Property, Plant and Equipment, Net of Accumulated Depreciation (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net of Accumulated Depreciation

Property, plant and equipment, net of accumulated depreciation consisted of the following (in millions):

	Useful life	December 31,
	(years)	2025		2024
Terminal and related assets
Terminal and interconnecting pipeline facilities	6 - 50	$	38,422	$	34,282
Land		745		465
Construction-in-process		4,096		5,486
Accumulated depreciation		(8,434)		(7,231)
Total terminal and related assets, net of accumulated depreciation		34,829		33,002
Fixed assets and other assets
Fixed assets and other assets	3 - 10	260		260
Accumulated depreciation		(195)		(188)
Total fixed assets and other assets, net of accumulated depreciation		65		72
Assets under finance leases
Marine assets	5 - 20	1,060		587
Accumulated depreciation		(199)		(109)
Total assets under finance leases, net of accumulated depreciation		861		478
Property, plant and equipment, net of accumulated depreciation		$	35,755	$	33,552

Schedule Of Depreciation And Offsets To LNG Terminal Costs

The following table shows depreciation expense and offsets to terminal assets (in millions):

	Year Ended December 31,
	2025		2024		2023
Depreciation expense	$	1,320	$	1,213	$	1,190
Sales proceeds earned from commissioning sales of LNG offset to terminal assets (1)	187		—		—

(1)We realize offsets to terminal assets for sales proceeds from commissioning volumes that were earned or loaded prior to the start of commercial operations of the respective Train during the testing phase for its construction.