Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019USD ($)shares | |
Cover page. | |
Document Type | 10-K |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2019 |
Document Transition Report | false |
Entity File Number | 333-215435 |
Entity Registrant Name | Cheniere Corpus Christi Holdings, LLC |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 47-1929160 |
Entity Address, Address Line One | 700 Milam Street |
Entity Address, Address Line Two | Suite 1900 |
Entity Address, City or Town | Houston |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77002 |
City Area Code | 713 |
Local Phone Number | 375-5000 |
Title of 12(b) Security | None |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | Yes |
Entity Current Reporting Status | No |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Public Float | $ | $ 0 |
Documents Incorporated by Reference | None |
Entity Central Index Key | 0001693317 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
No Trading Symbol Flag | true |
Entity Common Stock, Shares Outstanding | shares | 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 0 | $ 0 |
Restricted cash | 79,741 | 289,141 |
Accounts and other receivables | 57,712 | 24,989 |
Accounts receivable—affiliate | 57,211 | 21,060 |
Advances to affiliate | 115,476 | 94,397 |
Inventory | 69,179 | 26,198 |
Derivative assets | 73,809 | 15,627 |
Derivative assets—related party | 2,623 | 2,132 |
Other current assets | 14,852 | 15,217 |
Other current assets—affiliate | 5 | 633 |
Total current assets | 470,608 | 489,394 |
Property, plant and equipment, net | 12,507,419 | 11,138,825 |
Debt issuance and deferred financing costs, net | 14,705 | 38,012 |
Non-current derivative assets | 61,217 | 19,032 |
Non-current derivative assets—related party | 1,933 | 3,381 |
Other non-current assets, net | 55,630 | 31,709 |
Total assets | 13,111,512 | 11,720,353 |
Current liabilities | ||
Accounts payable | 7,290 | 16,202 |
Accrued liabilities | 369,980 | 162,205 |
Accrued liabilities—related party | 2,531 | 0 |
Current debt | 0 | 168,000 |
Due to affiliates | 26,900 | 25,086 |
Derivative liabilities | 46,486 | 13,576 |
Other current liabilities | 364 | 0 |
Other current liabilities—affiliate | 519 | 0 |
Total current liabilities | 454,070 | 385,069 |
Long-term debt, net | 10,093,480 | 9,245,552 |
Non-current derivative liabilities | 134,667 | 8,595 |
Other non-current liabilities | 10,433 | 0 |
Other non-current liabilities—affiliate | 1,284 | 0 |
Commitments and contingencies (see Note 13) | ||
Member’s equity | 2,417,578 | 2,081,137 |
Total liabilities and member’s equity | $ 13,111,512 | $ 11,720,353 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||||||||||
Revenues | $ 612,457 | $ 386,559 | $ 300,073 | $ 106,081 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1,405,170 | $ 0 | $ 0 |
Revenues from contracts with customers | 1,404,943 | 0 | 0 | ||||||||
Operating costs and expenses (recoveries) | |||||||||||
Cost of sales (excluding depreciation and amortization expense shown separately below) | 691,301 | 172 | 91 | ||||||||
Cost of sales—affiliate | 3,015 | 0 | 0 | ||||||||
Cost of sales—related party | 85,429 | 0 | 0 | ||||||||
Operating and maintenance expense (recovery) | 242,027 | (96) | 3,024 | ||||||||
Operating and maintenance expense—affiliate | 59,319 | 4,283 | 2,401 | ||||||||
Development expense | 596 | 177 | 516 | ||||||||
Development expense—affiliate | 61 | 0 | 8 | ||||||||
General and administrative expense | 6,106 | 5,263 | 5,551 | ||||||||
General and administrative expense—affiliate | 11,352 | 2,201 | 1,173 | ||||||||
Depreciation and amortization expense | 230,780 | 9,859 | 892 | ||||||||
Impairment expense and loss on disposal of assets | 364 | 20 | 5,505 | ||||||||
Total operating costs and expenses | 1,330,350 | 21,879 | 19,161 | ||||||||
Income (loss) from operations | 234,561 | (90,951) | (43,388) | (25,402) | (15,193) | 2,345 | (5,941) | (3,090) | 74,820 | (21,879) | (19,161) |
Other income (expense) | |||||||||||
Interest expense, net of capitalized interest | (278,035) | 0 | 0 | ||||||||
Loss on modification or extinguishment of debt | (41,296) | (15,332) | (32,480) | ||||||||
Derivative gain (loss), net | (133,427) | 43,105 | 3,249 | ||||||||
Other income (expense) | 3,642 | 392 | (260) | ||||||||
Total other income (expense) | (449,116) | 28,165 | (29,491) | ||||||||
Net income (loss) | $ 158,298 | $ (272,410) | $ (188,907) | $ (71,277) | $ (91,113) | $ 24,388 | $ 7,319 | $ 65,692 | (374,296) | 6,286 | (48,652) |
LNG [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 679,070 | 0 | 0 | ||||||||
Revenues from contracts with customers | 678,843 | 0 | 0 | ||||||||
LNG—affiliate [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | $ 726,100 | $ 0 | $ 0 |
Consolidated Statements of Memb
Consolidated Statements of Member's Equity - USD ($) $ in Thousands | Total | Cheniere CCH HoldCo I, LLC [Member] |
Member's equity, beginning of period at Dec. 31, 2016 | $ 1,313,809 | $ 1,313,809 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Capital contributions | 402,119 | 402,119 |
Net income (loss) | (48,652) | (48,652) |
Member's equity, end of period at Dec. 31, 2017 | 1,667,276 | 1,667,276 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Capital contributions | 407,575 | 407,575 |
Net income (loss) | 6,286 | 6,286 |
Member's equity, end of period at Dec. 31, 2018 | 2,081,137 | 2,081,137 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Capital contributions | 710,737 | 710,737 |
Net income (loss) | (374,296) | (374,296) |
Member's equity, end of period at Dec. 31, 2019 | $ 2,417,578 | $ 2,417,578 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net income (loss) | $ (374,296) | $ 6,286 | $ (48,652) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||
Depreciation and amortization expense | 230,780 | 9,859 | 892 |
Amortization of discount and debt issuance costs | 15,953 | 0 | 0 |
Loss on modification or extinguishment of debt | 41,296 | 15,332 | 32,480 |
Total losses (gains) on derivatives, net | 88,052 | (43,128) | (3,158) |
Total losses on derivatives, net—related party | 957 | 0 | 0 |
Net cash used for settlement of derivative instruments | (29,437) | (7,222) | (50,981) |
Impairment expense and loss on disposal of assets | 364 | 20 | 5,505 |
Other | 1,603 | 0 | 0 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (57,654) | 0 | 0 |
Accounts receivable—affiliate | (57,203) | 0 | 0 |
Advances to affiliate | (53,231) | (10,911) | 0 |
Inventory | (36,885) | (24,852) | 0 |
Accounts payable and accrued liabilities | 174,471 | 10,354 | 152 |
Accrued liabilities—related party | 2,531 | 0 | 0 |
Due to affiliates | 15,368 | 530 | 1,567 |
Other, net | 3,863 | (16,313) | (1,454) |
Other, net—affiliate | 95 | (117) | (667) |
Net cash used in operating activities | (33,373) | (60,162) | (64,316) |
Cash flows from investing activities | |||
Property, plant and equipment, net | (1,517,162) | (2,962,936) | (1,987,254) |
Other | (2,058) | 2,669 | 25,045 |
Net cash used in investing activities | (1,519,220) | (2,960,267) | (1,962,209) |
Cash flows from financing activities | |||
Proceeds from issuances of debt | 4,203,550 | 3,114,800 | 3,040,000 |
Repayments of debt | (3,543,757) | (301,455) | (1,436,050) |
Debt issuance and deferred financing costs | (16,210) | (45,743) | (23,496) |
Debt extinguishment cost | (11,127) | (9,108) | (29) |
Capital contributions | 710,737 | 324,517 | 402,119 |
Net cash provided by financing activities | 1,343,193 | 3,083,011 | 1,982,544 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (209,400) | 62,582 | (43,981) |
Cash, cash equivalents and restricted cash—beginning of period | 289,141 | 226,559 | 270,540 |
Cash, cash equivalents and restricted cash—end of period | $ 79,741 | $ 289,141 | $ 226,559 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows - Balances per Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Balances per Consolidated Balance Sheets: | ||||
Cash and cash equivalents | $ 0 | $ 0 | ||
Restricted cash | 79,741 | 289,141 | ||
Total cash, cash equivalents and restricted cash | $ 79,741 | $ 289,141 | $ 226,559 | $ 270,540 |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | ORGANIZATION AND NATURE OF OPERATIONS CCH is a Houston-based Delaware limited liability company formed in September 2014 by Cheniere to hold its limited partner interest in CCP and its equity interests in CCL and CCP GP. We are operating and constructing a natural gas liquefaction and export facility (the “Liquefaction Facilities”) and operating a 23 -mile natural gas supply pipeline that interconnects the Corpus Christi LNG terminal with several interstate and intrastate natural gas pipelines (the “ Corpus Christi Pipeline ” and together with the Liquefaction Facilities, the “ Liquefaction Project ”) near Corpus Christi, Texas, through our subsidiaries CCL and CCP, respectively. We are currently operating two Trains and are constructing one additional Train for a total production capacity of approximately 15 mtpa of LNG. The Liquefaction Project , once fully constructed, will contain three LNG storage tanks and two |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Our Consolidated Financial Statements have been prepared in accordance with GAAP. Our Consolidated Financial Statements include the accounts of CCH and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications have been made to conform prior period information to the current presentation. The reclassifications did not have a material effect on our consolidated financial position, results of operations or cash flows. Recent Accounting Standards We adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) , and subsequent amendments thereto on January 1, 2019 using the optional transition approach to apply the standard at the beginning of the first quarter of 2019 with no retrospective adjustments to prior periods. This standard requires a lessee to recognize leases on its balance sheet by recording a lease liability representing the obligation to make future lease payments and a right-of-use asset representing the right to use the underlying asset for the lease term. The adoption of the standard did not materially impact our Consolidated Financial Statements. Upon adoption of the standard, we recorded right-of-use assets of $8.1 million in other non-current assets, net, and lease liabilities of $0.5 million in other current liabilities—affiliate, $5.2 million other non-current liabilities and $1.2 million in other non-current liabilities—affiliate. In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The new guidance retrospectively eliminates the requirement to allocate the consolidated amount of current and deferred tax expense to entities that are not subject to income tax. We early adopted this guidance effective December 31, 2019 and recorded a cumulative-effect adjustment to retained earnings of $2.1 million on our subsidiaries’ financial statements, that has been eliminated upon consolidated on our Consolidated Financial Statements. The provision for income taxes, taxes payable and deferred income tax balances have been retrospectively removed from our subsidiaries’ financial statements. The deferred tax assets were offset with a full valuation allowance and therefore no cumulative effect adjustment to retained earnings was required on our Consolidated Financial Statements. Use of Estimates The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and the accompanying notes. Management evaluates its estimates and related assumptions regularly, including those related to fair value measurements, revenue recognition, property, plant and equipment, derivative instruments and asset retirement obligations (“AROs”) , as further discussed under the respective sections within this note. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates. Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Hierarchy Levels 1, 2 and 3 are terms for the priority of inputs to valuation approaches used to measure fair value. Hierarchy Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Hierarchy Level 2 inputs are inputs that are directly or indirectly observable for the asset or liability, other than quoted prices included within Level 1. Hierarchy Level 3 inputs are inputs that are not observable in the market. In determining fair value, we use observable market data when available, or models that incorporate observable market data. In addition to market information, we incorporate transaction-specific details that, in management’s judgment, market participants would take into account in measuring fair value. We maximize the use of observable inputs and minimize our use of unobservable inputs in arriving at fair value estimates. Recurring fair-value measurements are performed for derivative instruments as disclosed in Note 7—Derivative Instruments . The carrying amount of restricted cash, accounts receivables and accounts payable reported on the Consolidated Balance Sheets approximates fair value. The fair value of debt is the estimated amount we would have to pay to repurchase our debt in the open market, including any premium or discount attributable to the difference between the stated interest rate and market interest rate at each balance sheet date. Debt fair values, as disclosed in Note 10—Debt , are based on quoted market prices for identical instruments, if available, or based on valuations of similar debt instruments using observable or unobservable inputs. Non-financial assets and liabilities initially measured at fair value include AROs. Revenue Recognition We recognize revenues when we transfer control of promised goods or services to our customers in an amount that reflects the consideration to which we expect to be entitled to in exchange for those goods or services. Revenues from the sale of LNG are recognized as LNG revenues. See Note 11—Revenues from Contracts with Customers for further discussion of revenues. Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Restricted Cash Restricted cash consists of funds that are contractually or legally restricted as to usage or withdrawal and have been presented separately from cash and cash equivalents on our Consolidated Balance Sheets. Accounts Receivable Accounts receivable is reported net of any allowances for doubtful accounts. We periodically review the collectability on our accounts receivable and recognize an allowance if there is probability of non-collection, based on historical write-off and customer-specific factors. We did no t have an allowance on our accounts receivable as of December 31, 2019 and 2018 . Inventory LNG and natural gas inventory are recorded at the lower of weighted average cost and net realizable value. Materials and other inventory are recorded at the lower of cost and net realizable value and subsequently charged to expense when issued. Accounting for LNG Activities Generally, we begin capitalizing the costs of our LNG terminal once the individual project meets the following criteria: (1) regulatory approval has been received, (2) financing for the project is available and (3) management has committed to commence construction. Prior to meeting these criteria, most of the costs associated with a project are expensed as incurred. These costs primarily include professional fees associated with preliminary front-end engineering and design work, costs of securing necessary regulatory approvals and other preliminary investigation and development activities related to our LNG terminal. Generally, costs that are capitalized prior to a project meeting the criteria otherwise necessary for capitalization include: land acquisition costs, detailed engineering design work and certain permits that are capitalized as other non-current assets. The costs of lease options are amortized over the life of the lease once obtained. If no land or lease is obtained, the costs are expensed. Property, Plant and Equipment Property, plant and equipment are recorded at cost. Expenditures for construction and commissioning activities, major renewals and betterments that extend the useful life of an asset are capitalized, while expenditures for maintenance and repairs (including those for planned major maintenance projects) to maintain property, plant and equipment in operating condition are generally expensed as incurred. We realize offsets to LNG terminal costs for sales of commissioning cargoes that were earned or loaded prior to the start of commercial operations of the respective Train during the testing phase for its construction. We depreciate our property, plant and equipment using the straight-line depreciation method. Upon retirement or other disposition of property, plant and equipment, the cost and related accumulated depreciation are removed from the account, and the resulting gains or losses are recorded in impairment expense and loss (gain) on disposal of assets. Management tests property, plant and equipment for impairment whenever events or changes in circumstances have indicated that the carrying amount of property, plant and equipment might not be recoverable. Assets are grouped at the lowest level for which there is identifiable cash flows that are largely independent of the cash flows of other groups of assets for purposes of assessing recoverability. Recoverability generally is determined by comparing the carrying value of the asset to the expected undiscounted future cash flows of the asset. If the carrying value of the asset is not recoverable, the amount of impairment loss is measured as the excess, if any, of the carrying value of the asset over its estimated fair value. During the year ended December 31, 2017, we recognized $5.5 million of impairment expense related to damaged infrastructure as an effect of Hurricane Harvey. We did no t record any impairments related to property, plant and equipment during the years ended December 31, 2019 and 2018. Interest Capitalization We capitalize interest costs during the construction period of our LNG terminal and related assets as construction-in-process. Upon commencement of operations, these costs are transferred out of construction-in-process into terminal and interconnecting pipeline facilities assets and are amortized over the estimated useful life of the asset. Regulated Natural Gas Pipelines The Corpus Christi Pipeline is subject to the jurisdiction of the FERC in accordance with the Natural Gas Act of 1938 and the Natural Gas Policy Act of 1978. The economic effects of regulation can result in a regulated company recording as assets those costs that have been or are expected to be approved for recovery from customers, or recording as liabilities those amounts that are expected to be required to be returned to customers, in a rate-setting process in a period different from the period in which the amounts would be recorded by an unregulated enterprise. Accordingly, we record assets and liabilities that result from the regulated rate-making process that may not be recorded under GAAP for non-regulated entities. We continually assess whether regulatory assets are probable of future recovery by considering factors such as applicable regulatory changes and recent rate orders applicable to other regulated entities. Based on this continual assessment, we believe the existing regulatory assets are probable of recovery. These regulatory assets and liabilities are primarily classified in our Consolidated Balance Sheets as other assets and other liabilities. We periodically evaluate their applicability under GAAP, and consider factors such as regulatory changes and the effect of competition. If cost-based regulation ends or competition increases, we may have to reduce our asset balances to reflect a market basis less than cost and write off the associated regulatory assets and liabilities. Items that may influence our assessment are: • inability to recover cost increases due to rate caps and rate case moratoriums; • inability to recover capitalized costs, including an adequate return on those costs through the rate-making process and the FERC proceedings; • excess capacity; • increased competition and discounting in the markets we serve; and • impacts of ongoing regulatory initiatives in the natural gas industry. Natural gas pipeline costs include amounts capitalized as an Allowance for Funds Used During Construction (“AFUDC”). The rates used in the calculation of AFUDC are determined in accordance with guidelines established by the FERC. AFUDC represents the cost of debt and equity funds used to finance our natural gas pipeline additions during construction. AFUDC is capitalized as a part of the cost of our natural gas pipeline. Under regulatory rate practices, we generally are permitted to recover AFUDC, and a fair return thereon, through our rate base after the natural gas pipelines are placed in service. Derivative Instruments We use derivative instruments to hedge our exposure to cash flow variability from interest rate and commodity price risk. Derivative instruments are recorded at fair value and included in our Consolidated Balance Sheets as assets or liabilities depending on the derivative position and the expected timing of settlement, unless they satisfy criteria for, and we elect, the normal purchases and sales exception. When we have the contractual right and intend to net settle, derivative assets and liabilities are reported on a net basis. Changes in the fair value of our derivative instruments are recorded in earnings, unless we elect to apply hedge accounting and meet specified criteria. We did no t have any derivative instruments designated as cash flow or fair value hedges during the years ended December 31, 2019, 2018 and 2017 . See Note 7—Derivative Instruments for additional details about our derivative instruments. Concentration of Credit Risk Financial instruments that potentially subject us to a concentration of credit risk consist principally of restricted cash, derivative instruments and accounts receivable. We maintain cash balances at financial institutions, which may at times be in excess of federally insured levels. We have not incurred losses related to these balances to date. The use of derivative instruments exposes us to counterparty credit risk, or the risk that a counterparty will be unable to meet its commitments. Certain of our commodity derivative transactions are executed through over-the-counter contracts which are subject to nominal credit risk as these transactions are settled on a daily margin basis with investment grade financial institutions. Collateral deposited for such contracts is recorded within other current assets. Our interest rate derivative instruments are placed with investment grade financial institutions whom we believe are acceptable credit risks. We monitor counterparty creditworthiness on an ongoing basis; however, we cannot predict sudden changes in counterparties’ creditworthiness. In addition, even if such changes are not sudden, we may be limited in our ability to mitigate an increase in counterparty credit risk. Should one of these counterparties not perform, we may not realize the benefit of some of our derivative instruments. CCL has entered into fixed price long-term SPAs generally with terms of 20 years with nine third parties and have entered into agreements with Cheniere Marketing International LLP (“Cheniere Marketing”). CCL is dependent on the respective customers’ creditworthiness and their willingness to perform under their respective SPAs. See Note 14—Customer Concentration for additional details about our customer concentration. Debt Our debt consists of current and long-term secured and unsecured debt securities and credit facilities with banks and other lenders. Debt issuances are placed directly by us or through securities dealers or underwriters and are held by institutional and retail investors. Debt is recorded on our Consolidated Balance Sheets at par value adjusted for unamortized discount or premium and net of unamortized debt issuance costs related to term notes. Debt issuance costs consist primarily of arrangement fees, professional fees, legal fees and printing costs. If debt issuance costs are incurred in connection with a line of credit arrangement or on undrawn funds, they are presented as an asset on our Consolidated Balance Sheets. Discounts, premiums and debt issuance costs directly related to the issuance of debt are amortized over the life of the debt and are recorded in interest expense, net of capitalized interest using the effective interest method. Gains and losses on the extinguishment or modification of debt are recorded in gain (loss) on modification or extinguishment of debt on our Consolidated Statements of Operations. Asset Retirement Obligations We recognize AROs for legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or normal use of the asset and for conditional AROs in which the timing or method of settlement are conditional on a future event that may or may not be within our control. The fair value of a liability for an ARO is recognized in the period in which it is incurred, if a reasonable estimate of fair value can be made. The fair value of the liability is added to the carrying amount of the associated asset. This additional carrying amount is depreciated over the estimated useful life of the asset. We have no t recorded an ARO associated with the Corpus Christi Pipeline. We believe that it is not feasible to predict when the natural gas transportation services provided by the Corpus Christi Pipeline will no longer be utilized. In addition, our right-of-way agreements associated with the Corpus Christi Pipeline have no stipulated termination dates. We intend to operate the Corpus Christi Pipeline as long as supply and demand for natural gas exists in the United States and intend to maintain it regularly. Income Taxes We are a disregarded entity for federal and state income tax purposes. Our taxable income or loss, which may vary substantially from the net income or loss reported on our Consolidated Statements of Operations, is included in the consolidated federal income tax return of Cheniere. Accordingly, no provision or liability for federal or state income taxes is included in the accompanying Consolidated Financial Statements. Business Segment Our liquefaction and pipeline business at the Corpus Christi LNG terminal represents a single reportable segment. Our |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2019 | |
Restricted Cash [Abstract] | |
Restricted Cash | RESTRICTED CASH Restricted cash consists of funds that are contractually or legally restricted as to usage or withdrawal and have been presented separately from cash and cash equivalents on our Consolidated Balance Sheets. As of December 31, 2019 and 2018 , restricted cash consisted of the following (in thousands): December 31, 2019 2018 Current restricted cash Liquefaction Project $ 79,741 $ 289,141 Pursuant to the accounts agreement entered into with the collateral trustee for the benefit of our debt holders, we are required to deposit all cash received into reserve accounts controlled by the collateral trustee. The usage or withdrawal of such cash is restricted to the payment of liabilities related to the Liquefaction Project |
Accounts and Other Receivables
Accounts and Other Receivables | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Accounts and Other Receivables | ACCOUNTS AND OTHER RECEIVABLES As of December 31, 2019 and 2018 , accounts and other receivables consisted of the following (in thousands): December 31, 2019 2018 Trade receivable $ 44,403 $ 51 Other accounts receivable 13,309 24,938 Total accounts and other receivables $ 57,712 $ 24,989 |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory | INVENTORY As of December 31, 2019 and 2018 , inventory consisted of the following (in thousands): December 31, 2019 2018 Natural gas $ 6,870 $ 1,326 LNG 6,103 — Materials and other 56,206 24,872 Total inventory $ 69,179 $ 26,198 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT As of December 31, 2019 and 2018 , property, plant and equipment, net consisted of the following (in thousands): December 31, 2019 2018 LNG terminal costs LNG terminal and interconnecting pipeline facilities $ 10,027,111 $ 618,547 LNG site and related costs 275,959 44,725 LNG terminal construction-in-process 2,425,226 10,470,577 Accumulated depreciation (232,451 ) (7,416 ) Total LNG terminal costs, net 12,495,845 11,126,433 Fixed assets Fixed assets 19,083 15,534 Accumulated depreciation (7,509 ) (3,142 ) Total fixed assets, net 11,574 12,392 Property, plant and equipment, net $ 12,507,419 $ 11,138,825 Depreciation expense was $230.0 million , $9.5 million and $0.8 million during the years ended December 31, 2019, 2018 and 2017 , respectively. We realized offsets to LNG terminal costs of $156.1 million and $48.7 million during the years ended December 31, 2019 and 2018 , respectively, that were related to the sale of commissioning cargoes because these amounts were earned or loaded prior to the start of commercial operations of the Liquefaction Project , during the testing phase for its construction. We did no t realize any offsets to LNG terminal costs during the year ended December 31, 2017 . LNG Terminal Costs LNG terminal costs related to the Liquefaction Project are depreciated using the straight-line depreciation method applied to groups of LNG terminal assets with varying useful lives. The identifiable components of the Liquefaction Project have depreciable lives between 10 and 50 years, as follows: Components Useful life (yrs) Water pipelines 30 Natural gas pipeline facilities 40 Liquefaction processing equipment 10-50 Other 15-30 Fixed Assets and Other Our fixed assets and other are recorded at cost and are depreciated on a straight-line method based on estimated lives of the individual assets or groups of assets. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | DERIVATIVE INSTRUMENTS We have entered into the following derivative instruments that are reported at fair value: • interest rate swaps (“Interest Rate Derivatives”) to hedge the exposure to volatility in a portion of the floating-rate interest payments on our amended and restated credit facility (the “CCH Credit Facility”) and to hedge against changes in interest rates that could impact anticipated future issuance of debt (“ Interest Rate Forward Start Derivatives ” and, collectively with the Interest Rate Derivatives , “ CCH Interest Rate Derivatives ”) and • commodity derivatives consisting of natural gas supply contracts for the commissioning and operation of the Liquefaction Project (“Physical Liquefaction Supply Derivatives”) and associated economic hedges (collectively, the “Liquefaction Supply Derivatives”) . We recognize our derivative instruments as either assets or liabilities and measure those instruments at fair value. None of our derivative instruments are designated as cash flow or fair value hedging instruments, and changes in fair value are recorded within our Consolidated Statements of Operations to the extent not utilized for the commissioning process. The following table shows the fair value of our derivative instruments that are required to be measured at fair value on a recurring basis as of December 31, 2019 and 2018 , which are classified as derivative assets , derivative assets—related party , non-current derivative assets , non-current derivative assets—related party , derivative liabilities or non-current derivative liabilities in our Consolidated Balance Sheets (in thousands): Fair Value Measurements as of December 31, 2019 December 31, 2018 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Interest Rate Derivatives asset (liability) $ — $ (80,645 ) $ — $ (80,645 ) $ — $ 18,069 $ — $ 18,069 Interest Rate Forward Start Derivatives liability — (7,582 ) — (7,582 ) — — — — Liquefaction Supply Derivatives asset (liability) 2,383 9,198 35,075 46,656 1,299 2,990 (4,357 ) (68 ) We value our CCH Interest Rate Derivatives using an income-based approach, utilizing observable inputs to the valuation model including interest rate curves, risk adjusted discount rates, credit spreads and other relevant data. We value our Liquefaction Supply Derivatives using a market-based approach incorporating present value techniques, as needed, using observable commodity price curves, when available, and other relevant data. The fair value of our Physical Liquefaction Supply Derivatives is predominantly driven by observable and unobservable market commodity prices and, as applicable to our natural gas supply contracts, our assessment of the associated conditions precedent, including evaluating whether the respective market is available as pipeline infrastructure is developed. The fair value of our Physical Liquefaction Supply Derivatives incorporates risk premiums related to the satisfaction of conditions precedent, such as completion and placement into service of relevant pipeline infrastructure to accommodate marketable physical gas flow. As of December 31, 2019 and 2018 , some of our Physical Liquefaction Supply Derivatives existed within markets for which the pipeline infrastructure was under development to accommodate marketable physical gas flow. We include a portion of our Physical Liquefaction Supply Derivatives as Level 3 within the valuation hierarchy as the fair value is developed through the use of internal models which incorporate significant unobservable inputs. In instances where observable data is unavailable, consideration is given to the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks, such as future prices of energy units for unobservable periods, liquidity, volatility and contract duration. The Level 3 fair value measurements of natural gas positions within our Physical Liquefaction Supply Derivatives could be materially impacted by a significant change in certain natural gas prices. The following table includes quantitative information for the unobservable inputs for our Level 3 Physical Liquefaction Supply Derivatives as of December 31, 2019 : Net Fair Value Asset (in thousands) Valuation Approach Significant Unobservable Input Significant Unobservable Inputs Range Physical Liquefaction Supply Derivatives $35,075 Market approach incorporating present value techniques Henry Hub basis spread $(0.718) - $0.050 Option pricing model International LNG pricing spread, relative to Henry Hub (1) 86% - 191% (1) Spread contemplates U.S. dollar-denominated pricing. Increases or decreases in basis or pricing spreads, in isolation, would decrease or increase, respectively, the fair value of our Physical Liquefaction Supply Derivatives . The following table shows the changes in the fair value of our Level 3 Physical Liquefaction Supply Derivatives , including those with related parties, during the years ended December 31, 2019, 2018 and 2017 (in thousands): Year Ended December 31, 2019 2018 2017 Balance, beginning of period $ (4,357 ) $ (91 ) $ — Realized and mark-to-market gains (losses): Included in cost of sales (82,645 ) (9,944 ) — Purchases and settlements: Purchases 120,755 5,678 (91 ) Settlements 1,432 — — Transfers out of Level 3 (1) (110 ) — — Balance, end of period $ 35,075 $ (4,357 ) $ (91 ) Change in unrealized losses relating to instruments still held at end of period $ (82,645 ) $ (9,944 ) $ — (1) Transferred to Level 2 as a result of observable market for the underlying natural gas purchase agreements. Derivative assets and liabilities arising from our derivative contracts with the same counterparty are reported on a net basis, as all counterparty derivative contracts provide for the unconditional right of set-off in the event of default. The use of derivative instruments exposes us to counterparty credit risk, or the risk that a counterparty will be unable to meet its commitments in instances when our derivative instruments are in an asset position. Additionally, counterparties are at risk that we will be unable to meet our commitments in instances where our derivative instruments are in a liability position. We incorporate both our own nonperformance risk and the respective counterparty’s nonperformance risk in fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of any applicable credit enhancements, such as collateral postings, set-off rights and guarantees. CCH Interest Rate Derivatives CCH has entered into interest rate swaps to protect against volatility of future cash flows and hedge a portion of the variable interest payments on the CCH Credit Facility . In June and July of 2019, we entered into the Interest Rate Forward Start Derivatives to hedge against changes in interest rates that could impact anticipated future issuance of debt by CCH, which is anticipated by the end of 2020. In November 2019, we settled a portion of the Interest Rate Forward Start Derivatives in conjunction with the prepayment of $1.5 billion of commitments under the CCH Credit Facility . In June 2018, we settled a portion of the Interest Rate Derivatives in conjunction with the amendment of the CCH Credit Facility. As of December 31, 2019 , we had the following CCH Interest Rate Derivatives outstanding: Notional Amounts December 31, 2019 December 31, 2018 Effective Date Maturity Date Weighted Average Fixed Interest Rate Paid Variable Interest Rate Received Interest Rate Derivatives $4.5 billion $4.0 billion May 20, 2015 May 31, 2022 2.30% One-month LIBOR Interest Rate Forward Start Derivatives $750 million — September 30, 2020 December 31, 2030 2.06% Three-month LIBOR The following table shows the fair value and location of our CCH Interest Rate Derivatives on our Consolidated Balance Sheets (in thousands): December 31, 2019 December 31, 2018 Interest Rate Derivatives Interest Rate Forward Start Derivatives Total Interest Rate Derivatives Interest Rate Forward Start Derivatives Total Consolidated Balance Sheet Location Derivative assets $ — $ — $ — $ 10,556 $ — $ 10,556 Non-current derivative assets — — — 7,918 — 7,918 Total derivative assets — — — 18,474 — 18,474 Derivative liabilities (31,984 ) (7,582 ) (39,566 ) (7 ) — (7 ) Non-current derivative liabilities (48,661 ) — (48,661 ) (398 ) — (398 ) Total derivative liabilities (80,645 ) (7,582 ) (88,227 ) (405 ) — (405 ) Derivative asset (liability), net $ (80,645 ) $ (7,582 ) $ (88,227 ) $ 18,069 $ — $ 18,069 The following table shows the changes in the fair value and settlements of our CCH Interest Rate Derivatives recorded in derivative gain (loss), net on our Consolidated Statements of Operations during the years ended December 31, 2019, 2018 and 2017 (in thousands): Year Ended December 31, 2019 2018 2017 Interest Rate Derivatives gain (loss) $ (100,508 ) $ 43,105 $ 3,249 Interest Rate Forward Start Derivatives loss (32,919 ) — — Liquefaction Supply Derivatives CCL has entered into primarily index-based physical natural gas supply contracts and associated economic hedges to purchase natural gas for the commissioning and operation of the Liquefaction Project . The remaining terms of the physical natural gas supply contracts range up to eight years , some of which commence upon the satisfaction of certain conditions precedent. The forward notional for our Liquefaction Supply Derivatives was approximately 3,153 TBtu and 2,854 TBtu as of December 31, 2019 and 2018 , respectively, of which 120 TBtu and 55 TBtu, respectively, were for a natural gas supply contract CCL has with a related party. The following table shows the fair value and location of our Liquefaction Supply Derivatives on our Consolidated Balance Sheets (in thousands): Fair Value Measurements as of (1) Consolidated Balance Sheet Location December 31, 2019 December 31, 2018 Derivative assets $ 73,809 $ 5,071 Derivative assets—related party 2,623 2,132 Non-current derivative assets 61,217 11,114 Non-current derivative assets—related party 1,933 3,381 Total derivative assets 139,582 21,698 Derivative liabilities (6,920 ) (13,569 ) Non-current derivative liabilities (86,006 ) (8,197 ) Total derivative liabilities (92,926 ) (21,766 ) Derivative asset (liability), net $ 46,656 $ (68 ) (1) Does not include collateral posted with counterparties by us of $4.5 million for such contracts, which are included in other current assets in our Consolidated Balance Sheets as of both December 31, 2019 and 2018 . The following table shows the changes in the fair value, settlements and location of our Liquefaction Supply Derivatives recorded on our Consolidated Statements of Operations during the years ended December 31, 2019, 2018 and 2017 (in thousands): Year Ended December 31, Consolidated Statements of Operations Location (1) 2019 2018 2017 Liquefaction Supply Derivatives gain LNG revenues $ 227 $ — $ — Liquefaction Supply Derivatives gain (loss) Cost of sales 45,148 23 (91 ) Liquefaction Supply Derivatives loss Cost of sales—related party (957 ) — — (1) Does not include the realized value associated with derivative instruments that settle through physical delivery. Fair value fluctuations associated with commodity derivative activities are classified and presented consistently with the item economically hedged and the nature and intent of the derivative instrument. Consolidated Balance Sheet Presentation Our derivative instruments are presented on a net basis on our Consolidated Balance Sheets as described above. The following table shows the fair value of our derivatives outstanding on a gross and net basis (in thousands): Gross Amounts Recognized Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts Presented in the Consolidated Balance Sheets Offsetting Derivative Assets (Liabilities) As of December 31, 2019 Interest Rate Derivatives $ (80,645 ) $ — $ (80,645 ) Interest Rate Forward Start Derivatives (7,582 ) — (7,582 ) Liquefaction Supply Derivatives 145,135 (5,553 ) 139,582 Liquefaction Supply Derivatives (98,625 ) 5,699 (92,926 ) As of December 31, 2018 Interest Rate Derivatives $ 19,520 $ (1,046 ) $ 18,474 Interest Rate Derivatives (413 ) 8 (405 ) Liquefaction Supply Derivatives 31,770 (10,072 ) 21,698 Liquefaction Supply Derivatives (29,996 ) 8,230 (21,766 ) |
Other Non-Current Assets
Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets, Noncurrent [Abstract] | |
Other Non-Current Assets | OTHER NON-CURRENT ASSETS As of December 31, 2019 and 2018 , other non-current assets, net consisted of the following (in thousands): December 31, 2019 2018 Advances and other asset conveyances to third parties to support LNG terminal $ 18,703 $ 18,209 Operating lease assets 7,215 — Tax-related payments and receivables 3,200 3,783 Information technology service prepayments 3,010 2,435 Advances made under EPC and non-EPC contracts 14,067 — Other 9,435 7,282 Total other non-current assets, net $ 55,630 $ 31,709 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | ACCRUED LIABILITIES As of December 31, 2019 and 2018 , accrued liabilities consisted of the following (in thousands): December 31, 2019 2018 Interest costs and related debt fees $ 7,950 $ 994 Accrued natural gas purchases 132,148 91,910 Liquefaction Project costs 192,215 46,964 Other 37,667 22,337 Total accrued liabilities $ 369,980 $ 162,205 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | DEBT As of December 31, 2019 and 2018 , our debt consisted of the following (in thousands): December 31, 2019 2018 Long-term debt 7.000% Senior Secured Notes due 2024 (“2024 CCH Senior Notes”) $ 1,250,000 $ 1,250,000 5.875% Senior Secured Notes due 2025 (“2025 CCH Senior Notes”) 1,500,000 1,500,000 5.125% Senior Secured Notes due 2027 (“2027 CCH Senior Notes”) 1,500,000 1,500,000 4.80% Senior Secured Notes due 2039 (“4.80% CCH Senior Notes”) 727,000 — 3.925% Senior Secured Notes due 2039 (“3.925% CCH Senior Notes”) 475,000 — 3.700% Senior Secured Notes due 2029 (“2029 CCH Senior Notes”) 1,500,000 — CCH Credit Facility 3,282,655 5,155,737 Unamortized debt issuance costs (141,175 ) (160,185 ) Total long-term debt, net 10,093,480 9,245,552 Current debt $1.2 billion CCH Working Capital Facility (“CCH Working Capital Facility”) — 168,000 Total debt, net $ 10,093,480 $ 9,413,552 Below is a schedule of future principal payments that we are obligated to make, based on current construction schedules, on our outstanding debt at December 31, 2019 (in thousands): Years Ending December 31, Principal Payments 2020 $ — 2021 134,973 2022 118,507 2023 132,859 2024 4,146,316 Thereafter 5,702,000 Total $ 10,234,655 Senior Notes CCH Senior Notes In September 2019, we issued an aggregate principal amount of $727 million of the 4.80% CCH Senior Notes in a private placement conducted pursuant to Section 4(a)(2) of the Securities Act. The 4.80% CCH Senior Notes were issued under an indenture dated as of September 27, 2019 pursuant to a note purchase agreement with the purchasers party thereto and Allianz Global Investors GmbH, as noteholder consultant, originally entered into in June 2019. In October 2019, we issued an aggregate principal amount of $475 million of the 3.925% CCH Senior Notes in a private placement conducted pursuant to Section 4(a)(2) of the Securities Act. The 3.925% CCH Senior Notes were issued under an indenture dated October 17, 2019 pursuant to a note purchase agreement with the purchasers party thereto and certain accounts managed by BlackRock Real Assets and certain accounts managed by MetLife Investment Management. The 4.80% CCH Senior Notes and the 3.925% CCH Senior Notes accrue interest at a fixed rate of 4.80% and 3.925% per annum, respectively, and are fully amortizing according to a fixed sculpted amortization schedule with semi-annual payments of interest starting December 2019 and semi-annual payments of principal starting June 2027. The 4.80% CCH Senior Notes and the 3.925% CCH Senior Notes have a weighted average life of 15 years . In November 2019, we issued an aggregate principal amount of $1.5 billion of the 2029 CCH Senior Notes . The 2029 CCH Senior Notes were issued pursuant to the same indenture governing the 2024 CCH Senior Notes, 2025 CCH Senior Notes and 2027 CCH Senior Notes (together with the 2029 CCH Senior Notes, the "144A CCH Senior Notes") . Borrowings under the 2029 CCH Senior Notes accrue interest at a fixed rate of 3.700% per annum. The proceeds of the 4.80% CCH Senior Notes , 3.925% CCH Senior Notes and 2029 CCH Senior Notes were used to prepay a portion of the balance outstanding under the CCH Credit Facility , resulting in the recognition of debt modification and extinguishment costs of $38.7 million for the year ended December 31, 2019 relating to the write off of unamortized debt discounts and issuance costs. The 144A CCH Senior Notes , 4.80% CCH Senior Notes and 3.925% CCH Senior Notes (collectively, the “ CCH Senior Notes ”) are jointly and severally guaranteed by our subsidiaries, CCL, CCP and CCP GP (the “Guarantors”). The indentures governing each of the CCH Senior Notes contain customary terms and events of default and certain covenants that, among other things, limit our ability and the ability of our restricted subsidiaries to: incur additional indebtedness or issue preferred stock; make certain investments or pay dividends or distributions on membership interests or subordinated indebtedness or purchase, redeem or retire membership interests; sell or transfer assets, including membership or partnership interests of our restricted subsidiaries; restrict dividends or other payments by restricted subsidiaries to us or any of our restricted subsidiaries; incur liens; enter into transactions with affiliates; dissolve, liquidate, consolidate, merge, sell or lease all or substantially all of the properties or assets of us and our restricted subsidiaries taken as a whole; or permit any Guarantor to dissolve, liquidate, consolidate, merge, sell or lease all or substantially all of its properties and assets. Interest on the CCH Senior Notes is payable semi-annually in arrears. At any time prior to six months before the respective dates of maturity for each of the CCH Senior Notes, we may redeem all or part of such series of the CCH Senior Notes at a redemption price equal to the “make-whole” price set forth in the appropriate indenture, plus accrued and unpaid interest, if any, to the date of redemption. At any time within six months of the respective dates of maturity for each of the CCH Senior Notes, we may redeem all or part of such series of the CCH Senior Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the CCH Senior Notes to be redeemed, plus accrued and unpaid interest, if any, to the date of redemption. Credit Facilities Below is a summary of our credit facilities outstanding as of December 31, 2019 (in thousands): CCH Credit Facility CCH Working Capital Facility Original facility size $ 8,403,714 $ 350,000 Incremental commitments 1,565,961 850,000 Less: Outstanding balance 3,282,655 — Commitments terminated 6,687,020 — Letters of credit issued — 470,784 Available commitment $ — $ 729,216 Interest rate on available balance LIBOR plus 1.75% or base rate plus 0.75% LIBOR plus 1.25% - 1.75% or base rate plus 0.25% - 0.75% Weighted average interest rate of outstanding balance 3.55% n/a Maturity date June 30, 2024 June 29, 2023 CCH Credit Facility In May 2018, we amended and restated the CCH Credit Facility to increase total commitments under the CCH Credit Facility from $4.6 billion to $6.1 billion . Borrowings are used to fund a portion of the costs of developing, constructing and placing into service the three Trains and the related facilities of the Liquefaction Project and for related business purposes. The CCH Credit Facility matures on June 30, 2024 , with principal payments due quarterly commencing on the earlier of (1) the first quarterly payment date occurring more than three calendar months following the completion of the Liquefaction Project as defined in the common terms agreement and (2) a set date determined by reference to the date under which a certain LNG buyer linked to the last Train of the Liquefaction Project to become operational is entitled to terminate its SPA for failure to achieve the date of first commercial delivery for that agreement. Scheduled repayments will be based upon a 19 -year tailored amortization, commencing the first full quarter after the completion of Trains 1 through 3 and designed to achieve a minimum projected fixed debt service coverage ratio of 1.50 :1. Loans under the CCH Credit Facility accrue interest at a variable rate per annum equal to, at our election, LIBOR or the base rate (determined by reference to the applicable agent’s prime rate), plus the applicable margin. The applicable margin for LIBOR loans is 1.75% and for base rate loans is 0.75% . Interest on LIBOR loans is due and payable at the end of each applicable interest period and interest on base rate loans is due and payable at the end of each quarter. The CCH Credit Facility also requires us to pay a commitment fee at a rate per annum equal to 40% of the margin for LIBOR loans, multiplied by the outstanding undrawn debt commitments. Our obligations under the CCH Credit Facility are secured by a first priority lien on substantially all of our assets and our subsidiaries and by a pledge by CCH HoldCo I of its limited liability company interests in us, on a pari passu basis with the CCH Senior Notes and the CCH Working Capital Facility . Under the CCH Credit Facility , we are required to hedge not less than 65% of the variable interest rate exposure of our senior secured debt. We are restricted from making certain distributions under agreements governing our indebtedness generally until, among other requirements, the completion of the construction of Trains 1 through 3 of the Liquefaction Project , funding of a debt service reserve account equal to six months of debt service and achieving a historical debt service coverage ratio and fixed projected debt service coverage ratio of at least 1.25 :1.00. The amendment and restatement of the CCH Credit Facility resulted in the recognition of $15.3 million of debt modification and extinguishment costs during the year ended December 31, 2018 relating to the incurrence of third party fees and write off of unamortized debt issuance costs. We were required to pay certain upfront fees to the agents and lenders under the CCH Credit Facility together with additional transaction fees and expenses in the aggregate amount of $53.3 million during the year ended December 31, 2018 . As part of the capital allocation framework announced by Cheniere in June 2019, we prepaid $152.8 million of outstanding borrowings under the CCH Credit Facility during the year ended December 31, 2019 . The prepayment resulted in the recognition of debt extinguishment costs of $2.6 million for the year ended December 31, 2019 . CCH Working Capital Facility In June 2018, we amended and restated the CCH Working Capital Facility to increase total commitments under the CCH Working Capital Facility from $350 million to $1.2 billion . The CCH Working Capital Facility is intended to be used for loans (“CCH Working Capital Loans”) and the issuance of letters of credit for certain working capital requirements related to developing and operating the Liquefaction Project and for related business purposes. Loans under the CCH Working Capital Facility are guaranteed by the Guarantors . We may, from time to time, request increases in the commitments under the CCH Working Capital Facility of up to the maximum allowed for working capital under the Common Terms Agreement that was entered into concurrently with the CCH Credit Facility . Loans under the CCH Working Capital Facility , including CCH Working Capital Loans and loans made in connection with a draw upon any letter of credit (“CCH LC Loans” and collectively, the “Revolving Loans”) accrue interest at a variable rate per annum equal to LIBOR or the base rate (equal to the highest of (1) the prime rate, (2) the federal funds rate plus 0.50% and (3) one month LIBOR plus 0.50% ) plus the applicable margin. The applicable margin for LIBOR Revolving Loans ranges from 1.25% to 1.75% per annum, and the applicable margin for base rate Revolving Loans ranges from 0.25% to 0.75% per annum. Interest on Revolving Loans is due and payable on the date the loan becomes due. Interest on LIBOR Revolving Loans is due and payable at the end of each LIBOR period, and interest on base rate Revolving Loans is due and payable at the end of each quarter. We pay (1) a commitment fee equal to an annual rate of 40% of the applicable margin for LIBOR Revolving Loans on the average daily amount of the excess of the total commitment amount over the principal amount outstanding, (2) a letter of credit fee equal to an annual rate equal to the applicable margin for LIBOR Revolving Loans on the undrawn portion of all letters of credit issued under the CCH Working Capital Facility and (3) a letter of credit fronting fee equal to an annual rate of 0.20% of the undrawn portion of all fronted letters of credit. Each of these fees is payable quarterly in arrears. If draws are made upon a letter of credit issued under the CCH Working Capital Facility and we do not elect for such draw (a “CCH LC Draw”) to be deemed a CCH LC Loan, we are required to pay the full amount of the CCH LC Draw on or prior to the business day following the notice of the CCH LC Draw. A CCH LC Draw accrues interest at an annual rate of 2.00% plus the base rate. We were required to pay certain upfront fees to the agents and lenders under the CCH Working Capital Facility together with additional transaction fees and expenses in the aggregate amount of $13.8 million during the year ended December 31, 2018 . The CCH Working Capital Facility matures on June 29, 2023 and we may prepay the Revolving Loans at any time without premium or penalty upon three business days’ notice and may re-borrow at any time. CCH LC Loans have a term of up to one year . We are required to reduce the aggregate outstanding principal amount of all CCH Working Capital Loans to zero for a period of five consecutive business days at least once each year. The CCH Working Capital Facility contains conditions precedent for extensions of credit, as well as customary affirmative and negative covenants. Our obligations under the CCH Working Capital Facility are secured by substantially all of our assets and the assets of the Guarantors as well as all of the membership interests in us and the membership interest in each of the Guarantors on a pari passu basis with the CCH Senior Notes and the CCH Credit Facility . Restrictive Debt Covenants As of December 31, 2019 , we were in compliance with all covenants related to our debt agreements. Interest Expense Total interest expense consisted of the following (in thousands): Year Ended December 31, 2019 2018 2017 Total interest cost $ 538,677 $ 451,135 $ 360,932 Capitalized interest, including amounts capitalized as an Allowance for Funds Used During Construction (260,642 ) (451,135 ) (360,932 ) Total interest expense, net $ 278,035 $ — $ — Fair Value Disclosures The following table shows the carrying amount and estimated fair value of our debt (in thousands): December 31, 2019 December 31, 2018 Carrying Estimated Carrying Estimated Senior notes (1) $ 5,750,000 $ 6,329,200 $ 4,250,000 $ 4,228,750 4.80% CCH Senior Notes (2) 727,000 830,203 — — 3.925% CCH Senior Notes (2) 475,000 495,291 — — Credit facilities (3) 3,282,655 3,282,655 5,323,737 5,323,737 (1) Includes 144A CCH Senior Notes . The Level 2 estimated fair value was based on quotes obtained from broker-dealers or market makers of these senior notes and other similar instruments. (2) The Level 3 estimated fair value was calculated based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including interest rates based on debt issued by parties with comparable credit ratings to us and inputs that are not observable in the market. (3) Includes CCH Credit Facility and CCH Working Capital Facility . The Level 3 estimated fair value approximates the principal amount because the interest rates are variable and reflective of market rates and the debt may be repaid, in full or in part, at any time without penalty. |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenues from Contracts with Customers | REVENUES FROM CONTRACTS WITH CUSTOMERS The following table represents a disaggregation of revenue earned from contracts with customers during the years ended December 31, 2019, 2018 and 2017 (in thousands): Year Ended December 31, 2019 2018 2017 LNG revenues $ 678,843 $ — $ — LNG revenues—affiliate 726,100 — — Total revenues from customers 1,404,943 — — Net derivative gains (1) 227 — — Total revenues $ 1,405,170 $ — $ — (1) See Note 7—Derivative Instruments for additional information about our derivatives. LNG Revenues We have entered into numerous SPAs with third party customers for the sale of LNG on a free on board (“FOB”) (delivered to the customer at the Corpus Christi LNG terminal) basis. Our customers generally purchase LNG for a price consisting of a fixed fee per MMBtu of LNG (a portion of which is subject to annual adjustment for inflation) plus a variable fee per MMBtu of LNG equal to approximately 115% of Henry Hub. The fixed fee component is the amount payable to us regardless of a cancellation or suspension of LNG cargo deliveries by the customers. The variable fee component is the amount generally payable to us only upon delivery of LNG plus all future adjustments to the fixed fee for inflation. The SPAs and contracted volumes to be made available under the SPAs are not tied to a specific Train; however, the term of each SPA generally commences upon the date of first commercial delivery of a specified Train. Additionally, we have agreements with Cheniere Marketing for which the related revenues are recorded as LNG revenues—affiliate. See Note 12—Related Party Transactions for additional information regarding these agreements. Revenues from the sale of LNG are recognized at a point in time when the LNG is delivered to the customer, at the Corpus Christi LNG terminal, which is the point legal title, physical possession and the risks and rewards of ownership transfer to the customer. Each individual molecule of LNG is viewed as a separate performance obligation. The stated contract price (including both fixed and variable fees) per MMBtu in each LNG sales arrangement is representative of the stand-alone selling price for LNG at the time the contract was negotiated. We have concluded that the variable fees meet the exception for allocating variable consideration to specific parts of the contract. As such, the variable consideration for these contracts is allocated to each distinct molecule of LNG and recognized when that distinct molecule of LNG is delivered to the customer. Because of the use of the exception, variable consideration related to the sale of LNG is also not included in the transaction price. Fees received pursuant to SPAs are recognized as LNG revenues only after substantial completion of the respective Train. Prior to substantial completion, sales generated during the commissioning phase are offset against the cost of construction for the respective Train, as the production and removal of LNG from storage is necessary to test the facility and bring the asset to the condition necessary for its intended use. Transaction Price Allocated to Future Performance Obligations Because many of our sales contracts have long-term durations, we are contractually entitled to significant future consideration which we have not yet recognized as revenue. The following table discloses the aggregate amount of the transaction price that is allocated to performance obligations that have not yet been satisfied as of December 31, 2019 and 2018 : December 31, 2019 December 31, 2018 Unsatisfied Weighted Average Recognition Timing (years) (1) Unsatisfied Weighted Average Recognition Timing (years) (1) LNG revenues $ 33.6 11 $ 33.9 12 LNG revenues—affiliate 1.0 13 1.0 14 Total revenues $ 34.6 $ 34.9 (1) The weighted average recognition timing represents an estimate of the number of years during which we shall have recognized half of the unsatisfied transaction price. We have elected the following exemptions which omit certain potential future sources of revenue from the table above: (1) We omit from the table above all performance obligations that are part of a contract that has an original expected duration of one year or less. (2) The table above excludes substantially all variable consideration under our SPAs. We omit from the table above all variable consideration that is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation when that performance obligation qualifies as a series. The amount of revenue from variable fees that is not included in the transaction price will vary based on the future prices of Henry Hub throughout the contract terms, to the extent customers elect to take delivery of their LNG, and adjustments to the consumer price index. Certain of our contracts contain additional variable consideration based on the outcome of contingent events and the movement of various indexes. We have not included such variable consideration in the transaction price to the extent the consideration is considered constrained due to the uncertainty of ultimate pricing and receipt. Approximately 44% during the year ended December 31, 2019 of our LNG revenues were related to variable consideration received from customers. All of our LNG revenues—affiliate were related to variable consideration received from customers during the year ended December 31, 2019 . We have entered into contracts to sell LNG that are conditioned upon one or both of the parties achieving certain milestones such as reaching a final investment decision on a certain liquefaction Train, obtaining financing or achieving substantial completion of a Train and any related facilities. These contracts are considered completed contracts for revenue recognition purposes and are included in the transaction price above when the conditions are considered probable of being met. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Below is a summary of our related party transactions as reported on our Consolidated Statements of Operations for the years ended December 31, 2019, 2018 and 2017 (in thousands): Year Ended December 31, 2019 2018 2017 LNG revenues—affiliate Cheniere Marketing Agreements $ 719,069 $ — $ — Contracts for Sale and Purchase of Natural Gas and LNG 7,031 — — Total LNG revenues—affiliate 726,100 — — Cost of sales—affiliate Contracts for Sale and Purchase of Natural Gas and LNG 3,015 — — Cost of sales—related party Natural Gas Supply Agreement 85,429 — — Operating and maintenance expense—affiliate Services Agreements 58,576 3,412 2,075 Land Agreements 743 874 326 Other Agreements — (3 ) — Total operating and maintenance expense—affiliate 59,319 4,283 2,401 Development expense—affiliate Services Agreements 61 — 8 General and administrative expense—affiliate Services Agreements 11,352 2,201 1,173 We had $26.9 million and $25.1 million due to affiliates as of December 31, 2019 and 2018 , respectively, under agreements with affiliates, as described below. Cheniere Marketing Agreements CCL has a fixed price SPA with Cheniere Marketing (the “Cheniere Marketing Base SPA”) with a term of 20 years which allows Cheniere Marketing to purchase, at its option, (1) up to a cumulative total of 150 TBtu of LNG within the commissioning periods for Trains 1 through 3 and (2) any excess LNG produced by the Liquefaction Facilities that is not committed to customers under third-party SPAs. Under the Cheniere Marketing Base SPA , Cheniere Marketing may, without charge, elect to suspend deliveries of cargoes (other than commissioning cargoes) scheduled for any month under the applicable annual delivery program by providing specified notice in advance. Additionally, CCL has: (1) a fixed price SPA with an approximate term of 23 years with Cheniere Marketing which allows them to purchase volumes of approximately 15 TBtu per annum of LNG and (2) an SPA for 0.85 mtpa of LNG with a term of up to seven years associated with the integrated production marketing gas supply agreement between CCL and EOG Resources, Inc. As of December 31, 2019 and 2018 , CCL had $57.2 million and $21.1 million of accounts receivable—affiliate, respectively, under these agreements. Services Agreements Gas and Power Supply Services Agreement (“G&P Agreement”) CCL has a G&P Agreement with Cheniere Energy Shared Services, Inc. (“Shared Services”), a wholly owned subsidiary of Cheniere, pursuant to which Shared Services will manage the gas and power procurement requirements of CCL. The services include, among other services, exercising the day-to-day management of CCL’s natural gas and power supply requirements, negotiating agreements on CCL’s behalf and providing other administrative services. Prior to the substantial completion of each Train of the Liquefaction Facilities , no monthly fee payment is required except for reimbursement of operating expenses. After substantial completion of each Train of the Liquefaction Facilities , for services performed while the Liquefaction Facilities is operational, CCL will pay, in addition to the reimbursement of operating expenses, a fixed monthly fee of $125,000 (indexed for inflation) for services with respect to such Train. Operation and Maintenance Agreements (“O&M Agreements”) CCL has an O&M Agreement (“CCL O&M Agreement”) with Cheniere LNG O&M Services, LLC (“O&M Services”), a wholly owned subsidiary of Cheniere, pursuant to which CCL receives all of the necessary services required to construct, operate and maintain the Liquefaction Facilities . The services to be provided include, among other services, preparing and maintaining staffing plans, identifying and arranging for procurement of equipment and materials, overseeing contractors, administering various agreements, information technology services and other services required to operate and maintain the Liquefaction Facilities . Prior to the substantial completion of each Train of the Liquefaction Facilities , no monthly fee payment is required except for reimbursement of operating expenses. After substantial completion of each Train of the Liquefaction Facilities , for services performed while the Liquefaction Facilities is operational, CCL will pay, in addition to the reimbursement of operating expenses, a fixed monthly fee of $125,000 (indexed for inflation) for services with respect to such Train. CCP has an O&M Agreement (“CCP O&M Agreement”) with O&M Services pursuant to which CCP receives all of the necessary services required to construct, operate and maintain the Corpus Christi Pipeline . The services to be provided include, among other services, preparing and maintaining staffing plans, identifying and arranging for procurement of equipment and materials, overseeing contractors, information technology services and other services required to operate and maintain the Corpus Christi Pipeline . CCP is required to reimburse O&M Services for all operating expenses incurred on behalf of CCP. Management Services Agreements (“MSAs”) CCL has a MSA with Shared Services pursuant to which Shared Services manages the construction and operation of the Liquefaction Facilities , excluding those matters provided for under the G&P Agreement and the CCL O&M Agreement. The services include, among other services, exercising the day-to-day management of CCL’s affairs and business, managing CCL’s regulatory matters, preparing status reports, providing contract administration services for all contracts associated with the Liquefaction Facilities and obtaining insurance. Prior to the substantial completion of each Train of the Liquefaction Facilities , no monthly fee payment is required except for reimbursement of expenses. After substantial completion of each Train, CCL will pay, in addition to the reimbursement of related expenses, a monthly fee equal to 3% of the capital expenditures incurred in the previous month and a fixed monthly fee of $375,000 for services with respect to such Train. CCP has a MSA with Shared Services pursuant to which Shared Services manages CCP’s operations and business, excluding those matters provided for under the CCP O&M Agreement. The services include, among other services, exercising the day-to-day management of CCP’s affairs and business, managing CCP’s regulatory matters, preparing status reports, providing contract administration services for all contracts associated with the Corpus Christi Pipeline and obtaining insurance. CCP is required to reimburse Shared Services for the aggregate of all costs and expenses incurred in the course of performing the services under the MSA. Natural Gas Supply Agreement CCL has entered into a natural gas supply contract to obtain feed gas for the operation of the Liquefaction Project through March 2022 with a related party in the ordinary course of business. CCL recorded $85.4 million in cost of sales—related party under this contract during the year ended December 31, 2019 . Of this amount, $2.5 million and zero was included in accrued liabilities—related party as of December 31, 2019 and 2018 , respectively. CCL did no t have any deliveries during the year ended December 31, 2018 under this contract. CCL also has recorded derivative assets—related party of $2.6 million and $2.1 million and non-current derivative assets—related party of $1.9 million and $3.4 million as of December 31, 2019 and 2018 , respectively, related to this contract. Agreements with Midship Pipeline CCL has entered into a transportation precedent agreement and a negotiated rate agreement with Midship Pipeline Company, LLC (“Midship Pipeline”) to secure firm pipeline transportation capacity for a period of 10 years following commencement of the approximately 200 -mile natural gas pipeline project which Midship Pipeline is constructing. In May 2018, CCL issued a letter of credit to Midship Pipeline for drawings up to an aggregate maximum amount of $16.2 million . Midship Pipeline had no t made any drawings on this letter of credit as of December 31, 2019 . Natural Gas Transportation Agreement Cheniere Corpus Christi Liquefaction Stage III, LLC , a wholly owned subsidiary of Cheniere, has a transportation precedent agreement with CCP to secure firm pipeline transportation capacity for the transportation of natural gas feedstock to the expansion of the Corpus Christi LNG terminal it is constructing adjacent to the Liquefaction Project. The agreement will have a primary term of 20 years from the service commencement date with right to extend the term for two successive five -year terms. Contracts for Sale and Purchase of Natural Gas and LNG CCL has an agreement with Sabine Pass Liquefaction, LLC that allows them to sell and purchase natural gas with each other. Natural gas purchased under this agreement is initially recorded as inventory and then to cost of sales—affiliate upon its sale, except for purchases related to commissioning activities which are capitalized as LNG terminal construction-in-process. Natural gas sold under this agreement is recorded as LNG revenues—affiliate. CCL also has an agreement with Midship Pipeline that allows them to sell and purchase natural gas with each other. CCL did no t have any transactions under this agreement during the year ended December 31, 2019 . Land Agreements Lease Agreements CCL has agreements with Cheniere Land Holdings, LLC (“Cheniere Land Holdings”), a wholly owned subsidiary of Cheniere, to lease the land owned by Cheniere Land Holdings for the Liquefaction Facilities . The total annual lease payment is $0.6 million , and the terms of the agreements range from three to five years . Easement Agreements CCL has agreements with Cheniere Land Holdings which grant CCL easements on land owned by Cheniere Land Holdings for the Liquefaction Facilities . The total annual payment for easement agreements is $0.1 million , excluding any previously paid one-time payments, and the terms of the agreements range from three to five years . Dredge Material Disposal Agreement CCL has a dredge material disposal agreement with Cheniere Land Holdings that terminates in 2042 which grants CCL permission to use land owned by Cheniere Land Holdings for the deposit of dredge material from the construction and maintenance of the Liquefaction Facilities . Under the terms of the agreement, CCL will pay Cheniere Land Holdings $0.50 per cubic yard of dredge material deposits up to 5.0 million cubic yards and $4.62 per cubic yard for any quantities above that. Tug Hosting Agreement In February 2017, CCL entered into a tug hosting agreement with Corpus Christi Tug Services, LLC (“Tug Services”), a wholly owned subsidiary of Cheniere, to provide certain marine structures, support services and access necessary at the Liquefaction Facilities for Tug Services to provide its customers with tug boat and marine services. Tug Services is required to reimburse CCL for any third party costs incurred by CCL in connection with providing the goods and services. State Tax Sharing Agreements CCL has a state tax sharing agreement with Cheniere. Under this agreement, Cheniere has agreed to prepare and file all state and local tax returns which CCL and Cheniere are required to file on a combined basis and to timely pay the combined state and local tax liability. If Cheniere, in its sole discretion, demands payment, CCL will pay to Cheniere an amount equal to the state and local tax that CCL would be required to pay if CCL’s state and local tax liability were calculated on a separate company basis. There have been no state and local taxes paid by Cheniere for which Cheniere could have demanded payment from CCL under this agreement; therefore, Cheniere has not demanded any such payments from CCL. The agreement is effective for tax returns due on or after May 2015. CCP has a state tax sharing agreement with Cheniere. Under this agreement, Cheniere has agreed to prepare and file all state and local tax returns which CCP and Cheniere are required to file on a combined basis and to timely pay the combined state and local tax liability. If Cheniere, in its sole discretion, demands payment, CCP will pay to Cheniere an amount equal to the state and local tax that CCP would be required to pay if CCP’s state and local tax liability were calculated on a separate company basis. There have been no state and local taxes paid by Cheniere for which Cheniere could have demanded payment from CCP under this agreement; therefore, Cheniere has not demanded any such payments from CCP. The agreement is effective for tax returns due on or after May 2015. Equity Contribution Agreements Equity Contribution Agreement In May 2018, we amended and restated the existing equity contribution agreement with Cheniere (the “Equity Contribution Agreement”) pursuant to which Cheniere agreed to provide cash contributions up to approximately $1.1 billion , not including $2.0 billion previously contributed under the original equity contribution agreement. As of December 31, 2019 , we have received $557.9 million in contributions under the Equity Contribution Agreement and Cheniere has posted $585.0 million of letters of credit on our behalf. Cheniere is only required to make additional contributions under the Equity Contribution Agreement after the commitments under the CCH Credit Facility have been reduced to zero and to the extent cash flows from operations of the Liquefaction Project are unavailable for Liquefaction Project costs. Early Works Equity Contribution Agreement In conjunction with the amendment and restatement of the Equity Contribution Agreement, we terminated the early works equity contribution agreement with Cheniere entered into in December 2017. Prior to termination in May 2018, we had received $250.0 million |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES We have various contractual obligations which are recorded as liabilities in our Consolidated Financial Statements. Other items, such as certain purchase commitments and other executed contracts which do not meet the definition of a liability as of December 31, 2019 , are not recognized as liabilities but require disclosures in our Consolidated Financial Statements. LNG Terminal Commitments and Contingencies Obligations under EPC Contracts CCL has a lump sum turnkey contract with Bechtel Oil, Gas and Chemicals, Inc. (“Bechtel”) for the engineering, procurement and construction of Train 3 of the Liquefaction Project. The EPC contract price for Train 3 of the Liquefaction Project is approximately $2.4 billion , reflecting amounts incurred under change orders through December 31, 2019 . As of December 31, 2019 , we have incurred $2.0 billion under this contract. CCL has the right to terminate each of the EPC contracts for its convenience, in which case Bechtel will be paid (1) the portion of the contract price for the work performed, (2) costs reasonably incurred by Bechtel on account of such termination and demobilization and (3) a lump sum of up to $30 million depending on the termination date. Obligations under SPAs CCL has third-party SPAs which obligate CCL to purchase and liquefy sufficient quantities of natural gas to deliver contracted volumes of LNG to the customers’ vessels, subject to completion of construction of specified Trains of the Liquefaction Project. CCL has also entered into SPAs with Cheniere Marketing , as further described in Note 12—Related Party Transactions. Obligations under Natural Gas Supply, Transportation and Storage Service Agreements CCL has physical natural gas supply contracts to secure natural gas feedstock for the Liquefaction Project. The remaining terms of these contracts range up to 8 years , some of which commence upon the satisfaction of certain events or states of affairs. As of December 31, 2019 , CCL had secured up to approximately 2,999 TBtu of natural gas feedstock through natural gas supply contracts, a portion of which are considered purchase obligations if the certain events or states of affairs are satisfied. Additionally, CCL has natural gas transportation and storage service agreements for the Liquefaction Project. The initial terms of the natural gas transportation agreements range up 20 years , with renewal options for certain contracts, and commences upon the occurrence of conditions precedent. The initial term of the natural gas storage service agreements ranges up to five years . As of December 31, 2019 , CCL’s obligations under natural gas supply, transportation and storage service agreements for contracts in which conditions precedent were met were as follows (in thousands): Years Ending December 31, Payments Due (1) 2020 $ 1,255,512 2021 1,047,335 2022 711,428 2023 591,844 2024 483,856 Thereafter 2,072,188 Total $ 6,162,163 (1) Pricing of natural gas supply contracts are variable based on market commodity basis prices adjusted for basis spread . Amounts included are based on estimated forward prices and basis spreads as of December 31, 2019 . Some of our contracts may not have been negotiated as part of arranging financing for the underlying assets providing the natural gas supply, transportation and storage services. Services Agreements CCL and CCP have certain services agreements with affiliates. See Note 12—Related Party Transactions for information regarding such agreements. State Tax Sharing Agreement CCL and CCP have a state tax sharing agreement with Cheniere. See Note 12—Related Party Transactions for information regarding this agreement. Other Commitments In the ordinary course of business, we have entered into certain multi-year licensing and service agreements, none of which are considered material to our financial position. Environmental and Regulatory Matters The Liquefaction Project is subject to extensive regulation under federal, state and local statutes, rules, regulations and laws. These laws require that we engage in consultations with appropriate federal and state agencies and that we obtain and maintain applicable permits and other authorizations. Failure to comply with such laws could result in legal proceedings, which may include substantial penalties. We believe that, based on currently known information, compliance with these laws and regulations will not have a material adverse effect on our results of operations, financial condition or cash flows. Legal Proceedings We may in the future be involved as a party to various legal proceedings, which are incidental to the ordinary course of business. We regularly analyze current information and, as necessary, provide accruals for probable liabilities on the eventual disposition of these matters. In the opinion of management, as of December 31, 2019 , there were no pending legal matters that would reasonably be expected to have a material impact on our operating results, financial position or cash flows. |
Customer Concentration
Customer Concentration | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Customer Concentration | CUSTOMER CONCENTRATION The following table shows customers with revenues of 10% or greater of total revenues from external customers and customers with accounts receivable balances of 10% or greater of total accounts receivable from external customers: Percentage of Total Revenues from External Customers Percentage of Accounts Receivable from External Customers Year Ended December 31, December 31, 2019 2018 2017 2019 2018 Customer A 57% —% —% 38% —% Customer B 23% —% —% 39% —% The following table shows revenues from external customers attributable to the country in which the revenues were derived (in thousands). We attribute revenues from external customers to the country in which the party to the applicable agreement has its principal place of business. Substantially all of our long-lived assets are located in the United States. Revenues from External Customers Year Ended December 31, 2019 2018 2017 Spain $ 451,199 $ — $ — Indonesia 154,584 — — United States 73,287 — — Total $ 679,070 $ — $ — |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION The following table provides supplemental disclosure of cash flow information (in thousands): Year Ended December 31, 2019 2018 2017 Cash paid during the period for interest, net of amounts capitalized $ 258,491 $ 104,811 $ — Non-cash capital contribution for conveyance of property, plant and equipment from affiliate — 83,058 — The balance in property, plant and equipment, net funded with accounts payable and accrued liabilities (including affiliate) was $186.7 million , $178.3 million and $274.3 million as of December 31, 2019 , 2018 and 2017 , respectively. |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Guarantor Information [Abstract] | |
Supplemental Guarantor Information | SUPPLEMENTAL GUARANTOR INFORMATION Our CCH Senior Notes are jointly and severally guaranteed by our subsidiaries, CCL, CCP and CCP GP (each a “Guarantor” and collectively, the “Guarantors”) . These guarantees are full and unconditional, subject to certain customary release provisions including (1) the sale, exchange, disposition or transfer (by merger, consolidation or otherwise) of the capital stock or all or substantially all of the assets of the Guarantors, (2) the designation of the Guarantor as an “unrestricted subsidiary” in accordance with the indentures governing each of the CCH Senior Notes (the “ CCH Indentures ”), (3) upon the legal defeasance or covenant defeasance or discharge of obligations under the CCH Indentures and (4) the release and discharge of the Guarantors pursuant to the Common Security and Account Agreement. See Note 10—Debt for additional information regarding the CCH Senior Notes . The following is condensed consolidating financial information for CCH (“Parent Issuer”) and the Guarantors . We did not have any non-guarantor subsidiaries as of December 31, 2019 . Condensed Consolidating Balance Sheet December 31, 2019 (in thousands) Parent Issuer Guarantors Eliminations Consolidated ASSETS Current assets Cash and cash equivalents $ — $ — $ — $ — Restricted cash 68,787 10,954 — 79,741 Accounts and other receivables — 57,712 — 57,712 Accounts receivable—affiliate — 57,211 — 57,211 Advances to affiliate — 115,476 — 115,476 Inventory — 69,179 — 69,179 Derivative assets — 73,809 — 73,809 Derivative assets—related party — 2,623 — 2,623 Other current assets 249 14,603 — 14,852 Other current assets—affiliate — 5 — 5 Total current assets 69,036 401,572 — 470,608 Property, plant and equipment, net 1,330,748 11,176,671 — 12,507,419 Debt issuance and deferred financing costs, net 14,705 — — 14,705 Non-current derivative assets — 61,217 — 61,217 Non-current derivative assets—related party — 1,933 — 1,933 Investments in subsidiaries 11,224,400 — (11,224,400 ) — Other non-current assets, net — 55,630 — 55,630 Total assets $ 12,638,889 $ 11,697,023 $ (11,224,400 ) $ 13,111,512 LIABILITIES AND MEMBER’S EQUITY Current liabilities Accounts payable $ 32 $ 7,258 $ — $ 7,290 Accrued liabilities 9,488 360,492 — 369,980 Accrued liabilities—related party — 2,531 — 2,531 Due to affiliates 337 26,563 — 26,900 Derivative liabilities 39,566 6,920 — 46,486 Other current liabilities — 364 — 364 Other current liabilities—affiliate — 519 — 519 Total current liabilities 49,423 404,647 — 454,070 Long-term debt, net 10,093,480 — — 10,093,480 Non-current derivative liabilities 48,661 86,006 — 134,667 Other non-current liabilities — 10,433 — 10,433 Other non-current liabilities—affiliate — 1,284 — 1,284 Member’s equity 2,447,325 11,194,653 (11,224,400 ) 2,417,578 Total liabilities and member’s equity $ 12,638,889 $ 11,697,023 $ (11,224,400 ) $ 13,111,512 Condensed Consolidating Balance Sheet December 31, 2018 (in thousands) Parent Issuer Guarantors Eliminations Consolidated ASSETS Current assets Cash and cash equivalents $ — $ — $ — $ — Restricted cash 282,248 6,893 — 289,141 Accounts and other receivables — 24,989 — 24,989 Accounts receivable—affiliate — 21,060 — 21,060 Advances to affiliate — 94,397 — 94,397 Inventory — 26,198 — 26,198 Derivative assets 10,556 5,071 — 15,627 Derivative assets—related party — 2,132 — 2,132 Other current assets 178 15,039 — 15,217 Other current assets—affiliate — 634 (1 ) 633 Total current assets 292,982 196,413 (1 ) 489,394 Property, plant and equipment, net 1,094,671 10,044,154 — 11,138,825 Debt issuance and deferred financing costs, net 38,012 — — 38,012 Non-current derivative assets 7,917 11,115 — 19,032 Non-current derivative assets—related party — 3,381 — 3,381 Investments in subsidiaries 10,194,296 — (10,194,296 ) — Other non-current assets, net 1 31,708 — 31,709 Total assets $ 11,627,879 $ 10,286,771 $ (10,194,297 ) $ 11,720,353 LIABILITIES AND MEMBER’S EQUITY Current liabilities Accounts payable $ 71 $ 16,131 $ — $ 16,202 Accrued liabilities 1,242 160,963 — 162,205 Current debt 168,000 — — 168,000 Due to affiliates — 25,086 — 25,086 Derivative liabilities 6 13,570 — 13,576 Total current liabilities 169,319 215,750 — 385,069 Long-term debt, net 9,245,552 — — 9,245,552 Non-current derivative liabilities 398 8,197 — 8,595 Member’s equity 2,212,610 10,062,824 (10,194,297 ) 2,081,137 Total liabilities and member’s equity $ 11,627,879 $ 10,286,771 $ (10,194,297 ) $ 11,720,353 Condensed Consolidating Statement of Operations Year Ended December 31, 2019 (in thousands) Parent Issuer Guarantors Eliminations Consolidated Revenues LNG revenues $ — $ 679,070 $ — $ 679,070 LNG revenues—affiliate — 726,100 — 726,100 Total revenues — 1,405,170 — 1,405,170 Operating costs and expenses Cost of sales (excluding depreciation and amortization expense shown separately below) — 691,301 — 691,301 Cost of sales—affiliate — 3,015 — 3,015 Cost of sales—related party — 85,429 — 85,429 Operating and maintenance expense — 242,027 — 242,027 Operating and maintenance expense—affiliate — 59,319 — 59,319 Development expense — 596 — 596 Development expense—affiliate — 61 — 61 General and administrative expense 2,082 4,024 — 6,106 General and administrative expense—affiliate — 11,352 — 11,352 Depreciation and amortization expense 24,297 206,483 — 230,780 Impairment expense and loss on disposal of assets — 364 — 364 Total operating costs and expenses 26,379 1,303,971 — 1,330,350 Income (loss) from operations (26,379 ) 101,199 — 74,820 Other income (expense) Interest expense, net of capitalized interest (278,035 ) — — (278,035 ) Loss on modification or extinguishment of debt (41,296 ) — — (41,296 ) Derivative loss, net (133,427 ) — — (133,427 ) Other income 3,387 528 (273 ) 3,642 Total other income (expense) (449,371 ) 528 (273 ) (449,116 ) Net income (loss) $ (475,750 ) $ 101,727 $ (273 ) $ (374,296 ) Condensed Consolidating Statement of Operations Year Ended December 31, 2018 (in thousands) Parent Issuer Guarantors Eliminations Consolidated Revenues $ — $ — $ — $ — Operating costs and expenses (recoveries) Cost of sales (excluding depreciation and amortization expense shown separately below) — 172 — 172 Operating and maintenance recovery — (96 ) — (96 ) Operating and maintenance expense—affiliate — 4,283 — 4,283 Development expense — 177 — 177 General and administrative expense 1,513 3,750 — 5,263 General and administrative expense—affiliate — 2,201 — 2,201 Depreciation and amortization expense 239 9,620 — 9,859 Impairment expense and gain on disposal of assets — 20 — 20 Total operating costs and expenses 1,752 20,127 — 21,879 Loss from operations (1,752 ) (20,127 ) — (21,879 ) Other income (expense) Loss on modification or extinguishment of debt (15,332 ) — — (15,332 ) Derivative gain, net 43,105 — — 43,105 Other income 352 7,952 (7,912 ) 392 Total other income 28,125 7,952 (7,912 ) 28,165 Net income (loss) $ 26,373 $ (12,175 ) $ (7,912 ) $ 6,286 Condensed Consolidating Statement of Operations Year Ended December 31, 2017 (in thousands) Parent Issuer Guarantors Eliminations Consolidated Revenues $ — $ — $ — $ — Operating costs and expenses Cost of sales (excluding depreciation and amortization expense shown separately below) — 91 — 91 Operating and maintenance expense — 3,024 — 3,024 Operating and maintenance expense—affiliate — 2,401 — 2,401 Development expense — 516 — 516 Development expense—affiliate — 8 — 8 General and administrative expense 1,360 4,191 — 5,551 General and administrative expense—affiliate — 1,173 — 1,173 Depreciation and amortization expense 13 879 — 892 Impairment expense and gain on disposal of assets — 5,505 — 5,505 Total operating costs and expenses 1,373 17,788 — 19,161 Loss from operations (1,373 ) (17,788 ) — (19,161 ) Other income (expense) Loss on modification or extinguishment of debt (32,480 ) — — (32,480 ) Derivative gain, net 3,249 — — 3,249 Other income (expense) (265 ) 15,580 (15,575 ) (260 ) Total other income (expense) (29,496 ) 15,580 (15,575 ) (29,491 ) Net loss $ (30,869 ) $ (2,208 ) $ (15,575 ) $ (48,652 ) Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2019 (in thousands) Parent Issuer Guarantors Eliminations Consolidated Cash flows provided by (used in) operating activities $ (237,471 ) $ 250,856 $ (46,758 ) $ (33,373 ) Cash flows from investing activities Property, plant and equipment, net (242,322 ) (1,274,840 ) — (1,517,162 ) Investments in subsidiaries (2,711,350 ) — 2,711,350 — Distributions received from affiliates 1,634,489 — (1,634,489 ) — Other — (2,058 ) — (2,058 ) Net cash used in investing activities (1,319,183 ) (1,276,898 ) 1,076,861 (1,519,220 ) Cash flows from financing activities Proceeds from issuances of debt 4,203,550 — — 4,203,550 Repayments of debt (3,543,757 ) — — (3,543,757 ) Debt issuance and deferred financing costs (16,210 ) — — (16,210 ) Debt extinguishment cost (11,127 ) — — (11,127 ) Capital contributions 710,737 2,711,350 (2,711,350 ) 710,737 Distributions — (1,681,247 ) 1,681,247 — Net cash provided by financing activities 1,343,193 1,030,103 (1,030,103 ) 1,343,193 Net increase (decrease) in cash, cash equivalents and restricted cash (213,461 ) 4,061 — (209,400 ) Cash, cash equivalents and restricted cash—beginning of period 282,248 6,893 — 289,141 Cash, cash equivalents and restricted cash—end of period $ 68,787 $ 10,954 $ — $ 79,741 Balances per Condensed Consolidating Balance Sheet: December 31, 2019 Parent Issuer Guarantors Eliminations Consolidated Cash and cash equivalents $ — $ — $ — $ — Restricted cash 68,787 10,954 — 79,741 Total cash, cash equivalents and restricted cash $ 68,787 $ 10,954 $ — $ 79,741 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2018 (in thousands) Parent Issuer Guarantors Eliminations Consolidated Cash flows used in operating activities $ (6,854 ) $ (51,913 ) $ (1,395 ) $ (60,162 ) Cash flows from investing activities Property, plant and equipment, net (555,946 ) (2,406,990 ) — (2,962,936 ) Investments in subsidiaries (2,532,266 ) — 2,532,266 — Distributions received from affiliates 67,744 — (67,744 ) — Other — 2,669 — 2,669 Net cash used in investing activities (3,020,468 ) (2,404,321 ) 2,464,522 (2,960,267 ) Cash flows from financing activities Proceeds from issuances of debt 3,114,800 — — 3,114,800 Repayments of debt (301,455 ) — — (301,455 ) Debt issuance and deferred financing costs (45,743 ) — — (45,743 ) Debt extinguishment cost (9,108 ) — — (9,108 ) Capital contributions 324,517 2,532,266 (2,532,266 ) 324,517 Distributions — (69,139 ) 69,139 — Net cash provided by financing activities 3,083,011 2,463,127 (2,463,127 ) 3,083,011 Net increase in cash, cash equivalents and restricted cash 55,689 6,893 — 62,582 Cash, cash equivalents and restricted cash—beginning of period 226,559 — — 226,559 Cash, cash equivalents and restricted cash—end of period $ 282,248 $ 6,893 $ — $ 289,141 Balances per Condensed Consolidating Balance Sheet: December 31, 2018 Parent Issuer Guarantors Eliminations Consolidated Cash and cash equivalents $ — $ — $ — $ — Restricted cash 282,248 6,893 — 289,141 Total cash, cash equivalents and restricted cash $ 282,248 $ 6,893 $ — $ 289,141 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2017 (in thousands) Parent Issuer Guarantors Eliminations Consolidated Cash flows used in operating activities $ (52,633 ) $ (11,683 ) $ — $ (64,316 ) Cash flows from investing activities Property, plant and equipment, net (253,612 ) (1,733,642 ) — (1,987,254 ) Investments in subsidiaries (1,720,280 ) — 1,720,280 — Other — 25,045 — 25,045 Net cash used in investing activities (1,973,892 ) (1,708,597 ) 1,720,280 (1,962,209 ) Cash flows from financing activities Proceeds from issuances of debt 3,040,000 — — 3,040,000 Repayments of debt (1,436,050 ) — — (1,436,050 ) Debt issuance and deferred financing costs (23,496 ) — — (23,496 ) Debt extinguishment cost (29 ) — — (29 ) Capital contributions 402,119 1,720,437 (1,720,437 ) 402,119 Distributions — (157 ) 157 — Net cash provided by financing activities 1,982,544 1,720,280 (1,720,280 ) 1,982,544 Net decrease in cash, cash equivalents and restricted cash (43,981 ) — — (43,981 ) Cash, cash equivalents and restricted cash—beginning of period 270,540 — — 270,540 Cash, cash equivalents and restricted cash—end of period $ 226,559 $ — $ — $ 226,559 |
Summarized Quarterly Financial
Summarized Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Quarterly Financial Data (unaudited) | Summarized Quarterly Financial Data—(in thousands) First Quarter Second Quarter Third Quarter Fourth Quarter Year ended December 31, 2019: Revenues $ 106,081 $ 300,073 $ 386,559 $ 612,457 Income (loss) from operations (25,402 ) (43,388 ) (90,951 ) 234,561 Net income (loss) (71,277 ) (188,907 ) (272,410 ) 158,298 Year ended December 31, 2018: Revenues $ — $ — $ — $ — Income (loss) from operations (3,090 ) (5,941 ) 2,345 (15,193 ) Net income (loss) 65,692 7,319 24,388 (91,113 ) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation, Policy | Basis of Presentation Our Consolidated Financial Statements have been prepared in accordance with GAAP. Our Consolidated Financial Statements include the accounts of CCH and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications have been made to conform prior period information to the current presentation. The reclassifications did not have a material effect on our consolidated financial position, results of operations or cash flows. |
Recent Accounting Standards | Recent Accounting Standards We adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) , and subsequent amendments thereto on January 1, 2019 using the optional transition approach to apply the standard at the beginning of the first quarter of 2019 with no retrospective adjustments to prior periods. This standard requires a lessee to recognize leases on its balance sheet by recording a lease liability representing the obligation to make future lease payments and a right-of-use asset representing the right to use the underlying asset for the lease term. The adoption of the standard did not materially impact our Consolidated Financial Statements. Upon adoption of the standard, we recorded right-of-use assets of $8.1 million in other non-current assets, net, and lease liabilities of $0.5 million in other current liabilities—affiliate, $5.2 million other non-current liabilities and $1.2 million in other non-current liabilities—affiliate. In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The new guidance retrospectively eliminates the requirement to allocate the consolidated amount of current and deferred tax expense to entities that are not subject to income tax. We early adopted this guidance effective December 31, 2019 and recorded a cumulative-effect adjustment to retained earnings of $2.1 million on our subsidiaries’ financial statements, that has been eliminated upon consolidated on our Consolidated Financial Statements. The provision for income taxes, taxes payable and deferred income tax balances have been retrospectively removed from our subsidiaries’ financial statements. The deferred tax assets were offset with a full valuation allowance and therefore no cumulative effect adjustment to retained earnings was required on our Consolidated Financial Statements. |
Use of Estimates, Policy | Use of Estimates The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and the accompanying notes. Management evaluates its estimates and related assumptions regularly, including those related to fair value measurements, revenue recognition, property, plant and equipment, derivative instruments and asset retirement obligations (“AROs”) , as further discussed under the respective sections within this note. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates. |
Fair Value Measurements, Policy | Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Hierarchy Levels 1, 2 and 3 are terms for the priority of inputs to valuation approaches used to measure fair value. Hierarchy Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Hierarchy Level 2 inputs are inputs that are directly or indirectly observable for the asset or liability, other than quoted prices included within Level 1. Hierarchy Level 3 inputs are inputs that are not observable in the market. In determining fair value, we use observable market data when available, or models that incorporate observable market data. In addition to market information, we incorporate transaction-specific details that, in management’s judgment, market participants would take into account in measuring fair value. We maximize the use of observable inputs and minimize our use of unobservable inputs in arriving at fair value estimates. Recurring fair-value measurements are performed for derivative instruments as disclosed in Note 7—Derivative Instruments . The carrying amount of restricted cash, accounts receivables and accounts payable reported on the Consolidated Balance Sheets approximates fair value. The fair value of debt is the estimated amount we would have to pay to repurchase our debt in the open market, including any premium or discount attributable to the difference between the stated interest rate and market interest rate at each balance sheet date. Debt fair values, as disclosed in Note 10—Debt , are based on quoted market prices for identical instruments, if available, or based on valuations of similar debt instruments using observable or unobservable inputs. Non-financial assets and liabilities initially measured at fair value include AROs. |
Revenue Recognition | Revenue Recognition We recognize revenues when we transfer control of promised goods or services to our customers in an amount that reflects the consideration to which we expect to be entitled to in exchange for those goods or services. Revenues from the sale of LNG are recognized as LNG revenues. See Note 11—Revenues from Contracts with Customers for further discussion of revenues. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. |
Restricted Cash, Policy | Restricted Cash Restricted cash consists of funds that are contractually or legally restricted as to usage or withdrawal and have been presented separately from cash and cash equivalents on our Consolidated Balance Sheets. |
Receivables, Policy | Accounts Receivable Accounts receivable is reported net of any allowances for doubtful accounts. We periodically review the collectability on our accounts receivable and recognize an allowance if there is probability of non-collection, based on historical write-off and customer-specific factors. We did no t have an allowance on our accounts receivable as of December 31, 2019 and 2018 . |
Inventory, Policy | Inventory LNG and natural gas inventory are recorded at the lower of weighted average cost and net realizable value. Materials and other inventory are recorded at the lower of cost and net realizable value and subsequently charged to expense when issued. |
Accounting For LNG Activities, Policy | Accounting for LNG Activities Generally, we begin capitalizing the costs of our LNG terminal once the individual project meets the following criteria: (1) regulatory approval has been received, (2) financing for the project is available and (3) management has committed to commence construction. Prior to meeting these criteria, most of the costs associated with a project are expensed as incurred. These costs primarily include professional fees associated with preliminary front-end engineering and design work, costs of securing necessary regulatory approvals and other preliminary investigation and development activities related to our LNG terminal. Generally, costs that are capitalized prior to a project meeting the criteria otherwise necessary for capitalization include: land acquisition costs, detailed engineering design work and certain permits that are capitalized as other non-current assets. The costs of lease options are amortized over the life of the lease once obtained. If no land or lease is obtained, the costs are expensed. |
Property, Plant and Equipment, Policy | Property, Plant and Equipment Property, plant and equipment are recorded at cost. Expenditures for construction and commissioning activities, major renewals and betterments that extend the useful life of an asset are capitalized, while expenditures for maintenance and repairs (including those for planned major maintenance projects) to maintain property, plant and equipment in operating condition are generally expensed as incurred. We realize offsets to LNG terminal costs for sales of commissioning cargoes that were earned or loaded prior to the start of commercial operations of the respective Train during the testing phase for its construction. We depreciate our property, plant and equipment using the straight-line depreciation method. Upon retirement or other disposition of property, plant and equipment, the cost and related accumulated depreciation are removed from the account, and the resulting gains or losses are recorded in impairment expense and loss (gain) on disposal of assets. Management tests property, plant and equipment for impairment whenever events or changes in circumstances have indicated that the carrying amount of property, plant and equipment might not be recoverable. Assets are grouped at the lowest level for which there is identifiable cash flows that are largely independent of the cash flows of other groups of assets for purposes of assessing recoverability. Recoverability generally is determined by comparing the carrying value of the asset to the expected undiscounted future cash flows of the asset. If the carrying value of the asset is not recoverable, the amount of impairment loss is measured as the excess, if any, of the carrying value of the asset over its estimated fair value. During the year ended December 31, 2017, we recognized $5.5 million of impairment expense related to damaged infrastructure as an effect of Hurricane Harvey. We did no t record any impairments related to property, plant and equipment during the years ended December 31, 2019 and 2018. |
Interest Capitalization, Policy | Interest Capitalization We capitalize interest costs during the construction period of our LNG terminal and related assets as construction-in-process. Upon commencement of operations, these costs are transferred out of construction-in-process into terminal and interconnecting pipeline facilities assets and are amortized over the estimated useful life of the asset. |
Regulated Natural Gas Pipelines, Policy | Regulated Natural Gas Pipelines The Corpus Christi Pipeline is subject to the jurisdiction of the FERC in accordance with the Natural Gas Act of 1938 and the Natural Gas Policy Act of 1978. The economic effects of regulation can result in a regulated company recording as assets those costs that have been or are expected to be approved for recovery from customers, or recording as liabilities those amounts that are expected to be required to be returned to customers, in a rate-setting process in a period different from the period in which the amounts would be recorded by an unregulated enterprise. Accordingly, we record assets and liabilities that result from the regulated rate-making process that may not be recorded under GAAP for non-regulated entities. We continually assess whether regulatory assets are probable of future recovery by considering factors such as applicable regulatory changes and recent rate orders applicable to other regulated entities. Based on this continual assessment, we believe the existing regulatory assets are probable of recovery. These regulatory assets and liabilities are primarily classified in our Consolidated Balance Sheets as other assets and other liabilities. We periodically evaluate their applicability under GAAP, and consider factors such as regulatory changes and the effect of competition. If cost-based regulation ends or competition increases, we may have to reduce our asset balances to reflect a market basis less than cost and write off the associated regulatory assets and liabilities. Items that may influence our assessment are: • inability to recover cost increases due to rate caps and rate case moratoriums; • inability to recover capitalized costs, including an adequate return on those costs through the rate-making process and the FERC proceedings; • excess capacity; • increased competition and discounting in the markets we serve; and • impacts of ongoing regulatory initiatives in the natural gas industry. Natural gas pipeline costs include amounts capitalized as an Allowance for Funds Used During Construction (“AFUDC”). The rates used in the calculation of AFUDC are determined in accordance with guidelines established by the FERC. AFUDC represents the cost of debt and equity funds used to finance our natural gas pipeline additions during construction. AFUDC is capitalized as a part of the cost of our natural gas pipeline. Under regulatory rate practices, we generally are permitted to recover AFUDC, and a fair return thereon, through our rate base after the natural gas pipelines are placed in service. |
Derivative Instruments, Policy | Derivative Instruments We use derivative instruments to hedge our exposure to cash flow variability from interest rate and commodity price risk. Derivative instruments are recorded at fair value and included in our Consolidated Balance Sheets as assets or liabilities depending on the derivative position and the expected timing of settlement, unless they satisfy criteria for, and we elect, the normal purchases and sales exception. When we have the contractual right and intend to net settle, derivative assets and liabilities are reported on a net basis. Changes in the fair value of our derivative instruments are recorded in earnings, unless we elect to apply hedge accounting and meet specified criteria. We did no t have any derivative instruments designated as cash flow or fair value hedges during the years ended December 31, 2019, 2018 and 2017 . See Note 7—Derivative Instruments |
Concentration of Credit Risk, Policy | Concentration of Credit Risk Financial instruments that potentially subject us to a concentration of credit risk consist principally of restricted cash, derivative instruments and accounts receivable. We maintain cash balances at financial institutions, which may at times be in excess of federally insured levels. We have not incurred losses related to these balances to date. The use of derivative instruments exposes us to counterparty credit risk, or the risk that a counterparty will be unable to meet its commitments. Certain of our commodity derivative transactions are executed through over-the-counter contracts which are subject to nominal credit risk as these transactions are settled on a daily margin basis with investment grade financial institutions. Collateral deposited for such contracts is recorded within other current assets. Our interest rate derivative instruments are placed with investment grade financial institutions whom we believe are acceptable credit risks. We monitor counterparty creditworthiness on an ongoing basis; however, we cannot predict sudden changes in counterparties’ creditworthiness. In addition, even if such changes are not sudden, we may be limited in our ability to mitigate an increase in counterparty credit risk. Should one of these counterparties not perform, we may not realize the benefit of some of our derivative instruments. CCL has entered into fixed price long-term SPAs generally with terms of 20 years with nine third parties and have entered into agreements with Cheniere Marketing International LLP (“Cheniere Marketing”). CCL is dependent on the respective customers’ creditworthiness and their willingness to perform under their respective SPAs. See Note 14—Customer Concentration for additional details about our customer concentration. |
Debt, Policy | Debt Our debt consists of current and long-term secured and unsecured debt securities and credit facilities with banks and other lenders. Debt issuances are placed directly by us or through securities dealers or underwriters and are held by institutional and retail investors. Debt is recorded on our Consolidated Balance Sheets at par value adjusted for unamortized discount or premium and net of unamortized debt issuance costs related to term notes. Debt issuance costs consist primarily of arrangement fees, professional fees, legal fees and printing costs. If debt issuance costs are incurred in connection with a line of credit arrangement or on undrawn funds, they are presented as an asset on our Consolidated Balance Sheets. Discounts, premiums and debt issuance costs directly related to the issuance of debt are amortized over the life of the debt and are recorded in interest expense, net of capitalized interest using the effective interest method. Gains and losses on the extinguishment or modification of debt are recorded in gain (loss) on modification or extinguishment of debt on our Consolidated Statements of Operations. |
Asset Retirement Obligations, Policy | Asset Retirement Obligations We recognize AROs for legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or normal use of the asset and for conditional AROs in which the timing or method of settlement are conditional on a future event that may or may not be within our control. The fair value of a liability for an ARO is recognized in the period in which it is incurred, if a reasonable estimate of fair value can be made. The fair value of the liability is added to the carrying amount of the associated asset. This additional carrying amount is depreciated over the estimated useful life of the asset. We have no t recorded an ARO associated with the Corpus Christi Pipeline. We believe that it is not feasible to predict when the natural gas transportation services provided by the Corpus Christi Pipeline will no longer be utilized. In addition, our right-of-way agreements associated with the Corpus Christi Pipeline have no stipulated termination dates. We intend to operate the Corpus Christi Pipeline as long as supply and demand for natural gas exists in the United States and intend to maintain it regularly. |
Income Taxes, Policy | Income Taxes We are a disregarded entity for federal and state income tax purposes. Our taxable income or loss, which may vary substantially from the net income or loss reported on our Consolidated Statements of Operations, is included in the consolidated federal income tax return of Cheniere. Accordingly, no provision or liability for federal or state income taxes is included in the accompanying Consolidated Financial Statements. |
Business Segment, Policy | Business Segment Our liquefaction and pipeline business at the Corpus Christi LNG terminal represents a single reportable segment. Our chief operating decision maker reviews the financial results of CCH in total when evaluating financial performance and for purposes of allocating resources. |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restricted Cash [Abstract] | |
Schedule of Restricted Cash | As of December 31, 2019 and 2018 , restricted cash consisted of the following (in thousands): December 31, 2019 2018 Current restricted cash Liquefaction Project $ 79,741 $ 289,141 |
Accounts and Other Receivables
Accounts and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Accounts and Other Receivables | As of December 31, 2019 and 2018 , accounts and other receivables consisted of the following (in thousands): December 31, 2019 2018 Trade receivable $ 44,403 $ 51 Other accounts receivable 13,309 24,938 Total accounts and other receivables $ 57,712 $ 24,989 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | As of December 31, 2019 and 2018 , inventory consisted of the following (in thousands): December 31, 2019 2018 Natural gas $ 6,870 $ 1,326 LNG 6,103 — Materials and other 56,206 24,872 Total inventory $ 69,179 $ 26,198 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | As of December 31, 2019 and 2018 , property, plant and equipment, net consisted of the following (in thousands): December 31, 2019 2018 LNG terminal costs LNG terminal and interconnecting pipeline facilities $ 10,027,111 $ 618,547 LNG site and related costs 275,959 44,725 LNG terminal construction-in-process 2,425,226 10,470,577 Accumulated depreciation (232,451 ) (7,416 ) Total LNG terminal costs, net 12,495,845 11,126,433 Fixed assets Fixed assets 19,083 15,534 Accumulated depreciation (7,509 ) (3,142 ) Total fixed assets, net 11,574 12,392 Property, plant and equipment, net $ 12,507,419 $ 11,138,825 |
Property Plant and Equipment Estimated Useful Lives Table [Table Text Block] | The identifiable components of the Liquefaction Project have depreciable lives between 10 and 50 years, as follows: Components Useful life (yrs) Water pipelines 30 Natural gas pipeline facilities 40 Liquefaction processing equipment 10-50 Other 15-30 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table shows the fair value of our derivative instruments that are required to be measured at fair value on a recurring basis as of December 31, 2019 and 2018 , which are classified as derivative assets , derivative assets—related party , non-current derivative assets , non-current derivative assets—related party , derivative liabilities or non-current derivative liabilities in our Consolidated Balance Sheets (in thousands): Fair Value Measurements as of December 31, 2019 December 31, 2018 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Interest Rate Derivatives asset (liability) $ — $ (80,645 ) $ — $ (80,645 ) $ — $ 18,069 $ — $ 18,069 Interest Rate Forward Start Derivatives liability — (7,582 ) — (7,582 ) — — — — Liquefaction Supply Derivatives asset (liability) 2,383 9,198 35,075 46,656 1,299 2,990 (4,357 ) (68 ) |
Fair Value Measurement Inputs and Valuation Techniques | The following table includes quantitative information for the unobservable inputs for our Level 3 Physical Liquefaction Supply Derivatives as of December 31, 2019 : Net Fair Value Asset (in thousands) Valuation Approach Significant Unobservable Input Significant Unobservable Inputs Range Physical Liquefaction Supply Derivatives $35,075 Market approach incorporating present value techniques Henry Hub basis spread $(0.718) - $0.050 Option pricing model International LNG pricing spread, relative to Henry Hub (1) 86% - 191% (1) Spread contemplates U.S. dollar-denominated pricing. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table shows the changes in the fair value of our Level 3 Physical Liquefaction Supply Derivatives , including those with related parties, during the years ended December 31, 2019, 2018 and 2017 (in thousands): Year Ended December 31, 2019 2018 2017 Balance, beginning of period $ (4,357 ) $ (91 ) $ — Realized and mark-to-market gains (losses): Included in cost of sales (82,645 ) (9,944 ) — Purchases and settlements: Purchases 120,755 5,678 (91 ) Settlements 1,432 — — Transfers out of Level 3 (1) (110 ) — — Balance, end of period $ 35,075 $ (4,357 ) $ (91 ) Change in unrealized losses relating to instruments still held at end of period $ (82,645 ) $ (9,944 ) $ — (1) Transferred to Level 2 as a result of observable market for the underlying natural gas purchase agreements. |
Derivative Net Presentation on Consolidated Balance Sheets | The following table shows the fair value of our derivatives outstanding on a gross and net basis (in thousands): Gross Amounts Recognized Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts Presented in the Consolidated Balance Sheets Offsetting Derivative Assets (Liabilities) As of December 31, 2019 Interest Rate Derivatives $ (80,645 ) $ — $ (80,645 ) Interest Rate Forward Start Derivatives (7,582 ) — (7,582 ) Liquefaction Supply Derivatives 145,135 (5,553 ) 139,582 Liquefaction Supply Derivatives (98,625 ) 5,699 (92,926 ) As of December 31, 2018 Interest Rate Derivatives $ 19,520 $ (1,046 ) $ 18,474 Interest Rate Derivatives (413 ) 8 (405 ) Liquefaction Supply Derivatives 31,770 (10,072 ) 21,698 Liquefaction Supply Derivatives (29,996 ) 8,230 (21,766 ) |
Interest Rate Derivatives [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | As of December 31, 2019 , we had the following CCH Interest Rate Derivatives outstanding: Notional Amounts December 31, 2019 December 31, 2018 Effective Date Maturity Date Weighted Average Fixed Interest Rate Paid Variable Interest Rate Received Interest Rate Derivatives $4.5 billion $4.0 billion May 20, 2015 May 31, 2022 2.30% One-month LIBOR Interest Rate Forward Start Derivatives $750 million — September 30, 2020 December 31, 2030 2.06% Three-month LIBOR |
Fair Value of Derivative Instruments by Balance Sheet Location | The following table shows the fair value and location of our CCH Interest Rate Derivatives on our Consolidated Balance Sheets (in thousands): December 31, 2019 December 31, 2018 Interest Rate Derivatives Interest Rate Forward Start Derivatives Total Interest Rate Derivatives Interest Rate Forward Start Derivatives Total Consolidated Balance Sheet Location Derivative assets $ — $ — $ — $ 10,556 $ — $ 10,556 Non-current derivative assets — — — 7,918 — 7,918 Total derivative assets — — — 18,474 — 18,474 Derivative liabilities (31,984 ) (7,582 ) (39,566 ) (7 ) — (7 ) Non-current derivative liabilities (48,661 ) — (48,661 ) (398 ) — (398 ) Total derivative liabilities (80,645 ) (7,582 ) (88,227 ) (405 ) — (405 ) Derivative asset (liability), net $ (80,645 ) $ (7,582 ) $ (88,227 ) $ 18,069 $ — $ 18,069 |
Derivative Instruments, Gain (Loss) | The following table shows the changes in the fair value and settlements of our CCH Interest Rate Derivatives recorded in derivative gain (loss), net on our Consolidated Statements of Operations during the years ended December 31, 2019, 2018 and 2017 (in thousands): Year Ended December 31, 2019 2018 2017 Interest Rate Derivatives gain (loss) $ (100,508 ) $ 43,105 $ 3,249 Interest Rate Forward Start Derivatives loss (32,919 ) — — |
Liquefaction Supply Derivatives [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Fair Value of Derivative Instruments by Balance Sheet Location | The following table shows the fair value and location of our Liquefaction Supply Derivatives on our Consolidated Balance Sheets (in thousands): Fair Value Measurements as of (1) Consolidated Balance Sheet Location December 31, 2019 December 31, 2018 Derivative assets $ 73,809 $ 5,071 Derivative assets—related party 2,623 2,132 Non-current derivative assets 61,217 11,114 Non-current derivative assets—related party 1,933 3,381 Total derivative assets 139,582 21,698 Derivative liabilities (6,920 ) (13,569 ) Non-current derivative liabilities (86,006 ) (8,197 ) Total derivative liabilities (92,926 ) (21,766 ) Derivative asset (liability), net $ 46,656 $ (68 ) (1) Does not include collateral posted with counterparties by us of $4.5 million for such contracts, which are included in other current assets in our Consolidated Balance Sheets as of both December 31, 2019 and 2018 . |
Derivative Instruments, Gain (Loss) | The following table shows the changes in the fair value, settlements and location of our Liquefaction Supply Derivatives recorded on our Consolidated Statements of Operations during the years ended December 31, 2019, 2018 and 2017 (in thousands): Year Ended December 31, Consolidated Statements of Operations Location (1) 2019 2018 2017 Liquefaction Supply Derivatives gain LNG revenues $ 227 $ — $ — Liquefaction Supply Derivatives gain (loss) Cost of sales 45,148 23 (91 ) Liquefaction Supply Derivatives loss Cost of sales—related party (957 ) — — (1) Does not include the realized value associated with derivative instruments that settle through physical delivery. Fair value fluctuations associated with commodity derivative activities are classified and presented consistently with the item economically hedged and the nature and intent of the derivative instrument. |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets, Noncurrent [Abstract] | |
Schedule of Other Non-Current Assets | As of December 31, 2019 and 2018 , other non-current assets, net consisted of the following (in thousands): December 31, 2019 2018 Advances and other asset conveyances to third parties to support LNG terminal $ 18,703 $ 18,209 Operating lease assets 7,215 — Tax-related payments and receivables 3,200 3,783 Information technology service prepayments 3,010 2,435 Advances made under EPC and non-EPC contracts 14,067 — Other 9,435 7,282 Total other non-current assets, net $ 55,630 $ 31,709 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities | As of December 31, 2019 and 2018 , accrued liabilities consisted of the following (in thousands): December 31, 2019 2018 Interest costs and related debt fees $ 7,950 $ 994 Accrued natural gas purchases 132,148 91,910 Liquefaction Project costs 192,215 46,964 Other 37,667 22,337 Total accrued liabilities $ 369,980 $ 162,205 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Instruments | As of December 31, 2019 and 2018 , our debt consisted of the following (in thousands): December 31, 2019 2018 Long-term debt 7.000% Senior Secured Notes due 2024 (“2024 CCH Senior Notes”) $ 1,250,000 $ 1,250,000 5.875% Senior Secured Notes due 2025 (“2025 CCH Senior Notes”) 1,500,000 1,500,000 5.125% Senior Secured Notes due 2027 (“2027 CCH Senior Notes”) 1,500,000 1,500,000 4.80% Senior Secured Notes due 2039 (“4.80% CCH Senior Notes”) 727,000 — 3.925% Senior Secured Notes due 2039 (“3.925% CCH Senior Notes”) 475,000 — 3.700% Senior Secured Notes due 2029 (“2029 CCH Senior Notes”) 1,500,000 — CCH Credit Facility 3,282,655 5,155,737 Unamortized debt issuance costs (141,175 ) (160,185 ) Total long-term debt, net 10,093,480 9,245,552 Current debt $1.2 billion CCH Working Capital Facility (“CCH Working Capital Facility”) — 168,000 Total debt, net $ 10,093,480 $ 9,413,552 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Below is a schedule of future principal payments that we are obligated to make, based on current construction schedules, on our outstanding debt at December 31, 2019 (in thousands): Years Ending December 31, Principal Payments 2020 $ — 2021 134,973 2022 118,507 2023 132,859 2024 4,146,316 Thereafter 5,702,000 Total $ 10,234,655 |
Schedule of Line of Credit Facilities | Below is a summary of our credit facilities outstanding as of December 31, 2019 (in thousands): CCH Credit Facility CCH Working Capital Facility Original facility size $ 8,403,714 $ 350,000 Incremental commitments 1,565,961 850,000 Less: Outstanding balance 3,282,655 — Commitments terminated 6,687,020 — Letters of credit issued — 470,784 Available commitment $ — $ 729,216 Interest rate on available balance LIBOR plus 1.75% or base rate plus 0.75% LIBOR plus 1.25% - 1.75% or base rate plus 0.25% - 0.75% Weighted average interest rate of outstanding balance 3.55% n/a Maturity date June 30, 2024 June 29, 2023 |
Schedule of Interest Expense | Total interest expense consisted of the following (in thousands): Year Ended December 31, 2019 2018 2017 Total interest cost $ 538,677 $ 451,135 $ 360,932 Capitalized interest, including amounts capitalized as an Allowance for Funds Used During Construction (260,642 ) (451,135 ) (360,932 ) Total interest expense, net $ 278,035 $ — $ — |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The following table shows the carrying amount and estimated fair value of our debt (in thousands): December 31, 2019 December 31, 2018 Carrying Estimated Carrying Estimated Senior notes (1) $ 5,750,000 $ 6,329,200 $ 4,250,000 $ 4,228,750 4.80% CCH Senior Notes (2) 727,000 830,203 — — 3.925% CCH Senior Notes (2) 475,000 495,291 — — Credit facilities (3) 3,282,655 3,282,655 5,323,737 5,323,737 (1) Includes 144A CCH Senior Notes . The Level 2 estimated fair value was based on quotes obtained from broker-dealers or market makers of these senior notes and other similar instruments. (2) The Level 3 estimated fair value was calculated based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including interest rates based on debt issued by parties with comparable credit ratings to us and inputs that are not observable in the market. (3) Includes CCH Credit Facility and CCH Working Capital Facility . The Level 3 estimated fair value approximates the principal amount because the interest rates are variable and reflective of market rates and the debt may be repaid, in full or in part, at any time without penalty. |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table represents a disaggregation of revenue earned from contracts with customers during the years ended December 31, 2019, 2018 and 2017 (in thousands): Year Ended December 31, 2019 2018 2017 LNG revenues $ 678,843 $ — $ — LNG revenues—affiliate 726,100 — — Total revenues from customers 1,404,943 — — Net derivative gains (1) 227 — — Total revenues $ 1,405,170 $ — $ — (1) See Note 7—Derivative Instruments for additional information about our derivatives. |
Transaction Price Allocated to Future Performance Obligations | The following table discloses the aggregate amount of the transaction price that is allocated to performance obligations that have not yet been satisfied as of December 31, 2019 and 2018 : December 31, 2019 December 31, 2018 Unsatisfied Weighted Average Recognition Timing (years) (1) Unsatisfied Weighted Average Recognition Timing (years) (1) LNG revenues $ 33.6 11 $ 33.9 12 LNG revenues—affiliate 1.0 13 1.0 14 Total revenues $ 34.6 $ 34.9 (1) The weighted average recognition timing represents an estimate of the number of years during which we shall have recognized half of the unsatisfied transaction price. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Below is a summary of our related party transactions as reported on our Consolidated Statements of Operations for the years ended December 31, 2019, 2018 and 2017 (in thousands): Year Ended December 31, 2019 2018 2017 LNG revenues—affiliate Cheniere Marketing Agreements $ 719,069 $ — $ — Contracts for Sale and Purchase of Natural Gas and LNG 7,031 — — Total LNG revenues—affiliate 726,100 — — Cost of sales—affiliate Contracts for Sale and Purchase of Natural Gas and LNG 3,015 — — Cost of sales—related party Natural Gas Supply Agreement 85,429 — — Operating and maintenance expense—affiliate Services Agreements 58,576 3,412 2,075 Land Agreements 743 874 326 Other Agreements — (3 ) — Total operating and maintenance expense—affiliate 59,319 4,283 2,401 Development expense—affiliate Services Agreements 61 — 8 General and administrative expense—affiliate Services Agreements 11,352 2,201 1,173 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Long-term Purchase Commitment [Line Items] | |
Contractual Obligation, Fiscal Year Maturity Schedule | As of December 31, 2019 , CCL’s obligations under natural gas supply, transportation and storage service agreements for contracts in which conditions precedent were met were as follows (in thousands): Years Ending December 31, Payments Due (1) 2020 $ 1,255,512 2021 1,047,335 2022 711,428 2023 591,844 2024 483,856 Thereafter 2,072,188 Total $ 6,162,163 (1) Pricing of natural gas supply contracts are variable based on market commodity basis prices adjusted for basis spread . Amounts included are based on estimated forward prices and basis spreads as of December 31, 2019 . Some of our contracts may not have been negotiated as part of arranging financing for the underlying assets providing the natural gas supply, transportation and storage services. |
Customer Concentration (Tables)
Customer Concentration (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Schedule of Revenue and Accounts Receivable by Major Customers | The following table shows customers with revenues of 10% or greater of total revenues from external customers and customers with accounts receivable balances of 10% or greater of total accounts receivable from external customers: Percentage of Total Revenues from External Customers Percentage of Accounts Receivable from External Customers Year Ended December 31, December 31, 2019 2018 2017 2019 2018 Customer A 57% —% —% 38% —% Customer B 23% —% —% 39% —% |
Schedule of Revenue from External Customers by Country | The following table shows revenues from external customers attributable to the country in which the revenues were derived (in thousands). We attribute revenues from external customers to the country in which the party to the applicable agreement has its principal place of business. Substantially all of our long-lived assets are located in the United States. Revenues from External Customers Year Ended December 31, 2019 2018 2017 Spain $ 451,199 $ — $ — Indonesia 154,584 — — United States 73,287 — — Total $ 679,070 $ — $ — |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | The following table provides supplemental disclosure of cash flow information (in thousands): Year Ended December 31, 2019 2018 2017 Cash paid during the period for interest, net of amounts capitalized $ 258,491 $ 104,811 $ — Non-cash capital contribution for conveyance of property, plant and equipment from affiliate — 83,058 — |
Supplemental Guarantor Inform_2
Supplemental Guarantor Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Guarantor Information [Abstract] | |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheet December 31, 2019 (in thousands) Parent Issuer Guarantors Eliminations Consolidated ASSETS Current assets Cash and cash equivalents $ — $ — $ — $ — Restricted cash 68,787 10,954 — 79,741 Accounts and other receivables — 57,712 — 57,712 Accounts receivable—affiliate — 57,211 — 57,211 Advances to affiliate — 115,476 — 115,476 Inventory — 69,179 — 69,179 Derivative assets — 73,809 — 73,809 Derivative assets—related party — 2,623 — 2,623 Other current assets 249 14,603 — 14,852 Other current assets—affiliate — 5 — 5 Total current assets 69,036 401,572 — 470,608 Property, plant and equipment, net 1,330,748 11,176,671 — 12,507,419 Debt issuance and deferred financing costs, net 14,705 — — 14,705 Non-current derivative assets — 61,217 — 61,217 Non-current derivative assets—related party — 1,933 — 1,933 Investments in subsidiaries 11,224,400 — (11,224,400 ) — Other non-current assets, net — 55,630 — 55,630 Total assets $ 12,638,889 $ 11,697,023 $ (11,224,400 ) $ 13,111,512 LIABILITIES AND MEMBER’S EQUITY Current liabilities Accounts payable $ 32 $ 7,258 $ — $ 7,290 Accrued liabilities 9,488 360,492 — 369,980 Accrued liabilities—related party — 2,531 — 2,531 Due to affiliates 337 26,563 — 26,900 Derivative liabilities 39,566 6,920 — 46,486 Other current liabilities — 364 — 364 Other current liabilities—affiliate — 519 — 519 Total current liabilities 49,423 404,647 — 454,070 Long-term debt, net 10,093,480 — — 10,093,480 Non-current derivative liabilities 48,661 86,006 — 134,667 Other non-current liabilities — 10,433 — 10,433 Other non-current liabilities—affiliate — 1,284 — 1,284 Member’s equity 2,447,325 11,194,653 (11,224,400 ) 2,417,578 Total liabilities and member’s equity $ 12,638,889 $ 11,697,023 $ (11,224,400 ) $ 13,111,512 Condensed Consolidating Balance Sheet December 31, 2018 (in thousands) Parent Issuer Guarantors Eliminations Consolidated ASSETS Current assets Cash and cash equivalents $ — $ — $ — $ — Restricted cash 282,248 6,893 — 289,141 Accounts and other receivables — 24,989 — 24,989 Accounts receivable—affiliate — 21,060 — 21,060 Advances to affiliate — 94,397 — 94,397 Inventory — 26,198 — 26,198 Derivative assets 10,556 5,071 — 15,627 Derivative assets—related party — 2,132 — 2,132 Other current assets 178 15,039 — 15,217 Other current assets—affiliate — 634 (1 ) 633 Total current assets 292,982 196,413 (1 ) 489,394 Property, plant and equipment, net 1,094,671 10,044,154 — 11,138,825 Debt issuance and deferred financing costs, net 38,012 — — 38,012 Non-current derivative assets 7,917 11,115 — 19,032 Non-current derivative assets—related party — 3,381 — 3,381 Investments in subsidiaries 10,194,296 — (10,194,296 ) — Other non-current assets, net 1 31,708 — 31,709 Total assets $ 11,627,879 $ 10,286,771 $ (10,194,297 ) $ 11,720,353 LIABILITIES AND MEMBER’S EQUITY Current liabilities Accounts payable $ 71 $ 16,131 $ — $ 16,202 Accrued liabilities 1,242 160,963 — 162,205 Current debt 168,000 — — 168,000 Due to affiliates — 25,086 — 25,086 Derivative liabilities 6 13,570 — 13,576 Total current liabilities 169,319 215,750 — 385,069 Long-term debt, net 9,245,552 — — 9,245,552 Non-current derivative liabilities 398 8,197 — 8,595 Member’s equity 2,212,610 10,062,824 (10,194,297 ) 2,081,137 Total liabilities and member’s equity $ 11,627,879 $ 10,286,771 $ (10,194,297 ) $ 11,720,353 |
Condensed Consolidating Statements of Operations | Condensed Consolidating Statement of Operations Year Ended December 31, 2019 (in thousands) Parent Issuer Guarantors Eliminations Consolidated Revenues LNG revenues $ — $ 679,070 $ — $ 679,070 LNG revenues—affiliate — 726,100 — 726,100 Total revenues — 1,405,170 — 1,405,170 Operating costs and expenses Cost of sales (excluding depreciation and amortization expense shown separately below) — 691,301 — 691,301 Cost of sales—affiliate — 3,015 — 3,015 Cost of sales—related party — 85,429 — 85,429 Operating and maintenance expense — 242,027 — 242,027 Operating and maintenance expense—affiliate — 59,319 — 59,319 Development expense — 596 — 596 Development expense—affiliate — 61 — 61 General and administrative expense 2,082 4,024 — 6,106 General and administrative expense—affiliate — 11,352 — 11,352 Depreciation and amortization expense 24,297 206,483 — 230,780 Impairment expense and loss on disposal of assets — 364 — 364 Total operating costs and expenses 26,379 1,303,971 — 1,330,350 Income (loss) from operations (26,379 ) 101,199 — 74,820 Other income (expense) Interest expense, net of capitalized interest (278,035 ) — — (278,035 ) Loss on modification or extinguishment of debt (41,296 ) — — (41,296 ) Derivative loss, net (133,427 ) — — (133,427 ) Other income 3,387 528 (273 ) 3,642 Total other income (expense) (449,371 ) 528 (273 ) (449,116 ) Net income (loss) $ (475,750 ) $ 101,727 $ (273 ) $ (374,296 ) Condensed Consolidating Statement of Operations Year Ended December 31, 2018 (in thousands) Parent Issuer Guarantors Eliminations Consolidated Revenues $ — $ — $ — $ — Operating costs and expenses (recoveries) Cost of sales (excluding depreciation and amortization expense shown separately below) — 172 — 172 Operating and maintenance recovery — (96 ) — (96 ) Operating and maintenance expense—affiliate — 4,283 — 4,283 Development expense — 177 — 177 General and administrative expense 1,513 3,750 — 5,263 General and administrative expense—affiliate — 2,201 — 2,201 Depreciation and amortization expense 239 9,620 — 9,859 Impairment expense and gain on disposal of assets — 20 — 20 Total operating costs and expenses 1,752 20,127 — 21,879 Loss from operations (1,752 ) (20,127 ) — (21,879 ) Other income (expense) Loss on modification or extinguishment of debt (15,332 ) — — (15,332 ) Derivative gain, net 43,105 — — 43,105 Other income 352 7,952 (7,912 ) 392 Total other income 28,125 7,952 (7,912 ) 28,165 Net income (loss) $ 26,373 $ (12,175 ) $ (7,912 ) $ 6,286 Condensed Consolidating Statement of Operations Year Ended December 31, 2017 (in thousands) Parent Issuer Guarantors Eliminations Consolidated Revenues $ — $ — $ — $ — Operating costs and expenses Cost of sales (excluding depreciation and amortization expense shown separately below) — 91 — 91 Operating and maintenance expense — 3,024 — 3,024 Operating and maintenance expense—affiliate — 2,401 — 2,401 Development expense — 516 — 516 Development expense—affiliate — 8 — 8 General and administrative expense 1,360 4,191 — 5,551 General and administrative expense—affiliate — 1,173 — 1,173 Depreciation and amortization expense 13 879 — 892 Impairment expense and gain on disposal of assets — 5,505 — 5,505 Total operating costs and expenses 1,373 17,788 — 19,161 Loss from operations (1,373 ) (17,788 ) — (19,161 ) Other income (expense) Loss on modification or extinguishment of debt (32,480 ) — — (32,480 ) Derivative gain, net 3,249 — — 3,249 Other income (expense) (265 ) 15,580 (15,575 ) (260 ) Total other income (expense) (29,496 ) 15,580 (15,575 ) (29,491 ) Net loss $ (30,869 ) $ (2,208 ) $ (15,575 ) $ (48,652 ) |
Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2019 (in thousands) Parent Issuer Guarantors Eliminations Consolidated Cash flows provided by (used in) operating activities $ (237,471 ) $ 250,856 $ (46,758 ) $ (33,373 ) Cash flows from investing activities Property, plant and equipment, net (242,322 ) (1,274,840 ) — (1,517,162 ) Investments in subsidiaries (2,711,350 ) — 2,711,350 — Distributions received from affiliates 1,634,489 — (1,634,489 ) — Other — (2,058 ) — (2,058 ) Net cash used in investing activities (1,319,183 ) (1,276,898 ) 1,076,861 (1,519,220 ) Cash flows from financing activities Proceeds from issuances of debt 4,203,550 — — 4,203,550 Repayments of debt (3,543,757 ) — — (3,543,757 ) Debt issuance and deferred financing costs (16,210 ) — — (16,210 ) Debt extinguishment cost (11,127 ) — — (11,127 ) Capital contributions 710,737 2,711,350 (2,711,350 ) 710,737 Distributions — (1,681,247 ) 1,681,247 — Net cash provided by financing activities 1,343,193 1,030,103 (1,030,103 ) 1,343,193 Net increase (decrease) in cash, cash equivalents and restricted cash (213,461 ) 4,061 — (209,400 ) Cash, cash equivalents and restricted cash—beginning of period 282,248 6,893 — 289,141 Cash, cash equivalents and restricted cash—end of period $ 68,787 $ 10,954 $ — $ 79,741 Balances per Condensed Consolidating Balance Sheet: December 31, 2019 Parent Issuer Guarantors Eliminations Consolidated Cash and cash equivalents $ — $ — $ — $ — Restricted cash 68,787 10,954 — 79,741 Total cash, cash equivalents and restricted cash $ 68,787 $ 10,954 $ — $ 79,741 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2018 (in thousands) Parent Issuer Guarantors Eliminations Consolidated Cash flows used in operating activities $ (6,854 ) $ (51,913 ) $ (1,395 ) $ (60,162 ) Cash flows from investing activities Property, plant and equipment, net (555,946 ) (2,406,990 ) — (2,962,936 ) Investments in subsidiaries (2,532,266 ) — 2,532,266 — Distributions received from affiliates 67,744 — (67,744 ) — Other — 2,669 — 2,669 Net cash used in investing activities (3,020,468 ) (2,404,321 ) 2,464,522 (2,960,267 ) Cash flows from financing activities Proceeds from issuances of debt 3,114,800 — — 3,114,800 Repayments of debt (301,455 ) — — (301,455 ) Debt issuance and deferred financing costs (45,743 ) — — (45,743 ) Debt extinguishment cost (9,108 ) — — (9,108 ) Capital contributions 324,517 2,532,266 (2,532,266 ) 324,517 Distributions — (69,139 ) 69,139 — Net cash provided by financing activities 3,083,011 2,463,127 (2,463,127 ) 3,083,011 Net increase in cash, cash equivalents and restricted cash 55,689 6,893 — 62,582 Cash, cash equivalents and restricted cash—beginning of period 226,559 — — 226,559 Cash, cash equivalents and restricted cash—end of period $ 282,248 $ 6,893 $ — $ 289,141 Balances per Condensed Consolidating Balance Sheet: December 31, 2018 Parent Issuer Guarantors Eliminations Consolidated Cash and cash equivalents $ — $ — $ — $ — Restricted cash 282,248 6,893 — 289,141 Total cash, cash equivalents and restricted cash $ 282,248 $ 6,893 $ — $ 289,141 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2017 (in thousands) Parent Issuer Guarantors Eliminations Consolidated Cash flows used in operating activities $ (52,633 ) $ (11,683 ) $ — $ (64,316 ) Cash flows from investing activities Property, plant and equipment, net (253,612 ) (1,733,642 ) — (1,987,254 ) Investments in subsidiaries (1,720,280 ) — 1,720,280 — Other — 25,045 — 25,045 Net cash used in investing activities (1,973,892 ) (1,708,597 ) 1,720,280 (1,962,209 ) Cash flows from financing activities Proceeds from issuances of debt 3,040,000 — — 3,040,000 Repayments of debt (1,436,050 ) — — (1,436,050 ) Debt issuance and deferred financing costs (23,496 ) — — (23,496 ) Debt extinguishment cost (29 ) — — (29 ) Capital contributions 402,119 1,720,437 (1,720,437 ) 402,119 Distributions — (157 ) 157 — Net cash provided by financing activities 1,982,544 1,720,280 (1,720,280 ) 1,982,544 Net decrease in cash, cash equivalents and restricted cash (43,981 ) — — (43,981 ) Cash, cash equivalents and restricted cash—beginning of period 270,540 — — 270,540 Cash, cash equivalents and restricted cash—end of period $ 226,559 $ — $ — $ 226,559 |
Summarized Quarterly Financia_2
Summarized Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Summarized Quarterly Financial Data—(in thousands) First Quarter Second Quarter Third Quarter Fourth Quarter Year ended December 31, 2019: Revenues $ 106,081 $ 300,073 $ 386,559 $ 612,457 Income (loss) from operations (25,402 ) (43,388 ) (90,951 ) 234,561 Net income (loss) (71,277 ) (188,907 ) (272,410 ) 158,298 Year ended December 31, 2018: Revenues $ — $ — $ — $ — Income (loss) from operations (3,090 ) (5,941 ) 2,345 (15,193 ) Net income (loss) 65,692 7,319 24,388 (91,113 ) |
Organization and Nature of Op_2
Organization and Nature of Operations (Details) | 12 Months Ended |
Dec. 31, 2019unitmiitemmilliontonnes / yrtrains | |
Corpus Christi Pipeline [Member] | |
Organization And Nature Of Operations [Line Items] | |
Length Of Natural Gas Pipeline | mi | 23 |
Corpus Christi LNG Terminal [Member] | |
Organization And Nature Of Operations [Line Items] | |
Number of Liquefaction LNG Trains Operating | 2 |
Number of Liquefaction LNG Trains Constructing | 1 |
Total Production Capability | milliontonnes / yr | 15 |
Number of LNG Storage Tanks | unit | 3 |
Number of Marine Berths | item | 2 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 12 Months Ended | |||
Dec. 31, 2019USD ($)unitcustomer | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2019USD ($) | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Right-of-use assets | $ 7,215,000 | $ 0 | ||
Accounts Receivable, Allowance for Credit Loss, Current | 0 | 0 | ||
Impairment expense related to property, plant and equipment | 0 | 0 | $ 5,500,000 | |
Derivative instruments designated as cash flow hedges | 0 | 0 | 0 | |
Income Tax Expense (Benefit) | $ 0 | $ 0 | $ 0 | |
Number of Reportable Segments | unit | 1 | |||
Corpus Christi Pipeline [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Asset Retirement Obligation | $ 0 | |||
Accounting Standards Update 2016-02 [Member] | Other Noncurrent Assets [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Right-of-use assets | $ 8,100,000 | |||
Accounting Standards Update 2016-02 [Member] | Other Current Liabilities [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Lease liabilities | 500,000 | |||
Accounting Standards Update 2016-02 [Member] | Other Noncurrent Liabilities [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Lease liabilities | 5,200,000 | |||
Accounting Standards Update 2016-02 [Member] | Other Noncurrent Liabilities—affiliate [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Lease liabilities | $ 1,200,000 | |||
Accounting Standards Update 2019-12 [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Cumulative-effect on retained earnings | $ 2,100,000 | |||
CCL [Member] | Customer Concentration Risk [Member] | SPA Customers [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
SPA, Term of Agreement | 20 years | |||
Concentration Risk, Number of Significant Customers | customer | 9 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current restricted cash | $ 79,741 | $ 289,141 |
Liquefaction Project [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current restricted cash | $ 79,741 | $ 289,141 |
Accounts and Other Receivable_2
Accounts and Other Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Trade receivable | $ 44,403 | $ 51 |
Other accounts receivable | 13,309 | 24,938 |
Total accounts and other receivables | $ 57,712 | $ 24,989 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory [Line Items] | ||
Inventory | $ 69,179 | $ 26,198 |
Natural gas [Member] | ||
Inventory [Line Items] | ||
Inventory | 6,870 | 1,326 |
LNG [Member] | ||
Inventory [Line Items] | ||
Inventory | 6,103 | 0 |
Materials and other [Member] | ||
Inventory [Line Items] | ||
Inventory | $ 56,206 | $ 24,872 |
Property, Plant and Equipment -
Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 230 | $ 9.5 | $ 0.8 |
Offsets to LNG terminal costs | $ 156.1 | $ 48.7 | $ 0 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | $ 12,507,419 | $ 11,138,825 |
LNG terminal costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | (232,451) | (7,416) |
Property, plant and equipment, net | 12,495,845 | 11,126,433 |
LNG terminal and interconnecting pipeline facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 10,027,111 | 618,547 |
LNG site and related costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 275,959 | 44,725 |
LNG terminal construction-in-process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,425,226 | 10,470,577 |
Fixed assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 19,083 | 15,534 |
Accumulated depreciation | (7,509) | (3,142) |
Property, plant and equipment, net | $ 11,574 | $ 12,392 |
Property, Plant and Equipment_3
Property, Plant and Equipment - Schedule of Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2019 | |
LNG terminal costs [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
LNG terminal costs [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 50 years |
Water pipelines [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 30 years |
Natural gas pipeline facilities [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Liquefaction processing equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Liquefaction processing equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 50 years |
Other [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Other [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 30 years |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) $ in Billions | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2019USD ($) | Dec. 31, 2019tbtu | Dec. 31, 2018tbtu | |
CCH Credit Facility [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Line of Credit Facility, Increase (Decrease), Net | $ | $ (1.5) | ||
CCL [Member] | Natural Gas Supply Agreement [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Nonmonetary Notional Amount | 120 | 55 | |
CCL [Member] | Physical Liquefaction Supply Derivatives [Member] | Maximum [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Term of Contract | 8 years | ||
CCL [Member] | Liquefaction Supply Derivatives [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Nonmonetary Notional Amount | 3,153 | 2,854 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Interest Rate Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ (80,645) | $ 18,069 |
Interest Rate Derivatives [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Interest Rate Derivatives [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (80,645) | 18,069 |
Interest Rate Derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Interest Rate Forward Start Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (7,582) | 0 |
Interest Rate Forward Start Derivatives [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Interest Rate Forward Start Derivatives [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (7,582) | 0 |
Interest Rate Forward Start Derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Liquefaction Supply Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 46,656 | (68) |
Liquefaction Supply Derivatives [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 2,383 | 1,299 |
Liquefaction Supply Derivatives [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 9,198 | 2,990 |
Liquefaction Supply Derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ 35,075 | $ (4,357) |
Derivative Instruments - Fair_2
Derivative Instruments - Fair Value Inputs - Quantitative Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Liquefaction Supply Derivatives [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Net Fair Value Asset | $ 46,656,000 | $ (68,000) |
Liquefaction Supply Derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Net Fair Value Asset | 35,075,000 | $ (4,357,000) |
Physical Liquefaction Supply Derivatives [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Inputs Basis Spread | $ (0.718) | |
Physical Liquefaction Supply Derivatives [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | Valuation Technique, Option Pricing Model [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Inputs Basis Spread Percentage | 86.00% | |
Physical Liquefaction Supply Derivatives [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Inputs Basis Spread | $ 0.050 | |
Physical Liquefaction Supply Derivatives [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | Valuation Technique, Option Pricing Model [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Inputs Basis Spread Percentage | 191.00% |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Level 3 Activity (Details) - Physical Liquefaction Supply Derivatives [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | $ (4,357) | $ (91) | $ 0 | |
Realized and mark-to-market gains (losses): | ||||
Included in cost of sales | (82,645) | (9,944) | 0 | |
Purchases and settlements: | ||||
Purchases | 120,755 | 5,678 | (91) | |
Settlements | 1,432 | 0 | 0 | |
Transfers out of Level 3 | [1] | (110) | 0 | 0 |
Balance, end of period | 35,075 | (4,357) | (91) | |
Change in unrealized losses relating to instruments still held at end of period | $ (82,645) | $ (9,944) | $ 0 | |
[1] | Transferred to Level 2 as a result of observable market for the underlying natural gas purchase agreements. |
Derivative Instruments - Sche_2
Derivative Instruments - Schedule of Notional Amounts of Outstanding Derivative Positions (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Interest Rate Derivatives [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 4,500 | $ 4,000 |
Effective Date | May 20, 2015 | |
Maturity Date | May 31, 2022 | |
Weighted Average Fixed Interest Rate Paid | 2.30% | |
Interest Rate Forward Start Derivatives [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 750 | $ 0 |
Effective Date | Sep. 30, 2020 | |
Maturity Date | Dec. 31, 2030 | |
Weighted Average Fixed Interest Rate Paid | 2.06% |
Derivative Instruments - Fair_3
Derivative Instruments - Fair Value of Derivative Instruments by Balance Sheet Location (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivatives, Fair Value [Line Items] | |||
Derivative assets | $ 73,809 | $ 15,627 | |
Derivative assets—related party | 2,623 | 2,132 | |
Non-current derivative assets | 61,217 | 19,032 | |
Non-current derivative assets—related party | 1,933 | 3,381 | |
Derivative liabilities | (46,486) | (13,576) | |
Non-current derivative liabilities | (134,667) | (8,595) | |
Derivative asset (liability), net | |||
Total Interest Rate Derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivative assets | 0 | 18,474 | |
Total derivative liabilities | (88,227) | (405) | |
Derivative asset (liability), net | (88,227) | 18,069 | |
Total Interest Rate Derivatives [Member] | Derivative assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 0 | 10,556 | |
Total Interest Rate Derivatives [Member] | Non-current derivative assets | |||
Derivatives, Fair Value [Line Items] | |||
Non-current derivative assets | 0 | 7,918 | |
Total Interest Rate Derivatives [Member] | Derivative liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | (39,566) | (7) | |
Total Interest Rate Derivatives [Member] | Non-current derivative liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Non-current derivative liabilities | (48,661) | (398) | |
Interest Rate Derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivative assets | 0 | 18,474 | |
Total derivative liabilities | (80,645) | (405) | |
Derivative asset (liability), net | (80,645) | 18,069 | |
Interest Rate Derivatives [Member] | Derivative assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 0 | 10,556 | |
Interest Rate Derivatives [Member] | Non-current derivative assets | |||
Derivatives, Fair Value [Line Items] | |||
Non-current derivative assets | 0 | 7,918 | |
Interest Rate Derivatives [Member] | Derivative liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | 31,984 | (7) | |
Interest Rate Derivatives [Member] | Non-current derivative liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Non-current derivative liabilities | 48,661 | (398) | |
Interest Rate Forward Start Derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivative assets | 0 | 0 | |
Total derivative liabilities | (7,582) | 0 | |
Derivative asset (liability), net | (7,582) | 0 | |
Interest Rate Forward Start Derivatives [Member] | Derivative assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 0 | 0 | |
Interest Rate Forward Start Derivatives [Member] | Non-current derivative assets | |||
Derivatives, Fair Value [Line Items] | |||
Non-current derivative assets | 0 | 0 | |
Interest Rate Forward Start Derivatives [Member] | Derivative liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | 7,582 | 0 | |
Interest Rate Forward Start Derivatives [Member] | Non-current derivative liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Non-current derivative liabilities | 0 | 0 | |
Liquefaction Supply Derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivative assets | [1] | 139,582 | 21,698 |
Total derivative liabilities | [1] | (92,926) | (21,766) |
Derivative asset (liability), net | [1] | 46,656 | (68) |
Derivative, collateral posted by us | 4,500 | 4,500 | |
Liquefaction Supply Derivatives [Member] | Derivative assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | [1] | 73,809 | 5,071 |
Liquefaction Supply Derivatives [Member] | Derivative assets—related party | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets—related party | [1] | 2,623 | 2,132 |
Liquefaction Supply Derivatives [Member] | Non-current derivative assets | |||
Derivatives, Fair Value [Line Items] | |||
Non-current derivative assets | [1] | 61,217 | 11,114 |
Liquefaction Supply Derivatives [Member] | Non-current derivative assets—related party | |||
Derivatives, Fair Value [Line Items] | |||
Non-current derivative assets—related party | [1] | 1,933 | 3,381 |
Liquefaction Supply Derivatives [Member] | Derivative liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | [1] | (6,920) | (13,569) |
Liquefaction Supply Derivatives [Member] | Non-current derivative liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Non-current derivative liabilities | [1] | $ (86,006) | $ (8,197) |
[1] | Does not include collateral posted with counterparties by us of $4.5 million for such contracts, which are included in other current assets in our Consolidated Balance Sheets as of both December 31, 2019 and 2018 . |
Derivative Instruments - Deriva
Derivative Instruments - Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Interest Rate Derivatives [Member] | Derivative gain (loss), net [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative gain (loss), net | $ (100,508) | $ 43,105 | $ 3,249 | |
Interest Rate Forward Start Derivatives [Member] | Derivative gain (loss), net [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative gain (loss), net | (32,919) | 0 | 0 | |
Liquefaction Supply Derivatives [Member] | LNG Revenues [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative gain (loss), net | [1] | 227 | 0 | 0 |
Liquefaction Supply Derivatives [Member] | Cost of Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative gain (loss), net | [1] | 45,148 | 23 | (91) |
Liquefaction Supply Derivatives [Member] | Cost of sales—related party [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative gain (loss), net | [1] | $ (957) | $ 0 | $ 0 |
[1] | Does not include the realized value associated with derivative instruments that settle through physical delivery. Fair value fluctuations associated with commodity derivative activities are classified and presented consistently with the item economically hedged and the nature and intent of the derivative instrument. |
Derivative Instruments - Deri_2
Derivative Instruments - Derivative Net Presentation on Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Interest Rate Derivative Asset [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Gross Amounts Recognized | $ 19,520 | |
Derivative Asset, Gross Amounts Offset in the Consolidated Balance Sheets | (1,046) | |
Derivative Assets (Liabilities), at Fair Value, Net | 18,474 | |
Interest Rate Derivative Liability [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Gross Amounts Recognized | $ (80,645) | (413) |
Derivative Liability, Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 8 |
Derivative Assets (Liabilities), at Fair Value, Net | (80,645) | (405) |
Interest Rate Forward Start Derivatives [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Gross Amounts Recognized | (7,582) | |
Derivative Liability, Gross Amounts Offset in the Consolidated Balance Sheets | 0 | |
Derivative Assets (Liabilities), at Fair Value, Net | (7,582) | 0 |
Liquefaction Supply Derivative Asset [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Gross Amounts Recognized | 145,135 | 31,770 |
Derivative Asset, Gross Amounts Offset in the Consolidated Balance Sheets | (5,553) | (10,072) |
Derivative Assets (Liabilities), at Fair Value, Net | 139,582 | 21,698 |
Liquefaction Supply Derivative Liability [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Gross Amounts Recognized | (98,625) | (29,996) |
Derivative Liability, Gross Amounts Offset in the Consolidated Balance Sheets | 5,699 | 8,230 |
Derivative Assets (Liabilities), at Fair Value, Net | $ (92,926) | $ (21,766) |
Other Non-Current Assets (Detai
Other Non-Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other Assets, Noncurrent [Abstract] | ||
Advances and other asset conveyances to third parties to support LNG terminal | $ 18,703 | $ 18,209 |
Operating lease assets | 7,215 | 0 |
Tax-related payments and receivables | 3,200 | 3,783 |
Information technology service prepayments | 3,010 | 2,435 |
Advances made under EPC and non-EPC contracts | 14,067 | 0 |
Other | 9,435 | 7,282 |
Total other non-current assets, net | $ 55,630 | $ 31,709 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued Liabilities, Current [Abstract] | ||
Interest costs and related debt fees | $ 7,950 | $ 994 |
Accrued natural gas purchases | 132,148 | 91,910 |
Liquefaction Project costs | 192,215 | 46,964 |
Other | 37,667 | 22,337 |
Total accrued liabilities | $ 369,980 | $ 162,205 |
Debt - Schedule of Debt Instrum
Debt - Schedule of Debt Instruments (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Jun. 01, 2018 | May 31, 2018 | May 01, 2018 |
Debt Instrument [Line Items] | ||||||
Unamortized debt issuance costs | $ (141,175,000) | $ (160,185,000) | ||||
Long-term Debt, Net | 10,093,480,000 | 9,245,552,000 | ||||
Current debt | 0 | 168,000,000 | ||||
Total Debt, Net | 10,093,480,000 | 9,413,552,000 | ||||
2024 CCH Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 1,250,000,000 | 1,250,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | |||||
2025 CCH Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 1,500,000,000 | 1,500,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | |||||
2027 CCH Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 1,500,000,000 | 1,500,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | |||||
4.8% CCH Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 727,000,000 | 0 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.80% | |||||
3.925% CCH Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 475,000,000 | 0 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.925% | |||||
2029 Corpus Christi Holdings Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 1,500,000,000 | 0 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | |||||
CCH Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 3,282,655,000 | $ 5,155,737,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 6,100,000,000 | $ 4,600,000,000 | ||||
CCH Working Capital Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Current debt | 0 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,200,000,000 | $ 1,200,000,000 | $ 350,000,000 |
Debt - Schedule of Maturities (
Debt - Schedule of Maturities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2020 | $ 0 |
2021 | 134,973 |
2022 | 118,507 |
2023 | 132,859 |
2024 | 4,146,316 |
Thereafter | 5,702,000 |
Total | $ 10,234,655 |
Debt - Senior Notes (Details)
Debt - Senior Notes (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Nov. 06, 2019 | Oct. 17, 2019 | Sep. 27, 2019 | |
Debt Instrument [Line Items] | ||||||
Loss on modification or extinguishment of debt | $ (41,296) | $ (15,332) | $ (32,480) | |||
Corpus Christi Holdings Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loss on modification or extinguishment of debt | $ 38,700 | |||||
Debt Instrument, Redemption Period, Minimum Number of Months Prior to Maturity Date, Redemption Price Equals Make Whole Price | 6 months | |||||
Debt Instrument, Redemption Period, Maximum Number of Months Prior to Maturity Date, Redemption Price Equals Principal Amount | 6 months | |||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||
4.8% CCH Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 727,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.80% | |||||
4.8% CCH Senior Notes [Member] | Weighted Average [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Term | 15 years | |||||
3.925% CCH Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 475,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.925% | |||||
3.925% CCH Senior Notes [Member] | Weighted Average [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Term | 15 years | |||||
2029 Corpus Christi Holdings Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 1,500,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% |
Debt - Credit Facilities Table
Debt - Credit Facilities Table (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Line of Credit Facility [Line Items] | ||
Outstanding balance, current | $ 0 | $ 168,000 |
CCH Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Original facility size | 8,403,714 | |
Incremental commitments | 1,565,961 | |
Outstanding balance | 3,282,655 | $ 5,155,737 |
Commitments terminated | 6,687,020 | |
Letters of credit issued | 0 | |
Available commitment | $ 0 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR or the base rate | |
Weighted average interest rate of outstanding balance | 3.55% | |
Maturity Date | Jun. 30, 2024 | |
CCH Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |
CCH Credit Facility [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |
CCH Working Capital Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Original facility size | $ 350,000 | |
Incremental commitments | 850,000 | |
Outstanding balance, current | 0 | |
Commitments terminated | 0 | |
Letters of credit issued | 470,784 | |
Available commitment | $ 729,216 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR or the base rate | |
Maturity Date | Jun. 29, 2023 | |
CCH Working Capital Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |
CCH Working Capital Facility [Member] | Minimum [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |
CCH Working Capital Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |
CCH Working Capital Facility [Member] | Maximum [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.75% |
Debt - CCH Credit Facility (Det
Debt - CCH Credit Facility (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019USD ($)Ratetrains | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | May 31, 2018USD ($) | May 01, 2018USD ($) | |
Line of Credit Facility [Line Items] | |||||
Loss on modification or extinguishment of debt | $ 41,296 | $ 15,332 | $ 32,480 | ||
CCH Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 6,100,000 | $ 4,600,000 | |||
Number of Liquefaction LNG Trains | trains | 3 | ||||
Maturity Date | Jun. 30, 2024 | ||||
Line of Credit Facility, Date of First Quarterly Payment, Number of Months Following Project Completion | 3 months | ||||
Line Of Credit Facility Amortization Period | 19 years | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR or the base rate | ||||
Line Of Credit Facility, Unused Capacity, Commitment Fee Percentage Of Margin On Undrawn Commitment | 40.00% | ||||
Debt Instrument, Balance Required in Reserve Account, Period of Debt Service | 6 months | ||||
Loss on modification or extinguishment of debt | $ 2,600 | 15,300 | |||
Debt Issuance Costs, Required Fees to Agents and Lenders | $ 53,300 | ||||
Line of Credit Facility, Decrease, Termination | 6,687,020 | ||||
CCH Credit Facility [Member] | Capital Allocation Framework [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Decrease, Termination | $ 152,800 | ||||
CCH Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 1.75% | ||||
CCH Credit Facility [Member] | Base Rate [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 0.75% | ||||
CCH Credit Facility [Member] | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Fixed Charge, Coverage Ratio, Projected | Rate | 1.50 | ||||
Percentage of Debt Hedged by Interest Rate Derivatives | 65.00% | ||||
Debt Instrument, Fixed Charge, Coverage Ratio | Rate | 1.25 |
Debt - CCH Working Capital Faci
Debt - CCH Working Capital Facility (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Jun. 01, 2018 | |
CCH Working Capital Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,200,000,000 | $ 1,200,000,000 | $ 350,000,000 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR or the base rate | |||
Debt Issuance Costs, Required Fees to Agents and Lenders | $ 13,800,000 | |||
Maturity Date | Jun. 29, 2023 | |||
CCH Working Capital Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
CCH Working Capital Facility [Member] | Minimum [Member] | Base Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||
CCH Working Capital Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||
CCH Working Capital Facility [Member] | Maximum [Member] | Base Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||
Letter of Credit [Member] | Portion issued and not drawn [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | |||
CCH Revolving Loans [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR or the base rate | |||
Line Of Credit Facility, Unused Capacity, Commitment Fee Percentage Of Margin On Undrawn Commitment | 40.00% | |||
Line of Credit Facility, Number of Business Days Notice Required for Repayment of Debt Without Penalty | 3 days | |||
CCH Revolving Loans [Member] | Base Rate Determination Federal Funds Rate [Member] | Base Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
CCH Revolving Loans [Member] | Base Rate Determination LIBOR [Member] | Base Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
CCH Revolving Loans [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
CCH Revolving Loans [Member] | Minimum [Member] | Base Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||
CCH Revolving Loans [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||
CCH Revolving Loans [Member] | Maximum [Member] | Base Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||
CCH LC Loan [Member] | Base Rate [Member] | Drawn Portion [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||
CCH LC Loan [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Term | 1 year | |||
CCH Working Capital Loan [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Annual Temporary Requirement, Balance, Outstanding Principal | $ 0 | |||
Line of Credit Facility, Annual Temporary Requirement, Period, Number of Consecutive Business Days | 5 days |
Debt - Interest Expense (Detail
Debt - Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |||
Total interest cost | $ 538,677 | $ 451,135 | $ 360,932 |
Capitalized interest, including amounts capitalized as an Allowance for Funds Used During Construction | (260,642) | (451,135) | (360,932) |
Total interest expense, net | $ 278,035 | $ 0 | $ 0 |
Debt - Schedule of Carrying Val
Debt - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt, Carrying Value | $ 10,093,480 | $ 9,413,552 | |
Senior notes [Member] | Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt, Carrying Value | [1] | 5,750,000 | 4,250,000 |
Senior notes [Member] | Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes Payable, Fair Value Disclosure | [1] | 6,329,200 | 4,228,750 |
4.8% CCH Senior Notes [Member] | Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt, Carrying Value | [2] | 727,000 | 0 |
4.8% CCH Senior Notes [Member] | Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes Payable, Fair Value Disclosure | [2] | 830,203 | 0 |
3.925% CCH Senior Notes [Member] | Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt, Carrying Value | [2] | 475,000 | 0 |
3.925% CCH Senior Notes [Member] | Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes Payable, Fair Value Disclosure | [2] | 495,291 | 0 |
Credit facilities [Member] | Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt, Carrying Value | [3] | 3,282,655 | 5,323,737 |
Credit facilities [Member] | Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Lines of Credit, Fair Value Disclosure | [3] | $ 3,282,655 | $ 5,323,737 |
[1] | ncludes 144A CCH Senior Notes . The Level 2 estimated fair value was based on quotes obtained from broker-dealers or market makers of these senior notes and other similar instruments. | ||
[2] | he Level 3 estimated fair value was calculated based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including interest rates based on debt issued by parties with comparable credit ratings to us and inputs that are not observable in the market. | ||
[3] | ncludes CCH Credit Facility and CCH Working Capital Facility . The Level 3 estimated fair value approximates the principal amount because the interest rates are variable and reflective of market rates and the debt may be repaid, in full or in part, at any time without penalty. |
Revenues from Contracts with _3
Revenues from Contracts with Customers - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |
LNG Volume, Purchase Price Percentage of Henry Hub | 115.00% |
LNG [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue, Variable Consideration Received From Customers, Percentage | 44.00% |
LNG—affiliate [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue, Variable Consideration Received From Customers, Percentage | 100.00% |
Revenues from Contracts with _4
Revenues from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues from contracts with customers | $ 1,404,943 | $ 0 | $ 0 | |||||||||
Net derivative gains | [1] | 227 | 0 | 0 | ||||||||
Revenues | $ 612,457 | $ 386,559 | $ 300,073 | $ 106,081 | $ 0 | $ 0 | $ 0 | $ 0 | 1,405,170 | 0 | 0 | |
LNG [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues from contracts with customers | 678,843 | 0 | 0 | |||||||||
Revenues | 679,070 | 0 | 0 | |||||||||
LNG—affiliate [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues from contracts with customers | $ 726,100 | $ 0 | $ 0 | |||||||||
[1] | See Note 7—Derivative Instruments |
Revenues from Contracts with _5
Revenues from Contracts with Customers - Schedule of Transaction Price Allocated to Future Performance Obligations (Details) - USD ($) $ in Billions | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Unsatisfied Transaction Price | $ 34.6 | $ 34.9 | |
LNG [Member] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Unsatisfied Transaction Price | $ 33.6 | $ 33.9 | |
Weighted Average Recognition Timing | [1] | 11 years | 12 years |
LNG—affiliate [Member] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Unsatisfied Transaction Price | $ 1 | $ 1 | |
Weighted Average Recognition Timing | [1] | 13 years | 14 years |
[1] | The weighted average recognition timing represents an estimate of the number of years during which we shall have recognized half of the unsatisfied transaction price. |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
LNG revenues—affiliate | $ 726,100 | $ 0 | $ 0 |
Cost of sales—affiliate | 3,015 | 0 | 0 |
Cost of sales—related party | 85,429 | 0 | 0 |
Operating and maintenance expense—affiliate | 59,319 | 4,283 | 2,401 |
Development expense—affiliate | 61 | 0 | 8 |
General and administrative expense—affiliate | 11,352 | 2,201 | 1,173 |
Cheniere Marketing Agreements [Member] | |||
Related Party Transaction [Line Items] | |||
LNG revenues—affiliate | 719,069 | 0 | 0 |
Contracts for Sale and Purchase of Natural Gas And LNG [Member] | |||
Related Party Transaction [Line Items] | |||
LNG revenues—affiliate | 7,031 | 0 | 0 |
Cost of sales—affiliate | 3,015 | 0 | 0 |
Natural Gas Supply Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Cost of sales—related party | 85,429 | 0 | 0 |
Service Agreements [Member] | |||
Related Party Transaction [Line Items] | |||
Operating and maintenance expense—affiliate | 58,576 | 3,412 | 2,075 |
Development expense—affiliate | 61 | 0 | 8 |
General and administrative expense—affiliate | 11,352 | 2,201 | 1,173 |
Land Agreements [Member] | |||
Related Party Transaction [Line Items] | |||
Operating and maintenance expense—affiliate | 743 | 874 | 326 |
Other Agreements [Member] | |||
Related Party Transaction [Line Items] | |||
Operating and maintenance expense—affiliate | $ 0 | $ (3) | $ 0 |
Related Party Transactions - LN
Related Party Transactions - LNG Sale and Purchase Agreements (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)tbtu | Dec. 31, 2018USD ($) | |
Related Party Transaction [Line Items] | ||
Accounts receivable—affiliate | $ | $ 57,211 | $ 21,060 |
Cheniere Marketing EOG SPA [Member] | Maximum [Member] | ||
Related Party Transaction [Line Items] | ||
SPA, Term of Agreement | 7 years | |
CCL [Member] | Cheniere Marketing SPA and Cheniere Marketing Base SPA [Member] | Cheniere Marketing [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts receivable—affiliate | $ | $ 57,200 | $ 21,100 |
CCL [Member] | Cheniere Marketing Base SPA [Member] | Cheniere Marketing [Member] | ||
Related Party Transaction [Line Items] | ||
SPA, Term of Agreement | 20 years | |
CCL [Member] | Cheniere Marketing Base SPA [Member] | Cheniere Marketing [Member] | Maximum [Member] | ||
Related Party Transaction [Line Items] | ||
Contract Volumes | 150 | |
CCL [Member] | Cheniere Marketing SPA [Member] | Cheniere Marketing [Member] | ||
Related Party Transaction [Line Items] | ||
SPA, Term of Agreement | 23 years | |
Contract Volumes | 15 | |
CCL [Member] | Cheniere Marketing EOG SPA [Member] | Cheniere Marketing [Member] | ||
Related Party Transaction [Line Items] | ||
Contract Volumes | 0.85 |
Related Party Transactions - Se
Related Party Transactions - Service Agreements (Details) - CCL [Member] | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Gas and Power Supply Services Agreement [Member] | Shared Services [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transaction, Committed Monthly Fee | $ 125,000 |
Operation and Maintenance Agreement [Member] | O&M Services [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transaction, Committed Monthly Fee | 125,000 |
Management Services Agreement [Member] | Shared Services [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transaction, Committed Monthly Fee | $ 375,000 |
Monthly fee as a percentage of capital expenditures incurred in the previous month | 3.00% |
Related Party Transactions - Na
Related Party Transactions - Natural Gas Supply Agreement (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Cost of sales—related party | $ 85,429,000 | $ 0 | $ 0 |
Accrued liabilities—related party | 2,531,000 | 0 | |
Derivative assets—related party | 2,623,000 | 2,132,000 | |
Non-current derivative assets—related party | 1,933,000 | 3,381,000 | |
Natural Gas Supply Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Cost of sales—related party | 85,429,000 | 0 | $ 0 |
CCL [Member] | Natural Gas Supply Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Cost of sales—related party | 0 | ||
Accrued liabilities—related party | 2,500,000 | 0 | |
Derivative assets—related party | 2,600,000 | 2,100,000 | |
Non-current derivative assets—related party | 1,900,000 | $ 3,400,000 | |
CCL [Member] | Natural Gas Supply Agreement [Member] | Cost of sales—related party [Member] | |||
Related Party Transaction [Line Items] | |||
Cost of sales—related party | $ 85,400,000 |
Related Party Transactions - Ot
Related Party Transactions - Other Agreements (Details) | 12 Months Ended | |||
Dec. 31, 2019USD ($)yd3miunit | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | May 31, 2018USD ($) | |
Related Party Transaction [Line Items] | ||||
Due to affiliates | $ 26,900,000 | $ 25,086,000 | ||
Revenue from Related Parties | 726,100,000 | 0 | $ 0 | |
Cost of sales—related party | 85,429,000 | 0 | 0 | |
Midship Pipeline [Member] | CCL [Member] | Midship Pipeline Letter of Credit [Member] | ||||
Related Party Transaction [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 16,200,000 | |||
Letters of credit issued | 0 | |||
Contracts for Sale and Purchase of Natural Gas And LNG [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue from Related Parties | 7,031,000 | $ 0 | $ 0 | |
Contracts for Sale and Purchase of Natural Gas And LNG [Member] | CCL [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue from Related Parties | 0 | |||
Contracts for Sale and Purchase of Natural Gas And LNG [Member] | Midship Pipeline [Member] | CCL [Member] | ||||
Related Party Transaction [Line Items] | ||||
Cost of sales—related party | $ 0 | |||
Natural Gas Transportation Agreement [Member] | Cheniere Corpus Christi Liquefaction Stage III, LLC [Member] | CCP [Member] | ||||
Related Party Transaction [Line Items] | ||||
Agreement Term | 20 years | |||
Related Party Agreement, Number Of Available Extensions | unit | 2 | |||
Related Party Agreement, Term Of Available Extension | 5 years | |||
Natural Gas Transportation Agreement [Member] | Midship Pipeline [Member] | CCL [Member] | ||||
Related Party Transaction [Line Items] | ||||
Agreement Term | 10 years | |||
Length Of Natural Gas Pipeline | mi | 200 | |||
Lease Agreements [Member] | Cheniere Land Holdings [Member] | CCL [Member] | ||||
Related Party Transaction [Line Items] | ||||
Annual lease payment | $ 600,000 | |||
Lease Agreements [Member] | Cheniere Land Holdings [Member] | CCL [Member] | Minimum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Lease Term | 3 years | |||
Lease Agreements [Member] | Cheniere Land Holdings [Member] | CCL [Member] | Maximum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Lease Term | 5 years | |||
Easement Agreements [Member] | Cheniere Land Holdings [Member] | CCL [Member] | ||||
Related Party Transaction [Line Items] | ||||
Annual lease payment | $ 100,000 | |||
Easement Agreements [Member] | Cheniere Land Holdings [Member] | CCL [Member] | Minimum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Agreement Term | 3 years | |||
Easement Agreements [Member] | Cheniere Land Holdings [Member] | CCL [Member] | Maximum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Agreement Term | 5 years | |||
Dredge Material Disposal Agreement [Member] | Cheniere Land Holdings [Member] | CCL [Member] | ||||
Related Party Transaction [Line Items] | ||||
Dredge Material Deposits, Price Per Cubic Yard Of Deposit | $ 0.50 | |||
Dredge Material Deposits, Deposit Threshold | yd3 | 5,000,000 | |||
Dredge Material Deposits, Price Per Cubic Yard Of Deposit After Exceeding Threshold | $ 4.62 | |||
Tax Sharing Agreement [Member] | Cheniere [Member] | CCL [Member] | ||||
Related Party Transaction [Line Items] | ||||
Income Taxes Paid, Net | 0 | |||
Tax Sharing Agreement [Member] | Cheniere [Member] | CCP [Member] | ||||
Related Party Transaction [Line Items] | ||||
Income Taxes Paid, Net | $ 0 |
Related Party Transactions - Eq
Related Party Transactions - Equity Contribution Agreements (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Capital contributions | $ 710,737,000 | $ 324,517,000 | $ 402,119,000 |
Cheniere [Member] | Equity Contributions Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Capital contributions | 557,900,000 | ||
Cheniere [Member] | Previous Equity Contributions Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Capital contributions | 2,000,000,000 | ||
Cheniere [Member] | Early Works Equity Contribution Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Capital contributions | 250,000,000 | ||
Maximum [Member] | Cheniere [Member] | Equity Contributions Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Capital contributions | 1,100,000,000 | ||
Cheniere Revolving Credit Facility [Member] | |||
Related Party Transaction [Line Items] | |||
Letters of credit issued | 585,000,000 | ||
CCH Credit Facility [Member] | |||
Related Party Transaction [Line Items] | |||
Letters of credit issued | 0 | ||
CCH Credit Facility [Member] | Cheniere [Member] | Equity Contributions Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Agreement, Additional Contribution Requirement, Debt Instrument, Commitments Reduction Threshold | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($)tbtuitem | |
Commitments and Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | item | 0 |
CCL [Member] | Maximum [Member] | |
Commitments and Contingencies [Line Items] | |
Energy Units Secured Through Natural Gas Supply Agreements | tbtu | 2,999 |
BechtelEPCContractTrainThree [Member] | CCL [Member] | |
Commitments and Contingencies [Line Items] | |
Long-term Purchase Commitment, Amount | $ 2,400 |
Long-term Purchase Commitment, Amount Incurred To Date | 2,000 |
Contract termination convenience penalty | $ 30 |
Natural Gas Supply Agreements [Member] | CCL [Member] | Maximum [Member] | |
Commitments and Contingencies [Line Items] | |
Long-term Purchase Commitment, Period | 8 years |
Natural Gas Transportation Agreements [Member] | CCL [Member] | Maximum [Member] | |
Commitments and Contingencies [Line Items] | |
Long-term Purchase Commitment, Period | 20 years |
Storage Service Agreements [Member] | CCL [Member] | Maximum [Member] | |
Commitments and Contingencies [Line Items] | |
Long-term Purchase Commitment, Period | 5 years |
Commitments and Contingencies_2
Commitments and Contingencies - Purchase Obligation Table (Details) - CCL [Member] - Natural Gas Supply, Transportation And Storage Service Agreements [Member] $ in Thousands | Dec. 31, 2019USD ($) | [1] |
Long-term Purchase Commitment [Line Items] | ||
2020 | $ 1,255,512 | |
2021 | 1,047,335 | |
2022 | 711,428 | |
2023 | 591,844 | |
2024 | 483,856 | |
Thereafter | 2,072,188 | |
Total | $ 6,162,163 | |
[1] | (1) Pricing of natural gas supply contracts are variable based on market commodity basis prices adjusted for basis spread . Amounts included are based on estimated forward prices and basis spreads as of December 31, 2019 . Some of our contracts may not have been negotiated as part of arranging financing for the underlying assets providing the natural gas supply, transportation and storage services. |
Customer Concentration - Schedu
Customer Concentration - Schedule of Revenue and Accounts Receivable by Major Customers (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Customer A [Member] | Total Revenues from External Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 57.00% | 0.00% | 0.00% |
Customer A [Member] | Accounts Receivable from External Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 38.00% | 0.00% | |
Customer B [Member] | Total Revenues from External Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 23.00% | 0.00% | 0.00% |
Customer B [Member] | Accounts Receivable from External Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 39.00% | 0.00% |
Customer Concentration - Sche_2
Customer Concentration - Schedule of Revenue from External Customers by Country (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Concentration Risk [Line Items] | |||||||||||
Revenues from External Customers | $ 612,457 | $ 386,559 | $ 300,073 | $ 106,081 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1,405,170 | $ 0 | $ 0 |
Geographic Concentration Risk [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenues from External Customers | 679,070 | 0 | 0 | ||||||||
Geographic Concentration Risk [Member] | Spain | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenues from External Customers | 451,199 | 0 | 0 | ||||||||
Geographic Concentration Risk [Member] | Indonesia | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenues from External Customers | 154,584 | 0 | 0 | ||||||||
Geographic Concentration Risk [Member] | United States | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenues from External Customers | $ 73,287 | $ 0 | $ 0 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |||
Cash paid during the period for interest, net of amounts capitalized | $ 258,491 | $ 104,811 | $ 0 |
Noncash capital contributions for conveyance of property, plant and equipment from affiliate | 0 | 83,058 | 0 |
Balance in property, plant and equipment, net funded with accounts payable and accrued liabilities (including affiliate) | $ 186,700 | $ 178,300 | $ 274,300 |
Supplemental Guarantor Inform_3
Supplemental Guarantor Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||||
Cash and cash equivalents | $ 0 | $ 0 | ||
Restricted cash | 79,741 | 289,141 | ||
Accounts and other receivables | 57,712 | 24,989 | ||
Accounts receivable—affiliate | 57,211 | 21,060 | ||
Advances to affiliate | 115,476 | 94,397 | ||
Inventory | 69,179 | 26,198 | ||
Derivative assets | 73,809 | 15,627 | ||
Derivative assets—related party | 2,623 | 2,132 | ||
Other current assets | 14,852 | 15,217 | ||
Other current assets—affiliate | 5 | 633 | ||
Total current assets | 470,608 | 489,394 | ||
Property, plant and equipment, net | 12,507,419 | 11,138,825 | ||
Debt issuance and deferred financing costs, net | 14,705 | 38,012 | ||
Non-current derivative assets | 61,217 | 19,032 | ||
Non-current derivative assets—related party | 1,933 | 3,381 | ||
Investments in subsidiaries | 0 | 0 | ||
Other non-current assets, net | 55,630 | 31,709 | ||
Total assets | 13,111,512 | 11,720,353 | ||
Current liabilities | ||||
Accounts payable | 7,290 | 16,202 | ||
Accrued liabilities | 369,980 | 162,205 | ||
Accrued liabilities—related party | 2,531 | 0 | ||
Current debt | 0 | 168,000 | ||
Due to affiliates | 26,900 | 25,086 | ||
Derivative liabilities | 46,486 | 13,576 | ||
Other current liabilities | 364 | 0 | ||
Other current liabilities—affiliate | 519 | 0 | ||
Total current liabilities | 454,070 | 385,069 | ||
Long-term debt, net | 10,093,480 | 9,245,552 | ||
Non-current derivative liabilities | 134,667 | 8,595 | ||
Other non-current liabilities | 10,433 | 0 | ||
Other non-current liabilities—affiliate | 1,284 | 0 | ||
Member’s equity | 2,417,578 | 2,081,137 | $ 1,667,276 | $ 1,313,809 |
Total liabilities and member’s equity | 13,111,512 | 11,720,353 | ||
Parent Issuer [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 68,787 | 282,248 | ||
Accounts and other receivables | 0 | 0 | ||
Accounts receivable—affiliate | 0 | 0 | ||
Advances to affiliate | 0 | 0 | ||
Inventory | 0 | 0 | ||
Derivative assets | 0 | 10,556 | ||
Derivative assets—related party | 0 | 0 | ||
Other current assets | 249 | 178 | ||
Other current assets—affiliate | 0 | 0 | ||
Total current assets | 69,036 | 292,982 | ||
Property, plant and equipment, net | 1,330,748 | 1,094,671 | ||
Debt issuance and deferred financing costs, net | 14,705 | 38,012 | ||
Non-current derivative assets | 0 | 7,917 | ||
Non-current derivative assets—related party | 0 | 0 | ||
Investments in subsidiaries | 11,224,400 | 10,194,296 | ||
Other non-current assets, net | 0 | 1 | ||
Total assets | 12,638,889 | 11,627,879 | ||
Current liabilities | ||||
Accounts payable | 32 | 71 | ||
Accrued liabilities | 9,488 | 1,242 | ||
Accrued liabilities—related party | 0 | |||
Current debt | 168,000 | |||
Due to affiliates | 337 | 0 | ||
Derivative liabilities | 39,566 | 6 | ||
Other current liabilities | 0 | |||
Other current liabilities—affiliate | 0 | |||
Total current liabilities | 49,423 | 169,319 | ||
Long-term debt, net | 10,093,480 | 9,245,552 | ||
Non-current derivative liabilities | 48,661 | 398 | ||
Other non-current liabilities | 0 | |||
Other non-current liabilities—affiliate | 0 | |||
Member’s equity | 2,447,325 | 2,212,610 | ||
Total liabilities and member’s equity | 12,638,889 | 11,627,879 | ||
Guarantors [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 10,954 | 6,893 | ||
Accounts and other receivables | 57,712 | 24,989 | ||
Accounts receivable—affiliate | 57,211 | 21,060 | ||
Advances to affiliate | 115,476 | 94,397 | ||
Inventory | 69,179 | 26,198 | ||
Derivative assets | 73,809 | 5,071 | ||
Derivative assets—related party | 2,623 | 2,132 | ||
Other current assets | 14,603 | 15,039 | ||
Other current assets—affiliate | 5 | 634 | ||
Total current assets | 401,572 | 196,413 | ||
Property, plant and equipment, net | 11,176,671 | 10,044,154 | ||
Debt issuance and deferred financing costs, net | 0 | 0 | ||
Non-current derivative assets | 61,217 | 11,115 | ||
Non-current derivative assets—related party | 1,933 | 3,381 | ||
Investments in subsidiaries | 0 | 0 | ||
Other non-current assets, net | 55,630 | 31,708 | ||
Total assets | 11,697,023 | 10,286,771 | ||
Current liabilities | ||||
Accounts payable | 7,258 | 16,131 | ||
Accrued liabilities | 360,492 | 160,963 | ||
Accrued liabilities—related party | 2,531 | |||
Current debt | 0 | |||
Due to affiliates | 26,563 | 25,086 | ||
Derivative liabilities | 6,920 | 13,570 | ||
Other current liabilities | 364 | |||
Other current liabilities—affiliate | 519 | |||
Total current liabilities | 404,647 | 215,750 | ||
Long-term debt, net | 0 | 0 | ||
Non-current derivative liabilities | 86,006 | 8,197 | ||
Other non-current liabilities | 10,433 | |||
Other non-current liabilities—affiliate | 1,284 | |||
Member’s equity | 11,194,653 | 10,062,824 | ||
Total liabilities and member’s equity | 11,697,023 | 10,286,771 | ||
Eliminations [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Accounts and other receivables | 0 | 0 | ||
Accounts receivable—affiliate | 0 | 0 | ||
Advances to affiliate | 0 | 0 | ||
Inventory | 0 | 0 | ||
Derivative assets | 0 | 0 | ||
Derivative assets—related party | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Other current assets—affiliate | 0 | (1) | ||
Total current assets | 0 | (1) | ||
Property, plant and equipment, net | 0 | 0 | ||
Debt issuance and deferred financing costs, net | 0 | 0 | ||
Non-current derivative assets | 0 | 0 | ||
Non-current derivative assets—related party | 0 | 0 | ||
Investments in subsidiaries | (11,224,400) | (10,194,296) | ||
Other non-current assets, net | 0 | 0 | ||
Total assets | (11,224,400) | (10,194,297) | ||
Current liabilities | ||||
Accounts payable | 0 | 0 | ||
Accrued liabilities | 0 | 0 | ||
Accrued liabilities—related party | 0 | |||
Current debt | 0 | |||
Due to affiliates | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Other current liabilities | 0 | |||
Other current liabilities—affiliate | 0 | |||
Total current liabilities | 0 | 0 | ||
Long-term debt, net | 0 | 0 | ||
Non-current derivative liabilities | 0 | 0 | ||
Other non-current liabilities—affiliate | 0 | |||
Member’s equity | (11,224,400) | (10,194,297) | ||
Total liabilities and member’s equity | $ (11,224,400) | $ (10,194,297) |
Supplemental Guarantor Inform_4
Supplemental Guarantor Information - Condensed Consolidating Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||||||||||
Revenues | $ 612,457 | $ 386,559 | $ 300,073 | $ 106,081 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1,405,170 | $ 0 | $ 0 |
Revenues from contracts with customers | 1,404,943 | 0 | 0 | ||||||||
Operating costs and expenses (recoveries) | |||||||||||
Cost of sales (excluding depreciation and amortization expense shown separately below) | 691,301 | 172 | 91 | ||||||||
Cost of sales—affiliate | 3,015 | 0 | 0 | ||||||||
Cost of sales—related party | 85,429 | 0 | 0 | ||||||||
Operating and maintenance expense (recovery) | 242,027 | (96) | 3,024 | ||||||||
Operating and maintenance expense—affiliate | 59,319 | 4,283 | 2,401 | ||||||||
Development expense | 596 | 177 | 516 | ||||||||
Development expense—affiliate | 61 | 0 | 8 | ||||||||
General and administrative expense | 6,106 | 5,263 | 5,551 | ||||||||
General and administrative expense—affiliate | 11,352 | 2,201 | 1,173 | ||||||||
Depreciation and amortization expense | 230,780 | 9,859 | 892 | ||||||||
Impairment expense and loss on disposal of assets | 364 | 20 | 5,505 | ||||||||
Total operating costs and expenses | 1,330,350 | 21,879 | 19,161 | ||||||||
Income (loss) from operations | 234,561 | (90,951) | (43,388) | (25,402) | (15,193) | 2,345 | (5,941) | (3,090) | 74,820 | (21,879) | (19,161) |
Other income (expense) | |||||||||||
Interest expense, net of capitalized interest | (278,035) | 0 | 0 | ||||||||
Loss on modification or extinguishment of debt | (41,296) | (15,332) | (32,480) | ||||||||
Derivative gain (loss), net | (133,427) | 43,105 | 3,249 | ||||||||
Other income (expense) | 3,642 | 392 | (260) | ||||||||
Total other income (expense) | (449,116) | 28,165 | (29,491) | ||||||||
Net income (loss) | $ 158,298 | $ (272,410) | $ (188,907) | $ (71,277) | $ (91,113) | $ 24,388 | $ 7,319 | $ 65,692 | (374,296) | 6,286 | (48,652) |
LNG [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 679,070 | 0 | 0 | ||||||||
Revenues from contracts with customers | 678,843 | 0 | 0 | ||||||||
LNG—affiliate [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | 726,100 | 0 | 0 | ||||||||
Parent Issuer [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 0 | ||||||||||
Revenues from contracts with customers | 0 | 0 | |||||||||
Operating costs and expenses (recoveries) | |||||||||||
Cost of sales (excluding depreciation and amortization expense shown separately below) | 0 | 0 | 0 | ||||||||
Cost of sales—affiliate | 0 | ||||||||||
Cost of sales—related party | 0 | ||||||||||
Operating and maintenance expense (recovery) | 0 | 0 | 0 | ||||||||
Operating and maintenance expense—affiliate | 0 | 0 | 0 | ||||||||
Development expense | 0 | 0 | 0 | ||||||||
Development expense—affiliate | 0 | 0 | |||||||||
General and administrative expense | 2,082 | 1,513 | 1,360 | ||||||||
General and administrative expense—affiliate | 0 | 0 | 0 | ||||||||
Depreciation and amortization expense | 24,297 | 239 | 13 | ||||||||
Impairment expense and loss on disposal of assets | 0 | 0 | 0 | ||||||||
Total operating costs and expenses | 26,379 | 1,752 | 1,373 | ||||||||
Income (loss) from operations | (26,379) | (1,752) | (1,373) | ||||||||
Other income (expense) | |||||||||||
Interest expense, net of capitalized interest | (278,035) | ||||||||||
Loss on modification or extinguishment of debt | (41,296) | (15,332) | (32,480) | ||||||||
Derivative gain (loss), net | (133,427) | 43,105 | 3,249 | ||||||||
Other income (expense) | 3,387 | 352 | (265) | ||||||||
Total other income (expense) | (449,371) | 28,125 | (29,496) | ||||||||
Net income (loss) | (475,750) | 26,373 | (30,869) | ||||||||
Parent Issuer [Member] | LNG [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 0 | ||||||||||
Parent Issuer [Member] | LNG—affiliate [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | 0 | ||||||||||
Guarantors [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 1,405,170 | ||||||||||
Revenues from contracts with customers | 0 | 0 | |||||||||
Operating costs and expenses (recoveries) | |||||||||||
Cost of sales (excluding depreciation and amortization expense shown separately below) | 691,301 | 172 | 91 | ||||||||
Cost of sales—affiliate | 3,015 | ||||||||||
Cost of sales—related party | 85,429 | ||||||||||
Operating and maintenance expense (recovery) | 242,027 | (96) | 3,024 | ||||||||
Operating and maintenance expense—affiliate | 59,319 | 4,283 | 2,401 | ||||||||
Development expense | 596 | 177 | 516 | ||||||||
Development expense—affiliate | 61 | 8 | |||||||||
General and administrative expense | 4,024 | 3,750 | 4,191 | ||||||||
General and administrative expense—affiliate | 11,352 | 2,201 | 1,173 | ||||||||
Depreciation and amortization expense | 206,483 | 9,620 | 879 | ||||||||
Impairment expense and loss on disposal of assets | 364 | 20 | 5,505 | ||||||||
Total operating costs and expenses | 1,303,971 | 20,127 | 17,788 | ||||||||
Income (loss) from operations | 101,199 | (20,127) | (17,788) | ||||||||
Other income (expense) | |||||||||||
Interest expense, net of capitalized interest | 0 | ||||||||||
Loss on modification or extinguishment of debt | 0 | 0 | 0 | ||||||||
Derivative gain (loss), net | 0 | 0 | 0 | ||||||||
Other income (expense) | 528 | 7,952 | 15,580 | ||||||||
Total other income (expense) | 528 | 7,952 | 15,580 | ||||||||
Net income (loss) | 101,727 | (12,175) | (2,208) | ||||||||
Guarantors [Member] | LNG [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 679,070 | ||||||||||
Guarantors [Member] | LNG—affiliate [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | 726,100 | ||||||||||
Eliminations [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 0 | ||||||||||
Revenues from contracts with customers | 0 | 0 | |||||||||
Operating costs and expenses (recoveries) | |||||||||||
Cost of sales (excluding depreciation and amortization expense shown separately below) | 0 | 0 | 0 | ||||||||
Cost of sales—affiliate | 0 | ||||||||||
Cost of sales—related party | 0 | ||||||||||
Operating and maintenance expense (recovery) | 0 | 0 | 0 | ||||||||
Operating and maintenance expense—affiliate | 0 | 0 | 0 | ||||||||
Development expense | 0 | 0 | 0 | ||||||||
Development expense—affiliate | 0 | 0 | |||||||||
General and administrative expense | 0 | 0 | 0 | ||||||||
General and administrative expense—affiliate | 0 | 0 | 0 | ||||||||
Depreciation and amortization expense | 0 | 0 | 0 | ||||||||
Impairment expense and loss on disposal of assets | 0 | 0 | 0 | ||||||||
Total operating costs and expenses | 0 | 0 | 0 | ||||||||
Income (loss) from operations | 0 | 0 | 0 | ||||||||
Other income (expense) | |||||||||||
Interest expense, net of capitalized interest | 0 | ||||||||||
Loss on modification or extinguishment of debt | 0 | 0 | 0 | ||||||||
Derivative gain (loss), net | 0 | 0 | 0 | ||||||||
Other income (expense) | (273) | (7,912) | (15,575) | ||||||||
Total other income (expense) | (273) | (7,912) | (15,575) | ||||||||
Net income (loss) | (273) | $ (7,912) | $ (15,575) | ||||||||
Eliminations [Member] | LNG [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 0 | ||||||||||
Eliminations [Member] | LNG—affiliate [Member] | |||||||||||
Revenues | |||||||||||
Revenues from contracts with customers | $ 0 |
Supplemental Guarantor Inform_5
Supplemental Guarantor Information - Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Cash flows provided by (used in) operating activities | $ (33,373) | $ (60,162) | $ (64,316) |
Cash flows from investing activities | |||
Property, plant and equipment, net | (1,517,162) | (2,962,936) | (1,987,254) |
Investments in subsidiaries | 0 | 0 | 0 |
Distributions received from affiliates | 0 | 0 | |
Other | (2,058) | 2,669 | 25,045 |
Net cash used in investing activities | (1,519,220) | (2,960,267) | (1,962,209) |
Cash flows from financing activities | |||
Proceeds from issuances of debt | 4,203,550 | 3,114,800 | 3,040,000 |
Repayments of debt | (3,543,757) | (301,455) | (1,436,050) |
Debt issuance and deferred financing costs | (16,210) | (45,743) | (23,496) |
Debt extinguishment cost | (11,127) | (9,108) | (29) |
Capital contributions | 710,737 | 324,517 | 402,119 |
Distributions | 0 | 0 | 0 |
Net cash provided by financing activities | 1,343,193 | 3,083,011 | 1,982,544 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (209,400) | 62,582 | (43,981) |
Cash, cash equivalents and restricted cash—beginning of period | 289,141 | 226,559 | 270,540 |
Cash, cash equivalents and restricted cash—end of period | 79,741 | 289,141 | 226,559 |
Parent Issuer [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Cash flows provided by (used in) operating activities | (237,471) | (6,854) | (52,633) |
Cash flows from investing activities | |||
Property, plant and equipment, net | (242,322) | (555,946) | (253,612) |
Investments in subsidiaries | (2,711,350) | (2,532,266) | (1,720,280) |
Distributions received from affiliates | 1,634,489 | 67,744 | |
Other | 0 | 0 | 0 |
Net cash used in investing activities | (1,319,183) | (3,020,468) | (1,973,892) |
Cash flows from financing activities | |||
Proceeds from issuances of debt | 4,203,550 | 3,114,800 | 3,040,000 |
Repayments of debt | (3,543,757) | (301,455) | (1,436,050) |
Debt issuance and deferred financing costs | (16,210) | (45,743) | (23,496) |
Debt extinguishment cost | (11,127) | (9,108) | (29) |
Capital contributions | 710,737 | 324,517 | 402,119 |
Distributions | 0 | 0 | 0 |
Net cash provided by financing activities | 1,343,193 | 3,083,011 | 1,982,544 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (213,461) | 55,689 | (43,981) |
Cash, cash equivalents and restricted cash—beginning of period | 282,248 | 226,559 | 270,540 |
Cash, cash equivalents and restricted cash—end of period | 68,787 | 282,248 | 226,559 |
Guarantors [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Cash flows provided by (used in) operating activities | 250,856 | (51,913) | (11,683) |
Cash flows from investing activities | |||
Property, plant and equipment, net | (1,274,840) | (2,406,990) | (1,733,642) |
Investments in subsidiaries | 0 | 0 | 0 |
Distributions received from affiliates | 0 | 0 | |
Other | (2,058) | 2,669 | 25,045 |
Net cash used in investing activities | (1,276,898) | (2,404,321) | (1,708,597) |
Cash flows from financing activities | |||
Proceeds from issuances of debt | 0 | 0 | 0 |
Repayments of debt | 0 | 0 | 0 |
Debt issuance and deferred financing costs | 0 | 0 | 0 |
Debt extinguishment cost | 0 | 0 | 0 |
Capital contributions | 2,711,350 | 2,532,266 | 1,720,437 |
Distributions | (1,681,247) | (69,139) | (157) |
Net cash provided by financing activities | 1,030,103 | 2,463,127 | 1,720,280 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 4,061 | 6,893 | 0 |
Cash, cash equivalents and restricted cash—beginning of period | 6,893 | 0 | 0 |
Cash, cash equivalents and restricted cash—end of period | 10,954 | 6,893 | 0 |
Eliminations [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Cash flows provided by (used in) operating activities | (46,758) | (1,395) | 0 |
Cash flows from investing activities | |||
Property, plant and equipment, net | 0 | 0 | 0 |
Investments in subsidiaries | 2,711,350 | 2,532,266 | 1,720,280 |
Distributions received from affiliates | (1,634,489) | (67,744) | |
Other | 0 | 0 | 0 |
Net cash used in investing activities | 1,076,861 | 2,464,522 | 1,720,280 |
Cash flows from financing activities | |||
Proceeds from issuances of debt | 0 | 0 | 0 |
Repayments of debt | 0 | 0 | 0 |
Debt issuance and deferred financing costs | 0 | 0 | 0 |
Debt extinguishment cost | 0 | 0 | 0 |
Capital contributions | (2,711,350) | (2,532,266) | (1,720,437) |
Distributions | 1,681,247 | 69,139 | 157 |
Net cash provided by financing activities | (1,030,103) | (2,463,127) | (1,720,280) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | 0 | 0 |
Cash, cash equivalents and restricted cash—beginning of period | 0 | 0 | 0 |
Cash, cash equivalents and restricted cash—end of period | $ 0 | $ 0 | $ 0 |
Supplemental Guarantor Inform_6
Supplemental Guarantor Information - Condensed Consolidating Statements of Cash Flows - Balances per Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Balances per Condensed Consolidating Balance Sheet: | ||||
Cash and cash equivalents | $ 0 | $ 0 | ||
Restricted cash | 79,741 | 289,141 | ||
Total cash, cash equivalents and restricted cash | 79,741 | 289,141 | $ 226,559 | $ 270,540 |
Parent Issuer [Member] | ||||
Balances per Condensed Consolidating Balance Sheet: | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 68,787 | 282,248 | ||
Total cash, cash equivalents and restricted cash | 68,787 | 282,248 | 226,559 | 270,540 |
Guarantors [Member] | ||||
Balances per Condensed Consolidating Balance Sheet: | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 10,954 | 6,893 | ||
Total cash, cash equivalents and restricted cash | 10,954 | 6,893 | 0 | 0 |
Eliminations [Member] | ||||
Balances per Condensed Consolidating Balance Sheet: | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Total cash, cash equivalents and restricted cash | $ 0 | $ 0 | $ 0 | $ 0 |
Summarized Quarterly Financia_3
Summarized Quarterly Financial Data (unaudited) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 612,457 | $ 386,559 | $ 300,073 | $ 106,081 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1,405,170 | $ 0 | $ 0 |
Income (loss) from operations | 234,561 | (90,951) | (43,388) | (25,402) | (15,193) | 2,345 | (5,941) | (3,090) | 74,820 | (21,879) | (19,161) |
Net income (loss) | $ 158,298 | $ (272,410) | $ (188,907) | $ (71,277) | $ (91,113) | $ 24,388 | $ 7,319 | $ 65,692 | $ (374,296) | $ 6,286 | $ (48,652) |