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Condensed Consolidating Financial Information (Tables) | 3 Months Ended
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Mar. 31, 2015
Condensed Consolidating Financial Information |
Schedule of condensed consolidating statement of operations | The following tables include the consolidating adjustments necessary to present the condensed financial statements on a consolidated basis (in millions):
|  | Three months ended March 31, 2015 |
|  | Parent Guarantor |  | Subsidiary Issuer |  | Other Subsidiaries |  | Consolidating adjustments |  | Consolidated |
Operating revenues |  | $ | — |  | $ | — |  | $ | 2,043 |  | $ | — |  | $ | 2,043 |
Cost and expenses |  | 4 |  | 2 |  | 1,415 |  | — |  | 1,421 |
Loss on impairment |  | — |  | — |  | (936 | ) | — |  | (936 | )
Loss on disposal of assets, net |  | — |  | — |  | (7 | ) | — |  | (7 | )
Operating loss |  | (4 | ) | (2 | ) | (315 | ) | — |  | (321 | )
Other income (expense), net |  |  |  |  |  |  |  |  |  |  |
Interest income (expense), net |  | — |  | (161 | ) | 51 |  | — |  | (110 | )
Equity in earnings |  | (479 | ) | (268 | ) | — |  | 747 |  | — |
Other, net |  | — |  | 39 |  | 8 |  | — |  | 47 |
|  | (479 | ) | (390 | ) | 59 |  | 747 |  | (63 | )
Loss from continuing operations before income tax expense |  | (483 | ) | (392 | ) | (256 | ) | 747 |  | (384 | )
Income tax expense |  | — |  | — |  | 83 |  | — |  | 83 |
Loss from continuing operations |  | (483 | ) | (392 | ) | (339 | ) | 747 |  | (467 | )
Gain (loss) from discontinued operations, net of tax |  | — |  | 1 |  | (3 | ) | — |  | (2 | )
Net loss |  | (483 | ) | (391 | ) | (342 | ) | 747 |  | (469 | )
Net income attributable to noncontrolling interest |  | — |  | — |  | 14 |  | — |  | 14 |
Net loss attributable to controlling interest |  | (483 | ) | (391 | ) | (356 | ) | 747 |  | (483 | )
Other comprehensive income (loss) before income taxes |  | (2 | ) | (9 | ) | 3 |  | — |  | (8 | )
Income taxes related to other comprehensive loss |  | — |  | — |  | (2 | ) | — |  | (2 | )
Other comprehensive income (loss), net of income taxes |  | (2 | ) | (9 | ) | 1 |  | — |  | (10 | )
Total comprehensive loss |  | (485 | ) | (400 | ) | (341 | ) | 747 |  | (479 | )
Total comprehensive income attributable to noncontrolling interest |  | — |  | — |  | 14 |  | — |  | 14 |
Total comprehensive loss attributable to controlling interest |  | $ | (485 | ) | $ | (400 | ) | $ | (355 | ) | $ | 747 |  | $ | (493 | )
|  | Three months ended March 31, 2014 |
|  | Parent Guarantor |  | Subsidiary Issuer |  | Other Subsidiaries |  | Consolidating adjustments |  | Consolidated |
Operating revenues |  | $ | — |  | $ | — |  | $ | 2,343 |  | $ | (4 | ) | $ | 2,339 |
Cost and expenses |  | 9 |  | 1 |  | 1,593 |  | (4 | ) | 1,599 |
Loss on impairment |  | — |  | — |  | (65 | ) | — |  | (65 | )
Loss on disposal of assets, net |  | — |  | — |  | (3 | ) | — |  | (3 | )
Operating income (loss) |  | (9 | ) | (1 | ) | 682 |  | — |  | 672 |
Other income (expense), net |  |  |  |  |  |  |  |  |  |  |
Interest income (expense), net |  | 6 |  | 139 |  | (261 | ) | — |  | (116 | )
Equity in earnings |  | 459 |  | 287 |  | — |  | (746 | ) | — |
Other, net |  | — |  | 1 |  | (3 | ) | — |  | (2 | )
|  | 465 |  | 427 |  | (264 | ) | (746 | ) | (118 | )
Income from continuing operations before income tax expense |  | 456 |  | 426 |  | 418 |  | (746 | ) | 554 |
Income tax expense |  | — |  | — |  | 80 |  | — |  | 80 |
Income from continuing operations |  | 456 |  | 426 |  | 338 |  | (746 | ) | 474 |
Gain (loss) from discontinued operations, net of tax |  | — |  | 4 |  | (12 | ) | — |  | (8 | )
Net Income |  | 456 |  | 430 |  | 326 |  | (746 | ) | 466 |
Net income attributable to noncontrolling interest |  | — |  | — |  | 10 |  | — |  | 10 |
Net income attributable to controlling interest |  | 456 |  | 430 |  | 316 |  | (746 | ) | 456 |
Other comprehensive income (loss) before income taxes |  | (2 | ) | (6 | ) | 7 |  | — |  | (1 | )
Income taxes related to other comprehensive loss |  | — |  | — |  | — |  | — |  | — |
Other comprehensive income (loss), net of income taxes |  | (2 | ) | (6 | ) | 7 |  | — |  | (1 | )
Total comprehensive income |  | 454 |  | 424 |  | 333 |  | (746 | ) | 465 |
Total comprehensive income attributable to noncontrolling interest |  | — |  | — |  | 10 |  | — |  | 10 |
Total comprehensive income attributable to controlling interest |  | $ | 454 |  | $ | 424 |  | $ | 323 |  | $ | (746 | ) | $ | 455 |
Schedule of condensed consolidating balance sheet | The following tables include the consolidating adjustments necessary to present the condensed financial statements on a consolidated basis (in millions):
|  | March 31, 2015 |
|  | Parent Guarantor |  | Subsidiary Issuer |  | Other Subsidiaries |  | Consolidating adjustments |  | Consolidated |
Assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 19 |  | $ | 1,160 |  | $ | 1,503 |  | $ | — |  | $ | 2,682 |
Other current assets |  | 3 |  | 741 |  | 4,908 |  | (2,491 | ) | 3,161 |
Total current assets |  | 22 |  | 1,901 |  | 6,411 |  | (2,491 | ) | 5,843 |
Property and equipment, net |  | — |  | — |  | 20,566 |  | — |  | 20,566 |
Investment in affiliates |  | 13,210 |  | 30,270 |  | — |  | (43,480 | ) | — |
Other assets |  | — |  | 4,241 |  | 26,637 |  | (30,182 | ) | 696 |
Total assets |  | 13,232 |  | 36,412 |  | 53,614 |  | (76,153 | ) | 27,105 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |
Debt due within one year |  | — |  | 896 |  | 128 |  | — |  | 1,024 |
Other current liabilities |  | 6 |  | 465 |  | 4,169 |  | (2,491 | ) | 2,149 |
Total current liabilities |  | 6 |  | 1,361 |  | 4,297 |  | (2,491 | ) | 3,173 |
Long-term debt |  | — |  | 22,217 |  | 16,961 |  | (30,182 | ) | 8,996 |
Other long-term liabilities |  | 25 |  | 285 |  | 1,105 |  | — |  | 1,415 |
Total long-term liabilities |  | 25 |  | 22,502 |  | 18,066 |  | (30,182 | ) | 10,411 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |
Redeemable noncontrolling interest |  | — |  | — |  | 11 |  | — |  | 11 |
Total equity |  | 13,201 |  | 12,549 |  | 31,240 |  | (43,480 | ) | 13,510 |
Total liabilities and equity |  | $ | 13,232 |  | $ | 36,412 |  | $ | 53,614 |  | $ | (76,153 | ) | $ | 27,105 |
|  | December 31, 2014 |
|  | Parent Guarantor |  | Subsidiary Issuer |  | Other Subsidiaries |  | Consolidating adjustments |  | Consolidated |
Assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 16 |  | $ | 842 |  | $ | 1,777 |  | $ | — |  | $ | 2,635 |
Other current assets |  | 12 |  | 757 |  | 5,228 |  | (2,631 | ) | 3,366 |
Total current assets |  | 28 |  | 1,599 |  | 7,005 |  | (2,631 | ) | 6,001 |
Property and equipment, net |  | — |  | — |  | 21,538 |  | — |  | 21,538 |
Investment in affiliates |  | 13,952 |  | 30,925 |  | — |  | (44,877 | ) | — |
Other assets |  | — |  | 3,899 |  | 25,883 |  | (28,908 | ) | 874 |
Total assets |  | 13,980 |  | 36,423 |  | 54,426 |  | (76,416 | ) | 28,413 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |
Debt due within one year |  | — |  | 898 |  | 135 |  | — |  | 1,033 |
Other current liabilities |  | 287 |  | 473 |  | 4,608 |  | (2,631 | ) | 2,737 |
Total current liabilities |  | 287 |  | 1,371 |  | 4,743 |  | (2,631 | ) | 3,770 |
Long-term debt |  | — |  | 21,486 |  | 16,481 |  | (28,908 | ) | 9,059 |
Other long-term liabilities |  | 22 |  | 280 |  | 1,289 |  | — |  | 1,591 |
Total long-term liabilities |  | 22 |  | 21,766 |  | 17,770 |  | (28,908 | ) | 10,650 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |
Redeemable noncontrolling interest |  | — |  | — |  | 11 |  | — |  | 11 |
Total equity |  | 13,671 |  | 13,286 |  | 31,902 |  | (44,877 | ) | 13,982 |
Total liabilities and equity |  | $ | 13,980 |  | $ | 36,423 |  | $ | 54,426 |  | $ | (76,416 | ) | $ | 28,413 |
Schedule of condensed consolidating statement of cash flows | The following tables include the consolidating adjustments necessary to present the condensed financial statements on a consolidated basis (in millions):
|  | Three months ended March 31, 2015 |
|  | Parent Guarantor |  | Subsidiary Issuer |  | Other Subsidiaries |  | Consolidating adjustments |  | Consolidated |
Cash flows from operating activities |  | $ | 2 |  | $ | (75 | ) | $ | 599 |  | $ | — |  | $ | 526 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | — |  | — |  | (201 | ) | — |  | (201 | )
Proceeds from disposal of assets, net |  | — |  | — |  | 7 |  | — |  | 7 |
Proceeds from disposal of assets in discontinued operations, net |  | — |  | — |  | 2 |  | — |  | 2 |
Investing activities with affiliates, net |  | — |  | (353 | ) | (746 | ) | 1,099 |  | — |
Net cash used in investing activities |  | — |  | (353 | ) | (938 | ) | 1,099 |  | (192 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |
Repayments of debt |  | — |  | — |  | (63 | ) | — |  | (63 | )
Proceeds from restricted cash investments |  | — |  | — |  | 57 |  | — |  | 57 |
Distribution of qualifying additional paid-in capital |  | (272 | ) | — |  | — |  | — |  | (272 | )
Distribution to holders of noncontrolling interest |  | — |  | — |  | (7 | ) | — |  | (7 | )
Financing activities with affiliates, net |  | 275 |  | 746 |  | 78 |  | (1,099 | ) | — |
Other, net |  | (2 | ) | — |  | — |  | — |  | (2 | )
Net increase (decrease) cash provided by (used in) financing activities |  | 1 |  | 746 |  | 65 |  | (1,099 | ) | (287 | )
Net increase (decrease) in cash and cash equivalents |  | 3 |  | 318 |  | (274 | ) | — |  | 47 |
Cash and cash equivalents at beginning of period |  | 16 |  | 842 |  | 1,777 |  | — |  | 2,635 |
Cash and cash equivalents at end of period |  | $ | 19 |  | $ | 1,160 |  | $ | 1,503 |  | $ | — |  | $ | 2,682 |
|  | Three months ended March 31, 2014 |
|  | Parent Guarantor |  | Subsidiary Issuer |  | Other Subsidiaries |  | Consolidating adjustments |  | Consolidated |
Cash flows from operating activities |  | $ | 10 |  | $ | (128 | ) | $ | 254 |  | $ | — |  | $ | 136 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | — |  | — |  | (1,131 | ) | — |  | (1,131 | )
Proceeds from disposal of assets, net |  | — |  | — |  | 91 |  | — |  | 91 |
Proceeds from disposal of assets in discontinued operations, net |  | — |  | — |  | 14 |  | — |  | 14 |
Investing activities with affiliates, net |  | — |  | (737 | ) | 62 |  | 675 |  | — |
Other, net |  | — |  | — |  | (12 | ) | — |  | (12 | )
Net cash used in investing activities |  | — |  | (737 | ) | (976 | ) | 675 |  | (1,038 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |
Repayments of debt |  | — |  | — |  | (237 | ) | — |  | (237 | )
Proceeds from restricted cash investments |  | — |  | — |  | 107 |  | — |  | 107 |
Deposits to restricted cash investments |  | — |  | — |  | (20 | ) | — |  | (20 | )
Distribution of qualifying additional paid-in capital |  | (202 | ) | — |  | — |  | — |  | (202 | )
Financing activities with affiliates, net |  | 217 |  | (42 | ) | 500 |  | (675 | ) | — |
Other, net |  | (2 | ) | — |  | — |  | — |  | (2 | )
Net increase (decrease) cash provided by (used in) financing activities |  | 13 |  | (42 | ) | 350 |  | (675 | ) | (354 | )
Net increase (decrease) in cash and cash equivalents |  | 23 |  | (907 | ) | (372 | ) | — |  | (1,256 | )
Cash and cash equivalents at beginning of period |  | 4 |  | 1,617 |  | 1,622 |  | — |  | 3,243 |
Cash and cash equivalents at end of period |  | $ | 27 |  | $ | 710 |  | $ | 1,250 |  | $ | — |  | $ | 1,987 |

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