v3.19.1

Debt (Tables)

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

Our debt at March 31, 2019 and December 31, 2018, was as follows (in millions):

	March 31, 2019				December 31, 2018
Senior Unsecured Notes	$	2,989			$	3,036
First Lien Term Loans	2,972				2,976
First Lien Notes	2,401				2,400
Project financing, notes payable and other	1,228				1,264
CCFC Term Loan	972				974
Finance lease obligations	79				105
Corporate Revolving Facility	150				30
Subtotal	10,791				10,785
Less: Current maturities	258				637
Total long-term debt	$	10,533			$	10,148

Senior Unsecured Notes

The amounts outstanding under our Senior Unsecured Notes are summarized in the table below (in millions):

	March 31, 2019				December 31, 2018
2023 Senior Unsecured Notes	$	1,228			$	1,227
2024 Senior Unsecured Notes	589				599
2025 Senior Unsecured Notes	1,172				1,210
Total Senior Unsecured Notes	$	2,989			$	3,036

First Lien Term Loans

The amounts outstanding under our senior secured First Lien Term Loans are summarized in the table below (in millions):

	March 31, 2019				December 31, 2018
2019 First Lien Term Loan	$	389			$	389
2023 First Lien Term Loans	1,057				1,059
2024 First Lien Term Loan	1,526				1,528
Total First Lien Term Loans	$	2,972			$	2,976

First Lien Notes

The amounts outstanding under our senior secured First Lien Notes are summarized in the table below (in millions):

	March 31, 2019				December 31, 2018
2022 First Lien Notes	$	744			$	743
2024 First Lien Notes	486				486
2026 First Lien Notes	1,171				1,171
Total First Lien Notes	$	2,401			$	2,400

Schedule of line of credit facilities

The table below represents amounts issued under our letter of credit facilities at March 31, 2019 and December 31, 2018 (in millions):

	March 31, 2019				December 31, 2018
Corporate Revolving Facility(1)	$	537			$	693
CDHI(2)	225				251
Various project financing facilities	243				228
Other corporate facilities(3)	196				193
Total	$	1,201			$	1,365

____________

(1) The Corporate Revolving Facility represents our primary revolving facility. On April 5, 2019, we amended our Corporate Revolving Facility to increase the capacity by approximately $330 million from $1.69 billion to approximately $2.02 billion.

(2) Pursuant to the terms and conditions of the CDHI credit agreement, the capacity under the CDHI letter of credit facility will be reduced to $125 million on June 30, 2019. The decrease in capacity will not have a material effect on our liquidity as alternative sources of liquidity are available.

(3) We have two unsecured letter of credit facilities with third party financial institutions totaling $200 million at March 31, 2019. On May 6, 2019, we entered into a new unsecured letter of credit facility which increased the total capacity available to us by approximately $100 million.

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, 2019 and December 31, 2018 (in millions):

	March 31, 2019								December 31, 2018
	Fair Value				Carrying Value				Fair Value				Carrying Value
Senior Unsecured Notes	$	2,996			$	2,989			$	2,803			$	3,036
First Lien Term Loans	2,990				2,972				2,877				2,976
First Lien Notes	2,439				2,401				2,299				2,400
Project financing, notes payable and other(1)	1,132				1,152				1,209				1,188
CCFC Term Loan	975				972				938				974
Corporate Revolving Facility	150				150				30				30
Total	$	10,682			$	10,636			$	10,156			$	10,604

____________

(1) Excludes a lease that is accounted for as a failed sale-leaseback transaction under U.S. GAAP.

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