CHENIERE ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) Year Ended December 31, 2020 2019 2018 Cash flows from operating activities Net income $ 501  $ 1,232  $ 1,200  Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 932  794  449  Share-based compensation expense 110  131  113  Non-cash interest expense 51  143  74  Amortization of debt issuance costs, premium and discount 114  103  69  Non-cash operating lease costs 291  350  —  Loss on modification or extinguishment of debt 217  55  27  Total losses (gains) on derivatives, net 211  (400) 51  Net cash provided by settlement of derivative instruments 74  138  17  Impairment expense and loss on disposal of assets 6  23  8  Impairment or loss on equity method investments 126  88  —  Deferred taxes 40  (521) (5) Repayment of paid-in-kind interest related to repurchase of convertible notes (911) —  —  Other 2  —  (5) Changes in operating assets and liabilities: Accounts and other receivables, net (154) 1  (133) Inventory 21  11  (73) Other current assets (27) (18) (15) Accounts payable and accrued liabilities 54  52  188  Deferred revenue (23) 22  26  Operating lease liabilities (277) (366) —  Finance lease liabilities —  1  —  Other, net (93) (6) (1) Net cash provided by operating activities 1,265  1,833  1,990  Cash flows from investing activities Property, plant and equipment, net (1,839) (3,056) (3,643) Investment in equity method investment (100) (105) (25) Other (8) (2) 14  Net cash used in investing activities (1,947) (3,163) (3,654) Cash flows from financing activities Proceeds from issuances of debt 7,823  6,434  4,285  Repayments of debt (6,940) (4,346) (1,391) Debt issuance and other financing costs (125) (51) (66) Debt modification or extinguishment costs (172) (15) (17) Distributions and dividends to non-controlling interest (626) (590) (576) Payments related to tax withholdings for share-based compensation (43) (19) (20) Repurchase of common stock (155) (249) —  Other 3  4  (8) Net cash provided by (used in) financing activities (235) 1,168  2,207  Net decrease in cash, cash equivalents and restricted cash (917) (162) 543  Cash, cash equivalents and restricted cash—beginning of period 2,994  3,156  2,613  Cash, cash equivalents and restricted cash—end of period $ 2,077  $ 2,994  $ 3,156  Balances per Consolidated Balance Sheets: December 31, 2020 2019 Cash and cash equivalents $ 1,628  $ 2,474  Restricted cash 449  520  Total cash, cash equivalents and restricted cash $ 2,077  $ 2,994  The accompanying notes are an integral part of these consolidated financial statements. 78