Quarterly report pursuant to Section 13 or 15(d)

Non-Controlling Interest and Variable Interest Entity

v3.19.3
Non-Controlling Interest and Variable Interest Entity
9 Months Ended
Sep. 30, 2019
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 104.5 million common units and 135.4 million subordinated units, with the remaining non-controlling interest held by Blackstone CQP Holdco LP and the public. 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 variable interest entity. See Note 10—Variable Interest Entities of our Notes to Consolidated Financial Statements in our annual report on Form 10-K for the year ended December 31, 2018 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,
 
 
2019
 
2018
ASSETS
 
 
 
 
Current assets
 
 
 
 
Cash and cash equivalents
 
$
1,707

 
$

Restricted cash
 
185

 
1,541

Accounts and other receivables
 
277

 
348

Other current assets
 
176

 
125

Total current assets
 
2,345

 
2,014

 
 
 
 
 
Property, plant and equipment, net
 
16,338

 
15,390

Other non-current assets, net
 
294

 
228

Total assets
 
$
18,977

 
$
17,632

 
 
 
 
 
LIABILITIES
 
 
 
 
Current liabilities
 
 
 
 
Accrued liabilities
 
$
657

 
$
821

Other current liabilities
 
221

 
197

Total current liabilities
 
878

 
1,018

 
 
 
 
 
Long-term debt, net
 
17,571

 
16,066

Other non-current liabilities
 
120

 
18

Total liabilities
 
$
18,569

 
$
17,102