Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-16383 | |
Entity Registrant Name | CHENIERE ENERGY, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 95-4352386 | |
Entity Address, Address Line One | 700 Milam Street | |
Entity Address, Address Line Two | Suite 1900 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77002 | |
City Area Code | 713 | |
Local Phone Number | 375-5000 | |
Title of 12(b) Security | Common Stock, $ 0.003 par value | |
Trading Symbol | LNG | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 253,588,453 | |
Entity Central Index Key | 0000003570 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Revenues | |||||
Revenues | $ 3,200 | $ 1,460 | $ 9,307 | $ 6,571 | |
Revenues from contracts with customers | 4,259 | 1,421 | 10,773 | 6,338 | |
Operating costs and expenses | |||||
Cost of sales (excluding items shown separately below) | 4,868 | 768 | 8,408 | 2,295 | |
Operating and maintenance expense | 350 | 317 | 1,057 | 988 | |
Development expense | 2 | 0 | 5 | 5 | |
Selling, general and administrative expense | 70 | 70 | 224 | 224 | |
Depreciation and amortization expense | 259 | 233 | 753 | 699 | |
Impairment expense and loss on disposal of assets | 1 | 0 | 0 | 5 | |
Total operating costs and expenses | 5,550 | 1,388 | 10,447 | 4,216 | |
Income (loss) from operations | (2,350) | 72 | (1,140) | 2,355 | |
Other expense | |||||
Interest expense, net of capitalized interest | (364) | (355) | (1,088) | (1,174) | |
Loss on modification or extinguishment of debt | (36) | (171) | (95) | (215) | |
Interest rate derivative loss, net | 3,500 | 4,200 | |||
Other expense, net | (24) | (129) | (14) | (115) | |
Total other expense | (426) | (655) | (1,200) | (1,737) | |
Income (loss) before income taxes and non-controlling interest | (2,776) | (583) | (2,340) | 618 | |
Less: income tax provision (benefit) | (1,860) | (75) | (1,864) | 119 | |
Net income (loss) | (916) | (508) | (476) | 499 | |
Less: net income (loss) attributable to non-controlling interest | 168 | (45) | 544 | 390 | |
Net income (loss) attributable to common stockholders | $ (1,084) | $ (463) | $ (1,020) | $ 109 | |
Net income (loss) per share attributable to common stockholders—basic and diluted | $ (4.27) | $ (1.84) | $ (4.03) | $ 0.43 | |
Weighted average number of common shares outstanding—basic | 253.6 | 252.2 | 253.3 | 252.5 | |
Weighted average number of common shares outstanding—diluted | 253.6 | 252.2 | 253.3 | 253.2 | |
Interest Rate Derivatives [Member] | |||||
Other expense | |||||
Interest rate derivative loss, net | $ (2) | $ 0 | $ (3) | $ (233) | |
LNG [Member] | |||||
Revenues | |||||
Revenues | 3,078 | 1,373 | 8,990 | 6,236 | |
Revenues from contracts with customers | [1] | 4,169 | 1,344 | 10,505 | 6,088 |
Regasification [Member] | |||||
Revenues | |||||
Revenues from contracts with customers | 68 | 67 | 202 | 202 | |
Other [Member] | |||||
Revenues | |||||
Revenues | 54 | 20 | 115 | 133 | |
Revenues from contracts with customers | $ 22 | $ 10 | $ 66 | $ 48 | |
[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 and nine months ended September 30, 2020, we recognized $171 million and $932 million, respectively, in LNG revenues associated with LNG cargoes for which customers notified us that they would not take delivery, of which $47 million would have been recognized subsequent to September 30, 2020 had the cargoes been lifted pursuant to the delivery schedules with the customers. LNG revenues during the three months ended September 30, 2021 and 2020 excluded zero and $458 million, respectively, and LNG revenues during the nine months ended September 30, 2021 and 2020 excluded $38 million and zero, respectively, that would have otherwise been recognized during the period if the cargoes were lifted pursuant to the delivery schedules with the customers. We did not have revenues associated with LNG cargoes for which customers notified us that they would not take delivery during the three and nine months ended September 30, 2021. Revenue is generally recognized upon receipt of irrevocable notice that a customer will not take delivery because our customers have no contractual right to take delivery of such LNG cargo in future periods and our performance obligations with respect to such LNG cargo have been satisfied. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Current assets | |||
Cash and cash equivalents | $ 2,203 | [1] | $ 1,628 |
Restricted cash | 419 | [1] | 449 |
Accounts and other receivables, net of current expected credit losses | 983 | 647 | |
Inventory | 471 | 292 | |
Current derivative assets | 266 | 32 | |
Margin deposits | 336 | 25 | |
Other current assets | 185 | 96 | |
Total current assets | 4,863 | 3,169 | |
Property, plant and equipment, net of accumulated depreciation | 30,318 | 30,421 | |
Operating lease assets | 2,064 | 759 | |
Derivative assets | 71 | 376 | |
Goodwill | 77 | 77 | |
Deferred tax assets | 2,361 | 489 | |
Other non-current assets, net | 425 | 406 | |
Total assets | 40,179 | [1] | 35,697 |
Current liabilities | |||
Accounts payable | 73 | 35 | |
Accrued liabilities | 1,787 | 1,175 | |
Current debt, net of discount and debt issuance costs | 1,047 | 372 | |
Deferred revenue | 187 | 138 | |
Current operating lease liabilities | 458 | 161 | |
Current derivative liabilities | 1,979 | 313 | |
Other current liabilities | 129 | 2 | |
Total current liabilities | 5,660 | 2,196 | |
Long-term debt, net of premium, discount and debt issuance costs | 29,481 | 30,471 | |
Operating lease liabilities | 1,590 | 597 | |
Finance lease liabilities | 57 | 57 | |
Derivative liabilities | 2,158 | 151 | |
Other non-current liabilities | 20 | 7 | |
Stockholders’ equity | |||
Preferred stock, $0.0001 par value, 5.0 million shares authorized, none issued | 0 | 0 | |
Common stock, $0.003 par value, 480.0 million shares authorized; 275.1 million shares and 273.1 million shares issued at September 30, 2021 and December 31, 2020, respectively | 1 | 1 | |
Treasury stock: 21.6 million shares and 20.8 million shares at September 30, 2021 and December 31, 2020, respectively, at cost | (924) | (872) | |
Additional paid-in-capital | 4,364 | 4,273 | |
Accumulated deficit | (4,698) | (3,593) | |
Total stockholders' deficit | (1,257) | (191) | |
Non-controlling interest | 2,470 | 2,409 | |
Total equity | 1,213 | 2,218 | |
Total liabilities and stockholders’ equity | $ 40,179 | [1] | $ 35,697 |
[1] | Amounts presented include balances held by our consolidated variable interest entity (“VIE”), Cheniere Partners, as further discussed in Note 7 — Non-controlling Interest and Variable Interest Entity. As of September 30, 2021, total assets and liabilities of Cheniere Partners, which are included in our Consolidated Balance Sheets, were $19.6 billion and $19.3 billion, respectively, including $1.7 billion of cash and cash equivalents and $0.1 billion of restricted cash. |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parentheticals - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Assets | $ 40,179 | [1] | $ 35,697 |
Cash and cash equivalents | 2,203 | [1] | 1,628 |
Restricted cash | $ 419 | [1] | $ 449 |
Preferred Stock, Par Value | $ 0.0001 | $ 0.0001 | |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | |
Preferred Stock, Shares Issued | 0 | 0 | |
Common Stock, Par Value Per Share | $ 0.003 | $ 0.003 | |
Common stock, Shares Authorized | 480,000,000 | 480,000,000 | |
Common Stock, Shares, Issued | 275,100,000 | 273,100,000 | |
Treasury Stock, Shares | 21,600,000 | 20,800,000 | |
Cheniere Partners [Member] | |||
Assets | $ 19,601 | $ 18,817 | |
Liabilities | 19,275 | 18,535 | |
Cash and cash equivalents | 1,713 | 1,210 | |
Restricted cash | $ 133 | $ 97 | |
[1] | Amounts presented include balances held by our consolidated variable interest entity (“VIE”), Cheniere Partners, as further discussed in Note 7 — Non-controlling Interest and Variable Interest Entity. As of September 30, 2021, total assets and liabilities of Cheniere Partners, which are included in our Consolidated Balance Sheets, were $19.6 billion and $19.3 billion, respectively, including $1.7 billion of cash and cash equivalents and $0.1 billion of restricted cash. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Deficit | Non-controlling Interest |
Common Stock, Shares, Outstanding, Beginning of Period at Dec. 31, 2019 | 253,600,000 | |||||
Treasury Stock, Shares, Beginning of Period at Dec. 31, 2019 | 17,100,000 | |||||
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, shares | 2,100,000 | 0 | ||||
Vesting of restricted stock units and performance stock units | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Share-based compensation | 29 | $ 0 | $ 0 | 29 | 0 | 0 |
Issued shares withheld from employees related to share-based compensation, at cost, shares, common stock | (700,000) | |||||
Issued shares withheld from employees related to share-based compensation, at cost, shares, treasury shares | 700,000 | |||||
Issued shares withheld from employees related to share-based compensation, at cost | (39) | $ 0 | $ (39) | 0 | 0 | 0 |
Shares repurchased, at cost, shares | (2,900,000) | 2,900,000 | ||||
Shares repurchased, at cost | (155) | $ 0 | $ (155) | 0 | 0 | 0 |
Net income attributable to non-controlling interest | 228 | 0 | 0 | 0 | 0 | 228 |
Distributions to non-controlling interest | (154) | 0 | 0 | 0 | 0 | (154) |
Net income (loss) | $ 375 | 0 | 0 | 0 | 375 | 0 |
Common Stock, Shares, Outstanding, End of Period at Mar. 31, 2020 | 252,100,000 | |||||
Treasury Stock, Shares, End of Period at Mar. 31, 2020 | 20,700,000 | |||||
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, 2019 | 253,600,000 | |||||
Treasury Stock, Shares, Beginning of Period at Dec. 31, 2019 | 17,100,000 | |||||
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] | ||||||
Shares repurchased, at cost, shares | 2,900,000 | |||||
Net income attributable to non-controlling interest | $ 390 | |||||
Net income (loss) | $ 109 | |||||
Common Stock, Shares, Outstanding, End of Period at Sep. 30, 2020 | 252,200,000 | |||||
Treasury Stock, Shares, End of Period at Sep. 30, 2020 | 20,800,000 | |||||
Stockholders' Equity, End of Period at Sep. 30, 2020 | $ 2,347 | 1 | (872) | 4,246 | (3,399) | 2,371 |
Common Stock, Shares, Outstanding, Beginning of Period at Mar. 31, 2020 | 252,100,000 | |||||
Treasury Stock, Shares, Beginning of Period at Mar. 31, 2020 | 20,700,000 | |||||
Stockholders' Equity, Beginning of Period at Mar. 31, 2020 | $ 2,719 | $ 1 | $ (868) | 4,196 | (3,133) | 2,523 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Vesting of restricted stock units and performance stock units, shares | 100,000 | 0 | ||||
Vesting of restricted stock units and performance stock units | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Share-based compensation | 31 | $ 0 | $ 0 | 31 | 0 | 0 |
Issued shares withheld from employees related to share-based compensation, at cost, shares, common stock | 0 | |||||
Issued shares withheld from employees related to share-based compensation, at cost, shares, treasury shares | 0 | |||||
Issued shares withheld from employees related to share-based compensation, at cost | (2) | $ 0 | $ (2) | 0 | 0 | 0 |
Net income attributable to non-controlling interest | 207 | 0 | 0 | 0 | 0 | 207 |
Distributions to non-controlling interest | (156) | 0 | 0 | 0 | 0 | (156) |
Net income (loss) | $ 197 | 0 | 0 | 0 | 197 | 0 |
Common Stock, Shares, Outstanding, End of Period at Jun. 30, 2020 | 252,200,000 | |||||
Treasury Stock, Shares, End of Period at Jun. 30, 2020 | 20,700,000 | |||||
Stockholders' Equity, End of Period at Jun. 30, 2020 | $ 2,996 | $ 1 | $ (870) | 4,227 | (2,936) | 2,574 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Vesting of restricted stock units and performance stock units, shares | 100,000 | 0 | ||||
Vesting of restricted stock units and performance stock units | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Share-based compensation | 26 | $ 0 | $ 0 | 26 | 0 | 0 |
Issued shares withheld from employees related to share-based compensation, at cost, shares, common stock | (100,000) | |||||
Issued shares withheld from employees related to share-based compensation, at cost, shares, treasury shares | 100,000 | |||||
Issued shares withheld from employees related to share-based compensation, at cost | $ (2) | $ 0 | $ (2) | 0 | 0 | 0 |
Shares repurchased, at cost, shares | 0 | |||||
Net income attributable to non-controlling interest | $ (45) | 0 | 0 | 0 | 0 | (45) |
Reacquisition of equity component of convertible notes, net of tax | (7) | 0 | 0 | (7) | 0 | 0 |
Distributions to non-controlling interest | (158) | 0 | 0 | 0 | 0 | (158) |
Net income (loss) | $ (463) | 0 | 0 | 0 | (463) | 0 |
Common Stock, Shares, Outstanding, End of Period at Sep. 30, 2020 | 252,200,000 | |||||
Treasury Stock, Shares, End of Period at Sep. 30, 2020 | 20,800,000 | |||||
Stockholders' Equity, End of Period at Sep. 30, 2020 | $ 2,347 | 1 | (872) | 4,246 | (3,399) | 2,371 |
Common Stock, Shares, Outstanding, Beginning of Period at Dec. 31, 2020 | 252,300,000 | |||||
Treasury Stock, Shares, Beginning of Period at Dec. 31, 2020 | 20,800,000 | |||||
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, shares | 1,800,000 | 0 | ||||
Vesting of restricted stock units and performance stock units | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Share-based compensation | 33 | $ 0 | $ 0 | 33 | 0 | 0 |
Issued shares withheld from employees related to share-based compensation, at cost, shares, common stock | (600,000) | |||||
Issued shares withheld from employees related to share-based compensation, at cost, shares, treasury shares | 600,000 | |||||
Issued shares withheld from employees related to share-based compensation, at cost | (42) | $ 0 | $ (42) | 0 | 0 | 0 |
Net income attributable to non-controlling interest | 178 | 0 | 0 | 0 | 0 | 178 |
Distributions to non-controlling interest | (160) | 0 | 0 | 0 | 0 | (160) |
Net income (loss) | $ 393 | 0 | 0 | 0 | 393 | 0 |
Common Stock, Shares, Outstanding, End of Period at Mar. 31, 2021 | 253,500,000 | |||||
Treasury Stock, Shares, End of Period at Mar. 31, 2021 | 21,400,000 | |||||
Stockholders' Equity, End of Period at Mar. 31, 2021 | $ 2,620 | 1 | (914) | 4,306 | (3,200) | 2,427 |
Common Stock, Shares, Outstanding, Beginning of Period at Dec. 31, 2020 | 252,300,000 | |||||
Treasury Stock, Shares, Beginning of Period at Dec. 31, 2020 | 20,800,000 | |||||
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] | ||||||
Shares repurchased, at cost, shares | 100,000 | |||||
Net income attributable to non-controlling interest | $ 544 | |||||
Net income (loss) | $ (1,020) | |||||
Common Stock, Shares, Outstanding, End of Period at Sep. 30, 2021 | 253,500,000 | |||||
Treasury Stock, Shares, End of Period at Sep. 30, 2021 | 21,600,000 | |||||
Stockholders' Equity, End of Period at Sep. 30, 2021 | $ 1,213 | 1 | (924) | 4,364 | (4,698) | 2,470 |
Common Stock, Shares, Outstanding, Beginning of Period at Mar. 31, 2021 | 253,500,000 | |||||
Treasury Stock, Shares, Beginning of Period at Mar. 31, 2021 | 21,400,000 | |||||
Stockholders' Equity, Beginning of Period at Mar. 31, 2021 | $ 2,620 | $ 1 | $ (914) | 4,306 | (3,200) | 2,427 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Vesting of restricted stock units and performance stock units, shares | 100,000 | 0 | ||||
Vesting of restricted stock units and performance stock units | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Share-based compensation | 31 | $ 0 | $ 0 | 31 | 0 | 0 |
Issued shares withheld from employees related to share-based compensation, at cost, shares, common stock | 0 | |||||
Issued shares withheld from employees related to share-based compensation, at cost, shares, treasury shares | 0 | |||||
Issued shares withheld from employees related to share-based compensation, at cost | (1) | $ 0 | $ (1) | 0 | 0 | 0 |
Net income attributable to non-controlling interest | 198 | 0 | 0 | 0 | 0 | 198 |
Distributions to non-controlling interest | (162) | 0 | 0 | 0 | 0 | (162) |
Net income (loss) | $ (329) | 0 | 0 | 0 | (329) | 0 |
Common Stock, Shares, Outstanding, End of Period at Jun. 30, 2021 | 253,600,000 | |||||
Treasury Stock, Shares, End of Period at Jun. 30, 2021 | 21,400,000 | |||||
Stockholders' Equity, End of Period at Jun. 30, 2021 | $ 2,357 | $ 1 | $ (915) | 4,337 | (3,529) | 2,463 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Vesting of restricted stock units and performance stock units, shares | 100,000 | 0 | ||||
Vesting of restricted stock units and performance stock units | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Share-based compensation | 28 | $ 0 | $ 0 | 28 | 0 | 0 |
Issued shares withheld from employees related to share-based compensation, at cost, shares, common stock | (100,000) | |||||
Issued shares withheld from employees related to share-based compensation, at cost, shares, treasury shares | 100,000 | |||||
Issued shares withheld from employees related to share-based compensation, at cost | $ (4) | $ 0 | $ (3) | (1) | 0 | 0 |
Shares repurchased, at cost, shares | 100,000 | (100,000) | 100,000 | |||
Shares repurchased, at cost | $ (6) | $ 0 | $ (6) | 0 | 0 | 0 |
Net income attributable to non-controlling interest | 168 | 0 | 0 | 0 | 0 | 168 |
Distributions to non-controlling interest | (161) | 0 | 0 | 0 | 0 | (161) |
Dividends declared ($0.33 per common share) | (85) | 0 | 0 | 0 | (85) | 0 |
Net income (loss) | $ (1,084) | 0 | 0 | 0 | (1,084) | 0 |
Common Stock, Shares, Outstanding, End of Period at Sep. 30, 2021 | 253,500,000 | |||||
Treasury Stock, Shares, End of Period at Sep. 30, 2021 | 21,600,000 | |||||
Stockholders' Equity, End of Period at Sep. 30, 2021 | $ 1,213 | $ 1 | $ (924) | $ 4,364 | $ (4,698) | $ 2,470 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity Parentheticals | 3 Months Ended |
Sep. 30, 2021$ / shares | |
Common Stock | |
Common Stock, Dividends, Per Share, Declared | $ 0.33 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities | ||
Net income (loss) | $ (476) | $ 499 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization expense | 753 | 699 |
Share-based compensation expense | 91 | 84 |
Non-cash interest expense | 16 | 43 |
Amortization of debt issuance costs, premium and discount | 57 | 94 |
Reduction of right-of-use assets | 269 | 222 |
Loss on modification or extinguishment of debt | 95 | 215 |
Total losses (gains) on derivatives, net | 4,230 | (282) |
Net cash provided by (used for) settlement of derivative instruments | (486) | 61 |
Impairment expense and loss on disposal of assets | 0 | 5 |
Impairment expense and loss on equity method investments | 16 | 130 |
Deferred taxes | (1,872) | 115 |
Repayment of paid-in-kind interest related to repurchase of convertible notes | (190) | (911) |
Other | 3 | 2 |
Changes in operating assets and liabilities: | ||
Accounts and other receivables, net of current expected credit losses | (338) | 101 |
Inventory | (174) | 31 |
Margin deposits | (311) | (10) |
Other current assets | (92) | (27) |
Accounts payable and accrued liabilities | 612 | (93) |
Deferred revenue | 58 | 18 |
Operating lease liabilities | (285) | (205) |
Finance lease liabilities | 1 | 0 |
Other, net | 80 | (26) |
Net cash provided by operating activities | 2,057 | 765 |
Cash flows from investing activities | ||
Property, plant and equipment | (761) | (1,437) |
Proceeds from sale of fixed assets | 68 | 0 |
Investment in equity method investment | 0 | (100) |
Other | (14) | (8) |
Net cash used in investing activities | (707) | (1,545) |
Cash flows from financing activities | ||
Proceeds from issuances of debt | 4,104 | 7,683 |
Repayments of debt | (4,276) | (6,324) |
Debt issuance and other financing costs | (38) | (124) |
Debt modification or extinguishment costs | (67) | (170) |
Distributions to non-controlling interest | (483) | (468) |
Payments related to tax withholdings for share-based compensation | (47) | (43) |
Repurchase of common stock | (6) | (155) |
Other | 8 | 0 |
Net cash provided by (used in) financing activities | (805) | 399 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 545 | (381) |
Cash, cash equivalents and restricted cash—beginning of period | 2,077 | 2,994 |
Cash, cash equivalents and restricted cash—end of period | $ 2,622 | $ 2,613 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows - Balances per Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Balances per Consolidated Balance Sheets: | |||||
Cash and cash equivalents | $ 2,203 | [1] | $ 1,628 | ||
Restricted cash | 419 | [1] | 449 | ||
Total cash, cash equivalents and restricted cash | $ 2,622 | $ 2,077 | $ 2,613 | $ 2,994 | |
[1] | Amounts presented include balances held by our consolidated variable interest entity (“VIE”), Cheniere Partners, as further discussed in Note 7 — Non-controlling Interest and Variable Interest Entity. As of September 30, 2021, total assets and liabilities of Cheniere Partners, which are included in our Consolidated Balance Sheets, were $19.6 billion and $19.3 billion, respectively, including $1.7 billion of cash and cash equivalents and $0.1 billion of restricted cash. |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | NATURE OF OPERATIONS AND BASIS OF PRESENTATION We operate two natural gas liquefaction and export facilities at Sabine Pass and Corpus Christi (respectively, the “Sabine Pass LNG Terminal” and “Corpus Christi LNG Terminal”). Cheniere Partners owns the Sabine Pass LNG Terminal located in Cameron Parish, Louisiana, which has natural gas liquefaction facilities consisting of five operational natural gas liquefaction Trains and one additional Train that is undergoing commissioning and expected to be substantially completed in the first quarter of 2022, for a total production capacity of approximately 30 mtpa of LNG (the “SPL Project”). The Sabine Pass LNG Terminal also has operational regasification facilities that include five LNG storage tanks, vaporizers and two marine berths, with 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 September 30, 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. We currently operate three Trains, for a total production capacity of approximately 15 mtpa of LNG. We also own 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, as part of the CCH Group. 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 the SPL Project and the CCL Project (collectively, the “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 and nine months ended September 30, 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 using the modified retrospective approach. Preliminarily, we anticipate the adoption of ASU 2020-06 will primarily result in the reclassification of the previously bifurcated equity component associated with the 4.25% Convertible Senior Notes due 2045 (the “2045 Cheniere Convertible Senior Notes”) to debt as a result of the elimination of the cash conversion model. We currently estimate that the reclassification of the $194 million equity component will result in an approximate $190 million increase in the carrying value of our 2045 Cheniere Convertible Senior Notes, with the difference primarily impacting retained earnings as of January 1, 2022. We continue to evaluate the impact of the provisions of this guidance on our Consolidated Financial Statements and related disclosures. See Note 9 —Debt for further discussion on the 2045 Cheniere Convertible Senior Notes. 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 9 —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 Cash | 9 Months Ended |
Sep. 30, 2021 | |
Restricted Cash [Abstract] | |
Restricted Cash | RESTRICTED 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 September 30, 2021 and December 31, 2020, restricted cash consisted of the following (in millions): September 30, December 31, 2021 2020 Restricted cash SPL Project $ 133 $ 97 CCL Project 59 70 Cash held by our subsidiaries that is restricted to Cheniere 227 282 Total restricted cash $ 419 $ 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 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 Receivables, Net of Current Expected Credit Losses | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Accounts and Other Receivables, Net of Current Expected Credit Losses | ACCOUNTS AND OTHER RECEIVABLES, NET OF CURRENT EXPECTED CREDIT LOSSES As of September 30, 2021 and December 31, 2020, accounts and other receivables, net of current expected credit losses consisted of the following (in millions): September 30, December 31, 2021 2020 Trade receivables SPL and CCL $ 584 $ 482 Cheniere Marketing 272 113 Other accounts receivable 127 52 Total accounts and other receivables, net of current expected credit losses $ 983 $ 647 |
Inventory
Inventory | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory | INVENTORY As of September 30, 2021 and December 31, 2020, inventory consisted of the following (in millions): September 30, December 31, 2021 2020 Materials $ 168 $ 150 LNG in-transit 145 88 LNG 125 27 Natural gas 31 26 Other 2 1 Total inventory $ 471 $ 292 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net of Accumulated Depreciation | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net of Accumulated Depreciation | PROPERTY, PLANT AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION As of September 30, 2021 and December 31, 2020, property, plant and equipment, net of accumulated depreciation consisted of the following (in millions): September 30, December 31, 2021 2020 LNG terminal LNG terminal and interconnecting pipeline facilities $ 30,617 $ 27,475 LNG site and related costs 441 324 LNG terminal construction-in-process 2,817 5,378 Accumulated depreciation (3,663) (2,935) Total LNG terminal, net of accumulated depreciation 30,212 30,242 Fixed assets and other Computer and office equipment 27 25 Furniture and fixtures 20 19 Computer software 122 117 Leasehold improvements 45 45 Land 1 59 Other 21 25 Accumulated depreciation (181) (164) Total fixed assets and other, net of accumulated depreciation 55 126 Assets under finance lease Tug vessels 60 60 Accumulated depreciation (9) (7) Total assets under finance lease, net of accumulated depreciation 51 53 Property, plant and equipment, net of accumulated depreciation $ 30,318 $ 30,421 The following table shows depreciation expense and offsets to LNG terminal costs during the three and nine months ended September 30, 2021 and 2020 (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Depreciation expense $ 257 $ 231 $ 749 $ 694 Offsets to LNG terminal costs (1) — — 227 — |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | DERIVATIVE 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 term loan 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 cash flows denominated in currencies other than United States dollar (“FX Derivatives”), associated with both LNG Trading Derivatives and operations in countries outside of the United States. 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, in which case it is capitalized. 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 September 30, 2021 and December 31, 2020 (in millions): Fair Value Measurements as of September 30, 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 $ — $ (67) $ — $ (67) $ — $ (140) $ — $ (140) Liquefaction Supply Derivatives asset (liability) (21) 3 (2,611) (2,629) 5 (6) 241 240 LNG Trading Derivatives asset (liability) 11 (444) (680) (1,113) (3) (131) — (134) FX Derivatives asset (liability) — 9 — 9 — (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 September 30, 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 September 30, 2021: Net Fair Value Liability Valuation Approach Significant Unobservable Input Range of Significant Unobservable Inputs / Weighted Average (1) Physical Liquefaction Supply Derivatives $(2,611) Market approach incorporating present value techniques Henry Hub basis spread $(1.333) - $0.895 / $(0.006) Option pricing model International LNG pricing spread, relative to Henry Hub (2) 158% - 516% / 224% Physical LNG Trading Derivatives $(680) Market approach incorporating present value techniques International LNG pricing spread, relative to Henry Hub or TTF, as applicable (2) $(11.275) - $23.458 / $17.777 (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 and nine months ended September 30, 2021 and 2020 (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Balance, beginning of period $ (389) $ 590 $ 241 $ 138 Realized and mark-to-market gains (losses): Included in cost of sales (2,982) (27) (2,898) 454 Purchases and settlements: Purchases 5 1 (657) 2 Settlements 75 (31) 23 (61) Balance, end of period $ (3,291) $ 533 $ (3,291) $ 533 Change in unrealized gains (losses) relating to instruments still held at end of period $ (2,982) $ (27) $ (2,898) $ 454 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 the anticipated future issuance of debt. In August 2020, we settled the outstanding CCH Interest Rate Forward Start Derivatives. As of September 30, 2021, we had the following Interest Rate Derivatives outstanding: Notional Amounts September 30, 2021 December 31, 2020 Latest Maturity Date Weighted Average Fixed Interest Rate Paid Variable Interest Rate Received CCH Interest Rate Derivatives $4.5 billion $4.6 billion May 31, 2022 2.30% One-month LIBOR The following table shows the effect and location of our Interest Rate Derivatives on our Consolidated Statements of Operations during the three and nine months ended September 30, 2021 and 2020 (in millions): Gain (Loss) Recognized in Consolidated Statements of Operations Consolidated Statements of Operations Location Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 CCH Interest Rate Derivatives Interest rate derivative loss, net $ (2) $ — $ (3) $ (138) CCH Interest Rate Forward Start Derivatives Interest rate derivative loss, net — — — (95) Commodity Derivatives SPL, CCL and CCL Stage III have entered into physical natural gas supply contracts and associated economic hedges, including those associated with our IPM transactions, 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 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”): September 30, 2021 December 31, 2020 Liquefaction Supply Derivatives LNG Trading Derivatives Liquefaction Supply Derivatives LNG Trading Derivatives Notional amount, net (in TBtu) (1) 11,291 (14) 10,483 20 (1) Includes notional amounts for natural gas supply contracts that SPL and CCL have with related parties. See Note 1 2 —Related Party Transactions . The following table shows the effect and location of our Commodity Derivatives recorded on our Consolidated Statements of Operations during the three and nine months ended September 30, 2021 and 2020 (in millions): Gain (Loss) Recognized in Consolidated Statements of Operations Consolidated Statements of Operations Location (1) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 LNG Trading Derivatives LNG revenues $ (1,098) $ 13 $ (1,539) $ 119 LNG Trading Derivatives Cost of sales 55 (5) 136 (5) Liquefaction Supply Derivatives (2) LNG revenues (4) 21 (3) 7 Liquefaction Supply Derivatives (2) Cost of sales (2,444) (103) (2,848) 372 (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 that are denominated in a currency other than the United States dollar. The terms of FX Derivatives range up to approximately one year. The total notional amount of our FX Derivatives was $499 million and $786 million as of September 30, 2021 and December 31, 2020, respectively. The following table shows the effect and location of our FX Derivatives recorded on our Consolidated Statements of Operations during the three and nine months ended September 30, 2021 and 2020 (in millions): Gain (Loss) Recognized in Consolidated Statements of Operations Consolidated Statements of Operations Location Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 FX Derivatives LNG revenues $ 11 $ (5) $ 27 $ 22 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): September 30, 2021 CCH Interest Rate Derivatives Liquefaction Supply Derivatives (1) LNG Trading Derivatives (2) FX Derivatives Total Consolidated Balance Sheets Location Current derivative assets $ — $ 88 $ 163 $ 15 $ 266 Derivative assets — 71 — — 71 Total derivative assets — 159 163 15 337 Current derivative liabilities (67) (630) (1,276) (6) (1,979) Derivative liabilities — (2,158) — — (2,158) Total derivative liabilities (67) (2,788) (1,276) (6) (4,137) Derivative asset (liability), net $ (67) $ (2,629) $ (1,113) $ 9 $ (3,800) December 31, 2020 CCH Interest Rate Derivatives Liquefaction Supply Derivatives (1) LNG Trading Derivatives (2) FX Derivatives Total Consolidated Balance Sheets Location Current derivative assets $ — $ 27 $ — $ 5 $ 32 Derivative assets — 376 — — 376 Total derivative assets — 403 — 5 408 Current derivative liabilities (100) (54) (134) (25) (313) 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 $47 million and $9 million, which are included in margin deposits and other current assets in our Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020, respectively. Includes derivative assets for natural gas supply contracts that SPL and CCL have with related parties. See Note 1 2 —Related Party Transactions . (2) Does not include collateral posted with counterparties by us of $287 million and $7 million, which are included in margin deposits and other current assets in our Consolidated Balance Sheets as of September 30, 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 September 30, 2021 Gross assets $ — $ 179 $ 174 $ 30 Offsetting amounts — (20) (11) (15) Net assets $ — $ 159 $ 163 $ 15 Gross liabilities $ (67) $ (2,816) $ (1,427) $ (34) Offsetting amounts — 28 151 28 Net liabilities $ (67) $ (2,788) $ (1,276) $ (6) 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) |
Non-Controlling Interest and Va
Non-Controlling Interest and Variable Interest Entity | 9 Months Ended |
Sep. 30, 2021 | |
Noncontrolling Interest and Variable Interest Entity [Abstract] | |
Non-Controlling Interest and Variable Interest Entity | NON-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 Interest Entity 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 as of September 30, 2021 and December 31, 2020. 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. September 30, December 31, 2021 2020 ASSETS Current assets Cash and cash equivalents $ 1,713 $ 1,210 Restricted cash 133 97 Accounts and other receivables, net of current expected credit losses 358 318 Other current assets 283 182 Total current assets 2,487 1,807 Property, plant and equipment, net of accumulated depreciation 16,820 16,723 Other non-current assets, net 294 287 Total assets $ 19,601 $ 18,817 LIABILITIES Current liabilities Accrued liabilities $ 846 $ 658 Current debt, net of premium, discount and debt issuance costs 944 — Other current liabilities 216 171 Total current liabilities 2,006 829 Long-term debt, net of premium, discount and debt issuance costs 17,171 17,580 Other non-current liabilities 98 126 Total liabilities $ 19,275 $ 18,535 |
Accrued Liabilities
Accrued Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | ACCRUED LIABILITIES As of September 30, 2021 and December 31, 2020, accrued liabilities consisted of the following (in millions): September 30, December 31, 2021 2020 Interest costs and related debt fees $ 360 $ 245 Accrued natural gas purchases 900 576 LNG terminals and related pipeline costs 126 147 Compensation and benefits 88 123 Accrued LNG inventory 3 4 Accrued dividends 84 — Other accrued liabilities 226 80 Total accrued liabilities $ 1,787 $ 1,175 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | DEBT As of September 30, 2021 and December 31, 2020, our debt consisted of the following (in millions): September 30, 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”) (1) $ 13,128 $ 13,650 Cheniere Partners — 3.250% to 5.625% senior notes due between October 2025 and January 2032 and credit facilities (“2019 CQP Credit Facilities”) 4,200 4,100 CCH — 2.742% to 7.000% senior secured notes due between June 2024 and December 2039 and CCH Credit Facility 10,128 10,217 Cheniere — 4.625% senior secured notes due October 2028 (the “2028 Cheniere Senior Notes”), convertible notes, revolving credit facility (“Cheniere Revolving Credit Facility”) and term loan facility (“Cheniere Term Loan Facility”) 2,625 3,145 Unamortized premium, discount and debt issuance costs, net of accumulated amortization (600) (641) Total long-term debt, net of premium, discount and debt issuance costs 29,481 30,471 Current debt: SPL — current portion of 6.25% senior secured notes due March 2022 (the “2022 SPL Senior Notes”) (1) (2) 522 — Cheniere Partners — current portion of 5.625% senior notes due October 2026 (the “2026 CQP Senior Notes”) (3) 428 — CCH — $1.2 billion CCH working capital facility (“CCH Working Capital Facility”) and current portion of CCH Credit Facility 104 271 Cheniere Marketing — trade finance facilities and letter of credit facility — — Cheniere — current portion of the 4.875% convertible unsecured notes due May 2021 (“2021 Cheniere Convertible Notes”) — 104 Unamortized discount and debt issuance costs, net of accumulated amortization (7) (3) Total current debt, net of discount and debt issuance costs 1,047 372 Total debt, net of premium, discount and debt issuance costs $ 30,528 $ 30,843 (1) A portion of the 2022 SPL Senior Notes is categorized as long-term debt because the proceeds from the expected series of sales of approximately $482 million aggregate principal amount of senior secured notes due 2037 pursuant to executed note purchase agreements, expected to be issued in the fourth quarter of 2021, subject to customary closing conditions, will be used to strategically refinance a portion of the 2022 SPL Senior Notes and pay related fees, costs and expenses. (2) In October 2021, $318 million of the 2022 SPL Senior Notes was redeemed with $100 million from the proceeds from Cheniere Partners’ issuance of the 3.250% senior notes due 2032 (the “2032 CQP Senior Notes”) and $218 million of cash on hand. See Issuances, Redemptions and Repayments section below for further discussion. (3) In October 2021, Cheniere Partners redeemed the remaining outstanding aggregate principal amount of the 2026 CQP Senior Notes that were not purchased pursuant to the tender offer and consent solicitation in September 2021. See Issuances, Redemptions and Repayments section below for further discussion. Issuances, Redemptions and Repayments The following table shows the issuances, redemptions and repayments of long-term debt during the nine months ended September 30, 2021, excluding intra-quarter borrowings and repayments (in millions): Issuances Principal Amount Issued Three Months Ended March 31, 2021 Cheniere Partners — 4.000% Senior Notes due 2031 (the “2031 CQP Senior Notes”) (1) $ 1,500 Three Months Ended June 30, 2021 Cheniere — Cheniere Term Loan Facility (2) 220 Cheniere — Cheniere Revolving Credit Facility 134 Three Months Ended September 30, 2021 CCH — 2.742% Senior Notes due 2039 (the “2.742% CCH Senior Secured Notes”) (3) 750 Cheniere Partners — 2032 CQP Senior Notes (4) 1,200 Nine Months Ended September 30, 2021 total $ 3,804 Redemptions and Repayments Principal Amount Redeemed/Repaid Three Months Ended March 31, 2021 Cheniere Partners — 5.250% Senior Notes due 2025 (the “2025 CQP Senior Notes”) (1) $ 1,500 Cheniere — Cheniere Term Loan Facility (5) 148 Three Months Ended June 30, 2021 Cheniere — 2021 Cheniere Convertible Notes (2) 476 Cheniere — Cheniere Term Loan Facility (2) 220 Three Months Ended September 30, 2021 Cheniere — Cheniere Revolving Credit Facility 134 CCH — CCH Credit Facility (3) 866 Cheniere Partners — 2026 CQP Senior Notes (4) 672 Nine Months Ended September 30, 2021 total $ 4,016 (1) Net proceeds from the issuance of the 2031 CQP Senior Notes, together with cash on hand, were used to redeem all of Cheniere Partners’ outstanding 2025 CQP Senior Notes, resulting in $54 million of loss on extinguishment of debt relating to the payment of early redemption fees and write off of unamortized debt premium and issuance costs. (2) The 2021 Cheniere Convertible Notes were repaid using a combination of borrowings under the Cheniere Term Loan Facility and cash on hand upon the maturity date at par value. (3) Net proceeds of the 2.742% CCH Senior Secured Notes, together with cash on hand, were used to prepay a portion of the principal amount outstanding under the CCH Credit Facility, resulting in $9 million of loss on extinguishment of debt relating to the payment of early redemption fees and write off of unamortized issuance costs. (4) Net proceeds from the issuance of the 2032 CQP Senior Notes were used to redeem a portion of the 2026 CQP Senior Notes in September 2021 pursuant to a tender offer and consent solicitation, resulting in $27 million of loss on extinguishment of debt relating to the payment of early redemption fees and write off of unamortized debt premium and issuance costs. In October 2021, the remaining net proceeds from the issuance of the 2032 CQP Senior Notes were used to redeem the remaining outstanding principal amount of the 2026 CQP Senior Notes and, together with cash on hand, redeem $318 million of the 2022 SPL Senior Notes. (5) The remaining commitments under the Cheniere Term Loan Facility were terminated in accordance with the credit agreement, resulting in $4 million of loss on extinguishment of debt relating to the write off of unamortized issuance costs. Credit Facilities Below is a summary of our credit facilities outstanding as of September 30, 2021 (in millions): 2020 SPL Working Capital Facility (1) 2019 CQP Credit Facilities CCH Credit Facility CCH Working Capital Facility Cheniere Revolving Credit Facility Original facility size $ 1,200 $ 1,500 $ 8,404 $ 350 $ 750 Incremental commitments — — 1,566 850 500 Less: Outstanding balance — — 1,761 — — Commitments prepaid or terminated — 750 8,209 — — Letters of credit issued 396 — — 360 — Available commitment $ 804 $ 750 $ — $ 840 $ 1,250 Priority ranking 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% Weighted average interest rate of outstanding balance n/a n/a 1.83% n/a n/a Maturity date March 19, 2025 May 29, 2024 June 30, 2024 June 29, 2023 December 13, 2022 (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. Convertible Notes Below is a summary of our convertible notes outstanding as of September 30, 2021 (in millions): 2045 Cheniere Convertible Senior Notes Aggregate original principal $ 625 Debt component, net of discount and debt issuance costs $ 320 Equity component $ 194 Interest payment method Cash Conversion by us (1) (2) Conversion by holders (1) (3) Conversion basis Cash and/or stock Conversion value in excess of principal $ — Maturity date March 15, 2045 Contractual interest rate 4.25 % Effective interest rate (4) 9.4 % Remaining debt discount and debt issuance costs amortization period (5) 23.5 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 the 2045 Cheniere Convertible Senior Notes to be redeemed, plus accrued and unpaid interest, if any, to such redemption date. (3) 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). (4) Rate to accrete the discounted carrying value of the convertible notes to the face value over the remaining amortization period. (5) 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 September 30, 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Interest cost on convertible notes: Interest per contractual rate $ 6 $ 20 $ 29 $ 140 Amortization of debt discount 1 7 9 41 Amortization of debt issuance costs — 1 — 8 Total interest cost related to convertible notes 7 28 38 189 Interest cost on debt and finance leases excluding convertible notes 391 388 1,178 1,167 Total interest cost 398 416 1,216 1,356 Capitalized interest (34) (61) (128) (182) Total interest expense, net of capitalized interest $ 364 $ 355 $ 1,088 $ 1,174 Fair Value Disclosures The following table shows the carrying amount and estimated fair value of our debt (in millions): September 30, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Senior notes — Level 2 (1) $ 25,978 $ 28,565 $ 24,700 $ 27,897 Senior notes — Level 3 (2) 2,771 3,317 2,771 3,423 Credit facilities — Level 3 (3) 1,761 1,761 2,915 2,915 2021 Cheniere Convertible Notes — Level 3 (2) — — 476 480 2045 Cheniere Convertible Senior Notes — Level 1 (4) 625 538 625 496 (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
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | LEASES Our leased assets consist primarily of LNG vessel time charters (“vessel charters”) and additionally include tug vessels, office space and facilities and land sites. All of our leases 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): September 30, December 31, Consolidated Balance Sheets Location 2021 2020 Right-of-use assets—Operating Operating lease assets $ 2,064 $ 759 Right-of-use assets—Financing Property, plant and equipment, net of accumulated depreciation 51 53 Total right-of-use assets $ 2,115 $ 812 Current operating lease liabilities Current operating lease liabilities $ 458 $ 161 Current finance lease liabilities Other current liabilities 2 2 Non-current operating lease liabilities Operating lease liabilities 1,590 597 Non-current finance lease liabilities Finance lease liabilities 57 57 Total lease liabilities $ 2,107 $ 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating lease cost (a) Operating costs and expenses (1) $ 145 $ 77 $ 441 $ 316 Finance lease cost: Amortization of right-of-use assets Depreciation and amortization expense — — 2 2 Interest on lease liabilities Interest expense, net of capitalized interest 2 2 7 7 Total lease cost $ 147 $ 79 $ 450 $ 325 (a) Included in operating lease cost: Short-term lease costs $ 22 $ 9 $ 103 $ 60 Variable lease costs 7 3 20 12 (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 September 30, 2021 are as follows (in millions): Years Ending December 31, Operating Leases (1) Finance Leases 2021 $ 139 $ 3 2022 515 10 2023 479 10 2024 433 10 2025 243 10 Thereafter 510 127 Total lease payments 2,319 170 Less: Interest (271) (111) Present value of lease liabilities $ 2,048 $ 59 (1) Does not include $758 million of legally binding minimum lease payments primarily for vessel charters which were executed as of September 30, 2021 but will commence in future periods 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: September 30, 2021 December 31, 2020 Operating Leases Finance Leases Operating Leases Finance Leases Weighted-average remaining lease term (in years) 5.9 16.9 8.2 17.7 Weighted-average discount rate (1) 3.6% 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): Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 331 $ 226 Operating cash flows used in finance leases 7 8 Right-of-use assets obtained in exchange for operating lease liabilities 1,575 412 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 September 30, 2021 and December 31, 2020, we had no 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Fixed income $ 17 $ 9 $ 28 $ 61 Variable income 15 1 21 24 Total sublease income $ 32 $ 10 $ 49 $ 85 |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenues from Contracts with Customers | REVENUES FROM CONTRACTS WITH CUSTOMERS The following table represents a disaggregation of revenue earned from contracts with customers during the three and nine months ended September 30, 2021 and 2020 (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 LNG revenues (1) $ 4,169 $ 1,344 $ 10,505 $ 6,088 Regasification revenues 68 67 202 202 Other revenues 22 10 66 48 Total revenues from customers 4,259 1,421 10,773 6,338 Net derivative gain (loss) (2) (1,091) 29 (1,515) 148 Other (3) 32 10 49 85 Total revenues $ 3,200 $ 1,460 $ 9,307 $ 6,571 (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 and nine months ended September 30, 2020, we recognized $171 million and $932 million, respectively, in LNG revenues associated with LNG cargoes for which customers notified us that they would not take delivery, of which $47 million would have been recognized subsequent to September 30, 2020 had the cargoes been lifted pursuant to the delivery schedules with the customers. LNG revenues during the three months ended September 30, 2021 and 2020 excluded zero and $458 million, respectively, and LNG revenues during the nine months ended September 30, 2021 and 2020 excluded $38 million and zero, respectively, that would have otherwise been recognized during the period if the cargoes were lifted pursuant to the delivery schedules with the customers. We did not have revenues associated with LNG cargoes for which customers notified us that they would not take delivery during the three and nine months ended September 30, 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 1 0 —Leases for additional information about our subleases. Contract Assets and Liabilities The following table shows our contract assets, net of current expected credit losses, which are classified as other current assets and other non-current assets, net on our Consolidated Balance Sheets (in millions): September 30, December 31, 2021 2020 Contract assets, net of current expected credit losses $ 123 $ 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 nine months ended September 30, 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 and other non-current liabilities on our Consolidated Balance Sheets (in millions): Nine Months Ended September 30, 2021 Deferred revenue, beginning of period $ 138 Cash received but not yet recognized in revenue 196 Revenue recognized from prior period deferral (138) Deferred revenue, end of period $ 196 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 September 30, 2021 and December 31, 2020: September 30, 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 $ 100.6 10 $ 102.3 10 Regasification revenues 1.9 4 2.1 5 Total revenues $ 102.5 $ 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 61% and 37% of our LNG revenues from contracts included in the table above during the three months ended September 30, 2021 and 2020, respectively, and approximately 56% and 35% of our LNG revenues from contracts included in the table above during the nine months ended September 30, 2021 and 2020, respectively, were related to variable consideration received from customers. During each of the three and nine months ended September 30, 2021, approximately 5% of our regasification revenues were related to variable consideration received from customers and during each of the three and nine months ended September 30, 2020, approximately 6% 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 Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED 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 September 30, 2021 and December 31, 2020, the notional amount for this agreement was 99 TBtu and 91 TBtu, respectively. As of both September 30, 2021 and December 31, 2020, the agreement 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 $19 million and $13 million in accrued liabilities, as of September 30, 2021 and December 31, 2020, respectively. The Liquefaction Supply Derivatives related to this agreement are recorded on our Consolidated Balance Sheets as follows (in millions, except notional amount): September 30, December 31, 2021 2020 Current derivative assets $ 7 $ 3 Derivative assets 10 1 Notional amount (in TBtu) 119 60 We recorded the following amounts on our Consolidated Statements of Operations during the three and nine months ended September 30, 2021 and 2020 related to this agreement (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cost of sales (a) $ 53 $ 29 $ 124 $ 77 (a) Included in costs of sales: Liquefaction Supply Derivative gain $ 6 $ (5) $ 13 $ (3) 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 indirectly acquired a portion of Cheniere Partners’ limited partner interests in September 2020. We recorded operating and maintenance expense of $12 million and $34 million and cost of sales of zero and $1 million during the three and nine months ended September 30, 2021, respectively, and accrued liabilities of $5 million and $4 million as of September 30, 2021 and December 31, 2020, respectively, with this related party. CCL is party to natural gas transportation agreements with Midship Pipeline Company, LLC (“Midship Pipeline”) in the ordinary course of business for the operation of the CCL Project, for a period of 10 years which began in May 2020. We account for our investment in Midship Holdings, LLC (“Midship Holdings”), which manages the business and affairs of Midship Pipeline, as an equity method investment. We recorded operating and maintenance expense of $2 million during both the three months ended September 30, 2021 and 2020 and $7 million and $4 million during the nine months ended September 30, 2021 and 2020, respectively. Additionally, we recorded accrued liabilities of $1 million as of both September 30, 2021 and December 31, 2020 with this related party. Operation and Maintenance Service Agreements |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES We recorded an income tax benefit of $1,860 million and $1,864 million during the three and nine months ended September 30, 2021, respectively, and an income tax benefit of $75 million and income tax provision of $119 million during the three and nine months ended September 30, 2020, respectively. The effective tax rates for the three and nine months ended September 30, 2021 were 67.0% and 79.7%, respectively. Our effective tax rate is based on income (loss) before income taxes and non-controlling interest and is significantly impacted by non-controlling interest that is not taxable to Cheniere. Our effective tax rate experienced volatility during the three and nine months ended September 30, 2021 due to variability in our earnings and the proportion of such earnings attributable to non-controlling interest. The variability in earnings in the three and nine months ended September 30, 2021 were mainly the result of approximately $3.5 billion and $4.2 billion, respectively, of pre-tax derivative losses, primarily on our commodity derivatives as a result of unfavorable shifts in international forward commodity curves. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | SHARE-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 (the “2020 Plan”). For the nine months ended September 30, 2021, we granted 1.6 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Share-based compensation costs, pre-tax: Equity awards $ 28 $ 26 $ 92 $ 86 Liability awards 1 1 3 2 Total share-based compensation 29 27 95 88 Capitalized share-based compensation (1) — (4) (4) Total share-based compensation expense $ 28 $ 27 $ 91 $ 84 Tax benefit associated with share-based compensation expense $ 3 $ 2 $ 30 $ 21 |
Net Income (Loss) Per Share Att
Net Income (Loss) Per Share Attributable to Common Stockholders | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share Attributable to Common Stockholders | NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS Basic net income (loss) per share attributable to common stockholders (“EPS”) excludes dilution and is computed by dividing net income (loss) 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 (loss) 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 if-converted method. The following table reconciles basic and diluted weighted average common shares outstanding for the three and nine months ended September 30, 2021 and 2020 (in millions, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net income (loss) attributable to common stockholders $ (1,084) $ (463) $ (1,020) $ 109 Weighted average common shares outstanding: Basic 253.6 252.2 253.3 252.5 Dilutive unvested stock — — — 0.7 Diluted 253.6 252.2 253.3 253.2 Net income (loss) per share attributable to common stockholders—basic and diluted $ (4.27) $ (1.84) $ (4.03) $ 0.43 Potentially dilutive securities that were not included in the diluted net income (loss) per share computations because their effects would have been anti-dilutive were as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Unvested stock (1) 1.8 3.1 1.6 2.4 2045 Cheniere Convertible Senior Notes 4.5 4.5 4.5 4.5 Total potentially dilutive common shares 6.3 7.6 6.1 6.9 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY Share Repurchase Programs On June 3, 2019, we announced that our Board of Directors (the “Board”) authorized a three Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Aggregate common stock repurchased 0.1 — 0.1 2.9 Weighted average price paid per share $ 83.97 $ — $ 83.97 $ 53.88 Total amount paid $ 6 $ — $ 6 $ 155 As of September 30, 2021, we had up to $589 million of the share repurchase program available, which increased to $1.0 billion as of October 1, 2021. Dividends On September 7, 2021, we declared a quarterly dividend of $0.33 per share that is payable on November 17, 2021 to shareholders of record as of November 3, 2021. As of September 30, 2021, we had $85 million accrued related to this obligation, which is included in accrued liabilities and other non-current liabilities in our Consolidated Balance Sheets. |
Customer Concentration
Customer Concentration | 9 Months Ended |
Sep. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Customer Concentration | CUSTOMER 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 of current expected credit losses and contract assets, net of current expected credit losses balances of 10% or greater of total accounts receivable, net of current expected credit losses from external customers and contract assets, net of current expected credit losses from external customers, respectively: Percentage of Total Revenues from External Customers Percentage of Accounts Receivable, Net and Contract Assets, Net from External Customers Three Months Ended September 30, Nine Months Ended September 30, September 30, December 31, 2021 2020 2021 2020 2021 2020 Customer A 12% * 14% 13% * 14% Customer B 15% 11% 13% 10% * 12% Customer C 11% 15% 11% 11% * * Customer D 11% 13% * 10% * * Customer E * * * * 17% * Customer F * * * * 12% * * Less than 10% |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION The following table provides supplemental disclosure of cash flow information (in millions): Nine Months Ended September 30, 2021 2020 Cash paid during the period for interest on debt, net of amounts capitalized $ 902 $ 977 Cash paid for income taxes, net of refunds 2 2 Non-cash investing and financing activities: Property, plant and equipment, net of accumulated depreciation funded with accounts payable and accrued liabilities 234 262 Accrued and declared dividends on common stock 85 — |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation, Policy | 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 |
Recent Accounting Standards | 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 using the modified retrospective approach. Preliminarily, we anticipate the adoption of ASU 2020-06 will primarily result in the reclassification of the previously bifurcated equity component associated with the 4.25% Convertible Senior Notes due 2045 (the “2045 Cheniere Convertible Senior Notes”) to debt as a result of the elimination of the cash conversion model. We currently estimate that the reclassification of the $194 million equity component will result in an approximate $190 million increase in the carrying value of our 2045 Cheniere Convertible Senior Notes, with the difference primarily impacting retained earnings as of January 1, 2022. We continue to evaluate the impact of the provisions of this guidance on our Consolidated Financial Statements and related disclosures. See Note 9 —Debt for further discussion on the 2045 Cheniere Convertible Senior Notes. 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 9 —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) | 9 Months Ended |
Sep. 30, 2021 | |
Restricted Cash [Abstract] | |
Schedule of Restricted Cash | As of September 30, 2021 and December 31, 2020, restricted cash consisted of the following (in millions): September 30, December 31, 2021 2020 Restricted cash SPL Project $ 133 $ 97 CCL Project 59 70 Cash held by our subsidiaries that is restricted to Cheniere 227 282 Total restricted cash $ 419 $ 449 |
Accounts and Other Receivable_2
Accounts and Other Receivables, Net of Current Expected Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts and Other Receivables, Net of Current Expected Credit Losses | As of September 30, 2021 and December 31, 2020, accounts and other receivables, net of current expected credit losses consisted of the following (in millions): September 30, December 31, 2021 2020 Trade receivables SPL and CCL $ 584 $ 482 Cheniere Marketing 272 113 Other accounts receivable 127 52 Total accounts and other receivables, net of current expected credit losses $ 983 $ 647 |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | As of September 30, 2021 and December 31, 2020, inventory consisted of the following (in millions): September 30, December 31, 2021 2020 Materials $ 168 $ 150 LNG in-transit 145 88 LNG 125 27 Natural gas 31 26 Other 2 1 Total inventory $ 471 $ 292 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net of Accumulated Depreciation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net of Accumulated Depreciation | As of September 30, 2021 and December 31, 2020, property, plant and equipment, net of accumulated depreciation consisted of the following (in millions): September 30, December 31, 2021 2020 LNG terminal LNG terminal and interconnecting pipeline facilities $ 30,617 $ 27,475 LNG site and related costs 441 324 LNG terminal construction-in-process 2,817 5,378 Accumulated depreciation (3,663) (2,935) Total LNG terminal, net of accumulated depreciation 30,212 30,242 Fixed assets and other Computer and office equipment 27 25 Furniture and fixtures 20 19 Computer software 122 117 Leasehold improvements 45 45 Land 1 59 Other 21 25 Accumulated depreciation (181) (164) Total fixed assets and other, net of accumulated depreciation 55 126 Assets under finance lease Tug vessels 60 60 Accumulated depreciation (9) (7) Total assets under finance lease, net of accumulated depreciation 51 53 Property, plant and equipment, net of accumulated depreciation $ 30,318 $ 30,421 |
Schedule of Depreciation and Offsets to LNG Terminal Costs | The following table shows depreciation expense and offsets to LNG terminal costs during the three and nine months ended September 30, 2021 and 2020 (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Depreciation expense $ 257 $ 231 $ 749 $ 694 Offsets to LNG terminal costs (1) — — 227 — |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Fair Value of Derivative Assets and Liabilities | 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 September 30, 2021 and December 31, 2020 (in millions): Fair Value Measurements as of September 30, 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 $ — $ (67) $ — $ (67) $ — $ (140) $ — $ (140) Liquefaction Supply Derivatives asset (liability) (21) 3 (2,611) (2,629) 5 (6) 241 240 LNG Trading Derivatives asset (liability) 11 (444) (680) (1,113) (3) (131) — (134) FX Derivatives asset (liability) — 9 — 9 — (22) — (22) |
Fair Value Measurement Inputs and Valuation Techniques | 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 September 30, 2021: Net Fair Value Liability Valuation Approach Significant Unobservable Input Range of Significant Unobservable Inputs / Weighted Average (1) Physical Liquefaction Supply Derivatives $(2,611) Market approach incorporating present value techniques Henry Hub basis spread $(1.333) - $0.895 / $(0.006) Option pricing model International LNG pricing spread, relative to Henry Hub (2) 158% - 516% / 224% Physical LNG Trading Derivatives $(680) Market approach incorporating present value techniques International LNG pricing spread, relative to Henry Hub or TTF, as applicable (2) $(11.275) - $23.458 / $17.777 (1) Unobservable inputs were weighted by the relative fair value of the instruments. (2) Spread contemplates U.S. dollar-denominated pricing. |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | 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 and nine months ended September 30, 2021 and 2020 (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Balance, beginning of period $ (389) $ 590 $ 241 $ 138 Realized and mark-to-market gains (losses): Included in cost of sales (2,982) (27) (2,898) 454 Purchases and settlements: Purchases 5 1 (657) 2 Settlements 75 (31) 23 (61) Balance, end of period $ (3,291) $ 533 $ (3,291) $ 533 Change in unrealized gains (losses) relating to instruments still held at end of period $ (2,982) $ (27) $ (2,898) $ 454 |
Fair Value of Derivative Instruments by Balance Sheet Location | The following table shows the fair value and location of our derivative instruments on our Consolidated Balance Sheets (in millions): September 30, 2021 CCH Interest Rate Derivatives Liquefaction Supply Derivatives (1) LNG Trading Derivatives (2) FX Derivatives Total Consolidated Balance Sheets Location Current derivative assets $ — $ 88 $ 163 $ 15 $ 266 Derivative assets — 71 — — 71 Total derivative assets — 159 163 15 337 Current derivative liabilities (67) (630) (1,276) (6) (1,979) Derivative liabilities — (2,158) — — (2,158) Total derivative liabilities (67) (2,788) (1,276) (6) (4,137) Derivative asset (liability), net $ (67) $ (2,629) $ (1,113) $ 9 $ (3,800) December 31, 2020 CCH Interest Rate Derivatives Liquefaction Supply Derivatives (1) LNG Trading Derivatives (2) FX Derivatives Total Consolidated Balance Sheets Location Current derivative assets $ — $ 27 $ — $ 5 $ 32 Derivative assets — 376 — — 376 Total derivative assets — 403 — 5 408 Current derivative liabilities (100) (54) (134) (25) (313) 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 $47 million and $9 million, which are included in margin deposits and other current assets in our Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020, respectively. Includes derivative assets for natural gas supply contracts that SPL and CCL have with related parties. See Note 1 2 —Related Party Transactions . (2) Does not include collateral posted with counterparties by us of $287 million and $7 million, which are included in margin deposits and other current assets in our Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020, respectively. |
Derivative Net Presentation on Consolidated Balance Sheets | 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 September 30, 2021 Gross assets $ — $ 179 $ 174 $ 30 Offsetting amounts — (20) (11) (15) Net assets $ — $ 159 $ 163 $ 15 Gross liabilities $ (67) $ (2,816) $ (1,427) $ (34) Offsetting amounts — 28 151 28 Net liabilities $ (67) $ (2,788) $ (1,276) $ (6) 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 Positions | As of September 30, 2021, we had the following Interest Rate Derivatives outstanding: Notional Amounts September 30, 2021 December 31, 2020 Latest Maturity Date Weighted Average Fixed Interest Rate Paid Variable Interest Rate Received CCH Interest Rate Derivatives $4.5 billion $4.6 billion May 31, 2022 2.30% One-month LIBOR |
Derivative Instruments, Gain (Loss) | The following table shows the effect and location of our Interest Rate Derivatives on our Consolidated Statements of Operations during the three and nine months ended September 30, 2021 and 2020 (in millions): Gain (Loss) Recognized in Consolidated Statements of Operations Consolidated Statements of Operations Location Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 CCH Interest Rate Derivatives Interest rate derivative loss, net $ (2) $ — $ (3) $ (138) CCH Interest Rate Forward Start Derivatives Interest rate derivative loss, net — — — (95) |
Commodity Derivatives [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table shows the notional amounts of our Liquefaction Supply Derivatives and LNG Trading Derivatives (collectively, “Commodity Derivatives”): September 30, 2021 December 31, 2020 Liquefaction Supply Derivatives LNG Trading Derivatives Liquefaction Supply Derivatives LNG Trading Derivatives Notional amount, net (in TBtu) (1) 11,291 (14) 10,483 20 (1) Includes notional amounts for natural gas supply contracts that SPL and CCL have with related parties. See Note 1 2 —Related Party Transactions . |
Derivative Instruments, Gain (Loss) | The following table shows the effect and location of our Commodity Derivatives recorded on our Consolidated Statements of Operations during the three and nine months ended September 30, 2021 and 2020 (in millions): Gain (Loss) Recognized in Consolidated Statements of Operations Consolidated Statements of Operations Location (1) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 LNG Trading Derivatives LNG revenues $ (1,098) $ 13 $ (1,539) $ 119 LNG Trading Derivatives Cost of sales 55 (5) 136 (5) Liquefaction Supply Derivatives (2) LNG revenues (4) 21 (3) 7 Liquefaction Supply Derivatives (2) Cost of sales (2,444) (103) (2,848) 372 (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 effect and location of our FX Derivatives recorded on our Consolidated Statements of Operations during the three and nine months ended September 30, 2021 and 2020 (in millions): Gain (Loss) Recognized in Consolidated Statements of Operations Consolidated Statements of Operations Location Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 FX Derivatives LNG revenues $ 11 $ (5) $ 27 $ 22 |
Non-Controlling Interest and _2
Non-Controlling Interest and Variable Interest Entity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Cheniere Partners [Member] | |
Noncontrolling Interest and Variable Interest Entity [Line Items] | |
Condensed Balance Sheet of Cheniere Partners | 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 as of September 30, 2021 and December 31, 2020. 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. September 30, December 31, 2021 2020 ASSETS Current assets Cash and cash equivalents $ 1,713 $ 1,210 Restricted cash 133 97 Accounts and other receivables, net of current expected credit losses 358 318 Other current assets 283 182 Total current assets 2,487 1,807 Property, plant and equipment, net of accumulated depreciation 16,820 16,723 Other non-current assets, net 294 287 Total assets $ 19,601 $ 18,817 LIABILITIES Current liabilities Accrued liabilities $ 846 $ 658 Current debt, net of premium, discount and debt issuance costs 944 — Other current liabilities 216 171 Total current liabilities 2,006 829 Long-term debt, net of premium, discount and debt issuance costs 17,171 17,580 Other non-current liabilities 98 126 Total liabilities $ 19,275 $ 18,535 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities | As of September 30, 2021 and December 31, 2020, accrued liabilities consisted of the following (in millions): September 30, December 31, 2021 2020 Interest costs and related debt fees $ 360 $ 245 Accrued natural gas purchases 900 576 LNG terminals and related pipeline costs 126 147 Compensation and benefits 88 123 Accrued LNG inventory 3 4 Accrued dividends 84 — Other accrued liabilities 226 80 Total accrued liabilities $ 1,787 $ 1,175 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Instruments | As of September 30, 2021 and December 31, 2020, our debt consisted of the following (in millions): September 30, 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”) (1) $ 13,128 $ 13,650 Cheniere Partners — 3.250% to 5.625% senior notes due between October 2025 and January 2032 and credit facilities (“2019 CQP Credit Facilities”) 4,200 4,100 CCH — 2.742% to 7.000% senior secured notes due between June 2024 and December 2039 and CCH Credit Facility 10,128 10,217 Cheniere — 4.625% senior secured notes due October 2028 (the “2028 Cheniere Senior Notes”), convertible notes, revolving credit facility (“Cheniere Revolving Credit Facility”) and term loan facility (“Cheniere Term Loan Facility”) 2,625 3,145 Unamortized premium, discount and debt issuance costs, net of accumulated amortization (600) (641) Total long-term debt, net of premium, discount and debt issuance costs 29,481 30,471 Current debt: SPL — current portion of 6.25% senior secured notes due March 2022 (the “2022 SPL Senior Notes”) (1) (2) 522 — Cheniere Partners — current portion of 5.625% senior notes due October 2026 (the “2026 CQP Senior Notes”) (3) 428 — CCH — $1.2 billion CCH working capital facility (“CCH Working Capital Facility”) and current portion of CCH Credit Facility 104 271 Cheniere Marketing — trade finance facilities and letter of credit facility — — Cheniere — current portion of the 4.875% convertible unsecured notes due May 2021 (“2021 Cheniere Convertible Notes”) — 104 Unamortized discount and debt issuance costs, net of accumulated amortization (7) (3) Total current debt, net of discount and debt issuance costs 1,047 372 Total debt, net of premium, discount and debt issuance costs $ 30,528 $ 30,843 (1) A portion of the 2022 SPL Senior Notes is categorized as long-term debt because the proceeds from the expected series of sales of approximately $482 million aggregate principal amount of senior secured notes due 2037 pursuant to executed note purchase agreements, expected to be issued in the fourth quarter of 2021, subject to customary closing conditions, will be used to strategically refinance a portion of the 2022 SPL Senior Notes and pay related fees, costs and expenses. (2) In October 2021, $318 million of the 2022 SPL Senior Notes was redeemed with $100 million from the proceeds from Cheniere Partners’ issuance of the 3.250% senior notes due 2032 (the “2032 CQP Senior Notes”) and $218 million of cash on hand. See Issuances, Redemptions and Repayments section below for further discussion. (3) In October 2021, Cheniere Partners redeemed the remaining outstanding aggregate principal amount of the 2026 CQP Senior Notes that were not purchased pursuant to the tender offer and consent solicitation in September 2021. See Issuances, Redemptions and Repayments section below for further discussion. |
Schedule Of Debt Issuances, Redemptions And Repayments | The following table shows the issuances, redemptions and repayments of long-term debt during the nine months ended September 30, 2021, excluding intra-quarter borrowings and repayments (in millions): Issuances Principal Amount Issued Three Months Ended March 31, 2021 Cheniere Partners — 4.000% Senior Notes due 2031 (the “2031 CQP Senior Notes”) (1) $ 1,500 Three Months Ended June 30, 2021 Cheniere — Cheniere Term Loan Facility (2) 220 Cheniere — Cheniere Revolving Credit Facility 134 Three Months Ended September 30, 2021 CCH — 2.742% Senior Notes due 2039 (the “2.742% CCH Senior Secured Notes”) (3) 750 Cheniere Partners — 2032 CQP Senior Notes (4) 1,200 Nine Months Ended September 30, 2021 total $ 3,804 Redemptions and Repayments Principal Amount Redeemed/Repaid Three Months Ended March 31, 2021 Cheniere Partners — 5.250% Senior Notes due 2025 (the “2025 CQP Senior Notes”) (1) $ 1,500 Cheniere — Cheniere Term Loan Facility (5) 148 Three Months Ended June 30, 2021 Cheniere — 2021 Cheniere Convertible Notes (2) 476 Cheniere — Cheniere Term Loan Facility (2) 220 Three Months Ended September 30, 2021 Cheniere — Cheniere Revolving Credit Facility 134 CCH — CCH Credit Facility (3) 866 Cheniere Partners — 2026 CQP Senior Notes (4) 672 Nine Months Ended September 30, 2021 total $ 4,016 (1) Net proceeds from the issuance of the 2031 CQP Senior Notes, together with cash on hand, were used to redeem all of Cheniere Partners’ outstanding 2025 CQP Senior Notes, resulting in $54 million of loss on extinguishment of debt relating to the payment of early redemption fees and write off of unamortized debt premium and issuance costs. (2) The 2021 Cheniere Convertible Notes were repaid using a combination of borrowings under the Cheniere Term Loan Facility and cash on hand upon the maturity date at par value. (3) Net proceeds of the 2.742% CCH Senior Secured Notes, together with cash on hand, were used to prepay a portion of the principal amount outstanding under the CCH Credit Facility, resulting in $9 million of loss on extinguishment of debt relating to the payment of early redemption fees and write off of unamortized issuance costs. (4) Net proceeds from the issuance of the 2032 CQP Senior Notes were used to redeem a portion of the 2026 CQP Senior Notes in September 2021 pursuant to a tender offer and consent solicitation, resulting in $27 million of loss on extinguishment of debt relating to the payment of early redemption fees and write off of unamortized debt premium and issuance costs. In October 2021, the remaining net proceeds from the issuance of the 2032 CQP Senior Notes were used to redeem the remaining outstanding principal amount of the 2026 CQP Senior Notes and, together with cash on hand, redeem $318 million of the 2022 SPL Senior Notes. (5) The remaining commitments under the Cheniere Term Loan Facility were terminated in accordance with the credit agreement, resulting in $4 million of loss on extinguishment of debt relating to the write off of unamortized issuance costs. |
Schedule of Line of Credit Facilities and Delayed Draw Term Loan | Below is a summary of our credit facilities outstanding as of September 30, 2021 (in millions): 2020 SPL Working Capital Facility (1) 2019 CQP Credit Facilities CCH Credit Facility CCH Working Capital Facility Cheniere Revolving Credit Facility Original facility size $ 1,200 $ 1,500 $ 8,404 $ 350 $ 750 Incremental commitments — — 1,566 850 500 Less: Outstanding balance — — 1,761 — — Commitments prepaid or terminated — 750 8,209 — — Letters of credit issued 396 — — 360 — Available commitment $ 804 $ 750 $ — $ 840 $ 1,250 Priority ranking 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% Weighted average interest rate of outstanding balance n/a n/a 1.83% n/a n/a Maturity date March 19, 2025 May 29, 2024 June 30, 2024 June 29, 2023 December 13, 2022 (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. |
Schedule of Convertible Debt | Below is a summary of our convertible notes outstanding as of September 30, 2021 (in millions): 2045 Cheniere Convertible Senior Notes Aggregate original principal $ 625 Debt component, net of discount and debt issuance costs $ 320 Equity component $ 194 Interest payment method Cash Conversion by us (1) (2) Conversion by holders (1) (3) Conversion basis Cash and/or stock Conversion value in excess of principal $ — Maturity date March 15, 2045 Contractual interest rate 4.25 % Effective interest rate (4) 9.4 % Remaining debt discount and debt issuance costs amortization period (5) 23.5 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 the 2045 Cheniere Convertible Senior Notes to be redeemed, plus accrued and unpaid interest, if any, to such redemption date. (3) 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). (4) Rate to accrete the discounted carrying value of the convertible notes to the face value over the remaining amortization period. (5) We amortize any debt discount and debt issuance costs using the effective interest over the period through contractual maturity. |
Schedule of 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Interest cost on convertible notes: Interest per contractual rate $ 6 $ 20 $ 29 $ 140 Amortization of debt discount 1 7 9 41 Amortization of debt issuance costs — 1 — 8 Total interest cost related to convertible notes 7 28 38 189 Interest cost on debt and finance leases excluding convertible notes 391 388 1,178 1,167 Total interest cost 398 416 1,216 1,356 Capitalized interest (34) (61) (128) (182) Total interest expense, net of capitalized interest $ 364 $ 355 $ 1,088 $ 1,174 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The following table shows the carrying amount and estimated fair value of our debt (in millions): September 30, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Senior notes — Level 2 (1) $ 25,978 $ 28,565 $ 24,700 $ 27,897 Senior notes — Level 3 (2) 2,771 3,317 2,771 3,423 Credit facilities — Level 3 (3) 1,761 1,761 2,915 2,915 2021 Cheniere Convertible Notes — Level 3 (2) — — 476 480 2045 Cheniere Convertible Senior Notes — Level 1 (4) 625 538 625 496 (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) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Schedule of Leases, Balance Sheet Location | The following table shows the classification and location of our right-of-use assets and lease liabilities on our Consolidated Balance Sheets (in millions): September 30, December 31, Consolidated Balance Sheets Location 2021 2020 Right-of-use assets—Operating Operating lease assets $ 2,064 $ 759 Right-of-use assets—Financing Property, plant and equipment, net of accumulated depreciation 51 53 Total right-of-use assets $ 2,115 $ 812 Current operating lease liabilities Current operating lease liabilities $ 458 $ 161 Current finance lease liabilities Other current liabilities 2 2 Non-current operating lease liabilities Operating lease liabilities 1,590 597 Non-current finance lease liabilities Finance lease liabilities 57 57 Total lease liabilities $ 2,107 $ 817 |
Schedule of Lease Cost, Income Statement Location | 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating lease cost (a) Operating costs and expenses (1) $ 145 $ 77 $ 441 $ 316 Finance lease cost: Amortization of right-of-use assets Depreciation and amortization expense — — 2 2 Interest on lease liabilities Interest expense, net of capitalized interest 2 2 7 7 Total lease cost $ 147 $ 79 $ 450 $ 325 (a) Included in operating lease cost: Short-term lease costs $ 22 $ 9 $ 103 $ 60 Variable lease costs 7 3 20 12 |
Schedule of Maturity of Lease Liabilities | Future annual minimum lease payments for operating and finance leases as of September 30, 2021 are as follows (in millions): Years Ending December 31, Operating Leases (1) Finance Leases 2021 $ 139 $ 3 2022 515 10 2023 479 10 2024 433 10 2025 243 10 Thereafter 510 127 Total lease payments 2,319 170 Less: Interest (271) (111) Present value of lease liabilities $ 2,048 $ 59 (1) Does not include $758 million of legally binding minimum lease payments primarily for vessel charters which were executed as of September 30, 2021 but will commence in future periods primarily in the next year and have fixed minimum lease terms of up to seven years. |
Lease, Other Quantitative Information | The following table shows the weighted-average remaining lease term and the weighted-average discount rate for our operating leases and finance leases: September 30, 2021 December 31, 2020 Operating Leases Finance Leases Operating Leases Finance Leases Weighted-average remaining lease term (in years) 5.9 16.9 8.2 17.7 Weighted-average discount rate (1) 3.6% 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): Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 331 $ 226 Operating cash flows used in finance leases 7 8 Right-of-use assets obtained in exchange for operating lease liabilities 1,575 412 |
Schedule of Sublease Income | The following table shows the sublease income recognized in other revenues on our Consolidated Statements of Operations (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Fixed income $ 17 $ 9 $ 28 $ 61 Variable income 15 1 21 24 Total sublease income $ 32 $ 10 $ 49 $ 85 |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table represents a disaggregation of revenue earned from contracts with customers during the three and nine months ended September 30, 2021 and 2020 (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 LNG revenues (1) $ 4,169 $ 1,344 $ 10,505 $ 6,088 Regasification revenues 68 67 202 202 Other revenues 22 10 66 48 Total revenues from customers 4,259 1,421 10,773 6,338 Net derivative gain (loss) (2) (1,091) 29 (1,515) 148 Other (3) 32 10 49 85 Total revenues $ 3,200 $ 1,460 $ 9,307 $ 6,571 (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 and nine months ended September 30, 2020, we recognized $171 million and $932 million, respectively, in LNG revenues associated with LNG cargoes for which customers notified us that they would not take delivery, of which $47 million would have been recognized subsequent to September 30, 2020 had the cargoes been lifted pursuant to the delivery schedules with the customers. LNG revenues during the three months ended September 30, 2021 and 2020 excluded zero and $458 million, respectively, and LNG revenues during the nine months ended September 30, 2021 and 2020 excluded $38 million and zero, respectively, that would have otherwise been recognized during the period if the cargoes were lifted pursuant to the delivery schedules with the customers. We did not have revenues associated with LNG cargoes for which customers notified us that they would not take delivery during the three and nine months ended September 30, 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 1 0 —Leases for additional information about our subleases. |
Contract Assets | The following table shows our contract assets, net of current expected credit losses, which are classified as other current assets and other non-current assets, net on our Consolidated Balance Sheets (in millions): September 30, December 31, 2021 2020 Contract assets, net of current expected credit losses $ 123 $ 80 |
Contract Liabilities | The following table reflects the changes in our contract liabilities, which we classify as deferred revenue and other non-current liabilities on our Consolidated Balance Sheets (in millions): Nine Months Ended September 30, 2021 Deferred revenue, beginning of period $ 138 Cash received but not yet recognized in revenue 196 Revenue recognized from prior period deferral (138) Deferred revenue, end of period $ 196 |
Transaction Price Allocated to Future Performance Obligations | 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 September 30, 2021 and December 31, 2020: September 30, 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 $ 100.6 10 $ 102.3 10 Regasification revenues 1.9 4 2.1 5 Total revenues $ 102.5 $ 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) | 9 Months Ended |
Sep. 30, 2021 | |
Natural Gas Supply Agreement [Member] | |
Related Party Transaction [Line Items] | |
Schedule of Related Party Transactions | The Liquefaction Supply Derivatives related to this agreement are recorded on our Consolidated Balance Sheets as follows (in millions, except notional amount): September 30, December 31, 2021 2020 Current derivative assets $ 7 $ 3 Derivative assets 10 1 Notional amount (in TBtu) 119 60 We recorded the following amounts on our Consolidated Statements of Operations during the three and nine months ended September 30, 2021 and 2020 related to this agreement (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cost of sales (a) $ 53 $ 29 $ 124 $ 77 (a) Included in costs of sales: Liquefaction Supply Derivative gain $ 6 $ (5) $ 13 $ (3) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation Expense, Net | Total share-based compensation consisted of the following (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Share-based compensation costs, pre-tax: Equity awards $ 28 $ 26 $ 92 $ 86 Liability awards 1 1 3 2 Total share-based compensation 29 27 95 88 Capitalized share-based compensation (1) — (4) (4) Total share-based compensation expense $ 28 $ 27 $ 91 $ 84 Tax benefit associated with share-based compensation expense $ 3 $ 2 $ 30 $ 21 |
Net Income (Loss) Per Share A_2
Net Income (Loss) Per Share Attributable to Common Stockholders (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles basic and diluted weighted average common shares outstanding for the three and nine months ended September 30, 2021 and 2020 (in millions, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net income (loss) attributable to common stockholders $ (1,084) $ (463) $ (1,020) $ 109 Weighted average common shares outstanding: Basic 253.6 252.2 253.3 252.5 Dilutive unvested stock — — — 0.7 Diluted 253.6 252.2 253.3 253.2 Net income (loss) per share attributable to common stockholders—basic and diluted $ (4.27) $ (1.84) $ (4.03) $ 0.43 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Potentially dilutive securities that were not included in the diluted net income (loss) per share computations because their effects would have been anti-dilutive were as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Unvested stock (1) 1.8 3.1 1.6 2.4 2045 Cheniere Convertible Senior Notes 4.5 4.5 4.5 4.5 Total potentially dilutive common shares 6.3 7.6 6.1 6.9 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of Share Repurchases Under the Share Repurchase Program | The following table presents information with respect to repurchases of common stock during the three and nine months ended September 30, 2021 and 2020 (in millions, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Aggregate common stock repurchased 0.1 — 0.1 2.9 Weighted average price paid per share $ 83.97 $ — $ 83.97 $ 53.88 Total amount paid $ 6 $ — $ 6 $ 155 |
Customer Concentration (Tables)
Customer Concentration (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Schedule of Revenue and Accounts Receivable by Major Customers | 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 of current expected credit losses and contract assets, net of current expected credit losses balances of 10% or greater of total accounts receivable, net of current expected credit losses from external customers and contract assets, net of current expected credit losses from external customers, respectively: Percentage of Total Revenues from External Customers Percentage of Accounts Receivable, Net and Contract Assets, Net from External Customers Three Months Ended September 30, Nine Months Ended September 30, September 30, December 31, 2021 2020 2021 2020 2021 2020 Customer A 12% * 14% 13% * 14% Customer B 15% 11% 13% 10% * 12% Customer C 11% 15% 11% 11% * * Customer D 11% 13% * 10% * * Customer E * * * * 17% * Customer F * * * * 12% * * Less than 10% |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | The following table provides supplemental disclosure of cash flow information (in millions): Nine Months Ended September 30, 2021 2020 Cash paid during the period for interest on debt, net of amounts capitalized $ 902 $ 977 Cash paid for income taxes, net of refunds 2 2 Non-cash investing and financing activities: Property, plant and equipment, net of accumulated depreciation funded with accounts payable and accrued liabilities 234 262 Accrued and declared dividends on common stock 85 — |
Organization and Nature of Oper
Organization and Nature of Operations (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($)milliontonnes / yrmiunititemtrains | |
Nature of Operations and Basis of Presentation [Line Items] | |
Number Of Natural Gas Liquefaction And Export Facilities | unit | 2 |
2045 Cheniere Convertible Senior Notes [Member] | |
Nature of Operations and Basis of Presentation [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 4.25% |
Equity component | $ | $ 194 |
Accounting Standards Update 2020-06 | 2045 Cheniere Convertible Senior Notes [Member] | |
Nature of Operations and Basis of Presentation [Line Items] | |
Equity component | $ | 194 |
IncreaseDecreaseDebtInstrumentConvertibleCarryingAmount | $ | $ 190 |
Sabine Pass LNG Terminal [Member] | |
Nature of Operations and Basis of Presentation [Line Items] | |
Number of Liquefaction LNG Trains Operating | 5 |
Number of Liquefaction LNG Trains Commissioning | 1 |
Total Production Capability | milliontonnes / yr | 30 |
Number of LNG Storage Tanks | unit | 5 |
Number of Marine Berths Operating | item | 2 |
Number of Marine Berths Constructing | item | 1 |
Creole Trail Pipeline [Member] | |
Nature of Operations and Basis of Presentation [Line Items] | |
Length of Natural Gas Pipeline | mi | 94 |
Corpus Christi LNG Terminal [Member] | |
Nature of Operations and Basis of Presentation [Line Items] | |
Number of Liquefaction LNG Trains Operating | 3 |
Total Production Capability | milliontonnes / yr | 15 |
Number of LNG Storage Tanks | unit | 3 |
Number of Marine Berths Operating | item | 2 |
Corpus Christi Pipeline [Member] | |
Nature of Operations and Basis of Presentation [Line Items] | |
Length of Natural Gas Pipeline | mi | 23 |
Corpus Christi LNG Terminal Expansion [Member] | |
Nature of Operations and Basis of Presentation [Line Items] | |
Total Production Capability | milliontonnes / yr | 10 |
Corpus Christi LNG Terminal Expansion [Member] | Maximum [Member] | |
Nature of Operations and Basis of Presentation [Line Items] | |
Number of Liquefaction LNG Trains | 7 |
Cheniere Partners [Member] | |
Nature of Operations and Basis of Presentation [Line Items] | |
General Partner ownership percentage | 100.00% |
Limited Partner ownership percentage | 48.60% |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash | $ 419 | [1] | $ 449 |
SPL Project [Member] | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash | 133 | 97 | |
CCL Project [Member] | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash | 59 | 70 | |
Cash held by our subsidiaries restricted to Cheniere [Member] | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash | $ 227 | $ 282 | |
[1] | Amounts presented include balances held by our consolidated variable interest entity (“VIE”), Cheniere Partners, as further discussed in Note 7 — Non-controlling Interest and Variable Interest Entity. As of September 30, 2021, total assets and liabilities of Cheniere Partners, which are included in our Consolidated Balance Sheets, were $19.6 billion and $19.3 billion, respectively, including $1.7 billion of cash and cash equivalents and $0.1 billion of restricted cash. |
Accounts and Other Receivable_3
Accounts and Other Receivables, Net of Current Expected Credit Losses (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts and Other Receivables [Line Items] | ||
Other accounts receivable | $ 127 | $ 52 |
Total accounts and other receivables, net of current expected credit losses | 983 | 647 |
SPL and CCL | ||
Accounts and Other Receivables [Line Items] | ||
Trade receivables | 584 | 482 |
Cheniere Marketing | ||
Accounts and Other Receivables [Line Items] | ||
Trade receivables | $ 272 | $ 113 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory [Line Items] | ||
Inventory | $ 471 | $ 292 |
Materials [Member] | ||
Inventory [Line Items] | ||
Inventory | 168 | 150 |
LNG in-transit [Member] | ||
Inventory [Line Items] | ||
Inventory | 145 | 88 |
LNG [Member] | ||
Inventory [Line Items] | ||
Inventory | 125 | 27 |
Natural gas [Member] | ||
Inventory [Line Items] | ||
Inventory | 31 | 26 |
Other [Member] | ||
Inventory [Line Items] | ||
Inventory | $ 2 | $ 1 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net of Accumulated Depreciation - Schedule of Property, Plant and Equipment, Net of Accumulated Depreciation (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net of accumulated depreciation | $ 30,318 | $ 30,421 |
LNG terminal [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | (3,663) | (2,935) |
Property, plant and equipment, net of accumulated depreciation | 30,212 | 30,242 |
LNG terminal and interconnecting pipeline facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 30,617 | 27,475 |
LNG site and related costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 441 | 324 |
LNG terminal construction-in-process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,817 | 5,378 |
Fixed assets and other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | (181) | (164) |
Property, plant and equipment, net of accumulated depreciation | 55 | 126 |
Computer and office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 27 | 25 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 20 | 19 |
Computer software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 122 | 117 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 45 | 45 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1 | 59 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 21 | 25 |
Tug vessels under finance lease [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 60 | 60 |
Accumulated depreciation | (9) | (7) |
Property, plant and equipment, net of accumulated depreciation | $ 51 | $ 53 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net of Accumulated Depreciation - Schedule of Depreciation and Offsets to LNG Terminal Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Property, Plant and Equipment [Abstract] | |||||
Depreciation expense | $ 257 | $ 231 | $ 749 | $ 694 | |
Offsets to LNG terminal costs | [1] | $ 0 | $ 0 | $ 227 | $ 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 Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Physical Liquefaction Supply Derivatives [Member] | Maximum [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Term of Contract | 15 years | |
Financial Liquefaction Supply Derivatives [Member] | Maximum [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Term of Contract | 3 years | |
LNG Trading Derivatives [Member] | Maximum [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Term of Contract | 2 years | |
FX Derivatives [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | $ 499 | $ 786 |
FX Derivatives [Member] | Maximum [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Term of Contract | 1 year |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 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 | $ (67) | $ (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, Net | 0 | 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 | (67) | (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, Net | 0 | 0 |
Liquefaction Supply Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (2,629) | 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, Net | (21) | 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 | 3 | (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, Net | (2,611) | 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 | (1,113) | (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, Net | 11 | (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 | (444) | (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 | (680) | 0 |
FX Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 9 | (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, Net | 0 | 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, Net | 9 | (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] | 9 Months Ended | |
Sep. 30, 2021USD ($) | ||
Physical Liquefaction Supply Derivatives [Member] | ||
Fair Value Measurement Inputs and Valuation Tecniques [Line Items] | ||
Net Fair Value Asset (Liability) | $ (2,611,000,000) | |
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 | (1.333) | [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 Spread | 0.895 | [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 | $ (0.006) | [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 Percentage | 158.00% | [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 Percentage | 516.00% | [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 Percentage | 224.00% | [1],[2] |
Physical LNG Trading Derivative [Member] | ||
Fair Value Measurement Inputs and Valuation Tecniques [Line Items] | ||
Net Fair Value Asset (Liability) | $ (680,000,000) | |
Physical LNG Trading Derivative [Member] | Valuation, Market Approach [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Tecniques [Line Items] | ||
Fair Value Inputs Basis Spread | (11.275) | [1],[2] |
Physical LNG Trading Derivative [Member] | Valuation, Market Approach [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Tecniques [Line Items] | ||
Fair Value Inputs Basis Spread | 23.458 | [1],[2] |
Physical LNG Trading Derivative [Member] | Valuation, Market Approach [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Tecniques [Line Items] | ||
Fair Value Inputs Basis Spread | $ 17.777 | [1],[2] |
[1] | Unobservable inputs were weighted by the relative fair value of the instruments. | |
[2] | Spread contemplates U.S. dollar-denominated pricing. |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Level 3 Derivatives Activity (Details) - Physical Liquefaction Supply Derivatives and Physical LNG Trading Derivative - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value, Assets (Liabilities) Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | $ (389) | $ 590 | $ 241 | $ 138 |
Realized and mark-to-market gains (losses): | ||||
Included in cost of sales | (2,982) | (27) | (2,898) | 454 |
Purchases and settlements: | ||||
Purchases | 5 | 1 | (657) | 2 |
Settlements | 75 | (31) | 23 | (61) |
Balance, end of period | (3,291) | 533 | (3,291) | 533 |
Change in unrealized gains (losses) relating to instruments still held at end of period | $ (2,982) | $ (27) | $ (2,898) | $ 454 |
Derivative Instruments - Sche_2
Derivative Instruments - Schedule of Notional Amounts of Outstanding Derivative Positions (Details) $ in Billions | 9 Months Ended | ||
Sep. 30, 2021USD ($)tbtu | Dec. 31, 2020USD ($)tbtu | ||
CCH Interest Rate Derivatives [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ | $ 4.5 | $ 4.6 | |
Maturity Date | May 31, 2022 | ||
Weighted Average Fixed Interest Rate Paid | 2.30% | ||
Liquefaction Supply Derivatives [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | [1] | 11,291 | 10,483 |
LNG Trading Derivatives [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | [1] | (14) | 20 |
[1] | Includes notional amounts for natural gas supply contracts that SPL and CCL have with related parties. See Note 1 2 —Related Party Transactions . |
Derivative Instruments - Deriva
Derivative Instruments - Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
CCH Interest Rate Derivatives [Member] | Interest rate derivative loss, net [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative gain (loss), net | $ (2) | $ 0 | $ (3) | $ (138) | |
CCH Interest Rate Forward Start Derivatives [Member] | Interest rate derivative loss, net [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative gain (loss), net | 0 | 0 | 0 | (95) | |
LNG Trading Derivatives [Member] | LNG Revenues [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative gain (loss), net | [1] | (1,098) | 13 | (1,539) | 119 |
LNG Trading Derivatives [Member] | Cost of Sales [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative gain (loss), net | [1] | 55 | (5) | 136 | (5) |
Liquefaction Supply Derivatives [Member] | LNG Revenues [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative gain (loss), net | [1],[2] | (4) | 21 | (3) | 7 |
Liquefaction Supply Derivatives [Member] | Cost of Sales [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative gain (loss), net | [1],[2] | (2,444) | (103) | (2,848) | 372 |
FX Derivatives [Member] | LNG Revenues [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative gain (loss), net | $ 11 | $ (5) | $ 27 | $ 22 | |
[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 Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Derivatives, Fair Value [Line Items] | |||
Current derivative assets | $ 266 | $ 32 | |
Derivative assets | 71 | 376 | |
Total derivative assets | 337 | 408 | |
Current derivative liabilities | (1,979) | (313) | |
Derivative liabilities | (2,158) | (151) | |
Total derivative liabilities | (4,137) | (464) | |
Derivative asset (liability), net | (3,800) | (56) | |
Current Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative assets | 266 | 32 | |
Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 71 | 376 | |
Current Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative liabilities | (1,979) | (313) | |
Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | (2,158) | (151) | |
CCH Interest Rate Derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivative assets | 0 | 0 | |
Total derivative liabilities | (67) | (140) | |
Derivative asset (liability), net | (67) | (140) | |
CCH Interest Rate Derivatives [Member] | Current Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative assets | 0 | 0 | |
CCH Interest Rate Derivatives [Member] | Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 0 | 0 | |
CCH Interest Rate Derivatives [Member] | Current Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative liabilities | (67) | (100) | |
CCH Interest Rate Derivatives [Member] | Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | 0 | (40) | |
Liquefaction Supply Derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivative assets | [1] | 159 | 403 |
Total derivative liabilities | [1] | (2,788) | (163) |
Derivative asset (liability), net | [1] | (2,629) | 240 |
Derivative, collateral posted by us | 47 | 9 | |
Liquefaction Supply Derivatives [Member] | Current Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative assets | [1] | 88 | 27 |
Liquefaction Supply Derivatives [Member] | Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | [1] | 71 | 376 |
Liquefaction Supply Derivatives [Member] | Current Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative liabilities | [1] | (630) | (54) |
Liquefaction Supply Derivatives [Member] | Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | [1] | (2,158) | (109) |
LNG Trading Derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivative assets | [2] | 163 | 0 |
Total derivative liabilities | [2] | (1,276) | (134) |
Derivative asset (liability), net | [2] | (1,113) | (134) |
Derivative, collateral posted by us | 287 | 7 | |
LNG Trading Derivatives [Member] | Current Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative assets | [2] | 163 | 0 |
LNG Trading Derivatives [Member] | Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | [2] | 0 | 0 |
LNG Trading Derivatives [Member] | Current Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative liabilities | [2] | (1,276) | (134) |
LNG Trading Derivatives [Member] | Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | [2] | 0 | 0 |
FX Derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivative assets | 15 | 5 | |
Total derivative liabilities | (6) | (27) | |
Derivative asset (liability), net | 9 | (22) | |
FX Derivatives [Member] | Current Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative assets | 15 | 5 | |
FX Derivatives [Member] | Derivative Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 0 | 0 | |
FX Derivatives [Member] | Current Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Current derivative liabilities | (6) | (25) | |
FX Derivatives [Member] | Derivative Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | $ 0 | $ (2) | |
[1] | Does not include collateral posted with counterparties by us of $47 million and $9 million, which are included in margin deposits and other current assets in our Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020, respectively. Includes derivative assets for natural gas supply contracts that SPL and CCL have with related parties. See Note 1 2 —Related Party Transactions . | ||
[2] | Does not include collateral posted with counterparties by us of $287 million and $7 million, which are included in margin deposits and other current assets in our Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020, respectively. |
Derivative Instruments - Deri_2
Derivative Instruments - Derivative Net Presentation on Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 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 Sheets | 0 | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
CCH Interest Rate Derivatives Liability [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Gross Amounts Recognized | (67) | (140) |
Derivative Liability, Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | (67) | (140) |
Liquefaction Supply Derivatives Asset [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Gross Amounts Recognized | 179 | 452 |
Derivative Asset, Gross Amounts Offset in the Consolidated Balance Sheets | (20) | (49) |
Derivative Assets (Liabilities), at Fair Value, Net | 159 | 403 |
Liquefaction Supply Derivatives Liability [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Gross Amounts Recognized | (2,816) | (184) |
Derivative Liability, Gross Amounts Offset in the Consolidated Balance Sheets | 28 | 21 |
Derivative Assets (Liabilities), at Fair Value, Net | (2,788) | (163) |
LNG Trading Derivatives Asset [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Gross Amounts Recognized | 174 | 0 |
Derivative Asset, Gross Amounts Offset in the Consolidated Balance Sheets | (11) | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | 163 | 0 |
LNG Trading Derivatives Liability [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Gross Amounts Recognized | (1,427) | (163) |
Derivative Liability, Gross Amounts Offset in the Consolidated Balance Sheets | 151 | 29 |
Derivative Assets (Liabilities), at Fair Value, Net | (1,276) | (134) |
FX Derivatives Asset [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Gross Amounts Recognized | 30 | 6 |
Derivative Asset, Gross Amounts Offset in the Consolidated Balance Sheets | (15) | (1) |
Derivative Assets (Liabilities), at Fair Value, Net | 15 | 5 |
FX Derivatives Liability [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Gross Amounts Recognized | (34) | (62) |
Derivative Liability, Gross Amounts Offset in the Consolidated Balance Sheets | 28 | 35 |
Derivative Assets (Liabilities), at Fair Value, Net | $ (6) | $ (27) |
Non-Controlling Interest and _3
Non-Controlling Interest and Variable Interest Entity (Details) - USD ($) shares in Millions, $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | ||
Noncontrolling Interest and Variable Interest Entity [Line Items] | |||
Cash and cash equivalents | $ 2,203 | [1] | $ 1,628 |
Restricted cash | 419 | [1] | 449 |
Accounts and other receivables, net of current expected credit losses | 983 | 647 | |
Other current assets | 185 | 96 | |
Total current assets | 4,863 | 3,169 | |
Property, plant and equipment, net of accumulated depreciation | 30,318 | 30,421 | |
Other non-current assets, net | 425 | 406 | |
Total assets | 40,179 | [1] | 35,697 |
Accrued liabilities | 1,787 | 1,175 | |
Current debt, net of discount and debt issuance costs | 1,047 | 372 | |
Other current liabilities | 129 | 2 | |
Total current liabilities | 5,660 | 2,196 | |
Long-term debt, net of premium, discount and debt issuance costs | 29,481 | 30,471 | |
Other non-current liabilities | $ 20 | 7 | |
Cheniere Partners [Member] | |||
Noncontrolling Interest and Variable Interest Entity [Line Items] | |||
Limited Partner ownership percentage | 48.60% | ||
General Partner ownership percentage | 100.00% | ||
Cheniere Partners [Member] | Common Units [Member] | |||
Noncontrolling Interest and Variable Interest Entity [Line Items] | |||
Partners Capital Account, Units, Units Held | 239.9 | ||
Cheniere Partners [Member] | |||
Noncontrolling Interest and Variable Interest Entity [Line Items] | |||
Cash and cash equivalents | $ 1,713 | 1,210 | |
Restricted cash | 133 | 97 | |
Accounts and other receivables, net of current expected credit losses | 358 | 318 | |
Other current assets | 283 | 182 | |
Total current assets | 2,487 | 1,807 | |
Property, plant and equipment, net of accumulated depreciation | 16,820 | 16,723 | |
Other non-current assets, net | 294 | 287 | |
Total assets | 19,601 | 18,817 | |
Accrued liabilities | 846 | 658 | |
Current debt, net of discount and debt issuance costs | 944 | 0 | |
Other current liabilities | 216 | 171 | |
Total current liabilities | 2,006 | 829 | |
Long-term debt, net of premium, discount and debt issuance costs | 17,171 | 17,580 | |
Other non-current liabilities | 98 | 126 | |
Total liabilities | $ 19,275 | $ 18,535 | |
[1] | Amounts presented include balances held by our consolidated variable interest entity (“VIE”), Cheniere Partners, as further discussed in Note 7 — Non-controlling Interest and Variable Interest Entity. As of September 30, 2021, total assets and liabilities of Cheniere Partners, which are included in our Consolidated Balance Sheets, were $19.6 billion and $19.3 billion, respectively, including $1.7 billion of cash and cash equivalents and $0.1 billion of restricted cash. |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Accrued Liabilities, Current [Abstract] | ||
Interest costs and related debt fees | $ 360 | $ 245 |
Accrued natural gas purchases | 900 | 576 |
LNG terminals and related pipeline costs | 126 | 147 |
Compensation and benefits | 88 | 123 |
Accrued LNG inventory | 3 | 4 |
Accrued dividends | 84 | 0 |
Other accrued liabilities | 226 | 80 |
Total accrued liabilities | $ 1,787 | $ 1,175 |
Debt - Schedule of Debt Instrum
Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | ||
Debt Instrument [Line Items] | |||||
Total Long-Term Debt, Net of Premium, Discount and Debt Issuance Costs | $ 29,481 | $ 29,481 | $ 30,471 | ||
Total current debt, net of discount and debt issuance costs | 1,047 | 1,047 | 372 | ||
Total Debt, Net of Premium, Discount and Debt Issuance Costs | 30,528 | 30,528 | 30,843 | ||
Repayments of Debt | 4,016 | ||||
Long-term Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized premium, discount and debt issuance costs, net | (600) | (600) | (641) | ||
Current Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized premium, discount and debt issuance costs, net | (7) | (7) | (3) | ||
2022 SPL Senior Notes [Member] | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Debt | $ 318 | ||||
2022 SPL Senior Notes [Member] | Proceeds of 2032 CQP Senior Notes | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Debt | 100 | ||||
2022 SPL Senior Notes [Member] | Cash [Member] | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Debt | $ 218 | ||||
CCH Working Capital Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Current debt, net of discount and debt issuance costs | 0 | 0 | |||
2037 Private Placement Senior Secured Notes | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | 482 | 482 | |||
SPL [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | [1] | $ 13,128 | $ 13,128 | 13,650 | |
SPL [Member] | Senior Notes [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | 4.20% | |||
SPL [Member] | Senior Notes [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | 6.25% | |||
SPL [Member] | 2022 SPL Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Current portion of senior secured notes | [1],[2] | $ 522 | $ 522 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | 6.25% | |||
Cheniere Partners [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 4,200 | $ 4,200 | 4,100 | ||
Total current debt, net of discount and debt issuance costs | $ 944 | $ 944 | 0 | ||
Cheniere Partners [Member] | Senior Notes [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 3.25% | |||
Cheniere Partners [Member] | Senior Notes [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | 5.625% | |||
Cheniere Partners [Member] | 2026 CQP Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Current portion of senior secured notes | [3] | $ 428 | $ 428 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | 5.625% | |||
CCH [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 10,128 | $ 10,128 | 10,217 | ||
Current debt, net of discount and debt issuance costs | $ 104 | $ 104 | 271 | ||
CCH [Member] | Senior Notes [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.742% | 2.742% | |||
CCH [Member] | Senior Notes [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% | |||
CCH [Member] | CCH Working Capital Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,200 | $ 1,200 | |||
Cheniere Marketing | |||||
Debt Instrument [Line Items] | |||||
Current debt, net of discount and debt issuance costs | 0 | 0 | 0 | ||
Cheniere [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | 2,625 | 2,625 | 3,145 | ||
Current portion of convertible notes | $ 0 | $ 0 | $ 104 | ||
Cheniere [Member] | 2028 Cheniere Senior Secured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.625% | 4.625% | |||
Cheniere [Member] | 2026 CQP Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Debt | [4] | $ 672 | |||
Cheniere [Member] | 2021 Convertible Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | 4.875% | |||
[1] | A portion of the 2022 SPL Senior Notes is categorized as long-term debt because the proceeds from the expected series of sales of approximately $482 million aggregate principal amount of senior secured notes due 2037 pursuant to executed note purchase agreements, expected to be issued in the fourth quarter of 2021, subject to customary closing conditions, will be used to strategically refinance a portion of the 2022 SPL Senior Notes and pay related fees, costs and expenses. | ||||
[2] | In October 2021, $318 million of the 2022 SPL Senior Notes was redeemed with $100 million from the proceeds from Cheniere Partners’ issuance of the 3.250% senior notes due 2032 (the “2032 CQP Senior Notes”) and $218 million of cash on hand. See Issuances, Redemptions and Repayments section below for further discussion. | ||||
[3] | In October 2021, Cheniere Partners redeemed the remaining outstanding aggregate principal amount of the 2026 CQP Senior Notes that were not purchased pursuant to the tender offer and consent solicitation in September 2021. See Issuances, Redemptions and Repayments section below for further discussion. | ||||
[4] | Net proceeds from the issuance of the 2032 CQP Senior Notes were used to redeem a portion of the 2026 CQP Senior Notes in September 2021 pursuant to a tender offer and consent solicitation, resulting in $27 million of loss on extinguishment of debt relating to the payment of early redemption fees and write off of unamortized debt premium and issuance costs. In October 2021, the remaining net proceeds from the issuance of the 2032 CQP Senior Notes were used to redeem the remaining outstanding principal amount of the 2026 CQP Senior Notes and, together with cash on hand, redeem $318 million of the 2022 SPL Senior Notes. |
Debt - Schedule of Issuances, R
Debt - Schedule of Issuances, Redemptions and Repayments (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Oct. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from issuances of debt | $ 3,804 | |||||||||
Repayments of Debt | 4,016 | |||||||||
Debt modification and extinguishment costs | $ (36) | $ (171) | $ (95) | $ (215) | ||||||
2022 SPL Senior Notes [Member] | Subsequent Event [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of Debt | $ 318 | |||||||||
Cheniere Partners [Member] | 2031 CQP Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.00% | ||||||||
Proceeds from issuances of debt | [1] | $ 1,500 | ||||||||
Cheniere Partners [Member] | 2032 Cheniere Energy Partners Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from issuances of debt | [2] | $ 1,200 | ||||||||
Cheniere Partners [Member] | 2025 CQP Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | 5.25% | ||||||||
Repayments of Debt | [1] | 1,500 | ||||||||
Debt modification and extinguishment costs | $ 54 | |||||||||
Cheniere Partners [Member] | 2026 CQP Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | 5.625% | ||||||||
Debt modification and extinguishment costs | $ 27 | |||||||||
CCH [Member] | 2.742% CCH Senior Secured Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.742% | 2.742% | ||||||||
Proceeds from issuances of debt | [3] | $ 750 | ||||||||
CCH [Member] | CCH Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of Debt | [3] | 866 | ||||||||
Debt modification and extinguishment costs | $ 9 | |||||||||
Cheniere [Member] | Cheniere Term Loan Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from issuances of debt | [4] | $ 220 | ||||||||
Repayments of Debt | 220 | [4] | $ 148 | [5] | ||||||
Debt modification and extinguishment costs | $ 4 | |||||||||
Cheniere [Member] | Cheniere Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from issuances of debt | 134 | |||||||||
Repayments of Debt | $ 134 | |||||||||
Cheniere [Member] | 2032 Cheniere Energy Partners Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 3.25% | ||||||||
Cheniere [Member] | 2021 Cheniere Convertible Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of Debt | [4] | $ 476 | ||||||||
Cheniere [Member] | 2026 CQP Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of Debt | [2] | $ 672 | ||||||||
[1] | Net proceeds from the issuance of the 2031 CQP Senior Notes, together with cash on hand, were used to redeem all of Cheniere Partners’ outstanding 2025 CQP Senior Notes, resulting in $54 million of loss on extinguishment of debt relating to the payment of early redemption fees and write off of unamortized debt premium and issuance costs. | |||||||||
[2] | Net proceeds from the issuance of the 2032 CQP Senior Notes were used to redeem a portion of the 2026 CQP Senior Notes in September 2021 pursuant to a tender offer and consent solicitation, resulting in $27 million of loss on extinguishment of debt relating to the payment of early redemption fees and write off of unamortized debt premium and issuance costs. In October 2021, the remaining net proceeds from the issuance of the 2032 CQP Senior Notes were used to redeem the remaining outstanding principal amount of the 2026 CQP Senior Notes and, together with cash on hand, redeem $318 million of the 2022 SPL Senior Notes. | |||||||||
[3] | Net proceeds of the 2.742% CCH Senior Secured Notes, together with cash on hand, were used to prepay a portion of the principal amount outstanding under the CCH Credit Facility, resulting in $9 million of loss on extinguishment of debt relating to the payment of early redemption fees and write off of unamortized issuance costs. | |||||||||
[4] | The 2021 Cheniere Convertible Notes were repaid using a combination of borrowings under the Cheniere Term Loan Facility and cash on hand upon the maturity date at par value. | |||||||||
[5] | The remaining commitments under the Cheniere Term Loan Facility were terminated in accordance with the credit agreement, resulting in $4 million of loss on extinguishment of debt relating to the write off of unamortized issuance costs. |
Debt - Credit Facilities Table
Debt - Credit Facilities Table (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2021USD ($)Rate | ||
2020 SPL Working Capital Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Original facility size | $ 1,200 | [1] |
Incremental commitments | 0 | [1] |
Outstanding balance | 0 | [1] |
Commitments prepaid or terminated | 0 | [1] |
Letters of credit issued | 396 | [1] |
Available commitment | $ 804 | [1] |
Debt Instrument, Description of Variable Rate Basis | LIBOR or base rate | |
Maturity date | Mar. 19, 2025 | [1] |
2020 SPL Working Capital Facility [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Commitment Fee Percentage | 0.10% | |
2020 SPL Working Capital Facility [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | |
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 | Rate | 1.125% | |
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 | Rate | 1.75% | |
2020 SPL Working Capital Facility [Member] | Base Rate [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | Rate | 0.125% | |
2020 SPL Working Capital Facility [Member] | Base Rate [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | Rate | 0.75% | |
2019 CQP Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Original facility size | $ 1,500 | |
Incremental commitments | 0 | |
Outstanding balance | 0 | |
Commitments prepaid or terminated | 750 | |
Letters of credit issued | 0 | |
Available commitment | $ 750 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR or base rate | |
Maturity date | May 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 | Rate | 1.25% | |
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 | Rate | 2.125% | |
2019 CQP Credit Facilities [Member] | Base Rate [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | Rate | 0.25% | |
2019 CQP Credit Facilities [Member] | Base Rate [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | Rate | 1.125% | |
CCH Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Original facility size | $ 8,404 | |
Incremental commitments | 1,566 | |
Outstanding balance | 1,761 | |
Commitments prepaid or terminated | 8,209 | |
Letters of credit issued | 0 | |
Available commitment | $ 0 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR or base rate | |
Weighted average interest rate on current debt | 1.83% | |
Maturity date | Jun. 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 | Rate | 1.75% | |
CCH Credit Facility [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | Rate | 0.75% | |
CCH Working Capital Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Original facility size | $ 350 | |
Incremental commitments | 850 | |
Outstanding balance - current | 0 | |
Commitments prepaid or terminated | 0 | |
Letters of credit issued | 360 | |
Available commitment | $ 840 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR or base rate | |
Maturity date | Jun. 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 | Rate | 1.25% | |
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 | Rate | 1.75% | |
CCH Working Capital Facility [Member] | Base Rate [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | Rate | 0.25% | |
CCH Working Capital Facility [Member] | Base Rate [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | Rate | 0.75% | |
Cheniere Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Original facility size | $ 750 | |
Incremental commitments | 500 | |
Outstanding balance | 0 | |
Commitments prepaid or terminated | 0 | |
Letters of credit issued | 0 | |
Available commitment | $ 1,250 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR or base rate | |
Maturity date | Dec. 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 | Rate | 1.75% | |
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 | Rate | 2.50% | |
Cheniere Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | Rate | 0.75% | |
Cheniere Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | Rate | 1.50% | |
[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. |
Debt - Convertible Notes Table
Debt - Convertible Notes Table (Details) - 2045 Cheniere Convertible Senior Notes [Member] | 9 Months Ended | |
Sep. 30, 2021USD ($)$ / shares | ||
Debt Instrument [Line Items] | ||
Aggregate original principal | $ 625,000,000 | |
Debt component, net of discount and debt issuance costs | 320,000,000 | |
Equity component | 194,000,000 | |
Conversion value in excess of principal | $ 0 | |
Maturity date | Mar. 15, 2045 | |
Contractual interest rate | 4.25% | |
Effective interest rate | 9.40% | [1] |
Remaining debt discount and debt issuance costs amortization period | 23 years 6 months | [2] |
Debt Instrument, Convertible, Conversion Ratio | 7.2265 | |
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 138.38 | |
[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 Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Debt Instrument [Line Items] | ||||
Total interest cost | $ 398 | $ 416 | $ 1,216 | $ 1,356 |
Capitalized interest | (34) | (61) | (128) | (182) |
Total interest expense, net of capitalized interest | 364 | 355 | 1,088 | 1,174 |
Convertible Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest per contractual rate | 6 | 20 | 29 | 140 |
Amortization of debt discount | 1 | 7 | 9 | 41 |
Amortization of debt issuance costs | 0 | 1 | 0 | 8 |
Total interest cost | 7 | 28 | 38 | 189 |
Debt and Finance Leases Excluding Convertible Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Total interest cost | $ 391 | $ 388 | $ 1,178 | $ 1,167 |
Debt - Schedule of Carrying Val
Debt - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying Amount, Debt | $ 30,528 | $ 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] | 25,978 | 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] | 28,565 | 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] | 3,317 | 3,423 |
Line of Credit [Member] | Carrying Amount [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying Amount, Debt | [3] | 1,761 | 2,915 |
Line of Credit [Member] | Estimated Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Lines of Credit, Fair Value Disclosure | [3] | 1,761 | 2,915 |
2021 Convertible Unsecured 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] | 0 | 476 |
2021 Convertible Unsecured Notes [Member] | Estimated Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Convertible Debt, Estimated Fair Value | [2] | 0 | 480 |
2045 Cheniere Convertible Senior Notes [Member] | Carrying Amount [Member] | Fair Value, Inputs, Level 1 [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, Inputs, Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Convertible Debt, Estimated Fair Value | [4] | $ 538 | $ 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 Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Lessee, Lease, Description [Line Items] | ||
Right-of-use assets—Operating | $ 2,064 | $ 759 |
Total right-of-use assets | 2,115 | 812 |
Current operating lease liabilities | 458 | 161 |
Non-current operating lease liabilities | 1,590 | 597 |
Non-current finance lease liabilities | 57 | 57 |
Total lease liabilities | 2,107 | 817 |
Operating lease assets, net [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Right-of-use assets—Operating | 2,064 | 759 |
Property, plant and equipment, net of accumulated depreciation [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Right-of-use assets—Financing | 51 | 53 |
Current operating lease liabilities [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Current operating lease liabilities | 458 | 161 |
Other current liabilities [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Current finance lease liabilities | 2 | 2 |
Operating lease liabilities [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Non-current operating lease liabilities | 1,590 | 597 |
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 Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Finance lease cost: | |||||
Total lease cost | $ 147 | $ 79 | $ 450 | $ 325 | |
Operating costs and expenses [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating lease cost | [1] | 145 | 77 | 441 | 316 |
Finance lease cost: | |||||
Short-term lease costs | 22 | 9 | 103 | 60 | |
Variable lease costs | 7 | 3 | 20 | 12 | |
Depreciation and amortization expense [Member] | |||||
Finance lease cost: | |||||
Amortization of right-of-use assets | 0 | 0 | 2 | 2 | |
Interest expense, net of capitalized interest [Member] | |||||
Finance lease cost: | |||||
Interest on lease liabilities | $ 2 | $ 2 | $ 7 | $ 7 | |
[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 Millions | 9 Months Ended | |
Sep. 30, 2021USD ($) | ||
Operating Leases, Future Minimum Payments | ||
2021 | $ 139 | [1] |
2022 | 515 | [1] |
2023 | 479 | [1] |
2024 | 433 | [1] |
2025 | 243 | [1] |
Thereafter | 510 | [1] |
Total lease payments | 2,319 | [1] |
Less: Interest | (271) | [1] |
Present value of lease liabilities | 2,048 | [1] |
Finance Leases, Future Minimum Payments | ||
2021 | 3 | |
2022 | 10 | |
2023 | 10 | |
2024 | 10 | |
2025 | 10 | |
Thereafter | 127 | |
Total lease payments | 170 | |
Less: Interest | (111) | |
Present value of lease liabilities | 59 | |
Operating Lease, Lease Not yet Commenced, Payments Due | $ 758 | |
Lessee, Operating Lease, Lease Not yet Commenced, Period Until Commencement | 1 year | |
Maximum [Member] | ||
Finance Leases, Future Minimum Payments | ||
Operating Leases, Lease Not yet Commenced, Term of Contract | 7 years | |
[1] | Does not include $758 million of legally binding minimum lease payments primarily for vessel charters which were executed as of September 30, 2021 but will commence in future periods primarily in the next year and have fixed minimum lease terms of up to seven years. |
Leases - Other Quantitative Inf
Leases - Other Quantitative Information (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | ||
Operating Leases | ||||
Weighted-average remaining lease term | 5 years 10 months 24 days | 8 years 2 months 12 days | ||
Weighted-average discount rate | [1] | 3.60% | 5.40% | |
Finance Leases | ||||
Weighted-average remaining lease term | 16 years 10 months 24 days | 17 years 8 months 12 days | ||
Weighted-average discount rate | [1] | 16.20% | 16.20% | |
Operating cash flows used in operating leases | $ 331 | $ 226 | ||
Operating cash flows used in finance leases | 7 | 8 | ||
Right-of-use assets obtained in exchange for operating lease liabilities | $ 1,575 | $ 412 | ||
[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 Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Leases [Abstract] | |||||
Sublease payments to be received | $ 0 | $ 0 | $ 0 | ||
Sublease Income, Fixed | 17 | $ 9 | 28 | $ 61 | |
Sublease Income, Variable | 15 | 1 | 21 | 24 | |
Sublease Income, Total | $ 32 | $ 10 | $ 49 | $ 85 |
Revenues from Contracts with _3
Revenues from Contracts with Customers - Narrative (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
LNG [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, Variable Consideration Received From Customers, Percentage | 61.00% | 37.00% | 56.00% | 35.00% |
Regasification [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, Variable Consideration Received From Customers, Percentage | 5.00% | 6.00% | 5.00% | 6.00% |
Revenues from Contracts with _4
Revenues from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Disaggregation of Revenue [Line Items] | |||||
Revenues from contracts with customers | $ 4,259 | $ 1,421 | $ 10,773 | $ 6,338 | |
Net derivative gains (losses) | [1] | (1,091) | 29 | (1,515) | 148 |
Other revenues | [2] | 32 | 10 | 49 | 85 |
Total revenues | 3,200 | 1,460 | 9,307 | 6,571 | |
LNG [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues from contracts with customers | [3] | 4,169 | 1,344 | 10,505 | 6,088 |
Total revenues | 3,078 | 1,373 | 8,990 | 6,236 | |
Suspension Fees and LNG Cover Damages Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues from contracts with customers | 0 | 171 | 0 | 932 | |
Suspension Fees and LNG Cover Damages Revenue [Member] | Subsequent Period | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues from contracts with customers | 47 | 47 | |||
Suspension Fees and LNG Cover Damages Revenue [Member] | Current Period | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues from contracts with customers | 0 | 458 | 38 | 0 | |
Regasification [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues from contracts with customers | 68 | 67 | 202 | 202 | |
Other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues from contracts with customers | 22 | 10 | 66 | 48 | |
Total revenues | $ 54 | $ 20 | $ 115 | $ 133 | |
[1] | See Note 6—Derivative Instruments for additional information about our derivatives. | ||||
[2] | Includes revenues from LNG vessel subcharters. See Note 1 0 —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 and nine months ended September 30, 2020, we recognized $171 million and $932 million, respectively, in LNG revenues associated with LNG cargoes for which customers notified us that they would not take delivery, of which $47 million would have been recognized subsequent to September 30, 2020 had the cargoes been lifted pursuant to the delivery schedules with the customers. LNG revenues during the three months ended September 30, 2021 and 2020 excluded zero and $458 million, respectively, and LNG revenues during the nine months ended September 30, 2021 and 2020 excluded $38 million and zero, respectively, that would have otherwise been recognized during the period if the cargoes were lifted pursuant to the delivery schedules with the customers. We did not have revenues associated with LNG cargoes for which customers notified us that they would not take delivery during the three and nine months ended September 30, 2021. Revenue is generally recognized upon receipt of irrevocable notice that a customer will not take delivery because our customers have no contractual right to take delivery of such LNG cargo in future periods and our performance obligations with respect to such LNG cargo have been satisfied. |
Revenues from Contracts with _5
Revenues from Contracts with Customers - Contract Assets and Liabilities (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Contract assets, net of current expected credit losses | $ 123 | $ 80 |
Change In Contract With Customer, Liability [Roll Forward] | ||
Deferred revenue, beginning of period | 138 | |
Cash received but not yet recognized in revenue | 196 | |
Revenue recognized from prior period deferral | (138) | |
Deferred revenue, end of period | $ 196 |
Revenues from Contracts with _6
Revenues from Contracts with Customers - Schedule of Transaction Price Allocated to Future Performance Obligations (Details) - USD ($) $ in Billions | Sep. 30, 2021 | Dec. 31, 2020 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |||
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]: 2021-10-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Unsatisfied Transaction Price | $ 102.5 | ||
LNG [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |||
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]: 2021-10-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Unsatisfied Transaction Price | $ 100.6 | ||
Weighted Average Recognition Timing | [1] | 10 years | |
Regasification [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |||
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]: 2021-10-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Unsatisfied Transaction Price | $ 1.9 | ||
Weighted Average Recognition Timing | [1] | 4 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 | 9 Months Ended | |||
Sep. 30, 2021USD ($)tbtu | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)tbtu | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)tbtu | |
Related Party Transaction [Line Items] | |||||
Operating and maintenance expense | $ 350,000,000 | $ 317,000,000 | $ 1,057,000,000 | $ 988,000,000 | |
Cost of sales (excluding items shown separately below) | 4,868,000,000 | 768,000,000 | 8,408,000,000 | 2,295,000,000 | |
Accrued liabilities | 1,787,000,000 | 1,787,000,000 | $ 1,175,000,000 | ||
Revenues | 3,200,000,000 | 1,460,000,000 | 9,307,000,000 | 6,571,000,000 | |
Accounts and other receivables, net of current expected credit losses | 983,000,000 | 983,000,000 | $ 647,000,000 | ||
Other [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenues | $ 54,000,000 | 20,000,000 | $ 115,000,000 | 133,000,000 | |
SPL [Member] | Natural Gas Supply Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related Party Agreement Term | 5 years | ||||
Derivative, Nonmonetary Notional Amount | tbtu | 99 | 99 | 91 | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ 0 | $ 0 | $ 0 | ||
CCL [Member] | Natural Gas Supply Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Cost of sales (excluding items shown separately below) | 53,000,000 | 29,000,000 | 124,000,000 | 77,000,000 | |
Accrued liabilities | 19,000,000 | $ 19,000,000 | 13,000,000 | ||
CCL [Member] | Natural Gas Transportation and Storage Agreements [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related Party Agreement Term | 10 years | ||||
Operating and maintenance expense | 2,000,000 | 2,000,000 | $ 7,000,000 | 4,000,000 | |
Accrued liabilities | 1,000,000 | 1,000,000 | |||
Sabine Pass Liquefaction LLC and Cheniere Creole Trail Pipeline LP [Member] | Natural Gas Transportation and Storage Agreements [Member] | |||||
Related Party Transaction [Line Items] | |||||
Operating and maintenance expense | 12,000,000 | 34,000,000 | |||
Cost of sales (excluding items shown separately below) | 0 | 1,000,000 | |||
Accrued liabilities | 5,000,000 | $ 5,000,000 | 4,000,000 | ||
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 Term | 10 years | ||||
Cheniere LNG O&M Services, LLC [Member] | Operation and Maintenance Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accounts and other receivables, net of current expected credit losses | 1,000,000 | $ 1,000,000 | $ 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 | $ 2,000,000 | $ 5,000,000 | $ 8,000,000 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021USD ($)tbtu | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)tbtu | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)tbtu | ||
Related Party Transaction [Line Items] | ||||||
Current derivative assets | $ 266 | $ 266 | $ 32 | |||
Derivative assets | 71 | 71 | $ 376 | |||
Cost of sales | $ 4,868 | $ 768 | $ 8,408 | $ 2,295 | ||
Liquefaction Supply Derivatives [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Derivative, Nonmonetary Notional Amount | tbtu | [1] | 11,291 | 11,291 | 10,483 | ||
CCL [Member] | Natural Gas Supply Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Cost of sales | $ 53 | 29 | $ 124 | 77 | ||
CCL [Member] | Natural Gas Supply Agreement [Member] | Liquefaction Supply Derivatives [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Current derivative assets | 7 | 7 | $ 3 | |||
Derivative assets | $ 10 | $ 10 | $ 1 | |||
Derivative, Nonmonetary Notional Amount | tbtu | 119 | 119 | 60 | |||
Liquefaction Supply Derivative gain | $ 6 | $ (5) | $ 13 | $ (3) | ||
[1] | Includes notional amounts for natural gas supply contracts that SPL and CCL have with related parties. See Note 1 2 —Related Party Transactions . |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Income tax provision (benefit) | $ (1,860) | $ (75) | $ (1,864) | $ 119 |
Effective Income Tax Rate | 67.00% | 12.90% | 79.70% | 19.30% |
Loss on Derivative Instruments, Net, Pretax | $ 3,500 | $ 4,200 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% | 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 Millions | 9 Months Ended |
Sep. 30, 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 Period | 3 years |
Performance Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award Vesting Period, Cliff Vesting | 3 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 Met | 0.00% |
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 Met | 300.00% |
Common Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Units Granted | 0.2 |
2020 Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Units Granted | 1.6 |
2020 Incentive Plan [Member] | Performance Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Units Granted | 0.3 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Share-Based Compensation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation | $ 29 | $ 27 | $ 95 | $ 88 |
Capitalized share-based compensation | (1) | 0 | (4) | (4) |
Total share-based compensation expense | 28 | 27 | 91 | 84 |
Tax benefit associated with share-based compensation expense | 3 | 2 | 30 | 21 |
Equity Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation | 28 | 26 | 92 | 86 |
Liability Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation | $ 1 | $ 1 | $ 3 | $ 2 |
Net Income (Loss) Per Share A_3
Net Income (Loss) Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||
Net income (loss) attributable to common stockholders | $ (1,084) | $ (329) | $ 393 | $ (463) | $ 197 | $ 375 | $ (1,020) | $ 109 | |
Weighted average number of common shares outstanding, basic | 253.6 | 252.2 | 253.3 | 252.5 | |||||
Dilutive Unvested Stock | 0 | 0 | 0 | 0.7 | |||||
Weighted Average Number of Shares Outstanding, Diluted | 253.6 | 252.2 | 253.3 | 253.2 | |||||
Net income (loss) per share attributable to common stockholders—basic and diluted | $ (4.27) | $ (1.84) | $ (4.03) | $ 0.43 | |||||
Antidilutive securities excluded from computation of earnings per share | 6.3 | 7.6 | 6.1 | 6.9 | |||||
Unvested stock | |||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||
Antidilutive securities excluded from computation of earnings per share | [1] | 1.8 | 3.1 | 1.6 | 2.4 | ||||
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 share | 4.5 | 4.5 | 4.5 | 4.5 | |||||
[1] | Includes the impact of unvested shares containing performance conditions to the extent that the underlying performance conditions are satisfied based on actual results as of the respective dates. |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Equity, Class of Treasury Stock [Line Items] | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 589 |
Initial Board Approval [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Stock Repurchase Program, Period in Force | 3 years |
Stock Repurchase Program, Authorized Amount | $ 1,000 |
Subsequent Board Approved Increase [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Stock Repurchase Program, Period in Force | 3 years |
Stock Repurchase Program, Authorized Amount | $ 1,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Equity [Abstract] | ||||
Aggregate common stock repurchased | 100,000 | 0 | 100,000 | 2,900,000 |
Weighted average price paid per share | $ 83.97 | $ 0 | $ 83.97 | $ 53.88 |
Total amount paid | $ 6 | $ 0 | $ 6 | $ 155 |
Stockholders' Equity - Dividend
Stockholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | Sep. 07, 2021 | Sep. 30, 2021 | Sep. 30, 2020 |
Equity [Abstract] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.33 | ||
Dividends Payable | $ 85 | $ 0 |
Customer Concentration - Schedu
Customer Concentration - Schedule of Customer Concentration (Details) - Customer Concentration Risk [Member] | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Customer A [Member] | Total Revenues from External Customers [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 12.00% | 14.00% | 13.00% | ||
Customer A [Member] | Accounts Receivable, Net and Contract Assets, Net from External Customers [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 14.00% | ||||
Customer B [Member] | Total Revenues from External Customers [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 15.00% | 11.00% | 13.00% | 10.00% | |
Customer B [Member] | Accounts Receivable, Net and Contract Assets, Net from External Customers [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 12.00% | ||||
Customer C [Member] | Total Revenues from External Customers [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 11.00% | 15.00% | 11.00% | 11.00% | |
Customer D [Member] | Total Revenues from External Customers [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 11.00% | 13.00% | 10.00% | ||
Customer E [Member] | Accounts Receivable, Net and Contract Assets, Net from External Customers [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 17.00% | ||||
Customer F | Accounts Receivable, Net and Contract Assets, Net from External Customers [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 12.00% |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Supplemental Cash Flow Information [Abstract] | ||
Cash paid during the period for interest on debt, net of amounts capitalized | $ 902 | $ 977 |
Cash paid for income taxes, net of refunds | 2 | 2 |
Balance in property, plant and equipment, net of accumulated depreciation funded with accounts payable and accrued liabilities | 234 | 262 |
Dividends Payable | $ 85 | $ 0 |