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

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(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.