v3.4.0.3

Debt | 3 Months Ended
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Mar. 31, 2016
Debt Disclosure [Abstract] |
Debt | Debt We retrospectively adopted Accounting Standards Update 2015-03 in the first quarter of 2016. As a result, we recast our Consolidated Condensed Balance Sheet at December 31, 2015 resulting in a $152 million reclassification of debt issuance costs from other assets to debt, net of current portion. Our debt at March 31, 2016 and December 31, 2015, was as follows (in millions):
| March 31, 2016 |  | December 31, 2015
Senior Unsecured Notes | $ | 3,408 |  |  | $ | 3,406 |
First Lien Term Loans | 3,271 |  |  | 3,277 |
First Lien Notes | 1,790 |  |  | 1,789 |
Project financing, notes payable and other | 1,665 |  |  | 1,715 |
CCFC Term Loans | 1,562 |  |  | 1,565 |
Capital lease obligations | 181 |  |  | 185 |
Subtotal | 11,877 |  |  | 11,937 |
Less: Current maturities | 205 |  |  | 221 |
Total long-term debt | $ | 11,672 |  |  | $ | 11,716 |
Our effective interest rate on our consolidated debt, excluding the impacts of capitalized interest and mark-to-market gains (losses) on interest rate swaps, decreased to 5.5% for the three months ended March 31, 2016, from 5.7% for the same period in 2015. The issuance of our Senior Unsecured Notes in February 2015 and our 2022 First Lien Term Loan in May 2015 allowed us to reduce our overall cost of debt by replacing a portion of our First Lien Notes and all of our 2018 First Lien Term Loans with debt carrying lower interest rates. Senior Unsecured Notes The amounts outstanding under our Senior Unsecured Notes are summarized in the table below (in millions):
| March 31, 2016 |  | December 31, 2015
2023 Senior Unsecured Notes | $ | 1,235 |  |  | $ | 1,235 |
2024 Senior Unsecured Notes | 642 |  |  | 641 |
2025 Senior Unsecured Notes | 1,531 |  |  | 1,530 |
Total Senior Unsecured Notes | $ | 3,408 |  |  | $ | 3,406 |
First Lien Term Loans The amounts outstanding under our First Lien Term Loans are summarized in the table below (in millions):
| March 31, 2016 |  | December 31, 2015
2019 First Lien Term Loan | $ | 794 |  |  | $ | 795 |
2020 First Lien Term Loan | 377 |  |  | 378 |
2022 First Lien Term Loan | 1,568 |  |  | 1,571 |
2023 First Lien Term Loan | 532 |  |  | 533 |
Total First Lien Term Loans | $ | 3,271 |  |  | $ | 3,277 |
First Lien Notes The amounts outstanding under our First Lien Notes are summarized in the table below (in millions):
| March 31, 2016 |  | December 31, 2015
2022 First Lien Notes | $ | 738 |  |  | $ | 737 |
2023 First Lien Notes | 568 |  |  | 568 |
2024 First Lien Notes | 484 |  |  | 484 |
Total First Lien Notes | $ | 1,790 |  |  | $ | 1,789 |
Corporate Revolving Facility and Other Letter of Credit Facilities The table below represents amounts issued under our letter of credit facilities at March 31, 2016 and December 31, 2015 (in millions):
| March 31, 2016 |  | December 31, 2015
Corporate Revolving Facility(1) | $ | 314 |  |  | $ | 316 |
CDHI | 262 |  |  | 241 |
Various project financing facilities | 178 |  |  | 198 |
Total | $ | 754 |  |  | $ | 755 |
____________
(1) | The Corporate Revolving Facility represents our primary revolving facility.
On February 8, 2016, we amended our Corporate Revolving Facility, extending the maturity by two years to June 27, 2020, and increasing the capacity by an additional $178 million to $1,678 million through June 27, 2018, reverting back to $1,520 million through the maturity date. Further, we increased the letter of credit sublimit by $250 million to $1.0 billion and extended the maturity by two years to June 27, 2020. 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 March 31, 2016 and December 31, 2015 (in millions):
| March 31, 2016 |  | December 31, 2015
| Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
Senior Unsecured Notes | $ | 3,315 |  |  | $ | 3,408 |  |  | $ | 3,063 |  |  | $ | 3,406 |
First Lien Term Loans | 3,290 |  |  | 3,271 |  |  | 3,197 |  |  | 3,277 |
First Lien Notes | 1,906 |  |  | 1,790 |  |  | 1,885 |  |  | 1,789 |
Project financing, notes payable and other(1) | 1,619 |  |  | 1,574 |  |  | 1,653 |  |  | 1,608 |
CCFC Term Loans | 1,544 |  |  | 1,562 |  |  | 1,494 |  |  | 1,565 |
Total | $ | 11,674 |  |  | $ | 11,605 |  |  | $ | 11,292 |  |  | $ | 11,645 |
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(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 Senior Unsecured Notes, First Lien Term Loans, First Lien Notes 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.

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- 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 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
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