Debt (Tables)
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12 Months Ended |
Dec. 31, 2016 |
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| Debt Disclosure [Abstract] |
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| Schedule of Long-term Debt Instruments |
Debt We retrospectively adopted Accounting Standards Update 2015-03 in the first quarter of 2016. As a result, we recast our Consolidated 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 December 31, 2016 and 2015, was as follows (in millions): | | | | | | | | | | 2016 | | 2015 | Senior Unsecured Notes | $ | 3,412 |
| | $ | 3,406 |
| First Lien Term Loans | 3,165 |
| | 3,277 |
| First Lien Notes | 2,290 |
| | 1,789 |
| Project financing, notes payable and other | 1,597 |
| | 1,715 |
| CCFC Term Loans | 1,553 |
| | 1,565 |
| Capital lease obligations | 162 |
| | 185 |
| Subtotal | 12,179 |
| | 11,937 |
| Less: Current maturities | 748 |
| | 221 |
| Total long-term debt | $ | 11,431 |
| | $ | 11,716 |
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| Schedule of Maturities of Long-term Debt |
Annual Debt Maturities Contractual annual principal repayments or maturities of debt instruments as of December 31, 2016, are as follows (in millions): | | | | | 2017 | $ | 762 |
| 2018 | 225 |
| 2019 | 498 |
| 2020 | 1,050 |
| 2021 | 217 |
| Thereafter | 9,617 |
| Subtotal | 12,369 |
| Less: Debt issuance costs | 154 |
| Less: Discount | 36 |
| Total debt | $ | 12,179 |
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| 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) | | 2016 | | 2015 | | 2016 | | 2015 | 2023 Senior Unsecured Notes | $ | 1,237 |
| | $ | 1,235 |
| | 5.5 | % | | 5.6 | % | 2024 Senior Unsecured Notes | 643 |
| | 641 |
| | 5.6 |
| | 5.7 |
| 2025 Senior Unsecured Notes | 1,532 |
| | 1,530 |
| | 5.9 |
| | 6.0 |
| Total Senior Unsecured Notes | $ | 3,412 |
| | $ | 3,406 |
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____________ | | (1) | Our weighted average interest rate calculation includes the amortization of debt issuance costs. |
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| 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) | | 2016 | | 2015 | | 2016 | | 2015 | 2017 First Lien Term Loan | $ | 537 |
| | $ | — |
| | 5.0 | % | | — | % | 2019 First Lien Term Loan | — |
| | 795 |
| | — |
| | 4.6 |
| 2020 First Lien Term Loan | — |
| | 378 |
| | — |
| | 4.4 |
| 2023 First Lien Term Loan(2) | 528 |
| | 533 |
| | 4.7 |
| | 4.7 |
| New 2023 First Lien Term Loan(2) | 543 |
| | — |
| | 4.3 |
| | — |
| 2024 First Lien Term Loan(2) | 1,557 |
| | 1,571 |
| | 3.8 |
| | 3.8 |
| Total First Lien Term Loans | $ | 3,165 |
| | $ | 3,277 |
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____________ | | (1) | Our weighted average interest rate calculation includes the amortization of debt issuance costs and debt discount. |
| | (2) | On December 21, 2016, we repriced our 2023 First Lien Term Loans by lowering the margin over LIBOR by 0.25% to 2.75% and extended the maturity of our 2024 First Lien Term Loan From May 2022 to January 2024. |
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| 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(1) | | 2016 | | 2015 | | 2016 | | 2015 | 2022 First Lien Notes | $ | 739 |
| | $ | 737 |
| | 6.4 | % | | 6.4 | % | 2023 First Lien Notes(2)(3) | 450 |
| | 568 |
| | 8.1 |
| | 8.1 |
| 2024 First Lien Notes | 485 |
| | 484 |
| | 6.1 |
| | 6.1 |
| 2026 First Lien Notes | 616 |
| | — |
| | 5.4 |
| | — |
| Total First Lien Notes | $ | 2,290 |
| | $ | 1,789 |
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____________ | | (1) | Our weighted average interest rate calculation includes the amortization of debt issuance costs and debt discount. |
| | (2) | In December 2016, 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 2016, we recorded approximately $5 million in debt extinguishment costs related to the partial repurchase of our 2023 First Lien Notes. |
| | (3) | On February 3, 2017, we issued a notice of redemption to repay the remaining $453 million of our outstanding 2023 First Lien Notes using cash on hand along with the proceeds from the New 2019 First Lien Term Loan which contains a substantially lower variable rate of LIBOR plus 1.75% per annum. |
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| 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) | | 2016 | | 2015 | | 2016 | | 2015 | Russell City due 2023(2) | $ | 462 |
| | $ | 522 |
| | 6.5 | % | | 6.4 | % | Steamboat due 2025(3) | 444 |
| | 448 |
| | 5.4 |
| | 6.8 |
| OMEC due 2019 | 303 |
| | 313 |
| | 7.2 |
| | 7.1 |
| Los Esteros due 2023 | 217 |
| | 242 |
| | 3.7 |
| | 3.1 |
| Pasadena(4) | 91 |
| | 107 |
| | 8.9 |
| | 8.9 |
| Bethpage Energy Center 3 due 2020-2025(5) | 66 |
| | 73 |
| | 7.2 |
| | 7.2 |
| Other | 14 |
| | 10 |
| | — |
| | — |
| Total | $ | 1,597 |
| | $ | 1,715 |
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_____________ | | (1) | Our weighted average interest rate calculation includes the amortization of debt issuance costs and debt discount. |
| | (2) | We refinanced our Russell City project debt during the fourth quarter of 2016 which lowered the interest rate. |
| | (3) | We refinanced and upsized our Steamboat project debt during the fourth quarter of 2016 which extended the maturity to November 14, 2025. |
| | (4) | Represents a failed sale-leaseback transaction that is accounted for as financing transaction under U.S. GAAP. |
| | (5) | Represents a weighted average of first and second lien loans for the weighted average effective interest rates. |
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| 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) | | 2016 | | 2015 | | 2016 | | 2015 | CCFC Term Loans | $ | 1,553 |
| | $ | 1,565 |
| | 3.5 | % | | 3.5 | % |
____________ | | (1) | Our weighted average interest rate calculation includes the amortization of debt issuance costs and debt discount. |
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| 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, 2016 (in millions): | | | | | | | | | | | | | | Sale-Leaseback Transactions(1) | | Capital Lease | | Total | 2017 | $ | 17 |
| | $ | 40 |
| | $ | 57 |
| 2018 | 21 |
| | 40 |
| | 61 |
| 2019 | 21 |
| | 21 |
| | 42 |
| 2020 | 21 |
| | 19 |
| | 40 |
| 2021 | 21 |
| | 19 |
| | 40 |
| Thereafter | 42 |
| | 117 |
| | 159 |
| Total minimum lease payments | 143 |
| | 256 |
| | 399 |
| Less: Amount representing interest | 52 |
| | 94 |
| | 146 |
| Present value of net minimum lease payments | $ | 91 |
| | $ | 162 |
| | $ | 253 |
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____________ | | (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. |
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| 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, 2016 and 2015 (in millions): | | | | | | | | | | 2016 | | 2015 | Corporate Revolving Facility | $ | 535 |
| | $ | 316 |
| CDHI | 250 |
| | 241 |
| Various project financing facilities | 206 |
| | 198 |
| Total | $ | 991 |
| | $ | 755 |
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| Fair Value, by Balance Sheet Grouping |
The following table details the fair values and carrying values of our debt instruments at December 31, 2016 and 2015 (in millions): | | | | | | | | | | | | | | | | | | 2016 | | 2015 | | Fair Value | | Carrying
Value | | Fair Value | | Carrying Value | Senior Unsecured Notes | $ | 3,343 |
| | $ | 3,412 |
| | $ | 3,063 |
| | $ | 3,406 |
| First Lien Term Loans | 3,244 |
| | 3,165 |
| | 3,197 |
| | 3,277 |
| First Lien Notes | 2,349 |
| | 2,290 |
| | 1,885 |
| | 1,789 |
| Project financing, notes payable and other(1) | 1,543 |
| | 1,506 |
| | 1,653 |
| | 1,608 |
| CCFC Term Loans | 1,567 |
| | 1,553 |
| | 1,494 |
| | 1,565 |
| Total | $ | 12,046 |
| | $ | 11,926 |
| | $ | 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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