Quarterly report pursuant to Section 13 or 15(d)

Non-Controlling Interest and Variable Interest Entity

v3.20.2
Non-Controlling Interest and Variable Interest Entity
6 Months Ended
Jun. 30, 2020
Noncontrolling Interest and Variable Interest Entity [Abstract]  
Non-Controlling Interest and Variable Interest Entity NON-CONTROLLING INTEREST AND VARIABLE INTEREST ENTITY

We own a 48.6% limited partner interest in Cheniere Partners in the form of 104.5 million common units and 135.4 million subordinated units, with the remaining non-controlling interest held by Blackstone CQP Holdco LP (“Blackstone CQP Holdco”) and the public. We also own 100% of the general partner interest and the incentive distribution rights in Cheniere Partners. Cheniere Partners is accounted for as a consolidated variable interest entity. See Note 9—Non-Controlling Interest and Variable Interest Entity of our Notes to Consolidated Financial Statements in our annual report on Form 10-K for the fiscal year ended December 31, 2019 for further information.

The following table presents the summarized assets and liabilities (in millions) of Cheniere Partners, our consolidated VIE, which are included in our Consolidated Balance Sheets. The assets in the table below may only be used to settle obligations of Cheniere Partners. In addition, there is no recourse to us for the consolidated VIE’s liabilities. The assets and liabilities in the table below include third-party assets and liabilities of Cheniere Partners only and exclude intercompany balances that eliminate in consolidation.
 
 
June 30,
 
December 31,
 
 
2020
 
2019
ASSETS
 
 
 
 
Current assets
 
 
 
 
Cash and cash equivalents
 
$
1,341

 
$
1,781

Restricted cash
 
167

 
181

Accounts and other receivables, net
 
291

 
297

Other current assets
 
221

 
184

Total current assets
 
2,020

 
2,443

 
 
 
 
 
Property, plant and equipment, net
 
16,584

 
16,368

Other non-current assets, net
 
310

 
309

Total assets
 
$
18,914

 
$
19,120

 
 
 
 
 
LIABILITIES
 
 
 
 
Current liabilities
 
 
 
 
Accrued liabilities
 
$
410

 
$
709

Other current liabilities
 
47

 
210

Total current liabilities
 
457

 
919

 
 
 
 
 
Long-term debt, net
 
17,566

 
17,579

Other non-current liabilities
 
92

 
104

Total liabilities
 
$
18,115

 
$
18,602