Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Debt

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

	2018		2017
Senior Unsecured Notes	$	3,036	$	3,417
First Lien Term Loans	2,976		2,995
First Lien Notes	2,400		2,396
Project financing, notes payable and other	1,264		1,498
CCFC Term Loan	974		984
Capital lease obligations	105		115
Corporate Revolving Facility	30		—
Subtotal	10,785		11,405
Less: Current maturities	637		225
Total long-term debt	$	10,148	$	11,180

Schedule of Maturities of Long-term Debt

Annual Debt Maturities

Contractual annual principal repayments or maturities of debt instruments as of December 31, 2018, are as follows (in millions):

2019	$	642
2020	246
2021	259
2022	1,019
2023	2,535
Thereafter	6,217
Subtotal	10,918
Less: Debt issuance costs	112
Less: Discount	21
Total debt	$	10,785

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)
	2018		2017		2018		2017
2023 Senior Unsecured Notes	$	1,227	$	1,239	5.6	%	5.6	%
2024 Senior Unsecured Notes	599		644		5.7		5.7
2025 Senior Unsecured Notes	1,210		1,534		6.0		6.0
Total Senior Unsecured Notes	$	3,036	$	3,417

____________

(1) Our weighted average interest rate calculation includes the amortization of debt issuance costs.

Debt Instrument Redemption [Table Text Block]

	Principal Repurchased		Cash Paid		Gain on Extinguishment of Debt
			(in million)
2023 Senior Unsecured Notes	$	14	$	13	$	1
2024 Senior Unsecured Notes	46		42		4
2025 Senior Unsecured Notes	330		300		30
Total	$	390	$	355	$	35

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)
	2018		2017		2018		2017
2019 First Lien Term Loan	$	389	$	389	4.9	%	4.1	%
2023 First Lien Term Loans	1,059		1,064		5.4		4.6
2024 First Lien Term Loan(2)	1,528		1,542		5.0		4.2
Total First Lien Term Loans	$	2,976	$	2,995

____________

(1) Our weighted average interest rate calculation includes the amortization of debt issuance costs and debt discount.

(2) Our 2024 First Lien Term Loan carries substantially similar terms as our 2023 First Lien Term Loans as discussed below.

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(1)
	2018		2017		2018		2017
2022 First Lien Notes	$	743	$	741	6.4	%	6.4	%
2024 First Lien Notes	486		485		6.1		6.1
2026 First Lien Notes	1,171		1,170		5.5		5.5
Total First Lien Notes	$	2,400	$	2,396

____________

(1) Our weighted average interest rate calculation includes the amortization of debt issuance costs and debt discount.

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)
	2018		2017		2018		2017
Russell City due 2023	$	341	$	401	6.5	%	6.4	%
Steamboat due 2025	384		414		4.5		4.7
OMEC due 2024(2)	218		294		7.1		7.2
Los Esteros due 2023	163		191		4.7		5.3
Pasadena(3)	76		89		8.9		8.9
Bethpage Energy Center 3 due 2020-2025(4)	53		60		7.1		7.1
Other	29		49		—		—
Total	$	1,264	$	1,498

_____________

(1) Our weighted average interest rate calculation includes the amortization of debt issuance costs and debt discount.

(2) On December 19, 2018, we refinanced the project debt associated with OMEC which lowered the aggregate debt balance to $220 million and extended the maturity to August 2024. In the event that the OMEC put option is exercised, the debt will become payable on November 3, 2019. See Note 7 for further information related to the OMEC put option.

(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.

CCFC Term Loans

CCFC Term Loan

Our CCFC Term Loan is summarized in the table below (in millions, except for interest rates):

	Outstanding at December 31,				Weighted Average Effective Interest Rates(1)
	2018		2017		2018		2017
CCFC Term Loan	$	974	$	984	4.9	%	4.6	%

____________

(1) Our weighted average interest rate calculation includes the amortization of debt issuance costs and debt discount.

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, 2018 (in millions):

	Sale-Leaseback Transaction(1)		Capital Lease		Total
2019	$	21	$	19	$	40
2020	21		19		40
2021	21		17		38
2022	16		17		33
2023	6		21		27
Thereafter	20		72		92
Total minimum lease payments	105		165		270
Less: Amount representing interest	29		60		89
Present value of net minimum lease payments	$	76	$	105	$	181

____________

(1) Amounts are accounted for as a financing transaction under U.S. GAAP and are included in our project financing, notes payable and other amounts above.

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, 2018 and 2017 (in millions):

	2018		2017
Corporate Revolving Facility	$	693	$	629
CDHI	251		244
Various project financing facilities	228		196
Other corporate facilities	193		—
Total	$	1,365	$	1,069

Fair Value, by Balance Sheet Grouping

The following table details the fair values and carrying values of our debt instruments at December 31, 2018 and 2017 (in millions):

	2018				2017
	Fair Value		Carrying Value		Fair Value		Carrying Value
Senior Unsecured Notes	$	2,803	$	3,036	$	3,294	$	3,417
First Lien Term Loans	2,877		2,976		3,043		2,995
First Lien Notes	2,299		2,400		2,437		2,396
Project financing, notes payable and other(1)	1,209		1,188		1,439		1,409
CCFC Term Loan	938		974		1,000		984
Corporate Revolving Facility	30		30		—		—
Total	$	10,156	$	10,604	$	11,213	$	11,201

____________

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