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Debt (Tables)
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3 Months Ended |
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Mar. 31, 2015
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| Debt Disclosure [Abstract] |
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| Schedule of Long-term Debt Instruments |
Our debt at March 31, 2015 and December 31, 2014, was as follows (in millions): | | | | | | | | | | March 31, 2015 |
| December 31, 2014 | Senior Unsecured Notes | $ | 3,450 |
| | $ | 2,800 |
| First Lien Term Loans | 2,792 |
| | 2,799 |
| First Lien Notes | 1,928 |
| | 2,075 |
| Project financing, notes payable and other | 1,762 |
| | 1,810 |
| CCFC Term Loans | 1,592 |
| | 1,596 |
| Capital lease obligations | 193 |
| | 202 |
| Subtotal | 11,717 |
| | 11,282 |
| Less: Current maturities | 197 |
| | 199 |
| Total long-term debt | $ | 11,520 |
| | $ | 11,083 |
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| Senior Unsecured Notes |
The amounts outstanding under our Senior Unsecured Notes are summarized in the table below (in millions): | | | | | | | | | | March 31, 2015 | | December 31, 2014 | 2023 Senior Unsecured Notes | $ | 1,250 |
| | $ | 1,250 |
| 2024 Senior Unsecured Notes | 650 |
| | — |
| 2025 Senior Unsecured Notes | 1,550 |
| | 1,550 |
| Total Senior Unsecured Notes | $ | 3,450 |
| | $ | 2,800 |
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| First Lien Term Loans |
The amounts outstanding under our First Lien Term Loans are summarized in the table below (in millions): | | | | | | | | | | March 31, 2015 | | December 31, 2014 | 2018 First Lien Term Loans | $ | 1,593 |
| | $ | 1,597 |
| 2019 First Lien Term Loan | 814 |
| | 816 |
| 2020 First Lien Term Loan | 385 |
| | 386 |
| Total First Lien Term Loans | $ | 2,792 |
| | $ | 2,799 |
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| First Lien Notes |
The amounts outstanding under our First Lien Notes are summarized in the table below (in millions): | | | | | | | | | | March 31, 2015 | | December 31, 2014 | 2022 First Lien Notes | $ | 745 |
| | $ | 745 |
| 2023 First Lien Notes(1) | 693 |
| | 840 |
| 2024 First Lien Notes | 490 |
| | 490 |
| Total First Lien Notes | $ | 1,928 |
| | $ | 2,075 |
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____________ | | (1) | On February 3, 2015, we repurchased approximately $147 million of our 2023 First Lien Notes with the proceeds from our 2024 Senior Unsecured Notes, which is described in further detail above. |
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| Schedule of Line of Credit Facilities |
The table below represents amounts issued under our letter of credit facilities at March 31, 2015 and December 31, 2014 (in millions): | | | | | | | | | | March 31, 2015 | | December 31, 2014 | Corporate Revolving Facility(1) | $ | 202 |
| | $ | 223 |
| CDHI | 235 |
| | 214 |
| Various project financing facilities | 186 |
| | 207 |
| Total | $ | 623 |
| | $ | 644 |
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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 March 31, 2015 and December 31, 2014 (in millions): | | | | | | | | | | | | | | | | | | March 31, 2015 | | December 31, 2014 | | Fair Value | | Carrying Value | | Fair Value | | Carrying Value | Senior Unsecured Notes | $ | 3,462 |
| | $ | 3,450 |
| | $ | 2,832 |
| | $ | 2,800 |
| First Lien Term Loans | 2,795 |
| | 2,792 |
| | 2,769 |
| | 2,799 |
| First Lien Notes | 2,091 |
| | 1,928 |
| | 2,247 |
| | 2,075 |
| Project financing, notes payable and other(1) | 1,691 |
| | 1,655 |
| | 1,734 |
| | 1,688 |
| CCFC Term Loans | 1,580 |
| | 1,592 |
| | 1,540 |
| | 1,596 |
| Total | $ | 11,619 |
| | $ | 11,417 |
| | $ | 11,122 |
| | $ | 10,958 |
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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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