Quarterly report pursuant to Section 13 or 15(d)

Supplemental Guarantor Information (Tables)

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

 
$

 
$

 
$

 
$

Restricted cash
799

 
9

 
649

 

 
1,457

Accounts and other receivables
1

 
1

 
222

 

 
224

Accounts receivable—affiliate
1

 
46

 
21

 
(46
)
 
22

Advances to affiliate

 
100

 
174

 
(85
)
 
189

Inventory

 
12

 
76

 

 
88

Other current assets
19

 
1

 
35

 

 
55

Other current assets—affiliate

 

 
21

 
(21
)
 

Total current assets
820

 
169

 
1,198

 
(152
)
 
2,035

 
 
 
 
 
 
 
 
 
 
Property, plant and equipment, net
79

 
2,136

 
13,091

 
(24
)
 
15,282

Debt issuance costs, net
1

 

 
14

 

 
15

Non-current derivative assets
9

 

 
16

 

 
25

Investments in subsidiaries
2,449

 
347

 

 
(2,796
)
 

Other non-current assets, net

 
27

 
152

 

 
179

Total assets
$
3,358

 
$
2,679

 
$
14,471

 
$
(2,972
)
 
$
17,536

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND PARTNERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
 
Accounts payable
$
1

 
$
5

 
$
7

 
$

 
$
13

Accrued liabilities
44

 
20

 
439

 

 
503

Due to affiliates

 
132

 
52

 
(131
)
 
53

Deferred revenue

 
24

 
95

 

 
119

Deferred revenue—affiliate

 
21

 

 
(21
)
 

Derivative liabilities

 

 
6

 

 
6

Total current liabilities
45

 
202

 
599

 
(152
)
 
694

 
 
 
 
 
 
 
 
 
 
Long-term debt, net
2,565

 

 
13,494

 

 
16,059

Non-current derivative liabilities

 

 
2

 

 
2

Other non-current liabilities

 
5

 
5

 

 
10

Other non-current liabilities—affiliate

 
23

 

 

 
23

 
 
 
 
 
 
 
 
 
 
Partners’ equity
748

 
2,449

 
371

 
(2,820
)
 
748

Total liabilities and partners’ equity
$
3,358

 
$
2,679

 
$
14,471

 
$
(2,972
)
 
$
17,536


Condensed Consolidating Balance Sheet
December 31, 2017
(in millions)
 
 
 
 
 
 
 
 
 
 
 
Parent Issuer
 
Guarantors
 
Non-Guarantors
 
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 derivative liabilities

 

 
3

 

 
3

Other non-current liabilities

 
11

 

 

 
11

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

 
$

 
$
1,249

 
$

 
$
1,249

LNG revenues—affiliate

 

 
205

 

 
205

Regasification revenues

 
66

 

 

 
66

Regasification revenues—affiliate

 
64

 

 
(64
)
 

Other revenues

 
9

 

 

 
9

Other revenues—affiliate

 
48

 

 
(48
)
 

Total revenues

 
187

 
1,454

 
(112
)
 
1,529

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

 

 
758

 
(2
)
 
756

Cost of sales—affiliate

 

 
8

 
(8
)
 

Operating and maintenance expense

 
17

 
96

 

 
113

Operating and maintenance expense—affiliate

 
39

 
107

 
(115
)
 
31

Development expense

 
1

 

 

 
1

General and administrative expense
1

 
1

 
1

 

 
3

General and administrative expense—affiliate
3

 
6

 
12

 
(3
)
 
18

Depreciation and amortization expense
1

 
19

 
88

 
(1
)
 
107

Impairment expense and loss on disposal of assets

 
8

 

 

 
8

Total operating costs and expenses
5

 
91

 
1,070

 
(129
)
 
1,037

 
 
 
 
 
 
 
 
 
 
Income (loss) from operations
(5
)
 
96

 
384

 
17

 
492

 
 
 
 
 
 
 
 
 
 
Other income (expense)
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(36
)
 
(1
)
 
(146
)
 

 
(183
)
Loss on modification or extinguishment of debt
(12
)
 

 

 

 
(12
)
Derivative gain, net
2

 

 

 

 
2

Equity earnings of subsidiaries
354

 
243

 

 
(597
)
 

Other income (expense)
4

 
(1
)
 
5

 

 
8

Total other income (expense)
312

 
241

 
(141
)
 
(597
)
 
(185
)
 
 
 
 
 
 
 
 
 
 
Net income
$
307

 
$
337

 
$
243

 
$
(580
)
 
$
307


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

 
$

 
$
723

 
$

 
$
723

LNG revenues—affiliate

 

 
111

 

 
111

Regasification revenues

 
65

 

 

 
65

Regasification revenues—affiliate

 
48

 

 
(48
)
 

Other revenues

 
3

 

 

 
3

Other revenues—affiliate

 
51

 

 
(50
)
 
1

Total revenues

 
167

 
834

 
(98
)
 
903

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

 
(1
)
 
488

 
3

 
490

Cost of sales—affiliate

 

 
5

 
(5
)
 

Operating and maintenance expense
1

 
7

 
65

 

 
73

Operating and maintenance expense—affiliate
6

 
33

 
82

 
(90
)
 
31

Development expense

 

 
1

 

 
1

General and administrative expense
1

 
1

 
3

 

 
5

General and administrative expense—affiliate
3

 
6

 
12

 
(3
)
 
18

Depreciation and amortization expense
1

 
17

 
69

 

 
87

Other

 
1

 

 

 
1

Total operating costs and expenses
12

 
64

 
725

 
(95
)
 
706

 
 
 
 
 
 
 
 
 
 
Income (loss) from operations
(12
)
 
103

 
109

 
(3
)
 
197

 
 
 
 
 
 
 
 
 
 
Other income (expense)
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(29
)
 

 
(124
)
 

 
(153
)
Loss on modification or extinguishment of debt
(25
)
 

 

 

 
(25
)
Derivative gain, net
1

 

 

 

 
1

Equity earnings (losses) of subsidiaries
88

 
(12
)
 

 
(76
)
 

Other income

 

 
3

 

 
3

Total other income (expense)
35

 
(12
)
 
(121
)
 
(76
)
 
(174
)
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
23

 
$
91

 
$
(12
)
 
$
(79
)
 
$
23


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

 
$

 
$
3,419

 
$

 
$
3,419

LNG revenues—affiliate

 

 
886

 

 
886

Regasification revenues

 
196

 

 

 
196

Regasification revenues—affiliate

 
194

 

 
(194
)
 

Other revenues

 
28

 

 

 
28

Other revenues—affiliate

 
183

 

 
(183
)
 

Total revenues

 
601

 
4,305

 
(377
)
 
4,529

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

 
2

 
2,291

 
(2
)
 
2,291

Cost of sales—affiliate

 

 
23

 
(23
)
 

Operating and maintenance expense

 
48

 
258

 

 
306

Operating and maintenance expense—affiliate

 
113

 
317

 
(343
)
 
87

Development expense

 
1

 
1

 

 
2

General and administrative expense
3

 
2

 
4

 

 
9

General and administrative expense—affiliate
9

 
17

 
36

 
(9
)
 
53

Depreciation and amortization expense
2

 
56

 
261

 
(1
)
 
318

Impairment expense and loss on disposal of assets

 
8

 

 

 
8

Total operating costs and expenses
14

 
247

 
3,191

 
(378
)
 
3,074

 
 
 
 
 
 
 
 
 
 
Income (loss) from operations
(14
)
 
354

 
1,114

 
1

 
1,455

 
 
 
 
 
 
 
 
 
 
Other income (expense)
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(104
)
 
(3
)
 
(445
)
 

 
(552
)
Loss on modification or extinguishment of debt
(12
)
 

 

 

 
(12
)
Derivative gain, net
13

 

 

 

 
13

Equity earnings of subsidiaries
1,030

 
678

 

 
(1,708
)
 

Other income
10

 

 
9

 

 
19

Total other income (expense)
937

 
675

 
(436
)
 
(1,708
)
 
(532
)
 
 
 
 
 
 
 
 
 
 
Net income
$
923

 
$
1,029

 
$
678

 
$
(1,707
)
 
$
923


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

 
$

 
$
1,718

 
$

 
$
1,718

LNG revenues—affiliate

 

 
864

 

 
864

Regasification revenues

 
195

 

 

 
195

Regasification revenues—affiliate

 
128

 

 
(128
)
 

Other revenues

 
7

 

 

 
7

Other revenues—affiliate

 
162

 

 
(160
)
 
2

Total revenues

 
492

 
2,582

 
(288
)
 
2,786

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

 
1

 
1,576

 
3

 
1,580

Cost of sales—affiliate

 

 
15

 
(15
)
 

Operating and maintenance expense
4

 
29

 
172

 

 
205

Operating and maintenance expense—affiliate
6

 
96

 
224

 
(256
)
 
70

Development expense

 

 
2

 

 
2

General and administrative expense
3

 
2

 
5

 

 
10

General and administrative expense—affiliate
9

 
19

 
46

 
(11
)
 
63

Depreciation and amortization expense
1

 
55

 
183

 

 
239

Other

 
1

 

 

 
1

Total operating costs and expenses
23

 
203

 
2,223

 
(279
)
 
2,170

 
 
 
 
 
 
 
 
 
 
Income (loss) from operations
(23
)
 
289

 
359

 
(9
)
 
616

 
 
 
 
 
 
 
 
 
 
Other income (expense)
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(81
)
 

 
(356
)
 

 
(437
)
Loss on modification or extinguishment of debt
(25
)
 

 
(42
)
 

 
(67
)
Derivative loss, net

 

 
(2
)
 

 
(2
)
Equity earnings (losses) of subsidiaries
244

 
(36
)
 

 
(208
)
 

Other income
1

 

 
5

 

 
6

Total other income (expense)
139

 
(36
)
 
(395
)
 
(208
)
 
(500
)
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
116

 
$
253

 
$
(36
)
 
$
(217
)
 
$
116


Condensed Consolidating Statements of Cash Flows
Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2018
(in millions)
 
 
 
 
 
 
 
 
 
 
 
Parent Issuer
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Cash flows provided by operating activities
$
339

 
$
408

 
$
928

 
$
(411
)
 
$
1,264

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

 
(24
)
 
(554
)
 

 
(578
)
Investments in subsidiaries
(202
)
 
(81
)
 

 
283

 

Distributions received from affiliates, net
447

 
350

 

 
(797
)
 

Net cash provided by (used in) investing activities
245

 
245

 
(554
)
 
(514
)
 
(578
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
Proceeds from issuances of debt
1,100

 

 

 

 
1,100

Repayments of debt
(1,090
)
 

 

 

 
(1,090
)
Debt issuance and deferred financing costs
(8
)
 

 

 

 
(8
)
Debt extinguishment costs
(6
)
 

 

 

 
(6
)
Distributions to parent

 
(858
)
 
(350
)
 
1,208

 

Contributions from parent

 
202

 
81

 
(283
)
 

Distributions to owners
(814
)
 

 

 

 
(814
)
Net cash used in financing activities
(818
)
 
(656
)
 
(269
)
 
925

 
(818
)
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash, cash equivalents and restricted cash
(234
)
 
(3
)
 
105

 

 
(132
)
Cash, cash equivalents and restricted cash—beginning of period
1,033

 
12

 
544

 

 
1,589

Cash, cash equivalents and restricted cash—end of period
$
799

 
$
9

 
$
649

 
$

 
$
1,457



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

 
$

 
$

 
$

 
$

Restricted cash
799

 
9

 
649

 

 
1,457

Total cash, cash equivalents and restricted cash
$
799

 
$
9

 
$
649

 
$

 
$
1,457


Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2017
(in millions)
 
 
 
 
 
 
 
 
 
 
 
Parent Issuer
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Cash flows provided by (used in) operating activities
$
(89
)
 
$
293

 
$
317

 
$
(8
)
 
$
513

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

 
(16
)
 
(1,187
)
 
8

 
(1,195
)
Investments in subsidiaries
(216
)
 
(7
)
 

 
223

 

Distributions received from affiliates, net
929

 
450

 

 
(1,379
)
 

Net cash provided by (used in) investing activities
713

 
427

 
(1,187
)
 
(1,148
)
 
(1,195
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
Proceeds from issuances of debt
1,500

 

 
2,314

 

 
3,814

Repayments of debt
(1,470
)
 

 
(703
)
 

 
(2,173
)
Debt issuance and deferred financing costs
(18
)
 

 
(29
)
 

 
(47
)
Distributions to parent

 
(929
)
 
(450
)
 
1,379

 

Contributions from parent

 
216

 
7

 
(223
)
 

Distributions to owners
(74
)
 

 

 

 
(74
)
Net cash provided by (used in) financing activities
(62
)
 
(713
)
 
1,139

 
1,156

 
1,520

 
 
 
 
 
 
 
 
 
 
Net increase in cash, cash equivalents and restricted cash
562

 
7

 
269

 

 
838

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

 
13

 
358

 

 
605

Cash, cash equivalents and restricted cash—end of period
$
796

 
$
20

 
$
627

 
$

 
$
1,443