Quarterly report pursuant to Section 13 or 15(d)

Non-Controlling Interest and Variable Interest Entity

Non-Controlling Interest and Variable Interest Entity
9 Months Ended
Sep. 30, 2020
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 239.9 million common units, with the remaining non-controlling interest held by The Blackstone Group Inc., Brookfield Asset Management Inc. and the public. In July 2020, the board of directors of Cheniere Partners’ general partner confirmed and approved that, following the distribution with respect to the three months ended June 30, 2020, the financial tests required for conversion of Cheniere Partners’ subordinated units, all of which were held by us, were met under the terms of Cheniere Partners’ partnership agreement. Accordingly, effective August 17, 2020, the first business day following the payment of the distribution, all of Cheniere Partners’ subordinated units were automatically converted into common units on a one-for-one basis and the subordination period was terminated. 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 VIE. See Note 9—Non-Controlling Interest and Variable Interest Entity of our Notes to Consolidated Financial Statements in our annual report on Form 10-K for the fiscal year ended December 31, 2019 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,
2020 2019
Current assets    
Cash and cash equivalents $ 1,254  $ 1,781 
Restricted cash 157  181 
Accounts and other receivables, net 204  297 
Other current assets 244  184 
Total current assets 1,859  2,443 
Property, plant and equipment, net 16,666  16,368 
Other non-current assets, net 303  309 
Total assets $ 18,828  $ 19,120 
Current liabilities    
Accrued liabilities $ 564  $ 709 
Other current liabilities 236  210 
Total current liabilities 800  919 
Long-term debt, net 17,573  17,579 
Other non-current liabilities 119  104 
Total liabilities $ 18,492  $ 18,602