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Debt | 3 Months Ended
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Mar. 31, 2013
Debt Disclosure [Abstract] |
Debt Disclosure [Text Block] | Debt At March 31, 2013 and December 31, 2012, our debt was as follows (in millions):
| March 31, 2013 |  | December 31, 2012
First Lien Notes | $ | 5,304 |  |  | $ | 5,303 |
First Lien Term Loans | 2,456 |  |  | 2,463 |
Project financing, notes payable and other | 1,826 |  |  | 1,789 |
CCFC Notes | 980 |  |  | 978 |
Capital lease obligations | 211 |  |  | 217 |
Total debt | 10,777 |  |  | 10,750 |
Less: Current maturities | 144 |  |  | 115 |
Debt, net of current portion | $ | 10,633 |  |  | $ | 10,635 |
Our annual effective interest rate on our consolidated debt, excluding the impacts of capitalized interest and unrealized gains (losses) on interest rate swaps, decreased to 7.0% for the three months ended March 31, 2013, from 7.4% for the three months ended March 31, 2012. The issuance of our 2019 First Lien Term Loan in October 2012 allowed us to reduce our overall cost of debt by replacing a portion of our First Lien Notes and variable rate project debt with a corporate level term loan carrying a lower variable interest rate. Also, in February 2013, we repriced our First Lien Term Loans by lowering the LIBOR floor by 0.25% to 1.0% and lowering the LIBOR margin by 0.25% to 3.0%. First Lien Notes Our First Lien Notes are summarized in the table below (in millions):
| March 31, 2013 |  | December 31, 2012
2017 First Lien Notes | $ | 1,080 |  |  | $ | 1,080 |
2019 First Lien Notes | 360 |  |  | 360 |
2020 First Lien Notes | 984 |  |  | 983 |
2021 First Lien Notes | 1,800 |  |  | 1,800 |
2023 First Lien Notes | 1,080 |  |  | 1,080 |
Total First Lien Notes | $ | 5,304 |  |  | $ | 5,303 |
First Lien Term Loans Our First Lien Term Loans are summarized in the table below (in millions):
| March 31, 2013 |  | December 31, 2012
2018 First Lien Term Loans | $ | 1,625 |  |  | $ | 1,630 |
2019 First Lien Term Loan | 831 |  |  | 833 |
Total First Lien Term Loans | $ | 2,456 |  |  | $ | 2,463 |
CCFC Refinancing On April 22, 2013, we announced that CCFC, our indirect, wholly-owned subsidiary, is pursuing a potential debt refinancing whereby CCFC will enter into a new senior secured term loan and the funds will be used to repay the CCFC Notes. The timing, size and terms of any potential refinancing and the use of proceeds thereof are subject to market and other conditions and we make no assurance that such actions will take place. Corporate Revolving Facility and Other Letters of Credit Facilities The table below represents amounts issued under our letter of credit facilities at March 31, 2013 and December 31, 2012 (in millions):
| March 31, 2013 |  | December 31, 2012
Corporate Revolving Facility(1) | $ | 222 |  |  | $ | 243 |
CDHI | 250 |  |  | 253 |
Various project financing facilities | 131 |  |  | 130 |
Total | $ | 603 |  |  | $ | 626 |
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(1) | The Corporate Revolving Facility represents our primary revolving facility.
CDHI We have a $300 million letter of credit facility related to CDHI. As a result of the completion of the sale of Riverside Energy Center, LLC, a wholly-owned subsidiary of CDHI, on December 31, 2012, we are required to cash collateralize letters of credit issued in excess of $225 million until replacement collateral is contributed to the CDHI collateral package, which we are in the process of arranging. At March 31, 2013, we had $25 million in outstanding letters of credit issued in excess of $225 million under our CDHI letter of credit facility that were collateralized by cash. We do not expect this change to have a material impact on our liquidity. Fair Value of Debt We record our debt instruments based on contractual terms, net of any applicable premium or discount. We did not elect to apply the alternative U.S. GAAP provisions of the fair value option for recording financial assets and financial liabilities. The following table details the fair values and carrying values of our debt instruments at March 31, 2013 and December 31, 2012 (in millions):
| March 31, 2013 |  | December 31, 2012
| Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
First Lien Notes | $ | 5,801 |  |  | $ | 5,304 |  |  | $ | 5,863 |  |  | $ | 5,303 |
First Lien Term Loans | 2,486 |  |  | 2,456 |  |  | 2,489 |  |  | 2,463 |
Project financing, notes payable and other(1) | 1,661 |  |  | 1,691 |  |  | 1,599 |  |  | 1,629 |
CCFC Notes | 1,050 |  |  | 980 |  |  | 1,075 |  |  | 978 |
Total | $ | 10,998 |  |  | $ | 10,431 |  |  | $ | 11,026 |  |  | $ | 10,373 |
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(1) | Excludes a lease that is accounted for as a failed sale-leaseback transaction under U.S. GAAP.
We measure the fair value of our First Lien Notes, First Lien Term Loans and CCFC Notes using market information, including quoted market prices or dealer quotes for the identical liability when traded as an asset (categorized as level 2). We measure the fair value of our project financing, notes payable and other debt instruments using 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.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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