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Variable Interest Entity | 3 Months Ended
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Mar. 31, 2024
Variable Interest Entity, Measure of Activity [Abstract] |
Variable Interest Entity | Variable Interest Entity Intermediate Holdings and its wholly owned subsidiaries, including Rio Grande, have been formed to undertake Phase 1 of the construction and operation of the Rio Grande LNG Facility. The Company is not obligated to fund losses of Intermediate Holdings, however, the Company's capital account, which would be considered in allocating the net assets of Intermediate Holdings were it to be liquidated, continues to share in losses of Intermediate Holdings. Further, Rio Grande has granted the Company decision-making rights regarding the construction of Phase 1 of the Rio Grande LNG Facility and key aspects of its operation, which may only be terminated by equity holders for cause, via agreements with NextDecade LLC. Due to the foregoing, the Company determined that it holds a variable interest in Rio Grande through Intermediate Holdings and is its primary beneficiary, and therefore consolidates Intermediate Holdings in these Consolidated Financial Statements. The following table presents the summarized assets and liabilities (in thousands) of Intermediate Holdings, which are included in the Company's Consolidated Balance Sheets. The assets in the table below may only be used to settle the obligations of Intermediate Holdings. In addition, there is no recourse to us for the consolidated VIE’s liabilities. The assets and liabilities in the table below include assets and liabilities of Intermediate Holdings only and exclude intercompany balances between Intermediate Holdings and NextDecade, which are eliminated in the Consolidated Financial Statements of NextDecade.
| March 31, 2024 |  | December 31, 2023
Assets |  |  |
Current assets |  |  |
Cash | $ | 205,644 |  |  | $ | 256,237 |
Derivatives | 29,327 |  |  | 17,958 |
Prepaid expenses and other current assets | 77 |  |  | 108 |
Total current assets | 235,048 |  |  | 274,303 |
Property, plant and equipment, net | 3,147,946 |  |  | 2,428,583 |
Operating lease right-of-use assets, net | 156,218 |  |  | 157,053 |
Debt issuance costs | 370,064 |  |  | 389,695 |
Derivatives | 175,699 |  |  | — |
Other non-current assets | 15,407 |  |  | 9,374 |
Total assets | $ | 4,100,382 |  |  | $ | 3,259,008 |
Liabilities |  |  |
Current liabilities |  |  |
Accounts payable | $ | 171,667 |  |  | $ | 238,582 |
Accrued liabilities and other current liabilities | 314,464 |  |  | 288,779 |
Operating lease | 2,577 |  |  | 2,554 |
Total current liabilities | 488,708 |  |  | 529,915 |
Operating lease | 131,248 |  |  | 131,901 |
Non-current derivative liability | — |  |  | 66,899 |
Debt, net | 2,368,124 |  |  | 1,816,301 |
Total liabilities | $ | 2,988,080 |  |  | $ | 2,545,016 |

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//810/tableOfContent + Details
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- References No definition available. + Details
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