Revenue (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of company revenue

The following table presents the Company’s revenue for the three months ended March 31, 2024 and 2023 (in thousands):

	For the three months ended March 31,
	2024		2023
Revenue from leases	$	137,910	$	102,966
Revenue from contracts with customers
Time charter, regasification and other services		19,084		15,611
Gas sales		43,119		92,479
Total revenue	$	200,113	$	211,056

As a result of the Company’s adoption of the ASC 842 practical expedient discussed in Note 2 – Summary of significant accounting policies, $21.4 million in the three months ended March 31, 2023, was reclassified from Time charter, regasification and other services to Revenue from leases to conform with the current period presentation.

Schedule of revenue from leases

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 three months ended March 31, 2024 and 2023 consists of the following (in thousands):

	For the three months ended March 31,
	2024		2023
Operating lease income	$	122,876	$	84,976
Sales-type lease income		15,034		17,990
Total revenue from leases	$	137,910	$	102,966

Schedule of leased property and equipment

The following represents the amount of property and equipment that is leased to customers as of March 31, 2024 and December 31, 2023 (in thousands):

	March 31, 2024			December 31, 2023
Property and equipment	$	2,460,504		$	2,184,347
Accumulated depreciation		(950,849	)		(929,141	)
Property and equipment, net	$	1,509,655		$	1,255,206

Schedule of minimum future revenue

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 is not included as the duration of each contract is less than a year. As of March 31, 2024, 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
Remainder of 2024	$	66,009		$	332,850
2025		87,612			379,700
2026		87,612			354,327
2027		87,612			363,280
2028		80,848			291,975
Thereafter		411,507			1,031,014
Total undiscounted	$	821,200		$	2,753,146
Less: imputed interest		(424,982	)
Net investment in sales-type leases		396,218
Less: current portion		(18,034	)
Non-current net investment in sales-type leases	$	378,184

Schedule of disaggregated revenues

The following tables show disaggregated revenues from customers attributable to the region in which the party to the applicable agreement has its principal place of business (in thousands):

	For the three months ended March 31, 2024
			Revenue from contracts with customers
	Revenue from		TCP, Regas		Gas		Total
	leases		and other		sales		revenue
Asia Pacific	$	15,034	$	14,781	$	41,455	$	71,270
Latin America		55,801		—		—		55,801
Middle East (1)		39,816		—		—		39,816
Europe		27,259		—		—		27,259
Other		—		4,303		1,664		5,967
Total revenue	$	137,910	$	19,084	$	43,119	$	200,113

	For the three months ended March 31, 2023
			Revenue from contracts with customers
	Revenue from		TCP, Regas		Gas		Total
	leases		and other		sales		revenue
Asia Pacific	$	17,991	$	10,666	$	—	$	28,657
Latin America		30,055		—		70,253		100,308
Middle East (1)		36,107		—		—		36,107
Europe		18,813		—		22,226		41,039
Other		—		4,945		—		4,945
Total revenue	$	102,966	$	15,611	$	92,479	$	211,056

(1)Includes Pakistan and the UAE.

Schedule of changes in long-term contract liabilities

The following table reflects the changes in our liabilities related to long-term contracts with customers as of March 31, 2024 (in thousands):

	March 31, 2024
Deferred revenues, beginning of period	$	56,267
Cash received but not yet recognized		20,986
Revenue recognized from prior period deferral		(28,378	)
Deferred revenues, end of period	$	48,875

Schedule of expected recognized revenue from contracts

The Company expects to recognize revenue from contracts exceeding one year over the following time periods (in thousands):

Remainder of 2024	$	32,515
2025		43,157
2026		499,054
2027		484,105
2028		560,739
Thereafter		6,254,817
Total expected revenue	$	7,874,387