Debt (Tables)
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3 Months Ended |
Mar. 31, 2020 |
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| Debt Disclosure [Abstract] |
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| Schedule of long-term debt instruments |
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 |
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| First Lien Term Loans |
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 |
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| Senior Unsecured Notes |
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 |
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| 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 |
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____________ |
| Schedule of line 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 |
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____________ | | (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. |
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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 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 |
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____________ | | (1) | Excludes an agreement that is accounted for as a failed sale-leaseback transaction under U.S. GAAP. |
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