Quarterly report pursuant to Section 13 or 15(d)

Revenues from Contracts with Customers (Tables)

v3.20.1
Revenues from Contracts with Customers (Tables)
 3 Months Ended
Mar. 31, 2020
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue

The following table represents a disaggregation of revenue earned from contracts with customers during the three months ended March 31, 2020 and 2019 (in millions):
 
 
Three Months Ended March 31,
 
 
2020
 
2019
LNG revenues (1)
 
$
1,449

 
$
1,366

LNG revenues—affiliate
 
188

 
305

Regasification revenues
 
67

 
66

Other revenues
 
14

 
11

Total revenues from customers
 
1,718

 
1,748

Net derivative gains (2)
 
—

 
1

Total revenues
 
$
1,718

 
$
1,749

 
(1)
LNG revenues include revenues for LNG cargoes in which our customers exercised their contractual right to not take delivery but remained obligated to pay fixed fees irrespective of such election. If contractually the customer cannot make up unexercised quantities in future periods, our performance obligation with respect to declined volumes is satisfied, and revenue associated with any unexercised quantities is generally recognized upon notice of customer cancellation.
(2)
See Note 7—Derivative Instruments for additional information about our derivatives.
Contract Balances Reconciliation
The following table reflects the changes in our contract liabilities, which we classify as deferred revenue on our Consolidated Balance Sheets (in millions):
 
 
Three Months Ended March 31, 2020
Deferred revenues, beginning of period
 
$
155

Cash received but not yet recognized
 
94

Revenue recognized from prior period deferral
 
(155
)
Deferred revenues, end of period
 
$
94



Transaction Price Allocated to Future Performance Obligations The following table discloses the aggregate amount of the transaction price that is allocated to performance obligations that have not yet been satisfied as of March 31, 2020 and December 31, 2019:
 
 
March 31, 2020
 
December 31, 2019
 
 
Unsatisfied
Transaction Price
(in billions)
 
Weighted Average Recognition Timing (years) (1)
 
Unsatisfied
Transaction Price
(in billions)
 
Weighted Average Recognition Timing (years) (1)
LNG revenues (2)
 
$
54.2

 
10
 
$
55.0

 
10
Regasification revenues
 
2.3

 
5
 
2.4

 
5
Total revenues
 
$
56.5

 
 
 
$
57.4

 
 
 
    
(1)
The weighted average recognition timing represents an estimate of the number of years during which we shall have recognized half of the unsatisfied transaction price.
(2)
Includes future consideration from agreement contractually assigned to SPL from Cheniere Marketing.