Annual report pursuant to Section 13 and 15(d)

Schedule I - Condensed Financial Information of Registrant (Tables)

v3.22.0.1
Schedule I - Condensed Financial Information of Registrant (Tables)
 12 Months Ended
Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]  
Schedule of Debt
As of December 31, 2021 and 2020, our debt consisted of the following (in millions): 
December 31,
2021 2020
SPL:
Senior Secured Notes:
6.25% due 2022
 $ —  $ 1,000 
5.625% due 2023
 1,500  1,500 
5.75% due 2024
 2,000  2,000 
5.625% due 2025
 2,000  2,000 
5.875% due 2026
 1,500  1,500 
5.00% due 2027
 1,500  1,500 
4.200% due 2028
 1,350  1,350 
4.500% due 2030
 2,000  2,000 
4.27% weighted average rate due 2037
 1,282  800 
Total SPL Senior Secured Notes 13,132  13,650 
$1.2 billion Working Capital Revolving Credit and Letter of Credit Reimbursement Agreement (the “2020 SPL Working Capital Facility”)
 —  — 
Total debt - SPL 13,132  13,650 
CQP:
Senior Notes:
5.250% due 2025
 —  1,500 
5.625% due 2026
 —  1,100 
4.500% due 2029
 1,500  1,500 
4.000% due 2031
 1,500  — 
3.25% due 2032
1,200  — 
Total CQP Senior Notes 4,200  4,100 
CQP Credit Facilities executed in 2019 (“2019 CQP Credit Facilities”) —  — 
Total debt - CQP 4,200  4,100 
CCH:
Senior Secured Notes:
7.000% due 2024
 1,250  1,250 
5.875% due 2025
 1,500  1,500 
5.125% due 2027
 1,500  1,500 
3.700% due 2029
 1,500  1,500 
3.72% weighted average rate due 2039
 2,721  1,971 
Total CCH Senior Secured Notes 8,471  7,721 
CCH Credit Facility (1) 1,728  2,627 
$1.2 billion CCH Working Capital Facility (“CCH Working Capital Facility”) (2)
 250  140 
Total debt - CCH 10,449  10,488 
Cheniere:
4.625% Senior Secured Notes due 2028 (“Cheniere Senior Secured Notes”)
 2,000  2,000 
4.875% Convertible Unsecured Notes due 2021 (“2021 Cheniere Convertible Unsecured Notes”) (1)
 —  476 
2045 Cheniere Convertible Senior Notes (3)
 625  625 
$1.25 billion Cheniere Revolving Credit Facility (“Cheniere Revolving Credit Facility”)
 —  — 
Cheniere’s term loan facility (“Cheniere Term Loan Facility”) —  148 
Total debt - Cheniere 2,625  3,249 
Cheniere Marketing: trade finance facilities and letter of credit facility (2)
—  — 
Total debt 30,406  31,487 
Current portion of long-term debt (117) (232)
Short-term debt (250) (140)
Unamortized premium, discount and debt issuance costs, net (590) (644)
Total long-term debt, net of premium, discount and debt issuance costs $ 29,449  $ 30,471 
(1)A portion of the outstanding balance that is due within one year is classified as current portion of long-term debt.
(2)These debt instruments are classified as short-term debt.
(3)The redemption of these notes was financed with borrowings under the Cheniere Revolving Credit Facility, which is a long-term debt instrument. Therefore, the 2045 Cheniere Convertible Senior Notes were classified as long-term debt as of December 31, 2021. See Convertible Notes section below for further discussion of the redemption.
Schedule of Maturities of Long-term Debt
Below is a schedule of future principal payments that we are obligated to make on our outstanding debt at December 31, 2021 (in millions):
Years Ending December 31, Principal Payments
2022 (1) $ 992 
2023 1,567 
2024 4,794 
2025 3,537 
2026 1,579 
Thereafter 17,937 
Total $ 30,406 
(1)Includes $625 million aggregate principal amount outstanding of the 2045 Cheniere Convertible Senior Notes as we issued a notice of redemption on December 6, 2021 for all amounts outstanding. As discussed above, the balance is classified as long-term debt in our Consolidated Balance Sheets as the redemption was financed with long-term borrowings subsequent to the balance sheet date. See Convertible Notes section below for further discussion of the redemption.
Schedule of Leases, Balance Sheet Location
The following table shows the classification and location of our right-of-use assets and lease liabilities on our Consolidated Balance Sheets (in millions):
December 31,
Consolidated Balance Sheets Location 2021 2020
Right-of-use assets—Operating Operating lease assets $ 2,102  $ 759 
Right-of-use assets—Financing Property, plant and equipment, net of accumulated depreciation 50  53 
Total right-of-use assets $ 2,152  $ 812 
Current operating lease liabilities Current operating lease liabilities $ 535  $ 161 
Current finance lease liabilities Other current liabilities 2  2 
Non-current operating lease liabilities Operating lease liabilities 1,541  597 
Non-current finance lease liabilities Finance lease liabilities 57  57 
Total lease liabilities $ 2,135  $ 817 
Schedule of Lease Cost, Income Statement Location
The following table shows the classification and location of our lease costs on our Consolidated Statements of Operations (in millions):
Consolidated Statements of Operations Location Year Ended December 31,
2021 2020 2019
Operating lease cost (a) Operating costs and expenses (1) $ 621  $ 432  $ 612 
Finance lease cost:
Amortization of right-of-use assets Depreciation and amortization expense 3  2  3 
Interest on lease liabilities Interest expense, net of capitalized interest 9  7  10 
Total lease cost $ 633  $ 441  $ 625 
(a) Included in operating lease cost:
Short-term lease costs $ 139  $ 93  $ 230 
Variable lease costs 21  16  7 
(1)Presented in cost of sales, operating and maintenance expense or selling, general and administrative expense consistent with the nature of the asset under lease.
Schedule of Maturity of Lease Liabilities
Future annual minimum lease payments for operating and finance leases as of December 31, 2021 are as follows (in millions): 
Years Ending December 31, Operating Leases (1) Finance Leases
2022 $ 600  $ 11 
2023 514  10 
2024 456  10 
2025 244  10 
2026 218  10 
Thereafter 294  117 
Total lease payments 2,326  168 
Less: Interest (250) (109)
Present value of lease liabilities $ 2,076  $ 59 
(1)Does not include approximately $1.2 billion of legally binding minimum lease payments primarily for vessel charters which were executed as of December 31, 2021 but will commence in future periods primarily in the next year and have fixed minimum lease terms of up to 10 years.
Lease, Other Quantitative Information
The following table shows the weighted-average remaining lease term and the weighted-average discount rate for our operating leases and finance leases:
December 31, 2021 December 31, 2020
Operating Leases Finance Leases Operating Leases Finance Leases
Weighted-average remaining lease term (in years) 5.6 16.7 8.2 17.7
Weighted-average discount rate (1) 3.6% 16.2% 5.4% 16.2%
(1)The finance leases commenced prior to the adoption of the current leasing standard under GAAP. In accordance with previous accounting guidance, the implied rate is based on the fair value of the underlying assets.

The following table includes other quantitative information for our operating and finance leases (in millions):
Year Ended December 31,
2021 2020 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases $ 483  $ 309  $ 389 
Operating cash flows from finance leases 10  10  9 
Right-of-use assets obtained in exchange for operating lease liabilities 1,736  615  235 
Schedule of Share Repurchases Under the Share Repurchase Program The following table presents information with respect to repurchases of common stock during the years ended December 31, 2021, 2020 and 2019 (in millions, except per share data):
Year Ended December 31,
2021 2020 2019
Aggregate common stock repurchased 0.1  2.9  4.0 
Weighted average price paid per share $ 87.32  $ 53.88  $ 62.27 
Total amount paid $ 9  $ 155  $ 249 
Schedule of Cash Flow, Supplemental Disclosures
The following table provides supplemental disclosure of cash flow information (in millions): 
Year Ended December 31,
2021 2020 2019
Cash paid during the period for interest on debt, net of amounts capitalized $ 1,365  $ 1,395  $ 1,126 
Cash paid for income taxes, net of refunds 4  2  24 
Non-cash investing and financing activities:
Property, plant and equipment, net of accumulated depreciation funded with accounts payable and accrued liabilities 339  282  473 
Cheniere [Member]  
Condensed Financial Statements, Captions [Line Items]  
Condensed Statements of Operations
CHENIERE ENERGY, INC.

CONDENSED STATEMENTS OF OPERATIONS
(in millions) 
  Year Ended December 31,
  2021 2020 2019
General and administrative expense $ 17  $ 20  $ 17 
Depreciation expense 1  —  — 
Total operating costs and expenses 18  20  17 
Other income (expense)
Interest expense, net of capitalized interest (151) (155) (141)
Interest income —  —  1 
Loss on modification or extinguishment of debt (6) (50) — 
Equity in income (loss) of subsidiaries (2,584) 77  490 
Total other income (expense) (2,741) (128) 350 
Income (loss) before income taxes (2,759) (148) 333 
Less: income tax benefit (416) (63) (315)
Net income (loss) attributable to common stockholders $ (2,343) $ (85) $ 648 
Condensed Balance Sheet
CHENIERE ENERGY, INC.

CONDENSED BALANCE SHEETS
(in millions) 
  December 31,
  2021 2020
ASSETS    
Current assets
Cash and cash equivalents $ 17  $ — 
Restricted cash and cash equivalents —  1 
Other current assets 1  1 
Total current assets 18  2 
Property, plant and equipment, net of accumulated depreciation 35  30 
Operating lease assets 19  22 
Debt issuance and deferred financing costs, net of accumulated amortization 16  15 
Investments in subsidiaries —  2,324 
Deferred tax assets 797  381 
Total assets $ 885  $ 2,774 
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities
Current operating lease liabilities $ 6  $ 5 
Current debt —  103 
Other current liabilities 30  37 
Total current liabilities 36  145 
Long-term debt, net of discount and debt issuance costs 2,285  2,790 
Investments in subsidiaries 1,110  — 
Operating lease liabilities 24  30 
Other non-current liabilities 1  — 
Stockholders’ deficit (2,571) (191)
Total liabilities and stockholders’ deficit $ 885  $ 2,774 
Condensed Statements of Cash Flows
CHENIERE ENERGY, INC.

CONDENSED STATEMENTS OF CASH FLOWS
(in millions) 
  Year Ended December 31,
  2021 2020 2019
Net cash provided by (used in) operating activities $ (232) $ (285) $ 74 
Cash flows from investing activities  
Property, plant and equipment (6) (13) (2)
Distribution from (investment in) subsidiaries 1,498  (481) 842 
Net cash provided by (used in) investing activities 1,492  (494) 840 
Cash flows from financing activities  
Proceeds from issuance of debt 1,579  4,778  — 
Redemptions and repayments of debt (2,022) (3,143) — 
Debt issuance and other financing costs (9) (57) — 
Debt modification or extinguishment costs (1) (29) — 
Cash dividends to shareholders (85) —  — 
Distributions to non-controlling interest (649) (626) (591)
Payments related to tax withholdings for share-based compensation (48) (43) (19)
Repurchase of common stock (9) (155) (249)
Net cash provided by (used in) financing activities (1,244) 725  (859)
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents 16  (54) 55 
Cash, cash equivalents and restricted cash and cash equivalents—beginning of period 1  55  — 
Cash, cash equivalents and restricted cash and cash equivalents—end of period $ 17  $ 1  $ 55 

Balances per Condensed Balance Sheets:
December 31,
2021 2020
Cash and cash equivalents $ 17  $ — 
Restricted cash and cash equivalents —  1 
Total cash, cash equivalents and restricted cash and cash equivalents $ 17  $ 1 
Schedule of Debt
As of December 31, 2021 and 2020, our debt consisted of the following (in millions): 
December 31,
2021 2020
4.625% Senior Secured Notes due 2028
 2,000  2,000 
4.875% Convertible Unsecured Notes due 2021 (1)
 —  476 
4.25% Convertible Senior Notes due 2045 (2)
 625  625 
Cheniere Revolving Credit Facility —  — 
Cheniere Term Loan Facility —  148 
Total debt 2,625  3,249 
Current portion of long-term debt
 —  (104)
Unamortized discount and debt issuance costs, net (340) (355)
Total long-term debt, net of discount and debt issuance costs $ 2,285  $ 2,790 
(1)A portion of the outstanding balance that is due within one year is classified as current portion of long-term debt.
(2)The redemption of these notes was financed with borrowings under the Cheniere Revolving Credit Facility, which is a long-term debt instrument. Therefore, the 4.25% Convertible Senior Notes due 2045 were classified as long-term debt as of December 31, 2021.
Schedule of Maturities of Long-term Debt
Below is a schedule of future principal payments that we are obligated to make on our outstanding debt at December 31, 2021 (in millions): 
Years Ending December 31, Principal Payments
2022 (1) $ 625 
2023 — 
2024 — 
2025 — 
2026 — 
Thereafter 2,000 
Total $ 2,625 
(1)Includes $625 million aggregate principal amount outstanding of the 2045 Cheniere Convertible Senior Notes as we issued a notice of redemption on December 6, 2021 for all amounts outstanding. As discussed above, the balance is classified as long-term debt in our Balance Sheets as the redemption was financed with long-term borrowings subsequent to the balance sheet date.
Schedule of Leases, Balance Sheet Location
The following table shows the classification and location of our right-of-use assets and lease liabilities on our Condensed Balance Sheets (in millions):
December 31,
Condensed Balance Sheet Location 2021 2020
Right-of-use assets—Operating Operating lease assets $ 19  $ 22 
Total right-of-use assets $ 19  $ 22 
Current operating lease liabilities Current operating lease liabilities $ 6  $ 5 
Non-current operating lease liabilities Operating lease liabilities 24  30 
Total lease liabilities $ 30  $ 35 
Schedule of Lease Cost, Income Statement Location
The following table shows the classification and location of our lease cost on our Condensed Statements of Operations (in millions):
Year Ended December 31,
Condensed Statements of Operations Location 2021 2020
Operating lease cost (1) General and administrative expense $ 9  $ 10 
(1)Includes $4 million of variable lease costs paid to the lessor during each of the years ended December 31, 2021 and 2020.
Schedule of Maturity of Lease Liabilities
Future annual minimum lease payments for operating leases as of December 31, 2021 are as follows (in millions): 
Years Ending December 31, Operating Leases (1)
2022 $ 8 
2023 8 
2024 7 
2025 6 
2026 6 
Thereafter 1 
Total lease payments 36 
Less: Interest (6)
Present value of lease liabilities $ 30 
Lease, Other Quantitative Information
The following table shows the weighted-average remaining lease term (in years) and the weighted-average discount rate for our operating leases:
December 31,
2021 2020
Weighted-average remaining lease term (in years) 4.8 5.7
Weighted-average discount rate 6.6% 6.6%

The following table includes other quantitative information for our operating leases (in millions):
Year Ended December 31,
2021 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases $ 7  $ 7 
Right-of-use assets obtained in exchange for new operating lease liabilities —  5 
Schedule of Share Repurchases Under the Share Repurchase Program The following table presents information with respect to repurchases of common stock during the years ended December 31, 2021 and 2020 (in millions, except per share data):
Year Ended December 31,
2021 2020 2019
Aggregate common stock repurchased 0.1  2.9  4.0 
Weighted average price paid per share $ 87.32  $ 53.88  $ 62.27 
Total amount paid (in millions) $ 9  $ 155  $ 249 
Schedule of Cash Flow, Supplemental Disclosures
The following table provides supplemental disclosure of cash flow information (in millions): 
Year Ended December 31,
2021 2020 2019
Cash paid during the period for interest, net of amounts capitalized $ 130  $ 45  $ 36 
Non-cash investing and financing activities:
Non-cash capital distributions (1) —  79  490 
(1)Amounts represent undistributed equity income of affiliates.