Quarterly report pursuant to Section 13 or 15(d)

Revenues from Contracts with Customers (Tables)

v3.21.1
Revenues from Contracts with Customers (Tables)
 3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table represents a disaggregation of revenue earned from contracts with customers during the three months ended March 31, 2021 and 2020 (in millions):
Three Months Ended March 31,
2021 2020
LNG revenues (1) $ 3,039  $ 2,404 
Regasification revenues 67  67 
Other revenues 20  22 
Total revenues from customers 3,126  2,493 
Net derivative gain (loss) (2) (40) 164 
Other (3) 4  52 
Total revenues $ 3,090  $ 2,709 
(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 three months ended March 31, 2020, we recognized $53 million in LNG revenues associated with LNG cargoes for which customers notified us that they would not take delivery, which would have been recognized subsequent to March 31, 2020 had the cargoes been lifted pursuant to the delivery schedules with the customers. We did not have such revenues during the three months ended March 31, 2021. 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 6—Derivative Instruments for additional information about our derivatives.
(3)    Includes revenues from LNG vessel subcharters. See Note 11—Leases for additional information about our subleases.
Contract Assets
The following table shows our contract assets, net, which are classified as other current assets and other non-current assets, net on our Consolidated Balance Sheets (in millions):
March 31, December 31,
2021 2020
Contract assets, net $ 94  $ 80 
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):
Three Months Ended March 31, 2021
Deferred revenues, beginning of period $ 138 
Cash received but not yet recognized in revenue 102 
Revenue recognized from prior period deferral (138)
Deferred revenues, end of period $ 102 
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 March 31, 2021 and December 31, 2020:
March 31, 2021 December 31, 2020
Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1) Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1)
LNG revenues $ 101.2  10 $ 102.3  10
Regasification revenues 2.1  5 2.1  5
Total revenues $ 103.3  $ 104.4 
(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.