Debt (Tables)
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9 Months Ended |
Sep. 30, 2017 |
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| Debt Disclosure [Abstract] |
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| Schedule of long-term debt instruments |
Our debt at September 30, 2017 and December 31, 2016, was as follows (in millions): | | | | | | | | | | September 30, 2017 |
| December 31, 2016 | Senior Unsecured Notes | $ | 3,415 |
| | $ | 3,412 |
| First Lien Term Loans | 3,152 |
| | 3,165 |
| First Lien Notes | 1,843 |
| | 2,290 |
| Project financing, notes payable and other | 1,575 |
| | 1,597 |
| CCFC Term Loans | 1,544 |
| | 1,553 |
| Capital lease obligations | 121 |
| | 162 |
| Subtotal | 11,650 |
| | 12,179 |
| Less: Current maturities | 369 |
| | 748 |
| Total long-term debt | $ | 11,281 |
| | $ | 11,431 |
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| Senior Unsecured Notes |
The amounts outstanding under our Senior Unsecured Notes are summarized in the table below (in millions): | | | | | | | | | | September 30, 2017 | | December 31, 2016 | 2023 Senior Unsecured Notes | $ | 1,238 |
| | $ | 1,237 |
| 2024 Senior Unsecured Notes | 643 |
| | 643 |
| 2025 Senior Unsecured Notes | 1,534 |
| | 1,532 |
| Total Senior Unsecured Notes | $ | 3,415 |
| | $ | 3,412 |
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| First Lien Term Loans |
The amounts outstanding under our senior secured First Lien Term Loans are summarized in the table below (in millions): | | | | | | | | | | September 30, 2017 | | December 31, 2016 | 2017 First Lien Term Loan(1) | $ | 149 |
| | $ | 537 |
| 2019 First Lien Term Loan | 389 |
| | — |
| 2023 First Lien Term Loans | 1,067 |
| | 1,071 |
| 2024 First Lien Term Loan | 1,547 |
| | 1,557 |
| Total First Lien Term Loans | $ | 3,152 |
| | $ | 3,165 |
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____________ | | (1) | For the nine months ended September 30, 2017, we used cash on hand to repay $400 million of our outstanding 2017 First Lien Term Loan. We recorded approximately $1 million and $4 million in debt extinguishment costs for the three and nine months ended September 30, 2017, related to the partial repayment of our 2017 First Lien Term Loan. |
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| First Lien Notes |
The amounts outstanding under our senior secured First Lien Notes are summarized in the table below (in millions): | | | | | | | | | | September 30, 2017 | | December 31, 2016 | 2022 First Lien Notes | $ | 741 |
| | $ | 739 |
| 2023 First Lien Notes(1) | — |
| | 450 |
| 2024 First Lien Notes | 485 |
| | 485 |
| 2026 First Lien Notes | 617 |
| | 616 |
| Total First Lien Notes | $ | 1,843 |
| | $ | 2,290 |
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| | (1) | On March 6, 2017, we used cash on hand along with the proceeds from our 2019 First Lien Term Loan to redeem the remaining $453 million of our 2023 First Lien Notes, plus accrued and unpaid interest. During the first quarter of 2017, we recorded approximately $21 million in debt extinguishment costs related to the redemption of our 2023 First Lien Notes. |
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| Schedule of line of credit facilities |
The table below represents amounts issued under our letter of credit facilities at September 30, 2017 and December 31, 2016 (in millions): | | | | | | | | | | September 30, 2017 | | December 31, 2016 | Corporate Revolving Facility(1) | $ | 474 |
| | $ | 535 |
| CDHI | 246 |
| | 250 |
| Various project financing facilities | 230 |
| | 206 |
| Total | $ | 950 |
| | $ | 991 |
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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 September 30, 2017 and December 31, 2016 (in millions): | | | | | | | | | | | | | | | | | | September 30, 2017 | | December 31, 2016 | | Fair Value | | Carrying Value | | Fair Value | | Carrying Value | Senior Unsecured Notes | $ | 3,307 |
| | $ | 3,415 |
| | $ | 3,343 |
| | $ | 3,412 |
| First Lien Term Loans | 3,202 |
| | 3,152 |
| | 3,244 |
| | 3,165 |
| First Lien Notes | 1,905 |
| | 1,843 |
| | 2,349 |
| | 2,290 |
| Project financing, notes payable and other(1) | 1,516 |
| | 1,484 |
| | 1,543 |
| | 1,506 |
| CCFC Term Loans | 1,554 |
| | 1,544 |
| | 1,567 |
| | 1,553 |
| Total | $ | 11,484 |
| | $ | 11,438 |
| | $ | 12,046 |
| | $ | 11,926 |
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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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