Annual report pursuant to Section 13 and 15(d)

Revenues (Tables)

v3.24.0.1
Revenues (Tables)
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table represents a disaggregation of revenue earned (in millions):
Year Ended December 31,
2023 2022 2021
Revenues from contracts with customers
LNG revenues $ 19,459  $ 32,132  $ 17,171 
Regasification revenues 135  1,068  269 
     Other revenues 187  107  91 
Total revenues from contracts with customers 19,781  33,307  17,531 
Net derivative gain (loss) (1)
 110  (328) (1,776)
Other (2) 503  449  109 
Total revenues $ 20,394  $ 33,428  $ 15,864 
(1)See Note 7—Derivative Instruments for additional information about our derivatives.
(2)Primarily 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 of current expected credit losses, which are classified as other current assets, net and other non-current assets, net on our Consolidated Balance Sheets (in millions):
December 31,
2023 2022
Contract assets, net of current expected credit losses $ 250  $ 186 
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):
Year Ended December 31, 2023
Deferred revenue, beginning of period $ 320 
Cash received but not yet recognized in revenue 218 
Revenue recognized from prior period deferral (244)
Deferred revenue, end of period $ 294 

We record deferred revenue when we receive consideration, or such consideration is unconditionally due from a customer, prior to transferring goods or services to the customer under the terms of a sales contract. Changes in deferred revenue during the years ended December 31, 2023 and 2022 are primarily attributable to differences between the timing of revenue recognition and the receipt of advance payments related to delivery of LNG under certain SPAs.
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:
December 31, 2023 December 31, 2022
Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1) Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1)
LNG revenues (2) $ 111.0  9 $ 112.0  9
Regasification revenues 0.7  3 0.8  4
Total revenues $ 111.7  $ 112.8 
(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.
(2)We may enter into contracts to sell LNG that are conditioned upon one or both of the parties achieving certain milestones such as reaching FID on a certain liquefaction Train, obtaining financing or achieving substantial completion of a Train and any related facilities. These contracts are considered completed contracts for revenue recognition purposes and are included in the transaction price above when the conditions are considered probable of being met and consideration is not otherwise constrained from ultimate pricing and receipt.
Revenue, Remaining Performance Obligation, Variable Consideration The following table summarizes the amount of variable consideration earned under contracts with customers included in the table above:
Year Ended December 31,
2023 2022
LNG revenues 69  % 72  %
Regasification revenues 7  % 2  %