QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
(Address of principal executive offices) |
(Zip Code) |
Large accelerated filer ☐ |
||
Non-accelerated filer ☐ |
Smaller reporting company |
|
Emerging growth company |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
“ |
ii |
||
iii |
||
1 |
||
Item 1. |
1 |
|
Item 2. |
40 |
|
Item 3. |
62 |
|
Item 4. |
63 |
|
64 |
||
Item 1. |
64 |
|
Item 1A. |
64 |
|
Item 2. |
113 |
|
Item 3. |
113 |
|
Item 4. |
113 |
|
Item 5. |
113 |
|
Item 6. |
113 |
|
116 |
||
Btu |
the amount of heat required to raise the temperature of one avoirdupois pound of pure water from 59 degrees Fahrenheit to 60 degrees Fahrenheit at an absolute pressure of 14.696 pounds per square inch gage |
CAA |
Clean Air Act |
CERCLA |
Comprehensive Environmental Response, Compensation and Liability Act |
CWA |
Clean Water Act |
DOE |
U.S. Department of Energy |
FERC |
Federal Energy Regulatory Commission |
GAAP |
generally accepted accounting principles in the United States |
GHG |
greenhouse gases |
GSA |
gas sales agreement |
Henry Hub |
a natural gas pipeline located in Erath, Louisiana that serves as the official delivery location for futures contracts on the New York Mercantile Exchange |
ISO container |
International Organization of Standardization, an intermodal container |
LNG |
natural gas in its liquid state at or below its boiling point at or near atmospheric pressure |
MMBtu |
one million Btus, which corresponds to approximately 12.1 gallons of LNG |
MW |
megawatt. We estimate 2,500 LNG gallons would be required to produce one megawatt |
NGA |
Natural Gas Act of 1938, as amended |
non-FTA countries |
countries without a free trade agreement with the United States providing for national treatment for trade in natural gas and with which trade is permitted |
OPA |
Oil Pollution Act |
OUR |
Office of Utilities Regulation (Jamaica) |
PHMSA |
Pipeline and Hazardous Materials Safety Administration |
PPA |
power purchase agreement |
SSA |
steam supply agreement |
TBtu |
one trillion Btus, which corresponds to approximately 12,100,000 gallons of LNG |
| • | our limited operating history; |
| • | loss of one or more of our customers; |
| • | inability to procure LNG on a fixed-price basis, or otherwise to manage LNG price risks, including hedging arrangements; |
| • | the completion of construction on our LNG terminals, facilities, power plants or Liquefaction Facilities (as defined herein) and the terms of our construction contracts for the completion of these assets; |
| • | cost overruns and delays in the completion of one or more of our LNG terminals, facilities, power plants or Liquefaction Facilities, as well as difficulties in obtaining sufficient financing to pay for such costs and delays; |
| • | our ability to obtain additional financing to effect our strategy; |
| • | We may be unable to successfully integrate the businesses and realize the anticipated benefits of the Mergers; |
| • | failure to produce or purchase sufficient amounts of LNG or natural gas at favorable prices to meet customer demand; |
| • | hurricanes or other natural or manmade disasters; |
| • | failure to obtain and maintain approvals and permits from governmental and regulatory agencies; |
| • | operational, regulatory, environmental, political, legal and economic risks pertaining to the construction and operation of our facilities; |
| • | inability to contract with suppliers and tankers to facilitate the delivery of LNG on their chartered LNG tankers; |
| • | cyclical or other changes in the demand for and price of LNG and natural gas; |
| • | failure of natural gas to be a competitive source of energy in the markets in which we operate, and seek to operate; |
| • | competition from third parties in our business; |
| • | inability to re-finance our outstanding indebtedness; |
| • | changes to environmental and similar laws and governmental regulations that are adverse to our operations; |
| • | inability to enter into favorable agreements and obtain necessary regulatory approvals; |
| • | the tax treatment of us or of an investment in our Class A shares; |
| • | the completion of the Exchange Transactions (as defined below); |
| • | a major health and safety incident relating to our business; |
| • | increased labor costs, and the unavailability of skilled workers or our failure to attract and retain qualified personnel; |
| • | risks related to the jurisdictions in which we do, or seek to do, business, particularly Florida, Jamaica, Brazil and the Caribbean; and |
| • | other risks described in the “Risk Factors” section of this Quarterly Report. |
| Item 1. | Financial Statements. |
June 30, 2021 |
December 31, 2020 |
|||||||
Assets |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
$ |
$ |
||||||
Restricted cash |
||||||||
Receivables, net of allowances of $ |
||||||||
Inventory |
||||||||
Prepaid expenses and other current assets, net |
||||||||
Total current assets |
||||||||
Restricted cash |
||||||||
Construction in progress |
||||||||
Property, plant and equipment, net |
||||||||
Equity method investments |
||||||||
Right-of-use assets |
||||||||
Intangible assets, net |
||||||||
Finance leases, net |
||||||||
Goodwill |
||||||||
Deferred tax assets, net |
||||||||
Other non-current assets, net |
||||||||
Total assets |
$ |
$ |
||||||
Liabilities |
||||||||
Current liabilities |
||||||||
Current portion of long-term debt |
$ |
$ |
||||||
Accounts payable |
||||||||
Accrued liabilities |
||||||||
Current lease liabilities |
||||||||
Due to affiliates |
||||||||
Other current liabilities |
||||||||
Total current liabilities |
||||||||
Long-term debt |
||||||||
Non-current lease liabilities |
||||||||
Deferred tax liabilities, net |
||||||||
Other long-term liabilities |
||||||||
Total liabilities |
||||||||
Commitments and contingencies (Note 20) |
||||||||
Stockholders’ equity |
||||||||
Class A common stock, $ |
||||||||
Additional paid-in capital |
||||||||
Accumulated deficit |
( |
) |
( |
) |
||||
Accumulated other comprehensive income |
||||||||
Total stockholders' equity attributable to NFE |
||||||||
Non-controlling interest |
||||||||
Total stockholders' equity |
||||||||
Total liabilities and stockholders' equity |
$ |
$ |
||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Revenues |
||||||||||||||||
Operating revenue |
$ |
$ |
$ |
$ |
||||||||||||
Vessel charter revenue |
||||||||||||||||
Other revenue |
||||||||||||||||
Total revenues |
||||||||||||||||
Operating expenses |
||||||||||||||||
Cost of sales |
||||||||||||||||
Vessel operating expenses |
||||||||||||||||
Operations and maintenance |
||||||||||||||||
Selling, general and administrative |
||||||||||||||||
Transaction and integration costs |
||||||||||||||||
Contract termination charges and loss on mitigation sales |
||||||||||||||||
Depreciation and amortization |
||||||||||||||||
Total operating expenses |
||||||||||||||||
Operating loss |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Interest expense |
||||||||||||||||
Other (income) expense, net |
( |
) |
( |
) |
||||||||||||
Loss on extinguishment of debt, net |
||||||||||||||||
Net loss before income from equity method investments and income taxes |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Income from equity method investments |
||||||||||||||||
Tax provision |
||||||||||||||||
Net loss |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Net (income) loss attributable to non-controlling interest |
( |
) |
( |
) |
||||||||||||
Net loss attributable to stockholders |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
||||
Net loss per share – basic and diluted |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
||||
Weighted average number of shares outstanding – basic and diluted |
||||||||||||||||
Other comprehensive loss: |
||||||||||||||||
Net loss |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
||||
Currency translation adjustment |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Comprehensive income (loss) |
( |
) |
( |
) |
||||||||||||
Comprehensive (income) loss attributable to non-controlling interest |
( |
) |
( |
) |
||||||||||||
Comprehensive income (loss) attributable to stockholders |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
||||||||
Class A shares |
Class B shares |
Class A common stock |
Additional paid-in |
Accumulated |
Accumulated other comprehensive |
Non- controlling |
Total stockholders' |
|||||||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
capital |
deficit |
(loss) income |
interest |
equity |
||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
||||||||||||||||||||||||||||||||||
Net loss |
- |
- |
- |
( |
) |
( |
) |
( |
) |
|||||||||||||||||||||||||||||||||||
Other comprehensive loss |
- |
- |
- |
- |
- |
( |
) |
( |
) |
( |
) |
|||||||||||||||||||||||||||||||||
Share-based compensation expense |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||||||||||||||
Issuance of shares for vested RSUs |
||||||||||||||||||||||||||||||||||||||||||||
Shares withheld from employees related to share-based compensation, at cost |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||||||||
Dividends |
- |
- |
- |
( |
) |
( |
) |
|||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
||||||||||||||||||||||||||||||||||
Net (loss) income |
- |
- |
- |
( |
) |
( |
) |
|||||||||||||||||||||||||||||||||||||
Other comprehensive income |
- |
- |
- |
|||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense |
- |
- |
- |
|||||||||||||||||||||||||||||||||||||||||
Shares issued as consideration in business combinations |
||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares for vested RSUs |
||||||||||||||||||||||||||||||||||||||||||||
Shares withheld from employees related to share-based compensation, at cost |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||||||||
Non-controlling interest acquired in business combinations |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||||||||||
Dividends |
- |
- |
- |
( |
) |
( |
) |
|||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
||||||||||||||||||||||||||||||||||
Class A shares |
Class B shares |
Class A common stock |
Additional paid-in |
Accumulated |
Accumulated other comprehensive |
Non- controlling |
Total stockholders' |
|||||||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
capital |
deficit |
(loss) income |
interest |
equity |
||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
||||||||||||||||||||||||||||||||
Cumulative effect of accounting |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||||||||
Net loss |
- |
- |
- |
( |
) |
( |
) |
( |
) |
|||||||||||||||||||||||||||||||||||
Other comprehensive loss |
- |
- |
- |
( |
) |
( |
) |
( |
) |
|||||||||||||||||||||||||||||||||||
Share-based compensation expense |
- |
- |
- |
|||||||||||||||||||||||||||||||||||||||||
Issuance of shares for vested RSUs |
||||||||||||||||||||||||||||||||||||||||||||
Shares withheld from employees related to share-based compensation, at cost |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2020 |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
||||||||||||||||||||||||||||||||
Net loss |
- |
- |
- |
( |
) |
( |
) |
( |
) |
|||||||||||||||||||||||||||||||||||
Other comprehensive loss |
- |
- |
- |
|||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense |
- |
- |
- |
|||||||||||||||||||||||||||||||||||||||||
Issuance of shares for vested RSUs |
||||||||||||||||||||||||||||||||||||||||||||
Shares withheld from employees related to share-based compensation, at cost |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||||||||
Exchange of NFI units |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
||||||||||||||||||||||||||||||||
Six Months Ended June 30, |
||||||||
2021 |
2020 |
|||||||
Cash flows from operating activities |
||||||||
Net loss |
$ |
( |
) |
$ |
( |
) |
||
Adjustments for: |
||||||||
Amortization of deferred financing costs and debt guarantee, net |
( |
) |
||||||
Depreciation and amortization |
||||||||
Earnings of equity method investees |
( |
) |
||||||
Dividends received from equity method investees |
||||||||
Sales-type lease payments received in excess of interest income |
||||||||
Change in market value of derivatives |
( |
) |
( |
) |
||||
Contract termination charges and loss on mitigation sales |
||||||||
Loss on extinguishment and financing expenses |
||||||||
Deferred taxes |
||||||||
Change in value of Investment of equity securities |
( |
) |
||||||
Share-based compensation |
||||||||
Other |
||||||||
Changes in operating assets and liabilities, net of acquisitions: |
||||||||
(Increase) in receivables |
( |
) |
( |
) |
||||
(Increase) in inventories |
( |
) |
( |
) |
||||
Decrease (Increase) in other assets |
( |
) |
||||||
Decrease in right-of-use assets |
||||||||
Increase in accounts payable/accrued liabilities |
||||||||
(Decrease) in amounts due to affiliates |
( |
) |
( |
) |
||||
Increase (Decrease) in lease liabilities |
( |
) |
||||||
(Decrease) Increase in other liabilities |
( |
) |
||||||
Net cash used in operating activities |
( |
) |
( |
) |
||||
Cash flows from investing activities |
||||||||
Capital expenditures |
( |
) |
( |
) |
||||
Cash paid for business combinations, net of cash acquired |
( |
) |
||||||
Entities acquired in asset acquisitions, net of cash acquired |
( |
) |
||||||
Other investing activities |
( |
) |
||||||
Net cash used in investing activities |
( |
) |
( |
) |
||||
Cash flows from financing activities |
||||||||
Proceeds from borrowings of debt |
||||||||
Payment of deferred financing costs |
( |
) |
( |
) |
||||
Repayment of debt |
( |
) |
( |
) |
||||
Payments related to tax withholdings for share-based compensation |
( |
) |
( |
) |
||||
Payment of dividends |
( |
) |
||||||
Net cash provided by financing activities |
||||||||
Impact of changes in foreign exchange rates on cash and cash equivalents |
( |
) |
||||||
Net (decrease) increase in cash, cash equivalents and restricted cash |
( |
) |
||||||
Cash, cash equivalents and restricted cash – beginning of period |
||||||||
Cash, cash equivalents and restricted cash – end of period |
$ |
$ |
||||||
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 |
$ |
$ |
( |
) |
||||
Liabilities associated with consideration paid for entities acquired in asset acquisitions |
||||||||
Consideration paid in shares for business combinations |
||||||||
| 1. | Organization |
| 2. | Significant accounting policies |
| (a) | Basis of presentation and principles of consolidation |
| (b) | Revenue recognition |
| (c) | Business combinations |
| (d) | Equity method investments |
| (e) | Lessor expense recognition |
| (f) | Guarantees |
| (g) | Derivatives |
| (h) | Property, plant and equipment, net |
Useful life (Yrs) |
|
Vessels |
|
Terminal and power plant equipment |
|
CHP facilities |
|
Gas terminals |
|
ISO containers and associated equipment |
|
LNG liquefaction facilities |
|
Gas pipelines |
|
Leasehold improvements |
| (i) | Transaction and integration costs |
| 3. | Adoption of new and revised standards |
| (a) | New standards, amendments and interpretations issued but not effective for the year beginning January 1, 2021: |
| (b) | New and amended standards adopted by the Company: |
| 4. | Acquisitions |
Consideration |
As of April 15, 2021 |
|||||||
Cash consideration for Hygo Preferred Shares |
$ |
|||||||
Cash consideration for Hygo Common Shares |
||||||||
Total Cash Consideration |
$ |
|||||||
Merger consideration to be paid in shares of NFE Common Stock |
||||||||
Total Non-Cash Consideration |
||||||||
Total Consideration |
$ |
|||||||
Hygo |
As of April 15, 2021 |
|||
Assets Acquired |
||||
Cash and cash equivalents |
$ |
|||
Restricted cash |
||||
Accounts receivable |
||||
Inventory |
||||
Other current assets |
||||
Assets under development |
||||
Property, plant and equipment, net |
||||
Intangible assets, net |
||||
Equity method investments |
||||
Finance leases, net |
||||
Deferred tax assets, net |
||||
Other non-current assets |
||||
Total assets acquired: |
$ |
|||
Liabilities Assumed |
||||
Current portion of long-term debt |
$ |
|||
Accounts payable |
||||
Accrued liabilities |
||||
Other current liabilities |
||||
Long-term debt |
||||
Deferred tax liabilities, net |
||||
Other non-current liabilities |
||||
Total liabilities assumed: |
||||
Non-controlling interest |
||||
Net assets acquired: |
||||
Goodwill |
$ |
|||
Consideration |
As of April 15, 2021 |
|||||||
GMLP Common Units ($ |
$ |
|||||||
GMLP General Partner Interest ($ |
||||||||
Partnership Phantom Units ($ |
||||||||
Cash Consideration |
$ |
|||||||
GMLP debt repaid in acquisition |
||||||||
Total Cash Consideration |
||||||||
Cash settlement of preexisting relationship |
( |
) |
||||||
Total Consideration |
$ |
|||||||
GMLP |
As of April 15, 2021 |
|||
Assets Acquired |
||||
Cash and cash equivalents |
$ |
|||
Restricted cash |
||||
Accounts receivable |
||||
Inventory |
||||
Other current assets |
||||
Equity method investments |
||||
Property, plant and equipment, net |
||||
Intangible assets, net |
||||
Deferred tax assets, net |
||||
Other non-current assets |
||||
Total assets acquired: |
$ |
|||
Liabilities Assumed |
||||
Current portion of long-term debt |
$ |
|||
Accounts payable |
||||
Accrued liabilities |
||||
Other current liabilities |
||||
Deferred tax liabilities, net |
||||
Other non-current liabilities |
||||
Total liabilities assumed: |
||||
Non-controlling interest |
||||
Net assets to be acquired: |
||||
Goodwill |
$ |
|||
Three Months Ended |
Six Months Ended |
|||||||||||||||
June 30, 2021 |
June 30, 2020 |
June 30, 2021 |
June 30, 2020 |
|||||||||||||
Revenue |
$ |
$ |
$ |
$ |
||||||||||||
Net income (loss) |
( |
) |
( |
) |
( |
) |
||||||||||
Net income (loss) attributable to stockholders |
( |
) |
( |
) |
( |
) |
||||||||||
| 5. | VIEs |
Vessel |
End of lease term |
Date of next repurchase option |
Repurchase price at next repurchase option date |
Repurchase obligation at end of lease term |
Eskimo |
$ |
$ |
$ |
$ |
Nanook |
||||
Penguin |
||||
Celsius |
Vessel |
Remaining 2021 |
2022 |
2023 |
2024 |
2025 |
_2026+ |
||||||||||||||||||
Eskimo |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Nanook |
||||||||||||||||||||||||
Penguin |
||||||||||||||||||||||||
Celsius |
||||||||||||||||||||||||
Eskimo |
Nanook |
Penguin |
Celsius |
|||||||||||||
Assets |
||||||||||||||||
Restricted cash |
$ |
$ |
$ |
$ |
||||||||||||
Liabilities |
||||||||||||||||
Long-term debt - current portion |
$ |
$ |
$ |
$ |
||||||||||||
Long-term debt - non-current portion |
||||||||||||||||
| 6. | Revenue recognition |
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Development services revenue |
$ |
$ |
$ |
$ |
||||||||||||
Interest income and other revenue |
||||||||||||||||
Total other revenue |
$ |
$ |
$ |
$ |
||||||||||||
June 30, 2021 |
December 31, 2020 |
|||||||
Contract assets, net - current |
$ |
$ |
||||||
Contract assets, net - non-current |
||||||||
Total contract assets, net |
$ |
$ |
||||||
Contract liabilities |
$ |
$ |
||||||
Revenue recognized in the year from: |
||||||||
Amounts included in contract liabilities at the beginning of the year |
$ |
$ |
||||||
Period |
Revenue |
|||
Remainder of |
$ |
|||
Total |
$ |
|||
June 30, 2021 |
December 31, 2020 |
|||||||
Property, plant and equipment |
$ |
$ |
||||||
Accumulated depreciation |
( |
) |
( |
) |
||||
Property, plant and equipment, net |
$ |
$ |
||||||
June 30, 2021 |
||||
Operating lease income |
$ |
|||
Variable lease income |
||||
Total operating lease income |
$ |
|||
Future cash receipts |
||||||||
Financing leases |
Operating leases |
|||||||
Remainder of 2021 |
$ |
$ |
||||||
2022 |
||||||||
2023 |
||||||||
2024 |
||||||||
2025 |
||||||||
Thereafter |
||||||||
Total minimum lease receivable |
$ |
$ |
||||||
Unguaranteed residual value |
||||||||
Gross investment in sales-type lease |
$ |
|||||||
Less: Unearned interest income |
||||||||
Less: Current expected credit losses |
||||||||
Net investment in leased vessel |
$ |
|||||||
Current portion of net investment in leased asset |
$ |
|||||||
Non-current portion of net investment in leased asset |
||||||||
| 7. | Leases, as lessee |
June 30, 2021 |
December 31, 2020 |
|||||||
Operating right-of-use assets |
$ |
$ |
||||||
Finance right-of-use assets (1) |
||||||||
Total right-of-use assets |
$ |
$ |
||||||
Current lease liabilities: |
||||||||
Operating lease liabilities |
$ |
$ |
||||||
Finance lease liabilities |
||||||||
Total current lease liabilities |
$ |
$ |
||||||
Non-current lease liabilities: |
||||||||
Operating lease liabilities |
$ |
$ |
||||||
Finance lease liabilities |
||||||||
Total non-current lease liabilities |
$ |
$ |
||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Fixed lease cost |
$ |
$ |
$ |
$ |
||||||||||||
Variable lease cost |
||||||||||||||||
Short-term lease cost |
||||||||||||||||
Lease cost - Cost of sales |
$ |
$ |
$ |
$ |
||||||||||||
Lease cost - Operations and maintenance |
||||||||||||||||
Lease cost - Selling, general and administrative |
||||||||||||||||
Six Months Ended June 30, |
||||||||
2021 |
2020 |
|||||||
Operating cash outflows for operating lease liabilities |
$ |
$ |
||||||
Financing cash outflows for financing lease liabilities |
||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities |
||||||||
Right-of-use assets obtained in exchange for new financing lease liabilities |
||||||||
Operating Leases |
Finance Leases |
|||||||
Due remainder of 2021 |
$ |
$ |
||||||
2022 |
||||||||
2023 |
||||||||
2024 |
||||||||
2025 |
||||||||
Thereafter |
||||||||
Total lease payments |
$ |
$ |
||||||
Less: effects of discounting |
||||||||
Present value of lease liabilities |
$ |
$ |
||||||
Current lease liability |
$ |
$ |
||||||
Non-current lease liability |
||||||||
| 8. | Financial instruments |
Instrument |
Notional Amount |
Maturity Dates |
Fixed Interest Rate |
Forward Foreign Exchange Rate |
|||
Interest rate swap |
$ |
_ |
_n/a |
||||
Cross currency interest rate swap - Debenture Loan, due 2024 |
BRL |
_ |
_ |
||||
| • | Level 1 – observable inputs such as quoted prices in active markets for identical assets or liabilities. |
| • | Level 2 - inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs. |
| • | Level 3 - unobservable inputs for which there is little or no market data and which require the Company to develop its own assumptions about how market participants price the asset or liability. |
| • | Market approach – uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. |
| • | Income approach – uses valuation techniques, such as the discounted cash flow technique, to convert future amounts to a single present amount based on current market expectations about those future amounts. |
| • | Cost approach – based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). |
_ |
Fair Value Hierarchy |
June 30, 2021 Carrying Value |
June 30, 2021 Fair Value |
December 31, 2020 Carrying Value |
December 31, 2020 Fair Value |
Valuation Technique |
||||||||||||
Non-Derivatives: |
||||||||||||||||||
Cash and cash equivalents |
Level 1 |
$ |
$ |
$ |
$ |
Market approach |
||||||||||||
Restricted cash |
Level 1 |
Market approach |
||||||||||||||||
Investment in equity securities |
Level 1 |
Market approach |
||||||||||||||||
Investment in equity securities |
Level 3 |
Market approach |
||||||||||||||||
Long-term debt(1) |
Level 2 |
Market approach |
||||||||||||||||
Derivatives: |
||||||||||||||||||
Derivative liability(2)(3) |
Level 3 |
Income approach |
||||||||||||||||
Equity agreement(3)(4) |
Level 3 |
Income approach |
||||||||||||||||
Cross currency interest rate swap asset(5)(6) |
Level 2 |
Income approach |
||||||||||||||||
Interest rate swap liability(5)(6) |
Level 2 |
Income approach |
||||||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Derivative liability/Equity agreement - Fair value adjustment - (Gain) loss |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
( |
) |
||||||
Interest rate swap - Fair value adjustment (gain) |
( |
) |
( |
) |
||||||||||||
Cross currency interest rate swap - Fair value adjustment (gain) |
( |
) |
( |
) |
||||||||||||
| 9. | Restricted cash |
June 30, 2021 |
December 31, 2020 |
|||||||
Cash held by lessor VIEs |
$ |
$ |
||||||
Collateral for interest rate swaps |
||||||||
Collateral for performance under customer agreements |
||||||||
Collateral for LNG purchases |
||||||||
Collateral for letters of credit and performance bonds |
||||||||
Other restricted cash |
||||||||
Total restricted cash |
$ |
$ |
||||||
Current restricted cash |
$ |
$ |
||||||
Non-current restricted cash |
||||||||
| 10. | Inventory |
June 30, 2021 |
December 31, 2020 |
|||||||
LNG and natural gas inventory |
$ |
$ |
||||||
Automotive diesel oil inventory |
||||||||
Bunker fuel, materials, supplies and other |
||||||||
Total inventory |
$ |
$ |
||||||
| 11. | Prepaid expenses and other current assets |
June 30, 2021 |
December 31, 2020 |
|||||||
Prepaid LNG |
$ |
$ |
||||||
Prepaid expenses |
||||||||
Due from affiliates |
||||||||
Other current assets |
||||||||
Total prepaid expenses and other current assets, net |
$ |
$ |
||||||
| 12. | Equity method investments |
June 30, 2021 |
||||
Equity method investments as of December 31, 2020 |
$ |
|||
Acquisition of equity method investments in the Mergers |
||||
Dividend |
( |
) |
||
Equity in earnings / losses of investees |
||||
Foreign currency translation adjustment |
||||
Equity method investments as of June 30, 2021 |
$ |
|||
June 30, 2021 |
||||
CELSEPAR |
$ |
|||
Hilli LLC |
||||
Total carrying amount of equity method investments |
$ |
|||
| 13. | Construction in progress |
June 30, 2021 |
||||
Balance at beginning of period |
$ |
|||
Acquisition of construction in progress from business combinations |
||||
Additions |
||||
Impact of change in FX rates |
||||
Transferred to property, plant and equipment, net or finance leases |
( |
) |
||
Balance at end of period |
$ |
|||
| 14. | Property, plant and equipment, net |
June 30, 2021 |
December 31, 2020 |
|||||||
Vessels |
$ |
$ |
||||||
Terminal and power plant equipment |
||||||||
CHP facilities |
||||||||
Gas terminals |
||||||||
ISO containers and other equipment |
||||||||
LNG liquefaction facilities |
||||||||
Gas pipelines |
||||||||
Land |
||||||||
Leasehold improvements |
||||||||
Accumulated depreciation |
( |
) |
( |
) |
||||
Total property, plant and equipment, net |
$ |
$ |
||||||
| 15. | Intangible assets |
June 30, 2021 |
||||||||||||||||||||
Gross Carrying Amount |
Accumulated Amortization |
Currency Translation Adjustment |
Net Carrying Amount |
Weighted Average Life |
||||||||||||||||
Definite-lived intangible assets |
||||||||||||||||||||
Favorable vessel charter contracts |
$ |
$ |
( |
) |
$ |
$ |
||||||||||||||
Permits and development rights |
( |
) |
( |
) |
||||||||||||||||
Acquired power purchase agreements |
||||||||||||||||||||
Easements |
( |
) |
||||||||||||||||||
Indefinite-lived intangible assets |
||||||||||||||||||||
Easements |
- |
n/a |
||||||||||||||||||
Total intangible assets |
$ |
$ |
( |
) |
$ |
$ |
||||||||||||||
December 31, 2020 |
||||||||||||||||||||
Gross Carrying Amount |
Accumulated Amortization |
Currency Translation Adjustments |
Net Carrying Amount |
Weighted Average Life |
||||||||||||||||
Definite-lived intangible assets |
||||||||||||||||||||
Permits |
$ |
$ |
( |
) |
$ |
$ |
||||||||||||||
Easements |
( |
) |
||||||||||||||||||
Indefinite-lived intangible assets |
||||||||||||||||||||
Easements |
- |
n/a |
||||||||||||||||||
Total intangible assets |
$ |
$ |
( |
) |
$ |
$ |
||||||||||||||
| 16. | Other non-current assets |
June 30, 2021 |
December 31, 2020 |
|||||||
Nonrefundable deposit |
$ |
$ |
||||||
Contract asset, net (Note 6) |
||||||||
Cost to fulfill (Note 6) |
||||||||
Unbilled receivables, net (Note 6) |
||||||||
Upfront payments to customers |
||||||||
Other |
||||||||
Total other non-current assets, net |
$ |
$ |
||||||
| 17. | Accrued liabilities |
June 30, 2021 |
December 31, 2020 |
|||||||
Accrued development costs |
$ |
$ |
||||||
Accrued interest |
||||||||
Accrued consideration in asset acquisitions |
||||||||
Accrued bonuses |
||||||||
Accrued vessel operating and drydocking expenses |
||||||||
Other accrued expenses |
||||||||
Total accrued liabilities |
$ |
$ |
||||||
| 18. | Debt |
June 30, 2021 |
December 31, 2020 |
|||||||
Senior Secured Notes, due |
$ |
$ |
||||||
Senior Secured Notes, due |
||||||||
Revolving Facility |
||||||||
Debenture Loan, due |
||||||||
Subtotal (excluding lessor VIE loans) |
||||||||
CMBL loan: |
||||||||
Golar Eskimo SPV facility, due |
||||||||
CCBFL VIE loan: |
||||||||
Golar Nanook SPV facility, due |
||||||||
COSCO VIE loan: |
||||||||
Golar Penguin SPV facility, due |
||||||||
AVIC VIE loan: |
||||||||
Golar Celsius SPV facility, due / |
||||||||
Total debt |
$ |
$ |
||||||
Current portion of debt |
||||||||
Non-current portion of debt |
||||||||
June 30, 2021 |
||||
Due remainder of 2021 |
$ |
|||
2022 |
||||
2023 |
||||
2024 |
||||
2025 |
||||
Thereafter |
||||
Total debt |
$ |
|||
Add: fair value adjustments to assumed obligations |
||||
Less: deferred finance charges |
( |
) |
||
Total debt, net deferred finance charges |
$ |
|||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Interest per contractual rates |
$ |
$ |
$ |
$ |
||||||||||||
Amortization of fair value adjustments to assumed debt obligations |
( |
) |
( |
) |
||||||||||||
Amortization of debt issuance costs, premiums and discounts |
||||||||||||||||
Interest expense incurred on finance lease obligations |
||||||||||||||||
Total interest costs |
$ |
$ |
$ |
$ |
||||||||||||
Capitalized interest |
||||||||||||||||
Total interest expense |
$ |
$ |
$ |
$ |
||||||||||||
| 19. | Income taxes |
| 20. | Commitments and contingencies |
| 21. | Earnings per share |
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Numerator: |
||||||||||||||||
Net loss |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
||||
Less: net (income) loss attributable to non-controlling interests |
( |
) |
( |
) |
||||||||||||
Net loss attributable to Class A common stock |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
||||
Denominator: |
||||||||||||||||
Weighted-average shares-basic and diluted |
||||||||||||||||
Net loss per share - basic and diluted |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
||||
June 30, 2021 |
June 30, 2020 |
|||||||
Unvested RSUs(1) |
||||||||
Shannon Equity Agreement shares(2) |
||||||||
Total |
||||||||
| (1) |
| (2) |
| 22. | Share-based compensation |
Restricted Stock Units |
Weighted-average grant date fair value per share |
|||||||
Non-vested RSUs as of December 31, 2020 |
$ |
|||||||
Granted |
||||||||
Vested |
( |
) |
||||||
Forfeited |
( |
) |
||||||
Non-vested RSUs as of June 30, 2021 |
$ |
|||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Operations and maintenance |
$ |
$ |
$ |
$ |
||||||||||||
Selling, general and administrative |
||||||||||||||||
Total share-based compensation expense |
$ |
$ |
$ |
$ |
||||||||||||
PSUs Granted |
Units Granted |
Range of Vesting |
Unrecognized Compensation Cost(1) |
Weighted Average Remaining Vesting Period |
|||||
Q1 2020 |
$ |
||||||||
Q1 2021 |
$ |
||||||||
| 23. | Related party transactions |
| • | The Company and Golar Management entered into transition service agreements whereby Golar Management provides certain administrative and consulting services to facilitate the integration of GMLP and Hygo (the “Transition Services Agreements”). The Transition Services Agreements commenced on April 15, 2021 and will terminate on April 30, 2022 unless terminated earlier by either party. The Company will pay Golar Management monthly payments of $ |
| • | The Company’s vessel-owning subsidiaries entered into ship management agreements with Golar Management (the “Ship Management Agreements”), pursuant to which Golar Management will provide certain technical, crew, insurance and commercial management services for the acquired vessels for a specified annual cost per vessel. The Ship Management Agreements commenced on April 15, 2021 will continue until terminated by either party by notice, in which event the relevant Ship Management Agreements will terminate upon the later of |
| • | The Company also entered into certain agreements whereby GLNG or its subsidiaries will continue to provide certain guarantees and indemnities under charter arrangements or GMLP’s and Hygo’s sale leaseback agreements. NFE will pay to the relevant Charter Guarantor or Golar an annual guarantee fee of $ |
| • | The Company and Golar Management (Bermuda) Limited (“Golar Bermuda”) entered into a services agreement (the “Bermuda Services Agreement”) pursuant to which Golar Bermuda will act as GMLP’s and Hygo's registered office in Bermuda and provide certain corporate secretarial, registrar and administration services (the “Bermuda Services Agreements”). The Bermuda Services Agreements commenced on April 15, 2021. Either party may terminate the Bermuda Services Agreements upon |
| 24. | Segments |
| • | Terminals and Infrastructure includes the Company’s vertically integrated gas to power solutions, spanning the entire production and delivery chain from natural gas procurement and liquefaction to logistics, shipping, facilities and conversion or development of natural gas-fired power generation. Leased vessels as well as acquired vessels that are utilized in the Company’s terminal or logistics operations are included in this segment. |
| • | Ships includes FSRUs and LNG carriers that are leased to customers under long-term or spot arrangements. FSRUs are stationed offshore for customer’s operations to regasify LNG; |
Three Months Ended June 30, 2021 |
||||||||||||||||||||
Terminals and Infrastructure⁽¹⁾⁽²⁾ |
Ships⁽²⁾⁽³⁾ |
Total Segment |
Eliminations⁽⁴⁾ |
Consolidated |
||||||||||||||||
Statement of operations: |
||||||||||||||||||||
Total revenues |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||
Cost of sales |
( |
) |
||||||||||||||||||
Vessel operating expenses |
( |
) |
||||||||||||||||||
Operations and maintenance |
( |
) |
||||||||||||||||||
Operating Margin |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||
Balance sheet: |
||||||||||||||||||||
Total assets⁽⁵⁾ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||
Other segmental financial information: |
||||||||||||||||||||
Capital expenditures⁽⁵⁾ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||
Six Months Ended June 30, 2021 |
||||||||||||||||||||
Terminals and Infrastructure⁽¹⁾⁽²⁾ |
Ships⁽²⁾⁽³⁾ |
Total Segment |
Eliminations⁽⁴⁾ |
Consolidated |
||||||||||||||||
Statement of operations: |
||||||||||||||||||||
Total revenues |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||
Cost of sales |
( |
) |
||||||||||||||||||
Vessel operating expenses |
( |
) |
||||||||||||||||||
Operations and maintenance |
( |
) |
||||||||||||||||||
Operating Margin |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||
Balance sheet: |
||||||||||||||||||||
Total assets⁽⁵⁾ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||
Other segmental financial information: |
||||||||||||||||||||
Capital expenditures⁽⁵⁾ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||
Three Months Ended June 30, 2020 |
||||||||||||||||||||
Terminals and Infrastructure⁽¹⁾⁽²⁾ |
Ships⁽²⁾⁽³⁾ |
Total Segment |
Eliminations⁽⁴⁾ |
Consolidated |
||||||||||||||||
Statement of operations: |
||||||||||||||||||||
Total revenues |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||
Cost of sales |
( |
) |
||||||||||||||||||
Vessel operating expenses |
( |
) |
||||||||||||||||||
Operations and maintenance |
( |
) |
||||||||||||||||||
Operating Margin |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||
Balance sheet: |
||||||||||||||||||||
Total assets⁽⁵⁾ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||
Other segmental financial information: |
||||||||||||||||||||
Capital expenditures⁽⁵⁾ |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||
Six Months Ended June 30, 2020 |
||||||||||||||||||||
Terminals and Infrastructure⁽¹⁾ |
Ships⁽²⁾ |
Total Segment |
Eliminations⁽³⁾ |
Consolidated |
||||||||||||||||
Statement of operations: |
||||||||||||||||||||
Total revenues |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||
Cost of sales |
( |
) |
||||||||||||||||||
Vessel operating expenses |
( |
) |
||||||||||||||||||
Operations and maintenance |
( |
) |
||||||||||||||||||
Operating Margin |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||
Balance sheet: |
||||||||||||||||||||
Total assets⁽⁴⁾ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||
Other segmental financial information: |
||||||||||||||||||||
Capital expenditures⁽⁴⁾⁽⁵⁾ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Net loss |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
||||
Add: |
||||||||||||||||
Selling, general and administrative |
||||||||||||||||
Transaction and integration costs |
||||||||||||||||
Contract termination charges and loss on mitigation sales |
||||||||||||||||
Depreciation and amortization |
||||||||||||||||
Interest expense |
||||||||||||||||
Other (income) expense, net |
( |
) |
( |
) |
||||||||||||
Loss on extinguishment of debt, net |
||||||||||||||||
Tax provision |
||||||||||||||||
(Income) loss from equity method investments |
( |
) |
( |
) |
||||||||||||
Consolidated Operating Margin |
$ |
$ |
$ |
$ |
||||||||||||
| 25. | Subsequent events |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
Three Months Ended June 30, 2021 |
||||||||||||||||||||
(in thousands of $) |
Terminals and Infrastructure⁽¹⁾ |
Ships⁽²⁾ |
Total Segment |
Eliminations⁽³⁾ |
Consolidated |
|||||||||||||||
Total revenues |
$ |
181,548 |
$ |
95,762 |
$ |
277,310 |
$ |
(53,471 |
) |
$ |
223,839 |
|||||||||
Cost of sales |
103,451 |
- |
103,451 |
(2,021 |
) |
101,430 |
||||||||||||||
Vessel operating expenses |
- |
20,175 |
20,175 |
(4,775 |
) |
15,400 |
||||||||||||||
Operations and maintenance |
23,644 |
- |
23,644 |
(5,079 |
) |
18,565 |
||||||||||||||
Operating margin |
$ |
54,453 |
$ |
75,587 |
$ |
130,040 |
$ |
(41,596 |
) |
$ |
88,444 |
|||||||||
Six Months Ended June 30, 2021 |
||||||||||||||||||||
(in thousands of $) |
Terminals and Infrastructure⁽¹⁾ |
Ships⁽²⁾ |
Total Segment |
Eliminations⁽³⁾ |
Consolidated |
|||||||||||||||
Total revenues |
$ |
327,232 |
$ |
95,762 |
$ |
422,994 |
$ |
(53,471 |
) |
$ |
369,523 |
|||||||||
Cost of sales |
200,122 |
- |
200,122 |
(2,021 |
) |
198,101 |
||||||||||||||
Vessel operating expenses |
- |
20,175 |
20,175 |
(4,775 |
) |
15,400 |
||||||||||||||
Operations and maintenance |
39,895 |
- |
39,895 |
(5,079 |
) |
34,816 |
||||||||||||||
Operating margin |
$ |
87,215 |
$ |
75,587 |
$ |
162,802 |
$ |
(41,596 |
) |
$ |
121,206 |
|||||||||
Terminals and Infrastructure |
||||||||
(in thousands of $) |
Three Months Ended June 30, 2020 |
Six Months Ended June 30, 2020 |
||||||
Total revenues |
$ |
94,566 |
$ |
169,096 |
||||
Cost of sales |
69,899 |
138,115 |
||||||
Operations and maintenance |
9,500 |
17,983 |
||||||
Operating margin |
$ |
15,167 |
$ |
12,998 |
||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||||||||||
(in thousands of $) |
2021 |
2020 |
Change |
2021 |
2020 |
Change |
||||||||||||||||||
Total revenue |
$ |
181,548 |
$ |
94,566 |
$ |
86,982 |
$ |
327,232 |
$ |
169,096 |
$ |
158,136 |
||||||||||||
Cost of sales |
103,451 |
69,899 |
33,552 |
200,122 |
138,115 |
62,007 |
||||||||||||||||||
Operations and maintenance |
23,644 |
9,500 |
14,144 |
39,895 |
17,983 |
21,912 |
||||||||||||||||||
Operating margin |
$ |
54,453 |
$ |
15,167 |
$ |
39,286 |
$ |
87,215 |
$ |
12,998 |
$ |
74,217 |
||||||||||||
| • | For the three months ended June 30, 2021, we recognized $56,270 of revenue from volumes sold at the Old Harbour Facility, as compared to $43,472 for the three months ended June, 2020, driven by additional volumes consumed at the Old Harbour Power Plant and Jamalco’s boilers, which began consuming gas in August 2020. Volumes delivered to the Old Harbour Power Plant increased by 12.0 million gallons (1.0 TBtu) to 31.3 million gallons (2.6 TBtu) in the three months ended June 30, 2021 from 19.3 million gallons (1.6 TBtu) in the three months ended June 30, 2020. Volumes delivered to the CHP Plant and Jamalco’s boilers increased by 4.7 million gallons (0.4 TBtu) to 28.7 million gallons (2.4 TBtu) in the three months ended June 30, 2021 from 24.0 million gallons (2.0 TBtu) in the three months ended June 30, 2020. |
| • | For the six months ended June 30, 2021, we recognized $107,914 of revenue from volumes sold at the Old Harbour Facility, as compared to $79,249 for the six months ended June 30, 2020, driven by additional volumes consumed at the Old Harbour Power Plant, CHP Plant and Jamalco’s boilers. Volumes delivered to the Old Harbour Power Plant increased by 7.4 million gallons (0.6 TBtu) to 58.9 million gallons (4.9 TBtu) in the six months ended June 30, 2021 from 51.5 million gallons (4.3 TBtu) in the six months ended June 30, 2020. Volumes delivered to the CHP Plant and Jamalco’s boilers increased by 20.4 million gallons (1.7 TBtu) to 54.2 million gallons (4.5 TBtu) in the six months ended June 30, 2021 from 33.8 million gallons (2.8 TBtu) in the six months ended June 30, 2020. |
| • | Revenue from the delivery of power and steam, which began during March 2020, under our contracts with JPS and Jamalco was $7,195 and $14,331 for the three and six months ended June 30, 2021, respectively, as compared to $6,946 and $8,677 in revenue for the three and months ended June 30, 2020, respectively. |
| • | Sales at the Montego Bay Facility increased by $3,848 from $22,734 for the three months ended June 30, 2020 to $26,582 for the three months ended June 30, 2021. The increase in sales at the Montego Bay Facility was primarily due to an increase in sales to industrial end-user customers, offset by a slight decrease in consumption by the Bogue Power Plant. Volumes delivered at the Montego Bay Facility remained relatively consistent for the three months ended June 30, 2021 as compared to the three months ended June 30, 2020, increasing by 1.9 million gallons (0.2 TBtu) from 23.1 million gallons (1.9 TBtu) during the three months ended June 30, 2020 to 25.0 million gallons (2.1 TBtu) during the three months ended June 30, 2021. |
| • | Sales at the Montego Bay Facility increased by $5,804 from $45,557 for the six months ended June 30, 2020 to $51,361 for the six months ended June 30, 2021. The increase in sales at the Montego Bay Facility was primarily due to an increase in sales to industrial end-user customers, offset by a slight decrease in consumption by the Bogue Power Plant. Volumes delivered at the Montego Bay Facility remained relatively consistent for the six months ended June 30, 2021 as compared to the six months ended June 30, 2020, increasing by 2.0 million gallons (0.2 TBtu) from 46.6 million gallons (3.9 TBtu) during the six months ended June 30, 2020 to 48.6 million gallons (4.1 TBtu) during the six months ended June 30, 2021. |
| • | Revenue increased by $29,094 from $17,495 for the three months ended June 30, 2020 to $46,589 for the three months ended June 30, 2021. The increases were due to an increase in revenue for development services in Puerto Rico for the three months ended June 30, 2021, including gas used by our customer for testing and commissioning their assets. Development services revenue recognized in the three months ended June 30, 2021 was for the customer’s use of 45.5 million gallons (3.7 TBtu) of natural gas as part of commissioning their assets. The increases were also due to an increase in development services revenue of $1,909 related to conversion of the customer’s infrastructure within the San Juan Power Plant. |
| • | Revenue increased by $73,094 from $27,566 for the six months ended June 30, 2020 to $100,660 for the three months ended June 30, 2021. The increases were due to an increase in revenue for development services in Puerto Rico for the six months ended June 30, 2021, including gas used by our customer for testing and commissioning their assets. Development services revenue recognized in the six months ended June 30, 2021 included $92,207 for the customer’s use of 94.2 million gallons (7.7 TBtu) of natural gas as part of commissioning their assets. The increases were also due to an increase in development services revenue of $875 related to conversion of the customer's infrastructure within the San Juan Power Plant. |
| • | Cost of LNG purchased from third parties for sale to our customers or delivered for commissioning of our customer’s assets in Puerto Rico increased $28,421 for the three months ended June 30, 2021, respectively as compared to the three months ended June 30, 2020. The increase was primarily attributable to a 53% increase in volumes delivered compared to the three months ended June 30, 2020, partially offset by the decrease in LNG cost. The weighted-average cost of LNG purchased from third parties decreased from $0.68 per gallon ($8.23 per MMBtu) for the three months ended June 30, 2020 to $0.54 per gallon ($6.55 per MMBtu) for the three months ended June 30, 2021. |
| • | Cost of LNG purchased from third parties for sale to our customers or delivered for commissioning of our customer’s assets in Puerto Rico increased $43,354 for the six months ended June 30, 2021, respectively as compared to the six months ended June 30, 2020. The increase was primarily attributable to a 68% increase in volumes delivered compared to the six months ended June 30, 2020, partially offset by the decrease in LNG cost. The weighted-average cost of LNG purchased from third parties decreased from $0.67 per gallon ($8.16 per MMBtu) for the six months ended June 30, 2020 to $0.53 per gallon ($6.37 per MMBtu) for the six months ended June 30, 2021. |
| • | Subsequent to acquisition of the Sergipe Facility as part of the Mergers, our share of Operations and maintenance from our investment in CELSEPAR was $5,079, which was primarily comprised of costs related to the operation and services agreement for the Nanook, insurance costs and costs for connecting to the transmission system. |
| • | The increase for the three months ended June 30, 2021 as compared to the three months ended June 30, 2020 was primarily the result of operating facilities during the three months ended June 30, 2021 that were still in development or had just commenced commercial operations in the first quarter of 2020. Operations and maintenance increased by the costs of operating the San Juan Facility and CHP Plant of $4,093. We also incurred higher maintenance and logistics costs, as well as incremental costs of vessels used in our terminal operations subsequent to the Mergers; these additional costs were $4,686 for the three months ended June 30, 2021. |
| • | The increase for the six months ended June 30, 2021 as compared to the six months ended June 30, 2020 was primarily the result of operating facilities during the six months ended June 30, 2021 that were still in development or had commenced commercial operations during the six months ended June 30, 2020. Operations and maintenance increased by the costs of operating the San Juan Facility and CHP Plant of $9,143. We also incurred higher maintenance and logistics costs, as well as incremental costs of vessels used in our terminal operations subsequent to the Mergers; these additional costs were $5,778 for the six months ended June 30, 2021. |
(in thousands of $) |
Three Months Ended June 30, 2021 |
Six Months Ended June 30, 2021 |
||||||
Total revenue |
$ |
95,762 |
$ |
95,762 |
||||
Vessel operating expenses |
20,175 |
20,175 |
||||||
Operating margin |
$ |
75,587 |
$ |
75,587 |
||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||||||||||
(in thousands of $) |
2021 |
2020 |
Change |
2021 |
2020 |
Change |
||||||||||||||||||
Selling, general and administrative |
$ |
44,536 |
$ |
31,846 |
$ |
12,690 |
$ |
78,152 |
$ |
60,216 |
$ |
17,936 |
||||||||||||
Transaction and integration costs |
29,152 |
- |
29,152 |
40,716 |
- |
40,716 |
||||||||||||||||||
Contract termination charges and loss on mitigation sales |
- |
123,906 |
(123,906 |
) |
- |
124,114 |
(124,114 |
) |
||||||||||||||||
Depreciation and amortization |
26,997 |
7,620 |
19,377 |
36,886 |
12,874 |
24,012 |
||||||||||||||||||
Total operating expenses |
236,080 |
242,771 |
(6,691 |
) |
404,071 |
353,302 |
50,769 |
|||||||||||||||||
Operating loss |
(12,241 |
) |
(148,205 |
) |
135,964 |
(34,548 |
) |
(184,206 |
) |
149,658 |
||||||||||||||
Interest expense |
31,482 |
17,198 |
14,284 |
50,162 |
31,088 |
19,074 |
||||||||||||||||||
Other (income) expense, net |
(7,457 |
) |
999 |
(8,456 |
) |
(8,058 |
) |
1,610 |
(9,668 |
) |
||||||||||||||
Loss on extinguishment of debt, net |
- |
- |
- |
- |
9,557 |
(9,557 |
) |
|||||||||||||||||
Net loss before income from equity method investments and income taxes |
(36,266 |
) |
(166,402 |
) |
130,136 |
(76,652 |
) |
(226,461 |
) |
149,809 |
||||||||||||||
Income from equity method investments |
38,941 |
- |
38,941 |
38,941 |
- |
38,941 |
||||||||||||||||||
Tax provision |
4,409 |
117 |
4,292 |
3,532 |
113 |
3,419 |
||||||||||||||||||
Net loss |
$ |
(1,734 |
) |
$ |
(166,519 |
) |
$ |
164,785 |
$ |
(41,243 |
) |
$ |
(226,574 |
) |
$ |
185,331 |
||||||||
| • | Subsequent to the completion of the Mergers, our results of operations include depreciation expense primarily for the vessels acquired. We recognized $11,409 of incremental depreciation expense for the acquired vessels during the three and six months ended June 30, 2021 as compared to the same periods in the prior year; |
• |
Amortization of the value recorded for favorable and unfavorable contracts acquired in the Mergers of $5,349; |
| • | Increase in depreciation of $2,419 and $4,802 for the San Juan Facility that went into service in July 2020 for the three and six months ended June 30, 2021, respectively; and |
| • | Increase in depreciation of $2,110 for the CHP Plant that went into service in March 2020 for the six months ended June 30, 2021. |
| • | Our historical financial results include the results of operations of Hygo and GMLP only since the completion of the Mergers in April 2021 and do not include all integration and transaction costs expected to be incurred associated with these acquisitions. Upon completion of the Mergers, we acquired a fleet of seven FSRUs, six LNG carriers and an interest in a floating liquefaction vessel. We also acquired the Sergipe Facility, a 50% interest in the Sergipe Power Plant, as well as the Barcarena Facility and the Santa Catarina Facility that are currently in development. The results of operations of Hygo and GMLP began to be included in our financial statements upon the closing of the acquisitions on April 15, 2021. Our results of operations in 2021 will also include transaction costs associated with these acquisitions as well as costs incurred to integrate the operations of Hygo and GMLP into our business, which may be significant. |
| • | Our historical financial results do not include significant projects that have recently been completed or are near completion. Our results of operations for the three and six months ended June 30, 2021 include our Montego Bay Facility, Old Harbour Facility, San Juan Facility, certain industrial end-users and our Miami Facility. We are finalizing development of our La Paz Facility and our Puerto Sandino Facility, and our current results do not include revenue and operating results from these projects. Our current results also exclude other developments, including the Suape Facility, the Barcarena Facility, the Santa Catarina Facility and the Ireland Facility. |
| • | Our historical financial results do not reflect new LNG supply agreements that will lower the cost of our LNG supply through 2030. We currently purchase the majority of our supply of LNG from third parties, sourcing approximately 97% of our LNG volumes from third parties for the three and six months ended June 30, 2021, respectively, a significant portion of which is under an LNG supply agreement signed in 2018. During 2020 and 2021, we also entered into LNG supply agreements for the purchase of approximately 601 TBtu of LNG at a price indexed to Henry Hub from 2021 and 2030, resulting in expected pricing below the pricing in our previous long-term supply agreement. We have now secured supply for LNG volumes equal to approximately 100% of our expected needs for our Montego Bay Facility, Old Harbour Facility, San Juan Facility, La Paz Facility and Puerto Sandino Facility for the next six years. |
| • | In January 2020, we borrowed $800,000 under a credit agreement, and repaid our prior term loan facility in full. |
| • | In September 2020, we issued $1,000,000 of 2025 Notes and repaid all other outstanding debt. No principal payments are due on the 2025 Notes until maturity in 2025. |
| • | In December 2020, we received proceeds of $263,125 from the issuance of $250,000 of additional notes on the same terms as the 2025 Notes (subsequent to this issuance, these additional notes are included in the definition of 2025 Notes herein). |
| • | In December 2020, we issued 5,882,352 shares of Class A common stock and received proceeds of $290,771, net of $1,221 in issuance costs. |
Six Months Ended June 30, |
||||||||||||
(in thousands) |
2021 |
2020 |
Change |
|||||||||
Cash flows from: |
||||||||||||
Operating activities |
$ |
(111,352 |
) |
$ |
(80,323 |
) |
$ |
(31,029 |
) |
|||
Investing activities |
(1,830,933 |
) |
(95,344 |
) |
(1,735,589 |
) |
||||||
Financing activities |
1,544,584 |
306,025 |
1,238,559 |
|||||||||
Net (decrease) increase in cash, cash equivalents, and restricted cash |
$ |
(397,701 |
) |
$ |
130,358 |
$ |
(528,059 |
) |
||||
Credit facility (Real and USD in millions) |
Amount Outstanding |
Effective interest rate |
|||
IFC |
R$ |
884.6 ($178.5) |
9.79% |
||
Inter-American Development Bank |
R$ |
731.6 ($147.7) |
9.69% |
||
IDB Invest(1) |
$ |
36.9 |
6.33% |
||
IDB China Fund |
$ |
48.5 |
6.33% |
||
(in thousands) |
Total |
Less than 1 year |
Years 2 to 3 |
Year 4 to 5 |
More than 5 years |
|||||||||||||||
Long-term debt obligations |
$ |
1,675,203 |
$ |
87,703 |
$ |
168,750 |
$ |
1,418,750 |
$ |
- |
||||||||||
Purchase obligations |
2,490,347 |
376,096 |
724,588 |
724,090 |
665,573 |
|||||||||||||||
Lease obligations |
191,991 |
47,135 |
56,066 |
36,006 |
52,784 |
|||||||||||||||
Total |
$ |
4,357,541 |
$ |
510,934 |
$ |
949,404 |
$ |
2,178,846 |
$ |
718,357 |
||||||||||
| Item 3. | Quantitative and Qualitative Disclosures About Market Risks. |
| Item 4. | Controls and Procedures. |
| Item 1. | Legal Proceedings. |
| Item 1A. | Risk Factors. |
| • | inability to achieve our target costs for the purchase, liquefaction and export of natural gas and/or LNG and our target pricing for long-term contracts; |
| • | failure to develop cost-effective logistics solutions; |
| • | failure to manage expanding operations in the projected time frame; |
| • | inability to structure innovative and profitable energy-related transactions as part of our sales and trading operations and to optimally price and manage position, performance and counterparty risks; |
| • | inability, or failure, of any customer or contract counterparty to perform their contractual obligations to us (for further discussion of counterparty risk, see “– Our current ability to generate cash is substantially dependent upon the entry into and performance by customers under long-term contracts that we have entered into or will enter into in the near future, and we could be materially and adversely affected if any customer fails to perform its contractual obligations for any reason, including nonpayment and nonperformance, or if we fail to enter into such contracts at all.”); |
| • | inability to develop infrastructure, including our Facilities and Liquefaction Facilities, as well as other future projects, in a timely and cost-effective manner; |
| • | inability to attract and retain personnel in a timely and cost-effective manner; |
| • | failure of investments in technology and machinery, such as liquefaction technology or LNG tank truck technology, to perform as expected; |
| • | increases in competition which could increase our costs and undermine our profits; |
| • | inability to source LNG and/or natural gas in sufficient quantities and/or at economically attractive prices; |
| • | failure to anticipate and adapt to new trends in the energy sector in the U.S., Jamaica, the Caribbean, Mexico, Ireland, Nicaragua, Brazil and elsewhere; |
| • | increases in operating costs, including the need for capital improvements, insurance premiums, general taxes, real estate taxes and utilities, affecting our profit margins; |
| • | inability to raise significant additional debt and equity capital in the future to implement our strategy as well as to operate and expand our business; |
| • | general economic, political and business conditions in the U.S., Jamaica, the Caribbean, Mexico, Ireland, Nicaragua, Brazil and in the other geographic areas in which we intend to operate; |
| • | the severity and duration of world health events, including the recent COVID-19 pandemic and related economic and political impacts on our or our customers’ or suppliers’ operations and financial status; |
| • | inflation, depreciation of the currencies of the countries in which we operate and fluctuations in interest rates; |
| • | failure to win new bids or contracts on the terms, size and within the time frame we need to execute our business strategy; |
| • | failure to obtain approvals from governmental regulators and relevant local authorities for the construction and operation of potential future projects and other relevant approvals; |
| • | uncertainty regarding the timing, pace and extent of an economic recovery in the United States, the other jurisdictions in which we operate and elsewhere, which in turn will likely affect demand for crude oil and natural gas; or |
| • | existing and future governmental laws and regulations. |
| • | upon the occurrence of certain events of force majeure; |
| • | if we fail to make available specified scheduled cargo quantities; |
| • | the occurrence of certain uncured payment defaults; |
| • | the occurrence of an insolvency event; |
| • | the occurrence of certain uncured, material breaches; and |
| • | if we fail to commence commercial operations or achieve financial close within the agreed timeframes. |
| • | additions to competitive regasification capacity in North America, Brazil, Europe, Asia and other markets, which could divert LNG or natural gas from our business; |
| • | imposition of tariffs by China or any other jurisdiction on imports of LNG from the United States; |
| • | insufficient or oversupply of natural gas liquefaction or export capacity worldwide; |
| • | insufficient LNG tanker capacity; |
| • | weather conditions and natural disasters; |
| • | reduced demand and lower prices for natural gas; |
| • | increased natural gas production deliverable by pipelines, which could suppress demand for LNG; |
| • | decreased oil and natural gas exploration activities, including shut-ins and possible proration, which have begun and may continue to decrease the production of natural gas; |
| • | cost improvements that allow competitors to offer LNG regasification services at reduced prices; |
| • | changes in supplies of, and prices for, alternative energy sources, such as coal, oil, nuclear, hydroelectric, wind and solar energy, which may reduce the demand for natural gas; |
| • | changes in regulatory, tax or other governmental policies regarding imported or exported LNG, natural gas or alternative energy sources, which may reduce the demand for imported or exported LNG and/or natural gas; |
| • | political conditions in natural gas producing regions; |
| • | adverse relative demand for LNG compared to other markets, which may decrease LNG imports into or exports from North America; and |
| • | cyclical trends in general business and economic conditions that cause changes in the demand for natural gas. |
| • | we may be unable to complete construction projects on schedule or at the budgeted cost due to delays in obtaining required permits, the unavailability of required construction personnel or materials, accidents or weather conditions; |
| • | we may issue change orders under existing or future engineering, procurement and construction (“EPC”) contracts resulting from the occurrence of certain specified events that may give our customers the right to cause us to enter into change orders or resulting from changes with which we otherwise agree; |
| • | we will not receive any material increase in operating cash flows until a project is completed, even though we may have expended considerable funds during the construction phase, which may be prolonged; |
| • | we may construct facilities to capture anticipated future energy consumption growth in a region in which such growth does not materialize; |
| • | the completion or success of our construction projects may depend on the completion of a third-party construction project (e.g., additional public utility infrastructure projects) that we do not control and that may be subject to numerous additional potential risks, delays and complexities; |
| • | the purchase of the project company holding the rights to develop and operate the Ireland Facility (as defined herein) is subject to a number of contingencies, many of which are beyond our control and could cause us not to acquire the remaining interests of the project company or cause a delay in the construction of our Ireland Facility; |
| • | we may not be able to obtain key permits or land use approvals, including those required under environmental laws, on terms that are satisfactory for our operations and on a timeline that meets our commercial obligations, and there may be delays, perhaps substantial in length, such as in the event of challenges by citizens groups or non-governmental organizations, including those opposed to fossil fuel energy sources; |
| • | we may be (and have been in select circumstances) subject to local opposition, including the efforts by environmental groups, which may attract negative publicity or have an adverse impact on our reputation; and |
| • | we may be unable to obtain rights-of-way to construct additional energy-related infrastructure or the cost to do so may be uneconomical. |
| • | design and engineer each of our facilities to operate in accordance with specifications; |
| • | engage and retain third-party subcontractors and procure equipment and supplies; |
| • | respond to difficulties such as equipment failure, delivery delays, schedule changes and failures to perform by subcontractors, some of which are beyond their control; |
| • | attract, develop and retain skilled personnel, including engineers; |
| • | post required construction bonds and comply with the terms thereof; |
| • | manage the construction process generally, including coordinating with other contractors and regulatory agencies; and |
| • | maintain their own financial condition, including adequate working capital. |
| • | increases in worldwide LNG production capacity and availability of LNG for market supply; |
| • | increases in demand for natural gas but at levels below those required to maintain current price equilibrium with respect to supply; |
| • | increases in the cost to supply natural gas feedstock to our liquefaction projects; |
| • | increases in the cost to supply LNG feedstock to our Facilities; |
| • | decreases in the cost of competing sources of natural gas, LNG or alternate fuels such as coal, heavy fuel oil and automotive diesel oil (“ADO”) |
| • | decreases in the price of LNG; and |
| • | displacement of LNG or fossil fuels more broadly by alternate fuels or energy sources or technologies (including but not limited to nuclear, wind, solar, biofuels and batteries) in locations where access to these energy sources is not currently available or prevalent. |
| • | natural disasters; |
| • | mechanical failures; |
| • | grounding, fire, explosions and collisions; |
| • | piracy; |
| • | human error; and |
| • | war and terrorism. |
| • | marine disasters; |
| • | piracy; |
| • | bad weather; |
| • | mechanical failures; |
| • | environmental accidents; |
| • | grounding, fire, explosions and collisions; |
| • | human error; and |
| • | war and terrorism. |
| • | death or injury to persons, loss of property or environmental damage; |
| • | delays in the delivery of cargo; |
| • | loss of revenues; |
| • | termination of charter contracts; |
| • | governmental fines, penalties or restrictions on conducting business; |
| • | higher insurance rates; and |
| • | damage to our reputation and customer relationships generally. |
| • | an inadequate number of shipyards constructing LNG tankers and a backlog of orders at these shipyards; |
| • | political or economic disturbances in the countries where the tankers are being constructed; |
| • | changes in governmental regulations or maritime self-regulatory organizations; |
| • | work stoppages or other labor disturbances at the shipyards, including as a result of the COVID-19 pandemic; |
| • | bankruptcy or other financial crisis of shipbuilders; |
| • | quality or engineering problems; |
| • | weather interference or a catastrophic event, such as a major earthquake, tsunami or fire; or |
| • | shortages of or delays in the receipt of necessary construction materials. |
| • | expected supply is less than the amount hedged; |
| • | the counterparty to the hedging contract defaults on its contractual obligations; or |
| • | there is a change in the expected differential between the underlying price in the hedging agreement and actual prices received. |
| • | lower economic activity, including as a result of the COVID-19 pandemic which has significantly affected Jamaica’s and other jurisdictions’ tourism industries; |
| • | change in applicable laws; |
| • | an increase in oil, natural gas or petrochemical prices; |
| • | devaluation of the applicable currency; |
| • | higher inflation; or |
| • | an increase in domestic interest rates, |
| • | a majority of the board of directors consist of independent directors as defined under the rules of Nasdaq; |
| • | the nominating and governance committee be composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities; and |
| • | the compensation committee be composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities. |
| • | dividing our board of directors into three classes of directors, with each class serving staggered three-year terms; |
| • | providing that all vacancies, including newly created directorships, may, except as otherwise required by law, or, if applicable, the rights of holders of a series of preferred stock, only be filled by the affirmative vote of a majority of directors then in office, even if less than a quorum; |
| • | permitting special meetings of our stockholders to be called only by (i) the chairman of our board of directors, (ii) a majority of our board of directors, or (iii) a committee of our board of directors that has been duly designated by the board of directors and whose powers include the authority to call such meetings; |
| • | prohibiting cumulative voting in the election of directors; |
| • | establishing advance notice provisions for stockholder proposals and nominations for elections to the board of directors to be acted upon at meetings of the stockholders; and |
| • | providing that the board of directors is expressly authorized to adopt, or to alter or repeal our certain provisions of our organizational documents to the extent permitted by law. |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. |
| Item 3. | Defaults upon Senior Securities. |
| Item 4. | Mine Safety Disclosures. |
| Item 5. | Other Information. |
| Item 6. | Exhibits. |
Exhibit Number |
Description |
Agreement and Plan of Merger, dated as of January 13, 2021, by and among NFE, GMLP Merger Sub, GP Buyer, GMLP and the General Partner (incorporated by reference to Exhibit 2.1 to the Registrant’s Form 8-K (File No. 001-38790), filed with the SEC on January 20, 2021). |
|
Transfer Agreement, dated as of January 13, 2021, by and among GP Buyer, GLNG and the General Partner (incorporated by reference to Exhibit 2.2 to the Registrant’s Form 8-K (File No. 001-38790), filed with the SEC on January 20, 2021). |
|
Agreement and Plan of Merger, dated as of January 13, 2021, by and among NFE, Hygo Merger Sub, Hygo and the Hygo Shareholders (incorporated by reference to Exhibit 2.3 to the Registrant’s Form 8-K (File No. 001-38790), filed with the SEC on January 20, 2021). |
|
Certificate of Formation of New Fortress Energy LLC (incorporated by reference to Exhibit 3.1 to the Registrant’s Registration Statement on Form S-1 (File No. 333-228339), filed with the SEC on November 9, 2018) |
|
Certificate of Amendment to Certificate of Formation of New Fortress Energy LLC (incorporated by reference to Exhibit 3.2 to the Registrant’s Registration Statement on Form S-1 (File No. 333-228339), filed with the SEC on November 9, 2018) |
|
First Amended and Restated Limited Liability Company Agreement of New Fortress Energy LLC, dated February 4, 2019 (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K (File No. 001-38790), filed with the SEC on February 5, 2019). |
|
Certificate of Conversion of New Fortress Energy Inc. (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K filed with the SEC on August 7, 2020). |
|
Certificate of Incorporation of New Fortress Energy Inc. (incorporated by reference to Exhibit 3.2 to the Registrant’s Form 8-K filed with the SEC on August 7, 2020). |
|
Bylaws of New Fortress Energy Inc. (incorporated by reference to Exhibit 3.3 to the Registrant’s Form 8-K filed with the SEC on August 7, 2020). |
|
Contribution Agreement, dated February 4, 2019, by and among New Fortress Energy LLC, New Fortress Intermediate LLC, New Fortress Energy Holdings LLC, NFE Atlantic Holdings LLC and NFE Sub LLC (incorporated by reference to Exhibit 10.1 to the Registrant’s Form 8-K (File No. 001-38790), filed with the SEC on February 5, 2019). |
|
Amended and Restated Limited Liability Company Agreement of New Fortress Intermediate LLC, dated February 4, 2019 (incorporated by reference to Exhibit 10.2 to the Registrant’s Form 8-K (File No. 001-38790), filed with the SEC on February 5, 2019). |
|
New Fortress Energy LLC 2019 Omnibus Incentive Plan (incorporated by reference to Exhibit 4.4 to the Registrant’s Registration Statement on Form S-8 (File No. 333-229507), filed with the SEC on February 4, 2019). |
|
Form of Director Restricted Share Unit Award Agreement (incorporated by reference to Exhibit 10.4 to the Registrant’s Registration Statement on Form S-1/A (File No. 333-228339), filed with the SEC on December 24, 2018). |
|
Form of Employee Restricted Share Unit Award Agreement (incorporated by reference to Exhibit 10.5 to the Registrant’s Quarterly Report on Form 10-Q (File No. 001- 38790), filed with the Commission on May 15, 2019). |
|
Shareholders’ Agreement, dated February 4, 2019, by and among New Fortress Energy LLC, New Fortress Energy Holdings LLC, Wesley R. Edens and Randal A. Nardone (incorporated by reference to Exhibit 4.1 to the Registrant’s Form 8-K (File No. 001-38790), filed with the SEC on February 5, 2019). |
|
Administrative Services Agreement, dated February 4, 2019, by and between New Fortress Intermediate LLC and FIG LLC (incorporated by reference to Exhibit 10.3 to the Registrant’s Form 8-K (File No. 001-38790), filed with the SEC on February 5, 2019). |
|
Indemnification Agreement (Edens) (incorporated by reference to Exhibit 10.4 to the Registrant’s Form 8-K (File No. 001-38790), filed with the SEC on February 5, 2019). |
Indemnification Agreement (Guinta) (incorporated by reference to Exhibit 10.5 to the Registrant’s Form 8-K (File No. 001-38790), filed with the SEC on February 5, 2019). |
|
Indemnification Agreement (Catterall) (incorporated by reference to Exhibit 10.7 to the Registrant’s Form 8-K (File No. 001-38790), filed with the SEC on February 5, 2019). |
|
Indemnification Agreement (Grain) (incorporated by reference to Exhibit 10.8 to the Registrant’s Form 8-K (File No. 001-38790), filed with the SEC on February 5, 2019). |
|
Indemnification Agreement (Griffin) (incorporated by reference to Exhibit 10.9 to the Registrant’s Form 8-K (File No. 001-38790), filed with the SEC on February 5, 2019). |
|
Indemnification Agreement (Mack) (incorporated by reference to Exhibit 10.10 to the Registrant’s Form 8-K (File No. 001-38790), filed with the SEC on February 5, 2019). |
|
Indemnification Agreement (Nardone) (incorporated by reference to Exhibit 10.11 to the Registrant’s Form 8-K (File No. 001-38790), filed with the SEC on February 5, 2019). |
|
Indemnification Agreement (Wanner) (incorporated by reference to Exhibit 10.12 to the Registrant’s Form 8-K (File No. 001-38790), filed with the SEC on February 5, 2019). |
|
Indemnification Agreement (Wilkinson) (incorporated by reference to Exhibit 10.13 to the Registrant’s Form 8-K (File No. 001-38790), filed with the SEC on February 5, 2019). |
|
Amendment Agreement dated as February 11, 2019 to Credit Agreement, dated as of August 15, 2018 and as amended and restated as of December 31, 2018, among New Fortress Intermediate LLC, NFE Atlantic Holdings LLC, the subsidiary guarantors from time to time party thereto, lenders parties thereto and Morgan Stanley Senior Funding, Inc., as administrative agent (incorporated by reference to Exhibit 10.25 to the Registrant’s Annual Report on Form 10-K, filed with the SEC on March 26, 2019). |
|
Second Amendment Agreement, dated as of March 13, 2019 to the Credit Agreement, dated as of August 15, 2018 and as amended and restated as of December 31, 2018, and as amended as of February 11, 2019, among New Fortress Intermediate LLC, NFE Atlantic Holdings LLC, the subsidiary guarantors from time to time party thereto, lenders parties thereto and Morgan Stanley Senior Funding, Inc., as administrative agent (incorporated by reference to Exhibit 10.26 to the Registrant’s Annual Report on Form 10-K, filed with the SEC on March 26, 2019). |
|
Engineering, Procurement and Construction Agreement for the Marcellus LNG Production Facility I, dated January 8, 2019, by and between Bradford County Real Estate Partners LLC and Black & Veatch Construction, Inc. (incorporated by reference to Exhibit 10.17 to the Registrant’s Registration Statement on Form S-1/A (File No. 333-228339), filed with the SEC on January 25, 2019). |
|
Indemnification Agreement, dated as of March 17, 2019, by and between New Fortress Energy LLC and Yunyoung Shin (incorporated by reference to Exhibit 10.29 to the Registrant’s Annual Report on Form 10-K, filed with the SEC on March 26, 2019). |
|
Letter Agreement, dated as of December 3, 2019, by and between NFE Management LLC and Yunyoung Shin. (incorporated by reference to Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q, filed with the SEC on May 6, 2020) |
|
Indenture, dated September 2, 2020, by and among the Company, the subsidiary guarantors from time to time party thereto, and U.S. Bank National Association, as trustee and as notes collateral agent (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K, filed with the SEC on September 2, 2020). |
|
Pledge and Security Agreement, dated September 2, 2020, by and among the Company, the subsidiary guarantors from time to time party thereto, and U.S. Bank National Association, as notes collateral agent (incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K, filed with the SEC on September 2, 2020). |
|
First Supplemental Indenture, dated December 17, 2020, by and among the Company, the subsidiary guarantors from time to time party thereto and U.S. Bank National Association, as trustee and as notes collateral agent (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K, filed with the SEC on December 18, 2020). |
|
Support Agreement, dated as of January 13, 2021, by and among NFE, GMLP, GLNG and the General Partner (incorporated by reference to Exhibit 10.1 to the Registrant’s Form 8-K (File No. 001-38790), filed with the SEC on January 20, 2021) |
|
Indenture, dated April 12, 2021, by and among the Company, the subsidiary guarantors from time to time party thereto, and U.S. Bank National Association, as trustee and as notes collateral agent (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K, filed with the SEC on April 12, 2021). |
Pledge and Security Agreement, dated April 12, 2021, by and among the Company, the subsidiary guarantors, from time to time party thereto, and U.S. Bank National Association, as notes collateral agent (incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K, filed with the SEC on April 12, 2021). |
|
Shareholders’ Agreement, dated as of April 15, 2021, by and among the Company, GLNG, and Stonepeak (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K, filed with the SEC on April 21, 2021). |
|
Credit Agreement, dated as of April 15, 2021, by and among the Company, as the borrower, the guarantors from time to time party thereto, the several lenders and issuing banks from time to time party thereto, and Morgan Stanley Senior Funding, Inc,. as administrative agent and collateral agent (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K, filed with the SEC on April 21, 2021). |
|
Omnibus Agreement, dated as of April 15, 2021, by and among the Company, GLNG and certain other parties thereto (incorporated by reference to Exhibit 10.30 to the Registrant’s Quarterly Report on Form 10-Q, filed with the SEC on May 7, 2021). |
|
Indemnity Agreement, dated as of April 15, 2021, by and among the Company, GLNG, and certain affiliates of Stonepeak (incorporated by reference to Exhibit 10.31 to the Registrant’s Quarterly Report on Form 10-Q, filed with the SEC on May 7, 2021). |
|
Omnibus Agreement, dated as of April 15, 2021, by and among the Company, GMLP, GLNG and certain parties thereto (incorporated by reference to Exhibit 10.32 to the Registrant’s Quarterly Report on Form 10-Q, filed with the SEC on May 7, 2021). |
|
Indemnification Agreement, dated as of April 15, 2021, by and between NFE International and GLNG (incorporated by reference to Exhibit 10.33 to the Registrant’s Quarterly Report on Form 10-Q, filed with the SEC on May 7, 2021). |
|
Certification by Chief Executive Officer pursuant to Rule 13a-14(a) and 15d-14(a) of the Exchange Act Rules, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|
Certification by Chief Financial Officer pursuant to Rule 13a-14(a) and 15d-14(a) of the Exchange Act Rules, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|
Certifications by Chief Executive Officer pursuant to Title 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of Sarbanes-Oxley Act of 2002. |
|
Certifications by Chief Financial Officer pursuant to Title 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of Sarbanes-Oxley Act of 2002. |
|
101.INS* |
XBRL Instance Document |
101.SCH* |
XBRL Schema Document |
101.CAL* |
XBRL Calculation Linkbase Document |
101.LAB* |
XBRL Label Linkbase Document |
101.PRE* |
XBRL Presentation Linkbase Document |
101.DEF* |
XBRL Taxonomy Extension Definition Linkbase Document |
104* |
Cover Page Interactive Data File, formatted in Inline XBRL and contained in Exhibit 101 |
NEW FORTRESS ENERGY INC. |
||
Date: August 6, 2021 |
||
By: |
/s/ Wesley R. Edens |
|
Name: |
Wesley R. Edens |
|
Title: |
Chief Executive Officer and Chairman |
|
(Principal Executive Officer) |
||
Date: August 6, 2021 |
||
By: |
/s/ Christopher S. Guinta |
|
Name: |
Christopher S. Guinta |
|
Title: |
Chief Financial Officer |
|
(Principal Financial Officer) |
Date: August 6, 2021 |
||
By: |
/s/ Yunyoung Shin |
|
Name: |
Yunyoung Shin |
|
Title: |
Chief Accounting Officer |
|
(Principal Accounting Officer) |
| 1. |
I have reviewed this Quarterly Report on Form 10-Q (the “report”) of New Fortress Energy Inc. (the “registrant”);
|
| b. |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
| c. |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by
this report based on such evaluation; and
|
| b. |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
Date: August 6, 2021
|
By:
|
/s/ Wesley R. Edens | ||
|
|
Wesley R. Edens
|
|||
|
|
Chief Executive Officer
|
|||
|
|
(Principal Executive Officer)
|
| 1. |
I have reviewed this Quarterly Report on Form 10-Q (the “report”) of New Fortress Energy Inc. (the “registrant”);
|
| b. |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
| c. |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by
this report based on such evaluation; and
|
| b. |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
Date: August 6, 2021
|
By:
|
/s/ Christopher S. Guinta | ||
|
|
Christopher S. Guinta
|
|||
|
|
Chief Financial Officer
|
|||
|
|
(Principal Financial Officer)
|
| (1) |
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
| (2) |
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
Date: August 6, 2021
|
By:
|
/s/ Wesley R. Edens | ||
|
|
Wesley R. Edens
|
|||
|
|
Chief Executive Officer
|
|||
|
|
(Principal Executive Officer)
|
| (1) |
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
| (2) |
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
Date: August 6, 2021
|
By:
|
/s/ Christopher S. Guinta | ||
|
|
Christopher S. Guinta
|
|||
|
|
Chief Financial Officer
|
|||
|
|
(Principal Financial Officer)
|
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands, shares in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Current assets | ||
| Allowances for receivables | $ 90 | $ 98 |
| Class A Common Stock [Member] | ||
| Stockholders' equity | ||
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized (in shares) | 750.0 | 750.0 |
| Common stock, shares issued (in shares) | 206.7 | 174.6 |
| Shares outstanding (in shares) | 206.7 | 174.6 |
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
| Revenues | ||||
| Operating revenue | $ 102,836 | $ 76,177 | $ 194,032 | $ 139,679 |
| Vessel charter revenue | 64,561 | 0 | 64,561 | 0 |
| Other revenue | 56,442 | 18,389 | 110,930 | 29,417 |
| Total revenues | 223,839 | 94,566 | 369,523 | 169,096 |
| Operating expenses | ||||
| Cost of sales | 101,430 | 69,899 | 198,101 | 138,115 |
| Vessel operating expenses | 15,400 | 0 | 15,400 | 0 |
| Operations and maintenance | 18,565 | 9,500 | 34,816 | 17,983 |
| Selling, general and administrative | 44,536 | 31,846 | 78,152 | 60,216 |
| Transaction and integration costs | 29,152 | 0 | 40,716 | 0 |
| Contract termination charges and loss on mitigation sales | 0 | 123,906 | 0 | 124,114 |
| Depreciation and amortization | 26,997 | 7,620 | 36,886 | 12,874 |
| Total operating expenses | 236,080 | 242,771 | 404,071 | 353,302 |
| Operating loss | (12,241) | (148,205) | (34,548) | (184,206) |
| Interest expense | 31,482 | 17,198 | 50,162 | 31,088 |
| Other (income) expense, net | (7,457) | 999 | (8,058) | 1,610 |
| Loss on extinguishment of debt, net | 0 | 0 | 0 | 9,557 |
| Net loss before income from equity method investments and income taxes | (36,266) | (166,402) | (76,652) | (226,461) |
| Income from equity method investments | 38,941 | 0 | 38,941 | 0 |
| Tax provision | 4,409 | 117 | 3,532 | 113 |
| Net loss | (1,734) | (166,519) | (41,243) | (226,574) |
| Net (income) loss attributable to non-controlling interest | (4,310) | 29,094 | (2,704) | 80,851 |
| Net loss attributable to stockholders | $ (6,044) | $ (137,425) | $ (43,947) | $ (145,723) |
| Net loss per share - basic (in dollars per share) | $ (0.03) | $ (2.40) | $ (0.23) | $ (3.49) |
| Net loss per share - diluted (in dollars per share) | $ (0.03) | $ (2.40) | $ (0.23) | $ (3.49) |
| Weighted average number of shares outstanding - basic (in shares) | 202,331,304 | 57,341,215 | 189,885,473 | 41,771,849 |
| Weighted average number of shares outstanding - diluted (in shares) | 202,331,304 | 57,341,215 | 189,885,473 | 41,771,849 |
| Other comprehensive loss: | ||||
| Net loss | $ (1,734) | $ (166,519) | $ (41,243) | $ (226,574) |
| Currency translation adjustment | (101,690) | (520) | (100,693) | (151) |
| Comprehensive income (loss) | 99,956 | (165,999) | 59,450 | (226,423) |
| Comprehensive (income) loss attributable to non-controlling interest | (4,637) | 29,009 | (2,157) | 81,082 |
| Comprehensive income (loss) attributable to stockholders | $ 95,319 | $ (136,990) | $ 57,293 | $ (145,341) |
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands |
Common Stock [Member]
Class A Shares [Member]
|
Common Stock [Member]
Class B Shares [Member]
|
Common Stock [Member]
Class A Common Stock [Member]
|
Additional Paid-in Capital [Member] |
Accumulated Deficit [Member] |
Accumulated Other Comprehensive (Loss) Income [Member] |
Non-controlling Interest [Member] |
Total |
Class A Common Stock [Member] |
Cumulative Effect, Period of Adoption, Adjustment [Member]
Common Stock [Member]
Class A Shares [Member]
|
Cumulative Effect, Period of Adoption, Adjustment [Member]
Common Stock [Member]
Class B Shares [Member]
|
Cumulative Effect, Period of Adoption, Adjustment [Member]
Common Stock [Member]
Class A Common Stock [Member]
|
Cumulative Effect, Period of Adoption, Adjustment [Member]
Additional Paid-in Capital [Member]
|
Cumulative Effect, Period of Adoption, Adjustment [Member]
Accumulated Deficit [Member]
|
Cumulative Effect, Period of Adoption, Adjustment [Member]
Accumulated Other Comprehensive (Loss) Income [Member]
|
Cumulative Effect, Period of Adoption, Adjustment [Member]
Non-controlling Interest [Member]
|
Cumulative Effect, Period of Adoption, Adjustment [Member] |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at Dec. 31, 2019 | $ 130,658 | $ 0 | $ 0 | $ 0 | $ (45,823) | $ (30) | $ 302,519 | $ 387,324 | |||||||||
| Balance (ASC 842 [Member]) at Dec. 31, 2019 | $ 0 | $ 0 | $ 0 | $ 0 | $ (1,533) | $ 0 | $ (7,780) | $ (9,313) | |||||||||
| Balance (in shares) at Dec. 31, 2019 | 23,607,096 | 144,342,572 | 0 | ||||||||||||||
| Balance (in shares) (ASC 842 [Member]) at Dec. 31, 2019 | 0 | 0 | 0 | ||||||||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
| Net (loss) income | $ 0 | $ 0 | $ 0 | 0 | (8,466) | 0 | (51,757) | (60,223) | |||||||||
| Other comprehensive loss | 0 | 0 | 0 | 0 | 0 | (53) | (316) | (369) | |||||||||
| Share-based compensation expense | 2,508 | 0 | 0 | 0 | 0 | 0 | 0 | 2,508 | |||||||||
| Issuance of shares for vested RSUs | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
| Issuance of shares for vested RSUs (in shares) | 1,212,907 | 0 | 0 | ||||||||||||||
| Shares withheld from employees related to share-based compensation, at cost | $ (6,132) | $ 0 | $ 0 | 0 | 0 | 0 | 0 | (6,132) | |||||||||
| Shares withheld from employees related to share-based compensation, at cost (in shares) | (583,508) | 0 | 0 | ||||||||||||||
| Balance at Mar. 31, 2020 | $ 127,034 | $ 0 | $ 0 | 0 | (55,822) | (83) | 242,666 | 313,795 | |||||||||
| Balance (in shares) at Mar. 31, 2020 | 24,236,495 | 144,342,572 | 0 | ||||||||||||||
| Balance at Dec. 31, 2019 | $ 130,658 | $ 0 | $ 0 | 0 | (45,823) | (30) | 302,519 | 387,324 | |||||||||
| Balance (ASC 842 [Member]) at Dec. 31, 2019 | $ 0 | $ 0 | $ 0 | $ 0 | $ (1,533) | $ 0 | $ (7,780) | $ (9,313) | |||||||||
| Balance (in shares) at Dec. 31, 2019 | 23,607,096 | 144,342,572 | 0 | ||||||||||||||
| Balance (in shares) (ASC 842 [Member]) at Dec. 31, 2019 | 0 | 0 | 0 | ||||||||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
| Net (loss) income | (226,574) | ||||||||||||||||
| Balance at Jun. 30, 2020 | $ 335,503 | $ 0 | $ 0 | 0 | (193,247) | 352 | 7,070 | (149,678) | |||||||||
| Balance (in shares) at Jun. 30, 2020 | 168,587,346 | 0 | 0 | ||||||||||||||
| Balance at Mar. 31, 2020 | $ 127,034 | $ 0 | $ 0 | 0 | (55,822) | (83) | 242,666 | 313,795 | |||||||||
| Balance (in shares) at Mar. 31, 2020 | 24,236,495 | 144,342,572 | 0 | ||||||||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
| Net (loss) income | $ 0 | $ 0 | $ 0 | 0 | (137,425) | 0 | (29,094) | (166,519) | |||||||||
| Other comprehensive loss | 0 | 0 | 0 | 0 | 0 | 435 | 85 | 520 | |||||||||
| Share-based compensation expense | 1,922 | 0 | 0 | 0 | 0 | 0 | 0 | 1,922 | |||||||||
| Issuance of shares for vested RSUs | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
| Issuance of shares for vested RSUs (in shares) | 11,529 | 0 | 0 | ||||||||||||||
| Shares withheld from employees related to share-based compensation, at cost | $ (40) | $ 0 | $ 0 | 0 | 0 | 0 | 0 | (40) | |||||||||
| Shares withheld from employees related to share-based compensation, at cost (in shares) | (3,250) | 0 | 0 | ||||||||||||||
| Exchange of NFI Units | $ 206,587 | $ 0 | $ 0 | 0 | 0 | 0 | (206,587) | 0 | |||||||||
| Exchange of NFI Units (in shares) | 144,342,572 | (144,342,572) | 0 | ||||||||||||||
| Balance at Jun. 30, 2020 | $ 335,503 | $ 0 | $ 0 | 0 | (193,247) | 352 | 7,070 | (149,678) | |||||||||
| Balance (in shares) at Jun. 30, 2020 | 168,587,346 | 0 | 0 | ||||||||||||||
| Balance at Dec. 31, 2020 | $ 0 | $ 0 | $ 1,746 | 594,534 | (229,503) | 182 | 8,127 | 375,086 | |||||||||
| Balance (in shares) at Dec. 31, 2020 | 0 | 0 | 174,622,862 | ||||||||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
| Net (loss) income | $ 0 | $ 0 | $ 0 | 0 | (37,903) | 0 | (1,606) | (39,509) | |||||||||
| Other comprehensive loss | 0 | 0 | 0 | (123) | (874) | (997) | |||||||||||
| Share-based compensation expense | 0 | 1,770 | 0 | 0 | 0 | 1,770 | |||||||||||
| Issuance of shares for vested RSUs | $ 0 | $ 0 | $ 0 | 0 | 0 | ||||||||||||
| Issuance of shares for vested RSUs (in shares) | 0 | 0 | 1,335,787 | ||||||||||||||
| Shares withheld from employees related to share-based compensation, at cost | $ 0 | $ 0 | $ 0 | (27,571) | 0 | 0 | 0 | (27,571) | |||||||||
| Shares withheld from employees related to share-based compensation, at cost (in shares) | 0 | 0 | (638,235) | ||||||||||||||
| Dividends | $ 0 | $ 0 | $ 0 | (17,598) | 0 | 0 | 0 | (17,598) | $ (17,598) | ||||||||
| Balance at Mar. 31, 2021 | $ 0 | $ 0 | $ 1,746 | 551,135 | (267,406) | 59 | 5,647 | 291,181 | |||||||||
| Balance (in shares) at Mar. 31, 2021 | 0 | 0 | 175,320,414 | ||||||||||||||
| Balance at Dec. 31, 2020 | $ 0 | $ 0 | $ 1,746 | 594,534 | (229,503) | 182 | 8,127 | 375,086 | |||||||||
| Balance (in shares) at Dec. 31, 2020 | 0 | 0 | 174,622,862 | ||||||||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
| Net (loss) income | (41,243) | ||||||||||||||||
| Balance at Jun. 30, 2021 | $ 0 | $ 0 | $ 2,060 | 1,932,318 | (273,450) | 101,422 | 239,569 | 2,001,919 | |||||||||
| Balance (in shares) at Jun. 30, 2021 | 0 | 0 | 206,698,564 | ||||||||||||||
| Balance at Mar. 31, 2021 | $ 0 | $ 0 | $ 1,746 | 551,135 | (267,406) | 59 | 5,647 | 291,181 | |||||||||
| Balance (in shares) at Mar. 31, 2021 | 0 | 0 | 175,320,414 | ||||||||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
| Net (loss) income | $ 0 | $ 0 | $ 0 | 0 | (6,044) | 0 | 4,310 | (1,734) | |||||||||
| Other comprehensive loss | 0 | 0 | 0 | 0 | 0 | 101,363 | 327 | 101,690 | |||||||||
| Share-based compensation expense | 0 | 0 | 0 | 1,613 | 0 | 0 | 0 | 1,613 | |||||||||
| Shares issued as consideration in business combinations | $ 0 | $ 0 | $ 314 | 1,400,470 | 0 | 0 | 0 | 1,400,784 | |||||||||
| Shares issued as consideration in business combinations (in shares) | 0 | 0 | 31,372,549 | ||||||||||||||
| Issuance of shares for vested RSUs | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
| Issuance of shares for vested RSUs (in shares) | 0 | 0 | 8,930 | ||||||||||||||
| Shares withheld from employees related to share-based compensation, at cost | $ 0 | $ 0 | $ 0 | (164) | 0 | 0 | 0 | (164) | |||||||||
| Shares withheld from employees related to share-based compensation, at cost (in shares) | 0 | 0 | (3,329) | ||||||||||||||
| Non-controlling interest acquired in business combinations | 229,285 | 229,285 | |||||||||||||||
| Dividends | $ 0 | $ 0 | $ 0 | (20,736) | 0 | 0 | 0 | (20,736) | $ (20,736) | ||||||||
| Balance at Jun. 30, 2021 | $ 0 | $ 0 | $ 2,060 | $ 1,932,318 | $ (273,450) | $ 101,422 | $ 239,569 | $ 2,001,919 | |||||||||
| Balance (in shares) at Jun. 30, 2021 | 0 | 0 | 206,698,564 |
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
| Cash flows from operating activities | ||
| Net loss | $ (41,243) | $ (226,574) |
| Adjustments for: | ||
| Amortization of deferred financing costs and debt guarantee, net | (6,290) | 6,965 |
| Depreciation and amortization | 37,462 | 13,324 |
| Earnings of equity method investees | (38,941) | 0 |
| Dividends received from equity method investees | 7,386 | 0 |
| Sales-type lease payments received in excess of interest income | 2,388 | 0 |
| Change in market value of derivatives | (7,073) | (294) |
| Contract termination charges and loss on mitigation sales | 0 | 124,114 |
| Loss on extinguishment and financing expenses | 0 | 9,557 |
| Deferred taxes | 2,447 | 15 |
| Change in value of Investment of equity securities | (88) | 2,217 |
| Share-based compensation | 3,383 | 4,430 |
| Other | 275 | 1,201 |
| Changes in operating assets and liabilities net of acquisitions: | ||
| (Increase) in receivables | (38,018) | (9,214) |
| (Increase) in inventories | (35,458) | (4,794) |
| Decrease (Increase) in other assets | 3,679 | (9,446) |
| Decrease in right-of-use assets | 2,072 | 17,781 |
| Increase in accounts payable/accrued liabilities | 24,732 | 13,655 |
| (Decrease) in amounts due to affiliates | (2,919) | (3,666) |
| Increase (Decrease) in lease liabilities | 133 | (19,873) |
| (Decrease) Increase in other liabilities | (25,279) | 279 |
| Net cash used in operating activities | (111,352) | (80,323) |
| Cash flows from investing activities | ||
| Capital expenditures | (235,324) | (95,422) |
| Cash paid for business combinations, net of cash acquired | (1,586,042) | 0 |
| Entities acquired in asset acquisitions, net of cash acquired | (8,817) | 0 |
| Other investing activities | (750) | 78 |
| Net cash used in investing activities | (1,830,933) | (95,344) |
| Cash flows from financing activities | ||
| Proceeds from borrowings of debt | 1,652,500 | 832,144 |
| Payment of deferred financing costs | (20,989) | (13,600) |
| Repayment of debt | (15,864) | (506,402) |
| Payments related to tax withholdings for share-based compensation | (29,717) | (6,117) |
| Payment of dividends | (41,346) | 0 |
| Net cash provided by financing activities | 1,544,584 | 306,025 |
| Impact of changes in foreign exchange rates on cash and cash equivalents | (1,317) | 0 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (399,018) | 130,358 |
| Cash, cash equivalents and restricted cash - beginning of period | 629,336 | 93,035 |
| Cash, cash equivalents and restricted cash - end of period | 230,318 | 223,393 |
| 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 | 85,513 | (3,084) |
| Liabilities associated with consideration paid for entities acquired in asset acquisitions | 9,959 | 0 |
| Consideration paid in shares for business combinations | $ 1,400,784 | $ 0 |
Organization |
6 Months Ended | |||
|---|---|---|---|---|
Jun. 30, 2021 | ||||
| Organization [Abstract] | ||||
| Organization |
New Fortress Energy Inc. (“NFE,” together with its subsidiaries, the “Company”), a Delaware corporation, is a global integrated gas-to-power infrastructure company that seeks to use natural gas to satisfy the world’s large and growing power needs and is engaged in providing energy and development services to end-users worldwide seeking to convert their operating assets from diesel or heavy fuel oil to LNG. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica and Brazil. Subsequent to the Mergers (defined below), the Company now has marine operations with vessels operating under time charters and in the spot market globally.
On April 15, 2021, the Company completed the acquisitions of Hygo Energy Transition Ltd. (“Hygo”) and Golar LNG Partners LP (“GMLP”); referred to as the “Hygo Merger” and “GMLP Merger,” respectively and, collectively, the “Mergers”. NFE paid $580 million in cash and issued 31,372,549 shares of Class A common stock to Hygo’s shareholders in connection with the Hygo Merger. NFE paid $3.55 per each common unit of GMLP outstanding and for each of the outstanding membership interests of GMLP’s general partner, totaling $251 million. The Company also repaid certain outstanding debt facilities of GMLP in conjunction with closing the GMLP Merger. The results of operations of Hygo and GMLP have been included in the Company’s condensed consolidated financial statements for the period subsequent to the Mergers.
As a result of the Mergers the Company acquired one operating FSRU terminal in Sergipe, Brazil (the “Sergipe Facility”), a 50% interest in a 1.5GW power plant in Sergipe, Brazil (the “Sergipe Power Plant”), as well as two other FSRU terminals in development in Pará, Brazil (the “Barcarena Facility”) and Santa Catarina, Brazil (the “Santa Catarina Facility”).
The Company acquired the Nanook, a newbuild FSRU moored and in service at the Sergipe Facility. In addition to the Nanook, the Company acquired a fleet of six other FSRUs, six LNG carriers and an interest in a floating liquefaction vessel, the Hilli Episeyo (the “Hilli”), which liquefies and stores LNG at sea and transfers it to LNG carriers that berth while offshore, each of which are expected to help support our existing facilities and international project pipeline. The majority of the FSRUs are operating in Brazil, Kuwait, Indonesia, Jamaica and Jordan under time charters, and uncontracted vessels are available for short term employment in the spot market.
The Company currently conducts its business through two operating segments, Terminals and Infrastructure and Ships. The business and reportable segment information reflect how the Chief Operating Decision Maker (“CODM”) regularly reviews and manages the business.
|
Significant accounting policies |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||
| Significant accounting policies [Abstract] | |||||||||||||||||||||||||||||||||||||||
| Significant accounting policies |
The principal accounting policies adopted are set out below.
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, 2020.
The condensed consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned consolidated subsidiaries. The ownership interest of other investors in consolidated subsidiaries is recorded as a non-controlling interest. All significant intercompany transactions and balances have been eliminated on consolidation.
A variable interest entity (“VIE”) is an entity that by design meets any of the following characteristics: (1) lacks sufficient equity to allow the entity to finance its activities without additional subordinated financial support; (2) as a group, equity investors do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses or do not have the right to receive residual returns of the entity; or (3) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is required to consolidate the assets and liabilities of the VIE. The primary beneficiary is the party that has both (1) the power to direct the economic activities of the VIE that most significantly impact the VIE’s economic performance; and (2) through its interest in the VIE, the obligation to absorb the losses or the right to receive the benefits from the VIE that could potentially be significant to the VIE.
The sale and leaseback financings for certain vessels acquired in the GMLP Merger and Hygo Merger were consummated with VIEs. As part of these financings, the asset was sold to a single asset entity of the lending bank and then leased back. While the Company does not hold an equity investment in these entities, these entities are VIEs, and the Company has a variable interest in the entities due to the guarantees and fixed price repurchase options that absorb the losses of the VIE that could potentially be significant to the entity. The Company has concluded that it has the power to direct the economic activities that most impact the economic performance as it controls the significant decisions relating to the assets and it has the obligation to absorb losses or the right to receive the residual returns from the leased asset. As NFE has no equity interest in these VIEs, all equity attributable to these VIEs is included in non-controlling interests in the condensed consolidated financial statements.
Terminals and Infrastructure
Within the Terminals and Infrastructure segment, the Company’s contracts with customers may contain one or several performance obligations usually consisting of the sale of LNG, natural gas, power and steam, which are outputs from the Company’s natural gas-fueled infrastructure. The transaction price for each of these contracts is structured using similar inputs and factors regardless of the output delivered to the customer. The customers consume the benefit of the natural gas, power and steam when they are delivered by the Company to the customer’s power generation facilities or interconnection facility. Natural gas, power and steam qualify as a series with revenue being recognized over time using an output method, based on the quantity of natural gas, power or steam that the customer has consumed. LNG is typically delivered in containers transported by truck to customer sites. Revenue from sales of LNG delivered by truck is recognized at the point in time at which physical possession and the risks and rewards of ownership transfer to the customer, either when the containers are shipped or delivered to the customers’ storage facilities, depending on the terms of the contract. Because the nature, timing and uncertainty of revenue and cash flows are substantially the same for LNG, natural gas, power and steam, the Company has presented Operating revenue on an aggregated basis.
The Company has concluded that variable consideration included in its agreements meets the exception for allocating variable consideration. As such, the variable consideration for these contracts is allocated to each distinct unit of LNG, natural gas, power or steam delivered and recognized when that distinct unit is delivered to the customer.
The Company’s contracts with customers to supply natural gas or LNG may contain a lease of equipment, which may be accounted for as a finance or operating lease. For the Company’s operating leases, the Company has elected the practical expedient to combine revenue for the sale of natural gas or LNG and operating lease income as the timing and pattern of transfer of the components are the same. The Company has concluded that the predominant component of the transaction is the sale of natural gas or LNG and therefore has not separated the lease component. The lease component of such operating leases is recognized as Operating revenue in the condensed consolidated statements of operations and comprehensive loss. The Company allocates consideration in agreements containing finance leases between lease and non-lease components based on the relative fair value of each component. The fair value of the lease component is estimated based on the estimated standalone selling price of the same or similar equipment leased to the customer. The Company estimates the fair value of the non-lease component by forecasting volumes and pricing of gas to be delivered to the customer over the lease term.
The current and non-current portion of finance leases are recorded within Prepaid expenses and other current assets and Finance leases, net on the condensed consolidated balance sheets, respectively. For finance leases accounted for as sales-type leases, the profit from the sale of equipment is recognized upon lease commencement in Other revenue in the condensed consolidated statements of operations and comprehensive loss. The lease payments for finance leases are segregated into principal and interest components similar to a loan. Interest income is recognized on an effective interest method over the lease term and included in Other revenue in the condensed consolidated statements of operations and comprehensive loss. The principal component of the lease payment is reflected as a reduction to the net investment in the lease.
In addition to the revenue recognized from the finance lease components of agreements with customers, Other revenue includes revenue recognized from the construction, installation and commissioning of equipment, inclusive of natural gas delivered for the commissioning process, to transform customers’ facilities to operate utilizing natural gas or to allow customers to receive power or other outputs from our natural gas-fueled power generation facilities. Revenue from these development services is recognized over time as the Company transfers control of the asset to the customer or based on the quantity of natural gas consumed as part of commissioning the customer’s facilities until such time that the customer has declared such conversion services have been completed. If the customer is not able to obtain control over the asset under construction until such services are completed, revenue is recognized when the services are completed and the customer has control of the infrastructure. Such agreements may also include a significant financing component, and the Company recognizes revenue for the interest income component over the term of the financing as Other revenue.
The timing of revenue recognition, billings and cash collections results in receivables, contract assets and contract liabilities. Receivables represent unconditional rights to consideration; unbilled amounts typically result from sales under long-term contracts when revenue recognized exceeds the amount billed to the customer. Contract assets are comprised of the transaction price allocated to completed performance obligations that will be billed to customers in subsequent periods. Both unbilled receivables and contract assets are recognized within Prepaid expenses and other current assets, net and Other non-current assets, net on the condensed consolidated balance sheets. Contract liabilities consist of deferred revenue and are recognized within Other current liabilities on the condensed consolidated balance sheets.
Shipping and handling costs are not considered to be separate performance obligations. These costs are recognized in the period in which the costs are incurred and presented within Cost of sales in the condensed consolidated statements of operations and comprehensive loss. All such shipping and handling activities are performed prior to the customer obtaining control of the LNG or natural gas.
The Company collects sales taxes from its customers based on sales of taxable products and remits such collections to the appropriate taxing authority. The Company has elected to present sales tax collections in the condensed consolidated statements of operations and comprehensive loss on a net basis and, accordingly, such taxes are excluded from reported revenues.
The Company elected the practical expedient under which the Company does not adjust consideration for the effects of a significant financing component for those contracts where the Company expects at contract inception that the period between transferring goods to the customer and receiving payment from the customer will be one year or less.
Ships
Charter contracts for the use of the FSRUs and LNG carriers acquired as part of the Mergers are leases as the contracts convey the right to obtain substantially all of the economic benefits from the use of the asset and allow the customer to direct the use of that asset.
At inception, the Company makes an assessment on whether the charter contract is an operating lease or a finance lease. In making the classification assessment, the Company estimates the residual value of the underlying asset at the end of the lease term with reference to broker valuations. None of the vessel lease contracts contain residual value guarantees. Renewal periods and termination options are included in the lease term if the Company believes such options are reasonably certain to be exercised by the lessee. Generally, lease accounting commences when the asset is made available to the customer, however, where the contract contains specific customer acceptance testing conditions, the lease will not commence until the asset has successfully passed the acceptance test. The Company assesses leases for modifications when there is a change to the terms and conditions of the contract that results in a change in the scope or the consideration of the lease.
For charter contracts that are determined to be finance leases accounted for as sales-type leases, the profit from the sale of the vessel is recognized upon lease commencement in Other revenue in the condensed consolidated statements of operations and comprehensive loss. The lease payments for finance leases are segregated into principal and interest components similar to a loan. Interest income is recognized on an effective interest method over the lease term and included in Other revenue in the condensed consolidated statements of operations and comprehensive loss. The principal component of the lease payment is reflected as a reduction to the net investment in the lease. Revenue related to operating and service agreements in connection with charter contracts accounted for as sales-type leases are recognized over the term of the charter as the service is provided within Vessel charter revenue in the condensed consolidated statements of operations and comprehensive loss.
Revenues include fixed minimum lease payments under charters accounted for as operating leases and fees for repositioning vessels. Revenues generated from charters contracts are recorded over the term of the charter on a straight-line basis as service is provided and is included in Vessel charter revenue in the condensed consolidated statements of operations and comprehensive loss. Fixed revenue includes fixed payments (including in-substance fixed payments that are unavoidable) and variable payments based on a rate or index. For operating leases, the Company has elected the practical expedient to combine service revenue and operating lease income as the timing and pattern of transfer of the components are the same. Variable lease payments are recognized in the period in which the circumstances on which the variable lease payments are based become probable or occur.
Repositioning fees are included in Vessel charter revenues and are recognized at the end of the charter when the fee becomes fixed. However, where there is a fixed amount specified in the charter, which is not dependent upon redelivery location, the fee will be recognized evenly over the term of the charter.
Costs directly associated with the execution of the lease or costs incurred after lease inception but prior to the commencement of the lease that directly relate to preparing the asset for the contract are capitalized and amortized in Vessel operating expenses in the condensed consolidated statements of operations and comprehensive loss over the lease term.
Two of the Company’s LNG carriers participate in a LNG carrier pool collaborative arrangement with Golar LNG Limited, referred to as the Cool Pool. The Cool Pool allows the pool participants to optimize the operation of the pool vessels through improved scheduling ability, cost efficiencies and common marketing. Under the Pool Agreement, the Pool Manager is responsible, as an agent, for the marketing and chartering of the participating vessels and paying certain voyage costs such as port call expenses and brokers' commissions in relation to employment contracts, with each of the Pool Participants continuing to be fully responsible for fulfilling the performance obligations in the contract.
The Company is primarily responsible for fulfilling the performance obligations in the time charters of vessels owned by the Company, and the Company is the principal in such time charters. Revenue and expenses for charters of the Company’s vessels that participate in the Cool Pool are presented on a gross basis within Vessel charter revenues and Vessel operating expenses, respectively, in the condensed consolidated statements of operations and comprehensive loss. The Company’s allocation of its share of the net revenues earned from the other pool participants' vessels, which may be either income or expense depending on the results of all pool participants, is reflected on a net basis within Vessel operating expenses in the condensed consolidated statements of operations and comprehensive loss.
Business combinations are accounted for under the acquisition method. On acquisition, the identifiable assets acquired and liabilities assumed are measured at their fair values at the date of acquisition. Any excess of the purchase price over the fair values of the identifiable net assets acquired is recognized as goodwill. Acquisition related costs are expensed as incurred. The results of operations of acquired businesses are included in the Company’s condensed consolidated statements of operations and comprehensive loss from the date of acquisition.
If the assets acquired do not meet the definition of a business, the transaction is accounted for as an asset acquisition and no goodwill is recognized. Costs incurred in conjunction with asset acquisitions are included in the purchase price, and any excess consideration transferred over the fair value of the net assets acquired is reallocated to the identifiable assets based on their relative fair values.
The Company accounts for investments in entities over which the Company has significant influence, but do not meet the criteria for consolidation, under the equity method of accounting. Under the equity method of accounting, the Company’s investment is recorded at cost, or in the case of equity method investments acquired as part of the Mergers, at the acquisition date fair value of the investment. The carrying amount is adjusted for the Company’s share of the earnings or losses, and dividends received from the investee reduce the carrying amount of the investment. The Company allocates the difference between the fair value of investments acquired in the Mergers and the Company’s proportionate share of the carrying value of the underlying assets, or basis difference, across the assets and liabilities of the investee. The basis difference assigned to amortizable net assets is included in Income (loss) from equity method investments in the condensed consolidated statements of operations and comprehensive loss. When the Company’s share of losses in an investee equals or exceeds the carrying value of the investment, no further losses are recognized unless the Company has incurred obligations or made payments on behalf of the investee.
Vessel operating expenses, which are recognized when incurred, include crewing, repairs and maintenance, insurance, stores, lube oils, communication expenses and third-party management fees. Voyage expenses principally consist of fuel consumed before or after the term of time charter or when the vessel is off hire. Under time charters, the majority of voyage expenses are paid by customers. To the extent that these costs are a fixed amount specified in the charter, which is not dependent upon redelivery location, the estimated voyage expenses are recognized over the term of the time charter.
Initial direct costs include costs directly related to the negotiation and consummation of the lease are deferred and recognized in Selling, general and administrative over the lease term.
Guarantees issued by the Company, excluding those that are guaranteeing the Company’s own performance, are recognized at fair value at the time that the guarantees are issued and recognized in Other current liabilities and Other non-current liabilities on the condensed consolidated balance sheets. The guarantee liability is amortized each period as a reduction to Selling, general and administrative expenses. If it becomes probable that the Company will have to perform under a guarantee, the Company will recognize an additional liability if the amount of the loss can be reasonably estimated.
As part of the Mergers, the Company acquired derivative positions that were used to reduce market risks associated with interest rates and foreign exchange rates. All derivative instruments are initially recorded at fair value as either assets or liabilities on the condensed consolidated balance sheets and subsequently remeasured to fair value, regardless of the purpose or intent for holding the derivative.
Where the fair value of a derivative instrument is a net liability, the derivative instrument is classified in Other current liabilities or Other long-term liabilities on the condensed consolidated balance sheets. Where the fair value of a derivative instrument is a net asset, the derivative instrument is classified in Other current assets or Other non-current assets on the condensed consolidated balance sheets depending on its maturity. The Company has not designated any derivates as cash flow or fair value hedges; however, certain instruments may be considered economic hedges.
Property, plant and equipment is recorded at cost. Expenditures for construction activities and betterments that extend the useful life of the asset are capitalized. Vessel refurbishment costs are capitalized and depreciated over the vessels' remaining useful economic lives. Refurbishment costs increase the capacity or improve the efficiency or safety of vessels and equipment. Expenditures for routine maintenance and repairs for assets in the Terminals and Infrastructure segment are charged to expense as incurred within Operations and maintenance in the condensed consolidated statements of operations and comprehensive loss; such expenditures for assets in the Ships segment that do not improve the operating efficiency or extend the useful lives of the vessels are expensed as incurred within Vessel operating expenses.
Major maintenance and overhauls of the Company’s power plant and terminals are capitalized and depreciated over the expected period until the next anticipated major maintenance or overhaul. Drydocking expenditures are capitalized when incurred and amortized over the period until the next anticipated drydocking, which is generally five years. For vessels, the Company utilizes the "built-in overhaul" method of accounting. The built-in overhaul method is based on the segregation of vessel costs into those that should be depreciated over the useful life of the vessel and those that require drydocking at periodic intervals to reflect the different useful lives of the components of the assets. The estimated cost of the drydocking component is amortized until the date of the first drydocking following acquisition of the vessel, upon which the cost is capitalized and the process is repeated. If drydocking occurs prior to the expected timing, a cumulative adjustment to recognize the change in expected timing of dry docking is recognized within Depreciation and amortization in the condensed consolidated statements of operations and comprehensive loss.
The Company depreciates property, plant and equipment less the estimate residual value using the straight-line depreciation method over the estimated economic life of the asset or lease term, whichever is shorter using the following useful lives:
The Company reviews the remaining useful life of its assets on a regular basis to determine whether changes have taken place that would suggest that a change to depreciation policies is warranted.
Upon retirement or disposal of property, plant and equipment, the cost and related accumulated depreciation are removed from the account, and the resulting gains or losses, if any, are recorded in the condensed consolidated statements of operations and comprehensive loss. When a vessel is disposed, any unamortized drydocking expenditure is recognized as part of the gain or loss on disposal in the period of disposal.
Transaction and integration costs are comprised of costs related to business combinations and include advisory, legal, accounting, valuation and other professional or consulting fees. This caption also includes gains or losses recognized in connection with business combinations, including the settlement of preexisting relationships between the Company and an acquired entity. Financing costs which are not deferred as part of the cost of the financing on the balance sheet are recognized within this caption including fees associated with debt modifications.
|
Adoption of new and revised standards |
6 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||
| Adoption of new and revised standards [Abstract] | ||||||||
| Adoption of new and revised standards |
In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. ASU 2020-06 requires entities to provide expanded disclosures about the terms and features of convertible instruments and amends certain guidance in ASC 260 on the computation of EPS for convertible instruments and contracts on an entity’s own equity. ASU 2020-06 is effective for public companies for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption of all amendments in the same period permitted. The Company is currently assessing the impact of adoption of this guidance.
In December 2019, FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which simplifies the accounting for income taxes, including removing certain exceptions related to the general principles in ASU 740, Income Taxes. ASU 2019-12 also clarifies and simplifies other aspects of the accounting for income taxes. The adoption of this guidance in the first quarter of 2021 did not have a material impact on the Company’s financial position, results of operations or cash flows.
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Acquisitions |
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| Acquisitions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisitions |
Hygo Merger
On April 15, 2021, the Company completed the acquisition of all of the outstanding common and preferred shares representing all voting interests of Hygo, a 50-50 joint venture between Golar LNG Limited (“GLNG”) and Stonepeak Infrastructure Fund II Cayman (G) Ltd., a fund managed by Stonepeak Infrastructure Partners (“Stonepeak”), in exchange for 31,372,549 shares of NFE Class A common stock and $580,000 in cash. The acquisition of Hygo expands the Company’s footprint in South America with three gas-to-power projects in Brazil’s large and fast-growing market.
Based on the closing price of NFE’s common stock on April 15, 2021, the total value of consideration in the Hygo Merger was $1.98 billion, shown as follows:
The Company has determined it is the accounting acquirer of Hygo, which will be accounted for under the acquisition method of accounting for business combinations. The total purchase price of the transaction has been allocated to identifiable assets acquired, liabilities assumed and non-controlling interests of Hygo based on their respective estimated fair values as of the closing date.
The process of estimating the fair values of certain tangible assets, identifiable intangible assets and assumed liabilities requires the use of judgment in determining the appropriate assumptions and estimates. The Company is in the process of finalizing the valuation of assets acquired, liabilities assumed and non-controlling interests of Hygo, and therefore the purchase price allocation should be considered preliminary. The preliminary purchase price allocation may be subject to further refinement as the evaluation of the underlying inputs and assumptions of third-party valuations and the assessment of acquisition-related income taxes are finalized. The goodwill balance may be adjusted pending the completion of the valuation of the assets acquired, liabilities assumed and non-controlling interests of Hygo as described above. The preliminary estimates may be subject to adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the acquisition date. To the extent that significant changes occur in the future, the Company will disclose such changes in the reporting period in which they occur. Preliminary fair values assigned to the assets acquired, liabilities assumed and non-controlling interests of Hygo as of the closing date were as follows:
The fair value of Hygo’s non-controlling interest (“NCI”) as of April 15, 2021 was $62,111, including the fair value of the net assets of VIEs that Hygo has consolidated. These VIEs are special purpose vehicles (“SPV”) for the sale and leaseback of certain vessels, and Hygo has no equity investment in these entities. The fair value of NCI was determined based on the valuation of the SPV’s external debt and the loan receivable asset associated with the sales leaseback transaction with Hygo’s subsidiary, using a discounted cash flow method.
The fair value of receivables acquired from Hygo is $8,009, which approximates the gross contractual amount; no material amounts are expected to be uncollectible.
Goodwill is calculated as the excess of the purchase price over the net assets acquired. Goodwill represents access to additional LNG and natural gas distribution systems and power markets, including a local workforce that will allow the Company to rapidly develop and deploy LNG to power solutions.
The Company’s results of operations for the first three and six months of 2021 include Hygo’s result of operations from the date of acquisition, April 15, 2021, through June 30, 2021. Revenue and net income (loss) attributable to Hygo during this period was $17,812 and $36,977, respectively.
GMLP Merger
Also on April 15, 2021, the Company completed the acquisition of all of the outstanding common units, representing all voting interests, of GMLP in exchange for $3.55 in cash per common unit and for each of the outstanding membership interest of GMLP’s general partner. In conjunction with the closing of the GMLP Merger, NFE simultaneously extinguished a portion of GMLP’s debt for total consideration of $1.15 billion.
With the acquisition of GMLP, the Company gains vessels to support the existing terminals and business development pipeline, as well as an interest in a floating natural gas facility (“FLNG”), which is expected to provide consistent cash flow streams under a long-term tolling arrangement. The interest in the FLNG facility also provides the Company access to intellectual property that will be used to develop future FLNG solutions.
The consideration paid by the Company in the GMLP Merger was as follows:
The Company has determined it is the accounting acquirer of GMLP, which will be accounted for under the acquisition method of accounting for business combinations. The total purchase price of the transaction has been allocated to identifiable assets acquired, liabilities assumed and non-controlling interests of GMLP based on their respective estimated fair values as of the closing date.
The process of estimating the fair values of certain tangible assets, identifiable intangible assets and assumed liabilities requires the use of judgment in determining the appropriate assumptions and estimates. The Company is in the process of finalizing the valuation of assets acquired, liabilities assumed and non-controlling interests of GMLP, and therefore the purchase price allocation should be considered preliminary. The preliminary purchase price allocation may be subject to further refinement as the evaluation of the underlying inputs and assumptions of third-party valuations and the assessment of acquisition-related income taxes are finalized. The goodwill balance may be adjusted pending the completion of the valuation of the assets acquired, liabilities assumed and non-controlling interests of GMLP as described above. The preliminary estimates may be subject to adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the acquisition date. To the extent that significant changes occur in the future, the Company will disclose such changes in the reporting period in which they occur. Preliminary fair values assigned to the assets acquired, liabilities assumed and non-controlling interests of GMLP as of the closing date were as follows:
The fair value of GMLP’s NCI as of April 15, 2021 was $167,174, which represents the fair value of other investors’ interest in the Mazo, GMLP’s preferred units which were not acquired by the Company and the fair value of net assets of an SPV formed for the purpose of a sale and leaseback of the Eskimo. The fair value of GMLP’s preferred units and the valuation of the SPV’s external debt and the loan receivable asset associated with the sale leaseback transaction have been estimated using a discounted cash flow method.
The fair value of receivables acquired from GMLP is $4,797, which approximates the gross contractual amount; no material amounts are expected to be uncollectible.
The Company acquired favorable and unfavorable leases for the use of GMLP’s vessels. The fair value of the favorable contracts is $120,000 and the fair value of the unfavorable contracts is $13,400. The total weighted average amortization period is approximately three years with the favorable contract weighted average amortization period of approximately three years and the unfavorable contract weighted average amortization period of approximately one year.
The Company and GMLP had an existing lease agreement prior to the GMLP Merger. As a result of the acquisition, the lease agreement and any associated receivable and payable balances are effectively settled. The lease agreement also included provisions that required a subsidiary of NFE to indemnify GMLP to the extent that GMLP incurred certain tax liabilities as a result of the lease. A loss of $3,978 related to settlement of this indemnification provision has been recognized in Transaction and integration costs in the condensed consolidated statements of operations and comprehensive loss.
The Company’s results of operations for the first three and six months of 2021 include GMLP’s result of operations from the date of acquisition, April 15, 2021, through June 30, 2021. Revenue and net income (loss) attributable to GMLP during this period was $56,802 and $39,267, respectively.
Acquisition costs associated with the Mergers of $21,909 and $33,472 for the three and six months ended June 30, 2021 were included in Transaction and integration costs in the Company's condensed consolidated statements of operations and comprehensive loss.
Unaudited pro forma financial information
The following table summarizes the unaudited pro forma condensed financial information of the Company as if the Mergers had occurred on January 1, 2020.
The unaudited pro forma financial information is based on historical results of operations as if the acquisitions had occurred on January 1, 2020, adjusted for transaction costs incurred, adjustments to depreciation expense associated with the recognition of the fair value of vessels acquired, additional amortization expense associated with the recognition of the fair value of favorable customer contracts for vessel charters, additional interest expense as a result of incurring new debt and extinguishing historical debt, elimination of a pre-existing lease relationship between the Company and GMLP, and a step-up of the equity method investments and a favorable power purchase agreement contract.
Adjustments for non-recurring items increased pro forma net income by $25,887 and $37,450 for the three and six months ended June 30, 2021, respectively and decreased pro forma net income by $0 and $37,450 for the three months and six months ended June 30, 2020, respectively. Transaction costs incurred and the elimination of a pre-existing lease relationship between the Company and GMLP are considered to be non-recurring. The unaudited pro forma financial information does not give effect to any synergies, operating efficiencies or cost savings that may result from the Mergers.
Asset acquisitions
On January 12, 2021, the Company acquired 100% of the outstanding share quota of CH4 Energia Ltda. ("CH4"), an entity that owns key permits and authorizations to develop an LNG terminal and an up to 1.37 GW gas-fired power plant at the Port of Suape in Brazil. The purchase consideration consisted of $903 of cash paid at closing in addition to potential future payments contingent on achieving certain construction milestones of up to approximately $3,600. As the contingent payments meet the definition of a derivative, the fair value of the contingent payments of $3,047 is included as part of the purchase consideration and is recognized in Other non-current liabilities on the condensed consolidated balance sheets. The selling shareholders of CH4 may also receive future payments based on gas consumed by the power plant or sold to customers from the LNG terminal. For the three and six months ended June 30, 2021, the Company recognized loss from the change in fair value of the derivative liability of $53, which is presented in Other (income) expense, net in the condensed consolidated statements of operations and comprehensive loss.
The purchase of CH4 has been accounted for as an asset acquisition. As a result, no goodwill was recorded, and the Company’s acquisition-related costs of $295 were included in the purchase consideration. The total purchase consideration of $5,776, which includes a deferred tax liability of $1,531 recognized as a result from the acquisition, was allocated to permits and authorizations acquired and was recorded within Intangible assets, net. In addition, the Company recognized a deferred tax liability of $1,531 that resulted from the acquisition.
On March 11, 2021, the Company acquired 100% of the outstanding shares of Pecém Energia S.A. (“Pecém”) and Energetica Camacari Muricy II S.A. (“Muricy”). These companies collectively hold grants to operate as an independent power provider and 15-year power purchase agreements for the development of thermoelectric power plants in the State of Bahia, Brazil. The Company is seeking to obtain the necessary approvals to transfer the power purchase agreements in connection with the construction the gas-fired power plant and LNG import terminal at the Port of Suape.
The purchase consideration consisted of $8,041 of cash paid at closing in addition to potential future payments contingent on achieving commercial operations of the gas-fired power plant at the Port of Suape of up to approximately $10.5 million. As the contingent payments meet the definition of a derivative and the fair value of the contingent payments of $7,473 was included as part of the purchase consideration and is recognized in Other non-current liabilities on the condensed consolidated balance sheets. The selling shareholders may also receive future payments based on power generated by the power plant in Suape, subject to a maximum payment of approximately $4.6 million. For the three and six months ended June 30, 2021, the Company recognized a loss from the change in fair value of the derivative liability of $416, which is presented in Other (income) expense, net in the condensed consolidated statements of operations and comprehensive loss.
The purchases of Pecém and Muricy were accounted for as asset acquisitions. As a result, no goodwill was recorded, and the Company’s acquisition-related costs of $1,275 were included in the purchase consideration. Of the total purchase consideration, $16,585 was allocated to acquired power purchase agreements and recorded in Intangible assets, net on the condensed consolidated balance sheets; the remaining purchase consideration was related to working capital acquired.
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VIEs |
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| VIEs [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| VIEs |
Lessor VIEs
The Company assumed sale leaseback arrangements for four vessels as part of the Mergers. The counterparty to each of these sale leaseback arrangements is a VIE, and these lessor VIEs are SPVs wholly owned by financial institutions.
China Merchants Bank Lending (“CMBL”)
In November 2015, the Eskimo was sold to a subsidiary of CMBL, Sea 23 Leasing Co. Limited, and subsequently leased back under a bareboat charter for a term of ten years. The Company has options to repurchase the vessel throughout the charter term at fixed pre-determined amounts, commencing from the third anniversary of the commencement of the bareboat charter, with an obligation to repurchase the vessel at the end of the ten-year lease period.
CCB Financial Leasing Corporation Limited (“CCBFL”)
In September 2018, the Nanook was sold to a subsidiary of CCBFL, Compass Shipping 23 Corporation Limited, and subsequently leased back on a bareboat charter for a term of twelve years. The Company has options to repurchase the vessel throughout the charter term at fixed pre-determined amounts, commencing from the third anniversary of the commencement of the bareboat charter, with an obligation to repurchase the vessel at the end of the twelve-year lease period.
Oriental Shipping Company (“COSCO”)
In December 2019, the Penguin was sold to a subsidiary of COSCO, Oriental Fleet LNG 02 Limited, and subsequently leased back on a bareboat charter for a term of six years. The Company has options to repurchase the vessel throughout the charter term at fixed pre-determined amounts, commencing from the first anniversary of the commencement of the bareboat charter, with an obligation to repurchase the vessel at the end of the six-year lease period.
AVIC International Leasing Company Limited (“AVIC”)
In March 2020, the Celsius was sold to a subsidiary of AVIC, Noble Celsius Shipping Limited, and subsequently leased back on a bareboat charter for a term of seven years. The Company has options to repurchase the vessel throughout the charter term at fixed predetermined amounts, commencing from the first anniversary of the commencement of the bareboat charter, with an obligation to repurchase the vessel at the end of the seven-year lease period.
While the Company does not hold an equity investment in the above SPVs, the Company has a variable interest in these SPVs. The Company is the primary beneficiary of these VIEs and, accordingly, these VIEs are consolidated into the Company’s financial results for the period after the Mergers. The effect of the bareboat charter arrangements is eliminated upon consolidation of the SPVs. The equity attributable to CMBL, CCBFL, COSCO and AVIC in their respective VIEs are included in non-controlling interests in the condensed consolidated financial statements. As of June 30, 2021, the Eskimo, Penguin and Celsius are recorded as Property, plant and equipment, net on the condensed consolidated balance sheet. As of June 30, 2021, the Nanook was recognized in Finance leases, net on the condensed consolidated balance sheet.
The following table gives a summary of the sale and leaseback arrangements, including repurchase options and obligations as of June 30, 2021:
A summary of payment obligations under the bareboat charters with the lessor VIEs as of June 30, 2021, are shown below:
The payment obligation table above includes variable rental payments due under the lease based on an assumed LIBOR plus margin but excludes the repurchase obligation at the end of lease term.
The assets and liabilities of these lessor VIEs that most significantly impact the condensed consolidated balance sheet as of June 30, 2021 are as follows:
The most significant impact of the lessor VIEs operations on the Company’s condensed consolidated statement of operations is a reduction to interest expense of $6,635 for the period subsequent to the completion of Mergers. Upon assumption of the debt held by VIEs in conjunction with the Mergers, the Company recognized the liabilities assumed at fair value, and the amortization of the premium of $9,707 has been recognized as a reduction to interest expense incurred of $3,072. The most significant impact of the lessor VIEs cash flows on the condensed consolidated statements of cash flows is net cash used in financing activities of $15,823 for the period subsequent to the completion of the Mergers.
Other VIEs
Hilli LLC
The Company acquired an interest of 50% of the common units of Hilli LLC (“Hilli Common Units”) as part of the acquisition of GMLP. Hilli LLC owns Golar Hilli Corporation (“Hilli Corp”), the disponent owner of the Hilli. The Company determined that Hilli LLC is a VIE, and the Company is not the primary beneficiary of Hilli LLC. Thus, Hilli LLC has not been consolidated into the financial statements and has been recognized as an equity method investment.
As of June 30, 2021 the maximum exposure as a result of the Company’s ownership in the Hilli LLC is the carrying value of the equity method investment of $359,107 and the outstanding portion of the Hilli Leaseback (defined below) which have been guaranteed by the Company.
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Revenue recognition |
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| Revenue recognition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue recognition |
Operating revenue includes revenue from sales of LNG and natural gas as well as outputs from the Company’s natural gas-fueled power generation facilities, including power and steam. Other revenue includes revenue for development services as well as interest income from the Company’s finance leases and other revenue. The table below summarizes the balances in Other revenue:
Development services revenue recognized in the three and six months ended June 30, 2021 included $43,771 and $89,390, respectively, for the customer’s use of natural gas as part of commissioning their assets.
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, 2021, and December 31, 2020, receivables related to revenue from contracts with customers totaled $98,201 and $76,431, respectively, and were included in Receivables, net on the condensed consolidated balance sheets, net of current expected credit losses of $90 and $98, respectively. Other items included in Receivables, net not related to revenue from contracts with customers represent leases which are accounted for outside the scope of ASC 606 and receivables associated with reimbursable costs.
The Company has recognized contract liabilities, comprised of unconditional payments due or paid under the contracts with customers prior to the Company’s satisfaction of the related performance obligations. The performance obligations are expected to be satisfied during the next 12 months, and the contract liabilities are classified within Other current liabilities on the condensed consolidated balance sheets. Contract assets are comprised of the transaction price allocated to completed performance obligations that will be billed to customers in subsequent periods. The contract liabilities and contract assets balances as of June 30, 2021 and December 31, 2020 are detailed below:
Contract assets are presented net of expected credit losses of $521 and $372 as of June 30, 2021 and December 31, 2020, respectively. As of June 30, 2021, the Company has unbilled receivables, net of current expected credit losses, of $6,640, of which $356 is presented within Other current assets and $6,284 is presented within Other non-current assets on the condensed consolidated balance sheet. These unbilled receivables represent unconditional right to payment subject only to the passage of time.
The Company has recognized costs to fulfill a contract with a significant customer, which primarily consist of expenses required to enhance resources to deliver under the agreement with the customer. As of June 30, 2021, the Company has capitalized $11,283, of which $604 of these costs is presented within Other current assets and $10,679 is presented within Other non-current assets on the condensed consolidated balance sheets. As of December 31, 2020, the Company had capitalized $11,276, of which $588 of these costs was presented within Other current assets and $10,688 was presented within Other non-current assets on the condensed consolidated balance sheets. In the first quarter of 2020, the Company began delivery under the agreement and started recognizing these costs on a straight-line basis over the expected term of the agreement.
Transaction price allocated to remaining performance obligations
Some of the Company’s contracts are short-term in nature with a contract term of less than a year. The Company applied the optional exemption not to report any unfulfilled performance obligations related to these contracts.
The Company has arrangements in which LNG, natural gas or outputs from the Company’s power generation facilities are sold on a “take-or-pay” basis whereby the customer is obligated to pay for the minimum guaranteed volumes even if it does not take delivery. The price under these agreements is typically based on a market index plus a fixed margin. The fixed transaction price allocated to the remaining performance obligations under these arrangements represents the fixed margin multiplied by the outstanding minimum guaranteed volumes. The Company expects to recognize this revenue over the following time periods. The pattern of recognition reflects the minimum guaranteed volumes in each period:
For all other sales contracts that have a term exceeding one year, the Company has elected the practical expedient in ASC 606 under which the Company does not disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. For these excluded contracts, the sources of variability are (a) the market index prices of natural gas used to price the contracts, and (b) the variation in volumes that may be delivered to the customer. Both sources of variability are expected to be resolved at or shortly before delivery of each unit of LNG, natural gas, power or steam. As each unit of LNG, natural gas, power or steam represents a separate performance obligation, future volumes are wholly unsatisfied.
Lessor arrangements
The Company’s vessel charters of LNG carriers and FSRUs can take the form of operating or finance leases. Property, plant and equipment subject to vessel charters accounted for as operating leases is included within Vessels within Note 14 Property, plant and equipment, net. The following is the carrying amount of property, plant and equipment that is leased to customers under operating leases:
The components of lease income from vessel operating leases for the three and six months ended June 30, 2021 were as follows:
The Company’s charter of the Nanook to CELSE and certain equipment leases provided in connection with the supply of natural gas or LNG are accounted for as finance leases.
The Company recognized interest income of $9,681 for the three months and six months ended June 30, 2021 related to the finance lease of the Nanook included within Other revenue in the condensed consolidated statements of operations and comprehensive loss. The Company recognized revenue of $1,165 for the three months and six months ended June 30, 2021 related to the operation and services agreement within Vessel charter revenue in the condensed consolidated statements of operations and comprehensive loss. As of June 30, 2021, there were outstanding balances due from CELSE of $7,965, of which $5,822 is recognized in Receivables, net and a loan to CELSE of $2,143 is recognized in Prepaid expenses and other current assets, net on the condensed consolidated balance sheets. CELSE is an affiliate due to the equity method investment held in CELSE’s parent, CELSEPAR, and as such, these transactions and balances are related party in nature.
The following table shows the expected future lease payments as of June 30, 2021, for the remainder of 2021 through 2025 and thereafter:
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Leases, as lessee |
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| Leases, as lessee [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases, as lessee |
The Company has operating leases primarily for the use of LNG vessels, marine port space, office space, land and equipment under non-cancellable lease agreements. The Company’s leases may include multiple optional renewal periods that are exercisable solely at the Company’s discretion. Renewal periods are included in the lease term when the Company is reasonably certain that the renewal options would be exercised, and the associated lease payments for such periods are reflected in the ROU asset and lease liability.
The Company’s leases include fixed lease payments which may include escalation terms based on a fixed percentage or may vary based on an inflation index or other market adjustments. Escalations based on changes in inflation indices and market adjustments and other lease costs that vary based on the use of the underlying asset are not included as lease payments in the calculation of the lease liability or ROU asset; such payments are included in variable lease cost when the obligation that triggers the variable payment becomes probable. Variable lease cost includes contingent rent payments for office space based on the percentage occupied by the Company in addition to common area charges and other charges that are variable in nature. The Company also has a component of lease payments that are variable related to the LNG vessels, in which the Company may receive credits based on the performance of the LNG vessels during the period.
As of June 30, 2021 and December 31, 2020, right-of-use assets, current lease liabilities and non-current lease liabilities consisted of the following:
(1) Finance lease right-of-use assets are recorded net of accumulated amortization of $61 as of June 30, 2021.
For the three and six months ended June 30, 2021 and 2020, the Company’s operating lease cost recorded within the condensed consolidated statements of operations and comprehensive loss were as follows:
For the three and six months ended June 30, 2021, the Company has capitalized $2,313 and $3,512 of lease costs, respectively, for vessels and port space used during the commissioning of development projects in addition to short-term lease costs for vessels chartered by the Company to bring inventory from a supplier’s facilities to the Company’s storage locations which are capitalized to inventory.
Beginning in the second quarter of 2021, leases for ISO tanks and a parcel of land that transfer the ownership in underlying assets to the Company at the end of the lease have commenced, and these leases are treated as finance leases. For the three and six months ended June 30, 2021, the Company recognized interest expense related to finance leases of $50, which are included within Interest expense, net in the condensed consolidated statements of operations and comprehensive loss. For the three and six months ended June 30, 2021, the Company recognized amortization of the right-of-use asset related to finance leases of $61, which is included within Depreciation and amortization in the condensed consolidated statements of operations and comprehensive loss.
Cash paid for operating leases is reported in operating activities in the condensed consolidated statements of cash flows. Supplemental cash flow information related to leases was as follows for the six months ended June 30, 2021 and 2020:
The future payments due under operating and finance leases as of June 30, 2021 are as follows:
As of June 30, 2021, the weighted-average remaining lease term for operating leases was 7.8 years and finance leases was 6.3 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, 2021 was 8.4%. The weighted average discount rate associated with finance leases as of June 30, 2021 was 5.3%.
The Company has entered into several leases for ISO tanks that have not commenced as of June 30, 2021 with noncancelable terms of 5 years and including fixed payments of approximately $16 million.
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Financial instruments |
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| Financial instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial instruments |
Interest rate and currency risk management
In connection with the Mergers, the Company has acquired financial instruments that GMLP and Hygo used to reduce the risk associated with fluctuations in interest rates and foreign exchange rates. Interest rate swaps are used to convert floating rate interest obligations to fixed rates, which from an economic perspective hedges the interest rate exposure. The Company also acquired a cross currency interest rate swap to manage interest rate exposure on the Debenture Loan and the foreign exchange rate exposure on the US dollar cash flows from the charter of the Nanook to CELSE that guarantees the repayments of the Brazilian Real-denominated Debenture Loan.
The Company does not hold or issue instruments for speculative or trading purposes, and the counterparties to such contracts are major banking and financial institutions. Credit risk exists to the extent that the counterparties are unable to perform under the contracts; however, the Company does not anticipate non-performance by any counterparties.
The following table summarizes the terms of interest rate and cross currency interest rate swaps as of June 30, 2021:
The mark-to-market gain or loss on our interest rate and foreign currency swaps that are not designated as hedges for accounting purposes for the period are reported in the condensed consolidated statements of operations and comprehensive loss in Other (income) expense, net.
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:
The valuation techniques that may be used to measure fair value are as follows:
The following table presents the Company’s financial assets and financial liabilities that are measured at fair value as of June 30, 2021 and December 31, 2020:
(1)Long-term debt is recorded at amortized cost on the condensed consolidated balance sheets, and is presented in the above table gross of deferred financing costs of $32,880 and $10,439 as of June 30, 2021 and December 31, 2020, respectively.
(2)Consideration due to the sellers in assets acquistions when certain contingent events occur. The liability associated with the derivative liabilities is recorded within Other long-term liabilities on the condensed consolidated balance sheets.
(3)The Company estimates fair value of the derivative liability and equity agreement using a discounted cash flows method with discount rates based on the average yield curve for bonds with similar credit ratings and matching terms to the discount periods as well as a probability of the contingent event occurring.
(4)To be paid at the earlier of agreed-upon date or the date on which the valid planning permission is received for the facility in development in Shannon, Ireland. The liability associated with the equity agreement is recorded within Other current liabilities on the condensed consolidated balance sheets.
(5)Cross currency interest rate swap asset is presented within Prepaid expenses and other current assets and interest rate swap liability is presented within Other current liabilities on the condensed consolidated balance sheets.
(6)The fair value of certain derivative instruments, including interest rate swaps, is estimated considering current interest rates, foreign exchange rates, closing quoted market prices and the creditworthiness of counterparties.
As part of the Hygo Merger, the Company assumed liabilities for payments due to sellers in asset acquisitions completed prior to the Hygo Merger, and these liabilities are reflected as derivative liabilities. Activity during the six months ended June 30, 2021 also included the recognition of additional derivative liabilities from transactions accounted for as asset acquisitions of $10,520 (Note 4). During the three and six months ended June 30, 2021 and 2020, the Company had no settlements of the equity agreement or derivative liabilities or any transfers in or out of Level 3 in the fair value hierarchy.
The table below summarizes the fair value adjustment to instruments measured at Level 3 in the fair value hierarchy, the derivative liability and equity agreement, as well as the cross currency interest rate swap and the interest rate swap; adjustments have been recorded within Other (income) expense, net in the condensed consolidated statements of operations and comprehensive loss, for the three and six months ended June 30, 2021 and 2020:
Under the Company’s interest rate swap, the Company is required to provide cash collateral, and as of June 30, 2021, $12,500 of cash collateral is recognized as restricted cash on the condensed consolidated balance sheets.
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Restricted cash |
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| Restricted cash [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restricted cash |
As of June 30, 2021 and December 31, 2020, restricted cash consisted of the following:
Restricted cash does not include minimum consolidated cash balances of $30,000 required to be maintained as part of the financial covenants for sale and leaseback financings that is included in Cash and cash equivalents on the condensed consolidated balance sheets as of June 30, 2021.
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Inventory |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory |
As of June 30, 2021 and December 31, 2020, inventory consisted of the following:
Inventory is adjusted to the lower of cost or net realizable value each quarter. Changes in the value of inventory are recorded within Cost of sales in the condensed consolidated statements of operations and comprehensive loss. No adjustments were recorded during the six months ended June 30, 2021 and 2020.
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Prepaid expenses and other current assets |
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| Prepaid expenses and other current assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets |
As of June 30, 2021 and December 31, 2020, prepaid expenses and other current assets consisted of the following:
Other current assets as of June 30, 2021 and December 31, 2020 primarily consists of receivables for recoverable taxes and deposits.
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Equity method investments |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity method investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity method investments |
As a result of the Mergers, the Company acquired investments in Centrais Elétricas de Sergipe Participações S.A. (“CELSEPAR”) and Hilli LLC, both of which have been recognized as equity method investments. The Company has a 50% ownership interest in both entities. The investments are reflected in the Terminals and Infrastructure and Ships segments, respectively.
Changes in the balance of the Company’s equity method investments is as follows:
The carrying amount of equity method investments as of June 30, 2021 is as follows:
As of June 30, 2021, the carrying value of the Company’s equity method investments exceeded its proportionate share of the underlying net assets of its investees by $939,551. In conjunction with the preliminary purchase accounting for the Mergers, the basis difference was allocated to tangible assets, identifiable intangible assets, liabilities and goodwill, and the basis difference attributable to amortizable net assets is amortized to Income from equity method investments over the remaining estimated useful lives of the underlying assets.
CELSEPAR
CELSEPAR is jointly owned and operated with Ebrasil Energia Ltda. (“Ebrasil”), an affiliate of Eletricidade do Brasil S.A., and the Company accounts for this 50% investment using the equity method. CELSEPAR owns 100% of the share capital of Centrais Elétricas de Sergipe S.A. (“CELSE”), the owner and operator of the Sergipe Power Plant.
Hilli LLC
The Company acquired an interest of 50% of the Hilli Common Units as part of the acquisition of GMLP. The ownership interests in Hilli LLC are represented by three classes of units, the Hilli Common Units, the Series A Special Units and the Series B Special Units. The Company did not acquire any of the Series A Special Units or Series B Special Units. The Hilli Common Units provide the Company with significant influence over Hilli LLC. The Hilli is currently operating under an 8-year liquefaction tolling agreement (“LTA”) with Perenco Cameroon S.A. and Société Nationale des Hydrocarbures.
Within 60 days after the end of each quarter, GLNG, the managing member of Hilli LLC, shall determine the amount of Hilli LLC’s available cash and appropriate reserves, and Hilli LLC shall make a distribution to the unitholders of Hilli LLC (“Hilli Unitholders”) of the available cash, subject to such reserves. Hilli LLC shall make distributions to the Hilli Unitholders when, as and if declared by GLNG; provided, however, that no distributions may be made on the Hilli Common Units on any distribution date unless Series A Distributions and Series B Distributions for the most recently ended quarter and any accumulated Series A Distributions and Series B Distributions in arrears for any past quarter have been or contemporaneously are being paid or provided for.
Series A Distributions are calculated based on cash received by Hilli Corp for any tolling fees under the LTA relating to an increase in the Brent Crude price above $60 per barrel, adjusted by incremental taxes and costs that arise from underperformance of the Hilli. Series B Distributions are calculated as 95% of “Revenues Less Expenses”, which is based on the cash receipts as a direct result of the employment of more than the first 50% of LNG production capacity for the Hilli, adjusted for incremental operating expenses, capital costs, financing and tax costs associated with making more than 50% capacity available and costs that arise from underperformance. The Hilli Common Units may receive 5% of Revenues less Expenses received by Hilli Corp during such quarter.
The Company is required to reimburse other investors in Hilli LLC for 50% of the amount, if any, by which certain operating expenses and withholding taxes of Hilli LLC are below an annual threshold for up to $20,000 in the aggregate through 2026. Other investors are required to reimburse the Company for 50% of the amount, if any, by which certain operating expenses and withholding taxes are above an annual threshold for up to $20,000 in the aggregate through 2026. No operating expense reimbursements were included in distributions for the period after the GMLP Merger.
Hilli Corp is a party to a Memorandum of Agreement, dated September 9, 2015, with Fortune Lianjiang Shipping S.A., a subsidiary of China State Shipbuilding Corporation (“Fortune”), pursuant to which Hilli Corp has sold to and leased back from Fortune the Hilli under a 10-year bareboat charter agreement (the “Hilli Leaseback”). The Hilli Leaseback provided for postconstruction financing for the Hilli in the amount of $960 million. Under the Hilli Leaseback, Hilli Corp will pay to Fortune forty consecutive equal quarterly repayments of 1.375% of the construction cost, plus interest based on LIBOR plus a margin of 4.15%.
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Construction in progress |
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| Construction in progress [Abstract] | |||||||||||||||||||||||||||||||||||||||
| Construction in progress |
The Company’s construction in progress activity during the six months ended June 30, 2021 is detailed below:
Interest expense of $9,310 and $17,902, inclusive of amortized debt issuance costs, was capitalized for the six months ended June 30, 2021 and 2020, respectively.
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Property, plant and equipment, net |
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| Property, plant and equipment, net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, plant and equipment, net |
As of June 30, 2021 and December 31, 2020, the Company’s property, plant and equipment, net consisted of the following:
Depreciation for the three months ended June 30, 2021 and 2020 totaled $21,299 and $7,539, respectively, of which $307 and $223, respectively, is included within Cost of sales in the condensed consolidated statements of operations and comprehensive loss. Depreciation for the six months ended June 30, 2021 and 2020 totaled $31,141 and $12,750, respectively, of which $576 and $450 is respectively included within Cost of sales in the condensed consolidated statements of operations and comprehensive loss.
Capitalized drydocking costs of $680 are included in the vessel cost for June 30, 2021; these costs will begin to be depreciated after drydocking is completed in the third quarter of 2021.
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Intangible assets |
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| Intangible assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible assets |
The following table summarizes the composition of intangible assets as of June 30, 2021 and December 31, 2020:
In conjunction with the Mergers, the Company acquired charter contracts with contractual rates that were favorable as compared to market rates and on the date of acquisition recognize intangible assets of $120,000, and the Company acquired permits and development rights with a value of $44,702. During the first quarter of 2021, the Company recognized additions to permits of $5,776 acquired in a transaction accounted for as asset acquisition related to licenses and rights to develop a gas-fired power plant and associated infrastructure in the Port of Suape in Brazil. The Company also acquired rights operated a power generation facility and sell power in Brazil of $16,585 (see Note 4. Asset acquisitions).
As of June 30, 2021 and December 31, 2020, the weighted-average remaining amortization periods for the intangible assets were 15.5 and 37.5 years, respectively. Amortization expense for the three months ended June 30, 2021 and 2020 totaled $5,925 and $282, respectively. Amortization expense was $6,220 and $552 for the six months ended June 30, 2021 and 2020, respectively.
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Other non-current assets |
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| Other non-current assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other non-current assets |
As of June 30, 2021 and December 31, 2020, Other non-current assets consisted of the following:
Nonrefundable deposits are primarily related to deposits for planned land purchases in Pennsylvania and Ireland.
Upfront payments to customers consist of amounts the Company has paid in relation to two natural gas sales contracts with customers to construct fuel-delivery infrastructure that the customers will own.
Other includes upfront payments to our service providers, a long-term refundable deposit and investments in equity securities. During the fourth quarter of 2020, the Company invested $1,000 in a hydrogen technology development company through a Simple Agreement for Future Equity (“SAFE”). During the first quarter of 2021, the investee completed a qualified financing which converted the Company’s investment into preferred shares; the Company also invested an additional $750 in this qualified financing.
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Accrued liabilities |
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| Accrued liabilities |
As of June 30, 2021 and December 31, 2020, accrued liabilities consisted of the following:
Other accrued expenses includes accrued acquisition and integration costs associated with the Mergers and the issuance of the 2026 Notes and the Revolving Facility (all defined below), as well as accrued compensation and benefits.
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| Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt |
As of June 30, 2021 and December 31, 2020, debt consisted of the following:
Our outstanding debt as of June 30, 2021 is repayable as follows:
2025 Notes
On September 2, 2020, the Company issued $1,000,000 of 6.75% senior secured notes in a private offering pursuant to Rule 144A under the Securities Act (the “2025 Notes”). Interest is payable semi-annually in arrears on March 15 and September 15 of each year, commencing on March 15, 2021; no principal payments are due until maturity on September 15, 2025. The Company may redeem the 2025 Notes, in whole or in part, at any time prior to maturity, subject to certain make-whole premiums.
The 2025 Notes are guaranteed, jointly and severally, by certain of the Company’s subsidiaries, in addition to other collateral. The 2025 Notes may limit the Company’s ability to incur additional indebtedness or issue certain preferred shares, make certain payments, and sell or transfer certain assets subject to certain financial covenants and qualifications. The 2025 Notes also provide for customary events of default and prepayment provisions.
The Company used a portion of the net cash proceeds received from the 2025 Notes, together with cash on hand, to repay in full the outstanding principal and interest under previously existing credit agreements and secured and unsecured bonds, including related premiums, costs and expenses.
In connection with the issuance of the 2025 Notes, the Company incurred $17,937 in origination, structuring and other fees. Issuance costs of $13,909 were deferred as a reduction of the principal balance of the 2025 Notes on the condensed consolidated balance sheets; unamortized deferred financing costs related to lenders in the previously credit agreement that participated in the 2025 Notes were $6,501 and such unamortized costs were also included as a reduction of the principal balance of the 2025 Notes and will be amortized over the remaining term of the 2025 Notes. As a portion of the repayment of the previous credit agreement was a modification, in the third quarter of 2020, the Company recognized $4,028 of third-party fees as an expense in the condensed consolidated statements of operations and comprehensive loss.
On December 17, 2020, the Company issued $250,000 of additional notes on the same terms as the 2025 Notes in a private offering pursuant to Rule 144A under the Securities Act (subsequent to this issuance, these additional notes are included in the definition of 2025 Notes herein). Proceeds received included a premium of $13,125, which was offset by additional financing costs incurred of $4,566. As of June 30, 2021 and December 31, 2020, remaining unamortized deferred financing costs for the 2025 Notes was $9,827 and $10,439, respectively.
2026 Notes
On April 12, 2021, the Company issued $1,500,000 of 6.50% senior secured notes in a private offering pursuant to Rule 144A under the Securities Act (the “2026 Notes”) at an issue price equal to 100% of principal. Interest is payable semi-annually in arrears on March 31 and September 30 of each year, commencing on September 30, 2021; no principal payments are due until maturity on September 30, 2026. The Company may redeem the 2026 Notes, in whole or in part, at any time prior to maturity, subject to certain make-whole premiums.
The 2026 Notes are guaranteed on a senior secured basis by each domestic subsidiary and foreign subsidiary that is a guarantor under the existing 2025 Notes, and the 2026 Notes are secured by substantially the same collateral as the Company’s existing first lien obligations under the 2025 Notes.
The Company used the net proceeds from this offering to fund the cash consideration for the GMLP Merger and pay related fees and expenses.
In connection with the issuance of the 2026 Notes, the Company incurred $24,335 in origination, structuring and other fees, which was deferred as a reduction of the principal balance of the 2026 Notes on the condensed consolidated balance sheets. As of June 30, 2021, total remaining unamortized deferred financing costs for the 2026 Notes was $23,053.
Revolving Facility
On April 15, 2021, the Company entered into a $200 million senior secured revolving facility (the “Revolving Facility”). The proceeds of the Revolving Facility may be used for working capital and other general corporate purposes (including permitted acquisitions and other investments). Letters of credit issued under the $100 million letter of credit sub-facility may be used for general corporate purposes. The Revolving Facility will mature in 2026, with the potential for the Company to extend the maturity date once in a one-year increment.
Borrowings under the Revolving Facility will bear interest at a per annum rate equal to LIBOR plus 2.50% if the usage under the Revolving Facility is equal to or less than 50% of the commitments under the Revolving Facility and LIBOR plus 2.75% if the usage under the Revolving Facility is in excess of 50% of the commitments under the Revolving Facility, subject in each case to a 0.00%% LIBOR floor. Borrowings under the Revolving Facility may be prepaid, at the option of the Company, at any time without premium.
The obligations under the Revolving Facility are guaranteed by each domestic subsidiary and foreign subsidiary that is a guarantor under the existing 2025 Notes, and the Revolving Facility is secured by substantially the same collateral as the Company’s existing first lien obligations under the 2025 Notes. The Revolving Facility contains usual and customary representations and warranties, and usual and customary affirmative and negative covenants.
The Company incurred $3,685 in origination, structuring and other fees, associated with entry into the Revolving Facility. These costs have been capitalized within Other non-current assets on the condensed consolidated balance sheets. As of June 30, 2021, total remaining unamortized deferred financing costs for the Revolving Facility was $3,548.
During the second quarter of 2021, the Company drew $152,500 on the Revolving Facility. As of June 30, 2021, $152,500 remains outstanding.
Debenture Loan
As part of the Hygo Merger, the Company assumed non-convertible Brazilian debentures issued by Golar Brasil, an indirect subsidiary of Hygo, in the aggregate principal amount of BRL 255.6 million ($51.6 million) due , bearing interest at a rate equal to the one-day interbank deposit futures rate in Brazil plus 2.65% (the “Debenture Loan”). The Debenture Loan was recognized at fair value of $52,752 on the opening balance sheet, and the premium recognized in purchase accounting will result in a reduction to interest expense until maturity. Interest and principal is payable on the Debenture Loan semi-annually on September 13 and March 13.
The Debenture Loan is fully and unconditionally guaranteed by 100% of the shares issued by Golar Brasil owned by the Company’s consolidated subsidiary, LNG Power Ltd.
Lessor VIE debt
The Company assumed the following loans in the Mergers related to lessor VIE entities, including CMBL, CCBFL, COSCO and AVIC, that are consolidated as VIEs. Although the Company has no control over the funding arrangements of these entities, the Company is the primary beneficiary of these VIEs and therefore these loan facilities are presented as part of the condensed consolidated financial statements.
CMBL – Eskimo SPV facility
The SPV, Sea 23 Leasing Co. Limited, the owner of the Eskimo, has a long-term loan facility that is denominated in USD, has a loan term of ten years and bears interest at a rate of LIBOR plus a margin of 2.66%. As of the acquisition date of GMLP, the outstanding principal balance was $160,520, and the Company recognized the fair value of this facility of $185,681 on the opening balance sheet. The premium recognized in purchase accounting will result in a reduction to interest expense until maturity.
CCBFL – Nanook SPV facility
The SPV, Compass Shipping 23 Corporation Limited, the owner of the Nanook, has a long-term loan facility that is denominated in USD, has a loan term of twelve years and bears interest at a fixed rate of 3.5%. As of the acquisition date of Hygo, the outstanding principal balance was $202,249, and the Company recognized the fair value of this facility of $207,169 on the opening balance sheet. The premium recognized in purchase accounting will result in a reduction to interest expense until maturity.
COSCO – Penguin SPV facility
The SPV, Oriental Fleet LNG 02 Limited, the owner of the Penguin, has a long-term loan facility that is denominated in USD, is repayable in quarterly installments over a term of approximately six years and bears interest at LIBOR plus a margin of 1.7%. The SPV also has amounts payable to its parent. As of the acquisition date of Hygo, the outstanding principal balance was $104,882, and the Company recognized the fair value of this facility and the amount due to the parent of $107,018 on the opening balance sheet. The premium recognized in purchase accounting will result in a reduction to interest expense until maturity.
AVIC – Celsius SPV facility
The SPV, Noble Celsius Shipping Limited, the owner of the Celsius, has a long-term loan facility that is denominated in USD, $76,179 of which is repayable in quarterly installments over a term of approximately seven years with a balloon payment of $37,179 at the end of the term and bears interest at LIBOR plus a margin of 1.8%. The SPV has another facility with remaining principal of $45,200 is due as a balloon payment upon maturity in and bears interest at a fixed rate of 4.0%. The SPV also has amounts payable to its parent. As of the acquisition date of Hygo, the total outstanding principal balance was $121,379 and the Company recognized the fair value of this facility and the amount due to the parent of $126,302 on the opening balance sheet. The premium recognized in purchase accounting will result in a reduction to interest expense until maturity.
Debt and lease restrictions
The VIE loans and certain lease agreements with customers assumed in the Mergers contain certain operating and financing restrictions and covenants that require: (a) certain subsidiaries to maintain a minimum level of liquidity of $30,000 and consolidated net worth of $123,950, (b) certain subsidiaries to maintain a minimum debt service coverage ratio of 1.20:1, (c) certain subsidiaries to not exceed a maximum net debt to EBITDA ratio of 6.5:1, (d) certain subsidiaries to maintain a minimum percentage of the vessel values over the relevant outstanding loan facility balances of either 110% and 120%, (e) certain subsidiaries to maintain a ratio of liabilities to total assets of less than 0.70:1. As of June 30, 2021, the Company was in compliance with all covenants under debt and lease agreements.
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, 2021 and 2020 consisted of the following:
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Income taxes |
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Jun. 30, 2021 | ||||
| Income taxes [Abstract] | ||||
| Income taxes |
In the first quarter of 2021, the Company contributed all NFI LLC units into a wholly owned corporate entity dissolving the partnership entity. The transaction did not have a material impact on income tax expense.
As a result of the Mergers, the Company recognized deferred tax liabilities to reflect the impact of fair value adjustments, primarily the increased value of equity method investments, which did not impact tax basis. The Company acquired tax attribute carryforwards including net operating losses in certain jurisdictions for which net deferred tax assets have not been recognized as a result of cumulative losses and the developmental status of the entities.
The effective tax rate for the three months ended June 30, 2021 was 164.8%, compared to (0.1)% for the three months ended June 30, 2020. The total tax provision for the three months ended June 30, 2021 was $4,409, compared to $117 for the three months ended June 30, 2020. The effective tax rate for the six months ended June 30, 2021 was (9.4)%, compared to (0.1)% for the six months ended June 30, 2020. The total tax provision for the six months ended June 30, 2021 was $3,532, compared to $113 for the six months ended June 30, 2020. The calculation of the effective tax rate for the period after the Mergers includes income from equity method investments recognized for the three and six months ended June 30, 2021.
The increases to the tax provision and effective tax rate for both the three and six months ended June 30, 2021 was primarily driven by an increase in pretax income for certain profitable non-U.S. operations and the inclusion of GMLP and Hygo into our expected pre-tax results of operations for the year ended December 31, 2021. Tax expense recognized includes the results of the acquired entities from the date of acquisition through June 30, 2021. For the six months ended June 30, 2021, these increases in tax expense were partially offset by the release of a valuation allowance in a foreign jurisdiction resulting in a discrete benefit of $2,778.
The Company assumed a liability for tax contingencies in the Mergers of $19,382 primarily related to potential tax obligations for payments under certain charter agreements for acquired vessels; this liability is included in Other current liabilities on the condensed consolidated balance sheets. The Company has not recorded any other liabilities for uncertain tax positions as of June 30, 2021. The Company remains subject to periodic audits and reviews by the taxing authorities, and NFE’s returns since its formation remain open for examination.
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Commitments and contingencies |
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Jun. 30, 2021 | ||||
| Commitments and contingencies [Abstract] | ||||
| Commitments and contingencies |
Legal proceedings and claims
The Company may be subject to certain legal proceedings, claims and disputes that arise in the ordinary course of business, and the Company has evaluated the contingencies that have been assumed in conjunction with the Mergers. The Company does not believe that these proceedings, individually or in the aggregate, will have a material adverse effect on the Company's financial position, results of operations or cash flows.
In conjunction with the Mergers, the Company has assumed contingencies for VAT in Indonesia. Indonesian tax authorities have issued letters to PTGI, a consolidated subsidiary, to revoke a previously granted VAT importation waiver for approximately $24,000 for the NR Satu. The Company does not believe it probable that a liability exists as no Tax Underpayment Assessment Notice has been received within the statute of limitations period, and the Company believes PTGI will be indemnified by PT Nusantara Regas, the charterer of the NR Satu, for any VAT liability as well as related interest and penalties under the time charter party agreement.
Prior to the Mergers, Indonesian tax authorities also issued tax assessments for land and buildings tax to PTGI for the years 2015 to 2019 in relation to the NR Satu, for approximately $3,400 (IDR 48,378.3 million). The Company intends to appeal against the assessments for the land and buildings tax as the tax authorities have not accepted the initial objection letter. The Company believes there are reasonable grounds for success on the basis of no precedent set from past case law and the new legislation effective prospectively from January 1, 2020, that now specifically lists FSRUs as being an object liable to land and buildings tax, when it previously did not. The assessed tax was paid in January 2020 to avoid further penalties and the payment is presented in Other non-current assets on the condensed consolidated balance sheets.
Prior to the Mergers, Jordanian tax authorities concluded their tax audit into GMLP’s Jordan branch for the years 2015 and 2016 assessing additional tax of approximately $1,600 (JOD 1.10 million) and $3,100 (JOD 2.20 million), respectively. The Company has submitted an appeal to the tax notice, and a provision has not been recognized as the Company does not believes that the tax inspector has followed the correct tax audit process and the claim by the tax authorities to not allow tax depreciation is contrary to Jordan's tax legislation.
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Earnings per share |
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| Earnings per share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings per share |
The following table presents potentially dilutive securities excluded from the computation of diluted net loss per share for the periods presented because its effects would have been anti-dilutive.
The Company declared dividends of $17,598 and $20,736 during the first and second quarters of 2021, respectively, representing $0.10 per Class A share. The Company paid $17,657 and $20,670 of dividends during the first and second quarters of 2021, respectively, inclusive of dividends that were accrued in prior periods.
After the Mergers, the Company paid a dividend of $3,019 to holders of GMLP’s 8.75% Series A Cumulative Redeemable Preferred Units (“Series A Preferred Units”). As these equity interests have been issued by the Company’s consolidated subsidiary, the value of the Series A Preferred Units is recognized as non-controlling interest in the condensed consolidated financial statements.
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Share-based compensation |
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| Share-based compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation |
RSUs
The Company has granted RSUs to select officers, employees, non-employee members of the board of directors and select non-employees under the New Fortress Energy Inc. 2019 Omnibus Incentive Plan. The fair value of RSUs on the grant date is estimated based on the closing price of the underlying shares on the grant date and other fair value adjustments to account for a post-vesting holding period. These fair value adjustments were estimated based on the Finnerty model.
The following table summarizes the RSU activity for the six months ended June 30, 2021:
The following table summarizes the share-based compensation expense for the Company’s RSUs recorded for the three and six months ended June 30, 2021 and 2020:
For the three months ended June 30, 2021 and 2020, cumulative compensation expense recognized for forfeited RSU awards of $57 and $488, respectively, was reversed. For the six months ended June 30, 2021 and 2020, cumulative compensation expense recognized for forfeited RSU awards of $57 and $549, respectively, was reversed. The Company recognizes the income tax benefits resulting from vesting of RSUs in the period of vesting, to the extent the compensation expense has been recognized.
As of June 30, 2021, the Company had 695,279 non-vested RSUs subject to service conditions and had unrecognized compensation costs of approximately $4,489. The non-vested RSUs will vest over a period from ten months to three years following the grant date. The weighted-average remaining vesting period of non-vested RSUs totaled 0.76 years as of June 30, 2021.
Performance Share Units (“PSUs”)
During the first quarter of 2020 and 2021, the Company granted PSUs to certain employees and non-employees that contain a performance condition. Vesting will be determined based on achievement of a performance metric for the year subsequent to the grant, and the number of shares that will vest can range from zero to a multiple of units granted. As of June 30, 2021, the Company determined that it was not probable that the performance condition required for any of the PSUs to vest would be achieved, and as such, no compensation expense has been recognized in the condensed consolidated statements of operations and comprehensive loss.
(1) Unrecognized compensation cost is based upon the maximum amount of shares that could vest
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Related party transactions |
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| Related party transactions [Abstract] | ||||||||||||
| Related party transactions |
Management services
The Company is majority owned by Messrs. Edens (our chief executive officer and chairman of our Board of Directors) and Nardone (one of our Directors) who are currently employed by Fortress Investment Group LLC (“Fortress”). In the ordinary course of business, Fortress, through affiliated entities, charges the Company for administrative and general expenses incurred pursuant to its Administrative Services Agreement (“Administrative Agreement”). The charges under the Administrative Agreement that are attributable to the Company totaled $1,794 and $1,914 for the three months ended June 30, 2021 and 2020, respectively, and $3,721 and $4,145 for the six months ended June 30, 2021 and 2020, respectively. Costs associated with the Administrative Agreement are included within Selling, general and administrative in the condensed consolidated statements of operations and comprehensive loss. As of June 30, 2021 and December 31, 2020, $3,373 and $5,535 were due to Fortress, respectively.
In addition to administrative services, an affiliate of Fortress owns and leases an aircraft chartered by the Company for business purposes in the course of operations. The Company incurred, at aircraft operator market rates, charter costs of $1,340 and $45 for the three months ended June 30, 2021 and 2020, respectively, and $2,949 and $1,284 for the six months ended June 30, 2021 and 2020. As of June 30, 2021 and December 31, 2020, $1,211 and $472 was due to this affiliate, respectively.
Land lease
The Company has leased land from Florida East Coast Industries, LLC (“FECI”), which is controlled by funds managed by an affiliate of Fortress. The Company recognized expense related to the land lease of $103 and $103 during the three months ended June 30, 2021 and 2020, respectively, and $229 and $206 during the six months ended June 30, 2021 and 2020, respectively, which was included within Operations and maintenance in the condensed consolidated statements of operations and comprehensive loss. As of June 30, 2021 and December 31, 2020, $0 and $316 was due to FECI, respectively. As of June 30, 2021, the Company has recorded a lease liability of $3,329 within Non-current lease liabilities on the condensed consolidated balance sheet.
DevTech investment
In August 2018, the Company entered into a consulting arrangement with DevTech Environment Limited (“DevTech”) to provide business development services to increase the customer base of the Company. DevTech also contributed cash consideration in exchange for a 10% interest in a consolidated subsidiary. The 10% interest is reflected as non-controlling interest in the Company’s condensed consolidated financial statements. DevTech purchased 10% of a note payable due to an affiliate of the Company. As of June 30, 2021 and December 31, 2020, $608 and $715 was owed to DevTech on the note payable, and the outstanding note payable due to DevTech is included in Other long-term liabilities on the condensed consolidated balance sheets. The interest expense on the note payable due to DevTech was $8 and $19 for the three months ended June 30, 2021 and 2020, respectively, and $29 and $38 for the six months ended June 30, 2021 and 2020, respectively. No interest has been paid, and accrued interest has been recognized within Other current liabilities on the condensed consolidated balance sheets. As of June 30, 2021 and December 31, 2020, $0 and $343 was due from DevTech.
Fortress affiliated entities
Since 2017, the Company has provided certain administrative services to related parties including Fortress affiliated entities. As of June 30, 2021 and December 31, 2020, $265 and $1,334 were due from affiliates, respectively. There are no costs incurred by the Company as the Company is fully reimbursed for all costs incurred. Beginning in the fourth quarter of 2020, the Company began to sublease a portion of office space to an affiliate of an entity managed by Fortress, and for the three and six months ended June 30, 2021, $241 and $394, respectively, of rent and office related expenses were incurred by this affiliate. As of June 30, 2021 and December 31, 2020, $394 and $204 were due from this affiliate, respectively.
Additionally, an entity formerly affiliated with Fortress and currently owned by Messrs. Edens and Nardone provides certain administrative services to the Company, as well as providing office space under a month-to-month non-exclusive license agreement. The Company incurred rent and administrative expenses of approximately $674 and $0 for the three months ended June 30, 2021 and 2020, respectively, and $1,477 and $849 for the six months ended June 30, 2021 and 2020. As of June 30, 2021 and December 31, 2020, $1,476 and $2,657 were due to Fortress affiliated entities, respectively.
Agency agreement with PT Pesona Sentra Utama (or PT Pesona)
PT Pesona, an Indonesian company owns 51% of the issued share capital in the Company’s subsidiary, PTGI, the owner and operator of NR Satu, and provides agency and local representation services for the Company with respect to NR Satu. During the period after the Mergers, PT Pesona did not receive any agency fees. PT Pesona and certain of its subsidiaries also charged vessel management fees to the Company for the provision of technical and commercial management of the vessels amounting to $126 for period after the Mergers.
Hilli guarantees
As part of the GMLP Merger, the Company agreed to assume a guarantee (the “Partnership Guarantee”) of 50% of the outstanding principal and interest amounts payable by Hilli Corp under the Hilli Leaseback. The Company also assumed a guarantee of the letter of credit (“LOC Guarantee”) issued by a financial institution in the event of Hilli Corp’s underperformance or non-performance under the LTA. Under the LOC Guarantee, the Company is severally liable for any outstanding amounts that are payable, up to approximately $19,000.
Subsequent to the GMLP Merger, under the Partnership Guarantee and the LOC Guarantee NFE’s subsidiary, GMLP, is required to comply with the following covenants and ratios:
• free liquid assets of at least $30 million throughout the Hilli Leaseback period;
• a maximum net debt to EBITDA ratio for the previous 12 months of 6.5:1; and
• a consolidated tangible net worth of $123.95 million.
As of June 30, 2021, the amount the Company has guaranteed under the Partnership Guarantee and the LOC Guarantee is $372,750, and the fair value of debt guarantee after amortization, presented under Other current liabilities and Other non-current liabilities on the condensed consolidated balance sheet, amounted to $2,469 and $7,960, respectively. As of June 30, 2021 the Company was in compliance with the covenants and ratios for both Hilli guarantees.
GLNG management and services agreements
In connection with the closing of the Mergers, the Company entered into multiple agreements with Golar Management Limited, a subsidiary of GLNG (“Golar Management”), including omnibus agreements, transition services agreements, ship management agreements and other services agreements described as follows:
During the period subsequent to the completion of the Mergers, the Company incurred $3,100 in management, services or guarantee fees under these agreements with GLNG, Golar Management or GLNG affiliated entities. Of the $3,100 incurred, $1,911 and $1,189 were recorded in Vessel operating expenses and Selling, general and administrative, respectively.
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Segments |
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| Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segments |
As of June 30, 2021, the Company operates in two reportable segments: Terminals and Infrastructure and Ships:
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. Terminals and Infrastructure Segment Operating Margin includes our effective share of revenue, expenses and operating margin attributable to our 50% ownership of CELSEPAR. Ships Operating Margin includes our effective share of revenue, expenses and Operating Margin attributable to our ownership of 50% of the common units of Hilli LLC.
Management considers Segment Operating Margin to be the appropriate metric to evaluate and compare the ongoing operating performance of our segments on a consistent basis across reporting periods as it eliminates the effect of items which we do not believe are indicative of each segment's operating performance.
The table below presents our segment information for the three and six months ended June 30, 2021 and 2020:
⁽¹⁾ Terminals and Infrastructure includes the Company's effective share of revenues, expenses and operating margin attributable to 50% ownership of CELSEPAR. The earnings attributable to the investment of $28,447 are reported in income (loss) from equity method investments on the condensed consolidated statements of operations.
⁽²⁾ Ships includes the Company's effective share of revenues, expenses and operating margin attributable to 50% ownership of the Hilli Common Units. The earnings attributable to the investment of $10,494 are reported in income (loss) from equity method investments on the condensed consolidated statements of operations and comprehensive loss.
⁽³⁾ Eliminations reverse the inclusion of the effective share of revenues, expenses and operating margin attributable to 50% ownership of CELSEPAR and Hilli Common Units in our segment measure.
⁽⁴⁾ Total assets and capital expenditure by segment refers to assets held and capital expenditures related to the development of the Company's terminals and vessels. The Terminals and Infrastructure segment includes the net book value of vessels utilized within the Terminals and Infrastructure Segment.
⁽⁵⁾ Capital expenditures includes amounts capitalized to construction in progress and additions to property, plant and equipment during the period.
Segment Operating Margin reconciles to Operating Margin, which is a non-GAAP measure. We define non-GAAP operating margin as GAAP net loss, adjusted for selling, general and administrative expenses, transaction and integration costs, depreciation and amortization, interest expense, other (income) expense, income from equity method investments and tax expense.
The following table reconciles Net loss, our most comparable GAAP measure, to Consolidated Operating Margin:
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Subsequent events |
6 Months Ended | |||
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Jun. 30, 2021 | ||||
| Subsequent events [Abstract] | ||||
| Subsequent events |
On July 16, 2021, the Company entered into an uncommitted letter of credit and reimbursement agreement with a bank for the issuance of letters of credit for an aggregate amount of up to $75,000. Outstanding letters of credit are subject to a fee of 1.75% to be paid quarterly, and interest is payable on the principal amounts of unreimbursed letter of credit draws under the facility at a rate of the higher of the bank’s prime rate or the Federal Funds Effective Rate plus 0.50% and a margin of 1.75%. The Company plans to use this uncommitted letter of credit and reimbursement agreement to reduce the cash collateral required under existing letters of credit. A portion of our restricted cash balance supports existing letters of credit, and we plan to use this uncommitted letter of credit and reimbursement agreement to replace these letters of credit and release restricted cash enhancing the Company’s ability to manage the working capital needs of the business.
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Significant accounting policies (Policies) |
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| Significant accounting policies [Abstract] | |||||||||||||||||||||
| Basis of presentation and principles of consolidation |
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, 2020.
The condensed consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned consolidated subsidiaries. The ownership interest of other investors in consolidated subsidiaries is recorded as a non-controlling interest. All significant intercompany transactions and balances have been eliminated on consolidation.
A variable interest entity (“VIE”) is an entity that by design meets any of the following characteristics: (1) lacks sufficient equity to allow the entity to finance its activities without additional subordinated financial support; (2) as a group, equity investors do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses or do not have the right to receive residual returns of the entity; or (3) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is required to consolidate the assets and liabilities of the VIE. The primary beneficiary is the party that has both (1) the power to direct the economic activities of the VIE that most significantly impact the VIE’s economic performance; and (2) through its interest in the VIE, the obligation to absorb the losses or the right to receive the benefits from the VIE that could potentially be significant to the VIE.
The sale and leaseback financings for certain vessels acquired in the GMLP Merger and Hygo Merger were consummated with VIEs. As part of these financings, the asset was sold to a single asset entity of the lending bank and then leased back. While the Company does not hold an equity investment in these entities, these entities are VIEs, and the Company has a variable interest in the entities due to the guarantees and fixed price repurchase options that absorb the losses of the VIE that could potentially be significant to the entity. The Company has concluded that it has the power to direct the economic activities that most impact the economic performance as it controls the significant decisions relating to the assets and it has the obligation to absorb losses or the right to receive the residual returns from the leased asset. As NFE has no equity interest in these VIEs, all equity attributable to these VIEs is included in non-controlling interests in the condensed consolidated financial statements.
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| Revenue recognition |
Terminals and Infrastructure
Within the Terminals and Infrastructure segment, the Company’s contracts with customers may contain one or several performance obligations usually consisting of the sale of LNG, natural gas, power and steam, which are outputs from the Company’s natural gas-fueled infrastructure. The transaction price for each of these contracts is structured using similar inputs and factors regardless of the output delivered to the customer. The customers consume the benefit of the natural gas, power and steam when they are delivered by the Company to the customer’s power generation facilities or interconnection facility. Natural gas, power and steam qualify as a series with revenue being recognized over time using an output method, based on the quantity of natural gas, power or steam that the customer has consumed. LNG is typically delivered in containers transported by truck to customer sites. Revenue from sales of LNG delivered by truck is recognized at the point in time at which physical possession and the risks and rewards of ownership transfer to the customer, either when the containers are shipped or delivered to the customers’ storage facilities, depending on the terms of the contract. Because the nature, timing and uncertainty of revenue and cash flows are substantially the same for LNG, natural gas, power and steam, the Company has presented Operating revenue on an aggregated basis.
The Company has concluded that variable consideration included in its agreements meets the exception for allocating variable consideration. As such, the variable consideration for these contracts is allocated to each distinct unit of LNG, natural gas, power or steam delivered and recognized when that distinct unit is delivered to the customer.
The Company’s contracts with customers to supply natural gas or LNG may contain a lease of equipment, which may be accounted for as a finance or operating lease. For the Company’s operating leases, the Company has elected the practical expedient to combine revenue for the sale of natural gas or LNG and operating lease income as the timing and pattern of transfer of the components are the same. The Company has concluded that the predominant component of the transaction is the sale of natural gas or LNG and therefore has not separated the lease component. The lease component of such operating leases is recognized as Operating revenue in the condensed consolidated statements of operations and comprehensive loss. The Company allocates consideration in agreements containing finance leases between lease and non-lease components based on the relative fair value of each component. The fair value of the lease component is estimated based on the estimated standalone selling price of the same or similar equipment leased to the customer. The Company estimates the fair value of the non-lease component by forecasting volumes and pricing of gas to be delivered to the customer over the lease term.
The current and non-current portion of finance leases are recorded within Prepaid expenses and other current assets and Finance leases, net on the condensed consolidated balance sheets, respectively. For finance leases accounted for as sales-type leases, the profit from the sale of equipment is recognized upon lease commencement in Other revenue in the condensed consolidated statements of operations and comprehensive loss. The lease payments for finance leases are segregated into principal and interest components similar to a loan. Interest income is recognized on an effective interest method over the lease term and included in Other revenue in the condensed consolidated statements of operations and comprehensive loss. The principal component of the lease payment is reflected as a reduction to the net investment in the lease.
In addition to the revenue recognized from the finance lease components of agreements with customers, Other revenue includes revenue recognized from the construction, installation and commissioning of equipment, inclusive of natural gas delivered for the commissioning process, to transform customers’ facilities to operate utilizing natural gas or to allow customers to receive power or other outputs from our natural gas-fueled power generation facilities. Revenue from these development services is recognized over time as the Company transfers control of the asset to the customer or based on the quantity of natural gas consumed as part of commissioning the customer’s facilities until such time that the customer has declared such conversion services have been completed. If the customer is not able to obtain control over the asset under construction until such services are completed, revenue is recognized when the services are completed and the customer has control of the infrastructure. Such agreements may also include a significant financing component, and the Company recognizes revenue for the interest income component over the term of the financing as Other revenue.
The timing of revenue recognition, billings and cash collections results in receivables, contract assets and contract liabilities. Receivables represent unconditional rights to consideration; unbilled amounts typically result from sales under long-term contracts when revenue recognized exceeds the amount billed to the customer. Contract assets are comprised of the transaction price allocated to completed performance obligations that will be billed to customers in subsequent periods. Both unbilled receivables and contract assets are recognized within Prepaid expenses and other current assets, net and Other non-current assets, net on the condensed consolidated balance sheets. Contract liabilities consist of deferred revenue and are recognized within Other current liabilities on the condensed consolidated balance sheets.
Shipping and handling costs are not considered to be separate performance obligations. These costs are recognized in the period in which the costs are incurred and presented within Cost of sales in the condensed consolidated statements of operations and comprehensive loss. All such shipping and handling activities are performed prior to the customer obtaining control of the LNG or natural gas.
The Company collects sales taxes from its customers based on sales of taxable products and remits such collections to the appropriate taxing authority. The Company has elected to present sales tax collections in the condensed consolidated statements of operations and comprehensive loss on a net basis and, accordingly, such taxes are excluded from reported revenues.
The Company elected the practical expedient under which the Company does not adjust consideration for the effects of a significant financing component for those contracts where the Company expects at contract inception that the period between transferring goods to the customer and receiving payment from the customer will be one year or less.
Ships
Charter contracts for the use of the FSRUs and LNG carriers acquired as part of the Mergers are leases as the contracts convey the right to obtain substantially all of the economic benefits from the use of the asset and allow the customer to direct the use of that asset.
At inception, the Company makes an assessment on whether the charter contract is an operating lease or a finance lease. In making the classification assessment, the Company estimates the residual value of the underlying asset at the end of the lease term with reference to broker valuations. None of the vessel lease contracts contain residual value guarantees. Renewal periods and termination options are included in the lease term if the Company believes such options are reasonably certain to be exercised by the lessee. Generally, lease accounting commences when the asset is made available to the customer, however, where the contract contains specific customer acceptance testing conditions, the lease will not commence until the asset has successfully passed the acceptance test. The Company assesses leases for modifications when there is a change to the terms and conditions of the contract that results in a change in the scope or the consideration of the lease.
For charter contracts that are determined to be finance leases accounted for as sales-type leases, the profit from the sale of the vessel is recognized upon lease commencement in Other revenue in the condensed consolidated statements of operations and comprehensive loss. The lease payments for finance leases are segregated into principal and interest components similar to a loan. Interest income is recognized on an effective interest method over the lease term and included in Other revenue in the condensed consolidated statements of operations and comprehensive loss. The principal component of the lease payment is reflected as a reduction to the net investment in the lease. Revenue related to operating and service agreements in connection with charter contracts accounted for as sales-type leases are recognized over the term of the charter as the service is provided within Vessel charter revenue in the condensed consolidated statements of operations and comprehensive loss.
Revenues include fixed minimum lease payments under charters accounted for as operating leases and fees for repositioning vessels. Revenues generated from charters contracts are recorded over the term of the charter on a straight-line basis as service is provided and is included in Vessel charter revenue in the condensed consolidated statements of operations and comprehensive loss. Fixed revenue includes fixed payments (including in-substance fixed payments that are unavoidable) and variable payments based on a rate or index. For operating leases, the Company has elected the practical expedient to combine service revenue and operating lease income as the timing and pattern of transfer of the components are the same. Variable lease payments are recognized in the period in which the circumstances on which the variable lease payments are based become probable or occur.
Repositioning fees are included in Vessel charter revenues and are recognized at the end of the charter when the fee becomes fixed. However, where there is a fixed amount specified in the charter, which is not dependent upon redelivery location, the fee will be recognized evenly over the term of the charter.
Costs directly associated with the execution of the lease or costs incurred after lease inception but prior to the commencement of the lease that directly relate to preparing the asset for the contract are capitalized and amortized in Vessel operating expenses in the condensed consolidated statements of operations and comprehensive loss over the lease term.
Two of the Company’s LNG carriers participate in a LNG carrier pool collaborative arrangement with Golar LNG Limited, referred to as the Cool Pool. The Cool Pool allows the pool participants to optimize the operation of the pool vessels through improved scheduling ability, cost efficiencies and common marketing. Under the Pool Agreement, the Pool Manager is responsible, as an agent, for the marketing and chartering of the participating vessels and paying certain voyage costs such as port call expenses and brokers' commissions in relation to employment contracts, with each of the Pool Participants continuing to be fully responsible for fulfilling the performance obligations in the contract.
The Company is primarily responsible for fulfilling the performance obligations in the time charters of vessels owned by the Company, and the Company is the principal in such time charters. Revenue and expenses for charters of the Company’s vessels that participate in the Cool Pool are presented on a gross basis within Vessel charter revenues and Vessel operating expenses, respectively, in the condensed consolidated statements of operations and comprehensive loss. The Company’s allocation of its share of the net revenues earned from the other pool participants' vessels, which may be either income or expense depending on the results of all pool participants, is reflected on a net basis within Vessel operating expenses in the condensed consolidated statements of operations and comprehensive loss.
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| Business combinations |
Business combinations are accounted for under the acquisition method. On acquisition, the identifiable assets acquired and liabilities assumed are measured at their fair values at the date of acquisition. Any excess of the purchase price over the fair values of the identifiable net assets acquired is recognized as goodwill. Acquisition related costs are expensed as incurred. The results of operations of acquired businesses are included in the Company’s condensed consolidated statements of operations and comprehensive loss from the date of acquisition.
If the assets acquired do not meet the definition of a business, the transaction is accounted for as an asset acquisition and no goodwill is recognized. Costs incurred in conjunction with asset acquisitions are included in the purchase price, and any excess consideration transferred over the fair value of the net assets acquired is reallocated to the identifiable assets based on their relative fair values.
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| Equity method investments |
The Company accounts for investments in entities over which the Company has significant influence, but do not meet the criteria for consolidation, under the equity method of accounting. Under the equity method of accounting, the Company’s investment is recorded at cost, or in the case of equity method investments acquired as part of the Mergers, at the acquisition date fair value of the investment. The carrying amount is adjusted for the Company’s share of the earnings or losses, and dividends received from the investee reduce the carrying amount of the investment. The Company allocates the difference between the fair value of investments acquired in the Mergers and the Company’s proportionate share of the carrying value of the underlying assets, or basis difference, across the assets and liabilities of the investee. The basis difference assigned to amortizable net assets is included in Income (loss) from equity method investments in the condensed consolidated statements of operations and comprehensive loss. When the Company’s share of losses in an investee equals or exceeds the carrying value of the investment, no further losses are recognized unless the Company has incurred obligations or made payments on behalf of the investee.
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| Lessor expense recognition |
Vessel operating expenses, which are recognized when incurred, include crewing, repairs and maintenance, insurance, stores, lube oils, communication expenses and third-party management fees. Voyage expenses principally consist of fuel consumed before or after the term of time charter or when the vessel is off hire. Under time charters, the majority of voyage expenses are paid by customers. To the extent that these costs are a fixed amount specified in the charter, which is not dependent upon redelivery location, the estimated voyage expenses are recognized over the term of the time charter.
Initial direct costs include costs directly related to the negotiation and consummation of the lease are deferred and recognized in Selling, general and administrative over the lease term.
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| Guarantees |
Guarantees issued by the Company, excluding those that are guaranteeing the Company’s own performance, are recognized at fair value at the time that the guarantees are issued and recognized in Other current liabilities and Other non-current liabilities on the condensed consolidated balance sheets. The guarantee liability is amortized each period as a reduction to Selling, general and administrative expenses. If it becomes probable that the Company will have to perform under a guarantee, the Company will recognize an additional liability if the amount of the loss can be reasonably estimated.
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| Derivatives |
As part of the Mergers, the Company acquired derivative positions that were used to reduce market risks associated with interest rates and foreign exchange rates. All derivative instruments are initially recorded at fair value as either assets or liabilities on the condensed consolidated balance sheets and subsequently remeasured to fair value, regardless of the purpose or intent for holding the derivative.
Where the fair value of a derivative instrument is a net liability, the derivative instrument is classified in Other current liabilities or Other long-term liabilities on the condensed consolidated balance sheets. Where the fair value of a derivative instrument is a net asset, the derivative instrument is classified in Other current assets or Other non-current assets on the condensed consolidated balance sheets depending on its maturity. The Company has not designated any derivates as cash flow or fair value hedges; however, certain instruments may be considered economic hedges.
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| Property, plant and equipment, net |
Property, plant and equipment is recorded at cost. Expenditures for construction activities and betterments that extend the useful life of the asset are capitalized. Vessel refurbishment costs are capitalized and depreciated over the vessels' remaining useful economic lives. Refurbishment costs increase the capacity or improve the efficiency or safety of vessels and equipment. Expenditures for routine maintenance and repairs for assets in the Terminals and Infrastructure segment are charged to expense as incurred within Operations and maintenance in the condensed consolidated statements of operations and comprehensive loss; such expenditures for assets in the Ships segment that do not improve the operating efficiency or extend the useful lives of the vessels are expensed as incurred within Vessel operating expenses.
Major maintenance and overhauls of the Company’s power plant and terminals are capitalized and depreciated over the expected period until the next anticipated major maintenance or overhaul. Drydocking expenditures are capitalized when incurred and amortized over the period until the next anticipated drydocking, which is generally five years. For vessels, the Company utilizes the "built-in overhaul" method of accounting. The built-in overhaul method is based on the segregation of vessel costs into those that should be depreciated over the useful life of the vessel and those that require drydocking at periodic intervals to reflect the different useful lives of the components of the assets. The estimated cost of the drydocking component is amortized until the date of the first drydocking following acquisition of the vessel, upon which the cost is capitalized and the process is repeated. If drydocking occurs prior to the expected timing, a cumulative adjustment to recognize the change in expected timing of dry docking is recognized within Depreciation and amortization in the condensed consolidated statements of operations and comprehensive loss.
The Company depreciates property, plant and equipment less the estimate residual value using the straight-line depreciation method over the estimated economic life of the asset or lease term, whichever is shorter using the following useful lives:
The Company reviews the remaining useful life of its assets on a regular basis to determine whether changes have taken place that would suggest that a change to depreciation policies is warranted.
Upon retirement or disposal of property, plant and equipment, the cost and related accumulated depreciation are removed from the account, and the resulting gains or losses, if any, are recorded in the condensed consolidated statements of operations and comprehensive loss. When a vessel is disposed, any unamortized drydocking expenditure is recognized as part of the gain or loss on disposal in the period of disposal.
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| Transaction and integration costs |
Transaction and integration costs are comprised of costs related to business combinations and include advisory, legal, accounting, valuation and other professional or consulting fees. This caption also includes gains or losses recognized in connection with business combinations, including the settlement of preexisting relationships between the Company and an acquired entity. Financing costs which are not deferred as part of the cost of the financing on the balance sheet are recognized within this caption including fees associated with debt modifications.
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Significant accounting policies (Tables) |
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Jun. 30, 2021 | |||||||||||||||||||
| Significant accounting policies [Abstract] | |||||||||||||||||||
| Estimated Economic Life of Property Plant and Equipment |
The Company depreciates property, plant and equipment less the estimate residual value using the straight-line depreciation method over the estimated economic life of the asset or lease term, whichever is shorter using the following useful lives:
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Acquisitions (Tables) |
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unaudited Pro Forma Condensed Financial Information |
The following table summarizes the unaudited pro forma condensed financial information of the Company as if the Mergers had occurred on January 1, 2020.
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| Hygo Merger [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Value Consideration Paid |
Based on the closing price of NFE’s common stock on April 15, 2021, the total value of consideration in the Hygo Merger was $1.98 billion, shown as follows:
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| Fair Values Assigned to Assets Acquired, Liabilities Assumed and Non-Controlling Interests |
The process of estimating the fair values of certain tangible assets, identifiable intangible assets and assumed liabilities requires the use of judgment in determining the appropriate assumptions and estimates. The Company is in the process of finalizing the valuation of assets acquired, liabilities assumed and non-controlling interests of Hygo, and therefore the purchase price allocation should be considered preliminary. The preliminary purchase price allocation may be subject to further refinement as the evaluation of the underlying inputs and assumptions of third-party valuations and the assessment of acquisition-related income taxes are finalized. The goodwill balance may be adjusted pending the completion of the valuation of the assets acquired, liabilities assumed and non-controlling interests of Hygo as described above. The preliminary estimates may be subject to adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the acquisition date. To the extent that significant changes occur in the future, the Company will disclose such changes in the reporting period in which they occur. Preliminary fair values assigned to the assets acquired, liabilities assumed and non-controlling interests of Hygo as of the closing date were as follows:
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| GMLP Merger [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Value Consideration Paid |
The consideration paid by the Company in the GMLP Merger was as follows:
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| Fair Values Assigned to Assets Acquired, Liabilities Assumed and Non-Controlling Interests |
The process of estimating the fair values of certain tangible assets, identifiable intangible assets and assumed liabilities requires the use of judgment in determining the appropriate assumptions and estimates. The Company is in the process of finalizing the valuation of assets acquired, liabilities assumed and non-controlling interests of GMLP, and therefore the purchase price allocation should be considered preliminary. The preliminary purchase price allocation may be subject to further refinement as the evaluation of the underlying inputs and assumptions of third-party valuations and the assessment of acquisition-related income taxes are finalized. The goodwill balance may be adjusted pending the completion of the valuation of the assets acquired, liabilities assumed and non-controlling interests of GMLP as described above. The preliminary estimates may be subject to adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the acquisition date. To the extent that significant changes occur in the future, the Company will disclose such changes in the reporting period in which they occur. Preliminary fair values assigned to the assets acquired, liabilities assumed and non-controlling interests of GMLP as of the closing date were as follows:
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VIEs (Tables) |
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| VIEs [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Sale and Leaseback Arrangements |
The following table gives a summary of the sale and leaseback arrangements, including repurchase options and obligations as of June 30, 2021:
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| Summary of Payment Obligations |
A summary of payment obligations under the bareboat charters with the lessor VIEs as of June 30, 2021, are shown below:
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| Assets and Liabilities of Lessor VIEs |
The assets and liabilities of these lessor VIEs that most significantly impact the condensed consolidated balance sheet as of June 30, 2021 are as follows:
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Revenue recognition (Tables) |
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| Revenue recognition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contract with Customer, Asset and Liability |
Operating revenue includes revenue from sales of LNG and natural gas as well as outputs from the Company’s natural gas-fueled power generation facilities, including power and steam. Other revenue includes revenue for development services as well as interest income from the Company’s finance leases and other revenue. The table below summarizes the balances in Other revenue:
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| Other Revenue |
The Company has recognized contract liabilities, comprised of unconditional payments due or paid under the contracts with customers prior to the Company’s satisfaction of the related performance obligations. The performance obligations are expected to be satisfied during the next 12 months, and the contract liabilities are classified within Other current liabilities on the condensed consolidated balance sheets. Contract assets are comprised of the transaction price allocated to completed performance obligations that will be billed to customers in subsequent periods. The contract liabilities and contract assets balances as of June 30, 2021 and December 31, 2020 are detailed below:
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| Remaining Performance Obligations |
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:
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| Property, Plant and Equipment Subject to Operating Leases |
The Company’s vessel charters of LNG carriers and FSRUs can take the form of operating or finance leases. Property, plant and equipment subject to vessel charters accounted for as operating leases is included within Vessels within Note 14 Property, plant and equipment, net. The following is the carrying amount of property, plant and equipment that is leased to customers under operating leases:
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| Components of Lease Income |
The components of lease income from vessel operating leases for the three and six months ended June 30, 2021 were as follows:
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| Operating and Financing Lease Payments to be Received |
The following table shows the expected future lease payments as of June 30, 2021, for the remainder of 2021 through 2025 and thereafter:
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Leases, as lessee (Tables) |
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| Leases, as lessee [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Right-of-use Assets, Current Lease Liabilities and Non-current Lease Liabilities |
As of June 30, 2021 and December 31, 2020, right-of-use assets, current lease liabilities and non-current lease liabilities consisted of the following:
(1) Finance lease right-of-use assets are recorded net of accumulated amortization of $61 as of June 30, 2021.
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| Components of Operating Lease Costs |
For the three and six months ended June 30, 2021 and 2020, the Company’s operating lease cost recorded within the condensed consolidated statements of operations and comprehensive loss were as follows:
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| Supplemental Cash Flow Information Related to Leases |
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, 2021 and 2020:
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| Future Payments Due under Operating and Financing Lease |
The future payments due under operating and finance leases as of June 30, 2021 are as follows:
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Financial instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Rate and Cross Currency Interest Rate Swaps |
The following table summarizes the terms of interest rate and cross currency interest rate swaps as of June 30, 2021:
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| Financial Assets and Financial Liabilities |
The following table presents the Company’s financial assets and financial liabilities that are measured at fair value as of June 30, 2021 and December 31, 2020:
(1)Long-term debt is recorded at amortized cost on the condensed consolidated balance sheets, and is presented in the above table gross of deferred financing costs of $32,880 and $10,439 as of June 30, 2021 and December 31, 2020, respectively.
(2)Consideration due to the sellers in assets acquistions when certain contingent events occur. The liability associated with the derivative liabilities is recorded within Other long-term liabilities on the condensed consolidated balance sheets.
(3)The Company estimates fair value of the derivative liability and equity agreement using a discounted cash flows method with discount rates based on the average yield curve for bonds with similar credit ratings and matching terms to the discount periods as well as a probability of the contingent event occurring.
(4)To be paid at the earlier of agreed-upon date or the date on which the valid planning permission is received for the facility in development in Shannon, Ireland. The liability associated with the equity agreement is recorded within Other current liabilities on the condensed consolidated balance sheets.
(5)Cross currency interest rate swap asset is presented within Prepaid expenses and other current assets and interest rate swap liability is presented within Other current liabilities on the condensed consolidated balance sheets.
(6)The fair value of certain derivative instruments, including interest rate swaps, is estimated considering current interest rates, foreign exchange rates, closing quoted market prices and the creditworthiness of counterparties.
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| Fair Value and Currency Translation Adjustment |
The table below summarizes the fair value adjustment to instruments measured at Level 3 in the fair value hierarchy, the derivative liability and equity agreement, as well as the cross currency interest rate swap and the interest rate swap; adjustments have been recorded within Other (income) expense, net in the condensed consolidated statements of operations and comprehensive loss, for the three and six months ended June 30, 2021 and 2020:
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Restricted cash (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restricted cash [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restricted Cash |
As of June 30, 2021 and December 31, 2020, restricted cash consisted of the following:
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Inventory (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
| Inventory [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Inventory |
As of June 30, 2021 and December 31, 2020, inventory consisted of the following:
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Prepaid expenses and other current assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Prepaid Expenses and Other Current Assets, Net |
As of June 30, 2021 and December 31, 2020, prepaid expenses and other current assets consisted of the following:
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Equity method investments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||
| Equity method investments [Abstract] | ||||||||||||||||||||||||||||||||||||
| Changes in Equity Method Investments |
Changes in the balance of the Company’s equity method investments is as follows:
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| Carrying Amount of Equity Method Investments |
The carrying amount of equity method investments as of June 30, 2021 is as follows:
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Construction in progress (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||
| Construction in progress [Abstract] | ||||||||||||||||||||||||||||||||||||
| Construction in Progress Activity |
The Company’s construction in progress activity during the six months ended June 30, 2021 is detailed below:
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Property, plant and equipment, net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, plant and equipment, net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment, Net |
As of June 30, 2021 and December 31, 2020, the Company’s property, plant and equipment, net consisted of the following:
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Intangible assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Composition of Intangible Assets |
The following table summarizes the composition of intangible assets as of June 30, 2021 and December 31, 2020:
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Other non-current assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other non-current assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Non-Current Assets |
As of June 30, 2021 and December 31, 2020, Other non-current assets consisted of the following:
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Accrued liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accrued liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accrued Liabilities |
As of June 30, 2021 and December 31, 2020, accrued liabilities consisted of the following:
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Debt (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-term Debt |
As of June 30, 2021 and December 31, 2020, debt consisted of the following:
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| Outstanding Debt Repayable |
Our outstanding debt as of June 30, 2021 is repayable as follows:
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| 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, 2021 and 2020 consisted of the following:
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Earnings per share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings per share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share |
|
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| Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share Effects Presented in Anti-dilutive |
The following table presents potentially dilutive securities excluded from the computation of diluted net loss per share for the periods presented because its effects would have been anti-dilutive.
|
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Share-based compensation (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RSU Activity |
The following table summarizes the RSU activity for the six months ended June 30, 2021:
|
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| Share-based Compensation Expense |
The following table summarizes the share-based compensation expense for the Company’s RSUs recorded for the three and six months ended June 30, 2021 and 2020:
|
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| PSU Activity |
Performance Share Units (“PSUs”)
During the first quarter of 2020 and 2021, the Company granted PSUs to certain employees and non-employees that contain a performance condition. Vesting will be determined based on achievement of a performance metric for the year subsequent to the grant, and the number of shares that will vest can range from zero to a multiple of units granted. As of June 30, 2021, the Company determined that it was not probable that the performance condition required for any of the PSUs to vest would be achieved, and as such, no compensation expense has been recognized in the condensed consolidated statements of operations and comprehensive loss.
(1) Unrecognized compensation cost is based upon the maximum amount of shares that could vest
|
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Segments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information |
The table below presents our segment information for the three and six months ended June 30, 2021 and 2020:
⁽¹⁾ Terminals and Infrastructure includes the Company's effective share of revenues, expenses and operating margin attributable to 50% ownership of CELSEPAR. The earnings attributable to the investment of $28,447 are reported in income (loss) from equity method investments on the condensed consolidated statements of operations.
⁽²⁾ Ships includes the Company's effective share of revenues, expenses and operating margin attributable to 50% ownership of the Hilli Common Units. The earnings attributable to the investment of $10,494 are reported in income (loss) from equity method investments on the condensed consolidated statements of operations and comprehensive loss.
⁽³⁾ Eliminations reverse the inclusion of the effective share of revenues, expenses and operating margin attributable to 50% ownership of CELSEPAR and Hilli Common Units in our segment measure.
⁽⁴⁾ Total assets and capital expenditure by segment refers to assets held and capital expenditures related to the development of the Company's terminals and vessels. The Terminals and Infrastructure segment includes the net book value of vessels utilized within the Terminals and Infrastructure Segment.
⁽⁵⁾ Capital expenditures includes amounts capitalized to construction in progress and additions to property, plant and equipment during the period.
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| Reconciliation of Net Loss to Consolidated Operating Margin |
The following table reconciles Net loss, our most comparable GAAP measure, to Consolidated Operating Margin:
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Organization (Details) $ / shares in Units, $ in Thousands |
6 Months Ended | ||
|---|---|---|---|
|
Apr. 15, 2021
USD ($)
Terminal
Carrier
Fleet
$ / shares
shares
|
Jun. 30, 2021
USD ($)
Segment
Carrier
|
Jun. 30, 2020
USD ($)
|
|
| Business Combination, Description [Abstract] | |||
| Cash consideration at date of merger | $ 1,586,042 | $ 0 | |
| Number of operating FSRU terminals acquired | Terminal | 1 | ||
| Number of other FSRU terminals in development acquired | Terminal | 2 | ||
| Number of other FSRU fleet acquired | Fleet | 6 | ||
| Number of LNG carriers acquired | Carrier | 6 | 6 | |
| Number of operating segments | Segment | 2 | ||
| Hygo Merger Agreement [Member] | |||
| Business Combination, Description [Abstract] | |||
| Cash consideration at date of merger | $ 580,000 | ||
| Number of common stock, shares issued upon merger transaction (in shares) | shares | 1,400,784 | ||
| Hygo Merger Agreement [Member] | Class A Common Stock [Member] | |||
| Business Combination, Description [Abstract] | |||
| Number of common stock, shares issued upon merger transaction (in shares) | shares | 31,372,549 | ||
| GMLP Merger Agreement [Member] | |||
| Business Combination, Description [Abstract] | |||
| Cash consideration at date of merger | $ 251,329 | ||
| Purchase price (in dollars per share) | $ / shares | $ 3.55 | ||
| Outstanding membership interests amount | $ 251,000 | ||
| Sergipe Facility [Member] | |||
| Business Combination, Description [Abstract] | |||
| Percentage of interest acquired in power plant | 50.00% | ||
Significant accounting policies (Details) |
6 Months Ended |
|---|---|
|
Jun. 30, 2021
Carrier
Obligation
| |
| Revenue recognition [Abstract] | |
| Number of performance obligations | Obligation | 1 |
| Number of LNG carriers participating in collaborative arrangement | Carrier | 2 |
| Property, Plant and Equipment, Net [Abstract] | |
| Anticipated drydocking period | 5 years |
| Vessels [Member] | Minimum [Member] | |
| Property, Plant and Equipment, Net [Abstract] | |
| Estimated economic life | 5 years |
| Vessels [Member] | Maximum [Member] | |
| Property, Plant and Equipment, Net [Abstract] | |
| Estimated economic life | 30 years |
| Terminal and Power Plant Equipment [Member] | Minimum [Member] | |
| Property, Plant and Equipment, Net [Abstract] | |
| Estimated economic life | 4 years |
| Terminal and Power Plant Equipment [Member] | Maximum [Member] | |
| Property, Plant and Equipment, Net [Abstract] | |
| Estimated economic life | 24 years |
| CHP Facilities [Member] | Minimum [Member] | |
| Property, Plant and Equipment, Net [Abstract] | |
| Estimated economic life | 4 years |
| CHP Facilities [Member] | Maximum [Member] | |
| Property, Plant and Equipment, Net [Abstract] | |
| Estimated economic life | 20 years |
| Gas Terminals [Member] | Minimum [Member] | |
| Property, Plant and Equipment, Net [Abstract] | |
| Estimated economic life | 5 years |
| Gas Terminals [Member] | Maximum [Member] | |
| Property, Plant and Equipment, Net [Abstract] | |
| Estimated economic life | 24 years |
| ISO Containers and Associated Equipment [Member] | Minimum [Member] | |
| Property, Plant and Equipment, Net [Abstract] | |
| Estimated economic life | 3 years |
| ISO Containers and Associated Equipment [Member] | Maximum [Member] | |
| Property, Plant and Equipment, Net [Abstract] | |
| Estimated economic life | 25 years |
| LNG Liquefaction Facilities [Member] | Minimum [Member] | |
| Property, Plant and Equipment, Net [Abstract] | |
| Estimated economic life | 20 years |
| LNG Liquefaction Facilities [Member] | Maximum [Member] | |
| Property, Plant and Equipment, Net [Abstract] | |
| Estimated economic life | 40 years |
| Gas Pipelines [Member] | Minimum [Member] | |
| Property, Plant and Equipment, Net [Abstract] | |
| Estimated economic life | 4 years |
| Gas Pipelines [Member] | Maximum [Member] | |
| Property, Plant and Equipment, Net [Abstract] | |
| Estimated economic life | 24 years |
| Leasehold Improvements [Member] | Minimum [Member] | |
| Property, Plant and Equipment, Net [Abstract] | |
| Estimated economic life | 2 years |
| Leasehold Improvements [Member] | Maximum [Member] | |
| Property, Plant and Equipment, Net [Abstract] | |
| Estimated economic life | 20 years |
Acquisitions, Hygo Merger (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Apr. 15, 2021
USD ($)
shares
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2021
USD ($)
Project
|
Jun. 30, 2020
USD ($)
|
|
| Value of Consideration [Abstract] | ||||
| Total cash consideration | $ 1,586,042 | $ 0 | ||
| Liabilities Assumed [Abstract] | ||||
| Fair value of receivables | $ 10,520 | $ 10,520 | ||
| Hygo Merger [Member] | ||||
| Business Combination, Description [Abstract] | ||||
| Number of gas-to-power projects | Project | 3 | |||
| Value of Consideration [Abstract] | ||||
| Total cash consideration | $ 580,000 | |||
| Total non-cash consideration (in shares) | shares | 1,400,784 | |||
| Total Consideration | $ 1,980,784 | |||
| Assets Acquired [Abstract] | ||||
| Cash and cash equivalents | 26,641 | |||
| Restricted cash | 48,183 | |||
| Accounts receivable | 5,126 | |||
| Inventory | 1,022 | |||
| Other current assets | 8,095 | |||
| Assets under development | 128,625 | |||
| Property, plant and equipment, net | 385,389 | |||
| Intangible assets, net | 44,702 | |||
| Equity method investments | 805,391 | |||
| Finance leases, net | 601,000 | |||
| Deferred tax assets, net | 1,065 | |||
| Other non-current assets | 52,996 | |||
| Total assets acquired | 2,108,235 | |||
| Liabilities Assumed [Abstract] | ||||
| Current portion of long-term debt | 38,712 | |||
| Accounts payable | 3,059 | |||
| Accrued liabilities | 39,149 | |||
| Other current liabilities | 13,495 | |||
| Long-term debt | 455,165 | |||
| Deferred tax liabilities, net | 241,177 | |||
| Other non-current liabilities | 21,520 | |||
| Total liabilities assumed | 812,277 | |||
| Non-controlling interest | 62,111 | |||
| Net assets acquired | 1,233,847 | |||
| Goodwill | 746,937 | |||
| Fair value of receivables | $ 8,009 | |||
| Revenue from acquisition date | 17,812 | |||
| Net income (loss) from acquisition date | $ 36,977 | |||
| Hygo Merger [Member] | Class A Common Stock [Member] | ||||
| Value of Consideration [Abstract] | ||||
| Total non-cash consideration (in shares) | shares | 31,372,549 | |||
| Hygo Merger [Member] | Preferred Shares [Member] | ||||
| Value of Consideration [Abstract] | ||||
| Total cash consideration | $ 180,000 | |||
| Hygo Merger [Member] | Common Shares [Member] | ||||
| Value of Consideration [Abstract] | ||||
| Total cash consideration | $ 400,000 | |||
| Total non-cash consideration (in shares) | shares | 1,400,784 | |||
| Hygo Merger [Member] | GLNG [Member] | ||||
| Business Combination, Description [Abstract] | ||||
| Percentage of voting interest acquired | 50.00% | |||
| Hygo Merger [Member] | Stonepeak [Member] | ||||
| Business Combination, Description [Abstract] | ||||
| Percentage of voting interest acquired | 50.00% | |||
Acquisitions, GMLP Merger (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|---|
Apr. 15, 2021 |
Jun. 30, 2021 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
| Consideration Transferred [Abstract] | |||||||
| Cash Consideration | $ 1,586,042 | $ 0 | |||||
| Liabilities Assumed [Abstract] | |||||||
| Fair value of receivables | $ 10,520 | $ 10,520 | $ 10,520 | ||||
| Weighted average amortization period | 15 years 6 months | 37 years 6 months | |||||
| Loss related to settlement of indemnification provision | (29,152) | $ 0 | $ (40,716) | $ 0 | |||
| GMLP Merger [Member] | |||||||
| Consideration Transferred [Abstract] | |||||||
| Cash Consideration | $ 251,329 | ||||||
| GMLP debt repaid in acquisition | 899,792 | ||||||
| Total cash consideration | 1,151,121 | ||||||
| Cash settlement of preexisting relationship | (3,978) | ||||||
| Total Consideration | $ 1,147,143 | ||||||
| Share price (in dollars per share) | $ 3.55 | ||||||
| Assets Acquired [Abstract] | |||||||
| Cash and cash equivalents | $ 41,461 | ||||||
| Restricted cash | 24,816 | ||||||
| Accounts receivable | 3,195 | ||||||
| Inventory | 2,151 | ||||||
| Other current assets | 2,789 | ||||||
| Equity method investments | 356,000 | ||||||
| Property, plant and equipment, net | 1,063,215 | ||||||
| Intangible assets, net | 120,000 | ||||||
| Deferred tax assets, net | 963 | ||||||
| Other non-current assets | 4,400 | ||||||
| Total assets acquired | 1,618,990 | ||||||
| Liabilities Assumed [Abstract] | |||||||
| Current portion of long-term debt | 185,681 | ||||||
| Accounts payable | 3,019 | ||||||
| Accrued liabilities | 17,226 | ||||||
| Other current liabilities | 73,774 | ||||||
| Deferred tax liabilities, net | 16,008 | ||||||
| Other non-current liabilities | 10,630 | ||||||
| Total liabilities assumed | 306,338 | ||||||
| Non-controlling interest | 167,174 | ||||||
| Net assets acquired | 1,145,478 | ||||||
| Goodwill | 1,665 | ||||||
| Fair value of receivables | 4,797 | ||||||
| Weighted average amortization period | 3 years | ||||||
| Loss related to settlement of indemnification provision | (3,978) | ||||||
| Acquisition related costs | $ 21,909 | $ 33,472 | |||||
| Revenue from acquisition date | 56,802 | ||||||
| Net income (loss) from acquisition date | $ 39,267 | ||||||
| GMLP Merger [Member] | Favorable Leases [Member] | |||||||
| Liabilities Assumed [Abstract] | |||||||
| Intangible assets acquired | 120,000 | ||||||
| Weighted average amortization period | 3 years | ||||||
| GMLP Merger [Member] | Unfavorable Leases [Member] | |||||||
| Liabilities Assumed [Abstract] | |||||||
| Intangible assets acquired | 13,400 | ||||||
| Weighted average amortization period | 1 year | ||||||
| GMLP Merger [Member] | Common Units [Member] | |||||||
| Consideration Transferred [Abstract] | |||||||
| Cash Consideration | $ 246,021 | ||||||
| Share price (in dollars per share) | $ 3.55 | ||||||
| Number of shares exchange in business combination (in shares) | 69,301,636 | ||||||
| GMLP Merger [Member] | General Partner Interest [Member] | |||||||
| Consideration Transferred [Abstract] | |||||||
| Cash Consideration | $ 5,099 | ||||||
| Share price (in dollars per share) | $ 3.55 | ||||||
| Number of shares exchange in business combination (in shares) | 1,436,391 | ||||||
| GMLP Merger [Member] | Partnership Phantom Units [Member] | |||||||
| Consideration Transferred [Abstract] | |||||||
| Cash Consideration | $ 209 | ||||||
| Share price (in dollars per share) | $ 3.55 | ||||||
| Number of shares exchange in business combination (in shares) | 58,960 | ||||||
Acquisitions, Unaudited Pro Forma Financial Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
| Summary of Unaudited Pro Forma Condensed Financial Information [Abstract] | ||||
| Revenue | $ 239,554 | $ 188,149 | $ 474,990 | $ 342,274 |
| Net income (loss) | 4,438 | (150,337) | (48,746) | (297,267) |
| Net income (loss) attributable to stockholders | 3,904 | (125,983) | (46,146) | (226,343) |
| Nonrecurring Adjustments [Abstract] | ||||
| Net income | (6,044) | (137,425) | (43,947) | (145,723) |
| Acquisition-related Costs [Member] | ||||
| Nonrecurring Adjustments [Abstract] | ||||
| Net income | $ 25,887 | $ 0 | $ 37,450 | $ (37,450) |
Acquisitions, Asset Acquisitions (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Mar. 11, 2021 |
Jan. 12, 2021 |
Jun. 30, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
|
| Asset Acquisition [Abstract] | |||||
| Goodwill | $ 748,602 | $ 748,602 | $ 0 | ||
| CH4 Energia Ltda. [Member] | |||||
| Asset Acquisition [Abstract] | |||||
| Percentage of outstanding shares acquired | 100.00% | ||||
| Cash consideration at date of merger | $ 903 | ||||
| Maximum future payments contingent on achieving certain construction milestones | 3,600 | ||||
| Fair value of contingent payments | 3,047 | ||||
| Change in fair value of derivative liability | 53 | 53 | |||
| Goodwill | 0 | ||||
| Acquisition related costs | 295 | ||||
| Total purchase consideration | 5,776 | ||||
| Deferred tax liability recognized on acquisition | $ 1,531 | ||||
| Pecem Energia S.A. and Energetica Camacari Muricy II S.A. [Member] | |||||
| Asset Acquisition [Abstract] | |||||
| Term of power purchase agreements | 15 years | ||||
| Cash consideration at date of merger | $ 8,041 | ||||
| Maximum future payments contingent on achieving certain construction milestones | 10,500 | ||||
| Fair value of contingent payments | 7,473 | ||||
| Maximum future payments payable to shareholders | 4,600 | ||||
| Change in fair value of derivative liability | $ 416 | $ 416 | |||
| Goodwill | 0 | ||||
| Acquisition related costs | 1,275 | ||||
| Total purchase consideration | $ 16,585 | ||||
| Pecem Energia S.A. [Member] | |||||
| Asset Acquisition [Abstract] | |||||
| Percentage of outstanding shares acquired | 100.00% | ||||
| Energetica Camacari Muricy II S.A. [Member] | |||||
| Asset Acquisition [Abstract] | |||||
| Percentage of outstanding shares acquired | 100.00% |
VIEs, Lessor VIEs (Details) |
6 Months Ended |
|---|---|
|
Jun. 30, 2021
Vessel
| |
| Lessor VIEs [Abstract] | |
| Number of vessels leased | 4 |
| China Merchants Bank Lending [Member] | Eskimo [Member] | |
| Lessor VIEs [Abstract] | |
| Term of charter contract | 10 years |
| Lease period to repurchase vessel | 10 years |
| CCB Financial Leasing Corporation Limited [Member] | Nanook [Member] | |
| Lessor VIEs [Abstract] | |
| Term of charter contract | 12 years |
| Lease period to repurchase vessel | 12 years |
| Oriental Shipping Company [Member] | Penguin [Member] | |
| Lessor VIEs [Abstract] | |
| Term of charter contract | 6 years |
| Lease period to repurchase vessel | 6 years |
| AVIC International Leasing Company Limited [Member] | Celsius [Member] | |
| Lessor VIEs [Abstract] | |
| Term of charter contract | 7 years |
| Lease period to repurchase vessel | 7 years |
VIEs, Summary of Sale and Leaseback Arrangements (Details) $ in Thousands |
6 Months Ended |
|---|---|
|
Jun. 30, 2021
USD ($)
| |
| Eskimo [Member] | |
| Sale and Leaseback Arrangements [Abstract] | |
| End of lease term | Nov. 30, 2025 |
| Date of next repurchase option | Nov. 30, 2021 |
| Repurchase price at next repurchase option date | $ 189,100 |
| Repurchase obligation at end of lease term | $ 128,250 |
| Nanook [Member] | |
| Sale and Leaseback Arrangements [Abstract] | |
| End of lease term | Sep. 30, 2030 |
| Date of next repurchase option | Sep. 30, 2021 |
| Repurchase price at next repurchase option date | $ 205,133 |
| Repurchase obligation at end of lease term | $ 94,179 |
| Penguin [Member] | |
| Sale and Leaseback Arrangements [Abstract] | |
| End of lease term | Dec. 31, 2025 |
| Date of next repurchase option | Dec. 31, 2021 |
| Repurchase price at next repurchase option date | $ 92,761 |
| Repurchase obligation at end of lease term | $ 63,040 |
| Celsius [Member] | |
| Sale and Leaseback Arrangements [Abstract] | |
| End of lease term | Mar. 31, 2027 |
| Date of next repurchase option | Mar. 31, 2022 |
| Repurchase price at next repurchase option date | $ 98,290 |
| Repurchase obligation at end of lease term | $ 45,000 |
VIEs, Summary of Payment Obligations (Details) $ in Thousands |
Jun. 30, 2021
USD ($)
|
|---|---|
| Eskimo [Member] | |
| Payment Obligations, Fiscal Year Maturity [Abstract] | |
| Remaining 2021 | $ 8,164 |
| 2022 | 0 |
| 2023 | 0 |
| 2024 | 0 |
| 2025 | 0 |
| 2026+ | 0 |
| Nanook [Member] | |
| Payment Obligations, Fiscal Year Maturity [Abstract] | |
| Remaining 2021 | 10,833 |
| 2022 | 21,207 |
| 2023 | 20,631 |
| 2024 | 20,078 |
| 2025 | 19,478 |
| 2026+ | 84,673 |
| Penguin [Member] | |
| Payment Obligations, Fiscal Year Maturity [Abstract] | |
| Remaining 2021 | 5,901 |
| 2022 | 11,581 |
| 2023 | 11,247 |
| 2024 | 10,894 |
| 2025 | 7,956 |
| 2026+ | 0 |
| Celsius [Member] | |
| Payment Obligations, Fiscal Year Maturity [Abstract] | |
| Remaining 2021 | 7,930 |
| 2022 | 15,444 |
| 2023 | 14,908 |
| 2024 | 14,383 |
| 2025 | 13,836 |
| 2026+ | $ 12,699 |
VIEs, Assets and Liabilities of Lessor VIEs (Details) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
|
| Assets [Abstract] | ||
| Restricted cash | $ 29,827 | $ 15,000 |
| Liabilities [Abstract] | ||
| Long-term debt - current portion | 204,551 | 0 |
| Long-term debt - non-current portion | 3,326,303 | $ 1,239,561 |
| Reduction of interest expenses after merger | 6,635 | |
| Amortization of premium | 9,707 | |
| Reduction of interest expenses | 3,072 | |
| Net cash used in financing activities after merger | 15,823 | |
| Eskimo [Member] | ||
| Assets [Abstract] | ||
| Restricted cash | 0 | |
| Liabilities [Abstract] | ||
| Long-term debt - current portion | 172,452 | |
| Long-term debt - non-current portion | 0 | |
| Nanook [Member] | ||
| Assets [Abstract] | ||
| Restricted cash | 14,713 | |
| Liabilities [Abstract] | ||
| Long-term debt - current portion | 0 | |
| Long-term debt - non-current portion | 207,048 | |
| Penguin [Member] | ||
| Assets [Abstract] | ||
| Restricted cash | 5,599 | |
| Liabilities [Abstract] | ||
| Long-term debt - current portion | 14,652 | |
| Long-term debt - non-current portion | 81,914 | |
| Celsius [Member] | ||
| Assets [Abstract] | ||
| Restricted cash | 25,131 | |
| Liabilities [Abstract] | ||
| Long-term debt - current portion | 5,942 | |
| Long-term debt - non-current portion | $ 118,631 |
VIEs, Other VIEs (Details) - Hilli LLC [Member] $ in Thousands |
Jun. 30, 2021
USD ($)
|
|---|---|
| Other VIEs [Abstract] | |
| Ownership interest acquired | 50.00% |
| Carrying value of the equity method investment | $ 359,107 |
Revenue recognition (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
| Revenue recognition [Abstract] | |||||
| Receivables, revenue from contracts with customers | $ 98,201 | $ 98,201 | $ 76,431 | ||
| Current expected credit losses | 90 | 90 | 98 | ||
| Disaggregation of Revenue [Abstract] | |||||
| Other revenues | 56,442 | $ 18,389 | 110,930 | $ 29,417 | |
| Contract with Customer, Asset and Liability [Abstract] | |||||
| Contract assets, net - current | 6,354 | 6,354 | 3,673 | ||
| Contract assets, net - non-current | 32,353 | 32,353 | 23,972 | ||
| Total contract assets, net | 38,707 | 38,707 | 27,645 | ||
| Contract liabilities | 5,530 | 5,530 | 8,399 | ||
| Revenue recognized in the year from [Abstract] | |||||
| Amounts included in contract liabilities at the beginning of the year | 3,283 | 6,542 | |||
| Contract assets net of current expected credit losses | 521 | 521 | 372 | ||
| Unbilled receivables net of current expected credit losses | 6,640 | 6,640 | |||
| Unbilled receivables included in other current assets | 356 | 356 | |||
| Unbilled receivables included in other non-current asset | 6,284 | 6,284 | |||
| Capitalized Contract Cost [Abstract] | |||||
| Capitalized contract costs | 11,283 | 11,283 | 11,276 | ||
| Other current assets | 604 | 604 | 588 | ||
| Other noncurrent assets | 10,679 | 10,679 | $ 10,688 | ||
| Revenue, Performance Obligation Satisfied over Time [Abstract] | |||||
| Remaining performance obligation | 10,582,799 | 10,582,799 | |||
| Development Services [Member] | |||||
| Disaggregation of Revenue [Abstract] | |||||
| Other revenues | 46,589 | 17,495 | 100,660 | 27,566 | |
| Development Services [Member] | Natural Gas Used In Commissioning [Member] | |||||
| Disaggregation of Revenue [Abstract] | |||||
| Other revenues | 43,771 | 89,390 | |||
| Interest Income and Other Revenue [Member] | |||||
| Disaggregation of Revenue [Abstract] | |||||
| Other revenues | 9,853 | $ 894 | 10,270 | $ 1,851 | |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | |||||
| Revenue, Performance Obligation Satisfied over Time [Abstract] | |||||
| Remaining performance obligation | $ 215,722 | $ 215,722 | |||
| Remaining performance obligation, expected timing of satisfaction, period | 6 months | 6 months | |||
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |||||
| Revenue, Performance Obligation Satisfied over Time [Abstract] | |||||
| Remaining performance obligation | $ 514,566 | $ 514,566 | |||
| Remaining performance obligation, expected timing of satisfaction, period | 1 year | 1 year | |||
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |||||
| Revenue, Performance Obligation Satisfied over Time [Abstract] | |||||
| Remaining performance obligation | $ 515,175 | $ 515,175 | |||
| Remaining performance obligation, expected timing of satisfaction, period | 1 year | 1 year | |||
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |||||
| Revenue, Performance Obligation Satisfied over Time [Abstract] | |||||
| Remaining performance obligation | $ 510,664 | $ 510,664 | |||
| Remaining performance obligation, expected timing of satisfaction, period | 1 year | 1 year | |||
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |||||
| Revenue, Performance Obligation Satisfied over Time [Abstract] | |||||
| Remaining performance obligation | $ 503,493 | $ 503,493 | |||
| Remaining performance obligation, expected timing of satisfaction, period | 1 year | 1 year | |||
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |||||
| Revenue, Performance Obligation Satisfied over Time [Abstract] | |||||
| Remaining performance obligation | $ 8,323,179 | $ 8,323,179 | |||
| Remaining performance obligation, expected timing of satisfaction, period | |||||
Revenue recognition, Lessor Arrangements, Property, Plant and Equipment and Lease Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
| Property, Plant and Equipment Subjected to Operating Lease [Abstract] | |||||
| Total property, plant and equipment, net | $ 2,038,738 | $ 2,038,738 | $ 614,206 | ||
| Components of lease income [Abstract] | |||||
| Recognized interest income | 9,681 | 9,681 | |||
| Vessel charter revenue recognized | 64,561 | $ 0 | 64,561 | $ 0 | |
| Receivables, net | 121,962 | 121,962 | 76,544 | ||
| Due from affiliates, current | 2,797 | 2,797 | 1,881 | ||
| CELSE [Member] | |||||
| Components of lease income [Abstract] | |||||
| Vessel charter revenue recognized | 1,165 | 1,165 | |||
| Outstanding balances due from affiliates | 7,965 | 7,965 | |||
| Receivables, net | 5,822 | 5,822 | |||
| Due from affiliates, current | 2,143 | 2,143 | |||
| Lessor [Member] | |||||
| Property, Plant and Equipment Subjected to Operating Lease [Abstract] | |||||
| Property, plant and equipment | 1,268,716 | 1,268,716 | 18,394 | ||
| Accumulated depreciation | (9,093) | (9,093) | (932) | ||
| Total property, plant and equipment, net | $ 1,259,623 | 1,259,623 | $ 17,462 | ||
| Components of lease income [Abstract] | |||||
| Operating lease income | 62,026 | ||||
| Variable lease income | 1,370 | ||||
| Total operating lease income | $ 63,396 | ||||
Revenue recognition, Lessor Arrangements, Future Lease Payments (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity [Abstract] | ||
| Remainder of 2021 | $ 24,956 | |
| 2022 | 49,951 | |
| 2023 | 50,616 | |
| 2024 | 51,442 | |
| 2025 | 51,876 | |
| Thereafter | 1,102,841 | |
| Total minimum lease receivable | 1,331,682 | |
| Unguaranteed residual value | 107,000 | |
| Gross investment in sales-type lease | 1,438,682 | |
| Less: Unearned interest income | 827,687 | |
| Less: Current expected credit losses | 1,550 | |
| Net investment in leased vessel | 609,445 | |
| Current portion of net investment in leased asset | 3,337 | |
| Non-current portion of net investment in leased asset | 606,108 | $ 7,044 |
| Operating lease, payments, fiscal year maturity [Abstract] | ||
| Reminder of 2021 | 143,806 | |
| 2022 | 245,023 | |
| 2023 | 144,016 | |
| 2024 | 103,461 | |
| 2025 | 25,961 | |
| Thereafter | 0 | |
| Total | $ 662,267 |
Leases, as lessee, Right-of-use assets, Current Lease Liabilities and Non-Current Lease Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
||
|---|---|---|---|---|
| Assets [Abstract] | ||||
| Operating right-of-use assets | $ 130,534 | $ 141,347 | ||
| Finance right-of-use assets | [1] | 8,602 | 0 | |
| Right-of-use assets | 139,136 | 141,347 | ||
| Current lease liabilities [Abstract] | ||||
| Operating lease liabilities | 28,811 | 35,481 | ||
| Finance lease liabilities | 1,266 | 0 | ||
| Current lease liabilities | 30,077 | 35,481 | ||
| Non-current lease liabilities [Abstract] | ||||
| Operating lease liabilities | 84,000 | 84,323 | ||
| Finance lease liabilities | 5,673 | 0 | ||
| Non-current lease liabilities | 89,673 | $ 84,323 | ||
| Finance lease right-of-use assets, net of accumulated amortization | $ 61 | |||
| ||||
Leases, as lessee, Components of Operating Lease Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
| Operating lease cost [Abstract] | ||||
| Fixed lease cost | $ 9,036 | $ 6,596 | $ 20,781 | $ 16,863 |
| Variable lease cost | 503 | 74 | 1,196 | 713 |
| Short-term lease cost | 1,507 | 330 | 2,229 | 616 |
| Lease cost - Cost of sales | 8,993 | 6,109 | 20,029 | 15,460 |
| Lease cost - Operations and maintenance | 549 | 440 | 1,106 | 828 |
| Lease cost - Selling, general and administrative | 1,504 | $ 451 | 3,071 | $ 1,904 |
| Capitalized lease cost | 2,313 | 3,512 | ||
| Interest expense related to finance leases | 50 | 50 | ||
| Amortization of right-of-use asset related to finance leases | $ 61 | $ 61 | ||
Leases, as lessee, Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
| Supplemental cash flow information related to leases [Abstract] | ||
| Operating cash outflows for operating lease liabilities | $ 18,354 | $ 23,257 |
| Financing cash outflows for financing lease liabilities | 654 | 0 |
| Right-of-use assets obtained in exchange for new operating lease liabilities | 3,706 | 128,592 |
| Right-of-use assets obtained in exchange for new financing lease liabilities | $ 8,663 | $ 0 |
Leases, as lessee, Future Payments Due under Operating and Finance Leases (Details) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
|
| Operating Leases [Abstract] | ||
| Due remainder of 2021 | $ 17,906 | |
| 2022 | 33,276 | |
| 2023 | 26,604 | |
| 2024 | 20,234 | |
| 2025 | 11,810 | |
| Thereafter | 55,156 | |
| Total lease payments | 164,986 | |
| Less: effects of discounting | 52,175 | |
| Present value of lease liabilities | 112,811 | |
| Current lease liability | 28,811 | $ 35,481 |
| Non-current lease liability | $ 84,000 | 84,323 |
| Weighted-average remaining lease term, operating lease | 7 years 9 months 18 days | |
| Weighted average discount rate, , operating lease | 8.40% | |
| Noncancelable term for ISO tanks | 5 years | |
| Fixed payments for lease components | $ 16,000 | |
| Finance Leases [Abstract] | ||
| Due remainder of 2021 | 844 | |
| 2022 | 1,395 | |
| 2023 | 1,465 | |
| 2024 | 1,484 | |
| 2025 | 1,484 | |
| Thereafter | 1,640 | |
| Total lease payments | 8,312 | |
| Less: effects of discounting | 1,373 | |
| Present value of lease liabilities | 6,939 | |
| Current lease liability | 1,266 | 0 |
| Non-current lease liability | $ 5,673 | $ 0 |
| Weighted-average remaining lease term, finance lease | 6 years 3 months 18 days | |
| Weighted-average discount rate, finance lease | 5.30% |
Financial instruments, Interest Rate and Currency Risk Management (Details) |
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2021
BRL (R$)
|
|
| Interest Rate Swap [Member] | ||
| Derivative, Fair Value, Net [Abstract] | ||
| Notional amount | $ | $ 372,750,000 | |
| Maturity dates | Mar. 31, 2026 | |
| Fixed interest rate | 2.86% | 2.86% |
| Cross Currency Interest Rate Swap [Member] | ||
| Derivative, Fair Value, Net [Abstract] | ||
| Notional amount | R$ | R$ 255,600,132 | |
| Maturity dates | Sep. 30, 2024 | |
| Fixed interest rate | 5.90% | 5.90% |
| Forward foreign exchange rate | 5.424 | 5.424 |
Financial instruments, Fair Value (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|||||||||||||
| Non-Derivatives [Abstract] | |||||||||||||||||
| Restricted cash | $ 87,180 | $ 87,180 | $ 27,814 | ||||||||||||||
| Derivatives [Abstract] | |||||||||||||||||
| Deferred financing costs | 32,880 | 32,880 | 10,439 | ||||||||||||||
| Asset acquisition | 10,520 | 10,520 | |||||||||||||||
| Fair Value Adjustment and Currency Translation Adjustment [Abstract] | |||||||||||||||||
| Derivative liability/Equity agreement - Fair value adjustment - (Gain) loss | (288) | $ 1,323 | (713) | $ (294) | |||||||||||||
| Collateral for interest rate swaps | 12,500 | 12,500 | 0 | ||||||||||||||
| Interest Rate Swap [Member] | |||||||||||||||||
| Fair Value Adjustment and Currency Translation Adjustment [Abstract] | |||||||||||||||||
| Fair value adjustment (gain) | (346) | 0 | (346) | 0 | |||||||||||||
| Cross Currency Interest Rate Swap [Member] | |||||||||||||||||
| Fair Value Adjustment and Currency Translation Adjustment [Abstract] | |||||||||||||||||
| Fair value adjustment (gain) | (6,014) | $ 0 | (6,014) | $ 0 | |||||||||||||
| Level 1 [Member] | Market Approach [Member] | Carrying Value [Member] | |||||||||||||||||
| Non-Derivatives [Abstract] | |||||||||||||||||
| Cash and cash equivalents | 143,138 | 143,138 | 601,522 | ||||||||||||||
| Restricted cash | 87,180 | 87,180 | 27,814 | ||||||||||||||
| Investment in equity securities | 245 | 245 | 256 | ||||||||||||||
| Level 1 [Member] | Market Approach [Member] | Fair Value [Member] | |||||||||||||||||
| Non-Derivatives [Abstract] | |||||||||||||||||
| Cash and cash equivalents | 143,138 | 143,138 | 601,522 | ||||||||||||||
| Restricted cash | 87,180 | 87,180 | 27,814 | ||||||||||||||
| Investment in equity securities | 245 | 245 | 256 | ||||||||||||||
| Level 2 [Member] | Market Approach [Member] | Carrying Value [Member] | |||||||||||||||||
| Non-Derivatives [Abstract] | |||||||||||||||||
| Long-term debt | [1] | 3,563,734 | 3,563,734 | 1,250,000 | |||||||||||||
| Level 2 [Member] | Market Approach [Member] | Fair Value [Member] | |||||||||||||||||
| Non-Derivatives [Abstract] | |||||||||||||||||
| Long-term debt | [1] | 3,626,972 | 3,626,972 | 1,327,488 | |||||||||||||
| Level 2 [Member] | Income Approach [Member] | Carrying Value [Member] | Cross Currency Interest Rate Swap [Member] | |||||||||||||||||
| Derivatives [Abstract] | |||||||||||||||||
| Cross currency interest rate swap asset | [2],[3] | 2,135 | 2,135 | 0 | |||||||||||||
| Interest rate swap liability | [2],[3] | 28,474 | 28,474 | 0 | |||||||||||||
| Level 2 [Member] | Income Approach [Member] | Fair Value [Member] | Cross Currency Interest Rate Swap [Member] | |||||||||||||||||
| Derivatives [Abstract] | |||||||||||||||||
| Cross currency interest rate swap asset | [2],[3] | 2,135 | 2,135 | 0 | |||||||||||||
| Interest rate swap liability | [2],[3] | 28,474 | 28,474 | 0 | |||||||||||||
| Level 3 [Member] | Market Approach [Member] | Carrying Value [Member] | |||||||||||||||||
| Non-Derivatives [Abstract] | |||||||||||||||||
| Investment in equity securities | 1,849 | 1,849 | 1,000 | ||||||||||||||
| Level 3 [Member] | Market Approach [Member] | Fair Value [Member] | |||||||||||||||||
| Non-Derivatives [Abstract] | |||||||||||||||||
| Investment in equity securities | 1,849 | 1,849 | 1,000 | ||||||||||||||
| Level 3 [Member] | Income Approach [Member] | Carrying Value [Member] | |||||||||||||||||
| Derivatives [Abstract] | |||||||||||||||||
| Derivative liability | [4],[5] | 31,923 | 31,923 | 10,716 | |||||||||||||
| Equity agreement | [5],[6] | 20,430 | 20,430 | 22,768 | |||||||||||||
| Level 3 [Member] | Income Approach [Member] | Fair Value [Member] | |||||||||||||||||
| Derivatives [Abstract] | |||||||||||||||||
| Derivative liability | [4],[5] | 31,923 | 31,923 | 10,716 | |||||||||||||
| Equity agreement | [5],[6] | $ 20,430 | $ 20,430 | $ 22,768 | |||||||||||||
| |||||||||||||||||
Restricted cash (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Restricted cash [Abstract] | ||
| Cash held by lessor VIEs | $ 45,443 | $ 0 |
| Collateral for interest rate swaps | 12,500 | 0 |
| Collateral for performance under customer agreements | 15,000 | 15,000 |
| Collateral for LNG purchases | 0 | 11,664 |
| Collateral for letters of credit and performance bonds | 13,231 | 900 |
| Other restricted cash | 1,006 | 250 |
| Total restricted cash | 87,180 | 27,814 |
| Current restricted cash | 57,353 | 12,814 |
| Non-current restricted cash | 29,827 | $ 15,000 |
| Minimum [Member] | ||
| Restricted Cash [Abstract] | ||
| Cash balance required to maintain as financial covenants for sale and leaseback financings | $ 30,000 |
Inventory (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
| Inventory [Abstract] | |||
| LNG and natural gas inventory | $ 47,637 | $ 13,986 | |
| Automotive diesel oil inventory | 4,751 | 3,986 | |
| Bunker fuel, materials, supplies and other | 9,103 | 4,888 | |
| Total inventory | 61,491 | $ 22,860 | |
| Inventory adjustments | $ 0 | $ 0 | |
Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Prepaid expenses and other current assets [Abstract] | ||
| Prepaid LNG | $ 24,568 | $ 11,987 |
| Prepaid expenses | 7,268 | 4,941 |
| Due from affiliates | 2,797 | 1,881 |
| Other current assets | 57,377 | 29,461 |
| Total prepaid expenses and other current assets, net | $ 92,010 | $ 48,270 |
Equity method investments, Changes in Equity Method Investments (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
| Equity Method Investments [Roll Forward] | ||||
| Beginning balance | $ 0 | |||
| Acquisition of equity method investments in the Mergers | 1,161,391 | |||
| Dividend | (7,386) | |||
| Equity in earnings / losses of investees | $ 38,941 | $ 0 | 38,941 | $ 0 |
| Foreign currency translation adjustment | 119,126 | |||
| Ending balance | $ 1,312,072 | $ 1,312,072 | ||
| CELSEPAR [Member] | ||||
| Equity Method Investments [Abstract] | ||||
| Equity method ownership percentage | 50.00% | 50.00% | ||
| Equity Method Investments [Roll Forward] | ||||
| Ending balance | $ 952,965 | $ 952,965 | ||
| Hilli LLC [Member] | ||||
| Equity Method Investments [Abstract] | ||||
| Equity method ownership percentage | 50.00% | 50.00% | ||
| Equity Method Investments [Roll Forward] | ||||
| Ending balance | $ 359,107 | $ 359,107 | ||
Equity method investments, Carrying Amount of Equity Method Investments (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Carrying Amount of Equity Method Investments [Abstract] | ||
| Carrying amount of equity method investments | $ 1,312,072 | $ 0 |
| Equity method investments, difference amount of proportionate share of investees | 939,551 | |
| CELSEPAR [Member] | ||
| Carrying Amount of Equity Method Investments [Abstract] | ||
| Carrying amount of equity method investments | 952,965 | |
| Hilli LLC [Member] | ||
| Carrying Amount of Equity Method Investments [Abstract] | ||
| Carrying amount of equity method investments | $ 359,107 |
Equity method investments, CELSEPAR (Details) - CELSEPAR [Member] |
Jun. 30, 2021 |
|---|---|
| Equity Method Investments [Abstract] | |
| Equity method ownership percentage | 50.00% |
| Ebrasil [Member] | |
| Equity Method Investments [Abstract] | |
| Equity method ownership percentage | 50.00% |
| CELSE [Member] | |
| Equity Method Investments [Abstract] | |
| Equity method ownership percentage | 100.00% |
Equity method investments, Hilli LLC (Details) - Hilli LLC [Member] $ in Thousands |
6 Months Ended |
|---|---|
|
Jun. 30, 2021
USD ($)
Class
Payment
| |
| Equity Method Investments [Abstract] | |
| Equity method ownership percentage | 50.00% |
| Number of classes of ownership units | Class | 3 |
| Period of liquefaction tolling agreement | 8 years |
| Period of distributions after end of each quarter | 60 days |
| Limit of increase in brent crude price per barrel to calculate Series A distributions | $ 60 |
| Percentage of Series B distributions in revenues less expenses | 95.00% |
| Percentage of revenues less expenses received | 5.00% |
| Percentage of reimbursements to other investors | 50.00% |
| Percentage reimbursement by other investors | 50.00% |
| Operating expense reimbursements included in distributions | $ 0 |
| Postconstruction financing amount | $ 960,000 |
| Number of consecutive equal quarterly repayments | Payment | 40 |
| Percentage of repayments in construction cost | 1.375% |
| LIBOR [Member] | |
| Equity Method Investments [Abstract] | |
| Interest rate | 4.15% |
| Fortune Lianjiang Shipping S.A [Member] | |
| Equity Method Investments [Abstract] | |
| Period of bareboat charter agreement | 10 years |
| Maximum [Member] | |
| Equity Method Investments [Abstract] | |
| Percentage of production capacity | 50.00% |
| Percentage of production capacity available | 50.00% |
| Operating expenses and withholding taxes annual threshold | $ 20,000 |
Construction in progress (Details) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
| Construction in Progress [Roll Forward] | ||
| Balance at beginning of period | $ 234,037 | |
| Acquisition of construction in progress from business combinations | 128,625 | |
| Additions | 315,970 | |
| Impact of change in FX rates | 17,172 | |
| Transferred to property, plant and equipment, net or finance leases | (3,059) | |
| Balance at end of period | 692,745 | |
| Interest costs capitalized | $ 9,310 | $ 17,902 |
Property, plant and equipment, net (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
| Property, Plant and Equipment, Net [Abstract] | |||||
| Accumulated depreciation | $ (93,135) | $ (93,135) | $ (62,475) | ||
| Total property, plant and equipment, net | 2,038,738 | 2,038,738 | 614,206 | ||
| Depreciation | 21,299 | $ 7,539 | 31,141 | $ 12,750 | |
| Capitalized drydocking costs | 680 | ||||
| Cost of Sales [Member] | |||||
| Property, Plant and Equipment, Net [Abstract] | |||||
| Depreciation | 307 | $ 223 | 576 | $ 450 | |
| Vessels [Member] | |||||
| Property, Plant and Equipment, Net [Abstract] | |||||
| Property, plant and equipment, gross | 1,435,623 | 1,435,623 | 0 | ||
| Terminal and Power Plant Equipment [Member] | |||||
| Property, Plant and Equipment, Net [Abstract] | |||||
| Property, plant and equipment, gross | 189,421 | 189,421 | 188,855 | ||
| CHP Facilities [Member] | |||||
| Property, Plant and Equipment, Net [Abstract] | |||||
| Property, plant and equipment, gross | 122,776 | 122,776 | 119,723 | ||
| Gas Terminals [Member] | |||||
| Property, Plant and Equipment, Net [Abstract] | |||||
| Property, plant and equipment, gross | 120,810 | 120,810 | 120,810 | ||
| ISO Containers and Other Equipment [Member] | |||||
| Property, Plant and Equipment, Net [Abstract] | |||||
| Property, plant and equipment, gross | 115,176 | 115,176 | 100,137 | ||
| LNG Liquefaction Facilities [Member] | |||||
| Property, Plant and Equipment, Net [Abstract] | |||||
| Property, plant and equipment, gross | 63,213 | 63,213 | 63,213 | ||
| Gas Pipelines [Member] | |||||
| Property, Plant and Equipment, Net [Abstract] | |||||
| Property, plant and equipment, gross | 58,987 | 58,987 | 58,974 | ||
| Land [Member] | |||||
| Property, Plant and Equipment, Net [Abstract] | |||||
| Property, plant and equipment, gross | 16,734 | 16,734 | 16,246 | ||
| Leasehold Improvements [Member] | |||||
| Property, Plant and Equipment, Net [Abstract] | |||||
| Property, plant and equipment, gross | $ 9,133 | $ 9,133 | $ 8,723 | ||
Intangible assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
| Intangible Assets, Net [Abstract] | ||||||
| Definite-Lived Intangible Assets, Accumulated Amortization | $ (12,043) | $ (12,043) | $ (2,628) | |||
| Definite Lived Intangible Assets, Foreign Currency Translation Adjustment | 5,458 | 3,539 | ||||
| Total Intangible Assets, Gross Carrying Amount | 232,253 | 232,253 | 45,191 | |||
| Total Intangible Assets, Net Carrying Amount | 225,668 | $ 225,668 | $ 46,102 | |||
| Weighted average remaining amortization period for intangible assets | 15 years 6 months | 37 years 6 months | ||||
| Amortization expense | 5,925 | $ 282 | $ 6,220 | $ 552 | ||
| CH4 Energia Ltda. [Member] | ||||||
| Intangible Assets, Net [Abstract] | ||||||
| Asset acquisition | $ 5,776 | |||||
| Pecem Energia S.A. and Energetica Camacari Muricy II S.A. [Member] | ||||||
| Intangible Assets, Net [Abstract] | ||||||
| Asset acquisition | $ 16,585 | |||||
| Easements [Member] | ||||||
| Intangible Assets, Net [Abstract] | ||||||
| Indefinite-Lived Intangible Assets, Carrying Amount | 1,191 | 1,191 | $ 1,191 | |||
| Indefinite-lived Intangible Assets, Foreign Currency Translation Adjustment | 45 | 83 | ||||
| Indefinite Lived Intangible Assets, Net Carrying Amount | 1,236 | 1,236 | 1,274 | |||
| Favorable Vessel Charter Contracts [Member] | ||||||
| Intangible Assets, Net [Abstract] | ||||||
| Definite-Lived Intangible Assets, Gross Carrying Amount | 120,000 | 120,000 | ||||
| Definite-Lived Intangible Assets, Accumulated Amortization | (8,625) | (8,625) | ||||
| Definite Lived Intangible Assets, Foreign Currency Translation Adjustment | 0 | |||||
| Definite-Lived Intangible Assets, Net Carrying Amount | 111,375 | $ 111,375 | ||||
| Definite-Lived Intangible Assets, Weighted Average Life | 3 years | |||||
| Permits and Development Rights [Member] | ||||||
| Intangible Assets, Net [Abstract] | ||||||
| Definite-Lived Intangible Assets, Gross Carrying Amount | 92,918 | $ 92,918 | ||||
| Definite-Lived Intangible Assets, Accumulated Amortization | (3,202) | (3,202) | ||||
| Definite Lived Intangible Assets, Foreign Currency Translation Adjustment | (3,720) | |||||
| Definite-Lived Intangible Assets, Net Carrying Amount | 85,996 | $ 85,996 | ||||
| Definite-Lived Intangible Assets, Weighted Average Life | 32 years | |||||
| Asset acquisition | $ 44,702 | |||||
| Permits [Member] | ||||||
| Intangible Assets, Net [Abstract] | ||||||
| Definite-Lived Intangible Assets, Gross Carrying Amount | 42,441 | |||||
| Definite-Lived Intangible Assets, Accumulated Amortization | (2,438) | |||||
| Definite Lived Intangible Assets, Foreign Currency Translation Adjustment | 3,456 | |||||
| Definite-Lived Intangible Assets, Net Carrying Amount | $ 43,459 | |||||
| Definite-Lived Intangible Assets, Weighted Average Life | 40 years | |||||
| Acquired Power Purchase Agreements [Member] | ||||||
| Intangible Assets, Net [Abstract] | ||||||
| Definite-Lived Intangible Assets, Gross Carrying Amount | 16,585 | 16,585 | ||||
| Definite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 | ||||
| Definite Lived Intangible Assets, Foreign Currency Translation Adjustment | 9,133 | |||||
| Definite-Lived Intangible Assets, Net Carrying Amount | 25,718 | $ 25,718 | ||||
| Definite-Lived Intangible Assets, Weighted Average Life | 17 years | |||||
| Easements [Member] | ||||||
| Intangible Assets, Net [Abstract] | ||||||
| Definite-Lived Intangible Assets, Gross Carrying Amount | 1,559 | $ 1,559 | $ 1,559 | |||
| Definite-Lived Intangible Assets, Accumulated Amortization | (216) | (216) | (190) | |||
| Definite Lived Intangible Assets, Foreign Currency Translation Adjustment | 0 | 0 | ||||
| Definite-Lived Intangible Assets, Net Carrying Amount | $ 1,343 | $ 1,343 | $ 1,369 | |||
| Definite-Lived Intangible Assets, Weighted Average Life | 30 years | 30 years | ||||
Other non-current assets (Details) $ in Thousands |
6 Months Ended | ||
|---|---|---|---|
|
Jun. 30, 2021
USD ($)
SalesContract
|
Mar. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
| Other non-current assets [Abstract] | |||
| Nonrefundable deposit | $ 30,441 | $ 28,509 | |
| Contract asset, net (Note 6) | 32,353 | 23,972 | |
| Cost to fulfill (Note 6) | 10,679 | 10,688 | |
| Unbilled receivables, net (Note 6) | 6,284 | 6,462 | |
| Upfront payments to customers | 10,390 | 6,330 | |
| Other | 26,857 | 10,069 | |
| Total other non-current assets, net | $ 117,004 | 86,030 | |
| Number of sales contracts | SalesContract | 2 | ||
| SAFE [Member] | |||
| Other Assets, Noncurrent [Abstract] | |||
| Investment in equity securities | $ 750 | $ 1,000 |
Accrued liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Accrued liabilities [Abstract] | ||
| Accrued development costs | $ 50,957 | $ 16,631 |
| Accrued interest | 55,253 | 27,938 |
| Accrued consideration in asset acquisitions | 18,660 | 0 |
| Accrued bonuses | 12,067 | 17,344 |
| Accrued vessel operating and drydocking expenses | 4,575 | 0 |
| Other accrued expenses | 51,211 | 28,439 |
| Total accrued liabilities | $ 192,723 | $ 90,352 |
Debt (Details) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
|
| Long-term Debt, Current and Noncurrent [Abstract] | ||
| Debt (excluding lessor VIE loans) | $ 2,930,215 | $ 1,239,561 |
| Debt | 3,530,854 | 1,239,561 |
| Current portion of long-term debt | 204,551 | 0 |
| Non-current portion of debt | 3,326,303 | 1,239,561 |
| Revolving Facility [Member] | ||
| Long-term Debt, Current and Noncurrent [Abstract] | ||
| Debt (excluding lessor VIE loans) | 152,500 | 0 |
| Senior Secured Notes, due September 15, 2025 [Member] | ||
| Long-term Debt, Current and Noncurrent [Abstract] | ||
| Debt (excluding lessor VIE loans) | $ 1,240,173 | 1,239,561 |
| Maturity date | Sep. 15, 2025 | |
| Senior Secured Notes, due September 30, 2026 [Member] | ||
| Long-term Debt, Current and Noncurrent [Abstract] | ||
| Debt (excluding lessor VIE loans) | $ 1,476,947 | 0 |
| Maturity date | Sep. 30, 2026 | |
| Debenture Loan, due 2024 [Member] | ||
| Long-term Debt, Current and Noncurrent [Abstract] | ||
| Debt (excluding lessor VIE loans) | $ 60,595 | 0 |
| Maturity date | Sep. 30, 2024 | |
| Golar Eskimo SPV facility, due 2025 [Member] | CMBL [Member] | ||
| Long-term Debt, Current and Noncurrent [Abstract] | ||
| Debt | $ 172,452 | 0 |
| Maturity date | Nov. 30, 2025 | |
| Golar Nanook SPV facility, due 2030 [Member] | CCBFL VIE [Member] | ||
| Long-term Debt, Current and Noncurrent [Abstract] | ||
| Debt | $ 207,045 | 0 |
| Maturity date | Sep. 30, 2030 | |
| Golar Penguin SPV facility, due 2025 [Member] | COSCO VIE [Member] | ||
| Long-term Debt, Current and Noncurrent [Abstract] | ||
| Debt | $ 96,566 | 0 |
| Maturity date | Dec. 31, 2025 | |
| Golar Celsius SPV facility, due 2023/2027 [Member] | AVIC VIE [Member] | ||
| Long-term Debt, Current and Noncurrent [Abstract] | ||
| Debt | $ 124,576 | $ 0 |
| Maturity date | Mar. 31, 2023 | |
| Golar Celsius SPV facility, due 2023/2027 [Member] | AVIC VIE [Member] | Minimum [Member] | ||
| Long-term Debt, Current and Noncurrent [Abstract] | ||
| Maturity date | Mar. 31, 2023 | |
| Golar Celsius SPV facility, due 2023/2027 [Member] | AVIC VIE [Member] | Maximum [Member] | ||
| Long-term Debt, Current and Noncurrent [Abstract] | ||
| Maturity date | Mar. 31, 2027 |
Debt, Outstanding Debt Repayable (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Outstanding Debt Repayable [Abstract] | ||
| Due remainder of 2021 | $ 174,725 | |
| 2022 | 27,911 | |
| 2023 | 76,978 | |
| 2024 | 32,882 | |
| 2025 | 1,264,824 | |
| Thereafter | 1,949,977 | |
| Total debt | 3,527,297 | |
| Add: fair value adjustments to assumed obligations | 36,437 | |
| Less: deferred finance charges | (32,880) | $ (10,439) |
| Total debt, net deferred finance charges | $ 3,530,854 | $ 1,239,561 |
Debt, 2025 Senior Secured Notes (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Dec. 17, 2020 |
Sep. 30, 2020 |
Jun. 30, 2021 |
Dec. 31, 2020 |
Sep. 02, 2020 |
|
| Senior Secured Notes [Abstract] | |||||
| Remaining unamortized deferred financing costs | $ 32,880 | $ 10,439 | |||
| 2025 Senior Secured Notes [Member] | |||||
| Senior Secured Notes [Abstract] | |||||
| Debt instrument, issued | $ 250,000 | $ 1,000,000 | |||
| Fixed interest rate | 6.75% | ||||
| Frequency of payments | semi-annually | ||||
| Maturity date | Sep. 15, 2025 | ||||
| Fees incurred | $ 17,937 | ||||
| Reduction in principal balance | $ 13,909 | ||||
| Remaining unamortized deferred financing costs | $ 9,827 | $ 10,439 | $ 6,501 | ||
| Third party fees | $ 4,028 | ||||
| Proceeds from premium on issuance of secured debt | 13,125 | ||||
| Additional financing costs incurred | $ 4,566 |
Debt, 2026 Senior Secured Notes (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
|---|---|---|---|
Apr. 12, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
|
| Senior Secured Notes [Abstract] | |||
| Remaining unamortized deferred financing costs | $ 32,880 | $ 10,439 | |
| 2026 Senior Secured Notes [Member] | |||
| Senior Secured Notes [Abstract] | |||
| Debt instrument, issued | $ 1,500,000 | ||
| Fixed interest rate | 6.50% | ||
| Issuance price percentage | 100.00% | ||
| Frequency of payments | semi-annually | ||
| Maturity date | Sep. 30, 2026 | ||
| Fees incurred | $ 24,335 | ||
| Remaining unamortized deferred financing costs | $ 23,053 |
Debt, Revolving Facility (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Apr. 15, 2021 |
Jun. 30, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
|
| Revolving Facility [Abstract] | ||||
| Remaining unamortized deferred financing costs | $ 32,880 | $ 32,880 | $ 10,439 | |
| Revolving Facility [Member] | ||||
| Revolving Facility [Abstract] | ||||
| Aggregate principal amount | $ 200,000 | |||
| Letters of credit | 100,000 | |||
| Extended maturity period | 1 year | |||
| Fees incurred | $ 3,685 | |||
| Remaining unamortized deferred financing costs | 3,548 | $ 3,548 | ||
| Drew amount | 152,500 | |||
| Remaining outstanding amount | $ 152,500 | $ 152,500 | ||
| Revolving Facility [Member] | Interest Rate Floor [Member] | LIBOR [Member] | ||||
| Revolving Facility [Abstract] | ||||
| Variable interest rate | 0.00% | |||
| Revolving Facility [Member] | Minimum [Member] | ||||
| Revolving Facility [Abstract] | ||||
| Percentage of commitments usage under credit facility | 50.00% | |||
| Revolving Facility [Member] | Minimum [Member] | LIBOR [Member] | ||||
| Revolving Facility [Abstract] | ||||
| Variable interest rate | 2.50% | |||
| Revolving Facility [Member] | Maximum [Member] | ||||
| Revolving Facility [Abstract] | ||||
| Percentage of commitments usage under credit facility | 50.00% | |||
| Revolving Facility [Member] | Maximum [Member] | LIBOR [Member] | ||||
| Revolving Facility [Abstract] | ||||
| Variable interest rate | 2.75% |
Debt, Debenture Loan (Details) - 6 months ended Jun. 30, 2021 - Debenture Loan [Member] $ in Thousands, R$ in Millions |
USD ($) |
BRL (R$) |
|---|---|---|
| Debenture Loan [Abstract] | ||
| Aggregate principal amount | $ 51,600 | R$ 255.6 |
| Maturity date | Sep. 30, 2024 | |
| Variable interest rate | 2.65% | |
| Fair value | $ 52,752 | |
| Frequency of payments | semi-annually | |
| Guarantee percentage of shares issued | 100.00% | |
| Brazil Interbank Deposit Futures Rate [Member] | ||
| Debenture Loan [Abstract] | ||
| Term of variable rate | 1 day |
Debt, Lessor VIE Debt (Details) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2021 |
Apr. 15, 2021 |
|
| Debt and Lease Restrictions [Abstract] | ||
| Minimum level of liquidity | $ 30,000 | |
| Consolidated net worth | $ 123,950 | |
| Minimum debt service coverage ratio | 1.20 | |
| Maximum net debt to EBITDA ratio | 6.5 | |
| Ratio of liabilities to total assets | 0.70 | |
| Minimum [Member] | ||
| Debt and Lease Restrictions [Abstract] | ||
| Percentage of outstanding loan facility balances | 110.00% | |
| Maximum [Member] | ||
| Debt and Lease Restrictions [Abstract] | ||
| Percentage of outstanding loan facility balances | 120.00% | |
| Eskimo SPV Facility [Member] | CMBL [Member] | ||
| Lessor VIE Debt [Abstract] | ||
| Outstanding principal balance | $ 160,520 | |
| Maturity period | 10 years | |
| Maturity date | Nov. 30, 2025 | |
| Fair value | $ 185,681 | |
| Eskimo SPV Facility [Member] | CMBL [Member] | LIBOR [Member] | ||
| Lessor VIE Debt [Abstract] | ||
| Variable interest rate | 2.66% | |
| Nanook SPV Facility [Member] | CCBFL [Member] | ||
| Lessor VIE Debt [Abstract] | ||
| Outstanding principal balance | $ 202,249 | |
| Maturity period | 12 years | |
| Maturity date | Sep. 30, 2030 | |
| Fixed interest rate | 3.50% | |
| Fair value | $ 207,169 | |
| Penguin SPV Facility [Member] | COSCO [Member] | ||
| Lessor VIE Debt [Abstract] | ||
| Outstanding principal balance | $ 104,882 | |
| Maturity period | 6 years | |
| Maturity date | Dec. 31, 2025 | |
| Fair value | $ 107,018 | |
| Penguin SPV Facility [Member] | COSCO [Member] | LIBOR [Member] | ||
| Lessor VIE Debt [Abstract] | ||
| Variable interest rate | 1.70% | |
| Celsius SPV Facility [Member] | AVIC [Member] | ||
| Lessor VIE Debt [Abstract] | ||
| Outstanding principal balance | $ 76,179 | $ 121,379 |
| Maturity period | 7 years | |
| Balloon payment | $ 37,179 | |
| Remaining principal | $ 45,200 | |
| Maturity date | Mar. 31, 2023 | |
| Fixed interest rate | 4.00% | |
| Fair value | $ 126,302 | |
| Celsius SPV Facility [Member] | AVIC [Member] | LIBOR [Member] | ||
| Lessor VIE Debt [Abstract] | ||
| Variable interest rate | 1.80% | |
| Celsius SPV Facility [Member] | AVIC [Member] | Minimum [Member] | ||
| Lessor VIE Debt [Abstract] | ||
| Maturity date | Mar. 31, 2023 | |
| Celsius SPV Facility [Member] | AVIC [Member] | Maximum [Member] | ||
| Lessor VIE Debt [Abstract] | ||
| Maturity date | Mar. 31, 2027 |
Debt, Interest Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
| Interest costs [Abstract] | ||||
| Total interest expense | $ 31,482 | $ 17,198 | $ 50,162 | $ 31,088 |
| Debt [Member] | ||||
| Interest costs [Abstract] | ||||
| Interest per contractual rates | 46,471 | 19,766 | 67,305 | 38,640 |
| Amortization of fair value adjustments to assumed debt obligations | (10,295) | 0 | (10,295) | 0 |
| Amortization of debt issuance costs, premiums and discounts | 1,925 | 5,728 | 2,412 | 10,350 |
| Interest expense incurred on finance lease obligations | 50 | 0 | 50 | 0 |
| Total interest costs | 38,151 | 25,494 | 59,472 | 48,990 |
| Capitalized interest | 6,669 | 8,296 | 9,310 | 17,902 |
| Total interest expense | $ 31,482 | $ 17,198 | $ 50,162 | $ 31,088 |
Income taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
| Loss before Income Taxes [Abstract] | ||||
| Effective tax rate | 164.80% | (0.10%) | (9.40%) | (0.10%) |
| Tax provision | $ 4,409 | $ 117 | $ 3,532 | $ 113 |
| Income tax expense (benefit), discrete (benefit) | (2,778) | |||
| Liability for tax contingencies | $ 19,382 | $ 19,382 | ||
Commitments and contingencies (Details) - Foreign Tax Authority [Member] JD in Thousands, $ in Thousands, Rp in Millions |
6 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2021
IDR (Rp)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2016
JOD (JD)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2015
JOD (JD)
|
|
| INDONESIA | ||||||
| Income Tax Uncertainties [Abstract] | ||||||
| VAT importation waiver revoked | $ 24,000 | |||||
| Tax assessment for land and buildings for 2015 to 2019 | $ 3,400 | Rp 48,378.3 | ||||
| JORDAN | ||||||
| Income Tax Uncertainties [Abstract] | ||||||
| Additional tax assessed on tax audit | $ 3,100 | JD 2,200 | $ 1,600 | JD 1,100 | ||
Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|||||
| Numerator [Abstract] | ||||||||||
| Net loss | $ (1,734) | $ (39,509) | $ (166,519) | $ (60,223) | $ (41,243) | $ (226,574) | ||||
| Less: net (income) loss attributable to non-controlling interests | (4,310) | 29,094 | (2,704) | 80,851 | ||||||
| Net loss attributable to stockholders | $ (6,044) | $ (137,425) | $ (43,947) | $ (145,723) | ||||||
| Denominator [Abstract] | ||||||||||
| Weighted-average shares-basic (in shares) | 202,331,304 | 57,341,215 | 189,885,473 | 41,771,849 | ||||||
| Weighted-average shares-diluted (in shares) | 202,331,304 | 57,341,215 | 189,885,473 | 41,771,849 | ||||||
| Net loss per share - basic (in dollars per share) | $ (0.03) | $ (2.40) | $ (0.23) | $ (3.49) | ||||||
| Net loss per share - diluted (in dollars per share) | $ (0.03) | $ (2.40) | $ (0.23) | $ (3.49) | ||||||
| Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share Effects Presented in Anti-dilutive [Abstract] | ||||||||||
| Anti-dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares) | 1,238,375 | 2,918,383 | ||||||||
| Dividend [Abstract] | ||||||||||
| Dividend declared | $ 20,736 | $ 17,598 | ||||||||
| Dividend paid | $ 41,346 | $ 0 | ||||||||
| Class A Shares [Member] | ||||||||||
| Dividend [Abstract] | ||||||||||
| Dividend per share (in dollars per share) | $ 0.10 | $ 0.10 | ||||||||
| Dividend declared | $ 20,736 | $ 17,598 | ||||||||
| Dividend paid | $ 20,670 | $ 17,657 | ||||||||
| GMLP Merger [Member] | Series A Preferred Units [Member] | ||||||||||
| Dividend [Abstract] | ||||||||||
| Dividend paid | $ 3,019 | |||||||||
| Percentage of non-controlling interest | 8.75% | 8.75% | ||||||||
| Unvested RSUs [Member] | ||||||||||
| Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share Effects Presented in Anti-dilutive [Abstract] | ||||||||||
| Anti-dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares) | [1] | 695,279 | 1,627,673 | |||||||
| Shannon Equity Agreement Shares [Member] | ||||||||||
| Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share Effects Presented in Anti-dilutive [Abstract] | ||||||||||
| Anti-dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares) | [2] | 543,096 | 1,290,710 | |||||||
| ||||||||||
Share-based compensation (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|||
| Restricted Stock Units [Member] | ||||||||
| Number of Shares [Roll Forward] | ||||||||
| Non-vested RSUs, beginning balance (in shares) | 1,538,060 | 1,538,060 | ||||||
| Granted (in shares) | 0 | |||||||
| Vested (in shares) | (818,846) | |||||||
| Forfeited (in shares) | (23,935) | |||||||
| Non-vested RSUs, ending balance (in shares) | 695,279 | 695,279 | ||||||
| Weighted Average Grant Date Fair Value Per Share [Abstract] | ||||||||
| Non-vested RSUs, beginning balance (in dollars per share) | $ 13.49 | $ 13.49 | ||||||
| Granted (in dollars per share) | 0 | |||||||
| Vested (in dollars per share) | 13.45 | |||||||
| Forfeited (in dollars per share) | 13.50 | |||||||
| Non-vested RSUs, ending balance (in dollars per share) | $ 13.50 | $ 13.50 | ||||||
| Share-based Payment Arrangement [Abstract] | ||||||||
| Share-based compensation expense | $ 1,613 | $ 1,922 | $ 3,383 | $ 4,430 | ||||
| Compensation expense recognized for forfeited RSU awards | 57 | 488 | 57 | 549 | ||||
| Unrecognized compensation cost | 4,489 | $ 4,489 | ||||||
| Weighted-average remaining vesting period of non-vested stock (in years) | 9 months 3 days | |||||||
| Restricted Stock Units [Member] | Operations and Maintenance [Member] | ||||||||
| Share-based Payment Arrangement [Abstract] | ||||||||
| Share-based compensation expense | 212 | 253 | $ 434 | 490 | ||||
| Restricted Stock Units [Member] | Selling, General and Administrative Expenses [Member] | ||||||||
| Share-based Payment Arrangement [Abstract] | ||||||||
| Share-based compensation expense | $ 1,401 | $ 1,669 | $ 2,949 | $ 3,940 | ||||
| Restricted Stock Units [Member] | Minimum [Member] | ||||||||
| Share-based Payment Arrangement [Abstract] | ||||||||
| Vesting period | 10 months | |||||||
| Restricted Stock Units [Member] | Maximum [Member] | ||||||||
| Share-based Payment Arrangement [Abstract] | ||||||||
| Vesting period | 3 years | |||||||
| Performance Share Units [Member] | Employees and Non-employees [Member] | ||||||||
| Number of Shares [Roll Forward] | ||||||||
| Granted (in shares) | 400,507 | 1,109,777 | ||||||
| Share-based Payment Arrangement [Abstract] | ||||||||
| Unrecognized compensation cost | [1] | $ 32,104 | $ 30,511 | |||||
| Weighted-average remaining vesting period of non-vested stock (in years) | 1 year 6 months | 6 months | ||||||
| Performance Share Units [Member] | Minimum [Member] | Employees and Non-employees [Member] | ||||||||
| Number of Shares [Roll Forward] | ||||||||
| Vested (in shares) | 0 | 0 | ||||||
| Performance Share Units [Member] | Maximum [Member] | Employees and Non-employees [Member] | ||||||||
| Number of Shares [Roll Forward] | ||||||||
| Vested (in shares) | (801,014) | (2,219,554) | ||||||
| ||||||||
Related party transactions (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
| Related party transaction [Abstract] | |||||
| Administrative and general expenses | $ 1,794 | $ 1,914 | $ 3,721 | $ 4,145 | |
| Charter costs | 1,340 | 45 | 2,949 | 1,284 | |
| Lease liability | 112,811 | 112,811 | |||
| Rent and administrative expenses | 241 | 394 | |||
| Rent and office related expenses incurred by affiliate | 394 | $ 204 | |||
| Noncurrent Lease Liabilities [Member] | |||||
| Related party transaction [Abstract] | |||||
| Lease liability | $ 3,329 | $ 3,329 | |||
| DevTech Investment [Member] | |||||
| Related party transaction [Abstract] | |||||
| Minority interest percentage in exchange for cash consideration | 10.00% | 10.00% | |||
| Percentage of note payable purchased by affiliate | 10.00% | ||||
| Note payable due | $ 608 | $ 608 | 715 | ||
| Interest expense on note payable | 8 | 19 | 29 | 38 | |
| Amounts due from affiliates | 0 | 0 | 343 | ||
| Fortress [Member] | |||||
| Related party transaction [Abstract] | |||||
| Amount due to affiliates | 3,373 | 3,373 | 5,535 | ||
| Fortress Affiliate [Member] | |||||
| Related party transaction [Abstract] | |||||
| Amount due to affiliates | 1,211 | 1,211 | 472 | ||
| Florida East Coast Industries [Member] | |||||
| Related party transaction [Abstract] | |||||
| Amount due to affiliates | 0 | 0 | 316 | ||
| Florida East Coast Industries [Member] | Land [Member] | Operations and Maintenance [Member] | |||||
| Related party transaction [Abstract] | |||||
| Lease expense | 103 | 103 | 229 | 206 | |
| Fortress Affiliated Entities [Member] | |||||
| Related party transaction [Abstract] | |||||
| Amount due to affiliates | 1,476 | 1,476 | 2,657 | ||
| Amounts due from affiliates | 265 | 265 | $ 1,334 | ||
| Rent and administrative expenses | $ 674 | $ 0 | $ 1,477 | $ 849 | |
Related party transactions, Agency Agreement with PT Pesona Sentra Utama (Details) - PT Pesona [Member] $ in Thousands |
6 Months Ended |
|---|---|
|
Jun. 30, 2021
USD ($)
| |
| Related party transaction [Abstract] | |
| Percentage of shares issued capital | 51.00% |
| Vessel management fees, charges | $ 126 |
Related party transactions, Hilli Guarantees (Details) - Hilli Guarantees [Member] $ in Thousands |
6 Months Ended |
|---|---|
|
Jun. 30, 2021
USD ($)
| |
| Related party transaction [Abstract] | |
| Percentage agreed to assume the outstanding principal and interest amount | 50.00% |
| Free liquid assets | $ 30,000 |
| Consolidated tangible net worth | 123,950 |
| Letter of credit guarantee amount | 372,750 |
| Other Current Liabilities [Member] | |
| Related party transaction [Abstract] | |
| Fair value of debt guarantee after amortization | 2,469 |
| Other Non-current Liabilities [Member] | |
| Related party transaction [Abstract] | |
| Fair value of debt guarantee after amortization | 7,960 |
| Maximum [Member] | |
| Related party transaction [Abstract] | |
| Letter of credit guarantee, liable for outstanding amounts that are payable | $ 19,000 |
| Net debt to EBITDA ratio | 6.5 |
Related party transactions, GLNG Management and Services Agreements (Details) $ in Thousands |
6 Months Ended |
|---|---|
|
Jun. 30, 2021
USD ($)
| |
| Ship Management Agreements [Member] | |
| Related party transaction [Abstract] | |
| Termination period | 12 months |
| Period from the date on which notice is received | 2 months |
| GLNG Management and Services Agreements [Member] | |
| Related party transaction [Abstract] | |
| Aggregate annual fee | $ 250 |
| Management, services or guarantee fees | 3,100 |
| GLNG Management and Services Agreements [Member] | Vessel Operating Expenses [Member] | |
| Related party transaction [Abstract] | |
| Management, services or guarantee fees | 1,911 |
| GLNG Management and Services Agreements [Member] | Selling, General and Administrative Expenses [Member] | |
| Related party transaction [Abstract] | |
| Management, services or guarantee fees | 1,189 |
| GLNG Management and Services Agreements [Member] | Transition Services Agreements [Member] | |
| Related party transaction [Abstract] | |
| Monthly payments | 250 |
| GLNG Management and Services Agreements [Member] | Bermuda Services Agreement [Member] | |
| Related party transaction [Abstract] | |
| Aggregate annual fee | $ 50 |
| Termination period | 30 days |
Segments (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Apr. 15, 2021
Carrier
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2021
USD ($)
Storage
Carrier
Segment
|
Jun. 30, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
|
|||||||||||||||
| Segments [Abstract] | ||||||||||||||||||||
| Number of Reportable Segments | Segment | 2 | |||||||||||||||||||
| Number of FSRUs acquired | Storage | 6 | |||||||||||||||||||
| Number of LNG carriers acquired | Carrier | 6 | 6 | ||||||||||||||||||
| Statement of Operations [Abstract] | ||||||||||||||||||||
| Total revenues | $ 223,839 | $ 94,566 | $ 369,523 | $ 169,096 | ||||||||||||||||
| Cost of sales | 101,430 | 69,899 | 198,101 | 138,115 | ||||||||||||||||
| Vessel operating expenses | 15,400 | 0 | 15,400 | 0 | ||||||||||||||||
| Operations and maintenance | 18,565 | 9,500 | 34,816 | 17,983 | ||||||||||||||||
| Operating margin | 88,444 | 15,167 | 121,206 | 12,998 | ||||||||||||||||
| Balance Sheet [Abstract] | ||||||||||||||||||||
| Total assets | 6,392,075 | [1] | 1,421,513 | [1],[2] | 6,392,075 | [1] | 1,421,513 | [1],[2] | $ 1,908,091 | |||||||||||
| Other Segmental Financial Information [Abstract] | ||||||||||||||||||||
| Capital expenditures | [1] | 212,190 | 16,241 | 317,951 | 80,451 | [2] | ||||||||||||||
| Income (loss) from equity method investments | $ 38,941 | 0 | $ 38,941 | 0 | ||||||||||||||||
| CELSEPAR [Member] | ||||||||||||||||||||
| Other Segmental Financial Information [Abstract] | ||||||||||||||||||||
| Equity method ownership percentage | 50.00% | 50.00% | ||||||||||||||||||
| Hilli LLC [Member] | ||||||||||||||||||||
| Other Segmental Financial Information [Abstract] | ||||||||||||||||||||
| Equity method ownership percentage | 50.00% | 50.00% | ||||||||||||||||||
| Terminals and Infrastructure [Member] | ||||||||||||||||||||
| Other Segmental Financial Information [Abstract] | ||||||||||||||||||||
| Income (loss) from equity method investments | $ 28,447 | |||||||||||||||||||
| Terminals and Infrastructure [Member] | CELSEPAR [Member] | ||||||||||||||||||||
| Other Segmental Financial Information [Abstract] | ||||||||||||||||||||
| Equity method ownership percentage | 50.00% | 50.00% | ||||||||||||||||||
| Ships [Member] | ||||||||||||||||||||
| Other Segmental Financial Information [Abstract] | ||||||||||||||||||||
| Income (loss) from equity method investments | $ 10,494 | |||||||||||||||||||
| Ships [Member] | Hilli LLC [Member] | ||||||||||||||||||||
| Other Segmental Financial Information [Abstract] | ||||||||||||||||||||
| Equity method ownership percentage | 50.00% | 50.00% | ||||||||||||||||||
| Operating Segments [Member] | ||||||||||||||||||||
| Statement of Operations [Abstract] | ||||||||||||||||||||
| Total revenues | $ 277,310 | 94,566 | $ 422,994 | 169,096 | ||||||||||||||||
| Cost of sales | 103,451 | 69,899 | 200,122 | 138,115 | ||||||||||||||||
| Vessel operating expenses | 20,175 | 0 | 20,175 | 0 | ||||||||||||||||
| Operations and maintenance | 23,644 | 9,500 | 39,895 | 17,983 | ||||||||||||||||
| Operating margin | 130,040 | 15,167 | 162,802 | 12,998 | ||||||||||||||||
| Balance Sheet [Abstract] | ||||||||||||||||||||
| Total assets | [1] | 6,392,075 | 1,421,513 | [2] | 6,392,075 | 1,421,513 | [2] | |||||||||||||
| Other Segmental Financial Information [Abstract] | ||||||||||||||||||||
| Capital expenditures | [1] | 212,190 | 16,241 | 317,951 | 80,541 | [2] | ||||||||||||||
| Operating Segments [Member] | Terminals and Infrastructure [Member] | ||||||||||||||||||||
| Statement of Operations [Abstract] | ||||||||||||||||||||
| Total revenues | [4] | 181,548 | [3] | 94,566 | [3] | 327,232 | [3] | 169,096 | ||||||||||||
| Cost of sales | [4] | 103,451 | [3] | 69,899 | [3] | 200,122 | [3] | 138,115 | ||||||||||||
| Vessel operating expenses | [4] | 0 | [3] | 0 | [3] | 0 | [3] | 0 | ||||||||||||
| Operations and maintenance | [4] | 23,644 | [3] | 9,500 | [3] | 39,895 | [3] | 17,983 | ||||||||||||
| Operating margin | [4] | 54,453 | [3] | 15,167 | [3] | 87,215 | [3] | 12,998 | ||||||||||||
| Balance Sheet [Abstract] | ||||||||||||||||||||
| Total assets | [1],[3],[4] | 1,917,701 | 1,421,513 | [2] | 1,917,701 | 1,421,513 | [2] | |||||||||||||
| Other Segmental Financial Information [Abstract] | ||||||||||||||||||||
| Capital expenditures | [1],[4] | 210,790 | [3] | 16,241 | [3] | 316,551 | [3] | 80,541 | [2] | |||||||||||
| Operating Segments [Member] | Ships [Member] | ||||||||||||||||||||
| Statement of Operations [Abstract] | ||||||||||||||||||||
| Total revenues | [3] | 95,762 | [5] | 0 | 95,762 | [5] | 0 | |||||||||||||
| Cost of sales | [3] | 0 | [5] | 0 | 0 | [5] | 0 | |||||||||||||
| Vessel operating expenses | [3] | 20,175 | [5] | 0 | 20,175 | [5] | 0 | |||||||||||||
| Operations and maintenance | [3] | 0 | [5] | 0 | 0 | [5] | 0 | |||||||||||||
| Operating margin | [3] | 75,587 | [5] | 0 | 75,587 | [5] | 0 | |||||||||||||
| Balance Sheet [Abstract] | ||||||||||||||||||||
| Total assets | [1],[3] | 4,474,374 | [5] | 0 | [2] | 4,474,374 | [5] | 0 | [2] | |||||||||||
| Other Segmental Financial Information [Abstract] | ||||||||||||||||||||
| Capital expenditures | [1],[3] | 1,400 | [5] | 0 | 1,400 | [5] | 0 | [2] | ||||||||||||
| Eliminations [Member] | ||||||||||||||||||||
| Statement of Operations [Abstract] | ||||||||||||||||||||
| Total revenues | (53,471) | [2] | 0 | [2] | (53,471) | [2] | 0 | [5] | ||||||||||||
| Cost of sales | (2,021) | [2] | 0 | [2] | (2,021) | [2] | 0 | [5] | ||||||||||||
| Vessel operating expenses | (4,775) | [2] | 0 | [2] | (4,775) | [2] | 0 | [5] | ||||||||||||
| Operations and maintenance | (5,079) | [2] | 0 | [2] | (5,079) | [2] | 0 | [5] | ||||||||||||
| Operating margin | (41,596) | [2] | 0 | [2] | (41,596) | [2] | 0 | [5] | ||||||||||||
| Balance Sheet [Abstract] | ||||||||||||||||||||
| Total assets | [1],[2] | 0 | 0 | [5] | 0 | 0 | [5] | |||||||||||||
| Other Segmental Financial Information [Abstract] | ||||||||||||||||||||
| Capital expenditures | [1],[2] | $ 0 | $ 0 | $ 0 | $ 0 | [5] | ||||||||||||||
| Equity method ownership percentage | 50.00% | 50.00% | ||||||||||||||||||
| ||||||||||||||||||||
Segments, Reconciliation of Net loss to Operating Margin (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
| Segments [Abstract] | ||||||
| Net loss | $ (1,734) | $ (39,509) | $ (166,519) | $ (60,223) | $ (41,243) | $ (226,574) |
| Selling, general and administrative | 44,536 | 31,846 | 78,152 | 60,216 | ||
| Transaction and integration costs | 29,152 | 0 | 40,716 | 0 | ||
| Contract termination charges and loss on mitigation sales | 0 | 123,906 | 0 | 124,114 | ||
| Depreciation and amortization | 26,997 | 7,620 | 36,886 | 12,874 | ||
| Interest expense | 31,482 | 17,198 | 50,162 | 31,088 | ||
| Other (income) expense, net | (7,457) | 999 | (8,058) | 1,610 | ||
| Loss on extinguishment of debt, net | 0 | 0 | 0 | 9,557 | ||
| Tax provision | 4,409 | 117 | 3,532 | 113 | ||
| (Income) loss from equity method investments | (38,941) | 0 | (38,941) | 0 | ||
| Consolidated Operating Margin | $ 88,444 | $ 15,167 | $ 121,206 | $ 12,998 | ||
Subsequent events (Details) - Subsequent Events [Member] - Letters of Credit [Member] $ in Thousands |
Jul. 16, 2021
USD ($)
|
|---|---|
| Subsequent Event [Abstract] | |
| Aggregate amount | $ 75,000 |
| Percentage of fee to be paid | 1.75% |
| Frequency of payment | quarterly |
| Variable rate | 0.50% |
| Margin rate | 1.75% |