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Debt (Tables)
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9 Months Ended |
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Sep. 30, 2013
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| Debt [Abstract] |
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| Schedule of Long-term Debt Instruments |
At September 30, 2013 and December 31, 2012, our debt was as follows (in millions): | | | | | | | | | | September 30, 2013 |
| December 31, 2012 | First Lien Notes | $ | 5,304 |
| | $ | 5,303 |
| First Lien Term Loans | 2,444 |
| | 2,463 |
| Project financing, notes payable and other | 1,870 |
| | 1,789 |
| CCFC Term Loans | 1,194 |
| | — |
| CCFC Notes | — |
| | 978 |
| Capital lease obligations | 211 |
| | 217 |
| Total debt | 11,023 |
| | 10,750 |
| Less: Current maturities | 154 |
| | 115 |
| Debt, net of current portion | $ | 10,869 |
| | $ | 10,635 |
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| First Lien Notes |
Our First Lien Notes are summarized in the table below (in millions): | | | | | | | | | | September 30, 2013 | | December 31, 2012 | 2017 First Lien Notes(1) | $ | 1,080 |
| | $ | 1,080 |
| 2019 First Lien Notes(2) | 360 |
| | 360 |
| 2020 First Lien Notes(2) | 984 |
| | 983 |
| 2021 First Lien Notes(2) | 1,800 |
| | 1,800 |
| 2023 First Lien Notes(2) | 1,080 |
| | 1,080 |
| Total First Lien Notes | $ | 5,304 |
| | $ | 5,303 |
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____________ | | (1) | On October 17, 2013, we launched a tender offer to repay our 2017 First Lien Notes with the proceeds from our 2020 First Lien Term Loan and 2022 First Lien Notes which are described in further detail below. On October 31, 2013, following the early tender and consent date of the tender offer, we purchased approximately $742 million in aggregate principal amount of our 2017 First Lien Notes and issued a redemption notice to the remaining holders of our 2017 First Lien Notes that did not tender their notes in the tender offer. The tender offer expires on November 29, 2013 and we expect to purchase any 2017 First Lien Notes tendered prior to the expiration of the tender offer, and redeem any remaining 2017 First Lien Notes on December 2, 2013. |
| | (2) | On October 31, 2013, we issued notice to the holders of our 2019 First Lien Notes, 2020 First Lien Notes, 2021 First Lien Notes and 2023 First Lien Notes of our intent to redeem 10% of the original aggregate principal amount at a redemption price of 103% of the principal amount redeemed, plus accrued and unpaid interest. The redemption is expected to be completed in the fourth quarter of 2013 using proceeds received from the issuance of the 2024 First Lien Notes described below. |
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| First Lien Term Loans |
Our First Lien Term Loans are summarized in the table below (in millions): | | | | | | | | | | September 30, 2013 | | December 31, 2012 | 2018 First Lien Term Loans | $ | 1,617 |
| | $ | 1,630 |
| 2019 First Lien Term Loan | 827 |
| | 833 |
| Total First Lien Term Loans | $ | 2,444 |
| | $ | 2,463 |
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| Schedule of Line of Credit Facilities |
The table below represents amounts issued under our letter of credit facilities at September 30, 2013 and December 31, 2012 (in millions): | | | | | | | | | | September 30, 2013 | | December 31, 2012 | Corporate Revolving Facility(1) | $ | 244 |
| | $ | 243 |
| CDHI | 229 |
| | 253 |
| Various project financing facilities | 152 |
| | 130 |
| Total | $ | 625 |
| | $ | 626 |
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____________ | | (1) | The Corporate Revolving Facility represents our primary revolving facility. |
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| Schedule of Carrying Values and Estimated Fair Values of Debt Instruments |
The following table details the fair values and carrying values of our debt instruments at September 30, 2013 and December 31, 2012 (in millions): | | | | | | | | | | | | | | | | | | September 30, 2013 | | December 31, 2012 | | Fair Value | | Carrying Value | | Fair Value | | Carrying Value | First Lien Notes | $ | 5,652 |
| | $ | 5,304 |
| | $ | 5,863 |
| | $ | 5,303 |
| First Lien Term Loans | 2,446 |
| | 2,444 |
| | 2,489 |
| | 2,463 |
| Project financing, notes payable and other(1) | 1,738 |
| | 1,735 |
| | 1,599 |
| | 1,629 |
| CCFC Term Loans | 1,171 |
| | 1,194 |
| | — |
| | — |
| CCFC Notes | — |
| | — |
| | 1,075 |
| | 978 |
| Total | $ | 11,007 |
| | $ | 10,677 |
| | $ | 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. |
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