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Property and Equipment, net | 9 Months Ended
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Sep. 30, 2024
Property, Plant and Equipment [Abstract] |
Property and equipment, net | Property and equipment, net As of September 30, 2024 and December 31, 2023, the Company’s property and equipment, net consisted of the following (in thousands):
| September 30, 2024 |  |  | December 31, 2023 |
Vessels | $ | 2,529,873 |  |  | $ | 2,497,449 |
Finance lease right-of-use assets |  | 40,007 |  |  |  | 40,007 |
Other equipment |  | 24,530 |  |  |  | 23,807 |
Assets in progress |  | 60,131 |  |  |  | 93,341 |
Less accumulated depreciation |  | (1,068,946 | ) |  |  | (1,004,825 | )
Property and equipment, net | $ | 1,585,595 |  |  | $ | 1,649,779 |
For the three months ended September 30, 2024 and 2023, depreciation expense was $22.2 million and $32.3 million, respectively. For the nine months ended September 30, 2024 and 2023, depreciation expense was $73.7 million and $86.5 million, respectively. Newbuild FSRU In October 2022, Excelerate entered into a shipbuilding contract (“the Newbuild Agreement”) with HD Hyundai Heavy Industries Co., Ltd. to construct a 170,000 m3 FSRU. Our milestone payments are due in installments with the final installment due concurrently with the delivery of the vessel, which is expected in 2026. In the fourth quarter of 2024, we made a milestone payment of approximately $50 million. Our near-term payment commitments related to the Newbuild Agreement are expected to be approximately $30 million in the first quarter of 2025 and $20 million in the second quarter of 2025, with the remainder due beyond the next twelve months.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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