Annual report pursuant to Section 13 and 15(d)

Revenues from Contracts with Customers (Tables)

v3.20.4
Revenues from Contracts with Customers (Tables)
 12 Months Ended
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table represents a disaggregation of revenue earned from contracts with customers during the years ended December 31, 2020, 2019 and 2018 (in millions):
Year Ended December 31,
2020 2019 2018
LNG revenues (1) $ 8,954  $ 8,817  $ 7,581 
Regasification revenues 269  266  261 
Other revenues 70  74  54 
Total revenues from customers 9,293  9,157  7,896 
Net derivative gain (loss) (2) (30) 429  (9)
Other (3) 95  144  100 
Total revenues $ 9,358  $ 9,730  $ 7,987 
(1)    LNG revenues include revenues for LNG cargoes in which our customers exercised their contractual right to not take delivery but remained obligated to pay fixed fees irrespective of such election. During the year ended December 31, 2020, we recognized $969 million in LNG revenues associated with LNG cargoes for which customers notified us that they would not take delivery, of which $38 million would have been recognized subsequent to December 31, 2020, if the cargoes were lifted pursuant to the delivery schedules with the customers. Revenue is generally recognized upon receipt of irrevocable notice that a customer will not take delivery because our customers have no contractual right to take delivery of such LNG cargo in future periods and our performance obligations with respect to such LNG cargo have been satisfied.
(2)    See Note 7—Derivative Instruments for additional information about our derivatives.
(3)    Includes revenues from LNG vessel subcharters. See Note 12—Leases for additional information about our subleases.
Contract Assets
The following table shows our contract assets, net, which are classified as other non-current assets, net on our Consolidated Balance Sheets (in millions):
December 31,
2020 2019
Contract assets, net $ 80  $ 18 
Contract Liabilities
The following table reflects the changes in our contract liabilities, which we classify as deferred revenue on our Consolidated Balance Sheets (in millions):
Year Ended December 31, 2020
Deferred revenues, beginning of period $ 161 
Cash received but not yet recognized 138 
Revenue recognized from prior period deferral (161)
Deferred revenues, end of period $ 138 
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 as of December 31, 2020 and 2019:
December 31, 2020 December 31, 2019
Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1) Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1)
LNG revenues $ 102.3  10 $ 106.4  11
Regasification revenues 2.1  5 2.4  5
Total revenues $ 104.4  $ 108.8 
(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.