Non-Controlling Interest and Variable Interest Entity

9 Months Ended

Sep. 30, 2020

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 interest held by The Blackstone Group Inc., Brookfield Asset Management Inc. and the public. In July 2020, the board of directors of Cheniere Partners’ general partner confirmed and approved that, following the distribution with respect to the three months ended June 30, 2020, the financial tests required for conversion of Cheniere Partners’ subordinated units, all of which were held by us, were met under the terms of Cheniere Partners’ partnership agreement. Accordingly, effective August 17, 2020, the first business day following the payment of the distribution, all of Cheniere Partners’ subordinated units were automatically converted into common units on a one-for-one basis and the subordination period was terminated. 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, 2019 for further information.

The following table presents the summarized assets and liabilities (in millions) of Cheniere Partners, our consolidated VIE, which are included in our Consolidated Balance Sheets. The assets in the table below may only be used to settle obligations of Cheniere Partners. In addition, there is no recourse to us for the consolidated VIE’s liabilities. The assets and liabilities in the table below include third-party assets and liabilities of Cheniere Partners only and exclude intercompany balances that eliminate in consolidation.

	September 30,		December 31,
	2020		2019
ASSETS
Current assets
Cash and cash equivalents	$	1,254	$	1,781
Restricted cash	157		181
Accounts and other receivables, net	204		297
Other current assets	244		184
Total current assets	1,859		2,443
Property, plant and equipment, net	16,666		16,368
Other non-current assets, net	303		309
Total assets	$	18,828	$	19,120
LIABILITIES
Current liabilities
Accrued liabilities	$	564	$	709
Other current liabilities	236		210
Total current liabilities	800		919
Long-term debt, net	17,573		17,579
Other non-current liabilities	119		104
Total liabilities	$	18,492	$	18,602