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LNG Cheniere Energy

Document and Entity Information

Document and Entity Information - shares3 Months Ended
Mar. 31, 2021Apr. 30, 2021
Cover [Abstract]
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateMar. 31,
2021
Document Transition Reportfalse
Entity File Number001-16383
Entity Registrant NameCHENIERE ENERGY, INC.
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number95-4352386
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) SecurityCommon Stock, $ 0.003 par value
Trading SymbolLNG
Security Exchange NameNYSEAMER
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding253,537,331
Entity Central Index Key0000003570
Amendment Flagfalse
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Revenues
Revenues $ 3,090 $ 2,709
Revenues from contracts with customers3,126 2,493
Operating costs and expenses
Cost of sales (excluding items shown separately below)1,386 724
Operating and maintenance expense322 316
Development expense1 4
Selling, general and administrative expense81 81
Depreciation and amortization expense236 233
Impairment expense and loss on disposal of assets0 5
Total operating costs and expenses2,026 1,363
Income from operations1,064 1,346
Other income (expense)
Interest expense, net of capitalized interest(356)(412)
Loss on modification or extinguishment of debt(55)(1)
Interest rate derivative gain (loss), net1 (208)
Other income, net6 9
Total other expense(404)(612)
Income before income taxes and non-controlling interest660 734
Income tax provision(89)(131)
Net income571 603
Less: net income attributable to non-controlling interest178 228
Net income attributable to common stockholders $ 393 $ 375
Net income per share attributable to common stockholders—basic (1)[1] $ 1.56 $ 1.48
Diluted net income per share attributable to common stockholders[1] $ 1.54 $ 1.43
Weighted average number of common shares outstanding—basic252.9 253
Weighted average number of common shares outstanding—diluted258.9 299.6
LNG [Member]
Revenues
Revenues $ 2,999 $ 2,568
Revenues from contracts with customers[2]3,039 2,404
Regasification [Member]
Revenues
Revenues from contracts with customers67 67
Other [Member]
Revenues
Revenues24 74
Revenues from contracts with customers $ 20 $ 22
[1]Earnings per share in the table may not recalculate exactly due to rounding because it is calculated based on whole numbers, not the rounded numbers presented.
[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 $53 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
Cash and cash equivalents $ 1,667 [1] $ 1,628
Restricted cash731 [1]449
Accounts and other receivables, net675 647
Inventory314 292
Derivative assets67 32
Other current assets120 121
Total current assets3,574 3,169
Property, plant and equipment, net30,409 30,421
Operating lease assets1,181 759
Non-current derivative assets306 376
Goodwill77 77
Deferred tax assets402 489
Other non-current assets, net446 406
Total assets36,395 [1]35,697
Current liabilities
Accounts payable84 35
Accrued liabilities1,263 1,175
Current debt1,105 372
Deferred revenue102 138
Current operating lease liabilities251 161
Derivative liabilities342 313
Other current liabilities5 2
Total current liabilities3,152 2,196
Long-term debt, net29,465 30,471
Non-current operating lease liabilities928 597
Non-current finance lease liabilities57 57
Non-current derivative liabilities166 151
Other non-current liabilities7 7
Commitments and Contingencies
Stockholders’ equity
Preferred stock, $0.0001 par value, 5.0 million shares authorized, none issued0 0
Treasury stock: 21.4 million shares and 20.8 million shares at March 31, 2021 and December 31, 2020, respectively, at cost(914)(872)
Additional paid-in-capital4,306 4,273
Accumulated deficit(3,200)(3,593)
Total stockholders' equity (deficit)193 (191)
Non-controlling interest2,427 2,409
Total equity2,620 2,218
Total liabilities and stockholders’ equity $ 36,395 [1] $ 35,697
[1]Amounts presented include balances held by our consolidated variable interest entity (“VIE”), Cheniere Partners, as further discussed in Note 8— Non-controlling Interest and Variable Interest Entity. As of March 31, 2021, total assets and liabilities of Cheniere Partners, which are included in our Consolidated Balance Sheets, were $18.9 billion and $18.6 billion, respectively, including $1.2 billion of cash and cash equivalents and $0.1 billion of restricted cash.

Consolidated Balance Sheets Par

Consolidated Balance Sheets Parentheticals - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Assets $ 36,395 [1] $ 35,697
Cash and cash equivalents1,667 [1]1,628
Restricted cash $ 731 [1] $ 449
Preferred Stock, Par Value $ 0.0001 $ 0.0001
Preferred Stock, Shares Authorized5,000,000 5,000,000
Preferred Stock, Shares Issued0 0
Issued: 274.9 million shares and 273.1 million shares at March 31, 2021 and December 31, 2020, respectively $ 1 $ 1
Common Stock, Par Value Per Share $ 0.003 $ 0.003
Common stock, Shares Authorized480,000,000 480,000,000
Common Stock, Shares, Issued274,900,000 273,100,000
Treasury Stock, Shares21,400,000 20,800,000
Cheniere Partners [Member]
Assets $ 18,926 $ 18,817
Liabilities18,566 18,535
Cash and cash equivalents1,219 1,210
Restricted cash $ 123 $ 97
[1]Amounts presented include balances held by our consolidated variable interest entity (“VIE”), Cheniere Partners, as further discussed in Note 8— Non-controlling Interest and Variable Interest Entity. As of March 31, 2021, total assets and liabilities of Cheniere Partners, which are included in our Consolidated Balance Sheets, were $18.9 billion and $18.6 billion, respectively, including $1.2 billion of cash and cash equivalents and $0.1 billion of restricted cash.

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in MillionsTotalCommon StockTreasury StockAdditional Paid-in CapitalAccumulated DeficitNon-controlling Interest
Common Stock, Shares, Outstanding, Beginning of Period at Dec. 31, 2019253.6
Treasury Stock, Shares, Beginning of Period at Dec. 31, 201917.1
Stockholders' Equity, Beginning of Period at Dec. 31, 2019 $ 2,435 $ 1 $ (674) $ 4,167 $ (3,508) $ 2,449
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units and performance stock units, shares2.1 0
Vesting of restricted stock units and performance stock units0 $ 0 $ 0 0 0 0
Share-based compensation29 $ 0 $ 0 29 0 0
Issued shares withheld from employees related to share-based compensation, at cost, shares, common stock(0.7)
Issued shares withheld from employees related to share-based compensation, at cost, shares, treasury shares0.7
Issued shares withheld from employees related to share-based compensation, at cost(39) $ 0 $ (39)0 0 0
Shares repurchased, at cost, shares(2.9)2.9
Shares repurchased, at cost(155) $ 0 $ (155)0 0 0
Net income attributable to non-controlling interest228 0 0 0 0 228
Distributions to non-controlling interest(154)0 0 0 0 (154)
Net income $ 375 0 0 0 375 0
Common Stock, Shares, Outstanding, End of Period at Mar. 31, 2020252.1
Treasury Stock, Shares, End of Period at Mar. 31, 202020.7
Stockholders' Equity, End of Period at Mar. 31, 2020 $ 2,719 1 (868)4,196 (3,133)2,523
Common Stock, Shares, Outstanding, Beginning of Period at Dec. 31, 2020252.3
Treasury Stock, Shares, Beginning of Period at Dec. 31, 202020.8
Stockholders' Equity, Beginning of Period at Dec. 31, 2020 $ 2,218 $ 1 $ (872)4,273 (3,593)2,409
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units and performance stock units, shares1.8 0
Vesting of restricted stock units and performance stock units0 $ 0 $ 0 0 0 0
Share-based compensation33 $ 0 $ 0 33 0 0
Issued shares withheld from employees related to share-based compensation, at cost, shares, common stock(0.6)
Issued shares withheld from employees related to share-based compensation, at cost, shares, treasury shares0.6
Issued shares withheld from employees related to share-based compensation, at cost(42) $ 0 $ (42)0 0 0
Net income attributable to non-controlling interest178 0 0 0 0 178
Distributions to non-controlling interest(160)0 0 0 0 (160)
Net income $ 393 $ 0 0 0 393 0
Common Stock, Shares, Outstanding, End of Period at Mar. 31, 2021253.5
Treasury Stock, Shares, End of Period at Mar. 31, 202121.4
Stockholders' Equity, End of Period at Mar. 31, 2021 $ 2,620 $ 1 $ (914) $ 4,306 $ (3,200) $ 2,427

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 $ 571 $ 603
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense236 233
Share-based compensation expense32 29
Non-cash interest expense8 17
Amortization of debt issuance costs, premium and discount20 32
Reduction of right-of-use assets85 96
Loss on modification or extinguishment of debt55 1
Total losses (gains) on derivatives, net74 (459)
Net cash provided by settlement of derivative instruments5 91
Impairment expense and loss on disposal of assets0 5
Impairment or loss (income) on equity method investments(7)1
Deferred taxes87 129
Other1 0
Changes in operating assets and liabilities:
Accounts and other receivables, net(3)23
Inventory(16)74
Other current assets(1)13
Accounts payable and accrued liabilities52 (176)
Deferred revenue(36)(67)
Operating lease liabilities(86)(90)
Other, net(11)19
Net cash provided by operating activities1,066 574
Cash flows from investing activities
Property, plant and equipment, net(190)(556)
Investment in equity method investment0 (90)
Other(10)(8)
Net cash used in investing activities(200)(654)
Cash flows from financing activities
Proceeds from issuances of debt1,800 596
Repayments of debt(2,088)(300)
Debt issuance and other financing costs(19)(33)
Debt modification or extinguishment costs(40)0
Distributions to non-controlling interest(160)(154)
Payments related to tax withholdings for share-based compensation(42)(39)
Repurchase of common stock0 (155)
Other4 0
Net cash used in financing activities(545)(85)
Net increase (decrease) in cash, cash equivalents and restricted cash321 (165)
Cash, cash equivalents and restricted cash—beginning of period2,077 2,994
Cash, cash equivalents and restricted cash—end of period $ 2,398 $ 2,829

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows - Balances per Consolidated Balance Sheets - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020Mar. 31, 2020Dec. 31, 2019
Balances per Consolidated Balance Sheets:
Cash and cash equivalents $ 1,667 [1] $ 1,628
Restricted cash731 [1]449
Total cash, cash equivalents and restricted cash $ 2,398 $ 2,077 $ 2,829 $ 2,994
[1]Amounts presented include balances held by our consolidated variable interest entity (“VIE”), Cheniere Partners, as further discussed in Note 8— Non-controlling Interest and Variable Interest Entity. As of March 31, 2021, total assets and liabilities of Cheniere Partners, which are included in our Consolidated Balance Sheets, were $18.9 billion and $18.6 billion, respectively, including $1.2 billion of cash and cash equivalents and $0.1 billion of restricted cash.

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]
Organization and Nature of OperationsNATURE OF OPERATIONS AND BASIS OF PRESENTATION We are operating and constructing two natural gas liquefaction and export facilities at Sabine Pass and Corpus Christi. The Sabine Pass LNG terminal is located in Cameron Parish, Louisiana, on the Sabine-Neches Waterway less than four miles from the Gulf Coast. Cheniere Partners, through its subsidiary SPL, is currently operating five natural gas liquefaction Trains and is constructing one additional Train that is expected to be substantially completed in the first half of 2022, for a total production capacity of approximately 30 mtpa of LNG (the “SPL Project”) at the Sabine Pass LNG terminal. The Sabine Pass LNG terminal has operational regasification facilities owned by Cheniere Partners’ subsidiary, SPLNG, that include pre-existing infrastructure of five LNG storage tanks, two marine berths and vaporizers and an additional marine berth that is under construction. Cheniere Partners also owns a 94-mile pipeline that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines (the “Creole Trail Pipeline”) through its subsidiary, CTPL. As of March 31, 2021, we owned 100% of the general partner interest and 48.6% of the limited partner interest in Cheniere Partners. The Corpus Christi LNG terminal is located near Corpus Christi, Texas and is operated and constructed by our subsidiary, CCL. We are currently 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. We also operate 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 Trains, the “CCL Project”) through our subsidiary, CCP. The CCL Project also contains three LNG storage tanks and two marine berths. Additionally, separate from the CCH Group, we are developing an expansion of the Corpus Christi LNG terminal adjacent to the CCL Project (“Corpus Christi Stage 3”) through our subsidiary CCL Stage III, for up to seven midscale Trains with an expected total production capacity of approximately 10 mtpa of LNG. We received approval from FERC in November 2019 to site, construct and operate the expansion project. We remain focused on operational excellence and customer satisfaction. Increasing demand for LNG has allowed us to expand our liquefaction infrastructure in a financially disciplined manner. We have increased available liquefaction capacity at our Liquefaction Projects as a result of debottlenecking and other optimization projects. We hold significant land positions at both the Sabine Pass LNG terminal and the Corpus Christi LNG terminal which provide opportunity for further liquefaction capacity expansion. The development of these sites or other projects, including infrastructure projects in support of natural gas supply and LNG demand, will require, among other things, acceptable commercial and financing arrangements before we make a final investment decision (“FID”). Basis of Presentation The accompanying unaudited Consolidated Financial Statements of Cheniere 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. Recent Accounting Standards In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . This guidance simplifies the accounting for convertible instruments primarily by eliminating the existing cash conversion and beneficial conversion models within Subtopic 470-20, which will result in fewer embedded conversion options being accounted for separately from the debt host. The guidance also amends and simplifies the calculation of earnings per share relating to convertible instruments. This guidance is effective for annual periods beginning after December 15, 2021, including interim periods within that reporting period, with earlier adoption permitted for fiscal years beginning after December 15, 2020, including interim periods within that reporting period, using either a full or modified retrospective approach. We plan to adopt this guidance on January 1, 2022 and are currently evaluating the impact of the provisions of this guidance on our Consolidated Financial Statements and related disclosures. In March 2020, the FASB issued 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 contracts expected to arise from the market transition from LIBOR to alternative reference rates. We have various credit facilities and interest rate swaps indexed to LIBOR, as further described in Note 6—Derivative Instruments and Note 10—Debt . 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 CASH Restricted 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, restricted cash consisted of the following (in millions): March 31, December 31, 2021 2020 Restricted cash SPL Project $ 123 $ 97 CCL Project 382 70 Cash held by our subsidiaries that is restricted to Cheniere 226 282 Total restricted cash $ 731 $ 449 Pursuant to the accounts agreements entered into with the collateral trustees for the benefit of SPL’s debt holders and CCH’s debt holders, SPL and CCH are required to deposit all cash received into reserve accounts controlled by the collateral trustees. The usage or withdrawal of such cash is restricted to the payment of liabilities related to the SPL Project and the CCL Project (collectively, the “Liquefaction Projects”) and other restricted payments. The majority of the cash held by our subsidiaries that is restricted to Cheniere relates to advance funding for operation and construction needs of the Liquefaction Projects.

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 receivables SPL and CCL $ 475 $ 482 Cheniere Marketing 121 113 Other accounts receivable 79 52 Total accounts and other receivables, net $ 675 $ 647

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 $ 158 $ 150 LNG in-transit 94 88 LNG 42 27 Natural gas 18 26 Other 2 1 Total inventory $ 314 $ 292

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 $ 30,560 $ 27,475 LNG site and related costs 324 324 LNG terminal construction-in-process 2,511 5,378 Accumulated depreciation (3,161) (2,935) Total LNG terminal costs, net 30,234 30,242 Fixed assets and other Computer and office equipment 25 25 Furniture and fixtures 20 19 Computer software 119 117 Leasehold improvements 45 45 Land 59 59 Other 25 25 Accumulated depreciation (170) (164) Total fixed assets and other, net 123 126 Assets under finance lease Tug vessels 60 60 Accumulated depreciation (8) (7) Total assets under finance lease, net 52 53 Property, plant and equipment, net $ 30,409 $ 30,421 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 $ 234 $ 232 Offsets to LNG terminal costs (1) 191 —

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 CCH’s amended and restated credit facility (the “CCH Credit Facility”) and previously, to hedge against changes in interest rates that could impact anticipated future issuance of debt by CCH (“CCH Interest Rate Forward Start Derivatives” and, collectively with the CCH Interest Rate Derivatives, the “Interest Rate Derivatives”); • commodity derivatives consisting of natural gas supply contracts for the commissioning and operation of the Liquefaction Projects and potential future development of Corpus Christi Stage 3 (“Physical Liquefaction Supply Derivatives”) and associated economic hedges (“Financial Liquefaction Supply Derivatives,” and collectively with the Physical Liquefaction Supply Derivatives, the “Liquefaction Supply Derivatives”); • physical derivatives consisting of liquified natural gas contracts in which we have contractual net settlement (“Physical LNG Trading Derivatives”) and financial derivatives to hedge the exposure to the commodity markets in which we have contractual arrangements to purchase or sell physical LNG (collectively, “LNG Trading Derivatives”); and • foreign currency exchange (“FX”) contracts to hedge exposure to currency risk associated with both LNG Trading Derivatives and operations in countries outside of the United States (“FX 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, non-current derivative assets, 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) 7 (5) 149 151 5 (6) 241 240 LNG Trading Derivatives liability — (155) (18) (173) (3) (131) — (134) FX Derivatives asset (liability) — 1 — 1 — (22) — (22) 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 LNG Trading Derivatives and our Liquefaction Supply Derivatives using a market or option-based approach incorporating present value techniques, as needed, using observable commodity price curves, when available, and other relevant data. We value our FX Derivatives with a market approach using observable FX rates and other relevant data. The fair value of our Physical Liquefaction Supply Derivatives and LNG Trading Derivatives are 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 our Physical LNG Trading Derivatives and 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 our Physical LNG Trading Derivatives and the 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 and Physical LNG Trading Derivatives as of March 31, 2021: Net Fair Value Asset (Liability) Valuation Approach Significant Unobservable Input Range of Significant Unobservable Inputs / Weighted Average (1) Physical Liquefaction Supply Derivatives $149 Market approach incorporating present value techniques Henry Hub basis spread $(0.577) - $0.265 / $(0.014) Option pricing model International LNG pricing spread, relative to Henry Hub (2) 127% - 215% / 160% Physical LNG Trading Derivatives $(18) Market approach incorporating present value techniques International LNG pricing spread, relative to Henry Hub or TTF, as applicable (2) $(2.664) - $3.188 / $2.309 (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 LNG Trading Derivatives and our Physical Liquefaction Supply Derivatives. The following table shows the changes in the fair value of our Level 3 Physical LNG Trading Derivatives and Physical Liquefaction Supply Derivatives during the three months ended March 31, 2021 and 2020 (in millions): Three Months Ended March 31, 2021 2020 Balance, beginning of period $ 241 $ 138 Realized and mark-to-market gains (losses): Included in cost of sales (129) 534 Purchases and settlements: Purchases (14) 1 Settlements 33 — Transfers into Level 3, net (1) — 1 Balance, end of period $ 131 $ 674 Change in unrealized gains (losses) relating to instruments still held at end of period $ (129) $ 534 (1) Transferred into Level 3 as a result of unobservable 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 CCH has 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. CCH 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) Commodity Derivatives SPL, CCL and CCL Stage III have entered into physical natural gas supply contracts and associated economic hedges to purchase natural gas for the commissioning and operation of the Liquefaction Projects and potential future development of Corpus Christi Stage 3, respectively, which are primarily indexed to the natural gas market and international LNG indices. The remaining terms of the index-based physical natural gas supply contracts range up to approximately 15 years, some of which commence upon the satisfaction of certain events or states of affairs. The terms of the Financial Liquefaction Supply Derivatives range up to approximately three years. Commencing in first quarter of 2021, we have, on occasion, entered into physical LNG transactions that provide for contractual net settlement. Such transactions are accounted for as LNG Trading Derivatives, and are designed to economically hedge exposure to the commodity markets in which we sell LNG. We have entered into, and may from time to time enter into, financial LNG Trading Derivatives in the form of swaps, forwards, options or futures. The terms of LNG Trading Derivatives range up to approximately two years. The following table shows the notional amounts of our Liquefaction Supply Derivatives and LNG Trading Derivatives (collectively, “Commodity Derivatives”): March 31, 2021 December 31, 2020 Liquefaction Supply Derivatives LNG Trading Derivatives Liquefaction Supply Derivatives LNG Trading Derivatives Notional amount, net (in TBtu) (1) 10,510 19 10,483 20 (1) Includes notional amounts for natural gas supply contracts that SPL and CCL have with related parties. See Note 1 3 —Related Party Transactions . The following table shows the gain (loss) from changes in the fair value, settlements and location of our Commodity 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 LNG Trading Derivatives LNG revenues $ (62) $ 140 LNG Trading Derivatives Cost of sales 28 (34) Liquefaction Supply Derivatives (2) LNG revenues 1 (1) Liquefaction Supply Derivatives (2) Cost of sales (63) 537 (1) 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. (2) Does not include the realized value associated with derivative instruments that settle through physical delivery. FX Derivatives Cheniere Marketing has entered into FX Derivatives to protect against the volatility in future cash flows attributable to changes in international currency exchange rates. The FX Derivatives economically hedge the foreign currency exposure arising from cash flows expended for both physical and financial LNG transactions. The terms of FX Derivatives range up to approximately one year. The total notional amount of our FX Derivatives was $420 million and $786 million as of March 31, 2021 and December 31, 2020, respectively. The following table shows the gain from changes in the fair value, settlements and location of our FX Derivatives recorded on our Consolidated Statements of Operations during the three months ended March 31, 2021 and 2020 (in millions): Three Months Ended March 31, Consolidated Statements of Operations Location 2021 2020 FX Derivatives LNG revenues $ 21 $ 25 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) LNG Trading Derivatives (2) FX Derivatives Total Consolidated Balance Sheets Location Derivative assets $ — $ 47 $ 11 $ 9 $ 67 Non-current derivative assets — 306 — — 306 Total derivative assets — 353 11 9 373 Derivative liabilities (98) (52) (184) (8) (342) Non-current derivative liabilities (16) (150) — — (166) Total derivative liabilities (114) (202) (184) (8) (508) Derivative asset (liability), net $ (114) $ 151 $ (173) $ 1 $ (135) December 31, 2020 CCH Interest Rate Derivatives Liquefaction Supply Derivatives (1) LNG Trading Derivatives (2) FX Derivatives Total Consolidated Balance Sheets Location Derivative assets $ — $ 27 $ — $ 5 $ 32 Non-current derivative assets — 376 — — 376 Total derivative assets — 403 — 5 408 Derivative liabilities (100) (54) (134) (25) (313) Non-current derivative liabilities (40) (109) — (2) (151) Total derivative liabilities (140) (163) (134) (27) (464) Derivative asset (liability), net $ (140) $ 240 $ (134) $ (22) $ (56) (1) Does not include collateral posted with counterparties by us of $11 million and $9 million, which are included in other current assets in our Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020, respectively. Includes derivative assets for natural gas supply contracts that SPL and CCL have with related parties. See Note 13—Related Party Transactions . (2) Does not include collateral posted with counterparties by us of $17 million and $7 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 LNG Trading Derivatives FX Derivatives As of March 31, 2021 Gross assets $ — $ 430 $ 15 $ 14 Offsetting amounts — (77) (4) (5) Net assets $ — $ 353 $ 11 $ 9 Gross liabilities $ (114) $ (224) $ (207) $ (28) Offsetting amounts — 22 23 20 Net liabilities $ (114) $ (202) $ (184) $ (8) As of December 31, 2020 Gross assets $ — $ 452 $ — $ 6 Offsetting amounts — (49) — (1) Net assets $ — $ 403 $ — $ 5 Gross liabilities $ (140) $ (184) $ (163) $ (62) Offsetting amounts — 21 29 35 Net liabilities $ (140) $ (163) $ (134) $ (27)

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 $ 90 $ 80 Advances made to municipalities for water system enhancements 83 84 Equity method investments 87 81 Advances and other asset conveyances to third parties to support LNG terminals 70 60 Debt issuance costs and debt discount, net 38 42 Advances made under EPC and non-EPC contracts 26 9 Advance tax-related payments and receivables 20 20 Other 32 30 Total other non-current assets, net $ 446 $ 406 Equity Method Investments As of March 31, 2021, our equity method investment consists of our interest in Midship Holdings, LLC (“Midship Holdings”), which manages the business and affairs of Midship Pipeline Company, LLC (“Midship Pipeline”). Midship Pipeline is currently operating an approximately 200-mile natural gas pipeline project (the “Midship Project”) that connects production in the Anadarko Basin to Gulf Coast markets. The Midship Project commenced operations in April 2020. Our investment in Midship Holdings, net of impairment losses, was $87 million and $80 million as of March 31, 2021 and December 31, 2020, respectively.

Non-Controlling Interest and Va

Non-Controlling Interest and Variable Interest Entity3 Months Ended
Mar. 31, 2021
Noncontrolling Interest and Variable Interest Entity [Abstract]
Non-Controlling Interest and Variable Interest EntityNON-CONTROLLING INTEREST AND VARIABLE INTEREST ENTITY We own a 48.6% limited partner interest in Cheniere Partners in the form of 239.9 million common units, with the remaining non-controlling limited partner interest held by The Blackstone Group Inc., Brookfield Asset Management Inc. and the public. We also own 100% of the general partner interest and the incentive distribution rights in Cheniere Partners. Cheniere Partners is accounted for as a consolidated VIE. See Note 9 —Non-Controlling Interest and Variable Inter e st E ntity of our Notes to Consolidated Financial Statements in our annual report on Form 10-K for the fiscal year ended December 31, 2020 for further information. The following table presents the summarized assets and liabilities (in millions) of Cheniere Partners, our consolidated VIE, which are included in our Consolidated Balance Sheets. The assets in the table below may only be used to settle obligations of Cheniere Partners. In addition, there is no recourse to us for the consolidated VIE’s liabilities. The assets and liabilities in the table below include third-party assets and liabilities of Cheniere Partners only and exclude intercompany balances that eliminate in consolidation. March 31, December 31, 2021 2020 ASSETS Current assets Cash and cash equivalents $ 1,219 $ 1,210 Restricted cash 123 97 Accounts and other receivables, net 373 318 Other current assets 178 182 Total current assets 1,893 1,807 Property, plant and equipment, net 16,734 16,723 Other non-current assets, net 299 287 Total assets $ 18,926 18,817 LIABILITIES Current liabilities Accrued liabilities $ 704 658 Current debt 850 — Other current liabilities 149 171 Total current liabilities 1,703 829 Long-term debt, net 16,732 17,580 Other non-current liabilities 131 126 Total liabilities $ 18,566 $ 18,535

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 $ 390 $ 245 Accrued natural gas purchases 599 576 LNG terminals and related pipeline costs 162 147 Compensation and benefits 44 123 Accrued LNG inventory 3 4 Other accrued liabilities 65 80 Total accrued liabilities $ 1,263 $ 1,175

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: SPL — 4.200% to 6.25% senior secured notes due between March 2022 and September 2037 and working capital facility (“2020 SPL Working Capital Facility”) $ 12,797 $ 13,650 Cheniere Partners — 4.000% to 5.625% senior notes due between October 2025 and March 2031 and credit facilities (“2019 CQP Credit Facilities”) 4,100 4,100 CCH — 3.52% to 7.000% senior secured notes due between June 2024 and December 2039 and CCH Credit Facility 10,195 10,217 Cheniere — 4.625% senior secured notes due October 2028 (the “2028 Cheniere Senior Secured Notes”), convertible notes, revolving credit facility (“Cheniere Revolving Credit Facility”) and term loan facility (“Cheniere Term Loan Facility”) 2,997 3,145 Unamortized premium, discount and debt issuance costs, net (624) (641) Total long-term debt, net 29,465 30,471 Current debt: SPL — current portion of 6.25% senior secured notes due March 2022 (“2022 SPL Senior Notes”) (1) 853 — CCH — $1.2 billion CCH working capital facility (“CCH Working Capital Facility”) and current portion of CCH Credit Facility 153 271 Cheniere Marketing — trade finance facilities — — Cheniere — current portion of 4.875% convertible unsecured notes due May 2021 (“2021 Cheniere Convertible Unsecured Notes”) (2) 104 104 Unamortized premium, discount and debt issuance costs, net (5) (3) Total current debt 1,105 372 Total debt, net $ 30,570 $ 30,843 (1) $147 million of the 2022 SPL Senior Notes is categorized as long-term debt because the proceeds from the expected sale of approximately $147 million aggregate principal amount of 2.95% Senior Secured Notes due 2037, expected to be issued in the second half of 2021 pursuant to a note purchase agreement entered into by SPL in February 2021, are expected to be used to refinance a portion of 2022 SPL Senior Notes. (2) $372 million of the 2021 Cheniere Convertible Unsecured Notes is categorized as long-term debt because the remaining available commitments under the Cheniere Term Loan Facility are expected to be used to repay and/or repurchase a portion of the remaining outstanding principal amount of the 2021 Cheniere Convertible Unsecured Notes. Issuances and Redemptions The following table shows the issuances and redemptions of long-term debt during the three months ended March 31, 2021 (in millions): Issuances Principal Amount Issued CQP — 4.000% Senior Notes due 2031 (the “2031 CQP Senior Notes”) (1) $ 1,500 Redemptions Amount Redeemed CQP — 5.250% Senior Notes due 2025 (the “2025 CQP Senior Notes”) (1) $ 1,500 Cheniere — Cheniere Term Loan Facility 148 Three Months Ended March 31, 2021 total $ 1,648 (1) Proceeds of the 2031 CQP Senior Notes, together with cash on hand, were used to redeem all of CQP’s outstanding 2025 CQP Senior Notes, resulting in the recognition of debt extinguishment costs of $54 million for the three months ended March 31, 2021 relating to the payment of early redemption fees and write off of unamortized debt premium and issuance costs. Credit Facilities and Delayed Draw Term Loan Below is a summary of our credit facilities and delayed draw term loan facility outstanding as of March 31, 2021 (in millions): 2020 SPL Working Capital Facility (1) 2019 CQP Credit Facilities CCH Credit Facility CCH Working Capital Facility Cheniere Revolving Credit Facility Cheniere Term Loan Facility (2) Original facility size $ 1,200 $ 1,500 $ 8,404 $ 350 $ 750 $ 2,620 Incremental commitments — — 1,566 850 500 75 Less: Outstanding balance — — 2,627 — — — Commitments prepaid or terminated — 750 7,343 — — 2,323 Letters of credit issued 413 — — 293 — — Available commitment $ 787 $ 750 $ — $ 907 $ 1,250 $ 372 Priority ranking Senior secured Senior secured Senior secured Senior secured Senior secured Senior secured Interest rate on available balance LIBOR plus 1.125% - 1.750% or base rate plus 0.125% - 0.750% LIBOR plus 1.25% - 2.125% or base rate plus 0.25% - 1.125% LIBOR plus 1.75% or base rate plus 0.75% LIBOR plus 1.25% - 1.75% or base rate plus 0.25% - 0.75% LIBOR plus 1.75% - 2.50% or base rate plus 0.75% - 1.50% (3) Weighted average interest rate of outstanding balance n/a n/a 1.86% n/a n/a n/a Maturity date March 19, 2025 May 29, 2024 June 30, 2024 June 29, 2023 December 13, 2022 June 18, 2023 (1) The 2020 SPL Working Capital Facility contains customary conditions precedent for extensions of credit, as well as customary affirmative and negative covenants. SPL pays a commitment fee equal to an annual rate of 0.1% to 0.3% (depending on the then-current rating of SPL), which accrues on the daily amount of the total commitment less the sum of (1) the outstanding principal amount of loans, (2) letters of credit issued and (3) the outstanding principal amount of swing line loans. (2) Borrowings under the Cheniere Term Loan Facility are subject to customary conditions precedent. The remaining commitments under the Cheniere Term Loan Facility are expected to be used to repay and/or repurchase a portion of the remaining principal amount of the 2021 Cheniere Convertible Unsecured Notes and for the payment of related fees and expenses. We pay a commitment fee equal to 30% of the margin for LIBOR loans multiplied by the average daily amount of undrawn commitments. If the Cheniere Term Loan Facility is still outstanding on the first anniversary of the Closing Date, as defined by the credit agreement, we will pay duration fees in an amount equal to 0.25% of the aggregate amount of commitments as of July 10, 2020, which was the date the loans were first borrowed under the Cheniere Term Loan Facility (the “Payment Date”). Furthermore, if the Cheniere Term Loan Facility is still outstanding on the second anniversary of the Closing Date, as defined by the credit agreement, we will pay 0.50% of the aggregate amount of commitments as of the Payment Date. Annual administrative fees must also be paid to the administrative agent for the Cheniere Term Loan Facility. Subject to customary exceptions, we are required to make mandatory prepayments with respect to the Cheniere Term Loan Facility using the net proceeds of certain events on a pro rata basis and on terms consistent with required prepayments under the Cheniere Revolving Credit Facility. (3) LIBOR plus (1) 2.00% to 2.75% per annum in the first year, (2) 2.50% to 3.25% per annum in the second year and (3) 3.00% to 3.75% per annum in the third year until maturity, or base rate plus (1) 1.00% to 1.75% per annum in the first year, (2) 1.50% to 2.25% per annum in the second year and (3) 2.00% to 2.75% per annum in the third year until maturity. Convertible Notes Below is a summary of our convertible notes outstanding as of March 31, 2021 (in millions): 2021 Cheniere Convertible Unsecured Notes 2045 Cheniere Convertible Senior Notes Aggregate original principal $ 1,000 $ 625 Add: interest paid-in-kind 320 — Less: aggregate principal redeemed (844) — Aggregate remaining principal $ 476 $ 625 Debt component, net of discount and debt issuance costs $ 473 $ 318 Equity component $ 201 $ 194 Interest payment method Paid-in-kind Cash Conversion by us (1) — (2) Conversion by holders (1) (3) (4) Conversion basis Cash and/or stock Cash and/or stock Conversion value in excess of principal $ — $ — Maturity date May 28, 2021 March 15, 2045 Contractual interest rate 4.875 % 4.25 % Effective interest rate (5) 8.1 % 9.4 % Remaining debt discount and debt issuance costs amortization period (6) 0.2 years 24.0 years (1) Conversion is subject to various limitations and conditions, which have not been met as of the balance sheet date. (2) Redeemable at any time at a redemption price payable in cash equal to the accreted amount of the $625 million aggregate principal amount of 4.25% Convertible Senior Notes due 2045 (the “2045 Cheniere Convertible Senior Notes”) to be redeemed, plus accrued and unpaid interest, if any, to such redemption date. (3) Initially convertible at $93.64 (subject to adjustment upon the occurrence of certain specified events, which have not been met as of the balance sheet date), provided that the closing price of our common stock is greater than or equal to the conversion price on the conversion date. (4) Prior to December 15, 2044, convertible only under certain circumstances as specified in the indenture; thereafter, holders may convert their notes regardless of these circumstances. The conversion rate will initially equal 7.2265 shares of our common stock per $1,000 principal amount of the 2045 Cheniere Convertible Senior Notes, which corresponds to an initial conversion price of approximately $138.38 per share of our common stock (subject to adjustment upon the occurrence of certain specified events). (5) Rate to accrete the discounted carrying value of the convertible notes to the face value over the remaining amortization period. (6) We amortize any debt discount and debt issuance costs using the effective interest over the period through contractual maturity. 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, our subsidiaries’ and its restricted subsidiaries’ ability to make certain investments or pay dividends or distributions. As of March 31, 2021, each of our issuers was in compliance with all covenants related to their respective debt agreements. Interest Expense Total interest expense, net of capitalized interest, including interest expense related to our convertible notes, consisted of the following (in millions): Three Months Ended March 31, 2021 2020 Interest cost on convertible notes: Interest per contractual rate $ 12 $ 63 Amortization of debt discount 5 14 Amortization of debt issuance costs — 3 Total interest cost related to convertible notes 17 80 Interest cost on debt and finance leases excluding convertible notes 400 391 Total interest cost 417 471 Capitalized interest (61) (59) Total interest expense, net of capitalized interest $ 356 $ 412 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) $ 24,700 $ 27,229 $ 24,700 $ 27,897 Senior notes — Level 3 (2) 2,771 3,129 2,771 3,423 Credit facilities (3) 2,627 2,627 2,915 2,915 2021 Cheniere Convertible Unsecured Notes (2) 476 484 476 480 2045 Cheniere Convertible Senior Notes (4) 625 522 625 496 (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 our stock price and 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.

Leases

Leases3 Months Ended
Mar. 31, 2021
Leases [Abstract]
LeasesLEASES Our leased assets consist primarily of (1) LNG vessel time charters (“vessel charters”), (2) tug vessels, (3) office space and facilities and (4) land sites, all of which are classified as operating leases except for our tug vessels supporting the Corpus Christi LNG terminal, which are classified as finance leases. The following table shows the classification and location of our right-of-use assets and lease liabilities on our Consolidated Balance Sheets (in millions): March 31, December 31, Consolidated Balance Sheets Location 2021 2020 Right-of-use assets—Operating Operating lease assets $ 1,181 $ 759 Right-of-use assets—Financing Property, plant and equipment, net 52 53 Total right-of-use assets $ 1,233 $ 812 Current operating lease liabilities Current operating lease liabilities $ 251 $ 161 Current finance lease liabilities Other current liabilities 2 2 Non-current operating lease liabilities Non-current operating lease liabilities 928 597 Non-current finance lease liabilities Non-current finance lease liabilities 57 $ 57 Total lease liabilities $ 1,238 $ 817 The following table shows the classification and location of our lease costs on our Consolidated Statements of Operations (in millions): Consolidated Statements of Operations Location Three Months Ended March 31, 2021 2020 Operating lease cost (a) Operating costs and expenses (1) $ 151 $ 141 Finance lease cost: Amortization of right-of-use assets Depreciation and amortization expense 1 1 Interest on lease liabilities Interest expense, net of capitalized interest 2 2 Total lease cost $ 154 $ 144 (a) Included in operating lease cost: Short-term lease costs $ 51 $ 35 Variable lease costs 2 5 (1) Presented in cost of sales, operating and maintenance expense or selling, general and administrative expense consistent with the nature of the asset under lease. Future annual minimum lease payments for operating and finance leases as of March 31, 2021 are as follows (in millions): Years Ending December 31, Operating Leases (1) Finance Leases 2021 $ 233 $ 8 2022 253 10 2023 214 10 2024 192 10 2025 163 10 Thereafter 342 127 Total lease payments 1,397 175 Less: Interest (218) (116) Present value of lease liabilities $ 1,179 $ 59 (1) Does not include $1.1 billion of legally binding minimum lease payments primarily for vessel charters which were executed as of March 31, 2021 but will commence in future period primarily in the next year and have fixed minimum lease terms of up to seven years. The following table shows the weighted-average remaining lease term and the weighted-average discount rate for our operating leases and finance leases: March 31, 2021 December 31, 2020 Operating Leases Finance Leases Operating Leases Finance Leases Weighted-average remaining lease term (in years) 7.2 17.4 8.2 17.7 Weighted-average discount rate (1) 4.5% 16.2% 5.4% 16.2% (1) The finance leases commenced prior to the adoption of the current leasing standard under GAAP. In accordance with previous accounting guidance, the implied rate is based on the fair value of the underlying assets. The following table includes other quantitative information for our operating and finance leases (in millions): Three Months Ended March 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 97 $ 94 Operating cash flows from finance leases 2 2 Right-of-use assets obtained in exchange for operating lease liabilities 507 8 LNG Vessel Subcharters From time to time, we sublease certain LNG vessels under charter to third parties while retaining our existing obligation to the original lessor. As of both March 31, 2021 and December 31, 2020, we did not have any future minimum sublease payments to be received from LNG vessel subcharters. The following table shows the sublease income recognized in other revenues on our Consolidated Statements of Operations (in millions): Three Months Ended March 31, 2021 2020 Fixed income $ 3 $ 37 Variable income 1 15 Total sublease income $ 4 $ 52

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) $ 3,039 $ 2,404 Regasification revenues 67 67 Other revenues 20 22 Total revenues from customers 3,126 2,493 Net derivative gain (loss) (2) (40) 164 Other (3) 4 52 Total revenues $ 3,090 $ 2,709 (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 $53 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. (3) Includes revenues from LNG vessel subcharters. See Note 11—Leases for additional information about our subleases. Contract Assets and Liabilities The following table shows our contract assets, net, which are classified as other current assets and other non-current assets, net on our Consolidated Balance Sheets (in millions): March 31, December 31, 2021 2020 Contract assets, net $ 94 $ 80 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. The following table reflects the changes in our contract liabilities, which we classify as deferred revenue on our Consolidated Balance Sheets (in millions): Three Months Ended March 31, 2021 Deferred revenues, beginning of period $ 138 Cash received but not yet recognized in revenue 102 Revenue recognized from prior period deferral (138) Deferred revenues, end of period $ 102 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 Transaction Price (in billions) Weighted Average Recognition Timing (years) (1) Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1) LNG revenues $ 101.2 10 $ 102.3 10 Regasification revenues 2.1 5 2.1 5 Total revenues $ 103.3 $ 104.4 (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 and TUAs. 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 51% and 42% 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. During each of the three months ended March 31, 2021 and 2020, approximately 3% of our regasification revenues 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 FID 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 Natural Gas Supply Agreements SPL and CCL are party to natural gas supply agreements with related parties in the ordinary course of business, to obtain a fixed minimum daily volume of feed gas for the operation of the Liquefaction Projects. These related parties are partially owned by The Blackstone Group Inc., who also partially owns Cheniere Partners’ limited partner interests. SPL Natural Gas Supply Agreement The term of the SPL agreement is for five years, which can commence no earlier than November 1, 2021 and no later than November 1, 2022, following the achievement of contractually-defined conditions precedent. As of both March 31, 2021 and December 31, 2020, the notional amount for this agreement was 91 TBtu and had a fair value of zero. CCL Natural Gas Supply Agreement The term of the CCL agreement extends through March 2022. Under this agreement, CCL recorded $13 million in accrued liabilities, as of both March 31, 2021 and December 31, 2020. The Liquefaction Supply Derivatives related to this agreement are recorded on our Consolidated Balance Sheets as follows (in millions, except notional amount): March 31, December 31, 2021 2020 Derivative assets $ 5 $ 3 Non-current derivative assets — 1 Notional amount (in TBtu) 55 60 We recorded the following amounts on our Consolidated Statements of Operations during the three months ended March 31, 2021 and 2020 related to this agreement (in millions): Three Months Ended March 31, 2021 2020 Cost of sales (a) $ 35 $ 23 (a) Included in costs of sales: Liquefaction Supply Derivative gain $ 1 $ 1 Natural Gas Transportation and Storage Agreements SPL is party to various natural gas transportation and storage agreements and CTPL is party to an operational balancing agreement with a related party in the ordinary course of business for the operation of the SPL Project, with initial primary terms of up to 10 years with extension rights. This related party is partially owned by Brookfield Asset Management, Inc., who acquired a portion of Cheniere Partners’ limited partner interests in September 2020. We recorded operating and maintenance expense of $10 million in the three months ended March 31, 2021 and accrued liabilities of $3 million and $4 million as of March 31, 2021 and December 31, 2020, respectively, with this related party. Operation and Maintenance Service Agreements

Income Taxes

Income Taxes3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income TaxesINCOME TAXESWe recorded an income tax provision of $89 million and $131 million during the three months ended March 31, 2021 and 2020, respectively. The effective tax rate for the three months ended March 31, 2021 was 13.5%, which was lower than the 21% federal statutory tax rate primarily due to income allocated to non-controlling interest that is not taxable to Cheniere. The effective tax rate for the three months ended March 31, 2020 was 17.8%, which was lower than the 21% federal statutory tax rate primarily due to income allocated to non-controlling interest that is not taxable to Cheniere, partially offset by a one-time discrete event related to an internal restructuring. The discrete item resulted in expense of $38 million for the three months ended March 31, 2020.

Share-Based Compensation

Share-Based Compensation3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-Based CompensationSHARE-BASED COMPENSATION We have granted restricted stock shares, restricted stock units, performance stock units and phantom units to employees and non-employee directors under the 2011 Incentive Plan, as amended (the “2011 Plan”) and the 2020 Incentive Plan. For the three months ended March 31, 2021, we granted 1.5 million restricted stock units and 0.3 million performance stock units at target performance under the 2020 Plan to certain employees. Additionally, 0.2 million incremental shares of our common stock were issued based on performance results from previously-granted performance stock unit awards. Restricted stock units are stock awards that vest over a service period of three years and entitle the holder to receive shares of our common stock upon vesting, subject to restrictions on transfer and to a risk of forfeiture if the recipient terminates employment with us prior to the lapse of the restrictions. Performance stock units provide for cliff vesting after a period of three years with payouts based on metrics dependent upon market and performance achieved over the defined performance period compared to pre-established performance targets. The settlement amounts of the awards are based on market and performance metrics which include cumulative distributable cash flow per share, and in certain circumstances, absolute total shareholder return (“ATSR”) of our common stock. Where applicable, the compensation for performance stock units is based on fair value assigned to the market metric of ATSR using a Monte Carlo model upon grant, which remains constant through the vesting period, and a performance metric, which will vary due to changing estimates regarding the expected achievement of the performance metric of cumulative distributable cash flow per share. The number of shares that may be earned at the end of the vesting period ranges from 0% up to 300% of the target award amount. Both restricted stock units and performance stock units will be settled in Cheniere common stock (on a one-for-one basis) and are classified as equity awards, however, a portion of the performance stock units granted in 2021 will partially settle in cash, subject to individual limits. The portion of performance stock units expected to settle in Cheniere common stock (on a one-for-one basis) are classified as equity awards and the portion of performance stock units expected to settle in cash are classified as liability awards. Total share-based compensation consisted of the following (in millions): Three Months Ended March 31, 2021 2020 Share-based compensation costs, pre-tax: Equity awards $ 33 $ 30 Liability awards 1 — Total share-based compensation 34 30 Capitalized share-based compensation (2) (1) Total share-based compensation expense $ 32 $ 29 Tax benefit associated with share-based compensation expense $ 25 $ 18

Net Income Per Share Attributab

Net Income Per Share Attributable to Common Stockholders3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Net Income Per Share Attributable to Common StockholdersNET INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS Basic net income per share attributable to common stockholders (“EPS”) excludes dilution and is computed by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS reflects potential dilution and is computed by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the period increased by the number of additional common shares that would have been outstanding if the potential common shares had been issued. The dilutive effect of unvested stock is calculated using the treasury-stock method and the dilutive effect of convertible securities is calculated using the treasury or if-converted method, as referenced below. The following table reconciles basic and diluted weighted average common shares outstanding for the three months ended March 31, 2021 and 2020 (in millions, except per share data): Three Months Ended March 31, 2021 2020 Weighted average common shares outstanding: Basic 252.9 253.0 Dilutive unvested stock 1.5 1.1 Dilutive convertible securities 4.5 45.5 Diluted 258.9 299.6 Basic net income per share attributable to common stockholders $ 1.56 $ 1.48 Diluted net income per share attributable to common stockholders $ 1.54 $ 1.43 Potentially dilutive securities that were not included in the diluted net income per share computations because their effects would have been anti-dilutive were as follows (in millions): Three Months Ended March 31, 2021 2020 Unvested stock (1) 1.9 2.1 Convertible notes 2021 Cheniere Convertible Unsecured Notes (2) — — 11% Convertible Senior Secured Notes due 2025 (“2025 CCH HoldCo II Convertible Senior Notes”) (3) — — 2045 Cheniere Convertible Senior Notes — — Total potentially dilutive common shares 1.9 2.1 (1) Does not include 0.5 million shares and 0.7 million shares for the three months ended March 31, 2021 and 2020, respectively, of unvested stock because the performance conditions had not yet been satisfied as of the respective dates. (2) Since we have the intent and ability to settle the remaining outstanding principal amount of the 2021 Cheniere Convertible Unsecured Notes in cash and the excess conversion premium (the “conversion spread”) in either cash or shares, the treasury stock method was applied for calculating any potential dilutive effect of the conversion spread on net income per share for the three months ended March 31, 2021. However, since the average market price of our common stock did not exceed the conversion price of our 2021 Cheniere Convertible Unsecured Notes, the conversion spread was excluded from the computation of diluted net income per share for the three months ended March 31, 2021.

Commitments and Contingencies

Commitments and Contingencies3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and ContingenciesCOMMITMENTS AND CONTINGENCIES We have various contractual obligations which are recorded as liabilities in our Consolidated Financial Statements. Other items, such as certain purchase commitments and other executed contracts which do not meet the definition of a liability as of March 31, 2021, are not recognized as liabilities but require disclosures in our Consolidated Financial Statements. Environmental and Regulatory Matters Our LNG terminals and pipelines are subject to extensive regulation under federal, state and local statutes, rules, regulations and laws. These laws require that we engage in consultations with appropriate federal and state agencies and that we obtain and maintain applicable permits and other authorizations. Failure to comply with such laws could result in legal proceedings, which may include substantial penalties. We believe that, based on currently known information, compliance with these laws and regulations will not have a material adverse effect on our results of operations, financial condition or cash flows. Legal Proceedings We are, and may in the future be, involved as a party to various legal proceedings, which are incidental to the ordinary course of business. We regularly analyze current information and, as necessary, provide accruals for probable liabilities on the eventual disposition of these matters. While the results of these litigation matters and claims cannot be predicted with certainty, we believe the reasonably possible losses from such matters, individually and in the aggregate, are not material. Additionally, we believe the probable final outcome of such matters will not have a material adverse effect on our consolidated results of operations, financial position or cash flows.

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 15% 20% 11% 14% Customer B 12% 12% 11% 12% Customer C 13% 12% 12% * Customer D * 14% * * * 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 on debt, net of amounts capitalized $ 211 $ 295 Cash paid for income taxes, net of refunds — 1 The balance in property, plant and equipment, net funded with accounts payable and accrued liabilities was $360 million and $255 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 Cheniere 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
Recent Accounting StandardsRecent Accounting Standards In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . This guidance simplifies the accounting for convertible instruments primarily by eliminating the existing cash conversion and beneficial conversion models within Subtopic 470-20, which will result in fewer embedded conversion options being accounted for separately from the debt host. The guidance also amends and simplifies the calculation of earnings per share relating to convertible instruments. This guidance is effective for annual periods beginning after December 15, 2021, including interim periods within that reporting period, with earlier adoption permitted for fiscal years beginning after December 15, 2020, including interim periods within that reporting period, using either a full or modified retrospective approach. We plan to adopt this guidance on January 1, 2022 and are currently evaluating the impact of the provisions of this guidance on our Consolidated Financial Statements and related disclosures. In March 2020, the FASB issued 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 contracts expected to arise from the market transition from LIBOR to alternative reference rates. We have various credit facilities and interest rate swaps indexed to LIBOR, as further described in Note 6—Derivative Instruments and Note 10—Debt . 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 (Tables)

Restricted Cash (Tables)3 Months Ended
Mar. 31, 2021
Restricted Cash [Abstract]
Schedule of Restricted CashAs of March 31, 2021 and December 31, 2020, restricted cash consisted of the following (in millions): March 31, December 31, 2021 2020 Restricted cash SPL Project $ 123 $ 97 CCL Project 382 70 Cash held by our subsidiaries that is restricted to Cheniere 226 282 Total restricted cash $ 731 $ 449

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 receivables SPL and CCL $ 475 $ 482 Cheniere Marketing 121 113 Other accounts receivable 79 52 Total accounts and other receivables, net $ 675 $ 647

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 $ 158 $ 150 LNG in-transit 94 88 LNG 42 27 Natural gas 18 26 Other 2 1 Total inventory $ 314 $ 292

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 $ 30,560 $ 27,475 LNG site and related costs 324 324 LNG terminal construction-in-process 2,511 5,378 Accumulated depreciation (3,161) (2,935) Total LNG terminal costs, net 30,234 30,242 Fixed assets and other Computer and office equipment 25 25 Furniture and fixtures 20 19 Computer software 119 117 Leasehold improvements 45 45 Land 59 59 Other 25 25 Accumulated depreciation (170) (164) Total fixed assets and other, net 123 126 Assets under finance lease Tug vessels 60 60 Accumulated depreciation (8) (7) Total assets under finance lease, net 52 53 Property, plant and equipment, net $ 30,409 $ 30,421
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 $ 234 $ 232 Offsets to LNG terminal costs (1) 191 —

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, non-current derivative assets, 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) 7 (5) 149 151 5 (6) 241 240 LNG Trading Derivatives liability — (155) (18) (173) (3) (131) — (134) FX Derivatives asset (liability) — 1 — 1 — (22) — (22)
Fair Value Measurement Inputs and Valuation TechniquesThe following table includes quantitative information for the unobservable inputs for our Level 3 Physical Liquefaction Supply Derivatives and Physical LNG Trading Derivatives as of March 31, 2021: Net Fair Value Asset (Liability) Valuation Approach Significant Unobservable Input Range of Significant Unobservable Inputs / Weighted Average (1) Physical Liquefaction Supply Derivatives $149 Market approach incorporating present value techniques Henry Hub basis spread $(0.577) - $0.265 / $(0.014) Option pricing model International LNG pricing spread, relative to Henry Hub (2) 127% - 215% / 160% Physical LNG Trading Derivatives $(18) Market approach incorporating present value techniques International LNG pricing spread, relative to Henry Hub or TTF, as applicable (2) $(2.664) - $3.188 / $2.309 (1) Unobservable inputs were weighted by the relative fair value of the instruments. (2) Spread contemplates U.S. dollar-denominated pricing.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input ReconciliationThe following table shows the changes in the fair value of our Level 3 Physical LNG Trading Derivatives and Physical Liquefaction Supply Derivatives during the three months ended March 31, 2021 and 2020 (in millions): Three Months Ended March 31, 2021 2020 Balance, beginning of period $ 241 $ 138 Realized and mark-to-market gains (losses): Included in cost of sales (129) 534 Purchases and settlements: Purchases (14) 1 Settlements 33 — Transfers into Level 3, net (1) — 1 Balance, end of period $ 131 $ 674 Change in unrealized gains (losses) relating to instruments still held at end of period $ (129) $ 534 (1) Transferred into Level 3 as a result of unobservable 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) LNG Trading Derivatives (2) FX Derivatives Total Consolidated Balance Sheets Location Derivative assets $ — $ 47 $ 11 $ 9 $ 67 Non-current derivative assets — 306 — — 306 Total derivative assets — 353 11 9 373 Derivative liabilities (98) (52) (184) (8) (342) Non-current derivative liabilities (16) (150) — — (166) Total derivative liabilities (114) (202) (184) (8) (508) Derivative asset (liability), net $ (114) $ 151 $ (173) $ 1 $ (135) December 31, 2020 CCH Interest Rate Derivatives Liquefaction Supply Derivatives (1) LNG Trading Derivatives (2) FX Derivatives Total Consolidated Balance Sheets Location Derivative assets $ — $ 27 $ — $ 5 $ 32 Non-current derivative assets — 376 — — 376 Total derivative assets — 403 — 5 408 Derivative liabilities (100) (54) (134) (25) (313) Non-current derivative liabilities (40) (109) — (2) (151) Total derivative liabilities (140) (163) (134) (27) (464) Derivative asset (liability), net $ (140) $ 240 $ (134) $ (22) $ (56) (1) Does not include collateral posted with counterparties by us of $11 million and $9 million, which are included in other current assets in our Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020, respectively. Includes derivative assets for natural gas supply contracts that SPL and CCL have with related parties. See Note 13—Related Party Transactions . (2) Does not include collateral posted with counterparties by us of $17 million and $7 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 LNG Trading Derivatives FX Derivatives As of March 31, 2021 Gross assets $ — $ 430 $ 15 $ 14 Offsetting amounts — (77) (4) (5) Net assets $ — $ 353 $ 11 $ 9 Gross liabilities $ (114) $ (224) $ (207) $ (28) Offsetting amounts — 22 23 20 Net liabilities $ (114) $ (202) $ (184) $ (8) As of December 31, 2020 Gross assets $ — $ 452 $ — $ 6 Offsetting amounts — (49) — (1) Net assets $ — $ 403 $ — $ 5 Gross liabilities $ (140) $ (184) $ (163) $ (62) Offsetting amounts — 21 29 35 Net liabilities $ (140) $ (163) $ (134) $ (27)
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)
Commodity Derivatives [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Schedule of Notional Amounts of Outstanding Derivative PositionsThe following table shows the notional amounts of our Liquefaction Supply Derivatives and LNG Trading Derivatives (collectively, “Commodity Derivatives”): March 31, 2021 December 31, 2020 Liquefaction Supply Derivatives LNG Trading Derivatives Liquefaction Supply Derivatives LNG Trading Derivatives Notional amount, net (in TBtu) (1) 10,510 19 10,483 20 (1) Includes notional amounts for natural gas supply contracts that SPL and CCL have with related parties. See Note 1 3 —Related Party Transactions .
Derivative Instruments, Gain (Loss)The following table shows the gain (loss) from changes in the fair value, settlements and location of our Commodity 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 LNG Trading Derivatives LNG revenues $ (62) $ 140 LNG Trading Derivatives Cost of sales 28 (34) Liquefaction Supply Derivatives (2) LNG revenues 1 (1) Liquefaction Supply Derivatives (2) Cost of sales (63) 537 (1) 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. (2) Does not include the realized value associated with derivative instruments that settle through physical delivery.
FX Derivatives [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Instruments, Gain (Loss)The following table shows the gain from changes in the fair value, settlements and location of our FX Derivatives recorded on our Consolidated Statements of Operations during the three months ended March 31, 2021 and 2020 (in millions): Three Months Ended March 31, Consolidated Statements of Operations Location 2021 2020 FX Derivatives LNG revenues $ 21 $ 25

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 $ 90 $ 80 Advances made to municipalities for water system enhancements 83 84 Equity method investments 87 81 Advances and other asset conveyances to third parties to support LNG terminals 70 60 Debt issuance costs and debt discount, net 38 42 Advances made under EPC and non-EPC contracts 26 9 Advance tax-related payments and receivables 20 20 Other 32 30 Total other non-current assets, net $ 446 $ 406

Non-Controlling Interest and _2

Non-Controlling Interest and Variable Interest Entity (Tables)3 Months Ended
Mar. 31, 2021
Cheniere Partners [Member]
Noncontrolling Interest and Variable Interest Entity [Line Items]
Condensed Balance Sheet of Cheniere PartnersThe following table presents the summarized assets and liabilities (in millions) of Cheniere Partners, our consolidated VIE, which are included in our Consolidated Balance Sheets. The assets in the table below may only be used to settle obligations of Cheniere Partners. In addition, there is no recourse to us for the consolidated VIE’s liabilities. The assets and liabilities in the table below include third-party assets and liabilities of Cheniere Partners only and exclude intercompany balances that eliminate in consolidation. March 31, December 31, 2021 2020 ASSETS Current assets Cash and cash equivalents $ 1,219 $ 1,210 Restricted cash 123 97 Accounts and other receivables, net 373 318 Other current assets 178 182 Total current assets 1,893 1,807 Property, plant and equipment, net 16,734 16,723 Other non-current assets, net 299 287 Total assets $ 18,926 18,817 LIABILITIES Current liabilities Accrued liabilities $ 704 658 Current debt 850 — Other current liabilities 149 171 Total current liabilities 1,703 829 Long-term debt, net 16,732 17,580 Other non-current liabilities 131 126 Total liabilities $ 18,566 $ 18,535

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 $ 390 $ 245 Accrued natural gas purchases 599 576 LNG terminals and related pipeline costs 162 147 Compensation and benefits 44 123 Accrued LNG inventory 3 4 Other accrued liabilities 65 80 Total accrued liabilities $ 1,263 $ 1,175

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: SPL — 4.200% to 6.25% senior secured notes due between March 2022 and September 2037 and working capital facility (“2020 SPL Working Capital Facility”) $ 12,797 $ 13,650 Cheniere Partners — 4.000% to 5.625% senior notes due between October 2025 and March 2031 and credit facilities (“2019 CQP Credit Facilities”) 4,100 4,100 CCH — 3.52% to 7.000% senior secured notes due between June 2024 and December 2039 and CCH Credit Facility 10,195 10,217 Cheniere — 4.625% senior secured notes due October 2028 (the “2028 Cheniere Senior Secured Notes”), convertible notes, revolving credit facility (“Cheniere Revolving Credit Facility”) and term loan facility (“Cheniere Term Loan Facility”) 2,997 3,145 Unamortized premium, discount and debt issuance costs, net (624) (641) Total long-term debt, net 29,465 30,471 Current debt: SPL — current portion of 6.25% senior secured notes due March 2022 (“2022 SPL Senior Notes”) (1) 853 — CCH — $1.2 billion CCH working capital facility (“CCH Working Capital Facility”) and current portion of CCH Credit Facility 153 271 Cheniere Marketing — trade finance facilities — — Cheniere — current portion of 4.875% convertible unsecured notes due May 2021 (“2021 Cheniere Convertible Unsecured Notes”) (2) 104 104 Unamortized premium, discount and debt issuance costs, net (5) (3) Total current debt 1,105 372 Total debt, net $ 30,570 $ 30,843 (1) $147 million of the 2022 SPL Senior Notes is categorized as long-term debt because the proceeds from the expected sale of approximately $147 million aggregate principal amount of 2.95% Senior Secured Notes due 2037, expected to be issued in the second half of 2021 pursuant to a note purchase agreement entered into by SPL in February 2021, are expected to be used to refinance a portion of 2022 SPL Senior Notes. (2) $372 million of the 2021 Cheniere Convertible Unsecured Notes is categorized as long-term debt because the remaining available commitments under the Cheniere Term Loan Facility are expected to be used to repay and/or repurchase a portion of the remaining outstanding principal amount of the 2021 Cheniere Convertible Unsecured Notes.
Schedule of Debt Issuances and RepaymentsThe following table shows the issuances and redemptions of long-term debt during the three months ended March 31, 2021 (in millions): Issuances Principal Amount Issued CQP — 4.000% Senior Notes due 2031 (the “2031 CQP Senior Notes”) (1) $ 1,500 Redemptions Amount Redeemed CQP — 5.250% Senior Notes due 2025 (the “2025 CQP Senior Notes”) (1) $ 1,500 Cheniere — Cheniere Term Loan Facility 148 Three Months Ended March 31, 2021 total $ 1,648 (1) Proceeds of the 2031 CQP Senior Notes, together with cash on hand, were used to redeem all of CQP’s outstanding 2025 CQP Senior Notes, resulting in the recognition of debt extinguishment costs of $54 million for the three months ended March 31, 2021 relating to the payment of early redemption fees and write off of unamortized debt premium and issuance costs.
Schedule of Line of Credit Facilities and Delayed Draw Term LoanBelow is a summary of our credit facilities and delayed draw term loan facility outstanding as of March 31, 2021 (in millions): 2020 SPL Working Capital Facility (1) 2019 CQP Credit Facilities CCH Credit Facility CCH Working Capital Facility Cheniere Revolving Credit Facility Cheniere Term Loan Facility (2) Original facility size $ 1,200 $ 1,500 $ 8,404 $ 350 $ 750 $ 2,620 Incremental commitments — — 1,566 850 500 75 Less: Outstanding balance — — 2,627 — — — Commitments prepaid or terminated — 750 7,343 — — 2,323 Letters of credit issued 413 — — 293 — — Available commitment $ 787 $ 750 $ — $ 907 $ 1,250 $ 372 Priority ranking Senior secured Senior secured Senior secured Senior secured Senior secured Senior secured Interest rate on available balance LIBOR plus 1.125% - 1.750% or base rate plus 0.125% - 0.750% LIBOR plus 1.25% - 2.125% or base rate plus 0.25% - 1.125% LIBOR plus 1.75% or base rate plus 0.75% LIBOR plus 1.25% - 1.75% or base rate plus 0.25% - 0.75% LIBOR plus 1.75% - 2.50% or base rate plus 0.75% - 1.50% (3) Weighted average interest rate of outstanding balance n/a n/a 1.86% n/a n/a n/a Maturity date March 19, 2025 May 29, 2024 June 30, 2024 June 29, 2023 December 13, 2022 June 18, 2023 (1) The 2020 SPL Working Capital Facility contains customary conditions precedent for extensions of credit, as well as customary affirmative and negative covenants. SPL pays a commitment fee equal to an annual rate of 0.1% to 0.3% (depending on the then-current rating of SPL), which accrues on the daily amount of the total commitment less the sum of (1) the outstanding principal amount of loans, (2) letters of credit issued and (3) the outstanding principal amount of swing line loans. (2) Borrowings under the Cheniere Term Loan Facility are subject to customary conditions precedent. The remaining commitments under the Cheniere Term Loan Facility are expected to be used to repay and/or repurchase a portion of the remaining principal amount of the 2021 Cheniere Convertible Unsecured Notes and for the payment of related fees and expenses. We pay a commitment fee equal to 30% of the margin for LIBOR loans multiplied by the average daily amount of undrawn commitments. If the Cheniere Term Loan Facility is still outstanding on the first anniversary of the Closing Date, as defined by the credit agreement, we will pay duration fees in an amount equal to 0.25% of the aggregate amount of commitments as of July 10, 2020, which was the date the loans were first borrowed under the Cheniere Term Loan Facility (the “Payment Date”). Furthermore, if the Cheniere Term Loan Facility is still outstanding on the second anniversary of the Closing Date, as defined by the credit agreement, we will pay 0.50% of the aggregate amount of commitments as of the Payment Date. Annual administrative fees must also be paid to the administrative agent for the Cheniere Term Loan Facility. Subject to customary exceptions, we are required to make mandatory prepayments with respect to the Cheniere Term Loan Facility using the net proceeds of certain events on a pro rata basis and on terms consistent with required prepayments under the Cheniere Revolving Credit Facility. (3) LIBOR plus (1) 2.00% to 2.75% per annum in the first year, (2) 2.50% to 3.25% per annum in the second year and (3) 3.00% to 3.75% per annum in the third year until maturity, or base rate plus (1) 1.00% to 1.75% per annum in the first year, (2) 1.50% to 2.25% per annum in the second year and (3) 2.00% to 2.75% per annum in the third year until maturity.
Schedule of Convertible DebtBelow is a summary of our convertible notes outstanding as of March 31, 2021 (in millions): 2021 Cheniere Convertible Unsecured Notes 2045 Cheniere Convertible Senior Notes Aggregate original principal $ 1,000 $ 625 Add: interest paid-in-kind 320 — Less: aggregate principal redeemed (844) — Aggregate remaining principal $ 476 $ 625 Debt component, net of discount and debt issuance costs $ 473 $ 318 Equity component $ 201 $ 194 Interest payment method Paid-in-kind Cash Conversion by us (1) — (2) Conversion by holders (1) (3) (4) Conversion basis Cash and/or stock Cash and/or stock Conversion value in excess of principal $ — $ — Maturity date May 28, 2021 March 15, 2045 Contractual interest rate 4.875 % 4.25 % Effective interest rate (5) 8.1 % 9.4 % Remaining debt discount and debt issuance costs amortization period (6) 0.2 years 24.0 years (1) Conversion is subject to various limitations and conditions, which have not been met as of the balance sheet date. (2) Redeemable at any time at a redemption price payable in cash equal to the accreted amount of the $625 million aggregate principal amount of 4.25% Convertible Senior Notes due 2045 (the “2045 Cheniere Convertible Senior Notes”) to be redeemed, plus accrued and unpaid interest, if any, to such redemption date. (3) Initially convertible at $93.64 (subject to adjustment upon the occurrence of certain specified events, which have not been met as of the balance sheet date), provided that the closing price of our common stock is greater than or equal to the conversion price on the conversion date. (4) Prior to December 15, 2044, convertible only under certain circumstances as specified in the indenture; thereafter, holders may convert their notes regardless of these circumstances. The conversion rate will initially equal 7.2265 shares of our common stock per $1,000 principal amount of the 2045 Cheniere Convertible Senior Notes, which corresponds to an initial conversion price of approximately $138.38 per share of our common stock (subject to adjustment upon the occurrence of certain specified events). (5) Rate to accrete the discounted carrying value of the convertible notes to the face value over the remaining amortization period. (6) We amortize any debt discount and debt issuance costs using the effective interest over the period through contractual maturity.
Schedule of Interest ExpenseTotal interest expense, net of capitalized interest, including interest expense related to our convertible notes, consisted of the following (in millions): Three Months Ended March 31, 2021 2020 Interest cost on convertible notes: Interest per contractual rate $ 12 $ 63 Amortization of debt discount 5 14 Amortization of debt issuance costs — 3 Total interest cost related to convertible notes 17 80 Interest cost on debt and finance leases excluding convertible notes 400 391 Total interest cost 417 471 Capitalized interest (61) (59) Total interest expense, net of capitalized interest $ 356 $ 412
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) $ 24,700 $ 27,229 $ 24,700 $ 27,897 Senior notes — Level 3 (2) 2,771 3,129 2,771 3,423 Credit facilities (3) 2,627 2,627 2,915 2,915 2021 Cheniere Convertible Unsecured Notes (2) 476 484 476 480 2045 Cheniere Convertible Senior Notes (4) 625 522 625 496 (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 our stock price and 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.

Leases (Tables)

Leases (Tables)3 Months Ended
Mar. 31, 2021
Leases [Abstract]
Schedule of Leases, Balance Sheet LocationThe following table shows the classification and location of our right-of-use assets and lease liabilities on our Consolidated Balance Sheets (in millions): March 31, December 31, Consolidated Balance Sheets Location 2021 2020 Right-of-use assets—Operating Operating lease assets $ 1,181 $ 759 Right-of-use assets—Financing Property, plant and equipment, net 52 53 Total right-of-use assets $ 1,233 $ 812 Current operating lease liabilities Current operating lease liabilities $ 251 $ 161 Current finance lease liabilities Other current liabilities 2 2 Non-current operating lease liabilities Non-current operating lease liabilities 928 597 Non-current finance lease liabilities Non-current finance lease liabilities 57 $ 57 Total lease liabilities $ 1,238 $ 817
Schedule of Lease Cost, Income Statement LocationThe following table shows the classification and location of our lease costs on our Consolidated Statements of Operations (in millions): Consolidated Statements of Operations Location Three Months Ended March 31, 2021 2020 Operating lease cost (a) Operating costs and expenses (1) $ 151 $ 141 Finance lease cost: Amortization of right-of-use assets Depreciation and amortization expense 1 1 Interest on lease liabilities Interest expense, net of capitalized interest 2 2 Total lease cost $ 154 $ 144 (a) Included in operating lease cost: Short-term lease costs $ 51 $ 35 Variable lease costs 2 5
Schedule of Maturity of Lease LiabilitiesFuture annual minimum lease payments for operating and finance leases as of March 31, 2021 are as follows (in millions): Years Ending December 31, Operating Leases (1) Finance Leases 2021 $ 233 $ 8 2022 253 10 2023 214 10 2024 192 10 2025 163 10 Thereafter 342 127 Total lease payments 1,397 175 Less: Interest (218) (116) Present value of lease liabilities $ 1,179 $ 59 (1) Does not include $1.1 billion of legally binding minimum lease payments primarily for vessel charters which were executed as of March 31, 2021 but will commence in future period primarily in the next year and have fixed minimum lease terms of up to seven years.
Lease, Other Quantitative InformationThe following table shows the weighted-average remaining lease term and the weighted-average discount rate for our operating leases and finance leases: March 31, 2021 December 31, 2020 Operating Leases Finance Leases Operating Leases Finance Leases Weighted-average remaining lease term (in years) 7.2 17.4 8.2 17.7 Weighted-average discount rate (1) 4.5% 16.2% 5.4% 16.2% (1) The finance leases commenced prior to the adoption of the current leasing standard under GAAP. In accordance with previous accounting guidance, the implied rate is based on the fair value of the underlying assets. The following table includes other quantitative information for our operating and finance leases (in millions): Three Months Ended March 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 97 $ 94 Operating cash flows from finance leases 2 2 Right-of-use assets obtained in exchange for operating lease liabilities 507 8
Schedule of Sublease IncomeThe following table shows the sublease income recognized in other revenues on our Consolidated Statements of Operations (in millions): Three Months Ended March 31, 2021 2020 Fixed income $ 3 $ 37 Variable income 1 15 Total sublease income $ 4 $ 52

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) $ 3,039 $ 2,404 Regasification revenues 67 67 Other revenues 20 22 Total revenues from customers 3,126 2,493 Net derivative gain (loss) (2) (40) 164 Other (3) 4 52 Total revenues $ 3,090 $ 2,709 (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 $53 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. (3) Includes revenues from LNG vessel subcharters. See Note 11—Leases for additional information about our subleases.
Contract AssetsThe following table shows our contract assets, net, which are classified as other current assets and other non-current assets, net on our Consolidated Balance Sheets (in millions): March 31, December 31, 2021 2020 Contract assets, net $ 94 $ 80
Contract LiabilitiesThe following table reflects the changes in our contract liabilities, which we classify as deferred revenue on our Consolidated Balance Sheets (in millions): Three Months Ended March 31, 2021 Deferred revenues, beginning of period $ 138 Cash received but not yet recognized in revenue 102 Revenue recognized from prior period deferral (138) Deferred revenues, end of period $ 102
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 Transaction Price (in billions) Weighted Average Recognition Timing (years) (1) Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1) LNG revenues $ 101.2 10 $ 102.3 10 Regasification revenues 2.1 5 2.1 5 Total revenues $ 103.3 $ 104.4 (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
Natural Gas Supply Agreement [Member]
Related Party Transaction [Line Items]
Schedule of Related Party TransactionsThe Liquefaction Supply Derivatives related to this agreement are recorded on our Consolidated Balance Sheets as follows (in millions, except notional amount): March 31, December 31, 2021 2020 Derivative assets $ 5 $ 3 Non-current derivative assets — 1 Notional amount (in TBtu) 55 60 We recorded the following amounts on our Consolidated Statements of Operations during the three months ended March 31, 2021 and 2020 related to this agreement (in millions): Three Months Ended March 31, 2021 2020 Cost of sales (a) $ 35 $ 23 (a) Included in costs of sales: Liquefaction Supply Derivative gain $ 1 $ 1

Share-Based Compensation (Table

Share-Based Compensation (Tables)3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Share-based Compensation Expense, NetTotal share-based compensation consisted of the following (in millions): Three Months Ended March 31, 2021 2020 Share-based compensation costs, pre-tax: Equity awards $ 33 $ 30 Liability awards 1 — Total share-based compensation 34 30 Capitalized share-based compensation (2) (1) Total share-based compensation expense $ 32 $ 29 Tax benefit associated with share-based compensation expense $ 25 $ 18

Net Income Per Share Attribut_2

Net Income Per Share Attributable to Common Stockholders (Tables)3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and DilutedThe following table reconciles basic and diluted weighted average common shares outstanding for the three months ended March 31, 2021 and 2020 (in millions, except per share data): Three Months Ended March 31, 2021 2020 Weighted average common shares outstanding: Basic 252.9 253.0 Dilutive unvested stock 1.5 1.1 Dilutive convertible securities 4.5 45.5 Diluted 258.9 299.6 Basic net income per share attributable to common stockholders $ 1.56 $ 1.48 Diluted net income per share attributable to common stockholders $ 1.54 $ 1.43
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per SharePotentially dilutive securities that were not included in the diluted net income per share computations because their effects would have been anti-dilutive were as follows (in millions): Three Months Ended March 31, 2021 2020 Unvested stock (1) 1.9 2.1 Convertible notes 2021 Cheniere Convertible Unsecured Notes (2) — — 11% Convertible Senior Secured Notes due 2025 (“2025 CCH HoldCo II Convertible Senior Notes”) (3) — — 2045 Cheniere Convertible Senior Notes — — Total potentially dilutive common shares 1.9 2.1 (1) Does not include 0.5 million shares and 0.7 million shares for the three months ended March 31, 2021 and 2020, respectively, of unvested stock because the performance conditions had not yet been satisfied as of the respective dates. (2) Since we have the intent and ability to settle the remaining outstanding principal amount of the 2021 Cheniere Convertible Unsecured Notes in cash and the excess conversion premium (the “conversion spread”) in either cash or shares, the treasury stock method was applied for calculating any potential dilutive effect of the conversion spread on net income per share for the three months ended March 31, 2021. However, since the average market price of our common stock did not exceed the conversion price of our 2021 Cheniere Convertible Unsecured Notes, the conversion spread was excluded from the computation of diluted net income per share for the three months ended March 31, 2021.

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 15% 20% 11% 14% Customer B 12% 12% 11% 12% Customer C 13% 12% 12% * Customer D * 14% * * * 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 on debt, net of amounts capitalized $ 211 $ 295 Cash paid for income taxes, net of refunds — 1

Organization and Nature of Oper

Organization and Nature of Operations (Details)3 Months Ended
Mar. 31, 2021mimilliontonnes / yrunititemtrains
Nature of Operations and Basis of Presentation [Line Items]
Number Of Natural Gas Liquefaction And Export Facilities | unit2
Sabine Pass LNG Terminal [Member]
Nature of Operations and Basis of Presentation [Line Items]
Number of Liquefaction LNG Trains Operating | trains5
Number of Liquefaction LNG Trains Constructing | trains1
Total Production Capability30
Number of LNG Storage Tanks | unit5
Number of Marine Berths Operating | item2
Number of Marine Berths Constructing | item1
Creole Trail Pipeline [Member]
Nature of Operations and Basis of Presentation [Line Items]
Length of Natural Gas Pipeline | mi94
Corpus Christi LNG Terminal [Member]
Nature of Operations and Basis of Presentation [Line Items]
Number of Liquefaction LNG Trains Operating | trains3
Total Production Capability15
Number of LNG Storage Tanks3
Number of Marine Berths Operating2
Corpus Christi Pipeline [Member]
Nature of Operations and Basis of Presentation [Line Items]
Length of Natural Gas Pipeline | mi23
Corpus Christi LNG Terminal Expansion [Member]
Nature of Operations and Basis of Presentation [Line Items]
Total Production Capability10
Corpus Christi LNG Terminal Expansion [Member] | Maximum [Member]
Nature of Operations and Basis of Presentation [Line Items]
Number of Liquefaction LNG Trains | trains7
Cheniere Partners [Member]
Nature of Operations and Basis of Presentation [Line Items]
General Partner ownership percentage100.00%
Limited Partner ownership percentage48.60%

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash $ 731 [1] $ 449
SPL Project [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash123 97
CCL Project [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash382 70
Cash held by our subsidiaries restricted to Cheniere [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash $ 226 $ 282
[1]Amounts presented include balances held by our consolidated variable interest entity (“VIE”), Cheniere Partners, as further discussed in Note 8— Non-controlling Interest and Variable Interest Entity. As of March 31, 2021, total assets and liabilities of Cheniere Partners, which are included in our Consolidated Balance Sheets, were $18.9 billion and $18.6 billion, respectively, including $1.2 billion of cash and cash equivalents and $0.1 billion of restricted cash.

Accounts and Other Receivable_2

Accounts and Other Receivables (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Accounts and Other Receivables [Line Items]
Other accounts receivable $ 79 $ 52
Total accounts and other receivables, net675 647
SPL and CCL
Accounts and Other Receivables [Line Items]
Trade receivables475 482
Cheniere Marketing
Accounts and Other Receivables [Line Items]
Trade receivables $ 121 $ 113

Inventory (Details)

Inventory (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Inventory [Line Items]
Inventory $ 314 $ 292
Materials [Member]
Inventory [Line Items]
Inventory158 150
LNG in-transit [Member]
Inventory [Line Items]
Inventory94 88
LNG [Member]
Inventory [Line Items]
Inventory42 27
Natural gas [Member]
Inventory [Line Items]
Inventory18 26
Other [Member]
Inventory [Line Items]
Inventory $ 2 $ 1

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 $ 30,409 $ 30,421
LNG terminal costs [Member]
Property, Plant and Equipment [Line Items]
Accumulated depreciation(3,161)(2,935)
Property, plant and equipment, net30,234 30,242
LNG terminal and interconnecting pipeline facilities [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross30,560 27,475
LNG site and related costs [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross324 324
LNG terminal construction-in-process [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross2,511 5,378
Fixed assets and other [Member]
Property, Plant and Equipment [Line Items]
Accumulated depreciation(170)(164)
Property, plant and equipment, net123 126
Computer and office equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross25 25
Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross20 19
Computer software [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross119 117
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross45 45
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross59 59
Other [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross25 25
Tug vessels under finance lease [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross60 60
Accumulated depreciation(8)(7)
Property, plant and equipment, net $ 52 $ 53

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 $ 234 $ 232
Offsets to LNG terminal costs[1] $ 191 $ 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 respective Trains of the Liquefaction Projects during the testing phase for its construction.

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Physical Liquefaction Supply Derivatives [Member] | Maximum [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Term of Contract15 years
Financial Liquefaction Supply Derivatives [Member] | Maximum [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Term of Contract3 years
LNG Trading Derivatives [Member] | Maximum [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Term of Contract2 years
FX Derivatives [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount $ 420 $ 786
FX Derivatives [Member] | Maximum [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Term of Contract1 year

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, Net151 240
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, Net7 5
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(5)(6)
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, Net149 241
LNG Trading Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net(173)(134)
LNG Trading 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 (3)
LNG Trading 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(155)(131)
LNG Trading 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(18)0
Physical LNG Trading Derivative [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(18)
FX Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net1 (22)
FX 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
FX 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, Net1 (22)
FX 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 $ 0 $ 0

Derivative Instruments - Fair_2

Derivative Instruments - Fair Value Inputs - Quantitative Information (Details) - Fair Value, Inputs, Level 3 [Member]3 Months Ended
Mar. 31, 2021USD ($)
Physical Liquefaction Supply Derivatives [Member]
Fair Value Measurement Inputs and Valuation Tecniques [Line Items]
Net Fair Value Asset (Liability) $ 149,000,000
Physical Liquefaction Supply Derivatives [Member] | Valuation, Market Approach [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Tecniques [Line Items]
Fair Value Inputs Basis Spread(0.577)[1]
Physical Liquefaction Supply Derivatives [Member] | Valuation, Market Approach [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Tecniques [Line Items]
Fair Value Inputs Basis Spread0.265 [1]
Physical Liquefaction Supply Derivatives [Member] | Valuation, Market Approach [Member] | Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Tecniques [Line Items]
Fair Value Inputs Basis Spread $ (0.014)[1]
Physical Liquefaction Supply Derivatives [Member] | Valuation Technique, Option Pricing Model [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Tecniques [Line Items]
Fair Value Inputs Basis Spread Percentage127.00%[1],[2]
Physical Liquefaction Supply Derivatives [Member] | Valuation Technique, Option Pricing Model [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Tecniques [Line Items]
Fair Value Inputs Basis Spread Percentage215.00%[1],[2]
Physical Liquefaction Supply Derivatives [Member] | Valuation Technique, Option Pricing Model [Member] | Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Tecniques [Line Items]
Fair Value Inputs Basis Spread Percentage160.00%[1],[2]
Physical LNG Trading Derivative [Member]
Fair Value Measurement Inputs and Valuation Tecniques [Line Items]
Net Fair Value Asset (Liability) $ (18,000,000)
Physical LNG Trading Derivative [Member] | Valuation Technique, Option Pricing Model [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Tecniques [Line Items]
Fair Value Inputs Basis Spread(2.664)
Physical LNG Trading Derivative [Member] | Valuation Technique, Option Pricing Model [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Tecniques [Line Items]
Fair Value Inputs Basis Spread3.188
Physical LNG Trading Derivative [Member] | Valuation Technique, Option Pricing Model [Member] | Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Tecniques [Line Items]
Fair Value Inputs Basis Spread $ 2.309
[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 Derivatives Activity (Details) - Physical Liquefaction Supply Derivatives and Physical LNG Trading Derivative - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Fair Value, Assets (Liabilities) Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period $ 241 $ 138
Realized and mark-to-market gains (losses):
Included in cost of sales(129)534
Purchases and settlements:
Purchases(14)1
Settlements33 0
Transfers into Level 3, net[1]0 1
Balance, end of period131 674
Change in unrealized gains (losses) relating to instruments still held at end of period $ (129) $ 534
[1]Transferred into Level 3 as a result of unobservable market for the underlying natural gas purchase agreements.

Derivative Instruments - Sche_2

Derivative Instruments - Schedule of Notional Amounts of Outstanding Derivative Positions (Details) $ in Billions3 Months Ended
Mar. 31, 2021USD ($)tbtuDec. 31, 2020USD ($)tbtu
CCH Interest Rate Derivatives [Member]
Derivative [Line Items]
Derivative, Notional Amount | $ $ 4.6 $ 4.6
Maturity DateMay 31,
2022
Weighted Average Fixed Interest Rate Paid2.30%
Liquefaction Supply Derivatives [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount[1]10,510 10,483
LNG Trading Derivatives [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount[1]19 20
[1]Includes notional amounts for natural gas supply contracts that SPL and CCL have with related parties. See Note 1 3 —Related Party Transactions .

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)
LNG Trading Derivatives [Member] | LNG Revenues [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss), net[1](62)140
LNG Trading Derivatives [Member] | Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss), net[1]28 (34)
Liquefaction Supply Derivatives [Member] | LNG Revenues [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss), net[1],[2]1 (1)
Liquefaction Supply Derivatives [Member] | Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss), net[1],[2](63)537
FX Derivatives [Member] | LNG Revenues [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss), net $ 21 $ 25
[1]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.
[2]Does not include the realized value associated with derivative instruments that settle through physical delivery.

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 $ 67 $ 32
Non-current derivative assets306 376
Total derivative assets373 408
Derivative liabilities(342)(313)
Non-current derivative liabilities(166)(151)
Total derivative liabilities(508)(464)
Derivative asset (liability), net(135)(56)
Derivative Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets67 32
Noncurrent Derivative Assets [Member]
Derivatives, Fair Value [Line Items]
Non-current derivative assets306 376
Derivative Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities(342)(313)
Non-current Derivative Liabilities [Member]
Derivatives, Fair Value [Line Items]
Non-current derivative liabilities(166)(151)
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 [Member]
Derivatives, Fair Value [Line Items]
Derivative assets0 0
CCH Interest Rate Derivatives [Member] | Noncurrent Derivative Assets [Member]
Derivatives, Fair Value [Line Items]
Non-current derivative assets0 0
CCH Interest Rate Derivatives [Member] | Derivative Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities(98)(100)
CCH Interest Rate Derivatives [Member] | Non-current Derivative Liabilities [Member]
Derivatives, Fair Value [Line Items]
Non-current derivative liabilities(16)(40)
Liquefaction Supply Derivatives [Member]
Derivatives, Fair Value [Line Items]
Total derivative assets[1]353 403
Total derivative liabilities[1](202)(163)
Derivative asset (liability), net[1]151 240
Derivative, collateral posted by us11 9
Liquefaction Supply Derivatives [Member] | Derivative Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets[1]47 27
Liquefaction Supply Derivatives [Member] | Noncurrent Derivative Assets [Member]
Derivatives, Fair Value [Line Items]
Non-current derivative assets[1]306 376
Liquefaction Supply Derivatives [Member] | Derivative Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities[1](52)(54)
Liquefaction Supply Derivatives [Member] | Non-current Derivative Liabilities [Member]
Derivatives, Fair Value [Line Items]
Non-current derivative liabilities[1](150)(109)
LNG Trading Derivatives [Member]
Derivatives, Fair Value [Line Items]
Total derivative assets[2]11 0
Total derivative liabilities[2](184)(134)
Derivative asset (liability), net[2](173)(134)
Derivative, collateral posted by us17 7
LNG Trading Derivatives [Member] | Derivative Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets[2]11 0
LNG Trading Derivatives [Member] | Noncurrent Derivative Assets [Member]
Derivatives, Fair Value [Line Items]
Non-current derivative assets[2]0 0
LNG Trading Derivatives [Member] | Derivative Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities[2](184)(134)
LNG Trading Derivatives [Member] | Non-current Derivative Liabilities [Member]
Derivatives, Fair Value [Line Items]
Non-current derivative liabilities[2]0 0
FX Derivatives [Member]
Derivatives, Fair Value [Line Items]
Total derivative assets9 5
Total derivative liabilities(8)(27)
Derivative asset (liability), net1 (22)
FX Derivatives [Member] | Derivative Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets9 5
FX Derivatives [Member] | Noncurrent Derivative Assets [Member]
Derivatives, Fair Value [Line Items]
Non-current derivative assets0 0
FX Derivatives [Member] | Derivative Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities(8)(25)
FX Derivatives [Member] | Non-current Derivative Liabilities [Member]
Derivatives, Fair Value [Line Items]
Non-current derivative liabilities $ 0 $ (2)
[1]Does not include collateral posted with counterparties by us of $11 million and $9 million, which are included in other current assets in our Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020, respectively. Includes derivative assets for natural gas supply contracts that SPL and CCL have with related parties. See Note 13—Related Party Transactions .
[2]Does not include collateral posted with counterparties by us of $17 million and $7 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
CCH Interest Rate Derivatives 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 Derivatives Asset [Member]
Derivative [Line Items]
Derivative Asset, Gross Amounts Recognized430 452
Derivative Asset, Gross Amounts Offset in the Consolidated Balance Sheets(77)(49)
Derivative Assets (Liabilities), at Fair Value, Net353 403
Liquefaction Supply Derivatives Liability [Member]
Derivative [Line Items]
Derivative Liability, Gross Amounts Recognized(224)(184)
Derivative Liability, Gross Amounts Offset in the Consolidated Balance Sheets22 21
Derivative Assets (Liabilities), at Fair Value, Net(202)(163)
LNG Trading Derivatives Asset [Member]
Derivative [Line Items]
Derivative Asset, Gross Amounts Recognized15 0
Derivative Asset, Gross Amounts Offset in the Consolidated Balance Sheets(4)0
Derivative Assets (Liabilities), at Fair Value, Net11 0
LNG Trading Derivatives Liability [Member]
Derivative [Line Items]
Derivative Liability, Gross Amounts Recognized(207)(163)
Derivative Liability, Gross Amounts Offset in the Consolidated Balance Sheets23 29
Derivative Assets (Liabilities), at Fair Value, Net(184)(134)
FX Derivatives Asset [Member]
Derivative [Line Items]
Derivative Asset, Gross Amounts Recognized14 6
Derivative Asset, Gross Amounts Offset in the Consolidated Balance Sheets(5)(1)
Derivative Assets (Liabilities), at Fair Value, Net9 5
FX Derivatives Liability [Member]
Derivative [Line Items]
Derivative Liability, Gross Amounts Recognized(28)(62)
Derivative Liability, Gross Amounts Offset in the Consolidated Balance Sheets20 35
Derivative Assets (Liabilities), at Fair Value, Net $ (8) $ (27)

Other Non-Current Assets - Sche

Other Non-Current Assets - Schedule of Non-Current Assets (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Other Assets, Noncurrent [Abstract]
Contract assets, net $ 90 $ 80
Advances made to municipalities for water system enhancements83 84
Equity method investments87 81
Advances and other asset conveyances to third parties to support LNG terminals70 60
Debt issuance costs and debt discount, net38 42
Advances made under EPC and non-EPC contracts26 9
Advance tax-related payments and receivables20 20
Other32 30
Other non-current assets, net $ 446 $ 406

Other Non-Current Assets - Equi

Other Non-Current Assets - Equity Method Investments (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)miDec. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Equity method investments $ 87 $ 81
Midship Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Length of Natural Gas Pipeline | mi200
Equity method investments $ 87 $ 80

Non-Controlling Interest and _3

Non-Controlling Interest and Variable Interest Entity (Details) - USD ($) shares in Millions, $ in Millions3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Noncontrolling Interest and Variable Interest Entity [Line Items]
Cash and cash equivalents $ 1,667 [1] $ 1,628
Restricted cash731 [1]449
Accounts and other receivables, net675 647
Other current assets120 121
Total current assets3,574 3,169
Property, plant and equipment, net30,409 30,421
Other non-current assets, net446 406
Total assets36,395 [1]35,697
Accrued liabilities1,263 1,175
Current debt1,105 372
Other current liabilities5 2
Total current liabilities3,152 2,196
Long-term debt, net29,465 30,471
Other non-current liabilities $ 7 7
Cheniere Partners [Member]
Noncontrolling Interest and Variable Interest Entity [Line Items]
Limited Partner ownership percentage48.60%
General Partner ownership percentage100.00%
Cheniere Partners [Member] | Common Units [Member]
Noncontrolling Interest and Variable Interest Entity [Line Items]
Partners Capital Account, Units, Units Held239.9
Cheniere Partners [Member]
Noncontrolling Interest and Variable Interest Entity [Line Items]
Cash and cash equivalents $ 1,219 1,210
Restricted cash123 97
Accounts and other receivables, net373 318
Other current assets178 182
Total current assets1,893 1,807
Property, plant and equipment, net16,734 16,723
Other non-current assets, net299 287
Total assets18,926 18,817
Accrued liabilities704 658
Current debt850 0
Other current liabilities149 171
Total current liabilities1,703 829
Long-term debt, net16,732 17,580
Other non-current liabilities131 126
Total liabilities $ 18,566 $ 18,535
[1]Amounts presented include balances held by our consolidated variable interest entity (“VIE”), Cheniere Partners, as further discussed in Note 8— Non-controlling Interest and Variable Interest Entity. As of March 31, 2021, total assets and liabilities of Cheniere Partners, which are included in our Consolidated Balance Sheets, were $18.9 billion and $18.6 billion, respectively, including $1.2 billion of cash and cash equivalents and $0.1 billion of restricted cash.

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Accrued Liabilities, Current [Abstract]
Interest costs and related debt fees $ 390 $ 245
Accrued natural gas purchases599 576
LNG terminals and related pipeline costs162 147
Compensation and benefits44 123
Accrued LNG inventory3 4
Other accrued liabilities65 80
Total accrued liabilities $ 1,263 $ 1,175

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, Net $ 29,465 $ 30,471
Total current debt1,105 372
Total Debt, Net30,570 30,843
Long Term Portion of Current Convertible Debt372
Long-term Debt [Member]
Debt Instrument [Line Items]
Unamortized premium, discount and debt issuance costs, net(624)(641)
Current Debt [Member]
Debt Instrument [Line Items]
Unamortized premium, discount and debt issuance costs, net(5)(3)
2022 SPL Senior Notes [Member]
Debt Instrument [Line Items]
Long Term Portion of Current Senior Notes147
CCH Working Capital Facility [Member]
Debt Instrument [Line Items]
Current debt $ 0
2021 Cheniere Convertible Unsecured Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage4.875%
Aggregate principal amount $ 1,000
2.95% 2037 SPL Senior Secured Notes
Debt Instrument [Line Items]
Aggregate principal amount147
SPL [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross12,797 13,650
Current portion of senior secured notes[1] $ 853 0
SPL [Member] | Senior Notes [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage4.20%
SPL [Member] | Senior Notes [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage6.25%
SPL [Member] | 2022 SPL Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage6.25%
SPL [Member] | 2.95% 2037 SPL Senior Secured Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage2.95%
Cheniere Partners [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross $ 4,100 4,100
Total current debt $ 850 0
Cheniere Partners [Member] | Senior Notes [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage4.00%
Cheniere Partners [Member] | Senior Notes [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage5.625%
CCH [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross $ 10,195 10,217
Current debt $ 153 271
CCH [Member] | Senior Notes [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage3.52%
CCH [Member] | Senior Notes [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage7.00%
CCH [Member] | CCH Working Capital Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity $ 1,200
Cheniere Marketing
Debt Instrument [Line Items]
Current debt0 0
Cheniere [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross2,997 3,145
Current portion of convertible notes[2] $ 104 $ 104
Cheniere [Member] | 2028 Cheniere Senior Secured Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage4.625%
Cheniere [Member] | 2021 Cheniere Convertible Unsecured Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage4.875%
[1]$147 million of the 2022 SPL Senior Notes is categorized as long-term debt because the proceeds from the expected sale of approximately $147 million aggregate principal amount of 2.95% Senior Secured Notes due 2037, expected to be issued in the second half of 2021 pursuant to a note purchase agreement entered into by SPL in February 2021, are expected to be used to refinance a portion of 2022 SPL Senior Notes.
[2]$372 million of the 2021 Cheniere Convertible Unsecured Notes is categorized as long-term debt because the remaining available commitments under the Cheniere Term Loan Facility are expected to be used to repay and/or repurchase a portion of the remaining outstanding principal amount of the 2021 Cheniere Convertible Unsecured Notes.

Debt - Schedule of Issuances an

Debt - Schedule of Issuances and Repayments (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Debt Instrument [Line Items]
Repayments of Debt $ 1,648
Debt modification and extinguishment costs $ (55) $ (1)
Cheniere Partners [Member] | 2031 CQP Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage4.00%
Aggregate principal amount[1] $ 1,500
Cheniere Partners [Member] | 2025 CQP Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage5.25%
Repayments of Debt[1] $ 1,500
Debt modification and extinguishment costs54
Cheniere [Member] | Cheniere Term Loan Facility [Member]
Debt Instrument [Line Items]
Repayments of Debt $ 148
[1]Proceeds of the 2031 CQP Senior Notes, together with cash on hand, were used to redeem all of CQP’s outstanding 2025 CQP Senior Notes, resulting in the recognition of debt extinguishment costs of $54 million for the three months ended March 31, 2021 relating to the payment of early redemption fees and write off of unamortized debt premium and issuance costs.

Debt - Credit Facilities Table

Debt - Credit Facilities Table (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)Rate
2020 SPL Working Capital Facility [Member]
Line of Credit Facility [Line Items]
Original facility size $ 1,200 [1]
Incremental commitments0 [1]
Outstanding balance0 [1]
Commitments prepaid or terminated0 [1]
Letters of credit issued413 [1]
Available commitment $ 787 [1]
Debt Instrument, Description of Variable Rate BasisLIBOR or base rate
Maturity dateMar. 19,
2025
[1]
2020 SPL Working Capital Facility [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage0.10%
2020 SPL Working Capital Facility [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage0.30%
2020 SPL Working Capital Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate1.125%
2020 SPL Working Capital Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate1.75%
2020 SPL Working Capital Facility [Member] | Base Rate [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate0.125%
2020 SPL Working Capital Facility [Member] | Base Rate [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate0.75%
2019 CQP Credit Facilities [Member]
Line of Credit Facility [Line Items]
Original facility size $ 1,500
Incremental commitments0
Outstanding balance0
Commitments prepaid or terminated750
Letters of credit issued0
Available commitment $ 750
Debt Instrument, Description of Variable Rate BasisLIBOR or base rate
Maturity dateMay 29,
2024
2019 CQP Credit Facilities [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate1.25%
2019 CQP Credit Facilities [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate2.125%
2019 CQP Credit Facilities [Member] | Base Rate [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate0.25%
2019 CQP Credit Facilities [Member] | Base Rate [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate1.125%
CCH Credit Facility [Member]
Line of Credit Facility [Line Items]
Original facility size $ 8,404
Incremental commitments1,566
Outstanding balance2,627
Commitments prepaid or terminated7,343
Letters of credit issued0
Available commitment $ 0
Debt Instrument, Description of Variable Rate BasisLIBOR or base rate
Weighted average interest rate on current debt1.86%
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 Rate | Rate1.75%
CCH Credit Facility [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate0.75%
CCH Working Capital Facility [Member]
Line of Credit Facility [Line Items]
Original facility size $ 350
Incremental commitments850
Outstanding balance - current0
Commitments prepaid or terminated0
Letters of credit issued293
Available commitment $ 907
Debt Instrument, Description of Variable Rate BasisLIBOR or 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 Rate | 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 Rate | Rate1.75%
CCH Working Capital Facility [Member] | Base Rate [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate0.25%
CCH Working Capital Facility [Member] | Base Rate [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate0.75%
Cheniere Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Original facility size $ 750
Incremental commitments500
Outstanding balance0
Commitments prepaid or terminated0
Letters of credit issued0
Available commitment $ 1,250
Debt Instrument, Description of Variable Rate BasisLIBOR or base rate
Maturity dateDec. 13,
2022
Cheniere Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate1.75%
Cheniere Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate2.50%
Cheniere Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate0.75%
Cheniere Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate1.50%
Cheniere Term Loan Facility [Member]
Line of Credit Facility [Line Items]
Original facility size $ 2,620 [2]
Incremental commitments75 [2]
Outstanding balance0 [2]
Commitments prepaid or terminated2,323 [2]
Letters of credit issued0 [2]
Available commitment $ 372 [2]
Debt Instrument, Description of Variable Rate BasisLIBOR or base rate
Maturity dateJun. 18,
2023
[2]
Line of Credit Facility, Commitment Fee Percentage30.00%
Cheniere Term Loan Facility [Member] | First Anniversary of Closing Date [Member]
Line of Credit Facility [Line Items]
Debt Instrument Duration Fee0.25%
Cheniere Term Loan Facility [Member] | Second Anniversary of Closing Date [Member]
Line of Credit Facility [Line Items]
Debt Instrument Duration Fee0.50%
Cheniere Term Loan Facility [Member] | Year 1 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate2.00%
Cheniere Term Loan Facility [Member] | Year 1 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate2.75%
Cheniere Term Loan Facility [Member] | Year 1 [Member] | Base Rate [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate1.00%
Cheniere Term Loan Facility [Member] | Year 1 [Member] | Base Rate [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate1.75%
Cheniere Term Loan Facility [Member] | Year 2 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate2.50%
Cheniere Term Loan Facility [Member] | Year 2 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate3.25%
Cheniere Term Loan Facility [Member] | Year 2 [Member] | Base Rate [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate1.50%
Cheniere Term Loan Facility [Member] | Year 2 [Member] | Base Rate [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate2.25%
Cheniere Term Loan Facility [Member] | Year 3 through maturity [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate3.00%
Cheniere Term Loan Facility [Member] | Year 3 through maturity [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate3.75%
Cheniere Term Loan Facility [Member] | Year 3 through maturity [Member] | Base Rate [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate2.00%
Cheniere Term Loan Facility [Member] | Year 3 through maturity [Member] | Base Rate [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate2.75%
[1]The 2020 SPL Working Capital Facility contains customary conditions precedent for extensions of credit, as well as customary affirmative and negative covenants. SPL pays a commitment fee equal to an annual rate of 0.1% to 0.3% (depending on the then-current rating of SPL), which accrues on the daily amount of the total commitment less the sum of (1) the outstanding principal amount of loans, (2) letters of credit issued and (3) the outstanding principal amount of swing line loans.
[2]Borrowings under the Cheniere Term Loan Facility are subject to customary conditions precedent. The remaining commitments under the Cheniere Term Loan Facility are expected to be used to repay and/or repurchase a portion of the remaining principal amount of the 2021 Cheniere Convertible Unsecured Notes and for the payment of related fees and expenses. We pay a commitment fee equal to 30% of the margin for LIBOR loans multiplied by the average daily amount of undrawn commitments. If the Cheniere Term Loan Facility is still outstanding on the first anniversary of the Closing Date, as defined by the credit agreement, we will pay duration fees in an amount equal to 0.25% of the aggregate amount of commitments as of July 10, 2020, which was the date the loans were first borrowed under the Cheniere Term Loan Facility (the “Payment Date”). Furthermore, if the Cheniere Term Loan Facility is still outstanding on the second anniversary of the Closing Date, as defined by the credit agreement, we will pay 0.50% of the aggregate amount of commitments as of the Payment Date. Annual administrative fees must also be paid to the administrative agent for the Cheniere Term Loan Facility. Subject to customary exceptions, we are required to make mandatory prepayments with respect to the Cheniere Term Loan Facility using the net proceeds of certain events on a pro rata basis and on terms consistent with required prepayments under the Cheniere Revolving Credit Facility.

Debt - Convertible Notes Table

Debt - Convertible Notes Table (Details)3 Months Ended
Mar. 31, 2021USD ($)$ / sharesMar. 31, 2020USD ($)
Debt Instrument [Line Items]
Interest paid-in-kind $ 8,000,000 $ 17,000,000
2021 Cheniere Convertible Unsecured Notes [Member]
Debt Instrument [Line Items]
Aggregate original principal1,000,000,000
Interest paid-in-kind320,000,000
Aggregate principal redeemed(844,000,000)
Aggregate Remaining Principal, Convertible Debt476,000,000
Debt component, net of discount and debt issuance costs473,000,000
Equity component201,000,000
Conversion value in excess of principal $ 0
Maturity dateMay 28,
2021
Contractual interest rate4.875%
Effective interest rate[1]8.10%
Remaining debt discount and debt issuance costs amortization period[2]2 months 12 days
Debt Instrument, Convertible, Conversion Price | $ / shares $ 93.64
2045 Cheniere Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Aggregate original principal $ 625,000,000
Interest paid-in-kind0
Aggregate principal redeemed0
Aggregate Remaining Principal, Convertible Debt625,000,000
Debt component, net of discount and debt issuance costs318,000,000
Equity component194,000,000
Conversion value in excess of principal $ 0
Maturity dateMar. 15,
2045
Contractual interest rate4.25%
Effective interest rate[1]9.40%
Remaining debt discount and debt issuance costs amortization period[2]24 years
Debt Instrument, Convertible, Conversion Price | $ / shares $ 138.38
Debt Instrument, Convertible, Conversion Ratio7.2265
[1]Rate to accrete the discounted carrying value of the convertible notes to the face value over the remaining amortization period.
[2]We amortize any debt discount and debt issuance costs using the effective interest over the period through contractual maturity.

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Debt Instrument [Line Items]
Total interest cost $ 417 $ 471
Capitalized interest(61)(59)
Total interest expense, net of capitalized interest356 412
Convertible Debt [Member]
Debt Instrument [Line Items]
Interest per contractual rate12 63
Amortization of debt discount5 14
Amortization of debt issuance costs0 3
Total interest cost17 80
Debt and Finance Leases Excluding Convertible Debt [Member]
Debt Instrument [Line Items]
Total interest cost $ 400 $ 391

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]
Carrying Amount, Debt $ 30,570 $ 30,843
Senior Notes [Member] | Carrying Amount [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount, Debt[1]24,700 24,700
Senior Notes [Member] | Carrying Amount [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount, Debt[2]2,771 2,771
Senior Notes [Member] | Estimated Fair Value [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Estimated Fair Value[1]27,229 27,897
Senior Notes [Member] | Estimated Fair Value [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Estimated Fair Value[2]3,129 3,423
Line of Credit [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount, Debt[3]2,627 2,915
Line of Credit [Member] | Estimated Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Lines of Credit, Fair Value Disclosure[3]2,627 2,915
2021 Cheniere Convertible Unsecured Notes [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount, Debt[2]476 476
2021 Cheniere Convertible Unsecured Notes [Member] | Estimated Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Debt, Estimated Fair Value[2]484 480
2045 Cheniere Convertible Senior Notes [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount, Debt[4]625 625
2045 Cheniere Convertible Senior Notes [Member] | Estimated Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Debt, Estimated Fair Value[4] $ 522 $ 496
[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 our stock price and 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.
[4]The Level 1 estimated fair value was based on unadjusted quoted prices in active markets for identical liabilities that we had the ability to access at the measurement date.

Leases - Balance Sheet Location

Leases - Balance Sheet Location Table (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Right-of-use assets—Operating $ 1,181 $ 759
Total right-of-use assets1,233 812
Current operating lease liabilities251 161
Non-current operating lease liabilities928 597
Non-current finance lease liabilities57 57
Total lease liabilities1,238 817
Operating lease assets, net [Member]
Lessee, Lease, Description [Line Items]
Right-of-use assets—Operating1,181 759
Property, plant and equipment, net [Member]
Lessee, Lease, Description [Line Items]
Right-of-use assets—Financing52 53
Current operating lease liabilities [Member]
Lessee, Lease, Description [Line Items]
Current operating lease liabilities251 161
Other current liabilities [Member]
Lessee, Lease, Description [Line Items]
Current finance lease liabilities2 2
Non-current operating lease liabilities [Member]
Lessee, Lease, Description [Line Items]
Non-current operating lease liabilities928 597
Non-current finance lease liabilities [Member]
Lessee, Lease, Description [Line Items]
Non-current finance lease liabilities $ 57 $ 57

Leases - Income Statement Locat

Leases - Income Statement Location Table (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Finance lease cost:
Total lease cost $ 154 $ 144
Operating costs and expenses [Member]
Lessee, Lease, Description [Line Items]
Operating lease cost[1]151 141
Finance lease cost:
Short-term lease costs51 35
Variable lease costs paid to the lessor2 5
Depreciation and amortization expense [Member]
Finance lease cost:
Amortization of right-of-use assets1 1
Interest expense, net of capitalized interest [Member]
Finance lease cost:
Interest on lease liabilities $ 2 $ 2
[1]Presented in cost of sales, operating and maintenance expense or selling, general and administrative expense consistent with the nature of the asset under lease.

Leases - Future Minimum Payment

Leases - Future Minimum Payments Table (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)
Operating Leases, Future Minimum Payments
2021 $ 233 [1]
2022253 [1]
2023214 [1]
2024192 [1]
2025163 [1]
Thereafter342 [1]
Total lease payments1,397 [1]
Less: Interest(218)[1]
Present value of lease liabilities1,179 [1]
Finance Leases, Future Minimum Payments
20218
202210
202310
202410
202510
Thereafter127
Total lease payments175
Less: Interest(116)
Present value of lease liabilities59
Operating Lease, Lease Not yet Commenced, Payments Due $ 1,100
Lessee, Operating Lease, Lease Not yet Commenced, Period Until Commencement1 year
Maximum [Member]
Finance Leases, Future Minimum Payments
Operating Leases, Lease Not yet Commenced, Term of Contract7 years
[1]Does not include $1.1 billion of legally binding minimum lease payments primarily for vessel charters which were executed as of March 31, 2021 but will commence in future period primarily in the next year and have fixed minimum lease terms of up to seven years.

Leases - Other Quantitative Inf

Leases - Other Quantitative Information (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Operating Leases
Weighted-average remaining lease term7 years 2 months 12 days8 years 2 months 12 days
Weighted-average discount rate[1]4.50%5.40%
Finance Leases
Weighted-average remaining lease term17 years 4 months 24 days17 years 8 months 12 days
Weighted-average discount rate[1]16.20%16.20%
Operating cash flows from operating leases $ 97 $ 94
Operating cash flows from finance leases2 2
Right-of-use assets obtained in exchange for operating lease liabilities $ 507 $ 8
[1]The finance leases commenced prior to the adoption of the current leasing standard under GAAP. In accordance with previous accounting guidance, the implied rate is based on the fair value of the underlying assets.

Leases - Subleases (Details)

Leases - Subleases (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Leases [Abstract]
Sublease payments to be received $ 0 $ 0
Sublease Income, Fixed3 $ 37
Sublease Income, Variable1 15
Sublease Income, Total $ 4 $ 52

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, Percentage51.00%42.00%
Regasification [Member]
Disaggregation of Revenue [Line Items]
Revenue, Variable Consideration Received From Customers, Percentage3.00%3.00%

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 $ 3,126 $ 2,493
Net derivative gains (losses)[1](40)164
Other revenues[2]4 52
Total revenues3,090 2,709
LNG [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers[3]3,039 2,404
Total revenues2,999 2,568
Suspension Fees and LNG Cover Damages Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers0 53
Regasification [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers67 67
Other [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers20 22
Total revenues $ 24 $ 74
[1]See Note 6—Derivative Instruments for additional information about our derivatives.
[2]Includes revenues from LNG vessel subcharters. See Note 11—Leases for additional information about our subleases.
[3]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 $53 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 and Liabilities (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract assets, net $ 94 $ 80
Change In Contract With Customer, Liability [Roll Forward]
Deferred revenues, beginning of period138
Cash received but not yet recognized in revenue102
Revenue recognized from prior period deferral(138)
Deferred revenues, end of period $ 102

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 $ 104.4
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 $ 103.3
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 $ 102.3
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 $ 101.2
Weighted Average Recognition Timing[1]10 years
Regasification [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 $ 2.1
Weighted Average Recognition Timing[1]5 years
Regasification [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 $ 2.1
Weighted Average Recognition Timing[1]5 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 - Na

Related Party Transactions - Narrative (Details)3 Months Ended
Mar. 31, 2021USD ($)tbtuMar. 31, 2020USD ($)Dec. 31, 2020USD ($)tbtu
Related Party Transaction [Line Items]
Operating and maintenance expense $ 322,000,000 $ 316,000,000
Accrued liabilities1,263,000,000 $ 1,175,000,000
Revenues3,090,000,000 2,709,000,000
Accounts and other receivables, net675,000,000 $ 647,000,000
Other [Member]
Related Party Transaction [Line Items]
Revenues $ 24,000,000 74,000,000
SPL [Member] | Natural Gas Supply Agreement [Member]
Related Party Transaction [Line Items]
Related Party Agreement Term5 years
Derivative, Nonmonetary Notional Amount | tbtu91 91
Derivative Assets (Liabilities), at Fair Value, Net $ 0 $ 0
CCL [Member] | Natural Gas Supply Agreement [Member]
Related Party Transaction [Line Items]
Accrued liabilities $ 13,000,000 13,000,000
Sabine Pass Liquefaction LLC and Cheniere Creole Trail Pipeline LP [Member] | Natural Gas Transportation and Storage Agreements [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Related Party Agreement Term10 years
Operating and maintenance expense $ 10,000,000
Accrued liabilities3,000,000 4,000,000
Cheniere LNG O&M Services, LLC [Member] | Operation and Maintenance Agreement [Member]
Related Party Transaction [Line Items]
Accounts and other receivables, net1,000,000 $ 2,000,000
Cheniere LNG O&M Services, LLC [Member] | Operation and Maintenance Agreement [Member] | Other [Member]
Related Party Transaction [Line Items]
Revenues $ 2,000,000 $ 3,000,000

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)tbtuMar. 31, 2020USD ($)Dec. 31, 2020USD ($)tbtu
Related Party Transaction [Line Items]
Derivative assets $ 67 $ 32
Non-current derivative assets306 $ 376
Cost of sales $ 1,386 $ 724
Liquefaction Supply Derivatives [Member]
Related Party Transaction [Line Items]
Derivative, Nonmonetary Notional Amount | tbtu[1]10,510 10,483
CCL [Member] | Natural Gas Supply Agreement [Member]
Related Party Transaction [Line Items]
Cost of sales $ 35 23
CCL [Member] | Natural Gas Supply Agreement [Member] | Liquefaction Supply Derivatives [Member]
Related Party Transaction [Line Items]
Derivative assets5 $ 3
Non-current derivative assets $ 0 $ 1
Derivative, Nonmonetary Notional Amount | tbtu55 60
Liquefaction Supply Derivative gain $ 1 $ 1
[1]Includes notional amounts for natural gas supply contracts that SPL and CCL have with related parties. See Note 1 3 —Related Party Transactions .

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income tax provision (benefit) $ 89 $ 131
Effective Income Tax Rate13.50%17.80%
U.S. corporate income tax rate21.00%21.00%
Income tax expense as a result of one-time discrete event $ 38

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) shares in Millions3 Months Ended
Mar. 31, 2021shares
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award, Award Vesting Period, Vests Ratably Over Service Period3 years
Performance Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award Vesting Period, Cliff Vesting3 years
Performance Units [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Target Amount Earned Upon Vesting If Threshold Performance is Met0.00%
Performance Units [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Target Amount Earned Upon Vesting If Threshold Performance is Met300.00%
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Granted0.2
2020 Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Granted1.5
2020 Incentive Plan [Member] | Performance Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Granted0.3

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Share-Based Compensation (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation $ 34 $ 30
Capitalized share-based compensation(2)(1)
Share-based Payment Arrangement, Expense32 29
Tax benefit associated with share-based compensation expense25 18
Equity Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation33 30
Liability Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation $ 1 $ 0

Net Income Per Share Attribut_3

Net Income Per Share Attributable to Common Stockholders (Details) - $ / shares shares in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted average number of common shares outstanding, basic252.9 253
Dilutive Unvested Stock1.5 1.1
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities4.5 45.5
Weighted Average Number of Shares Outstanding, Diluted258.9 299.6
Net income per share attributable to common stockholders—basic (1)[1] $ 1.56 $ 1.48
Diluted net income per share attributable to common stockholders[1] $ 1.54 $ 1.43
Antidilutive securities excluded from computation of earnings per share1.9 2.1
Unvested stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share[2]1.9 2.1
2021 Cheniere Convertible Notes [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share[3]0 0
2025 CCH HoldCo II Convertible Notes [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share[4]0 0
2045 Cheniere Convertible Senior Notes [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share0 0
Restricted Stock With Unsatisfied Performance Conditions [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share0.5 0.7
[1]Earnings per share in the table may not recalculate exactly due to rounding because it is calculated based on whole numbers, not the rounded numbers presented.
[2]Does not include 0.5 million shares and 0.7 million shares for the three months ended March 31, 2021 and 2020, respectively, of unvested stock because the performance conditions had not yet been satisfied as of the respective dates.
[3]Since we have the intent and ability to settle the remaining outstanding principal amount of the 2021 Cheniere Convertible Unsecured Notes in cash and the excess conversion premium (the “conversion spread”) in either cash or shares, the treasury stock method was applied for calculating any potential dilutive effect of the conversion spread on net income per share for the three months ended March 31, 2021. However, since the average market price of our common stock did not exceed the conversion price of our 2021 Cheniere Convertible Unsecured Notes, the conversion spread was excluded from the computation of diluted net income per share for the three months ended March 31, 2021.
[4]Since we redeemed the remaining principal amount of the 2025 CCH HoldCo II Convertible Senior Notes and the related premium in cash in July 2020, the 2025 CCH HoldCo II Convertible Senior Notes were not included in the computation of diluted net income per share for the three months ended March 31, 2021.

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, Percentage15.00%20.00%
Customer A [Member] | Accounts Receivable, Net and Contract Assets, Net from External Customers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage11.00%14.00%
Customer B [Member] | Total Revenues from External Customers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage12.00%12.00%
Customer B [Member] | Accounts Receivable, Net and Contract Assets, Net from External Customers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage11.00%12.00%
Customer C [Member] | Total Revenues from External Customers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage13.00%12.00%
Customer C [Member] | Accounts Receivable, Net and Contract Assets, Net from External Customers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage12.00%
Customer D [Member] | Total Revenues from External Customers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage14.00%

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 on debt, net of amounts capitalized $ 211 $ 295
Cash paid for income taxes, net of refunds0 1
Balance in property, plant and equipment, net funded with accounts payable and accrued liabilities $ 360 $ 255