Annual report [Section 13 and 15(d), not S-K Item 405]

Property, Plant and Equipment, Net of Accumulated Depreciation

v3.25.4
Property, Plant and Equipment, Net of Accumulated Depreciation
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, Net of Accumulated Depreciation PROPERTY, PLANT AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION
 
Property, plant and equipment, net of accumulated depreciation consisted of the following (in millions):
Useful life December 31,
(years) 2025 2024
Terminal and related assets    
Terminal and interconnecting pipeline facilities
6 - 50
 $ 38,422  $ 34,282 
Land 745  465 
Construction-in-process 4,096  5,486 
Accumulated depreciation (8,434) (7,231)
Total terminal and related assets, net of accumulated depreciation 34,829  33,002 
Fixed assets and other assets
Fixed assets and other assets
3 - 10
 260  260 
Accumulated depreciation (195) (188)
Total fixed assets and other assets, net of accumulated depreciation 65  72 
Assets under finance leases
Marine assets
5 - 20
 1,060  587 
Accumulated depreciation (199) (109)
Total assets under finance leases, net of accumulated depreciation 861  478 
Property, plant and equipment, net of accumulated depreciation $ 35,755  $ 33,552 

The following table shows depreciation expense and offsets to terminal assets (in millions):
Year Ended December 31,
2025 2024 2023
Depreciation expense $ 1,320  $ 1,213  $ 1,190 
Sales proceeds earned from commissioning sales of LNG offset to terminal assets (1) 187  —  — 
(1)We realize offsets to terminal assets for sales proceeds from commissioning volumes that were earned or loaded prior to the start of commercial operations of the respective Train during the testing phase for its construction.