XML 101 R44.htm IDEA: XBRL DOCUMENT v3.25.4
JOINT VENTURES (Tables)
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments
The condensed results of operations for the year ended December 31, 2025, and the condensed financial position as of December 31, 2025 of the Abernathy Joint Venture are summarized below (in thousands):
Year Ended December 31, 2025
Condensed statement of operations information:
Revenue$— 
Operating expense8,244 
Net loss
$8,244 
December 31, 2025
Condensed balance sheet information:
Current assets$1,408,962 
Noncurrent assets1,226,382 
Total assets$2,635,344 
Current liabilities$63,249 
Noncurrent liabilities1,682,135 
Members’ equity
889,960 
Total liabilities and members’ equity
$2,635,344 
The condensed results of operations for the period from January 1, 2024 to October 2, 2024 (the date of the Nautilus Sale) and the year ended December 31, 2023 and the condensed financial position as of October 2, 2024 of Nautilus are summarized below (in thousands):
January 1, 2024 to October 2, 2024(1)(2)
Year Ended December 31, 2023(1)
Condensed statement of operations information:
Revenue$90,530 $108,001 
Operating expense78,461 95,142 
Net income
$12,069 $12,859 
October 2, 2024(1)(2)
Condensed balance sheet information:
Current assets$11,124 
Noncurrent assets134,217 
Total assets$145,341 
Current liabilities$12,816 
Noncurrent liabilities29,434 
Equity103,091 
Total liabilities and equity$145,341 
(1)The condensed statements of operations information for the period from January 1, 2024 to October 2, 2024 (the date of the Nautilus Sale) and the year ended December 31, 2023 and the condensed balance sheet information as of October 2, 2024 reflect the impact of the Talen-estimated fair value measurements of Nautilus which, resulting from the application of ASC 805, Business Combinations, have been pushed down to the books and records of Nautilus by Talen, as discussed above. The Company’s basis in the assets and liabilities of Nautilus continue to be recorded at historical value on the accompanying consolidated balance sheets.
(2)The condensed results of operations and financial position are presented as of and for the period from January 1, 2024 to October 2, 2024, the date of the Nautilus Sale.