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Cheniere Corpus Christi

Document and Entity Information

Document and Entity Information3 Months Ended
Mar. 31, 2021shares
Cover [Abstract]
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateMar. 31,
2021
Document Transition Reportfalse
Entity File Number333-215435
Entity Registrant NameCheniere Corpus Christi Holdings, LLC
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number47-1929160
Entity Address, Address Line One700 Milam Street
Entity Address, Address Line TwoSuite 1900
Entity Address, City or TownHouston
Entity Address, State or ProvinceTX
Entity Address, Postal Zip Code77002
City Area Code713
Local Phone Number375-5000
Title of 12(b) SecurityNone
Entity Current Reporting StatusNo
Entity Interactive Data CurrentYes
Entity Filer CategoryNon-accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Central Index Key0001693317
Amendment Flagfalse
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
No Trading Symbol Flagtrue
Entity Common Stock, Shares Outstanding0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Revenues
Revenues $ 883 $ 533
Revenues from contracts with customers882 533
Operating costs and expenses
Cost of sales (excluding items shown separately below)186 49
Cost of sales—affiliate35 6
Cost of sales—related party35 23
Operating and maintenance expense83 89
Operating and maintenance expense—affiliate24 20
Operating and maintenance expense—related party2 0
General and administrative expense1 2
General and administrative expense—affiliate5 5
Depreciation and amortization expense89 84
Total operating costs and expenses460 278
Income from operations423 255
Other income (expense)
Interest expense, net of capitalized interest(93)(99)
Interest rate derivative gain (loss), net1 (208)
Other income, net0 1
Total other expense(92)(306)
Net income (loss)331 (51)
LNG [Member]
Revenues
Revenues615 343
Revenues from contracts with customers[1]614 343
LNG—affiliate [Member]
Revenues
Revenues from contracts with customers $ 268 $ 190
[1]LNG revenues include revenues for LNG cargoes in which our customers exercised their contractual right to not take delivery but remained obligated to pay fixed fees irrespective of such election. During the three months ended March 31, 2020, we recognized $37 million in LNG revenues associated with LNG cargoes for which customers notified us that they would not take delivery, which would have been recognized subsequent to March 31, 2020 had the cargoes been lifted pursuant to the delivery schedules with the customers. We did not have such revenues during the three months ended March 31, 2021. Revenue is generally recognized upon receipt of irrevocable notice that a customer will not take delivery because our customers have no contractual right to take delivery of such LNG cargo in future periods and our performance obligations with respect to such LNG cargo have been satisfied.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Current assets
Restricted cash $ 382 $ 70
Accounts and other receivables, net169 198
Accounts receivable—affiliate112 42
Advances to affiliate101 144
Inventory95 89
Derivative assets26 10
Derivative assets—related party5 3
Other current assets12 17
Other current assets—affiliate0 1
Total current assets902 574
Property, plant and equipment, net12,862 12,853
Debt issuance and deferred financing costs, net10 11
Non-current derivative assets98 114
Non-current derivative assets—related party0 1
Other non-current assets, net98 87
Total assets13,970 13,640
Current liabilities
Accounts payable69 19
Accrued liabilities396 318
Accrued liabilities—related party18 16
Current debt151 269
Due to affiliates44 32
Derivative liabilities124 143
Other current liabilities1 0
Other current liabilities—affiliate1 0
Total current liabilities804 797
Long-term debt, net10,085 10,101
Non-current derivative liabilities124 114
Other non-current liabilities2 4
Member’s equity2,955 2,624
Total liabilities and member’s equity $ 13,970 $ 13,640

Consolidated Statements of Memb

Consolidated Statements of Member's Equity - USD ($) $ in MillionsTotalCheniere CCH HoldCo I, LLC [Member]
Member's equity, beginning of period at Dec. 31, 2019 $ 2,418 $ 2,418
Net income (loss)(51)(51)
Member's equity, end of period at Mar. 31, 20202,367 2,367
Member's equity, beginning of period at Dec. 31, 20202,624 2,624
Net income (loss)331 331
Member's equity, end of period at Mar. 31, 2021 $ 2,955 $ 2,955

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Cash flows from operating activities
Net income (loss) $ 331 $ (51)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense89 84
Amortization of discount and debt issuance costs5 5
Total losses on derivatives, net9 37
Total gains on derivatives, net—related party(1)(1)
Net cash used for settlement of derivative instruments(18)(3)
Changes in operating assets and liabilities:
Accounts receivable41 (16)
Accounts receivable—affiliate(35)7
Advances to affiliate51 22
Inventory(2)2
Accounts payable and accrued liabilities66 16
Accrued liabilities—related party1 5
Due to affiliates(12)(3)
Other, net(1)(9)
Other, net—affiliate0 (1)
Net cash provided by operating activities524 94
Cash flows from investing activities
Property, plant and equipment, net(71)(220)
Other(1)(1)
Net cash used in investing activities(72)(221)
Cash flows from financing activities
Proceeds from issuances of debt0 141
Repayments of debt(140)0
Net cash provided by (used in) financing activities(140)141
Net increase in cash, cash equivalents and restricted cash312 14
Restricted cash—beginning of period70 80
Restricted cash—end of period $ 382 $ 94

Nature of Operations and Basis

Nature of Operations and Basis of Presentation3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis of PresentationNATURE OF OPERATIONS AND BASIS OF PRESENTATION We are operating a natural gas liquefaction and export facility (the “Liquefaction Facilities”) and operating a 23-mile natural gas supply pipeline that interconnects the Corpus Christi LNG terminal with several interstate and intrastate natural gas pipelines (the “Corpus Christi Pipeline” and together with the Liquefaction Facilities, the “Liquefaction Project”) near Corpus Christi, Texas, through our subsidiaries CCL and CCP, respectively. We are operating three Trains, including the third Train which achieved substantial completion on March 26, 2021, for a total production capacity of approximately 15 mtpa of LNG. The Liquefaction Project also contains three LNG storage tanks and two marine berths. Basis of Presentation The accompanying unaudited Consolidated Financial Statements of CCH have been prepared in accordance with GAAP for interim financial information and with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in our annual report on Form 10-K for the fiscal year ended December 31, 2020. Results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2021. We are a disregarded entity for federal and state income tax purposes. Our taxable income or loss, which may vary substantially from the net income or loss reported on our Consolidated Statements of Operations, is included in the consolidated federal income tax return of Cheniere. Accordingly, no provision or liability for federal or state income taxes is included in the accompanying Consolidated Financial Statements. Recent Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This guidance primarily provides temporary optional expedients which simplify the accounting for contract modifications to existing debt agreements expected to arise from the market transition from LIBOR to alternative reference rates. The optional expedients were available to be used upon issuance of this guidance but we have not yet applied the guidance because we have not yet modified any of our existing contracts for reference rate reform. Once we apply an optional expedient to a modified contract and adopt this standard, the guidance will be applied to all subsequent applicable contract modifications until December 31, 2022, at which time the optional expedients are no longer available.

Restricted Cash

Restricted Cash3 Months Ended
Mar. 31, 2021
Restricted Cash [Abstract]
Restricted CashRESTRICTED CASHRestricted cash consists of funds that are contractually or legally restricted as to usage or withdrawal and have been presented separately from cash and cash equivalents on our Consolidated Balance Sheets. As of March 31, 2021 and December 31, 2020, we had $382 million and $70 million of restricted cash, respectively.Pursuant to the accounts agreement entered into with the collateral trustee for the benefit of our debt holders, we are required to deposit all cash received into reserve accounts controlled by the collateral trustee.  The usage or withdrawal of such cash is restricted to the payment of liabilities related to the Liquefaction Project and other restricted payments.

Accounts and Other Receivables

Accounts and Other Receivables3 Months Ended
Mar. 31, 2021
Receivables [Abstract]
Accounts and Other ReceivablesACCOUNTS AND OTHER RECEIVABLES As of March 31, 2021 and December 31, 2020, accounts and other receivables, net consisted of the following (in millions): March 31, December 31, 2021 2020 Trade receivable $ 126 $ 182 Other accounts receivable 43 16 Total accounts and other receivables, net $ 169 $ 198

Inventory

Inventory3 Months Ended
Mar. 31, 2021
Inventory Disclosure [Abstract]
InventoryINVENTORY As of March 31, 2021 and December 31, 2020, inventory consisted of the following (in millions): March 31, December 31, 2021 2020 Materials $ 76 $ 69 LNG 10 11 Natural gas 9 9 Total inventory $ 95 $ 89

Property, Plant and Equipment

Property, Plant and Equipment3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Property, Plant and EquipmentPROPERTY, PLANT AND EQUIPMENT As of March 31, 2021 and December 31, 2020, property, plant and equipment, net consisted of the following (in millions): March 31, December 31, 2021 2020 LNG terminal costs LNG terminal and interconnecting pipeline facilities $ 13,196 $ 10,176 LNG site and related costs 276 276 LNG terminal construction-in-process 35 2,960 Accumulated depreciation (654) (568) Total LNG terminal costs, net 12,853 12,844 Fixed assets Fixed assets 23 22 Accumulated depreciation (14) (13) Total fixed assets, net 9 9 Property, plant and equipment, net $ 12,862 $ 12,853 The following table shows depreciation expense and offsets to LNG terminal costs during the three months ended March 31, 2021 and 2020 (in millions): Three Months Ended March 31, 2021 2020 Depreciation expense $ 88 $ 84 Offsets to LNG terminal costs (1) 143 — (1) We recognize offsets to LNG terminal costs related to the sale of commissioning cargoes because these amounts were earned or loaded prior to the start of commercial operations of the Liquefaction Project during the testing phase for its construction.

Derivative Instruments

Derivative Instruments3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative InstrumentsDERIVATIVE INSTRUMENTS We have entered into the following derivative instruments that are reported at fair value: • interest rate swaps (“CCH Interest Rate Derivatives”) to hedge the exposure to volatility in a portion of the floating-rate interest payments on our amended and restated credit facility (the “CCH Credit Facility”) and to hedge against changes in interest rates that could impact anticipated future issuance of debt (“CCH Interest Rate Forward Start Derivatives” and, collectively with the CCH Interest Rate Derivatives, the “Interest Rate Derivatives”) and • commodity derivatives consisting of natural gas supply contracts for the commissioning and operation of the Liquefaction Project (“Physical Liquefaction Supply Derivatives”) and associated economic hedges (“Financial Liquefaction Supply Derivatives,” and collectively with the Physical Liquefaction Supply Derivatives, the “Liquefaction Supply Derivatives”). We recognize our derivative instruments as either assets or liabilities and measure those instruments at fair value. None of our derivative instruments are designated as cash flow or fair value hedging instruments, and changes in fair value are recorded within our Consolidated Statements of Operations to the extent not utilized for the commissioning process. The following table shows the fair value of our derivative instruments that are required to be measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, which are classified as derivative assets, derivative assets—related party, non-current derivative assets, non-current derivative assets—related party, derivative liabilities or non-current derivative liabilities in our Consolidated Balance Sheets (in millions): Fair Value Measurements as of March 31, 2021 December 31, 2020 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total CCH Interest Rate Derivatives liability $ — $ (114) $ — $ (114) $ — $ (140) $ — $ (140) Liquefaction Supply Derivatives asset (liability) 11 (2) (14) (5) 4 (5) 12 11 We value our Interest Rate Derivatives using an income-based approach utilizing observable inputs to the valuation model including interest rate curves, risk adjusted discount rates, credit spreads and other relevant data. We value our Liquefaction Supply Derivatives using a market-based approach incorporating present value techniques, as needed, using observable commodity price curves, when available, and other relevant data. The fair value of our Physical Liquefaction Supply Derivatives is predominantly driven by observable and unobservable market commodity prices and, as applicable to our natural gas supply contracts, our assessment of the associated events deriving fair value, including evaluating whether the respective market is available as pipeline infrastructure is developed. The fair value of our Physical Liquefaction Supply Derivatives incorporates risk premiums related to the satisfaction of conditions precedent, such as completion and placement into service of relevant pipeline infrastructure to accommodate marketable physical gas flow. As of March 31, 2021 and December 31, 2020, some of our Physical Liquefaction Supply Derivatives existed within markets for which the pipeline infrastructure was under development to accommodate marketable physical gas flow. We include a portion of our Physical Liquefaction Supply Derivatives as Level 3 within the valuation hierarchy as the fair value is developed through the use of internal models which incorporate significant unobservable inputs. In instances where observable data is unavailable, consideration is given to the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks, such as future prices of energy units for unobservable periods, liquidity, volatility and contract duration. The Level 3 fair value measurements of natural gas positions within our Physical Liquefaction Supply Derivatives could be materially impacted by a significant change in certain natural gas and international LNG prices. The following table includes quantitative information for the unobservable inputs for our Level 3 Physical Liquefaction Supply Derivatives as of March 31, 2021: Net Fair Value Liability Valuation Approach Significant Unobservable Input Range of Significant Unobservable Inputs / Weighted Average (1) Physical Liquefaction Supply Derivatives $(14) Market approach incorporating present value techniques Henry Hub basis spread $(0.577) - $0.265 / $(0.022) Option pricing model International LNG pricing spread, relative to Henry Hub (2) 130% - 205% / 160% (1) Unobservable inputs were weighted by the relative fair value of the instruments. (2) Spread contemplates U.S. dollar-denominated pricing. Increases or decreases in basis or pricing spreads, in isolation, would decrease or increase, respectively, the fair value of our Physical Liquefaction Supply Derivatives. The following table shows the changes in the fair value of our Level 3 Physical Liquefaction Supply Derivatives, including those with related parties, during the three months ended March 31, 2021 and 2020 (in millions): Three Months Ended March 31, 2021 2020 Balance, beginning of period $ 12 $ 35 Realized and mark-to-market gains (losses): Included in cost of sales (66) 164 Purchases and settlements: Purchases 3 1 Settlements 37 3 Transfers into Level 3, net (1) — (1) Balance, end of period $ (14) $ 202 Change in unrealized gain (loss) relating to instruments still held at end of period $ (66) $ 164 (1) Transferred into Level 3 as a result of unobservable market, or out of Level 3 as a result of observable market for the underlying natural gas purchase agreements. All counterparty derivative contracts provide for the unconditional right of set-off in the event of default. We have elected to report derivative assets and liabilities arising from our derivative contracts with the same counterparty on a net basis. The use of derivative instruments exposes us to counterparty credit risk, or the risk that a counterparty will be unable to meet its commitments in instances when our derivative instruments are in an asset position. Additionally, counterparties are at risk that we will be unable to meet our commitments in instances where our derivative instruments are in a liability position. We incorporate both our own nonperformance risk and the respective counterparty’s nonperformance risk in fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of any applicable credit enhancements, such as collateral postings, set-off rights and guarantees. Interest Rate Derivatives We have entered into interest rate swaps to protect against volatility of future cash flows and hedge a portion of the variable interest payments on the CCH Credit Facility. We previously also had interest rate swaps to hedge against changes in interest rates that could impact anticipated future issuance of debt. In August 2020, we settled the outstanding CCH Interest Rate Forward Start Derivatives. As of March 31, 2021, we had the following Interest Rate Derivatives outstanding: Notional Amounts March 31, 2021 December 31, 2020 Latest Maturity Date Weighted Average Fixed Interest Rate Paid Variable Interest Rate Received CCH Interest Rate Derivatives $4.6 billion $4.6 billion May 31, 2022 2.30% One-month LIBOR The following table shows the gain (loss) from changes in the fair value and settlements of our Interest Rate Derivatives recorded in interest rate derivative gain (loss), net on our Consolidated Statements of Operations during the three months ended March 31, 2021 and 2020 (in millions): Three Months Ended March 31, 2021 2020 CCH Interest Rate Derivatives $ 1 $ (123) CCH Interest Rate Forward Start Derivatives — (85) Liquefaction Supply Derivatives CCL has entered into primarily index-based physical natural gas supply contracts and associated economic hedges to purchase natural gas for the commissioning and operation of the Liquefaction Project. The remaining terms of the physical natural gas supply contracts range up to 10 years, some of which commence upon the satisfaction of certain conditions precedent. The terms of the Financial Liquefaction Supply Derivatives range up to approximately three years. The forward notional amount for our Liquefaction Supply Derivatives was approximately 3,126 TBtu and 3,152 TBtu as of March 31, 2021 and December 31, 2020, respectively, of which 55 TBtu and 60 TBtu, respectively, were for a natural gas supply contract CCL has with a related party. The following table shows the gain (loss) from changes in the fair value, settlements and location of our Liquefaction Supply Derivatives recorded on our Consolidated Statements of Operations during the three months ended March 31, 2021 and 2020 (in millions): Consolidated Statements of Operations Location (1) Three Months Ended March 31, 2021 2020 Liquefaction Supply Derivatives LNG revenues $ 1 $ — Liquefaction Supply Derivatives Cost of sales (11) 171 Liquefaction Supply Derivatives Cost of sales—related party 1 1 (1) Does not include the realized value associated with derivative instruments that settle through physical delivery. Fair value fluctuations associated with commodity derivative activities are classified and presented consistently with the item economically hedged and the nature and intent of the derivative instrument. Fair Value and Location of Derivative Assets and Liabilities on the Consolidated Balance Sheets The following table shows the fair value and location of our derivative instruments on our Consolidated Balance Sheets (in millions): March 31, 2021 CCH Interest Rate Derivatives Liquefaction Supply Derivatives (1) Total Consolidated Balance Sheets Location Derivative assets $ — $ 26 $ 26 Derivative assets—related party — 5 5 Non-current derivative assets — 98 98 Total derivative assets — 129 129 Derivative liabilities (98) (26) (124) Non-current derivative liabilities (16) (108) (124) Total derivative liabilities (114) (134) (248) Derivative liability, net $ (114) $ (5) $ (119) December 31, 2020 CCH Interest Rate Derivatives Liquefaction Supply Derivatives (1) Total Consolidated Balance Sheets Location Derivative assets $ — $ 10 $ 10 Derivative assets—related party — 3 3 Non-current derivative assets — 114 114 Non-current derivative assets—related party — 1 1 Total derivative assets — 128 128 Derivative liabilities (100) (43) (143) Non-current derivative liabilities (40) (74) (114) Total derivative liabilities (140) (117) (257) Derivative asset (liability), net $ (140) $ 11 $ (129) (1) Does not include collateral posted with counterparties by us of zero and $5 million, which are included in other current assets in our Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020, respectively. Consolidated Balance Sheets Presentation Our derivative instruments are presented on a net basis on our Consolidated Balance Sheets as described above. The following table shows the fair value of our derivatives outstanding on a gross and net basis (in millions): CCH Interest Rate Derivatives Liquefaction Supply Derivatives As of March 31, 2021 Gross assets $ — $ 158 Offsetting amounts — (29) Net assets $ — $ 129 Gross liabilities $ (114) $ (148) Offsetting amounts — 14 Net liabilities $ (114) $ (134) As of December 31, 2020 Gross assets $ — $ 132 Offsetting amounts — (4) Net assets $ — $ 128 Gross liabilities $ (140) $ (136) Offsetting amounts — 19 Net liabilities $ (140) $ (117)

Other Non-Current Assets

Other Non-Current Assets3 Months Ended
Mar. 31, 2021
Other Assets, Noncurrent [Abstract]
Other Non-Current AssetsOTHER NON-CURRENT ASSETS As of March 31, 2021 and December 31, 2020, other non-current assets, net consisted of the following (in millions): March 31, December 31, 2021 2020 Contract assets, net $ 55 $ 48 Advances and other asset conveyances to third parties to support LNG terminal 20 22 Operating lease assets 5 5 Information technology service prepayments 3 3 Tax-related payments and receivables 2 3 Advances made under EPC and non-EPC contracts 4 — Other 9 6 Total other non-current assets, net $ 98 $ 87

Accrued Liabilities

Accrued Liabilities3 Months Ended
Mar. 31, 2021
Accrued Liabilities, Current [Abstract]
Accrued LiabilitiesACCRUED LIABILITIES As of March 31, 2021 and December 31, 2020, accrued liabilities consisted of the following (in millions): March 31, December 31, 2021 2020 Interest costs and related debt fees $ 105 $ 7 Accrued natural gas purchases 194 186 Liquefaction Project costs 82 76 Other 15 49 Total accrued liabilities $ 396 $ 318

Debt

Debt3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
DebtDEBT As of March 31, 2021 and December 31, 2020, our debt consisted of the following (in millions): March 31, December 31, 2021 2020 Long-term debt: 3.520% to 7.000% senior secured notes due between June 2024 and December 2039 and CCH Credit Facility $ 10,195 $ 10,217 Unamortized debt issuance costs (110) (116) Total long-term debt, net 10,085 10,101 Current debt: $1.2 billion CCH Working Capital Facility (“CCH Working Capital Facility”) and current portion of CCH Credit Facility 153 271 Unamortized premium, discount and debt issuance costs, net (2) (2) Total current debt 151 269 Total debt, net $ 10,236 $ 10,370 Credit Facilities Below is a summary of our credit facilities outstanding as of March 31, 2021 (in millions): CCH Credit Facility (1) CCH Working Capital Facility Original facility size $ 8,404 $ 350 Incremental commitments 1,566 850 Less: Outstanding balance 2,627 — Commitments terminated 7,343 — Letters of credit issued — 293 Available commitment $ — $ 907 Priority ranking Senior secured Senior secured Interest rate on available balance LIBOR plus 1.75% or base rate plus 0.75% LIBOR plus 1.25% - 1.75% or base rate plus 0.25% - 0.75% Weighted average interest rate of outstanding balance 1.86% n/a Maturity date June 30, 2024 June 29, 2023 Restrictive Debt Covenants The indentures governing our senior notes and other agreements underlying our debt contain customary terms and events of default and certain covenants that, among other things, may limit us and our restricted subsidiaries’ ability to make certain investments or pay dividends or distributions. As of March 31, 2021, we were in compliance with all covenants related to our debt agreements. Interest Expense Total interest expense, net of capitalized interest consisted of the following (in millions): Three Months Ended March 31, 2021 2020 Total interest cost $ 119 $ 129 Capitalized interest, including amounts capitalized as an Allowance for Funds Used During Construction (26) (30) Total interest expense, net of capitalized interest $ 93 $ 99 Fair Value Disclosures The following table shows the carrying amount and estimated fair value of our debt (in millions): March 31, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Senior notes — Level 2 (1) $ 5,750 $ 6,466 $ 5,750 $ 6,669 Senior notes — Level 3 (2) 1,971 2,176 1,971 2,387 Credit facilities (3) 2,627 2,627 2,767 2,767 (1) The Level 2 estimated fair value was based on quotes obtained from broker-dealers or market makers of these senior notes and other similar instruments. (2) The Level 3 estimated fair value was calculated based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including interest rates based on debt issued by parties with comparable credit ratings to us and inputs that are not observable in the market. (3) The Level 3 estimated fair value approximates the principal amount because the interest rates are variable and reflective of market rates and the debt may be repaid, in full or in part, at any time without penalty.

Revenues from Contracts with Cu

Revenues from Contracts with Customers3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenues from Contracts with CustomersREVENUES FROM CONTRACTS WITH CUSTOMERS The following table represents a disaggregation of revenue earned from contracts with customers during the three months ended March 31, 2021 and 2020 (in millions): Three Months Ended March 31, 2021 2020 LNG revenues (1) $ 614 $ 343 LNG revenues—affiliate 268 190 Total revenues from customers 882 533 Net derivative losses (2) 1 — Total revenues $ 883 $ 533 (1) LNG revenues include revenues for LNG cargoes in which our customers exercised their contractual right to not take delivery but remained obligated to pay fixed fees irrespective of such election. During the three months ended March 31, 2020, we recognized $37 million in LNG revenues associated with LNG cargoes for which customers notified us that they would not take delivery, which would have been recognized subsequent to March 31, 2020 had the cargoes been lifted pursuant to the delivery schedules with the customers. We did not have such revenues during the three months ended March 31, 2021. Revenue is generally recognized upon receipt of irrevocable notice that a customer will not take delivery because our customers have no contractual right to take delivery of such LNG cargo in future periods and our performance obligations with respect to such LNG cargo have been satisfied. (2) See Note 6 —Derivative Instruments for additional information about our derivatives. Contract Assets The following table shows our contract assets, net, which are classified as other non-current assets, net on our Consolidated Balance Sheets (in millions): March 31, December 31, 2021 2020 Contract assets, net $ 55 $ 48 Contract assets represent our right to consideration for transferring goods or services to the customer under the terms of a sales contract when the associated consideration is not yet due. Changes in contract assets during the three months ended March 31, 2021 were primarily attributable to revenue recognized due to the delivery of LNG under certain SPAs for which the associated consideration was not yet due. Transaction Price Allocated to Future Performance Obligations Because many of our sales contracts have long-term durations, we are contractually entitled to significant future consideration which we have not yet recognized as revenue. The following table discloses the aggregate amount of the transaction price that is allocated to performance obligations that have not yet been satisfied as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Unsatisfied Weighted Average Recognition Timing (years) (1) Unsatisfied Weighted Average Recognition Timing (years) (1) LNG revenues $ 32.0 10 $ 32.3 10 LNG revenues—affiliate 1.0 12 1.0 12 Total revenues $ 33.0 $ 33.3 (1) The weighted average recognition timing represents an estimate of the number of years during which we shall have recognized half of the unsatisfied transaction price. We have elected the following exemptions which omit certain potential future sources of revenue from the table above: (1) We omit from the table above all performance obligations that are part of a contract that has an original expected duration of one year or less. (2) The table above excludes substantially all variable consideration under our SPAs. We omit from the table above all variable consideration that is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation when that performance obligation qualifies as a series. The amount of revenue from variable fees that is not included in the transaction price will vary based on the future prices of Henry Hub throughout the contract terms, to the extent customers elect to take delivery of their LNG, and adjustments to the consumer price index. Certain of our contracts contain additional variable consideration based on the outcome of contingent events and the movement of various indexes. We have not included such variable consideration in the transaction price to the extent the consideration is considered constrained due to the uncertainty of ultimate pricing and receipt. Approximately 47% and 36% of our LNG revenues from contracts included in the table above during the three months ended March 31, 2021 and 2020, respectively, were related to variable consideration received from customers. We may enter into contracts to sell LNG that are conditioned upon one or both of the parties achieving certain milestones such as reaching a final investment decision on a certain liquefaction Train, obtaining financing or achieving substantial completion of a Train and any related facilities. These contracts are considered completed contracts for revenue recognition purposes and are included in the transaction price above when the conditions are considered probable of being met.

Related Party Transactions

Related Party Transactions3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party TransactionsRELATED PARTY TRANSACTIONS Below is a summary of our related party transactions as reported on our Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 (in millions): Three Months Ended March 31, 2021 2020 LNG revenues—affiliate Cheniere Marketing Agreements $ 260 $ 190 Contracts for Sale and Purchase of Natural Gas and LNG 8 — Total LNG revenues—affiliate 268 190 Cost of sales—affiliate Contracts for Sale and Purchase of Natural Gas and LNG 4 6 Cheniere Marketing Agreements 31 — Total cost of sales—affiliate 35 6 Cost of sales—related party Natural Gas Supply Agreement 35 23 Operating and maintenance expense—affiliate Services Agreements 24 20 Operating and maintenance expense—related party Natural Gas Transportation Agreements 2 — General and administrative expense—affiliate Services Agreements 5 5 We had $44 million and $32 million due to affiliates as of March 31, 2021 and December 31, 2020, respectively, under agreements with affiliates, as described below. Cheniere Marketing Agreements Cheniere Marketing SPA CCL has a fixed price SPA with Cheniere Marketing (the “Cheniere Marketing Base SPA”) with a term of 20 years which allows Cheniere Marketing to purchase, at its option, (1) up to a cumulative total of 150 TBtu of LNG within the commissioning periods for Trains 1 through 3 and (2) any excess LNG produced by the Liquefaction Facilities that is not committed to customers under third-party SPAs. Under the Cheniere Marketing Base SPA, Cheniere Marketing may, without charge, elect to suspend deliveries of cargoes (other than commissioning cargoes) scheduled for any month under the applicable annual delivery program by providing specified notice in advance. Additionally, CCL has: (1) a fixed price SPA with an approximate term of 23 years with Cheniere Marketing which allows them to purchase volumes of approximately 15 TBtu per annum of LNG and (2) an SPA for approximately 44 TBtu of LNG with a term of up to seven years associated with the integrated production marketing gas supply agreement between CCL and EOG Resources, Inc. As of March 31, 2021 and December 31, 2020, CCL had $109 million and $39 million of accounts receivable—affiliate, respectively, under these agreements with Cheniere Marketing. Train 3 Commissioning Letter Agreement Under the Cheniere Marketing Base SPA, CCL entered into a letter agreement with Cheniere Marketing for the sale of commissioning cargoes from Train 3 of the Liquefaction Project. Under the agreement, CCL paid a one-time shipping fee to Cheniere Marketing of $1 million after the commencement of the commissioning of Train 3 in December 2020. Facility Swap Agreement We have entered into an arrangement with subsidiaries of Cheniere to provide the ability, in limited circumstances, to potentially fulfill commitments to LNG buyers in the event operational conditions impact operations at either the Sabine Pass or Corpus Christi liquefaction facilities. The purchase price for such cargoes would be (i) 115% of the applicable natural gas feedstock purchase price or (ii) a free-on-board U.S. Gulf Coast LNG market price, whichever is greater. Services Agreements Gas and Power Supply Services Agreement (“G&P Agreement”) CCL has a G&P Agreement with Cheniere Energy Shared Services, Inc. (“Shared Services”), a wholly owned subsidiary of Cheniere, pursuant to which Shared Services will manage the gas and power procurement requirements of CCL. The services include, among other services, exercising the day-to-day management of CCL’s natural gas and power supply requirements, negotiating agreements on CCL’s behalf and providing other administrative services. Prior to the substantial completion of each Train of the Liquefaction Facilities, no monthly fee payment is required except for reimbursement of operating expenses. After substantial completion of each Train of the Liquefaction Facilities, for services performed while the Liquefaction Facilities is operational, CCL will pay, in addition to the reimbursement of operating expenses, a fixed monthly fee of $125,000 (indexed for inflation) for services with respect to such Train. Operation and Maintenance Agreements (“O&M Agreements”) CCL has an O&M Agreement (“CCL O&M Agreement”) with Cheniere LNG O&M Services, LLC (“O&M Services”), a wholly owned subsidiary of Cheniere, pursuant to which CCL receives all of the necessary services required to construct, operate and maintain the Liquefaction Facilities. The services to be provided include, among other services, preparing and maintaining staffing plans, identifying and arranging for procurement of equipment and materials, overseeing contractors, administering various agreements, information technology services and other services required to operate and maintain the Liquefaction Facilities. Prior to the substantial completion of each Train of the Liquefaction Facilities, no monthly fee payment is required except for reimbursement of operating expenses. After substantial completion of each Train of the Liquefaction Facilities, for services performed while the Liquefaction Facilities is operational, CCL will pay, in addition to the reimbursement of operating expenses, a fixed monthly fee of $125,000 (indexed for inflation) for services with respect to such Train. CCP has an O&M Agreement (“CCP O&M Agreement”) with O&M Services pursuant to which CCP receives all of the necessary services required to construct, operate and maintain the Corpus Christi Pipeline. The services to be provided include, among other services, preparing and maintaining staffing plans, identifying and arranging for procurement of equipment and materials, overseeing contractors, information technology services and other services required to operate and maintain the Corpus Christi Pipeline. CCP is required to reimburse O&M Services for all operating expenses incurred on behalf of CCP. Management Services Agreements (“MSAs”) CCL has a MSA with Shared Services pursuant to which Shared Services manages the construction and operation of the Liquefaction Facilities, excluding those matters provided for under the G&P Agreement and the CCL O&M Agreement. The services include, among other services, exercising the day-to-day management of CCL’s affairs and business, managing CCL’s regulatory matters, preparing status reports, providing contract administration services for all contracts associated with the Liquefaction Facilities and obtaining insurance. Prior to the substantial completion of each Train of the Liquefaction Facilities, no monthly fee payment is required except for reimbursement of expenses. After substantial completion of each Train, CCL will pay, in addition to the reimbursement of related expenses, a monthly fee equal to 3% of the capital expenditures incurred in the previous month and a fixed monthly fee of $375,000 for services with respect to such Train. CCP has a MSA with Shared Services pursuant to which Shared Services manages CCP’s operations and business, excluding those matters provided for under the CCP O&M Agreement. The services include, among other services, exercising the day-to-day management of CCP’s affairs and business, managing CCP’s regulatory matters, preparing status reports, providing contract administration services for all contracts associated with the Corpus Christi Pipeline and obtaining insurance. CCP is required to reimburse Shared Services for the aggregate of all costs and expenses incurred in the course of performing the services under the MSA. Natural Gas Supply Agreement CCL is party to a natural gas supply agreement with a related party in the ordinary course of business, to obtain a fixed minimum daily volume of feed gas for the operation of the Liquefaction Project through March 2022. This related party is partially owned by the investment management company that also partially owns our affiliated entity. In addition to the amounts recorded on our Consolidated Statements of Operations in the table above, CCL recorded accrued liabilities—related party of $13 million and $13 million, derivative assets—related party of $5 million and $3 million and non-current derivative assets—related party of zero and $1 million as of March 31, 2021 and December 31, 2020, respectively, related to this agreement. Natural Gas Transportation Agreements Agreements with Related Party CCL is party to natural gas transportation agreements with a related party in the ordinary course of business for the operation of the Liquefaction Project, for a period of 10 years which began in May 2020. Cheniere accounts for its investment in this related party as an equity method investment. In addition to the amounts recorded on our Consolidated Statements of Operations in the table above, CCL recorded accrued liabilities—related party of $1 million as of both March 31, 2021 and December 31, 2020 related to this agreement. Agreements with Cheniere Corpus Christi Liquefaction Stage III, LLC Cheniere Corpus Christi Liquefaction Stage III, LLC, a wholly owned subsidiary of Cheniere, has a transportation precedent agreement with CCP to secure firm pipeline transportation capacity for the transportation of natural gas feedstock to the expansion of the Corpus Christi LNG terminal it is constructing adjacent to the Liquefaction Project. The agreement will have a primary term of 20 years from the service commencement date with right to extend the term for two successive five Contracts for Sale and Purchase of Natural Gas and LNG CCL has an agreement with Sabine Pass Liquefaction, LLC that allows them to sell and purchase natural gas with each other. Natural gas purchased under this agreement is initially recorded as inventory and then to cost of sales—affiliate upon its sale, except for purchases related to commissioning activities which are capitalized as LNG terminal construction-in-process. Natural gas sold under this agreement is recorded as LNG revenues—affiliate. CCL also has an agreement with Midship Pipeline Company, LLC that allows them to sell and purchase natural gas with each other. Land Agreements Lease Agreements CCL has agreements with Cheniere Land Holdings, LLC (“Cheniere Land Holdings”), a wholly owned subsidiary of Cheniere, to lease the land owned by Cheniere Land Holdings for the Liquefaction Facilities. The total annual lease payment is $0.6 million, and the terms of the agreements range from three Easement Agreements CCL has agreements with Cheniere Land Holdings which grant CCL easements on land owned by Cheniere Land Holdings for the Liquefaction Facilities. The total annual payment for easement agreements is $0.1 million, excluding any previously paid one-time payments, and the terms of the agreements range from three Dredge Material Disposal Agreement CCL has a dredge material disposal agreement with Cheniere Land Holdings that terminates in 2042 which grants CCL permission to use land owned by Cheniere Land Holdings for the deposit of dredge material from the construction and maintenance of the Liquefaction Facilities. Under the terms of the agreement, CCL will pay Cheniere Land Holdings $0.50 per cubic yard of dredge material deposits up to 5.0 million cubic yards and $4.62 per cubic yard for any quantities above that. Tug Hosting Agreement In February 2017, CCL entered into a tug hosting agreement with Corpus Christi Tug Services, LLC (“Tug Services”), a wholly owned subsidiary of Cheniere, to provide certain marine structures, support services and access necessary at the Liquefaction Facilities for Tug Services to provide its customers with tug boat and marine services. Tug Services is required to reimburse CCL for any third party costs incurred by CCL in connection with providing the goods and services. State Tax Sharing Agreements CCL has a state tax sharing agreement with Cheniere. Under this agreement, Cheniere has agreed to prepare and file all state and local tax returns which CCL and Cheniere are required to file on a combined basis and to timely pay the combined state and local tax liability. If Cheniere, in its sole discretion, demands payment, CCL will pay to Cheniere an amount equal to the state and local tax that CCL would be required to pay if CCL’s state and local tax liability were calculated on a separate company basis. There have been no state and local taxes paid by Cheniere for which Cheniere could have demanded payment from CCL under this agreement; therefore, Cheniere has not demanded any such payments from CCL. The agreement is effective for tax returns due on or after May 2015. CCP has a state tax sharing agreement with Cheniere. Under this agreement, Cheniere has agreed to prepare and file all state and local tax returns which CCP and Cheniere are required to file on a combined basis and to timely pay the combined state and local tax liability. If Cheniere, in its sole discretion, demands payment, CCP will pay to Cheniere an amount equal to the state and local tax that CCP would be required to pay if CCP’s state and local tax liability were calculated on a separate company basis. There have been no state and local taxes paid by Cheniere for which Cheniere could have demanded payment from CCP under this agreement; therefore, Cheniere has not demanded any such payments from CCP. The agreement is effective for tax returns due on or after May 2015. Equity Contribution Agreements Equity Contribution Agreement

Customer Concentration

Customer Concentration3 Months Ended
Mar. 31, 2021
Risks and Uncertainties [Abstract]
Customer ConcentrationCUSTOMER CONCENTRATION The following table shows external customers with revenues of 10% or greater of total revenues from external customers and external customers with accounts receivable, net and contract assets, net balances of 10% or greater of total accounts receivable, net and contract assets, net from external customers: Percentage of Total Revenues from External Customers Percentage of Accounts Receivable, Net and Contract Assets, Net from External Customers Three Months Ended March 31, March 31, December 31, 2021 2020 2021 2020 Customer A 22% 52% 23% 15% Customer B 21% 12% 10% * Customer C 18% —% 11% 10% Customer D * 12% 11% 16% Customer E * —% —% 11% Customer F * 15% 25% 27% Customer G —% —% 13% * * Less than 10%

Supplemental Cash Flow Informat

Supplemental Cash Flow Information3 Months Ended
Mar. 31, 2021
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow InformationSUPPLEMENTAL CASH FLOW INFORMATION The following table provides supplemental disclosure of cash flow information (in millions): Three Months Ended March 31, 2021 2020 Cash paid during the period for interest, net of amounts capitalized $ 12 $ 24 The balance in property, plant and equipment, net funded with accounts payable and accrued liabilities (including affiliate) was $174 million and $41 million as of March 31, 2021 and 2020, respectively.

Nature of Operations and Basi_2

Nature of Operations and Basis of Presentation (Policies)3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation, PolicyBasis of Presentation The accompanying unaudited Consolidated Financial Statements of CCH have been prepared in accordance with GAAP for interim financial information and with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in our annual report on Form 10-K for the fiscal year ended December 31, 2020.
Income Taxes, PolicyWe are a disregarded entity for federal and state income tax purposes. Our taxable income or loss, which may vary substantially from the net income or loss reported on our Consolidated Statements of Operations, is included in the consolidated federal income tax return of Cheniere. Accordingly, no provision or liability for federal or state income taxes is included in the accompanying Consolidated Financial Statements.
Recent Accounting StandardsRecent Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This guidance primarily provides temporary optional expedients which simplify the accounting for contract modifications to existing debt agreements expected to arise from the market transition from LIBOR to alternative reference rates. The optional expedients were available to be used upon issuance of this guidance but we have not yet applied the guidance because we have not yet modified any of our existing contracts for reference rate reform. Once we apply an optional expedient to a modified contract and adopt this standard, the guidance will be applied to all subsequent applicable contract modifications until December 31, 2022, at which time the optional expedients are no longer available.

Accounts and Other Receivables

Accounts and Other Receivables (Tables)3 Months Ended
Mar. 31, 2021
Receivables [Abstract]
Schedule of Accounts and Other ReceivablesAs of March 31, 2021 and December 31, 2020, accounts and other receivables, net consisted of the following (in millions): March 31, December 31, 2021 2020 Trade receivable $ 126 $ 182 Other accounts receivable 43 16 Total accounts and other receivables, net $ 169 $ 198

Inventory (Tables)

Inventory (Tables)3 Months Ended
Mar. 31, 2021
Inventory Disclosure [Abstract]
Schedule of InventoryAs of March 31, 2021 and December 31, 2020, inventory consisted of the following (in millions): March 31, December 31, 2021 2020 Materials $ 76 $ 69 LNG 10 11 Natural gas 9 9 Total inventory $ 95 $ 89

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Property, Plant and EquipmentAs of March 31, 2021 and December 31, 2020, property, plant and equipment, net consisted of the following (in millions): March 31, December 31, 2021 2020 LNG terminal costs LNG terminal and interconnecting pipeline facilities $ 13,196 $ 10,176 LNG site and related costs 276 276 LNG terminal construction-in-process 35 2,960 Accumulated depreciation (654) (568) Total LNG terminal costs, net 12,853 12,844 Fixed assets Fixed assets 23 22 Accumulated depreciation (14) (13) Total fixed assets, net 9 9 Property, plant and equipment, net $ 12,862 $ 12,853
Schedule of Depreciation and Offsets to LNG Terminal CostsThe following table shows depreciation expense and offsets to LNG terminal costs during the three months ended March 31, 2021 and 2020 (in millions): Three Months Ended March 31, 2021 2020 Depreciation expense $ 88 $ 84 Offsets to LNG terminal costs (1) 143 — (1) We recognize offsets to LNG terminal costs related to the sale of commissioning cargoes because these amounts were earned or loaded prior to the start of commercial operations of the Liquefaction Project during the testing phase for its construction.

Derivative Instruments (Tables)

Derivative Instruments (Tables)3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value of Derivative Assets and LiabilitiesThe following table shows the fair value of our derivative instruments that are required to be measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, which are classified as derivative assets, derivative assets—related party, non-current derivative assets, non-current derivative assets—related party, derivative liabilities or non-current derivative liabilities in our Consolidated Balance Sheets (in millions): Fair Value Measurements as of March 31, 2021 December 31, 2020 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total CCH Interest Rate Derivatives liability $ — $ (114) $ — $ (114) $ — $ (140) $ — $ (140) Liquefaction Supply Derivatives asset (liability) 11 (2) (14) (5) 4 (5) 12 11
Fair Value Measurement Inputs and Valuation TechniquesThe following table includes quantitative information for the unobservable inputs for our Level 3 Physical Liquefaction Supply Derivatives as of March 31, 2021: Net Fair Value Liability Valuation Approach Significant Unobservable Input Range of Significant Unobservable Inputs / Weighted Average (1) Physical Liquefaction Supply Derivatives $(14) Market approach incorporating present value techniques Henry Hub basis spread $(0.577) - $0.265 / $(0.022) Option pricing model International LNG pricing spread, relative to Henry Hub (2) 130% - 205% / 160% (1) Unobservable inputs were weighted by the relative fair value of the instruments.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input ReconciliationThe following table shows the changes in the fair value of our Level 3 Physical Liquefaction Supply Derivatives, including those with related parties, during the three months ended March 31, 2021 and 2020 (in millions): Three Months Ended March 31, 2021 2020 Balance, beginning of period $ 12 $ 35 Realized and mark-to-market gains (losses): Included in cost of sales (66) 164 Purchases and settlements: Purchases 3 1 Settlements 37 3 Transfers into Level 3, net (1) — (1) Balance, end of period $ (14) $ 202 Change in unrealized gain (loss) relating to instruments still held at end of period $ (66) $ 164 (1) Transferred into Level 3 as a result of unobservable market, or out of Level 3 as a result of observable market for the underlying natural gas purchase agreements.
Fair Value of Derivative Instruments by Balance Sheet LocationThe following table shows the fair value and location of our derivative instruments on our Consolidated Balance Sheets (in millions): March 31, 2021 CCH Interest Rate Derivatives Liquefaction Supply Derivatives (1) Total Consolidated Balance Sheets Location Derivative assets $ — $ 26 $ 26 Derivative assets—related party — 5 5 Non-current derivative assets — 98 98 Total derivative assets — 129 129 Derivative liabilities (98) (26) (124) Non-current derivative liabilities (16) (108) (124) Total derivative liabilities (114) (134) (248) Derivative liability, net $ (114) $ (5) $ (119) December 31, 2020 CCH Interest Rate Derivatives Liquefaction Supply Derivatives (1) Total Consolidated Balance Sheets Location Derivative assets $ — $ 10 $ 10 Derivative assets—related party — 3 3 Non-current derivative assets — 114 114 Non-current derivative assets—related party — 1 1 Total derivative assets — 128 128 Derivative liabilities (100) (43) (143) Non-current derivative liabilities (40) (74) (114) Total derivative liabilities (140) (117) (257) Derivative asset (liability), net $ (140) $ 11 $ (129) (1) Does not include collateral posted with counterparties by us of zero and $5 million, which are included in other current assets in our Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020, respectively.
Derivative Net Presentation on Consolidated Balance SheetsThe following table shows the fair value of our derivatives outstanding on a gross and net basis (in millions): CCH Interest Rate Derivatives Liquefaction Supply Derivatives As of March 31, 2021 Gross assets $ — $ 158 Offsetting amounts — (29) Net assets $ — $ 129 Gross liabilities $ (114) $ (148) Offsetting amounts — 14 Net liabilities $ (114) $ (134) As of December 31, 2020 Gross assets $ — $ 132 Offsetting amounts — (4) Net assets $ — $ 128 Gross liabilities $ (140) $ (136) Offsetting amounts — 19 Net liabilities $ (140) $ (117)
Interest Rate Derivatives [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Schedule of Notional Amounts of Outstanding Derivative PositionsAs of March 31, 2021, we had the following Interest Rate Derivatives outstanding: Notional Amounts March 31, 2021 December 31, 2020 Latest Maturity Date Weighted Average Fixed Interest Rate Paid Variable Interest Rate Received CCH Interest Rate Derivatives $4.6 billion $4.6 billion May 31, 2022 2.30% One-month LIBOR
Derivative Instruments, Gain (Loss)The following table shows the gain (loss) from changes in the fair value and settlements of our Interest Rate Derivatives recorded in interest rate derivative gain (loss), net on our Consolidated Statements of Operations during the three months ended March 31, 2021 and 2020 (in millions): Three Months Ended March 31, 2021 2020 CCH Interest Rate Derivatives $ 1 $ (123) CCH Interest Rate Forward Start Derivatives — (85)
Liquefaction Supply Derivatives [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Instruments, Gain (Loss)The following table shows the gain (loss) from changes in the fair value, settlements and location of our Liquefaction Supply Derivatives recorded on our Consolidated Statements of Operations during the three months ended March 31, 2021 and 2020 (in millions): Consolidated Statements of Operations Location (1) Three Months Ended March 31, 2021 2020 Liquefaction Supply Derivatives LNG revenues $ 1 $ — Liquefaction Supply Derivatives Cost of sales (11) 171 Liquefaction Supply Derivatives Cost of sales—related party 1 1 (1) Does not include the realized value associated with derivative instruments that settle through physical delivery. Fair value fluctuations associated with commodity derivative activities are classified and presented consistently with the item economically hedged and the nature and intent of the derivative instrument.

Other Non-Current Assets (Table

Other Non-Current Assets (Tables)3 Months Ended
Mar. 31, 2021
Other Assets, Noncurrent [Abstract]
Schedule of Other Non-Current AssetsAs of March 31, 2021 and December 31, 2020, other non-current assets, net consisted of the following (in millions): March 31, December 31, 2021 2020 Contract assets, net $ 55 $ 48 Advances and other asset conveyances to third parties to support LNG terminal 20 22 Operating lease assets 5 5 Information technology service prepayments 3 3 Tax-related payments and receivables 2 3 Advances made under EPC and non-EPC contracts 4 — Other 9 6 Total other non-current assets, net $ 98 $ 87

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)3 Months Ended
Mar. 31, 2021
Accrued Liabilities, Current [Abstract]
Schedule of Accrued LiabilitiesAs of March 31, 2021 and December 31, 2020, accrued liabilities consisted of the following (in millions): March 31, December 31, 2021 2020 Interest costs and related debt fees $ 105 $ 7 Accrued natural gas purchases 194 186 Liquefaction Project costs 82 76 Other 15 49 Total accrued liabilities $ 396 $ 318

Debt (Tables)

Debt (Tables)3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt InstrumentsAs of March 31, 2021 and December 31, 2020, our debt consisted of the following (in millions): March 31, December 31, 2021 2020 Long-term debt: 3.520% to 7.000% senior secured notes due between June 2024 and December 2039 and CCH Credit Facility $ 10,195 $ 10,217 Unamortized debt issuance costs (110) (116) Total long-term debt, net 10,085 10,101 Current debt: $1.2 billion CCH Working Capital Facility (“CCH Working Capital Facility”) and current portion of CCH Credit Facility 153 271 Unamortized premium, discount and debt issuance costs, net (2) (2) Total current debt 151 269 Total debt, net $ 10,236 $ 10,370
Schedule of Line of Credit FacilitiesBelow is a summary of our credit facilities outstanding as of March 31, 2021 (in millions): CCH Credit Facility (1) CCH Working Capital Facility Original facility size $ 8,404 $ 350 Incremental commitments 1,566 850 Less: Outstanding balance 2,627 — Commitments terminated 7,343 — Letters of credit issued — 293 Available commitment $ — $ 907 Priority ranking Senior secured Senior secured Interest rate on available balance LIBOR plus 1.75% or base rate plus 0.75% LIBOR plus 1.25% - 1.75% or base rate plus 0.25% - 0.75% Weighted average interest rate of outstanding balance 1.86% n/a Maturity date June 30, 2024 June 29, 2023
Schedule of Interest ExpenseTotal interest expense, net of capitalized interest consisted of the following (in millions): Three Months Ended March 31, 2021 2020 Total interest cost $ 119 $ 129 Capitalized interest, including amounts capitalized as an Allowance for Funds Used During Construction (26) (30) Total interest expense, net of capitalized interest $ 93 $ 99
Schedule of Carrying Values and Estimated Fair Values of Debt InstrumentsThe following table shows the carrying amount and estimated fair value of our debt (in millions): March 31, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Senior notes — Level 2 (1) $ 5,750 $ 6,466 $ 5,750 $ 6,669 Senior notes — Level 3 (2) 1,971 2,176 1,971 2,387 Credit facilities (3) 2,627 2,627 2,767 2,767 (1) The Level 2 estimated fair value was based on quotes obtained from broker-dealers or market makers of these senior notes and other similar instruments. (2) The Level 3 estimated fair value was calculated based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including interest rates based on debt issued by parties with comparable credit ratings to us and inputs that are not observable in the market. (3) The Level 3 estimated fair value approximates the principal amount because the interest rates are variable and reflective of market rates and the debt may be repaid, in full or in part, at any time without penalty.

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of RevenueThe following table represents a disaggregation of revenue earned from contracts with customers during the three months ended March 31, 2021 and 2020 (in millions): Three Months Ended March 31, 2021 2020 LNG revenues (1) $ 614 $ 343 LNG revenues—affiliate 268 190 Total revenues from customers 882 533 Net derivative losses (2) 1 — Total revenues $ 883 $ 533 (1) LNG revenues include revenues for LNG cargoes in which our customers exercised their contractual right to not take delivery but remained obligated to pay fixed fees irrespective of such election. During the three months ended March 31, 2020, we recognized $37 million in LNG revenues associated with LNG cargoes for which customers notified us that they would not take delivery, which would have been recognized subsequent to March 31, 2020 had the cargoes been lifted pursuant to the delivery schedules with the customers. We did not have such revenues during the three months ended March 31, 2021. Revenue is generally recognized upon receipt of irrevocable notice that a customer will not take delivery because our customers have no contractual right to take delivery of such LNG cargo in future periods and our performance obligations with respect to such LNG cargo have been satisfied. (2) See Note 6 —Derivative Instruments
Contract AssetsThe following table shows our contract assets, net, which are classified as other non-current assets, net on our Consolidated Balance Sheets (in millions): March 31, December 31, 2021 2020 Contract assets, net $ 55 $ 48
Transaction Price Allocated to Future Performance ObligationsThe following table discloses the aggregate amount of the transaction price that is allocated to performance obligations that have not yet been satisfied as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Unsatisfied Weighted Average Recognition Timing (years) (1) Unsatisfied Weighted Average Recognition Timing (years) (1) LNG revenues $ 32.0 10 $ 32.3 10 LNG revenues—affiliate 1.0 12 1.0 12 Total revenues $ 33.0 $ 33.3 (1) The weighted average recognition timing represents an estimate of the number of years during which we shall have recognized half of the unsatisfied transaction price.

Related Party Transactions (Tab

Related Party Transactions (Tables)3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]
Schedule of Related Party TransactionsBelow is a summary of our related party transactions as reported on our Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 (in millions): Three Months Ended March 31, 2021 2020 LNG revenues—affiliate Cheniere Marketing Agreements $ 260 $ 190 Contracts for Sale and Purchase of Natural Gas and LNG 8 — Total LNG revenues—affiliate 268 190 Cost of sales—affiliate Contracts for Sale and Purchase of Natural Gas and LNG 4 6 Cheniere Marketing Agreements 31 — Total cost of sales—affiliate 35 6 Cost of sales—related party Natural Gas Supply Agreement 35 23 Operating and maintenance expense—affiliate Services Agreements 24 20 Operating and maintenance expense—related party Natural Gas Transportation Agreements 2 — General and administrative expense—affiliate Services Agreements 5 5

Customer Concentration (Tables)

Customer Concentration (Tables)3 Months Ended
Mar. 31, 2021
Risks and Uncertainties [Abstract]
Schedule of Revenue and Accounts Receivable by Major CustomersThe following table shows external customers with revenues of 10% or greater of total revenues from external customers and external customers with accounts receivable, net and contract assets, net balances of 10% or greater of total accounts receivable, net and contract assets, net from external customers: Percentage of Total Revenues from External Customers Percentage of Accounts Receivable, Net and Contract Assets, Net from External Customers Three Months Ended March 31, March 31, December 31, 2021 2020 2021 2020 Customer A 22% 52% 23% 15% Customer B 21% 12% 10% * Customer C 18% —% 11% 10% Customer D * 12% 11% 16% Customer E * —% —% 11% Customer F * 15% 25% 27% Customer G —% —% 13% * * Less than 10%

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)3 Months Ended
Mar. 31, 2021
Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flow, Supplemental DisclosuresThe following table provides supplemental disclosure of cash flow information (in millions): Three Months Ended March 31, 2021 2020 Cash paid during the period for interest, net of amounts capitalized $ 12 $ 24

Nature of Operations and Basi_3

Nature of Operations and Basis of Presentation (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)milliontonnes / yritemmiunittrainsMar. 31, 2020USD ($)
Nature of Operations and Basis of Presentation [Line Items]
Income Tax Expense (Benefit) | $ $ 0 $ 0
Corpus Christi Pipeline [Member]
Nature of Operations and Basis of Presentation [Line Items]
Length Of Natural Gas Pipeline | mi23
Corpus Christi LNG Terminal [Member]
Nature of Operations and Basis of Presentation [Line Items]
Number of Liquefaction LNG Trains Operating | trains3
Total Production Capability | milliontonnes / yr15
Number of LNG Storage Tanks | unit3
Number of Marine Berths | item2

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash $ 382 $ 70
CCL Project [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash $ 382 $ 70

Accounts and Other Receivable_2

Accounts and Other Receivables (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Receivables [Abstract]
Trade receivable $ 126 $ 182
Other accounts receivable43 16
Total accounts and other receivables, net $ 169 $ 198

Inventory (Details)

Inventory (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Inventory [Line Items]
Inventory $ 95 $ 89
Materials [Member]
Inventory [Line Items]
Inventory76 69
LNG [Member]
Inventory [Line Items]
Inventory10 11
Natural gas [Member]
Inventory [Line Items]
Inventory $ 9 $ 9

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net $ 12,862 $ 12,853
LNG terminal costs [Member]
Property, Plant and Equipment [Line Items]
Accumulated depreciation(654)(568)
Property, plant and equipment, net12,853 12,844
LNG terminal and interconnecting pipeline facilities [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross13,196 10,176
LNG site and related costs [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross276 276
LNG terminal construction-in-process [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross35 2,960
Fixed assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross23 22
Accumulated depreciation(14)(13)
Property, plant and equipment, net $ 9 $ 9

Property, Plant and Equipment_2

Property, Plant and Equipment - Schedule of Depreciation and Offsets to LNG Terminal Costs (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense $ 88 $ 84
Offsets to LNG terminal costs[1] $ 143 $ 0
[1]We recognize offsets to LNG terminal costs related to the sale of commissioning cargoes because these amounts were earned or loaded prior to the start of commercial operations of the Liquefaction Project during the testing phase for its construction.

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - CCL [Member] - tbtu3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Natural Gas Supply Agreement [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Nonmonetary Notional Amount55 60
Physical Liquefaction Supply Derivatives [Member] | Maximum [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Term of Contract10 years
Liquefaction Supply Derivatives [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Nonmonetary Notional Amount3,126 3,152
Financial Liquefaction Supply Derivatives | Maximum [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Term of Contract3 years

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
CCH Interest Rate Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net $ (114) $ (140)
CCH Interest Rate Derivatives [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net0 0
CCH Interest Rate Derivatives [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net(114)(140)
CCH Interest Rate Derivatives [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net0 0
Liquefaction Supply Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net(5)11
Liquefaction Supply Derivatives [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net11 4
Liquefaction Supply Derivatives [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net(2)(5)
Liquefaction Supply Derivatives [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net $ (14) $ 12

Derivative Instruments - Fair_2

Derivative Instruments - Fair Value Inputs - Quantitative Information (Details) - Physical Liquefaction Supply Derivatives [Member] - Fair Value, Inputs, Level 3 [Member]3 Months Ended
Mar. 31, 2021USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Net Fair Value Liability $ (14,000,000)
Valuation, Market Approach [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Inputs Basis Spread(0.577)[1]
Valuation, Market Approach [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Inputs Basis Spread0.265 [1]
Valuation, Market Approach [Member] | Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Inputs Basis Spread $ (0.022)[1]
Valuation Technique, Option Pricing Model [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Inputs Basis Spread Percentage130.00%[1],[2]
Valuation Technique, Option Pricing Model [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Inputs Basis Spread Percentage205.00%[1],[2]
Valuation Technique, Option Pricing Model [Member] | Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Inputs Basis Spread Percentage160.00%[1],[2]
[1]Unobservable inputs were weighted by the relative fair value of the instruments.
[2]Spread contemplates U.S. dollar-denominated pricing.

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Level 3 Activity (Details) - Physical Liquefaction Supply Derivatives [Member] - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period $ 12 $ 35
Realized and mark-to-market gains (losses):
Included in cost of sales(66)164
Purchases and settlements:
Purchases3 1
Settlements37 3
Transfers into Level 3, net[1]0 (1)
Balance, end of period(14)202
Change in unrealized gain (loss) relating to instruments still held at end of period $ (66) $ 164
[1]Transferred into Level 3 as a result of unobservable market, or out of Level 3 as a result of observable market for the underlying natural gas purchase agreements.

Derivative Instruments - Sche_2

Derivative Instruments - Schedule of Notional Amounts of Outstanding Derivative Positions (Details) - CCH Interest Rate Derivatives [Member] - USD ($) $ in Billions3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Derivative [Line Items]
Derivative, Notional Amount $ 4.6 $ 4.6
Maturity DateMay 31,
2022
Weighted Average Fixed Interest Rate Paid2.30%

Derivative Instruments - Deriva

Derivative Instruments - Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
CCH Interest Rate Derivatives [Member] | Interest rate derivative loss, net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss), net $ 1 $ (123)
CCH Interest Rate Forward Start Derivatives [Member] | Interest rate derivative loss, net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss), net0 (85)
Liquefaction Supply Derivatives [Member] | LNG Revenues [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss), net[1]1 0
Liquefaction Supply Derivatives [Member] | Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss), net[1](11)171
Liquefaction Supply Derivatives [Member] | Cost of sales—related party [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss), net[1] $ 1 $ 1
[1]Does not include the realized value associated with derivative instruments that settle through physical delivery. Fair value fluctuations associated with commodity derivative activities are classified and presented consistently with the item economically hedged and the nature and intent of the derivative instrument.

Derivative Instruments - Fair_3

Derivative Instruments - Fair Value of Derivative Instruments by Balance Sheet Location (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative assets $ 26 $ 10
Derivative assets—related party5 3
Non-current derivative assets98 114
Non-current derivative assets—related party0 1
Total derivative assets129 128
Derivative Liability, Current(124)(143)
Non-current derivative liabilities(124)(114)
Total derivative liabilities(248)(257)
Derivative asset (liability), net(119)(129)
Derivative assets
Derivatives, Fair Value [Line Items]
Derivative assets26 10
Derivative assets—related party
Derivatives, Fair Value [Line Items]
Derivative assets—related party5 3
Non-current derivative assets
Derivatives, Fair Value [Line Items]
Non-current derivative assets98 114
Non-current derivative assets—related party
Derivatives, Fair Value [Line Items]
Non-current derivative assets—related party1
Derivative liabilities
Derivatives, Fair Value [Line Items]
Derivative Liability, Current(124)(143)
Non-current derivative liabilities
Derivatives, Fair Value [Line Items]
Non-current derivative liabilities(124)(114)
CCH Interest Rate Derivatives [Member]
Derivatives, Fair Value [Line Items]
Total derivative assets0 0
Total derivative liabilities(114)(140)
Derivative asset (liability), net(114)(140)
CCH Interest Rate Derivatives [Member] | Derivative assets
Derivatives, Fair Value [Line Items]
Derivative assets0 0
CCH Interest Rate Derivatives [Member] | Derivative assets—related party
Derivatives, Fair Value [Line Items]
Derivative assets—related party0 0
CCH Interest Rate Derivatives [Member] | Non-current derivative assets
Derivatives, Fair Value [Line Items]
Non-current derivative assets0 0
CCH Interest Rate Derivatives [Member] | Non-current derivative assets—related party
Derivatives, Fair Value [Line Items]
Non-current derivative assets—related party0
CCH Interest Rate Derivatives [Member] | Derivative liabilities
Derivatives, Fair Value [Line Items]
Derivative Liability, Current(98)(100)
CCH Interest Rate Derivatives [Member] | Non-current derivative liabilities
Derivatives, Fair Value [Line Items]
Non-current derivative liabilities(16)(40)
Liquefaction Supply Derivatives [Member]
Derivatives, Fair Value [Line Items]
Total derivative assets[1]129 128
Total derivative liabilities[1](134)(117)
Derivative asset (liability), net[1](5)11
Derivative, collateral posted by us0 5
Liquefaction Supply Derivatives [Member] | Derivative assets
Derivatives, Fair Value [Line Items]
Derivative assets[1]26 10
Liquefaction Supply Derivatives [Member] | Derivative assets—related party
Derivatives, Fair Value [Line Items]
Derivative assets—related party[1]5 3
Liquefaction Supply Derivatives [Member] | Non-current derivative assets
Derivatives, Fair Value [Line Items]
Non-current derivative assets[1]98 114
Liquefaction Supply Derivatives [Member] | Non-current derivative assets—related party
Derivatives, Fair Value [Line Items]
Non-current derivative assets—related party[1]1
Liquefaction Supply Derivatives [Member] | Derivative liabilities
Derivatives, Fair Value [Line Items]
Derivative Liability, Current[1](26)(43)
Liquefaction Supply Derivatives [Member] | Non-current derivative liabilities
Derivatives, Fair Value [Line Items]
Non-current derivative liabilities[1] $ (108) $ (74)
[1]Does not include collateral posted with counterparties by us of zero and $5 million, which are included in other current assets in our Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020, respectively.

Derivative Instruments - Deri_2

Derivative Instruments - Derivative Net Presentation on Consolidated Balance Sheets (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
CCH Interest Rate Derivative Asset
Derivative [Line Items]
Derivative Asset, Gross Amounts Recognized $ 0 $ 0
Derivative Asset, Gross Amounts Offset in the Consolidated Balance Sheets0 0
Derivative Assets (Liabilities), at Fair Value, Net0 0
Interest Rate Derivative Liability [Member]
Derivative [Line Items]
Derivative Liability, Gross Amounts Recognized(114)(140)
Derivative Liability, Gross Amounts Offset in the Consolidated Balance Sheets0 0
Derivative Assets (Liabilities), at Fair Value, Net(114)(140)
Liquefaction Supply Derivative Asset [Member]
Derivative [Line Items]
Derivative Asset, Gross Amounts Recognized158 132
Derivative Asset, Gross Amounts Offset in the Consolidated Balance Sheets(29)(4)
Derivative Assets (Liabilities), at Fair Value, Net129 128
Liquefaction Supply Derivative Liability [Member]
Derivative [Line Items]
Derivative Liability, Gross Amounts Recognized(148)(136)
Derivative Liability, Gross Amounts Offset in the Consolidated Balance Sheets14 19
Derivative Assets (Liabilities), at Fair Value, Net $ (134) $ (117)

Other Non-Current Assets (Detai

Other Non-Current Assets (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Other Assets, Noncurrent [Abstract]
Contract assets, net $ 55 $ 48
Advances and other asset conveyances to third parties to support LNG terminal20 22
Operating lease assets5 5
Information technology service prepayments3 3
Tax-related payments and receivables2 3
Advances made under EPC and non-EPC contracts4 0
Other9 6
Total other non-current assets, net $ 98 $ 87

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Accrued Liabilities, Current [Abstract]
Interest costs and related debt fees $ 105 $ 7
Accrued natural gas purchases194 186
Liquefaction Project costs82 76
Other15 49
Total accrued liabilities $ 396 $ 318

Debt - Schedule of Debt Instrum

Debt - Schedule of Debt Instruments (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Long-term Debt, Gross $ 10,195 $ 10,217
Long-term Debt, Net10,085 10,101
Current debt153 271
Total Current Debt151 269
Total Debt, Net10,236 10,370
Long-term Debt [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs(110)(116)
CCH Working Capital Facility [Member]
Debt Instrument [Line Items]
Current debt0
Line of Credit Facility, Maximum Borrowing Capacity1,200
Short-term Debt [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs $ (2) $ (2)
Minimum [Member] | Senior notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage3.52%
Maximum [Member] | Senior notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage7.00%

Debt - Credit Facilities Table

Debt - Credit Facilities Table (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Line of Credit Facility [Line Items]
Outstanding balance $ 10,195 $ 10,217
Outstanding balance - current153 $ 271
CCH Credit Facility [Member]
Line of Credit Facility [Line Items]
Original facility size8,404
Incremental commitments1,566
Outstanding balance2,627
Commitments terminated7,343
Letters of credit issued0
Available commitment $ 0
Debt Instrument, Description of Variable Rate BasisLIBOR or the base rate
Weighted average interest rate of outstanding balance1.86%
Maturity DateJun. 30,
2024
CCH Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate1.75%
CCH Credit Facility [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate0.75%
CCH Working Capital Facility [Member]
Line of Credit Facility [Line Items]
Original facility size $ 350
Incremental commitments850
Outstanding balance - current0
Commitments terminated0
Letters of credit issued293
Available commitment $ 907
Debt Instrument, Description of Variable Rate BasisLIBOR or the base rate
Maturity DateJun. 29,
2023
CCH Working Capital Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate1.25%
CCH Working Capital Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate1.75%
CCH Working Capital Facility [Member] | Base Rate [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate0.25%
CCH Working Capital Facility [Member] | Base Rate [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate0.75%

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Debt Disclosure [Abstract]
Total interest cost $ 119 $ 129
Capitalized interest, including amounts capitalized as an Allowance for Funds Used During Construction(26)(30)
Total interest expense, net of capitalized interest $ 93 $ 99

Debt - Schedule of Carrying Val

Debt - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, Carrying Value $ 10,236 $ 10,370
Senior notes [Member] | Carrying Amount [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, Carrying Value[1]5,750 5,750
Senior notes [Member] | Carrying Amount [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, Carrying Value[2]1,971 1,971
Senior notes [Member] | Estimated Fair Value [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Payable, Fair Value Disclosure[1]6,466 6,669
Senior notes [Member] | Estimated Fair Value [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Payable, Fair Value Disclosure[2]2,176 2,387
Credit facilities [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, Carrying Value[3]2,627 2,767
Credit facilities [Member] | Estimated Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Lines of Credit, Fair Value Disclosure[3] $ 2,627 $ 2,767
[1]The Level 2 estimated fair value was based on quotes obtained from broker-dealers or market makers of these senior notes and other similar instruments.
[2]The Level 3 estimated fair value was calculated based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including interest rates based on debt issued by parties with comparable credit ratings to us and inputs that are not observable in the market. 
[3]The Level 3 estimated fair value approximates the principal amount because the interest rates are variable and reflective of market rates and the debt may be repaid, in full or in part, at any time without penalty.

Revenues from Contracts with _3

Revenues from Contracts with Customers - Narrative (Details)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
LNG [Member]
Disaggregation of Revenue [Line Items]
Revenue, Variable Consideration Received From Customers, Percentage47.00%36.00%

Revenues from Contracts with _4

Revenues from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers $ 882 $ 533
Net derivative losses[1]1 0
Revenues883 533
LNG [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers[2]614 343
Revenues615 343
Suspension Fees and LNG Cover Damages Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers0 37
LNG—affiliate [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers $ 268 $ 190
[1]See Note 6 —Derivative Instruments
[2]LNG revenues include revenues for LNG cargoes in which our customers exercised their contractual right to not take delivery but remained obligated to pay fixed fees irrespective of such election. During the three months ended March 31, 2020, we recognized $37 million in LNG revenues associated with LNG cargoes for which customers notified us that they would not take delivery, which would have been recognized subsequent to March 31, 2020 had the cargoes been lifted pursuant to the delivery schedules with the customers. We did not have such revenues during the three months ended March 31, 2021. Revenue is generally recognized upon receipt of irrevocable notice that a customer will not take delivery because our customers have no contractual right to take delivery of such LNG cargo in future periods and our performance obligations with respect to such LNG cargo have been satisfied.

Revenues from Contracts with _5

Revenues from Contracts with Customers - Contract Assets (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract assets, net $ 55 $ 48

Revenues from Contracts with _6

Revenues from Contracts with Customers - Schedule of Transaction Price Allocated to Future Performance Obligations (Details) - USD ($) $ in BillionsMar. 31, 2021Dec. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied Transaction Price $ 33.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied Transaction Price $ 33
LNG [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied Transaction Price $ 32.3
Weighted Average Recognition Timing[1]10 years
LNG [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied Transaction Price $ 32
Weighted Average Recognition Timing[1]10 years
LNG—affiliate [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied Transaction Price $ 1
Weighted Average Recognition Timing[1]12 years
LNG—affiliate [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied Transaction Price $ 1
Weighted Average Recognition Timing[1]12 years
[1]The weighted average recognition timing represents an estimate of the number of years during which we shall have recognized half of the unsatisfied transaction price.

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Related Party Transaction [Line Items]
LNG revenues—affiliate $ 268 $ 190
Cost of sales—affiliate35 6
Cost of sales—related party35 23
Operating and maintenance expense—affiliate24 20
Operating and maintenance expense—related party2 0
General and administrative expense—affiliate5 5
Cheniere Marketing Agreements [Member]
Related Party Transaction [Line Items]
LNG revenues—affiliate260 190
Cost of sales—affiliate31 0
Contracts for Sale and Purchase of Natural Gas And LNG [Member]
Related Party Transaction [Line Items]
LNG revenues—affiliate8 0
Cost of sales—affiliate4 6
Natural Gas Supply Agreement [Member]
Related Party Transaction [Line Items]
Cost of sales—related party35 23
Service Agreements [Member]
Related Party Transaction [Line Items]
Operating and maintenance expense—affiliate24 20
General and administrative expense—affiliate5 5
Natural Gas Transportation Agreement [Member]
Related Party Transaction [Line Items]
Operating and maintenance expense—related party $ 2 $ 0

Related Party Transactions - LN

Related Party Transactions - LNG Sale and Purchase Agreements (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)tbtuDec. 31, 2020USD ($)
Related Party Transaction [Line Items]
Accounts receivable—affiliate | $ $ 112 $ 42
CCL [Member] | Affiliated Entity [Member] | Facility Swap Agreement [Member]
Related Party Transaction [Line Items]
LNG Volume, Purchase Price Percentage of Henry Hub115.00%
CCL [Member] | Cheniere Marketing [Member] | Cheniere Marketing Agreements [Member]
Related Party Transaction [Line Items]
Accounts receivable—affiliate | $ $ 109 $ 39
CCL [Member] | Cheniere Marketing [Member] | Cheniere Marketing Base SPA [Member]
Related Party Transaction [Line Items]
SPA, Term of Agreement20 years
CCL [Member] | Cheniere Marketing [Member] | Cheniere Marketing Base SPA [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Contract Volumes | tbtu150
CCL [Member] | Cheniere Marketing [Member] | Cheniere Marketing SPA [Member]
Related Party Transaction [Line Items]
SPA, Term of Agreement23 years
Contract Volumes | tbtu15
CCL [Member] | Cheniere Marketing [Member] | Cheniere Marketing EOG SPA [Member]
Related Party Transaction [Line Items]
Contract Volumes | tbtu44
CCL [Member] | Cheniere Marketing [Member] | Cheniere Marketing EOG SPA [Member] | Maximum [Member]
Related Party Transaction [Line Items]
SPA, Term of Agreement7 years
CCL [Member] | Cheniere Marketing [Member] | Train 3 2020 Letter Agreement [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Shipping Fee | $ $ 1

Related Party Transactions - Se

Related Party Transactions - Service Agreements (Details) - CCL [Member]3 Months Ended
Mar. 31, 2021USD ($)
Shared Services [Member] | Gas and Power Supply Services Agreement [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Committed Monthly Fee $ 125,000
Shared Services [Member] | Management Services Agreement [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Committed Monthly Fee $ 375,000
Monthly fee as a percentage of capital expenditures incurred in the previous month3.00%
O&M Services [Member] | Operation and Maintenance Agreement [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Committed Monthly Fee $ 125,000

Related Party Transactions - Na

Related Party Transactions - Natural Gas Supply Agreement (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Related Party Transaction [Line Items]
Accrued liabilities—related party $ 18 $ 16
Derivative assets—related party5 3
Non-current derivative assets—related party0 1
CCL [Member] | Natural Gas Supply Agreement [Member]
Related Party Transaction [Line Items]
Accrued liabilities—related party13 13
Derivative assets—related party5 3
Non-current derivative assets—related party $ 0 $ 1

Related Party Transactions - Ot

Related Party Transactions - Other Agreements (Details)3 Months Ended
Mar. 31, 2021USD ($)yd3unitDec. 31, 2020USD ($)
Related Party Transaction [Line Items]
Due to affiliates $ 44,000,000 $ 32,000,000
Accrued liabilities—related party $ 18,000,000 16,000,000
CCL [Member] | Natural Gas Transportation Agreement [Member]
Related Party Transaction [Line Items]
Agreement Term10 years
Accrued liabilities—related party $ 1,000,000 $ 1,000,000
CCL [Member] | Cheniere Land Holdings [Member] | Lease Agreements [Member]
Related Party Transaction [Line Items]
Annual lease payment $ 600,000
CCL [Member] | Cheniere Land Holdings [Member] | Lease Agreements [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Lease Term3 years
CCL [Member] | Cheniere Land Holdings [Member] | Lease Agreements [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Lease Term7 years
CCL [Member] | Cheniere Land Holdings [Member] | Easement Agreements [Member]
Related Party Transaction [Line Items]
Annual lease payment $ 100,000
CCL [Member] | Cheniere Land Holdings [Member] | Easement Agreements [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Agreement Term3 years
CCL [Member] | Cheniere Land Holdings [Member] | Easement Agreements [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Agreement Term5 years
CCL [Member] | Cheniere Land Holdings [Member] | Dredge Material Disposal Agreement [Member]
Related Party Transaction [Line Items]
Dredge Material Deposits, Price Per Cubic Yard Of Deposit $ 0.50
Dredge Material Deposits, Deposit Threshold | yd35,000,000
Dredge Material Deposits, Price Per Cubic Yard Of Deposit After Exceeding Threshold $ 4.62
CCL [Member] | Cheniere [Member] | Tax Sharing Agreement [Member]
Related Party Transaction [Line Items]
Income Taxes Paid, Net $ 0
CCP [Member] | Cheniere Corpus Christi Liquefaction Stage III, LLC [Member] | Natural Gas Transportation Agreement [Member]
Related Party Transaction [Line Items]
Agreement Term20 years
Related Party Agreement, Number Of Available Extensions | unit2
Related Party Agreement, Term Of Available Extension5 years
CCP [Member] | Cheniere [Member] | Tax Sharing Agreement [Member]
Related Party Transaction [Line Items]
Income Taxes Paid, Net $ 0

Related Party Transactions - Eq

Related Party Transactions - Equity Contribution Agreements (Details)3 Months Ended
Mar. 31, 2021USD ($)
Cheniere Revolving Credit Facility [Member]
Related Party Transaction [Line Items]
Letters of credit issued $ 0
CCH Credit Facility [Member]
Related Party Transaction [Line Items]
Letters of credit issued0
Cheniere [Member] | Equity Contributions Agreement [Member]
Related Party Transaction [Line Items]
Capital contributions703,000,000
Cheniere [Member] | Equity Contributions Agreement [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Capital contributions1,100,000,000
Cheniere [Member] | Previous Equity Contributions Agreement [Member]
Related Party Transaction [Line Items]
Capital contributions2,000,000,000
Cheniere [Member] | CCH Credit Facility [Member] | Equity Contributions Agreement [Member]
Related Party Transaction [Line Items]
Related Party Agreement, Additional Contribution Requirement, Debt Instrument, Commitments Reduction Threshold $ 0

Customer Concentration - Schedu

Customer Concentration - Schedule of Customer Concentration (Details)3 Months Ended12 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Customer A [Member] | Total Revenues from External Customers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage22.00%52.00%
Customer A [Member] | Accounts Receivable, Net and Contract Assets, Net from External Customers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage23.00%15.00%
Customer B [Member] | Total Revenues from External Customers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage21.00%12.00%
Customer B [Member] | Accounts Receivable, Net and Contract Assets, Net from External Customers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage10.00%
Customer C [Member] | Total Revenues from External Customers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage18.00%0.00%
Customer C [Member] | Accounts Receivable, Net and Contract Assets, Net from External Customers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage11.00%10.00%
Customer D [Member] | Total Revenues from External Customers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage12.00%
Customer D [Member] | Accounts Receivable, Net and Contract Assets, Net from External Customers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage11.00%16.00%
Customer E [Member] | Total Revenues from External Customers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage0.00%
Customer E [Member] | Accounts Receivable, Net and Contract Assets, Net from External Customers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage0.00%11.00%
Customer F [Member] | Total Revenues from External Customers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage15.00%
Customer F [Member] | Accounts Receivable, Net and Contract Assets, Net from External Customers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage25.00%27.00%
Customer G [Member] | Total Revenues from External Customers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage0.00%0.00%
Customer G [Member] | Accounts Receivable, Net and Contract Assets, Net from External Customers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage13.00%

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Supplemental Cash Flow Information [Abstract]
Cash paid during the period for interest, net of amounts capitalized $ 12 $ 24
Balance in property, plant and equipment, net funded with accounts payable and accrued liabilities (including affiliate) $ 174 $ 41