Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The jurisdictional components of income before income taxes and non-controlling interests on our Consolidated Statements of Operations are as follows (in millions):

	Year Ended December 31,
	2024		2023		2022
U.S.	$	4,696	$	11,176	$	(1,575)
International	607		3,402		4,669
Total income before income taxes and non-controlling interests	$	5,303	$	14,578	$	3,094

Schedule of Components of Income Tax Expense (Benefit)

Income tax provision included in our reported net income consisted of the following (in millions): 

	Year Ended December 31,
	2024		2023		2022
Current:
Federal	$	471	$	130	$	6
State	2		1		2
Foreign	8		(1)		11
Total current	481		130		19
Deferred:
Federal	319		2,377		320
State	9		15		118
Foreign	2		(3)		2
Total deferred	330		2,389		440
Total income tax provision	$	811	$	2,519	$	459

Schedule of Effective Income Tax Rate Reconciliation

Our income tax rates do not bear a customary relationship to statutory income tax rates. A reconciliation of the federal statutory income tax rate of 21% to our effective income tax rate is as follows: 

	Year Ended December 31,
	2024		2023		2022
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
Income not taxable to Cheniere	(5.0)		(3.1)		(8.2)
Foreign-derived intangible income deduction	(1.0)		(0.7)		(1.2)
Valuation allowance	(0.7)		—		2.6
Other	1.0		0.1		0.6
Effective tax rate as reported	15.3	%	17.3	%	14.8	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities are as follows (in millions): 

	December 31,
	2024		2023
Deferred tax assets
Net operating loss (“NOL”) carryforwards
Federal	$	313	$	915
State	119		163
Tax Credits
CAMT carryforward	383		—
Other tax credits	40		33
Derivative instruments	—		98
Operating lease liabilities	562		550
Other	306		298
Less: valuation allowance (1)	(110)		(147)
Total deferred tax assets	1,613		1,910
Deferred tax liabilities
Investment in partnerships	(305)		(309)
Property, plant and equipment	(2,459)		(2,564)
Operating lease assets	(548)		(538)
Derivative instruments	(108)		—
Other	(30)		(18)
Total deferred tax liabilities	(3,450)		(3,429)
Net deferred tax liabilities	$	(1,837)	$	(1,519)

(1)Valuation allowance primarily relates to state NOL carryforward deferred tax assets and decreased by $37 million during the year ended December 31, 2024 primarily due to the reduced Louisiana corporate tax rate beginning January 1, 2025. The valuation allowance increased by $4 million and $80 million during the years ended December 31, 2023 and 2022, respectively.

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amounts of our unrecognized tax benefits is as follows (in millions): 

	Year Ended December 31,
	2024		2023
Balance at beginning of the year	$	73	$	74
Reductions for tax positions of prior years	(1)		(1)
Balance at end of the year	$	72	$	73