Non-Controlling Interest and Variable Interest Entity

3 Months Ended

Mar. 31, 2024

Noncontrolling Interest and Variable Interest Entity [Abstract]

Non-Controlling Interest and Variable Interest Entity

NON-CONTROLLING INTERESTS AND VARIABLE INTEREST ENTITIES

When we consolidate our VIEs, we include 100% of the assets, liabilities, revenues and expenses of the subsidiaries in our Consolidated Financial Statements; however, when our ownership is less than 100%, we record a non-controlling interest as a component of equity or redeemable non-controlling interest on our Consolidated Balance Sheets, which represents the third party ownership in the net assets of the respective consolidated subsidiary. Additionally, the portion of the net income or loss attributable to the non-controlling interests is reported as net income attributable to non-controlling interest on our Consolidated Statements of Operations.

Substantially all of our consolidated VIEs’ assets and liabilities relate to CQP. We own a 48.6% limited partner interest in CQP in the form of 239.9 million common units, with the remaining non-controlling limited partner interest held by affiliates of Blackstone Inc. and Brookfield Asset Management, Inc. (“Brookfield”) as well as the public. We also own 100% of the general partner interest and the incentive distribution rights in CQP.

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

	March 31,		December 31,
	2024		2023
ASSETS
Current assets
Cash and cash equivalents	$	333	$	575
Restricted cash and cash equivalents	64		56
Trade and other receivables, net of current expected credit losses	237		373
Other current assets, net	208		215
Total current assets	842		1,219
Property, plant and equipment, net of accumulated depreciation	16,186		16,212
Other non-current assets, net	329		309
Total assets	$	17,357	$	17,740
LIABILITIES
Current liabilities
Accrued liabilities	$	497	$	811
Current debt, net of discount and debt issuance costs	2,145		300
Current derivative liabilities	144		196
Other current liabilities	135		201
Total current liabilities	2,921		1,508
Long-term debt, net of unamortized discount and debt issuance costs	13,616		15,606
Derivative liabilities	1,567		1,531
Other non-current liabilities	174		160
Total liabilities	$	18,278	$	18,805