Variable Interest Entity

12 Months Ended

Dec. 31, 2023

Variable Interest Entity, Measure of Activity [Abstract]

Variable Interest Entity

Note 11 — 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 Rio Grande. 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 and its subsidiaries only and exclude intercompany balances between Intermediate Holdings and NextDecade, which are eliminated in the Consolidated Financial Statements of NextDecade.

	December 31,
	2023		2022
Assets
Current assets
Cash	$	256,237	$	—
Current derivative asset	17,958		—
Prepaid expenses and other current assets	108		24
Total current assets	274,303		24
Property, plant and equipment, net	2,428,583		194,289
Operating lease right-of-use assets, net	157,053		—
Debt issuance costs, net of amortization	389,695		—
Non-current derivative assets	—		—
Other non-current assets	9,374		28,187
Total assets	$	3,259,008	$	222,500
Liabilities
Current liabilities
Accounts payable	$	238,582	$	108
Accrued liabilities and other current liabilities	288,779		15,457
Current operating lease liabilities	2,554		—
Total current liabilities	529,915		15,565
Non-current operating lease liabilities	131,901		—
Non-current derivative liability	66,899		—
Non-current debt, net of unamortized debt issuance costs	1,816,301		—
Total liabilities	$	2,545,016	$	15,565