| Schedule of Debt Instruments |
Debt consisted of the following (in millions):
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September 30, |
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December 31, |
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2022 |
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2021 |
| SPL: |
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| Senior Secured Notes: |
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5.625% due 2023 (the “2023 SPL Senior Notes”) (1) |
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$ |
1,500 |
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$ |
1,500 |
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5.75% due 2024 |
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2,000 |
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2,000 |
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5.625% due 2025 |
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2,000 |
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2,000 |
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5.875% due 2026 |
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1,500 |
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1,500 |
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5.00% due 2027 |
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1,500 |
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1,500 |
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4.200% due 2028 |
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1,350 |
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1,350 |
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4.500% due 2030 |
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2,000 |
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2,000 |
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4.27% weighted average rate due 2037 |
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1,282 |
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1,282 |
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| Total SPL Senior Secured Notes |
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13,132 |
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13,132 |
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Working capital revolving credit and letter of credit reimbursement agreement (the “SPL Working Capital Facility”) |
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— |
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— |
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| Total debt - SPL |
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13,132 |
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13,132 |
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| CQP: |
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| Senior Notes: |
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4.500% due 2029 |
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1,500 |
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1,500 |
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4.000% due 2031 |
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1,500 |
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1,500 |
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3.25% due 2032 |
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1,200 |
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1,200 |
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| Total CQP Senior Notes |
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4,200 |
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4,200 |
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Credit facilities (the “CQP Credit Facilities”) |
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— |
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— |
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| Total debt - CQP |
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4,200 |
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4,200 |
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| Total debt |
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17,332 |
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17,332 |
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| Short-term debt |
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(1,498) |
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— |
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| Unamortized premium, discount and debt issuance costs, net |
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(135) |
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(155) |
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| Total long-term debt, net of premium, discount and debt issuance costs |
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$ |
15,699 |
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$ |
17,177 |
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(1)In October 2022, $300 million of the 2023 SPL Senior Notes were redeemed. As of September 30, 2022, the entire amount of the 2023 SPL Senior Notes was classified as short-term debt.
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| Schedule of Line of Credit Facilities |
Below is a summary of our credit facilities outstanding as of September 30, 2022 (in millions):
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SPL Working Capital Facility |
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CQP Credit Facilities |
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| Total facility size |
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$ |
1,200 |
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$ |
750 |
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| Less: |
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| Outstanding balance |
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— |
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— |
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| Letters of credit issued |
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363 |
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— |
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| Available commitment |
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$ |
837 |
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$ |
750 |
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| Priority ranking |
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Senior secured |
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Senior secured |
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| Interest rate on available balance |
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LIBOR plus 1.125% - 1.750% or base rate plus 0.125% - 0.750% |
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LIBOR plus 1.25% - 2.125% or base rate plus 0.25% - 1.125% |
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| Commitment fees on undrawn balance |
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0.15% |
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0.49% |
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| Maturity date |
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March 19, 2025 |
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May 29, 2024 |
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| Schedule of Interest Expense |
Total interest expense, net of capitalized interest consisted of the following (in millions):
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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| Total interest cost |
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$ |
231 |
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$ |
244 |
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$ |
678 |
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$ |
732 |
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| Capitalized interest |
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(9) |
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(34) |
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(37) |
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(96) |
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| Total interest expense, net of capitalized interest |
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$ |
222 |
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$ |
210 |
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$ |
641 |
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$ |
636 |
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| Schedule of Carrying Values and Estimated Fair Values of Debt Instruments |
The following table shows the carrying amount and estimated fair value of our debt (in millions):
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September 30, 2022 |
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December 31, 2021 |
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Carrying
Amount |
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Estimated
Fair Value |
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Carrying
Amount |
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Estimated
Fair Value |
| Senior notes — Level 2 (1) |
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$ |
16,050 |
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$ |
15,036 |
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$ |
16,050 |
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$ |
17,496 |
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| Senior notes — Level 3 (2) |
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1,282 |
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1,119 |
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1,282 |
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1,466 |
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(1)The Level 2 estimated fair value was based on quotes obtained from broker-dealers or market makers of these senior notes and other similar instruments.
(2)The Level 3 estimated fair value was calculated based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including interest rates based on debt issued by parties with comparable credit ratings to us and inputs that are not observable in the market.
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