v3.20.1

Debt | 3 Months Ended
--- | ---
Mar. 31, 2020
Debt Disclosure [Abstract] |
Debt | Debt Our debt at March 31, 2020 and December 31, 2019, was as follows (in millions):
| March 31, 2020 |  | December 31, 2019
First Lien Term Loans | $ | 3,161 |  |  | $ | 3,167 |
Senior Unsecured Notes | 3,041 |  |  | 3,663 |
First Lien Notes | 2,407 |  |  | 2,835 |
Project financing, notes payable and other | 840 |  |  | 879 |
CCFC Term Loan | 964 |  |  | 967 |
Finance lease obligations | 68 |  |  | 73 |
Revolving facilities | 572 |  |  | 122 |
Subtotal | 11,053 |  |  | 11,706 |
Less: Current maturities | 217 |  |  | 1,268 |
Total long-term debt | $ | 10,836 |  |  | $ | 10,438 |
Our effective interest rate on our consolidated debt, excluding the effects of capitalized interest and mark-to-market gains (losses) on interest rate hedging instruments, decreased to 5.3% for the three months ended March 31, 2020, from 5.9% for the same period in 2019. First Lien Term Loans The amounts outstanding under our First Lien Term Loans are summarized in the table below (in millions):
| March 31, 2020 |  | December 31, 2019
2024 First Lien Term Loan | $ | 1,511 |  |  | $ | 1,514 |
2026 First Lien Term Loans | 1,650 |  |  | 1,653 |
Total First Lien Term Loans | $ | 3,161 |  |  | $ | 3,167 |
Senior Unsecured Notes The amounts outstanding under our Senior Unsecured Notes are summarized in the table below (in millions):
| March 31, 2020 |  | December 31, 2019
2023 Senior Unsecured Notes(1) | $ | — |  |  | $ | 623 |
2024 Senior Unsecured Notes | 479 |  |  | 479 |
2025 Senior Unsecured Notes | 1,174 |  |  | 1,174 |
2028 Senior Unsecured Notes(1) | 1,388 |  |  | 1,387 |
Total Senior Unsecured Notes | $ | 3,041 |  |  | $ | 3,663 |
____________
(1) | On January 21, 2020, we redeemed the outstanding $623 million in aggregate principal amount of our 2023 Senior Unsecured Notes, which was included in debt, current portion on our Consolidated Condensed 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 Condensed Balance Sheet at December 31, 2019.
First Lien Notes The amounts outstanding under our First Lien Notes are summarized in the table below (in millions):
| March 31, 2020 |  | December 31, 2019
2022 First Lien Notes(1) | $ | — |  |  | $ | 245 |
2024 First Lien Notes(2) | — |  |  | 184 |
2026 First Lien Notes | 1,173 |  |  | 1,172 |
2028 First Lien Notes | 1,234 |  |  | 1,234 |
Total First Lien Notes | $ | 2,407 |  |  | $ | 2,835 |
____________
(1) | On January 21, 2020, we redeemed the outstanding $245 million in aggregate principal amount of our 2022 First Lien Notes, which was included in debt, current portion on our Consolidated Condensed 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 Condensed Balance Sheet at December 31, 2019.
(2) | On January 21, 2020, we redeemed the outstanding $184 million in aggregate principal amount of our 2024 First Lien Notes, which was included in debt, current portion on our Consolidated Condensed 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 Condensed Balance Sheet at December 31, 2019.
Project Financing, Notes Payable and Other On January 29, 2019, PG&E and PG&E Corporation each filed voluntary petitions for relief under Chapter 11. Our power plants that sell energy and energy-related products to PG&E through PPAs, include Russell City Energy Center and Los Esteros Critical Energy Facility. Since the bankruptcy filing, we have received all material payments under the PPAs, either directly or through the application of collateral. As a result of PG&E’s bankruptcy, we are currently unable to make distributions from our Russell City and Los Esteros projects in accordance with the terms of the project debt agreements associated with each related project. In July 2019, we executed forbearance agreements associated with the Russell City and Los Esteros project debt agreements, under which the lenders have agreed to forbear enforcement of their rights and remedies, including the ability to accelerate the repayment of borrowings outstanding, otherwise arising because PG&E did not assume our PPAs during the first 180 days of PG&E’s bankruptcy proceeding. The forbearance agreements are effective for rolling 90-day periods, so long as we continue to meet certain conditions, including that the PPAs have not been rejected and there are no other defaults under the project debt agreements or the forbearance agreements. We may be required to reclassify $276 million of Russell City and Los Esteros long-term project debt outstanding at March 31, 2020 to a current liability in a future period. We continue to monitor the bankruptcy proceedings and are assessing our options. Corporate Revolving Facility and Other Letter of Credit Facilities The table below represents amounts issued under our letter of credit facilities at March 31, 2020 and December 31, 2019 (in millions):
| March 31, 2020 |  | December 31, 2019
Corporate Revolving Facility(1) | $ | 636 |  |  | $ | 604 |
CDHI | 3 |  |  | 3 |
Various project financing facilities | 185 |  |  | 184 |
Other corporate facilities(2) | 295 |  |  | 294 |
Total | $ | 1,119 |  |  | $ | 1,085 |
____________
(1) | The Corporate Revolving Facility represents our primary revolving facility and matures on March 8, 2023.
(2) | On April 9, 2020, we amended one of our unsecured letter of credit facilities to partially extend the maturity of $100 million in commitments from June 20, 2020 to June 20, 2022.
Fair Value of Debt We record our debt instruments based on contractual terms, net of any applicable premium or discount and debt issuance costs. The following table details the fair values and carrying values of our debt instruments at March 31, 2020 and December 31, 2019 (in millions):
| March 31, 2020 |  | December 31, 2019
| Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
First Lien Term Loans | $ | 2,920 |  |  | $ | 3,161 |  |  | $ | 3,238 |  |  | $ | 3,167 |
Senior Unsecured Notes | 2,827 |  |  | 3,041 |  |  | 3,764 |  |  | 3,663 |
First Lien Notes | 2,313 |  |  | 2,407 |  |  | 2,929 |  |  | 2,835 |
Project financing, notes payable and other(1) | 777 |  |  | 778 |  |  | 822 |  |  | 817 |
CCFC Term Loan | 850 |  |  | 964 |  |  | 982 |  |  | 967 |
Revolving facilities | 572 |  |  | 572 |  |  | 122 |  |  | 122 |
Total | $ | 10,259 |  |  | $ | 10,923 |  |  | $ | 11,857 |  |  | $ | 11,571 |
____________
(1) | Excludes an agreement that is accounted for as a failed sale-leaseback transaction under U.S. GAAP.
Our First Lien Term Loans, Senior Unsecured Notes, First Lien Notes and CCFC Term Loan are categorized as level 2 within the fair value hierarchy. Our revolving facilities and project financing, notes payable and other debt instruments are categorized as level 3 within the fair value hierarchy. We do not have any debt instruments with fair value measurements categorized as level 1 within the fair value hierarchy.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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