v2.4.0.6
Debt (Tables)
 3 Months Ended
Mar. 31, 2012
Debt [Abstract]  
Schedule of Long-term Debt Instruments
Our debt at March 31, 2012 and December 31, 2011, was as follows (in millions):
 
March 31, 2012

December 31, 2011
First Lien Notes
$
5,892

 
$
5,892

Project financing, notes payable and other
1,767

 
1,691

First Lien Term Loans
1,642

 
1,646

CCFC Notes
973

 
972

Capital lease obligations
221

 
224

Total debt
10,495

 
10,425

Less: Current maturities
103

 
104

Debt, net of current portion
$
10,392

 
$
10,321
First Lien Notes
Our First Lien Notes are summarized in the table below (in millions):
 
March 31, 2012
 
December 31, 2011
2017 First Lien Notes
$
1,200

 
$
1,200

2019 First Lien Notes
400

 
400

2020 First Lien Notes
1,092

 
1,092

2021 First Lien Notes
2,000

 
2,000

2023 First Lien Notes
1,200

 
1,200

Total First Lien Notes
$
5,892

 
$
5,892
Schedule of Line of Credit Facilities
The table below represents amounts issued under our letter of credit facilities at March 31, 2012 and December 31, 2011 (in millions):
 
March 31, 2012
 
December 31, 2011
Corporate Revolving Facility
$
351

 
$
440

CDHI(1)
226

 
193

Various project financing facilities
130

 
130

Total
$
707

 
$
763

__________
(1)
On January 10, 2012, we increased the CDHI letter of credit facility to $300 million and extended the maturity date to January 2, 2016.
Fair Value, by Balance Sheet Grouping
The following table details the fair values and carrying values of our debt instruments at March 31, 2012 and December 31, 2011 (in millions):
 
March 31, 2012
 
December 31, 2011
 
Fair Value
 
Carrying
Value
 
Fair Value
 
Carrying
Value
First Lien Notes
$
6,395

 
$
5,892

 
$
6,219

 
$
5,892

Project financing, notes payable and other(1)
1,565

 
1,606

 
1,467

 
1,504

First Lien Term Loans
1,640

 
1,642

 
1,615

 
1,646

CCFC Notes
1,100

 
973

 
1,070

 
972

Total
$
10,700

 
$
10,113

 
$
10,371

 
$
10,014

____________
(1)
Excludes leases that are accounted for as failed sale-leaseback transactions under U.S. GAAP.

On January 1, 2012, we adopted Accounting Standards Update 2011-04 "Fair Value Measurement" which requires the categorization by level of the fair value hierarchy for items not measured at fair value on our Consolidated Condensed Balance Sheets but for which fair value is required to be disclosed. We measure the fair value of our debt instruments using market information, including quoted market prices or dealer quotes for the identical liability when traded as an asset (categorized as level 2) and discounted cash flow analyses based on our current borrowing rates for similar types of borrowing arrangements (categorized as level 3). We do not have any debt instruments with fair value measurements categorized as level 1 within the fair value hierarchy. The following table presents the fair value of our debt instruments by level of the fair value hierarchy at March 31, 2012 (in millions):

 
March 31, 2012
 
Level 1
 
Level 2
 
Level 3
 
Total
First Lien Notes
$
—

 
$
6,395

 
$
—

 
$
6,395

Project financing, notes payable and other
—

 
—

 
1,565

 
1,565

First Lien Term Loans
—

 
1,640

 
—

 
1,640

CCFC Notes
—

 
1,100

 
—

 
1,100

Total
$
—

 
$
9,135

 
$
1,565

 
$
10,700