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JOINT VENTURE (Tables) | 3 Months Ended
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Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Interest in Variable Interest Entity and Maximum Exposure | The table below summarizes the Company’s interest in Nautilus and the Company’s maximum exposure to loss as a result of its involvement with the VIE as of March 31, 2024 (in thousands, except for percentages):
Entity |  | % Ownership |  | Initial Investment |  | Additional Investment, Net |  | Net loss Inception to Date |  | Company’s Variable Interest in Entity |  | Commitment to Future Additional Contributions (1) |  | Company’s Maximum Exposure to Loss in Entity (2)
Nautilus |  | 25.0 | % |  | $ | 18,000 |  |  | $ | 95,131 |  |  | $ | 21,265 |  |  | $ | 91,866 |  |  | $ | — |  |  | $ | 91,866 |
(1)The Members may mutually agree on changes to the Nautilus facility, which could increase the amount of contributions the Company is required to provide. The Members may seek alternate financing for the Nautilus facility, which could reduce the amount of investments each Member may be required to provide. (2)The maximum exposure at March 31, 2024 is determined by adding the Company’s variable interest in the entity and any explicit or implicit arrangements that could require the Company to provide additional financial support. The amount represents the contractually required capital contributions of the Company which were required for the initial phase of the Nautilus facility buildout.
Equity Method Investments | The condensed results of operations for the three months ended March 31, 2024 and 2023 and the condensed financial position as of March 31, 2024 and December 31, 2023 of Nautilus are summarized below (in thousands):
| Three Months Ended March 31, (1)
| 2024 |  | 2023
Condensed statement of operations information: |  |  |
Revenue | $ | 41,740 |  |  | $ | 9,106 |
Operating expense | 26,322 |  |  | 12,137 |
Net income (loss) | $ | 15,418 |  |  | $ | (3,031) |
| March 31, 2024 (1) |  | December 31, 2023 (1)
Condensed balance sheet information: |  |  |
Current assets | $ | 12,560 |  |  | $ | 12,406 |
Noncurrent assets | 158,946 |  |  | 171,245 |
Total assets | $ | 171,506 |  |  | $ | 183,651 |
Current liabilities | $ | 13,289 |  |  | $ | 13,149 |
Noncurrent liabilities | 29,755 |  |  | 29,493 |
Equity | 128,462 |  |  | 141,009 |
Total liabilities and equity | $ | 171,506 |  |  | $ | 183,651 |
(1)The condensed statements of operations information for the three months ended March 31, 2024 and 2023 and the condensed balance sheet information as of March 31, 2024 and December 31, 2023 reflect the impact of the Talen-estimated fair value measurements of Nautilus which, resulting from the application of ASC 805, Business Combinations, have been pushed down to the books and records of Nautilus by Talen, as discussed above. The Company’s basis in the assets and liabilities of Nautilus continue to be recorded at historical value on the accompanying consolidated balance sheets.

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 + Details
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- Definition Tabular disclosure of interest in a joint venture and maximum exposure to loss as a result of its involvement with the variable interest entity (VIE). + References No definition available. + Details
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