Debt (Tables)
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9 Months Ended |
Sep. 30, 2015 |
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| Debt Disclosure [Abstract] |
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| Schedule of long-term debt instruments |
Our debt at September 30, 2015 and December 31, 2014, was as follows (in millions): | | | | | | | | | | September 30, 2015 |
| December 31, 2014 | Senior Unsecured Notes | $ | 3,450 |
| | $ | 2,800 |
| First Lien Term Loans | 2,780 |
| | 2,799 |
| First Lien Notes | 1,928 |
| | 2,075 |
| Project financing, notes payable and other | 1,720 |
| | 1,810 |
| CCFC Term Loans | 1,585 |
| | 1,596 |
| Capital lease obligations | 201 |
| | 202 |
| Subtotal | 11,664 |
| | 11,282 |
| Less: Current maturities | 199 |
| | 199 |
| Total long-term debt | $ | 11,465 |
| | $ | 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): | | | | | | | | | | September 30, 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): | | | | | | | | | | September 30, 2015 | | December 31, 2014 | 2018 First Lien Term Loans | $ | — |
| | $ | 1,597 |
| 2019 First Lien Term Loan | 810 |
| | 816 |
| 2020 First Lien Term Loan | 383 |
| | 386 |
| 2022 First Lien Term Loan | 1,587 |
| | — |
| Total First Lien Term Loans | $ | 2,780 |
| | $ | 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): | | | | | | | | | | September 30, 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, as 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 September 30, 2015 and December 31, 2014 (in millions): | | | | | | | | | | September 30, 2015 | | December 31, 2014 | Corporate Revolving Facility(1) | $ | 170 |
| | $ | 223 |
| CDHI | 238 |
| | 214 |
| Various project financing facilities | 239 |
| | 207 |
| Total | $ | 647 |
| | $ | 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 September 30, 2015 and December 31, 2014 (in millions): | | | | | | | | | | | | | | | | | | September 30, 2015 | | December 31, 2014 | | Fair Value | | Carrying Value | | Fair Value | | Carrying Value | Senior Unsecured Notes | $ | 3,188 |
| | $ | 3,450 |
| | $ | 2,832 |
| | $ | 2,800 |
| First Lien Term Loans | 2,755 |
| | 2,780 |
| | 2,769 |
| | 2,799 |
| First Lien Notes | 2,023 |
| | 1,928 |
| | 2,247 |
| | 2,075 |
| Project financing, notes payable and other(1) | 1,643 |
| | 1,613 |
| | 1,734 |
| | 1,688 |
| CCFC Term Loans | 1,548 |
| | 1,585 |
| | 1,540 |
| | 1,596 |
| Total | $ | 11,157 |
| | $ | 11,356 |
| | $ | 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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