Debt (Tables)

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

Our debt at September 30, 2016 and December 31, 2015, was as follows (in millions):

	September 30, 2016		December 31, 2015
Senior Unsecured Notes	$	3,410	$	3,406
First Lien Term Loans	2,637		3,277
First Lien Notes	2,408		1,789
Project financing, notes payable and other	1,628		1,715
CCFC Term Loans	1,556		1,565
Capital lease obligations	181		185
Subtotal	11,820		11,937
Less: Current maturities	197		221
Total long-term debt	$	11,623	$	11,716

Senior Unsecured Notes

The amounts outstanding under our Senior Unsecured Notes are summarized in the table below (in millions):

	September 30, 2016		December 31, 2015
2023 Senior Unsecured Notes	$	1,236	$	1,235
2024 Senior Unsecured Notes	642		641
2025 Senior Unsecured Notes	1,532		1,530
Total Senior Unsecured Notes	$	3,410	$	3,406

First Lien Term Loans

The amounts outstanding under our senior secured First Lien Term Loans are summarized in the table below (in millions):

	September 30, 2016		December 31, 2015
2019 First Lien Term Loan	$	—	$	795
2020 First Lien Term Loan	—		378
2022 First Lien Term Loan	1,562		1,571
2023 First Lien Term Loan	530		533
New 2023 First Lien Term Loan	545		—
Total First Lien Term Loans	$	2,637	$	3,277

First Lien Notes

The amounts outstanding under our senior secured First Lien Notes are summarized in the table below (in millions):

	September 30, 2016		December 31, 2015
2022 First Lien Notes	$	739	$	737
2023 First Lien Notes	569		568
2024 First Lien Notes	484		484
2026 First Lien Notes	616		—
Total First Lien Notes	$	2,408	$	1,789

Schedule of line of credit facilities

The table below represents amounts issued under our letter of credit facilities at September 30, 2016 and December 31, 2015 (in millions):

	September 30, 2016		December 31, 2015
Corporate Revolving Facility(1)	$	268	$	316
CDHI	261		241
Various project financing facilities	232		198
Total	$	761	$	755

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(1) The Corporate Revolving Facility represents our primary revolving facility.

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 September 30, 2016 and December 31, 2015 (in millions):

	September 30, 2016				December 31, 2015
	Fair Value		Carrying Value		Fair Value		Carrying Value
Senior Unsecured Notes	$	3,429	$	3,410	$	3,063	$	3,406
First Lien Term Loans	2,694		2,637		3,197		3,277
First Lien Notes	2,537		2,408		1,885		1,789
Project financing, notes payable and other(1)	1,576		1,537		1,653		1,608
CCFC Term Loans	1,566		1,556		1,494		1,565
Total	$	11,802	$	11,548	$	11,292	$	11,645

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