Debt (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

Our debt at March 31, 2018 and December 31, 2017, was as follows (in millions):

	March 31, 2018		December 31, 2017
Senior Unsecured Notes	$	3,419	$	3,417
First Lien Term Loans	2,990		2,995
First Lien Notes	2,396		2,396
Project financing, notes payable and other	1,461		1,498
CCFC Term Loan	980		984
Capital lease obligations	111		115
Corporate Revolving Facility	325		—
Subtotal	11,682		11,405
Less: Current maturities	227		225
Total long-term debt	$	11,455	$	11,180

Senior Unsecured Notes

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

	March 31, 2018		December 31, 2017
2023 Senior Unsecured Notes	$	1,240	$	1,239
2024 Senior Unsecured Notes	644		644
2025 Senior Unsecured Notes	1,535		1,534
Total Senior Unsecured Notes	$	3,419	$	3,417

First Lien Term Loans

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

	March 31, 2018		December 31, 2017
2019 First Lien Term Loan	$	389	$	389
2023 First Lien Term Loans	1,063		1,064
2024 First Lien Term Loan	1,538		1,542
Total First Lien Term Loans	$	2,990	$	2,995

First Lien Notes

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

	March 31, 2018		December 31, 2017
2022 First Lien Notes	$	742	$	741
2024 First Lien Notes	485		485
2026 First Lien Notes	1,169		1,170
Total First Lien Notes	$	2,396	$	2,396

Schedule of line of credit facilities

The table below represents amounts issued under our letter of credit facilities at March 31, 2018 and December 31, 2017 (in millions):

	March 31, 2018		December 31, 2017
Corporate Revolving Facility(1)	$	953	$	629
CDHI	235		244
Various project financing facilities	181		196
Total	$	1,369	$	1,069

____________

(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 March 31, 2018 and December 31, 2017 (in millions):

	March 31, 2018				December 31, 2017
	Fair Value		Carrying Value		Fair Value		Carrying Value
Senior Unsecured Notes	$	3,203	$	3,419	$	3,294	$	3,417
First Lien Term Loans	3,047		2,990		3,043		2,995
First Lien Notes	2,398		2,396		2,437		2,396
Project financing, notes payable and other(1)	1,397		1,372		1,439		1,409
CCFC Term Loan	998		980		1,000		984
Corporate Revolving Facility	325		325		—		—
Total	$	11,368	$	11,482	$	11,213	$	11,201

____________

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