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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | The jurisdictional components of income before income taxes and non-controlling interests on our Consolidated Statements of Operations are as follows (in millions):
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
U.S. |  | $ | 4,696 |  |  | $ | 11,176 |  |  | $ | (1,575) |
International |  | 607 |  |  | 3,402 |  |  | 4,669 |
Total income before income taxes and non-controlling interests |  | $ | 5,303 |  |  | $ | 14,578 |  |  | $ | 3,094 |
Schedule of Components of Income Tax Expense (Benefit) | Income tax provision included in our reported net income consisted of the following (in millions):
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |  |
Federal |  | $ | 471 |  |  | $ | 130 |  |  | $ | 6 |
State |  | 2 |  |  | 1 |  |  | 2 |
Foreign |  | 8 |  |  | (1) |  |  | 11 |
Total current |  | 481 |  |  | 130 |  |  | 19 |
Deferred: |  |  |  |  |  |
Federal |  | 319 |  |  | 2,377 |  |  | 320 |
State |  | 9 |  |  | 15 |  |  | 118 |
Foreign |  | 2 |  |  | (3) |  |  | 2 |
Total deferred |  | 330 |  |  | 2,389 |  |  | 440 |
Total income tax provision |  | $ | 811 |  |  | $ | 2,519 |  |  | $ | 459 |
Schedule of Effective Income Tax Rate Reconciliation | Our income tax rates do not bear a customary relationship to statutory income tax rates. A reconciliation of the federal statutory income tax rate of 21% to our effective income tax rate is as follows:
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
U.S. federal statutory tax rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Income not taxable to Cheniere |  | (5.0) |  |  | (3.1) |  |  | (8.2) |
Foreign-derived intangible income deduction |  | (1.0) |  |  | (0.7) |  |  | (1.2) |
Valuation allowance |  | (0.7) |  |  | — |  |  | 2.6 |
Other |  | 1.0 |  |  | 0.1 |  |  | 0.6 |
Effective tax rate as reported |  | 15.3 | % |  | 17.3 | % |  | 14.8 | %
Schedule of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities are as follows (in millions):
|  | December 31,
|  | 2024 |  | 2023
Deferred tax assets |  |  |  |
Net operating loss (“NOL”) carryforwards |  |  |  |
Federal |  | $ | 313 |  |  | $ | 915 |
State |  | 119 |  |  | 163 |
Tax Credits |  |  |  |
CAMT carryforward |  | 383 |  |  | — |
Other tax credits |  | 40 |  |  | 33 |
Derivative instruments |  | — |  |  | 98 |
Operating lease liabilities |  | 562 |  |  | 550 |
Other |  | 306 |  |  | 298 |
Less: valuation allowance (1) |  | (110) |  |  | (147) |
Total deferred tax assets |  | 1,613 |  |  | 1,910 |
Deferred tax liabilities |  |  |  |
Investment in partnerships |  | (305) |  |  | (309) |
Property, plant and equipment |  | (2,459) |  |  | (2,564) |
Operating lease assets |  | (548) |  |  | (538) |
Derivative instruments |  | (108) |  |  | — |
Other |  | (30) |  |  | (18) |
Total deferred tax liabilities |  | (3,450) |  |  | (3,429) |
Net deferred tax liabilities |  | $ | (1,837) |  |  | $ | (1,519) |
(1)Valuation allowance primarily relates to state NOL carryforward deferred tax assets and decreased by $37 million during the year ended December 31, 2024 primarily due to the reduced Louisiana corporate tax rate beginning January 1, 2025. The valuation allowance increased by $4 million and $80 million during the years ended December 31, 2023 and 2022, respectively.
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amounts of our unrecognized tax benefits is as follows (in millions):
| Year Ended December 31,
| 2024 |  | 2023
Balance at beginning of the year | $ | 73 |  |  | $ | 74 |
Reductions for tax positions of prior years | (1) |  |  | (1) |
Balance at end of the year | $ | 72 |  |  | $ | 73 |

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