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Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of company revenue

The following table presents the Company’s revenue for the three and nine months ended September 30, 2024 and 2023 (in thousands):

	For the three months ended September 30,								For the nine months ended September 30,
	2024				2023				2024				2023
Revenue from leases	$	138,532			$	121,277			$	414,555			$	338,040
Revenue from contracts with customers
Time charter, regasification and other services		11,607				11,900				43,565				39,176
Gas sales		43,280				142,294				118,745				541,683
Total revenue	$	193,419			$	275,471			$	576,865			$	918,899

Schedule of revenue from leases

The Company’s revenue from leases is presented within revenues in the consolidated statements of income and for the three and nine months ended September 30, 2024 and 2023 consists of the following (in thousands):

	For the three months ended September 30,								For the nine months ended September 30,
	2024				2023				2024				2023
Operating lease income	$	120,900			$	102,948			$	364,241			$	283,718
Sales-type lease income		17,632				18,329				50,314				54,322
Total revenue from leases	$	138,532			$	121,277			$	414,555			$	338,040

Schedule of leased property and equipment

The following represents the amount of property and equipment that is leased to customers as of September 30, 2024 and December 31, 2023 (in thousands):

	September 30, 2024				December 31, 2023
Property and equipment	$	2,469,444			$	2,184,347
Accumulated depreciation		(986,195	)			(929,141	)
Property and equipment, net	$	1,483,249			$	1,255,206

Schedule of minimum future revenue

As of September 30, 2024, 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 2024	$	22,083			$	111,109
2025		87,612				421,213
2026		87,612				350,693
2027		87,612				346,339
2028		80,848				304,990
Thereafter		411,507				1,031,070
Total undiscounted	$	777,274			$	2,565,414
Less: imputed interest		(346,538	)
Net investment in sales-type leases		430,736
Less: current portion		(42,616	)
Non-current net investment in sales-type leases	$	388,120

Schedule of disaggregated revenues

The following tables show disaggregated revenues from customers attributable to the region in which the party to the applicable agreement has its principal place of business (in thousands):

	For the three months ended September 30, 2024
					Revenue from contracts with customers
	Revenue from				TCP, Regas				Gas				Total
	leases				and other				sales				revenue
Asia Pacific	$	17,672			$	10,290			$	43,280			$	71,242
Latin America		53,183				—				—				53,183
Middle East (1)		38,615				—				—				38,615
Europe		29,062				—				—				29,062
Other		—				1,317				—				1,317
Total revenue	$	138,532			$	11,607			$	43,280			$	193,419

	For the three months ended September 30, 2023
					Revenue from contracts with customers
	Revenue from				TCP, Regas				Gas				Total
	leases				and other				sales				revenue
Asia Pacific	$	18,329			$	10,661			$	88,890			$	117,880
Latin America		50,907				—				53,404				104,311
Middle East (1)		37,095				—				—				37,095
Europe		14,946				—				—				14,946
Other		—				1,239				—				1,239
Total revenue	$	121,277			$	11,900			$	142,294			$	275,471

	For the nine months ended September 30, 2024
					Revenue from contracts with customers
	Revenue from				TCP, Regas				Gas				Total
	leases				and other				sales				revenue
Asia Pacific	$	50,354			$	36,690			$	117,081			$	204,125
Latin America		161,849				—				—				161,849
Middle East (1)		117,514				—				—				117,514
Europe		84,838				—				—				84,838
Other		—				6,875				1,664				8,539
Total revenue	$	414,555			$	43,565			$	118,745			$	576,865

	For the nine months ended September 30, 2023
					Revenue from contracts with customers
	Revenue from				TCP, Regas				Gas				Total
	leases				and other				sales				revenue
Asia Pacific	$	54,321			$	31,751			$	169,823			$	255,895
Latin America		126,609				—				349,634				476,243
Middle East (1)		110,779				—				—				110,779
Europe		46,331				—				22,226				68,557
Other		—				7,425				—				7,425
Total revenue	$	338,040			$	39,176			$	541,683			$	918,899

(1)Includes Pakistan and the United Arab Emirates.

Schedule of changes in long-term contract liabilities

The following table reflects the changes in our liabilities related to long-term contracts with customers as of September 30, 2024 (in thousands):

	September 30, 2024
Deferred revenues, beginning of period	$	56,267
Cash received but not yet recognized		32,586
Revenue recognized from prior period deferral		(31,511	)
Deferred revenues, end of period	$	57,342

Schedule of expected recognized revenue from contracts

The Company expects to recognize revenue from contracts exceeding one year over the following time periods (in thousands):

Remainder of 2024	$	11,099
2025		228,465
2026		565,013
2027		553,614
2028		631,696
Thereafter		6,389,127
Total expected revenue	$	8,379,014

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Tabular disclosure of expected timing for satisfying remaining performance obligation.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(1)
-SubTopic 10
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

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