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Leases | 3 Months Ended
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Mar. 31, 2026
Leases [Abstract] |
Leases | LEASES We are the lessee of LNG vessels leased under time charters (“vessel charters”) as well as tug vessels, office space and facilities, land sites and equipment. Future annual minimum lease payments for operating and finance leases as of March 31, 2026 are as follows (in millions):
Years Ending December 31, | Operating Leases |  | Finance Leases
2026 | $ | 534 |  |  | $ | 152 |
2027 | 626 |  |  | 205 |
2028 | 425 |  |  | 207 |
2029 | 315 |  |  | 208 |
2030 | 300 |  |  | 208 |
Thereafter | 1,027 |  |  | 958 |
Total lease payments (1) | 3,227 |  |  | 1,938 |
Less: Interest | (569) |  |  | (497) |
Present value of lease liabilities | $ | 2,658 |  |  | $ | 1,441 |
(1)Does not include approximately $6.0 billion of legally binding minimum payments for leases executed as of March 31, 2026 that will commence in future periods, consisting primarily of vessel charters, with fixed minimum lease terms of up to 15 years. The following table shows the weighted-average remaining lease term and the weighted-average discount rate for our operating leases and finance leases:
| March 31, 2026 |  | December 31, 2025
| Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Weighted-average remaining lease term (in years) | 7.1 |  | 9.9 |  | 7.4 |  | 8.5
Weighted-average discount rate (1) | 5.2% |  | 6.2% |  | 5.2% |  | 6.6%
(1)The weighted average discount rate is impacted by certain finance leases that commenced prior to the adoption of the current leasing standard under GAAP. In accordance with previous accounting guidance, the implied rate is based on the fair value of the underlying assets. The following table includes other quantitative information for our operating and finance leases (in millions):
| Three Months Ended March 31, |  |
| 2026 |  | 2025 |  |
Right-of-use assets obtained in exchange for operating lease liabilities | $ | 102 |  |  | $ | 199 |  |  |
Right-of-use assets obtained in exchange for finance lease liabilities | 544 |  |  | 237 |  |  |
LNG Vessel Subleases We sublease certain LNG vessels under charter to third parties while retaining our existing obligation to the original lessor. All of our sublease arrangements have been assessed as operating leases. The following table shows the sublease income recognized in other revenues on our Consolidated Statements of Operations (in millions):
|  |  |  | Three Months Ended March 31, |  |
|  |  |  |  |  | 2026 |  | 2025 |  |
Fixed income |  |  |  |  |  | $ | 20 |  |  | $ | 23 |  |  |
Variable income |  |  |  |  |  | 32 |  |  | 12 |  |  |
Total sublease income |  |  |  |  |  | $ | 52 |  |  | $ | 35 |  |  |
As of March 31, 2026, the aggregate future annual minimum sublease payment to be received from LNG vessel subleases was $5 million and is expected to be received during the remainder of the year ending December 31, 2026.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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