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## NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED 

## CHENIERE ENERGY, INC. AND SUBSIDIARIES 

2019 and 2018. As of December 31, 2019, the if-converted value of the 2045 Cheniere Convertible Senior Notes did not exceed the principal balance. 

## Restrictive Debt Covenants 

As of December 31, 2019, each of our issuers was in compliance with all covenants related to their respective debt agreements. 

## Interest Expense 

Total interest expense, including interest expense related to our convertible notes, consisted of the following (in millions): 

<img src='content_image/1019947.jpg'>

## Fair Value Disclosures 

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

<img src='content_image/1019948.jpg'>

(1) Includes the SPL Senior Notes except the 2037 SPL Senior Notes, the CQP Senior Notes and the 144A CCH Senior Notes. 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 our stock price and interest rates based on debt issued by parties with comparable credit ratings to us and inputs that are not observable in the market. 

(3) Includes SPL Working Capital Facility, 2016 CQP Credit Facilities, 2019 CQP Credit Facilities, CCH Credit Facility, CCH Working Capital Facility, Cheniere Revolving Credit Facility and Cheniere Marketing trade finance facilities. The Level 3 estimated fair value approximates the principal amount because the interest rates are variable and reflective of market rates and the debt may be repaid, in full or in part, at any time without penalty. 

(4) The Level 1 estimated fair value was based on unadjusted quoted prices in active markets for identical liabilities that we had the ability to access at the measurement date. 

