Quarterly report pursuant to Section 13 or 15(d)

Supplemental Guarantor Information (Tables)

v3.10.0.1
Supplemental Guarantor Information (Tables)
6 Months Ended
Jun. 30, 2018
Supplemental Guarantor Information [Abstract]  
Condensed Consolidating Balance Sheet
Condensed Consolidating Balance Sheet
June 30, 2018
(in millions)
 
 
 
 
 
 
 
 
 
 
 
Parent Issuer
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$

 
$

 
$

 
$

 
$

Restricted cash
663

 
12

 
846

 

 
1,521

Accounts and other receivables
1

 
4

 
236

 

 
241

Accounts receivable—affiliate

 
36

 
20

 
(37
)
 
19

Advances to affiliate

 
90

 
129

 
(80
)
 
139

Inventory

 
11

 
76

 

 
87

Other current assets
14

 
8

 
32

 

 
54

Other current assets—affiliate

 
1

 
21

 
(21
)
 
1

Total current assets
678

 
162

 
1,360

 
(138
)
 
2,062

 
 
 
 
 
 
 
 
 
 
Property, plant and equipment, net
79

 
2,145

 
13,007

 
(24
)
 
15,207

Debt issuance costs, net
3

 

 
15

 

 
18

Non-current derivative assets
15

 

 
16

 

 
31

Investments in subsidiaries
2,531

 
397

 

 
(2,928
)
 

Other non-current assets, net

 
35

 
189

 

 
224

Total assets
$
3,306

 
$
2,739

 
$
14,587

 
$
(3,090
)
 
$
17,542

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND PARTNERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
 
Accounts payable
$

 
$
4

 
$
10

 
$

 
$
14

Accrued liabilities
20

 
15

 
537

 

 
572

Due to affiliates

 
111

 
43

 
(115
)
 
39

Deferred revenue

 
25

 
73

 

 
98

Deferred revenue—affiliate

 
21

 

 
(21
)
 

Derivative liabilities

 

 
7

 

 
7

Other current liabilities—affiliate

 
1

 

 
(1
)
 

Total current liabilities
20

 
177

 
670

 
(137
)
 
730

 
 
 
 
 
 
 
 
 
 
Long-term debt, net
2,558

 

 
13,488

 

 
16,046

Non-current derivative liabilities

 

 
7

 

 
7

Other non-current liabilities

 
8

 

 

 
8

Other non-current liabilities—affiliate

 
23

 

 

 
23

 
 
 
 
 
 
 
 
 
 
Partners’ equity
728

 
2,531

 
422

 
(2,953
)
 
728

Total liabilities and partners’ equity
$
3,306

 
$
2,739

 
$
14,587

 
$
(3,090
)
 
$
17,542


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 June 30, 2018
(in millions)
 
 
 
 
 
 
 
 
 
 
 
Parent Issuer
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
LNG revenues
$

 
$

 
$
1,155

 
$

 
$
1,155

LNG revenues—affiliate

 

 
178

 

 
178

Regasification revenues

 
65

 

 

 
65

Regasification revenues—affiliate

 
66

 

 
(66
)
 

Other revenues

 
9

 

 

 
9

Other revenues—affiliate

 
80

 

 
(80
)
 

Total revenues

 
220

 
1,333

 
(146
)
 
1,407

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

 
2

 
695

 
1

 
698

Cost of sales—affiliate

 

 
7

 
(7
)
 

Operating and maintenance expense

 
14

 
84

 

 
98

Operating and maintenance expense—affiliate

 
42

 
107

 
(119
)
 
30

Development expense

 

 
1

 

 
1

General and administrative expense
1

 

 
1

 

 
2

General and administrative expense—affiliate
3

 
7

 
12

 
(5
)
 
17

Depreciation and amortization expense

 
19

 
87

 

 
106

Total operating costs and expenses
4

 
84

 
994

 
(130
)
 
952

 
 
 
 
 
 
 
 
 
 
Income (loss) from operations
(4
)
 
136

 
339

 
(16
)
 
455

 
 
 
 
 
 
 
 
 
 
Other income (expense)
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(34
)
 
(2
)
 
(148
)
 

 
(184
)
Derivative gain, net
3

 

 

 

 
3

Equity earnings of subsidiaries
313

 
193

 

 
(506
)
 

Other income
3

 
2

 
2

 

 
7

Total other income (expense)
285

 
193

 
(146
)
 
(506
)
 
(174
)
 
 
 
 
 
 
 
 
 
 
Net income
$
281

 
$
329

 
$
193

 
$
(522
)
 
$
281


Condensed Consolidating Statement of Operations
Three Months Ended June 30, 2017
(in millions)
 
 
 
 
 
 
 
 
 
 
 
Parent Issuer
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
LNG revenues
$

 
$

 
$
503

 
$

 
$
503

LNG revenues—affiliate

 

 
422

 

 
422

Regasification revenues

 
65

 

 

 
65

Regasification revenues—affiliate

 
47

 

 
(47
)
 

Other revenues

 
2

 

 

 
2

Other revenues—affiliate

 
60

 

 
(60
)
 

Total revenues

 
174

 
925

 
(107
)
 
992

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

 
2

 
578

 
(3
)
 
577

Cost of sales—affiliate

 

 
6

 
(6
)
 

Operating and maintenance expense
2

 
12

 
68

 

 
82

Operating and maintenance expense—affiliate

 
29

 
83

 
(91
)
 
21

Development expense

 

 
1

 

 
1

General and administrative expense
1

 
1

 

 

 
2

General and administrative expense—affiliate
3

 
10

 
17

 
(7
)
 
23

Depreciation and amortization expense

 
19

 
67

 

 
86

Total operating costs and expenses
6

 
73

 
820

 
(107
)
 
792

 
 
 
 
 
 
 
 
 
 
Income (loss) from operations
(6
)
 
101

 
105

 

 
200

 
 
 
 
 
 
 
 
 
 
Other income (expense)
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(27
)
 

 
(127
)
 

 
(154
)
Derivative loss, net
(3
)
 

 

 

 
(3
)
Equity earnings (losses) of subsidiaries
81

 
(20
)
 

 
(61
)
 

Other income
1

 

 
2

 

 
3

Total other income (expense)
52

 
(20
)
 
(125
)
 
(61
)
 
(154
)
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
46

 
$
81

 
$
(20
)
 
$
(61
)
 
$
46


Condensed Consolidating Statement of Operations
Six Months Ended June 30, 2018
(in millions)
 
 
 
 
 
 
 
 
 
 
 
Parent Issuer
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
LNG revenues
$

 
$

 
$
2,170

 
$

 
$
2,170

LNG revenues—affiliate

 

 
681

 

 
681

Regasification revenues

 
130

 

 

 
130

Regasification revenues—affiliate

 
130

 

 
(130
)
 

Other revenues

 
19

 

 

 
19

Other revenues—affiliate

 
135

 

 
(135
)
 

Total revenues

 
414

 
2,851

 
(265
)
 
3,000

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

 
2

 
1,533

 

 
1,535

Cost of sales—affiliate

 

 
15

 
(15
)
 

Operating and maintenance expense

 
31

 
162

 

 
193

Operating and maintenance expense—affiliate

 
74

 
210

 
(228
)
 
56

Development expense

 

 
1

 

 
1

General and administrative expense
2

 
1

 
3

 

 
6

General and administrative expense—affiliate
6

 
11

 
24

 
(6
)
 
35

Depreciation and amortization expense
1

 
37

 
173

 

 
211

Total operating costs and expenses
9

 
156

 
2,121

 
(249
)
 
2,037

 
 
 
 
 
 
 
 
 
 
Income (loss) from operations
(9
)
 
258

 
730

 
(16
)
 
963

 
 
 
 
 
 
 
 
 
 
Other income (expense)
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(68
)
 
(2
)
 
(299
)
 

 
(369
)
Derivative gain, net
11

 

 

 

 
11

Equity earnings of subsidiaries
676

 
435

 

 
(1,111
)
 

Other income
6

 
1

 
4

 

 
11

Total other income (expense)
625

 
434

 
(295
)
 
(1,111
)
 
(347
)
 
 
 
 
 
 
 
 
 
 
Net income
$
616

 
$
692

 
$
435

 
$
(1,127
)
 
$
616


Condensed Consolidating Statement of Operations
Six Months Ended June 30, 2017
(in millions)
 
 
 
 
 
 
 
 
 
 
 
Parent Issuer
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
LNG revenues
$

 
$

 
$
995

 
$

 
$
995

LNG revenues—affiliate

 

 
753

 

 
753

Regasification revenues

 
130

 

 

 
130

Regasification revenues—affiliate

 
80

 

 
(80
)
 

Other revenues

 
4

 

 

 
4

Other revenues—affiliate

 
111

 

 
(110
)
 
1

Total revenues

 
325

 
1,748

 
(190
)
 
1,883

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

 
2

 
1,088

 

 
1,090

Cost of sales—affiliate

 

 
10

 
(10
)
 

Operating and maintenance expense
3

 
22

 
107

 

 
132

Operating and maintenance expense—affiliate

 
63

 
142

 
(166
)
 
39

Development expense

 

 
1

 

 
1

General and administrative expense
2

 
1

 
2

 

 
5

General and administrative expense—affiliate
6

 
13

 
34

 
(8
)
 
45

Depreciation and amortization expense

 
38

 
114

 

 
152

Total operating costs and expenses
11

 
139

 
1,498

 
(184
)
 
1,464

 
 
 
 
 
 
 
 
 
 
Income (loss) from operations
(11
)
 
186

 
250

 
(6
)
 
419

 
 
 
 
 
 
 
 
 
 
Other income (expense)
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(52
)
 

 
(232
)
 

 
(284
)
Loss on modification or extinguishment of debt

 

 
(42
)
 

 
(42
)
Derivative loss, net
(1
)
 

 
(2
)
 

 
(3
)
Equity earnings (losses) of subsidiaries
156

 
(24
)
 

 
(132
)
 

Other income
1

 

 
2

 

 
3

Total other income (expense)
104

 
(24
)
 
(274
)
 
(132
)
 
(326
)
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
93

 
$
162

 
$
(24
)
 
$
(138
)
 
$
93


Condensed Consolidating Statements of Cash Flows
Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2018
(in millions)
 
 
 
 
 
 
 
 
 
 
 
Parent Issuer
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
Cash flows provided by (used in) operating activities
$
(7
)
 
$
266

 
$
604

 
$
(58
)
 
$
805

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

 
(18
)
 
(327
)
 

 
(345
)
Investments in subsidiaries
(112
)
 
(25
)
 

 
137

 

Distributions received from affiliates, net
277

 

 

 
(277
)
 

Net cash provided by (used in) investing activities
165

 
(43
)
 
(327
)
 
(140
)
 
(345
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
Debt issuance and deferred financing costs
(1
)
 

 

 

 
(1
)
Distributions to parent

 
(335
)
 

 
335

 

Contributions from parent

 
112

 
25

 
(137
)
 

Distributions to owners
(527
)
 

 

 

 
(527
)
Net cash provided by (used in) financing activities
(528
)
 
(223
)
 
25

 
198

 
(528
)
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash, cash equivalents and restricted cash
(370
)
 

 
302

 

 
(68
)
Cash, cash equivalents and restricted cash—beginning of period
1,033

 
12

 
544

 

 
1,589

Cash, cash equivalents and restricted cash—end of period
$
663

 
$
12

 
$
846

 
$

 
$
1,521



Balances per Condensed Consolidating Balance Sheet:
 
June 30, 2018
 
Parent Issuer
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
Cash and cash equivalents
$

 
$

 
$

 
$

 
$

Restricted cash
663

 
12

 
846

 

 
1,521

Total cash, cash equivalents and restricted cash
$
663

 
$
12

 
$
846

 
$

 
$
1,521


Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2017
(in millions)
 
 
 
 
 
 
 
 
 
 
 
Parent Issuer
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
Cash flows provided by (used in) operating activities
$
(55
)
 
$
163

 
$
221

 
$
(5
)
 
$
324

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

 
(12
)
 
(891
)
 
5

 
(898
)
Investments in subsidiaries
(170
)
 
(7
)
 

 
177

 

Distributions received from affiliates, net
319

 

 

 
(319
)
 

Net cash provided by (used in) investing activities
149

 
(19
)
 
(891
)
 
(137
)
 
(898
)
 
 
 
 
 
 
 
 
 
 
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

 

 
(29
)
 

 
(29
)
Distributions to parent

 
(319
)
 

 
319

 

Contributions from parent

 
170

 
7

 
(177
)
 

Distributions to owners
(50
)
 

 

 

 
(50
)
Net cash provided by (used in) financing activities
(50
)
 
(149
)
 
1,589

 
142

 
1,532

 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash, cash equivalents and restricted cash
44

 
(5
)
 
919

 

 
958

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

 
13

 
358

 

 
605

Cash, cash equivalents and restricted cash—end of period
$
278

 
$
8

 
$
1,277

 
$

 
$
1,563