v3.19.3.a.u2

Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Debt Our debt at December 31, 2019 and 2018, was as follows (in millions):
| 2019 |  | 2018
Senior Unsecured Notes | $ | 3,663 |  |  | $ | 3,036 |
First Lien Term Loans | 3,167 |  |  | 2,976 |
First Lien Notes | 2,835 |  |  | 2,400 |
Project financing, notes payable and other | 879 |  |  | 1,264 |
CCFC Term Loan | 967 |  |  | 974 |
Finance lease obligations | 73 |  |  | 105 |
Revolving facilities | 122 |  |  | 30 |
Subtotal | 11,706 |  |  | 10,785 |
Less: Current maturities | 1,268 |  |  | 637 |
Total long-term debt | $ | 10,438 |  |  | $ | 10,148 |
Schedule of Maturities of Long-term Debt | Annual Debt Maturities Contractual annual principal repayments or maturities of debt instruments as of December 31, 2019, are as follows (in millions):
2020 | $ | 1,269 |
2021 | 347 |
2022 | 230 |
2023 | 198 |
2024 | 2,030 |
Thereafter | 7,771 |
Subtotal | 11,845 |
Less: Debt issuance costs | 114 |
Less: Discount | 25 |
Total debt | $ | 11,706 |
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)
| 2019 |  | 2018 |  | 2019 |  | 2018
2023 Senior Unsecured Notes(2) | $ | 623 |  |  | $ | 1,227 |  |  | 5.7 | % |  | 5.6 | %
2024 Senior Unsecured Notes | 479 |  |  | 599 |  |  | 5.7 |  |  | 5.7 |
2025 Senior Unsecured Notes | 1,174 |  |  | 1,210 |  |  | 5.8 |  |  | 6.0 |
2028 Senior Unsecured Notes(2) | 1,387 |  |  | — |  |  | 5.3 |  |  | — |
Total Senior Unsecured Notes | $ | 3,663 |  |  | $ | 3,036 |  |  |  |  |
____________
(1) | Our weighted average interest rate calculation includes the amortization of debt issuance costs.
(2) | On December 27, 2019, we used the proceeds from the issuance of our 2028 Senior Unsecured Notes (discussed below) to redeem approximately $613 million in aggregate principal amount of our 2023 Senior Unsecured Notes, plus accrued and unpaid interest. On January 21, 2020, we redeemed the remaining $623 million in aggregate principal amount of our 2023 Senior Unsecured Notes, which was included in debt, current portion on our Consolidated Balance Sheet at December 31, 2019, with the proceeds from the 2028 Senior Unsecured Notes, which was included in cash and cash equivalents on our Consolidated Balance Sheet at December 31, 2019. We recorded approximately $24 million in loss on extinguishment of debt which is comprised of approximately $18 million of prepayment premiums and approximately $6 million associated with the write-off of unamortized debt issuance costs during the fourth quarter of 2019 associated with the redemption.
Debt Instrument Redemption [Table Text Block] |
|  | Year Ended December 31, 2019 |  | Year Ended December 31, 2018
|  | Principal Repurchased |  | Cash Paid |  | Gain (loss) on Extinguishment of Debt |  | Principal Repurchased |  | Cash Paid |  | Gain on Extinguishment of Debt
|  | (in million)
2023 Senior Unsecured Notes |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 14 |  |  | $ | 13 |  |  | $ | 1 |
2024 Senior Unsecured Notes |  | 122 |  |  | 123 |  |  | (1 | ) |  | 46 |  |  | 42 |  |  | 4 |
2025 Senior Unsecured Notes |  | 38 |  |  | 35 |  |  | 3 |  |  | 330 |  |  | 300 |  |  | 30 |
Total |  | $ | 160 |  |  | $ | 158 |  |  | $ | 2 |  |  | $ | 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)
| 2019 |  | 2018 |  | 2019 |  | 2018
2019 First Lien Term Loan | $ | — |  |  | $ | 389 |  |  | — | % |  | 4.9 | %
2023 First Lien Term Loans | — |  |  | 1,059 |  |  | — |  |  | 5.4 |
2024 First Lien Term Loan(2) | 1,514 |  |  | 1,528 |  |  | 5.3 |  |  | 5.0 |
2026 First Lien Term Loans | 1,653 |  |  | — |  |  | 5.4 |  |  | — |
Total First Lien Term Loans | $ | 3,167 |  |  | $ | 2,976 |  |  |  |  |
____________
(1) | Our weighted average interest rate calculation includes the amortization of debt issuance costs and debt discount.
(2) | Our 2024 First Lien Term Loan, which matures on January 15, 2024, carries substantially similar terms as our $950 million first lien senior secured term loan 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)
| 2019 |  | 2018 |  | 2019 |  | 2018
2022 First Lien Notes(2) | $ | 245 |  |  | $ | 743 |  |  | 6.4 | % |  | 6.4 | %
2024 First Lien Notes(3) | 184 |  |  | 486 |  |  | 6.1 |  |  | 6.1 |
2026 First Lien Notes | 1,172 |  |  | 1,171 |  |  | 5.5 |  |  | 5.5 |
2028 First Lien Notes(2)(3) | 1,234 |  |  | — |  |  | 4.7 |  |  | — |
Total First Lien Notes | $ | 2,835 |  |  | $ | 2,400 |  |  |  |  |
____________
(1) | Our weighted average interest rate calculation includes the amortization of debt issuance costs and debt discount.
(2) | On December 20, 2019, we used the proceeds from the issuance of our 2028 First Lien Notes (discussed below) to redeem approximately $505 million in aggregate principal amount of our 2022 First Lien Notes, plus accrued and unpaid interest. On January 21, 2020, we redeemed the remaining $245 million in aggregate principal amount of our 2022 First Lien Notes, which was included in debt, current portion on our Consolidated Balance Sheet at December 31, 2019, with the proceeds from the 2028 First Lien Notes, which was included in cash and cash equivalents on our Consolidated Balance Sheet at December 31, 2019. We recorded approximately $6 million in loss on extinguishment of debt which is comprised of approximately $1 million of prepayment premiums and approximately $5 million associated with the write-off of unamortized discount and debt issuance costs during the fourth quarter of 2019 associated with the redemption.
(3) | On December 20, 2019, we used the proceeds from the issuance of our 2028 First Lien Notes (discussed below) to redeem approximately $306 million of the total aggregate debt amount of 2024 First Lien Notes, plus accrued and unpaid interest. On January 21, 2020, we redeemed the remaining $184 million in aggregate principal amount of our 2024 First Lien Notes, which was included in debt, current portion on our Consolidated Balance Sheet at December 31, 2019, with the proceeds from the 2028 First Lien Notes which was included in cash and cash equivalents on our Consolidated Balance Sheet at December 31, 2019. We recorded approximately $14 million in loss on extinguishment of debt which is comprised of approximately $11 million of prepayment premiums and approximately $3 million associated with the write-off of unamortized debt issuance costs during the fourth quarter of 2019 associated with the redemption.
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)
| 2019 |  | 2018 |  | 2019 |  | 2018
Russell City due 2023 | $ | 272 |  |  | $ | 341 |  |  | 6.6 | % |  | 6.5 | %
Steamboat due 2025 | 351 |  |  | 384 |  |  | 4.6 |  |  | 4.5 |
OMEC due 2024(2) | — |  |  | 218 |  |  | — |  |  | 7.1 |
Los Esteros due 2023 | 135 |  |  | 163 |  |  | 5.2 |  |  | 4.7 |
Pasadena(3) | 62 |  |  | 76 |  |  | 8.9 |  |  | 8.9 |
Bethpage Energy Center 3 due 2020-2025(4) | 45 |  |  | 53 |  |  | 7.0 |  |  | 7.1 |
Other | 14 |  |  | 29 |  |  | — |  |  | — |
Total | $ | 879 |  |  | $ | 1,264 |  |  |  |  |
_____________
(1) | Our weighted average interest rate calculation includes the amortization of debt issuance costs and debt discount.
(2) | On August 14, 2019, we repaid the project debt associated with OMEC from a portion of the proceeds received from the issuance of our 2026 First Lien Term Loans (as discussed above), together with cash on hand.
(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)
| 2019 |  | 2018 |  | 2019 |  | 2018
CCFC Term Loan | $ | 967 |  |  | $ | 974 |  |  | 5.2 | % |  | 4.9 | %
____________
(1) | Our weighted average interest rate calculation includes the amortization of debt issuance costs and debt discount.
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, 2019 and 2018 (in millions):
| 2019 |  | 2018
Corporate Revolving Facility | $ | 604 |  |  | $ | 693 |
CDHI | 3 |  |  | 251 |
Various project financing facilities | 184 |  |  | 228 |
Other corporate facilities | 294 |  |  | 193 |
Total | $ | 1,085 |  |  | $ | 1,365 |
Fair Value, by Balance Sheet Grouping | The following table details the fair values and carrying values of our debt instruments at December 31, 2019 and 2018 (in millions):
| 2019 |  | 2018
| Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
Senior Unsecured Notes | $ | 3,764 |  |  | $ | 3,663 |  |  | $ | 2,803 |  |  | $ | 3,036 |
First Lien Term Loans | 3,238 |  |  | 3,167 |  |  | 2,877 |  |  | 2,976 |
First Lien Notes | 2,929 |  |  | 2,835 |  |  | 2,299 |  |  | 2,400 |
Project financing, notes payable and other(1) | 822 |  |  | 817 |  |  | 1,209 |  |  | 1,188 |
CCFC Term Loan | 982 |  |  | 967 |  |  | 938 |  |  | 974 |
Revolving facilities | 122 |  |  | 122 |  |  | 30 |  |  | 30 |
Total | $ | 11,857 |  |  | $ | 11,571 |  |  | $ | 10,156 |  |  | $ | 10,604 |
____________
(1) | Excludes a lease that is accounted for as a failed sale-leaseback transaction under U.S. GAAP.

X
- Definition [Table Text Block] for CCFC Notes and CCFC Term Loans [TableTextBlock] + References No definition available. + Details
Name: | cpn_CCFCNotesandCCFCTermLoansTableTextBlock
Namespace Prefix: | cpn_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition First lien notes table text block + References No definition available. + Details
Name: | cpn_FirstLienNotesTableTextBlock
Namespace Prefix: | cpn_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition First Lien Term Loans [Table Text Block] + References No definition available. + Details
Name: | cpn_FirstLienTermLoansTableTextBlock
Namespace Prefix: | cpn_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Project Financing Notes Payable and Other [Table Text Block] + References No definition available. + Details
Name: | cpn_ProjectFinancingNotesPayableAndOtherTableTextBlock
Namespace Prefix: | cpn_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Senior Unsecured Notes [Table Text Block] + References No definition available. + Details
Name: | cpn_SeniorUnsecuredNotesTableTextBlock
Namespace Prefix: | cpn_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of debt instruments or arrangements with redemption features. Includes, but is not limited to, description of debt redemption features, percentage price at which debt can be redeemed by the issuer, and period start and end for debt maturity or redemption. + References No definition available. + Details
Name: | us-gaap_DebtInstrumentRedemptionTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCarryingValuesAndEstimatedFairValuesOfDebtInstrumentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration