Current report filing

Supplemental Guarantor Information (Tables)

v3.8.0.1
Supplemental Guarantor Information (Tables)
3 Months Ended
Mar. 31, 2018
Supplemental Guarantor Financial Information [Abstract]  
Condensed Consolidating Balance Sheets
Condensed Consolidating Balance Sheet
March 31, 2018
(in millions)
 
 
 
 
 
 
 
 
 
 
 
Parent Issuer
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$

 
$

 
$

 
$

 
$

Restricted cash
903

 
13

 
561

 

 
1,477

Accounts and other receivables
1

 
1

 
238

 

 
240

Accounts receivable—affiliate

 
26

 
114

 
(26
)
 
114

Advances to affiliate

 
76

 
91

 
(70
)
 
97

Inventory

 
11

 
72

 

 
83

Other current assets
13

 
3

 
38

 

 
54

Other current assets—affiliate

 

 
22

 
(22
)
 

Total current assets
917

 
130

 
1,136

 
(118
)
 
2,065

 
 
 
 
 
 
 
 
 
 
Property, plant and equipment, net
79

 
2,157

 
12,933

 
(24
)
 
15,145

Debt issuance costs, net
18

 

 
16

 

 
34

Non-current derivative assets
15

 

 
9

 

 
24

Investments in subsidiaries
2,308

 
180

 

 
(2,488
)
 

Other non-current assets, net

 
38

 
159

 

 
197

Total assets
$
3,337

 
$
2,505

 
$
14,253

 
$
(2,630
)
 
$
17,465

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND PARTNERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
 
Accounts payable
$

 
$
4

 
$
7

 
$

 
$
11

Accrued liabilities
43

 
15

 
451

 

 
509

Due to affiliates

 
94

 
32

 
(96
)
 
30

Deferred revenue

 
26

 
69

 

 
95

Deferred revenue—affiliate

 
22

 

 
(22
)
 

Derivative liabilities

 

 
4

 

 
4

Total current liabilities
43

 
161

 
563

 
(118
)
 
649

 
 
 
 
 
 
 
 
 
 
Long-term debt, net
2,569

 

 
13,483

 

 
16,052

Non-current derivative liabilities

 

 
3

 

 
3

Other non-current liabilities

 
11

 

 

 
11

Other non-current liabilities—affiliate

 
25

 

 

 
25

 
 
 
 
 
 
 
 
 
 
Partners’ equity
725

 
2,308

 
204

 
(2,512
)
 
725

Total liabilities and partners’ equity
$
3,337

 
$
2,505

 
$
14,253

 
$
(2,630
)
 
$
17,465


Condensed Consolidating Balance Sheet
December 31, 2017
(in millions)
 
 
 
 
 
 
 
 
 
 
 
Parent Issuer
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$

 
$

 
$

 
$

 
$

Restricted cash
1,033

 
12

 
544

 

 
1,589

Accounts and other receivables

 
2

 
189

 

 
191

Accounts receivable—affiliate

 
36

 
163

 
(36
)
 
163

Advances to affiliate

 
20

 
26

 
(10
)
 
36

Inventory

 
10

 
85

 

 
95

Other current assets
8

 
3

 
54

 

 
65

Other current assets—affiliate

 

 
21

 
(21
)
 

Total current assets
1,041

 
83

 
1,082

 
(67
)
 
2,139

 
 
 
 
 
 
 
 
 
 
Property, plant and equipment, net
80

 
2,164

 
12,920

 
(25
)
 
15,139

Debt issuance costs, net
20

 

 
18

 

 
38

Non-current derivative assets
14

 

 
17

 

 
31

Investments in subsidiaries
2,076

 
(63
)
 

 
(2,013
)
 

Other non-current assets, net

 
37

 
169

 

 
206

Total assets
$
3,231

 
$
2,221

 
$
14,206

 
$
(2,105
)
 
$
17,553

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND PARTNERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
 
Accounts payable
$

 
$
4

 
$
8

 
$

 
$
12

Accrued liabilities
23

 
8

 
606

 

 
637

Due to affiliates

 
47

 
66

 
(45
)
 
68

Deferred revenue

 
27

 
84

 

 
111

Deferred revenue—affiliate

 
22

 

 
(21
)
 
1

Other current liabilities—affiliate

 
1

 

 
(1
)
 

Total current liabilities
23

 
109

 
764

 
(67
)
 
829

 
 
 
 
 
 
 
 
 
 
Long-term debt, net
2,569

 

 
13,477

 

 
16,046

Non-current deferred revenue

 
1

 

 

 
1

Non-current derivative liabilities

 

 
3

 

 
3

Other non-current liabilities

 
10

 

 

 
10

Other non-current liabilities—affiliate

 
25

 

 

 
25

 
 
 
 
 
 
 
 
 
 
Partners’ equity (deficit)
639

 
2,076

 
(38
)
 
(2,038
)
 
639

Total liabilities and partners’ equity (deficit)
$
3,231

 
$
2,221

 
$
14,206

 
$
(2,105
)
 
$
17,553

Condensed Consolidating Statements of Operations
Condensed Consolidating Statement of Operations
Three Months Ended March 31, 2018
(in millions)
 
 
 
 
 
 
 
 
 
 
 
Parent Issuer
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
LNG revenues
$

 
$

 
$
1,015

 
$

 
$
1,015

LNG revenues—affiliate

 

 
503

 

 
503

Regasification revenues

 
65

 

 

 
65

Regasification revenues—affiliate

 
64

 

 
(64
)
 

Other revenues

 
10

 

 

 
10

Other revenues—affiliate

 
55

 

 
(55
)
 

Total revenues

 
194

 
1,518

 
(119
)
 
1,593

 
 
 
 
 
 
 
 
 
 
Operating costs and expenses
 
 
 
 
 
 
 
 
 
Cost of sales (excluding depreciation and amortization expense shown separately below)

 

 
838

 
(1
)
 
837

Cost of sales—affiliate

 

 
8

 
(8
)
 

Operating and maintenance expense

 
17

 
78

 

 
95

Operating and maintenance expense—affiliate

 
32

 
103

 
(109
)
 
26

General and administrative expense
1

 
1

 
2

 

 
4

General and administrative expense—affiliate
3

 
4

 
12

 
(1
)
 
18

Depreciation and amortization expense
1

 
18

 
86

 

 
105

Total operating costs and expenses
5

 
72

 
1,127

 
(119
)
 
1,085

 
 
 
 
 
 
 
 
 
 
Income (loss) from operations
(5
)
 
122

 
391

 

 
508

 
 
 
 
 
 
 
 
 
 
Other income (expense)
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(34
)
 

 
(151
)
 

 
(185
)
Derivative gain, net
8

 

 

 

 
8

Equity earnings of subsidiaries
363

 
242

 

 
(605
)
 

Other income (expense)
3

 
(1
)
 
2

 

 
4

Total other income (expense)
340

 
241

 
(149
)
 
(605
)
 
(173
)
 
 
 
 
 
 
 
 
 
 
Net income
$
335

 
$
363

 
$
242

 
$
(605
)
 
$
335


Condensed Consolidating Statement of Operations
Three Months Ended March 31, 2017
(in millions)
 
 
 
 
 
 
 
 
 
 
 
Parent Issuer
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
LNG revenues
$

 
$

 
$
492

 
$

 
$
492

LNG revenues—affiliate

 

 
331

 

 
331

Regasification revenues

 
65

 

 

 
65

Regasification revenues—affiliate

 
33

 

 
(33
)
 

Other revenues

 
2

 

 

 
2

Other revenues—affiliate

 
51

 

 
(50
)
 
1

Total revenues

 
151

 
823

 
(83
)
 
891

 
 
 
 
 
 
 
 
 
 
Operating costs and expenses
 
 
 
 
 
 
 
 
 
Cost of sales (excluding depreciation and amortization expense shown separately below)

 

 
510

 
3

 
513

Cost of sales—affiliate

 

 
4

 
(4
)
 

Operating and maintenance expense
1

 
10

 
39

 

 
50

Operating and maintenance expense—affiliate

 
34

 
59

 
(75
)
 
18

General and administrative expense
1

 

 
2

 

 
3

General and administrative expense—affiliate
3

 
3

 
17

 
(1
)
 
22

Depreciation and amortization expense

 
19

 
47

 

 
66

Total operating costs and expenses
5

 
66

 
678

 
(77
)
 
672

 
 
 
 
 
 
 
 
 
 
Income (loss) from operations
(5
)
 
85

 
145

 
(6
)
 
219

 
 
 
 
 
 
 
 
 
 
Other income (expense)
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(25
)
 

 
(105
)
 

 
(130
)
Loss on early extinguishment of debt

 

 
(42
)
 

 
(42
)
Derivative gain (loss), net
2

 

 
(2
)
 

 

Equity earnings (losses) of subsidiaries
75

 
(4
)
 

 
(71
)
 

Total other income (expense)
52

 
(4
)
 
(149
)
 
(71
)
 
(172
)
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
47

 
$
81

 
$
(4
)
 
$
(77
)
 
$
47

Condensed Consolidating Statements of Cash Flows
Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2018
(in millions)
 
 
 
 
 
 
 
 
 
 
 
Parent Issuer
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
Cash flows provided by (used in) operating activities
$
(10
)
 
$
135

 
$
206

 
$

 
$
331

 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities
 
 
 
 
 
 
 
 
 
Property, plant and equipment, net

 
(5
)
 
(189
)
 

 
(194
)
Investments in subsidiaries
(38
)
 

 

 
38

 

Distributions received from affiliates, net
167

 

 

 
(167
)
 

Net cash provided by (used in) investing activities
129

 
(5
)
 
(189
)
 
(129
)
 
(194
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
Distributions to parent

 
(167
)
 

 
167

 

Contributions from parent

 
38

 

 
(38
)
 

Distributions to owners
(249
)
 

 

 

 
(249
)
Net cash used in financing activities
(249
)
 
(129
)
 

 
129

 
(249
)
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash, cash equivalents and restricted cash
(130
)
 
1

 
17

 

 
(112
)
Cash, cash equivalents and restricted cash—beginning of period
1,033

 
12

 
544

 

 
1,589

Cash, cash equivalents and restricted cash—end of period
$
903

 
$
13

 
$
561

 
$

 
$
1,477



Balances per Condensed Consolidating Balance Sheet:
 
March 31, 2018
 
Parent Issuer
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
Cash and cash equivalents
$

 
$

 
$

 
$

 
$

Restricted cash
903

 
13

 
561

 

 
1,477

Total cash, cash equivalents and restricted cash
$
903

 
$
13

 
$
561

 
$

 
$
1,477


Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2017
(in millions)
 
 
 
 
 
 
 
 
 
 
 
Parent Issuer
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
Cash flows provided by (used in) operating activities
$
(29
)
 
$
32

 
$
116

 
$
(4
)
 
$
115

 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities
 
 
 
 
 
 
 
 
 
Property, plant and equipment, net

 

 
(528
)
 
4

 
(524
)
Investments in subsidiaries
(127
)
 

 

 
127

 

Distributions received from affiliates, net
159

 

 

 
(159
)
 

Net cash provided by (used in) investing activities
32

 

 
(528
)
 
(28
)
 
(524
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
Proceeds from issuances of debt

 

 
2,314

 

 
2,314

Repayments of debt

 

 
(703
)
 

 
(703
)
Debt issuance and deferred financing costs

 

 
(26
)
 

 
(26
)
Distributions to parent

 
(159
)
 

 
159

 

Contributions from parent

 
127

 

 
(127
)
 

Distributions to owners
(25
)
 

 

 

 
(25
)
Net cash provided by (used in) financing activities
(25
)
 
(32
)
 
1,585

 
32

 
1,560

 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash, cash equivalents and restricted cash
(22
)
 

 
1,173

 

 
1,151

Cash, cash equivalents and restricted cash—beginning of period
234

 
13

 
358

 

 
605

Cash, cash equivalents and restricted cash—end of period
$
212

 
$
13

 
$
1,531

 
$

 
$
1,756