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Debt (Tables)
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12 Months Ended |
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Dec. 31, 2013
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| Debt Disclosure [Abstract] |
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| Schedule of Long-term Debt Instruments |
Our debt at December 31, 2013 and 2012, was as follows (in millions): | | | | | | | | | | 2013 | | 2012 | First Lien Notes | $ | 4,989 |
| | $ | 5,303 |
| First Lien Term Loans | 2,828 |
| | 2,463 |
| Project financing, notes payable and other | 1,901 |
| | 1,789 |
| CCFC Term Loans | 1,191 |
| | — |
| CCFC Notes | — |
| | 978 |
| Capital lease obligations | 203 |
| | 217 |
| Subtotal | 11,112 |
| | 10,750 |
| Less: Current maturities | 204 |
| | 115 |
| Total long-term debt | $ | 10,908 |
| | $ | 10,635 |
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| Schedule of Maturities of Long-term Debt |
Contractual annual principal repayments or maturities of debt instruments as of December 31, 2013, are as follows (in millions): | | | | | 2014 | $ | 205 |
| 2015 | 183 |
| 2016 | 194 |
| 2017 | 550 |
| 2018 | 1,717 |
| Thereafter | 8,291 |
| Subtotal | 11,140 |
| Less: Discount | 28 |
| Total debt | $ | 11,112 |
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| First Lien Notes |
Our First Lien Notes are summarized in the table below (in millions, except for interest rates): | | | | | | | | | | | | | | | | Outstanding at December 31, | | Weighted Average Effective Interest Rates(3) | | 2013 | | 2012 | | 2013 | | 2012 | 2017 First Lien Notes(1) | $ | — |
| | $ | 1,080 |
| | — | % | | 7.5 | % | 2019 First Lien Notes(2) | 320 |
| | 360 |
| | 8.2 |
| | 8.2 |
| 2020 First Lien Notes(2) | 875 |
| | 983 |
| | 8.2 |
| | 8.1 |
| 2021 First Lien Notes(2) | 1,600 |
| | 1,800 |
| | 7.7 |
| | 7.7 |
| 2022 First Lien Notes(1) | 744 |
| | — |
| | 6.2 |
| | — |
| 2023 First Lien Notes(2) | 960 |
| | 1,080 |
| | 8.0 |
| | 8.0 |
| 2024 First Lien Notes(2) | 490 |
| | — |
| | 5.9 |
| | — |
| Total First Lien Notes | $ | 4,989 |
| | $ | 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 expired on November 29, 2013 and we purchased the remaining $338 million in aggregate principal amount of our 2017 First Lien Notes tendered prior to the expiration of the tender offer, and redeemed any remaining 2017 First Lien Notes on December 2, 2013. |
| | (2) | On October 31, 2013, we issued $490 million in aggregate principal amount of our 2024 First Lien Notes and used the proceeds to redeem 10% of the original aggregate principal amount of our 2019 First Lien Notes, 2020 First Lien Notes, 2021 First Lien Notes and 2023 First Lien Notes at a redemption price of 103% of the principal amount redeemed, plus accrued and unpaid interest. |
| | (3) | Our weighted average interest rate calculation includes the amortization of deferred financing costs and debt discount. |
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| First Lien Term Loans |
Our First Lien Term Loans are summarized in the table below (in millions, except for interest rates): | | | | | | | | | | | | | | | | Outstanding at December 31, | | Weighted Average Effective Interest Rates(1) | | 2013 | | 2012 | | 2013 | | 2012 | 2018 First Lien Term Loans | $ | 1,614 |
| | $ | 1,630 |
| | 4.3 | % | | 4.7 | % | 2019 First Lien Term Loan | 824 |
| | 833 |
| | 4.5 |
| | 4.7 |
| 2020 First Lien Term Loan | 390 |
| | — |
| | 4.3 |
| | — |
| Total First Lien Term Loans | $ | 2,828 |
| | $ | 2,463 |
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____________ | | (1) | Our weighted average interest rate calculation includes the amortization of deferred financing costs and debt discount. |
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| Project Financing Notes Payable and Other |
The components of our project financing, notes payable and other are (in millions, except for interest rates): | | | | | | | | | | | | | | | | Outstanding at December 31, | | Weighted Average Effective Interest Rates(1) | | 2013 | | 2012 | | 2013 | | 2012 | Russell City Project Debt due 2023 | $ | 593 |
| | $ | 507 |
| | 4.9 | % | | 3.6 | % | Steamboat due 2017 | 418 |
| | 428 |
| | 6.8 |
| | 6.8 |
| OMEC due 2019 | 335 |
| | 345 |
| | 6.9 |
| | 6.8 |
| Los Esteros Project Debt due 2023 | 305 |
| | 209 |
| | 3.4 |
| | 3.5 |
| Pasadena(2) | 135 |
| | 160 |
| | 8.9 |
| | 8.9 |
| Bethpage Energy Center 3 due 2020-2025(3) | 88 |
| | 93 |
| | 7.0 |
| | 7.0 |
| Gilroy note payable due 2014 | 15 |
| | 33 |
| | 11.2 |
| | 10.8 |
| Other | 12 |
| | 14 |
| | — |
| | — |
| Total | $ | 1,901 |
| | $ | 1,789 |
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_____________ | | (1) | Our weighted average interest rate calculation includes the amortization of deferred financing costs and debt discount or premium. |
| | (2) | Represents a sale-leaseback transaction that is accounted for as financing transaction under U.S. GAAP. |
| | (3) | Represents a weighted average of first and second lien loans for the weighted average effective interest rates. |
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| CCFC Notes and CCFC Term Loans [Table Text Block] |
Our CCFC Term Loans and CCFC Notes are summarized in the table below (in millions, except for interest rates): | | | | | | | | | | | | | | | | Outstanding at December 31, | | Weighted Average Effective Interest Rates(1) | | 2013 | | 2012 | | 2013 | | 2012 | CCFC Term Loans | $ | 1,191 |
| | $ | — |
| | 3.3 | % | | — | % | CCFC Notes | — |
| | 978 |
| | — |
| | 8.9 |
| Total CCFC Term Loans and CCFC Notes | $ | 1,191 |
| | $ | 978 |
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____________ | | (1) | Our weighted average interest rate calculation includes the amortization of deferred financing costs and debt discount. |
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| Schedule of Future Minimum Lease Payments for Capital Leases |
The following is a schedule by year of future minimum lease payments under capital leases and a failed sale-leaseback transaction related to our Pasadena Power Plant together with the present value of the net minimum lease payments as of December 31, 2013 (in millions): | | | | | | | | | | | | | | Sale-Leaseback Transactions(1) | | Capital Lease | | Total | 2014 | $ | 25 |
| | $ | 51 |
| | $ | 76 |
| 2015 | 25 |
| | 38 |
| | 63 |
| 2016 | 25 |
| | 40 |
| | 65 |
| 2017 | 17 |
| | 38 |
| | 55 |
| 2018 | 21 |
| | 37 |
| | 58 |
| Thereafter | 106 |
| | 125 |
| | 231 |
| Total minimum lease payments | 219 |
| | 329 |
| | 548 |
| Less: Amount representing interest | 84 |
| | 126 |
| | 210 |
| Present value of net minimum lease payments | $ | 135 |
| | $ | 203 |
| | $ | 338 |
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____________ | | (1) | Amounts are accounted for as financing transactions under U.S. GAAP and are included in our project financing, notes payable and other amounts above. |
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| Schedule of Line of Credit Facilities |
The table below represents amounts issued under our letter of credit facilities at December 31, 2013 and 2012 (in millions): | | | | | | | | | | 2013 | | 2012 | Corporate Revolving Facility | $ | 242 |
| | $ | 243 |
| CDHI | 218 |
| | 253 |
| Various project financing facilities | 170 |
| | 130 |
| Total | $ | 630 |
| | $ | 626 |
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| Fair Value, by Balance Sheet Grouping |
The following table details the fair values and carrying values of our debt instruments at December 31, 2013 and 2012 (in millions): | | | | | | | | | | | | | | | | | | 2013 | | 2012 | | Fair Value | | Carrying Value | | Fair Value | | Carrying Value | First Lien Notes | $ | 5,317 |
| | $ | 4,989 |
| | $ | 5,863 |
| | $ | 5,303 |
| First Lien Term Loans | 2,845 |
| | 2,828 |
| | 2,489 |
| | 2,463 |
| Project financing, notes payable and other(1) | 1,772 |
| | 1,766 |
| | 1,599 |
| | 1,629 |
| CCFC Term Loans | 1,179 |
| | 1,191 |
| | — |
| | — |
| CCFC Notes | — |
| | — |
| | 1,075 |
| | 978 |
| Total | $ | 11,113 |
| | $ | 10,774 |
| | $ | 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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