Debt (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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| Debt Disclosure [Abstract] |
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| Schedule of Long-term Debt Instruments |
Debt Our debt at December 31, 2019 and 2018, was as follows (in millions): | | | | | | | | | | 2019 | | 2018 | Senior Unsecured Notes | $ | 3,663 |
| | $ | 3,036 |
| First Lien Term Loans | 3,167 |
| | 2,976 |
| First Lien Notes | 2,835 |
| | 2,400 |
| Project financing, notes payable and other | 879 |
| | 1,264 |
| CCFC Term Loan | 967 |
| | 974 |
| Finance lease obligations | 73 |
| | 105 |
| Revolving facilities | 122 |
| | 30 |
| Subtotal | 11,706 |
| | 10,785 |
| Less: Current maturities | 1,268 |
| | 637 |
| Total long-term debt | $ | 10,438 |
| | $ | 10,148 |
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| Schedule of Maturities of Long-term Debt |
Annual Debt Maturities Contractual annual principal repayments or maturities of debt instruments as of December 31, 2019, are as follows (in millions): | | | | | 2020 | $ | 1,269 |
| 2021 | 347 |
| 2022 | 230 |
| 2023 | 198 |
| 2024 | 2,030 |
| Thereafter | 7,771 |
| Subtotal | 11,845 |
| Less: Debt issuance costs | 114 |
| Less: Discount | 25 |
| Total debt | $ | 11,706 |
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| 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) | | 2019 | | 2018 | | 2019 | | 2018 | 2023 Senior Unsecured Notes(2) | $ | 623 |
| | $ | 1,227 |
| | 5.7 | % | | 5.6 | % | 2024 Senior Unsecured Notes | 479 |
| | 599 |
| | 5.7 |
| | 5.7 |
| 2025 Senior Unsecured Notes | 1,174 |
| | 1,210 |
| | 5.8 |
| | 6.0 |
| 2028 Senior Unsecured Notes(2) | 1,387 |
| | — |
| | 5.3 |
| | — |
| Total Senior Unsecured Notes | $ | 3,663 |
| | $ | 3,036 |
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____________ | | (1) | Our weighted average interest rate calculation includes the amortization of debt issuance costs. |
| | (2) | On December 27, 2019, we used the proceeds from the issuance of our 2028 Senior Unsecured Notes (discussed below) to redeem approximately $613 million in aggregate principal amount of our 2023 Senior Unsecured Notes, plus accrued and unpaid interest. On January 21, 2020, we redeemed the remaining $623 million in aggregate principal amount of our 2023 Senior Unsecured Notes, which was included in debt, current portion on our Consolidated Balance Sheet at December 31, 2019, with the proceeds from the 2028 Senior Unsecured Notes, which was included in cash and cash equivalents on our Consolidated Balance Sheet at December 31, 2019. We recorded approximately $24 million in loss on extinguishment of debt which is comprised of approximately $18 million of prepayment premiums and approximately $6 million associated with the write-off of unamortized debt issuance costs during the fourth quarter of 2019 associated with the redemption. |
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| Debt Instrument Redemption [Table Text Block] |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2019 | | Year Ended December 31, 2018 | | | Principal Repurchased | | Cash Paid | | Gain (loss) on Extinguishment of Debt | | Principal Repurchased | | Cash Paid | | Gain on Extinguishment of Debt | | | (in million) | | | | | | | | | | | | | | 2023 Senior Unsecured Notes | | $ | — |
| | $ | — |
| | $ | — |
| | $ | 14 |
| | $ | 13 |
| | $ | 1 |
| 2024 Senior Unsecured Notes | | 122 |
| | 123 |
| | (1 | ) | | 46 |
| | 42 |
| | 4 |
| 2025 Senior Unsecured Notes | | 38 |
| | 35 |
| | 3 |
| | 330 |
| | 300 |
| | 30 |
| Total | | $ | 160 |
|
| $ | 158 |
|
| $ | 2 |
| | $ | 390 |
| | $ | 355 |
| | $ | 35 |
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| 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) | | 2019 | | 2018 | | 2019 | | 2018 | 2019 First Lien Term Loan | $ | — |
| | $ | 389 |
| | — | % | | 4.9 | % | 2023 First Lien Term Loans | — |
| | 1,059 |
| | — |
| | 5.4 |
| 2024 First Lien Term Loan(2) | 1,514 |
| | 1,528 |
| | 5.3 |
| | 5.0 |
| 2026 First Lien Term Loans | 1,653 |
| | — |
| | 5.4 |
| | — |
| Total First Lien Term Loans | $ | 3,167 |
| | $ | 2,976 |
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____________ | | (1) | Our weighted average interest rate calculation includes the amortization of debt issuance costs and debt discount. |
| | (2) | Our 2024 First Lien Term Loan, which matures on January 15, 2024, carries substantially similar terms as our $950 million first lien senior secured term loan as discussed below. |
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| 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) | | 2019 | | 2018 | | 2019 | | 2018 | 2022 First Lien Notes(2) | $ | 245 |
| | $ | 743 |
| | 6.4 | % | | 6.4 | % | 2024 First Lien Notes(3) | 184 |
| | 486 |
| | 6.1 |
| | 6.1 |
| 2026 First Lien Notes | 1,172 |
| | 1,171 |
| | 5.5 |
| | 5.5 |
| 2028 First Lien Notes(2)(3) | 1,234 |
| | — |
| | 4.7 |
| | — |
| Total First Lien Notes | $ | 2,835 |
| | $ | 2,400 |
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____________ | | (1) | Our weighted average interest rate calculation includes the amortization of debt issuance costs and debt discount. |
| | (2) | On December 20, 2019, we used the proceeds from the issuance of our 2028 First Lien Notes (discussed below) to redeem approximately $505 million in aggregate principal amount of our 2022 First Lien Notes, plus accrued and unpaid interest. On January 21, 2020, we redeemed the remaining $245 million in aggregate principal amount of our 2022 First Lien Notes, which was included in debt, current portion on our Consolidated Balance Sheet at December 31, 2019, with the proceeds from the 2028 First Lien Notes, which was included in cash and cash equivalents on our Consolidated Balance Sheet at December 31, 2019. We recorded approximately $6 million in loss on extinguishment of debt which is comprised of approximately $1 million of prepayment premiums and approximately $5 million associated with the write-off of unamortized discount and debt issuance costs during the fourth quarter of 2019 associated with the redemption. |
| | (3) | On December 20, 2019, we used the proceeds from the issuance of our 2028 First Lien Notes (discussed below) to redeem approximately $306 million of the total aggregate debt amount of 2024 First Lien Notes, plus accrued and unpaid interest. On January 21, 2020, we redeemed the remaining $184 million in aggregate principal amount of our 2024 First Lien Notes, which was included in debt, current portion on our Consolidated Balance Sheet at December 31, 2019, with the proceeds from the 2028 First Lien Notes which was included in cash and cash equivalents on our Consolidated Balance Sheet at December 31, 2019. We recorded approximately $14 million in loss on extinguishment of debt which is comprised of approximately $11 million of prepayment premiums and approximately $3 million associated with the write-off of unamortized debt issuance costs during the fourth quarter of 2019 associated with the redemption. |
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| 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) | | 2019 | | 2018 | | 2019 | | 2018 | Russell City due 2023 | $ | 272 |
| | $ | 341 |
| | 6.6 | % | | 6.5 | % | Steamboat due 2025 | 351 |
| | 384 |
| | 4.6 |
| | 4.5 |
| OMEC due 2024(2) | — |
| | 218 |
| | — |
| | 7.1 |
| Los Esteros due 2023 | 135 |
| | 163 |
| | 5.2 |
| | 4.7 |
| Pasadena(3) | 62 |
| | 76 |
| | 8.9 |
| | 8.9 |
| Bethpage Energy Center 3 due 2020-2025(4) | 45 |
| | 53 |
| | 7.0 |
| | 7.1 |
| Other | 14 |
| | 29 |
| | — |
| | — |
| Total | $ | 879 |
| | $ | 1,264 |
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_____________ | | (1) | Our weighted average interest rate calculation includes the amortization of debt issuance costs and debt discount. |
| | (2) | On August 14, 2019, we repaid the project debt associated with OMEC from a portion of the proceeds received from the issuance of our 2026 First Lien Term Loans (as discussed above), together with cash on hand. |
| | (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. |
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| 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) | | 2019 | | 2018 | | 2019 | | 2018 | CCFC Term Loan | $ | 967 |
| | $ | 974 |
| | 5.2 | % | | 4.9 | % |
____________ | | (1) | Our weighted average interest rate calculation includes the amortization of debt issuance costs and debt discount. |
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| 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, 2019 and 2018 (in millions): | | | | | | | | | | 2019 | | 2018 | Corporate Revolving Facility | $ | 604 |
| | $ | 693 |
| CDHI | 3 |
| | 251 |
| Various project financing facilities | 184 |
| | 228 |
| Other corporate facilities | 294 |
| | 193 |
| Total | $ | 1,085 |
| | $ | 1,365 |
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| Fair Value, by Balance Sheet Grouping |
The following table details the fair values and carrying values of our debt instruments at December 31, 2019 and 2018 (in millions): | | | | | | | | | | | | | | | | | | 2019 | | 2018 | | Fair Value | | Carrying
Value | | Fair Value | | Carrying Value | Senior Unsecured Notes | $ | 3,764 |
| | $ | 3,663 |
| | $ | 2,803 |
| | $ | 3,036 |
| First Lien Term Loans | 3,238 |
| | 3,167 |
| | 2,877 |
| | 2,976 |
| First Lien Notes | 2,929 |
| | 2,835 |
| | 2,299 |
| | 2,400 |
| Project financing, notes payable and other(1) | 822 |
| | 817 |
| | 1,209 |
| | 1,188 |
| CCFC Term Loan | 982 |
| | 967 |
| | 938 |
| | 974 |
| Revolving facilities | 122 |
| | 122 |
| | 30 |
| | 30 |
| Total | $ | 11,857 |
| | $ | 11,571 |
| | $ | 10,156 |
| | $ | 10,604 |
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____________ | | (1) | Excludes a lease that is accounted for as a failed sale-leaseback transaction under U.S. GAAP. |
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