0001749723-24-000072 | 10-Q | XBRL Viewer

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Leases, as lessee - Future Payments Due under Operating and Finance Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Operating Leases
Due remainder of 2024	$ 90,964
2025	150,729
2026	111,613
2027	111,185
2028	109,378
Thereafter	327,883
Total lease payments	901,752
Less: effects of discounting	268,779
Present value of lease liabilities	632,973
Current lease liability	117,114	$ 135,867
Non-current lease liability	515,859	390,519
Financing Leases
Due remainder of 2024	2,853
2025	4,344
2026	2,592
2027	89
2028	89
Thereafter	851
Total lease payments	10,818
Less: effects of discounting	1,693
Present value of lease liabilities	9,125
Finance lease liabilities	3,759	28,681
Non-current lease liability	$ 5,366	$ 15,975

Earnings per share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings per share

22. Earnings per share


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Basic
Numerator:
Net income (loss)	$	(86,860)	$	120,100	$	(30,190)	$	271,666
Net (income) loss attributable to non-controlling interests	(1,994)		(852)		(4,583)		(2,212)
Series A convertible preferred stock cumulative dividend	(1,190)		—		(1,332)		—
Net income attributable to Class A common stock	$	(90,044)	$	119,248	$	(36,105)	$	269,454

Denominator:
Weighted-average shares - basic	205,070,756		205,045,121		205,066,362		206,867,828
Net income per share - basic	$	(0.44)	$	0.58	$	(0.18)	$	1.30

Diluted
Numerator:
Net income (loss)	$	(86,860)	$	120,100	$	(30,190)	$	271,666
Net (income) loss attributable to non-controlling interests	(1,994)		(852)		(4,583)		(2,212)
Series A convertible preferred stock cumulative dividend	(1,190)		—		(1,332)		—
Adjustments attributable to dilutive securities	(1,018)		(304)		(1,768)		(1,954)
Net income (loss) attributable to Class A common stock	(91,062)		118,944		(37,873)		267,500

Denominator:
Weighted-average shares - diluted	205,851,364		205,711,467		205,846,970		207,534,174
Net income per share - diluted	$	(0.44)	$	0.58	$	(0.18)	$	1.29

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.


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Unvested RSUs	—	—	1,557,599	—
Series A convertible preferred stock(1)	2,067,509	—	2,067,509	—
Total	2,067,509	—	3,625,108	—

(1) Represents the weighted average number of potentially dilutive shares that are anti-dilutive if the Series A convertible preferred stock was converted on the issuance date.

The Company declared and paid quarterly dividends totaling $20,507 and $20,503 during the three months ended June 30, 2024 and 2023, respectively, representing $0.10 per Class A share. The Company declared and paid dividends of $41,010 and $40,970 during the six months ended June 30, 2024 and 2023, respectively, representing $0.10 per Class A share.

During each of the three months ended June 30, 2024 and 2023, the Company paid dividends of $3,019 to holders of Golar LNG Partners LP's 8.75% Series A Cumulative Redeemable Preferred Units (“GMLP Series A Preferred Units”). During each of the six months ended June 30, 2024 and 2023, the Company paid dividends of $6,038 to holders of the GMLP

Series A Preferred Units. As these equity interests have been issued by one of the Company’s consolidated subsidiaries, the value of the GMLP Series A Preferred Units is recognized as non-controlling interest in the condensed consolidated financial statements.

During the second quarter of 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.

The Company has accrued dividends on the Series A Convertible Preferred Stock of $1,190 and $1,332 for the three and six months ended June 30, 2024, respectively, which were paid on July 1, 2024.

Upon the sale of the vessel Mazo (Refer to Note 11), one of the Company's non-wholly owned subsidiaries paid a dividend using proceeds from the sale. The dividend of $8,662 paid to the other shareholder in this subsidiary was recognized as a reduction to non-controlling interest during the first quarter of 2024.

Asset sale	6 Months Ended
Asset sale	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Asset sale	5. Asset sale In March 2024, the Company completed a series of transactions that included the sale of turbines and related equipment to the Puerto Rico Electric Power Authority ("PREPA") under an Asset Purchase Agreement ("APA"). The Company deployed this equipment in 2023 in response to a request to provide emergency power to stabilize the power grid in Puerto Rico. The purchase price was $306,599. Additionally, the APA includes a requirement that the Company provide major maintenance services on certain of the sold turbines within 12 months of the sale date; the standalone selling price of these maintenance services of $15,330 will be recognized when these services are performed, and the transaction price allocated to the sale of turbines was reduced by this amount. The Company recognized $3,830 of the maintenance services revenue during the quarter. The book value of the turbines and equipment at the time of sale was $368,799, and the Company recognized a loss of $77,530 in Loss on sale of assets, net in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). A portion of the assets sold to PREPA were previously leased by the Company. To facilitate the sale of these leased turbines, the Company terminated leases, acquiring turbines and equipment immediately prior to the sale of such turbines and equipment to PREPA. The cost to acquire the leased turbines, including the write-off of the right-of-use asset and lease liability were included in the book value of the turbines and the related loss upon sale. As part of these transactions, the Company repaid the Equipment Notes (See Note 19) that were collateralized by the sold turbines, recognizing a loss on extinguishment of debt of $7,879, which was comprised of fees due upon prepayment as well as the unamortized portion of financing costs incurred at the inception of the loan. The Company's contract to provide emergency power services to support the grid stabilization project was also terminated. All unrecognized contract liabilities and cost to fulfil at the time of termination were recognized in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (See Note 6). The Company believes that there are remedies available under the customer contract, and is currently pursuing these remedies. As the outcome of this process is uncertain, any transaction price associated with closing this contract has been fully constrained. The Company has been awarded a new gas sale agreement with PREPA under which the Company is providing gas supply to the sold turbines.

Leases, as lessee - Right-of-use assets, Current Lease Liabilities and Non-Current Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Operating right-of-use-assets	$ 653,819	$ 538,055
Finance right-of-use assets	19,605	50,330
Total right-of-use assets	673,424	588,385
Current lease liabilities:
Operating lease liabilities	117,114	135,867
Finance lease liabilities	3,759	28,681
Total current lease liabilities	120,873	164,548
Non-current lease liabilities:
Operating lease liabilities	515,859	390,519
Finance lease liabilities	5,366	15,975
Total non-current lease liabilities	521,225	406,494
Finance lease, right-of-use asset, accumulated amortization	$ 5,575	$ 21,470

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 06, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		205,067,047
Entity Central Index Key	0001749723
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Debt - BNDES Term Loan (Details) - Barcarena Debentures, due October 2028 $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) tranch
Debt Instrument [Line Items]
Issuance of letter of credit	$ 355,556
Line of credit facility, number of tranches \| tranch	3
Proceeds from long-term lines of credit	$ 284,444
Minimum
Debt Instrument [Line Items]
Fixed interest rate	2.61%
Maximum
Debt Instrument [Line Items]
Fixed interest rate	4.41%

- 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.

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+ Details

Property, plant and equipment, net (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment, Net

As of June 30, 2024 and December 31, 2023, the Company’s property, plant and equipment, net consisted of the following:


	June 30, 2024		December 31, 2023
Vessels	$	1,556,455	$	1,494,433
Terminal and power plant equipment	476,027		668,927
Power facilities	271,698		273,978

ISO containers and other equipment	64,280		97,984
LNG liquefaction facilities	1,561		63,316
Gas pipelines	66,319		66,319
Land	53,345		54,324
Leasehold improvements	45,341		139,967
Accumulated depreciation	(390,188)		(377,833)
Total property, plant and equipment, net	$	2,144,838	$	2,481,415

Revenue recognition - Components of Lease Income from Vessel Operating Lease (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Operating lease income	$ 49,944	$ 65,840	$ 93,303	$ 142,364
Variable lease income	2,472	0	5,768	0
Total operating lease income	$ 52,416	$ 65,840	$ 99,071	$ 142,364

Other current liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Derivative liabilities	$ 24,329	$ 19,450
Contract liabilities (Note 6)	96,331	65,287
Income tax payable	69,261	54,040
Due to affiliates	5,853	9,579
Winter sub-charter liability	20,319	49,400
Liabilities held for sale (Note 11)	8,801	0
Other current liabilities	25,664	30,195
Other current liabilities	$ 250,558	$ 227,951

- Definition

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

+ References + Details

Financial instruments - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
Financial instruments - Narrative (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unrealized gain (loss) on derivatives	$ (6,205,000)	$ 17,121,000	$ (7,027,000)	$ 17,121,000
Energos
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other long-term investments	1,000,000		1,000,000
Foreign exchange contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative, notional amount	$ 359,135,000		$ 359,135,000

- 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

Construction in progress (Tables)

6 Months Ended

Jun. 30, 2024

Construction in progress [Abstract]

Schedule of Construction in Progress Activity

The Company’s construction in progress activity during the six months ended June 30, 2024 is detailed below:


	June 30, 2024
Construction in progress as of December 31, 2023	$	5,348,294

Additions	1,127,077

Impact of currency translation adjustment	(93,768)
Assets placed in service	(80,441)
Construction in progress as of June 30, 2024	$	6,301,162

Segments - Schedule of Segment Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	$ 428,006,000	$ 561,345,000	$ 1,118,327,000	$ 1,140,476,000
Cost of sales	221,860,000	225,768,000	450,977,000	410,706,000
Vessel operating expenses	8,503,000	11,443,000	16,899,000	24,734,000
Operations and maintenance	39,292,000	33,697,000	107,840,000	60,368,000
Deferred earnings from contracted sales	0		0
Consolidated Segment Operating Margin	158,351,000	290,437,000	542,611,000	644,668,000
Statement of Financial Position [Abstract]
Total assets	11,408,377,000	9,135,239,000	11,408,377,000	9,135,239,000	$ 10,501,245,000
Other segmental financial information:
Capital expenditures	646,558,000	1,316,805,000	1,130,813,000	2,248,628,000
Unrealized gain (loss) on derivatives	(6,205,000)	17,121,000	(7,027,000)	17,121,000
Gain (loss) on derivative instruments, net, pretax			0
Inventory write-down			0	6,232,000
Supply agreement, prepayments received	96,331,000		96,331,000		$ 65,287,000
Natural Gas Liquids (NGL)
Other segmental financial information:
Supply agreement, prepayments received	90,000,000		90,000,000
Not Designated as Hedging Instrument, Economic Hedge
Other segmental financial information:
Realized loss on derivative		(3,911,000)		141,853,000
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
Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	428,006,000	561,345,000	1,118,327,000	1,161,870,000
Cost of sales	221,860,000	222,371,000	450,977,000	296,169,000
Vessel operating expenses	8,503,000	11,443,000	16,899,000	30,682,000
Operations and maintenance	39,292,000	33,697,000	107,840,000	60,368,000
Deferred earnings from contracted sales	90,000,000		90,000,000
Consolidated Segment Operating Margin	248,351,000	293,834,000	632,611,000	774,651,000
Statement of Financial Position [Abstract]
Total assets	11,408,377,000	9,135,239,000	11,408,377,000	9,135,239,000
Other segmental financial information:
Capital expenditures	646,558,000	1,316,805,000	1,130,813,000	2,248,628,000
Operating Segments \| Terminals and Infrastructure
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	385,428,000	495,504,000	1,033,165,000	998,112,000
Cost of sales	221,860,000	222,371,000	450,977,000	296,169,000
Vessel operating expenses	0	0	0	0
Operations and maintenance	39,292,000	33,697,000	107,840,000	60,368,000
Deferred earnings from contracted sales	90,000,000		90,000,000
Consolidated Segment Operating Margin	214,276,000	239,436,000	564,348,000	641,575,000
Statement of Financial Position [Abstract]
Total assets	10,761,090,000	7,924,074,000	10,761,090,000	7,924,074,000
Other segmental financial information:
Capital expenditures	646,558,000	1,316,805,000	1,130,813,000	2,248,628,000
Operating Segments \| Ships
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	42,578,000	65,841,000	85,162,000	163,758,000
Cost of sales	0	0	0	0
Vessel operating expenses	8,503,000	11,443,000	16,899,000	30,682,000
Operations and maintenance	0	0	0	0
Deferred earnings from contracted sales	0		0
Consolidated Segment Operating Margin	34,075,000	54,398,000	68,263,000	133,076,000
Statement of Financial Position [Abstract]
Total assets	647,287,000	1,211,165,000	647,287,000	1,211,165,000
Other segmental financial information:
Capital expenditures	0	0	0	0
Consolidation and Other
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	0	0	0	(21,394,000)
Cost of sales	0	3,397,000	0	114,537,000
Vessel operating expenses	0	0	0	(5,948,000)
Operations and maintenance	0	0	0	0
Deferred earnings from contracted sales	(90,000,000)		(90,000,000)
Consolidated Segment Operating Margin	(90,000,000)	(3,397,000)	(90,000,000)	(129,983,000)
Statement of Financial Position [Abstract]
Total assets	0	0	0	0
Other segmental financial information:
Capital expenditures	$ 0	$ 0	$ 0	$ 0

Financial instruments - Schedule of Fair Value Adjustment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Contingent consideration derivative liabilities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value adjustment loss (gain)	$ (1,668)	$ (22)	$ (2,304)	$ (3,035)

Leases, as lessee

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases, as lessee

7. Leases, as lessee

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

The Company’s leases include fixed lease payments which may include escalation terms based on a fixed percentage or may vary based on an inflation index or other market adjustments. Escalations resulting from changes in inflation indices and market adjustments, as well as other lease costs that depend on the use of the underlying asset, are not considered lease payments when calculating the lease liability or ROU asset. Instead, such payments are accounted for as variable lease cost when the condition 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, 2024 and December 31, 2023, ROU assets, current lease liabilities and non-current lease liabilities consisted of the following:


	June 30, 2024		December 31, 2023
Operating right-of-use-assets	$	653,819	$	538,055
Finance right-of-use-assets (1)	19,605		50,330
Total right-of-use assets	$	673,424	$	588,385

Current lease liabilities:
Operating lease liabilities	$	117,114	$	135,867
Finance lease liabilities	3,759		28,681
Total current lease liabilities	$	120,873	$	164,548
Non-current lease liabilities:
Operating lease liabilities	$	515,859	$	390,519
Finance lease liabilities	5,366		15,975
Total non-current lease liabilities	$	521,225	$	406,494

(1) Finance lease ROU assets are recorded net of accumulated amortization of $5,575 and $21,470 as of June 30, 2024 and December 31, 2023, respectively.

During the first quarter of 2024, the Company terminated the finance lease of certain turbines and purchased the turbines from the lessor. Immediately subsequent to the purchase of the turbines, the assets were sold as part of the sale of assets to PREPA (Refer to Note 5). The termination of the lease resulted in the write-off of the right-of-use asset and lease liability of $24,339 and $29,443, respectively, which was included in the book value of the turbines and the related loss upon sale.

During the three months ended June 30, 2024, the Company terminated the operating lease of three turbines. The termination of the lease resulted in the write-off of the right-of-use asset and lease liability of $23,018 and $25,762 respectively, and a loss on lease termination of $4,789 recognized within Other expense (income), net in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

For the three and six months ended June 30, 2024 and 2023, 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,
	2024		2023		2024		2023
Fixed lease cost	$	43,154	$	22,858	$	76,248	$	39,226
Variable lease cost	1,073		1,004		2,709		1,601
Short-term lease cost	3,564		2,370		6,590		5,919

Lease cost - Cost of sales	$	40,006	$	15,137	$	66,008	$	30,891
Lease cost - Operations and maintenance	5,573		9,207		15,146		12,048
Lease cost - Selling, general and administrative	2,212		1,888		4,393		3,807

For the three months ended June 30, 2024 and 2023, the Company has capitalized $22,208 and $14,449 of lease costs, respectively. For the six months ended June 30, 2024 and 2023, the Company has capitalized $37,137 and $18,705 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 ISO tanks and a parcel of land that are recognized as finance leases. For the three and six months ended June 30, 2024 and 2023, 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,
	2024		2023		2024		2023
Interest expense related to finance leases	$	124	$	1,218	$	722	$	1,686
Amortization of right-of-use asset related to finance leases	353		5,771		5,324		7,560

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, 2024 and 2023:


	Six Months Ended June 30,
	2024		2023
Operating cash outflows for operating lease liabilities	$	100,246	$	61,506
Financing cash outflows for finance lease liabilities	5,332		5,589
Right-of-use assets obtained in exchange for new operating lease liabilities	206,344		126,863
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, 2024 are as follows:


	Operating Leases		Financing Leases
Due remainder of 2024	$	90,964	$	2,853
2025	150,729		4,344
2026	111,613		2,592
2027	111,185		89
2028	109,378		89
Thereafter	327,883		851
Total lease payments	$	901,752	$	10,818
Less: effects of discounting	268,779		1,693
Present value of lease liabilities	$	632,973	$	9,125

Current lease liability	$	117,114	$	3,759
Non-current lease liability	515,859		5,366

As of June 30, 2024, the weighted average remaining lease term for operating leases was 7.1 years and finance leases was 3.1 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, 2024 was 10.3% and as of December 31, 2023 was 10.1%. The weighted average discount rate associated with finance leases as of June 30, 2024 was 5.2% and as of December 31, 2023 was 8.2%.

Leases, as lessee

7. Leases, as lessee

As of June 30, 2024 and December 31, 2023, ROU assets, current lease liabilities and non-current lease liabilities consisted of the following:


	June 30, 2024		December 31, 2023
Operating right-of-use-assets	$	653,819	$	538,055
Finance right-of-use-assets (1)	19,605		50,330
Total right-of-use assets	$	673,424	$	588,385

Current lease liabilities:
Operating lease liabilities	$	117,114	$	135,867
Finance lease liabilities	3,759		28,681
Total current lease liabilities	$	120,873	$	164,548
Non-current lease liabilities:
Operating lease liabilities	$	515,859	$	390,519
Finance lease liabilities	5,366		15,975
Total non-current lease liabilities	$	521,225	$	406,494

(1) Finance lease ROU assets are recorded net of accumulated amortization of $5,575 and $21,470 as of June 30, 2024 and December 31, 2023, respectively.


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Fixed lease cost	$	43,154	$	22,858	$	76,248	$	39,226
Variable lease cost	1,073		1,004		2,709		1,601
Short-term lease cost	3,564		2,370		6,590		5,919

Lease cost - Cost of sales	$	40,006	$	15,137	$	66,008	$	30,891
Lease cost - Operations and maintenance	5,573		9,207		15,146		12,048
Lease cost - Selling, general and administrative	2,212		1,888		4,393		3,807


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest expense related to finance leases	$	124	$	1,218	$	722	$	1,686
Amortization of right-of-use asset related to finance leases	353		5,771		5,324		7,560


	Six Months Ended June 30,
	2024		2023
Operating cash outflows for operating lease liabilities	$	100,246	$	61,506
Financing cash outflows for finance lease liabilities	5,332		5,589
Right-of-use assets obtained in exchange for new operating lease liabilities	206,344		126,863
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, 2024 are as follows:


	Operating Leases		Financing Leases
Due remainder of 2024	$	90,964	$	2,853
2025	150,729		4,344
2026	111,613		2,592
2027	111,185		89
2028	109,378		89
Thereafter	327,883		851
Total lease payments	$	901,752	$	10,818
Less: effects of discounting	268,779		1,693
Present value of lease liabilities	$	632,973	$	9,125

Current lease liability	$	117,114	$	3,759
Non-current lease liability	515,859		5,366

Equity method investments - Schedule of Changes in Equity Method Investments (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Equity Method Investments [Roll Forward]
Equity method investments as of December 31, 2023	$ 137,793
Capital contribution	6,794
Sale of equity method investment	(144,587)
Equity method investments as of June 30, 2024	$ 0

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Inventory

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventory

10. Inventory

As of June 30, 2024 and December 31, 2023, inventory consisted of the following:


	June 30, 2024		December 31, 2023
LNG and natural gas inventory	$	98,507	$	75,417
Automotive diesel oil inventory	10,696		10,121
Bunker fuel, materials, supplies and other	32,520		28,146
Total inventory	$	141,723	$	113,684

Inventory is adjusted to the lower of cost or net realizable value each quarter. Changes in the value of inventory are recorded within Cost of sales in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). No adjustments were recorded during the six months ended June 30, 2024. The Company recognized an adjustment to inventory of $6,232 during the six months ended June 20, 2023. 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.

Asset acquisition and redeemable preferred stock	6 Months Ended
Asset acquisition and redeemable preferred stock	Jun. 30, 2024
Equity [Abstract]
Asset acquisition and redeemable preferred stock	4. Asset acquisition and redeemable preferred stock On March 20, 2024, the Company completed transactions pursuant to an agreement among the Company, Ceiba Energy Fundo de Investimento em Participações Multiestratégia - Investimento no Exterior (“Ceiba Energy”) and PortoCem Geração de Energia S.A., a wholly-owned subsidiary of Ceiba Energy (“PortoCem”), pursuant to which the Company issued to Ceiba Energy 96,746 shares of 4.8% Series A Convertible Preferred Stock of the Company (the “Series A Convertible Preferred Stock”), and assumed certain of PortoCem’s existing indebtedness in exchange for all outstanding equity interests in PortoCem, the owner of a 15-year 1.6GW capacity reserve contract in Brazil (the “PortoCem Acquisition”). The PortoCem Acquisition was accounted for as an asset acquisition. As a result, no goodwill was recorded, and the Company’s acquisition-related costs of $592 were included in the purchase consideration. The total purchase consideration of $162,860, which was comprised of the value of the Series A Convertible Preferred Stock issued, PortoCem BTG Loan assumed (defined in Note 19) and deferred tax liability of $37,662 recognized as a result of the acquisition, was allocated to acquired capacity reserve contract within Intangible assets, net. Series A Convertible Preferred Stock The Series A Convertible Preferred Stock has a liquidation preference of $1,000 per share and is not subject to any sinking fund. The Series A Convertible Preferred Stock has no stated maturity and will remain outstanding indefinitely unless redeemed or repurchased by the Company or converted into shares of Class A common stock. Dividend rights The Series A Convertible Preferred Stock ranks senior to the shares of the Company’s common stock, in terms of dividend rights and rights upon any voluntary or involuntary liquidation, dissolution or winding up of the Company. Holders of Series A Convertible Preferred Stock are entitled to a cumulative dividend at the rate of 4.8% per annum, which is payable quarterly in arrears. If the Company does not declare and pay a dividend, the dividend rate will increase to 6.8% per annum until all accrued but unpaid dividends have been paid in full. Conversion features The Series A Convertible Preferred Stock may be converted by each holder, in whole or in minimum increments of 5,000 shares, at any time into a number of shares of Class A common stock per share of Series A Convertible Preferred Stock equal to the quotient of $1,000 per share plus any accumulated and unpaid dividends thereon and the then applicable conversion price. The initial conversion price is $47.43 per share of Class A common stock, subject to customary anti-dilution adjustments. Redemption rights Upon the occurrence of certain events, the holders constituting at least a majority of the outstanding voting power of the Series A Convertible Preferred Stock may require the Company to repurchase the Series A Convertible Preferred Stock, in whole but not in part, for cash or shares of Class A common stock (or any combination thereof) at a repurchase price of $1,000 per share plus any accumulated and unpaid dividends thereon. Contingent events that would allow the holders to require repurchase by the Company include: •change in control, downgrade in the credit rating of certain of the Company's debt or if certain financial leverage ratios aren't achieved ("Change Event"); •as of the 30th trading day following March 20, 2027, if the arithmetic average of the daily volume-weighted average price of the Company's common stock for the thirty consecutive trading day period beginning on first trading day following March 20, 2027 is less than the then-applicable conversion price ("Share Price Condition"). If the Series A Convertible Preferred Stock is to be repurchased by the Company, the majority of the holders of the Series A Convertible Preferred Stock may require the Company to repurchase the Series A Convertible Preferred Stock for shares of Class A common stock. The Series A Convertible Preferred Stock may be redeemed by the Company, in whole but not in part, at its option upon 45 days’ written notice as follows: •on or before March 20, 2027 at a redemption price equal to the greater of (i) $1,000 per share plus any accumulated and unpaid dividends and (ii) the cash amount necessary per share for a holder to achieve a Return on Investment (as defined in the Certificate of Designations) as of the redemption date equal to 1.4; •after the 30th trading day following March 20, 2027 if the Share Price Condition is not met or (y) 30 calendar days after the delivery of the required notice if the Share Price Condition is met, in each case, at a redemption price equal to $1,000 per share plus any accumulated and unpaid dividends; •occurrence of a Change Event at a redemption price equal to $1,000 per share plus any accumulated and unpaid dividends. The Company may redeem the Series A Convertible Preferred Stock for cash or shares of Class A common stock (or any combination thereof); provided that for a redemption prior to March 20, 2027 due to a Change Event, a majority of the holders of the Series A Convertible Preferred Stock may require the Company to redeem for cash or shares of Class A common stock. Since the redemption of the Series A Convertible Preferred Stock is contingently redeemable and therefore not certain to occur, the Series A Convertible Preferred Stock is not required to be classified as a liability. The Series A Convertible Preferred Stock is redeemable at the option of the holder in certain circumstances upon the occurrence of an event that is not solely within the Company's control, and as such, the Series A Convertible Preferred Stock is classified as mezzanine equity on the Condensed Consolidated Balance Sheets. Voting rights Holders of Series A Convertible Preferred Stock are generally entitled to vote with the holders of common stock on an as-converted basis. Holders of Series A Convertible Preferred Stock are entitled to a separate class vote with respect to amendments to the Company’s organizational documents that adversely affect the rights, preferences or voting powers of the Series A Convertible Preferred Stock.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Accrued liabilities

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Accrued liabilities

17. Accrued liabilities

As of June 30, 2024 and December 31, 2023, Accrued liabilities consisted of the following:


	June 30, 2024		December 31, 2023
Accrued development costs	$	192,385	$	286,030
Accrued interest	93,986		82,507
Accrued bonuses	19,424		41,356
Other accrued expenses	78,681		61,782
Total accrued liabilities	$	384,476	$	471,675

Debt - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
Debt - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Level 2
Debt Instrument [Line Items]
Long-term debt	$ 7,525,853	$ 6,835,487
Senior Secured Notes, due September 2025
Debt Instrument [Line Items]
Debt instrument, springing maturity date, period prior To maturity date	60 days
Outstanding principal balance	$ 875,000
Debt, term	3 years

- 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 - Other Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total other revenue	$ 84,368	$ 886	$ 118,530	$ 1,805
Interest income and other revenue
Disaggregation of Revenue [Line Items]
Total other revenue	4,746	886	9,677	1,805
Operation and maintenance revenue
Disaggregation of Revenue [Line Items]
Total other revenue	$ 79,622	$ 0	$ 108,853	$ 0

- 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

Prepaid expenses and other current assets (Tables)

6 Months Ended

Jun. 30, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid Expenses and Other Current Assets, Net

As of June 30, 2024 and December 31, 2023, prepaid expenses and other current assets consisted of the following:


	June 30, 2024		December 31, 2023
Prepaid expenses	$	20,006	$	31,490
Recoverable taxes	123,879		80,630
Due from affiliates	2,019		1,566
Assets held for sale	68,936		21,265
Other current assets	63,143		78,153
Total prepaid expenses and other current assets, net	$	277,983	$	213,104

Leases, as lessee - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating cash outflows for operating lease liabilities	$ 100,246	$ 61,506
Financing cash outflows for finance lease liabilities	5,332	5,589
Right-of-use assets obtained in exchange for new operating lease liabilities	206,344	126,863
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 0	$ 47,672

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 (in shares) at Dec. 31, 2022			208,770,088
Balance at beginning of period at Dec. 31, 2022	$ 1,441,859		$ 2,088	$ 1,170,254	$ 62,080	$ 55,398	$ 152,039
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 (in shares)			(4,100,000)
Cancellation of shares	(122,754)		$ (41)	(122,713)
Dividends	(23,486)				(20,467)		(3,019)
Balance at end of period (in shares) at Mar. 31, 2023			204,670,088
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 beginning of period (in shares) at Dec. 31, 2022			208,770,088
Balance at beginning of period at Dec. 31, 2022	1,441,859		$ 2,088	1,170,254	62,080	55,398	152,039
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	271,666
Dividends		$ (40,970)
Balance at end of period (in shares) at Jun. 30, 2023			205,031,406
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 beginning of period (in shares) at Mar. 31, 2023			204,670,088
Balance at beginning of period at Mar. 31, 2023	1,449,326		$ 2,047	1,047,541	191,819	57,344	150,575
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 (in shares)			689,401
Issuance of shares for vested share-based compensation awards	3		$ 3
Shares withheld from employees related to share-based compensation, at cost (in shares)			(328,083)
Shares withheld from employees related to share-based compensation, at cost	(9,519)			(9,519)
Dividends	(27,122)	(20,503)			(20,503)		(6,619)
Balance at end of period (in shares) at Jun. 30, 2023			205,031,406
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 beginning of period (in shares) at Dec. 31, 2023	0
Balance at beginning of period at Dec. 31, 2023	$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series A convertible preferred stock, net (in shares)	96,746
Issuance of Series A convertible preferred stock, net	$ 96,513
Dividends	$ 142
Balance at end of period (in shares) at Mar. 31, 2024	96,746
Balance at end of period at Mar. 31, 2024	$ 96,655
Balance at beginning of period (in shares) at Dec. 31, 2023			205,031,406
Balance at beginning of period at Dec. 31, 2023	1,777,869		$ 2,050	1,038,530	527,986	71,528	137,775
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	56,670				54,081		2,589
Other comprehensive income (loss)	(7,708)					(7,349)	(359)
Share-based compensation expense	5,248			5,248
Issuance of shares for vested share-based compensation awards (in shares)			14,126
Shares withheld from employees related to share-based compensation, at cost (in shares)			(3,708)
Shares withheld from employees related to share-based compensation, at cost	(126)			(126)
Dividends	(32,326)				(20,645)		(11,681)
Balance at end of period (in shares) at Mar. 31, 2024			205,041,824
Balance at end of period at Mar. 31, 2024	$ 1,799,627		$ 2,050	1,043,652	561,422	64,179	128,324
Balance at beginning of period (in shares) at Dec. 31, 2023	0
Balance at beginning of period at Dec. 31, 2023	$ 0
Balance at end of period (in shares) at Jun. 30, 2024	96,746
Balance at end of period at Jun. 30, 2024	$ 97,845
Balance at beginning of period (in shares) at Dec. 31, 2023			205,031,406
Balance at beginning of period at Dec. 31, 2023	1,777,869		$ 2,050	1,038,530	527,986	71,528	137,775
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(30,190)
Dividends		(41,010)
Balance at end of period (in shares) at Jun. 30, 2024			205,065,328
Balance at end of period at Jun. 30, 2024	$ 1,687,268		$ 2,050	1,063,426	450,871	43,653	127,268
Balance at beginning of period (in shares) at Mar. 31, 2024	96,746
Balance at beginning of period at Mar. 31, 2024	$ 96,655
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends	$ 1,190
Balance at end of period (in shares) at Jun. 30, 2024	96,746
Balance at end of period at Jun. 30, 2024	$ 97,845
Balance at beginning of period (in shares) at Mar. 31, 2024			205,041,824
Balance at beginning of period at Mar. 31, 2024	1,799,627		$ 2,050	1,043,652	561,422	64,179	128,324
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(86,860)				(88,854)		1,994
Other comprehensive income (loss)	(20,557)					(20,526)	(31)
Share-based compensation expense	20,064			20,064
Issuance of shares for vested share-based compensation awards (in shares)			34,578
Shares withheld from employees related to share-based compensation, at cost (in shares)			(11,074)
Shares withheld from employees related to share-based compensation, at cost	(290)			(290)
Dividends	(24,716)	$ (20,507)			(21,697)		(3,019)
Balance at end of period (in shares) at Jun. 30, 2024			205,065,328
Balance at end of period at Jun. 30, 2024	$ 1,687,268		$ 2,050	$ 1,063,426	$ 450,871	$ 43,653	$ 127,268

Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Total interest expense	$ 80,399	$ 64,396	$ 157,743	$ 136,069
Financing interest expense, non-cash	30,694	32,460	63,887	82,363
Debt
Debt Instrument [Line Items]
Interest per contractual rates	128,998	75,160	252,416	139,419
Interest expense on Vessel Financing Obligation	49,428	52,465	98,515	106,795
Amortization of debt issuance costs, premiums and discounts	12,676	3,150	21,129	6,742
Interest expense incurred on finance lease obligations	124	1,218	722	1,686
Total interest costs	191,226	131,993	372,782	254,642
Capitalized interest	110,827	67,597	215,039	118,573
Total interest expense	$ 80,399	$ 64,396	$ 157,743	$ 136,069

Segments - Narrative (Details)	6 Months Ended
Segments - Narrative (Details)	Jun. 30, 2024 Segment Vessel
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment	2
Ships
Segment Reporting Information [Line Items]
Number of vessels \| Vessel	4

Subsequent events	6 Months Ended
Subsequent events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent events	26. Subsequent events FLNG2 Credit Agreement On July 19, 2024, the Company entered into a credit agreement (the “FLNG2 Credit Agreement”) for a senior secured, multiple-draw term loan facility in an aggregate principal amount of up to $700,000 (the loans made under the term loan facility, the “FLNG2 Term Loans”). The proceeds from the FLNG2 Term Loans will be used to pay (i) costs of the construction and development of our 1.4 MTPA onshore FLNG project in Altamira (the “Altamira Onshore Project”), including to reimburse the Company for certain equity contributions made in connection with the Altamira Onshore Project and (ii) fees and expenses incurred in connection with the Altamira Onshore Project. The initial and subsequent funding of the FLNG2 Term Loans are subject to certain conditions, including the condition to the initial funding that initial generation of LNG from our offshore FLNG facility at Altamira (the “FLNG1 Project”) had been achieved. Such condition was satisfied, and initial funding occurred. The remaining commitments for subsequent funding expire on the earliest of June 30, 2026, the date of completion of the Onshore Altamira Project (the “Completion Date”) and the date that the commitments are reduced to zero or terminated. The FLNG2 Term Loans will mature on July 19, 2027 and are payable in full on the maturity date. In the event that the Company’s existing 2025 Notes or 2026 Notes are not refinanced or repaid at least 60 days prior to their respective maturities, the Term Loans will become due and payable on such date. The obligations under the FLNG2 Credit Agreement are guaranteed, jointly and severally, on a senior secured basis by each subsidiary that is a guarantor under the 2025 Notes, 2026 Notes, 2029 Notes, the Company’s Revolving Facility, the Company’s letter of credit facility (the “Letter of Credit Facility”) and the Company’s Term Loan B, other than the guarantors comprising the FLNG1 Project (who guarantee the Revolving Facility, the Letter of Credit Facility, and the Term Loan B). The obligations under the FLNG 2 Credit Agreement are secured by substantially the same collateral as the collateral securing such facilities, with the exception of the collateral comprising the FLNG1 Project (which secures the Revolving Facility, the Letter of Credit Facility, and the Term Loan B). Additionally, the FLNG2 Term Loans are guaranteed by the entities, and secured by the assets, comprising the Onshore Altamira Project. An equal priority intercreditor agreement governs the treatment of the collateral. The FLNG2 Term Loans will bear interest at a per annum rate equal to Term SOFR (as defined in the FLNG2 Credit Agreement) plus 3.75%, or at a base rate plus 2.75%. Each of the foregoing will increase by 0.25% every 180 days beginning on June 30, 2025. The Company may prepay the FLNG2 Term Loans at its option without premium or penalty at any time subject to customary break funding costs. The Company is required to prepay the FLNG2 Term Loans with the net proceeds of certain asset sales, condemnations, debt and convertible securities issuances, and extraordinary receipts related to the Onshore Altamira Project, in each case, subject to certain exceptions and thresholds. Additionally, commencing with the first fiscal quarter after the Completion Date, the Company will be required to prepay the FLNG2 Term Loans with the Onshore Altamira Project’s Excess Cash Flow (as defined in the FLNG2 Credit Agreement). The FLNG2 Credit Agreement contains usual and customary representations and warranties for financings of this type, including certain representations and warranties related to the Onshore Altamira Project, and usual and customary affirmative and negative covenants for financings of this type, including, but not limited to: limitations on liens, indebtedness and dispositions, loans, advances and investments, sale and leaseback transactions, restricted payments; covenants regarding transactions with affiliates, limitations on dividends and other payment restrictions affecting subsidiaries, limitations on modifications of indebtedness, requirements to comply with the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The FLNG2 Credit Agreement includes certain other covenants related solely to the Onshore Altamira Project, including limitations on capital expenditures, restrictions on additional accounts, and restrictions on amendments or termination of certain material documents related to the Onshore Altamira Project. The FLNG2 Credit Agreement further requires compliance with certain environmental and social standards in relation to the Onshore Altamira Project, and delivery of periodic reports on the construction and operation of the Onshore Altamira Project as well as compliance with applicable environmental and social standards. The Company must also comply with certain financial covenants. Beginning with the quarter ending December 31, 2024, the Company must not permit, as of the last day of any test period, the Debt to Capitalization Ratio (as defined in the FLNG2 Credit Agreement) to exceed 0.7:1.0. For quarters in which the Revolving Facility is greater than 50% drawn, the Debt to Annualized EBITDA Ratio (as defined in the FLNG2 Credit Agreement) must not exceed 4.0:1.0. The FLNG2 Credit Agreement also contains usual and customary events of default (subject to certain thresholds and grace periods), including non-payment of principal, interest, fees and other amounts; material breach of a representation or warranty; acceleration on other material debt; bankruptcy or insolvency; defaults related to ERISA; material judgments; and change of control. Backstop Financing Agreement On August 8, 2024, the Company entered into the Backstop Agreement, which provides backstop committed financing to refinance in full the Company’s outstanding 2025 Notes that mature in September 2025. For more information, see Note 19.

Earnings per share - Narrative (Details) - USD ($)	3 Months Ended				6 Months Ended
Earnings per share - Narrative (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Adjustments to additional paid in capital, dividends in excess of retained earnings	$ 24,716,000	$ 32,326,000	$ 27,122,000	$ 23,486,000
Payments of dividends					$ 55,710,000	$ 676,918,000
Issuance of shares for vested share-based compensation awards		$ 8,662,000	3,600,000
Convertible preferred stock	1,190,000		0		1,332,000	0
Class A Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Adjustments to additional paid in capital, dividends in excess of retained earnings	$ 20,507,000		$ 20,503,000		$ 41,010,000	40,970,000
Common stock, dividends, per share, declared (in dollars per share)	$ 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	$ 3,019,000		$ 3,019,000		$ 6,038,000	$ 6,038,000
Noncontrolling interest, ownership percentage by noncontrolling owners	8.75%		8.75%		8.75%	8.75%

Equity method investments (Tables)

6 Months Ended

Jun. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Changes in Equity Method Investments

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


	June 30, 2024
Equity method investments as of December 31, 2023	$	137,793

Capital contribution	6,794

Sale of equity method investment	(144,587)

Equity method investments as of June 30, 2024	$	—

Debt - Turbine Financing (Details) - USD ($) $ in Thousands	Jun. 30, 2024	May 31, 2024
Turbine Financing
Debt Instrument [Line Items]
Fixed interest rate		10.30%
Deposit amount		$ 5,963
Debt instrument, fee amount	$ 2,084
Deferred financing costs	$ 2,037
Secured Debt
Debt Instrument [Line Items]
Outstanding principal balance		$ 148,500

- 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

Property, plant and equipment, net - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Accumulated depreciation	$ (390,188)	$ (377,833)
Total property, plant and equipment, net	2,144,838	2,481,415
Vessels
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,556,455	1,494,433
Total property, plant and equipment, net	1,284,400	1,293,384
Terminal and power plant equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	476,027	668,927
Power facilities
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	271,698	273,978
ISO containers and other equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	64,280	97,984
LNG liquefaction facilities
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,561	63,316
Gas pipelines
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	66,319	66,319
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	53,345	54,324
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 45,341	$ 139,967

Earnings per share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Basic
Numerator:
Net income (loss)	$	(86,860)	$	120,100	$	(30,190)	$	271,666
Net (income) loss attributable to non-controlling interests	(1,994)		(852)		(4,583)		(2,212)
Series A convertible preferred stock cumulative dividend	(1,190)		—		(1,332)		—
Net income attributable to Class A common stock	$	(90,044)	$	119,248	$	(36,105)	$	269,454

Denominator:
Weighted-average shares - basic	205,070,756		205,045,121		205,066,362		206,867,828
Net income per share - basic	$	(0.44)	$	0.58	$	(0.18)	$	1.30

Diluted
Numerator:
Net income (loss)	$	(86,860)	$	120,100	$	(30,190)	$	271,666
Net (income) loss attributable to non-controlling interests	(1,994)		(852)		(4,583)		(2,212)
Series A convertible preferred stock cumulative dividend	(1,190)		—		(1,332)		—
Adjustments attributable to dilutive securities	(1,018)		(304)		(1,768)		(1,954)
Net income (loss) attributable to Class A common stock	(91,062)		118,944		(37,873)		267,500

Denominator:
Weighted-average shares - diluted	205,851,364		205,711,467		205,846,970		207,534,174
Net income per share - diluted	$	(0.44)	$	0.58	$	(0.18)	$	1.29

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.


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Unvested RSUs	—	—	1,557,599	—
Series A convertible preferred stock(1)	2,067,509	—	2,067,509	—
Total	2,067,509	—	3,625,108	—

(1) Represents the weighted average number of potentially dilutive shares that are anti-dilutive if the Series A convertible preferred stock was converted on the issuance date.

Segments - Reconciliation of Net loss to Operating Margin (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting [Abstract]
Net income (loss)	$ (86,860)	$ 56,670	$ 120,100	$ 151,566	$ (30,190)	$ 271,666
Add:
Selling, general and administrative	70,578		55,803		141,332	107,941
Transaction and integration costs	1,760		1,554		3,131	2,048
Depreciation and amortization	37,413		42,115		87,904	76,490
Interest expense	80,399		64,396		157,743	136,069
Other expense (income), net	47,354		(6,584)		66,466	18,421
Asset impairment expense	4,272		0		4,272	0
Gain (Loss) on Disposition of Assets	0		0		77,140	0
Loss on extinguishment of debt	0		0		9,754	0
Tax provision	3,435		15,322		25,059	44,282
(Income) from equity method investments	0		(2,269)		0	(12,249)
Consolidated Segment Operating Margin	$ 158,351		$ 290,437		$ 542,611	$ 644,668

Prepaid expenses and other current assets - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Lease termination asset, current	$ 29,537,000		$ 29,537,000
Winter sub-charter liability	20,319,000		20,319,000		$ 49,400,000
Asset impairment expense	4,272,000	$ 0	4,272,000	$ 0
Miami
Schedule of Equity Method Investments [Line Items]
Asset, held-for-sale, not part of disposal group	$ 62,000,000		62,000,000
Asset impairment expense			$ 4,272,000
Mazo Vessel
Schedule of Equity Method Investments [Line Items]
Asset, held-for-sale, not part of disposal group					22,400,000
Energos
Schedule of Equity Method Investments [Line Items]
Lease termination asset, current					59,074,000
Winter sub-charter liability					$ 49,400,000

Basis of presentation	6 Months Ended
Basis of presentation	Jun. 30, 2024
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, 2023 (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.

Revenue recognition - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Operating revenue	$ 291,222		$ 494,619	$ 900,726	$ 996,307
Receivables, revenue from contracts with customers	405,196			405,196		$ 331,108
Accounts receivable, allowance for credit loss, current	10,025			10,025		1,158
Additional allowance for uncollectible receivables		$ 11,595
Contract with customer, receivable, after allowance for credit loss	248			248		326
Received a prepayment	24,351			24,351		28,536
Contract liabilities, net - current	96,331			96,331		65,287
Deferred revenue at the time of termination	108,706	$ 43,577		108,706		96,985
Capitalized contract cost, net	23,270			23,270		25,282
Other current assets	2,199			2,199		2,864
Other noncurrent assets	21,071			21,071		$ 22,418
Revenue from third party charters	42,578		65,840	85,162	142,364
Cargo Sales
Disaggregation of Revenue [Line Items]
Operating revenue	24,502		$ 267,777	24,502	617,138
Cargo Sales, Cancellation Fees
Disaggregation of Revenue [Line Items]
Contract settlements	162,500				$ 332,000
Natural Gas Liquids (NGL)
Disaggregation of Revenue [Line Items]
Contract liabilities, net - current	$ 90,000			$ 90,000

Equity method investments

6 Months Ended

Jun. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Equity method investments

12. Equity method investments

In August 2022, the Company completed a transaction with an affiliate of Apollo Global Management, Inc., pursuant to which the Company transferred ownership of 11 vessels to Energos Infrastructure ("Energos") in exchange for approximately $1.85 billion in cash and a 20% equity interest in Energos (the “Energos Formation Transaction”). The Company's equity investment provided certain rights, including representation on the Energos board of directors, that gave the Company significant influence over the operations of Energos, and as such, the investment was accounted for under the equity method. Energos was also an affiliate, and all transactions with Energos were transactions with an affiliate.

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


	June 30, 2024
Equity method investments as of December 31, 2023	$	137,793

Capital contribution	6,794

Sale of equity method investment	(144,587)

Equity method investments as of June 30, 2024	$	—

In February 2024, the Company sold substantially all of its stake in Energos. As a result of the transaction, the Company recognized an other than temporary impairment ("OTTI") of the investment in Energos totaling $5,277. This loss was recognized in Income (loss) from equity method investments in the Consolidated Statement of Operations and Comprehensive Income (Loss) for the year-ended December 31, 2023. The sale was completed on February 14, 2024 and the Company received proceeds of $136,365, resulting in a loss of $7,222 presented within Other expense (income), net in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The Company retained an investment in Energos valued at $1,000, which has been recognized within Other non-current assets. Following the disposition of substantially all of the stake in Energos, the Company no longer has significant influence over Energos.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Operating revenue	$ 291,222	$ 494,619	$ 900,726	$ 996,307
Vessel charter revenue	52,416	65,840	99,071	142,364
Other revenue	84,368	886	118,530	1,805
Total revenues	428,006	561,345	1,118,327	1,140,476
Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	221,860	225,768	450,977	410,706
Vessel operating expenses	8,503	11,443	16,899	24,734
Operations and maintenance	39,292	33,697	107,840	60,368
Selling, general and administrative	70,578	55,803	141,332	107,941
Transaction and integration costs	1,760	1,554	3,131	2,048
Depreciation and amortization	37,413	42,115	87,904	76,490
Asset impairment expense	4,272	0	4,272	0
Loss on sale of assets, net	0	0	(77,140)	0
Total operating expenses	383,678	370,380	889,495	682,287
Operating income	44,328	190,965	228,832	458,189
Interest expense	80,399	64,396	157,743	136,069
Other expense (income), net	47,354	(6,584)	66,466	18,421
Loss on extinguishment of debt	0	0	9,754	0
Income (loss) before income from equity method investments and income taxes	(83,425)	133,153	(5,131)	303,699
Income from equity method investments	0	2,269	0	12,249
Tax provision	3,435	15,322	25,059	44,282
Net income (loss)	(86,860)	120,100	(30,190)	271,666
Net (income) loss attributable to non-controlling interest	(1,994)	(852)	(4,583)	(2,212)
Net income (loss) attributable to stockholders	$ (88,854)	$ 119,248	$ (34,773)	$ 269,454
Net income (loss) per share - basic (in dollars per share)	$ (0.44)	$ 0.58	$ (0.18)	$ 1.30
Net income (loss) per share - diluted (in dollars per share)	$ (0.44)	$ 0.58	$ (0.18)	$ 1.29
Weighted average number of shares outstanding, basic (in shares)	205,070,756	205,045,121	205,066,362	206,867,828
Weighted average number of shares outstanding - diluted (in shares)	205,851,364	205,711,467	205,846,970	207,534,174
Other comprehensive income (loss):
Currency translation adjustment	$ (20,557)	$ 16,908	$ (28,265)	$ 19,049
Comprehensive income (loss)	(107,417)	137,008	(58,455)	290,715
Comprehensive (income) loss attributable to non-controlling interest	(1,963)	(758)	(4,193)	(2,313)
Comprehensive income (loss) attributable to stockholders	$ (109,380)	$ 136,250	$ (62,648)	$ 288,402

Leases, as lessee (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

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

As of June 30, 2024 and December 31, 2023, ROU assets, current lease liabilities and non-current lease liabilities consisted of the following:


	June 30, 2024		December 31, 2023
Operating right-of-use-assets	$	653,819	$	538,055
Finance right-of-use-assets (1)	19,605		50,330
Total right-of-use assets	$	673,424	$	588,385

Current lease liabilities:
Operating lease liabilities	$	117,114	$	135,867
Finance lease liabilities	3,759		28,681
Total current lease liabilities	$	120,873	$	164,548
Non-current lease liabilities:
Operating lease liabilities	$	515,859	$	390,519
Finance lease liabilities	5,366		15,975
Total non-current lease liabilities	$	521,225	$	406,494

(1) Finance lease ROU assets are recorded net of accumulated amortization of $5,575 and $21,470 as of June 30, 2024 and December 31, 2023, respectively.

Lease, Cost


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Fixed lease cost	$	43,154	$	22,858	$	76,248	$	39,226
Variable lease cost	1,073		1,004		2,709		1,601
Short-term lease cost	3,564		2,370		6,590		5,919

Lease cost - Cost of sales	$	40,006	$	15,137	$	66,008	$	30,891
Lease cost - Operations and maintenance	5,573		9,207		15,146		12,048
Lease cost - Selling, general and administrative	2,212		1,888		4,393		3,807

For the three and six months ended June 30, 2024 and 2023, 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,
	2024		2023		2024		2023
Interest expense related to finance leases	$	124	$	1,218	$	722	$	1,686
Amortization of right-of-use asset related to finance leases	353		5,771		5,324		7,560

Supplemental Cash Flow Information Related to Leases


	Six Months Ended June 30,
	2024		2023
Operating cash outflows for operating lease liabilities	$	100,246	$	61,506
Financing cash outflows for finance lease liabilities	5,332		5,589
Right-of-use assets obtained in exchange for new operating lease liabilities	206,344		126,863
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, 2024 are as follows:


	Operating Leases		Financing Leases
Due remainder of 2024	$	90,964	$	2,853
2025	150,729		4,344
2026	111,613		2,592
2027	111,185		89
2028	109,378		89
Thereafter	327,883		851
Total lease payments	$	901,752	$	10,818
Less: effects of discounting	268,779		1,693
Present value of lease liabilities	$	632,973	$	9,125

Current lease liability	$	117,114	$	3,759
Non-current lease liability	515,859		5,366

Financial instruments

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Financial instruments

8. Financial instruments

During the first and second quarters of 2024, the Company entered into a series of foreign exchange forward contracts and zero-cost collar options to reduce exchange rate risk associated with U.S. dollar borrowings and expected capital expenditures. As of June 30, 2024, the notional amount of outstanding foreign exchange contracts was approximately $359,135. The Company recognized unrealized losses on a portion of these instruments of $6,205 and $7,027 for the three and six months ended June 30, 2024 respectively. For certain instruments, the Company recognized an unrealized gain of $17,121 for both the three and six months ended June 30, 2024. These instruments are expected to settle starting in 2024 through the third quarter of 2026.

The mark-to-market gain or loss on the foreign exchange contracts and other derivative instruments that are not intended to mitigate commodity risk are reported in Other expense (income), net in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

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 may not meet their contractual responsibilities; however, the Company does not anticipate any inability to perform by any counterparties.

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 for which the Company needs 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 necessary to replace the service capacity of an asset (replacement cost).

The Company uses the market approach when valuing investment in equity securities and foreign exchange forward contracts which are recorded in Other non-current assets and Other current liabilities on the Condensed Consolidated Balance Sheets, respectively.

The Company uses the income approach for valuing the contingent consideration derivative liabilities. The liabilities represent consideration due to the sellers in asset acquisitions when certain contingent events occur and are recorded within Other current liabilities and Other long-term liabilities based on the timing of expected settlement.

The fair value of derivative instruments 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, 2024 and December 31, 2023:


	Level 1		Level 2		Level 3		Total
June 30, 2024
Assets
Investment in equity securities	$	—	$	—	$	8,678	$	8,678



Foreign exchange contracts	—		17,121		—		—

Liabilities
Foreign exchange contracts	$	—	$	7,027	$	—	$	7,027
Contingent consideration derivative liabilities	—		—		34,703		34,703

December 31, 2023
Assets
Investment in equity securities	$	—	$	—	$	7,678	$	7,678

Liabilities
Contingent consideration derivative liabilities	$	—	$	—	$	37,832	$	37,832

The Company believes the carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximated their fair value as of June 30, 2024 and December 31, 2023 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. These adjustments have been recorded within Other expense (income), net in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Contingent consideration derivative liabilities - Fair value adjustment - (gain)	$	(1,668)	$	(22)	$	(2,304)	$	(3,035)

During the three and six months ended June 30, 2024 and 2023, the Company had no transfers in or out of Level 3 in the fair value hierarchy. During the first quarter of 2024, the Company sold substantially all of its investment in Energos; this investment had been accounted for as an equity method investment (refer to Note 12). The Company retained an investment in Energos valued at $1,000, which is shown as a Level 3 investment in equity securities in the table above.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 107
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Prepaid expenses and other current assets

6 Months Ended

Jun. 30, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid expenses and other current assets

11. Prepaid expenses and other current assets

As of June 30, 2024 and December 31, 2023, prepaid expenses and other current assets consisted of the following:


	June 30, 2024		December 31, 2023
Prepaid expenses	$	20,006	$	31,490
Recoverable taxes	123,879		80,630
Due from affiliates	2,019		1,566
Assets held for sale	68,936		21,265
Other current assets	63,143		78,153
Total prepaid expenses and other current assets, net	$	277,983	$	213,104

During the fourth quarter of 2023, the Company began to sub-charter the Winter, a vessel included in the Energos Formation Transaction, and an asset was recorded representing the existing charterer's remaining payments to Energos,

which was $59,074 as of December 31, 2023. The Company also recognized a liability of $49,400 (see Note 18) as of December 31, 2023 representing the Company's obligation to pay sub-charter payments until the vessel is chartered directly from Energos. The balance of the asset and liability as of June 30, 2024 was $29,537 and $20,319, respectively.

The remaining balance of other current assets as of June 30, 2024 and December 31, 2023 primarily consists of deposits and the current portion of contract assets (Note 6).

Assets held for sale

On June 30, 2024, the Company entered into a definitive agreement to sell its Miami Facility for $62,000, subject to certain purchase price adjustments at close. The transaction is expected to close in the third quarter of 2024 subject to customary terms and conditions. The assets related to the Miami Facility have been classified as held for sale as of June 30, 2024. In conjunction with the classification to held for sale, the Company recognized an impairment of $4,272 within Asset impairment expense in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Nonrecurring, Level 2 inputs using a market approach were used to estimate the fair value of the investment for the purpose of recognizing the impairment.

In December 2023, the Company entered into an agreement to sell the vessel, Mazo, for $22,400; the sale closed in the first quarter of 2024, and the vessel was classified as held for sale as of December 31, 2023.

Related party transactions	6 Months Ended
Related party transactions	Jun. 30, 2024
Related Party Transactions [Abstract]
Related party transactions	24. 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 a credit of $167 and expenses of $1,296 for the three months ended June 30, 2024 and 2023, respectively, and totaled expenses of $1,808 and $2,641 for the six months ended June 30, 2024 and 2023, 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, 2024 and December 31, 2023, $1,741 and $5,691 were due to Fortress, respectively. In addition to administrative services, Mr. Edens owns an aircraft that we charter from a third party operator for business purposes in the ordinary course of operations. The Company incurred, at market rates, charter costs of $514 and $640 for the three months ended June 30, 2024 and 2023, respectively, and $1,084 and $1,411 for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, $661 and $1,095 was due, respectively. Fortress affiliated entities The Company provides certain administrative services to related parties including entities affiliated with Fortress. No costs are incurred for such administrative services by the Company as the Company is fully reimbursed for all costs incurred. The Company has subleased a portion of office space to affiliates of entities managed by Fortress, and for the three months ended June 30, 2024 and 2023, $244 and $331 of rent and office related expenses were incurred by these affiliates, respectively. For the six months ended June 30, 2024 and 2023, $462 and $541 of rent and office related expenses were incurred by these affiliates, respectively. As of June 30, 2024 and December 31, 2023, $2,019 and $1,547 were due from affiliates, respectively. Additionally, an entity formerly affiliated with Fortress and currently owned by Messrs. Edens and Nardone provides certain administrative services to the Company, as well as providing office space under a month-to-month non-exclusive license agreement. The Company incurred rent and administrative expenses of $217 and $660 for the three months ended June 30, 2024 and 2023, respectively, and $900 and $1,249 for the six months ended June 30, 2024 and 2023, respectively. In May 2024, this affiliate assigned the office lease to the Company, and after this point, the Company no longer incurs rent expense with this affiliate. As of June 30, 2024 and December 31, 2023, $3,602 and $2,702 were due to Fortress affiliated entities, respectively. Land leases The Company has leased land from Florida East Coast Industries, LLC (“FECI”), which is controlled by funds managed by an affiliate of Fortress. The Company recognized expense related to the land lease of $134 and $126 during the three months ended June 30, 2024 and 2023, respectively, and $237 and $252 during the six months ended June 30, 2024 and 2023, 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 $0 and $92 as of June 30, 2024 and December 31, 2023, respectively. As of June 30, 2024 and December 31, 2023, the Company has recorded a lease liability of $3,409 and $3,368, respectively, within Non-current lease liabilities on the Condensed Consolidated Balance Sheets. In September 2023, the Company entered into a lease agreement to lease land from Jefferson Terminal South LLC, which is an indirect, majority-owned subsidiary of a public company which is managed by an affiliate of Fortress. As of June 30, 2024, the Company has recorded a right-of-use asset of $3,711 and a lease liability of $4,094 on the Condensed Consolidated Balance Sheets. As of December 31, 2023, the Company recorded a right-of-use asset of $3,885 and a lease liability of $4,098 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 $136 and $96 in expense within Selling, general and administrative for the three months ended June 30, 2024 and 2023, respectively, and $264 and $201 in expense within Selling, general and administrative for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, $136 and $106 were due to DevTech, 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and intangible assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 776,760		$ 776,760		$ 776,760
Amortization of intangible assets	$ 3,435	$ 6,285	$ 4,430	$ 13,081

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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+ Details

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

19. Debt

As of June 30, 2024 and December 31, 2023, debt consisted of the following:


	June 30, 2024		December 31, 2023
Senior Secured Notes, due September 2025	$	872,534	$	1,245,662
Senior Secured Notes, due September 2026	1,488,443		1,486,374
Senior Secured Notes, due March 2029	736,891		—
Vessel Financing Obligation, due August 2042	1,373,739		1,359,995
Term Loan B, due October 2028	774,038		771,420
Revolving Facility	1,000,000		866,600
BNDES Term Loan, due October 2045	279,975		—
PortoCem Bridge Loan, due October 2025	263,974		—
South Power 2029 Bonds, due May 2029	217,422		216,993
Short-term Borrowings	149,664		182,270
Barcarena Debentures, due October 2028	180,824		175,025
Turbine Financing, due July 2027	146,463		—
EB-5 Loan, due July 2028	98,476		61,614
Tugboat Financing, due December 2038	46,515		46,728
Barcarena Term Loan, due February 2024	—		199,678
Equipment Notes, due July 2026	—		190,789
Total debt	$	7,628,958	$	6,803,148
Current portion of long-term debt	$	236,147	$	292,625
Long-term debt	7,392,811		6,510,523

The Company's 2025 Notes mature on September 15, 2025. If any of the 2025 Notes remain outstanding 60 days prior to this maturity date (the "Springing Maturity Date"), the outstanding principal under the Revolving Facility, Term Loan B and FLNG2 Term Loans (defined below) will become immediately due. The aggregate principal amount of 2025 Notes outstanding as of June 30, 2024 is $875,000. The Company entered into a Backstop Agreement (the "Backstop Agreement") with a lender, pursuant to which the Company may, at its sole option, issue and sell to this lender (subject to the satisfaction of certain conditions) senior secured notes up to an aggregate principal amount sufficient to generate gross proceeds of $875,000 with a term of at least three years from the closing date within a certain window prior to the Springing Maturity Date. Proceeds received would be used to repurchase or redeem all outstanding 2025 Notes.

Long-term debt is recorded at amortized cost on the Condensed Consolidated Balance Sheets. The fair value of the Company's long-term debt was $7,525,853 and $6,835,487 as of June 30, 2024 and December 31, 2023, respectively, and is classified as Level 2 within the fair value hierarchy. The Company's debt arrangements include cross-acceleration clauses whereby events of default under an individual debt agreement can lead to acceleration of principal under other debt arrangements.

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.

2029 Notes

In March 2024, the Company issued $750,000 of 8.75% senior secured notes in a private offering pursuant to Rule 144A under the Securities Act (the “2029 Notes”). Interest is payable semi-annually in arrears on March 15 and September 15 of each year; no principal payments are due until maturity on March 15, 2029. The Company may redeem the 2029 Notes, in whole or in part, at any time prior to maturity, subject to certain make-whole premiums.

The 2029 Notes are guaranteed on a senior secured basis by each domestic subsidiary and foreign subsidiary that is a guarantor under the 2025 Notes and 2026 Notes. The 2029 Notes are secured by substantially the same collateral as the first lien obligations under the 2025 Notes and 2026 Notes. The 2029 Notes may limit the Company’s ability to incur

additional indebtedness or issue certain preferred shares, make certain payments, and sell or transfer certain assets subject to certain conditions and qualifications. The 2029 Notes also provide for customary events of default and prepayment provisions.

In connection with the offering of the 2029 Notes, we completed a cash tender offer to repurchase $375,000 of the outstanding 2025 Notes, for an aggregate repurchase price of $376,875. The tender offer was closed and the partial repurchase of the 2025 Notes was completed in the first quarter of 2024. The premium over the repurchase price of $1,875 was recognized as Loss on extinguishment of debt, net in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

In connection with the issuance of the 2029 Notes, the Company incurred $13,837 in origination, structuring and other fees, which was deferred as a reduction of the principal balance of the 2029 Notes on the Condensed Consolidated Balance Sheets. As of June 30, 2024, total remaining unamortized deferred financing costs for the 2029 Notes was $13,109.

Revolving Facility

In April 2021, the Company entered into a $200,000 senior secured revolving credit facility (the "Revolving Facility"). Through December 31, 2023, the Revolving Facility had been amended to increase the borrowing capacity to $950,000. In May 2024, the Company entered into an amendment which increased the borrowing capacity by $50,000, for a total capacity of $1,000,000. The amendment did not impact the interest rate or term of the Revolving Facility, and no deferred costs were written off. During the second quarter of 2024, the Company drew the additional capacity on the Revolving Facility and $1,000,000 was outstanding as of June 30, 2024.

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 upon the earliest to occur of April 15, 2026 or 60 days prior to the maturity of the 2025 Notes if the 2025 Notes have not been redeemed or refinanced in full. The Company may request 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.

BNDES Term Loan

The owner of the Company's power plant under construction in Pará, Brazil (the "Barcarena Power Plant") entered into a credit agreement with BNDES, the Brazilian Development Bank (the "BNDES Credit Agreement"). The Company is able to borrow up to $355,556 under the BNDES Credit Agreement, segregated into three tranches based on the use of proceeds ("BNDES Term Loan"). In the first quarter of 2024, the Company borrowed $284,444 under the BNDES Credit Agreement. Each tranche bears a different rate of interest ranging from 2.61% to 4.41% plus the fixed rate announced by BNDES. No principal payments are required until April 2026 and are due quarterly thereafter until maturity in 2045. Interest payments prior to April 2026 are made through an increase in the outstanding principal amount and are due quarterly thereafter.

The obligations under the BNDES Credit Agreement are guaranteed by certain indirect Brazilian subsidiaries that are constructing the Barcarena Power Plant, and are secured by the Barcarena Power Plant and receivables under the Barcarena Power Plant's capacity reserve contracts. These Brazilian subsidiaries must adhere to customary affirmative and negative covenants, and the BNDES Credit Agreement also provides for customary events of default, prepayment and cure provisions.

Proceeds received were used to repay the existing Barcarena Term Loan (defined in the Annual Report) and to pay for all remaining expected construction costs through the planned completion of the Barcarena Power Plant in 2025. In February 2024, the Company repaid the full outstanding principal balance of the Barcarena Term Loan, fully extinguishing the obligation. No material loss on extinguishment was recognized in conjunction with this repayment.

PortoCem Financings

As part of the PortoCem Acquisition, the Company assumed a term loan in the aggregate principal amount of R$141,445 million ($28,093 based on rates in effect on the acquisition date) due December 2024, bearing interest at a rate equal to the one-day interbank deposit rate in Brazil plus 5.0% (the “PortoCem BTG Loan”). Lenders under the PortoCem BTG Loan waived acceleration requirements in the event of a change in control in conjunction with the PortoCem Acquisition, and

repayment of the PortoCem BTG Loan was required upon the earlier of PortoCem obtaining additional financing or the original maturity date of December 2024.

In April 2024, PortoCem and a syndicate of banks in Brazil entered into a commitment letter for R$2.9 billion of financing. PortoCem received funding under a short term credit note of R$600 million ("PortoCem Credit Note") from this syndicate that was due in July 2024, and a portion of the proceeds was used to repay the PortoCem BTG Loan.

In May 2024, the PortoCem Credit Note was replaced by a bridge financing agreement that allows PortoCem to borrow up to R$2.9 billion due in October 2025 ("PortoCem Bridge Loan"). PortoCem initially borrowed R$1.5 billion ($269,850 based on rates in effect at June 30, 2024), and this initial funding was used to repay the PortoCem Credit Note and to begin the development and construction of a power plant to deliver under the capacity reserve contracts acquired in the PortoCem Acquisition. The PortoCem Bridge Loan bears interest at the one-day interbank deposit futures rate in Brazil plus 4.25%, and no principal payments are required until maturity in October 2025.

The PortoCem Bridge Loan contains usual and customary representations and warranties, and usual and customary affirmative and negative covenants. The PortoCem Bridge Loan does not contain any restrictive financial covenants.

Through June 30, 2024, the Company has incurred $10,542 in origination, structuring and other fees in connection with the entry into the PortoCem Credit Note and the PortoCem Bridge Loan. The lender in the PortoCem BTG Loan is also participating in the syndicate of lenders in the PortoCem Credit Note and the PortoCem Bridge Loan, and the repayment of the PortoCem BTG Loan and the PortoCem Credit Note was treated as a modification. The additional third-party fees associated with the PortoCem Bridge Loan of $236 were recognized as expense in the second quarter of 2024. As of June 30, 2024, total remaining unamortized deferred financing costs for the PortoCem Bridge Loan was $5,876.

Turbine Financing

In May 2024, the Company executed a loan agreement with a lender to borrow $148,500 under a promissory note secured by certain turbines owned by a wholly-owned subsidiary of the Company (the “Turbine Financing”). The Turbine Financing bears interest at 10.30%, 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 2027.

The Turbine Financing contains usual and customary representations and warranties, and usual and customary affirmative and negative covenants. The Turbine Financing does not contain any restrictive financial covenants. The Company was required to pay a deposit of approximately $5,963 that will be held by the lender throughout the term of the borrowing.

Proceeds received were net of upfront fees due to the lender, and through June 30, 2024, the Company has incurred $2,084 in origination, structuring and other fees, associated with entry into the Turbine Financing. As of June 30, 2024, total remaining unamortized deferred financing costs for the Turbine Financing was $2,037.

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 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 the Company's green hydrogen facility, and the Company has provided a guarantee of the obligations under the EB-5 Loan Agreement. In the six months ended June 30, 2024, an additional $37,072 was funded under the EB-5 Loan Agreement.

Equipment Notes

In conjunction with the execution of the APA to sell certain turbines to PREPA in March 2024 (Note 5), the Company repaid the Equipment Notes in full, releasing any liens held on the turbines prior to their sale. The balance outstanding as of the repayment date was $188,431, and the Company incurred a prepayment premium of 3%. The prepayment premium and

any unamortized financing costs of $7,879 were recognized as Loss on extinguishment of debt, net in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

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, 2024 and 2023 consisted of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest per contractual rates	$	128,998	$	75,160	$	252,416	$	139,419
Interest expense on Vessel Financing Obligation	49,428		52,465		98,515		106,795
Amortization of debt issuance costs, premiums and discounts	12,676		3,150		21,129		6,742
Interest expense incurred on finance lease obligations	124		1,218		722		1,686
Total interest costs	$	191,226	$	131,993	$	372,782	$	254,642
Capitalized interest	110,827		67,597		215,039		118,573
Total interest expense	$	80,399	$	64,396	$	157,743	$	136,069

Interest expense on the Vessel Financing Obligation includes non-cash expense of $30,694 and $63,887 for the three and six months ended June 30, 2024, respectively, and $32,460 and $82,363 for the three and six months ended June 30, 2023, respectively, related to payments received by Energos from third-party charterers.

Debt - 2029 Notes (Details) - USD ($)	6 Months Ended
Debt - 2029 Notes (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Senior Secured Notes Due March 15, 2029
Debt Instrument [Line Items]
Outstanding principal balance		$ 750,000
Fixed interest rate		8.75%
Debt instrument, fee amount	$ 13,837,000
Deferred financing costs	13,109,000
Senior Secured Notes, due September 2025
Debt Instrument [Line Items]
Outstanding principal balance	875,000,000
Debt instrument, repurchased face amount	375,000,000
Debt instrument, repurchase amount	376,875,000
Loss on repurchase of debt instrument	$ 1,875,000

Asset acquisition and redeemable preferred stock (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Mar. 20, 2024 USD ($) $ / shares GW shares	Mar. 31, 2024 shares
Class of Stock [Line Items]
Issuance of Series A convertible preferred stock (in shares) \| shares		96,746
Number of consecutive trading days	30 days
PortoCem Acquisition
Class of Stock [Line Items]
Issuance of Series A convertible preferred stock (in shares) \| shares	96,746
Purchase agreement, term	15 years
Purchase agreement, power \| GW	1.6
Asset acquisition, consideration transferred, transaction cost \| $	$ 592
Total purchase consideration \| $	162,860
Asset acquisition, deferred tax liability \| $	$ 37,662
Convertible Preferred Stock
Class of Stock [Line Items]
Temporary equity, dividend rate, percentage	4.80%
Temporary equity, liquidation preference per share (in usd per share)	$ 1,000
Preferred stock, dividend rate, increase, percentage	6.80%
Shares issued upon conversion (in shares) \| shares	5,000
Temporary equity, conversion price quotient (in usd per share)	$ 1,000
Initial conversion price (in dollars per share)	47.43
Temporary equity, redemption price per share (in usd per share)	$ 1,000
Temporary equity, written notice period	45 days
Temporary equity, return on investment as of redemption date	1.4
Temporary equity, number of trading days share price condition is not met	30 days
Temporary equity, number of calendar days after delivery of required notice if share price condition is met	30 days
Convertible Preferred Stock \| PortoCem Acquisition
Class of Stock [Line Items]
Temporary equity, dividend rate, percentage	4.80%

Goodwill and intangible assets (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Composition of Intangible Assets

The following tables summarize the composition of intangible assets as of June 30, 2024 and December 31, 2023:


	June 30, 2024
	Gross Carrying Amount		Accumulated Amortization		Currency Translation Adjustment		Net Carrying Amount		Weighted Average Life
Definite-lived intangible assets
Acquired capacity reserve contract	162,045		(2,383)		—		159,662		17
Favorable vessel charter contracts	17,700		(12,069)		—		5,631		4
Permits and development rights	48,217		(5,928)		(2,160)		40,129		38

Easements	1,555		(356)		—		1,199		30
Indefinite-lived intangible assets
Easements	1,191		—		(81)		1,110
Total intangible assets	$	230,708	$	(20,736)	$	(2,241)	$	207,731


	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Currency Translation Adjustment		Net Carrying Amount		Weighted Average Life
Definite-lived intangible assets
Favorable vessel charter contracts	$	17,700	$	(10,615)	$	—	$	7,085	4
Permits and development rights	48,217		(5,557)		(291)		42,369		38
Easements	1,555		(341)		—		1,214		30

Indefinite-lived intangible assets
Easements	1,191		—		(44)		1,147		n/a
Total intangible assets	$	68,663	$	(16,513)	$	(335)	$	51,815

Restricted cash (Tables)

6 Months Ended

Jun. 30, 2024

Restricted Cash [Abstract]

Schedule of Restricted Cash

As of June 30, 2024 and December 31, 2023, restricted cash consisted of the following:


	June 30, 2024		December 31, 2023
Cash restricted under the terms of loan agreements	$	118,176	$	102,079
Collateral for letters of credit and performance bonds	46,712		53,321

Total restricted cash	$	164,888	$	155,400

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	(4.10%)	11.30%	(488.40%)	14.00%
Tax provision (benefit)	$ 3,435	$ 15,322	$ 25,059	$ 44,282

- Definition

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

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+ Details

Organization (Details)	6 Months Ended
Organization (Details)	Jun. 30, 2024 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	2

Income taxes	6 Months Ended
Income taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	20. Income Taxes The effective tax rate for the three months ended June 30, 2024 was (4.1)% compared to 11.3% for the three months ended June 30, 2023. The total tax provision for the three months ended June 30, 2024 was $3,435 compared to a provision of $15,322 for the three months ended June 30, 2023. The effective tax rate for the six months ended June 30, 2024 was (488.4)% compared to 14.0% for the six months ended June 30, 2023. The total tax provision for the six months ended June 30, 2024 was $25,059 compared to a provision of $44,282 for the six months ended June 30, 2023. The Company's effective tax rate for the three and six months ended June 30, 2024 differs from the Company's statutory tax rate and the prior periods primarily due to decreases in pre-tax income in the US and foreign jurisdictions, as well as the establishment of additional valuation allowance in certain foreign entities. The reversal of net deferred tax assets in these foreign entities is not expected to be realizable.

- Definition

The entire disclosure for income tax.

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+ Details

Goodwill and intangible assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Definite-lived intangible assets
Accumulated Amortization	$ (20,736)	$ (16,513)
Indefinite-lived intangible assets
Total intangible assets, Gross Carrying Amount	230,708	68,663
Total Intangible Assets, Currency Translation Adjustment	(2,241)	(335)
Total Intangible Assets, Net Carrying Amount	207,731	51,815
Easements
Indefinite-lived intangible assets
Gross Carrying Amount	1,191	1,191
Currency Translation Adjustment	(81)	(44)
Net Carrying Amount	1,110	1,147
Acquired capacity reserve contract
Definite-lived intangible assets
Gross Carrying Amount	162,045
Accumulated Amortization	(2,383)
Currency Translation Adjustment	0
Net Carrying Amount	$ 159,662
Weighted Average Life	17 years
Favorable vessel charter contracts
Definite-lived intangible assets
Gross Carrying Amount	$ 17,700	17,700
Accumulated Amortization	(12,069)	(10,615)
Currency Translation Adjustment	0	0
Net Carrying Amount	$ 5,631	$ 7,085
Weighted Average Life	4 years	4 years
Permits and development rights
Definite-lived intangible assets
Gross Carrying Amount	$ 48,217	$ 48,217
Accumulated Amortization	(5,928)	(5,557)
Currency Translation Adjustment	(2,160)	(291)
Net Carrying Amount	$ 40,129	$ 42,369
Weighted Average Life	38 years	38 years
Easements
Definite-lived intangible assets
Gross Carrying Amount	$ 1,555	$ 1,555
Accumulated Amortization	(356)	(341)
Currency Translation Adjustment	0	0
Net Carrying Amount	$ 1,199	$ 1,214
Weighted Average Life	30 years	30 years

Share-based compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Performance-based Units Activity

The following table summarizes the RSU activity for the six months ended June 30, 2024:


	Restricted Stock Units	Weighted-average grant date fair value per share
Non-vested RSUs as of December 31, 2023	32,327	$	27.12
Granted	2,786,112	32.66
Vested	(41,967)	29.75
Forfeited	(87,759)	32.41
Non-vested RSUs as of June 30, 2024	2,688,713	$	32.68

Schedule of Share Based Compensation Expense

For the three months and six months ended June 30, 2024, the Company recognized compensation costs associated with equity awards in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) as follows:


	Three Months Ended June 30, 2024		Six Months Ended June 30, 2024
Operations and maintenance	$	82	$	99
Selling, general and administrative	19,982		25,213
Total share-based compensation expense	$	20,064	$	25,312

Property, plant and equipment, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 2,144,838		$ 2,144,838		$ 2,481,415
Depreciation	33,626	$ 30,275	78,151	$ 56,275
Cost of Sales
Property, Plant and Equipment [Line Items]
Depreciation	235	$ 232	495	$ 463
Vessels
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 1,284,400		$ 1,284,400		$ 1,293,384

Share-based compensation - Narrative (Details)	3 Months Ended	6 Months Ended
Share-based compensation - Narrative (Details)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value	$ 53,958,000	$ 53,958,000
Share-based payment arrangement, expense	20,064,000	$ 25,312,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining vesting period		1 year 1 month 6 days
Share-based payment arrangement, expense	161,000	$ 161,000
Unrecognized compensation cost	65,783,000	$ 65,783,000
RSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition		10 months
RSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition		2 years
Other Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	2,018,000
Unrecognized compensation cost	$ 51,940,000	$ 51,940,000

Share-based compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-based compensation

23. Share-based compensation

The Company has granted restricted stock units ("RSUs") to select officers, employees and certain non-employees under the New Fortress Energy Inc. 2019 Omnibus Incentive Plan. The fair value of RSUs on the grant date is estimated based on the closing price of the underlying shares on the grant date. The following table summarizes the RSU activity for the six months ended June 30, 2024:


	Restricted Stock Units	Weighted-average grant date fair value per share
Non-vested RSUs as of December 31, 2023	32,327	$	27.12
Granted	2,786,112	32.66
Vested	(41,967)	29.75
Forfeited	(87,759)	32.41
Non-vested RSUs as of June 30, 2024	2,688,713	$	32.68

The non-vested RSUs vest over periods from ten months to approximately two years following the grant date. The weighted-average remaining vesting period of non-vested RSUs totaled 1.10 years as of June 30, 2024.

In the second quarter of 2024, the Company granted an equity award to certain employees that will settle in shares of a subsidiary owning the Company's Brazilian operations. The grant date fair value of this award was $53,958, and the award contains a service condition that will vest in annual increments through March 31, 2027. Compensation expense of $2,018 associated with this award is included in the table below.


	Three Months Ended June 30, 2024		Six Months Ended June 30, 2024
Operations and maintenance	$	82	$	99
Selling, general and administrative	19,982		25,213
Total share-based compensation expense	$	20,064	$	25,312

During the three and six months ended June 30, 2024, the Company recognized a reversal of cumulative compensation expense of $161 for forfeited RSU awards. The Company recognizes the income tax benefits resulting from vesting of RSUs in the period of vesting, to the extent the compensation expense has been recognized. As of June 30, 2024,

unrecognized compensation costs from non-vested RSUs was $65,783, and unrecognized compensation costs for other equity awards that will settle in shares of a subsidiary owning the Company's Brazilian operations was $51,940.

Leases, as lessee - Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Interest expense related to finance leases	$ 124	$ 1,218	$ 722	$ 1,686
Amortization of right-of-use asset related to finance leases	$ 353	$ 5,771	$ 5,324	$ 7,560

Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	$ 7,628,958	$ 6,803,148
Short-Term Debt	149,664	182,270
Current portion of long-term debt and short-term borrowings	236,147	292,625
Long-term debt	7,392,811	6,510,523
Revolving Credit Facility
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)		866,600
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	1,000,000
Senior Secured Notes, due September 2025
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	872,534	1,245,662
Senior Secured Notes, due September 2026
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	1,488,443	1,486,374
Senior Secured Notes, due March 2029
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	736,891	0
Vessel Financing Obligation, due August 2042
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	1,373,739	1,359,995
Term Loan B, due October 2028
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	774,038	771,420
BNDES Term Loan, due October 2045
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	279,975	0
PortoCem Bridge Loan, due October 2025
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	263,974	0
South Power 2029 Bonds, due May 2029
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	217,422	216,993
Barcarena Debentures, due October 2028
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	180,824	175,025
Turbine Financing, due July 2027
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	146,463	0
EB-5 Loan, due July 2028
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	98,476	61,614
Tugboat Financing, due December 2038
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	46,515	46,728
Barcarena Term Loan, due February 2024
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	0	199,678
Equipment Notes, due July 2026
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	$ 0	$ 190,789

Accrued liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued development costs	$ 192,385	$ 286,030
Accrued interest	93,986	82,507
Accrued bonuses	19,424	41,356
Other accrued expenses	78,681	61,782
Total accrued liabilities	$ 384,476	$ 471,675

Debt - Revolving Facility (Details) - Revolving Credit Facility - USD ($)	Dec. 31, 2023	May 31, 2024	Apr. 30, 2021
Line of Credit Facility [Abstract]
Outstanding principal balance			$ 200,000
Extended maturity period	1 year
Line of Credit
Line of Credit Facility [Abstract]
Line of credit facility, increase limit		$ 50,000	$ 950,000
Issuance of letter of credit		$ 1,000,000

Basis of presentation (Policies)	6 Months Ended
Basis of presentation (Policies)	Jun. 30, 2024
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, 2023 (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	In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires disclosure of significant segment expenses and other segment items that are regularly provided to the CODM and included within each reported measure of segment profit or loss, and the title and position of the entity’s CODM. The amendments in this update also require entities to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. ASU 2023-07 will be effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is allowed, and the amendments in this update must be applied retrospectively to all periods presented in the financial statements, unless it is not feasible. The Company is currently reviewing the impact that the adoption of ASU 2023-07 may have on the Company's consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, requiring companies to annually present specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires disclosure of income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and early adoption is allowed. The amendments should be applied on a prospective basis, but retrospective application is allowed. The Company is currently reviewing the impact that the adoption of ASU 2023-09 may have on the Company's consolidated financial statements and disclosures. In March 2024, the FASB issued ASU 2024-01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards, providing illustrative guidance to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of Topic 718. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. Early adoption is allowed, and the amendments can be applied on a prospective or retrospective basis. The Company is currently reviewing the impact that the adoption of ASU 2024-01 may have on the Company's consolidated financial statements and disclosures. The Company has reviewed all other recently issued accounting pronouncements and concluded that such pronouncements are either not applicable to the Company or no material impact is expected in the consolidated financial statements as a result of future adoption.

Commitments and contingencies	6 Months Ended
Commitments and contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	21. Commitments and contingencies The Company is subject to certain legal and regulatory proceedings, claims and disputes that arise in the ordinary course of business. The Company does not believe that these proceedings, individually or in the aggregate, will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Other non-current assets, net

6 Months Ended

Jun. 30, 2024

Other Assets, Noncurrent Disclosure [Abstract]

Other non-current assets, net

16. Other non-current assets, net

As of June 30, 2024 and December 31, 2023, Other non-current assets consisted of the following:


	June 30, 2024		December 31, 2023
Cost to fulfill (Note 6)	$	21,071	$	22,418
Contract assets, net (Note 6)	15,751		19,901
Investments in equity securities	8,678		7,678
Other	91,606		76,906
Total other non-current assets, net	$	137,106	$	126,903

Investments in equity securities include investments without a readily determinable fair value of $8,678 and $7,678 as of June 30, 2024 and December 31, 2023, respectively. No gains or losses on such securities have been recognized in the three and six months ended June 30, 2024 and 2023, respectively.

Other non-current assets includes the value of the earnout receivable recognized upon the sale of two project companies in Brazil, development costs for hosted software products, foreign exchange contracts and deferred financing costs related to the Revolving Facility.

Earnings per share - Potentially Dilutive (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	2,067,509	0	3,625,108	0
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	0	1,557,599	0
Series A convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	2,067,509	0	2,067,509	0

Other non-current assets, net - Schedule of Non-Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Assets, Noncurrent Disclosure [Abstract]
Cost to fulfill (Note 6)	$ 21,071	$ 22,418
Contract assets, net (Note 6)	15,751	19,901
Investments in equity securities	8,678	7,678
Other	91,606	76,906
Total other non-current assets, net	$ 137,106	$ 126,903

Debt - EB-5 Loan Agreement (Details) - EB-5 Loan, due July 2028 - Construction Loans	6 Months Ended
	Jun. 30, 2024 USD ($)	Jul. 21, 2023 USD ($) Unit
Debt Instrument [Line Items]
Outstanding principal balance		$ 100,000,000
Fixed interest rate		4.75%
Debt, term		5 years
Number of debt term extensions \| Unit		2
Debt term, extended maturity		1 year
Debt instrument, borrowed amount	$ 37,072,000

- 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

+ Details

Other non-current assets, net - Narrative (Details) $ in Thousands	Jun. 30, 2024 USD ($) projectCompany	Dec. 31, 2023 USD ($)
Other Assets, Noncurrent Disclosure [Abstract]
Equity securities without readily determinable fair value, amount \| $	$ 8,678	$ 7,678
Number of project companies \| projectCompany	2

Other current liabilities

6 Months Ended

Jun. 30, 2024

Other Liabilities Disclosure [Abstract]

Other current liabilities

18. Other current liabilities

As of June 30, 2024 and December 31, 2023, Other current liabilities consisted of the following:


	June 30, 2024		December 31, 2023
Derivative liabilities	$	24,329	$	19,450
Contract liabilities (Note 6)	96,331		65,287
Income tax payable	69,261		54,040
Due to affiliates	5,853		9,579
Winter sub-charter liability	20,319		49,400
Liabilities held for sale (Note 11)	8,801		—
Other current liabilities	25,664		30,195
Total other current liabilities	$	250,558	$	227,951

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net (loss) income	$ (30,190)	$ 271,666
Adjustments for:
Depreciation and amortization	88,400	76,949
Deferred taxes	(13,860)	0
Share-based compensation	25,312	1,179
Movement in credit loss allowances	8,827	(146)
Loss on asset sales	77,140	0
Loss on extinguishment of debt	9,754	0
(Earnings) recognized from vessels chartered to third parties transferred to Energos	(51,674)	(71,536)
Loss on the disposal of equity method investment	7,222	37,401
Asset impairment expense	4,272	0
Other	20,716	5,555
Changes in operating assets and liabilities:
(Increase) in receivables	(114,030)	(14,532)
(Increase) in inventories	(62,815)	(60,710)
(Increase) decrease in other assets	(91,251)	63,576
Decrease in right-of-use assets	111,561	40,655
Increase in accounts payable/accrued liabilities	255,337	75,746
(Decrease) in lease liabilities	(126,311)	(38,885)
Increase in other liabilities	44,558	116,959
Net cash provided by operating activities	162,968	503,877
Cash flows from investing activities
Capital expenditures	(1,346,385)	(1,465,642)
Sale of equity method investment	136,365	100,000
Asset sales	328,999	0
Other investing activities	(1,694)	(1,450)
Net cash used in investing activities	(882,715)	(1,367,092)
Cash flows from financing activities
Proceeds from borrowings of debt	3,037,127	919,625
Payment of deferred financing costs	(37,983)	(6,659)
Repayment of debt	(2,202,722)	0
Payment of dividends	(55,710)	(676,918)
Other financing activities	(5,033)	(13,465)
Net cash provided by financing activities	735,679	222,583
Impact of changes in foreign exchange rates on cash and cash equivalents	(28,898)	1,608
Net (decrease) in cash, cash equivalents and restricted cash	(12,966)	(639,024)
Cash, cash equivalents and restricted cash – beginning of period	310,814	855,083
Cash, cash equivalents and restricted cash – end of period	297,848	216,059
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	(162,056)	732,858
Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions	609,009	1,159,441
Principal payments on financing obligation to Energos by third party charters	(6,445)	(32,836)
Shares received in Hilli Exchange	0	(122,754)
Class A convertible preferred stock issued and debt assumed in the PortoCem Acquisition	(125,195)	0
Repurchase obligation	0	24,320
Cash and cash equivalents	132,960	104,342
Restricted cash	164,888	100,513
Cash and cash equivalents classified as held for sale	0	11,204
Cash, cash equivalents and restricted cash – end of period	$ 297,848	$ 216,059

Restricted cash - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Restricted Cash [Abstract]
Cash restricted under the terms of loan agreements	$ 118,176	$ 102,079
Collateral for letters of credit and performance bonds	46,712	53,321
Total restricted cash	$ 164,888	$ 155,400

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Accounts receivable, allowance for credit loss, current	$ 10,025	$ 1,158
Stockholders’ equity
Temporary equity, par value (in dollars per share)	$ 0.01	$ 0.01
Temporary equity, shares issued (in shares)	96,746	0
Temporary equity, shares outstanding (in shares)	96,746	0
Temporary equity, shares authorized (in shares)	96,746	0
Temporary equity, liquidation preference	$ 96,746	$ 0
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)	205,100,000	205,000,000.0
Common stock, shares, outstanding (in shares)	205,100,000	205,000,000.0

Construction in progress

6 Months Ended

Jun. 30, 2024

Construction in progress [Abstract]

Construction in progress

13. Construction in progress

The Company’s construction in progress activity during the six months ended June 30, 2024 is detailed below:


	June 30, 2024
Construction in progress as of December 31, 2023	$	5,348,294

Additions	1,127,077

Impact of currency translation adjustment	(93,768)
Assets placed in service	(80,441)
Construction in progress as of June 30, 2024	$	6,301,162

Interest expense of $215,039 and $118,573, inclusive of amortized debt issuance costs, was capitalized for the six months ended June 30, 2024 and 2023, respectively.

The Company has significant development activities in Latin America as well as the development of the Company's Fast LNG liquefaction solution. The successful completion of these development projects is subject to various risks, such as obtaining government approvals, identifying suitable sites, securing financing and permitting, and ensuring contract compliance. The Company's development activities for the six months ended June 30, 2024 were primarily focused on Fast LNG and development of power projects in Brazil; additions to construction in progress in the first six months of 2024 of $938,448 were to develop Fast LNG and for our developments in Brazil including the Barcarena Power Plant and PortoCem Power Plant.

Subsequent events (Details)	Jul. 19, 2024 USD ($) metric_tons	May 31, 2024 USD ($)
Subsequent Event
Subsequent Event [Line Items]
Onshore project, production capacity, mass per year (in metric tons) \| metric_tons	1.4
Secured Debt
Subsequent Event [Line Items]
Outstanding principal balance		$ 148,500,000
FLNG2 Credit Agreement \| Subsequent Event
Subsequent Event [Line Items]
Maximum debt to capitalization ratio	0.7
Maximum debt to annualized EBITDA ratio	4.0
FLNG2 Credit Agreement \| Secured Debt \| Subsequent Event
Subsequent Event [Line Items]
Outstanding principal balance	$ 700,000
Debt instrument, springing maturity date, period prior To maturity date	60 days
Increase percentage of interest rate	0.25%
Period taken for increase in interest rate	180 days
FLNG2 Credit Agreement \| Secured Debt \| Subsequent Event \| SOFR
Subsequent Event [Line Items]
Variable interest rate	3.75%
FLNG2 Credit Agreement \| Secured Debt \| Subsequent Event \| Base Rate
Subsequent Event [Line Items]
Variable interest rate	2.75%

Debt - PortoCem Financings (Details) R$ in Thousands, $ in Thousands		1 Months Ended	3 Months Ended
	Mar. 20, 2024 USD ($)	May 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	May 31, 2024 BRL (R$)	Apr. 30, 2024 BRL (R$)	Mar. 20, 2024 BRL (R$)
Letter of Credit \| Line of Credit
Debt Instrument [Line Items]
Issuance of letter of credit \| R$					R$ 2,900,000
PortoCem Bridge Loan, due October 2025 \| PortoCem Acquisition
Debt Instrument [Line Items]
Long-term debt, gross	$ 28,093					R$ 141,445
Variable interest rate	5.00%
PortoCem Bank Credit Note \| Credit Note
Debt Instrument [Line Items]
Outstanding principal balance \| R$					R$ 600,000
PortoCem Bridge Loan Due October 2025 \| Line of Credit
Debt Instrument [Line Items]
Variable interest rate		4.25%
Issuance of letter of credit \| R$				R$ 2,900,000
PortoCem Credit Note
Debt Instrument [Line Items]
Outstanding principal balance		$ 269,850		R$ 1,500,000
Debt instrument, fee amount \| $			$ 10,542
PortoCem Bridge Loan
Debt Instrument [Line Items]
Third party fees \| $			236
Deferred financing costs \| $			$ 5,876

Related party transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Due to affiliates	$ 5,853		$ 5,853		$ 9,579
Operations and maintenance	39,292	$ 33,697	107,840	$ 60,368
Non-current lease liabilities	521,225		521,225		406,494
Selling, general and administrative	70,578	55,803	141,332	107,941
Operating right-of-use-assets	653,819		653,819		538,055
Chartered Aircraft
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 514	640	$ 1,084	1,411
DevTech Investment
Related Party Transaction [Line Items]
Percentage of shares issued capital	10.00%		10.00%
Related Party \| DevTech Environment Limited
Related Party Transaction [Line Items]
Due to affiliates	$ 136		$ 136		106
Selling, general and administrative	136	96	264	201
Related Party \| Service Agreements
Related Party Transaction [Line Items]
General and administrative expense	167	1,296	1,808	2,641
Due to affiliates	1,741		1,741		5,691
Affiliated Entity \| Fortress
Related Party Transaction [Line Items]
Assets held for sale	2,019		2,019		1,547
Affiliated Entity \| Fortress, Formerly Owned Entity
Related Party Transaction [Line Items]
Due to affiliates	3,602		3,602		2,702
Affiliated Entity \| Florida East Coast Industries, LLC
Related Party Transaction [Line Items]
Due to affiliates	0		0		92
Affiliated Entity \| Chartered Aircraft
Related Party Transaction [Line Items]
Due to affiliates	661		661		1,095
Affiliated Entity \| Rent and Related Office Expenses \| Fortress
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	244	331	462	541
Affiliated Entity \| Rent and Administrative Expenses \| Fortress, Formerly Owned Entity
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	217	660	900	1,249
Affiliated Entity \| Land \| Florida East Coast Industries, LLC
Related Party Transaction [Line Items]
Operations and maintenance	134	$ 126
Operating lease, expense			237	$ 252
Non-current lease liabilities	3,409		3,409		3,368
Affiliated Entity \| Land \| Jefferson Terminal South LLC
Related Party Transaction [Line Items]
Non-current lease liabilities	4,094		4,094		4,098
Operating right-of-use-assets	$ 3,711		$ 3,711		$ 3,885

Restricted cash

6 Months Ended

Jun. 30, 2024

Restricted Cash [Abstract]

Restricted cash

9. Restricted cash

As of June 30, 2024 and December 31, 2023, restricted cash consisted of the following:


	June 30, 2024		December 31, 2023
Cash restricted under the terms of loan agreements	$	118,176	$	102,079
Collateral for letters of credit and performance bonds	46,712		53,321

Total restricted cash	$	164,888	$	155,400

Uses of cash proceeds under the BNDES Term Loan, Barcarena Debentures and PortoCem Bridge Loan (see Note 19) are restricted to certain payments to construct the Barcarena Power Plant.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 132,960	$ 155,414
Restricted cash	164,888	155,400
Receivables, net of allowances of $10,025 and $1,158, respectively	406,779	342,371
Inventory	141,723	113,684
Prepaid expenses and other current assets, net	277,983	213,104
Total current assets	1,124,333	979,973
Construction in progress	6,301,162	5,348,294
Property, plant and equipment, net	2,144,838	2,481,415
Equity method investments	0	137,793
Right-of-use assets	673,424	588,385
Intangible assets, net	207,731	51,815
Goodwill	776,760	776,760
Deferred tax assets, net	43,023	9,907
Other non-current assets, net	137,106	126,903
Total assets	11,408,377	10,501,245
Current liabilities
Current portion of long-term debt and short-term borrowings	236,147	292,625
Accounts payable	572,746	549,489
Accrued liabilities	384,476	471,675
Current lease liabilities	120,873	164,548
Other current liabilities	250,558	227,951
Total current liabilities	1,564,800	1,706,288
Long-term debt	7,392,811	6,510,523
Non-current lease liabilities	521,225	406,494
Deferred tax liabilities, net	97,936	44,444
Other long-term liabilities	46,492	55,627
Total liabilities	9,623,264	8,723,376
Commitments and contingencies (Note 21)
Series A convertible preferred stock, $0.01 par value, 96,746 shares authorized, issued and outstanding as of June 30, 2024 (0 as of December 31, 2023); aggregate liquidation preference of $96,746 and $0 at June 30, 2024 and December 31, 2023	97,845	0
Stockholders’ equity
Class A common stock, $0.01 par value, 750000000 million shares authorized, 205.1 million issued and outstanding as of June 30, 2024; 205.0 million issued and outstanding as of December 31, 2023	2,050	2,050
Additional paid-in capital	1,063,426	1,038,530
Retained earnings	450,871	527,986
Accumulated other comprehensive income	43,653	71,528
Total stockholders’ equity attributable to NFE	1,560,000	1,640,094
Non-controlling interest	127,268	137,775
Total stockholders’ equity	1,687,268	1,777,869
Total liabilities, convertible preferred stock and stockholders’ equity	$ 11,408,377	$ 10,501,245

Inventory - Narrative (Details) - USD ($)	6 Months Ended
Inventory - Narrative (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventory write-down	$ 0	$ 6,232,000

Segments (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Information

The table below presents segment information for the three and six months ended June 30, 2024 and 2023:


	Three Months Ended June 30, 2024
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other(4)		Consolidated
Statement of operations:
Total revenues	$	385,428	$	42,578	$	428,006	$	—	$	428,006
Cost of sales	221,860		—		221,860		—		221,860
Vessel operating expenses	—		8,503		8,503		—		8,503
Operations and maintenance	39,292		—		39,292		—		39,292
Deferred earnings from contracted sales(5)	90,000		—		90,000		(90,000)		—
Segment Operating Margin	$	214,276	$	34,075	$	248,351	$	(90,000)	$	158,351
Balance sheet:
Total assets	$	10,761,090	$	647,287	$	11,408,377	$	—	$	11,408,377
Other segmental financial information:
Capital expenditures(2)	$	646,558	$	—	$	646,558	$	—	$	646,558


	Six Months Ended June 30, 2024
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other(4)		Consolidated
Statement of operations:
Total revenues	$	1,033,165	$	85,162	$	1,118,327	$	—	$	1,118,327
Cost of sales	450,977		—		450,977		—		450,977
Vessel operating expenses	—		16,899		16,899		—		16,899
Operations and maintenance	107,840		—		107,840		—		107,840
Deferred earnings from contracted sales(5)	90,000		—		90,000		(90,000)		—
Segment Operating Margin	$	564,348	$	68,263	$	632,611	$	(90,000)	$	542,611
Balance sheet:
Total assets	$	10,761,090	$	647,287	$	11,408,377	$	—	$	11,408,377
Other segmental financial information:
Capital expenditures(2)	$	1,130,813	$	—	$	1,130,813	$	—	$	1,130,813


	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

(1) Cost of sales in the Company’s segment measure only includes realized gains and losses on derivative transactions that are an economic hedge of our commodity purchases and sales, and realized losses of $3,911 and gains of $141,853 for the three and six months ended June 30, 2023, respectively, were recognized within Cost of sales in the segment measure. There were no commodity swap transactions in 2024.

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 deferred earnings from contracted sales of $90,000 (Note 6). In 2023, the effective share of revenues, expenses and operating margin attributable to the Company's ownership of the common units of Hilli LLC in the segment measure prior to the disposition of this investment, as well as unrealized mark-to-market gain or loss on derivative instruments, are also removed.

(5) Deferred earnings from contracted sales represent forward sales transactions that were contracted in the current period and prepayment for these sales was received. Revenue will be recognized in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) when delivery under these forward sales transactions is completed in the third and fourth quarters of 2024.

Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands of $)	2024		2023		2024		2023
Net income (loss)	$	(86,860)	$	120,100	$	(30,190)	$	271,666
Add:
Selling, general and administrative	70,578		55,803		141,332		107,941
Transaction and integration costs	1,760		1,554		3,131		2,048
Depreciation and amortization	37,413		42,115		87,904		76,490
Interest expense	80,399		64,396		157,743		136,069
Other expense (income), net	47,354		(6,584)		66,466		18,421
Asset impairment expense	4,272		—		4,272		—
Loss on sale of assets, net	—		—		77,140		—
Loss on extinguishment of debt, net	—		—		9,754		—
Tax provision (benefit)	3,435		15,322		25,059		44,282
(Income) from equity method investments	—		(2,269)		—		(12,249)
Consolidated Segment Operating Margin	$	158,351	$	290,437	$	542,611	$	644,668

Revenue recognition - Contract Liabilities and Contract Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract assets, net - current	$ 9,019	$ 8,714
Contract assets, net - non-current	15,751	19,901
Total contract assets, net	24,770	28,615
Contract liabilities, net - current	96,331	65,287
Contract liabilities, net - non-current	12,375	31,698
Total contract liabilities, net	108,706	96,985	$ 43,577
Revenue recognized in the year from:
Amounts included in contract liabilities at the beginning of the year	$ 81,591	$ 12,748

Construction in progress - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Long-Lived Assets Held-for-sale [Line Items]
Interest expense	$ 80,399	$ 64,396	$ 157,743	$ 136,069
Additions			1,127,077
Construction in Progress
Long-Lived Assets Held-for-sale [Line Items]
Interest expense			215,039	$ 118,573
FAST LNG Projects
Long-Lived Assets Held-for-sale [Line Items]
Additions			$ 938,448

Other current liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Other Liabilities Disclosure [Abstract]

Schedule of Other Current Liabilities

As of June 30, 2024 and December 31, 2023, Other current liabilities consisted of the following:


	June 30, 2024		December 31, 2023
Derivative liabilities	$	24,329	$	19,450
Contract liabilities (Note 6)	96,331		65,287
Income tax payable	69,261		54,040
Due to affiliates	5,853		9,579
Winter sub-charter liability	20,319		49,400
Liabilities held for sale (Note 11)	8,801		—
Other current liabilities	25,664		30,195
Total other current liabilities	$	250,558	$	227,951

Revenue recognition

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue recognition

6. 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. LNG cargo sales for the three and six months ended June 30, 2024 were $24,502 and $24,502, respectively. LNG cargo sales for the three and six months ended June 30, 2023 were $267,777 and $617,138, respectively, which included $162,500 and $332,000 of contract settlements, respectively.

The table below summarizes the balances in Other revenue:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest income and other revenue	$	4,746	$	886	$	9,677	$	1,805
Operation and maintenance revenue	79,622		—		108,853		—
Total other revenue	$	84,368	$	886	$	118,530	$	1,805

Operation and maintenance revenue is recognized by the Company's subsidiary, Genera PR LLC ("Genera"), under its contract for the operation and maintenance of PREPA's thermal generation assets. Under this agreement, Genera is paid a fixed annual fee and reimbursed for pass-through expenses, including payroll expenses of Genera employees, beginning when the contract commenced on July 1, 2023. Amounts recognized in the first half of 2024 include fixed fees, reimbursement of pass-through expenditures and an estimate of variable consideration for incentive fees to be received. Variable consideration has been estimated based on the most likely amount method, and the Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The determination of estimated amounts included in the transaction price is based largely upon an assessment of the uncertainties associated with the variable consideration, including the susceptibility of payment to factors outside of the Company’s control. The Company considers all information that is reasonably available, including historical, current and estimates of future performance.

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, 2024 and December 31, 2023, receivables related to revenue from contracts with customers totaled $405,196 and $331,108, respectively, and were included in Receivables, net on the Condensed Consolidated Balance Sheets, net of current expected credit losses of $10,025 and $1,158, respectively. During the first quarter of 2024, the Company recorded an additional allowance for uncollectible receivables of $11,595. The allowance reduces outstanding receivables for certain customers to reflect the amount that the Company expects to receive. Other items included in Receivables, net not related to revenue from contracts with customers represent leases, which are accounted for outside the scope of ASC 606, and receivables associated with reimbursable costs.

Contract assets are comprised of the transaction price allocated to completed performance obligations that will be billed to customers in subsequent periods. The Company has recognized contract liabilities, comprised of unconditional payments due or paid under the contracts with customers prior to the Company’s satisfaction of the related performance obligations. The contract assets and contract liabilities balances as of June 30, 2024 and December 31, 2023 are detailed below:


	June 30, 2024		December 31, 2023
Contract assets, net - current	$	9,019	$	8,714
Contract assets, net - non-current	15,751		19,901
Total contract assets, net	$	24,770	$	28,615

Contract liabilities, net - current	$	96,331	$	65,287
Contract liabilities, net - non-current	12,375		31,698
Total contract liabilities, net	$	108,706	$	96,985

Revenue recognized in the year from:
Amounts included in contract liabilities at the beginning of the year	$	81,591	$	12,748

Contract assets are presented net of expected credit losses of $248 and $326 as of June 30, 2024 and December 31, 2023, respectively. As of June 30, 2024 and December 31, 2023, contract assets was comprised of $24,351 and $28,536 of unbilled receivables, respectively, which represent unconditional rights to payment only subject to the passage of time.

In the second quarter of 2024, the Company received a prepayment of $90,000 for future contracted sales that is included in the contract liability balance as of June 30, 2024; deliveries under this contract will occur in the third and fourth quarters of 2024. Contract liabilities decreased in the first quarter of 2024 due to the termination of the Company's contract to support the grid stabilization project in Puerto Rico (Refer to Note 5 - Asset sale). Deferred revenue at the time of termination of $43,577 was recognized as Operating revenue in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

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, 2024, the Company has capitalized $23,270 of which $2,199 of these costs is presented within Prepaid expenses and other current assets, net and $21,071 is presented within Other non-current assets, net on the Condensed Consolidated Balance Sheets. As of December 31, 2023, the Company had capitalized $25,282, of which $2,864 of these costs was presented within Prepaid expenses and other current assets, net and $22,418 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 2024	$	146,803
2025	689,179
2026	687,236
2027	683,546
2028	668,315
Thereafter	9,399,156
Total	$	12,274,235

For all other sales contracts that have a term exceeding one year, the Company has elected the practical expedient in ASC 606. Under this expedient, 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 in Note 14. Vessels included in the Energos Formation Transaction (defined below in Note 12), including those vessels chartered to third parties, continue to be recognized on the Condensed Consolidated Balance Sheets. The carrying amount of these vessels that are leased to third parties under operating leases is as follows:


	June 30, 2024		December 31, 2023
Property, plant and equipment	$	686,683	$	686,683
Accumulated depreciation	(83,160)		(69,977)
Property, plant and equipment, net	$	603,523	$	616,706

The components of lease income from vessel operating leases for the three and six months ended June 30, 2024 and 2023 are shown below. As the Company has not recognized the sale of all of the vessels included in the Energos Formation Transaction (defined below), the operating lease income shown below for the three and six months ended June 30, 2024 includes revenue of $42,578 and $85,162 from third-party charters of vessels included in the Energos Formation Transaction. The operating lease income shown below for the three and six months ended June 30, 2023 includes revenue of $65,840 and $142,364, respectively, from third-party charters of vessels included in the Energos Formation Transaction.


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating lease income	$	49,944	$	65,840	$	93,303	$	142,364
Variable lease income	2,472		—		5,768		—
Total operating lease income	$	52,416	$	65,840	$	99,071	$	142,364

Subsequent to the Energos Formation Transaction, all cash receipts on long-term vessel charters will be received by Energos. As such, future cash receipts from both operating and finance leases were not significant as of June 30, 2024.

- 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

Adoption of new and revised standards	6 Months Ended
Adoption of new and revised standards	Jun. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Adoption of new and revised standards	3. Adoption of new and revised standards In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires disclosure of significant segment expenses and other segment items that are regularly provided to the CODM and included within each reported measure of segment profit or loss, and the title and position of the entity’s CODM. The amendments in this update also require entities to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. ASU 2023-07 will be effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is allowed, and the amendments in this update must be applied retrospectively to all periods presented in the financial statements, unless it is not feasible. The Company is currently reviewing the impact that the adoption of ASU 2023-07 may have on the Company's consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, requiring companies to annually present specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires disclosure of income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and early adoption is allowed. The amendments should be applied on a prospective basis, but retrospective application is allowed. The Company is currently reviewing the impact that the adoption of ASU 2023-09 may have on the Company's consolidated financial statements and disclosures. In March 2024, the FASB issued ASU 2024-01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards, providing illustrative guidance to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of Topic 718. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. Early adoption is allowed, and the amendments can be applied on a prospective or retrospective basis. The Company is currently reviewing the impact that the adoption of ASU 2024-01 may have on the Company's consolidated financial statements and disclosures. The Company has reviewed all other recently issued accounting pronouncements and concluded that such pronouncements are either not applicable to the Company or no material impact is expected in the consolidated financial statements as a result of future adoption.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476173/280-10-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-7

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)
-Publisher FASB
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+ Details

Construction in progress - Construction in Progress Activity (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Construction in Progress [Roll Forward]
Construction in progress as of December 31, 2023	$ 5,348,294
Additions	1,127,077
Impact of currency translation adjustment	(93,768)
Assets placed in service	(80,441)
Construction in progress as of June 30, 2024	$ 6,301,162

Goodwill and intangible assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets

15. Goodwill and intangible assets

Goodwill

The carrying amount of goodwill was $776,760 as of both June 30, 2024 and December 31, 2023.

Intangible assets

The following tables summarize the composition of intangible assets as of June 30, 2024 and December 31, 2023:


	June 30, 2024
	Gross Carrying Amount		Accumulated Amortization		Currency Translation Adjustment		Net Carrying Amount		Weighted Average Life
Definite-lived intangible assets
Acquired capacity reserve contract	162,045		(2,383)		—		159,662		17
Favorable vessel charter contracts	17,700		(12,069)		—		5,631		4
Permits and development rights	48,217		(5,928)		(2,160)		40,129		38

Easements	1,555		(356)		—		1,199		30
Indefinite-lived intangible assets
Easements	1,191		—		(81)		1,110
Total intangible assets	$	230,708	$	(20,736)	$	(2,241)	$	207,731


	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Currency Translation Adjustment		Net Carrying Amount		Weighted Average Life
Definite-lived intangible assets
Favorable vessel charter contracts	$	17,700	$	(10,615)	$	—	$	7,085	4
Permits and development rights	48,217		(5,557)		(291)		42,369		38
Easements	1,555		(341)		—		1,214		30

Indefinite-lived intangible assets
Easements	1,191		—		(44)		1,147		n/a
Total intangible assets	$	68,663	$	(16,513)	$	(335)	$	51,815

Amortization expense for the three months ended June 30, 2024 and 2023 was $3,435 and $6,285, respectively. Amortization expense for the six months ended June 30, 2024 and 2023 was $4,430 and $13,081, respectively. Amortization expense is inclusive of reductions in expense for the amortization of unfavorable contract liabilities.

In the third quarter of 2023, An Bord Pleanála, Ireland's planning commission, denied the Company's application for the development of an LNG terminal and power plant in Shannon, Ireland. The Company is challenging this decision. Capitalized permits and development rights are primarily comprised of capitalized costs related to this project. The continued development of this project is uncertain and there are multiple risks, including regulatory risks, that could preclude the development of this project, and the results of these risks could have a material effect to the Company's results of operations.

Other non-current assets, net (Tables)

6 Months Ended

Jun. 30, 2024

Other Assets, Noncurrent Disclosure [Abstract]

Schedule of Other Assets, Noncurrent

As of June 30, 2024 and December 31, 2023, Other non-current assets consisted of the following:


	June 30, 2024		December 31, 2023
Cost to fulfill (Note 6)	$	21,071	$	22,418
Contract assets, net (Note 6)	15,751		19,901
Investments in equity securities	8,678		7,678
Other	91,606		76,906
Total other non-current assets, net	$	137,106	$	126,903

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt

As of June 30, 2024 and December 31, 2023, debt consisted of the following:


	June 30, 2024		December 31, 2023
Senior Secured Notes, due September 2025	$	872,534	$	1,245,662
Senior Secured Notes, due September 2026	1,488,443		1,486,374
Senior Secured Notes, due March 2029	736,891		—
Vessel Financing Obligation, due August 2042	1,373,739		1,359,995
Term Loan B, due October 2028	774,038		771,420
Revolving Facility	1,000,000		866,600
BNDES Term Loan, due October 2045	279,975		—
PortoCem Bridge Loan, due October 2025	263,974		—
South Power 2029 Bonds, due May 2029	217,422		216,993
Short-term Borrowings	149,664		182,270
Barcarena Debentures, due October 2028	180,824		175,025
Turbine Financing, due July 2027	146,463		—
EB-5 Loan, due July 2028	98,476		61,614
Tugboat Financing, due December 2038	46,515		46,728
Barcarena Term Loan, due February 2024	—		199,678
Equipment Notes, due July 2026	—		190,789
Total debt	$	7,628,958	$	6,803,148
Current portion of long-term debt	$	236,147	$	292,625
Long-term debt	7,392,811		6,510,523

Schedule of Interest Expense

Interest expense, net of amounts capitalized, recognized for the three and six months ended June 30, 2024 and 2023 consisted of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest per contractual rates	$	128,998	$	75,160	$	252,416	$	139,419
Interest expense on Vessel Financing Obligation	49,428		52,465		98,515		106,795
Amortization of debt issuance costs, premiums and discounts	12,676		3,150		21,129		6,742
Interest expense incurred on finance lease obligations	124		1,218		722		1,686
Total interest costs	$	191,226	$	131,993	$	372,782	$	254,642
Capitalized interest	110,827		67,597		215,039		118,573
Total interest expense	$	80,399	$	64,396	$	157,743	$	136,069

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Prepaid expenses and other current assets - Schedule of Prepaid Expenses and Other Current Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 20,006	$ 31,490
Recoverable taxes	123,879	80,630
Due from affiliates	2,019	1,566
Assets held for sale	68,936	21,265
Other current assets	63,143	78,153
Total prepaid expenses and other current assets, net	$ 277,983	$ 213,104

Debt - Equipment Notes (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended
Debt - Equipment Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Repayments of debt					$ 2,202,722	$ 0
Loss on extinguishment of debt, net		$ 0		$ 0	$ (9,754)	$ 0
Equipment Notes, due July 2026
Debt Instrument [Line Items]
Repayments of debt			$ 188,431
Prepayment of debt premium percentage			3.00%
Loss on extinguishment of debt, net	$ (7,879)

- 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

Organization	6 Months Ended
Organization	Jun. 30, 2024
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.

Share-based compensation - Schedule of Nonvested Performance-based Units Activity (Details) - RSUs	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Restricted Stock Units
Non-vested RSUs, beginning balance (in shares) \| shares	32,327
Granted (in shares) \| shares	2,786,112
Vested (in shares) \| shares	(41,967)
Forfeited (in shares) \| shares	(87,759)
Non-vested RSUs, ending balance (in shares) \| shares	2,688,713
Weighted-average grant date fair value per share
Non-vested RSUs, beginning balance (in dollars per share) \| $ / shares	$ 27.12
Granted (in dollars per share) \| $ / shares	32.66
Vested (in dollars per share) \| $ / shares	29.75
Forfeited (in dollars per share) \| $ / shares	32.41
Non-vested RSUs, ending balance (in dollars per share) \| $ / shares	$ 32.68

Segments

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segments

25. Segments

As of June 30, 2024, 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.

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

•Ships includes vessels that are leased to customers under long-term arrangements, and as of June 30, 2024, four vessels are included in this segment. The Company’s investment in Energos was also included in the Ships segment prior to the disposition of this investment in the first quarter of 2024. Ships Operating Margin also included our effective share of revenue, expenses and operating margin attributable to our ownership 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. The CODM includes deferred earnings from contracted sales for which a prepayment was received in the current period in the segment measure.

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, 2024 and 2023:


	Three Months Ended June 30, 2024
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other(4)		Consolidated
Statement of operations:
Total revenues	$	385,428	$	42,578	$	428,006	$	—	$	428,006
Cost of sales	221,860		—		221,860		—		221,860
Vessel operating expenses	—		8,503		8,503		—		8,503
Operations and maintenance	39,292		—		39,292		—		39,292
Deferred earnings from contracted sales(5)	90,000		—		90,000		(90,000)		—
Segment Operating Margin	$	214,276	$	34,075	$	248,351	$	(90,000)	$	158,351
Balance sheet:
Total assets	$	10,761,090	$	647,287	$	11,408,377	$	—	$	11,408,377
Other segmental financial information:
Capital expenditures(2)	$	646,558	$	—	$	646,558	$	—	$	646,558


	Six Months Ended June 30, 2024
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other(4)		Consolidated
Statement of operations:
Total revenues	$	1,033,165	$	85,162	$	1,118,327	$	—	$	1,118,327
Cost of sales	450,977		—		450,977		—		450,977
Vessel operating expenses	—		16,899		16,899		—		16,899
Operations and maintenance	107,840		—		107,840		—		107,840
Deferred earnings from contracted sales(5)	90,000		—		90,000		(90,000)		—
Segment Operating Margin	$	564,348	$	68,263	$	632,611	$	(90,000)	$	542,611
Balance sheet:
Total assets	$	10,761,090	$	647,287	$	11,408,377	$	—	$	11,408,377
Other segmental financial information:
Capital expenditures(2)	$	1,130,813	$	—	$	1,130,813	$	—	$	1,130,813


	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

(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).

Consolidated Segment Operating Margin is defined as net income, adjusted for selling, general and administrative expenses, transaction and integration costs, depreciation and amortization, asset impairment expense, loss on sale of assets, interest expense, other expense, net, loss on extinguishment of debt, net, tax provision and income from equity method investments.

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands of $)	2024		2023		2024		2023
Net income (loss)	$	(86,860)	$	120,100	$	(30,190)	$	271,666
Add:
Selling, general and administrative	70,578		55,803		141,332		107,941
Transaction and integration costs	1,760		1,554		3,131		2,048
Depreciation and amortization	37,413		42,115		87,904		76,490
Interest expense	80,399		64,396		157,743		136,069
Other expense (income), net	47,354		(6,584)		66,466		18,421
Asset impairment expense	4,272		—		4,272		—
Loss on sale of assets, net	—		—		77,140		—
Loss on extinguishment of debt, net	—		—		9,754		—
Tax provision (benefit)	3,435		15,322		25,059		44,282
(Income) from equity method investments	—		(2,269)		—		(12,249)
Consolidated Segment Operating Margin	$	158,351	$	290,437	$	542,611	$	644,668

- 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.

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+ Details

Leases, as lessee - Narrative (Details) $ in Thousands	3 Months Ended			6 Months Ended
Leases, as lessee - Narrative (Details) $ in Thousands	Jun. 30, 2024 USD ($) turbine	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023
Leases [Abstract]
Finance lease, impairment loss	$ 23,018	$ 24,339
Finance lease, lease liability, writeoff	$ 25,762	$ 29,443
Number of operating leases terminated \| turbine	3
Loss on lease termination	$ 4,789
Lease, cost	$ 22,208		$ 14,449	$ 37,137	$ 18,705
Operating lease, weighted average remaining lease term	7 years 1 month 6 days			7 years 1 month 6 days
Finance lease, weighted average remaining lease term	3 years 1 month 6 days			3 years 1 month 6 days
Operating lease, weighted average discount rate, percent	10.30%			10.30%		10.10%
Finance lease, weighted average discount rate, percent	5.20%			5.20%		8.20%

Share-based compensation - Schedule of Share Based Compensation Expense (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 20,064,000	$ 25,312,000
Operations and maintenance
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	82,000	99,000
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 19,982,000	$ 25,213,000

- 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

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+ Details

Revenue recognition - Carrying Amount of Leased Property Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Property, plant and equipment	$ 686,683	$ 686,683
Accumulated depreciation	(83,160)	(69,977)
Property, plant and equipment, net	$ 603,523	$ 616,706

Property, plant and equipment, net

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property, plant and equipment, net

14. Property, plant and equipment, net

As of June 30, 2024 and December 31, 2023, the Company’s property, plant and equipment, net consisted of the following:


	June 30, 2024		December 31, 2023
Vessels	$	1,556,455	$	1,494,433
Terminal and power plant equipment	476,027		668,927
Power facilities	271,698		273,978

ISO containers and other equipment	64,280		97,984
LNG liquefaction facilities	1,561		63,316
Gas pipelines	66,319		66,319
Land	53,345		54,324
Leasehold improvements	45,341		139,967
Accumulated depreciation	(390,188)		(377,833)
Total property, plant and equipment, net	$	2,144,838	$	2,481,415

The book value of the vessels that was recognized due to the failed sale leaseback in the Energos Formation Transaction as of June 30, 2024 and December 31, 2023 was $1,284,400 and $1,293,384, respectively. The reduction to terminal and power plant equipment and leasehold improvements reflects the sale of turbines to PREPA (Note 5).

Depreciation expense for the three months ended June 30, 2024 and 2023 totaled $33,626 and $30,275, respectively, of which $235 and $232, 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, 2024 and 2023 totaled $78,151 and $56,275, respectively, of which $495 and $463, respectively, is included within Cost of sales in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

Revenue recognition - Performance Obligation (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 12,274,235
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 146,803
Revenue, remaining performance obligation, expected timing of satisfaction, period	6 months
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	$ 689,179
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	$ 687,236
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	$ 683,546
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	$ 668,315
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 9,399,156
Revenue, remaining performance obligation, expected timing of satisfaction, period

Inventory (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

As of June 30, 2024 and December 31, 2023, inventory consisted of the following:


	June 30, 2024		December 31, 2023
LNG and natural gas inventory	$	98,507	$	75,417
Automotive diesel oil inventory	10,696		10,121
Bunker fuel, materials, supplies and other	32,520		28,146
Total inventory	$	141,723	$	113,684

Leases, as lessee - Components of Operating Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Fixed lease cost	$ 43,154	$ 22,858	$ 76,248	$ 39,226
Variable lease cost	1,073	1,004	2,709	1,601
Short-term lease cost	3,564	2,370	6,590	5,919
Lease cost - Cost of sales	40,006	15,137	66,008	30,891
Lease cost - Operations and maintenance	5,573	9,207	15,146	12,048
Lease cost - Selling, general and administrative	$ 2,212	$ 1,888	$ 4,393	$ 3,807

Financial instruments - Financial Assets and Financial Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Investment in equity securities	$ 8,678	$ 7,678
Foreign exchange contracts
Assets
Investment in equity securities	0
Contingent consideration derivative liabilities
Contingent consideration derivative liabilities	7,027
Contingent consideration derivative liabilities
Contingent consideration derivative liabilities
Contingent consideration derivative liabilities	34,703	37,832
Level 1
Assets
Investment in equity securities	0	0
Level 1 \| Foreign exchange contracts
Assets
Investment in equity securities	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 \| Foreign exchange contracts
Assets
Investment in equity securities	17,121
Contingent consideration derivative liabilities
Contingent consideration derivative liabilities	7,027
Level 2 \| Contingent consideration derivative liabilities
Contingent consideration derivative liabilities
Contingent consideration derivative liabilities	0	0
Level 3
Assets
Investment in equity securities	8,678	7,678
Level 3 \| Foreign exchange contracts
Assets
Investment in equity securities	0
Contingent consideration derivative liabilities
Contingent consideration derivative liabilities	0
Level 3 \| Contingent consideration derivative liabilities
Contingent consideration derivative liabilities
Contingent consideration derivative liabilities	$ 34,703	$ 37,832

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

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+ Details

Financial instruments (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of 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, 2024 and December 31, 2023:


	Level 1		Level 2		Level 3		Total
June 30, 2024
Assets
Investment in equity securities	$	—	$	—	$	8,678	$	8,678



Foreign exchange contracts	—		17,121		—		—

Liabilities
Foreign exchange contracts	$	—	$	7,027	$	—	$	7,027
Contingent consideration derivative liabilities	—		—		34,703		34,703

December 31, 2023
Assets
Investment in equity securities	$	—	$	—	$	7,678	$	7,678

Liabilities
Contingent consideration derivative liabilities	$	—	$	—	$	37,832	$	37,832

Schedule of Gain (Loss) on Securities


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Contingent consideration derivative liabilities - Fair value adjustment - (gain)	$	(1,668)	$	(22)	$	(2,304)	$	(3,035)

Earnings per share - Schedule of Earnings Per Share (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income (loss)	$ (86,860,000)	$ 56,670,000	$ 120,100,000	$ 151,566,000	$ (30,190,000)	$ 271,666,000
Net (income) loss attributable to non-controlling interests	(1,994,000)		(852,000)		(4,583,000)	(2,212,000)
Series A convertible preferred stock cumulative dividend	(1,190,000)		0		(1,332,000)	0
Net income attributable to Class A common stock	$ (90,044,000)		$ 119,248,000		$ (36,105,000)	$ 269,454,000
Denominator:
Weighted-average shares - basic (in shares)	205,070,756		205,045,121		205,066,362	206,867,828
Net income (loss) per share - basic (in dollars per share)	$ (0.44)		$ 0.58		$ (0.18)	$ 1.30
Numerator:
Net income (loss)	$ (86,860,000)	$ 56,670,000	$ 120,100,000	$ 151,566,000	$ (30,190,000)	$ 271,666,000
Net (income) loss attributable to non-controlling interests	(1,994,000)		(852,000)		(4,583,000)	(2,212,000)
Series A convertible preferred stock cumulative dividend	(1,190,000)		0		(1,332,000)	0
Adjustments attributable to dilutive securities	(1,018,000)		(304,000)		(1,768,000)	(1,954,000)
Net income (loss) attributable to Class A common stock	$ (91,062,000)		$ 118,944,000		$ (37,873,000)	$ 267,500,000
Denominator:
Weighted average number of shares outstanding - diluted (in shares)	205,851,364		205,711,467		205,846,970	207,534,174
Net income (loss) per share - diluted (in dollars per share)	$ (0.44)		$ 0.58		$ (0.18)	$ 1.29

Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
LNG and natural gas inventory	$ 98,507	$ 75,417
Automotive diesel oil inventory	10,696	10,121
Bunker fuel, materials, supplies and other	32,520	28,146
Total inventory	$ 141,723	$ 113,684

Equity method investments - Narrative (Details) $ in Thousands		1 Months Ended	6 Months Ended
	Feb. 14, 2024 USD ($)	Aug. 31, 2022 USD ($) Vessel	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of vessels transferred \| Vessel		11
Purchase agreement, consideration received		$ 1,850,000
Equity method investment, difference between carrying amount and underlying equity					$ 5,277
Sale of equity method investment			$ 136,365	$ 100,000
Loss on the disposal of equity method investment			7,222	$ 37,401
Energos
Schedule of Equity Method Investments [Line Items]
Ownership interest acquired		20.00%
Sale of equity method investment	$ 136,365
Loss on the disposal of equity method investment	$ 7,222
Other long-term investments			$ 1,000

Asset sale (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
Asset sale (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on extinguishment of debt		$ 0	$ 0	$ 9,754	$ 0
Equipment Notes, due July 2026
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on extinguishment of debt	$ 7,879
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Turbines And Related Equipment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, purchase price	$ 306,599
Maintenance service obligation period	12 months
Standalone selling price of maintenance services	$ 15,330
Maintenance services revenue		$ 3,830
Property, plant and equipment	368,799
Gain (loss) on disposition of property plant equipment	$ 77,530

Revenue recognition (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

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

The table below summarizes the balances in Other revenue:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest income and other revenue	$	4,746	$	886	$	9,677	$	1,805
Operation and maintenance revenue	79,622		—		108,853		—
Total other revenue	$	84,368	$	886	$	118,530	$	1,805

The contract assets and contract liabilities balances as of June 30, 2024 and December 31, 2023 are detailed below:


	June 30, 2024		December 31, 2023
Contract assets, net - current	$	9,019	$	8,714
Contract assets, net - non-current	15,751		19,901
Total contract assets, net	$	24,770	$	28,615

Contract liabilities, net - current	$	96,331	$	65,287
Contract liabilities, net - non-current	12,375		31,698
Total contract liabilities, net	$	108,706	$	96,985

Revenue recognized in the year from:
Amounts included in contract liabilities at the beginning of the year	$	81,591	$	12,748

Schedule of Remaining Performance Obligations

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


Period	Revenue
Remainder of 2024	$	146,803
2025	689,179
2026	687,236
2027	683,546
2028	668,315
Thereafter	9,399,156
Total	$	12,274,235

Schedule of Property, Plant and Equipment Subject to Operating Leases

Vessels included in the Energos Formation Transaction (defined below in Note 12), including those vessels chartered to third parties, continue to be recognized on the Condensed Consolidated Balance Sheets. The carrying amount of these vessels that are leased to third parties under operating leases is as follows:


	June 30, 2024		December 31, 2023
Property, plant and equipment	$	686,683	$	686,683
Accumulated depreciation	(83,160)		(69,977)
Property, plant and equipment, net	$	603,523	$	616,706

Schedule of Components of Lease Income


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating lease income	$	49,944	$	65,840	$	93,303	$	142,364
Variable lease income	2,472		—		5,768		—
Total operating lease income	$	52,416	$	65,840	$	99,071	$	142,364

Accrued liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

As of June 30, 2024 and December 31, 2023, Accrued liabilities consisted of the following:


	June 30, 2024		December 31, 2023
Accrued development costs	$	192,385	$	286,030
Accrued interest	93,986		82,507
Accrued bonuses	19,424		41,356
Other accrued expenses	78,681		61,782
Total accrued liabilities	$	384,476	$	471,675