v3.3.1.900
Debt (Tables)
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12 Months Ended |
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| Debt Disclosure [Abstract] |
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| Schedule of Long-term Debt Instruments |
Debt | | | | | | | | | | 2015 | | 2014 | Senior Unsecured Notes | $ | 3,450 |
| | $ | 2,800 |
| First Lien Term Loans | 3,318 |
| | 2,799 |
| First Lien Notes | 1,809 |
| | 2,075 |
| Project financing, notes payable and other | 1,745 |
| | 1,810 |
| CCFC Term Loans | 1,580 |
| | 1,596 |
| Capital lease obligations | 187 |
| | 202 |
| Subtotal | 12,089 |
| | 11,282 |
| Less: Current maturities | 221 |
| | 199 |
| Total long-term debt | $ | 11,868 |
| | $ | 11,083 |
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| Schedule of Maturities of Long-term Debt |
Annual Debt Maturities Contractual annual principal repayments or maturities of debt instruments as of December 31, 2015, are as follows (in millions): | | | | | 2016 | $ | 222 |
| 2017 | 210 |
| 2018 | 234 |
| 2019 | 1,618 |
| 2020 | 1,372 |
| Thereafter | 8,464 |
| Subtotal | 12,120 |
| Less: Discount | 31 |
| Total debt | $ | 12,089 |
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| 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) | | 2015 | | 2014 | | 2015 | | 2014 | 2023 Senior Unsecured Notes | $ | 1,250 |
| | $ | 1,250 |
| | 5.6 | % | | 5.6 | % | 2024 Senior Unsecured Notes | 650 |
| | — |
| | 5.7 |
| | — |
| 2025 Senior Unsecured Notes | 1,550 |
| | 1,550 |
| | 5.9 |
| | 5.9 |
| Total Senior Unsecured Notes | $ | 3,450 |
| | $ | 2,800 |
| | | | |
____________ | | (1) | Our weighted average interest rate calculation includes the amortization of deferred financing costs. |
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| 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) | | 2015 | | 2014 | | 2015 | | 2014 | 2018 First Lien Term Loans | $ | — |
| | $ | 1,597 |
| | — | % | | 4.3 | % | 2019 First Lien Term Loan | 808 |
| | 816 |
| | 4.4 |
| | 4.4 |
| 2020 First Lien Term Loan | 382 |
| | 386 |
| | 4.3 |
| | 4.3 |
| 2022 First Lien Term Loan | 1,584 |
| | — |
| | 3.7 |
| | — |
| 2023 First Lien Term Loan | 544 |
| | — |
| | 4.5 |
| | — |
| Total First Lien Term Loans | $ | 3,318 |
| | $ | 2,799 |
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____________ | | (1) | Our weighted average interest rate calculation includes the amortization of deferred financing costs and debt discount. |
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| 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(2) | | 2015 | | 2014 | | 2015 | | 2014 | 2022 First Lien Notes | $ | 746 |
| | $ | 745 |
| | 6.3 | % | | 6.3 | % | 2023 First Lien Notes(1) | 573 |
| | 840 |
| | 8.0 |
| | 8.0 |
| 2024 First Lien Notes | 490 |
| | 490 |
| | 6.0 |
| | 6.0 |
| Total First Lien Notes | $ | 1,809 |
| | $ | 2,075 |
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____________ | | (1) | On February 3, 2015, we repurchased approximately $147 million of our 2023 First Lien Notes with the proceeds from our 2024 Senior Unsecured Notes, as described in further detail above. In December 2015, we used cash on hand to redeem 10% of the original aggregate principal amount of our 2023 First Lien Notes, plus accrued and unpaid interest. During the fourth quarter of 2015, we recorded approximately $7 million in debt extinguishment costs related to the partial repurchase of our 2023 First Lien Notes. |
| | (2) | Our weighted average interest rate calculation includes the amortization of deferred financing costs and debt discount. |
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| Project Financing Notes Payable and Other |
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) | | 2015 | | 2014 | | 2015 | | 2014 | Russell City due 2023 | $ | 534 |
| | $ | 591 |
| | 7.5 | % | | 6.2 | % | Steamboat due 2019(2) | 454 |
| | 407 |
| | 6.7 |
| | 6.9 |
| OMEC due 2019 | 315 |
| | 325 |
| | 6.9 |
| | 6.9 |
| Los Esteros due 2023 | 249 |
| | 275 |
| | 2.9 |
| | 3.1 |
| Pasadena(3) | 107 |
| | 122 |
| | 8.9 |
| | 8.9 |
| Bethpage Energy Center 3 due 2020-2025(4) | 75 |
| | 82 |
| | 7.0 |
| | 7.0 |
| Other | 11 |
| | 8 |
| | — |
| | — |
| Total | $ | 1,745 |
| | $ | 1,810 |
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_____________ | | (1) | Our weighted average interest rate calculation includes the amortization of deferred financing costs and debt discount. |
| | (2) | We refinanced and upsized our Steamboat project debt during the fourth quarter of 2015 which lowered the interest rate and extended the maturity to November 22, 2019. |
| | (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. |
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| CCFC Term Loans |
CCFC Term Loans Our CCFC Term Loans are summarized in the table below (in millions, except for interest rates): | | | | | | | | | | | | | | | | Outstanding at December 31, | | Weighted Average Effective Interest Rates(1) | | 2015 | | 2014 | | 2015 | | 2014 | CCFC Term Loans | $ | 1,580 |
| | $ | 1,596 |
| | 3.4 | % | | 3.4 | % |
____________ | | (1) | Our weighted average interest rate calculation includes the amortization of deferred financing costs and debt discount. |
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| 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, 2015 (in millions): | | | | | | | | | | | | | | Sale-Leaseback Transactions(1) | | Capital Lease | | Total | 2016 | $ | 25 |
| | $ | 42 |
| | $ | 67 |
| 2017 | 17 |
| | 41 |
| | 58 |
| 2018 | 21 |
| | 39 |
| | 60 |
| 2019 | 21 |
| | 22 |
| | 43 |
| 2020 | 21 |
| | 20 |
| | 41 |
| Thereafter | 63 |
| | 137 |
| | 200 |
| Total minimum lease payments | 168 |
| | 301 |
| | 469 |
| Less: Amount representing interest | 61 |
| | 114 |
| | 175 |
| Present value of net minimum lease payments | $ | 107 |
| | $ | 187 |
| | $ | 294 |
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____________ | | (1) | Amounts are accounted for as financing transactions under U.S. GAAP and are included in our project financing, notes payable and other amounts above. |
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| 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, 2015 and 2014 (in millions): | | | | | | | | | | 2015 | | 2014 | Corporate Revolving Facility | $ | 316 |
| | $ | 223 |
| CDHI | 241 |
| | 214 |
| Various project financing facilities | 198 |
| | 207 |
| Total | $ | 755 |
| | $ | 644 |
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| Fair Value, by Balance Sheet Grouping |
Fair Value of Debt We record our debt instruments based on contractual terms, net of any applicable premium or discount. The following table details the fair values and carrying values of our debt instruments at December 31, 2015 and 2014 (in millions): | | | | | | | | | | | | | | | | | | 2015 | | 2014 | | Fair Value | | Carrying Value | | Fair Value | | Carrying Value | Senior Unsecured Notes | $ | 3,063 |
| | $ | 3,450 |
| | $ | 2,832 |
| | $ | 2,800 |
| First Lien Term Loans | 3,197 |
| | 3,318 |
| | 2,769 |
| | 2,799 |
| First Lien Notes | 1,885 |
| | 1,809 |
| | 2,247 |
| | 2,075 |
| Project financing, notes payable and other(1) | 1,653 |
| | 1,638 |
| | 1,734 |
| | 1,688 |
| CCFC Term Loans | 1,494 |
| | 1,580 |
| | 1,540 |
| | 1,596 |
| Total | $ | 11,292 |
| | $ | 11,795 |
| | $ | 11,122 |
| | $ | 10,958 |
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____________ | | (1) | Excludes a lease that is accounted for as a failed sale-leaseback transaction under U.S. GAAP. |
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- DefinitionTabular 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.
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- DefinitionTabular 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.
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- DefinitionTabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value.
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- DefinitionTabular 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.
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- DefinitionTabular 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.
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