v3.19.1

Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2018
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Debt Our debt at December 31, 2018 and 2017, was as follows (in millions):
| 2018 |  | 2017
Senior Unsecured Notes | $ | 3,036 |  |  | $ | 3,417 |
First Lien Term Loans | 2,976 |  |  | 2,995 |
First Lien Notes | 2,400 |  |  | 2,396 |
Project financing, notes payable and other | 1,264 |  |  | 1,498 |
CCFC Term Loan | 974 |  |  | 984 |
Capital lease obligations | 105 |  |  | 115 |
Corporate Revolving Facility | 30 |  |  | — |
Subtotal | 10,785 |  |  | 11,405 |
Less: Current maturities | 637 |  |  | 225 |
Total long-term debt | $ | 10,148 |  |  | $ | 11,180 |
Schedule of Maturities of Long-term Debt | Annual Debt Maturities Contractual annual principal repayments or maturities of debt instruments as of December 31, 2018, are as follows (in millions):
2019 | $ | 642 |
2020 | 246 |
2021 | 259 |
2022 | 1,019 |
2023 | 2,535 |
Thereafter | 6,217 |
Subtotal | 10,918 |
Less: Debt issuance costs | 112 |
Less: Discount | 21 |
Total debt | $ | 10,785 |
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)
| 2018 |  | 2017 |  | 2018 |  | 2017
2023 Senior Unsecured Notes | $ | 1,227 |  |  | $ | 1,239 |  |  | 5.6 | % |  | 5.6 | %
2024 Senior Unsecured Notes | 599 |  |  | 644 |  |  | 5.7 |  |  | 5.7 |
2025 Senior Unsecured Notes | 1,210 |  |  | 1,534 |  |  | 6.0 |  |  | 6.0 |
Total Senior Unsecured Notes | $ | 3,036 |  |  | $ | 3,417 |  |  |  |  |
____________
(1) | Our weighted average interest rate calculation includes the amortization of debt issuance costs.
Debt Instrument Redemption [Table Text Block] |
|  | Principal Repurchased |  | Cash Paid |  | Gain on Extinguishment of Debt
|  |  |  | (in million) |  |
2023 Senior Unsecured Notes |  | $ | 14 |  |  | $ | 13 |  |  | $ | 1 |
2024 Senior Unsecured Notes |  | 46 |  |  | 42 |  |  | 4 |
2025 Senior Unsecured Notes |  | 330 |  |  | 300 |  |  | 30 |
Total |  | $ | 390 |  |  | $ | 355 |  |  | $ | 35 |
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)
| 2018 |  | 2017 |  | 2018 |  | 2017
2019 First Lien Term Loan | $ | 389 |  |  | $ | 389 |  |  | 4.9 | % |  | 4.1 | %
2023 First Lien Term Loans | 1,059 |  |  | 1,064 |  |  | 5.4 |  |  | 4.6 |
2024 First Lien Term Loan(2) | 1,528 |  |  | 1,542 |  |  | 5.0 |  |  | 4.2 |
Total First Lien Term Loans | $ | 2,976 |  |  | $ | 2,995 |  |  |  |  |
____________
(1) | Our weighted average interest rate calculation includes the amortization of debt issuance costs and debt discount.
(2) | Our 2024 First Lien Term Loan carries substantially similar terms as our 2023 First Lien Term Loans as discussed below.
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)
| 2018 |  | 2017 |  | 2018 |  | 2017
2022 First Lien Notes | $ | 743 |  |  | $ | 741 |  |  | 6.4 | % |  | 6.4 | %
2024 First Lien Notes | 486 |  |  | 485 |  |  | 6.1 |  |  | 6.1 |
2026 First Lien Notes | 1,171 |  |  | 1,170 |  |  | 5.5 |  |  | 5.5 |
Total First Lien Notes | $ | 2,400 |  |  | $ | 2,396 |  |  |  |  |
____________
(1) | Our weighted average interest rate calculation includes the amortization of debt issuance costs and debt discount.
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)
| 2018 |  | 2017 |  | 2018 |  | 2017
Russell City due 2023 | $ | 341 |  |  | $ | 401 |  |  | 6.5 | % |  | 6.4 | %
Steamboat due 2025 | 384 |  |  | 414 |  |  | 4.5 |  |  | 4.7 |
OMEC due 2024(2) | 218 |  |  | 294 |  |  | 7.1 |  |  | 7.2 |
Los Esteros due 2023 | 163 |  |  | 191 |  |  | 4.7 |  |  | 5.3 |
Pasadena(3) | 76 |  |  | 89 |  |  | 8.9 |  |  | 8.9 |
Bethpage Energy Center 3 due 2020-2025(4) | 53 |  |  | 60 |  |  | 7.1 |  |  | 7.1 |
Other | 29 |  |  | 49 |  |  | — |  |  | — |
Total | $ | 1,264 |  |  | $ | 1,498 |  |  |  |  |
_____________
(1) | Our weighted average interest rate calculation includes the amortization of debt issuance costs and debt discount.
(2) | On December 19, 2018, we refinanced the project debt associated with OMEC which lowered the aggregate debt balance to $220 million and extended the maturity to August 2024. In the event that the OMEC put option is exercised, the debt will become payable on November 3, 2019. See Note 7 for further information related to the OMEC put option.
(3) | Represents a failed sale-leaseback transaction that is accounted for as financing transaction under U.S. GAAP.
(4) | Represents a weighted average of first and second lien loans for the weighted average effective interest rates.
CCFC Term Loans | CCFC Term Loan Our CCFC Term Loan is summarized in the table below (in millions, except for interest rates):
| Outstanding at December 31, |  | Weighted Average Effective Interest Rates(1)
| 2018 |  | 2017 |  | 2018 |  | 2017
CCFC Term Loan | $ | 974 |  |  | $ | 984 |  |  | 4.9 | % |  | 4.6 | %
____________
(1) | Our weighted average interest rate calculation includes the amortization of debt issuance costs and debt discount.
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, 2018 (in millions):
| Sale-Leaseback Transaction(1) |  | Capital Lease |  | Total
2019 | $ | 21 |  |  | $ | 19 |  |  | $ | 40 |
2020 | 21 |  |  | 19 |  |  | 40 |
2021 | 21 |  |  | 17 |  |  | 38 |
2022 | 16 |  |  | 17 |  |  | 33 |
2023 | 6 |  |  | 21 |  |  | 27 |
Thereafter | 20 |  |  | 72 |  |  | 92 |
Total minimum lease payments | 105 |  |  | 165 |  |  | 270 |
Less: Amount representing interest | 29 |  |  | 60 |  |  | 89 |
Present value of net minimum lease payments | $ | 76 |  |  | $ | 105 |  |  | $ | 181 |
____________
(1) | Amounts are accounted for as a financing transaction under U.S. GAAP and are included in our project financing, notes payable and other amounts above.
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, 2018 and 2017 (in millions):
| 2018 |  | 2017
Corporate Revolving Facility | $ | 693 |  |  | $ | 629 |
CDHI | 251 |  |  | 244 |
Various project financing facilities | 228 |  |  | 196 |
Other corporate facilities | 193 |  |  | — |
Total | $ | 1,365 |  |  | $ | 1,069 |
Fair Value, by Balance Sheet Grouping | The following table details the fair values and carrying values of our debt instruments at December 31, 2018 and 2017 (in millions):
| 2018 |  | 2017
| Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
Senior Unsecured Notes | $ | 2,803 |  |  | $ | 3,036 |  |  | $ | 3,294 |  |  | $ | 3,417 |
First Lien Term Loans | 2,877 |  |  | 2,976 |  |  | 3,043 |  |  | 2,995 |
First Lien Notes | 2,299 |  |  | 2,400 |  |  | 2,437 |  |  | 2,396 |
Project financing, notes payable and other(1) | 1,209 |  |  | 1,188 |  |  | 1,439 |  |  | 1,409 |
CCFC Term Loan | 938 |  |  | 974 |  |  | 1,000 |  |  | 984 |
Corporate Revolving Facility | 30 |  |  | 30 |  |  | — |  |  | — |
Total | $ | 10,156 |  |  | $ | 10,604 |  |  | $ | 11,213 |  |  | $ | 11,201 |
____________
(1) | Excludes a lease that is accounted for as a failed sale-leaseback transaction under U.S. GAAP.

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