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Debt (Tables)
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12 Months Ended |
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Dec. 31, 2013
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| Debt Disclosure [Abstract] |
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| Carrying Amount and Terms of Non-Recourse Debt |
Non-Recourse Debt The following table summarizes the carrying amount and terms of non-recourse debt as of December 31, 2013 and 2012: | | | | | | | | | | | | | | | NON-RECOURSE DEBT | Weighted Average Interest Rate | | Maturity | | December 31, | | 2013 | | 2012 | | | | | | | (in millions) | | VARIABLE RATE:(1) | | | | | | | | | Bank loans | 3.30 | % | | 2014 – 2029 | | $ | 2,783 |
| | $ | 3,556 |
| | Notes and bonds | 10.51 | % | | 2014 – 2040 | | 1,845 |
| | 1,887 |
| | Debt to (or guaranteed by) multilateral, export credit agencies or development banks(2) | 2.46 | % | | 2014 – 2034 | | 2,446 |
| | 1,711 |
| | Other | 4.62 | % | | 2014 – 2043 | | 349 |
| | 349 |
| | FIXED RATE: | | | | | | | | | Bank loans | 5.06 | % | | 2014 – 2023 | | 477 |
| | 209 |
| | Notes and bonds | 6.25 | % | | 2014 – 2073 | | 7,164 |
| | 6,448 |
| | Debt to (or guaranteed by) multilateral, export credit agencies or development banks(2) | 4.65 | % | | 2014 – 2027 | | 164 |
| | 411 |
| | Other | 6.55 | % | | 2014 – 2061 | | 152 |
| | 188 |
| | SUBTOTAL | | | | | 15,380 |
| (3) | 14,759 |
| (3) | Less: Current maturities | | | | | (2,062 | ) | | (2,494 | ) | | TOTAL | | | | | $ | 13,318 |
| | $ | 12,265 |
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| | (1) | The interest rate on variable rate debt represents the total of a variable component that is based on changes in an interest rate index and of a fixed component. The Company has interest rate swaps and option agreements in an aggregate notional principal amount of approximately $3.6 billion on non-recourse debt outstanding at December 31, 2013. These agreements economically fix the variable component of the interest rates on the portion of the variable-rate debt being hedged so that the total interest rate on that debt has been fixed at rates ranging from approximately 4.09% to 8.98% and 5.85% to 8.75% for swaps and options, respectively. These agreements expire at various dates from 2014 through 2030. |
| | (2) | Multilateral loans include loans funded and guaranteed by bilaterals, multilaterals, development banks and other similar institutions. |
| | (3) | Non-recourse debt of $658 million as of December 31, 2013 was excluded from non-recourse debt and included in current and noncurrent liabilities of held for sale and discontinued businesses in the accompanying Consolidated Balance Sheets. There were no amounts excluded in 2012. |
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| Schedule For Maturity For Non-Recourse Debt |
Non-recourse debt as of December 31, 2013 is scheduled to reach maturity as set forth in the table below: | | | | | December 31, | Annual Maturities | | (in millions) | 2014 | $ | 2,062 |
| 2015 | 692 |
| 2016 | 2,422 |
| 2017 | 792 |
| 2018 | 1,444 |
| Thereafter | 7,968 |
| Total non-recourse debt | $ | 15,380 |
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| Debt In Default Table |
The following table summarizes the Company’s subsidiary non-recourse debt in default or accelerated as of December 31, 2013 and is included in the current portion of non-recourse debt: | | | | | | | | | | | | Primary Nature of Default | | December 31, 2013 | Subsidiary | Default | | Net Assets | | | | (in millions) | Maritza | Covenant | | $ | 850 |
| | $ | 714 |
| Kavarna | Covenant | | 205 |
| | 90 |
| Total | | | $ | 1,055 |
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| Schedule of Recourse Debt Detail |
The following table summarizes the carrying amount and terms of recourse debt of the Company as of December 31, 2013 and 2012: | | | | | | | | | | | | | | Interest Rate | | Final Maturity | | December 31, | RECOURSE DEBT | 2013 | | 2012 | | | | | | (in millions) | Senior Unsecured Note | 7.75% | | 2014 | | 110 |
| | 500 |
| Senior Unsecured Note | 7.75% | | 2015 | | 356 |
| | 500 |
| Senior Unsecured Note | 9.75% | | 2016 | | 369 |
| | 535 |
| Senior Unsecured Note | 8.00% | | 2017 | | 1,150 |
| | 1,500 |
| Senior Secured Term Loan | LIBOR + 2.75% | | 2018 | | 799 |
| | 807 |
| Senior Unsecured Note | 8.00% | | 2020 | | 625 |
| | 625 |
| Senior Unsecured Note | 7.38% | | 2021 | | 1,000 |
| | 1,000 |
| Senior Unsecured Note | 4.88% | | 2023 | | 750 |
| | — |
| Term Convertible Trust Securities | 6.75% | | 2029 | | 517 |
| | 517 |
| Unamortized discounts | | | | | (7 | ) | | (22 | ) | SUBTOTAL | | | | | 5,669 |
| | 5,962 |
| Less: Current maturities | | | | | (118 | ) | | (11 | ) | Total | | | | | $ | 5,551 |
| | $ | 5,951 |
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| | | | | | | | | | | | | | | | | | | | | December 31, | | | Interest Rate | | Maturity | | 2013 | | 2012 | | | | | | | (in millions) | Senior Unsecured Note | | 7.75% | | 2014 | | $ | 110 |
| | $ | 500 |
| Senior Unsecured Note | | 7.75% | | 2015 | | 356 |
| | 500 |
| Senior Unsecured Note | | 9.75% | | 2016 | | 369 |
| | 535 |
| Senior Unsecured Note | | 8.00% | | 2017 | | 1,150 |
| | 1,500 |
| Senior Secured Term Loan | | LIBOR + 2.75% | | 2018 | | 799 |
| | 807 |
| Revolving Loan under Senior Secured Credit Facility | | LIBOR + 2.25% | | 2018 | | — |
| | — |
| Senior Unsecured Note | | 8.00 | % | | 2020 | | 625 |
| | 625 |
| Senior Unsecured Note | | 7.38% | | 2021 | | 1,000 |
| | 1,000 |
| Senior Unsecured Note | | 4.88% | | 2023 | | 750 |
| | — |
| Unamortized discounts | | | | | | (7 | ) | | (22 | ) | SUBTOTAL | | | | | | 5,152 |
| | 5,445 |
| Less: Current maturities | | | | | | (118 | ) | | (11 | ) | Total | | | | | | $ | 5,034 |
| | $ | 5,434 |
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| Schedule of Future Maturities of Recourse Debt |
| | | | | | | | | | | | | | Interest Rate | | Final Maturity | | December 31, | RECOURSE DEBT | 2013 | | 2012 | | | | | | (in millions) | Senior Unsecured Note | 7.75% | | 2014 | | 110 |
| | 500 |
| Senior Unsecured Note | 7.75% | | 2015 | | 356 |
| | 500 |
| Senior Unsecured Note | 9.75% | | 2016 | | 369 |
| | 535 |
| Senior Unsecured Note | 8.00% | | 2017 | | 1,150 |
| | 1,500 |
| Senior Secured Term Loan | LIBOR + 2.75% | | 2018 | | 799 |
| | 807 |
| Senior Unsecured Note | 8.00% | | 2020 | | 625 |
| | 625 |
| Senior Unsecured Note | 7.38% | | 2021 | | 1,000 |
| | 1,000 |
| Senior Unsecured Note | 4.88% | | 2023 | | 750 |
| | — |
| Term Convertible Trust Securities | 6.75% | | 2029 | | 517 |
| | 517 |
| Unamortized discounts | | | | | (7 | ) | | (22 | ) | SUBTOTAL | | | | | 5,669 |
| | 5,962 |
| Less: Current maturities | | | | | (118 | ) | | (11 | ) | Total | | | | | $ | 5,551 |
| | $ | 5,951 |
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The table below summarizes the principal amounts due, net of unamortized discounts, under our recourse debt for the next five years and thereafter: | | | | | December 31, | Net Principal Amounts Due | | (in millions) | 2014 | $ | 118 |
| 2015 | 364 |
| 2016 | 368 |
| 2017 | 1,158 |
| 2018 | 764 |
| Thereafter | 2,897 |
| Total recourse debt | $ | 5,669 |
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| | | | | December 31, | Annual Maturities | | (in millions) | 2014 | $ | 118 |
| 2015 | 364 |
| 2016 | 368 |
| 2017 | 1,158 |
| 2018 | 764 |
| Thereafter | 2,897 |
| Total debt | $ | 5,669 |
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