ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Introduction
The following discussion and analysis presents management’s view of our business, financial condition and overall performance and should be read in conjunction with our Consolidated Financial Statements and the accompanying notes. This information is intended to provide investors with an understanding of our past performance, current financial condition and outlook for the future. Discussion of items for the year ended December 31, 2023 and variance drivers between the year ended December 31, 2024 as compared to December 31, 2023 are not included herein and can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our annual report on Form 10-K for the fiscal year ended December 3 1, 2 02 4 .
Our discussion and analysis includes the following subjects:
• Overview
• Overview of Significant Events
• Marke t Environment
• Results of Operations
• Liquidity and Capital Resources
• Summary of Critical Accounting Estimates
• Recent Accounting Standards
Overview
We are an energy infrastructure company primarily engaged in LNG-related businesses. We provide clean, secure and affordable LNG to integrated energy companies, utilities and energy trading companies around the world. We operate two natural gas liquefaction and export facilities at Sabine Pass, Louisiana and near Corpus Christi, Texas. Our long-term counterparty arrangements form the foundation of our business and provide us with significant, stable, long-term cash flows. For further discussion of our business, see Items 1. and 2. Business and Properties .
During 2025, we continued to grow our portfolio of SPA and IPM agreements, and we believe that continued global demand for natural gas and LNG, as further described in Market Factors and Competition in Items 1. and 2. Business and Properties, as well as the current geopolitical environment that has intensified the demand for supply security, should enable us to enter into long-term agreements and provide a foundation for additional growth in our business in the future. The continued strength and stability of our long-term cash flows served as the foundation of our updated comprehensive, long-term capital allocation plan announced in June 2024, which includes an increased share repurchase authorization and increased dividends, in addition to a continued decrease in consolidated long-term leverage and investment in accretive organic growth.
Overview of Significant Events
Our significant events since January 1, 2025 and through the filing date of this Form 10-K include the following:
Strategic
Growth
• Following our pre-filing in July 2025, in February 2026, we filed an application with the FERC under the NGA for authorization to site, construct and operate in a phased approach the CCL Expansion Project, a potential further expansion of the Corpus Christi LNG Terminal, inclusive of four liquefaction trains and supporting infrastructure, with an expected total peak production capacity of up to 24 mtpa of LNG, inclusive of estimated debottlenecking opportunities.
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• In December 2025, we filed an application with the FERC to increase the LNG production capacity of the previously-authorized Corpus Christi Stage 3 Project and CCL Midscale Trains 8 & 9 Project by approximately 5 mtpa, which remains pending at the FERC.
• In March 2025, we received authorization from the FERC under the NGA to site, construct and operate the CCL Midscale Trains 8 & 9 Project, and in June 2025, our Board made a positive FID with respect to the investment in the development, construction and operation of the CCL Midscale Trains 8 & 9 Project and issued a full notice to proceed with construction to Bechtel under a fixed price separated turnkey EPC contract.
• In June 2025, certain subsidiaries of CQP updated the SPL Expansion Project’s FERC application, originally filed in February 2024, to reflect a two-phased project, inclusive of three liquefaction trains and supporting infrastructure, maintaining an expected total peak production capacity of up to approximately 20 mtpa of LNG, inclusive of estimated debottlenecking opportunities.
Commercialization
• In August 2025, Cheniere announced the execution of a long-term LNG SPA between Cheniere Marketing and JERA Co., Inc. ( “JERA” ), under which JERA has agreed to purchase approximately 1 mtpa of LNG from Cheniere Marketing on an FOB basis from 2029 through 2050. The purchase price for LNG under the SPA is indexed to the Henry Hub price, plus a fixed liquefaction fee.
• In May 2025, Cheniere Marketing entered into an IPM agreement with Canadian Natural Resources Limited to purchase 140,000 MMBtu per day of natural gas at a price based on the Japan Korea Marker, less fixed LNG shipping costs and a fixed liquefaction fee, for a term of approximately 15 years commencing in 2030.
Operational
• As of February 20, 2026, over 4,610 cumulative LNG cargoes totaling over 315 million tonnes of LNG have been produced, loaded and exported from the Liquefaction Projects.
• In March, August, October and December 2025, substantial completions of Trains 1, 2 3 and 4, respectively, of the Corpus Christi Stage 3 Project were achieved. In February 2026, LNG was produced for the first time from Train 5 of the Corpus Christi Stage 3 Project.
• During the second quarter of 2025, we completed planned large-scale maintenance activities on two Trains at the SPL Project.
Financial
• In February 2026, our Board approved an increase in our share repurchase authorization to approximately $10 billion from 2026 through 2030 with a $9 billion increase to the existing authorization.
• In February 2026, SPL redeemed the remaining $200 million aggregate principal amount of its 5.875% Senior Secured Notes due 2026 (the “2026 SPL Senior Notes” ).
• In August 2025, we amended and restated our $1.25 billion Cheniere Revolving Credit Facility to, among other things, (1) extend the maturity date thereunder, (2) reduce the interest rate and commitment fees payable thereunder and (3) make certain other changes to the terms and conditions of the existing Cheniere Revolving Credit Facility.
• In July 2025, CQP issued and sold $1.0 billion aggregate principal amount of 5.550% Senior Notes due 2035 (the “2035 CQP Senior Notes” ), and the net proceeds, together with cash on hand, were used to redeem $1.0 billion of the aggregate principal amount of SPL’s 2026 SPL Senior Notes.
• In June 2025, we announced updates to our company outlook, which included a plan to increase our annualized dividend by over 10% to $2.22 per common share, which commenced with the dividend pertaining to the third quarter of 2025.
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• We received the following upgrades from credit rating agencies, including S&P Global Ratings ( “S&P” ) and Fitch Ratings ( “Fitch” ):
Entity
Date
Previous Rating
Upgraded Rating
Rating Agency
Outlook
Cheniere
November 2025
BBB
BBB+
Stable
CQP
November 2025
BBB
BBB+
Stable
CCH
October 2025
BBB
BBB+
Positive
Cheniere
February 2025
BBB-
BBB
Fitch
Stable
CQP
February 2025
BBB-
BBB
Fitch
Stable
• In addition to the above issuer credit rating upgrades, the unsecured CQP Notes were upgraded from BBB- to BBB by S&P in June 2025, concurrent with the assignment of the 2035 CQP Senior Notes credit rating. S&P also revised its outlook on SPL to positive from stable in December 2025.
• During the year ended December 31, 2025, we accomplished the following pursuant to our capital allocation priorities:
◦ We repurchased approximately 12.1 million shares of our common stock as part of our share repurchase program for approximately $2.7 billion.
◦ We redeemed and repaid $652 million aggregate principal amount of notes across our complex, comprised of the following:
▪ In December 2025, SPL redeemed $300 million aggregate principal amount of its 2026 SPL Senior Notes.
▪ In September 2025, SPL repaid $52 million aggregate principal amount outstanding of its series of senior secured notes due 2037 with a weighted average interest rate of 4.746%, based on their respective fixed amortization schedules.
▪ In March 2025, SPL repaid the remaining $300 million aggregate principal amount outstanding of its 5.625% Senior Secured Notes due 2025 (the “2025 SPL Senior Notes” ) at maturity.
◦ We paid dividends of $2.055 per share of common stock during the year ended December 31, 2025.
◦ We continued to invest in accretive organic growth, including our investments in the Corpus Christi Stage 3 Project and the CCL Midscale Trains 8 & 9 Project, as further described under Investing Cash Flows in Sources and Uses of Cash within Liquidity and Capital Resources.
Market Environment
Our results of operations are affected by the market environment in which we operate, including known trends and uncertainties, macroeconomic factors and other external environmental factors.
With just under 20 mtpa of year on year ( “YoY” ) increase in LNG supplies globally in 2025, the LNG market is transitioning from a multi-year state of tight market conditions into a period of rapid growth. The continued ramp up in new LNG supplies from the U.S. and Canada mark the start of a more ample supply landscape which is expected to loosen global balances over the next few years and result in a more moderate and stable price environment for LNG. Sustained downward pressure on global prices could potentially unlock latent demand that has otherwise been priced out since the disruption of Russian natural gas supply to Europe.
The increase in supply corresponded to a 5% YoY uptick in trade, which was primarily supported by Europe and the Middle East and North Africa ( “MENA” ) region amid weaker demand in Asia. Europe’s demand for LNG increased approximately 27% YoY in 2025 reaching a record level of approximately 125 mtpa. The main driver for this growth continues to be the replacement of Russian natural gas and the replenishment of underground storage inventories. We expect this driver to continue to play an important role in keeping LNG demand in Europe resilient, especially in light of the European Parliament’s vote to ban all residual Russian natural gas, including Russian LNG by 2027. The MENA region also contributed to demand growth in 2025 with imports increasing 7 mtpa or 62% versus 2024. Egypt was the main driver of this increase as it resorted to additional LNG imports to satisfy its growing domestic energy needs and supplement its own natural gas production.
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Asia’s LNG consumption however was down about 4% in 2025, dropping by 12 mtpa to 270 mtpa. While many of the major markets in Asia saw YoY declines, China’s was the largest, representing nearly the entire YoY change in the region. China’s LNG imports declined 16% or 12 mtpa YoY, due to broader, likely transient macro-economic challenges. Natural gas demand growth in China slowed in 2025 and higher piped natural gas flows from Russia and robust domestic natural gas production decreased the call on LNG.
Despite weaker demand in Asia and an easing in geopolitical conflicts during the second half of 2025, average prices remained elevated versus 2024. The Japan Korea Marker ( “JKM” ) monthly settlement prices in 2025 averaged $12.71 per MMBtu, 7.5% higher YoY while those for Title Transfer Facilities ( “TTF” ) averaged $12.04 per MMBtu, 10.3% higher YoY. Strong storage injections, an increase in LNG supply and expectations of mild weather resulted in downward pressure in the second half of the year with monthly settlements averaging at least $1.76 per MMBtu lower for JKM and $2.34 per MMBtu lower for TTF versus the first half of the year. Henry Hub monthly settlements averaged $3.43 per MMBtu during 2025.
As referenced above, expectations of significant LNG capacity expansions in the next few years, and the recent momentum in FIDs if continued, are likely to keep the price trajectory trending lower in Asia and Europe. We expect the price elastic markets, particularly in Asia, to respond to the increased availability and affordability of supply by growing imports to satisfy latent demand as well as organic longer-term growth.
Results of Operations
Consolidated results of operations
Year Ended December 31,
(in millions, except per share data)
Variance
Revenues
LNG revenues
Regasification revenues
Other revenues
Total revenues
Operating costs and expenses
Cost of sales (excluding operating and maintenance expense and depreciation, amortization and accretion expense shown separately below)
Operating and maintenance expense
Selling, general and administrative expense
Depreciation, amortization and accretion expense
Other operating costs and expenses
Total operating costs and expenses
Income from operations
Other income (expense)
Interest expense, net of capitalized interest
Gain (loss) on modification or extinguishment of debt
Interest and dividend income
Other income, net
Total other expense
Income before income taxes and NCI
Less: income tax provision
Net income
Less: net income attributable to NCI
Net income attributable to Cheniere
Net income per share attributable to common stockholders—basic
Net income per share attributable to common stockholders—diluted
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Volumes loaded and recognized from the Liquefaction Projects
Year Ended December 31,
(in TBtu)
Operational
Commissioning
Total
Operational
Commissioning
Total
Volumes loaded during the current period
Volumes loaded during the prior period but recognized during the current period
Less: volumes loaded during the current period and in transit at the end of the period
Total volumes recognized in the current period
Components of LNG revenues and corresponding LNG volumes delivered
Year Ended December 31,
Variance
LNG revenues (in millions) :
LNG from the Liquefaction Projects sold under third party long-term agreements (1)
LNG from the Liquefaction Projects sold by our integrated marketing function under short-term agreements (2)
LNG procured from third parties (2)
Net derivative gain (loss)
Other revenues
Total LNG revenues
Volumes delivered as LNG revenues (in TBtu) :
LNG from the Liquefaction Projects sold under third party long-term agreements (1)
LNG from the Liquefaction Projects sold by our integrated marketing function under short-term agreements (2)
LNG procured from third parties (2)
Total volumes delivered as LNG revenues
(1) Long-term agreements include agreements with an initial tenor of 12 months or more.
(2) Includes volumes sold under short-term agreements and volumes sold from natural gas procured under IPM agreements.
Net income attributable to Cheniere increased by $2.1 billion during the year ended December 31, 2025 as compared to the same period of 2024 primarily due to $2.3 billion of favorable changes in the fair value of agreements accounted for as derivative instruments (before tax and the impact of NCI), largely associated with our derivatives related to IPM agreements, and an $876 million increase in revenues, net of cost of natural gas feedstock, from increased volume of LNG loaded and recognized between the years. Partially offsetting these favorable changes was an increased tax provision of $677 million. The following is an expanded discussion of the significant drivers of the variance in net income attributable to Cheniere by line item:
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Total revenues
The $4.3 billion increase in total revenues during the year ended December 31, 2025 as compared to the same period of 2024 was primarily attributable to:
• $2.9 billion increase due to higher pricing per MMBtu primarily from increased Henry Hub pricing, to which the majority of our long-term LNG sales contracts are indexed;
• $1.2 billion increase due to higher volumes of LNG delivered between the periods, primarily as a result of increased production volume due to the substantial completions of the first four Trains of the Corpus Christi Stage 3 Project in 2025;
• $417 million increase in gains from agreements accounted for as derivative instruments included in revenues, largely due to the impact of declines in global gas prices and volatility within our derivatives related to financial positions to economically hedge the purchase and sale of physical LNG, of which the gain between the years was attributable to a $223 million gain from favorable changes in fair value of agreements accounted for as derivatives and a $194 million gain from the settlement of previously entered derivative instruments; partially offset by
• $243 million decrease in sublease and subcharter income from our LNG vessels due to fewer days the LNG vessels were subcontracted out and at lower rates in the current year as compared to the same period of 2024.
Total operating costs and expenses
The $1.3 billion increase in total operating costs and expenses during the year ended December 31, 2025 as compared to the same period of 2024 was primarily attributable to:
• $3.1 billion increase in the cost of natural gas feedstock, largely due to the increase in U.S. natural gas prices and to a lesser degree, increased volume of LNG delivered;
• $109 million increase in depreciation, amortization and accretion expense, primarily as a result of the substantial completions of the first four Trains of the Corpus Christi Stage 3 Project;
• $109 million increase in operating and maintenance expense primarily due to the completion of planned large-scale maintenance activities on two Trains at the SPL Project and additional expenses from the substantial completions of the first four Trains of the Corpus Christi Stage 3 Project in 2025; partially offset by:
• $2.1 billion of gains from changes in fair value of agreements accounted for as derivative instruments included in cost of sales, largely due to favorable changes on our IPM agreements from the narrowing of global and U.S. domestic natural gas spreads, the effect of which is minimized by the relative change in volatilities of applicable global and U.S. domestic natural gas prices, partially offset by changes in market-based locational forward price differentials for North American natural gas deliveries.
As further discussed in Liquidity and Capital Resources , we will recognize a $370 million reduction to cost of sales due to the realization of certain excise tax credits during the three months ending March 31, 2026.
Total other expense
The $5 million increase in total other expense during the year ended December 31, 2025 as compared to the same period of 2024 was primarily attributable to:
• $83 million decrease in interest and dividend income as a result of decreased interest rates and lower average cash and cash equivalents balances between the periods; partially offset by
• $62 million decrease in interest expense, net of capitalized interest, due to a $33 million increase in capitalized interest costs given the higher carrying value of assets under construction and additionally due to $29 million lower gross interest costs due to debt reduction activities associated with our long-term capital allocation plan; and
• $15 million increase in other income, net, primarily from a $26 million gain recognized on the sale of our equity interests in an equity method investment during the three months ended March 31, 2025.
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Income tax provision
The $677 million unfavorable variance during the year ended December 31, 2025 as compared to the same period of 2024 was substantially all attributable to a higher income tax expense due to a $3.0 billion increase in pre-tax income. The effect of the change in our effective tax rate between the comparable periods was not material to our income tax provision.
On July 4, 2025, the OBBBA was signed into law with significant changes to the Internal Revenue Code that impact us, including, among other provisions, reinstating 100% accelerated tax bonus depreciation on qualifying assets acquired after January 19, 2025 and modifying the export-promoting Foreign Derived Intangible Income ( “FDII” ) deduction rules, renamed to the Foreign Derived Deduction Eligible Income (“FDDEI”) under the OBBBA beginning in 2026.
The legislation did not have a material impact on our income tax expense for the year ended December 31, 2025, and it did not materially change our effective income tax rate for 2025; however, commencing with its effectiveness in 2026, we expect that the FDDEI regime will favorably impact our effective tax rate relative to prior policy, as a larger portion of our export-related income is projected to be eligible for a preferential tax rate despite an increase in the tax rate on qualifying sales. The FDDEI regime provides for an effective tax rate of 14%, a rate lower than the statutory corporate tax rate of 21%, on eligible sales of property or services to a foreign person for foreign use. Relative to the prior FDII tax rules, the FDDEI regime increases the effective tax rate on eligible sales but broadens qualifying income by eliminating certain asset-based eligibility constraints and removing the requirement to reduce eligible income by specified allocable expenses.
See Liquidity and Capital Resources for discussion of the impacts of the OBBBA on our liquidity.
Net income attributable to NCI
The $224 million increase during the year ended December 31, 2025 as compared to the same period of 2024 was primarily attributable to a $477 million increase in CQP’s consolidated net income primarily from favorable changes in fair value of agreements accounted for as derivative instruments.
Significant factors affecting our results of operations
Below are significant factors that affect our results of operations.
Gains and losses on derivative instruments
Derivative instruments, which we use to manage certain risks, are reported at fair value in our Consolidated Financial Statements, unless they satisfy criteria for, and we elect, the normal purchases and normal sales exception which applies the accrual method of accounting, as described in Note 2 — Summar y of Significant Accounting Policies of our Notes to Consolidated Financial Statements. For commodity derivative instruments, including those related to our IPM agreements, the underlying LNG sales being economically hedged are accounted for under the accrual method of accounting, whereby revenues expected to be derived from the future LNG sales are recognized only upon delivery or realization of the underlying transaction. Notwithstanding the operational intent to mitigate risk exposure over time, the recognition of derivative instruments at fair value has the effect of recognizing gains or losses relating to future period exposure, and given the significant volumes, long-term duration and volatility in price basis for certain of our derivative contracts, the use of derivative instruments may result in continued volatility of our results of operations based on changes in market pricing, counterparty credit risk and other relevant factors that may be outside of our control. For example, as described in Note 6—Derivative Instruments of our Notes to Consolidated Financial Statements, the fair value of the Liquefaction Supply Derivatives incorporates, as applicable, market participant-based assumptions pertaining to certain contractual uncertainties, including those related to the availability of market information for delivery points, which may require future development of infrastructure, as well as the timing of of certain events or development of infrastructure to support natural gas gathering and transport. We may recognize changes in fair value through earnings that could significantly impact our results of operations if and when such uncertainties are resolved.
Commissioning volumes
Prior to substantial completion of a Train, amounts received from the sale of commissioning volumes from that Train are offset against LNG terminal construction-in-process, because these amounts are earned or loaded during the testing phase for
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the construction of that Train and are necessary activities to bring the asset to the condition for its intended use. During the year ended December 31, 2025, we realized offsets to LNG terminal costs of $187 million corresponding to 23 TBtu of LNG that was related to the sale of commissioning volumes associated with the Corpus Christi Stage 3 Project. We did not record any offsets to LNG terminal costs during the year ended December 31, 2024.
Additional liquefaction capacities
The Corpus Christi Stage 3 Project and CCL Midscale Trains 8 & 9 Project are currently under construction and are expected to add over 15 mtpa of operational liquefaction capacity, inclusive of estimated debottlenecking opportunities, once all Trains reach substantial completion, of which over 9 mtpa is still under construction as of December 31, 2025. As of December 31, 2025, the first four Trains of the Corpus Christi Stage 3 Project were in operation, with substantial completions for each Train achieved in March, August, October and December 2025, respectively. The operation and maintenance of these Trains and increased LNG volumes produced are expected to result in higher revenues and operating costs and expenses. However, prior to the commencement of long-term SPAs associated with these volumes, the additional volumes will be sold by our integrated marketing function at prevailing market prices. Additionally, potential expansion projects that increase the amount of LNG volumes produced, including those discussed in Items 1. and 2. Business and Properties , would also be expected to result in higher revenues and operating costs and expenses .
Additionally, see Items 1. and 2. Business and Properties for discussion of our business seasonality.
Liquidity and Capital Resources
The following information describes our ability to generate and obtain adequate amounts of cash to meet our requirements in the short term and the long term. In the short term, we expect to meet our cash requirements using operating cash flows and available liquidity, consisting of cash and cash equivalents, restricted cash and cash equivalents and available commitments under our credit facilities. Additionally, we expect to meet our long term cash requirements by using operating cash flows and other future potential sources of liquidity, which may include debt and equity offerings by us or our subsidiaries.
The table below provides a summary of our available liquidity (in millions). Future material sources of liquidity are discussed below.
December 31, 2025
Cash and cash equivalents (1)
Restricted cash and cash equivalents (1)
Available commitments under our credit facilities (2):
SPL Revolving Credit Facility
CQP Revolving Credit Facility
CCH Credit Facility
CCH Working Capital Facility
Cheniere Revolving Credit Facility
Total available commitments under our credit facilities
Total available liquidity
(1) Amounts presented include balances held by our VIEs, as discussed in Note 8—Non-Controlling Interests and Variable Interest Entities of our Notes to Consolidated Financial Statements. As of December 31, 2025, assets of our VIEs, which are included in our Consolidated Balance Sheets, included $182 million of cash and cash equivalents and $22 million of restricted cash and cash equivalents.
(2) Available commitments represent total commitments less loans outstanding and letters of credit issued under each of our credit facilities as of December 31, 2025. See Note 10—Debt of our Notes to Consolidated Financial Statements for additional information on our credit facilities and other debt instruments.
Our liquidity position subsequent to December 31, 2025 will be driven by future sources of liquidity and future cash requirements, as further discussed under the caption Future Sources and Uses of Liquidity.
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Although our sources and uses of cash are presented below from a consolidated standpoint, SPL, CQP, CCH and Cheniere operate with independent capital structures. Certain restrictions or requirements under debt and equity instruments executed by our subsidiaries limit the entity’s use of cash, including the following:
• SPL and CCH are required to deposit all cash received into restricted cash and cash equivalents accounts under certain of their debt agreements. The usage or withdrawal of such cash is restricted to the payment of liabilities related to the Liquefaction Projects and other restricted payments. In addition, SPL and CCH’s operating costs are managed by our subsidiaries under affiliate agreements, which may require SPL and CCH to advance cash to the respective affiliates, however the cash remains restricted for operation and construction of the Liquefaction Projects;
• CQP is required under its partnership agreement to distribute to unitholders all available cash on hand at the end of a quarter less the amount of any reserves established by its general partner. Quarterly distributions by CQP are currently comprised of a base amount plus a variable amount equal to the remaining available cash per unit, which takes into consideration, among other things, amounts reserved for annual debt repayment and capital allocation goals, anticipated capital expenditures to be funded with cash, and cash reserves to provide for the proper conduct of CQP’s business;
• Our 48.6% limited partner interest, 100% general partner interest and incentive distribution rights in CQP limit our right to receive cash held by CQP to the amounts specified by the provisions of CQP’s partnership agreement; and
• SPL and CCH are restricted by affirmative and negative covenants included in certain of their debt agreements in their ability to make certain payments, including distributions, unless specific requirements are satisfied. See Note 10—Debt of our Notes to Consolidated Financial Statements for additional information on these covenants.
Despite the restrictions noted above, we believe that sufficient flexibility exists within the Cheniere complex to enable each independent capital structure to meet its currently anticipated cash requirements. The sources of liquidity at SPL, CQP and CCH primarily fund the cash requirements of the respective entity, and any remaining liquidity not subject to restriction, as supplemented by liquidity provided by Cheniere Marketing, is available to enable Cheniere to meet its cash requirements.
Future Sources and Uses of Liquidity
The following discussion of our future sources and uses of liquidity includes estimates that reflect management’s assumptions and currently known market conditions and other factors as of December 31, 2025. Estimates are not guarantees of future performance and actual results may differ materially as a result of a variety of factors described in this annual report on Form 10-K.
Future Sources of Liquidity under Executed Contracts
We expect future material sources of liquidity to be derived from our long-term customer arrangements and structured cash flows under our SPAs and IPM agreements. As described in Items 1. and 2. Business and Properties , these contracts with creditworthy counterparties form the foundation of our business and provide us with significant, stable, long-term cash flows. Under our long-term SPAs and IPM agreements, as of December 31, 2025, we have contracted approximately 90% of the total anticipated production from the Liquefaction Projects through the mid-2030s, excluding volumes from contracts with terms less than 10 years and volumes from SPAs that are conditional on additional liquefaction capacity beyond what is currently in construction or operation, subject to unilateral waiver by us.
LNG Revenues from Executed SPAs
We are contractually entitled to significant future consideration contracted under our long-term SPAs that has not yet been recognized as revenue. The timing of revenue recognition under GAAP may not align with cash receipts, although we do not consider the timing difference to be significant to our future liquidity. In addition, a significant portion of this future consideration is subject to variability as discussed more specifically below. We have estimated revenues under agreements with
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terms dependent on project milestone dates based on the estimated dates as of December 31, 2025. The following table summarizes our estimate of revenues to be received from executed long-term SPAs as of December 31, 2025 (in billions):
Estimated Revenues Under Executed SPAs by Period (1) (2)
Thereafter
Total
LNG revenues (fixed fees)
LNG revenues (variable fees) (3)
Total
(1) LNG revenues exclude estimated revenues from contracts with unsatisfied contractual conditions precedent. We may enter into contracts to sell LNG that are conditioned upon one or both of the parties achieving certain milestones, such as reaching FID on a certain liquefaction Train.
(2) LNG revenues exclude revenues from contracts with original expected durations of one year or less.
(3) LNG revenues (variable fees) reflect the assumption of delivery of all contractual volumes, irrespective of any contractual right of non-delivery. LNG revenues (variable fees) are based on estimated forward prices and basis spreads as of December 31, 2025.
As described in General , under our SPAs, customers purchase LNG on either an FOB basis or a DAP basis generally for a price consisting of a fixed fee per MMBtu of LNG (a portion of which is subject to annual adjustment for inflation) plus a variable fee per MMBtu of LNG generally equal to 115% of Henry Hub. The variable fees under our SPAs were generally sized with the intention to cover the supply and transportation of natural gas and the liquefaction fuel consumed to produce the LNG to be sold under each such SPA, thus limiting our exposure to future U.S. natural gas price increases. Certain customers may elect to cancel or suspend deliveries of LNG cargoes, with advance notice as governed by each respective SPA, in which case the customers would still be required to pay the fixed fee with respect to the contracted volumes that are not delivered as a result of such cancellation or suspension.
LNG produced by the Liquefaction Projects that is not contracted under long-term contracts is available for Cheniere Marketing, our integrated marketing function, to sell in the global market under spot sales or other short-term agreements. The LNG produced and available for Cheniere Marketing to sell includes volumes related to commissioning, which are not recognized as revenues. We recognize proceeds from commissioning activities prior to the start of commercial operations as offsets to LNG terminal costs, as a component of the testing phase of a Train’s construction. The volumes sold by Cheniere Marketing may be supplemented by volumes procured from third parties at other locations worldwide to support operational requirements or take advantage of market opportunities.
Liquidity from Executed IPM Agreements
The table in the LNG Revenues from Executed SPAs section above excludes fees expected to be generated through sales of LNG produced from natural gas procured under our IPM agreements, under which we pay for natural gas feedstock based on global gas market prices less fixed liquefaction fees and certain costs incurred by us. While IPM agreements are not revenue contracts for accounting purposes, the payment structure under the IPM agreements generates a take-or-pay style fixed liquefaction fee. Although the IPM agreements secure natural gas purchases over long-term periods, the LNG produced from that natural gas is generally sold under short-term SPAs. Over a remaining fixed term of 20 years, we expect to generate liquidity from the approximately 5,066 TBtu of LNG to be produced from natural gas not yet received under IPM agreements as of December 31, 2025.
Additional Future Sources of Liquidity
Available Commitments under Credit Facilities
As of December 31, 2025, we had $7.2 billion in available commitments under our credit facilities, as detailed earlier in the table summarizing our available liquidity, subject to compliance with the applicable covenants, to potentially meet liquidity needs. Our credit facilities mature between 2027 and 2030, based on estimated project milestone dates as of December 31, 2025.
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Disciplined Accretive Growth
Our significant land positions at the Corpus Christi LNG Terminal and the Sabine Pass LNG Terminal provide potential development and investment opportunities for further liquefaction capacity expansion at strategically advantaged locations with proximity to pipeline infrastructure and resources. In June 2025, certain subsidiaries of CQP updated the SPL Expansion Project’s FERC application, originally filed in February 2024, to reflect a two-phased project, inclusive of three liquefaction trains and supporting infrastructure, maintaining an expected total peak production capacity of up to approximately 20 mtpa of LNG, inclusive of estimated debottlenecking opportunities. Following our pre-filing in July 2025, in February 2026, we filed an application with the FERC under the NGA for authorization to site, construct and operate the CCL Expansion Project in a phased approach, inclusive of four liquefaction trains and supporting infrastructure, with an expected total peak production capacity of up to 24 mtpa of LNG, inclusive of estimated debottlenecking opportunities. 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 positive FID.
Future Cash Requirements for Operations and Capital Expenditures under Executed Contracts
We are committed to make future cash payments for operations and capital expenditures pursuant to certain of our contracts. The following table summarizes our estimate of material cash requirements for operations and capital expenditures related to our core operations under executed contracts as of December 31, 2025 (in billions):
Estimated Payments Due Under Executed Contracts by Period (1)
Thereafter
Total
Purchase obligations (2):
Natural gas supply agreements excluding IPM agreements (3) (4)
Natural gas transportation and storage service agreements (5)
Capital expenditures
Other Purchase Obligations
Leases (6)
Total
(1) Agreements in force as of December 31, 2025 that have terms dependent on project milestone dates are based on the estimated dates as of December 31, 2025.
(2) Purchase obligations consist of agreements to purchase goods or services that are enforceable and legally binding that specify fixed or minimum quantities to be purchased. We include contracts for which we have an early termination option if the option is not currently expected to be exercised. We include contracts with unsatisfied contractual conditions if the conditions are currently expected to be met.
(3) Natural gas supply agreements exclude IPM agreements, which are structured to generate a fixed margin when viewed in conjunction with the sale of LNG produced from the natural gas procured under the IPM agreements, as described under Liquidity from Executed IPM Agreements.
(4) Pricing of natural gas supply agreements is based on estimated forward prices and basis spreads as of December 31, 2025. Natural gas supply agreements are presented net of $0.2 billion in contracted sales of natural gas as of December 31, 2025.
(5) Natural gas transportation and storage services agreements include $1.3 billion in obligations to related parties. See Note 1 3 — Related Party Transactions for further information about our related parties.
(6) Leases include payments under (1) operating leases, (2) finance leases, (3) short-term leases and (4) vessel time charters that were executed as of December 31, 2025 but will commence in the future. Payments during future renewal option periods that are exercisable at our sole discretion are included only to the extent that the option is believed to be reasonably certain to be exercised. Leases are presented net of future income associated with vessel time charters that were subchartered to third parties, which was immaterial as of December 31, 2025.
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Natural Gas Supply, Transportation and Storage Service Agreements
Excluding IPM agreements and unexercised extension options, we have secured approximately 6,847 TBtu of natural gas feedstock for our Liquefaction Projects through long-term natural gas supply agreements with remaining fixed terms of up to 14 years. As of December 31, 2025, we have secured approximately 70% of the natural gas supply required to support the total forecasted production capacity of the Liquefaction Projects during 2026, excluding the 8% of which has been secured under IPM agreements. Natural gas supply secured decreases as a percentage of forecasted production capacity beyond 2026. As further described in LNG Revenues from Executed SPAs , the pricing structure of our SPAs often incorporates a variable fee per MMBtu of LNG generally equal to 115% of Henry Hub, thus limiting our net exposure to future increases in natural gas prices.
To ensure that we are able to transport natural gas feedstock to the Liquefaction Projects, we have transportation precedent and other agreements to secure firm pipeline transportation capacity from interstate and intrastate pipeline companies. We have also entered into firm storage services agreements with third parties to assist in managing variability in natural gas needs for the Liquefaction Projects.
Capital Expenditures
We enter into lump sum turnkey contracts with third party contractors for the EPC of our Liquefaction Projects. The future capital expenditures included in the table above primarily consist of fixed costs under the lump sum Bechtel EPC contracts for both the Corpus Christi Stage 3 Project and the CCL Midscale Trains 8 & 9 Project, in which Bechtel charges a lump sum and generally bears project cost, schedule and performance risks unless certain specified events occur, in which case Bechtel causes us to enter into a change order, or we agree with Bechtel to a change order. As of December 31, 2025, substantial completions of the first four of seven midscale Trains of the Corpus Christi Stage 3 Project were achieved. Additionally, in June 2025, our Board made a positive FID with respect to the CCL Midscale Trains 8 & 9 Project and issued a full notice to proceed with construction to Bechtel under an EPC contract for a contract price of approximately $2.9 billion, subject to adjustment only by change order. Refer to Corpus Christi LNG Terminal in Items 1. and 2. Business and Properties — Our Business for a summary of the construction status and estimated completion of both the Corpus Christi Stage 3 Project and CCL Midscale Trains 8 & 9 Project as of December 31, 2025. In addition to amounts presented in the table above, we expect to incur ongoing capital expenditures to maintain our facilities and other assets, as well as to optimize our existing assets and purchase new assets that are intended to grow our productive capacity.
Leases
Our obligations under our lease arrangements primarily consist of LNG vessel time charters with fixed minimum terms of up to 15 years to ensure delivery of cargoes sold on a DAP basis. We have also entered into leases for the use of tug vessels, office space and facilities, land sites and equipment.
Additional Future Cash Requirements for Operations and Capital Expenditures
Taxes
Our cash tax payments may fluctuate over time and may be influenced by (1) accelerated tax depreciation deductions on qualifying assets, including the Corpus Christi Stage 3 Project and the CCL Midscale Trains 8 & 9 Project and (2) timing of utilization of our existing net operating loss ( “NOL” ) carryforwards. See the risk Additions or changes in tax laws and regulations or variables impacting our tax obligations could potentially affect our financial results or liquidity under Risks Relating to Regulations in Item 1A. Risk Factors .
As part of our ongoing effort to mitigate our emissions from our shipping transport operations, we primarily utilize the LNG that we produce at our terminals as transport fuel in our shipping vessel operations, serving as a substitute for diesel and heavy fuel oils, which have higher emission factors. Our use of LNG as transport fuel in our operations enabled us to claim federal alternative fuel excise tax credits totaling $370 million for the period spanning from 2018 to 2024, preceding the expiration of the incentive program on December 31, 2024. We accounted for the claims as a gain contingency under ASC 450-30, Contingencies - Gain Contingencies , which does not allow recognition until cash or claims to cash are realized or realizable. We did not recognize the claims as of December 31, 2025 because there were inherent uncertainties associated with the realizability of these claims. Subsequent to December 31, 2025, the Internal Revenue Service (the “IRS” ) issued a closing
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letter to us indicating completion of their review, confirming our eligibility and issuing final cash payment. As such, we will recognize a $370 million reduction to cost of sales during the three months ending March 31, 2026.
Disciplined Accretive Growth
The FID of any expansion projects, including the SPL Expansion Project and CCL Expansion Project, will result in additional cash requirements to fund the construction and operations of such projects in excess of our current contractual obligations under executed contracts discussed above, although expansion may be designed to leverage shared infrastructure to reduce the incremental costs of any potential expansion.
In January 2026, we acquired the remaining redeemable noncontrolling interest in our consolidated subsidiary that owns the Gregory Power Plant, a natural gas-fired combined cycle facility located immediately proximal to the Corpus Christi LNG Terminal. Such acquisition enhances operational control and further mitigates risk exposure associated with increased power demand from the Corpus Christi Stage 3 Project and the CCL Midscale Trains 8 & 9 Project, but is expected to require further capital injection for operating liquidity and capital improvements.
Future Cash Requirements for Financing under Executed Contracts
We are committed to make future cash payments for financing pursuant to certain of our contracts. The following table summarizes our estimate of material cash requirements for financing under executed contracts as of December 31, 2025 (in billions):
Estimated Payments Due Under Executed Contracts by Period (1) (2)
Thereafter
Total
Debt
Interest payments
Total
(1) Debt and interest payments are based on the total debt balance, scheduled contractual maturities and fixed or estimated forward interest rates in effect at December 31, 2025. Debt and interest payments do not contemplate repurchases, repayments and retirements that we may make prior to contractual maturity.
(2) Table excludes payments under finance leases, which are included in Future Cash Requirements for Operations and Capital Expenditures under Executed Contracts table above.
Debt
As of December 31, 2025, our debt complex was comprised of senior notes with an aggregate outstanding principal balance of $22.4 billion and credit facilities with $550 million outstanding loan balances. As of December 31, 2025, each of our issuers was in compliance with all covenants related to their respective debt agreements. Further discussion of our debt obligations, including the restrictions imposed by these arrangements, can be found in Note 10—Debt of our Notes to Consolidated Financial Statements.
Interest
As of December 31, 2025, our senior notes had a weighted average contractual interest rate of 4.65%. Interest on borrowings under our credit facilities is indexed to SOFR, and we are subject to interest rates on outstanding balances, commitment fees on undrawn balances and letter of credit fees on issued letters of credit. We had $286 million aggregate amount of issued letters of credit under our credit facilities as of December 31, 2025. Further details of our credit facilities can be found in Note 10—Debt of our Notes to Consolidated Financial Statements.
Additional Future Cash Requirements for Financing
CQP Distributions
CQP is required by its partnership agreement to, within 45 days after the end of each quarter, distribute to unitholders all available cash at the end of a quarter less the amount of any reserves established by its general partner. We own a 48.6% limited
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partner interest in CQP in the form of 239.9 million common units, 100% of the general partner interest and 100% of the incentive distribution rights, with the remaining non-controlling limited partner interest held by Blackstone Inc., Brookfield Asset Management Inc. and the public. During the year ended December 31, 2025, $803 million in distributions were paid to our non-controlling interests.
Capital Allocation Plan
In June 2024, our Board approved an updated comprehensive long-term capital allocation plan, which included an increase to our share repurchase authorization by $4.0 billion through 2027. As of December 31, 2025, we had up to $1.2 billion available under the share repurchase program. In February 2026, our Board approved an increase in our share repurchase authorization to approximately $10 billion from 2026 through 2030 with a $9 billion increase to the existing authorization. The timing and amount of any shares of our common stock that are repurchased under the share repurchase program will be determined by management based on market conditions and other factors, with the majority of the repurchases executed within trading parameters pre-established for each applicable trading period in compliance with SEC Rule 10b5-1 and some repurchases executed on the open market. During the year ended December 31, 2025, we repurchased approximately 12.1 million shares of our common stock for $2.7 billion at a weighted average price per share of $221.55. A discussion of our share repurchase program can be found in Item 5. Market for Registrant’s Common Equity, Related Stockholders Matters and Issuer Purchase of Equity Securities .
Another aspect of our capital allocation plan is to lower our long-term leverage target through debt paydown to approximately 4x, which may involve the repayment, redemption or repurchase, on the open market or otherwise, of our indebtedness, including senior notes of SPL, CQP, CCH and Cheniere. The timing and amount of any paydown of our indebtedness will be determined by management based on market conditions and other factors. During the year ended December 31, 2025, we used $0.7 billion of available cash to reduce our outstanding indebtedness, all of which was pursuant to our capital allocation plan.
In June 2025, we announced updates to our company outlook, which included a plan to increase our annualized dividend by over 10% to $2.22 per common share, which commenced with the dividend pertaining to the third quarter of 2025. On January 27, 2026, we declared a quarterly dividend of $0.555 per share of common stock that is payable on February 27, 2026 to stockholders of record as of the close of business on February 6, 2026.
Financially Disciplined Growth
To the extent that liquefaction capacity at the Corpus Christi LNG Terminal and the Sabine Pass LNG Terminal is expanded beyond the Liquefaction Projects, such as the SPL Expansion Project and the CCL Expansion Project, we expect that additional financing would be used to fund construction of the expansion.
Sources and Uses of Cash
The following table summarizes the sources and uses of our cash, cash equivalents and restricted cash and cash equivalents (in millions). The table presents capital expenditures on a cash basis; therefore, these amounts differ from the amounts of capital expenditures, including accruals, which are referred to elsewhere in this report. Additional discussion of these items follows the table.
Year Ended December 31,
Net cash provided by operating activities
Net cash used in investing activities
Net cash used in financing activities
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents
Net decrease in cash, cash equivalents and restricted cash and cash equivalents
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Operating Cash Flows
The $145 million increase between the periods was primarily related to higher net cash inflows from LNG sales, as explained above in Results of Operations , and increased cash inflows from settlement of derivative instruments. Partially offsetting the increase was lower cash flows attributed to working capital from differences in timing of cash collections from the sale of LNG cargoes and payments to suppliers .
As described in Results of Operations , the OBBBA was signed into law during the third quarter of 2025 and includes, among other provisions, reinstating 100% accelerated tax bonus depreciation on qualifying assets acquired after January 19, 2025, which deferred our cash tax obligations, ultimately reducing our income tax payable to a nominal amount in 2025, and modifying the export-promoting FDII deduction rules, renamed to the FDDEI under the OBBBA, which is expected to reduce our income taxes payable relative to prior policy in future periods. Additionally, on September 30, 2025, the IRS issued Notice 2025-49, which revised rules for calculating CAMT adjusted financial statement income, deferring our cash tax obligations and entitling us to a refund of $380 million of previously paid CAMT, which we received in December 2025.
Investing Cash Flows
Our investing net cash outflows primarily related to: (1) construction costs for the Corpus Christi Stage 3 Project, which were $1.3 billion and $1.5 billion during the years ended December 31, 2025 and 2024, respectively; (2) $1.0 billion of costs paid for the CCL Midscale Trains 8 & 9 Project during the year ended December 31, 2025, primarily related to procurement and engineering; and (3) optimization and other site improvement projects during both periods. The $0.2 billion decrease in construction costs for the Corpus Christi Stage 3 Project between the periods was primarily related to a decline in expenditures in the current year related to the EPC contract as the project approaches completion. We expect to continue to incur capital expenditures for the Corpus Christi Stage 3 Project and the CCL Midscale Trains 8 & 9 Project as construction progresses on these projects.
Financing Cash Flows
The following table summarizes our financing activities (in millions):
Year Ended December 31,
Proceeds from issuances of debt and borrowings
Redemptions and repayments of debt
Distributions to NCI
Contributions from redeemable NCI
Payments related to tax withholdings for share-based compensation
Repurchase of common stock, inclusive of excise taxes paid
Dividends to stockholders
Other, net
Net cash used in financing activities
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Proceeds from Issuances of Debt and Borrowings
The following table shows the proceeds from issuances of debt and borrowings, including intra-year activity (in millions):
Year Ended December 31,
Cheniere:
5.650% Senior Notes due 2034
Cheniere Revolving Credit Facility
CQP:
5.750% Senior Notes due 2034
2035 CQP Senior Notes
SPL:
SPL Revolving Credit Facility
CCH:
CCH Credit Facility
Total proceeds from issuances of debt and borrowings
Debt Redemptions and Repayments
The following table shows the redemptions and repayments of debt, including intra-year activity (in millions):
Year Ended December 31,
Cheniere:
Cheniere Revolving Credit Facility
SPL:
5.750% Senior Secured Notes due 2024
2025 SPL Senior Notes
2026 SPL Senior Notes
4.746% weighted average rate Senior Notes due 2037
SPL Revolving Credit Facility
CCH:
5.875% Senior Notes due 2025
Total redemptions and repayments of debt
Repurchase of Common Stock
During the years ended December 31, 2025 and 2024, we paid $2.7 billion and $2.3 billion to repurchase approximately 12.1 million and 13.8 million shares of our common stock, respectively, under our share repurchase program. Additionally, during the year ended December 31, 2025, we paid $33 million of excise taxes related to our repurchase of common stock during the fiscal years 2023 and 2024, since the IRS imposes an excise tax of 1% on the fair market value of our stock repurchases less our stock issuances. In April 2026, we expect to pay $26 million of excise taxes related to our repurchases during the fiscal year 2025. As of December 31, 2025, we had approximately $1.2 billion remaining under our share repurchase program. In February 2026, our Board approved an increase in our share repurchase authorization to approximately $10 billion from 2026 through 2030 with a $9 billion increase to the existing authorization.
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Cash Dividends to Stockholders
During the year ended December 31, 2025, we paid aggregate dividends of $2.055 per share of common stock for a total of $451 million and during the year ended December 31, 2024, we paid aggregate dividends of $1.805 per share of common stock for a total of $412 million.
On January 27, 2026, we declared a quarterly dividend of $0.555 per share of common stock that is payable on February 27, 2026 to stockholders of record as of the close of business on February 6, 2026.
Summary of Critical Accounting Estimates
The preparation of our Consolidated Financial Statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and the accompanying notes. Management evaluates its estimates and related assumptions regularly, including those related to the valuation of derivative instruments. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates. Management considers the following to be its most critical accounting estimates that involve significant judgment.
Fair Value of Level 3 Liquefaction Supply Derivatives
Our derivative instruments are recorded at fair value unless they satisfy criteria for, and we elect, the normal purchases and normal sales exception, as described in Note 2—Summary of Significant Accounting Policies of our Notes to Consolidated Financial Statements. We record changes in the fair value of our derivative positions through earnings, based on the value for which the derivative instrument could be exchanged between willing parties. Valuation of our liquefaction supply derivative contracts is often developed through the use of internal models which includes significant unobservable inputs representing Level 3 fair value measurements as further described in Note 2—Summary of Significant Accounting Policies of our Notes to Consolidated Financial Statements. In instances where observable data is unavailable, consideration is given to the assumptions that market participants may use in valuing the asset or liability. To the extent valued using an option pricing model, we consider the future prices of energy units for unobservable periods to be a significant unobservable input to estimated net fair value. In estimating the future prices of energy units, we make judgments about market risk related to liquidity of commodity indices and volatility utilizing available market data. Changes in facts and circumstances or additional information may result in revised estimates and judgments, and actual results may differ from these estimates and judgments. We derive our volatility assumptions based on observed historical settled global LNG market pricing or accepted proxies for global LNG market pricing as well as settled domestic natural gas pricing. Such assumptions also contemplate, as of the balance sheet date, observable forward curve data of such indices, as well as evolving available industry data and independent studies. In developing our assumptions, we acknowledge that the global LNG industry is inherently influenced by events such as supply constraints, geopolitical , unusual climate events including and uncommonly mild, by historical standards, winters and summers, and real or operational impacts to global energy infrastructure. Our current estimate of does not exclude the impact of otherwise rare events unless we believe market participants would exclude such events on account of their assertion that those events were specific to our company and deemed within our control.
Our fair value estimates incorporate market participant-based assumptions pertaining to applicable contractual uncertainties, including those related to the availability of market information for delivery points, as well as the timing of both satisfaction of contractual events or states of affairs and delivery commencement. We may recognize changes in fair value through earnings that could be significant to our results of operations if and when such uncertainties are resolved.
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Additionally, the valuation of certain liquefaction supply derivatives requires significant judgment in estimating underlying forward commodity curves due to periods of unobservability or limited liquidity. Such valuations are more susceptible to variability particularly when markets are volatile. Provided below are the changes in fair value from valuation of liquefaction supply derivatives valued through the use of internal models which incorporate significant unobservable inputs for the years ended December 31, 2025 and 2024 (in millions). The changes in fair value shown are limited to instruments still held at the end of each respective period.
Year Ended December 31,
Favorable changes in fair value of liquefaction supply derivatives still held at the end of the period
The changes in fair value on instruments held at the end of both years are primarily attributed to a significant variance in the estimated and observable forward international LNG commodity prices on our IPM agreements in effect during the years ended December 31, 2025 and 2024.
The estimated fair value of level 3 liquefaction supply derivatives recognized in our Consolidated Balance Sheets as of December 31, 2025 and 2024 amounted to an asset of $2.9 billion and a liability of $801 million, respectively.
The ultimate fair value of our derivative instruments is uncertain, and we believe that it is reasonably possible that a material change in the estimated fair value could occur in the near future, particularly as it relates to commodity prices impacting the valuation of our liquefaction supply derivatives, given the level of volatility to which such prices are subjected. See Item 7A. Quantitative and Qualitative Disclosures About Market Risk for further analysis of the sensitivity of the fair value of our derivatives to hypothetical changes in underlying prices.
Recent Accounting Standards
For a summary of recently issued accounting standards, see Note 2—Summary of Significant Accounting Policies of our Notes to Consolidated Financial Statements.
