Debt (Tables)

6 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

At June 30, 2014 and December 31, 2013, our debt was as follows (in millions):

	June 30, 2014		December 31, 2013
First Lien Notes	$	4,990	$	4,989
First Lien Term Loans	2,814		2,828
Project financing, notes payable and other	1,849		1,901
CCFC Term Loans	1,603		1,191
Capital lease obligations	193		203
Subtotal	11,449		11,112
Less: Current maturities	189		204
Total long-term debt	$	11,260	$	10,908

First Lien Notes

Our First Lien Notes are summarized in the table below (in millions):

	June 30, 2014		December 31, 2013
2019 First Lien Notes(1)	$	320	$	320
2020 First Lien Notes(2)	875		875
2021 First Lien Notes(2)	1,600		1,600
2022 First Lien Notes	745		744
2023 First Lien Notes	960		960
2024 First Lien Notes	490		490
Total First Lien Notes	$	4,990	$	4,989

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(1) The 2019 First Lien Notes were repaid on July 22, 2014 with a portion of the proceeds from the issuance of our Senior Unsecured Notes which are described in further detail below.

(2) On July 8, 2014, we launched tender offers and consent solicitations to repurchase our 2020 First Lien Notes and 2021 First Lien Notes with the proceeds from our Senior Unsecured Notes which are described in further detail below. On July 22, 2014, we repurchased approximately $861 million in aggregate principal amount of our 2020 First Lien Notes and approximately $1,582 million in aggregate principal amount of our 2021 First Lien Notes. We used the remaining net proceeds, together with cash on hand, to satisfy and discharge the remaining 2020 First Lien Notes and 2021 First Lien Notes.

First Lien Term Loans

Our First Lien Term Loans are summarized in the table below (in millions):

	June 30, 2014		December 31, 2013
2018 First Lien Term Loans	$	1,606	$	1,614
2019 First Lien Term Loan	820		824
2020 First Lien Term Loan	388		390
Total First Lien Term Loans	$	2,814	$	2,828

Schedule of Line of Credit Facilities

The table below represents amounts issued under our letter of credit facilities at June 30, 2014 and December 31, 2013 (in millions):

	June 30, 2014		December 31, 2013
Corporate Revolving Facility(1)	$	235	$	242
CDHI(2)	269		218
Various project financing facilities	171		170
Total	$	675	$	630

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(1) The Corporate Revolving Facility represents our primary revolving facility. On July 30, 2014, we amended our Corporate Revolving Facility to increase the capacity by an additional $500 million to $1.5 billion.

(2) During the first quarter of 2014, we amended our CDHI letter of credit facility to lower our fees and extend the maturity to January 2, 2018.

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 June 30, 2014 and December 31, 2013 (in millions):

	June 30, 2014				December 31, 2013
	Fair Value		Carrying Value		Fair Value		Carrying Value
First Lien Notes	$	5,441	$	4,990	$	5,317	$	4,989
First Lien Term Loans	2,822		2,814		2,845		2,828
Project financing, notes payable and other(1)	1,736		1,728		1,772		1,766
CCFC Term Loans	1,586		1,603		1,179		1,191
Total	$	11,585	$	11,135	$	11,113	$	10,774

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(1) Excludes a lease that is accounted for as a failed sale-leaseback transaction under U.S. GAAP.