent Event \| Term Loan Agreement \| Secured Overnight Financing Rate (SOFR)
Subsequent Event [Line Items]
Variable interest rate	3.50%
Subsequent Event \| Equipment Notes, due June 2026
Subsequent Event [Line Items]
Debt instrument, borrowed amount		$ 85,000,000

Other current liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Derivative liabilities	$ 21,278	$ 19,458
Contract liabilities	62,403	12,748
Repurchase obligation	24,327	0
Income tax payable	19,159	6,261
Due to affiliates	7,192	7,499
Other current liabilities	9,239	6,912
Total other current liabilities	$ 143,598	$ 52,878

Other current liabilities

6 Months Ended

Jun. 30, 2023

Other Liabilities Disclosure [Abstract]

Other current liabilities

16. Other current liabilities

As of June 30, 2023 and December 31, 2022, other current liabilities consisted of the following:


	June 30, 2023		December 31, 2022
Derivative liabilities	$	21,278	$	19,458
Contract liabilities	62,403		12,748
Repurchase obligation	24,327		—
Income tax payable	19,159		6,261
Due to affiliates	7,192		7,499
Other current liabilities	9,239		6,912
Total other current liabilities	$	143,598	$	52,878

As of June 30, 2023, the Company recognized a repurchase obligation of $24,327, pursuant to agreement to sell and purchase an LNG cargo with the same customer. The sale and delivery of the LNG cargo to the customer was completed in the second quarter of 2023; we expect the purchase of a the LNG cargo to be completed in the third quarter of 2023. Under these agreements, the Company's price to purchase the LNG cargo exceeded the selling price to the customer, and because the purchase price exceeds the original selling prices, the purchase of the LNG cargo is accounted for as a financing arrangement. The difference between the Company's purchase price of the LNG cargo and the selling price to the customer is recognized as interest expense.

Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Total interest expense	$ 64,396	$ 47,840	$ 136,069	$ 92,756
Financing interest expense, non-cash	32,460		82,363
Debt
Debt Instrument [Line Items]
Interest per contractual rates	75,160	60,662	139,419	116,011
Interest expense on Vessel Financing Obligation	52,465	0	106,795	0
Amortization of debt issuance costs, premiums and discounts	3,150	3,318	6,742	5,793
Interest expense incurred on finance lease obligations	1,218	218	1,686	447
Total interest costs	131,993	64,198	254,642	122,251
Capitalized interest	67,597	16,358	118,573	29,495
Total interest expense	$ 64,396	$ 47,840	$ 136,069	$ 92,756

Leases, as lessee

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases, as lessee

5. Leases, as lessee

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

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

As of June 30, 2023 and December 31, 2022, ROU assets, current lease liabilities and non-current lease liabilities consisted of the following:


	June 30, 2023		December 31, 2022
Operating right-of-use-assets	$	442,192	$	355,883
Finance right-of-use-assets (1)	62,107		21,994
Total right-of-use assets	$	504,299	$	377,877

Current lease liabilities:
Operating lease liabilities	$	105,739	$	44,371
Finance lease liabilities	27,692		4,370
Total current lease liabilities	$	133,431	$	48,741
Non-current lease liabilities:
Operating lease liabilities	$	319,240	$	290,899
Finance lease liabilities	30,091		11,222
Total non-current lease liabilities	$	349,331	$	302,121

(1) Finance lease ROU assets are recorded net of accumulated amortization of $9,693 and $2,134 as of June 30, 2023 and December 31, 2022, respectively.

For the three and six months ended June 30, 2023 and 2022, the Company’s operating lease cost recorded within the condensed consolidated statements of operations and comprehensive income (loss) was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Fixed lease cost	$	22,858	$	20,413	$	39,226	$	38,913
Variable lease cost	1,004		466		1,601		936
Short-term lease cost	2,370		1,897		5,919		6,122

Lease cost - Cost of sales	$	15,137	$	20,112	$	30,891	$	41,015
Lease cost - Operations and maintenance	9,207		844		12,048		1,609
Lease cost - Selling, general and administrative	1,888		1,820		3,807		3,347

For the three months ended June 30, 2023 and 2022, the Company has capitalized $14,449 and $2,973 of lease costs, respectively. For the six months ended June 30, 2023 and 2022, the Company has capitalized $18,705 and $11,215 of lease costs, respectively. Capitalized costs include vessels and port space used during the commissioning of development

projects. Short-term lease costs for vessels chartered by the Company to transport inventory from a supplier’s facilities to the Company’s storage locations are capitalized to inventory.

The Company has leases of turbines, ISO tanks and a parcel of land that transfer the ownership in underlying assets to the Company at the end of the lease, and these leases are treated as finance leases. For the three and six months ended June 30, 2023 and 2022, the Company’s finance interest expense and amortization recorded in Interest expense and Depreciation and amortization, respectively, within the condensed consolidated statements of operations and comprehensive income (loss) were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Interest expense related to finance leases	$	1,218	$	218	$	1,686	$	447
Amortization of right-of-use asset related to finance leases	5,771		380		7,560		759

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 six months ended June 30, 2023 and 2022:


	Six Months Ended June 30,
	2023		2022
Cash outflows for operating lease liabilities	$	61,506	$	52,254
Cash outflows for finance lease liabilities	5,589		2,554
Right-of-use assets obtained in exchange for new operating lease liabilities	126,863		134,075
Right-of-use assets obtained in exchange for new finance lease liabilities	47,672		—

The future payments due under operating and finance leases as of June 30, 2023 are as follows:


	Operating Leases		Financing Leases
Due remainder of 2023	$	67,316	$	16,095
2024	136,911		29,997
2025	74,914		12,427
2026	52,013		3,041
2027	51,547		436
Thereafter	185,473		943
Total lease payments	$	568,174	$	62,939
Less: effects of discounting	143,195		5,156
Present value of lease liabilities	$	424,979	$	57,783

Current lease liability	$	105,739	$	27,692
Non-current lease liability	319,240		30,091

As of June 30, 2023, the weighted average remaining lease term for operating leases was 6.4 years and finance leases was 2.4 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 June 30, 2023 was 8.8% and as of December 31, 2022 was 8.5%. The weighted average discount rate associated with finance leases as of June 30, 2023 was 8.3% and as of December 31, 2022 was 5.1%.

Leases, as lessee

5. Leases, as lessee

As of June 30, 2023 and December 31, 2022, ROU assets, current lease liabilities and non-current lease liabilities consisted of the following:


	June 30, 2023		December 31, 2022
Operating right-of-use-assets	$	442,192	$	355,883
Finance right-of-use-assets (1)	62,107		21,994
Total right-of-use assets	$	504,299	$	377,877

Current lease liabilities:
Operating lease liabilities	$	105,739	$	44,371
Finance lease liabilities	27,692		4,370
Total current lease liabilities	$	133,431	$	48,741
Non-current lease liabilities:
Operating lease liabilities	$	319,240	$	290,899
Finance lease liabilities	30,091		11,222
Total non-current lease liabilities	$	349,331	$	302,121

(1) Finance lease ROU assets are recorded net of accumulated amortization of $9,693 and $2,134 as of June 30, 2023 and December 31, 2022, respectively.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Fixed lease cost	$	22,858	$	20,413	$	39,226	$	38,913
Variable lease cost	1,004		466		1,601		936
Short-term lease cost	2,370		1,897		5,919		6,122

Lease cost - Cost of sales	$	15,137	$	20,112	$	30,891	$	41,015
Lease cost - Operations and maintenance	9,207		844		12,048		1,609
Lease cost - Selling, general and administrative	1,888		1,820		3,807		3,347

projects. Short-term lease costs for vessels chartered by the Company to transport inventory from a supplier’s facilities to the Company’s storage locations are capitalized to inventory.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Interest expense related to finance leases	$	1,218	$	218	$	1,686	$	447
Amortization of right-of-use asset related to finance leases	5,771		380		7,560		759


	Six Months Ended June 30,
	2023		2022
Cash outflows for operating lease liabilities	$	61,506	$	52,254
Cash outflows for finance lease liabilities	5,589		2,554
Right-of-use assets obtained in exchange for new operating lease liabilities	126,863		134,075
Right-of-use assets obtained in exchange for new finance lease liabilities	47,672		—

The future payments due under operating and finance leases as of June 30, 2023 are as follows:


	Operating Leases		Financing Leases
Due remainder of 2023	$	67,316	$	16,095
2024	136,911		29,997
2025	74,914		12,427
2026	52,013		3,041
2027	51,547		436
Thereafter	185,473		943
Total lease payments	$	568,174	$	62,939
Less: effects of discounting	143,195		5,156
Present value of lease liabilities	$	424,979	$	57,783

Current lease liability	$	105,739	$	27,692
Non-current lease liability	319,240		30,091

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Operating revenue	$ 494,619	$ 497,240	$ 996,307	$ 897,315
Vessel charter revenue	65,840	75,134	142,364	167,554
Other revenue	886	12,481	1,805	25,104
Total revenues	561,345	584,855	1,140,476	1,089,973
Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	225,768	272,401	410,706	480,699
Vessel operating expenses	11,443	18,628	24,734	41,592
Operations and maintenance	33,697	20,490	60,368	43,658
Selling, general and administrative	55,803	50,310	107,941	98,351
Transaction and integration costs	1,554	4,866	2,048	6,767
Depreciation and amortization	42,115	36,356	76,490	70,646
Asset impairment expense	0	48,109	0	48,109
Total operating expenses	370,380	451,160	682,287	789,822
Operating income	190,965	133,695	458,189	300,151
Interest expense	64,396	47,840	136,069	92,756
Other (income) expense, net	(6,584)	(22,102)	18,421	(41,827)
Income before income from equity method investments and income taxes	133,153	107,957	303,699	249,222
Income (loss) from equity method investments	2,269	(372,927)	12,249	(322,692)
Tax provision (benefit)	15,322	(86,539)	44,282	(136,220)
Net income (loss)	120,100	(178,431)	271,666	62,750
Net (income) loss attributable to non-controlling interest	(852)	8,666	(2,212)	5,754
Net income (loss) attributable to stockholders	$ 119,248	$ (169,765)	$ 269,454	$ 68,504
Net income (loss) per share - basic (in dollars per share)	$ 0.58	$ (0.81)	$ 1.30	$ 0.33
Net income (loss) per share - diluted (in dollars per share)	$ 0.58	$ (0.81)	$ 1.29	$ 0.33
Weighted average number of shares outstanding, basic (in shares)	205,045,121	209,669,188	206,867,828	209,797,133
Weighted average number of shares outstanding - diluted (in shares)	205,711,467	209,669,188	207,534,174	209,810,647
Other comprehensive income (loss):
Net income (loss)	$ 120,100	$ (178,431)	$ 271,666	$ 62,750
Currency translation adjustment	16,908	(39,703)	19,049	81,127
Comprehensive income (loss)	137,008	(218,134)	290,715	143,877
Comprehensive (income) loss attributable to non-controlling interest	(758)	9,812	(2,313)	4,944
Comprehensive income (loss) attributable to stockholders	$ 136,250	$ (208,322)	$ 288,402	$ 148,821

Property, plant and equipment, net (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

As of June 30, 2023 and December 31, 2022, the Company’s property, plant and equipment, net consisted of the following:


	June 30, 2023		December 31, 2022
Vessels	$	1,524,959	$	1,518,839
Terminal and power plant equipment	248,192		218,296
CHP facilities	125,015		123,897
Gas terminals	177,780		177,780
ISO containers and other equipment	136,632		134,324
LNG liquefaction facilities	63,316		63,316
Gas pipelines	66,319		65,985
Land	53,665		52,995
Leasehold improvements	66,520		9,377
Accumulated depreciation	(300,468)		(248,082)
Total property, plant and equipment, net	$	2,161,930	$	2,116,727

Goodwill and intangible assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Definite-lived intangible assets
Accumulated Amortization	$ (81,848)	$ (69,245)
Indefinite-lived intangible assets
Total intangible assets, Gross Carrying Amount	157,464	157,464
Total Intangible Assets, Currency Translation Adjustment	(1,076)	(2,322)
Total Intangible Assets, Net Carrying Amount	74,540	85,897
Easements
Indefinite-lived intangible assets
Gross Carrying Amount	1,191	1,191
Currency Translation Adjustment	(63)	(83)
Net Carrying Amount	1,128	1,108
Favorable vessel charter contracts
Definite-lived intangible assets
Gross Carrying Amount	106,500	106,500
Accumulated Amortization	(76,704)	(64,836)
Currency Translation Adjustment	0	0
Net Carrying Amount	$ 29,796	$ 41,664
Weighted Average Life	3 years	3 years
Permits and development rights
Definite-lived intangible assets
Gross Carrying Amount	$ 48,217	$ 48,217
Accumulated Amortization	(4,827)	(4,115)
Currency Translation Adjustment	(1,013)	(2,239)
Net Carrying Amount	$ 42,377	$ 41,863
Weighted Average Life	38 years	38 years
Easements
Definite-lived intangible assets
Gross Carrying Amount	$ 1,556	$ 1,556
Accumulated Amortization	(317)	(294)
Currency Translation Adjustment	0	0
Net Carrying Amount	$ 1,239	$ 1,262
Weighted Average Life	30 years	30 years

Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

17. Debt

As of June 30, 2023 and December 31, 2022, debt consisted of the following:


	June 30, 2023		December 31, 2022
Senior Secured Notes, due September 2025	$	1,244,487	$	1,243,351
Senior Secured Notes, due September 2026	1,483,823		1,481,639
Vessel Financing Obligation, due August 2042	1,371,221		1,406,091
South Power 2029 Bonds, due May 2029	216,575		216,177
Barcarena Term Loan, due February 2024	196,870		194,427
Revolving Facility	741,600		—
Equipment Notes, due June 2026	98,532		—
Short-term Borrowings	78,025		—
Total debt	$	5,431,133	$	4,541,685
Current portion of long-term debt and short-term borrowings	$	366,945	$	64,820
Long-term debt	5,064,188		4,476,865

Long-term debt is recorded at amortized cost on the condensed consolidated balance sheets. The fair value of the Company's long-term debt is $5,217,159 and $4,327,311 as of June 30, 2023 and December 31, 2022, respectively, and is classified as Level 2 within the fair value hierarchy.

The terms of the Company's debt instruments have been described in the Annual Report on Form 10-K. Significant changes to the Company's outstanding debt are described below.

Equipment Notes

In June 2023, the Company executed a Master Loan and Security Agreement with a lender to borrow up to $200,000 under promissory notes secured by certain turbines acquired in the first quarter of 2023 to support our grid stabilization project in Puerto Rico (the “Equipment Notes”). Prior to June 30, 2023, the Company borrowed $100,000 bearing interest at approximately 7.4%, and the principal is partially repayable in monthly installments over the 36 month term of the loan with the balance due upon maturity in June 2026.

Proceeds received were net of upfront fees due to the lender, and through June 30, 2023, the Company has incurred $1,468 in origination, structuring and other fees, associated with entry into the Equipment Notes.

The Equipment Notes do not contain any restrictive financial covenants.

Short-term Borrowings

The Company may, from time to time, enter into sales and repurchase agreements with a financial institution, whereby the Company sells to the financial institution an LNG cargo and concurrently enters into an agreement to repurchase the same LNG cargo immediately with the repurchase price payable at a future date, generally not to exceed 90-days from the date of the sale and repurchase (the “Short-term Borrowings”). As of June 30, 2023, the Company had $78,025 due under repurchase arrangements with a weighted average interest rate of 9.43%.

Revolving Facility

In April 2021, the Company entered into a $200,000 senior secured revolving credit facility (the "Revolving Facility"). The borrowings under the Revolving Facility bear interest at a Secured Overnight Financing Rate ("SOFR") based rate plus a margin based upon usage of the Revolving Facility. The Revolving Facility matures in 2025, with the potential for the Company to extend the maturity date once in a one-year increment. Borrowings under the Revolving Facility may be prepaid, at the option of the Company, at any time without premium.

In 2022, the Revolving Facility was amended twice to increase the borrowing capacity by a total of $240,000, and in February 2023, the Company entered into an amendment which increased the borrowing capacity by $301,700, for a total

capacity of $741,700. The amendments did not impact the interest rate or term of the Revolving Facility, and no deferred costs were written off.

During the first half of 2023, the Company drew $741,600 from the Revolving Facility, which is outstanding as of June 30, 2023.

The Company incurred $5,398 in origination, structuring and other fees, associated with entry into the Revolving Facility, which includes additional fees to expand the facility in 2022. During the first and second quarter of 2023, the Company incurred an additional $5,298 in fees in relation to the 2023 amendment. These costs have been capitalized within Other non-current assets on the condensed consolidated balance sheets. As of June 30, 2023 and December 31, 2022, total remaining unamortized deferred financing costs for the Revolving Facility was $9,198 and $5,172, respectively.

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

Interest expense

Interest and related amortization of debt issuance costs, premiums and discounts recognized during major development and construction projects are capitalized and included in the cost of the project. Interest expense, net of amounts capitalized, recognized for the three and six months ended June 30, 2023 and 2022 consisted of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Interest per contractual rates	$	75,160	$	60,662	$	139,419	$	116,011
Interest expense on Vessel Financing Obligation	52,465		—		106,795		—
Amortization of debt issuance costs, premiums and discounts	3,150		3,318		6,742		5,793
Interest expense incurred on finance lease obligations	1,218		218		1,686		447
Total interest costs	$	131,993	$	64,198	$	254,642	$	122,251
Capitalized interest	67,597		16,358		118,573		29,495
Total interest expense	$	64,396	$	47,840	$	136,069	$	92,756

Interest expense on the Vessel Financing Obligation includes non-cash expense of $32,460 and $82,363 for the three and six months ended June 30, 2023 related to payments received by Energos from third-party charterers.

Earnings per share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net income (loss)	$	120,100	$	(178,431)	$	271,666	$	62,750
Net (income) loss attributable to non-controlling interests	(852)		8,666		(2,212)		5,754
Net income attributable to Class A common stock	$	119,248	$	(169,765)	$	269,454	$	68,504

Denominator:
Weighted-average shares - basic	205,045,121		209,669,188		206,867,828		209,797,133
Net income per share - basic	$	0.58	$	(0.81)	$	1.30	$	0.33

Diluted
Numerator:
Net income (loss)	$	120,100	$	(178,431)	$	271,666	$	62,750
Net (income) loss attributable to non-controlling interests	(852)		8,666		(2,212)		5,754
Adjustments attributable to dilutive securities	(304)		—		(1,954)		—
Net income (loss) attributable to Class A common stock	118,944		(169,765)		267,500		68,504

Denominator:
Weighted-average shares - diluted	205,711,467		209,669,188		207,534,174		209,810,647
Net income per share - diluted	$	0.58	$	(0.81)	$	1.29	$	0.33

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

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


	June 30, 2023	June 30, 2022

Unvested RSUs	—	30,486
Equity Agreement shares (1)	—	475,755
Total	—	506,241

(1) Represents Class A common stock that would be issued in relation to an agreement to issue shares executed in conjunction with a prior year asset acquisition.

Prepaid expenses and other current assets (Tables)

6 Months Ended

Jun. 30, 2023

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets, Net

As of June 30, 2023 and December 31, 2022, prepaid expenses and other current assets consisted of the following:


	June 30, 2023		December 31, 2022
Prepaid expenses	$	18,618	$	56,380
Recoverable taxes	60,956		37,504
Commodity swap	—		104,797
Due from affiliates	1,174		698
Other current assets	24,385		27,504
Total prepaid expenses and other current assets, net	$	105,133	$	226,883

Equity method investments (Tables)

6 Months Ended

Jun. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Changes in Equity Method Investments

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


	June 30, 2023
Equity method investments as of December 31, 2022	$	392,306

Dividends	(5,830)
Equity in earnings of investees	12,249

Sale of equity method investments	(260,156)

Equity method investments as of June 30, 2023	$	138,569

Equity Method Investments

The carrying amounts of the Company's equity method investments as of June 30, 2023 and December 31, 2022 are:


	June 30, 2023		December 31, 2022
Hilli LLC	$	—	$	260,000
Energos	138,569		132,306
Total	$	138,569	$	392,306

Segments

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segments

23. Segments

As of June 30, 2023, the Company operates in two reportable segments: Terminals and Infrastructure and Ships:

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

Terminals and Infrastructure Operating Margin included the Company’s effective share of revenues, expenses and operating margin attributable to the Company's 50% investment in Centrais Elétricas de Sergipe Participações S.A. (“CELSEPAR”); the Company disposed of this investment in the fourth quarter of 2022.

Terminal and Infrastructure segment includes realized gains and losses from the settlement of derivative transactions entered into as economic hedges to reduce market risks associated with commodity prices.

•Ships includes vessels that are leased to customers under long-term or spot arrangements, and as of June 30, 2023, eight vessels are included in this segment. The Company’s investment in Energos is also included in the Ships segment.

Ships Operating Margin included our effective share of revenue, expenses and operating margin attributable to our ownership of 50% of the common units of Hilli LLC prior to the disposition of this investment in first quarter of 2023.

The CODM uses Segment Operating Margin to evaluate the performance of the segments and allocate resources. Segment Operating Margin is defined as the segment’s revenue less cost of sales less operations and maintenance less vessel operating expenses, excluding unrealized gains or losses to financial instruments recognized at fair value.

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

The table below presents segment information for the three and six months ended June 30, 2023 and 2022:


	Three Months Ended June 30, 2023
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other(4)		Consolidated
Statement of operations:
Total revenues	$	495,504	$	65,841	$	561,345	$	—	$	561,345
Cost of sales(1) (3)	222,371		—		222,371		3,397		225,768
Vessel operating expenses	—		11,443		11,443		—		11,443
Operations and maintenance	33,697				33,697		—		33,697
Segment Operating Margin	$	239,436	$	54,398	$	293,834	$	(3,397)	$	290,437
Balance sheet:
Total assets	$	7,924,074	$	1,211,165	$	9,135,239	$	—	$	9,135,239
Other segmental financial information:
Capital expenditures(2)	$	1,316,805	$	—	$	1,316,805	$	—	$	1,316,805


	Six Months Ended June 30, 2023
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other(4)		Consolidated
Statement of operations:
Total revenues	$	998,112	$	163,758	$	1,161,870	$	(21,394)	$	1,140,476
Cost of sales(1) (3)	296,169		—		296,169		114,537		410,706
Vessel operating expenses	—		30,682		30,682		(5,948)		24,734
Operations and maintenance	60,368		—		60,368		—		60,368
Segment Operating Margin	$	641,575	$	133,076	$	774,651	$	(129,983)	$	644,668
Balance sheet:
Total assets	$	7,924,074	$	1,211,165	$	9,135,239	$	—	$	9,135,239
Other segmental financial information:
Capital expenditures(2)	$	2,248,628	$	—	$	2,248,628	$	—	$	2,248,628


	Three Months Ended June 30, 2022
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other(4)		Consolidated
Statement of operations:
Total revenues	$	543,455	$	111,024	$	654,479	$	(69,624)	$	584,855
Cost of sales(3)	271,948		—		271,948		453		272,401
Vessel operating expenses	4,255		21,288		25,543		(6,915)		18,628
Operations and maintenance	29,540		—		29,540		(9,050)		20,490
Segment Operating Margin	$	237,712	$	89,736	$	327,448	$	(54,112)	$	273,336
Balance sheet:
Total assets	$	5,189,044	$	2,062,332	$	7,251,376	$	—	$	7,251,376
Other segmental financial information:
Capital expenditures(2)	$	242,808	$	11,148	$	253,956	$	—	$	253,956


	Six Months Ended June 30, 2022
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other(4)		Consolidated
Statement of operations:
Total revenues	$	1,023,804	$	225,966	$	1,249,770	$	(159,797)	$	1,089,973
Cost of sales(3)	507,480		—		507,480		(26,781)		480,699
Vessel operating expenses	7,747		47,230		54,977		(13,385)		41,592
Operations and maintenance	59,782		—		59,782		(16,124)		43,658
Segment Operating Margin	$	448,795	$	178,736	$	627,531	$	(103,507)	$	524,024
Balance sheet:
Total assets	$	5,189,044	$	2,062,332	$	7,251,376	$	—	$	7,251,376
Other segmental financial information:
Capital expenditures(2)	$	439,198	$	14,437	$	453,635	$	—	$	453,635

(1) Cost of sales in the Company’s segment measure only includes realized gains and losses on derivative transactions that are an economic hedge of commodity purchases and sales, and realized losses of $3,911 and unrealized gains of $141,853 for the three and six months ended June 30, 2023, respectively, were recognized as a reduction to Cost of sales in the segment measure.

The Company recognized unrealized gains of $2,835 and unrealized losses of $108,305 on the mark-to-market value of derivative transactions for the three and six months ended June 30, 2023, respectively, and these gains and losses reconcile Cost of sales in the segment measure to Cost of sales in the condensed consolidated statements of operations and comprehensive income (loss).

The Company has excluded contract acquisition costs that do not meet the criteria for capitalization from the segment measure. Contract acquisition costs of $6,232 for the three and six months ended June 30, 2023 reconcile Cost of sales in the segment measure to Cost of sales in the condensed consolidated statements of operations and comprehensive income (loss).

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

(3) Cost of sales is presented exclusive of costs included in Depreciation and amortization in the condensed consolidated statements of operations and comprehensive income (loss).

(4) Consolidation and Other adjusts for the inclusion of the effective share of revenues, expenses and operating margin attributable to the Company's 50% ownership of CELSEPAR and the common units of Hilli LLC in the segment measure prior to the disposition of these investments, the exclusion of the unrealized mark-to-market gain or loss on derivative instruments, and the exclusion of non-capitalizable contract acquisition costs.

Consolidated Segment Operating Margin is defined as net income, adjusted for Selling, general and administrative expenses, Transaction and integration costs, Depreciation and amortization, Interest expense, Other expense (income), net, Income from equity method investments and Tax provision (benefit).

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands of $)	2023		2022		2023		2022
Net income	$	120,100	$	(178,431)	$	271,666	$	62,750
Add:
Selling, general and administrative	55,803		50,310		107,941		98,351
Transaction and integration costs	1,554		4,866		2,048		6,767

Depreciation and amortization	42,115		36,356		76,490		70,646
Asset impairment expense	—		48,109		—		48,109
Interest expense	64,396		47,840		136,069		92,756
Other expense (income), net	(6,584)		(22,102)		18,421		(41,827)

Tax provision (benefit)	15,322		(86,539)		44,282		(136,220)
(Income) from equity method investments	(2,269)		372,927		(12,249)		322,692
Consolidated Segment Operating Margin	$	290,437	$	273,336	$	644,668	$	524,024

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Financial instruments - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
Financial instruments - Narrative (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($) MMBTU $ / MMBTU	Jun. 30, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unrealized gain (loss) on derivatives	$ 2,816		$ (2,914)
Commodity swap
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Energy of commodity swap transaction \| MMBTU		6,800,000
Underlying, derivative energy measure (in dollars per MMBtu) \| $ / MMBTU		40.55
Gain on settlement of swap		$ 41,315
Realized gain on settlement of swap			$ 146,112
Unrealized gain on settlement of swap		$ 104,797

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

Earnings per share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings per share

20. Earnings per share


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net income (loss)	$	120,100	$	(178,431)	$	271,666	$	62,750
Net (income) loss attributable to non-controlling interests	(852)		8,666		(2,212)		5,754
Net income attributable to Class A common stock	$	119,248	$	(169,765)	$	269,454	$	68,504

Denominator:
Weighted-average shares - basic	205,045,121		209,669,188		206,867,828		209,797,133
Net income per share - basic	$	0.58	$	(0.81)	$	1.30	$	0.33

Diluted
Numerator:
Net income (loss)	$	120,100	$	(178,431)	$	271,666	$	62,750
Net (income) loss attributable to non-controlling interests	(852)		8,666		(2,212)		5,754
Adjustments attributable to dilutive securities	(304)		—		(1,954)		—
Net income (loss) attributable to Class A common stock	118,944		(169,765)		267,500		68,504

Denominator:
Weighted-average shares - diluted	205,711,467		209,669,188		207,534,174		209,810,647
Net income per share - diluted	$	0.58	$	(0.81)	$	1.29	$	0.33

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


	June 30, 2023	June 30, 2022

Unvested RSUs	—	30,486
Equity Agreement shares (1)	—	475,755
Total	—	506,241

(1) Represents Class A common stock that would be issued in relation to an agreement to issue shares executed in conjunction with a prior year asset acquisition.

In the fourth quarter of 2022, the Board declared a dividend of $626,310 representing $3.00 per Class A share, which was paid in January 2023. The Company also declared and paid dividends of $20,503 and $20,582 during the three months ended June 30, 2023 and 2022, respectively, representing $0.10 per Class A share. The Company declared and paid dividends of $40,970 and $41,336 during the six months ended June 30, 2023 and 2022, respectively, representing $0.10 per Class A share.

During each of the three months ended June 30, 2023 and 2022, the Company paid dividends of $3,019 to holders of Golar LNG Partners LP's ("GMLP") 8.75% Series A Cumulative Redeemable Preferred Units (“Series A Preferred Units”). During each of the six months ended June 30, 2023 and 2022, the Company paid dividends of $6,038 to holders of the Series A Preferred Units. As these equity interests have been issued by one of the Company’s consolidated subsidiaries, the value of the Series A Preferred Units is recognized as non-controlling interest in the condensed consolidated financial statements.

During the three and six months ended June 30, 2023, one of the Company's majority owned consolidated subsidiaries paid a dividend to all shareholders, and the dividend of $3,600 paid to the non-controlling shareholders has been recognized as non-controlling interest in the condensed consolidated financial statements.

Leases, as lessee (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

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

As of June 30, 2023 and December 31, 2022, ROU assets, current lease liabilities and non-current lease liabilities consisted of the following:


	June 30, 2023		December 31, 2022
Operating right-of-use-assets	$	442,192	$	355,883
Finance right-of-use-assets (1)	62,107		21,994
Total right-of-use assets	$	504,299	$	377,877

Current lease liabilities:
Operating lease liabilities	$	105,739	$	44,371
Finance lease liabilities	27,692		4,370
Total current lease liabilities	$	133,431	$	48,741
Non-current lease liabilities:
Operating lease liabilities	$	319,240	$	290,899
Finance lease liabilities	30,091		11,222
Total non-current lease liabilities	$	349,331	$	302,121

(1) Finance lease ROU assets are recorded net of accumulated amortization of $9,693 and $2,134 as of June 30, 2023 and December 31, 2022, respectively.

Lease, Cost


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Fixed lease cost	$	22,858	$	20,413	$	39,226	$	38,913
Variable lease cost	1,004		466		1,601		936
Short-term lease cost	2,370		1,897		5,919		6,122

Lease cost - Cost of sales	$	15,137	$	20,112	$	30,891	$	41,015
Lease cost - Operations and maintenance	9,207		844		12,048		1,609
Lease cost - Selling, general and administrative	1,888		1,820		3,807		3,347

For the three and six months ended June 30, 2023 and 2022, the Company’s finance interest expense and amortization recorded in Interest expense and Depreciation and amortization, respectively, within the condensed consolidated statements of operations and comprehensive income (loss) were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Interest expense related to finance leases	$	1,218	$	218	$	1,686	$	447
Amortization of right-of-use asset related to finance leases	5,771		380		7,560		759

Supplemental Cash Flow Information Related to Leases


	Six Months Ended June 30,
	2023		2022
Cash outflows for operating lease liabilities	$	61,506	$	52,254
Cash outflows for finance lease liabilities	5,589		2,554
Right-of-use assets obtained in exchange for new operating lease liabilities	126,863		134,075
Right-of-use assets obtained in exchange for new finance lease liabilities	47,672		—

Future Payments Due under Operating and Financing Lease

The future payments due under operating and finance leases as of June 30, 2023 are as follows:


	Operating Leases		Financing Leases
Due remainder of 2023	$	67,316	$	16,095
2024	136,911		29,997
2025	74,914		12,427
2026	52,013		3,041
2027	51,547		436
Thereafter	185,473		943
Total lease payments	$	568,174	$	62,939
Less: effects of discounting	143,195		5,156
Present value of lease liabilities	$	424,979	$	57,783

Current lease liability	$	105,739	$	27,692
Non-current lease liability	319,240		30,091

Property, plant and equipment, net - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Accumulated depreciation	$ (300,468)	$ (248,082)
Total property, plant and equipment, net	2,161,930	2,116,727
Vessels
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,524,959	1,518,839
Total property, plant and equipment, net	1,308,746	1,328,553
Terminal and power plant equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	248,192	218,296
CHP facilities
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	125,015	123,897
Gas terminals
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	177,780	177,780
ISO containers and other equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	136,632	134,324
LNG liquefaction facilities
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	63,316	63,316
Gas pipelines
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	66,319	65,985
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	53,665	52,995
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 66,520	$ 9,377

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 104,342	$ 675,492
Restricted cash	100,513	165,396
Receivables, net of allowances of $805 and $884, respectively	275,292	280,313
Inventory	128,411	39,070
Prepaid expenses and other current assets, net	105,133	226,883
Total current assets	713,691	1,387,154
Construction in progress	4,593,132	2,418,608
Property, plant and equipment, net	2,161,930	2,116,727
Equity method investments	138,569	392,306
Right-of-use assets	504,299	377,877
Intangible assets, net	74,540	85,897
Goodwill	776,760	776,760
Deferred tax assets, net	8,074	8,074
Other non-current assets, net	164,244	141,679
Total assets	9,135,239	7,705,082
Current liabilities
Current portion of long-term debt and short-term borrowings	366,945	64,820
Accounts payable	602,759	80,387
Accrued liabilities	821,137	1,162,412
Current lease liabilities	133,431	48,741
Other current liabilities	143,598	52,878
Total current liabilities	2,067,870	1,409,238
Long-term debt	5,064,188	4,476,865
Non-current lease liabilities	349,331	302,121
Deferred tax liabilities, net	27,192	25,989
Other long-term liabilities	75,783	49,010
Total liabilities	7,584,364	6,263,223
Commitments and contingencies (Note 19)
Stockholders’ equity
Class A common stock, $0.01 par value, 750 million shares authorized, 205.0 million issued and outstanding as of June 30, 2023; 208.8 million issued and outstanding as of December 31, 2022	2,050	2,088
Additional paid-in capital	1,039,201	1,170,254
Retained earnings	290,564	62,080
Accumulated other comprehensive income	74,346	55,398
Total stockholders’ equity attributable to NFE	1,406,161	1,289,820
Non-controlling interest	144,714	152,039
Total stockholders’ equity	1,550,875	1,441,859
Total liabilities and stockholders’ equity	$ 9,135,239	$ 7,705,082

Financial instruments

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Financial instruments

6. Financial instruments

Commodity risk management

The Company has utilized commodity swap transactions to manage exposure to changes in market pricing of natural gas or LNG. Realized and unrealized gains and losses on these transactions have been recognized in Cost of sales in the condensed consolidated statements of operations and comprehensive income (loss).

During the fourth quarter of 2022, the Company entered into a commodity swap transaction to swap market pricing exposure for approximately 6.8 TBtus for a fixed price of $40.55 per MMBtu. The swap settled during the first quarter of 2023 resulting in a gain of $41,315 recognized as a reduction to Cost of sales in the condensed consolidated statements of operations and comprehensive income (loss). The gain was comprised of a realized gain of $146,112 and the reversal of the unrealized gain of $104,797 recognized in the fourth quarter of 2022.

In January 2023, the Company entered into a commodity swap transaction. Mark-to-market unrealized gains of $2,816 for the three months ended June 30, 2023 and losses of $2,914 for the six months ended June 30, 2023 on this instrument have been recognized in Cost of sales in the condensed consolidated statements of operations and comprehensive income (loss).

Interest rate and currency risk management

The Company was party to an interest rate swap, and in the first quarter of 2023, the interest rate swap was terminated.

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

The mark-to-market gain or loss on the interest rate swap and other derivative instruments that are not intended to mitigate commodity risk are reported in Other (income) expense, 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 Company uses the market approach when valuing investment in equity securities which is recorded in Other non-current assets on the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022.

The Company uses the income approach when valuing the following financial instruments:

◦Interest rate swap - The Company did not have any interest rate swaps outstanding as of June 30, 2023. As of December 31, 2022, the Company had an interest rate swap that was recorded within Other non-current assets on the condensed consolidated balance sheets.

◦The liability and asset associated with commodity swaps are recorded within Other current liabilities and Prepaid expenses and other current assets on the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022, respectively.

◦Contingent consideration derivative liability represents consideration due to the sellers in asset acquisitions when certain contingent events occur. The liabilities associated with these derivative liabilities are recorded within Other current liabilities and Other long-term liabilities on the condensed consolidated balance sheets based on the timing of expected settlement.

The fair value of derivative instruments, including commodity swaps is estimated considering current interest rates, foreign exchange rates, closing quoted market prices and the creditworthiness of counterparties. The Company estimates fair value of the contingent consideration derivative liabilities using a discounted cash flows method with discount rates based on the average yield curve for bonds with similar credit ratings and matching terms to the discount periods as well as a probability of the contingent events occurring.

The following table presents the Company’s financial assets and financial liabilities, including those that are measured at fair value, as of June 30, 2023 and December 31, 2022:


	Level 1		Level 2		Level 3		Total
June 30, 2023
Assets
Investment in equity securities	$	12,789	$	—	$	7,678	$	20,467




Liabilities
Commodity swap	$	—	$	2,816	$	—	$	2,816
Contingent consideration derivative liabilities	—		—		44,552		44,552

December 31, 2022
Assets
Investment in equity securities	$	10,128	$	—	$	7,678	$	17,806
Interest rate swap	—		11,650		—		11,650
Commodity swap	—		104,797		—		104,797

Liabilities
Contingent consideration derivative liabilities	$	—	$	—	$	46,619	$	46,619

The Company believes the carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximated their fair value as of June 30, 2023 and December 31, 2022 and are classified as Level 1 within the fair value hierarchy.

The table below summarizes the fair value adjustment to instruments measured at Level 3 in the fair value hierarchy, including the contingent consideration derivative liabilities. These adjustments have been recorded within Other (income) expense, net in the condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Contingent consideration derivative liabilities - Fair value adjustment - gain	$	(22)	$	1,385	$	(3,035)	$	984
Foreign currency forward purchase - (gain)	$	—	$	(17,471)	$	—	$	(17,471)

During the six months ended June 30, 2023 and 2022, the Company had no settlements of other financial instruments or any transfers in or out of Level 3 in the fair value hierarchy.

- Definition

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

+ References + Details

Organization (Details)	6 Months Ended
Organization (Details)	Jun. 30, 2023 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	2

Leases, as lessee - Right-of-use assets, Current Lease Liabilities and Non-Current Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Operating right-of-use-assets	$ 442,192	$ 355,883
Finance right-of-use assets	62,107	21,994
Total right-of-use assets	504,299	377,877
Current lease liabilities:
Operating lease liabilities	105,739	44,371
Finance lease liabilities	27,692	4,370
Total current lease liabilities	133,431	48,741
Non-current lease liabilities:
Operating lease liabilities	319,240	290,899
Finance lease liabilities	30,091	11,222
Total non-current lease liabilities	349,331	302,121
Finance lease, right-of-use asset, accumulated amortization	$ 9,693	$ 2,134

Restricted cash - Summary of Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Restricted Cash [Abstract]
Cash restricted under the terms of loan agreements	$ 40,678	$ 124,085
Collateral for letters of credit and performance bonds	59,835	41,392
Collateral for interest rate swaps	0	2,500
Total restricted cash	100,513	167,977
Current restricted cash	100,513	165,396	$ 71,602
Non-current restricted cash	0	$ 2,581	$ 7,960
Cash collateral for letter of credit	$ 21,300

Goodwill and intangible assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets

13. Goodwill and intangible assets

Goodwill

The carrying amount of goodwill was $776,760 as of both June 30, 2023 and December 31, 2022.

Intangible assets

The following tables summarize the composition of intangible assets as of June 30, 2023 and December 31, 2022:


	June 30, 2023
	Gross Carrying Amount		Accumulated Amortization		Currency Translation Adjustment		Net Carrying Amount		Weighted Average Life
Definite-lived intangible assets
Favorable vessel charter contracts	$	106,500	$	(76,704)	$	—	$	29,796	3
Permits and development rights	48,217		(4,827)		(1,013)		42,377		38

Easements	1,556		(317)		—		1,239		30

Indefinite-lived intangible assets
Easements	1,191		—		(63)		1,128		n/a
Total intangible assets	$	157,464	$	(81,848)	$	(1,076)	$	74,540


	December 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	$	(64,836)	$	—	$	41,664	3
Permits and development rights	48,217		(4,115)		(2,239)		41,863		38
Easements	1,556		(294)		—		1,262		30

Indefinite-lived intangible assets
Easements	1,191		—		(83)		1,108		n/a
Total intangible assets	$	157,464	$	(69,245)	$	(2,322)	$	85,897

Amortization expense for the three months ended June 30, 2023 and 2022 was $6,285 and $9,959, respectively. Amortization expense for the six months ended June 30, 2023 and 2022 was $13,081 and $18,302, respectively. Amortization expense is inclusive of reductions in expense for the amortization of unfavorable contract liabilities.

Intangible assets associated with the acquired power purchase agreements have been classified as held for sale as of June 30, 2023 and December 31, 2022; no impairment loss was recognized upon classification as held for sale (See Note 14).

Leases, as lessee - Future Payments Due under Operating and Finance Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Operating Leases
Due remainder of 2023	$ 67,316
2024	136,911
2025	74,914
2026	52,013
2027	51,547
Thereafter	185,473
Total lease payments	568,174
Less: effects of discounting	143,195
Present value of lease liabilities	424,979
Current lease liability	105,739	$ 44,371
Non-current lease liability	319,240	290,899
Financing Leases
Due remainder of 2023	16,095
2024	29,997
2025	12,427
2026	3,041
2027	436
Thereafter	943
Total lease payments	62,939
Less: effects of discounting	5,156
Present value of lease liabilities	57,783
Finance lease liabilities	27,692	4,370
Non-current lease liability	$ 30,091	$ 11,222

Other current liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

As of June 30, 2023 and December 31, 2022, other current liabilities consisted of the following:


	June 30, 2023		December 31, 2022
Derivative liabilities	$	21,278	$	19,458
Contract liabilities	62,403		12,748
Repurchase obligation	24,327		—
Income tax payable	19,159		6,261
Due to affiliates	7,192		7,499
Other current liabilities	9,239		6,912
Total other current liabilities	$	143,598	$	52,878

Goodwill and intangible assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 776,760		$ 776,760		$ 776,760
Amortization of intangible assets	$ 6,285	$ 9,959	$ 13,081	$ 18,302

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Share-based compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Share-based compensation

21. Share-based compensation

The Company has granted Performance Share Units ("PSUs") to certain employees and non-employees that contain a performance condition under the New Fortress Energy Inc. 2019 Omnibus Incentive Plan. Vesting is determined based on achievement of a performance metric for the year subsequent to the grant, and the number of shares that will vest can range from zero to a multiple of units granted. As of June 30, 2023, the Company determined it was not probable that the performance condition required for the PSUs granted in the fourth quarter of 2022 ("2022 Grant") to vest would be achieved, and as such, no compensation expense was recognized for this award.

PSUs Granted

Units Granted

Range of Vesting

Units Vested / Probable of Vesting

Unrecognized

Compensation

Cost(1)

Weighted Average
Remaining Vesting
Period

2022 Grant

746,296

0 to 1,492,592

—

48,309

0.50 years

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

Other non-current assets, net (Tables)

6 Months Ended

Jun. 30, 2023

Other Assets, Noncurrent Disclosure [Abstract]

Schedule of Other Assets, Noncurrent

As of June 30, 2023 and December 31, 2022, Other non-current assets consisted of the following:


	June 30, 2023		December 31, 2022
Assets held for sale	$	45,371	$	40,685
Contract assets, net (Note 4)	24,379		28,651
Investments in equity securities (Note 6)	20,467		17,806
Cost to fulfill (Note 4)	24,245		9,773
Upfront payments to customers	8,862		9,158
Other	40,920		35,606
Total other non-current assets, net	$	164,244	$	141,679

Inventory

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventory

8. Inventory

As of June 30, 2023 and December 31, 2022, inventory consisted of the following:


	June 30, 2023		December 31, 2022
LNG and natural gas inventory	$	100,373	$	15,398
Automotive diesel oil inventory	9,195		8,164
Bunker fuel, materials, supplies and other	18,843		15,508
Total inventory	$	128,411	$	39,070

Inventory is adjusted to the lower of cost or net realizable value each quarter. Changes in the value of inventory are recorded within Cost of sales in the condensed consolidated statements of operations and comprehensive income (loss). During the six months ended June 30, 2023, the Company recognized an adjustment to inventory of $6,232. In the second quarter of 2023, the Company acquired a spot cargo at a higher cost to obtain a new customer contract, and the net realizable value of this cargo was below the cost as of June 30, 2023. No adjustments were recorded during the six months ended June 30, 2022.

Accrued liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Accrued Liabilities

As of June 30, 2023 and December 31, 2022, accrued liabilities consisted of the following:


	June 30, 2023		December 31, 2022
Accrued development costs	$	618,815	$	364,157
Accrued interest	61,398		51,994
Accrued inventory	50,432		45,511
Accrued bonuses	23,665		37,739

Accrued dividend	—		626,310
Other accrued expenses	66,827		36,701
Total accrued liabilities	$	821,137	$	1,162,412

Restricted cash (Tables)

6 Months Ended

Jun. 30, 2023

Restricted Cash [Abstract]

Restricted Cash

As of June 30, 2023 and December 31, 2022, restricted cash consisted of the following:


	June 30, 2023		December 31, 2022
Cash restricted under the terms of loan agreements	$	40,678	$	124,085
Collateral for letters of credit and performance bonds	59,835		41,392
Collateral for interest rate swaps	—		2,500

Total restricted cash	$	100,513	$	167,977

Current restricted cash	$	100,513	$	165,396
Non-current restricted cash	—		2,581

Basis of presentation	6 Months Ended
Basis of presentation	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of presentation	2. Basis of presentation The accompanying unaudited interim condensed consolidated financial statements contained herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and reflect all normal and recurring adjustments which are, in the opinion of management, necessary to provide a fair statement of the financial position, results of operations and cash flows of the Company for the interim periods presented. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual audited consolidated financial statements and accompanying notes included in its Annual Report on Form 10-K for the year ended December 31, 2022 (the "Annual Report"). Certain prior year amounts have been reclassified to conform to current year presentation. The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions, impacting the reported amounts of assets and liabilities, net earnings and disclosures of contingent assets and liabilities as of the date of the condensed consolidated financial statements. Actual results could be different from these estimates.

Other non-current assets, net

6 Months Ended

Jun. 30, 2023

Other Assets, Noncurrent Disclosure [Abstract]

Other non-current assets, net

14. Other non-current assets, net

As of June 30, 2023 and December 31, 2022, Other non-current assets consisted of the following:


	June 30, 2023		December 31, 2022
Assets held for sale	$	45,371	$	40,685
Contract assets, net (Note 4)	24,379		28,651
Investments in equity securities (Note 6)	20,467		17,806
Cost to fulfill (Note 4)	24,245		9,773
Upfront payments to customers	8,862		9,158
Other	40,920		35,606
Total other non-current assets, net	$	164,244	$	141,679

The Company recognized unrealized losses on its investments in equity securities of $1,314 and $898 for the three months ended June 30, 2023 and 2022, respectively, within Other (income) expense, net in the condensed consolidated statements of operations and comprehensive income (loss). The Company recognized an unrealized gain of $1,211 and an unrealized loss of $1,090 on its investment in equity securities for the six months ended June 30, 2023 and 2022, respectively, within Other (income) expense, 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 June 30, 2023 and December 31, 2022.

Upfront payments to customers consist of amounts the Company has paid in relation to two natural gas sales contracts with customers to construct fuel-delivery infrastructure that the customers will own. Other non-current assets includes deferred financing costs related to the Revolving Facility.

Assets held for sale

In the third quarter of 2022, NFE Brazil Holdings LLC ("Brazil Holdings"), a consolidated indirect subsidiary of NFE and indirect owner of Pecém Energia S.A. (“Pecém”) and Energetica Camacari Muricy II S.A. (“Muricy”), and Centrais Elétricas de Pernambuco S.A. – EPESA (“EPESA”), entered into a Share Purchase Agreement pursuant to which Brazil Holdings agreed to sell 100% of the shares of Pecém and Muricy to EPESA, following an internal reorganization. The sale price includes cash consideration of BRL 59 million (approximately $12 million using the exchange rate as of June 30,

2023), as well as additional consideration for the satisfaction of certain milestones. Consideration under this agreement also includes potential future earnout payments based on the revenue generated from power purchase agreements held by Pecém and Muricy. The sale of Pecém and Muricy is subject to regulatory approval as well as the customary terms and conditions and conditions precedent prior to closing.

All assets and liabilities of Pecém and Muricy were classified as held for sale as of June 30, 2023 and December 31, 2022. The estimated fair value of these entities based on the consideration in the agreement was in excess of the carrying value, and no impairment loss was recognized upon classification as held for sale. The assets and liabilities held for sale have not been classified as a separate financial statement line item on the condensed consolidated balance sheets and are presented as Other non-current assets and Other long-term liabilities. Liabilities held for sale of $20,263 and $23,543 are presented as other long-term liabilities as of June 30, 2023 and December 31, 2022, respectively. Assets held for sale include a cash balance of $11,204 and $11,614 as of June 30, 2023 and December 31, 2022, respectively, which have been included in the ending cash and cash equivalents on the condensed consolidated statement of cash flows.

Financial instruments (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

The following table presents the Company’s financial assets and financial liabilities, including those that are measured at fair value, as of June 30, 2023 and December 31, 2022:


	Level 1		Level 2		Level 3		Total
June 30, 2023
Assets
Investment in equity securities	$	12,789	$	—	$	7,678	$	20,467




Liabilities
Commodity swap	$	—	$	2,816	$	—	$	2,816
Contingent consideration derivative liabilities	—		—		44,552		44,552

December 31, 2022
Assets
Investment in equity securities	$	10,128	$	—	$	7,678	$	17,806
Interest rate swap	—		11,650		—		11,650
Commodity swap	—		104,797		—		104,797

Liabilities
Contingent consideration derivative liabilities	$	—	$	—	$	46,619	$	46,619

Gain (Loss) on Securities


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Contingent consideration derivative liabilities - Fair value adjustment - gain	$	(22)	$	1,385	$	(3,035)	$	984
Foreign currency forward purchase - (gain)	$	—	$	(17,471)	$	—	$	(17,471)

Financial instruments - Summary of Fair Value Adjustment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Contingent consideration derivative liabilities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value adjustment loss (gain)	$ (22)	$ 1,385	$ (3,035)	$ 984
Foreign currency forward purchase - (gain)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value adjustment loss (gain)	$ 0	$ (17,471)	$ 0	$ (17,471)

Related party transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Aug. 31, 2018
Related Party Transaction [Line Items]
Due to affiliates	$ 7,192		$ 7,192		$ 7,499
Operations and maintenance	33,697	$ 20,490	60,368	$ 43,658
Non-current lease liabilities	349,331		349,331		302,121
Selling, general and administrative	55,803	50,310	107,941	98,351
Due from affiliates	1,174		1,174		698
Chartered Aircraft
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	640	1,125	1,411	2,147
DevTech Environment Limited
Related Party Transaction [Line Items]
Percentage of shares issued capital						10.00%
Related Party \| DevTech Environment Limited
Related Party Transaction [Line Items]
Due to affiliates	201		201		80
Selling, general and administrative	96	119	201	217
Related Party \| Service Agreements
Related Party Transaction [Line Items]
General and administrative expense	1,296	1,144	2,641	2,659
Due to affiliates	2,487		2,487		4,629
Affiliated Entity \| Florida East Coast Industries, LLC
Related Party Transaction [Line Items]
Due to affiliates	46		46		0
Affiliated Entity \| Fortress
Related Party Transaction [Line Items]
Due from affiliates	1,176		1,176		700
Affiliated Entity \| Fortress, Formerly Owned Entity
Related Party Transaction [Line Items]
Due to affiliates	3,427		3,427		2,455
Affiliated Entity \| Chartered Aircraft
Related Party Transaction [Line Items]
Due to affiliates	1,232		1,232		416
Affiliated Entity \| Rent and Related Office Expenses \| Fortress
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	331	201	541	396
Affiliated Entity \| Rent and Administrative Expenses \| Fortress, Formerly Owned Entity
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	660	582	1,249	1,182
Affiliated Entity \| Land \| Florida East Coast Industries, LLC
Related Party Transaction [Line Items]
Operations and maintenance	126	$ 103
Operating lease, expense			252	$ 206
Non-current lease liabilities	$ 3,349		$ 3,349		$ 3,340

Property, plant and equipment, net

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property, plant and equipment, net

12. Property, plant and equipment, net

As of June 30, 2023 and December 31, 2022, the Company’s property, plant and equipment, net consisted of the following:


	June 30, 2023		December 31, 2022
Vessels	$	1,524,959	$	1,518,839
Terminal and power plant equipment	248,192		218,296
CHP facilities	125,015		123,897
Gas terminals	177,780		177,780
ISO containers and other equipment	136,632		134,324
LNG liquefaction facilities	63,316		63,316
Gas pipelines	66,319		65,985
Land	53,665		52,995
Leasehold improvements	66,520		9,377
Accumulated depreciation	(300,468)		(248,082)
Total property, plant and equipment, net	$	2,161,930	$	2,116,727

The book value of the vessels that was recognized due to the failed sale leaseback in the Energos Formation Transaction as of June 30, 2023 and December 31, 2022 was $1,308,746 and $1,328,553, respectively.

Depreciation expense for the three months ended June 30, 2023 and 2022 totaled $30,275 and $25,958, respectively, of which $232 and $228, respectively, is included within Cost of sales in the condensed consolidated statements of operations and comprehensive income (loss). Depreciation expense for the six months ended June 30, 2023 and 2022 totaled $56,275 and $52,067, respectively, of which $463 and $527, respectively, is included within Cost of sales in the condensed consolidated statements of operations and comprehensive income (loss).

Commitments and contingencies	6 Months Ended
Commitments and contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	19. Commitments and contingencies The Company may be subject to certain legal proceedings, claims and disputes that arise in the ordinary course of business. The Company does not believe that these proceedings, individually or in the aggregate, will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Class A common stock	Class A common stock Class A common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income	Non- controlling interest
Balance at beginning of period at Dec. 31, 2021	$ 1,994,054		$ 2,069	$ 1,923,990	$ (132,399)	$ (2,085)	$ 202,479
Balance at beginning of period (in shares) at Dec. 31, 2021			206,863,242
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	241,181				238,269		2,912
Other comprehensive income (loss)	120,830					118,874	1,956
Share-based compensation expense	880			880
Issuance of shares for vested RSUs	7		$ 7
Issuance of shares for vested RSUs (in shares)			1,121,255
Shares withheld from employees related to share-based compensation, at cost	(15,274)			(15,274)
Shares withheld from employees related to share-based compensation, at cost (in shares)			(442,146)
Dividends	(23,773)			(20,754)			(3,019)
Balance at end of period at Mar. 31, 2022	2,317,905		$ 2,076	1,888,842	105,870	116,789	204,328
Balance at end of period (in shares) at Mar. 31, 2022			207,542,351
Balance at beginning of period at Dec. 31, 2021	1,994,054		$ 2,069	1,923,990	(132,399)	(2,085)	202,479
Balance at beginning of period (in shares) at Dec. 31, 2021			206,863,242
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	62,750
Dividends		$ (41,336)
Balance at end of period at Jun. 30, 2022	2,072,528		$ 2,076	1,868,618	(63,895)	78,232	187,497
Balance at end of period (in shares) at Jun. 30, 2022			207,556,249
Balance at beginning of period at Mar. 31, 2022	2,317,905		$ 2,076	1,888,842	105,870	116,789	204,328
Balance at beginning of period (in shares) at Mar. 31, 2022			207,542,351
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(178,431)				(169,765)		(8,666)
Other comprehensive income (loss)	(39,703)					(38,557)	(1,146)
Share-based compensation expense	358			358
Issuance of shares for vested RSUs (in shares)			13,898
Dividends	(27,601)	(20,582)		(20,582)			(7,019)
Balance at end of period at Jun. 30, 2022	2,072,528		$ 2,076	1,868,618	(63,895)	78,232	187,497
Balance at end of period (in shares) at Jun. 30, 2022			207,556,249
Balance at beginning of period at Dec. 31, 2022	1,441,859		$ 2,088	1,170,254	62,080	55,398	152,039
Balance at beginning of period (in shares) at Dec. 31, 2022			208,770,088
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	151,566				150,206		1,360
Other comprehensive income (loss)	2,141					1,946	195
Cancellation of shares	(122,754)		$ (41)	(122,713)
Cancellation of shares (in shares)			(4,100,000)
Dividends	(23,486)				(20,467)		(3,019)
Balance at end of period at Mar. 31, 2023	1,449,326		$ 2,047	1,047,541	191,819	57,344	150,575
Balance at end of period (in shares) at Mar. 31, 2023			204,670,088
Balance at beginning of period at Dec. 31, 2022	1,441,859		$ 2,088	1,170,254	62,080	55,398	152,039
Balance at beginning of period (in shares) at Dec. 31, 2022			208,770,088
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	271,666
Dividends		(40,970)
Balance at end of period at Jun. 30, 2023	1,550,875		$ 2,050	1,039,201	290,564	74,346	144,714
Balance at end of period (in shares) at Jun. 30, 2023			205,031,406
Balance at beginning of period at Mar. 31, 2023	1,449,326		$ 2,047	1,047,541	191,819	57,344	150,575
Balance at beginning of period (in shares) at Mar. 31, 2023			204,670,088
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	120,100				119,248		852
Other comprehensive income (loss)	16,908					17,002	(94)
Share-based compensation expense	1,179			1,179
Issuance of shares for vested share-based compensation awards	3		$ 3
Issuance of shares for vested share-based compensation awards (in shares)			689,401
Shares withheld from employees related to share-based compensation, at cost	(9,519)			(9,519)
Shares withheld from employees related to share-based compensation, at cost (in shares)			(328,083)
Dividends	(27,122)	$ (20,503)			(20,503)		(6,619)
Balance at end of period at Jun. 30, 2023	$ 1,550,875		$ 2,050	$ 1,039,201	$ 290,564	$ 74,346	$ 144,714
Balance at end of period (in shares) at Jun. 30, 2023			205,031,406

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	11.30%	32.70%	14.00%	185.40%
Tax provision (benefit)	$ 15,322	$ (86,539)	$ 44,282	$ (136,220)

- Definition

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

+ References + Details

Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 18,618	$ 56,380
Recoverable taxes	60,956	37,504
Commodity swap	0	104,797
Due from affiliates	1,174	698
Other current assets	24,385	27,504
Total prepaid expenses and other current assets, net	105,133	226,883
Prepaid inventory	$ 0	$ 34,882

Income taxes	6 Months Ended
Income taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	18. Income Taxes The effective tax rate for the three months ended June 30, 2023 was 11.3% compared to 32.7% for the three months ended June 30, 2022. The total tax provision for the three months ended June 30, 2023 was $15,322 compared to a benefit of $86,539 for the three months ended June 30, 2022. The effective tax rate for the six months ended June 30, 2023 was 14.0% compared to 185.4% for the six months ended June 30, 2022. The total tax provision for the six months ended June 30, 2023 was $44,282 compared to a benefit of $136,220 for the six months ended June 30, 2022. Our prior year benefit and effective tax rate was primarily driven by significant discrete items, including the remeasurement of a deferred tax liability in conjunction with an internal reorganization. The Company has not recognized any significant discrete items in the first half of 2023.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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+ Details

Construction in progress (Details) $ in Thousands	6 Months Ended
Construction in progress (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Construction in Progress [Roll Forward]
Construction in progress as of December 31, 2022	$ 2,418,608
Additions	2,248,628
Impact of currency translation adjustment	28,620
Assets placed in service	(102,724)
Construction in progress as of June 30, 2023	$ 4,593,132

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Aug. 04, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-38790
Entity Registrant Name	New Fortress Energy Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1482060
Entity Address, Address Line One	111 W. 19th Street
Entity Address, Address Line Two	8th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10011
City Area Code	516
Local Phone Number	268-7400
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Class A common stock
Trading Symbol	NFE
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		205,031,406
Entity Central Index Key	0001749723
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Other non-current assets, net - Narrative (Details) $ in Thousands, R$ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2023 USD ($) contract	Sep. 30, 2022	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) contract	Jun. 30, 2022 USD ($)	Jun. 30, 2023 BRL (R$) contract	Dec. 31, 2022 USD ($)
Asset Acquisition [Line Items]
Recognized unrealized gains	$ (1,314)		$ (898)	$ 1,211	$ (1,090)
Equity securities without readily determinable fair value, amount	$ 7,678			$ 7,678			$ 7,678
Number of natural gas sales contracts \| contract	2			2		2
Share purchase agreement, payments to acquire shares	$ 12,000			$ 12,000		R$ 59
Disposal group, including discontinued operation, other long-term liabilities	20,263			20,263			23,543
Assets held-for-sale, cash balance	$ 11,204			$ 11,204			$ 11,614
Newco \| Centrais Eletricas de Pernambuco S.A (EPESA)
Asset Acquisition [Line Items]
Share purchase agreement, percentage of shares subsequently sold		100.00%

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets
Accounts receivable, allowance for credit loss, current	$ 805	$ 884
Stockholders’ equity
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares, issued (in shares)	205,000,000.0	208,800,000
Common stock, shares, outstanding (in shares)	205,000,000.0	208,800,000

Share-based compensation - Summary of PSU Activity (Details) - Performance Share Units (PSUs) - Employees and Non-employees - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		746,296
Vested (in shares)		0
Unrecognized Compensation Cost		$ 48,309
Weighted Average Remaining Vesting Period		6 months
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)	0	0
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)		1,492,592

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Revenue recognition (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

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

The contract liabilities and contract assets balances as of June 30, 2023 and December 31, 2022 are detailed below:


	June 30, 2023		December 31, 2022
Contract assets, net - current	$	8,414	$	8,083
Contract assets, net - non-current	24,379		28,651
Total contract assets, net	$	32,793	$	36,734

Contract liabilities	$	91,771	$	12,748

Revenue recognized in the year from:
Amounts included in contract liabilities at the beginning of the year	$	12,613	$	2,951

Remaining Performance Obligations

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


Period	Revenue
Remainder of 2023	$	846,988
2024	2,043,173
2025	1,355,952
2026	525,753
2027	522,876
Thereafter	7,988,459
Total	$	13,283,201

Property, Plant and Equipment Subject to Operating Leases

Vessels included in the Energos Formation Transaction (defined below in "Note 10 Equity method investments"), including those vessels chartered to third parties, continue to be recognized on the condensed consolidated balance sheet. The carrying amount of these vessels that are leased to third parties under operating leases is as follows:


	June 30, 2023		December 31, 2022
Property, plant and equipment	$	902,839	$	1,292,957
Accumulated depreciation	(74,615)		(80,233)
Property, plant and equipment, net	$	828,224	$	1,212,724

Components of Lease Income


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Operating lease income	$	65,840	$	71,682	$	142,364	$	151,904
Variable lease income	—		668		—		11,232
Total operating lease income	$	65,840	$	72,350	$	142,364	$	163,136

Property, plant and equipment, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Line Items]
Depreciation	$ 30,275	$ 25,958	$ 56,275	$ 52,067
Cost of Sales
Property, Plant and Equipment [Line Items]
Depreciation	$ 232	$ 228	$ 463	$ 527

Earnings per share - Potentially Dilutive (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in dollars per share)	0	506,241
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	30,486
Equity Agreement shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in dollars per share)	0	475,755

Share-based compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Performance-based Units Activity

PSUs Granted

Units Granted

Range of Vesting

Units Vested / Probable of Vesting

Unrecognized

Compensation

Cost(1)

Weighted Average
Remaining Vesting
Period

2022 Grant

746,296

0 to 1,492,592

—

48,309

0.50 years

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

Revenue recognition - Performance Obligation (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 13,283,201
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 846,988
Revenue, remaining performance obligation, expected timing of satisfaction, period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 2,043,173
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 1,355,952
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	$ 525,753
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 522,876
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 7,988,459
Revenue, remaining performance obligation, expected timing of satisfaction, period

Equity method investments

6 Months Ended

Jun. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Equity method investments

10. Equity method investments

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


	June 30, 2023
Equity method investments as of December 31, 2022	$	392,306

Dividends	(5,830)
Equity in earnings of investees	12,249

Sale of equity method investments	(260,156)

Equity method investments as of June 30, 2023	$	138,569

The carrying amounts of the Company's equity method investments as of June 30, 2023 and December 31, 2022 are:


	June 30, 2023		December 31, 2022
Hilli LLC	$	—	$	260,000
Energos	138,569		132,306
Total	$	138,569	$	392,306

As of June 30, 2023, the carrying value of the Company’s equity method investment was less than its proportionate share of the underlying net assets of its investee by $1,548. At December 31, 2022, the carrying value of the Company’s equity method investments exceeded its proportionate share of the underlying net assets of its investees by $16,976, and the basis difference attributable to amortizable net assets was amortized to Income (loss) from equity method investments in the condensed consolidated statements of operations and comprehensive income (loss) over the remaining estimated useful lives of the underlying assets.

Hilli LLC

On March 15, 2023, the Company completed a transaction with Golar LNG Limited ("GLNG") for the sale of the Company's investment in the common units of Hilli LLC in exchange for approximately 4.1 million NFE shares and $100,000 in cash (the "Hilli Exchange"). In the fourth quarter of 2022, the Company recognized an other-than-temporary impairment on the investment in Hilli LLC of $118,558; this impairment was recognized in Income (loss) from equity method investments in the consolidated statements of operations and comprehensive income (loss). Upon completion of the Hilli Exchange, a loss on disposal of $37,401 was recognized in Other (income) expense, net in the condensed consolidated

statements of operations and comprehensive income (loss). As a result of the Hilli Exchange, the Company no longer has an ownership interest in the Hilli. NFE shares received from GLNG were cancelled upon closing of the Hilli Exchange.

The Company had guaranteed 50% of the outstanding principal and interest amounts payable by Hilli Corp., a direct subsidiary of Hilli LLC. The Company had also guaranteed letters of credit issued by a financial institution in the event of Hilli Corp.’s underperformance or non-performance under the liquefaction tolling agreement with its customer. In conjunction with the Hilli Exchange, the Company is no longer a guarantor under these arrangements, and the remaining guarantee liability of $2,286 was derecognized as a reduction to Selling, general and administrative in the condensed consolidated statements of operations in the first quarter of 2023.

Energos

In August 2022, the Company completed a transaction (the “Energos Formation Transaction”) with an affiliate of Apollo Global Management, Inc., pursuant to which the Company transferred ownership of 11 vessel to Energos Infrastructure ("Energos") in exchange for approximately $1.85 billion in cash and a 20% equity interest in Energos. The Company's equity investment provides certain rights, including representation on the board of directors, which give the Company significant influence over the operations of Energos, and as such, the investment has been accounted for under the equity method; this investment is included within the Ships segment. Energos is also an affiliate, and all transactions with Energos are transactions with an affiliate.

Due to the timing and availability of financial information of Energos, the Company recognizes its proportional share of the income or loss from the equity method investment on a financial reporting lag of one fiscal quarter. For the three and six months ended June 30, 2023, the Company has recognized earnings from Energos of $2,269 and $6,263.