Condensed Consolidating Financial Information (Tables)

3 Months Ended

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