Quarterly report [Sections 13 or 15(d)]

Property, Plant and Equipment, Net of Accumulated Depreciation

v3.26.1
Property, Plant and Equipment, Net of Accumulated Depreciation
 3 Months Ended
Mar. 31, 2026
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):
March 31, December 31,
2026 2025
Terminal and related assets    
Terminal and interconnecting pipeline facilities $ 39,359  $ 38,422 
Land 825  745 
Construction-in-process 3,891  4,096 
Accumulated depreciation (8,763) (8,434)
Total terminal and related assets, net of accumulated depreciation 35,312  34,829 
Fixed assets and other assets
Fixed assets and other assets 263  260 
Accumulated depreciation (199) (195)
Total fixed assets and other assets, net of accumulated depreciation 64  65 
Assets under finance leases
Marine assets 1,604  1,060 
Accumulated depreciation (236) (199)
Total assets under finance leases, net of accumulated depreciation 1,368  861 
Property, plant and equipment, net of accumulated depreciation $ 36,744  $ 35,755 

The following table shows depreciation expense and offsets to terminal assets (in millions):
Three Months Ended March 31,
2026 2025
Depreciation expense $ 371  $ 310 
Sales proceeds earned from commissioning sales of LNG offset to terminal assets (1) 47  48 
(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.