Company Quick10K Filing
Cheniere Energy
Price63.14 EPS1
Shares257 P/E54
MCap16,214 P/FCF15
Net Debt27,678 EBIT1,316
TEV43,892 TEV/EBIT33
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-04-30
10-K 2019-12-31 Filed 2020-02-25
10-Q 2019-09-30 Filed 2019-11-01
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-02-21
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-19
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-02-20
10-Q 2014-09-30 Filed 2014-10-30
10-Q 2014-06-30 Filed 2014-07-31
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-02-21
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-02
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-02-22
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-04
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-30 Filed 2011-11-07
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-03
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-07-14 Other Events
8-K 2020-06-18
8-K 2020-05-14
8-K 2020-05-05
8-K 2020-04-30
8-K 2020-03-19
8-K 2020-02-25
8-K 2020-02-24
8-K 2019-12-10
8-K 2019-11-06
8-K 2019-11-06
8-K 2019-11-05
8-K 2019-11-01
8-K 2019-11-01
8-K 2019-10-17
8-K 2019-10-09
8-K 2019-09-27
8-K 2019-09-09
8-K 2019-09-09
8-K 2019-09-06
8-K 2019-08-15
8-K 2019-08-08
8-K 2019-06-14
8-K 2019-06-07
8-K 2019-05-29
8-K 2019-05-16
8-K 2019-05-09
8-K 2019-02-26
8-K 2019-02-13
8-K 2018-12-18
8-K 2018-12-13
8-K 2018-11-08
8-K 2018-11-07
8-K 2018-11-06
8-K 2018-09-20
8-K 2018-09-06
8-K 2018-09-06
8-K 2018-09-06
8-K 2018-08-27
8-K 2018-08-09
8-K 2018-07-16
8-K 2018-06-29
8-K 2018-06-18
8-K 2018-05-25
8-K 2018-05-23
8-K 2018-05-22
8-K 2018-05-21
8-K 2018-05-17
8-K 2018-05-16
8-K 2018-05-04
8-K 2018-05-02
8-K 2018-04-27
8-K 2018-03-16
8-K 2018-02-21

LNG 10Q Quarterly Report

Part I. Financial Information
Item 1. Consolidated Financial Statements
Note 1 - Nature of Operations and Basis of Presentation
Note 2 - Restricted Cash
Note 3 - Accounts and Other Receivables
Note 4 - Inventory
Note 5 - Property, Plant and Equipment
Note 6 - Derivative Instruments
Note 7 - Other Non - Current Assets
Note 8 - Non - Controlling Interest and Variable Interest Entity
Note 9 - Accrued Liabilities
Note 10 - Debt
Note 11 - Leases
Note 12 - Revenues From Contracts with Customers
Note 13 - Income Taxes
Note 14 - Share - Based Compensation
Note 15 - Net Income per Share Attributable To Common Stockholders
Note 16 - Share Repurchase Program
Note 17 - Commitments and Contingencies
Note 18 - Customer Concentration
Note 19 - Supplemental Cash Flow Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.1 exhibit101cei2020form1.htm
EX-10.6 exhibit106cei2020form1.htm
EX-10.7 exhibit107cei2020form1.htm
EX-31.1 exhibit311cei2020form1.htm
EX-31.2 exhibit312cei2020form1.htm
EX-32.1 exhibit321cei2020form1.htm
EX-32.2 exhibit322cei2020form1.htm

Cheniere Energy Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
352720125-12012201420172020
Assets, Equity
2.41.81.30.70.2-0.42012201420172020
Rev, G Profit, Net Income
5.03.11.2-0.7-2.6-4.52012201420172020
Ops, Inv, Fin

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
 
 
FORM 10-Q
 
 
 
 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from            to            
Commission file number 001-16383
colorlogoonwhitecmyka53.gif
CHENIERE ENERGY, INC.
(Exact name of registrant as specified in its charter)
 
 
 
 
 
Delaware
95-4352386
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
700 Milam Street, Suite 1900
Houston, Texas 77002
(Address of principal executive offices) (Zip Code)
(713375-5000
(Registrant’s telephone number, including area code)
 
 
 
 
 
Securities registered pursuant to Section 12(b) of the Act: 
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, $ 0.003 par value
LNG
NYSE American
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
 
Accelerated filer
 
Non-accelerated filer
 
Smaller reporting company
 
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No   
As of April 24, 2020, the issuer had 252,107,558 shares of Common Stock outstanding.
 



CHENIERE ENERGY, INC.
TABLE OF CONTENTS





i


DEFINITIONS
As used in this quarterly report, the terms listed below have the following meanings: 

Common Industry and Other Terms
Bcf
 
billion cubic feet
Bcf/d
 
billion cubic feet per day
Bcf/yr
 
billion cubic feet per year
Bcfe
 
billion cubic feet equivalent
DOE
 
U.S. Department of Energy
EPC
 
engineering, procurement and construction
FERC
 
Federal Energy Regulatory Commission
FTA countries
 
countries with which the United States has a free trade agreement providing for national treatment for trade in natural gas
GAAP
 
generally accepted accounting principles in the United States
Henry Hub
 
the final settlement price (in USD per MMBtu) for the New York Mercantile Exchange’s Henry Hub natural gas futures contract for the month in which a relevant cargo’s delivery window is scheduled to begin
LIBOR
 
London Interbank Offered Rate
LNG
 
liquefied natural gas, a product of natural gas that, through a refrigeration process, has been cooled to a liquid state, which occupies a volume that is approximately 1/600th of its gaseous state
MMBtu
 
million British thermal units, an energy unit
mtpa
 
million tonnes per annum
non-FTA countries
 
countries with which the United States does not have a free trade agreement providing for national treatment for trade in natural gas and with which trade is permitted
SEC
 
U.S. Securities and Exchange Commission
SPA
 
LNG sale and purchase agreement
TBtu
 
trillion British thermal units, an energy unit
Train
 
an industrial facility comprised of a series of refrigerant compressor loops used to cool natural gas into LNG
TUA
 
terminal use agreement


1


Abbreviated Legal Entity Structure

The following diagram depicts our abbreviated legal entity structure as of March 31, 2020, including our ownership of certain subsidiaries, and the references to these entities used in this quarterly report:
ceiorgchart63019a03.gif
Unless the context requires otherwise, references to “Cheniere,” the “Company,” “we,” “us” and “our” refer to Cheniere Energy, Inc. and its consolidated subsidiaries, including our publicly traded subsidiary, Cheniere Partners.
Unless the context requires otherwise, references to the “CCH Group” refer to CCH HoldCo II, CCH HoldCo I, CCH, CCL and CCP, collectively.


2


PART I.
FINANCIAL INFORMATION 
ITEM 1.
CONSOLIDATED FINANCIAL STATEMENTS
CHENIERE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (1)
(in millions, except share data)



 
March 31,
 
December 31,
 
2020
 
2019
ASSETS
(unaudited)
 
 
Current assets
 
 
 
Cash and cash equivalents
$
2,399

 
$
2,474

Restricted cash
430

 
520

Accounts and other receivables
468

 
491

Inventory
239

 
312

Derivative assets
322

 
323

Other current assets
79

 
92

Total current assets
3,937

 
4,212

 
 
 
 
Property, plant and equipment, net
29,802

 
29,673

Operating lease assets, net
350

 
439

Non-current derivative assets
705

 
174

Goodwill
77

 
77

Deferred tax assets
400

 
529

Other non-current assets, net
476

 
388

Total assets
$
35,747

 
$
35,492

 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Current liabilities
 

 
 

Accounts payable
$
29

 
$
66

Accrued liabilities
922

 
1,281

Current debt
2,137

 

Deferred revenue
94

 
161

Current operating lease liabilities
178

 
236

Derivative liabilities
244

 
117

Other current liabilities
53

 
13

Total current liabilities
3,657

 
1,874

 
 
 
 
Long-term debt, net
28,940

 
30,774

Non-current operating lease liabilities
164

 
189

Non-current finance lease liabilities
58

 
58

Non-current derivative liabilities
186

 
151

Other non-current liabilities
23

 
11

 
 
 
 
Commitments and contingencies (see Note 17)


 


 
 
 
 
Stockholders’ equity
 

 
 

Preferred stock, $0.0001 par value, 5.0 million shares authorized, none issued

 

Common stock, $0.003 par value, 480.0 million shares authorized
 
 
 
Issued: 272.8 million shares at March 31, 2020 and 270.7 million shares at December 31, 2019


 


Outstanding: 252.1 million shares at March 31, 2020 and 253.6 million shares at December 31, 2019
1

 
1

Treasury stock: 20.7 million shares and 17.1 million shares at March 31, 2020 and December 31, 2019, respectively, at cost
(868
)
 
(674
)
Additional paid-in-capital
4,196

 
4,167

Accumulated deficit
(3,133
)
 
(3,508
)
Total stockholders’ equity (deficit)
196

 
(14
)
Non-controlling interest
2,523

 
2,449

Total equity
2,719

 
2,435

Total liabilities and stockholders’ equity
$
35,747

 
$
35,492

 
(1)
Amounts presented include balances held by our consolidated variable interest entity (“VIE”), Cheniere Partners, as further discussed in Note 8— Non-controlling Interest and Variable Interest Entity. As of March 31, 2020, total assets and liabilities of Cheniere Partners, which are included in our Consolidated Balance Sheets, were $19.0 billion and $18.4 billion, respectively, including $1.7 billion of cash and cash equivalents and $0.1 billion of restricted cash.

The accompanying notes are an integral part of these consolidated financial statements.

3



CHENIERE ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)
 
Three Months Ended March 31,
 
2020
 
2019
Revenues
 
 
 
LNG revenues
$
2,568

 
$
2,143

Regasification revenues
67

 
66

Other revenues
74

 
52

Total revenues
2,709

 
2,261

 
 
 
 
Operating costs and expenses
 
 
 
Cost of sales (excluding items shown separately below)
724

 
1,214

Operating and maintenance expense
316

 
221

Development expense
4

 
1

Selling, general and administrative expense
81

 
73

Depreciation and amortization expense
233

 
144

Impairment expense and loss on disposal of assets
5

 
2

Total operating costs and expenses
1,363

 
1,655

 
 
 
 
Income from operations
1,346

 
606

 
 
 
 
Other income (expense)
 
 
 
Interest expense, net of capitalized interest
(412
)
 
(247
)
Loss on modification or extinguishment of debt
(1
)
 

Interest rate derivative loss, net
(208
)
 
(35
)
Other income, net
9

 
16

Total other expense
(612
)
 
(266
)
 
 
 
 
Income before income taxes and non-controlling interest
734


340

Income tax provision
(131
)

(3
)
Net income
603


337

Less: net income attributable to non-controlling interest
228


196

Net income attributable to common stockholders
$
375


$
141







Net income per share attributable to common stockholders—basic (1)
$
1.48


$
0.55

Net income per share attributable to common stockholders—diluted (1)
$
1.43

 
$
0.54

 





Weighted average number of common shares outstanding—basic
253.0

 
257.1

Weighted average number of common shares outstanding—diluted
299.6

 
258.5


 
(1)
Earnings per share in the table may not recalculate exactly due to rounding because it is calculated based on whole numbers, not the rounded numbers presented.






The accompanying notes are an integral part of these consolidated financial statements.

4



CHENIERE ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in millions)
(unaudited)
Three Months Ended March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Stockholders’ Equity
 
 
 
 
Common Stock
 
Treasury Stock
 
Additional Paid-in Capital
 
Accumulated Deficit
 
Non-controlling Interest
 
Total
Equity
 
Shares
 
Par Value Amount
 
Shares
 
Amount
 
 
 
 
Balance at December 31, 2019
253.6


$
1


17.1


$
(674
)

$
4,167


$
(3,508
)

$
2,449


$
2,435

Vesting of restricted stock units and performance stock units
2.1

 

 

 

 

 

 

 

Share-based compensation

 

 

 

 
29

 

 

 
29

Issued shares withheld from employees related to share-based compensation, at cost
(0.7
)
 

 
0.7

 
(39
)
 

 

 

 
(39
)
Shares repurchased, at cost
(2.9
)
 

 
2.9

 
(155
)
 

 

 

 
(155
)
Net income attributable to non-controlling interest

 

 

 

 

 

 
228

 
228

Distributions and dividends to non-controlling interest

 

 

 

 

 

 
(154
)
 
(154
)
Net income

 

 

 

 

 
375

 

 
375

Balance at March 31, 2020
252.1

 
$
1

 
20.7

 
$
(868
)
 
$
4,196

 
$
(3,133
)
 
$
2,523

 
$
2,719

    
Three Months Ended March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Stockholders’ Equity
 
 
 
 
Common Stock
 
Treasury Stock
 
Additional Paid-in Capital
 
Accumulated Deficit
 
Non-controlling Interest
 
Total
Equity
 
Shares
 
Par Value Amount
 
Shares
 
Amount
 
 
 
 
Balance at December 31, 2018
257.0

 
$
1

 
12.8

 
$
(406
)
 
$
4,035

 
$
(4,156
)
 
$
2,455

 
$
1,929

Vesting of restricted stock units
0.6

 

 

 

 

 

 

 

Share-based compensation

 

 

 

 
28

 

 

 
28

Issued shares withheld from employees related to share-based compensation, at cost
(0.2
)
 

 
0.2

 
(12
)
 

 

 

 
(12
)
Net income attributable to non-controlling interest

 

 

 

 

 

 
196

 
196

Distributions and dividends to non-controlling interest

 

 

 

 

 

 
(144
)
 
(144
)
Net income

 

 

 

 

 
141

 

 
141

Balance at March 31, 2019
257.4

 
$
1

 
13.0

 
$
(418
)
 
$
4,063

 
$
(4,015
)
 
$
2,507

 
$
2,138



The accompanying notes are an integral part of these consolidated financial statements.

5



CHENIERE ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
 
Three Months Ended March 31,
 
2020
 
2019
Cash flows from operating activities
 
 
 
Net income
$
603

 
$
337

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization expense
233

 
144

Share-based compensation expense
29

 
28

Non-cash interest expense
17

 
33

Amortization of debt issuance costs, premium and discount
32

 
18

Non-cash operating lease costs
96

 
79

Loss on modification or extinguishment of debt
1

 

Total gains on derivatives, net
(459
)
 
(122
)
Net cash provided by settlement of derivative instruments
91

 
16

Impairment expense and loss on disposal of assets
5

 
2

Impairment or loss on equity method investments
1

 

Deferred taxes
129

 

Changes in operating assets and liabilities:
 
 
 
Accounts and other receivables
23

 
99

Inventory
74

 
44

Other current assets
13

 
(15
)
Accounts payable and accrued liabilities
(176
)
 
(146
)
Deferred revenue
(67
)
 
(31
)
Operating lease liabilities
(90
)
 
(85
)
Finance lease liabilities

 
1

Other, net
19

 
10

Net cash provided by operating activities
574

 
412

 
 
 
 
Cash flows from investing activities
 
 
 
Property, plant and equipment, net
(556
)
 
(625
)
Investment in equity method investment
(90
)
 
(24
)
Other
(8
)
 
(2
)
Net cash used in investing activities
(654
)
 
(651
)
 
 
 
 
Cash flows from financing activities
 
 
 
Proceeds from issuances of debt
596

 
692

Repayments of debt
(300
)
 
(441
)
Debt issuance and other financing costs
(33
)
 

Distributions and dividends to non-controlling interest
(154
)
 
(144
)
Payments related to tax withholdings for share-based compensation
(39
)
 
(12
)
Repurchase of common stock
(155
)
 

Other

 
(1
)
Net cash provided by (used in) financing activities
(85
)
 
94

 
 
 
 
Net decrease in cash, cash equivalents and restricted cash
(165
)
 
(145
)
Cash, cash equivalents and restricted cash—beginning of period
2,994

 
3,156

Cash, cash equivalents and restricted cash—end of period
$
2,829

 
$
3,011

Balances per Consolidated Balance Sheet:
 
March 31,
 
2020
Cash and cash equivalents
$
2,399

Restricted cash
430

Total cash, cash equivalents and restricted cash
$
2,829


The accompanying notes are an integral part of these consolidated financial statements.

6


  
CHENIERE ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)


NOTE 1—NATURE OF OPERATIONS AND BASIS OF PRESENTATION

We are operating and constructing two natural gas liquefaction and export facilities at Sabine Pass and Corpus Christi. The Sabine Pass LNG terminal is located in Cameron Parish, Louisiana, on the Sabine-Neches Waterway less than four miles from the Gulf Coast. Cheniere Partners, through its subsidiary SPL, is currently operating five natural gas liquefaction Trains and is constructing one additional Train for a total production capacity of approximately 30 mtpa of LNG (the “SPL Project”) at the Sabine Pass LNG terminal. The Sabine Pass LNG terminal has operational regasification facilities owned by Cheniere Partners’ subsidiary, SPLNG, that include pre-existing infrastructure of five LNG storage tanks, two marine berths and vaporizers. Cheniere Partners also owns a 94-mile pipeline that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines (the “Creole Trail Pipeline”) through its subsidiary, CTPL. As of March 31, 2020, we owned 100% of the general partner interest and 48.6% of the limited partner interest in Cheniere Partners.

The Corpus Christi LNG terminal is located near Corpus Christi, Texas and is operated and constructed by our subsidiary, CCL. We are currently operating two Trains and are constructing one additional Train for a total production capacity of approximately 15 mtpa of LNG. We also operate a 23-mile natural gas supply pipeline that interconnects the Corpus Christi LNG terminal with several interstate and intrastate natural gas pipelines (the “Corpus Christi Pipeline” and together with the Trains, the “CCL Project”) through our subsidiary, CCP. The CCL Project, once fully constructed, will contain three LNG storage tanks and two marine berths.

Additionally, separate from the CCH Group, we are developing an expansion of the Corpus Christi LNG terminal adjacent to the CCL Project (“Corpus Christi Stage 3”) through our subsidiary CCL Stage III, for up to seven midscale Trains with an expected total production capacity of approximately 10 mtpa of LNG. We received approval from FERC in November 2019 to site, construct and operate the expansion project.

We remain focused on operational excellence and customer satisfaction. Increasing demand of LNG has allowed us to expand our liquefaction infrastructure in a financially disciplined manner. We hold significant land positions at both the Sabine Pass LNG terminal and the Corpus Christi LNG terminal which provide opportunity for further liquefaction capacity expansion. The development of these sites or other projects, including infrastructure projects in support of natural gas supply and LNG demand, will require, among other things, acceptable commercial and financing arrangements before we make a final investment decision (“FID”).

Basis of Presentation

The accompanying unaudited Consolidated Financial Statements of Cheniere have been prepared in accordance with GAAP for interim financial information and with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in our annual report on Form 10-K for the year ended December 31, 2019. In our opinion, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation, have been included.

Results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2020.

Recent Accounting Standards

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This guidance primarily provides temporary optional expedients which simplify the accounting for contract modifications to existing debt agreements expected to arise from the market transition from LIBOR to alternative reference rates. The optional expedients were available to be used upon issuance of this guidance but we have not yet applied the guidance because we have not yet modified any of our existing contracts for reference rate reform. Once we apply an optional expedient to a modified contract and adopt this standard, the guidance will be applied to all subsequent applicable contract modifications until December 31, 2022, at which time the optional expedients are no longer available.


7


CHENIERE ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(unaudited)

NOTE 2—RESTRICTED CASH
 
Restricted cash consists of funds that are contractually or legally restricted as to usage or withdrawal and have been presented separately from cash and cash equivalents on our Consolidated Balance Sheets. As of March 31, 2020 and December 31, 2019, restricted cash consisted of the following (in millions):
 
 
March 31,
 
December 31,
 
 
2020
 
2019
Current restricted cash
 
 
 
 
SPL Project
 
$
109

 
$
181

CCL Project
 
94

 
80

Cash held by our subsidiaries restricted to Cheniere
 
227

 
259

Total current restricted cash
 
$
430

 
$
520


Pursuant to the accounts agreements entered into with the collateral trustees for the benefit of SPL’s debt holders and CCH’s debt holders, SPL and CCH are required to deposit all cash received into reserve accounts controlled by the collateral trustees.  The usage or withdrawal of such cash is restricted to the payment of liabilities related to the SPL Project and the CCL Project (collectively, the “Liquefaction Projects”) and other restricted payments.

NOTE 3—ACCOUNTS AND OTHER RECEIVABLES

As of March 31, 2020 and December 31, 2019, accounts and other receivables consisted of the following (in millions):
 
 
March 31,
 
December 31,
 
 
2020
 
2019
Trade receivables
 
 
 
 
SPL and CCL
 
$
304

 
$
328

Cheniere Marketing
 
88

 
113