Revenue

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue

16.Revenue

The following table presents the Company’s revenue for the years ended December 31, 2022, 2021 and 2020 (in thousands):

	For the years ended December 31,
	2022		2021		2020
Revenue from leases	$	327,738	$	347,643	$	325,413
Revenue from contracts with customers
Time charter, regasification and other services		117,419		120,387		105,430
Gas sales		2,027,816		420,525		—
Total revenue	$	2,472,973	$	888,555	$	430,843

Lease revenue

The Company’s time charter contracts are accounted for as operating or sales-type leases. The Company's revenue from leases is presented within revenues in the consolidated statements of income and for the years ended December 31, 2022, 2021 and 2020 consists of the following (in thousands):

	For the years ended December 31,
	2022		2021		2020
Operating lease income	$	252,350	$	270,197	$	246,338
Sales-type lease income		75,388		77,446		79,075
Total revenue from leases	$	327,738	$	347,643	$	325,413

Sales-type leases

Sales-type lease income is interest income that is presented within lease revenues on the consolidated statements of income. The Company leased two vessels and a terminal under sales-type leases as it is reasonably certain that the ownership of these assets will transfer to the customer at the end of the term. For the years ended December 31, 2022, 2021 and 2020, the Company recorded lease income from the net investment in the leases within revenue from lease contracts of $75.4 million, $77.4 million and $79.1 million, respectively.

Operating leases

Revenue from time charter contracts accounted for as operating leases is recognized by the Company on a straight-line basis over the term of the contract. As of December 31, 2022, the Company is the lessor to long-term time charter agreements with customers on

six of its vessels. The following represents the amount of property and equipment that is leased to customers as of December 31, 2022 and December 31, 2021 (in thousands):

	December 31, 2022			December 31, 2021
Property and equipment	$	2,034,183		$	1,899,892
Accumulated depreciation		(823,942	)		(766,642	)
Property and equipment, net	$	1,210,241		$	1,133,250

The future minimum revenues presented in the table below should not be construed to reflect total charter hire revenues for any of the years presented. Minimum future revenues included below are based on the fixed components and do not include variable or contingent revenue. Additionally, revenue generated from short-term charters are not included as the duration of the contracts are less than a year. As of December 31, 2022, 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
2023		80,449			229,078
2024		84,214			174,342
2025		87,612			162,986
2026		87,612			116,015
2027		87,612			82,456
Thereafter		491,875			280,716
Total undiscounted	$	919,374		$	1,045,593
Less: imputed interest		(506,466	)
Net investment in sales-type leases		412,908
Less: current portion		(13,344	)
Non-current net investment in sales-type leases	$	399,564

Revenue from contracts with customers

The following tables show disaggregated revenues from customers attributable to the country in which the revenues were derived (in thousands). Revenues from external customers are attributed to the country in which the party to the applicable agreement has its principal place of business.

	For the year ended December 31, 2022
			Revenue from contracts with customers
	Revenue from		TCP, Regas		Gas		Total
	leases		and other		sales		revenue
Brazil	$	52,130	$	7,484	$	1,933,448	$	1,993,062
Bangladesh		75,142		40,099		—		115,241
UAE		62,516		19,137		—		81,653
United States		—		7,238		74,099		81,337
Argentina		47,584		22,919		—		70,503
Pakistan		44,132		11,091		—		55,223
Israel		36,574		6,533		—		43,107
Finland		9,660		2,425		20,269		32,354
Other		—		493		—		493
Total revenue	$	327,738	$	117,419	$	2,027,816	$	2,472,973

	For the year ended December 31, 2021
			Revenue from contracts with customers
	Revenue from		TCP, Regas		Gas		Total
	leases		and other		sales		revenue
Brazil	$	50,964	$	6,714	$	222,878	$	280,556
Bangladesh		78,161		38,734		157,122		274,017
UAE		60,395		17,738		—		78,133
United States		—		8,377		733		9,110
Argentina		47,202		17,599		—		64,801
Pakistan		45,025		9,578		—		54,603
Israel		38,080		6,494		—		44,574
China		—		—		38,950		38,950
Other		27,816		15,153		842		43,811
Total revenue	$	347,643	$	120,387	$	420,525	$	888,555

	For the year ended December 31, 2020
			Revenue from contracts with customers
	Revenue from		TCP, Regas		Gas		Total
	leases		and other		sales		revenue
Brazil	$	42,451	$	5,850	$	—	$	48,301
Bangladesh		79,020		38,664		—		117,684
UAE		62,856		19,474		—		82,330
United States		—		4,075		—		4,075
Argentina		44,526		14,548		—		59,074
Pakistan		43,268		10,235		—		53,503
Israel		38,184		6,677		—		44,861
Other		15,108		5,907		—		21,015
Total revenue	$	325,413	$	105,430	$	—	$	430,843

Assets and liabilities related to contracts with customers

Under most gas sales contracts, invoicing occurs once the Company’s performance obligations have been satisfied, at which point payment is unconditional. Invoicing timing for time charter party (“TCP”), regasification and other services varies and occurs according to the contract. As of December 31, 2022, and December 31, 2021, receivables from contracts with customers associated with revenue from services was $14.9 million and $232.5 million, respectively. These amounts are presented within accounts receivable, net on the consolidated balance sheets. In addition, revenue for services recognized in excess of the invoiced amounts, or accrued revenue, outstanding at December 31, 2022 and December 31, 2021, was $5.3 million and $12.8 million, respectively. Accrued revenue represents current contract assets that will turn into accounts receivable within the next 12 months and be collected during the Company’s normal business operating cycle. Accrued revenue is presented in accounts receivable, net on the consolidated balance sheets. Other items included in accounts receivable, net represent receivables associated with leases, which are accounted for in accordance with the leasing standard. There were no write-downs of trade receivables for lease or time charter services or contract assets for the years ended December 31, 2022, 2021 and 2020.

Contract liabilities from advance payments in excess of revenue recognized from services as of December 31, 2022 and December 31, 2021 were $134.3 million and $1.5 million, respectively. If the performance obligations are expected to be satisfied during the next 12 months, the contract liabilities are classified within current portion of deferred revenue on the consolidated balance sheets. Amounts to be recognized in revenue after 12 months are recorded in long-term deferred revenue. The remaining portion of current deferred revenue relates to the lease component of the Company’s time charter contracts, which are accounted for in accordance with the leasing standard. Noncurrent deferred revenue presented in other long-term liabilities on the consolidated balance sheets represents payments allocated to the Company’s performance obligation for drydocking services within time charter contracts in which the lease component is accounted for as a sales-type lease. Revenue will be recognized once the performance obligation is complete and occurs every five years.

The following table reflects the changes in our liabilities related to long-term contracts with customers as of December 31, 2022 and December 31, 2021 (in thousands):

	December 31, 2022			December 31, 2021
Deferred revenues, beginning of period	$	24,104		$	22,940
Cash received but not yet recognized		1,436,903			1,029,435
Revenue recognized from prior period deferral		(1,283,253	)		(1,028,271	)
Deferred revenues, end of period	$	177,754		$	24,104

Some of the Company’s contracts are short-term in nature with a contract term of less than a year. The Company applied the optional exemption not to report any unfulfilled performance obligations related to these contracts.

The Company has long-term arrangements with customers in which the Company provides regasification and other services as part of time charter party contracts. The price under these agreements is typically stated in the contracts. The fixed transaction price allocated to the remaining performance obligations under these arrangements is $761.0 million as of December 31, 2022. The Company expects to recognize revenue from contracts exceeding one year over the following time periods (in thousands):

2023	$	100,181
2024		92,488
2025		78,006
2026		67,371
2027		62,470
Thereafter		360,509
	$	761,025