New Fortress Energy Inc.NFE
New Fortress Energy Inc. Goodwill & Intangibles Disclosure
18. Goodwill and intangible assets (As Restated)
Goodwill
The Company reviews the carrying values of goodwill at least annually to assess impairment, and the annual impairment assessment is conducted as of October 1st of each year. Additionally, the Company reviews the carrying value of goodwill whenever events or changes in circumstances indicate that its carrying amount may not be recoverable.
In the second quarter and the fourth quarter of 2025, the Company identified impairment triggering events due to the significant decline in the Company’s stock price and the sale of certain vessels to Energos as discussed in Note 16, respectively. Using level 3 inputs, the Company performed a quantitative assessment of the relevant reporting units using the income approach, specifically a discounted cash flow method. This method required the Company to apply significant assumptions and unobservable inputs, including projected EBITDA, weighted average cost of capital (“WACC”) (and estimates included in the WACC) and terminal growth rate. Based on the impairment assessments, the Company recorded an impairment charge during the quarter ended June 30, 2025 in the Terminals and Infrastructure reporting unit primarily as a result of (i) the significant increase in the WACC which reflected a higher company specific risk premium, and (ii) a reduction in forecasted cash flows following changes in customer revenue projections and the timing of completion of development projects. The Company recorded an impairment charge during the quarter ended December 31, 2025 in the Ships reporting unit primarily as a result of a reduction in forecasted cash flows following the sale of certain vessels.
Below is a summary of the changes in the carrying value of goodwill by reportable segment for the year ended December 31, 2025 and 2024:
| Terminals and Infrastructure | Ships | Total | |||||||||||||||
| Balance at December 31, 2023 (As Restated) | $ | 777,202 | $ | 15,938 | $ | 793,140 | |||||||||||
Divestitures (1) | (10,410) | — | (10,410) | ||||||||||||||
| Balance at December 31, 2024 (As Restated) | $ | 766,792 | $ | 15,938 | $ | 782,730 | |||||||||||
Divestitures (2) | (184,620) | — | (184,620) | ||||||||||||||
| Impairment losses | (582,172) | (15,938) | (598,110) | ||||||||||||||
| Balance at December 31, 2025 | $ | — | $ | — | $ | — | |||||||||||
(1) The Company allocated $10,410 of goodwill from the Terminal and Infrastructure reporting unit to the sale of the Miami Facility disposal group during the year ended December 31, 2024 on a relative fair value basis.
(2) The Company allocated $184,620 of goodwill from the Terminals and Infrastructure reporting unit to the sale of the Jamaica Business during the year ended December 31, 2025 on a relative fair value basis (See Note 6).
Intangible assets
The following tables summarize the composition of intangible assets as of December 31, 2025 and 2024:
| December 31, 2025 | |||||||||||||||||||||||||||||
| Gross Carrying Amount | Accumulated Amortization | Currency Translation Adjustment | Net Carrying Amount | Weighted Average Life | |||||||||||||||||||||||||
| Definite-lived intangible assets | |||||||||||||||||||||||||||||
| Acquired capacity reserve contract | $ | 162,045 | $ | (15,146) | $ | (14,908) | $ | 131,991 | 17 | ||||||||||||||||||||
| Permits and development rights | 61,894 | (9,572) | 1,574 | 53,896 | 34 | ||||||||||||||||||||||||
| Easements | 660 | (198) | — | 462 | 30 | ||||||||||||||||||||||||
| Indefinite-lived intangible assets | |||||||||||||||||||||||||||||
| Easements | 1,191 | — | 56 | 1,247 | n/a | ||||||||||||||||||||||||
| Total intangible assets | $ | 225,790 | $ | (24,916) | $ | (13,278) | $ | 187,596 | |||||||||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||||||||
| Gross Carrying Amount | Accumulated Amortization | Currency Translation Adjustment | Net Carrying Amount | Weighted Average Life | |||||||||||||||||||||||||
| Definite-lived intangible assets | |||||||||||||||||||||||||||||
| Acquired capacity reserve contract | $ | 162,045 | $ | (5,942) | $ | (31,301) | $ | 124,802 | 17 | ||||||||||||||||||||
| Favorable vessel charter contracts | 17,700 | (14,942) | — | 2,758 | 4 | ||||||||||||||||||||||||
| Permits and development rights | 61,894 | (6,417) | (5,793) | 49,684 | 34 | ||||||||||||||||||||||||
| Easements | 1,555 | (392) | — | 1,163 | 30 | ||||||||||||||||||||||||
| Indefinite-lived intangible assets | |||||||||||||||||||||||||||||
| Easements | 1,191 | — | (88) | 1,103 | n/a | ||||||||||||||||||||||||
| Total intangible assets | $ | 244,385 | $ | (27,693) | $ | (37,182) | $ | 179,510 | |||||||||||||||||||||
As of December 31, 2025 and 2024, the weighted-average remaining amortization periods for the intangible assets were 19.1 and 19.7 years, respectively. Amortization expense for the years ended December 31, 2025, 2024, and 2023 was $13,456, $9,004, and $953, respectively, which were inclusive of reductions in expense for the amortization of unfavorable contract liabilities.
In the third quarter of 2023, An Bord Pleanála (“ABP”), Ireland’s planning commission, denied our application for the development of an LNG terminal and power plant. We challenged this decision, and in September 2024, the High Court of Ireland ruled that the ABP did not have appropriate grounds for the denial of our permit. In March 2025, ABP withdrew their appeal to the September 2024 decision of the High Court of Ireland. ABP is now reconsidering our planning application in accordance with Irish Law. Further, in March 2025, An Coimisiún Pleanála (previously ABP) granted the Company’s application to construct a 600 MW power plant and a separate application to construct the 220 kV electricity interconnect. The Company is able to fuel this power plant via the LNG marine import terminal, if approved, or using gas provided from the Company’s permitted pipeline interconnection. The continued development of this project is uncertain and there are multiple risks, including regulatory risks, which could preclude the development of this project; however, management continues to assess all options in respect of future developments for the land held. As of December 31, 2025
and 2024, the net book value of permits, development rights and other easements to be used in the development of the Company’s development project in Shannon, Ireland was $37,288 and $34,053, respectively.
The estimated aggregate amortization expense for each of the next five years is:
| Year ended December 31: | |||||
| 2026 | $ | 10,713 | |||
| 2027 | 10,713 | ||||
| 2028 | 10,713 | ||||
| 2029 | 10,713 | ||||
| 2030 | 10,713 | ||||
| Thereafter | 132,784 | ||||
| Total | $ | 186,349 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Apr 13, 2026 | Showing above |
| 2024 | Mar 10, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 16, 2021 | |
| 2019 | Mar 4, 2020 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.