| PROPERTY, PLANT AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION
Property, plant and equipment, net of accumulated depreciation consisted of the following (in millions):
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June 30, |
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December 31, |
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2026 |
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2025 |
| Terminal and related assets |
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| Terminal and interconnecting pipeline facilities |
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$ |
40,426 |
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$ |
38,422 |
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| Land |
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905 |
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745 |
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| Construction-in-process |
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3,529 |
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4,096 |
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| Accumulated depreciation |
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(9,102) |
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(8,434) |
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| Total terminal and related assets, net of accumulated depreciation |
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35,758 |
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34,829 |
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| Fixed assets and other assets |
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| Fixed assets and other assets |
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265 |
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|
260 |
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| Accumulated depreciation |
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(202) |
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(195) |
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| Total fixed assets and other assets, net of accumulated depreciation |
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63 |
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65 |
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| Assets under finance leases |
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| Marine assets |
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1,605 |
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1,060 |
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| Accumulated depreciation |
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(272) |
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(199) |
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| Total assets under finance leases, net of accumulated depreciation |
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1,333 |
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|
861 |
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| Property, plant and equipment, net of accumulated depreciation |
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$ |
37,154 |
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$ |
35,755 |
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The following table shows depreciation expense and offsets to terminal assets (in millions):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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| Depreciation expense |
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$ |
378 |
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$ |
327 |
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$ |
749 |
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$ |
636 |
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| Sales proceeds earned from commissioning sales of LNG offset to terminal assets (1) |
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31 |
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7 |
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|
78 |
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|
55 |
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(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.
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