Revenues (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table represents a disaggregation of revenue earned (in millions):

	Three Months Ended March 31,
	2024		2023
Revenues from contracts with customers
LNG revenues	$	4,008	$	7,037
Regasification revenues	34		34
Other revenues	73		28
Total revenues from contracts with customers	4,115		7,099
Net derivative gain (1)	29		54
Other (2)	109		157
Total revenues	$	4,253	$	7,310

(1)See Note 6—Derivative Instruments for additional information about our derivatives.

(2)Primarily includes revenues from LNG vessel subcharters. See Note 10—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, net and other non-current assets, net on our Consolidated Balance Sheets (in millions):

	March 31,		December 31,
	2024		2023
Contract assets, net of current expected credit losses	$	223	$	250

Contract Liabilities

The following table reflects the changes in our contract liabilities, which are included in deferred revenue and other non-current liabilities on our Consolidated Balance Sheets (in millions):

	Three Months Ended March 31, 2024
Deferred revenue, beginning of period	$	294
Cash received but not yet recognized in revenue	269
Revenue recognized from prior period deferral	(294)
Deferred revenue, end of period	$	269

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:

	March 31, 2024			December 31, 2023
	Unsatisfied Transaction Price (in billions)		Weighted Average Recognition Timing (years) (1)	Unsatisfied Transaction Price (in billions)		Weighted Average Recognition Timing (years) (1)
LNG revenues (2)	$	109.3	9	$	111.0	9
Regasification revenues	0.6		3	0.7		3
Total revenues	$	109.9		$	111.7

(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.

(2)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 included in the transaction price above when the conditions are considered probable of being met and consideration is not otherwise constrained from ultimate pricing and receipt.

Revenue, Remaining Performance Obligation, Variable Consideration

The following table summarizes the amount of variable consideration earned under contracts with customers included in the table above:

	Three Months Ended March 31,
	2024		2023
LNG revenues	60	%	59	%
Regasification revenues	8	%	7	%