Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Audit Information [Abstract] | |
| Auditor Firm ID | 42 |
| Auditor Name | Ernst & Young LLP |
| Auditor Location | Tysons, Virginia |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Preferred Stock | ||
| Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
| Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
| Preferred stock, shares issued (in shares) | 0 | 0 |
| Preferred stock, shares outstanding (in shares) | 0 | 0 |
| Common Stock | ||
| Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
| Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
| Common stock, shares, outstanding (in shares) | 74,553,585 | 66,966,092 |
| Common stock, shares, issued (in shares) | 74,553,585 | 66,966,092 |
Consolidated Statements of Operations - USD ($) |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
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| Income Statement [Abstract] | |||||
| Net revenue | $ 1,177,853,000 | $ 1,094,276,000 | $ 1,041,678,000 | ||
| Operating costs and expenses: | |||||
| Cost of goods sold, excluding items below | 1,218,111,000 | 927,453,000 | 861,703,000 | ||
| Goodwill impairment | 103,928,000 | 0 | 0 | ||
| Impairment of assets | 66,150,000 | 0 | 0 | ||
| Loss on disposal of assets | 15,067,000 | 8,607,000 | 10,153,000 | ||
| Selling, general, administrative, and development expenses | 117,179,000 | 119,713,000 | 175,108,000 | ||
| Restructuring inclusive of related severance expenses | 19,842,000 | 0 | 0 | ||
| Executive separation | 0 | 20,813,000 | 0 | ||
| Depreciation and amortization | 145,446,000 | 113,177,000 | 91,966,000 | ||
| Total operating costs and expenses | 1,685,723,000 | 1,189,763,000 | 1,138,930,000 | ||
| Loss from operations | (507,870,000) | (95,487,000) | (97,252,000) | ||
| Other (expense) income: | |||||
| Interest expense | (102,677,000) | (62,013,000) | (56,497,000) | ||
| Interest expense on repurchase accounting | (79,310,000) | (9,572,000) | 0 | ||
| Total interest expense | (181,987,000) | (71,585,000) | (56,497,000) | ||
| Early retirement of debt obligation | 0 | 0 | (9,377,000) | ||
| Other income, net | 4,005,000 | 1,198,000 | 880,000 | ||
| Total other expense, net | (177,982,000) | (70,387,000) | (64,994,000) | ||
| Net loss before income taxes | (685,852,000) | (165,874,000) | (162,246,000) | ||
| Income tax expense | (42,000) | 2,494,000 | (16,975,000) | ||
| Net loss | (685,810,000) | (168,368,000) | (145,271,000) | ||
| Less net (income) loss attributable to noncontrolling interests | (184,000) | 61,000 | 23,202,000 | ||
| Net loss attributable to Enviva Inc. | $ (685,994,000) | $ (168,307,000) | $ (122,069,000) | ||
| Net loss per Enviva Inc. common share or unit: | |||||
| Basic (in dollars per share) | [1] | $ (9.64) | $ (2.59) | $ (4.76) | |
| Diluted (in dollars per share) | [1] | $ (9.64) | $ (2.59) | $ (4.76) | |
| Weighted-average number of common shares or units outstanding: | |||||
| Basic (in shares) | 71,236,000 | 66,312,000 | 25,632,000 | ||
| Diluted (in shares) | 71,236,000 | 66,312,000 | 25,632,000 | ||
| |||||
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Statement of Comprehensive Income [Abstract] | |||
| Net loss | $ (685,810) | $ (168,368) | $ (145,271) |
| Other comprehensive loss, net of tax of $0 | |||
| Currency translation adjustment | (30) | (102) | 37 |
| Total other comprehensive (loss) income | (30) | (102) | 37 |
| Total comprehensive loss | (685,840) | (168,470) | (145,234) |
| Less comprehensive (income) loss attributable to noncontrolling interests | (184) | 61 | 23,202 |
| Comprehensive loss attributable to Enviva Inc. | $ (686,024) | $ (168,409) | $ (122,032) |
Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Statement of Comprehensive Income [Abstract] | |||
| Other comprehensive loss, net of tax of $0 | $ 0 | $ 0 | $ 0 |
Consolidated Statement of Cash Flows - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Cash flows from operating activities: | |||
| Net loss | $ (685,810,000) | $ (168,368,000) | $ (145,271,000) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation and amortization | 166,112,000 | 113,177,000 | 92,919,000 |
| Goodwill impairment | 103,928,000 | 0 | 0 |
| Impairment of assets | 92,701,000 | 0 | 0 |
| Interest expense pursuant to repurchase accounting | 79,310,000 | 9,572,000 | 0 |
| Amortization of debt issuance costs, debt premium, and original issue discounts | 2,599,000 | 2,505,000 | 764,000 |
| Early retirement of debt obligation | 0 | 0 | 9,377,000 |
| Loss on disposal of assets | 15,403,000 | 8,607,000 | 10,153,000 |
| Deferred taxes | (231,000) | 2,074,000 | (21,629,000) |
| Non-cash equity-based compensation and other expense | 44,431,000 | 54,148,000 | 55,924,000 |
| Fair value changes in derivatives | 6,279,000 | 3,935,000 | 1,829,000 |
| Unrealized loss (gain) on foreign currency transactions, net | 928,000 | (234,000) | 22,000 |
| Change in operating assets and liabilities: | |||
| Accounts and other receivables | (40,347,000) | (63,343,000) | 24,088,000 |
| Prepaid expenses and other current and long-term assets | (24,931,000) | (25,534,000) | 1,723,000 |
| Inventories | (17,768,000) | 3,909,000 | (15,398,000) |
| Finished goods subject to repurchase accounting | 95,353,000 | (95,353,000) | 0 |
| Derivatives | 1,391,000 | (3,983,000) | (5,792,000) |
| Accounts payable, accrued liabilities, and other current liabilities | 16,226,000 | (21,896,000) | 50,797,000 |
| Customer liabilities | 64,991,000 | 101,629,000 | 0 |
| Related-party payables | 0 | 0 | (440,000) |
| Deferred revenue | 23,693,000 | 0 | (4,324,000) |
| Accrued interest | 11,734,000 | 7,694,000 | (11,241,000) |
| Other long-term liabilities | (21,788,000) | (17,306,000) | (10,111,000) |
| Net cash used in operating activities | (65,796,000) | (88,767,000) | 33,390,000 |
| Cash flows from investing activities: | |||
| Purchases of property, plant, and equipment | (301,300,000) | (217,847,000) | (332,322,000) |
| Payment for acquisition of a business | 0 | (5,000,000) | 0 |
| Net cash used in investing activities | (301,300,000) | (222,847,000) | (332,322,000) |
| Cash flows from financing activities: | |||
| Principal proceeds from Senior Secured Credit Facility | 1,244,546,000 | 780,000,000 | 1,025,000,000 |
| Principal payments on Senior Secured Credit Facility | (1,112,000,000) | (810,000,000) | (679,000,000) |
| Principal payments on Green Term Loan | 0 | 0 | (325,000,000) |
| Proceeds from debt issuance | 102,900,000 | 377,319,000 | 321,750,000 |
| Support Payments received | 9,821,000 | 23,839,000 | 15,446,000 |
| Proceeds from sale of finished goods subject to repurchase accounting | 37,194,000 | 102,341,000 | 0 |
| Payments for the purchase of finished goods subject to repurchase accounting | (8,939,000) | 0 | 0 |
| Proceeds from capital contribution of New Market Tax Credit financing | 0 | 12,763,000 | 0 |
| Principal payments on other long-term debt and finance lease obligations | (25,528,000) | (39,915,000) | (13,188,000) |
| Cash paid related to debt issuance costs and deferred offering costs | (1,780,000) | (6,931,000) | (9,401,000) |
| Proceeds from issuance of Enviva Inc. common shares, net | 0 | 332,725,000 | 214,501,000 |
| Proceeds from issuance of Series A Preferred Stock, net, which was converted into common stock | 247,900,000 | 0 | 0 |
| Payments for acquisition of noncontrolling interests | 0 | 0 | (153,348,000) |
| Principal payments on related-party note payable | 0 | 0 | (20,000,000) |
| Cash dividends or distributions and equivalent rights | (57,104,000) | (211,061,000) | (116,006,000) |
| Payments for withholding tax associated with Long-Term Incentive Plan vesting | (16,765,000) | (16,907,000) | (10,979,000) |
| Net cash provided by financing activities | 420,245,000 | 544,173,000 | 249,775,000 |
| Net (decrease) increase in cash, cash equivalents, and restricted cash | 53,149,000 | 232,559,000 | (49,157,000) |
| Cash, cash equivalents, and restricted cash, beginning of period | 251,077,000 | 18,518,000 | 67,675,000 |
| Cash, cash equivalents, and restricted cash, end of period | 304,226,000 | 251,077,000 | 18,518,000 |
| Non-cash investing and financing activities: | |||
| Property, plant, and equipment acquired included in accounts payable and accrued liabilities | 19,678,000 | (4,303,000) | 20,105,000 |
| Supplemental information: | |||
| Interest paid, net of capitalized interest | $ 78,978,000 | $ 50,910,000 | $ 14,884,000 |
Description of Business and Basis of Presentation |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Enviva Inc. was formed on November 12, 2013 as Enviva Partners, LP (the “Partnership”). The Partnership converted from a Delaware limited partnership to a Delaware corporation (the “Conversion”) named “Enviva Inc.” effective December 31, 2021. The Partnership was a subsidiary of Enviva Holdings, LP (our “former sponsor” or “Holdings”). Enviva Partners GP, LLC, a subsidiary of our former sponsor, was our former general partner (the “former GP”). References to “Enviva,” the “Company,” “we,” “us,” or “our” refer to (i) Enviva Inc. and its subsidiaries for the periods following the Conversion and (ii) Enviva Partners, LP and its subsidiaries for periods prior to the Conversion, except where the context otherwise requires. Enviva Inc. supplies utility-grade wood pellets primarily to major power generators under long-term, take-or-pay off-take contracts. We procure wood fiber and process it into utility-grade wood pellets and load the finished wood pellets into railcars, trucks, and barges for transportation to deep-water marine terminals, where they are received, stored, and ultimately loaded onto oceangoing vessels for delivery to our customers principally in Japan, the United Kingdom (the “U.K.”), and the European Union (the “EU”). We own and operate ten industrial-scale wood pellet production plants located in the Southeastern United States. In addition to the volumes from our plants, we also procure wood pellets from third parties. Wood pellets are exported from our wholly owned deep-water marine terminal at the Port of Chesapeake, Virginia, terminal assets at the Port of Wilmington, North Carolina, and at the Port of Pascagoula, Mississippi, and from third-party deep-water marine terminals in Mobile, Alabama, Panama City, Florida, and Savannah, Georgia under a short-term contract, a long-term contract, and a lease and associated terminal services agreement, respectively. Basis of Presentation Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). Our consolidated financial statements include the accounts of Enviva and its wholly owned subsidiaries and controlled subsidiaries, including variable interest entities in which we are the primary beneficiary. As managing member, we have the sole power to direct the activities that most impact the economics of the variable interest entities. All intercompany accounts and transactions have been eliminated. We operate and manage our business as one operating segment. Reclassification Prior year amounts have been reclassified from product sales and other revenue to net revenue to conform to current year presentation on the consolidated statements of operations. Certain prior year amounts have been reclassified from interest expense to interest expense on repurchase accounting to conform to current period presentation on the consolidated statements of operations. Certain prior amounts have been reclassified between accounts payable, accrued liabilities and other current liabilities and other long-term liabilities to customer liabilities to conform to current period presentation on the consolidated statements of cash flows. These reclassifications had no effect on our consolidated operating results, financial condition, or cash flows. Corporate Conversion As a result of the Conversion, periods prior to December 31, 2021 reflect Enviva as a limited partnership, not a corporation. References to common units for periods prior to the Conversion refer to common units of Enviva Partners, LP, and references to common stock for periods following the Conversion refer to shares of common stock of Enviva Inc. The primary financial impacts of the Conversion to the consolidated financial statements were (i) reclassification of partnership capital accounts to equity accounts reflective of a corporation and (ii) income tax effects. On the date of the Conversion, each common unit representing a limited partner interest in the Partnership issued and outstanding immediately prior to the Conversion was exchanged for one share of common stock of the Company, par value $0.001 per share. Simplification Transaction On October 14, 2021, the Partnership acquired our former sponsor and the former GP, and the incentive distribution rights held by our former sponsor were cancelled and eliminated (collectively, the “Simplification Transaction”) in exchange for 16.0 million common units, which were distributed to the owners of our former sponsor. The owners of our former sponsor agreed to reinvest in our common stock all dividends from 9.0 million of the 16.0 million common units issued in connection with the Simplification Transaction during the period beginning with dividends paid for the third quarter of 2021 through the fourth quarter of 2024. Bankruptcy Filing As discussed further in Note 2, Subsequent Event—Bankruptcy Filing, on March 12, 2024 (the “Petition Date”), the Company and certain subsidiaries of the Company (collectively, the “Debtors”) filed voluntary petitions for reorganization under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Eastern District of Virginia (“Bankruptcy Court”). On March 14, 2024, the Bankruptcy Court granted motions filed by the Company seeking joint administration of the Chapter 11 Cases under the caption In re: Enviva Inc., et al., Case No. 24-10453 (the “Chapter 11 Cases”). The Company is continuing to operate in the ordinary course throughout Chapter 11 Cases as “debtors-in-possession.” See Note 13, Short-Term Borrowings, Long-Term Debt and Finance Lease Obligations—Subsequent Event - DIP Facility for a discussion of debtor-in-possession financing. Going Concern Under Accounting Standards Codification (“ASC”) 205-40, Going Concern, the Company is required each reporting period, to evaluate whether there is substantial doubt regarding its ability to continue as a going concern. The accompanying consolidated financial statements are prepared in accordance with GAAP applicable to a going concern. This presentation contemplates the realization of assets and the satisfaction of liabilities in the normal course of business and does not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described below. In its going concern evaluation, management considered the conditions and events that could raise substantial doubt about the Company’s ability to continue as a going concern within 12 months of the filing of this Annual Report on Form 10-K and considered the Company’s current financial condition and liquidity sources, including current funds available, forecasted future cash flows, and the Company’s conditional and unconditional obligations before such date. The Company’s ability to continue as a going concern is contingent upon its ability to comply with the financial and other covenants contained in the debtor-in-possession financing (the “DIP Financing”) discussed in Note 13, Short-Term Borrowings, Long-Term Debt and Finance Lease Obligations—Subsequent Event - DIP Facility, the development of, and the Bankruptcy Court’s approval of, a Chapter 11 plan of reorganization (as described below) and its ability to successfully implement a restructuring plan and obtain new financing, among other factors. The Company has significant indebtedness - substantially all of which is in default as further described below. The Company’s level of indebtedness has adversely impacted and continues to adversely impact its financial condition. The Company’s financial condition including its level of indebtedness, loss from operations, cash outflows from operations and excess of current liabilities over current assets, the defaults under its debt agreements and the risk and uncertainties surrounding its Chapter 11 Cases, raise substantial doubt as to the Company’s ability to continue as a going concern. As a result of the Chapter 11 Cases, the realization of assets and the satisfaction of liabilities are subject to uncertainty. The filing of the Chapter 11 Petitions constituted an event of default with respect to certain of our existing debt obligations. While operating as debtors-in-possession under Chapter 11, the Company may sell or otherwise dispose of or liquidate assets or settle liabilities, subject to the approval of the Bankruptcy Court or as otherwise permitted in the ordinary course of business (and subject to restrictions contained in the DIP Financing and applicable orders of the Bankruptcy Court and the RSA), for amounts other than those reflected in the accompanying consolidated financial statements. Further, any Chapter 11 plan, to the extent confirmed by the Bankruptcy Court, could materially impact the amounts and classifications of assets and liabilities reported in our consolidated financial statements. The Company plans to emerge from its Chapter 11 Cases after it obtains approval from the Bankruptcy Court for the Plan or a Chapter 11 plan of reorganization which is outside of management’s control. The accompanying consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities or any other adjustments that might be necessary should the Company be unable to continue as a going concern or as a consequence of the Bankruptcy Filing. Refer to Note 2, Subsequent Event—Bankruptcy Filing for additional information.
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Subsequent Event - Bankruptcy Filing |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Risks and Uncertainties [Abstract] | |
| Subsequent Event - Bankruptcy Filing | Subsequent Event—Bankruptcy Filing Chapter 11 Filings On the Petition Date, the Debtors filed voluntary petitions for reorganization under the Bankruptcy Code in Bankruptcy Court. The Company also filed motions with the Bankruptcy Court seeking joint administration of the Chapter 11 Cases. The Company is continuing to operate in the ordinary course throughout the Chapter 11 Cases as “debtors in possession.” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. The filing of the Bankruptcy Petitions described above constitutes an event of default and acceleration under each of the following debt instruments (the “Debt Instruments”): our 2026 Notes, Senior Secured Credit Facility, New Markets Tax Credit Loans, Epes Tax-Exempt Green Bonds and Bond Tax-Exempt Green Bonds. The Debt Instruments provide that as a result of the Bankruptcy Petitions, the principal and interest due thereunder shall be immediately due and payable. However, any efforts to enforce such payment obligations under the Debt Instruments has been automatically stayed as a result of the Bankruptcy Petitions, and the creditors’ rights of enforcement in respect of the Debt Instruments is subject to the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. Restructuring Support Agreements On the Petition Date, the Company entered into a Restructuring Support Agreement (including any schedules and exhibits attached thereto, the “RSA”). Under the terms of the RSA, the Restructuring Support Parties have agreed to support the Proposed Plan to be proposed in accordance with the terms set forth in the RSA. The Restructuring Support Parties and the Company RSA Parties have entered into certain amendments to the RSA, including to extend certain milestones and deadlines thereunder. The Company RSA Parties also entered into a Restructuring Support Agreement (including any schedules and exhibits attached thereto, the “Bond MS RSA”) with certain Bond Bondholders comprising a majority of Bond Green Bonds outstanding and the Bond Green Bonds Trustee (as defined in the Bond MS RSA). Under the Bond MS RSA, the Company agreed, among other obligations described in the term sheet attached as Exhibit A thereto (the “Bond MS Term Sheet”), to promptly seek Bankruptcy Court approval of a settlement with the Bond Bondholders party thereto and the Bond Green Bonds Trustee, whereby the Company RSA Parties will consent to the partial redemption of the Bond Green Bonds via the release of certain funds currently held by the Bond Green Bonds Trustee (the “Construction Funds”). In exchange, the Bond Green Bondholders and the Bond Green Bonds Trustee both agree, among other obligations described in the Bond MS Term Sheet, and subject to any rights granted by the Bond MS RSA, to support the Proposed Plan. On May 8, 2024, the Bankruptcy Court entered an order approving the settlement in the Bond MS Term Sheet (the “Bond MS Settlement Order”). Pursuant to the Bond MS Settlement Order, the Bond Green Bonds Trustee transferred the Construction Funds to the Settlement Fund (as defined in the Bond MS RSA) for further distribution by the Bond Green Bonds Trustee to the Bond Bondholders. Financing During the Chapter 11 Cases On March 15, 2024, the Debtors entered into a Debtor-in-Possession Credit and Note Purchase Agreement (the “DIP Credit Agreement”) by and among the Company, as borrower, and the other Debtors, as guarantors, the various lenders from time to time party thereto (the “Lenders”), and Acquiom Agency Services LLC (“Acquiom”) and Seaport Loan Products LLC, as co-administrative agents, and Acquiom, as collateral agent providing for a debtor-in-possession term loan and notes facility (the “DIP Financing”) in an amount not to exceed $500.0 million. On May 3, 2024, the Bankruptcy Court entered a final order approving the full amount of the DIP Financing and the Syndication (the “Final DIP Order”). As authorized by the Final DIP Order, participants in the Syndication became Lenders under the DIP Credit Agreement as of May 6, 2024. An appeal from the Final DIP Order seeking to strike the Syndication was filed by the Official Committee of Unsecured Creditors and remains pending in the U.S. District Court for the Eastern District of Virginia. See Note 13, Short-Term Borrowings, Long-Term Debt and Finance Lease Obligations—DIP Facility for additional discussion of the DIP Facility. The proceeds of the loans and notes under the DIP Credit Agreement are designated to pay the Debtors’ operating expenses, help fund the completion of the wood pellet production plant to be located near Epes, Alabama (“Epes plant”), and pay other fees, expenses, and other expenditures of the Debtors set forth in rolling budgets prepared in connection with the Chapter 11 Cases, which are subject to approval by the DIP Creditors. The Lenders and the Company together have entered into several technical amendments to the DIP Credit Agreement, either to clarify defined terms or extend deadlines related to reporting by the Company. Stock Procedures On March 13, 2024, the Debtors filed a motion (“NOL Motion”) seeking entry of an interim and final order establishing certain procedures and restrictions with respect to the direct or indirect purchase, disposition, or other transfer of the Common Stock (and declarations of worthlessness with respect to such Common Stock) (such procedures, “Stock Procedures”), and seeking related relief, in order to preserve and protect the potential value of the Debtors’ net operating losses (“NOLs”) and certain other tax attributes of the Debtors (together with the NOLs, “Tax Attributes”). On March 14, 2024, the Bankruptcy Court entered an order granting the NOL Motion and approving the Stock Procedures on an interim basis. On April 12, 2024, the Bankruptcy Court entered an order granting the NOL Motion and approving the Stock Procedures on a final basis. Chapter 11 Plan and Equity Rights Offering On August 30, 2024, the Debtors filed a proposed Joint Chapter 11 Plan of Reorganization of Enviva Inc. and its Debtor Affiliates (the “Proposed Plan”) and a related proposed form of Disclosure Statement (the “Proposed Disclosure Statement”) with the Bankruptcy Court. Capitalized terms used but not otherwise defined in this section have the meanings set forth in the Proposed Plan. The Proposed Plan and the related Proposed Disclosure Statement describe, among other things, the Proposed Plan; the restructuring of the Debtors set forth therein; the events leading to the Chapter 11 Cases; and certain events that have occurred or are anticipated to occur during the Chapter 11 Cases, including the anticipated solicitation of votes to approve the Proposed Plan from certain of the Debtors’ creditors and existing equity holders, as well as the risks related to, among other things, the Chapter 11 Cases. Proposed Plan provides for, among other things: •The sale of our interests following a reorganization (the “Reorganized Enviva Inc. Interests”) pursuant to a rights offering (the “Equity Rights Offering”) to raise proceeds in an aggregate amount equal to (i) $250 million plus (ii) the principal amount of any DIP Tranche A Loans under the DIP Facility to the extent the Holders of such Loans do not elect to participate in the DIP Tranche A Equity Participation, which Rights Offering is expected to be fully backstopped; •Entry into a $1 billion first lien senior secured exit facility, which certain commitment parties are expected to backstop; provided that the Company may seek proposals for alternative debt financing for all or part of the Company’s debt capital structure in consultation with an ad hoc group of the Company’s previous creditors; •The DIP Tranche A Equity Participation, subject to certain conditions in the DIP Credit Agreement; •Repayment of the DIP Tranche A Loans (to the extent the Holders of which do not elect to participate in the DIP Tranche A Equity Participation) and the DIP Tranche B Loans under the DIP Facility in cash; •Repayment of our senior secured credit facility in cash; •Distribution of Reorganized Enviva Inc. Interests and rights to participate in the Equity Rights Offering to holders of certain unsecured claims; •Distribution of cash in an aggregate amount equal to either $18 million or $13 million, depending on whether certain conditions are met, to holders of certain unsecured claims; •Subject to certain conditions outside of the Company’s control, including classes of certain unsecured claims voting to accept the Proposed Plan, distribution to each holder of an Existing Equity Interest of its pro rata share of either (i) cash in an amount equal to $1 million or (ii) the Reorganized Enviva Inc. Interests Existing Equity Interests Equity Pool and the New Warrants, and with respect to (ii), solely to the extent a holder of an Existing Equity Interest affirmatively elects to receive such treatment in lieu of cash on a timely and properly submitted ballot and the value of the Reorganized Enviva Inc. Interests Existing Equity Interests Equity Pool and the New Warrants is greater than 0% following dilution by the transactions contemplated by the Proposed Plan; and •An overbid process, consistent with the terms of the Final DIP Order and certain overbid procedures, to solicit bids for a value-maximizing alternative transaction. In addition, the Company filed motions (i) for entry of an order approving the adequacy of the Proposed Disclosure Statement, approving the solicitation of votes in favor of the Plan, and establishing procedures from the proposed Equity Rights Offering, described in the Proposed Plan and the Proposed Disclosure Statement and (ii) for entry of an order authorizing the Company entry into a backstop agreement related to the proposed equity rights offering (the “Disclosure Statement Motions”). Backstop Agreement On August 30, 2024, the Debtors entered into a Backstop Commitment Agreement (as amended, the “Backstop Agreement”) with certain Equity Commitment Parties pursuant to which each of the Equity Commitment Parties has agreed to backstop, severally and not jointly and subject to the terms and conditions in the Backstop Agreement, the Equity Rights Offering. The Debtors’ obligations under the Backstop Agreement, including the payment of certain premiums set forth therein, remain subject to approval by the Bankruptcy Court. Exit Facilities Commitment Letter On August 30, 2024, the Debtors entered into a commitment letter (as amended, the “Commitment Letter”) with the certain commitment parties pursuant to which the commitment parties have committed to provide to the Debtors a first lien senior secured facility in an aggregate principal amount of $1 billion upon emergence from Chapter 11 Cases. The Debtors’ obligations under the Commitment Letter, including the payment of certain premiums set forth therein, remain subject to approval by the Bankruptcy Court.
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Restatement of Previously Issued Financial Statements (Unaudited) |
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| Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restatement of Previously Issued Financial Statements (Unaudited) | Restatement of Previously Issued Financial Statements (Unaudited) In connection with the preparation of the consolidated financial statements for the year ended December 31, 2023, the Company re-evaluated its accounting for amounts recoverable from customers for certain shipping and handling costs that were incurred at the discharge port as an offset to cost of goods sold and determined that adjustments are required to previously issued financial statements for the interim periods ended March 31, June 30, and September 30, 2023. We have elected to treat shipping and handling costs as fulfillment activities. Under this policy, we determined all such costs billable to customers should be recognized as product sales revenue and all such costs incurred by us to fulfill our responsibility to deliver product to our customers should be recognized in cost of goods sold. Previously, amounts billed to our customers for reimbursable shipping costs were recognized as an offset to cost of goods sold in error. There is no impact to the loss from operations or to net loss and consolidated balance sheets for each affected periods due to the changes recognized in the presentation of the shipping and handling costs billed to customers. The Company determined the impact of this error to prior annual periods and interim periods within, were immaterial. Due to changes in our customer mix, the presentation error had a larger impact to the 2023 interim periods which are being restated herein. In addition, the Company included other corrections for misstatements in our previously issued 2023 interim financial statements that were primarily related to disposals of, and depreciation on property, plant and equipment and misstatements related to our accounting for repurchase transactions. Accordingly, the Company has restated its unaudited quarterly financial statements as of and for the quarters and year-to-date periods ended March 31, June 30, and September 30, 2023. The following tables reflect the impact of the restatements to the specific line items presented in our previously issued financial statements as of and for the quarters and year-to-date periods ended March 31, June 30, and September 30, 2023. Amounts presented in the tables as “Adjustments” represent the impact of the adjustments related to the shipping and handling cost adjustment as discussed above and “Other Adjustments” represents the combined impact of other corrections for misstatements to any period presented, as discussed above, including any related tax effects. A summary of quarterly information is as follows:
Consolidated Balance Sheets
Quarterly Consolidated Statements of Operations
Year to Date Consolidated Statements of Operations
Quarterly Consolidated Statements of Comprehensive Loss
Year to Date Consolidated Statements of Comprehensive Loss
Consolidated Statements of Changes in Shareholders’ Equity
Consolidated Cash Flow Statements
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Significant Accounting Policies |
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Significant Accounting Policies | Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Noncontrolling Interests Noncontrolling interest balances are presented as a component of equity in the accompanying consolidated balance sheets. Noncontrolling interests include third-party equity ownership in Enviva Wilmington Holdings, LLC (the “Hamlet JV”) and Enviva JV Development Company, LLC (the “Development JV”), each of which are limited liability companies. Prior to the Simplification Transaction, noncontrolling interests also included the third-party, public equity ownership in the Partnership. The noncontrolling interest balance related to the Hamlet JV resulted from the allocation of income or loss for the Hamlet JV was based on the percentage of units held by third-parties and the Partnership until April 1, 2019, after which there has been no allocation to third parties primarily as their capital contributions had all been repaid and substantially all of their preferred return on those capital contributions had been paid. For the Development JV, the allocation of income (loss) is based on the percentage of capital contributions from third-parties and the Partnership. In February 2021, the Partnership purchased the third-party member’s interest in the Development JV. See Note 17, Equity. Other Comprehensive Income (Loss) Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) refers to revenue, expenses, and gains and losses that under GAAP are included in comprehensive income (loss) but excluded from net income (loss). Other comprehensive income (loss) consists of net unrealized gains and losses related to foreign currency translation adjustments. Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents consist of short-term, highly liquid investments readily convertible into cash with an original maturity of three months or less. Restricted cash is comprised of cash which use is limited by contractual restrictions; see Note 13, Short-Term Borrowings, Long-Term Debt and Finance Lease Obligations. Accounts Receivable Accounts receivable represent amounts billed that are recorded at the invoiced amount and billable under our contracts that are pending finalization of prerequisite billing documentation and do not bear interest. As of December 31, 2023 and 2022, we had $0.8 million and an insignificant amount, respectively, in allowance for credit losses. Inventories Inventories consist of raw materials, work-in-progress, consumable tooling and finished goods. Fixed production overhead, including related depreciation expense, is allocated to inventory based on the normal production capacity of the facilities. To the extent we do not achieve normal production levels, we charge such under-absorption of fixed overhead to cost of goods sold in the period incurred. Consumable tooling consists of spare parts and tooling to be consumed in the production process. Spare parts are expected to be used within a year and are expensed as used. Tooling items are amortized to expense over an estimated service life. Inventories are stated at the lower of cost or net realizable value using the first-in, first-out method (“FIFO”) for all inventories. Raw material, production and distribution costs associated with delivering wood pellets to marine terminals and third-party wood pellet purchase costs are capitalized as a component of inventory. These costs and the finished production overhead allocated to inventory are reflected in cost of goods sold when inventory is sold. Revenue Recognition We earn revenue by supplying wood pellets to customers under off-take contracts, the majority of the commitments under which are long-term in nature. Our off-take contracts are considered “take-or-pay” because they include a firm obligation of the customer to take a fixed quantity of product at a stated price and provisions that require that we be compensated in the case of a customer’s failure to accept all or a part of the contracted volumes or termination of a contract by a customer. Each of our long-term off-take contracts defines the annual volume of wood pellets that a customer is required to purchase, and we are required to sell, the fixed price per MT for product satisfying a base net calorific value and other technical specifications. These prices are generally fixed for the entire term; however, some may be subject to adjustments which may include annual inflation-based adjustments or price escalators, price adjustments for product specifications, as well as, in some instances, price adjustments due to changes in underlying indices. In addition to sales of our product under these long-term off-take contracts, we routinely sell wood pellets under shorter-term contracts, which range in volume and tenor and, in some cases, may include only one specific shipment. Because each of our off-take contracts is a bilaterally negotiated agreement, our revenue over the duration of such contracts does not generally follow observable current market pricing trends. Our performance obligations under these contracts are the delivery of wood pellets, which we aggregate into MT. We account for each MT as a single performance obligation. Our revenue from the sales of wood pellets we produce is recognized as product sales upon satisfaction of our performance obligation when control transfers to the customer at the time of loading wood pellets onto a ship (see Note 5, Revenue—Contract Balances, Customer Assets, and Repurchase Accounting). The amount of wood pellets loaded onto a ship is determined by management with the assistance of a third-party specialist. Depending on the specific off‑take contract, shipping terms are either Cost, Insurance and Freight (“CIF”), Cost and Freight (“CFR”) or Free on Board (“FOB”). Under a CIF contract, we procure and pay for shipping costs, which include insurance and all other charges, up to the port of destination for the customer. Under a CFR contract, we procure and pay for shipping costs, which include insurance (excluding marine cargo insurance) and all other charges, up to the port of destination for the customer. Shipping under CIF and CFR contracts after control has passed to the customer is considered a fulfillment activity rather than a performance obligation. Any associated expenses that are reimbursable are included in the price to the customer are recognized as revenue. The costs the Company incurs with third parties related to our fulfillment costs are recognized in cost of goods sold. Under FOB contracts, the customer is directly responsible for shipping costs. In some cases, we may purchase shipments of product from third-party suppliers and resell them in back-to-back transactions (“purchase and sale transactions”). We recognize revenue on a gross basis in product sales when we determine that we act as a principal by having control of the wood pellets before they are transferred to the customer. Indicators of control have included being primarily responsible for fulfilling the promise to provide the wood pellets (such as by contracting to sell wood pellets before contracting to buy them), having inventory risk, or having discretion in establishing the sales price for the wood pellets. Variable consideration from off-take contracts arises from several pricing features outlined in our off-take contracts, pursuant to which such contract pricing may be adjusted in respect of particular shipments to reflect differences between certain contractual quality specifications of the wood pellets as measured both when the wood pellets are loaded onto ships and unloaded at the discharge port as well as certain other contractual adjustments. Variable consideration from terminal services contracts arises from price increases based on agreed inflation indices and from above-minimum throughput quantities or services. We allocate variable consideration under our off-take and terminal services contracts entirely to each performance obligation to which variable consideration relates. The estimate of variable consideration represents the amount that is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty is resolved. Under our off-take contracts, customers are obligated to pay the majority of the purchase price prior to the arrival of the ship at the customers’ discharge port. The remaining portion is paid after the wood pellets are unloaded at the discharge port. We generally recognize revenue prior to the issuance of an invoice to the customer. In instances where we have contracts to exchange wood pellets held for sale in the ordinary course of business for similar wood pellets to be sold in the same line of business to facilitate sales to customers other than the parties to the exchange, we account for these exchanges as non-monetary transactions at the carrying amount of the wood pellets transferred, with no impact to revenue and with no net impact to cost of goods sold once an equal amount of wood pellets have been exchanged. For the sale of the wood pellets received to customers not parties to the exchange, we recognize product sales revenue as described above for off-take contracts. To the extent that these exchanges also include compensation to us for shipping wood pellets, we recognize it as product sales revenue as those wood pellets are loaded and we recognize the shipping costs in cost of goods sold. Cost of Goods Sold Cost of goods sold includes the cost to produce or procure and deliver wood pellets to customers, shipping-related costs (regardless if reimbursable) associated with specific off-take contracts with CIF and CFR shipping terms and costs associated with purchase and sale transactions. Distribution costs associated with shipping wood pellets to customers are expensed as incurred. The calculation of cost of goods sold is based on estimates used in the valuation of the FIFO inventory and in determining the specific composition of inventory that is sold to each customer. Accrued and Other Current Liabilities Accrued and other current liabilities primarily include liabilities related to construction in progress, amounts related to cost of goods sold such as utility costs at our production facilities, distribution costs associated with shipping wood pellets to customers, costs associated with the purchase of wood fiber and wood pellets not yet invoiced and compensation and benefits. Property, Plant, and Equipment Property, plant, and equipment are recorded at cost, which includes the fair values of assets acquired. Equipment under finance leases is stated at the present value of minimum lease payments. Useful lives of assets are based on historical experience and other relevant information. The useful lives of assets are adjusted when changes in the expected physical life of the asset, its planned use, technological advances, or other factors show that a different life would be more appropriate. Changes in useful lives are recognized prospectively. Depreciation is calculated using the straight-line method based on the estimated useful lives of the related assets. Plant and equipment held under finance leases are amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Construction in progress primarily represents expenditures for the development and expansion of facilities. Capitalized interest cost and all direct costs, which include equipment and engineering costs related to the development and expansion of facilities, are capitalized as construction in progress. Depreciation is not recognized for amounts in construction in progress. Normal repairs and maintenance costs are expensed as incurred. Amounts incurred that extend an asset’s useful life, increase its productivity, or add production capacity are capitalized. Direct costs, such as outside labor, materials, internal payroll, and benefit costs, incurred during the construction of a new plant are capitalized; indirect costs are not capitalized. The principal useful lives are as follows:
Costs and accumulated depreciation applicable to assets retired or sold are removed from the accounts and any resulting gain or loss is included in the consolidated statements of operations. A long-lived asset (group), such as property, plant and equipment and amortizable intangible assets, is tested for impairment whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset (group) may not be recoverable. There were no such indicators that would require impairment testing to be performed during the years ended December 31, 2022 and 2021. When there are any such indicators (such as during the year ended December 31, 2023), an impairment charge is recognized for a long-lived asset (group) if its carrying amount exceeds its undiscounted cash flows for an amount equal to the extent to which the carrying amount exceeds its fair value (see Note 8, Property, Plant, and Equipment, net). Leases We have operating and finance leases related to real estate, machinery, equipment, and other assets where we are the lessee. Operating leases with an initial term of 12 months or less are not recorded on the balance sheet but are recognized as lease expense on a straight-line basis over the applicable lease terms. Operating and finance leases with an initial term longer than 12 months are recorded on the balance sheet and classified as either operating or finance. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Our leases do not contain any material residual value guarantees or restrictive covenants. In addition to fixed lease payments, we have contracts that incur variable lease expense related to usage (e.g., throughput fees, maintenance and repair and machine hours), which are expensed as incurred. Our leases have remaining terms of month to 38 years, some of which include options to extend the leases by up to multiple five-year extensions. Our leases are generally noncancelable. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term unless there is a transfer of title or purchase option reasonably certain of exercise. An incremental borrowing rate is applied to our leases for balance sheet measurement. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for a collateralized borrowing over a similar term of the lease payments as of the commencement date. For contracts that contain lease and nonlease components, nonlease components are separated and accounted for under other relevant accounting standards. We made an accounting policy election to not separate nonlease components from lease components for heavy machinery and equipment and buildings. Operating leases are included in operating lease ROU assets, accrued and other current liabilities and long-term operating lease liabilities on our consolidated balance sheets. Finance leases are included in property, plant and equipment, the current portion of long-term debt and finance lease obligations and long-term debt and finance lease obligations on our consolidated balance sheets. Changes in ROU assets and operating lease liabilities are included net in change in operating lease liabilities on the consolidated statements of cash flows. Debt Issuance Costs and Original Issue Discounts and Premiums Debt issuance costs and original issue discounts and premiums incurred with debt financing are capitalized and amortized over the life of the debt. Amortization expense is included in interest expense. If a debt instrument is retired before its scheduled maturity date, any related unamortized debt issuance costs and original issue discounts and premiums are written-off as gain or loss on debt extinguishment in the same period. Unamortized debt issuance costs and original issue discounts and premiums related to a recognized debt liability are recognized as a direct deduction from the carrying amount of the related long-term debt and are amortized using the effective interest method. Unamortized debt issuance costs related to our revolving credit commitments are recognized as an asset and are amortized using the straight-line method. Goodwill Goodwill represents the purchase price paid for acquired businesses in excess of the identifiable acquired assets and assumed liabilities. Goodwill is not amortized but is tested for impairment annually and whenever an event occurs, or circumstances change such that it is more likely than not that the fair value of the reporting unit is less than its carrying amounts. Impairment testing for goodwill is required to be done at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment (also known as a component). A component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available and segment management regularly reviews the operating results of that component. Enviva Inc. represents a single operating segment that has been deemed to be a single reporting unit. During the fourth quarter of 2023, we performed an interim impairment test, which indicated that the carrying value of our sole reporting unit was above its fair value. Consistent with our historical approach for impairment tests, we estimated the fair value of our sole reporting unit using the market approach using the market capitalization of our common stock and an estimated control premium. As a result, we recorded a full, non-cash pretax impairment charge related to goodwill of $103.9 million during the year ended December 31, 2023. During the fourth quarters of 2022 and 2021, we performed our annual quantitative assessment using the market approach and determined the fair value of the reporting unit exceeded its carrying amount. There were no impairments to the carrying value of our goodwill during the years ended December 31, 2022 and 2021. See Note 11, Goodwill. Non-Cash Equity-Based Compensation and Other Expense Our employees, consultants and directors are eligible to receive equity awards and other forms of compensation under the Enviva Inc. Long-Term Incentive Plan (the “LTIP”). Restricted stock units issued in tandem with corresponding dividend equivalent rights (“DERs”) are granted to our employees and independent directors. These equity awards vest subject to the satisfaction of service requirements and the grant fair-value of these equity awards are recognized as non-cash equity-based compensation and other expense on a ratable basis over their vesting period. Once these conditions have been met, common stock in the Company will be delivered to the holder of these equity awards. Forfeitures are recognized as they occur. Modifications to these equity awards resulting in increased or decreased fair value over the pre-modification fair value are recognized as non-cash equity-based compensation and other expense over the remaining vesting period. We also recognize non-cash equity-based compensation and other expense for restricted stock units awarded to independent directors. As of December 31, 2023 and 2022, we have the ability to settle certain of our outstanding restricted stock unit awards under the LTIP in either cash or common stock at our election. As we reasonably expect to be able to deliver common stock at the settlement date, we have classified all of our outstanding restricted stock unit awards as equity on our balance sheets. For the years ended December 31, 2023 and 2022, the performance-based restricted stock awards granted vest dependent on the total shareholder return for Enviva Inc. relative to the constituents of the S&P 500 index over their respective performance periods. Their grant date fair values were determined using a Monte Carlo multivariate pricing model following standard assumptions. See Note 18, Equity-Based Awards. Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. Fair Value Measurements We apply authoritative accounting guidance for fair value measurements of financial and nonfinancial assets and liabilities. We use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We determine fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: •Level 1 Inputs: Unadjusted, quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. •Level 2 Inputs: Other than quoted prices included in Level 1, inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. •Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Income taxes Effective December 31, 2021, Enviva Partners, LP converted from a Delaware limited partnership to a Delaware corporation named Enviva Inc. (the “Conversion”). Following the Conversion, we became subject to U.S. federal, foreign, state, and local corporate income tax. In addition, certain of Enviva’s subsidiaries are subject to federal, state, and local income, franchise, or capital taxes at the entity level and the related tax provision is reflected in the Consolidated Financial Statements. Prior to the Conversion, substantially all of Enviva’s operating subsidiaries were organized as limited partnerships and entities that were disregarded entities for U.S. federal and applicable state income tax purposes. As a result, for taxable periods ending on or prior to the Conversion, Enviva’s unitholders are liable for income taxes on their share of Enviva’s taxable income. As a result of the Conversion, Enviva recognized a step-up in the tax basis of certain assets that will be recovered as the assets are sold or the basis is amortized. The calculation and allocation of the step-up in tax basis to the various assets of the company was determined by management with the assistance of a third-party specialist. The tax basis information was finalized in 2022 after the filing of the 2021 income tax returns. Income taxes are accounted for using the asset and liability method of accounting. Under this method, deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using the applicable enacted tax rates and laws that will be in effect when such differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance when, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. When evaluating the realizability of the deferred tax assets, all evidence, both positive and negative, is considered. Items considered when evaluating the need for a valuation allowance include historical book losses, future reversals of existing temporary differences, tax planning strategies and expectations of future earnings. For a particular tax‑paying component of an entity and within a particular tax jurisdiction, deferred tax assets and liabilities are offset and presented as a single amount, as applicable, in the accompanying statements of financial condition. Government Grants We receive and then earn government grants based on the expected economic development and other benefits that communities expect to receive as a result of us constructing and operating a plant and/or port and/or employing at least a specific number of people at specified levels of compensation. We referred to International Accounting Standard 20, Accounting for Government Grants and Disclosure of Government Assistance, for guidance in determining the appropriate recognition, measurement, and presentation for government assistance received by business entities as there is no specific topical authoritative guidance in GAAP. A government grant is recognized only when there is reasonable assurance that the grant will be received and that we will comply with the conditions attached to the grant received. The grant receivable is included in other accounts receivable or other long-term assets, based on the extent to which it is expected to be received within or after one year. Each of our government grants is generally a combination of a grant related to an asset and a grant related to income. To allocate each grant between what is related to an asset (a plant or port) versus income (compensation cost), we use a proportion at recognition of the grant of the estimated minimum cost that we incurred or expect to incur to comply with the conditions of each type of grant. To the extent that each grant relates to an asset (which has been a majority of the total of each grant), its relative proportion is deducted from the carrying amount of the related property, plant, and equipment where depreciation expense is ultimately reduced over the estimated weighted-average useful life of the asset. To the extent that each grant relates to income, its relative proportion is recorded as a deferred credit where cost of goods sold is ultimately reduced in proportion to the cost to be incurred to comply with the compensation-related conditions. The deferred credit is included in either accrued and other current liabilities or other long-term liabilities, based on the extent to which it is expected to reduce cost of goods sold within or after one year. Net Loss per Enviva Inc. Common Share Net loss per Enviva Inc. common share is computed by dividing the net loss attributable to Enviva Inc., after reducing it by the amounts paid for dividend equivalent rights on outstanding time-based restricted stock awards, by the weighted-average number of outstanding Enviva Inc. common shares. Recently Issued Accounting Standards not yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07-Segment Reporting (Topic 280: Improvements to Reportable Segment Disclosures which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the potential effect that the standard will have on our financial statement disclosures.
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| Revenue | Revenue Net revenue consisted of the following for the years ended December 31:
Product sales includes sales of wood pellets. Breakage revenue includes fees associated with customer requests to cancel shipments in satisfaction of the related performance obligation. Termination of all contracts with customer for the Q4 2022 Transactions (see below under Repurchase Accounting) represents the reduction in net revenue resulting from the termination of all contracts with that customer that were recognized as of December 31, 2023 and cost reimbursement to the customer. Impairment of customer assets represents a reduction in net revenue by the amount of customer assets that was not expected to be recoverable as the expected costs exceeded the contract cash flows. Performance Obligations As of December 31, 2023, the aggregate amount of consideration from contracts with customers allocated to the performance obligations that were unsatisfied or partially satisfied was approximately $18.3 billion. This amount excludes forward prices related to variable consideration including inflation, foreign currency, and commodity prices. We expect to recognize approximately 8.0% and 9.0% of our remaining performance obligations as revenue in the years ending 2024 and 2025, respectively, and the balance thereafter. Our off-take contracts expire at various times through 2045 and our terminal services contract expired in 2023. During 2024, the aggregate amount of consideration from contracts with customers allocated to the performance obligations that were unsatisfied or partially satisfied has materially decreased, primarily due to customer contract terminations (including contracts rejected that were approved under the Chapter 11 process) and customer contract modifications. We expect additional customer contract negotiations, modifications and terminations. Variable Consideration Variable consideration from off-take contracts arises from several pricing features in our off-take contracts, pursuant to which such contract pricing may be adjusted in respect of particular shipments to reflect differences between certain contractual quality specifications of the wood pellets as measured both when the wood pellets are loaded onto ships and unloaded at the discharge port as well as certain other contractual adjustments. For the year ended December 31, 2023, we recognized $1.6 million of product sales revenue, related to performance obligations satisfied in previous periods. For each of the years ended December 31, 2022 and 2021, we recognized $0.3 million of product sales revenue, related to performance obligations satisfied in previous periods. Contract Balances Accounts receivable, net of reserve for credit losses, related to product sales as of December 31, 2023 and 2022 were $194.0 million and $160.4 million, respectively. Of these amounts, $130.9 million and $136.1 million, as of December 31, 2023 and 2022, respectively, related to amounts that were not yet billable under our contracts with customers pending finalization of prerequisite billing documentation. The amounts that had not been billed are billed upon receipt of prerequisite billing documentation, where substantially all is typically billed one to two weeks after full loading of the vessel, and where the remaining balance is typically billed one to two weeks after discharge of the vessel. Accounts receivable also included $20.9 million and $9.4 million, as of December 31, 2023 and 2022, respectively, related to breakage and other revenue. Customer Assets As of December 31, 2023, the balance of the customer assets was $100.3 million, which relate to payments we paid, or are obligated to pay, to customers in exchange for rescheduling and/or re-pricing our take-or-pay agreements. During the years ended December 31, 2023 and 2022, we agreed to pay $5.2 million and $140.8 million, respectively, to certain customers with whom we have long-term, take-or-pay off-take contracts. Additionally, during the years ended December 31, 2023 and 2022, $18.4 million and $0.8 million, respectively, of customer assets was amortized as a reduction to product sales revenue. Furthermore, during the year ended December 31, 2023, $26.5 million of impairments of customer assets were recorded as a reduction to net revenue as the amount was not expected to be recoverable, which includes the $1.0 million resulting from the termination of all contracts with the customer for the Q4 2022 Transactions (see below under Repurchase Accounting). The asset test for recoverability involves a comparison of the contract price we expect to receive under the related take-or-pay agreement, reduced by the amortization of the contract asset, compared to our expected costs to produce, procure and deliver the volumes specified in the contract. The expected costs of producing volumes in the future require estimates, including estimates of supply sources, manufacturing throughput volumes and future energy, fiber, shipping, distribution, and overhead costs. Actual results could be different than these estimates, and our estimates could change in the future based upon new facts and circumstances and could result in these assets no longer being recoverable. We had no such amortization of customer assets during the year ended December 31, 2021 and we had no such impairment of customer assets during the years ended December 31, 2022 and 2021. Our obligation to make future payments under the terms of these agreements that had resulted in customer assets as of December 31, 2023, included $15.3 million in current customer liabilities and $16.3 million in other long-term liabilities, and as of December 31, 2022, included $75.2 million in current customer liabilities and $26.4 million in other long-term liabilities. Repurchase Accounting In the fourth quarter of 2022, we entered into agreements with a customer to purchase approximately 1.8 million MT of wood pellets between 2023 and 2025 (the “new purchase agreements”). At that time, we also entered into additional wood pellet sales contracts (together with the new purchase agreements, the “Q4 2022 Transactions”) that together with our existing sales contracts with the customer, totaled approximately 2.8 million MT, with deliveries to take place between 2022 and 2026. Under the Q4 2022 Transactions, the quantities we agreed to purchase exceeded the quantities we agreed to sell. Although the new purchase agreements were priced at market prices in effect at the time the new purchase agreements were entered into, the 1.8 million MT of wood pellet purchases were not hedged with contracted sales at similar pricing or volume. Under the revenue accounting standard, these sale and purchase agreements were combined with existing sale agreements because the Q4 2022 agreements were entered into at or near the same time with the same customer and were negotiated as a package with a single commercial objective. We accounted for the combined contract as a modification of the existing enforceable rights and obligations of our long-term, take-or-pay off-take contracts with the same customer. The contract modification was considered to be the termination of the existing contract and the creation of a new contract. We allocated the total remaining transaction price (which includes any additional transaction price from the modification) to the remaining quantities to be transferred under the modified contract. As of December 31, 2023 and 2022, we had zero and $72.7 million, respectively, of deferred revenue for consideration received from the customer in excess of the amounts allocated to the wood pellets transferred to that customer under the modified contract. Under the repurchase agreement requirements in the revenue standard, the wood pellets subject to repurchase were accounted for as a financing arrangement because the purchase prices exceed the original selling prices of the wood pellets under the modified contract. As a result, for the year ended December 31, 2022 and for the interim periods in 2023, we recognized a financial liability for an amount equal to the selling prices received for the wood pellets under the modified contract. Over the period between when volumes are delivered to this customer and when corresponding volumes are purchased from this customer, the difference between the selling price of the wood pellets under the modified contract and the contractual purchase price was recognized as interest expense with a corresponding increase to the financial liability. The amount of interest expense recognized and the corresponding increase to the financial liability in a given period was determined based on the estimated timing of when the future purchases were expected to occur. Changes in the estimated timing of the volumes to be purchased were recognized to interest expense prospectively. During the year ended December 31, 2023, the product delivered under the modified contract recognized as an increase to the financial liability was $37.2 million, and interest expense of $79.3 million was recognized as an increase to the financial liability. The financial liability including interest expense classified as a current liability as of December 31, 2023 and 2022 was zero and $111.9 million, respectively. As of December 31, 2022, the financial liability was classified as a current liability as the repurchases corresponding to the volumes delivered were currently required by one year from the balance sheet date. Under repurchase accounting as a financing arrangement, we continued to recognize the volumes delivered as finished goods inventory at a carrying value of zero and $95.3 million as of December 31, 2023 and 2022, respectively, which include all costs directly incurred in bringing those delivered volumes to their existing location. When volumes were purchased and sold to different customers, the product sales recognized were based on the finished goods inventory cost of the previously delivered volumes, not the repurchase price. During the year ended December 31, 2023, we repurchased $11.1 million of volumes under the Q4 2022 Transactions and we reduced the financial liability by that amount. For the year ended December 31, 2023, $6.7 million of what we paid to purchase volumes under the Q4 2022 Transactions is presented in payments for the purchase of finished goods subject to repurchase accounting as cash outflows from financing activities equal to the volume purchased multiplied by the average selling price under the modified contract of the corresponding volume of wood pellets that we had sold, which was the price initially recognized to the financial liability. On November 11, 2023, we entered into a standstill agreement (the “Standstill Agreement”) with the counterparty to the Q4 2022 Transactions and later amended it on December 8, 2023. Under this Standstill Agreement, we and the counterparty had agreed to suspend certain rights and obligations that may have arisen under the Q4 2022 Transactions and our existing sales contracts for a specified time period and to establish certain milestones and other obligations to facilitate the parties continuing to negotiate a restructuring of their obligations under those contracts, including the repurchases. Under the Standstill Agreement, we made a settlement payment of $5.0 million, which was recognized as a reduction to current customer liabilities and where $2.8 million is presented as a cash outflow from operating activities and where $2.2 million is presented as a cash outflow from financing activities. Under the Standstill Agreement, we also agreed to reimburse the customer for certain costs that it incurred during the standstill period, which resulted in $2.0 million being recognized as a reduction to net revenue during the year ended December 31, 2023. The amended Standstill Agreement expired on December 31, 2023. Upon expiration, the counterparty became entitled to issue termination notices in respect of outstanding purchase and supply agreements, which were issued in January 2024, and to invoice us for termination fees equal to $350.0 million in aggregate. The termination of all contracts with the customer for the Q4 2022 Transactions resulted in the following impacts to our consolidated financial statements as of December 31, 2023: the $123.3 million in previously recognized cost of finished goods subject to repurchase accounting no longer having any net realizable value and being recognized as a charge to cost of goods sold; the $1.0 million of the previously recognized customer asset no longer being recoverable where its full impairment was recorded as a reduction in net revenue, which is reflected in the above table on net revenue as an impairment of a customer asset; the reclassification of $209.7 million from current financial liability subject to repurchase accounting to current customer liabilities; the reclassification of a total of $72.5 million from current and long-term deferred revenue to current customer liabilities; the recognition to current customer liabilities of $2.6 million of interest expense that would have otherwise been recognized by December 31, 2023 based on the estimated timing of remaining repurchases if the contracts were not terminated; and, the recognition of a $65.2 million reduction in net revenue to increase the current customer liabilities due to the counterparty of the Q4 2022 Transactions to the $350.0 million termination fees. We are no longer subject to repurchase accounting. Contract Modification During the year ended December 31, 2023, we received $100.0 million from a customer to modify a long-term off-take contract. Also, in connection with the contract modification we agreed to narrow the specifications of the wood pellets delivered under the long-term off-take contract in return for an increase in the contract price per MT. The prepayment of the $100.0 million will be amortized against the contract sale price per MT and recognized as deliveries are made through 2039. As of December 31, 2023, $7.5 million was included in short-term deferred revenue and $87.8 million was included in long-term deferred revenue.
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Significant Risks and Uncertainties, Including Business and Credit Concentrations |
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| Significant Risks and Uncertainties, Including Business and Credit Concentrations | Significant Risks and Uncertainties, Including Business and Credit Concentrations Our business is significantly impacted by greenhouse gas emission and renewable energy legislation and regulations in Japan, the U.K., and the EU as well as its member states. If Japan, the U.K., or the EU or its member states significantly modify such legislation or regulations, then our ability to enter into new contracts as our existing contracts expire may be materially affected. One rail service provider transports wood pellet production for four of our ten production plants to the applicable terminal. Labor strikes or other disruptions to rail service could materially impact our ability to transport our finished products to ports for delivery to customers. Our product sales are primarily to industrial customers located in Japan, the U.K., Denmark, the Netherlands, Belgium and Poland. Product sales to third-party customers that accounted for 10% or a greater share of consolidated product sales for each of the years ended December 31 are as follows:
As of December 31, 2023, one customer accounted for 32% of total accounts receivable. In addition to wood pellets sold from our own production, we procure wood pellets from third parties to resell under our long-term off-take arrangements and other sales agreements. Total procured wood pellets from third parties is as follows:
Our largest suppliers of procured wood pellets that accounted for 10% or a greater share were as follows:
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| Inventories, net | Inventories, net Inventories, net consisted of the following as of December 31:
We recorded no reductions from the cost to net realizable value for the year ended December 31, 2023, beyond the $123.3 million recognized as a result of the termination of all contracts with the customer for the Q4 2022 Transactions (see Note 5, Revenue—Repurchase Accounting). Due to a change in estimate about the likelihood and extent of their use, we recorded a reduction in the cost of raw materials inventories to net realizable value of $2.7 million for year ended December 31, 2022.
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| Property, Plant, and Equipment, net | Property, Plant, and Equipment, net Property, plant, and equipment, net consisted of the following as of December 31:
Total capitalized interest related to construction-in-progress, depreciation expense, and loss on disposal of assets were as follows for the years ended December 31:
During the year ended December 31, 2023, we incurred $44.5 million of pre-tax impairment of assets expense related to previously capitalized costs for wood pellet production plants in development that were no longer probable of being completed. This includes an impairment related to construction in progress at our plant near Bond, Mississippi (“Bond plant”). We ceased development of the Bond plant, which was in the early stages of development, as of December 31, 2023. Therefore, we performed a recoverability analysis using undiscounted cash flows of the Bond plant and compared this to its carrying amount. Under this analysis the undiscounted cash flows of the Bond plant were less than the carrying amount. Accordingly, we recognized a pre-tax impairment of assets expense of $41.5 million, which is the amount of the carrying value of the Bond plant exceeded its estimated fair value, which was determined as the estimated proceeds from the sale of the underlying land. In addition, during the year ended December 31, 2023, a dryer line at one of our wood pellet producing plants was permanently shut down due to operational inefficiencies, where we incurred pre-tax impairment of assets expense of $21.7 million. During the year ended December 31, 2023, we invested $120.6 million of restricted cash to construct our Epes and Bond plants from the proceeds of the Epes Tax-Exempt Green Bond and Bond Tax-Exempt Green Bond; the assets with the exception of the assets that were impaired as noted above are included in construction in progress. See Note 13, Short-Term Borrowings, Long-Term Debt and Finance Lease Obligations.
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Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases Operating lease ROU assets and liabilities and finance leases as of December 31:
Operating and finance lease costs were as follows for the years ended December 31:
Operating and finance lease cash flow information was as follows for the years ended December 31:
As of December 31, 2023, the future minimum lease payments and the aggregate maturities of operating and finance lease liabilities are as follows:
As of December 31, 2023, the weighted-average remaining lease terms and discount rates for our operating and finance leases were weighted using the undiscounted future minimum lease payments and are as follows:
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| Leases | Leases Operating lease ROU assets and liabilities and finance leases as of December 31:
Operating and finance lease costs were as follows for the years ended December 31:
Operating and finance lease cash flow information was as follows for the years ended December 31:
As of December 31, 2023, the future minimum lease payments and the aggregate maturities of operating and finance lease liabilities are as follows:
As of December 31, 2023, the weighted-average remaining lease terms and discount rates for our operating and finance leases were weighted using the undiscounted future minimum lease payments and are as follows:
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Fair Value Measurements |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | Fair Value Measurements The amounts reported in the consolidated balance sheets as cash and cash equivalents, restricted cash, accounts receivable, other accounts receivable, prepaid expenses and other current assets, accounts payable, and accrued and other current liabilities approximate fair value because of the short-term nature of these instruments. Long-term debt Long-term debt including the current portion are classified as Level 2 instruments. The fair value of our 2026 Notes (as defined below), Epes Tax-Exempt Green Bonds and Bond Tax-Exempt Green Bonds (see Note 13, Short-Term Borrowings, Long-Term Debt and Finance Lease Obligations) were determined based on observable market prices in an active market and categorized as Level 2 in the fair value hierarchy. The fair value of the New Market Tax Credit loans and the Seller Note (as defined below) were estimated on discounted cash flow analyses based on observable inputs in active markets for debt with similar terms and remaining maturities and categorized as Level 2 in the fair value hierarchy. The carrying amount of other long-term debt, which is primarily comprised of the senior secured credit facility that resets based on a market rate, were determined based on observable market prices in an inactive market. The carrying amount and estimated fair value of long-term debt were as follows as of December 31:
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Goodwill |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill | Goodwill The following tables summarize the changes in the carrying amounts of goodwill for the years ending December 31:
Goodwill Impairment Charge See Note 4, Significant Accounting Policies—Goodwill for further discussion.
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Accrued and Other Current Liabilities |
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| Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accrued and Other Current Liabilities | Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following as of December 31:
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Short-Term Borrowings, Long-Term Debt and Finance Lease Obligations |
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| Short-Term Borrowings, Long-Term Debt and Finance Lease Obligations | Short-Term Borrowings, Long-Term Debt and Finance Lease Obligations Short-Term Borrowings, Long-term debt and finance lease obligations at carrying value consisted of the following as of December 31:
On the Petition Date, Debtors filed voluntary petitions for reorganization under the Bankruptcy Code in Bankruptcy Court (see Note 2, Subsequent Event—Bankruptcy Filing—Chapter 11 Filings for further discussion). The bankruptcy declaration constituted an event of default that accelerated the Company’s obligations under all of its non-lease long-term debt, where some debt had additional events of default that also first occurred in 2024. All long-term debt became callable by the respective creditors by the Petition Date and all long-term debt, which does not include finance lease obligations, to be classified as a current liability in the consolidated balance sheet as of December 31, 2023. The callable debt is required to be classified as current liabilities as these creditors have not waived or subsequently lost their right to demand repayment and the defaults were not cured within any contractual grace period. Any efforts to enforce payment obligations on the Debtors’ debt agreements were automatically stayed as a result of the filing of the Chapter 11 Cases and the holders’ rights of enforcement in respect of the Debtors’ debt agreements are subject to the applicable provisions of the Bankruptcy Code. As a result of the events of default that first occurred in 2024, we have paid additional interest in 2024 on the senior secured credit facility based on an annual rate of 2% under default interest provisions in those debt agreements. Also, the New Markets Tax Credit debt agreement includes a default interest provision with an annual rate of 5%. These default interest provisions were required to be bifurcated from their debt agreement and accounted for separately at fair value. During the years ended December 31, 2022 and 2021, the likelihood of default was determined to be low enough to not require recognition of these default interest provisions. During the year ended December 31, 2023, the likelihood of default had become significant and the total fair value of these default interest provisions was measured to be $9.4 million as of December 31, 2023 using a discounted cash flow approach based on the following inputs: the outstanding principal, the default interest rate, the yield-to-maturity based on the latest traded price for our 2026 Notes, the historical recovery rates for senior unsecured bonds, an expected period of default of 9 months, and a term Secured Overnight Financing Rate. The fair value was recognized as increases to interest expense and to accrued expenses and other current liabilities. 2026 Notes In December 2019, we issued $600.0 million in principal amount of 6.5% senior unsecured notes due January 15, 2026 (the “2026 Notes”). In July 2020, we issued an additional $150.0 million aggregate principal amount of the 2026 Notes. Interest payments are due semi-annually in arrears on January 15 and July 15 of each year. We did not make the semi-annual interest payment of approximately $24.4 million due on January 16, 2024. We may redeem all or a portion of the 2026 Notes at any time at the applicable redemption price, plus accrued and unpaid interest, if any, (subject to the right of holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date) and, in some cases, plus a make-whole premium. The 2026 Notes are guaranteed jointly and severally on a senior unsecured basis by most of our existing subsidiaries and may be guaranteed by certain future restricted subsidiaries. Senior Secured Credit Facility We have a senior secured credit facility that matures on June 30, 2027 which provides for (1) revolving credit borrowings, (2) term loans, and (3) the issuance of standby or letters of credit. Revolving Credit Facility As of December 31, 2023 and 2022, we had $568.5 million and $436.0 million, respectively, in outstanding revolver borrowings under our senior secured credit facility. Borrowings under the revolving credit facility bear interest, at either a Term SOFR rate or at a base rate, in each case, plus an applicable margin. The applicable margin will fluctuate between 1.50% per annum and 2.75% per annum, in the case of Term SOFR rate borrowings, or between 0.50% per annum and 1.75% per annum, in the case of base rate loans, in each case, based on our Total Leverage Ratio (as defined in our credit agreement) at such time, with 25 basis point increases or decreases for each 0.50 increase or decrease in our Total Leverage Ratio from 2.75:1:00 to 4.75:1:00. We are required to pay a commitment fee on the daily unused amount under the revolving credit commitments at a rate between 0.25% and 0.50% per annum. During the years ended December 31, 2023, 2022 and 2021, commitment fees were $0.8 million, $0.6 million and $0.8 million, respectively. Term Loan Facility In January 2023, the senior secured credit facility was amended to provide for $105.0 million term loan maturing in June 2027. The term loan has been fully drawn. Borrowings under the term loan facility bear interest, at either a Term SOFR rate or at a base rate, in each case, plus an applicable margin. The applicable margin is 4.00% for Term SOFR rate borrowings, and 3.00% for base rate borrowings. We are required to make amortization payments on the last day of each March, June, September, and December in an amount equal to 0.25% each quarter of the original principal amount, together with all interest accrued thereon. Letters of Credit As of December 31, 2023 and 2022, we had $1.4 million and $1.0 million, respectively, of letters of credit outstanding under our senior secured credit facility. The senior secured credit facility contains certain covenants, restrictions, and events of default. We are required to maintain (1) a maximum Total Leverage Ratio at or below 5.50 to 1.00 (or 5.75 to 1.00 during a Material Transaction Period) and (2) a minimum Interest Coverage Ratio (as defined in our credit agreement) of not less than 2.25 to 1.00. Our obligations under the senior secured credit facility are guaranteed by certain of our subsidiaries and secured by liens on substantially all of our assets; however, the senior secured credit facility is not guaranteed by the Hamlet JV or Enviva Pellets Epes, LLC, or secured by liens on their assets. New Markets Tax Credit (“NMTC”) Loans In June 2022, we closed on a qualified NMTC financing transaction. The NMTC program is intended to induce capital investment in qualifying communities by permitting taxpayers to claim credits against their federal income taxes for up to 39% of qualified investments in the equity of community development entities (“CDEs”). In this transaction, we borrowed $31.4 million from a bank (“Bank A”) then made a $31.4 million loan to an investment fund, into which another bank (“Bank B”) made a capital contribution of $12.8 million. The investment fund then contributed $42.0 million to four CDEs, which, in turn, loaned it to us. The $42.0 million accrues interest at a weighted average rate of 2.9% per annum, of which $34.1 million matures in its entirety in June 2029, while $7.9 million could be prepaid starting in 2029 and through 2052. The net proceeds received are generally restricted to funding a portion of the costs of the acquisition, construction, equipping, and financing of the Epes plant. By virtue of the capital contribution, Bank B is entitled to substantially all of the tax benefits derived from the NMTC, while we effectively received net loan proceeds equal to the capital contribution of $12.8 million. This transaction includes a put/call provision whereby we may be obligated or entitled to repurchase the interest of Bank B in the investment fund, which we believe they will exercise in June 2029. The value attributed to the put/call is de minimis. We determined that the investment fund and CDEs constitute variable interest entities where we are the primary beneficiary, and, as a result, we consolidate those entities. The $31.4 million loan is presented on our consolidated balance sheet within current portion of long-term debt and finance lease obligations, while the $12.8 million contribution is presented within other long-term liabilities and is being accreted to interest expense as we expect the put/call will be exercised for a de minimis value, both net of their proportionate share of direct and incremental transaction costs. Epes Tax-Exempt Green Bonds In July 2022, The Industrial Development Authority of Sumter County, Alabama (the “Epes Issuer”) issued its Exempt Facilities Revenue Bonds (Enviva Inc. Project), Series 2022 (Green Bonds) (the “Epes Tax-Exempt Green Bonds”) in the aggregate principal amount of $250.0 million. The proceeds of the offering were loaned to us pursuant to a loan and guaranty agreement by and among us, the Epes Issuer, and certain of our subsidiaries as guarantors. The loan is our senior unsecured obligation and matures in full on July 15, 2052. The loan is subject to mandatory tender for purchase by us in July 2032 at a purchase price equal to 100% of the principal amount of the Epes Tax-Exempt Green Bonds, plus accrued interest. Such prepayment may be required prior to maturity. Borrowings under the loan and guaranty agreement bear interest at a rate equal to 6.00%. Interest is payable in arrears on January 15 and July 15 of each year, commencing on January 15, 2023. Our obligations under the loan and guaranty agreement are guaranteed by most of our existing subsidiaries and may be guaranteed by certain future restricted subsidiaries. We received net proceeds of $245.9 million after deducting underwriters’ discount, commissions, and expenses. The net proceeds received are generally restricted to funding a portion of the costs of the acquisition, construction, equipping, and financing of the Epes plant. Bond Tax-Exempt Green Bonds In November 2022, the Mississippi Business Finance Corporation (the “Bond Issuer”) issued its Exempt Facilities Revenue Bonds, (Enviva Inc.), Series 2022 (Green Bonds) (the “Bond Tax-Exempt Green Bonds”), in the aggregate principal amount of $100.0 million. The proceeds of the offering were loaned to us pursuant to a loan and guaranty agreement by and among us, the Bond Issuer, and certain of our subsidiaries as guarantors. The loan is our senior unsecured obligation and matures in full on July 15, 2047. The loan is subject to mandatory tender for purchase by us in July 2032 at a purchase price equal to 100% of the principal amount of the Bond Tax-Exempt Green Bonds, plus accrued interest. Such prepayment may be required prior to maturity. Borrowings under the loan and guarantee agreement bear interest at a rate equal to 7.75%. Interest is payable in arrears on January 15 and July 15 of each year, commencing on January 15, 2023. Our obligations under the loan and guarantee agreement are guaranteed by most of our existing subsidiaries and may be guaranteed by certain future restricted subsidiaries. We received net proceeds of $98.7 million after deducting underwriters’ discount, commissions, and expenses. The net proceeds are generally restricted to funding a portion of the costs of acquisition, construction, equipping, and financing our wood pellet production plant to be located near Bond, Mississippi, and certain related costs thereto, and to pay costs and expenses of the offering. Seller Note We were a party to, and a guarantor of, a promissory note (the “Seller Note”) which had a principal balance of $8.8 million as of December 31, 2022. The Seller Note was repaid in full in February 2023 and had an interest rate of 2.5% per annum. Principal and related interest payments were due annually through February 2022 and quarterly thereafter. Subsequent Event - DIP Facility On May 3, 2024, the Bankruptcy Court entered a final order approving the full amount of $500 million refer to Note 2, Subsequent Event—Bankruptcy Filing for further details. The Company has drawn a total of $350.0 million, $150.0 million on March 15, 2024, $100.0 million on June 3, 2024, and $100.0 million on July 22, 2024. Debt Issuance Costs and Premium Unamortized debt issuance costs and premium included in current portion of long-term debt and finance lease obligations as of December 31, 2023 and in long-term debt as of December 31, 2022 were $13.1 million and $11.0 million, respectively. Unamortized debt issuance costs associated with the senior secured credit facility of $2.6 million was included in prepaid expenses and other current assets as of December 31, 2023 and $3.5 million was included in long-term assets as of December 31, 2022. Total amortization recognized during the years ended December 31, 2023, 2022 and 2021 was $2.6 million, $2.5 million and $3.9 million, respectively. Debt Maturities Our long-term debt matures through 2052 and our finance lease obligations have maturity dates of between 2024 and 2041. The aggregate maturities of long-term debt and finance lease obligations as of December 31, 2023 are as follows:
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Related-Party Transactions |
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Dec. 31, 2023 | |
| Related Party Transactions [Abstract] | |
| Related-Party Transactions | Related-Party Transactions Riverstone/Carlyle Renewable and Alternative Energy Fund II, L.P. and certain affiliated entities (the “Riverstone Funds”) were the sole members of our former general partner. On July 22, 2020, Holdings was recapitalized (the “Recapitalization”) and Riverstone Echo Continuation Holdings, L.P. and Riverstone Echo Rollover Holdings, L.P. became the sole members of the general partner of our former sponsor. Our former sponsor incurred an annual monitoring fee, which was paid quarterly to the Riverstone Funds, equal to 0.4% of the average value of the Riverstone Funds’ capital contributions to our former sponsor during each fiscal quarter. The monitoring fee was terminated on the date of the Simplification Transaction. We incurred $1.1 million of monitoring fee expense during the year ended December 31, 2021, which was included in selling, general, administrative, and development expenses. On October 14, 2021, our former sponsor distributed 13.6 million common units of the Partnership to the Riverstone Funds. As part of the 16.0 million common units issued in exchange for the Simplification Transaction, 14.1 million were issued to the Riverstone Funds. The Riverstone Funds have agreed to reinvest in our common stock all dividends from 8.7 million of the 14.1 million common units issued in connection with the Simplification Transaction for the dividends paid for the period beginning with the third quarter of 2021 through the fourth quarter of 2024. On the date of the Simplification Transaction, the Riverstone Funds held 27.7 million common units. Pursuant to the dividend reinvestment plan established in connection with the Simplification Transaction, we issued 188,321 shares of common stock in lieu of cash dividends of $8.7 million during the three months ended March 31, 2023. No shares of common stock in lieu of cash dividends were issued during the three months ended June 30, 2023, September 30, 2023, and December 31, 2023. In 2022, we issued 496,378 shares of common stock in lieu of cash dividends of $33.2 million to the owners of our former sponsor. In connection with the Simplification Transaction, our existing management fee waivers and other former sponsor support agreements associated with our earlier common control acquisitions were consolidated, fixed, and novated to certain of the former owners of our former sponsor. As a result, under the consolidated support agreement, we were to receive quarterly payments in an aggregate amount of $55.5 million with respect to periods through the fourth quarter of 2023. There were no second, third or fourth quarter Support Payments due to the suspension of our cash dividends. During the years ended December 31, 2023, 2022 and 2021, we received $9.8 million, $23.9 million and $15.4 million, respectively, in Support Payments. On February 28, 2023, the Company entered into subscription agreements (“the Subscription Agreements”) with certain accredited investors (the “Investors”) to sell its Series A Preferred Stock, par value $0.001 per share (the “Preferred Shares”), having the terms set forth in the Company’s Certificate of Designations for Preferred Shares, in a private placement for gross proceeds of $249.1 million. The Investors include direct or indirect subsidiaries of Riverstone Holdings LLC (“Riverstone”), Inclusive Capital Partners, L.P. (“In-Cap”), among other others. Certain directors and officers of the Company also are Investors, including Ralph Alexander, John C. Bumgarner, Jr., Gary L. Whitlock, Thomas Meth, and John K. Keppler. Following the issuance of the Interim DIP Order, the Company offered certain eligible holders of the Company’s Common Stock the opportunity to subscribe to participate in the syndication of up to $100.0 million aggregate principal amount of DIP Financing (the “Syndication”). Participants in the Syndication include affiliates of John C. Bumgarner, Jr. and Pierre F. Lapeyre, Jr., each of whom is a current director of the Company. Such affiliates became Lenders under the DIP Credit Agreement on May 6, 2024.
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Income Taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes As a result of the Conversion, Enviva became subject to U.S. federal, foreign, and state, and local corporate income tax. In the Conversion, Enviva recognized a step-up in the tax basis of certain assets that will be recovered as the assets are sold or the basis is amortized. Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using the applicable enacted tax rates and laws that will be in effect when such differences are expected to reverse. Loss before income taxes consists of the following:
Components of the income tax provision applicable to our federal, state, and foreign taxes are as follows:
The effective income tax rate from continuing operations varies from the U.S. Federal statutory rate principally due to the following:
Significant components of deferred tax assets and liabilities are as follows as of December 31:
As of December 31, 2023, we have federal net operating loss carryforwards of $407.1 million, out of which $1.1 million will expire in years 2034 to 2037, if not utilized. We also have state net operating loss carryforwards of $50.0 million, out of which $34.0 million will expire in years 2037 to 2043, if not utilized. For calendar year 2023, the only periods subject to examination for U.S. federal and state income tax returns are 2020 through 2023. We believe our income tax filing positions, including our previous status as a pass-through entity, would be sustained on audit and do not anticipate any adjustments that would result in a material change to our consolidated balance sheet. Therefore, no reserves for uncertain tax positions or interest and penalties have been recorded during the years ended December 31, 2023, 2022 and 2021. Assessing whether deferred tax assets are realizable requires significant judgement. Enviva considers all available positive and negative evidence, including historical operating performance and expectations of future operating performance. The ultimate realization of deferred tax assets is often dependent upon future taxable income and therefore can be uncertain. To the extent that Enviva believes it is more likely than not that all or some portion of the asset will not be realized, valuation allowances are established against any deferred tax assets, which increases income tax expense in the period when such a determination is made. Enviva assessed the realizability of the deferred tax assets and concluded that a valuation allowance of $338.8 million for the deferred tax assets is deemed appropriate for the portion of the deferred tax assets which were not more likely than not to be realized under relevant accounting standards. The Company conducts its foreign operations through foreign taxable entities and is therefore subject to foreign income taxes. The Company generally has minimal foreign current and deferred income tax expense.
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Restructuring Inclusive of Related Severance Expenses |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
| Restructuring Inclusive of Related Severance Expenses | Restructuring Inclusive of Related Severance Expenses During the second quarter of 2023, we implemented a restructuring plan, separate and apart from our restructuring efforts in connection with the RSA and Bond MS RSA, to optimize future growth and profitability. The primary components of the restructuring were reductions in our workforce and corporate and other expenses. During the second quarter of 2023, we had an initial reduction in force of certain leadership employees, accelerated depreciation of leasehold improvements at our principal executive offices, and a reduction of our office lease expenses. We completed a broader reduction in force during the third quarter of 2023. As of December 31, 2023 and 2022, $1.3 million and zero, respectively, of employee severance expenses were included in accrued and other current liabilities. The following table summarizes our pre-tax restructuring expenses:
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Equity |
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| Equity | Equity Conversion of Series A Convertible Preferred Stock to Common Stock On February 28, 2023, the Company and certain accredited investors entered into subscription agreements to sell shares of Series A Preferred Stock of the Company, par value $0.001 per share (“Preferred Shares”) in a private placement (the “Private Placement”). The Private Placement priced at the official closing price of the New York Stock Exchange on March 1, 2023, which was $37.71. On March 20, 2023, we closed the Private Placement and issued 6,605,671 Preferred Shares, which was classified as mezzanine equity, and received gross proceeds of $249.1 million. As of December 31, 2023, we have incurred $1.2 million of issuance costs and intended to use the net proceeds of $247.9 million to fund our growth capital program and for general corporate purposes. We initially used the net proceeds to repay borrowings under our senior secured revolving credit facility. On June 15, 2023, each Preferred Share was converted into one share of common stock of the Company, par value $0.001 per share, upon shareholder approval of the conversion by a majority of votes cast at our Annual Meeting of Stockholders. Issuance of Common Shares In January 2022, we issued 4,945,000 common shares at a price of $70.00 per common share for total net proceeds of $332.8 million, after deducting $13.4 million of issuance costs. We used the net proceeds of $332.8 million to fund a portion of our capital expenditures related to ongoing development projects, and to repay borrowings under our senior secured credit facility. Conversion As a result of the Conversion, periods prior to December 31, 2021 reflect Enviva as a limited partnership, not a corporation. References to common units for periods prior to the Conversion refer to common units of Enviva Partners, LP, and references to common stock for periods following the Conversion refer to shares of common stock of Enviva Inc. On the date of the Conversion, each common unit representing a limited partner interest in the Partnership issued and outstanding immediately prior to the Conversion was exchanged for one share of common stock of the Company, par value $0.001 per share. Simplification Transaction On October 14, 2021, the Partnership closed on the Simplification Transaction where (a) the Company acquired (i) all of the limited partner interests in our former sponsor and (ii) all of the limited liability company interests in the former GP, and (b) the incentive distribution rights directly held by our former sponsor were cancelled and eliminated. In exchange, the Partnership issued 16.0 million common units, which were distributed to the owners of our former sponsor. The owners of our former sponsor agreed to reinvest in our common stock all dividends from 9.0 million of the 16.0 million common units issued in connection with the Simplification Transaction during the period beginning with dividends paid for the third quarter of 2021 through the fourth quarter of 2024. Pursuant to the dividend reinvestment plan established in connection with the Simplification Transaction, we issued 188,321 shares of common stock in lieu of cash dividends of $8.7 million during the three months ended March 31, 2023. No shares of common stock in lieu of cash dividends were issued during the three months ended June 30, 2023, September 30, 2023, and December 31, 2023. In 2022, we issued 496,378 shares of common stock in lieu of cash dividends of $33.2 million to the owners of our former sponsor. Under a consolidated support agreement, we are entitled to receive quarterly payments (the “Support Payments”) in an aggregate amount of up to $55.5 million with respect to periods from the fourth quarter of 2021 through the first quarter of 2024. See Note 14, Related-Party Transactions for more information on the Support Payments. See “Noncontrolling Interests – The Partnership” below about the capital of the Partnership. Noncontrolling Interests Noncontrolling interests of partners’ capital consist of: (1) third-party equity ownership in the Partnership (2) the Hamlet JV and (3) the Development JV. The Partnership Prior to the Simplification Transaction, Holdings owned common units of the Partnership representing an approximate 30% limited partner interest. Holdings was an indirect owner of the Partnership’s general partner, which held the incentive distribution rights (“IDRs”) of the Partnership until December 31, 2020 and was an indirect owner of MLP Holdco, LLC, which held the IDRs between January 1, 2021 and the date of the Simplification Transaction. Between January 1, 2021 and the date of the Simplification Transaction, the Partnership issued 4,925,000 of its common units at a price of $45.50 per common unit for total net proceeds of $214.5 million, after deducting $9.5 million of issuance costs. The partnership agreement of the Partnership contained provisions for the allocation of its net income and loss to its limited partners and its general partner. For purposes of maintaining partners’ capital accounts, items of income and loss were allocated among the limited partners in accordance with their respective percentage ownership interests. Normal allocations according to percentage interests were made after giving effect, if any, to priority income allocations in an amount equal to intercompany IDRs allocated 100% to the Partnership’s general partner through December 31, 2020 and MLP Holdco between January 1, 2020 and the date of the Simplification Transaction. The Partnership had distributed a quarterly cash distribution to its unitholders pursuant to a cash distribution policy. The partnership agreement had set forth the calculation to be used to determine the amount of cash distributions that our unitholders and our former sponsor would receive. Hamlet JV The capital of the Hamlet JV is divided into two classifications: (i) Class A Units and (ii) Class B Units. Class A Units were issued to the third-party member in exchange for capital contributions. As of December 31, 2023, the third-party member had a total capital commitment of $235.2 million and held 227.0 million Class A Units with a remaining capital commitment amount of $8.2 million. Class B Units were issued to Enviva in exchange for capital contributions. As of December 31, 2023, Enviva had a total capital commitment of $232.2 million and held 224.0 million Class B Units with a remaining commitment amount of $8.2 million. Pursuant to the limited liability company agreement of the Hamlet JV (the “Hamlet JV LLCA”), we are the managing member of the Hamlet JV and have the authority to manage the business and affairs of the Hamlet JV and take actions on its behalf, including adopting annual budgets, entering into agreements, effecting asset sales or biomass purchase agreements, making capital calls, incurring debt, and taking other actions, subject to consent of the third-party member in certain circumstances. The Hamlet JV LLCA also sets forth the capital commitments and limitations thereon from each of the members and provides for the allocation of sale proceeds and distributions among the holders of outstanding Class A Units and Class B Units. The Hamlet JV is not one of the debtors in the Chapter 11 Cases. Distributions to the third-party member and to Enviva are made in our reasonable discretion as managing member and are governed by the waterfall provisions of the Hamlet JV LLCA, which provides that distributions, after repayment of any revolving borrowings existing under the joint venture’s revolving credit facility, are to be made as follows: •First: To the members in proportion to their relative unreturned capital contributions, then to the members in proportion to their relative unpaid preference amount. •Thereafter: 25% to the third-party member and 75% to Enviva. Development JV Our former sponsor held a controlling interest, and a third-party member held a noncontrolling interest, in the Development JV. In February 2021, we purchased all of the third-party member’s limited liability company interests in Development JV. We paid a first installment of $130.1 million in February 2021 and a final installment of $23.7 million was paid in July 2021. Cash Dividends and Distributions The following table details the cash dividends and distribution paid or declared:
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Equity-Based Awards |
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| Share-Based Payment Arrangement, Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity-Based Awards | Equity-Based Awards Enviva Inc. Long-Term Incentive Plan (“LTIP”) We maintain the LTIP, which provides for the award, from time to time, at the discretion of our board of directors or a committee thereof, of options, share appreciation rights, restricted shares, restricted stock units (“RSUs”), DERs, and other awards. The LTIP limits the number of common units that may be delivered pursuant to awards under the plan to 3,450,000 common shares in accordance with the plan, which became effective on December 31, 2021. If equity awards awarded under the LTIP are forfeited, canceled, exercised, paid in cash, or otherwise terminate or expire without the actual delivery of the underlying common shares, the corresponding number of such common shares will remain available for delivery pursuant to other awards under the LTIP. The common shares issuable pursuant to the LTIP will consist, in whole or in part, of common shares acquired in the open market or from any affiliate or any other person, newly issued common shares, or any combination of the foregoing as determined by our board of directors or a committee thereof. During 2023, 2022 and 2021, our board of directors granted RSUs in tandem with corresponding DERs (as defined below) to our employees (collectively the “Employee Awards”) and RSUs in tandem with corresponding DERs to independent members of our board of directors (collectively the “Director Awards”). The RSUs and corresponding DERs are subject to certain vesting and forfeiture provisions. Award recipients do not have all of the rights of a common shareholder with respect to the RSUs until the RSUs have vested and been settled. Awards of the RSUs settled in common shares are settled within 60 days after the applicable vesting date. If a RSU award recipient experiences a termination of service under certain circumstances set forth in the applicable award agreement, the unvested RSUs and corresponding DERs (in the case of performance-based Employee Awards) are forfeited. Forfeitures are recognized when the actual forfeiture occurs. Restricted Shares Certain employees had received Series B units of our former sponsor that were intended to constitute “profits interests” as defined by the Internal Revenue Service that, due to the Simplification Transaction, converted into common units of the Partnership. In August 2020, our former sponsor had issued equity-classified awards where it may issue up to 10,000 Series B units. Our former sponsor had issued 25% initially, or 2,500 Series B units, and expected to issue an additional 25% on each anniversary over the following three years. These Series B units were measured at the grant date fair value, which was estimated using a probability weighted discounted cash flow approach to be $38.5 million where we recognized $23.8 million as non-cash equity-based compensation and other expense during the year ended December 31, 2021. Of the $23.8 million recognized during the year ended December 31, 2021, $16.6 million was due to the accelerated vesting of all otherwise unvested Series B units as a result of the Simplification Transaction. After the Simplification Transaction, an additional $3.3 million was recognized as non-cash equity-based compensation and other expense during the year ended December 31, 2021 related to common shares of Enviva Inc. subject to restriction into which the Series B units were converted whose fair value were then measured at $50.5 million. During the year ended December 31, 2022, $24.4 million was recognized as expense, of which $15.2 million was classified as non-cash equity-based compensation and other expense and $9.2 million was classified as executive separation. During the year ended December 31, 2023, $19.0 million was recognized as expense, of which $10.8 million was classified as non-cash equity-based compensation and other expense and $8.2 million was classified as restructuring inclusive of related severance expenses. The common shares subject to restriction have had or will have their restrictions released as follows: one-third on each of December 31, 2022, 2023 and 2024. The unrecognized estimated non-cash equity-based compensation and other expense relating to outstanding common shares subject to restriction as of December 31, 2023 was $3.8 million, which will be recognized over the remaining vesting period. Employee Awards The following table summarizes information regarding Employee Awards under the LTIP:
(1) Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. Time-based Employee Awards vest on the third or fourth anniversary of the grant date and their fair value is measured based on the market price per share on the applicable date of grant or modification. Performance-based Employee Awards vest in or four years, where the number of shares that vest depend the total shareholder return for Enviva Inc., relative to the constituents of the S&P 500 index over the units’ respective performance periods. This vesting condition is accounted for as a market, not a performance, condition under the stock compensation accounting standard. Their grant date fair values were determined using a Monte Carlo multivariate model following standard assumptions. If their service condition is met, the compensation cost for these awards must be recognized even if the market condition is not achieved. The fair value of the Employee Awards granted during 2023, 2022 and 2021 was $51.0 million, $39.4 million and $27.7 million, respectively. Compensation cost is based on the grant or modification date fair value. Changes in compensation cost due to passage of time or forfeitures are recorded as adjustments to non-cash equity-based compensation expense and equity. We recognize non-cash equity-based compensation expense for the shares awarded in cost of goods sold and selling, general, administrative, and development expenses. For the years ended December 31, 2023, 2022 and 2021, we recognized $4.7 million, $2.8 million and $2.3 million of cost of goods sold expense, respectively. For the years ended December 31, 2023, 2022 and 2021, we recognized $14.8 million, $18.1 million and $25.7 million of selling, general, administrative, and development expenses, respectively. For the year ended December 31, 2023, we recognized $3.5 million in restructuring inclusive of related severance expenses. For the year ended December 31, 2022, we recognized $7.6 million as executive separation. We paid $17.2 million, $16.9 million and $11.0 million to satisfy the withholding tax requirements associated with 531,625, 404,913 and 312,528 time-based Employee Awards and 167,699, 260,725 and 156,801 performance-based Employee Awards that vested under the LTIP during the years ended December 31, 2023, 2022 and 2021, respectively. The unrecognized estimated non-cash equity-based compensation expense relating to outstanding Employee Awards at December 31, 2023 was $29.9 million, which will be recognized over the remaining vesting period. Director Awards The following table summarizes information regarding Director Awards to independent directors of the Company under the LTIP:
(1) Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. In January 2023, Director Awards were granted valued at $1.5 million and which vest on the first anniversary of the grant date in January 2024. For the years ended December 31, 2023, 2022 and 2021 we recorded $1.4 million, $1.3 million and $0.8 million of non-cash equity-based compensation expense with respect to the Director Awards. The unrecognized estimated non-cash equity-based compensation cost relating to outstanding Director Awards at December 31, 2023 is $0.1 million and will be recognized over the remaining vesting period. Dividend Equivalent Rights DERs associated with the Employee Awards and the Director Awards subject to time-based vesting entitle the recipients to receive payments in respect thereof in a per-share amount that is equal to any dividends made by us to the holders of common shares within 60 days following the record date for such dividends. The DERs associated with the Employee Awards subject to performance-based vesting will remain outstanding and unpaid from the grant date until the earlier of the settlement or forfeiture of the related performance-based phantom units. DER dividends paid related to time-based Employee Awards were $0.8 million, $3.3 million and $3.5 million for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, there were no DER dividends unpaid related to time-based Employee Awards. DER dividends unpaid related to the performance-based Employee Awards are estimated based on our actual relative total shareholder return to date for each performance period through December 31, 2023 and were as follows as of December 31:
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Net Loss per Enviva Inc. Common Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Loss per Enviva Inc. Common Share | Net Loss per Enviva Inc. Common Share Net loss per basic and diluted Enviva Inc. common share were computed as follows for the years ending December 31:
As Holdings is the surviving entity for accounting purposes, the historical financial results prior to the Simplification Transaction are those of Holdings. The number of outstanding units for the portion of 2021 prior to the Simplification Transaction constitutes the 16.0 million units issued to the owners of the former sponsor. For the portion of 2021 that is after the Simplification Transaction, the number of outstanding units are based on the actual number of common units of the Company during that period.
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Commitments and Contingencies |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | Commitments and Contingencies We have entered into throughput agreements expiring between 2028 and 2036 to receive terminal and stevedoring services at certain of our terminals, some of which include options to extend for up to 5 years. The agreements specify a minimum cargo throughput requirement at a fixed price per ton or a fixed fee, subject to an adjustment based on the consumer price index or the producer price index, for a defined period of time, ranging from monthly to annually. At December 31, 2023, we had approximately $38.2 million related to firm commitments under such terminal and stevedoring services agreements. For the years ended December 31, 2023, 2022 and 2021, terminal and stevedoring services expenses were $12.0 million, $10.7 million and $12.3 million, respectively. We have entered into long-term arrangements to secure transportation from our plants to our export terminals. Under certain of these agreements, which expire between 2025 through 2032, we are committed to various annual minimum volumes under multi-year fixed-cost contracts with third-party logistics providers for trucking and rail transportation, subject to increases in the consumer price index and certain fuel price adjustments. For the years ended December 31, 2023, 2022 and 2021, ground transportation expenses were $57.9 million, $53.9 million and $43.8 million, respectively. We have entered into long-term supply arrangements, expiring between 2024 through 2026, to secure the supply of wood pellets from third-party vendors. The minimum annual purchase volumes are at a fixed price per MT adjusted for volume, pellet quality and certain shipping-related charges. Under long-term supply arrangements, we purchased approximately $27.0 million, $62.6 million and $109.6 million of wood pellets for the years ended December 31, 2023, 2022 and 2021, respectively. Fixed and determinable portions of the minimum aggregate future payments under these firm terminal and stevedoring services, ground transportation and wood pellet supply agreements, with a remaining term in excess of one year as of December 31, 2023, for the next five years are as follows:
In order to mitigate volatility in our shipping costs, we have entered into fixed-price shipping contracts with reputable shippers matching the terms and volumes of certain of our off-take contracts for which we are responsible for arranging shipping. Contracts with shippers, expiring between 2024 through 2039, include provisions as to the minimum amount of MT per year to be shipped and may also stipulate the number of shipments. Pursuant to these contracts, the terms of which extend up to 19 years, charges are based on a fixed-price per MT, and, in some cases, there are adjustment provisions for increases in the price of fuel or for other distribution-related costs. The charge per MT varies depending on the loading and discharge port. Shipping expenses included in cost of goods sold for the years ended December 31, 2023, 2022 and 2021 was $175.6 million, $132.5 million and $94.7 million, respectively.
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Schedule II - Valuation and Qualifying Accounts |
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| SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule II - Valuation and Qualifying Accounts |
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
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Dec. 31, 2023 |
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Dec. 31, 2021 |
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| Pay vs Performance Disclosure | |||||||||
| Net loss attributable to Enviva Inc. | $ (427,588) | $ (84,211) | $ (64,205) | $ (109,990) | $ (174,195) | $ (258,406) | $ (685,994) | $ (168,307) | $ (122,069) |
Insider Trading Arrangements |
3 Months Ended |
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Dec. 31, 2023 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Significant Accounting Policies (Policies) |
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Principles of Consolidation | The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). Our consolidated financial statements include the accounts of Enviva and its wholly owned subsidiaries and controlled subsidiaries, including variable interest entities in which we are the primary beneficiary. As managing member, we have the sole power to direct the activities that most impact the economics of the variable interest entities. All intercompany accounts and transactions have been eliminated. We operate and manage our business as one operating segment.
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| Reclassification | Prior year amounts have been reclassified from product sales and other revenue to net revenue to conform to current year presentation on the consolidated statements of operations. Certain prior year amounts have been reclassified from interest expense to interest expense on repurchase accounting to conform to current period presentation on the consolidated statements of operations. Certain prior amounts have been reclassified between accounts payable, accrued liabilities and other current liabilities and other long-term liabilities to customer liabilities to conform to current period presentation on the consolidated statements of cash flows. These reclassifications had no effect on our consolidated operating results, financial condition, or cash flows.
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| Use of Estimates | The preparation of financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.
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| Noncontrolling interest | Noncontrolling interest balances are presented as a component of equity in the accompanying consolidated balance sheets. Noncontrolling interests include third-party equity ownership in Enviva Wilmington Holdings, LLC (the “Hamlet JV”) and Enviva JV Development Company, LLC (the “Development JV”), each of which are limited liability companies. Prior to the Simplification Transaction, noncontrolling interests also included the third-party, public equity ownership in the Partnership. The noncontrolling interest balance related to the Hamlet JV resulted from the allocation of income or loss for the Hamlet JV was based on the percentage of units held by third-parties and the Partnership until April 1, 2019, after which there has been no allocation to third parties primarily as their capital contributions had all been repaid and substantially all of their preferred return on those capital contributions had been paid. For the Development JV, the allocation of income (loss) is based on the percentage of capital contributions from third-parties and the Partnership. In February 2021, the Partnership purchased the third-party member’s interest in the Development JV. See Note 17, Equity.
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| Other Comprehensive Income (Loss) | Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) refers to revenue, expenses, and gains and losses that under GAAP are included in comprehensive income (loss) but excluded from net income (loss). Other comprehensive income (loss) consists of net unrealized gains and losses related to foreign currency translation adjustments.
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| Cash and Cash Equivalents and Restricted Cash | Cash and cash equivalents consist of short-term, highly liquid investments readily convertible into cash with an original maturity of three months or less. Restricted cash is comprised of cash which use is limited by contractual restrictions; see Note 13, Short-Term Borrowings, Long-Term Debt and Finance Lease Obligations.
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| Accounts Receivable | Accounts receivable represent amounts billed that are recorded at the invoiced amount and billable under our contracts that are pending finalization of prerequisite billing documentation and do not bear interest. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | Inventories consist of raw materials, work-in-progress, consumable tooling and finished goods. Fixed production overhead, including related depreciation expense, is allocated to inventory based on the normal production capacity of the facilities. To the extent we do not achieve normal production levels, we charge such under-absorption of fixed overhead to cost of goods sold in the period incurred. Consumable tooling consists of spare parts and tooling to be consumed in the production process. Spare parts are expected to be used within a year and are expensed as used. Tooling items are amortized to expense over an estimated service life. Inventories are stated at the lower of cost or net realizable value using the first-in, first-out method (“FIFO”) for all inventories. Raw material, production and distribution costs associated with delivering wood pellets to marine terminals and third-party wood pellet purchase costs are capitalized as a component of inventory. These costs and the finished production overhead allocated to inventory are reflected in cost of goods sold when inventory is sold.
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| Revenue Recognition | We earn revenue by supplying wood pellets to customers under off-take contracts, the majority of the commitments under which are long-term in nature. Our off-take contracts are considered “take-or-pay” because they include a firm obligation of the customer to take a fixed quantity of product at a stated price and provisions that require that we be compensated in the case of a customer’s failure to accept all or a part of the contracted volumes or termination of a contract by a customer. Each of our long-term off-take contracts defines the annual volume of wood pellets that a customer is required to purchase, and we are required to sell, the fixed price per MT for product satisfying a base net calorific value and other technical specifications. These prices are generally fixed for the entire term; however, some may be subject to adjustments which may include annual inflation-based adjustments or price escalators, price adjustments for product specifications, as well as, in some instances, price adjustments due to changes in underlying indices. In addition to sales of our product under these long-term off-take contracts, we routinely sell wood pellets under shorter-term contracts, which range in volume and tenor and, in some cases, may include only one specific shipment. Because each of our off-take contracts is a bilaterally negotiated agreement, our revenue over the duration of such contracts does not generally follow observable current market pricing trends. Our performance obligations under these contracts are the delivery of wood pellets, which we aggregate into MT. We account for each MT as a single performance obligation. Our revenue from the sales of wood pellets we produce is recognized as product sales upon satisfaction of our performance obligation when control transfers to the customer at the time of loading wood pellets onto a ship (see Note 5, Revenue—Contract Balances, Customer Assets, and Repurchase Accounting). The amount of wood pellets loaded onto a ship is determined by management with the assistance of a third-party specialist. Depending on the specific off‑take contract, shipping terms are either Cost, Insurance and Freight (“CIF”), Cost and Freight (“CFR”) or Free on Board (“FOB”). Under a CIF contract, we procure and pay for shipping costs, which include insurance and all other charges, up to the port of destination for the customer. Under a CFR contract, we procure and pay for shipping costs, which include insurance (excluding marine cargo insurance) and all other charges, up to the port of destination for the customer. Shipping under CIF and CFR contracts after control has passed to the customer is considered a fulfillment activity rather than a performance obligation. Any associated expenses that are reimbursable are included in the price to the customer are recognized as revenue. The costs the Company incurs with third parties related to our fulfillment costs are recognized in cost of goods sold. Under FOB contracts, the customer is directly responsible for shipping costs. In some cases, we may purchase shipments of product from third-party suppliers and resell them in back-to-back transactions (“purchase and sale transactions”). We recognize revenue on a gross basis in product sales when we determine that we act as a principal by having control of the wood pellets before they are transferred to the customer. Indicators of control have included being primarily responsible for fulfilling the promise to provide the wood pellets (such as by contracting to sell wood pellets before contracting to buy them), having inventory risk, or having discretion in establishing the sales price for the wood pellets. Variable consideration from off-take contracts arises from several pricing features outlined in our off-take contracts, pursuant to which such contract pricing may be adjusted in respect of particular shipments to reflect differences between certain contractual quality specifications of the wood pellets as measured both when the wood pellets are loaded onto ships and unloaded at the discharge port as well as certain other contractual adjustments. Variable consideration from terminal services contracts arises from price increases based on agreed inflation indices and from above-minimum throughput quantities or services. We allocate variable consideration under our off-take and terminal services contracts entirely to each performance obligation to which variable consideration relates. The estimate of variable consideration represents the amount that is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty is resolved. Under our off-take contracts, customers are obligated to pay the majority of the purchase price prior to the arrival of the ship at the customers’ discharge port. The remaining portion is paid after the wood pellets are unloaded at the discharge port. We generally recognize revenue prior to the issuance of an invoice to the customer. In instances where we have contracts to exchange wood pellets held for sale in the ordinary course of business for similar wood pellets to be sold in the same line of business to facilitate sales to customers other than the parties to the exchange, we account for these exchanges as non-monetary transactions at the carrying amount of the wood pellets transferred, with no impact to revenue and with no net impact to cost of goods sold once an equal amount of wood pellets have been exchanged. For the sale of the wood pellets received to customers not parties to the exchange, we recognize product sales revenue as described above for off-take contracts. To the extent that these exchanges also include compensation to us for shipping wood pellets, we recognize it as product sales revenue as those wood pellets are loaded and we recognize the shipping costs in cost of goods sold.
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| Cost of Goods Sold | Cost of goods sold includes the cost to produce or procure and deliver wood pellets to customers, shipping-related costs (regardless if reimbursable) associated with specific off-take contracts with CIF and CFR shipping terms and costs associated with purchase and sale transactions. Distribution costs associated with shipping wood pellets to customers are expensed as incurred. The calculation of cost of goods sold is based on estimates used in the valuation of the FIFO inventory and in determining the specific composition of inventory that is sold to each customer.
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| Accrued and Other Current Liabilities | Accrued and other current liabilities primarily include liabilities related to construction in progress, amounts related to cost of goods sold such as utility costs at our production facilities, distribution costs associated with shipping wood pellets to customers, costs associated with the purchase of wood fiber and wood pellets not yet invoiced and compensation and benefits.
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| Property, Plant and Equipment | Property, plant, and equipment are recorded at cost, which includes the fair values of assets acquired. Equipment under finance leases is stated at the present value of minimum lease payments. Useful lives of assets are based on historical experience and other relevant information. The useful lives of assets are adjusted when changes in the expected physical life of the asset, its planned use, technological advances, or other factors show that a different life would be more appropriate. Changes in useful lives are recognized prospectively. Depreciation is calculated using the straight-line method based on the estimated useful lives of the related assets. Plant and equipment held under finance leases are amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Construction in progress primarily represents expenditures for the development and expansion of facilities. Capitalized interest cost and all direct costs, which include equipment and engineering costs related to the development and expansion of facilities, are capitalized as construction in progress. Depreciation is not recognized for amounts in construction in progress. Normal repairs and maintenance costs are expensed as incurred. Amounts incurred that extend an asset’s useful life, increase its productivity, or add production capacity are capitalized. Direct costs, such as outside labor, materials, internal payroll, and benefit costs, incurred during the construction of a new plant are capitalized; indirect costs are not capitalized. The principal useful lives are as follows:
Costs and accumulated depreciation applicable to assets retired or sold are removed from the accounts and any resulting gain or loss is included in the consolidated statements of operations. A long-lived asset (group), such as property, plant and equipment and amortizable intangible assets, is tested for impairment whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset (group) may not be recoverable. There were no such indicators that would require impairment testing to be performed during the years ended December 31, 2022 and 2021. When there are any such indicators (such as during the year ended December 31, 2023), an impairment charge is recognized for a long-lived asset (group) if its carrying amount exceeds its undiscounted cash flows for an amount equal to the extent to which the carrying amount exceeds its fair value (see Note 8, Property, Plant, and Equipment, net).
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| Leases | We have operating and finance leases related to real estate, machinery, equipment, and other assets where we are the lessee. Operating leases with an initial term of 12 months or less are not recorded on the balance sheet but are recognized as lease expense on a straight-line basis over the applicable lease terms. Operating and finance leases with an initial term longer than 12 months are recorded on the balance sheet and classified as either operating or finance. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Our leases do not contain any material residual value guarantees or restrictive covenants. In addition to fixed lease payments, we have contracts that incur variable lease expense related to usage (e.g., throughput fees, maintenance and repair and machine hours), which are expensed as incurred. Our leases have remaining terms of month to 38 years, some of which include options to extend the leases by up to multiple five-year extensions. Our leases are generally noncancelable. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term unless there is a transfer of title or purchase option reasonably certain of exercise. An incremental borrowing rate is applied to our leases for balance sheet measurement. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for a collateralized borrowing over a similar term of the lease payments as of the commencement date. For contracts that contain lease and nonlease components, nonlease components are separated and accounted for under other relevant accounting standards. We made an accounting policy election to not separate nonlease components from lease components for heavy machinery and equipment and buildings. Operating leases are included in operating lease ROU assets, accrued and other current liabilities and long-term operating lease liabilities on our consolidated balance sheets. Finance leases are included in property, plant and equipment, the current portion of long-term debt and finance lease obligations and long-term debt and finance lease obligations on our consolidated balance sheets. Changes in ROU assets and operating lease liabilities are included net in change in operating lease liabilities on the consolidated statements of cash flows.
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| Debt Issuance Costs and Original Issue Discounts and Premiums | Debt issuance costs and original issue discounts and premiums incurred with debt financing are capitalized and amortized over the life of the debt. Amortization expense is included in interest expense. If a debt instrument is retired before its scheduled maturity date, any related unamortized debt issuance costs and original issue discounts and premiums are written-off as gain or loss on debt extinguishment in the same period. Unamortized debt issuance costs and original issue discounts and premiums related to a recognized debt liability are recognized as a direct deduction from the carrying amount of the related long-term debt and are amortized using the effective interest method. Unamortized debt issuance costs related to our revolving credit commitments are recognized as an asset and are amortized using the straight-line method.
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| Goodwill | Goodwill represents the purchase price paid for acquired businesses in excess of the identifiable acquired assets and assumed liabilities. Goodwill is not amortized but is tested for impairment annually and whenever an event occurs, or circumstances change such that it is more likely than not that the fair value of the reporting unit is less than its carrying amounts. Impairment testing for goodwill is required to be done at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment (also known as a component). A component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available and segment management regularly reviews the operating results of that component. Enviva Inc. represents a single operating segment that has been deemed to be a single reporting unit.
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| Non-Cash Equity-Based Compensation and Other Expense | Our employees, consultants and directors are eligible to receive equity awards and other forms of compensation under the Enviva Inc. Long-Term Incentive Plan (the “LTIP”). Restricted stock units issued in tandem with corresponding dividend equivalent rights (“DERs”) are granted to our employees and independent directors. These equity awards vest subject to the satisfaction of service requirements and the grant fair-value of these equity awards are recognized as non-cash equity-based compensation and other expense on a ratable basis over their vesting period. Once these conditions have been met, common stock in the Company will be delivered to the holder of these equity awards. Forfeitures are recognized as they occur. Modifications to these equity awards resulting in increased or decreased fair value over the pre-modification fair value are recognized as non-cash equity-based compensation and other expense over the remaining vesting period. We also recognize non-cash equity-based compensation and other expense for restricted stock units awarded to independent directors. As of December 31, 2023 and 2022, we have the ability to settle certain of our outstanding restricted stock unit awards under the LTIP in either cash or common stock at our election. As we reasonably expect to be able to deliver common stock at the settlement date, we have classified all of our outstanding restricted stock unit awards as equity on our balance sheets. For the years ended December 31, 2023 and 2022, the performance-based restricted stock awards granted vest dependent on the total shareholder return for Enviva Inc. relative to the constituents of the S&P 500 index over their respective performance periods. Their grant date fair values were determined using a Monte Carlo multivariate pricing model following standard assumptions. See Note 18, Equity-Based Awards.
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| Commitments and Contingencies | Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.
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| Fair Value Measurements | We apply authoritative accounting guidance for fair value measurements of financial and nonfinancial assets and liabilities. We use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We determine fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: •Level 1 Inputs: Unadjusted, quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. •Level 2 Inputs: Other than quoted prices included in Level 1, inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. •Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.
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| Income taxes | Effective December 31, 2021, Enviva Partners, LP converted from a Delaware limited partnership to a Delaware corporation named Enviva Inc. (the “Conversion”). Following the Conversion, we became subject to U.S. federal, foreign, state, and local corporate income tax. In addition, certain of Enviva’s subsidiaries are subject to federal, state, and local income, franchise, or capital taxes at the entity level and the related tax provision is reflected in the Consolidated Financial Statements. Prior to the Conversion, substantially all of Enviva’s operating subsidiaries were organized as limited partnerships and entities that were disregarded entities for U.S. federal and applicable state income tax purposes. As a result, for taxable periods ending on or prior to the Conversion, Enviva’s unitholders are liable for income taxes on their share of Enviva’s taxable income. As a result of the Conversion, Enviva recognized a step-up in the tax basis of certain assets that will be recovered as the assets are sold or the basis is amortized. The calculation and allocation of the step-up in tax basis to the various assets of the company was determined by management with the assistance of a third-party specialist. The tax basis information was finalized in 2022 after the filing of the 2021 income tax returns. Income taxes are accounted for using the asset and liability method of accounting. Under this method, deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using the applicable enacted tax rates and laws that will be in effect when such differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance when, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. When evaluating the realizability of the deferred tax assets, all evidence, both positive and negative, is considered. Items considered when evaluating the need for a valuation allowance include historical book losses, future reversals of existing temporary differences, tax planning strategies and expectations of future earnings. For a particular tax‑paying component of an entity and within a particular tax jurisdiction, deferred tax assets and liabilities are offset and presented as a single amount, as applicable, in the accompanying statements of financial condition.
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| Government Grants | We receive and then earn government grants based on the expected economic development and other benefits that communities expect to receive as a result of us constructing and operating a plant and/or port and/or employing at least a specific number of people at specified levels of compensation. We referred to International Accounting Standard 20, Accounting for Government Grants and Disclosure of Government Assistance, for guidance in determining the appropriate recognition, measurement, and presentation for government assistance received by business entities as there is no specific topical authoritative guidance in GAAP. A government grant is recognized only when there is reasonable assurance that the grant will be received and that we will comply with the conditions attached to the grant received. The grant receivable is included in other accounts receivable or other long-term assets, based on the extent to which it is expected to be received within or after one year. Each of our government grants is generally a combination of a grant related to an asset and a grant related to income. To allocate each grant between what is related to an asset (a plant or port) versus income (compensation cost), we use a proportion at recognition of the grant of the estimated minimum cost that we incurred or expect to incur to comply with the conditions of each type of grant. To the extent that each grant relates to an asset (which has been a majority of the total of each grant), its relative proportion is deducted from the carrying amount of the related property, plant, and equipment where depreciation expense is ultimately reduced over the estimated weighted-average useful life of the asset. To the extent that each grant relates to income, its relative proportion is recorded as a deferred credit where cost of goods sold is ultimately reduced in proportion to the cost to be incurred to comply with the compensation-related conditions. The deferred credit is included in either accrued and other current liabilities or other long-term liabilities, based on the extent to which it is expected to reduce cost of goods sold within or after one year.
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| Net Loss per Enviva Inc. Common Share | Net loss per Enviva Inc. common share is computed by dividing the net loss attributable to Enviva Inc., after reducing it by the amounts paid for dividend equivalent rights on outstanding time-based restricted stock awards, by the weighted-average number of outstanding Enviva Inc. common shares.
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| Recently Issued Accounting Standards not yet Adopted | In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07-Segment Reporting (Topic 280: Improvements to Reportable Segment Disclosures which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the potential effect that the standard will have on our financial statement disclosures. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restatement of Previously Issued Financial Statements (Unaudited) (Tables) |
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| Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of the Partnership's unaudited quarterly financial data | A summary of quarterly information is as follows:
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| Schedule of Error Corrections and Prior Period Adjustments | Consolidated Balance Sheets
Quarterly Consolidated Statements of Operations
Year to Date Consolidated Statements of Operations
Quarterly Consolidated Statements of Comprehensive Loss
Year to Date Consolidated Statements of Comprehensive Loss
Consolidated Statements of Changes in Shareholders’ Equity
Consolidated Cash Flow Statements
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Significant Accounting Policies (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Useful Lives | The principal useful lives are as follows:
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Revenue (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenue | Net revenue consisted of the following for the years ended December 31:
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Significant Risks and Uncertainties, Including Business and Credit Concentrations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risks and Uncertainties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of revenue from major customers | Product sales to third-party customers that accounted for 10% or a greater share of consolidated product sales for each of the years ended December 31 are as follows:
Our largest suppliers of procured wood pellets that accounted for 10% or a greater share were as follows:
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| Schedule of long-term purchase commitment | In addition to wood pellets sold from our own production, we procure wood pellets from third parties to resell under our long-term off-take arrangements and other sales agreements. Total procured wood pellets from third parties is as follows:
Fixed and determinable portions of the minimum aggregate future payments under these firm terminal and stevedoring services, ground transportation and wood pellet supply agreements, with a remaining term in excess of one year as of December 31, 2023, for the next five years are as follows:
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Inventories, net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of inventories | Inventories, net consisted of the following as of December 31:
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Property, Plant, and Equipment, net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of property, plant and equipment | Property, plant, and equipment, net consisted of the following as of December 31:
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| Schedule of depreciation expense and capitalized interest related to construction in progress table | Total capitalized interest related to construction-in-progress, depreciation expense, and loss on disposal of assets were as follows for the years ended December 31:
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating lease ROU assets and liabilities and finance leases | Operating lease ROU assets and liabilities and finance leases as of December 31:
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| Operating and finance lease costs | Operating and finance lease costs were as follows for the years ended December 31:
As of December 31, 2023, the weighted-average remaining lease terms and discount rates for our operating and finance leases were weighted using the undiscounted future minimum lease payments and are as follows:
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| Operating and finance lease cash flow information | Operating and finance lease cash flow information was as follows for the years ended December 31:
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| Aggregate maturities of operating lease liabilities | As of December 31, 2023, the future minimum lease payments and the aggregate maturities of operating and finance lease liabilities are as follows:
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| Aggregate maturities of finance lease liabilities | As of December 31, 2023, the future minimum lease payments and the aggregate maturities of operating and finance lease liabilities are as follows:
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of carrying amount and estimated fair value of long-term debt and capital lease obligations | The carrying amount and estimated fair value of long-term debt were as follows as of December 31:
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Goodwill (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Goodwill | The following tables summarize the changes in the carrying amounts of goodwill for the years ending December 31:
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Accrued and Other Current Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accounts Payable and Accrued Liabilities | Accrued and other current liabilities consisted of the following as of December 31:
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Short-Term Borrowings, Long-Term Debt and Finance Lease Obligations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of long-term debt and finance lease obligations | Short-Term Borrowings, Long-term debt and finance lease obligations at carrying value consisted of the following as of December 31:
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| Schedule of debt maturities | The aggregate maturities of long-term debt and finance lease obligations as of December 31, 2023 are as follows:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Income before Income Tax, Domestic and Foreign | Loss before income taxes consists of the following:
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| Schedule of Components of Income Tax Expense (Benefit) | Components of the income tax provision applicable to our federal, state, and foreign taxes are as follows:
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| Schedule of Effective Income Tax Rate Reconciliation | The effective income tax rate from continuing operations varies from the U.S. Federal statutory rate principally due to the following:
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| Schedule of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities are as follows as of December 31:
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Restructuring Inclusive of Related Severance Expenses (Tables) |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Costs | The following table summarizes our pre-tax restructuring expenses:
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Equity (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of cash distribution paid or declared | The following table details the cash dividends and distribution paid or declared:
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Equity-Based Awards (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement, Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of restricted stock units | The following table summarizes information regarding Employee Awards under the LTIP:
(1) Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. The following table summarizes information regarding Director Awards to independent directors of the Company under the LTIP:
(1) Determined by dividing the aggregate grant date fair value of awards by the number of awards issued.
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| Schedule of dividends payable | DER dividends unpaid related to the performance-based Employee Awards are estimated based on our actual relative total shareholder return to date for each performance period through December 31, 2023 and were as follows as of December 31:
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Net Loss per Enviva Inc. Common Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings (Loss) Per Share, Basic and Diluted | Net loss per basic and diluted Enviva Inc. common share were computed as follows for the years ending December 31:
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Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of long-term purchase commitment | In addition to wood pellets sold from our own production, we procure wood pellets from third parties to resell under our long-term off-take arrangements and other sales agreements. Total procured wood pellets from third parties is as follows:
Fixed and determinable portions of the minimum aggregate future payments under these firm terminal and stevedoring services, ground transportation and wood pellet supply agreements, with a remaining term in excess of one year as of December 31, 2023, for the next five years are as follows:
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Description of Business and Basis of Presentation (Details) |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2021
$ / shares
shares
|
Oct. 14, 2021
shares
|
Dec. 31, 2023
plant
segment
|
|
| Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||
| Number of industrial-scale production wood pellet production plants in operation | plant | 10 | ||
| Number of operating segments | segment | 1 | ||
| Conversion to Corporation | |||
| Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||
| Number of shares exchanged for every one common unit held on conversion date (in shares) | 1 | ||
| Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | ||
| Simplification Transaction | |||
| Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||
| Common unit, issued (in shares) | 16,000,000 | ||
| Common shares issued in lieu of dividends (in shares) | 9,000,000 |
Subsequent Event - Bankruptcy Filing (Details) - Subsequent Event - USD ($) $ in Millions |
Aug. 30, 2024 |
Mar. 15, 2024 |
|---|---|---|
| Unusual Risk or Uncertainty [Line Items] | ||
| Debtor-in-possession, equity right offering, amount | $ 250.0 | |
| Existing Equity Interests | ||
| Unusual Risk or Uncertainty [Line Items] | ||
| Debtor-in-possession, distribution of cash | $ 1.0 | |
| Debtor-in-possession, equity interests, percentage following dilution | 0.00% | |
| Maximum | ||
| Unusual Risk or Uncertainty [Line Items] | ||
| Debtor-in-possession, distribution of cash | $ 18.0 | |
| Minimum | ||
| Unusual Risk or Uncertainty [Line Items] | ||
| Debtor-in-possession, distribution of cash | 13.0 | |
| DIP Financing | ||
| Unusual Risk or Uncertainty [Line Items] | ||
| Debtor-in-possession financing, amount arranged | $ 500.0 | |
| First Lien Senior Secured Exit Facility | ||
| Unusual Risk or Uncertainty [Line Items] | ||
| Senior secured revolving credit facility | $ 1,000.0 |
Restatement of Previously Issued Financial Statements (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
||||||
| Accounting Changes and Error Corrections [Abstract] | ||||||||||||||
| Net revenue | $ 253,406 | $ 340,826 | $ 308,552 | $ 275,069 | $ 583,621 | $ 924,447 | $ 1,177,853 | $ 1,094,276 | $ 1,041,678 | |||||
| Loss from operations | (387,890) | (39,239) | (28,310) | (52,431) | (80,741) | (119,980) | (507,870) | (95,487) | (97,252) | |||||
| Net loss attributable to Enviva Inc. | $ (427,588) | $ (84,211) | $ (64,205) | $ (109,990) | $ (174,195) | $ (258,406) | $ (685,994) | $ (168,307) | $ (122,069) | |||||
| Basic net loss per Enviva Inc. common share (in dollars per share) | $ (5.74) | $ (1.13) | $ (0.94) | $ (1.65) | $ (2.58) | $ (3.70) | $ (9.64) | [1] | $ (2.59) | [1] | $ (4.76) | [1] | ||
| Diluted net loss per Enviva Inc. common share (in dollars per share) | $ (5.74) | $ (1.13) | $ (0.94) | $ (1.65) | $ (2.58) | $ (3.70) | $ (9.64) | [1] | $ (2.59) | [1] | $ (4.76) | [1] | ||
| ||||||||||||||
Restatement of Previously Issued Financial Statements - Revised Balance Sheet (Unaudited) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Accounts receivable | $ 214,907 | $ 199,329 | $ 145,946 | $ 128,494 | $ 169,847 | |
| Other accounts receivable | 11,029 | 11,422 | 15,142 | 12,673 | 8,950 | |
| Inventories, net | 69,763 | 193,091 | 199,423 | 186,813 | 158,884 | |
| Prepaid expenses and other current assets | 23,317 | 11,285 | 10,551 | 7,710 | 7,695 | |
| Total current assets | 642,129 | 756,071 | 400,648 | 364,952 | 370,339 | |
| Property, plant, and equipment, net | 1,674,987 | 1,661,632 | 1,632,014 | 1,593,654 | 1,584,875 | |
| Operating lease right-of-use assets | 96,735 | 96,079 | 98,463 | 100,705 | 102,623 | |
| Other long-term assets | 35,554 | 43,129 | 44,647 | 42,458 | 23,519 | |
| Total assets | 2,530,809 | 2,892,344 | 2,544,819 | 2,539,452 | 2,551,440 | |
| Current liabilities: | ||||||
| Accrued and other current liabilities | 174,929 | 162,230 | 142,677 | 135,945 | 146,497 | |
| Customer liabilities | 365,290 | 35,291 | 33,903 | 36,828 | 75,230 | |
| Current portion of long-term debt and finance lease obligations | 1,806,585 | 16,396 | 16,130 | 15,639 | 20,993 | |
| Financial liability pursuant to repurchase accounting | 0 | 212,119 | 194,350 | 175,444 | 111,913 | |
| Total current liabilities | 2,426,090 | 545,250 | 510,069 | 454,382 | 457,683 | |
| Long-term debt and finance lease obligations | 16,300 | 1,805,574 | 1,391,984 | 1,393,794 | 1,571,766 | |
| Long-term operating lease liabilities | 109,226 | 109,438 | 111,993 | 113,147 | 115,294 | |
| Other long-term liabilities | 49,853 | 53,165 | 58,454 | 64,011 | 76,106 | |
| Total liabilities | 2,691,307 | 2,630,495 | 2,204,647 | 2,157,127 | 2,264,684 | |
| Shareholders’ Equity: | ||||||
| Additional paid-in capital | 741,133 | 735,881 | 730,056 | 459,482 | 502,554 | |
| Accumulated deficit | (854,301) | (426,713) | (342,502) | (278,297) | (168,307) | |
| Total Enviva Inc.’s (deficit) equity | (112,927) | 309,461 | 387,819 | 181,451 | 334,511 | |
| Total shareholders’ equity | (160,498) | 261,849 | 340,172 | 133,736 | 286,756 | $ 270,664 |
| Total liabilities and shareholders' equity | $ 2,530,809 | 2,892,344 | 2,544,819 | 2,539,452 | 2,551,440 | |
| As Reported | ||||||
| Assets | ||||||
| Accounts receivable | 200,199 | 146,434 | 128,737 | |||
| Other accounts receivable | 12,574 | 16,267 | 14,255 | |||
| Inventories, net | 192,361 | 198,546 | 185,746 | |||
| Prepaid expenses and other current assets | 12,369 | 11,541 | 8,499 | |||
| Total current assets | 758,447 | 402,374 | 366,499 | |||
| Property, plant, and equipment, net | 1,663,386 | 1,641,753 | 1,598,543 | |||
| Operating lease right-of-use assets | 96,079 | 98,463 | 100,764 | |||
| Other long-term assets | 40,236 | 41,203 | 41,242 | |||
| Total assets | 2,893,581 | 2,552,840 | 2,544,731 | |||
| Current liabilities: | ||||||
| Accrued and other current liabilities | 155,606 | 143,949 | 133,395 | |||
| Customer liabilities | 32,478 | 33,903 | 36,828 | |||
| Current portion of long-term debt and finance lease obligations | 16,336 | 16,130 | 15,313 | |||
| Financial liability pursuant to repurchase accounting | 212,119 | 194,350 | 180,954 | |||
| Total current liabilities | 535,753 | 511,341 | 457,016 | |||
| Long-term debt and finance lease obligations | 1,806,091 | 1,392,321 | 1,393,076 | |||
| Long-term operating lease liabilities | 108,301 | 110,856 | 113,159 | |||
| Other long-term liabilities | 64,050 | 67,821 | 72,177 | |||
| Total liabilities | 2,631,263 | 2,214,486 | 2,167,221 | |||
| Shareholders’ Equity: | ||||||
| Additional paid-in capital | 735,882 | 726,786 | 461,576 | |||
| Accumulated deficit | (426,245) | (341,050) | (285,206) | |||
| Total Enviva Inc.’s (deficit) equity | 309,930 | 386,001 | 176,636 | |||
| Total shareholders’ equity | 262,318 | 338,354 | 128,921 | $ 286,756 | ||
| Total liabilities and shareholders' equity | 2,893,581 | 2,552,840 | 2,544,731 | |||
| Other Adjustments | ||||||
| Assets | ||||||
| Accounts receivable | (870) | (488) | (243) | |||
| Other accounts receivable | (1,152) | (1,125) | (1,582) | |||
| Inventories, net | 730 | 877 | 1,067 | |||
| Prepaid expenses and other current assets | (1,084) | (990) | (789) | |||
| Total current assets | (2,376) | (1,726) | (1,547) | |||
| Property, plant, and equipment, net | (1,754) | (9,739) | (4,889) | |||
| Operating lease right-of-use assets | 0 | 0 | (59) | |||
| Other long-term assets | 2,893 | 3,444 | 1,216 | |||
| Total assets | (1,237) | (8,021) | (5,279) | |||
| Current liabilities: | ||||||
| Accrued and other current liabilities | 6,624 | (1,272) | 2,550 | |||
| Customer liabilities | 2,813 | 0 | 0 | |||
| Current portion of long-term debt and finance lease obligations | 60 | 0 | 326 | |||
| Financial liability pursuant to repurchase accounting | 0 | 0 | (5,510) | |||
| Total current liabilities | 9,497 | (1,272) | (2,634) | |||
| Long-term debt and finance lease obligations | (517) | (337) | 718 | |||
| Long-term operating lease liabilities | 1,137 | 1,137 | (12) | |||
| Other long-term liabilities | (10,885) | (9,367) | (8,166) | |||
| Total liabilities | (768) | (9,839) | (10,094) | |||
| Shareholders’ Equity: | ||||||
| Additional paid-in capital | (1) | 3,270 | (2,094) | |||
| Accumulated deficit | (468) | (1,452) | 6,909 | |||
| Total Enviva Inc.’s (deficit) equity | (469) | 1,818 | 4,815 | |||
| Total shareholders’ equity | (469) | 1,818 | 4,815 | |||
| Total liabilities and shareholders' equity | $ (1,237) | $ (8,021) | $ (5,279) |
Restatement of Previously Issued Financial Statements - Revised Statement of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
||||||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
| Net revenue | $ 253,406 | $ 340,826 | $ 308,552 | $ 275,069 | $ 583,621 | $ 924,447 | $ 1,177,853 | $ 1,094,276 | $ 1,041,678 | |||||
| Operating costs and expenses: | ||||||||||||||
| Cost of goods sold, excluding items below | 288,308 | 266,330 | 262,843 | 529,173 | 817,481 | 1,218,111 | 927,453 | 861,703 | ||||||
| Impairment of assets | 21,679 | 0 | 0 | 0 | 21,679 | 92,701 | 0 | 0 | ||||||
| Loss on disposal of assets | 1,812 | 2,030 | 2,011 | 4,041 | 5,853 | 15,067 | 8,607 | 10,153 | ||||||
| Selling, general, administrative, and development expenses | 27,473 | 23,047 | 29,892 | 52,939 | 80,412 | 117,179 | 119,713 | 175,108 | ||||||
| Depreciation and amortization | 34,536 | 31,870 | 32,754 | 64,624 | 99,160 | 145,446 | 113,177 | 91,966 | ||||||
| Costs and Expenses | 380,065 | 336,862 | 327,500 | 664,362 | 1,044,427 | 1,685,723 | 1,189,763 | 1,138,930 | ||||||
| Loss from operations | (387,890) | (39,239) | (28,310) | (52,431) | (80,741) | (119,980) | (507,870) | (95,487) | (97,252) | |||||
| Other (expense) income: | ||||||||||||||
| Interest expense | (24,413) | (19,139) | (22,996) | (42,135) | (66,548) | (102,677) | (62,013) | (56,497) | ||||||
| Interest expense on repurchase accounting | (22,143) | (17,068) | (34,863) | (51,931) | (74,074) | (79,310) | (9,572) | 0 | ||||||
| Total interest expense | (46,556) | (36,207) | (57,859) | (94,066) | (140,622) | (181,987) | (71,585) | (56,497) | ||||||
| Other income, net | 1,774 | 391 | 352 | 743 | 2,517 | 4,005 | 1,198 | 880 | ||||||
| Nonoperating Income (Expense) | (44,782) | (35,816) | (57,507) | (93,323) | (138,105) | (177,982) | (70,387) | (64,994) | ||||||
| Net loss before income taxes | (84,021) | (64,126) | (109,938) | (174,064) | (258,085) | (685,852) | (165,874) | (162,246) | ||||||
| Net loss | (84,176) | (64,137) | (109,950) | (174,087) | (258,263) | (685,810) | (168,368) | (145,271) | ||||||
| Net loss attributable to Enviva Inc. | $ (427,588) | $ (84,211) | $ (64,205) | $ (109,990) | $ (174,195) | $ (258,406) | $ (685,994) | $ (168,307) | $ (122,069) | |||||
| Net loss per Enviva Inc. common share or unit: | ||||||||||||||
| Net loss per common share - diluted (in dollars per share) | $ (5.74) | $ (1.13) | $ (0.94) | $ (1.65) | $ (2.58) | $ (3.70) | $ (9.64) | [1] | $ (2.59) | [1] | $ (4.76) | [1] | ||
| Net loss per common share - basic (in dollars per share) | $ (5.74) | $ (1.13) | $ (0.94) | $ (1.65) | $ (2.58) | $ (3.70) | $ (9.64) | [1] | $ (2.59) | [1] | $ (4.76) | [1] | ||
| Weighted-average number of common shares or units outstanding: | ||||||||||||||
| Weighted average shares outstanding - basic (in shares) | 74,447,000 | 68,490,000 | 67,363,000 | 67,930,000 | 70,126,000 | 71,236,000 | 66,312,000 | 25,632,000 | ||||||
| Weighted average shares outstanding - diluted (in shares) | 74,447,000 | 68,490,000 | 67,363,000 | 67,930,000 | 70,126,000 | 71,236,000 | 66,312,000 | 25,632,000 | ||||||
| As Reported | ||||||||||||||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
| Net revenue | $ 320,637 | $ 301,905 | $ 269,082 | $ 570,987 | $ 891,624 | |||||||||
| Operating costs and expenses: | ||||||||||||||
| Cost of goods sold, excluding items below | 268,221 | 260,143 | 253,215 | 513,358 | 781,579 | |||||||||
| Impairment of assets | 21,220 | 0 | 0 | 0 | 21,220 | |||||||||
| Loss on disposal of assets | 4,384 | 3,177 | 3,629 | 6,806 | 11,190 | |||||||||
| Selling, general, administrative, and development expenses | 27,582 | 21,987 | 30,954 | 52,941 | 80,523 | |||||||||
| Depreciation and amortization | 36,405 | 29,965 | 34,674 | 64,639 | 101,044 | |||||||||
| Costs and Expenses | 364,069 | 328,857 | 322,472 | 651,329 | 1,015,398 | |||||||||
| Loss from operations | (43,432) | (26,952) | (53,390) | (80,342) | (123,774) | |||||||||
| Other (expense) income: | ||||||||||||||
| Interest expense | (21,620) | (17,272) | (23,393) | (40,665) | (62,285) | |||||||||
| Interest expense on repurchase accounting | (22,143) | (11,558) | (40,373) | (51,931) | (74,074) | |||||||||
| Total interest expense | (43,763) | (28,830) | (63,766) | (92,596) | (136,359) | |||||||||
| Other income, net | 2,190 | 17 | 309 | 326 | 2,516 | |||||||||
| Nonoperating Income (Expense) | (41,573) | (28,813) | (63,457) | (92,270) | (133,843) | |||||||||
| Net loss before income taxes | (85,005) | (55,765) | (116,847) | (172,612) | (257,617) | |||||||||
| Net loss | (85,160) | (55,776) | (116,859) | (172,635) | (257,795) | |||||||||
| Net loss attributable to Enviva Inc. | $ (85,195) | $ (55,844) | $ (116,899) | $ (172,743) | $ (257,938) | |||||||||
| Net loss per Enviva Inc. common share or unit: | ||||||||||||||
| Net loss per common share - diluted (in dollars per share) | $ (1.14) | $ (0.82) | $ (1.75) | $ (2.56) | $ (3.69) | |||||||||
| Net loss per common share - basic (in dollars per share) | $ (1.14) | $ (0.82) | $ (1.75) | $ (2.56) | $ (3.69) | |||||||||
| Weighted-average number of common shares or units outstanding: | ||||||||||||||
| Weighted average shares outstanding - basic (in shares) | 74,447,000 | 68,490,000 | 67,930,000 | 70,126,000 | ||||||||||
| Weighted average shares outstanding - diluted (in shares) | 74,447,000 | 68,490,000 | 67,363,000 | 67,930,000 | 70,126,000 | |||||||||
| Adjustments | ||||||||||||||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
| Net revenue | $ 20,454 | $ 6,652 | $ 6,034 | $ 12,686 | $ 33,140 | |||||||||
| Operating costs and expenses: | ||||||||||||||
| Cost of goods sold, excluding items below | 20,454 | 6,652 | 6,034 | 12,686 | 33,140 | |||||||||
| Impairment of assets | 0 | 0 | 0 | 0 | 0 | |||||||||
| Loss on disposal of assets | 0 | 0 | 0 | 0 | 0 | |||||||||
| Selling, general, administrative, and development expenses | 0 | 0 | 0 | 0 | 0 | |||||||||
| Depreciation and amortization | 0 | 0 | 0 | 0 | 0 | |||||||||
| Costs and Expenses | 20,454 | 6,652 | 6,034 | 12,686 | 33,140 | |||||||||
| Loss from operations | 0 | 0 | 0 | 0 | 0 | |||||||||
| Other (expense) income: | ||||||||||||||
| Interest expense | 0 | 0 | 0 | 0 | 0 | |||||||||
| Interest expense on repurchase accounting | 0 | 0 | 0 | 0 | 0 | |||||||||
| Total interest expense | 0 | 0 | 0 | 0 | 0 | |||||||||
| Other income, net | 0 | 0 | 0 | 0 | 0 | |||||||||
| Nonoperating Income (Expense) | 0 | 0 | 0 | 0 | 0 | |||||||||
| Net loss before income taxes | 0 | 0 | 0 | 0 | 0 | |||||||||
| Net loss | 0 | 0 | 0 | 0 | 0 | |||||||||
| Net loss attributable to Enviva Inc. | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||
| Net loss per Enviva Inc. common share or unit: | ||||||||||||||
| Net loss per common share - diluted (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||
| Net loss per common share - basic (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||
| Weighted-average number of common shares or units outstanding: | ||||||||||||||
| Weighted average shares outstanding - basic (in shares) | 0 | 0 | 0 | 0 | 0 | |||||||||
| Weighted average shares outstanding - diluted (in shares) | 0 | 0 | 0 | 0 | 0 | |||||||||
| Other Adjustments | ||||||||||||||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
| Net revenue | $ (265) | $ (5) | $ (47) | $ (52) | $ (317) | |||||||||
| Operating costs and expenses: | ||||||||||||||
| Cost of goods sold, excluding items below | (367) | (465) | 3,594 | 3,129 | 2,762 | |||||||||
| Impairment of assets | 459 | 0 | 0 | 0 | 459 | |||||||||
| Loss on disposal of assets | (2,572) | (1,147) | (1,618) | (2,765) | (5,337) | |||||||||
| Selling, general, administrative, and development expenses | (109) | 1,060 | (1,062) | (2) | (111) | |||||||||
| Depreciation and amortization | (1,869) | 1,905 | (1,920) | (15) | (1,884) | |||||||||
| Costs and Expenses | (4,458) | 1,353 | (1,006) | 347 | (4,111) | |||||||||
| Loss from operations | 4,193 | (1,358) | 959 | (399) | 3,794 | |||||||||
| Other (expense) income: | ||||||||||||||
| Interest expense | (2,793) | (1,867) | 397 | (1,470) | (4,263) | |||||||||
| Interest expense on repurchase accounting | 0 | (5,510) | 5,510 | 0 | 0 | |||||||||
| Total interest expense | (2,793) | (7,377) | 5,907 | (1,470) | (4,263) | |||||||||
| Other income, net | (416) | 374 | 43 | 417 | 1 | |||||||||
| Nonoperating Income (Expense) | (3,209) | (7,003) | 5,950 | (1,053) | (4,262) | |||||||||
| Net loss before income taxes | 984 | (8,361) | 6,909 | (1,452) | (468) | |||||||||
| Net loss | 984 | (8,361) | 6,909 | (1,452) | (468) | |||||||||
| Net loss attributable to Enviva Inc. | $ 984 | $ (8,361) | $ 6,909 | $ (1,452) | $ (468) | |||||||||
| Net loss per Enviva Inc. common share or unit: | ||||||||||||||
| Net loss per common share - diluted (in dollars per share) | $ 0.01 | $ (0.12) | $ 0.10 | $ (0.02) | $ (0.01) | |||||||||
| Net loss per common share - basic (in dollars per share) | $ 0.01 | $ (0.12) | $ 0.10 | $ (0.02) | $ (0.01) | |||||||||
| Weighted-average number of common shares or units outstanding: | ||||||||||||||
| Weighted average shares outstanding - basic (in shares) | 0 | 0 | 0 | 0 | 0 | |||||||||
| Weighted average shares outstanding - diluted (in shares) | 0 | 0 | 0 | 0 | 0 | |||||||||
| ||||||||||||||
Restatement of Previously Issued Financial Statements - Revised Statements of Comprehensive Loss (Unaudited) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
| Net loss | $ (84,176) | $ (64,137) | $ (109,950) | $ (174,087) | $ (258,263) | $ (685,810) | $ (168,368) | $ (145,271) |
| Total comprehensive loss | (84,148) | (64,144) | (109,949) | (174,093) | (258,241) | (685,840) | (168,470) | (145,234) |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (84,183) | (64,212) | (109,989) | (174,201) | (258,384) | $ (686,024) | $ (168,409) | $ (122,032) |
| As Reported | ||||||||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
| Net loss | (85,160) | (55,776) | (116,859) | (172,635) | (257,795) | |||
| Total comprehensive loss | (85,132) | (55,783) | (116,858) | (172,641) | (257,773) | |||
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (85,167) | (55,851) | (116,898) | (172,749) | (257,916) | |||
| Other Adjustments | ||||||||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
| Net loss | 984 | (8,361) | 6,909 | (1,452) | (468) | |||
| Total comprehensive loss | 984 | (8,361) | 6,909 | (1,452) | (468) | |||
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 984 | $ (8,361) | $ 6,909 | $ (1,452) | $ (468) | |||
Restatement of Previously Issued Financial Statements - Revised Equity Statements (Unaudited) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
| Balance at the beginning of period | $ 261,849 | $ 340,172 | $ 133,736 | $ 286,756 | $ 286,756 | $ 286,756 | $ 286,756 | $ 270,664 | |
| Dividends declared | 60,886 | 60,885 | 244,857 | ||||||
| Dividend equivalent rights on performance-based restricted stock units forfeited | (75) | 2,620 | 2,545 | ||||||
| Issuance of Series A Preferred Stock and subsequent conversion to common shares | (24) | 247,930 | 247,900 | ||||||
| Common shares issued in lieu of dividends | 8,698 | 8,698 | 33,187 | ||||||
| Payments for withholding tax and number of shares issued associated with Long-Term Incentive Plan vesting | (417) | (370) | (15,264) | (15,859) | (16,907) | ||||
| Non-cash equity-based compensation and other costs | 6,341 | 20,400 | 14,560 | 46,366 | 56,575 | ||||
| Support Payments | 9,821 | 9,821 | 23,839 | $ 15,400 | |||||
| Total other comprehensive (loss) income | 28 | (7) | 1 | (30) | (102) | 37 | |||
| Net loss | (84,176) | (64,137) | (109,950) | (174,087) | (258,263) | (685,810) | (168,368) | (145,271) | |
| Balance at the end of the period | (160,498) | 261,849 | 340,172 | 133,736 | 340,172 | 261,849 | (160,498) | 286,756 | $ 270,664 |
| As Reported | |||||||||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
| Balance at the beginning of period | 262,318 | 338,354 | 128,921 | 286,756 | 286,756 | 286,756 | $ 286,756 | ||
| Dividends declared | 60,940 | ||||||||
| Dividend equivalent rights on performance-based restricted stock units forfeited | 2,258 | 342 | |||||||
| Issuance of Series A Preferred Stock and subsequent conversion to common shares | (24) | 247,930 | |||||||
| Common shares issued in lieu of dividends | 8,698 | ||||||||
| Payments for withholding tax and number of shares issued associated with Long-Term Incentive Plan vesting | (417) | (370) | (15,264) | ||||||
| Non-cash equity-based compensation and other costs | 7,279 | 17,314 | 16,708 | ||||||
| Support Payments | 9,821 | ||||||||
| Total other comprehensive (loss) income | 28 | (7) | 1 | ||||||
| Net loss | (85,160) | (55,776) | (116,859) | (172,635) | (257,795) | ||||
| Balance at the end of the period | 262,318 | 338,354 | 128,921 | 338,354 | 262,318 | $ 286,756 | |||
| Other Adjustments | |||||||||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
| Balance at the beginning of period | $ (469) | 1,818 | 4,815 | ||||||
| Dividends declared | 54 | ||||||||
| Dividend equivalent rights on performance-based restricted stock units forfeited | (2,333) | 2,278 | |||||||
| Non-cash equity-based compensation and other costs | (938) | 3,086 | (2,148) | ||||||
| Net loss | 984 | (8,361) | 6,909 | (1,452) | (468) | ||||
| Balance at the end of the period | $ (469) | $ 1,818 | $ 4,815 | $ 1,818 | $ (469) | ||||
| Common Shares | |||||||||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
| Shares, outstanding, beginning balance (in shares) | 74,496,000 | 74,415,000 | 67,728,000 | 66,966,000 | 66,966,000 | 66,966,000 | 66,966,000 | 61,138,000 | |
| Balance at the beginning of period | $ 74 | $ 74 | $ 68 | $ 67 | $ 67 | $ 67 | $ 67 | $ 61 | |
| Issuance of Series A Preferred Stock and subsequent conversion to common shares | $ 6 | $ 6 | |||||||
| Issuance of Series A Preferred Stock and subsequent conversion to common shares (in shares) | 6,605,000 | 6,605,000 | |||||||
| Common shares issued in lieu of dividends (in shares) | 188,000 | 188,000 | 496,000 | ||||||
| Payments for withholding tax and number of shares issued associated with Long-Term Incentive Plan vesting | $ 1 | $ 1 | $ 1 | ||||||
| Payments for withholding tax and number of shares issued associated with Long-Term Incentive Plan vesting (in shares) | 81,000 | 82,000 | 574,000 | 795,000 | 387,000 | ||||
| Shares, outstanding, ending balance (in shares) | 74,554,000 | 74,496,000 | 74,415,000 | 67,728,000 | 74,415,000 | 74,496,000 | 74,554,000 | 66,966,000 | 61,138,000 |
| Balance at the end of the period | $ 74 | $ 74 | $ 74 | $ 68 | $ 74 | $ 74 | $ 74 | $ 67 | $ 61 |
| Common Shares | As Reported | |||||||||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
| Shares, outstanding, beginning balance (in shares) | 74,496,000 | 74,415,000 | 67,728,000 | 66,966,000 | 66,966,000 | 66,966,000 | 66,966,000 | ||
| Balance at the beginning of period | $ 74 | $ 74 | $ 68 | $ 67 | $ 67 | $ 67 | $ 67 | ||
| Issuance of Series A Preferred Stock and subsequent conversion to common shares | $ 6 | ||||||||
| Issuance of Series A Preferred Stock and subsequent conversion to common shares (in shares) | 6,605,000 | ||||||||
| Common shares issued in lieu of dividends (in shares) | 188,000 | ||||||||
| Payments for withholding tax and number of shares issued associated with Long-Term Incentive Plan vesting | $ 1 | ||||||||
| Payments for withholding tax and number of shares issued associated with Long-Term Incentive Plan vesting (in shares) | 81,000 | 82,000 | 574,000 | ||||||
| Shares, outstanding, ending balance (in shares) | 74,496,000 | 74,415,000 | 67,728,000 | 74,415,000 | 74,496,000 | 66,966,000 | |||
| Balance at the end of the period | $ 74 | $ 74 | $ 68 | $ 74 | $ 74 | $ 67 | |||
| Additional Paid-In Capital | |||||||||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
| Balance at the beginning of period | 735,881 | 730,056 | 459,482 | 502,554 | 502,554 | 502,554 | 502,554 | 317,998 | |
| Dividends declared | 60,886 | 60,885 | 244,857 | ||||||
| Dividend equivalent rights on performance-based restricted stock units forfeited | (75) | 2,620 | 2,545 | ||||||
| Issuance of Series A Preferred Stock and subsequent conversion to common shares | (24) | 247,924 | 247,894 | ||||||
| Common shares issued in lieu of dividends | 8,698 | 8,698 | 33,187 | ||||||
| Payments for withholding tax and number of shares issued associated with Long-Term Incentive Plan vesting | (417) | (370) | (15,265) | (15,860) | (16,908) | ||||
| Non-cash equity-based compensation and other costs | 6,341 | 20,400 | 14,560 | 46,366 | 56,575 | ||||
| Support Payments | 9,821 | 9,821 | 23,839 | ||||||
| Balance at the end of the period | 741,133 | 735,881 | 730,056 | 459,482 | 730,056 | 735,881 | 741,133 | 502,554 | 317,998 |
| Additional Paid-In Capital | As Reported | |||||||||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
| Balance at the beginning of period | 735,882 | 726,786 | 461,576 | 502,554 | 502,554 | 502,554 | 502,554 | ||
| Dividends declared | 60,940 | ||||||||
| Dividend equivalent rights on performance-based restricted stock units forfeited | 2,258 | 342 | |||||||
| Issuance of Series A Preferred Stock and subsequent conversion to common shares | (24) | 247,924 | |||||||
| Common shares issued in lieu of dividends | 8,698 | ||||||||
| Payments for withholding tax and number of shares issued associated with Long-Term Incentive Plan vesting | (417) | (370) | (15,265) | ||||||
| Non-cash equity-based compensation and other costs | 7,279 | 17,314 | 16,708 | ||||||
| Support Payments | 9,821 | ||||||||
| Balance at the end of the period | 735,882 | 726,786 | 461,576 | 726,786 | 735,882 | 502,554 | |||
| Additional Paid-In Capital | Other Adjustments | |||||||||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
| Balance at the beginning of period | (1) | 3,270 | (2,094) | ||||||
| Dividends declared | 54 | ||||||||
| Dividend equivalent rights on performance-based restricted stock units forfeited | (2,333) | 2,278 | |||||||
| Non-cash equity-based compensation and other costs | (938) | 3,086 | (2,148) | ||||||
| Balance at the end of the period | (1) | 3,270 | (2,094) | 3,270 | (1) | ||||
| Accumulated Deficit | |||||||||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
| Balance at the beginning of period | (426,713) | (342,502) | (278,297) | (168,307) | (168,307) | (168,307) | (168,307) | 0 | |
| Net loss | (84,211) | (64,205) | (109,990) | (685,994) | (168,307) | ||||
| Balance at the end of the period | (854,301) | (426,713) | (342,502) | (278,297) | (342,502) | (426,713) | (854,301) | (168,307) | 0 |
| Accumulated Deficit | As Reported | |||||||||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
| Balance at the beginning of period | (426,245) | (341,050) | (285,206) | (168,307) | (168,307) | (168,307) | (168,307) | ||
| Net loss | (85,195) | (55,844) | (116,899) | ||||||
| Balance at the end of the period | (426,245) | (341,050) | (285,206) | (341,050) | (426,245) | (168,307) | |||
| Accumulated Deficit | Other Adjustments | |||||||||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
| Balance at the beginning of period | (468) | (1,452) | 6,909 | ||||||
| Net loss | 984 | (8,361) | 6,909 | ||||||
| Balance at the end of the period | (468) | (1,452) | 6,909 | (1,452) | (468) | ||||
| Accumulated Other Comprehensive Income | |||||||||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
| Balance at the beginning of period | 219 | 191 | 198 | 197 | 197 | 197 | 197 | 299 | |
| Total other comprehensive (loss) income | 28 | (7) | 1 | (30) | (102) | ||||
| Balance at the end of the period | 167 | 219 | 191 | 198 | 191 | 219 | 167 | 197 | 299 |
| Accumulated Other Comprehensive Income | As Reported | |||||||||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
| Balance at the beginning of period | 219 | 191 | 198 | 197 | 197 | 197 | 197 | ||
| Total other comprehensive (loss) income | 28 | (7) | 1 | ||||||
| Balance at the end of the period | 219 | 191 | 198 | 191 | 219 | 197 | |||
| Equity Attributable to Enviva Inc. | |||||||||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
| Balance at the beginning of period | 309,461 | 387,819 | 181,451 | 334,511 | 334,511 | 334,511 | 334,511 | 318,358 | |
| Dividends declared | 60,886 | 60,885 | 244,857 | ||||||
| Dividend equivalent rights on performance-based restricted stock units forfeited | (75) | 2,620 | 2,545 | ||||||
| Issuance of Series A Preferred Stock and subsequent conversion to common shares | (24) | 247,930 | 247,900 | ||||||
| Common shares issued in lieu of dividends | 8,698 | 8,698 | 33,187 | ||||||
| Payments for withholding tax and number of shares issued associated with Long-Term Incentive Plan vesting | (417) | (370) | (15,264) | (15,859) | (16,907) | ||||
| Non-cash equity-based compensation and other costs | 6,341 | 20,400 | 14,560 | 46,366 | 56,575 | ||||
| Support Payments | 9,821 | 9,821 | 23,839 | ||||||
| Total other comprehensive (loss) income | 28 | (7) | 1 | (30) | (102) | ||||
| Net loss | (84,211) | (64,205) | (109,990) | (685,994) | (168,307) | ||||
| Balance at the end of the period | (112,927) | 309,461 | 387,819 | 181,451 | 387,819 | 309,461 | (112,927) | 334,511 | 318,358 |
| Equity Attributable to Enviva Inc. | As Reported | |||||||||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
| Balance at the beginning of period | 309,930 | 386,001 | 176,636 | 334,511 | 334,511 | 334,511 | 334,511 | ||
| Dividends declared | 60,940 | ||||||||
| Dividend equivalent rights on performance-based restricted stock units forfeited | 2,258 | 342 | |||||||
| Issuance of Series A Preferred Stock and subsequent conversion to common shares | (24) | 247,930 | |||||||
| Common shares issued in lieu of dividends | 8,698 | ||||||||
| Payments for withholding tax and number of shares issued associated with Long-Term Incentive Plan vesting | (417) | (370) | (15,264) | ||||||
| Non-cash equity-based compensation and other costs | 7,279 | 17,314 | 16,708 | ||||||
| Support Payments | 9,821 | ||||||||
| Total other comprehensive (loss) income | 28 | (7) | 1 | ||||||
| Net loss | (85,195) | (55,844) | (116,899) | ||||||
| Balance at the end of the period | 309,930 | 386,001 | 176,636 | 386,001 | 309,930 | 334,511 | |||
| Equity Attributable to Enviva Inc. | Other Adjustments | |||||||||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
| Balance at the beginning of period | (469) | 1,818 | 4,815 | ||||||
| Dividends declared | 54 | ||||||||
| Dividend equivalent rights on performance-based restricted stock units forfeited | (2,333) | 2,278 | |||||||
| Non-cash equity-based compensation and other costs | (938) | 3,086 | (2,148) | ||||||
| Net loss | 984 | (8,361) | 6,909 | ||||||
| Balance at the end of the period | (469) | 1,818 | 4,815 | 1,818 | (469) | ||||
| Noncontrolling Interests | |||||||||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
| Balance at the beginning of period | (47,612) | (47,647) | (47,715) | (47,755) | (47,755) | (47,755) | (47,755) | (47,694) | |
| Net loss | 35 | 68 | 40 | 184 | (61) | ||||
| Balance at the end of the period | (47,571) | (47,612) | (47,647) | (47,715) | (47,647) | (47,612) | (47,571) | (47,755) | $ (47,694) |
| Noncontrolling Interests | As Reported | |||||||||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
| Balance at the beginning of period | $ (47,612) | (47,647) | (47,715) | (47,755) | (47,755) | (47,755) | $ (47,755) | ||
| Net loss | 35 | 68 | 40 | ||||||
| Balance at the end of the period | $ (47,612) | $ (47,647) | $ (47,715) | $ (47,647) | $ (47,612) | $ (47,755) | |||
Restatement of Previously Issued Financial Statements - Revised Statement of Cash Flow (Unaudited) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Cash flows from operating activities: | ||||||||
| Net loss | $ (84,176) | $ (64,137) | $ (109,950) | $ (174,087) | $ (258,263) | $ (685,810) | $ (168,368) | $ (145,271) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 36,307 | 72,249 | 107,721 | 166,112 | 113,177 | 92,919 | ||
| Impairment of assets and loss on disposal of assets | 2,011 | 4,041 | 27,748 | |||||
| Deferred taxes | 0 | 0 | 0 | (231) | 2,074 | (21,629) | ||
| Non-cash equity-based compensation and other expense | 13,293 | 33,343 | 39,986 | 44,431 | 54,148 | 55,924 | ||
| Unrealized loss on foreign currency transactions, net | 77 | 77 | 43 | 928 | (234) | 22 | ||
| Change in operating assets and liabilities: | ||||||||
| Accounts and other receivables | 41,258 | 20,995 | (29,207) | (40,347) | (63,343) | 24,088 | ||
| Prepaid expenses and other current and long-term assets | 10,551 | (10,860) | (4,120) | (24,931) | (25,534) | 1,723 | ||
| Inventories | (12,130) | (6,083) | (1,519) | (17,768) | 3,909 | (15,398) | ||
| Accounts payable, accrued liabilities, and other current liabilities | (50,489) | (34,430) | (23,310) | 16,226 | (21,896) | 50,797 | ||
| Other long-term liabilities | (9,556) | (9,944) | (15,422) | (21,788) | (17,306) | (10,111) | ||
| Net cash used in operating activities | 23,404 | 23,207 | (25,597) | (65,796) | (88,767) | 33,390 | ||
| Cash flows from investing activities: | ||||||||
| Purchases of property, plant, and equipment | (70,234) | (136,871) | (212,529) | (301,300) | (217,847) | (332,322) | ||
| Net cash used in investing activities | (70,234) | (136,871) | (212,529) | (301,300) | (222,847) | (332,322) | ||
| Cash flows from financing activities: | ||||||||
| Cash paid related to debt issuance costs and deferred offering costs | (1,732) | (1,769) | (1,769) | (1,780) | (6,931) | (9,401) | ||
| Proceeds from sale of finished goods subject to repurchase accounting | 21,459 | 30,117 | 30,505 | 37,194 | 102,341 | 0 | ||
| Cash dividends or distributions and equivalent rights | (56,550) | (57,020) | (57,104) | (57,104) | (211,061) | (116,006) | ||
| Net cash provided by financing activities | 17,127 | 18,209 | 427,726 | 420,245 | 544,173 | 249,775 | ||
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (29,703) | (95,455) | 189,600 | 53,149 | 232,559 | (49,157) | ||
| Cash, cash equivalents, and restricted cash, beginning of period | 155,622 | 221,374 | 251,077 | 251,077 | 251,077 | 251,077 | 18,518 | 67,675 |
| Cash, cash equivalents, and restricted cash, end of period | 440,677 | 155,622 | 221,374 | 155,622 | 440,677 | 304,226 | 251,077 | $ 18,518 |
| As Reported | ||||||||
| Cash flows from operating activities: | ||||||||
| Net loss | (85,160) | (55,776) | (116,859) | (172,635) | (257,795) | |||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 34,674 | 64,952 | 102,292 | |||||
| Impairment of assets and loss on disposal of assets | 3,629 | 6,806 | 32,626 | |||||
| Deferred taxes | 0 | 23 | 178 | |||||
| Non-cash equity-based compensation and other expense | 16,708 | 32,136 | 39,759 | |||||
| Unrealized loss on foreign currency transactions, net | 113 | 77 | 43 | |||||
| Change in operating assets and liabilities: | ||||||||
| Accounts and other receivables | 39,045 | 19,381 | (31,228) | |||||
| Prepaid expenses and other current and long-term assets | 14,387 | (1,093) | 5,000 | |||||
| Inventories | (15,027) | (8,164) | (781) | |||||
| Accounts payable, accrued liabilities, and other current liabilities | (42,012) | (25,476) | (21,854) | |||||
| Other long-term liabilities | (4,818) | (14,134) | (21,398) | |||||
| Net cash used in operating activities | 31,872 | 29,779 | (25,597) | |||||
| Cash flows from investing activities: | ||||||||
| Purchases of property, plant, and equipment | (72,194) | (136,871) | (212,529) | |||||
| Net cash used in investing activities | (72,194) | (136,871) | (212,529) | |||||
| Cash flows from financing activities: | ||||||||
| Cash paid related to debt issuance costs and deferred offering costs | (1,662) | (1,769) | (1,769) | |||||
| Proceeds from sale of finished goods subject to repurchase accounting | 14,887 | 23,545 | 30,505 | |||||
| Cash dividends or distributions and equivalent rights | (56,556) | (57,020) | (57,104) | |||||
| Net cash provided by financing activities | 10,619 | 11,637 | 427,726 | |||||
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (29,703) | (95,455) | 189,600 | |||||
| Cash, cash equivalents, and restricted cash, beginning of period | 155,622 | 221,374 | 251,077 | 251,077 | 251,077 | 251,077 | ||
| Cash, cash equivalents, and restricted cash, end of period | 440,677 | 155,622 | 221,374 | 155,622 | 440,677 | 251,077 | ||
| Other Adjustments | ||||||||
| Cash flows from operating activities: | ||||||||
| Net loss | 984 | (8,361) | 6,909 | (1,452) | (468) | |||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 1,633 | 7,297 | 5,429 | |||||
| Impairment of assets and loss on disposal of assets | (1,618) | (2,765) | (4,878) | |||||
| Deferred taxes | 0 | (23) | (178) | |||||
| Non-cash equity-based compensation and other expense | (3,415) | 1,207 | 227 | |||||
| Unrealized loss on foreign currency transactions, net | (36) | 0 | 0 | |||||
| Change in operating assets and liabilities: | ||||||||
| Accounts and other receivables | 2,213 | 1,614 | 2,021 | |||||
| Prepaid expenses and other current and long-term assets | (3,836) | (9,767) | (9,120) | |||||
| Inventories | 2,897 | 2,081 | (738) | |||||
| Accounts payable, accrued liabilities, and other current liabilities | (8,477) | (8,954) | (1,456) | |||||
| Other long-term liabilities | (4,738) | 4,190 | 5,976 | |||||
| Net cash used in operating activities | (8,468) | (6,572) | 0 | |||||
| Cash flows from investing activities: | ||||||||
| Purchases of property, plant, and equipment | 1,960 | 0 | 0 | |||||
| Net cash used in investing activities | 1,960 | 0 | 0 | |||||
| Cash flows from financing activities: | ||||||||
| Cash paid related to debt issuance costs and deferred offering costs | (70) | 0 | 0 | |||||
| Proceeds from sale of finished goods subject to repurchase accounting | 6,572 | 6,572 | 0 | |||||
| Cash dividends or distributions and equivalent rights | 6 | 0 | 0 | |||||
| Net cash provided by financing activities | 6,508 | 6,572 | 0 | |||||
| Net (decrease) increase in cash, cash equivalents, and restricted cash | 0 | 0 | 0 | |||||
| Cash, cash equivalents, and restricted cash, beginning of period | 0 | 0 | 0 | 0 | 0 | $ 0 | ||
| Cash, cash equivalents, and restricted cash, end of period | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||
Significant Accounting Policies - Narrative (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Lessee, Lease, Description [Line Items] | |||
| Accounts receivable, allowance for credit loss, current | $ 800,000 | $ 0 | |
| Goodwill impairment | $ 103,928,000 | $ 0 | $ 0 |
| Lessee, operating lease, renewal term | 5 years | ||
| Lessee, finance lease, renewal term | 5 years | ||
| Minimum | |||
| Lessee, Lease, Description [Line Items] | |||
| Lessee, operating lease, remaining lease term | 1 month | ||
| Lessee, finance lease, remaining lease term | 1 month | ||
| Maximum | |||
| Lessee, Lease, Description [Line Items] | |||
| Lessee, operating lease, remaining lease term | 38 years | ||
| Lessee, finance lease, remaining lease term | 38 years | ||
Significant Accounting Policies - Schedule of Property, Plant, and Equipment Useful Lives (Details) |
Dec. 31, 2023 |
|---|---|
| Leasehold improvements | |
| Property, Plant and Equipment [Line Items] | |
| Estimated useful life | 10 years |
| Minimum | Land improvements | |
| Property, Plant and Equipment [Line Items] | |
| Estimated useful life | 2 years |
| Minimum | Buildings | |
| Property, Plant and Equipment [Line Items] | |
| Estimated useful life | 2 years |
| Minimum | Machinery and equipment | |
| Property, Plant and Equipment [Line Items] | |
| Estimated useful life | 1 year |
| Minimum | Vehicles | |
| Property, Plant and Equipment [Line Items] | |
| Estimated useful life | 2 years |
| Minimum | Furniture and office equipment | |
| Property, Plant and Equipment [Line Items] | |
| Estimated useful life | 2 years |
| Minimum | Software | |
| Property, Plant and Equipment [Line Items] | |
| Estimated useful life | 2 years |
| Maximum | Land improvements | |
| Property, Plant and Equipment [Line Items] | |
| Estimated useful life | 40 years |
| Maximum | Buildings | |
| Property, Plant and Equipment [Line Items] | |
| Estimated useful life | 40 years |
| Maximum | Machinery and equipment | |
| Property, Plant and Equipment [Line Items] | |
| Estimated useful life | 40 years |
| Maximum | Vehicles | |
| Property, Plant and Equipment [Line Items] | |
| Estimated useful life | 10 years |
| Maximum | Furniture and office equipment | |
| Property, Plant and Equipment [Line Items] | |
| Estimated useful life | 13 years |
| Maximum | Software | |
| Property, Plant and Equipment [Line Items] | |
| Estimated useful life | 8 years |
Revenue - Schedule of Revenue Disaggregation (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Disaggregation of Revenue [Line Items] | |||||||||
| Net revenue | $ 253,406 | $ 340,826 | $ 308,552 | $ 275,069 | $ 583,621 | $ 924,447 | $ 1,177,853 | $ 1,094,276 | $ 1,041,678 |
| Product sales | |||||||||
| Disaggregation of Revenue [Line Items] | |||||||||
| Net revenue | 1,217,725 | 1,079,814 | 999,190 | ||||||
| Breakage revenue | |||||||||
| Disaggregation of Revenue [Line Items] | |||||||||
| Net revenue | 44,105 | 6,381 | 37,284 | ||||||
| Other revenue | |||||||||
| Disaggregation of Revenue [Line Items] | |||||||||
| Net revenue | 9,670 | 8,081 | 5,204 | ||||||
| Termination of all contracts with customer for the Q4 2022 Transactions | |||||||||
| Disaggregation of Revenue [Line Items] | |||||||||
| Net revenue | (67,176) | 0 | 0 | ||||||
| Impairment of customer assets | |||||||||
| Disaggregation of Revenue [Line Items] | |||||||||
| Net revenue | $ (26,471) | $ 0 | $ 0 | ||||||
Revenue - Performance Obligation (Details) $ in Billions |
Dec. 31, 2023
USD ($)
|
|---|---|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
| Remaining performance obligations | $ 18.3 |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
| Remaining performance obligation, percentage | 8.00% |
| Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
| Remaining performance obligation, percentage | 9.00% |
| Revenue, remaining performance obligation, expected timing of satisfaction, period | 2 years |
Revenue - Variable Consideration (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Revenue from Contract with Customer [Abstract] | |||
| Contract with customer, performance obligation satisfied in previous period | $ 1.6 | $ 0.3 | $ 0.3 |
Revenue - Contract Balances (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|---|
| Disaggregation of Revenue [Line Items] | |||||
| Accounts receivable related to product sales | $ 194,000 | $ 160,400 | |||
| Accounts receivable | 214,907 | $ 199,329 | $ 145,946 | $ 128,494 | 169,847 |
| Breakage revenue | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Accounts receivable | 20,900 | ||||
| Other revenue | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Accounts receivable | 9,400 | ||||
| Not yet billable pending finalization of prerequisite billing documentation | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Accounts receivable related to product sales | $ 130,900 | $ 136,100 |
Revenue - Customer Assets (Details) - USD ($) |
1 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Disaggregation of Revenue [Line Items] | ||||
| Customer assets | $ 100,300,000 | $ 100,300,000 | ||
| Increase (decrease) in product sales revenue | (18,400,000) | $ (800,000) | $ 0 | |
| Increase (decrease) in other revenue | (26,500,000) | 0 | $ 0 | |
| Contract with customer, standstill agreement, increase (decrease) in customer assets | 1,000,000 | |||
| Customer liabilities, current | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Contract with customer, liability | 15,300,000 | 15,300,000 | 75,200,000 | |
| Other long-term liabilities | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Contract with customer, liability | 16,300,000 | 16,300,000 | 26,400,000 | |
| Long-Term Contract with Customer | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Contract with customer, asset, reclassified to receivable | 5,200,000 | $ 140,800,000 | ||
| Contract with customer, liability | $ 100,000,000 | $ 100,000,000 | ||
Revenue - Repurchase Accounting (Details) $ in Thousands, T in Millions |
1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 08, 2023
USD ($)
|
Jan. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
Jun. 30, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
T
|
Jun. 30, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
T
|
Dec. 31, 2021
USD ($)
|
|
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Long-term supply agreement, purchase amount, mass (in metric tons) | T | 1.8 | 1.8 | ||||||||||
| Interest expense | $ 24,413 | $ 19,139 | $ 22,996 | $ 42,135 | $ 66,548 | $ 102,677 | $ 62,013 | $ 56,497 | ||||
| Finished goods on hand | $ 18,842 | $ 11,794 | 18,842 | 11,794 | ||||||||
| Payments for the purchase of finished goods subject to repurchase accounting | 6,700 | 8,939 | $ 0 | $ 0 | ||||||||
| Contract with customer, standstill agreement, settlement payment | $ 5,000 | |||||||||||
| Contract with customer, standstill agreement, settlement payment, operating activities | 2,800 | |||||||||||
| Contract with customer, standstill agreement, settlement payment, financing activities | $ 2,200 | |||||||||||
| Contract with customer, standstill agreement, reimbursement costs | 2,000 | |||||||||||
| Contract with customer, standstill agreement, increase (decrease) in cost of goods sold | 123,300 | |||||||||||
| Contract with customer, standstill agreement, increase (decrease) in customer assets | 1,000 | |||||||||||
| Increase (decrease) in contract with customer, liability | $ 65,200 | |||||||||||
| Reclassification From Current and Non-Current Deferred Revenue | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Increase (decrease) in contract with customer, liability | 72,500 | |||||||||||
| Reclassification From Current Financial Liability To Current Customer Liabilities | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Increase (decrease) in contract with customer, liability | 209,700 | |||||||||||
| Reclassification From Interest Expense | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Increase (decrease) in contract with customer, liability | 2,600 | |||||||||||
| Subsequent Event - Restricted Stock Shares | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Contract with customer, standstill agreement, termination fee | $ 350,000 | |||||||||||
| Long-Term Supply Agreement, Due Between 2022 And 2026 | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Long-term supply agreement, purchase amount, mass (in metric tons) | T | 2.8 | 2.8 | ||||||||||
| New, combined contract, blended price member | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Deferred revenue | 0 | $ 72,700 | 0 | $ 72,700 | ||||||||
| Financial liability pursuant to repurchase accounting | 0 | 111,900 | ||||||||||
| Contract with customer, financing receivable, write-down | 11,100 | |||||||||||
| New, combined contract, blended price member | Financial Assets Sold under Agreement to Repurchase | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Finished goods on hand | $ 0 | $ 95,300 | 0 | $ 95,300 | ||||||||
| New, combined contract, blended price member | Financial liability subject to repurchase accounting | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Financial liability pursuant to repurchase accounting | 37,200 | |||||||||||
| Interest expense | $ 79,300 | |||||||||||
Revenue - Contract Modification (Details) - Long-Term Contract with Customer $ in Millions |
Dec. 31, 2023
USD ($)
|
|---|---|
| Disaggregation of Revenue [Line Items] | |
| Deferred revenue related to off-take contracts | $ 100.0 |
| Short-term deferred revenue | 7.5 |
| Long-term deferred revenue | $ 87.8 |
Significant Risks and Uncertainties, Including Business and Credit Concentrations - Narrative (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2023
plant
provider
| |
| Concentration Risk | |
| Number of rail service providers | provider | 1 |
| Number of production plants receiving wood pellet production from rail service provider | 4 |
| Number of industrial-scale production wood pellet production plants in operation | 10 |
| One Customer | Accounts Receivable | Percentage of sales | |
| Concentration Risk | |
| Concentration risk (as a percent) | 32.00% |
Significant Risks and Uncertainties, Including Business and Credit Concentrations - Schedule of Concentration Risk (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Product sales | Percentage of sales | Customer A | |||
| Concentration Risk | |||
| Concentration risk (as a percent) | 30.00% | 21.00% | 32.00% |
| Product sales | Percentage of sales | Customer B | |||
| Concentration Risk | |||
| Concentration risk (as a percent) | 3.00% | 11.00% | 5.00% |
| Product sales | Percentage of sales | Customer C | |||
| Concentration Risk | |||
| Concentration risk (as a percent) | 6.00% | 7.00% | 17.00% |
| Product sales | Percentage of sales | Customer D | |||
| Concentration Risk | |||
| Concentration risk (as a percent) | 13.00% | 10.00% | 9.00% |
| Product sales | Percentage of sales | Customer E | |||
| Concentration Risk | |||
| Concentration risk (as a percent) | (2.00%) | 13.00% | 18.00% |
| Product sales | Percentage of sales | Customer F | |||
| Concentration Risk | |||
| Concentration risk (as a percent) | 10.00% | 12.00% | 6.00% |
| Product sales | Percentage of sales | Customer G | |||
| Concentration Risk | |||
| Concentration risk (as a percent) | 16.00% | 6.00% | 0.00% |
| Wood Pellet Expense From Third-Party | Supplier Concentration Risk | Supplier A | |||
| Concentration Risk | |||
| Concentration risk (as a percent) | 43.00% | ||
| Wood Pellet Expense From Third-Party | Supplier Concentration Risk | Supplier B | |||
| Concentration Risk | |||
| Concentration risk (as a percent) | 20.00% | ||
| Wood Pellet Expense From Third-Party | Supplier Concentration Risk | Supplier C | |||
| Concentration Risk | |||
| Concentration risk (as a percent) | 10.00% | ||
| Wood Pellet Expense From Third-Party | Supplier Concentration Risk | Supplier D | |||
| Concentration Risk | |||
| Concentration risk (as a percent) | 11.00% | ||
Significant Risks and Uncertainties, Including Business and Credit Concentrations - Schedule of Production Procured From Third Parties (Details) $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2023
USD ($)
| |
| Risks and Uncertainties [Abstract] | |
| Procured wood pellets | $ 72,440 |
Inventories, net - Schedule of Inventories (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|---|
| Inventory Disclosure [Abstract] | |||||
| Raw materials and work-in-process | $ 13,723 | $ 23,272 | |||
| Consumable tooling | 37,198 | 28,548 | |||
| Finished goods on hand | 18,842 | 11,794 | |||
| Finished goods subject to repurchase accounting | 0 | 95,270 | |||
| Total inventories | $ 69,763 | $ 193,091 | $ 199,423 | $ 186,813 | $ 158,884 |
Inventories, net - Additional Information (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Inventory Disclosure [Abstract] | |||
| Inventory write-down | $ 123,300,000 | $ 0 | $ 2,700,000 |
Property, Plant, and Equipment, net - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|---|
| Property, Plant and Equipment [Line Items] | |||||
| Less accumulated depreciation | $ (635,293) | $ (513,876) | |||
| Property, plant, and equipment, net | 1,674,987 | $ 1,661,632 | $ 1,632,014 | $ 1,593,654 | 1,584,875 |
| Land | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Property, plant, and equipment | 28,751 | 26,491 | |||
| Land improvements | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Property, plant, and equipment | 82,788 | 77,126 | |||
| Buildings | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Property, plant, and equipment | 462,437 | 440,894 | |||
| Machinery and equipment | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Property, plant, and equipment | 1,358,427 | 1,299,385 | |||
| Vehicles | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Property, plant, and equipment | 11,424 | 9,667 | |||
| Furniture and office equipment | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Property, plant, and equipment | 17,429 | 14,789 | |||
| Software | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Property, plant, and equipment | 23,083 | 12,275 | |||
| Leasehold improvements | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Property, plant, and equipment | 23,441 | 23,409 | |||
| Property, plant, and equipment | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Property, plant, and equipment | 2,007,780 | 1,904,036 | |||
| Property, plant, and equipment, net | 1,372,487 | 1,390,160 | |||
| Construction in progress | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Property, plant, and equipment | $ 302,500 | $ 194,715 |
Property, Plant, and Equipment, net - Schedule of Capitalized Interest Related to Construction-In-Progress (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Property, Plant and Equipment [Abstract] | ||||||||
| Capitalized interest related to construction in progress | $ 18,740 | $ 18,869 | $ 20,166 | |||||
| Depreciation expense | 147,835 | 114,187 | 92,630 | |||||
| Loss on disposal of assets | $ 1,812 | $ 2,030 | $ 2,011 | $ 4,041 | $ 5,853 | 15,067 | 8,607 | 10,153 |
| Impairment of assets | $ 66,150 | $ 0 | $ 0 | |||||
Property, Plant, and Equipment, net - Additional Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Property, Plant and Equipment [Line Items] | |||
| Impairment of assets | $ 66,150 | $ 0 | $ 0 |
| Payments for construction in process | 120,600 | ||
| Wood Pellet Production Plants In Development | |||
| Property, Plant and Equipment [Line Items] | |||
| Impairment of assets | 44,500 | ||
| Wood Pellet Production Plants In Development. Bond Plant | |||
| Property, Plant and Equipment [Line Items] | |||
| Impairment of assets | 41,500 | ||
| Wood Pellet Production Plants In Service | |||
| Property, Plant and Equipment [Line Items] | |||
| Impairment of assets | $ 21,700 | ||
Leases - Operating and Finance Lease ROU Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|---|
| Operating leases: | |||||
| Operating lease right-of-use assets | $ 96,735 | $ 96,079 | $ 98,463 | $ 100,705 | $ 102,623 |
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued and other current liabilities | Accrued and other current liabilities | |||
| Current portion of operating lease liabilities | $ 10,536 | $ 9,525 | |||
| Long-term operating lease liabilities | 109,226 | $ 109,438 | $ 111,993 | $ 113,147 | 115,294 |
| Total operating lease liabilities | $ 119,762 | $ 124,819 | |||
| Finance leases: | |||||
| Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant, and equipment, net | Property, plant, and equipment, net | |||
| Property, plant, and equipment, net | $ 31,763 | $ 27,881 | |||
| Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current portion of long-term debt and finance lease obligations | Current portion of long-term debt and finance lease obligations | |||
| Current portion of long-term finance lease obligations | $ 11,438 | $ 9,376 | |||
| Finance leases | $ 16,300 | $ 12,747 | |||
| Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Long-term debt and finance lease obligations | Long-term debt and finance lease obligations | |||
| Total finance lease liabilities | $ 27,738 | $ 22,123 |
Leases - Operating and Finance Lease Costs (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Operating lease cost: | |||
| Total operating lease costs | $ 26,991 | $ 27,693 | $ 23,481 |
| Finance lease cost: | |||
| Amortization of leased assets | 15,477 | 12,569 | 10,574 |
| Interest on lease liabilities | 1,848 | 889 | 528 |
| Total finance lease costs, net | 18,131 | 13,808 | 11,160 |
| Total lease costs | 45,122 | 41,501 | 34,641 |
| Cost of goods sold | |||
| Operating lease cost: | |||
| Fixed lease cost | 9,659 | 8,481 | 7,011 |
| Variable lease cost | 89 | 36 | 18 |
| Short-term lease cost | 9,662 | 11,744 | 8,104 |
| Finance lease cost: | |||
| Variable lease cost | 792 | 336 | 58 |
| Selling, general, administrative, and development expenses | |||
| Operating lease cost: | |||
| Fixed lease cost | 6,854 | 7,331 | 7,820 |
| Variable lease cost | 265 | 24 | 0 |
| Short-term lease cost | 462 | 77 | 528 |
| Finance lease cost: | |||
| Variable lease cost | $ 14 | $ 14 | $ 0 |
Leases - Operating and Finance Lease Cash Flow Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Leases [Abstract] | |||
| Operating cash flows from operating leases | $ 15,541 | $ 15,756 | $ 7,509 |
| Operating cash flows from finance leases | 1,774 | 766 | 524 |
| Financing cash flows from finance leases | 13,763 | 10,819 | 10,688 |
| Operating leases | 2,143 | 2,283 | 10,491 |
| Finance leases | $ 19,222 | $ 11,828 | $ 8,531 |
Leases - Future Minimum Payments and Maturities of Operating and Finance Lease Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Operating Leases | ||
| 2024 | $ 17,207 | |
| 2025 | 17,001 | |
| 2026 | 16,610 | |
| 2027 | 15,065 | |
| 2028 | 14,754 | |
| Thereafter | 109,296 | |
| Total lease payments | 189,933 | |
| Less: imputed interest | (70,171) | |
| Total operating lease liabilities | 119,762 | $ 124,819 |
| Finance Leases | ||
| 2024 | 13,553 | |
| 2025 | 6,718 | |
| 2026 | 3,505 | |
| 2027 | 2,121 | |
| 2028 | 1,522 | |
| Thereafter | 13,807 | |
| Total lease payments | 41,226 | |
| Less: imputed interest | (13,488) | |
| Total finance lease liabilities | 27,738 | $ 22,123 |
| 2024 | 30,760 | |
| 2025 | 23,719 | |
| 2026 | 20,115 | |
| 2027 | 17,186 | |
| 2028 | 16,276 | |
| Thereafter | 123,103 | |
| Total lease payments | 231,159 | |
| Less: imputed interest | (83,659) | |
| Total present value of lease liabilities | $ 147,500 |
Leases - Weighted-Average Remaining Operating and Finance Lease Terms and Discount Rate (Details) |
Dec. 31, 2023 |
|---|---|
| Weighted average remaining lease term (years): | |
| Operating leases | 13 years |
| Finance leases | 6 years |
| Weighted average discount rate: | |
| Operating leases | 7.00% |
| Finance leases | 11.00% |
Fair Value Measurements - Carrying Amount and Fair Value of Long-Term Debt (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total long-term debt | $ 1,822,885 | $ 1,592,759 |
| Fair Value, Inputs, Level 2 [Member] | Carrying Amount | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Seller Note | 0 | 8,705 |
| Other long-term debt | 674,641 | 441,418 |
| Total long-term debt | 1,795,147 | 1,570,636 |
| Fair Value, Inputs, Level 2 [Member] | Carrying Amount | 2026 Notes | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Long term debt | 748,606 | 747,991 |
| Fair Value, Inputs, Level 2 [Member] | Carrying Amount | Epes Tax-Exempt Green Bond | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Long term debt | 245,738 | 245,727 |
| Fair Value, Inputs, Level 2 [Member] | Carrying Amount | Bond Tax-Exempt Green Bond | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Long term debt | 97,985 | 98,004 |
| Fair Value, Inputs, Level 2 [Member] | Carrying Amount | New Market Tax Credits | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Long term debt | 28,177 | 28,791 |
| Recurring | Fair Value, Inputs, Level 2 [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Seller Note | 0 | 8,737 |
| Other long-term debt | 622,516 | 441,418 |
| Total long-term debt | 1,204,622 | 1,519,172 |
| Recurring | Fair Value, Inputs, Level 2 [Member] | 2026 Notes | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Long term debt | 378,750 | 711,563 |
| Recurring | Fair Value, Inputs, Level 2 [Member] | Epes Tax-Exempt Green Bond | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Long term debt | 112,500 | 227,500 |
| Recurring | Fair Value, Inputs, Level 2 [Member] | Bond Tax-Exempt Green Bond | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Long term debt | 62,000 | 101,168 |
| Recurring | Fair Value, Inputs, Level 2 [Member] | New Market Tax Credits | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Long term debt | $ 28,856 | $ 28,786 |
Goodwill - Schedule of Goodwill (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Goodwill [Roll Forward] | |||
| Goodwill, beginning balance | $ 103,928,000 | $ 103,928,000 | |
| Goodwill impairment | (103,928,000) | 0 | $ 0 |
| Goodwill, gross | 103,928,000 | 103,928,000 | |
| Accumulated impairment charge | (103,928,000) | 0 | |
| Goodwill, ending balance | $ 0 | $ 103,928,000 | $ 103,928,000 |
Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|---|
| Accrued And Other Current Liabilities [Line Items] | |||||
| Accrued expenses - compensation and benefits | $ 10,246 | $ 11,942 | |||
| Accrued and other current liabilities | 174,929 | $ 162,230 | $ 142,677 | $ 135,945 | 146,497 |
| Accrued expenses - wood pellet purchases and distribution costs | |||||
| Accrued And Other Current Liabilities [Line Items] | |||||
| Other accrued liabilities, current | 69,933 | 49,615 | |||
| Accrued expenses - operating costs and expenses | |||||
| Accrued And Other Current Liabilities [Line Items] | |||||
| Other accrued liabilities, current | 48,076 | 51,122 | |||
| Accrued capital expenditures | |||||
| Accrued And Other Current Liabilities [Line Items] | |||||
| Other accrued liabilities, current | 15,571 | 10,960 | |||
| Other accrued expenses and other current liabilities | |||||
| Accrued And Other Current Liabilities [Line Items] | |||||
| Other accrued liabilities, current | $ 31,103 | $ 22,858 |
Short-Term Borrowings, Long-Term Debt and Finance Lease Obligations - Finance Lease Obligation Table (Details) - USD ($) |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|---|
| Debt Instrument [Line Items] | |||||
| Unamortized discount, premium and debt issuance costs | $ (13,100,000) | ||||
| Finance leases | 27,738,000 | $ 22,123,000 | |||
| Total long-term debt and finance lease obligations | 1,822,885,000 | 1,592,759,000 | |||
| Less current portion of long-term debt and finance lease obligations | (1,806,585,000) | (20,993,000) | |||
| Long-term debt and finance lease obligations, excluding current installments | 16,300,000 | $ 1,805,574,000 | $ 1,391,984,000 | $ 1,393,794,000 | 1,571,766,000 |
| Other loans | |||||
| Debt Instrument [Line Items] | |||||
| Long term debt | 5,311,000 | 5,418,000 | |||
| Long-term debt and finance lease obligations, excluding current installments | 31,400,000 | ||||
| 2026 notes | Notes Payable, Other Payables | |||||
| Debt Instrument [Line Items] | |||||
| Unamortized discount, premium and debt issuance costs | 1,400,000 | 2,000,000.0 | |||
| Long term debt | 748,606,000 | 747,991,000 | |||
| Senior Secured Credit Facility, Revolving Credit Borrowings | Revolving credit facility | Revolving credit facility | |||||
| Debt Instrument [Line Items] | |||||
| Long term debt | 568,546,000 | 436,000,000 | |||
| Senior Secured Credit Facility, Term Loan | Revolving credit facility | Senior secured revolving credit facility | |||||
| Debt Instrument [Line Items] | |||||
| Unamortized discount, premium and debt issuance costs | 3,200,000 | 0 | |||
| Long term debt | 100,784,000 | 0 | |||
| Epes Tax-Exempt Green Bond | Municipal Bonds | |||||
| Debt Instrument [Line Items] | |||||
| Unamortized discount, premium and debt issuance costs | 4,300,000 | 4,300,000 | |||
| Long term debt | 245,738,000 | 245,727,000 | |||
| Bond Tax-Exempt Green Bond | Municipal Bonds | |||||
| Debt Instrument [Line Items] | |||||
| Unamortized discount, premium and debt issuance costs | 2,000,000.0 | 2,000,000.0 | |||
| Long term debt | 97,985,000 | 98,004,000 | |||
| New Market Tax Credit loan | |||||
| Debt Instrument [Line Items] | |||||
| Unamortized discount, premium and debt issuance costs | 2,200,000 | 2,600,000 | |||
| Long term debt | 28,177,000 | 28,791,000 | |||
| Seller Note | |||||
| Debt Instrument [Line Items] | |||||
| Unamortized discount, premium and debt issuance costs | 0 | 45,000 | |||
| Seller Note | Promissory Note | |||||
| Debt Instrument [Line Items] | |||||
| Long term debt | $ 0 | $ 8,705,000 |
Short-Term Borrowings, Long-Term Debt and Finance Lease Obligations - Narrative (Details) - USD ($) |
1 Months Ended | 12 Months Ended | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 16, 2024 |
Nov. 30, 2022 |
Jul. 30, 2022 |
Jul. 15, 2022 |
Jun. 30, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Oct. 03, 2024 |
Jul. 22, 2024 |
Jun. 03, 2024 |
May 03, 2024 |
Mar. 15, 2024 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jan. 31, 2023 |
Jul. 31, 2020 |
Dec. 31, 2019 |
|
| Debt Instrument [Line Items] | |||||||||||||||||||
| Long-term debt and finance lease obligations | $ 16,300,000 | $ 1,571,766,000 | $ 1,805,574,000 | $ 1,391,984,000 | $ 1,393,794,000 | ||||||||||||||
| Other long-term liabilities | 49,853,000 | 76,106,000 | $ 53,165,000 | $ 58,454,000 | $ 64,011,000 | ||||||||||||||
| Unamortized discount, premium and debt issuance costs | (13,100,000) | ||||||||||||||||||
| Amortization expense included in interest expense | 2,599,000 | 2,505,000 | $ 764,000 | ||||||||||||||||
| Debt instrument, debt default, liability, fair value amount | $ 9,400,000 | ||||||||||||||||||
| Debt instrument, debt default, expected default period | 9 months | ||||||||||||||||||
| Interest Expense | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Amortization expense included in interest expense | $ 2,600,000 | 2,500,000 | 3,900,000 | ||||||||||||||||
| Long-term debt | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Unamortized discount, premium and debt issuance costs | 13,100,000 | 11,000,000.0 | |||||||||||||||||
| Revolving credit facility | Senior secured revolving credit facility | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Line of credit facility, current borrowing capacity | $ 568,500,000 | 436,000,000.0 | |||||||||||||||||
| Margin rate (percent) | 0.25% | ||||||||||||||||||
| Increase or decrease in total leverage ratio | 0.50 | ||||||||||||||||||
| Line of credit facility, commitment fee amount | $ 800,000 | $ 600,000 | $ 800,000 | ||||||||||||||||
| Revolving credit facility | Senior secured revolving credit facility | Minimum | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Ratio of debt to EBITDA | 2.75 | ||||||||||||||||||
| Commitment fee percentage | 0.25% | ||||||||||||||||||
| Revolving credit facility | Senior secured revolving credit facility | Minimum | Secured Overnight Financing Rate (SOFR) | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Margin rate (percent) | 1.50% | ||||||||||||||||||
| Revolving credit facility | Senior secured revolving credit facility | Minimum | Base rate | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Margin rate (percent) | 0.50% | ||||||||||||||||||
| Revolving credit facility | Senior secured revolving credit facility | Maximum | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Ratio of debt to EBITDA | 4.75 | ||||||||||||||||||
| Commitment fee percentage | 0.50% | ||||||||||||||||||
| Revolving credit facility | Senior secured revolving credit facility | Maximum | Secured Overnight Financing Rate (SOFR) | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Margin rate (percent) | 2.75% | ||||||||||||||||||
| Revolving credit facility | Senior secured revolving credit facility | Maximum | Base rate | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Margin rate (percent) | 1.75% | ||||||||||||||||||
| Other loans | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Loan to investment fund | $ 31,400,000 | ||||||||||||||||||
| Contribution to community development entities | $ 42,000,000 | ||||||||||||||||||
| Debt, weighted average interest rate | 2.90% | ||||||||||||||||||
| Long-term debt and finance lease obligations | $ 31,400,000 | ||||||||||||||||||
| Other long-term liabilities | 12,800,000 | ||||||||||||||||||
| Other loans | Bank A | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Notes payable, noncurrent | $ 31,400,000 | ||||||||||||||||||
| Other loans | Bank B | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Capital contribution to fund | 12,800,000 | ||||||||||||||||||
| Debt maturity | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Contribution to community development entities | 34,100,000 | ||||||||||||||||||
| Prepayment of debt | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Contribution to community development entities | 7,900,000 | ||||||||||||||||||
| Capital contribution | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Net loan proceeds | $ 12,800,000 | ||||||||||||||||||
| Promissory Note | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Interest rate (as a percent) | 2.50% | ||||||||||||||||||
| Promissory note remaining principal balance | $ 8,800,000 | ||||||||||||||||||
| 2026 notes | Senior Notes | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Debt instrument, principal amount | $ 150,000,000 | $ 600,000,000 | |||||||||||||||||
| Interest rate (as a percent) | 6.50% | ||||||||||||||||||
| 2026 notes | Senior Notes | Subsequent Event - Restricted Stock Shares | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Debt instrument, semi-annual interest, amount | $ 24,400,000 | ||||||||||||||||||
| Letters of Credit | Senior secured revolving credit facility | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Letters of credit outstanding | $ 1,400,000 | 1,000,000.0 | |||||||||||||||||
| Letters of Credit | Senior secured revolving credit facility | Minimum | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Interest coverage ratio | 2.25 | ||||||||||||||||||
| Letters of Credit | Senior secured revolving credit facility | Maximum | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Ratio of debt to EBITDA | 5.50 | ||||||||||||||||||
| Leverage ratio during material transaction period | 5.75 | ||||||||||||||||||
| Municipal Bonds | Epes Tax-Exempt Green Bond | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Debt instrument, principal amount | $ 250,000,000 | ||||||||||||||||||
| Interest rate (as a percent) | 6.00% | ||||||||||||||||||
| Debt instrument, redemption price, percentage | 100.00% | ||||||||||||||||||
| Net proceeds debt issuance | $ 245,900,000 | ||||||||||||||||||
| Municipal Bonds | Bond Tax-Exempt Green Bond | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Debt instrument, principal amount | $ 100,000,000 | ||||||||||||||||||
| Interest rate (as a percent) | 7.75% | ||||||||||||||||||
| Debt instrument, redemption price, percentage | 100.00% | ||||||||||||||||||
| Net proceeds debt issuance | $ 98,700,000 | ||||||||||||||||||
| Line of Credit | Other long-term assets | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Unamortized discount, premium and debt issuance costs | $ 2,600,000 | 3,500,000 | |||||||||||||||||
| Senior Secured Credit Facility, Term Loan | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Debt instrument, debt default, interest rate | 2.00% | ||||||||||||||||||
| Senior Secured Credit Facility, Term Loan | Line of Credit | Senior secured revolving credit facility | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Debt instrument, principal amount | $ 105,000,000 | ||||||||||||||||||
| Debt instrument, periodic payment, percentage of principal | 0.25% | ||||||||||||||||||
| Unamortized discount, premium and debt issuance costs | $ 3,200,000 | $ 0 | |||||||||||||||||
| Senior Secured Credit Facility, Term Loan | Line of Credit | Senior secured revolving credit facility | Secured Overnight Financing Rate (SOFR) | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Margin rate (percent) | 4.00% | ||||||||||||||||||
| Senior Secured Credit Facility, Term Loan | Line of Credit | Senior secured revolving credit facility | Base rate | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Margin rate (percent) | 3.00% | ||||||||||||||||||
| DIP Facility Agreement | Subsequent Event - Restricted Stock Shares | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Debtor-in-possession financing, amount arranged | $ 500,000,000 | ||||||||||||||||||
| Debtor-in-possession financing, borrowings outstanding | $ 350,000,000 | $ 100,000,000 | $ 100,000,000 | $ 150,000,000 | |||||||||||||||
| New Markets Tax Credit Agreement | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Debt instrument, debt default, interest rate | 5.00% | ||||||||||||||||||
Short-Term Borrowings, Long-Term Debt and Finance Lease Obligations - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Debt Disclosure [Abstract] | ||
| 2024 | $ 1,819,659 | |
| 2025 | 5,392 | |
| 2026 | 2,480 | |
| 2027 | 1,269 | |
| 2028 and thereafter | 7,185 | |
| Long-term debt and finance lease obligations | 1,835,985 | |
| Unamortized discount, premium and debt issuance costs | (13,100) | |
| Total long-term debt | $ 1,822,885 | $ 1,592,759 |
Related-Party Transactions - Common Control Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 28, 2023 |
Oct. 14, 2021 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Oct. 14, 2021 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Mar. 15, 2024 |
|
| Related Party Transaction [Line Items] | |||||||||||
| Common shares issued in lieu of dividends | $ 8,698 | $ 8,698 | $ 33,187 | ||||||||
| Proceeds from capital contribution of New Market Tax Credit financing | 0 | 12,763 | $ 0 | ||||||||
| Support payments received | 9,821 | $ 9,821 | $ 23,839 | 15,400 | |||||||
| DIP Financing | Subsequent Event - Restricted Stock Shares | |||||||||||
| Related Party Transaction [Line Items] | |||||||||||
| Debtor-in-possession, maximum amount of syndication | $ 100,000 | ||||||||||
| Convertible Preferred Stock | |||||||||||
| Related Party Transaction [Line Items] | |||||||||||
| Temporary equity, par value (in dollars per share) | $ 0.001 | ||||||||||
| Sale of stock, consideration received on transaction | $ 249,100 | ||||||||||
| Simplification Transaction | |||||||||||
| Related Party Transaction [Line Items] | |||||||||||
| Proceeds from capital contribution of New Market Tax Credit financing | $ 55,500 | ||||||||||
| Simplification Transaction | Dividend Reinvestment | |||||||||||
| Related Party Transaction [Line Items] | |||||||||||
| Common shares issued in lieu of dividends (in shares) | 9,000,000 | 496,378 | |||||||||
| Common shares issued in lieu of dividends | $ 33,200 | ||||||||||
| Simplification Transaction | Enviva Partners, LP | |||||||||||
| Related Party Transaction [Line Items] | |||||||||||
| Common unit, issued (in shares) | 16,000,000 | 16,000,000 | |||||||||
| Related Party | |||||||||||
| Related Party Transaction [Line Items] | |||||||||||
| Monitoring fee, percentage of capital contributions | 0.40% | ||||||||||
| Monitoring fee | $ 1,100 | ||||||||||
| Related Party | Simplification Transaction | |||||||||||
| Related Party Transaction [Line Items] | |||||||||||
| Common shares issued in lieu of dividends (in shares) | 8,700,000 | ||||||||||
| Common units held by affiliate (in units) | 27,700,000 | ||||||||||
| Common shares issued in lieu of dividends | $ 8,700 | $ 33,200 | |||||||||
| Related Party | Simplification Transaction | Dividend Reinvestment | |||||||||||
| Related Party Transaction [Line Items] | |||||||||||
| Common shares issued in lieu of dividends (in shares) | 0 | 0 | 0 | 188,321 | 496,378 | ||||||
| Related Party | Simplification Transaction | Enviva Partners, LP | |||||||||||
| Related Party Transaction [Line Items] | |||||||||||
| Common unit, issued (in shares) | 16,000,000 | 16,000,000 | |||||||||
| Related Party | Riverstone Loan | Simplification Transaction | |||||||||||
| Related Party Transaction [Line Items] | |||||||||||
| Distribution made to limited partner, unit distribution (in shares) | 13,600,000 | ||||||||||
| Common unit, issued (in shares) | 14,100,000 | 14,100,000 | |||||||||
Income Taxes - Schedule of Income before Income Tax, Domestic & Foreign (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Income Tax Disclosure [Abstract] | |||
| U.S. | $ (684,459) | $ (165,174) | $ (162,246) |
| Foreign | (1,393) | (700) | 421 |
| Net loss not subject to federal income tax | 0 | 0 | 145,040 |
| Loss before income tax | $ (685,852) | $ (165,874) | $ (16,785) |
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Current income tax expense: | |||
| Federal | $ 0 | $ 139 | $ 4,593 |
| State | 0 | 0 | 5 |
| Foreign | 189 | 281 | 55 |
| Total current income tax expense | 189 | 420 | 4,653 |
| Deferred income tax (benefit) expense: | |||
| Federal | (231) | 2,264 | (21,570) |
| State | 0 | 0 | (58) |
| Foreign | 0 | (190) | 0 |
| Total deferred income tax (benefit) expense | (231) | 2,074 | (21,628) |
| Total income tax (benefit) expense | $ (42) | $ 2,494 | $ (16,975) |
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Income Tax Disclosure [Abstract] | |||
| Income tax benefit at statutory federal income tax rate | $ (144,029) | $ (34,833) | $ (34,072) |
| Partnership earnings not subject to tax | 0 | 0 | 30,547 |
| Recognition/derecognition of deferred tax | 0 | (51,252) | (155,980) |
| Valuation allowance | 111,083 | 82,868 | 142,822 |
| Goodwill impairment | 20,929 | 0 | 0 |
| Equity-based compensation | 15,032 | 4,227 | 0 |
| Tax-exempt interest | 0 | 1,647 | 0 |
| State taxes, net of federal tax benefit | (2,946) | (812) | 0 |
| Foreign taxes | 189 | 92 | 0 |
| Other | (300) | 557 | (292) |
| Total income tax (benefit) expense | $ (42) | $ 2,494 | $ (16,975) |
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Deferred tax assets: | ||
| Less: valuation allowance | $ (338,800) | |
| Deferred tax liabilities: | ||
| Deferred tax liabilities, net | (2,033) | $ (2,107) |
| Domestic Tax Authority | ||
| Deferred tax assets: | ||
| Federal and state net operating loss carryforward | 87,533 | 38,999 |
| Operating lease liabilities | 25,714 | 26,870 |
| Equity-based compensation | 5,250 | 13,077 |
| Property, plant, and equipment | 121,592 | 138,601 |
| Interest expense limitation | 31,323 | 12,777 |
| Contract liability | 82,434 | 24,913 |
| Financial liability subject to repurchase accounting | 0 | 24,173 |
| Deferred revenue | 21,224 | 15,711 |
| Other | 6,577 | 3,878 |
| Less: valuation allowance | (338,816) | (227,734) |
| Total deferred tax assets | 42,831 | 71,265 |
| Deferred tax liabilities: | ||
| Contract asset | (21,663) | (30,249) |
| Operating lease right-of-use assets | (20,741) | (22,078) |
| Finished goods subject to repurchase accounting | 0 | (20,596) |
| Other | (2,295) | (449) |
| Total deferred tax liabilities | (44,699) | (73,372) |
| Deferred tax liabilities, net | $ (1,868) | $ (2,107) |
Income Taxes - Narrative (Details) - USD ($) |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|
| Income Tax Examination [Line Items] | |||
| Reserves for uncertain tax position | $ 0 | $ 0 | $ 0 |
| Deferred tax assets, valuation allowance | 338,800,000 | ||
| Domestic Tax Authority | |||
| Income Tax Examination [Line Items] | |||
| Operating loss carryforwards | 407,100,000 | ||
| Deferred tax assets, valuation allowance | 338,816,000 | $ 227,734,000 | |
| State and Local Jurisdiction | |||
| Income Tax Examination [Line Items] | |||
| Operating loss carryforwards | 50,000,000 | ||
| Tax years 2034 to 2036 | Domestic Tax Authority | |||
| Income Tax Examination [Line Items] | |||
| Deferred tax assets, operating loss carryforwards, subject to expiration | 1,100,000 | ||
| Tax year 2037 to 2043 | State and Local Jurisdiction | |||
| Income Tax Examination [Line Items] | |||
| Deferred tax assets, operating loss carryforwards, subject to expiration | $ 34,000,000 |
Restructuring Inclusive of Related Severance Expenses - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Restructuring Cost and Reserve [Line Items] | ||
| Cash-based employee severance expenses | $ 6,553 | |
| Other Current Liabilities | ||
| Restructuring Cost and Reserve [Line Items] | ||
| Cash-based employee severance expenses | $ 1,300 | $ 0 |
Restructuring Inclusive of Related Severance Expenses - Schedule of Restructuring Charges (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Restructuring and Related Activities [Abstract] | |||
| Cash-based employee severance expenses | $ 6,553 | ||
| Non-cash equity-based compensation | 11,825 | ||
| Accelerated leasehold improvement depreciation | 1,248 | ||
| Impairment of right-of-use asset | 216 | ||
| Total | $ 19,842 | $ 0 | $ 0 |
Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 30 Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 20, 2023 |
Oct. 14, 2021 |
Jan. 31, 2022 |
Jul. 31, 2021 |
Feb. 28, 2021 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Oct. 14, 2021 |
Oct. 13, 2021 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2024 |
Jun. 15, 2023 |
Mar. 01, 2023 |
Feb. 28, 2023 |
|
| Other Ownership Interests [Line Items] | ||||||||||||||||||
| Issuance costs | $ 13,400 | |||||||||||||||||
| Proceeds from issuance of Series A Preferred Stock, net, which was converted into common stock | $ 247,900 | $ 0 | $ 0 | |||||||||||||||
| Common stock, shares, issued (in shares) | 4,945,000 | |||||||||||||||||
| Shares issued, price per share (in dollars per share) | $ 70.00 | |||||||||||||||||
| Proceeds from issuance of Enviva Inc. common shares, net | $ 332,800 | 0 | 332,725 | 214,501 | ||||||||||||||
| Common shares issued in lieu of dividends | $ 8,698 | 8,698 | 33,187 | |||||||||||||||
| Proceeds from capital contribution of New Market Tax Credit financing | 0 | 12,763 | $ 0 | |||||||||||||||
| Convertible Preferred Stock | ||||||||||||||||||
| Other Ownership Interests [Line Items] | ||||||||||||||||||
| Temporary equity, par value (in dollars per share) | $ 0.001 | |||||||||||||||||
| Share price (in dollars per share) | $ 37.71 | |||||||||||||||||
| Temporary equity, stock issued during period, shares, new issues (in shares) | 6,605,671 | |||||||||||||||||
| Proceeds from issuance of convertible preferred stock, gross | $ 249,100 | |||||||||||||||||
| Issuance costs | 1,200 | |||||||||||||||||
| Proceeds from issuance of Series A Preferred Stock, net, which was converted into common stock | $ 247,900 | |||||||||||||||||
| Convertible preferred stock, shares issued upon conversion (in shares) | 1 | |||||||||||||||||
| Common stock, par value (in dollars per share) | $ 0.001 | |||||||||||||||||
| Our Former Sponsor | ||||||||||||||||||
| Other Ownership Interests [Line Items] | ||||||||||||||||||
| Percentage of interest in subsidiaries | 30.00% | |||||||||||||||||
| Share-Based Payment Arrangement, Tranche Two | ||||||||||||||||||
| Other Ownership Interests [Line Items] | ||||||||||||||||||
| Vesting percentage | 33.00% | |||||||||||||||||
| Share-Based Payment Arrangement, Tranche Three | ||||||||||||||||||
| Other Ownership Interests [Line Items] | ||||||||||||||||||
| Vesting percentage | 33.00% | |||||||||||||||||
| Share-Based Payment Arrangement, Tranche One | ||||||||||||||||||
| Other Ownership Interests [Line Items] | ||||||||||||||||||
| Vesting percentage | 33.00% | |||||||||||||||||
| Development JV | ||||||||||||||||||
| Other Ownership Interests [Line Items] | ||||||||||||||||||
| Payments to acquire interest in subsidiaries and affiliates | $ 23,700 | $ 130,100 | ||||||||||||||||
| Hamlet JV | ||||||||||||||||||
| Other Ownership Interests [Line Items] | ||||||||||||||||||
| Distribution to holders of outstanding Class B Units | 75.00% | |||||||||||||||||
| Hamlet JV | John Hancock | ||||||||||||||||||
| Other Ownership Interests [Line Items] | ||||||||||||||||||
| Waterfall distribution, class a units, remainder percent | 25.00% | |||||||||||||||||
| Class A Units | Hamlet JV | ||||||||||||||||||
| Other Ownership Interests [Line Items] | ||||||||||||||||||
| Total capital commitment | $ 235,200 | $ 235,200 | ||||||||||||||||
| Limited partner units outstanding (in units) | 227,000,000 | 227,000,000 | ||||||||||||||||
| Remaining capital commitment | $ 8,200 | $ 8,200 | ||||||||||||||||
| Class B Units | Hamlet JV | ||||||||||||||||||
| Other Ownership Interests [Line Items] | ||||||||||||||||||
| Total capital commitment | $ 232,200 | $ 232,200 | ||||||||||||||||
| Limited partner units outstanding (in units) | 224,000,000 | 224,000,000 | ||||||||||||||||
| Remaining capital commitment | $ 8,200 | $ 8,200 | ||||||||||||||||
| Enviva Partners, LP | ||||||||||||||||||
| Other Ownership Interests [Line Items] | ||||||||||||||||||
| Issuance costs | $ 9,500 | |||||||||||||||||
| Shares issued, price per share (in dollars per share) | $ 45.50 | $ 45.50 | ||||||||||||||||
| Net proceeds | $ 214,500 | |||||||||||||||||
| Enviva Partners, LP | Private Placement | ||||||||||||||||||
| Other Ownership Interests [Line Items] | ||||||||||||||||||
| Issuance of common units, net (in units) | 4,925,000 | |||||||||||||||||
| Simplification Transaction | ||||||||||||||||||
| Other Ownership Interests [Line Items] | ||||||||||||||||||
| Proceeds from capital contribution of New Market Tax Credit financing | $ 55,500 | |||||||||||||||||
| Simplification Transaction | Related Party | ||||||||||||||||||
| Other Ownership Interests [Line Items] | ||||||||||||||||||
| Common shares issued in lieu of dividends (in shares) | 8,700,000 | |||||||||||||||||
| Common shares issued in lieu of dividends | $ 8,700 | $ 33,200 | ||||||||||||||||
| Simplification Transaction | Forecast | ||||||||||||||||||
| Other Ownership Interests [Line Items] | ||||||||||||||||||
| Proceeds from capital contribution of New Market Tax Credit financing | $ 55,500 | |||||||||||||||||
| Simplification Transaction | Dividend Reinvestment | ||||||||||||||||||
| Other Ownership Interests [Line Items] | ||||||||||||||||||
| Common shares issued in lieu of dividends (in shares) | 9,000,000 | 496,378 | ||||||||||||||||
| Common shares issued in lieu of dividends | $ 33,200 | |||||||||||||||||
| Simplification Transaction | Dividend Reinvestment | Related Party | ||||||||||||||||||
| Other Ownership Interests [Line Items] | ||||||||||||||||||
| Common shares issued in lieu of dividends (in shares) | 0 | 0 | 0 | 188,321 | 496,378 | |||||||||||||
| Simplification Transaction | Enviva Partners, LP | ||||||||||||||||||
| Other Ownership Interests [Line Items] | ||||||||||||||||||
| Common unit, issued (in shares) | 16,000,000 | 16,000,000 | ||||||||||||||||
| Simplification Transaction | Enviva Partners, LP | Related Party | ||||||||||||||||||
| Other Ownership Interests [Line Items] | ||||||||||||||||||
| Common unit, issued (in shares) | 16,000,000 | 16,000,000 | ||||||||||||||||
| Conversion to Corporation | ||||||||||||||||||
| Other Ownership Interests [Line Items] | ||||||||||||||||||
| Common stock, par value (in dollars per share) | $ 0.001 | |||||||||||||||||
| Common stock, shares, issued (in shares) | 1 | |||||||||||||||||
Equity - Cash Distributions to Shareholders/Unitholders (Details) - $ / shares |
3 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
|
| Stockholders' Equity Note [Abstract] | |||||||
| Cash distribution declared (in dollars per unit) | $ 0.8400 | $ 0.8150 | |||||
| Common stock, dividends, per share, declared (in dollars per share) | $ 0.9050 | $ 0.9050 | $ 0.9050 | $ 0.9050 | $ 0.8600 | ||
Equity (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 20, 2023 |
Jan. 31, 2022 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Jun. 15, 2023 |
Mar. 01, 2023 |
Feb. 28, 2023 |
|
| Other Ownership Interests [Line Items] | ||||||||||||||
| Issuance costs | $ 13,400 | |||||||||||||
| Proceeds from issuance of convertible preferred stock | $ 247,900 | $ 0 | $ 0 | |||||||||||
| Common shares issued in lieu of dividends | $ 8,698 | 8,698 | $ 33,187 | |||||||||||
| Common stock, dividends, per share, declared (in dollars per share) | $ 0.9050 | $ 0.9050 | $ 0.9050 | $ 0.9050 | $ 0.8600 | |||||||||
| Convertible Preferred Stock | ||||||||||||||
| Other Ownership Interests [Line Items] | ||||||||||||||
| Temporary equity, par value (in dollars per share) | $ 0.001 | |||||||||||||
| Share price (in dollars per share) | $ 37.71 | |||||||||||||
| Temporary equity, stock issued during period, shares, new issues (in shares) | 6,605,671 | |||||||||||||
| Proceeds from issuance of convertible preferred stock, gross | $ 249,100 | |||||||||||||
| Issuance costs | 1,200 | |||||||||||||
| Proceeds from issuance of convertible preferred stock | $ 247,900 | |||||||||||||
| Convertible preferred stock, shares issued upon conversion (in shares) | 1 | |||||||||||||
| Common stock, par value (in dollars per share) | $ 0.001 | |||||||||||||
Equity - Common Shares/Units Issuance and Hamlet JV (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
1 Months Ended | 12 Months Ended |
|---|---|---|
Jan. 31, 2022 |
Dec. 31, 2023 |
|
| Partners' Capital and Distribution | ||
| Shares issued, price per share (in dollars per share) | $ 70.00 | |
| Issuance costs | $ 13.4 | |
| Hamlet JV | ||
| Partners' Capital and Distribution | ||
| Distribution to holders of outstanding Class B Units | 75.00% | |
| John Hancock | Hamlet JV | ||
| Partners' Capital and Distribution | ||
| Waterfall distribution, class a units, remainder percent | 25.00% | |
| Class A Units | Hamlet JV | ||
| Partners' Capital and Distribution | ||
| Total capital commitment | $ 235.2 | |
| Limited partner units outstanding (in units) | 227.0 | |
| Remaining capital commitment | $ 8.2 | |
| Class B Units | Hamlet JV | ||
| Partners' Capital and Distribution | ||
| Total capital commitment | $ 232.2 | |
| Limited partner units outstanding (in units) | 224.0 | |
| Remaining capital commitment | $ 8.2 |
Equity - Issuance of common shares (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Jan. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Equity [Abstract] | ||||
| Common stock, shares, issued (in shares) | 4,945,000 | |||
| Shares issued, price per share (in dollars per share) | $ 70.00 | |||
| Proceeds from issuance of Enviva Inc. common shares, net | $ 332,800 | $ 0 | $ 332,725 | $ 214,501 |
| Issuance costs | $ 13,400 | |||
Equity - Development JV (Details) - USD ($) $ in Millions |
1 Months Ended | |
|---|---|---|
Jul. 31, 2021 |
Feb. 28, 2021 |
|
| Development JV | ||
| Payments to acquire interest in subsidiaries and affiliates | $ 23.7 | $ 130.1 |
Equity-Based Awards - Narrative (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2023 |
Aug. 31, 2020 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2021 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
| Non-cash equity-based compensation and other costs | $ (6,341,000) | $ (20,400,000) | $ (14,560,000) | $ (46,366,000) | $ (56,575,000) | ||||
| Payment for withholding tax | 16,765,000 | 16,907,000 | $ 10,979,000 | ||||||
| Distributions paid related to distribution equivalent rights | 800,000 | 3,300,000 | 3,500,000 | ||||||
| Performance-Based Restricted Stock Units | |||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
| Dividends payable | 0 | 7,566,000 | |||||||
| Series B | |||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
| Series B, units issued (in shares) | 2,500 | ||||||||
| Other ownership interests, units issued, percentage | 25.00% | ||||||||
| Other ownership interests, units issued, additional percentage | 25.00% | ||||||||
| Other ownership interests, additional units issued, duration | 3 years | ||||||||
| Grant date fair value | 38,500,000 | ||||||||
| Non-cash equity-based compensation and other costs | 19,000,000 | 24,400,000 | 23,800,000 | ||||||
| Unrecognized estimated compensation cost | 3,800,000 | ||||||||
| Series B | General and administrative expenses | |||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
| Non-cash equity-based compensation and other costs | 10,800,000 | 15,200,000 | |||||||
| Series B | Executive separation | |||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
| Non-cash equity-based compensation and other costs | $ 8,200,000 | 9,200,000 | |||||||
| Series B | Conversion to Corporation | |||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
| Grant date fair value | $ 50,500,000 | ||||||||
| Non-cash equity-based compensation and other costs | $ 3,300,000 | ||||||||
| Series B | Simplification Transaction | |||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
| Non-cash equity-based compensation and other costs | $ 16,600,000 | ||||||||
| Maximum | Time-Based Restricted Stock Units | |||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
| Vesting period | 4 years | ||||||||
| Maximum | Series B | |||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
| Series B, units issued (in shares) | 10,000 | ||||||||
| Minimum | Time-Based Restricted Stock Units | |||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
| Vesting period | 3 years | ||||||||
| LTIP | |||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
| Number of common units to be awarded under the plan (in shares) | 3,450,000 | 3,450,000 | |||||||
| Vesting period | 60 days | ||||||||
| LTIP | Time-Based Restricted Stock Units | |||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
| Dividends payable | $ 0 | 0 | |||||||
| Employee Awards | |||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
| Grant date fair value | 51,000,000.0 | 39,400,000 | $ 27,700,000 | ||||||
| Unrecognized estimated compensation cost | $ 29,900,000 | ||||||||
| Vested (in units) | 699,324 | ||||||||
| Employee Awards | Time-Based Restricted Stock Units | |||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
| Payment for withholding tax | $ 17,200,000 | $ 16,900,000 | $ 11,000,000 | ||||||
| Vested (in units) | 531,625 | 404,913 | 312,528 | ||||||
| Employee Awards | Performance-Based Restricted Stock Units | |||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
| Vested (in units) | 167,699 | 260,725 | 156,801 | ||||||
| Employee Awards | General and administrative expenses | |||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
| Non-cash equity-based compensation and other costs | $ 14,800,000 | $ 18,100,000 | $ 25,700,000 | ||||||
| Employee Awards | Executive separation | |||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
| Non-cash equity-based compensation and other costs | 3,500,000 | 7,600,000 | |||||||
| Employee Awards | Cost of goods sold | |||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
| Non-cash equity-based compensation and other costs | 4,700,000 | 2,800,000 | 2,300,000 | ||||||
| Director Awards | |||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
| Grant date fair value | $ 1,500,000 | ||||||||
| Non-cash equity-based compensation and other costs | 1,400,000 | $ 1,300,000 | $ 800,000 | ||||||
| Unrecognized estimated compensation cost | $ 100,000 | ||||||||
| Vested (in units) | 18,729 | ||||||||
Equity-Based Awards - Schedule of Employee Awards Under LTIP (Details) - Employee Awards - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Units | |||
| Nonvested at the beginning of the period (in units) | 1,297,772 | ||
| Granted (in units) | 2,102,404 | ||
| Forfeitures (in units) | (682,739) | ||
| Vested (in units) | (699,324) | ||
| Nonvested at the end of the period (in units) | 2,018,113 | 1,297,772 | |
| Weighted-Average Grant Date Fair Value (per unit) | |||
| Nonvested at the beginning of the period (in dollars per unit) | $ 57.39 | ||
| Granted (in dollars per unit) | 24.24 | ||
| Forfeitures (in dollars per unit) | 49.62 | ||
| Vested (in dollars per unit) | 44.33 | ||
| Nonvested at the end of the period (in dollars per unit) | $ 29.73 | $ 57.39 | |
| Time-Based Restricted Stock Units | |||
| Units | |||
| Nonvested at the beginning of the period (in units) | 751,603 | ||
| Granted (in units) | 1,928,844 | ||
| Forfeitures (in units) | (354,227) | ||
| Vested (in units) | (531,625) | (404,913) | (312,528) |
| Nonvested at the end of the period (in units) | 1,794,595 | 751,603 | |
| Weighted-Average Grant Date Fair Value (per unit) | |||
| Nonvested at the beginning of the period (in dollars per unit) | $ 61.19 | ||
| Granted (in dollars per unit) | 22.20 | ||
| Forfeitures (in dollars per unit) | 39.25 | ||
| Vested (in dollars per unit) | 38.68 | ||
| Nonvested at the end of the period (in dollars per unit) | $ 24.74 | $ 61.19 | |
| Performance-Based Restricted Stock Units | |||
| Units | |||
| Nonvested at the beginning of the period (in units) | 546,169 | ||
| Granted (in units) | 173,560 | ||
| Forfeitures (in units) | (328,512) | ||
| Vested (in units) | (167,699) | (260,725) | (156,801) |
| Nonvested at the end of the period (in units) | 223,518 | 546,169 | |
| Weighted-Average Grant Date Fair Value (per unit) | |||
| Nonvested at the beginning of the period (in dollars per unit) | $ 52.17 | ||
| Granted (in dollars per unit) | 47.02 | ||
| Forfeitures (in dollars per unit) | 60.81 | ||
| Vested (in dollars per unit) | 62.25 | ||
| Nonvested at the end of the period (in dollars per unit) | $ 69.84 | $ 52.17 | |
Equity-Based Awards - Schedule of Director Awards Under the LTIP (Details) - Director Awards |
12 Months Ended |
|---|---|
|
Dec. 31, 2023
$ / shares
shares
| |
| Units | |
| Nonvested at the beginning of the period (in units) | shares | 18,729 |
| Granted (in units) | shares | 34,167 |
| Forfeitures (in units) | shares | (3,463) |
| Vested (in units) | shares | (18,729) |
| Nonvested at the end of the period (in units) | shares | 30,704 |
| Weighted-Average Grant Date Fair Value (per unit) | |
| Nonvested at the beginning of the period (in dollars per unit) | $ / shares | $ 72.07 |
| Granted (in dollars per unit) | $ / shares | 44.83 |
| Forfeitures (in dollars per unit) | $ / shares | 44.83 |
| Vested (in dollars per unit) | $ / shares | 72.07 |
| Nonvested at the end of the period (in dollars per unit) | $ / shares | $ 44.83 |
Equity-Based Awards- Dividend Equivalent Rights (Details) - Performance-Based Restricted Stock Units - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
| Dividends payable | $ 0 | $ 7,566 |
| Accrued liabilities | ||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
| Dividends payable | 0 | 3,690 |
| Other long-term liabilities | ||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
| Dividends payable | $ 0 | $ 3,876 |
Net Loss per Enviva Inc. Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
||||||
| Earnings Per Share [Abstract] | ||||||||||||||
| Net loss attributable to Enviva Inc. | $ (427,588) | $ (84,211) | $ (64,205) | $ (109,990) | $ (174,195) | $ (258,406) | $ (685,994) | $ (168,307) | $ (122,069) | |||||
| Dividend equivalent rights paid on time-based restricted stock units | (854) | (3,470) | ||||||||||||
| Net loss attributable to Enviva Inc. common stockholders | $ (686,848) | $ (171,777) | ||||||||||||
| Weighted average shares outstanding - basic (in shares) | 74,447,000 | 68,490,000 | 67,363,000 | 67,930,000 | 70,126,000 | 71,236,000 | 66,312,000 | 25,632,000 | ||||||
| Weighted average shares outstanding - diluted (in shares) | 74,447,000 | 68,490,000 | 67,363,000 | 67,930,000 | 70,126,000 | 71,236,000 | 66,312,000 | 25,632,000 | ||||||
| Net loss per common share - basic (in dollars per share) | $ (5.74) | $ (1.13) | $ (0.94) | $ (1.65) | $ (2.58) | $ (3.70) | $ (9.64) | [1] | $ (2.59) | [1] | $ (4.76) | [1] | ||
| Net loss per common share - diluted (in dollars per share) | $ (5.74) | $ (1.13) | $ (0.94) | $ (1.65) | $ (2.58) | $ (3.70) | $ (9.64) | [1] | $ (2.59) | [1] | $ (4.76) | [1] | ||
| ||||||||||||||
Net Loss per Enviva Inc. Common Share - Additional Information (Details) shares in Millions |
Oct. 14, 2021
shares
|
|---|---|
| Simplification Transaction | |
| Net Income per Limited Partner Unit | |
| Common unit, issued (in shares) | 16.0 |
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Long-Term Purchase Commitment [Line Items] | |||
| Firm commitments | $ 391,771 | ||
| Procured wood pellets | 72,440 | ||
| Cost of goods sold | Shipping expenses | |||
| Long-Term Purchase Commitment [Line Items] | |||
| Cost of goods and services sold | 175,600 | $ 132,500 | $ 94,700 |
| Holdings TSA | |||
| Long-Term Purchase Commitment [Line Items] | |||
| Firm commitments | 38,200 | ||
| Services expenses | 12,000 | 10,700 | 12,300 |
| Transportation Agreement | |||
| Long-Term Purchase Commitment [Line Items] | |||
| Transportation expense | 57,900 | 53,900 | 43,800 |
| Long-term supply agreement | |||
| Long-Term Purchase Commitment [Line Items] | |||
| Procured wood pellets | $ 27,000 | $ 62,600 | $ 109,600 |
| Maximum | |||
| Long-Term Purchase Commitment [Line Items] | |||
| Lease term | 5 years | ||
| Maximum | Long-term shipping agreement | |||
| Long-Term Purchase Commitment [Line Items] | |||
| Lease term | 19 years | ||
Commitments and Contingencies - Schedule of Future Minimum Firm Commitments (Details) $ in Thousands |
Dec. 31, 2023
USD ($)
|
|---|---|
| Commitments and Contingencies Disclosure [Abstract] | |
| 2024 | $ 118,668 |
| 2025 | 118,417 |
| 2026 | 92,328 |
| 2027 | 30,868 |
| 2028 | 31,490 |
| Total | $ 391,771 |
Schedule II - Valuation and Qualifying Accounts (Details) - Deferred tax asset valuation allowance - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
| Balance at Beginning of Period | $ 227,734 | $ 142,822 | $ 2,038 |
| Costs and Expenses | (231) | 2,264 | 0 |
| Other Accounts | 111,313 | 82,648 | 140,784 |
| Deductions | 0 | 0 | 0 |
| Balance at the End of Period | $ 338,816 | $ 227,734 | $ 142,822 |