XML 32 R22.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Revenue | 6 Months Ended
--- | ---
Jun. 30, 2022
Revenue from Contract with Customer [Abstract] |
Revenue | 15. Revenue The following table presents the Company’s revenue for the three and six months ended June 30, 2022 and 2021 (in thousands):
| For the three months ended June 30, |  |  | For the six months ended June 30, |
| 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Revenue from leases | $ | 81,895 |  |  | $ | 85,322 |  |  | $ | 155,957 |  |  | $ | 180,467 |
Revenue from contracts with customers |  |  |  |  |  |  |  |  |  |  |
Time charter, regasification and other services |  | 28,177 |  |  |  | 24,536 |  |  |  | 51,707 |  |  |  | 55,254 |
Gas sales |  | 512,857 |  |  |  | 82,940 |  |  |  | 1,006,938 |  |  |  | 121,890 |
Total revenue | $ | 622,929 |  |  | $ | 192,798 |  |  | $ | 1,214,602 |  |  | $ | 357,611 |
Lease revenue The Company’s time charter contracts are accounted for as operating or sales-type leases. The Company's revenue from leases is presented within revenues in the consolidated statements of income and for the three and six months ended June 30, 2022 and 2021 consists of the following (in thousands):
| For the three months ended June 30, |  |  | For the six months ended June 30, |
| 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Operating lease income | $ | 63,027 |  |  | $ | 65,968 |  |  | $ | 118,301 |  |  | $ | 141,866 |
Sales-type lease income |  | 18,868 |  |  |  | 19,354 |  |  |  | 37,656 |  |  |  | 38,601 |
Total revenue from leases | $ | 81,895 |  |  | $ | 85,322 |  |  | $ | 155,957 |  |  | $ | 180,467 |
Sales-type leases Sales-type lease income is interest income that is presented within lease revenues on the consolidated statements of income. The Company leased two vessels and a terminal under sales-type leases as it is reasonably certain that the ownership of these assets will transfer to the customer at the end of the term. For the three and six months ended June 30, 2022, the Company recorded lease income from the net investment in the leases within revenue from lease contra cts of $18.9 million and $37.7 million, respect ively, compared to $19.4 million and $38.6 million for the three and six months ended June 30 2021, respectively. Operating leases Revenue from time charter contracts accounted for as operating leases is recognized by the Company on a straight-line basis over the term of the contract. As of June 30, 2022, the Company is the lessor to long-term time charter agreements with customers on six of its vessels. The following represents the amount of property and equipment that is leased to customers as of June 30, 2022 and December 31, 2021 (in thousands):
| June 30, 2022 |  |  | December 31, 2021 |
Property and equipment | $ | 1,804,721 |  |  | $ | 1,899,892 |
Accumulated depreciation |  | (663,415 | ) |  |  | (766,642 | )
Property and equipment, net | $ | 1,141,306 |  |  | $ | 1,133,250 |
The future minimum revenues presented in the table below should not be construed to reflect total charter hire revenues for any of the years presented. Minimum future revenues included below are based on the fixed components and do not include variable or contingent revenue. Additionally, revenue generated from short-term charters are not included as the duration of the contracts are less than a year. As of June 30, 2022, the minimum contractual future revenues to be received under the time charters during the next five years and thereafter are as follows (in thousands):
Year | Sales-type |  |  | Operating |
Remainder of 2022 | $ | 44,167 |  |  | $ | 128,305 |
2023 |  | 80,449 |  |  |  | 167,190 |
2024 |  | 84,214 |  |  |  | 132,753 |
2025 |  | 87,612 |  |  |  | 121,510 |
2026 |  | 87,612 |  |  |  | 93,327 |
Thereafter |  | 579,486 |  |  |  | 509,322 |
Total undiscounted | $ | 963,540 |  |  | $ | 1,152,407 |
Less: imputed interest |  | (544,197 | ) |  |  |
Net investment in sales-type leases |  | 419,343 |  |  |  |
Less: current portion |  | (12,200 | ) |  |  |
Non-current net investment in sales-type leases | $ | 407,143 |  |  |  |
Revenue from contracts with customers The following table shows disaggregated revenues from customers attributable to the country in which the revenues were derived (in thousands). Revenues from external customers are attributed to the country in which the party to the applicable agreement has its principal place of business.
| For the three months ended June 30, 2022 |
|  |  |  | Revenue from contracts with customers |  |  |  |
| Revenue from |  |  | TCP, Regas |  |  | Gas |  |  | Total |
| leases |  |  | and other |  |  | sales |  |  | revenue |
Bangladesh | $ | 18,626 |  |  | $ | 9,453 |  |  | $ | — |  |  | $ | 28,079 |
UAE |  | 16,253 |  |  |  | 5,380 |  |  |  | — |  |  |  | 21,633 |
Pakistan |  | 11,003 |  |  |  | 2,853 |  |  |  | — |  |  |  | 13,856 |
Argentina |  | 13,391 |  |  |  | 5,870 |  |  |  | — |  |  |  | 19,261 |
Brazil |  | 13,051 |  |  |  | 1,873 |  |  |  | 512,857 |  |  |  | 527,781 |
Israel |  | 9,571 |  |  |  | 1,459 |  |  |  | — |  |  |  | 11,030 |
United States |  | — |  |  |  | 1,259 |  |  |  | — |  |  |  | 1,259 |
Other |  | — |  |  |  | 30 |  |  |  | — |  |  |  | 30 |
Total revenue | $ | 81,895 |  |  | $ | 28,177 |  |  | $ | 512,857 |  |  | $ | 622,929 |
| For the three months ended June 30, 2021 |
|  |  |  | Revenue from contracts with customers |  |  |  |
| Revenue from |  |  | TCP, Regas |  |  | Gas |  |  | Total |
| leases |  |  | and other |  |  | sales |  |  | revenue |
Bangladesh | $ | 19,355 |  |  | $ | 8,515 |  |  | $ | 82,940 |  |  | $ | 110,810 |
UAE |  | 17,990 |  |  |  | 3,773 |  |  |  | — |  |  |  | 21,763 |
Pakistan |  | 11,018 |  |  |  | 2,424 |  |  |  | — |  |  |  | 13,442 |
Argentina |  | 12,833 |  |  |  | 4,638 |  |  |  | — |  |  |  | 17,471 |
Brazil |  | 12,265 |  |  |  | 1,824 |  |  |  | — |  |  |  | 14,089 |
Israel |  | 9,494 |  |  |  | 1,744 |  |  |  | — |  |  |  | 11,238 |
United States |  | — |  |  |  | 982 |  |  |  | — |  |  |  | 982 |
Other |  | 2,367 |  |  |  | 636 |  |  |  | — |  |  |  | 3,003 |
Total revenue | $ | 85,322 |  |  | $ | 24,536 |  |  | $ | 82,940 |  |  | $ | 192,798 |
| For the six months ended June 30, 2022 |
|  |  |  | Revenue from contracts with customers |  |  |  |
| Revenue from |  |  | TCP, Regas |  |  | Gas |  |  | Total |
| leases |  |  | and other |  |  | sales |  |  | revenue |
Bangladesh | $ | 37,414 |  |  | $ | 18,728 |  |  | $ | — |  |  | $ | 56,142 |
UAE |  | 28,991 |  |  |  | 8,262 |  |  |  | — |  |  |  | 37,253 |
Pakistan |  | 21,885 |  |  |  | 5,337 |  |  |  | — |  |  |  | 27,222 |
Argentina |  | 22,766 |  |  |  | 10,022 |  |  |  | — |  |  |  | 32,788 |
Brazil |  | 25,958 |  |  |  | 3,534 |  |  |  | 932,839 |  |  |  | 962,331 |
Israel |  | 18,943 |  |  |  | 3,113 |  |  |  | — |  |  |  | 22,056 |
United States |  | — |  |  |  | 2,358 |  |  |  | 74,099 |  |  |  | 76,457 |
Other |  | — |  |  |  | 353 |  |  |  | — |  |  |  | 353 |
Total revenue | $ | 155,957 |  |  | $ | 51,707 |  |  | $ | 1,006,938 |  |  | $ | 1,214,602 |
| For the six months ended June 30, 2021 |
|  |  |  | Revenue from contracts with customers |  |  |  |
| Revenue from |  |  | TCP, Regas |  |  | Gas |  |  | Total |
| leases |  |  | and other |  |  | sales |  |  | revenue |
Bangladesh | $ | 38,602 |  |  | $ | 17,817 |  |  | $ | 82,940 |  |  | $ | 139,359 |
UAE |  | 32,291 |  |  |  | 7,338 |  |  |  | — |  |  |  | 39,629 |
Pakistan |  | 21,900 |  |  |  | 5,135 |  |  |  | — |  |  |  | 27,035 |
Argentina |  | 22,261 |  |  |  | 8,349 |  |  |  | — |  |  |  | 30,610 |
Brazil |  | 24,395 |  |  |  | 3,389 |  |  |  | — |  |  |  | 27,784 |
Israel |  | 18,884 |  |  |  | 3,220 |  |  |  | — |  |  |  | 22,104 |
United States |  | 9,100 |  |  |  | 5,729 |  |  |  | — |  |  |  | 14,829 |
China |  | — |  |  |  | — |  |  |  | 38,950 |  |  |  | 38,950 |
Other |  | 13,034 |  |  |  | 4,277 |  |  |  | — |  |  |  | 17,311 |
Total revenue | $ | 180,467 |  |  | $ | 55,254 |  |  | $ | 121,890 |  |  | $ | 357,611 |
Assets and liabilities related to contracts with customers Under most gas sales contracts, invoicing occurs once the Company’s performance obligations have been satisfied, at which point payment is unconditional. Invoicing for TCP, regas and other services, invoicing timing varies and occurs according to the contract. As of June 30, 2022, and December 31, 2021, receivables from contracts with customers associated with revenue from services was $175.2 million an d $232.5 million, respectively. These amounts are presented within accounts receivable, net on the consolidated balance sheets. In addition, revenue for services recognized in excess of the invoiced amounts, or accrued revenue, outstanding at June 30, 2022 and December 31, 2 021, was $9.2 million and $12.8 million, respectively. Accrued revenue represents current contract asset that will turn into accounts receivable within the next 12 months and be collected during the Company’s normal business operating cycle. Accrued revenue is presented in accounts receivable, net on the consolidated balance sheets. Other items included in accounts receivable, net represent receivables associated with leases which are accounted for in accordance with the leasing standard. There were no impairment losses for trade receivables for lease or time charter services or contract assets for the six months ended June 30, 2022, and 2021. Contract liabilities from advance payments in excess of revenue recognized from services as of June 30, 2022 and December 31, 2021 were $1.5 million and $1.5 million, respectively. The performance obligations are expected to be satisfied during the next 12 months, and the contract liabilities are classified within current portion of deferred revenue on the consolidated balance sheets. The remaining portion of current deferred revenue relates to the lease component of the Company’s time charter contracts which are accounted for in accordance with the leasing standard. Noncurrent deferred revenue presented in other long-term liabilities on the consolidated balance sheets represents payments allocated to the Company’s performance obligation for drydocking services within time charter contracts in which the lease component is accounted for as a sales-type lease. Revenue will be recognized once the performance obligation is complete and occurs every five years. The following table reflects the changes in our long-term contract liabilities to customers, as of June 30, 2022 and December 31, 2021 (in thousands):
| June 30, 2022 |  |  | December 31, 2021 |
Deferred revenues, beginning of period | $ | 14,451 |  |  | $ | 9,569 |
Cash received but not yet recognized |  | 2,536 |  |  |  | 4,882 |
Deferred revenues, end of period | $ | 16,987 |  |  | $ | 14,451 |
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 long-term arrangements with customers in which the Company provides regasification and other services as part of time charter party contracts. The price under these agreements is typically stated in contracts. The fixed transaction price allocated to the remaining performance obligations under these arrangements is $413.1 million as of June 30, 2022. The Company expects to recognize revenue from contracts exceeding one year over the following time periods (in thousands):
2022 | $ | 23,953 |
2023 |  | 43,558 |
2024 |  | 44,845 |
2025 |  | 44,071 |
2026 |  | 44,071 |
Thereafter |  | 212,595 |
| $ | 413,093 |

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration