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Debt (Tables)
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6 Months Ended |
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Jun. 30, 2014
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| Debt Disclosure [Abstract] |
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| Schedule of Long-term Debt Instruments |
At June 30, 2014 and December 31, 2013, our debt was as follows (in millions): | | | | | | | | | | June 30, 2014 |
| December 31, 2013 | First Lien Notes | $ | 4,990 |
| | $ | 4,989 |
| First Lien Term Loans | 2,814 |
| | 2,828 |
| Project financing, notes payable and other | 1,849 |
| | 1,901 |
| CCFC Term Loans | 1,603 |
| | 1,191 |
| Capital lease obligations | 193 |
| | 203 |
| Subtotal | 11,449 |
| | 11,112 |
| Less: Current maturities | 189 |
| | 204 |
| Total long-term debt | $ | 11,260 |
| | $ | 10,908 |
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| First Lien Notes |
Our First Lien Notes are summarized in the table below (in millions): | | | | | | | | | | June 30, 2014 | | December 31, 2013 | 2019 First Lien Notes(1) | $ | 320 |
| | $ | 320 |
| 2020 First Lien Notes(2) | 875 |
| | 875 |
| 2021 First Lien Notes(2) | 1,600 |
| | 1,600 |
| 2022 First Lien Notes | 745 |
| | 744 |
| 2023 First Lien Notes | 960 |
| | 960 |
| 2024 First Lien Notes | 490 |
| | 490 |
| Total First Lien Notes | $ | 4,990 |
| | $ | 4,989 |
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____________ | | (1) | The 2019 First Lien Notes were repaid on July 22, 2014 with a portion of the proceeds from the issuance of our Senior Unsecured Notes which are described in further detail below. |
| | (2) | On July 8, 2014, we launched tender offers and consent solicitations to repurchase our 2020 First Lien Notes and 2021 First Lien Notes with the proceeds from our Senior Unsecured Notes which are described in further detail below. On July 22, 2014, we repurchased approximately $861 million in aggregate principal amount of our 2020 First Lien Notes and approximately $1,582 million in aggregate principal amount of our 2021 First Lien Notes. We used the remaining net proceeds, together with cash on hand, to satisfy and discharge the remaining 2020 First Lien Notes and 2021 First Lien Notes. |
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| First Lien Term Loans |
Our First Lien Term Loans are summarized in the table below (in millions): | | | | | | | | | | June 30, 2014 | | December 31, 2013 | 2018 First Lien Term Loans | $ | 1,606 |
| | $ | 1,614 |
| 2019 First Lien Term Loan | 820 |
| | 824 |
| 2020 First Lien Term Loan | 388 |
| | 390 |
| Total First Lien Term Loans | $ | 2,814 |
| | $ | 2,828 |
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| Schedule of Line of Credit Facilities |
The table below represents amounts issued under our letter of credit facilities at June 30, 2014 and December 31, 2013 (in millions): | | | | | | | | | | June 30, 2014 | | December 31, 2013 | Corporate Revolving Facility(1) | $ | 235 |
| | $ | 242 |
| CDHI(2) | 269 |
| | 218 |
| Various project financing facilities | 171 |
| | 170 |
| Total | $ | 675 |
| | $ | 630 |
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____________ | | (1) | The Corporate Revolving Facility represents our primary revolving facility. On July 30, 2014, we amended our Corporate Revolving Facility to increase the capacity by an additional $500 million to $1.5 billion. |
| | (2) | 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. |
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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 June 30, 2014 and December 31, 2013 (in millions): | | | | | | | | | | | | | | | | | | June 30, 2014 | | December 31, 2013 | | Fair Value | | Carrying Value | | Fair Value | | Carrying Value | First Lien Notes | $ | 5,441 |
| | $ | 4,990 |
| | $ | 5,317 |
| | $ | 4,989 |
| First Lien Term Loans | 2,822 |
| | 2,814 |
| | 2,845 |
| | 2,828 |
| Project financing, notes payable and other(1) | 1,736 |
| | 1,728 |
| | 1,772 |
| | 1,766 |
| CCFC Term Loans | 1,586 |
| | 1,603 |
| | 1,179 |
| | 1,191 |
| Total | $ | 11,585 |
| | $ | 11,135 |
| | $ | 11,113 |
| | $ | 10,774 |
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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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