Variable Interest Entity

3 Months Ended

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