v2.4.0.8

Debt | 3 Months Ended
--- | ---
Mar. 31, 2014
Debt Disclosure [Abstract] |
Debt | Debt At March 31, 2014 and December 31, 2013, our debt was as follows (in millions):
| March 31, 2014 |  | December 31, 2013
First Lien Notes | $ | 4,989 |  |  | $ | 4,989 |
First Lien Term Loans | 2,821 |  |  | 2,828 |
Project financing, notes payable and other | 1,865 |  |  | 1,901 |
CCFC Term Loans | 1,607 |  |  | 1,191 |
Capital lease obligations | 193 |  |  | 203 |
Subtotal | 11,475 |  |  | 11,112 |
Less: Current maturities | 189 |  |  | 204 |
Total long-term debt | $ | 11,286 |  |  | $ | 10,908 |
Our effective interest rate on our consolidated debt, excluding the impacts of capitalized interest and unrealized gains (losses) on interest rate swaps, decreased to 6.2% for the three months ended March 31, 2014, from 7.0% for the three months ended March 31, 2013. The issuance of our CCFC Term Loans, 2022 First Lien Notes, 2024 First Lien Notes and 2020 First Lien Term Loan in 2013 allowed us to reduce our overall cost of debt by replacing our CCFC Notes and a portion of our First Lien Notes with debt carrying lower interest rates. First Lien Notes Our First Lien Notes are summarized in the table below (in millions):
| March 31, 2014 |  | December 31, 2013
2019 First Lien Notes | $ | 320 |  |  | $ | 320 |
2020 First Lien Notes | 875 |  |  | 875 |
2021 First Lien Notes | 1,600 |  |  | 1,600 |
2022 First Lien Notes | 744 |  |  | 744 |
2023 First Lien Notes | 960 |  |  | 960 |
2024 First Lien Notes | 490 |  |  | 490 |
Total First Lien Notes | $ | 4,989 |  |  | $ | 4,989 |
First Lien Term Loans Our First Lien Term Loans are summarized in the table below (in millions):
| March 31, 2014 |  | December 31, 2013
2018 First Lien Term Loans | $ | 1,610 |  |  | $ | 1,614 |
2019 First Lien Term Loan | 822 |  |  | 824 |
2020 First Lien Term Loan | 389 |  |  | 390 |
Total First Lien Term Loans | $ | 2,821 |  |  | $ | 2,828 |
CCFC Term Loans In February 2014, we executed an amendment to the credit agreement associated with the CCFC Term Loans, which allowed us to issue $425 million in incremental CCFC Term Loans to fund a portion of the purchase price paid in connection with the closing of our acquisition of Guadalupe Energy Center on February 26, 2014. Guadalupe Energy Center was purchased by Calpine Guadalupe GP, LLC, a wholly-owned subsidiary of CCFC. The incremental term loans carry substantially the same terms and conditions as the $300 million in aggregate principal amount of CCFC Term Loans issued in June 2013. The incremental term loans were offered to investors at an issue price equal to 98.75% of face value. Corporate Revolving Facility and Other Letters of Credit Facilities The table below represents amounts issued under our letter of credit facilities at March 31, 2014 and December 31, 2013 (in millions):
| March 31, 2014 |  | December 31, 2013
Corporate Revolving Facility(1) | $ | 239 |  |  | $ | 242 |
CDHI | 240 |  |  | 218 |
Various project financing facilities | 170 |  |  | 170 |
Total | $ | 649 |  |  | $ | 630 |
____________
(1) | The Corporate Revolving Facility represents our primary revolving facility.
CDHI During the first quarter of 2014, we amended our CDHI letter of credit facility to lower our fees and extend the maturity to January 2, 2018. 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, 2014 and December 31, 2013 (in millions):
| March 31, 2014 |  | December 31, 2013
| Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
First Lien Notes | $ | 5,418 |  |  | $ | 4,989 |  |  | $ | 5,317 |  |  | $ | 4,989 |
First Lien Term Loans | 2,826 |  |  | 2,821 |  |  | 2,845 |  |  | 2,828 |
Project financing, notes payable and other(1) | 1,751 |  |  | 1,743 |  |  | 1,772 |  |  | 1,766 |
CCFC Term Loans | 1,590 |  |  | 1,607 |  |  | 1,179 |  |  | 1,191 |
Total | $ | 11,585 |  |  | $ | 11,160 |  |  | $ | 11,113 |  |  | $ | 10,774 |
____________
(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 Term Loans 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.

X
- Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: 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 3: 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 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration