Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

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Debt (Tables)
3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt Instruments
Debt consisted of the following (in millions):
March 31, December 31,
2024 2023
SPL:
Senior Secured Notes:
5.750% due 2024 (the “2024 SPL Senior Notes”)
$ 150  $ 300 
5.625% due 2025
2,000  2,000 
5.875% due 2026
1,500  1,500 
5.00% due 2027
1,500  1,500 
4.200% due 2028
1,350  1,350 
4.500% due 2030
2,000  2,000 
4.746% weighted average rate due 2037
1,782  1,782 
Total SPL Senior Secured Notes
10,282  10,432 
Revolving credit and guaranty agreement (the “SPL Revolving Credit Facility”)
—  — 
Total debt - SPL
10,282  10,432 
CQP:
Senior Notes:
4.500% due 2029
1,500  1,500 
4.000% due 2031
1,500  1,500 
3.25% due 2032
1,200  1,200 
5.950% due 2033 (the “2033 CQP Senior Notes”)
1,400  1,400 
Total CQP Senior Notes
5,600  5,600 
Revolving credit and guaranty agreement (the “CQP Revolving Credit Facility”)
—  — 
Total debt - CQP
5,600  5,600 
Total debt 15,882  16,032 
Current debt, net of unamortized debt issuance costs (2,145) (300)
Unamortized discount and debt issuance costs (121) (126)
Total long-term debt, net of unamortized discount and debt issuance costs $ 13,616  $ 15,606 
Schedule of Line of Credit Facilities
Below is a summary of our credit facilities outstanding as of March 31, 2024 (in millions):
SPL Revolving Credit Facility
CQP Revolving Credit Facility
Total facility size $ 1,000  $ 1,000 
Less:
Outstanding balance —  — 
Letters of credit issued 272  — 
Available commitment $ 728  $ 1,000 
Priority ranking Senior secured Senior unsecured
Interest rate on available balance (1)
SOFR plus credit spread adjustment of 0.1%, plus margin of 1.0% - 1.75% or base rate plus 0.0% - 0.75%
SOFR plus credit spread adjustment of 0.1%, plus margin of 1.125% - 2.0% or base rate plus 0.125% - 1.0%
Commitment fees on undrawn balance (1)
0.075% - 0.30%
0.10% - 0.30%
Maturity date June 23, 2028 June 23, 2028
(1)The margin on the interest rate and the commitment fees is subject to change based on the applicable entity’s credit rating.
Schedule of Interest Expense
Total interest expense, net of capitalized interest, consisted of the following (in millions):
Three Months Ended March 31,
2024 2023
Total interest cost $ 204  $ 210 
Capitalized interest (2) (2)
Total interest expense, net of capitalized interest $ 202  $ 208 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The following table shows the carrying amount and estimated fair value of our senior notes (in millions):
March 31, 2024 December 31, 2023
  Carrying
Amount
Estimated
Fair Value (1)
Carrying
Amount
Estimated
Fair Value (1)
Senior notes $ 15,882  $ 15,345  $ 16,032  $ 15,636 
(1)As of both March 31, 2024 and December 31, 2023, $1.3 billion of the fair value of our senior notes were classified as Level 3 since these senior notes were valued by applying an unobservable illiquidity adjustment to the price derived from trades or indicative bids of instruments with similar terms, maturities and credit standing. The remainder of our senior notes are classified as Level 2, based on prices derived from trades or indicative bids of the instruments.