Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The jurisdictional components of income before income taxes and non-controlling interests on our Consolidated Statements of Operations are as follows (in millions):
Year Ended December 31,
2024 2023 2022
U.S. $ 4,696  $ 11,176  $ (1,575)
International 607  3,402  4,669 
Total income before income taxes and non-controlling interests $ 5,303  $ 14,578  $ 3,094 
Schedule of Components of Income Tax Expense (Benefit)
Income tax provision included in our reported net income consisted of the following (in millions): 
Year Ended December 31,
2024 2023 2022
Current:
Federal $ 471  $ 130  $ 6 
State 2  1  2 
Foreign 8  (1) 11 
Total current 481  130  19 
Deferred:
Federal 319  2,377  320 
State 9  15  118 
Foreign 2  (3) 2 
Total deferred 330  2,389  440 
Total income tax provision $ 811  $ 2,519  $ 459 
Schedule of Effective Income Tax Rate Reconciliation
Our income tax rates do not bear a customary relationship to statutory income tax rates. A reconciliation of the federal statutory income tax rate of 21% to our effective income tax rate is as follows: 
Year Ended December 31,
2024 2023 2022
U.S. federal statutory tax rate 21.0  % 21.0  % 21.0  %
Income not taxable to Cheniere (5.0) (3.1) (8.2)
Foreign-derived intangible income deduction (1.0) (0.7) (1.2)
Valuation allowance (0.7) —  2.6 
Other 1.0  0.1  0.6 
Effective tax rate as reported 15.3  % 17.3  % 14.8  %
Schedule of Deferred Tax Assets and Liabilities
Significant components of our deferred tax assets and liabilities are as follows (in millions): 
December 31,
2024 2023
Deferred tax assets    
Net operating loss (“NOL”) carryforwards
Federal $ 313  $ 915 
State 119  163 
Tax Credits
CAMT carryforward 383  — 
Other tax credits 40  33 
Derivative instruments —  98 
Operating lease liabilities 562  550 
Other 306  298 
Less: valuation allowance (1) (110) (147)
Total deferred tax assets 1,613  1,910 
Deferred tax liabilities  
Investment in partnerships (305) (309)
Property, plant and equipment (2,459) (2,564)
Operating lease assets (548) (538)
Derivative instruments (108) — 
Other (30) (18)
Total deferred tax liabilities (3,450) (3,429)
Net deferred tax liabilities $ (1,837) $ (1,519)
(1)Valuation allowance primarily relates to state NOL carryforward deferred tax assets and decreased by $37 million during the year ended December 31, 2024 primarily due to the reduced Louisiana corporate tax rate beginning January 1, 2025. The valuation allowance increased by $4 million and $80 million during the years ended December 31, 2023 and 2022, respectively.
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending amounts of our unrecognized tax benefits is as follows (in millions): 
Year Ended December 31,
2024 2023
Balance at beginning of the year $ 73  $ 74 
Reductions for tax positions of prior years (1) (1)
Balance at end of the year $ 72  $ 73