XML 57 R38.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Derivative Instruments (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items] |
Fair Value of Derivative Assets and Liabilities | The following table shows the fair value of our derivative instruments that are required to be measured at fair value on a recurring basis, distinguished by the fair value hierarchy levels prescribed by GAAP (in millions):
| Fair Value Measurements as of
| December 31, 2024 |  | December 31, 2023
| 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
Liquefaction Supply Derivatives asset (liability) | $ | — |  |  | $ | 59 |  |  | $ | (801) |  |  | $ | (742) |  |  | $ | 25 |  |  | $ | 36 |  |  | $ | (2,178) |  |  | $ | (2,117) |
LNG Trading Derivatives asset (liability) | — |  |  | 17 |  |  | — |  |  | 17 |  |  | 30 |  |  | (20) |  |  | — |  |  | 10 |
FX Derivatives asset (liability) | — |  |  | 16 |  |  | — |  |  | 16 |  |  | — |  |  | (17) |  |  | — |  |  | (17) |
Fair Value Measurement Inputs and Valuation Techniques | The following table includes quantitative information for the unobservable inputs for the Level 3 Liquefaction Supply Derivatives as of December 31, 2024:
|  | Net Fair Value Liability (in millions) |  | Valuation Approach |  | Significant Unobservable Input |  | Range of Significant Unobservable Inputs / Weighted Average (1)
Liquefaction Supply Derivatives |  | $(801) |  | Market approach incorporating present value techniques |  | Henry Hub basis spread |  | $(2.005) - $1.144 / $(0.069)
|  |  |  | Option pricing model |  | International LNG pricing spread, relative to Henry Hub (2) |  | 90% - 410% / 197%
(1)Unobservable inputs were weighted by the relative fair value of the instruments. (2)Spread contemplates U.S. dollar-denominated pricing.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table shows the changes in the fair value of the Level 3 Liquefaction Supply Derivatives (in millions):
|  |  |  | Year Ended December 31,
|  |  |  |  |  | 2024 |  | 2023 |  | 2022
Balance, beginning of period |  |  |  |  |  | $ | (2,178) |  |  | $ | (9,924) |  |  | $ | (4,036) |
Realized and change in fair value gains (losses) included in net income (1): |  |  |  |  |  |  |  |  |  |
Included in cost of sales, existing deals (2) |  |  |  |  |  | 716 |  |  | 5,685 |  |  | (5,120) |
Included in cost of sales, new deals (3) |  |  |  |  |  | 22 |  |  | 15 |  |  | (1,373) |
Purchases and settlements: |  |  |  |  |  |  |  |  |  |
Purchases (4) |  |  |  |  |  | — |  |  | — |  |  | — |
Settlements (5) |  |  |  |  |  | 639 |  |  | 2,045 |  |  | 605 |
Transfers out of level 3 (6) |  |  |  |  |  | — |  |  | 1 |  |  | — |
Balance, end of period |  |  |  |  |  | $ | (801) |  |  | $ | (2,178) |  |  | $ | (9,924) |
Favorable (unfavorable) changes in fair value relating to instruments still held at the end of the period |  |  |  |  |  | $ | 738 |  |  | $ | 5,700 |  |  | $ | (6,493) |
(1)Does not include the realized value associated with derivative instruments that settle through physical delivery, as settlement is equal to the contractually fixed price from trade date multiplied by contractual volume. See settlements line item in this table. (2)Impact to earnings on deals that existed at the beginning of the period and continue to exist at the end of the period. (3)Impact to earnings on deals that were entered into during the reporting period and continue to exist at the end of the period. (4)Includes any day one gain (loss) recognized during the reporting period on deals that were entered into during the reporting period which continue to exist at the end of the period. (5)Roll-off in the current period of amounts recognized in our Consolidated Balance Sheets at the end of the previous period due to settlement of the underlying instruments in the current period. (6)Transferred out of Level 3 as a result of observable market for the underlying natural gas purchase agreements.
Fair Value of Derivative Instruments by Balance Sheet Location | The following table shows the fair value and location of our derivative instruments on our Consolidated Balance Sheets (in millions):
| December 31, 2024
| Liquefaction Supply Derivatives |  | LNG Trading Derivatives |  | FX Derivatives |  | Total
Consolidated Balance Sheets Location |  |  |  |  |  |  |
Current derivative assets | $ | 105 |  |  | $ | 32 |  |  | $ | 18 |  |  | $ | 155 |
Derivative assets | 1,903 |  |  | — |  |  | — |  |  | 1,903 |
Total derivative assets | 2,008 |  |  | 32 |  |  | 18 |  |  | 2,058 |
Current derivative liabilities | (885) |  |  | (15) |  |  | (2) |  |  | (902) |
Derivative liabilities | (1,865) |  |  | — |  |  | — |  |  | (1,865) |
Total derivative liabilities | (2,750) |  |  | (15) |  |  | (2) |  |  | (2,767) |
Derivative asset (liability), net | $ | (742) |  |  | $ | 17 |  |  | $ | 16 |  |  | $ | (709) |
| December 31, 2023
| Liquefaction Supply Derivatives |  | LNG Trading Derivatives |  | FX Derivatives |  | Total
Consolidated Balance Sheets Location |  |  |  |  |  |  |
Current derivative assets | $ | 49 |  |  | $ | 92 |  |  | $ | — |  |  | $ | 141 |
Derivative assets | 863 |  |  | — |  |  | — |  |  | 863 |
Total derivative assets | 912 |  |  | 92 |  |  | — |  |  | 1,004 |
Current derivative liabilities | (651) |  |  | (82) |  |  | (17) |  |  | (750) |
Derivative liabilities | (2,378) |  |  | — |  |  | — |  |  | (2,378) |
Total derivative liabilities | (3,029) |  |  | (82) |  |  | (17) |  |  | (3,128) |
Derivative asset (liability), net | $ | (2,117) |  |  | $ | 10 |  |  | $ | (17) |  |  | $ | (2,124) |
Derivative Net Presentation on Consolidated Balance Sheets | The following table reconciles the fair value of our derivative assets and liabilities on a gross basis, by contract, to net amounts as presented on our Consolidated Balance Sheets after offsetting for any balances with the same counterparty under master netting arrangements or other relevant netting criteria under GAAP that are met (in millions):
|  | Liquefaction Supply Derivatives |  | LNG Trading Derivatives |  | FX Derivatives
As of December 31, 2024 |  |  |  |  |  |
Gross assets |  | $ | 3,064 |  |  | $ | 42 |  |  | $ | 25 |
Offsetting amounts |  | (1,056) |  |  | (10) |  |  | (7) |
Net assets (1) |  | $ | 2,008 |  |  | $ | 32 |  |  | $ | 18 |
Gross liabilities |  | $ | (2,790) |  |  | $ | (16) |  |  | $ | (3) |
Offsetting amounts |  | 40 |  |  | 1 |  |  | 1 |
Net liabilities (2) |  | $ | (2,750) |  |  | $ | (15) |  |  | $ | (2) |
As of December 31, 2023 |  |  |  |  |  |
Gross assets |  | $ | 1,272 |  |  | $ | 94 |  |  | $ | — |
Offsetting amounts |  | (360) |  |  | (2) |  |  | — |
Net assets (1) |  | $ | 912 |  |  | $ | 92 |  |  | $ | — |
Gross liabilities |  | $ | (3,095) |  |  | $ | (110) |  |  | $ | (17) |
Offsetting amounts |  | 66 |  |  | 28 |  |  | — |
Net liabilities (2) |  | $ | (3,029) |  |  | $ | (82) |  |  | $ | (17) |
(1)Includes current and non-current derivative assets of $155 million and $1,903 million, respectively, as of December 31, 2024 and $141 million and $863 million, respectively, as of December 31, 2023. (2)Includes current and non-current derivative liabilities of $902 million and $1,865 million, respectively, as of December 31, 2024 and $750 million and $2,378 million, respectively, as of December 31, 2023.
Derivative Liability, Subject to Master Netting Offset, Collateral | The table below shows the collateral balances that are recorded within margin deposits and not netted on our Consolidated Balance Sheets (in millions):
|  |  | Year Ended December 31,
|  |  | 2024 |  | 2023
Liquefaction Supply Derivatives |  |  | $ | 18 |  |  | $ | 3 |
LNG Trading Derivatives |  |  | 110 |  |  | 15 |
Commodity Derivatives [Member] |
Derivative Instruments and Hedging Activities Disclosures [Line Items] |
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table shows the notional amounts of our Commodity Derivatives:
| December 31, 2024 |  | December 31, 2023
| Liquefaction Supply Derivatives (1) |  | LNG Trading Derivatives |  | Liquefaction Supply Derivatives (1) |  | LNG Trading Derivatives
Notional amount, net (in TBtu) | 12,503 |  |  | (8) |  |  | 14,019 |  |  | 49 |
(1)Inclusive of amounts under contracts with unsatisfied contractual conditions and exclusive of extension options that were uncertain to be taken as of both December 31, 2024 and 2023.
Derivative Instruments, Gain (Loss) | The following table shows the effect and location of our Commodity Derivatives recorded on our Consolidated Statements of Operations (in millions):
|  |  |  |  |  |  | Gain (Loss) Recognized in Consolidated Statements of Operations
| Consolidated Statements of Operations Location (1) |  |  |  | Year Ended December 31,
|  |  |  |  |  | 2024 |  | 2023 |  | 2022
LNG Trading Derivatives | LNG revenues |  |  |  |  |  | $ | (111) |  |  | $ | 139 |  |  | $ | (387) |
LNG Trading Derivatives | Cost of sales |  |  |  |  |  | (2) |  |  | (132) |  |  | (2) |
Liquefaction Supply Derivatives (2) | LNG revenues |  |  |  |  |  | (3) |  |  | (5) |  |  | 2 |
Liquefaction Supply Derivatives (2) | Cost of sales |  |  |  |  |  | 1,390 |  |  | 7,912 |  |  | (6,203) |
(1)Fair value fluctuations associated with activities of our Commodity Derivatives are classified and presented consistently with the item economically hedged and the nature and intent of the derivative instrument. (2)Does not include the realized value associated with the Liquefaction Supply Derivatives that settle through physical delivery.
FX Derivatives [Member] |
Derivative Instruments and Hedging Activities Disclosures [Line Items] |
Derivative Instruments, Gain (Loss) | The following table shows the effect and location of our FX Derivatives recorded on our Consolidated Statements of Operations (in millions):
|  |  |  |  |  |  | Gain (Loss) Recognized in Consolidated Statements of Operations
| Consolidated Statements of Operations Location |  |  |  | Year Ended December 31,
|  |  |  |  |  | 2024 |  | 2023 |  | 2022
FX Derivatives | LNG revenues |  |  |  |  |  | $ | 41 |  |  | $ | (24) |  |  | $ | 57 |

X
- Definition Derivative Liability, Subject to Master Netting Offset, Collateral + References No definition available. + Details
Name: | lng_DerivativeLiabilitySubjectToMasterNettingOffsetCollateralTableTextBlock
Namespace Prefix: | lng_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial assets and liabilities that are subject to offsetting, including master netting arrangements. + References No definition available. + Details
Name: | lng_OffsettingAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | lng_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosuresLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_DerivativeInstrumentRiskAxis=us-gaap_CommodityContractMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DerivativeInstrumentRiskAxis=us-gaap_ForeignExchangeContractMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |