Quarterly report pursuant to Section 13 or 15(d)

Revenues from Contracts with Customers (Tables)

v3.21.2
Revenues from Contracts with Customers (Tables)
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2021 and 2020 (in millions):
Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
LNG revenues (1) $ 4,169  $ 1,344  $ 10,505  $ 6,088 
Regasification revenues 68  67  202  202 
Other revenues 22  10  66  48 
Total revenues from customers 4,259  1,421  10,773  6,338 
Net derivative gain (loss) (2) (1,091) 29  (1,515) 148 
Other (3) 32  10  49  85 
Total revenues $ 3,200  $ 1,460  $ 9,307  $ 6,571 
(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 and nine months ended September 30, 2020, we recognized $171 million and $932 million, respectively, in LNG revenues associated with LNG cargoes for which customers notified us that they would not take delivery, of which $47 million would have been recognized subsequent to September 30, 2020 had the cargoes been lifted pursuant to the delivery schedules with the customers. LNG revenues during the three months ended September 30, 2021 and 2020 excluded zero and $458 million, respectively, and LNG revenues during the nine months ended September 30, 2021 and 2020 excluded $38 million and zero, respectively, that would have otherwise been recognized during the period if the cargoes were lifted pursuant to the delivery schedules with the customers. We did not have revenues associated with LNG cargoes for which customers notified us that they would not take delivery during the three and nine months ended September 30, 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 10—Leases for additional information about our subleases.
Contract Assets
The following table shows our contract assets, net of current expected credit losses, which are classified as other current assets and other non-current assets, net on our Consolidated Balance Sheets (in millions):
September 30, December 31,
2021 2020
Contract assets, net of current expected credit losses $ 123  $ 80 
Contract Liabilities
The following table reflects the changes in our contract liabilities, which we classify as deferred revenue and other non-current liabilities on our Consolidated Balance Sheets (in millions):
Nine Months Ended September 30, 2021
Deferred revenue, beginning of period $ 138 
Cash received but not yet recognized in revenue 196 
Revenue recognized from prior period deferral (138)
Deferred revenue, end of period $ 196 
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 September 30, 2021 and December 31, 2020:
September 30, 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 $ 100.6  10 $ 102.3  10
Regasification revenues 1.9  4 2.1  5
Total revenues $ 102.5  $ 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.