Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt consisted of the following (in millions):



	September 30,		December 31,
	2022		2021
SPL:
Senior Secured Notes:

5.625% due 2023 (the “2023 SPL Senior Notes”) (1)	$	1,500	$	1,500
5.75% due 2024	2,000		2,000
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
4.27% weighted average rate due 2037	1,282		1,282
Total SPL Senior Secured Notes	13,132		13,132
Working capital revolving credit and letter of credit reimbursement agreement (the “SPL Working Capital Facility”)	—		—
Total debt - SPL	13,132		13,132

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
Total CQP Senior Notes	4,200		4,200
Credit facilities (the “CQP Credit Facilities”)	—		—
Total debt - CQP	4,200		4,200
Total debt	17,332		17,332


Short-term debt	(1,498)		—
Unamortized premium, discount and debt issuance costs, net	(135)		(155)
Total long-term debt, net of premium, discount and debt issuance costs	$	15,699	$	17,177

(1)In October 2022, $300 million of the 2023 SPL Senior Notes were redeemed. As of September 30, 2022, the entire amount of the 2023 SPL Senior Notes was classified as short-term debt.

Schedule of Line of Credit Facilities

Below is a summary of our credit facilities outstanding as of September 30, 2022 (in millions):


	SPL Working Capital Facility		CQP Credit Facilities
Total facility size	$	1,200	$	750
Less:
Outstanding balance	—		—

Letters of credit issued	363		—
Available commitment	$	837	$	750

Priority ranking	Senior secured		Senior secured
Interest rate on available balance	LIBOR plus 1.125% - 1.750% or base rate plus 0.125% - 0.750%		LIBOR plus 1.25% - 2.125% or base rate plus 0.25% - 1.125%

Commitment fees on undrawn balance	0.15%		0.49%
Maturity date	March 19, 2025		May 29, 2024

Schedule of Interest Expense

Total interest expense, net of capitalized interest consisted of the following (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Total interest cost	$	231	$	244	$	678	$	732
Capitalized interest	(9)		(34)		(37)		(96)
Total interest expense, net of capitalized interest	$	222	$	210	$	641	$	636

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table shows the carrying amount and estimated fair value of our debt (in millions):


	September 30, 2022				December 31, 2021
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Senior notes — Level 2 (1)	$	16,050	$	15,036	$	16,050	$	17,496
Senior notes — Level 3 (2)	1,282		1,119		1,282		1,466

(1)The Level 2 estimated fair value was based on quotes obtained from broker-dealers or market makers of these senior notes and other similar instruments.

(2)The Level 3 estimated fair value was calculated based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including interest rates based on debt issued by parties with comparable credit ratings to us and inputs that are not observable in the market.