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Investments, Loans and Long-Term Receivables | 9 Months Ended
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Sep. 30, 2020
Investments, Loans and Long-Term Receivables [Abstract] |
Investments, Loans and Long-Term Receivables | Note 5—Investments, Loans and Long-Term Receivables Australia Pacific LNG Pty Ltd (APLNG) APLNG executed project financing agreements for an $ 8.5 billion project finance facility in 2012. The $ 8.5 billion project finance facility was initially composed of financing agreements executed by APLNG with the Export-Import Bank of the United States for approximately $ 2.9 billion, the Export-Import Bank of China for approximately $ 2.7 billion, and a syndicate of Australian and international commercial banks for approximately $ 2.9 billion. All amounts were drawn from the facility. APLNG made its first principal and interest repayment in March 2017 and is scheduled to make bi-annual payments until March 2029 . APLNG made a voluntary repayment of $ 1.4 billion to the Export-Import Bank of China in September 2018. At the same time, APLNG obtained a United States Private Placement (USPP) bond facility of $ 1.4 billion. APLNG made its first interest payment related to this facility in March 2019, and principal payments are scheduled to commence in September 2023, with bi-annual payments due on the facility until September 2030 . During the first quarter of 2019, APLNG refinanced $ 3.2 billion of existing project finance debt through two transactions. As a result of the first transaction, APLNG obtained a commercial bank facility of $ 2.6 billion. APLNG made its first principal and interest repayment in September 2019 with bi-annual payments due on the facility until March 2028 . Through the second transaction, APLNG obtained a USPP bond facility of $ 0.6 billion. APLNG made its first interest payment in September 2019, and principal payments are scheduled to commence in September 2023, with bi-annual payments due on the facility until September 2030. In conjunction with the $ 3.2 billion debt obtained during the first quarter of 2019 to refinance existing project finance debt, APLNG made voluntary repayments of $ 2.2 billion and $ 1.0 billion to a syndicate of Australian and international commercial banks and the Export-Import Bank of China, respectively. At September 30, 2020, a balance of $ 6.2 billion was outstanding on the facilities. See Note 11—Guarantees, for additional information. At September 30, 2020, the carrying value of our equity method investment in APLNG was $ 6,877 million. The balance is included in the “Investments and long-term receivables” line on our consolidated balance sheet. Loans and Long-Term Receivables As part of our normal ongoing business operations, and consistent with industry practice, we enter into numerous agreements with other parties to pursue business opportunities. Included in such activity are loans made to certain affiliated and non-affiliated companies. At September 30, 2020, significant loans to affiliated companies included $ 219 million in project financing to Qatar Liquefied Gas Company Limited (3). On our consolidated balance sheet, the long-term portion of these loans is included in the “Loans and advances—related parties” line, while the short-term portion is in the “Accounts and notes receivable—related parties” line.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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