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CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables) | 3 Months Ended
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Mar. 31, 2020
Condensed Financial Information Disclosure [Abstract] |
Schedule of condensed balance sheet | The financial information may not necessarily be indicative of results of operations, cash flows or financial position had the Guarantor Subsidiaries operated as independent entities.
Condensed Consolidating Balance Sheets
As of March 31, 2020 and December 31, 2019
(in millions)
| March 31, 2020
| Parent |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Total current assets | $ | 9 |  |  | $ | 289 |  |  | $ | 65 |  |  | $ | (7 | ) |  | $ | 356 |
Investments in consolidated subsidiaries | 4,304 |  |  | 131 |  |  | — |  |  | (4,435 | ) |  | — |
Total property, plant and equipment, net | 25 |  |  | 4,039 |  |  | 474 |  |  | — |  |  | 4,538 |
Other assets | 1 |  |  | 65 |  |  | 14 |  |  | — |  |  | 80 |
TOTAL ASSETS | $ | 4,339 |  |  | $ | 4,524 |  |  | $ | 553 |  |  | $ | (4,442 | ) |  | $ | 4,974 |
Total current liabilities | 139 |  |  | 404 |  |  | 7 |  |  | (7 | ) |  | 543 |
Long-term debt | 4,860 |  |  | — |  |  | — |  |  | — |  |  | 4,860 |
Deferred gain and issuance costs, net | 135 |  |  | — |  |  | — |  |  | — |  |  | 135 |
Other long-term liabilities | 158 |  |  | 553 |  |  | 4 |  |  | — |  |  | 715 |
Amounts due to (from) affiliates | 1,230 |  |  | (1,232 | ) |  | 2 |  |  | — |  |  | — |
Mezzanine equity | — |  |  | — |  |  | 816 |  |  | — |  |  | 816 |
Total equity | (2,183 | ) |  | 4,799 |  |  | (276 | ) |  | (4,435 | ) |  | (2,095 | )
TOTAL LIABILITIES AND EQUITY | $ | 4,339 |  |  | $ | 4,524 |  |  | $ | 553 |  |  | $ | (4,442 | ) |  | $ | 4,974 |
| December 31, 2019
| Parent |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Total current assets | $ | 8 |  |  | $ | 436 |  |  | $ | 60 |  |  | $ | (13 | ) |  | $ | 491 |
Investments in consolidated subsidiaries | 5,956 |  |  | 223 |  |  | — |  |  | (6,179 | ) |  | — |
Total property, plant and equipment, net | 35 |  |  | 5,846 |  |  | 471 |  |  | — |  |  | 6,352 |
Other assets | 1 |  |  | 82 |  |  | 32 |  |  | — |  |  | 115 |
TOTAL ASSETS | $ | 6,000 |  |  | $ | 6,587 |  |  | $ | 563 |  |  | $ | (6,192 | ) |  | $ | 6,958 |
Total current liabilities | 248 |  |  | 469 |  |  | 5 |  |  | (13 | ) |  | 709 |
Long-term debt | 4,877 |  |  | — |  |  | — |  |  | — |  |  | 4,877 |
Deferred gain and issuance costs, net | 146 |  |  | — |  |  | — |  |  | — |  |  | 146 |
Other long-term liabilities | 167 |  |  | 549 |  |  | 4 |  |  | — |  |  | 720 |
Amounts due to (from) affiliates | 951 |  |  | (953 | ) |  | 2 |  |  | — |  |  | — |
Mezzanine equity | — |  |  | — |  |  | 802 |  |  | — |  |  | 802 |
Total equity | (389 | ) |  | 6,522 |  |  | (250 | ) |  | (6,179 | ) |  | (296 | )
TOTAL LIABILITIES AND EQUITY | $ | 6,000 |  |  | $ | 6,587 |  |  | $ | 563 |  |  | $ | (6,192 | ) |  | $ | 6,958 |
Schedule of condensed income statement |
Condensed Consolidating Statements of Operations
For the three months ended March 31, 2020 and 2019
(in millions)
| Three months ended March 31, 2020
| Parent |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Total revenues | $ | — |  |  | $ | 526 |  |  | $ | 116 |  |  | $ | (69 | ) |  | $ | 573 |
Total costs | 47 |  |  | 2,189 |  |  | 55 |  |  | (69 | ) |  | 2,222 |
Non-operating (loss) income | (95 | ) |  | (1 | ) |  | — |  |  | — |  |  | (96 | )
NET (LOSS) INCOME | (142 | ) |  | (1,664 | ) |  | 61 |  |  | — |  |  | (1,745 | )
Net income attributable to noncontrolling interests | — |  |  | — |  |  | (51 | ) |  | — |  |  | (51 | )
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCK | $ | (142 | ) |  | $ | (1,664 | ) |  | $ | 10 |  |  | $ | — |  |  | $ | (1,796 | )
| Three months ended March 31, 2019
| Parent |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Total revenues | $ | — |  |  | $ | 644 |  |  | $ | 123 |  |  | $ | (77 | ) |  | $ | 690 |
Total costs | 54 |  |  | 584 |  |  | 72 |  |  | (77 | ) |  | 633 |
Non-operating (loss) income | (104 | ) |  | 3 |  |  | — |  |  | — |  |  | (101 | )
NET (LOSS) INCOME | (158 | ) |  | 63 |  |  | 51 |  |  | — |  |  | (44 | )
Net income attributable to noncontrolling interest | — |  |  | — |  |  | (23 | ) |  | — |  |  | (23 | )
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCK | $ | (158 | ) |  | $ | 63 |  |  | $ | 28 |  |  | $ | — |  |  | $ | (67 | )
Schedule of condensed cash flow statement |
Condensed Consolidating Statements of Cash Flows
For the three months ended March 31, 2020 and 2019
(in millions)
| Three months ended March 31, 2020
| Parent |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash (used in) provided by operating activities | $ | (188 | ) |  | $ | 334 |  |  | $ | 82 |  |  | $ | — |  |  | $ | 228 |
Net cash provided by (used in) investing activities | 1 |  |  | (13 | ) |  | — |  |  | — |  |  | (12 | )
Net cash provided by (used in) financing activities | 187 |  |  | (260 | ) |  | (83 | ) |  | — |  |  | (156 | )
Increase in cash | — |  |  | 61 |  |  | (1 | ) |  | — |  |  | 60 |
Cash—beginning of period | — |  |  | 6 |  |  | 11 |  |  | — |  |  | 17 |
Cash—end of period | $ | — |  |  | $ | 67 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 77 |
| Three months ended March 31, 2019
| Parent |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash (used in) provided by operating activities | $ | (184 | ) |  | $ | 267 |  |  | $ | 75 |  |  | $ | — |  |  | $ | 158 |
Net cash used in investing activities | — |  |  | (182 | ) |  | — |  |  | — |  |  | (182 | )
Net cash provided by (used in) financing activities | 184 |  |  | (83 | ) |  | (51 | ) |  | — |  |  | 50 |
Increase in cash | — |  |  | 2 |  |  | 24 |  |  | — |  |  | 26 |
Cash—beginning of period | — |  |  | 7 |  |  | 10 |  |  | — |  |  | 17 |
Cash—end of period | $ | — |  |  | $ | 9 |  |  | $ | 34 |  |  | $ | — |  |  | $ | 43 |

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