Variable Interest Entities

12 Months Ended

Dec. 31, 2022

Variable Interest Entity, Measure of Activity [Abstract]

Variable Interest Entities

VARIABLE INTEREST ENTITIES

The Company has evaluated all of its wholly and partially-owned entities, as well as entities with common ownership or other relationships, pursuant to ASC 810. A summary of the Company’s consolidation policy is provided in Note 3. The Company has concluded that Bulk Pangaea, Bulk Trident, Bulk Phoenix, Bulk Freedom, Bulk Pride, Bulk PODS, Bulk Spirit, Bulk Independence, Bulk Friendship, Bulk Courageous, Bulk Valor, Bulk Promise, Phoenix Bulk 25, Bulk Sachuest, NBH, Long Wharf, NBHC, BVH, NBP, FVL, VBC, and VNLN are the VIEs at December 31, 2022. The Company has concluded that Bulk Pangaea, Bulk Trident, Bulk Phoenix, Bulk Freedom, Bulk Pride, Bulk PODS, Bulk Spirit, Bulk Independence, Bulk Friendship, Bulk Courageous, Bulk Valor, Bulk Promise, Phoenix Bulk 25, NBH, Long Wharf, NBHC, BVH, NBP, FVL, VBC, and VNLN are the VIEs at December 31, 2021. We consolidate a VIE when we have a variable interest in an entity for which we are the primary beneficiary such that we have (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE. The results of operations and financial position of these VIEs are included in our consolidated financial statements.

The aggregate carrying values of the VIEs’ assets and liabilities, after elimination of any intercompany transactions and balances, in the consolidated balance sheets were as follows:

(Dollars in millions, figures may not foot due to rounding)	December 31, 2022
	Ship-owning (1)		NBHC		NBC		Long Wharf		VLNL		NBP
Total assets	$	116.6	$	128.1	$	62.3	$	1.9	$	0.5	$	152.0
Total liabilities	$	123.4	$	57.8	$	30.2	$	1.9	$	—	$	143.9
Total stockholders' (deficit)/equity	$	(6.8)	$	70.3	$	32.1	$	—	$	0.5	$	8.1
Non-controlling interest (2)	$	—	$	53.3	$	—	$	—	$	1.2	$	—

	December 31, 2021
(Dollars in millions, figures may not foot due to rounding)	Ship-owning (1)		NBHC		NBC		Long Wharf		VLNL		NBP
Total assets	$	129.4	$	123.9	$	72.9	$	1.9	$	0.9	$	161.2
Total liabilities	$	135.6	$	57.4	$	50.6	$	2.0	$	—	$	146.6
Total stockholders' (deficit)/equity	$	(6.2)	$	66.5	$	22.4	$	—	$	0.9	$	14.6
Non-controlling interest (2)	$	—	$	52.0	$	—	$	—	$	1.4	$	—

(1)Includes all wholly-owned subsidiaries, refer to Note 2 "Nature of Organization" for additional information.

(2)Non-controlling interest is held by third parties.