Condensed Consolidating Balance Sheets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Balance Sheet |
March 31, 2019 |
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
Parent Issuer |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Restricted cash |
661 |
|
|
15 |
|
|
621 |
|
|
— |
|
|
1,297 |
|
Accounts and other receivables |
1 |
|
|
2 |
|
|
205 |
|
|
— |
|
|
208 |
|
Accounts receivable—affiliate |
1 |
|
|
22 |
|
|
112 |
|
|
(22 |
) |
|
113 |
|
Advances to affiliate |
— |
|
|
130 |
|
|
296 |
|
|
(110 |
) |
|
316 |
|
Inventory |
— |
|
|
13 |
|
|
96 |
|
|
— |
|
|
109 |
|
Other current assets |
— |
|
|
4 |
|
|
42 |
|
|
— |
|
|
46 |
|
Other current assets—affiliate |
— |
|
|
1 |
|
|
21 |
|
|
(21 |
) |
|
1 |
|
Total current assets |
663 |
|
|
187 |
|
|
1,393 |
|
|
(153 |
) |
|
2,090 |
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
79 |
|
|
2,117 |
|
|
13,446 |
|
|
(27 |
) |
|
15,615 |
|
Operating lease assets, net |
— |
|
|
89 |
|
|
20 |
|
|
(16 |
) |
|
93 |
|
Debt issuance costs, net |
1 |
|
|
— |
|
|
10 |
|
|
— |
|
|
11 |
|
Non-current derivative assets |
— |
|
|
— |
|
|
36 |
|
|
— |
|
|
36 |
|
Investments in subsidiaries |
2,779 |
|
|
680 |
|
|
— |
|
|
(3,459 |
) |
|
— |
|
Other non-current assets, net |
— |
|
|
23 |
|
|
137 |
|
|
— |
|
|
160 |
|
Total assets |
$ |
3,522 |
|
|
$ |
3,096 |
|
|
$ |
15,042 |
|
|
$ |
(3,655 |
) |
|
$ |
18,005 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND PARTNERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
— |
|
|
$ |
5 |
|
|
$ |
26 |
|
|
$ |
— |
|
|
$ |
31 |
|
Accrued liabilities |
74 |
|
|
27 |
|
|
624 |
|
|
— |
|
|
725 |
|
Due to affiliates |
— |
|
|
132 |
|
|
51 |
|
|
(132 |
) |
|
51 |
|
Deferred revenue |
— |
|
|
22 |
|
|
84 |
|
|
— |
|
|
106 |
|
Deferred revenue—affiliate |
— |
|
|
21 |
|
|
— |
|
|
(21 |
) |
|
— |
|
Current operating lease liabilities |
— |
|
|
5 |
|
|
— |
|
|
— |
|
|
5 |
|
Derivative liabilities |
— |
|
|
— |
|
|
10 |
|
|
— |
|
|
10 |
|
Total current liabilities |
74 |
|
|
212 |
|
|
795 |
|
|
(153 |
) |
|
928 |
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, net |
2,567 |
|
|
— |
|
|
13,506 |
|
|
— |
|
|
16,073 |
|
Non-current operating lease liabilities |
— |
|
|
83 |
|
|
4 |
|
|
— |
|
|
87 |
|
Non-current derivative liabilities |
— |
|
|
— |
|
|
10 |
|
|
— |
|
|
10 |
|
Other non-current liabilities |
— |
|
|
1 |
|
|
3 |
|
|
— |
|
|
4 |
|
Other non-current liabilities—affiliate |
— |
|
|
21 |
|
|
17 |
|
|
(16 |
) |
|
22 |
|
|
|
|
|
|
|
|
|
|
|
Partners’ equity |
881 |
|
|
2,779 |
|
|
707 |
|
|
(3,486 |
) |
|
881 |
|
Total liabilities and partners’ equity |
$ |
3,522 |
|
|
$ |
3,096 |
|
|
$ |
15,042 |
|
|
$ |
(3,655 |
) |
|
$ |
18,005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Balance Sheet |
December 31, 2018 |
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
Parent Issuer |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Restricted cash |
779 |
|
|
6 |
|
|
756 |
|
|
— |
|
|
1,541 |
|
Accounts and other receivables |
1 |
|
|
1 |
|
|
346 |
|
|
— |
|
|
348 |
|
Accounts receivable—affiliate |
1 |
|
|
40 |
|
|
113 |
|
|
(40 |
) |
|
114 |
|
Advances to affiliate |
— |
|
|
104 |
|
|
210 |
|
|
(86 |
) |
|
228 |
|
Inventory |
— |
|
|
12 |
|
|
87 |
|
|
— |
|
|
99 |
|
Other current assets |
— |
|
|
2 |
|
|
24 |
|
|
— |
|
|
26 |
|
Other current assets—affiliate |
— |
|
|
— |
|
|
21 |
|
|
(21 |
) |
|
— |
|
Total current assets |
781 |
|
|
165 |
|
|
1,557 |
|
|
(147 |
) |
|
2,356 |
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
79 |
|
|
2,128 |
|
|
13,209 |
|
|
(26 |
) |
|
15,390 |
|
Debt issuance costs, net |
1 |
|
|
— |
|
|
12 |
|
|
— |
|
|
13 |
|
Non-current derivative assets |
— |
|
|
— |
|
|
31 |
|
|
— |
|
|
31 |
|
Investments in subsidiaries |
2,544 |
|
|
440 |
|
|
— |
|
|
(2,984 |
) |
|
— |
|
Other non-current assets, net |
— |
|
|
26 |
|
|
158 |
|
|
— |
|
|
184 |
|
Total assets |
$ |
3,405 |
|
|
$ |
2,759 |
|
|
$ |
14,967 |
|
|
$ |
(3,157 |
) |
|
$ |
17,974 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND PARTNERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
— |
|
|
$ |
4 |
|
|
$ |
11 |
|
|
$ |
— |
|
|
$ |
15 |
|
Accrued liabilities |
39 |
|
|
14 |
|
|
768 |
|
|
— |
|
|
821 |
|
Due to affiliates |
— |
|
|
127 |
|
|
48 |
|
|
(126 |
) |
|
49 |
|
Deferred revenue |
— |
|
|
25 |
|
|
91 |
|
|
— |
|
|
116 |
|
Deferred revenue—affiliate |
— |
|
|
22 |
|
|
— |
|
|
(21 |
) |
|
1 |
|
Derivative liabilities |
— |
|
|
— |
|
|
66 |
|
|
— |
|
|
66 |
|
Total current liabilities |
39 |
|
|
192 |
|
|
984 |
|
|
(147 |
) |
|
1,068 |
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, net |
2,566 |
|
|
— |
|
|
13,500 |
|
|
— |
|
|
16,066 |
|
Non-current derivative liabilities |
— |
|
|
— |
|
|
14 |
|
|
— |
|
|
14 |
|
Other non-current liabilities |
— |
|
|
1 |
|
|
3 |
|
|
— |
|
|
4 |
|
Other non-current liabilities—affiliate |
— |
|
|
22 |
|
|
— |
|
|
— |
|
|
22 |
|
|
|
|
|
|
|
|
|
|
|
Partners’ equity |
800 |
|
|
2,544 |
|
|
466 |
|
|
(3,010 |
) |
|
800 |
|
Total liabilities and partners’ equity |
$ |
3,405 |
|
|
$ |
2,759 |
|
|
$ |
14,967 |
|
|
$ |
(3,157 |
) |
|
$ |
17,974 |
|
|
Condensed Consolidating Statements of Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Income |
Three Months Ended March 31, 2019 |
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
Parent Issuer |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
LNG revenues |
$ |
— |
|
|
$ |
— |
|
|
$ |
1,367 |
|
|
$ |
— |
|
|
$ |
1,367 |
|
LNG revenues—affiliate |
— |
|
|
— |
|
|
305 |
|
|
— |
|
|
305 |
|
Regasification revenues |
— |
|
|
66 |
|
|
— |
|
|
— |
|
|
66 |
|
Regasification revenues—affiliate |
— |
|
|
66 |
|
|
— |
|
|
(66 |
) |
|
— |
|
Other revenues |
— |
|
|
11 |
|
|
— |
|
|
— |
|
|
11 |
|
Other revenues—affiliate |
— |
|
|
59 |
|
|
— |
|
|
(59 |
) |
|
— |
|
Total revenues |
— |
|
|
202 |
|
|
1,672 |
|
|
(125 |
) |
|
1,749 |
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses |
|
|
|
|
|
|
|
|
|
Cost of sales (excluding depreciation and amortization expense shown separately below) |
— |
|
|
— |
|
|
879 |
|
|
— |
|
|
879 |
|
Cost of sales—affiliate |
— |
|
|
— |
|
|
9 |
|
|
(9 |
) |
|
— |
|
Operating and maintenance expense |
— |
|
|
28 |
|
|
110 |
|
|
— |
|
|
138 |
|
Operating and maintenance expense—affiliate |
— |
|
|
33 |
|
|
107 |
|
|
(111 |
) |
|
29 |
|
General and administrative expense |
1 |
|
|
1 |
|
|
1 |
|
|
— |
|
|
3 |
|
General and administrative expense—affiliate |
3 |
|
|
6 |
|
|
15 |
|
|
(3 |
) |
|
21 |
|
Depreciation and amortization expense |
1 |
|
|
17 |
|
|
96 |
|
|
— |
|
|
114 |
|
Impairment expense and loss on disposal of assets |
— |
|
|
— |
|
|
2 |
|
|
— |
|
|
2 |
|
Total operating costs and expenses |
5 |
|
|
85 |
|
|
1,219 |
|
|
(123 |
) |
|
1,186 |
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations |
(5 |
) |
|
117 |
|
|
453 |
|
|
(2 |
) |
|
563 |
|
|
|
|
|
|
|
|
|
|
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
Interest expense, net of capitalized interest |
(36 |
) |
|
(1 |
) |
|
(150 |
) |
|
— |
|
|
(187 |
) |
Equity earnings of subsidiaries |
422 |
|
|
308 |
|
|
— |
|
|
(730 |
) |
|
— |
|
Other income |
4 |
|
|
— |
|
|
5 |
|
|
— |
|
|
9 |
|
Total other income (expense) |
390 |
|
|
307 |
|
|
(145 |
) |
|
(730 |
) |
|
(178 |
) |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
385 |
|
|
$ |
424 |
|
|
$ |
308 |
|
|
$ |
(732 |
) |
|
$ |
385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Income |
Three Months Ended March 31, 2018 |
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
Parent Issuer |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
LNG revenues |
$ |
— |
|
|
$ |
— |
|
|
$ |
1,015 |
|
|
$ |
— |
|
|
$ |
1,015 |
|
LNG revenues—affiliate |
— |
|
|
— |
|
|
503 |
|
|
— |
|
|
503 |
|
Regasification revenues |
— |
|
|
65 |
|
|
— |
|
|
— |
|
|
65 |
|
Regasification revenues—affiliate |
— |
|
|
64 |
|
|
— |
|
|
(64 |
) |
|
— |
|
Other revenues |
— |
|
|
10 |
|
|
— |
|
|
— |
|
|
10 |
|
Other revenues—affiliate |
— |
|
|
55 |
|
|
— |
|
|
(55 |
) |
|
— |
|
Total revenues |
— |
|
|
194 |
|
|
1,518 |
|
|
(119 |
) |
|
1,593 |
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses |
|
|
|
|
|
|
|
|
|
Cost of sales (excluding depreciation and amortization expense shown separately below) |
— |
|
|
— |
|
|
838 |
|
|
(1 |
) |
|
837 |
|
Cost of sales—affiliate |
— |
|
|
— |
|
|
8 |
|
|
(8 |
) |
|
— |
|
Operating and maintenance expense |
— |
|
|
17 |
|
|
78 |
|
|
— |
|
|
95 |
|
Operating and maintenance expense—affiliate |
— |
|
|
32 |
|
|
103 |
|
|
(109 |
) |
|
26 |
|
General and administrative expense |
1 |
|
|
1 |
|
|
2 |
|
|
— |
|
|
4 |
|
General and administrative expense—affiliate |
3 |
|
|
4 |
|
|
12 |
|
|
(1 |
) |
|
18 |
|
Depreciation and amortization expense |
1 |
|
|
18 |
|
|
86 |
|
|
— |
|
|
105 |
|
Total operating costs and expenses |
5 |
|
|
72 |
|
|
1,127 |
|
|
(119 |
) |
|
1,085 |
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations |
(5 |
) |
|
122 |
|
|
391 |
|
|
— |
|
|
508 |
|
|
|
|
|
|
|
|
|
|
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
Interest expense, net of capitalized interest |
(34 |
) |
|
— |
|
|
(151 |
) |
|
— |
|
|
(185 |
) |
Derivative gain, net |
8 |
|
|
— |
|
|
— |
|
|
— |
|
|
8 |
|
Equity earnings of subsidiaries |
363 |
|
|
242 |
|
|
— |
|
|
(605 |
) |
|
— |
|
Other income (expense) |
3 |
|
|
(1 |
) |
|
2 |
|
|
— |
|
|
4 |
|
Total other income (expense) |
340 |
|
|
241 |
|
|
(149 |
) |
|
(605 |
) |
|
(173 |
) |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
335 |
|
|
$ |
363 |
|
|
$ |
242 |
|
|
$ |
(605 |
) |
|
$ |
335 |
|
|
Condensed Consolidating Statements of Cash Flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Cash Flows |
Three Months Ended March 31, 2019 |
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
Parent Issuer |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Cash flows provided by operating activities |
$ |
404 |
|
|
$ |
364 |
|
|
$ |
213 |
|
|
$ |
(637 |
) |
|
$ |
344 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
— |
|
|
(5 |
) |
|
(280 |
) |
|
2 |
|
|
(283 |
) |
Investments in subsidiaries |
(218 |
) |
|
(164 |
) |
|
— |
|
|
382 |
|
|
— |
|
Other |
— |
|
|
— |
|
|
(1 |
) |
|
— |
|
|
(1 |
) |
Net cash used in investing activities |
(218 |
) |
|
(169 |
) |
|
(281 |
) |
|
384 |
|
|
(284 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
Distributions to parent |
— |
|
|
(404 |
) |
|
(231 |
) |
|
635 |
|
|
— |
|
Contributions from parent |
— |
|
|
218 |
|
|
164 |
|
|
(382 |
) |
|
— |
|
Distributions to owners |
(304 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(304 |
) |
Net cash used in financing activities |
(304 |
) |
|
(186 |
) |
|
(67 |
) |
|
253 |
|
|
(304 |
) |
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
(118 |
) |
|
9 |
|
|
(135 |
) |
|
— |
|
|
(244 |
) |
Cash, cash equivalents and restricted cash—beginning of period |
779 |
|
|
6 |
|
|
756 |
|
|
— |
|
|
1,541 |
|
Cash, cash equivalents and restricted cash—end of period |
$ |
661 |
|
|
$ |
15 |
|
|
$ |
621 |
|
|
$ |
— |
|
|
$ |
1,297 |
|
Balances per Condensed Consolidating Balance Sheet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2019 |
|
Parent Issuer |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Cash and cash equivalents |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Restricted cash |
661 |
|
|
15 |
|
|
621 |
|
|
— |
|
|
1,297 |
|
Total cash, cash equivalents and restricted cash |
$ |
661 |
|
|
$ |
15 |
|
|
$ |
621 |
|
|
$ |
— |
|
|
$ |
1,297 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Cash Flows |
Three Months Ended March 31, 2018 |
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
Parent Issuer |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Cash flows provided by (used in) operating activities |
$ |
(10 |
) |
|
$ |
135 |
|
|
$ |
206 |
|
|
$ |
— |
|
|
$ |
331 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
— |
|
|
(5 |
) |
|
(189 |
) |
|
— |
|
|
(194 |
) |
Investments in subsidiaries |
(38 |
) |
|
— |
|
|
— |
|
|
38 |
|
|
— |
|
Distributions received from affiliates, net |
167 |
|
|
— |
|
|
— |
|
|
(167 |
) |
|
— |
|
Net cash provided by (used in) investing activities |
129 |
|
|
(5 |
) |
|
(189 |
) |
|
(129 |
) |
|
(194 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
Distributions to parent |
— |
|
|
(167 |
) |
|
— |
|
|
167 |
|
|
— |
|
Contributions from parent |
— |
|
|
38 |
|
|
— |
|
|
(38 |
) |
|
— |
|
Distributions to owners |
(249 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(249 |
) |
Net cash used in financing activities |
(249 |
) |
|
(129 |
) |
|
— |
|
|
129 |
|
|
(249 |
) |
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
(130 |
) |
|
1 |
|
|
17 |
|
|
— |
|
|
(112 |
) |
Cash, cash equivalents and restricted cash—beginning of period |
1,033 |
|
|
12 |
|
|
544 |
|
|
— |
|
|
1,589 |
|
Cash, cash equivalents and restricted cash—end of period |
$ |
903 |
|
|
$ |
13 |
|
|
$ |
561 |
|
|
$ |
— |
|
|
$ |
1,477 |
|
|