v3.3.1.900

Debt (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Debt

Our debt at December 31, 2015 and 2014, was as follows (in millions):

	2015				2014
Senior Unsecured Notes	$	3,450			$	2,800
First Lien Term Loans	3,318				2,799
First Lien Notes	1,809				2,075
Project financing, notes payable and other	1,745				1,810
CCFC Term Loans	1,580				1,596
Capital lease obligations	187				202
Subtotal	12,089				11,282
Less: Current maturities	221				199
Total long-term debt	$	11,868			$	11,083

Schedule of Maturities of Long-term Debt

Annual Debt Maturities

Contractual annual principal repayments or maturities of debt instruments as of December 31, 2015, are as follows (in millions):

2016	$	222
2017	210
2018	234
2019	1,618
2020	1,372
Thereafter	8,464
Subtotal	12,120
Less: Discount	31
Total debt	$	12,089

Senior Unsecured Notes

Senior Unsecured Notes

Our Senior Unsecured Notes are summarized in the table below (in millions, except for interest rates):

	Outstanding at December 31,								Weighted Average Effective Interest Rates(1)
	2015				2014				2015			2014
2023 Senior Unsecured Notes	$	1,250			$	1,250			5.6	%		5.6	%
2024 Senior Unsecured Notes	650				—				5.7			—
2025 Senior Unsecured Notes	1,550				1,550				5.9			5.9
Total Senior Unsecured Notes	$	3,450			$	2,800

____________

(1) Our weighted average interest rate calculation includes the amortization of deferred financing costs.

First Lien Term Loans

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)
	2015				2014				2015			2014
2018 First Lien Term Loans	$	—			$	1,597			—	%		4.3	%
2019 First Lien Term Loan	808				816				4.4			4.4
2020 First Lien Term Loan	382				386				4.3			4.3
2022 First Lien Term Loan	1,584				—				3.7			—
2023 First Lien Term Loan	544				—				4.5			—
Total First Lien Term Loans	$	3,318			$	2,799

____________

(1) Our weighted average interest rate calculation includes the amortization of deferred financing costs and debt discount.

First Lien Notes

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(2)
	2015				2014				2015			2014
2022 First Lien Notes	$	746			$	745			6.3	%		6.3	%
2023 First Lien Notes(1)	573				840				8.0			8.0
2024 First Lien Notes	490				490				6.0			6.0
Total First Lien Notes	$	1,809			$	2,075

____________

(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. In December 2015, we used cash on hand to redeem 10% of the original aggregate principal amount of our 2023 First Lien Notes, plus accrued and unpaid interest. During the fourth quarter of 2015, we recorded approximately $7 million in debt extinguishment costs related to the partial repurchase of our 2023 First Lien Notes.

(2) Our weighted average interest rate calculation includes the amortization of deferred financing costs and debt discount.

Project Financing Notes Payable and Other

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)
	2015				2014				2015			2014
Russell City due 2023	$	534			$	591			7.5	%		6.2	%
Steamboat due 2019(2)	454				407				6.7			6.9
OMEC due 2019	315				325				6.9			6.9
Los Esteros due 2023	249				275				2.9			3.1
Pasadena(3)	107				122				8.9			8.9
Bethpage Energy Center 3 due 2020-2025(4)	75				82				7.0			7.0
Other	11				8				—			—
Total	$	1,745			$	1,810

_____________

(1) Our weighted average interest rate calculation includes the amortization of deferred financing costs and debt discount.

(2) We refinanced and upsized our Steamboat project debt during the fourth quarter of 2015 which lowered the interest rate and extended the maturity to November 22, 2019.

(3) Represents a failed sale-leaseback transaction that is accounted for as financing transaction under U.S. GAAP.

(4) Represents a weighted average of first and second lien loans for the weighted average effective interest rates.

CCFC Term Loans

CCFC Term Loans

Our CCFC Term Loans are summarized in the table below (in millions, except for interest rates):

	Outstanding at December 31,								Weighted Average Effective Interest Rates(1)
	2015				2014				2015			2014
CCFC Term Loans	$	1,580			$	1,596			3.4	%		3.4	%

____________

(1) Our weighted average interest rate calculation includes the amortization of deferred financing costs and debt discount.

Schedule of Future Minimum Lease Payments for Capital Leases

Capital Lease Obligations

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, 2015 (in millions):

	Sale-Leaseback Transactions(1)				Capital Lease				Total
2016	$	25			$	42			$	67
2017	17				41				58
2018	21				39				60
2019	21				22				43
2020	21				20				41
Thereafter	63				137				200
Total minimum lease payments	168				301				469
Less: Amount representing interest	61				114				175
Present value of net minimum lease payments	$	107			$	187			$	294

____________

(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.

Schedule of Line of Credit Facilities

Corporate Revolving Facility and Other Letters of Credit Facilities

The table below represents amounts issued under our letter of credit facilities at December 31, 2015 and 2014 (in millions):

	2015				2014
Corporate Revolving Facility	$	316			$	223
CDHI	241				214
Various project financing facilities	198				207
Total	$	755			$	644

Fair Value, by Balance Sheet Grouping

Fair Value of Debt

We record our debt instruments based on contractual terms, net of any applicable premium or discount. The following table details the fair values and carrying values of our debt instruments at December 31, 2015 and 2014 (in millions):

	2015								2014
	Fair Value				Carrying Value				Fair Value				Carrying Value
Senior Unsecured Notes	$	3,063			$	3,450			$	2,832			$	2,800
First Lien Term Loans	3,197				3,318				2,769				2,799
First Lien Notes	1,885				1,809				2,247				2,075
Project financing, notes payable and other(1)	1,653				1,638				1,734				1,688
CCFC Term Loans	1,494				1,580				1,540				1,596
Total	$	11,292			$	11,795			$	11,122			$	10,958

____________

(1) Excludes a lease that is accounted for as a failed sale-leaseback transaction under U.S. GAAP.

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