Debt (Tables)
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3 Months Ended |
Mar. 31, 2016 |
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| Debt Disclosure [Abstract] |
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| Schedule of long-term debt instruments |
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 |
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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, 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 |
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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, 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 |
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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, 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 |
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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, 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. |
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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, 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. |
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