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CONDENSED CONSOLIDATING FINANCIAL INFORMATION | 3 Months Ended
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Mar. 31, 2020
Condensed Financial Information Disclosure [Abstract] |
CONDENSED CONSOLIDATING FINANCIAL INFORMATION | CONDENSED CONSOLIDATING FINANCIAL INFORMATION Our Credit Facilities, Second Lien Notes and Senior Notes are guaranteed both fully and unconditionally and jointly and severally by our material wholly owned subsidiaries (Guarantor Subsidiaries). Certain of our subsidiaries do not guarantee our Credit Facilities, Second Lien Notes and Senior Notes (Non-Guarantor Subsidiaries) either because they hold assets that are less than 1% of our total consolidated assets or because they are not considered a "subsidiary" under the applicable financing agreement. The following condensed consolidating balance sheets as of March 31, 2020 and December 31, 2019 and the condensed consolidating statements of operations and statements of cash flows for the three months ended March 31, 2020 and 2019, as applicable, reflect the condensed consolidating financial information of our parent company, CRC (Parent), our combined Guarantor Subsidiaries, our combined Non-Guarantor Subsidiaries and the elimination entries necessary to arrive at the information for the Company on a consolidated basis. 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 |
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 | )
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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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 + Details
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