Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2018shares | |
Document And Entity Information [Abstract] | |
Entity Registrant Name | NRG ENERGY, INC. |
Entity Central Index Key | 1,013,871 |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 2018 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Filer category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 303,429,305 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Operating Revenues | ||||
Total operating revenues | $ 2,922 | $ 2,701 | $ 5,343 | $ 5,083 |
Operating Costs and Expenses | ||||
Cost of operations | 2,051 | 1,841 | 3,609 | 3,704 |
Depreciation and amortization | 227 | 260 | 462 | 517 |
Impairment losses | 74 | 63 | 74 | 63 |
Selling, general and administrative | 211 | 221 | 402 | 481 |
Reorganization costs | 23 | 0 | 43 | 0 |
Development costs | 16 | 18 | 29 | 35 |
Total operating costs and expenses | 2,602 | 2,403 | 4,619 | 4,800 |
Other income - affiliate | 0 | 39 | 0 | 87 |
Gain on sale of assets | 14 | 2 | 16 | 4 |
Operating Income/(Loss) | 334 | 339 | 740 | 374 |
Other Income/(Expense) | ||||
Equity in earnings/(losses) of unconsolidated affiliates | 18 | (3) | 16 | 2 |
Other income/(expense), net | (20) | 14 | (23) | 26 |
Loss on debt extinguishment, net | (1) | 0 | (3) | (2) |
Interest expense | (202) | (247) | (369) | (471) |
Total other expense | (205) | (236) | (379) | (445) |
Income/(Loss) from Continuing Operations Before Income Taxes | 129 | 103 | 361 | (71) |
Income tax expense/(benefit) | 8 | 4 | 7 | (1) |
Income/(Loss) from Continuing Operations | 121 | 99 | 354 | (70) |
Loss from discontinued operations, net of income tax | (25) | (741) | (25) | (775) |
Net Income/(Loss) | 96 | (642) | 329 | (845) |
Less: Net income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interests | 24 | (16) | (22) | (55) |
Net Income Attributable to NRG Energy, Inc. | $ 72 | $ (626) | $ 351 | $ (790) |
Earnings/(Loss) per Share Attributable to NRG Energy, Inc. Common Stockholders | ||||
Weighted average number of common shares outstanding — basic (in shares) | 310 | 316 | 314 | 316 |
Income/(loss) from continuing operations per weighted average common share — basic (in usd per share) | $ 0.31 | $ 0.36 | $ 1.20 | $ (0.05) |
Income/(loss) from discontinued operations per weighted average common share — basic (in usd per share) | (0.08) | (2.34) | (0.08) | (2.45) |
Earnings/(Loss) per Weighted Average Common Share — Basic (in usd per share) | $ 0.23 | $ (1.98) | $ 1.12 | $ (2.50) |
Weighted average number of common shares outstanding — diluted (in shares) | 314 | 316 | 318 | 316 |
Income/(loss) from continuing operations per weighted average common share — diluted (in usd per share) | $ 0.31 | $ 0.36 | $ 1.18 | $ (0.05) |
Income/(loss) from discontinued operations per weighted average common share — diluted (in usd per share) | (0.08) | (2.34) | (0.08) | (2.45) |
Earnings/(Loss) per Weighted Average Common Share — Diluted (in usd per share) | 0.23 | (1.98) | 1.10 | (2.50) |
Dividends Per Common Share (in usd per share) | $ 0.03 | $ 0.03 | $ 0.06 | $ 0.06 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income/(loss) | $ 96 | $ (642) | $ 329 | $ (845) |
Other comprehensive income/(loss), net of tax | ||||
Unrealized gain/(loss) on derivatives, net of income tax expense of $0, $0, $0, and $1 | 5 | (5) | 19 | (1) |
Foreign currency translation adjustments, net of income tax expense of $0, $0, $0, and $0 | (4) | 1 | (6) | 8 |
Available-for-sale securities, net of income tax expense of $0, $0, $0, and $0 | 1 | 1 | 1 | 1 |
Defined benefit plans, net of income tax expense of $0, $0, $0, and $0 | (1) | 27 | (2) | 27 |
Other comprehensive income | 1 | 24 | 12 | 35 |
Comprehensive Income/(Loss) | 97 | (618) | 341 | (810) |
Less: Comprehensive (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest | 26 | (17) | (12) | (56) |
Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. | 71 | (601) | 353 | (754) |
Comprehensive income/(loss) Available for Common Stockholders | $ 71 | $ (601) | $ 353 | $ (754) |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Comprehensive Income/(Loss) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gain/(loss) on derivatives, income tax expense | $ 0 | $ 0 | $ 0 | $ 1 |
Foreign currency translation adjustments, income tax expense | 0 | 0 | 0 | 0 |
Defined benefit plans, income tax expense | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 980 | $ 991 |
Funds deposited by counterparties | 71 | 37 |
Restricted cash | 286 | 508 |
Accounts receivable, net | 1,371 | 1,079 |
Inventory | 485 | 532 |
Derivative instruments | 851 | 626 |
Cash collateral paid in support of energy risk management activities | 224 | 171 |
Accounts receivable - affiliate | 57 | 95 |
Current assets - held for sale | 100 | 115 |
Prepayments and other current assets | 328 | 261 |
Total current assets | 4,753 | 4,415 |
Property, plant and equipment, net | 12,774 | 13,908 |
Other Assets | ||
Equity investments in affiliates | 1,055 | 1,038 |
Notes receivable, less current portion | 15 | 2 |
Goodwill | 539 | 539 |
Intangible assets, net | 1,860 | 1,746 |
Nuclear decommissioning trust fund | 694 | 692 |
Derivative instruments | 426 | 172 |
Deferred income taxes | 126 | 134 |
Non-current assets held-for-sale | 50 | 43 |
Other non-current assets | 655 | 629 |
Total other assets | 5,420 | 4,995 |
Total Assets | 22,947 | 23,318 |
Current Liabilities | ||
Current portion of long-term debt and capital leases | 952 | 688 |
Accounts payable | 975 | 881 |
Accounts payable - affiliate | 29 | 33 |
Derivative instruments | 709 | 555 |
Cash collateral received in support of energy risk management activities | 72 | 37 |
Current liabilities held-for-sale | 74 | 72 |
Accrued expenses and other current liabilities | 719 | 890 |
Accrued expenses and other current liabilities - affiliate | 133 | 161 |
Total current liabilities | 3,663 | 3,317 |
Other Liabilities | ||
Long-term debt and capital leases | 14,821 | 15,716 |
Nuclear decommissioning reserve | 274 | 269 |
Nuclear decommissioning trust liability | 410 | 415 |
Deferred income taxes | 17 | 21 |
Derivative instruments | 285 | 197 |
Out-of-market contracts, net | 195 | 207 |
Non-current liabilities held-for-sale | 12 | 8 |
Other non-current liabilities | 1,130 | 1,122 |
Total non-current liabilities | 17,144 | 17,955 |
Total Liabilities | 20,807 | 21,272 |
Redeemable noncontrolling interest in subsidiaries | 69 | 78 |
Commitments and Contingencies | ||
Stockholders’ Equity | ||
Common stock | 4 | 4 |
Additional paid-in capital | 8,481 | 8,376 |
Accumulated deficit | (5,920) | (6,268) |
Less treasury stock, at cost — 116,267,484 and 101,580,045 shares, at June 30, 2018 and December 31, 2017, respectively | (2,871) | (2,386) |
Accumulated other comprehensive loss | (60) | (72) |
Noncontrolling interest | 2,437 | 2,314 |
Total Stockholders’ Equity | 2,071 | 1,968 |
Total Liabilities and Stockholders’ Equity | $ 22,947 | $ 23,318 |
Condensed Consolidated Balance6
Condensed Consolidated Balance Sheets (Parenthetical) - shares | Jun. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Treasury stock, shares (in shares) | 116,267,484 | 101,580,045 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash Flows from Operating Activities | ||
Net income/(loss) | $ 329 | $ (845) |
Loss from discontinued operations, net of income tax | (25) | (775) |
Income/(Loss) from Continuing Operations | 354 | (70) |
Adjustments to reconcile net income to net cash provided/(used) by operating activities: | ||
Distributions and equity in earnings of unconsolidated affiliates | 27 | 26 |
Depreciation, amortization and accretion | 485 | 517 |
Provision for bad debts | 31 | 18 |
Amortization of nuclear fuel | 24 | 24 |
Amortization of financing costs and debt discount/premiums | 27 | 29 |
Adjustment for debt extinguishment | 3 | 0 |
Amortization of intangibles and out-of-market contracts | 48 | 51 |
Amortization of unearned equity compensation | 26 | 16 |
Impairment losses | 89 | 63 |
Changes in deferred income taxes and liability for uncertain tax benefits | 4 | 8 |
Changes in nuclear decommissioning trust liability | 41 | 2 |
Changes in derivative instruments | (211) | 7 |
Changes in collateral deposits in support of energy risk management activities | (18) | (189) |
Gain on sale of emission allowances | (11) | 11 |
Gain on sale of assets | (16) | (22) |
Loss on deconsolidation of business | 22 | 0 |
Changes in other working capital | (401) | (379) |
Cash provided by continuing operations | 524 | 112 |
Cash used by discontinued operations | 0 | (38) |
Net Cash Provided by Operating Activities | 524 | 74 |
Cash Flows from Investing Activities | ||
Acquisitions of businesses, net of cash acquired | (284) | (16) |
Capital expenditures | (691) | (542) |
Decrease in notes receivable | 4 | 8 |
Purchases of emission allowances | (22) | (30) |
Proceeds from sale of emission allowances | 34 | 59 |
Investments in nuclear decommissioning trust fund securities | (346) | (279) |
Proceeds from the sale of nuclear decommissioning trust fund securities | 303 | 277 |
Proceeds from renewable energy grants and state rebates | 0 | 8 |
Proceeds from sale of assets, net of cash disposed of | 18 | 35 |
Deconsolidation of business | (160) | 0 |
Changes in investments in unconsolidated affiliates | (2) | (30) |
Other | 0 | 18 |
Cash (used)/provided by continuing operations | (1,146) | (492) |
Cash used by discontinued operations | 0 | (53) |
Net Cash (Used)/Provided by Investing Activities | (1,146) | (545) |
Cash Flows from Financing Activities | ||
Payment of dividends to common and preferred stockholders | (19) | (19) |
Payment for treasury stock | (500) | 0 |
Net receipts from settlement of acquired derivatives that include financing elements | 0 | 2 |
Proceeds from issuance of long-term debt | 1,605 | 946 |
Payments for short and long-term debt | (848) | (530) |
Increase in notes receivable from affiliate | 0 | (125) |
Net contributions from noncontrolling interests in subsidiaries | 222 | 14 |
Payment of debt issuance costs | (37) | (36) |
Other - contingent consideration | 0 | (10) |
Cash provided by continuing operations | 423 | 242 |
Cash used by discontinued operations | 0 | (224) |
Net Cash Provided by Financing Activities | 423 | 18 |
Effect of exchange rate changes on cash and cash equivalents | 0 | (8) |
Change in Cash from discontinued operations | 0 | (315) |
Net Decrease in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash | (199) | (146) |
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period | 1,536 | 1,386 |
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period | $ 1,337 | $ 1,240 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation General NRG Energy, Inc., or NRG or the Company, is a customer-driven integrated power company built on a portfolio of leading retail electricity brands and diverse generation assets. NRG is continuously focused on serving the energy needs of end-use residential, commercial and industrial customers in competitive markets through multiple brands and channels. The Company: • directly sells energy and innovative, sustainable products and services to retail customers under the names “NRG”, “Reliant” and other retail brand names owned by NRG; • owns and operates approximately 30,000 MW of generation; • engages in the trading of wholesale energy, capacity and related products; and • transacts in and trades fuel and transportation services. The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with the SEC's regulations for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. The following notes should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to the consolidated financial statements in the Company's 2017 Form 10-K. Interim results are not necessarily indicative of results for a full year. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all material adjustments consisting of normal and recurring accruals necessary to present fairly the Company's consolidated financial position as of June 30, 2018 , and the results of operations, comprehensive income/(loss) and cash flows for the three and six months ended June 30, 2018 and 2017 . GenOn Chapter 11 Cases On June 14, 2017, GenOn, along with GenOn Americas Generation and certain of their directly and indirectly-owned subsidiaries, or collectively the GenOn Entities, filed voluntary petitions for relief under Chapter 11, or the Chapter 11 Cases, of the U.S. Bankruptcy Code, in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, or the Bankruptcy Court. GenOn Mid-Atlantic, as well as its consolidated subsidiaries, REMA and certain other subsidiaries, did not file for relief under Chapter 11. As a result of the bankruptcy filings and beginning on June 14, 2017, GenOn and its subsidiaries were deconsolidated from NRG’s consolidated financial statements. NRG determined that this disposal of GenOn and its subsidiaries is a discontinued operation and, accordingly, the financial information for all historical periods has been recast to reflect GenOn as a discontinued operation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Reclassifications Certain prior year amounts have been reclassified for comparative purposes. The reclassifications did not affect results from operations, net assets or cash flows. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Other Balance Sheet Information The following table presents the allowance for doubtful accounts included in accounts receivable, net; accumulated depreciation included in property, plant and equipment, net; accumulated amortization included in intangible assets, net and accumulated amortization included in out-of-market contracts, net: June 30, 2018 December 31, 2017 (In millions) Accounts receivable allowance for doubtful accounts $ 28 $ 28 Property, plant and equipment accumulated depreciation 4,534 4,465 Intangible assets accumulated amortization 1,443 1,818 Out-of-market contracts accumulated amortization 370 358 Restricted Cash The following table provides a reconciliation of cash and cash equivalents, restricted cash and funds deposited by counterparties reported within the consolidated balance sheet that sum to the total of the same such amounts shown in the statement of cash flows. June 30, 2018 December 31, 2017 June 30, 2017 December 31, 2016 (In millions) Cash and cash equivalents $ 980 $ 991 $ 752 $ 938 Funds deposited by counterparties 71 37 19 2 Restricted cash 286 508 469 446 Cash and cash equivalents, funds deposited by counterparties and restricted cash shown in the statement of cash flows $ 1,337 $ 1,536 $ 1,240 $ 1,386 Funds deposited by counterparties consist of cash held by the Company as a result of collateral posting obligations from its counterparties. Some amounts are segregated into separate accounts that are not contractually restricted but, based on the Company's intention, are not available for the payment of general corporate obligations. Depending on market fluctuations and the settlement of the underlying contracts, the Company will refund this collateral to the hedge counterparties pursuant to the terms and conditions of the underlying trades. Since collateral requirements fluctuate daily and the Company cannot predict if any collateral will be held for more than twelve months, the funds deposited by counterparties are classified as a current asset on the Company's balance sheet, with an offsetting liability for this cash collateral received within current liabilities. Restricted cash consists primarily of funds held to satisfy the requirements of certain debt agreements and funds held within the Company's projects that are restricted in their use. Noncontrolling Interest The following table reflects the changes in NRG's noncontrolling interest balance: (In millions) Balance as of December 31, 2017 $ 2,314 Dividends paid to NRG Yield, Inc. public shareholders (61 ) Distributions to noncontrolling interest (34 ) Comprehensive income attributable to noncontrolling interest 12 Non-cash adjustments to noncontrolling interest 8 Contributions from noncontrolling interest 295 Sale of assets to NRG Yield, Inc. (8 ) Deconsolidation of Ivanpah (a) (89 ) Balance as of June 30, 2018 $ 2,437 (a) See Note 9 , Variable Interest Entities, or VIEs for further information regarding the deconsolidation of Ivanpah effective April 2018. Redeemable Noncontrolling Interest The following table reflects the changes in the Company's redeemable noncontrolling interest balance: (In millions) Balance as of December 31, 2017 $ 78 Distributions to redeemable noncontrolling interest (2 ) Contributions from redeemable noncontrolling interest 26 Non-cash adjustments to redeemable noncontrolling interest (9 ) Comprehensive loss attributable to redeemable noncontrolling interest (24 ) Balance as of June 30, 2018 $ 69 Revenue Recognition Revenue from Contracts with Customers On January 1, 2018, the Company adopted the guidance in ASC 606 using the modified retrospective method applied to contracts which were not completed as of the adoption date. The Company recognized the cumulative effect of initially applying the new standard as a credit to the opening balance of accumulated deficit, resulting in a decrease of approximately $16 million . The adjustment primarily related to costs incurred to obtain a contract with customers and customer incentives. Following the adoption of the new standard, the Company’s revenue recognition of its contracts with customers remains materially consistent with its historical practice. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company's policies with respect to its various revenue streams are detailed below. In general, the Company applies the invoicing practical expedient to recognize revenue for the revenue streams detailed below, except in circumstances where the invoiced amount does not represent the value transferred to the customer. Retail Revenues Gross revenues for energy sales and services to retail customers are recognized as the Company transfers the promised goods and services to the customer. For the majority of its electricity contracts, the Company’s performance obligation with the customer is satisfied over time and performance obligations for its electricity products are recognized as the customer takes possession of the product. The Company also allocates the contract consideration to distinct performance obligation in a contract for which the timing of the revenue recognized is different. Additionally, customer discounts and incentives reduce the contract consideration and are recognized over the term of the contract. Energy sales and services that have been delivered but not billed by period end are estimated. Accrued unbilled revenues are based on estimates of customer usage since the date of the last meter reading provided by the independent system operators or electric distribution companies. Volume estimates are based on daily forecasted volumes and estimated customer usage by class. Unbilled revenues are calculated by multiplying these volume estimates by the applicable rate by customer class. Estimated amounts are adjusted when actual usage is known and billed. As contracts for retail electricity can be for multi-year periods, the Company has performance obligations under these contracts that have not yet been satisfied. These performance obligations have transaction prices that are both fixed and variable, and that vary based on the contract duration, customer type, inception date and other contract-specific factors. For the fixed price contracts, the amount of any unsatisfied performance obligations will vary based on customer usage, which will depend on factors such as weather and customer activity and therefore it is not practicable to estimate such amounts. Energy Revenue Both physical and financial transactions are entered into to optimize the financial performance of the Company's generating facilities. Electric energy revenue is recognized upon transmission to the customer over time, using the output method for measuring progress of satisfaction of performance obligations. Physical transactions, or the sale of generated electricity to meet supply and demand, are recorded on a gross basis in the Company's consolidated statements of operations. The Company applies the invoicing practical expedient, where applicable, in recognizing energy revenue. Under the practical expedient, revenue is recognized based on the invoiced amount which is equal to the value to the customer of NRG’s performance obligation completed to date. Financial transactions, or the buying and selling of energy for trading purposes, are recorded net within operating revenues in the consolidated statements of operations in accordance with ASC 815. Capacity Revenue Capacity revenues consist of revenues billed to a third party at either the market or a negotiated contract price for making installed generation capacity available in order to satisfy system integrity and reliability requirements. Capacity revenues are recognized over time, using the output method for measuring progress of satisfaction of performance obligations. The Company applies the invoicing practical expedient, where applicable, in recognizing capacity revenue. Under the practical expedient, revenue is recognized based on the invoiced amount which is equal to the value to the customer of NRG’s performance obligation completed to date. Capacity revenue contracts mainly consist of: Capacity auctions — The Company's largest sources of capacity revenues are capacity auctions in PJM, ISO-NE, and NYISO. Both ISO-NE and PJM operate a pay-for-performance model where capacity payments are modified based on real-time performance, where NRG's actual revenues will be the combination of revenues based on the cleared auction MWs plus the net of any over- and under-performance of NRG's fleet. In addition, MISO has an annual auction, known as the Planning Resource Auction, or PRA. The Gulf Coast assets situated in the MISO market may participate in this auction. Estimated revenues for cleared auction MWs in the various capacity auctions are $578 million , $519 million , $410 million , $388 million and $168 million for fiscal years 2018 , 2019 , 2020 , 2021 and 2022 , respectively. Resource adequacy and bilateral contracts — In California, there is a resource adequacy requirement that is primarily satisfied through bilateral contracts. Such bilateral contracts are typically short-term resource adequacy contracts. When bilateral contracting does not satisfy the resource adequacy need, such shortfalls can be addressed through procurement tools administered by the CAISO, including the capacity procurement mechanism or reliability must-run contracts. Demand payments from the current long-term contracts are tied to summer peak demand and provide a mechanism for recovering a portion of the costs associated with new or changed environmental laws or regulations. In Texas, capacity and contracted revenues are through bilateral contracts with load serving entities. Long-term PPAs — Energy, capacity and where applicable, renewable attributes, from the majority of renewable energy assets and certain conventional energy plants is sold through long-term PPAs and tolling agreements to a single counterparty, which is often a utility or commercial customer. Many of these PPAs are accounted for as leases. Renewable Energy Credits As stated above, renewable energy credits are usually sold through long-term PPAs. Revenue from the sale of self-generated RECs is recognized when related energy is generated and simultaneously delivered even in cases where there is a certification lag as it has been deemed to be perfunctory. In a bundled contract to sell energy, capacity and/or self-generated RECs, all performance obligations are deemed to be delivered at the same time and hence, timing of recognition of revenue for all performance obligations is the same and occurs over time. In such cases, it is often unnecessary to allocate transaction price to multiple performance obligations. Sale of Emission Allowances The Company records its inventory of emission allowances as part of intangible assets. From time to time, management may authorize the transfer of emission allowances in excess of usage from the Company's emission bank to intangible assets held-for-sale for trading purposes. The Company records the sale of emission allowances on a net basis within operating revenue in the Company's consolidated statements of operations. Disaggregated Revenues The following table represents the Company’s disaggregation of revenue from contracts with customers for the three and six months ended June 30, 2018 , along with the reportable segment for each category: Three months ended June 30, 2018 Generation (In millions) Retail Gulf Coast East/West Subtotal Renewables NRG Yield Eliminations Total Energy revenue (a)(b) $ — $ 508 $ 144 $ 652 $ 79 $ 192 $ (250 ) $ 673 Capacity revenue (a)(b) — 68 160 228 — 87 (2 ) 313 Retail revenue Mass customers 1,380 — — — — — (1 ) 1,379 Business solutions customers 437 — — — — — — 437 Total retail revenue 1,817 — — — — — (1 ) 1,816 Mark-to-market for economic hedging activities (c) — 289 (15 ) 274 5 — (264 ) 15 Contract amortization — 4 — 4 — (18 ) — (14 ) Other revenue (a)(b) — 42 18 60 29 46 (16 ) 119 Total operating revenue 1,817 911 307 1,218 113 307 (533 ) 2,922 Less: Lease revenue 6 — 1 1 96 267 — 370 Less: Derivative revenue — 898 (1 ) 897 5 — (264 ) 638 Less: Contract amortization — 4 — 4 — (18 ) — (14 ) Total revenue from contracts with customers $ 1,811 $ 9 $ 307 $ 316 $ 12 $ 58 $ (269 ) $ 1,928 (a) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 840: Retail Gulf Coast East/West Subtotal Renewables NRG Yield Eliminations Total Energy revenue $ — $ — $ — $ — $ 90 $ 182 $ — $ 272 Capacity revenue — — — — — 85 — 85 Other revenue 6 — 1 1 6 — — 13 (b) The following amounts of energy and capacity revenue relate to derivative instruments and are accounted for under ASC 815. Retail Gulf Coast East/West Subtotal Renewables NRG Yield Eliminations Total Energy revenue $ — $ 610 $ (30 ) $ 580 $ — $ — $ — $ 580 Capacity revenue — — 39 39 — — — 39 Other revenue — (1 ) 5 4 — — — 4 (c) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815. Six months ended June 30, 2018 Generation (In millions) Retail Gulf Coast East/West Subtotal Renewables NRG Yield Eliminations Total Energy revenue (a)(b) $ — $ 879 $ 362 $ 1,241 $ 156 $ 306 $ (411 ) $ 1,292 Capacity revenue (a)(b) — 135 300 435 — 169 (3 ) 601 Retail revenue Mass customers 2,551 — — — — — (2 ) 2,549 Business solutions customers 753 — — — — — — 753 Total retail revenue 3,304 — — — — — (2 ) 3,302 Mark-to-market for economic hedging activities (c) (6 ) (275 ) (25 ) (300 ) (5 ) — 220 (91 ) Contract amortization — 7 — 7 — (35 ) — (28 ) Other revenue (a)(b) — 128 34 162 48 92 (35 ) 267 Total operating revenue 3,298 874 671 1,545 199 532 (231 ) 5,343 Less: Lease revenue 12 — 2 2 160 448 — 622 Less: Derivative revenue (6 ) 710 79 789 (5 ) — 220 998 Less: Contract amortization — 7 — 7 — (35 ) — (28 ) Total revenue from contracts with customers $ 3,292 $ 157 $ 590 $ 747 $ 44 $ 119 $ (451 ) $ 3,751 (a) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 840: Retail Gulf Coast East/West Subtotal Renewables NRG Yield Eliminations Total Energy revenue $ — $ — $ — $ — $ 151 $ 284 $ — $ 435 Capacity revenue — — — — — 164 — 164 Other revenue 12 — 2 2 9 — — 23 (b) The following amounts of energy and capacity revenue relate to derivative instruments and are accounted for under ASC 815. Retail Gulf Coast East/West Subtotal Renewables NRG Yield Eliminations Total Energy revenue $ — $ 981 $ 31 $ 1,012 $ — $ — $ — $ 1,012 Capacity revenue — — 65 65 — — — 65 Other revenue — 4 8 12 — — — 12 (c) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815. Contract Amortization Assets and liabilities recognized from power sales agreements assumed at Fresh Start and through acquisitions related to the sale of electric capacity and energy in future periods for which the fair value has been determined to be significantly less (more) than market are amortized to revenue over the term of each underlying contract based on actual generation and/or contracted volumes. Lease Revenue Certain of the Company’s revenues are obtained through PPAs or other contractual agreements. Many of these agreements are accounted for as operating leases under ASC 840 Leases. Certain of these leases have no minimum lease payments and all of the rent is recorded as contingent rent on an actual basis when the electricity is delivered. Judgment is required by management in determining the economic life of each generating facility, in evaluating whether certain lease provisions constitute minimum payments or represent contingent rent and other factors in determining whether a contract contains a lease and whether the lease is an operating lease or capital lease. Contract Balances The following table reflects the contract assets and liabilities included in the Company’s balance sheet as of June 30, 2018 : (In millions) June 30, 2018 Deferred customer acquisition costs $ 102 Accounts receivable, net - Contracts with customers 1,187 Accounts receivable, net - Leases 152 Accounts receivable, net - Derivative instruments 32 Total accounts receivable, net $ 1,371 Unbilled revenues (included within Accounts receivable, net - Contracts with customers) 445 Deferred revenues 73 The Company’s customer acquisition costs consist of broker fees, commission payments and other costs that represent incremental costs of obtaining the contract with customers for which the Company expects to recover. The Company amortizes these amounts over the estimated life of the customer contract. As a practical expedient, the Company expenses the incremental costs of obtaining a contract if the amortization period of the asset would have been one year or less. When the Company receives consideration from the customer that is in excess of the amount due, such consideration is reclassified to deferred revenue, which represents a contract liability. Generally, the Company will recognize revenue from contract liabilities in the next period as the Company satisfies its performance obligations. Recent Accounting Developments - Guidance Adopted in 2018 ASU 2017-07 — In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715) , Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, or ASU No. 2017-07. Current GAAP does not indicate where the amount of net benefit cost should be presented in an entity’s income statement and does not require entities to disclose the amount of net benefit cost that is included in the income statement. The amendments of ASU No. 2017-07 require an entity to report the service cost component of net benefit costs in the same line item as other compensation costs arising from services rendered by the related employees during the applicable service period. The other components of net benefit cost are required to be presented separately from the service cost component and outside the subtotal of income from operations. Further, ASU No. 2017-07 prescribes that only the service cost component of net benefit costs is eligible for capitalization. The Company adopted the amendments of ASU No. 2017-07 effective January 1, 2018. In connection with the adoption of the standard, the Company has applied the guidance retrospectively which resulted in an increase in cost of operations of $4 million and $8 million with a corresponding increase in other income, net on the statement of operations for the three and six months ended June 30, 2017 , respectively. ASU 2016-01 - In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , or ASU No. 2016-01. The amendments of ASU No. 2016-01 eliminate available-for-sale classification of equity investments and require that equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) be generally measured at fair value with changes in fair value recognized in net income. Further, the amendments require that financial assets and financial liabilities be presented separately in the notes to the financial statements, grouped by measurement category and form of financial asset. The guidance in ASU No. 2016-01 is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those annual periods. The Company adopted the amendments of ASU No. 2016-01 effective January 1, 2018. In connection with the adoption of the standard, the Company has applied the guidance on a modified retrospective basis, which resulted in no material adjustments recorded to the consolidated results of operations, cash flows, and statement of financial position. Recent Accounting Developments - Guidance Not Yet Adopted ASU 2016-02 — In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , or Topic 842, with the objective to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and to improve financial reporting by expanding the related disclosures. The guidance in Topic 842 provides that a lessee that may have previously accounted for a lease as an operating lease under current GAAP should recognize the assets and liabilities that arise from a lease on the balance sheet. In addition, Topic 842 expands the required quantitative and qualitative disclosures with regards to lease arrangements. The Company will adopt the standard effective January 1, 2019, and expects to elect certain of the practical expedients permitted, including the expedient that permits the Company to retain its existing lease assessment and classification. The Company is currently working through an adoption plan which includes the evaluation of lease contracts compared to the new standard. While the Company is currently evaluating the impact the new guidance will have on its financial position and results of operations, the Company expects to recognize lease liabilities and right of use assets. The extent of the increase to assets and liabilities associated with these amounts remains to be determined pending the Company’s review of its existing lease contracts and service contracts which may contain embedded leases. While this review is still in process, NRG believes the adoption of Topic 842 will have a material impact on its financial statements. The Company is also monitoring recent changes to Topic 842 and the related impact on the implementation process. |
Acquisitions, Discontinued Oper
Acquisitions, Discontinued Operations and Dispositions | 6 Months Ended |
Jun. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Acquisitions, Discontinued Operations and Dispositions | Acquisitions, Discontinued Operations and Dispositions This footnote should be read in conjunction with the complete description under Note 3 , Discontinued Operations, Acquisitions and Dispositions , to the Company's 2017 Form 10-K. Acquisitions XOOM Energy Acquisition — On June 1, 2018, the Company completed the acquisition of XOOM Energy, LLC, an electricity and natural gas retailer operating in 19 states, Washington, D.C. and Canada for approximately $219 million in cash, inclusive of approximately $54 million in payments for estimated working capital, which is subject to further adjustment. The acquisition increased NRG's retail portfolio by approximately 300,000 customers. The purchase price was provisionally allocated as follows: $2 million to cash, $8 million to restricted cash, $46 million to accounts receivable, $42 million to derivative assets, $169 million to customer relationships and contracts, $26 million to current and non-current assets, $25 million to accounts payable, $31 million to derivative liabilities, and $18 million to current and non-current liabilities. Discontinued Operations On June 14, 2017, the GenOn Entities filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court. As a result of the bankruptcy filings, NRG has concluded that it no longer controls GenOn as it is subject to the control of the Bankruptcy Court; and, accordingly, NRG no longer consolidates GenOn for financial reporting purposes. By eliminating a large portion of its operations in the PJM market with the deconsolidation of GenOn, NRG has concluded that GenOn meets the criteria for discontinued operations, as this represents a strategic shift in the markets in which NRG operates. As such, all prior period results for GenOn have been reclassified as discontinued operations. Summarized results of discontinued operations were as follows: Three months ended June 30, 2018 Period from April 1, 2017 through June 14, 2017 Six months ended June 30, 2018 Period from January 1, 2017 through June 14, 2017 (In millions) Operating revenues $ — $ 265 $ — $ 646 Operating costs and expenses — (327 ) — (700 ) Other expenses — (54 ) — (98 ) Loss from operations of discontinued components, before tax — (116 ) — (152 ) Income tax expense — 8 — 9 Loss from operations of discontinued components — (124 ) — (161 ) Interest income - affiliate 2 3 3 6 Loss from operations of discontinued components, net of tax 2 (121 ) 3 (155 ) Pre-tax loss on deconsolidation — (208 ) — (208 ) Settlement consideration and services credit — (289 ) — (289 ) Pension and post-retirement liability assumption 1 (119 ) 1 (119 ) Advisory and consulting fees (1 ) (4 ) (2 ) (4 ) Other (27 ) — (27 ) — Loss on disposal of discontinued components, net of tax (27 ) (620 ) (28 ) (620 ) Loss from discontinued operations, net of tax $ (25 ) $ (741 ) $ (25 ) $ (775 ) GenOn Settlement Effective July 16, 2018, NRG and GenOn consummated the GenOn Settlement which accelerated certain terms contemplated by the plan of reorganization, as further described below. As a result, the Company paid GenOn approximately $125 million , which included (i) the settlement consideration of $261 million , (ii) the transition services credit of $28 million and (iii) the return of $15 million of collateral posted to NRG; offset by the (i) $151 million in borrowings under the intercompany secured revolving credit facility, (ii) related accrued interest and fees of $12 million , (iii) remaining payments due under the transition services agreement of $10 million and (iv) certain other balances due to NRG totaling $6 million . As of June 30, 2018 , the Company had reserved for all amounts deemed to be uncollectible. In order to facilitate the consummation of the GenOn Settlement, among other items, NRG assigned to GenOn approximately $8 million of historical claims against REMA in exchange for $4.2 million , which was credited as a reduction of the settlement payment. GenOn also indemnified NRG for any potential claims by REMA up to the amount of $10 million , and posted a letter of credit in that amount in favor of NRG as security for the indemnification. Other than those obligations which survive or are independent of the releases described herein, the GenOn Settlement provides NRG releases from GenOn and each of its debtor and non-debtor subsidiaries, excluding REMA. Restructuring Support Agreement Prior to the filing of GenOn's bankruptcy case, NRG, GenOn and certain holders representing greater than 93% in aggregate principal amount of GenOn’s Senior Notes and certain holders representing greater than 93% in aggregate principal amount of GenOn Americas Generation’s Senior Notes entered into a Restructuring Support Agreement that provided for a restructuring and recapitalization of the GenOn Entities through a prearranged plan of reorganization. In December 2017, the Bankruptcy Court approved the plan of reorganization, pursuant to an order of confirmation. Consummation of the plan of reorganization has not yet occurred and remains subject to the satisfaction or waiver of certain conditions precedent. Certain principal terms of the plan of reorganization are detailed below: 1) The dismissal of certain prepetition litigation and full releases from GenOn and each of its debtor and non-debtor subsidiaries in favor of NRG, excluding REMA. 2) NRG provided settlement cash consideration to GenOn of $261.3 million , paid in cash less amounts owed to NRG under the intercompany secured revolving credit facility. As of June 30, 2018 , GenOn owed NRG approximately $151 million under the intercompany secured revolving credit facility, plus interest and fees accrued thereon. See Note 14 , Related Party Transactions for further discussion of the intercompany secured revolving credit facility. The net liability for these amounts, along with the services credit described below, is recorded in accrued expenses and other current liabilities - affiliate as of June 30, 2018 and December 31, 2017 . 3) NRG will retain the pension liability, including payment of approximately $13 million of 2017 pension contributions, for GenOn employees for service provided prior to the completion of the reorganization, which was paid in September 2017. GenOn’s pension liability as of June 30, 2018 , was approximately $90 million . NRG will also retain the liability for GenOn’s post-employment and retiree health and welfare benefits, in an amount up to $25 million . These liabilities are recorded within other non-current liabilities as of June 30, 2018 and December 31, 2017 . 4) The shared services agreement between NRG and GenOn was terminated and replaced as of the plan confirmation date with a transition services agreement. Under the transition services agreement, NRG provided the shared services and other separation services at an annualized rate of $84 million , subject to certain credits and adjustments. See Note 14 , Related Party Transactions , for further discussion of the Services Agreement. 5) NRG provided a credit of $28 million to GenOn to apply against amounts owed under the transition services agreement. The unused credit of approximately $18 million was paid in cash to GenOn. The credit was intended to reimburse GenOn for its payment of financing costs. 6) NRG and GenOn also agreed to cooperate in good faith to maximize the value of certain development projects. Pursuant to this, GenOn made a one-time payment in the amount of $15 million to NRG in December 2017 as compensation for a purchase option with respect to the Canal 3 project. During the second quarter of 2018, NRG sold Canal 3 to Stonepeak Kestrel Holdings II LLC, or Stonepeak Kestrel, in conjunction with GenOn's sale of Canal Units 1 and 2 to Stonepeak Kestrel Holdings LLC. NRG reimbursed GenOn for $13.5 million of the one-time payment upon the closing of the sale of Canal 3. GenMA Settlement The Bankruptcy Court order confirming the plan of reorganization also approved the settlement terms agreed to among the GenOn Entities, NRG, the Consenting Holders, GenOn Mid-Atlantic, and certain of GenOn Mid-Atlantic’s stakeholders, or the GenMA Settlement, and directed the settlement parties to cooperate in good faith to negotiate definitive documentation consistent with the GenMA Settlement term sheet in order to pursue consummation of the GenMA Settlement. The definitive documentation effectuating the GenMA Settlement was finalized and effective as of April 27, 2018. Certain terms of the compromise with respect to NRG and GenOn Mid-Atlantic are as follows: • Settlement of all pending litigation and objections to the Plan (including with respect to releases and feasibility); • NRG provided $37.5 million in letters of credit as new qualifying credit support to GenOn Mid-Atlantic; and • NRG paid approximately $6 million as reimbursement of professional fees incurred by certain of GenOn Mid-Atlantic's stakeholders in connection with the GenMA Settlement. Dispositions On June 29, 2018, the Company completed the sale of Canal 3 to Stonepeak Kestrel for cash proceeds of approximately $16 million and recorded a gain of $17 million . Prior to the sale, Canal 3 entered into a financing arrangement and received cash proceeds of $167 million , of which $151 million was distributed to the Company. The related debt is non-recourse to NRG and was transferred to Stonepeak Kestrel in connection with the sale of Canal 3. In addition, the Company completed other asset sales for $7 million of cash proceeds in the first half of 2018. Transfers of Assets Under Common Control On June 19, 2018, the Company completed the sale of the substantially completed assets of the UPMC Thermal Project to NRG Yield, Inc. for cash consideration of $84 million , subject to working capital adjustments. On March 30, 2018, as part of the Transformation Plan, the Company sold to NRG Yield, Inc. 100% of NRG's interests in Buckthorn Renewables, LLC, which owns a 154 -MW construction-stage utility-scale solar generation project, located in Texas. NRG Yield, Inc. paid cash consideration of approximately $42 million , excluding working capital adjustments, and assumed non-recourse debt of approximately $ 183 million . Concurrently, an initial contribution of approximately $19 million was received from the third-party investor in the underlying tax equity partnership, which is included in noncontrolling interest. On March 27, 2017, the Company sold to NRG Yield, Inc.: (i) a 16% interest in the Agua Caliente solar project, representing ownership of approximately 46 net MW of capacity and (ii) NRG's interests in seven utility-scale solar projects located in Utah representing 265 net MW of capacity, which have reached commercial operations. NRG Yield, Inc. paid cash consideration of $130 million , plus $1 million in working capital adjustments, and assumed non-recourse debt of approximately $328 million . |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments This footnote should be read in conjunction with the complete description under Note 4 , Fair Value of Financial Instruments , to the Company's 2017 Form 10-K. For cash and cash equivalents, funds deposited by counterparties, accounts and other receivables, accounts payable, restricted cash, and cash collateral paid and received in support of energy risk management activities, the carrying amount approximates fair value because of the short-term maturity of those instruments and are classified as Level 1 within the fair value hierarchy. The estimated carrying amounts and fair values of NRG's recorded financial instruments not carried at fair market value are as follows: As of June 30, 2018 As of December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Assets: Notes receivable (a) $ 21 $ 18 $ 16 $ 15 Liabilities: Long-term debt, including current portion (b) 15,969 16,163 16,603 16,894 (a) Includes the current portion of notes receivable which is recorded in prepayments and other current assets on the Company's consolidated balance sheets. (b) Excludes deferred financing costs, which are recorded as a reduction to long-term debt on the Company's consolidated balance sheets. The fair value of the Company's publicly-traded long-term debt is based on quoted market prices and is classified as Level 2 within the fair value hierarchy. The fair value of debt securities, non-publicly traded long-term debt and certain notes receivable of the Company are based on expected future cash flows discounted at market interest rates, or current interest rates for similar instruments with equivalent credit quality and are classified as Level 3 within the fair value hierarchy. The following table presents the level within the fair value hierarchy for long-term debt, including current portion as of June 30, 2018 and December 31, 2017 : As of June 30, 2018 As of December 31, 2017 Level 2 Level 3 Level 2 Level 3 (In millions) Long-term debt, including current portion $ 9,586 $ 6,577 $ 8,934 $ 7,960 Recurring Fair Value Measurements Debt securities, equity securities, and trust fund investments, which are comprised of various U.S. debt and equity securities, and derivative assets and liabilities, are carried at fair market value. The following tables present assets and liabilities measured and recorded at fair value on the Company's condensed consolidated balance sheets on a recurring basis and their level within the fair value hierarchy: As of June 30, 2018 Fair Value (In millions) Total Level 1 Level 2 Level 3 Investments in securities (classified within other non-current assets) $ 22 $ 3 $ — $ 19 Nuclear trust fund investments: Cash and cash equivalents 25 25 — — U.S. government and federal agency obligations 42 42 — — Federal agency mortgage-backed securities 97 — 97 — Commercial mortgage-backed securities 16 — 16 — Corporate debt securities 101 — 101 — Equity securities 342 342 — — Foreign government fixed income securities 6 — 6 — Other trust fund investments: U.S. government and federal agency obligations 1 1 — — Derivative assets: Commodity contracts 1,169 188 481 500 Interest rate contracts 108 — 108 — Measured using net asset value practical expedient: Equity securities — nuclear trust fund investments 65 Total assets $ 1,994 $ 601 $ 809 $ 519 Derivative liabilities: Commodity contracts 971 236 388 347 Interest rate contracts 23 — 23 — Total liabilities $ 994 $ 236 $ 411 $ 347 As of December 31, 2017 Fair Value (In millions) Total Level 1 Level 2 Level 3 Investments in securities (classified within other non-current assets) $ 22 $ 3 $ — $ 19 Nuclear trust fund investments: Cash and cash equivalents 47 45 2 — U.S. government and federal agency obligations 43 42 1 — Federal agency mortgage-backed securities 82 — 82 — Commercial mortgage-backed securities 14 — 14 — Corporate debt securities 99 — 99 — Equity securities 334 334 — — Foreign government fixed income securities 5 — 5 — Other trust fund investments: U.S. government and federal agency obligations 1 1 — — Derivative assets: Commodity contracts 745 191 509 45 Interest rate contracts 53 — 53 — Measured using net asset value practical expedient: Equity securities — nuclear trust fund investments 68 Total assets $ 1,513 $ 616 $ 765 $ 64 Derivative liabilities: Commodity contracts 693 257 359 77 Interest rate contracts 59 — 59 — Total liabilities $ 752 $ 257 $ 418 $ 77 There were no transfers during the three and six months ended June 30, 2018 and 2017 between Levels 1 and 2. The following tables reconcile, for the three and six months ended June 30, 2018 and 2017 , the beginning and ending balances for financial instruments that are recognized at fair value in the condensed consolidated financial statements, at least annually, using significant unobservable inputs: Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Three months ended June 30, 2018 Six months ended June 30, 2018 (In millions) Debt Securities Derivatives (a) Total Debt Securities Derivatives (a) Total Beginning balance $ 19 $ (22 ) $ (3 ) $ 19 $ (32 ) $ (13 ) Contracts acquired in Xoom acquisition — 12 12 — 12 12 Total losses — realized/unrealized: Included in earnings — (21 ) (21 ) — (19 ) (19 ) Purchases — (4 ) (4 ) — (3 ) (3 ) Transfers into Level 3 (b) — 193 193 — 197 197 Transfers out of Level 3 (b) — (5 ) (5 ) — (2 ) (2 ) Ending balance as of June 30, 2018 $ 19 $ 153 $ 172 $ 19 $ 153 $ 172 Losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of June 30, 2018 — 20 20 — 17 17 (a) Consists of derivative assets and liabilities, net. (b) Transfers into/out of Level 3 are related to the availability of external broker quotes and are valued as of the end of the reporting period. All transfers in/out are with Level 2. Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Three months ended June 30, 2017 Six months ended June 30, 2017 (In millions) Debt Securities Derivatives (a) Total Debt Securities Derivatives (a) Total Beginning balance $ 18 $ (56 ) $ (38 ) $ 17 $ (68 ) $ (51 ) Total gains — realized/unrealized: Included in earnings — 40 40 1 46 47 Included in nuclear decommissioning obligation — — — — — — Purchases — 5 5 — 9 9 Transfers into Level 3 (b) — 3 3 — (5 ) (5 ) Transfers out of Level 3 (b) — (3 ) (3 ) — 7 7 Ending balance as of June 30, 2017 $ 18 $ (11 ) $ 7 $ 18 $ (11 ) $ 7 Gains for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of June 30, 2017 — 22 22 — 7 7 (a) Consists of derivative assets and liabilities, net. (b) Transfers into/out of Level 3 are related to the availability of external broker quotes and are valued as of the end of the reporting period. All transfers in/out are with Level 2. Derivative Fair Value Measurements A portion of NRG's contracts are exchange-traded contracts with readily available quoted market prices. A majority of NRG's contracts are non-exchange-traded contracts valued using prices provided by external sources, primarily price quotations available through brokers or over-the-counter and on-line exchanges. The remainder of the assets and liabilities represent contracts for which external sources or observable market quotes are not available for the whole term or for certain delivery months or the contracts are retail and load following power contracts. These contracts are valued using various valuation techniques including but not limited to internal models that apply fundamental analysis of the market and corroboration with similar markets. As of June 30, 2018 , contracts valued with prices provided by models and other valuation techniques make up 39% of the total derivative assets and 35% of the total derivative liabilities. NRG's significant positions classified as Level 3 include physical and financial power executed in illiquid markets as well as financial transmission rights, or FTRs. The significant unobservable inputs used in developing fair value include illiquid power location pricing which is derived as a basis to liquid locations. The basis spread is based on observable market data when available or derived from historic prices and forward market prices from similar observable markets when not available. For FTRs, NRG uses the most recent auction prices to derive the fair value. The following tables quantify the significant unobservable inputs used in developing the fair value of the Company's Level 3 positions as of June 30, 2018 and December 31, 2017 : Significant Unobservable Inputs June 30, 2018 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 481 $ 330 Discounted Cash Flow Forward Market Price (per MWh) $ 6 $ 198 $ 35 FTRs 19 17 Discounted Cash Flow Auction Prices (per MWh) (48 ) 47 — $ 500 $ 347 Significant Unobservable Inputs December 31, 2017 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 34 $ 65 Discounted Cash Flow Forward Market Price (per MWh) $ 10 $ 142 $ 33 FTRs 11 12 Discounted Cash Flow Auction Prices (per MWh) (28 ) 46 — $ 45 $ 77 The following table provides sensitivity of fair value measurements to increases/(decreases) in significant unobservable inputs as of June 30, 2018 and December 31, 2017 : Significant Unobservable Input Position Change In Input Impact on Fair Value Measurement Forward Market Price Power Buy Increase/(Decrease) Higher/(Lower) Forward Market Price Power Sell Increase/(Decrease) Lower/(Higher) FTR Prices Buy Increase/(Decrease) Higher/(Lower) FTR Prices Sell Increase/(Decrease) Lower/(Higher) The fair value of each contract is discounted using a risk-free interest rate. In addition, the Company applies a credit reserve to reflect credit risk, which is calculated based on published default probabilities. As of June 30, 2018 , the credit reserve resulted in a $4 million decrease in fair value which is composed of a $1 million loss in OCI and a $3 million loss in interest expense. As of December 31, 2017 , the credit reserve resulted in no change in fair value in operating revenue and cost of operations. Concentration of Credit Risk In addition to the credit risk discussion as disclosed in Note 2 , Summary of Significant Accounting Policies , to the Company's 2017 Form 10-K, the following is a discussion of the concentration of credit risk for the Company's contractual obligations. Credit risk relates to the risk of loss resulting from non-performance or non-payment by counterparties pursuant to the terms of their contractual obligations. NRG is exposed to counterparty credit risk through various activities including wholesale sales, fuel purchases and retail supply arrangements, and retail customer credit risk through its retail load activities. Counterparty Credit Risk The Company's counterparty credit risk policies are disclosed in its 2017 Form 10-K. As of June 30, 2018 , the Company's counterparty credit exposure, excluding credit risk exposure under certain long term agreements, was $289 million with net exposure of $112 million . NRG held collateral (cash and letters of credit) against those positions of $246 million . Approximately 77% of the Company's exposure before collateral is expected to roll off by the end of 2019 . Counterparty credit exposure is valued through observable market quotes and discounted at a risk free interest rate. The following tables highlight net counterparty credit exposure by industry sector and by counterparty credit quality. Net counterparty credit exposure is defined as the aggregate net asset position for NRG with counterparties where netting is permitted under the enabling agreement and includes all cash flow, mark-to-market and NPNS, and non-derivative transactions. The exposure is shown net of collateral held, and includes amounts net of receivables or payables. Net Exposure (a) (b) Category by Industry Sector (% of Total) Utilities, energy merchants, marketers and other 76 % Financial institutions 24 Total as of June 30, 2018 100 % Net Exposure (a) (b) Category by Counterparty Credit Quality (% of Total) Investment grade 76 % Non-Investment grade/Non-Rated 24 Total as of June 30, 2018 100 % (a) Counterparty credit exposure excludes uranium and coal transportation contracts because of the unavailability of market prices. (b) The figures in the tables above exclude potential counterparty credit exposure related to RTOs, ISOs, registered commodity exchanges and certain long term contracts. NRG has counterparty credit risk exposure to certain counterparties, each of which represent more than 10% of total net exposure discussed above. The aggregate of such counterparties' exposure was $49 million as of June 30, 2018 . Changes in hedge positions and market prices will affect credit exposure and counterparty concentration. Given the credit quality, diversification and term of the exposure in the portfolio, NRG does not anticipate a material impact on the Company's financial position or results of operations from nonperformance by any of NRG's counterparties. RTOs and ISOs The Company participates in the organized markets of CAISO, ERCOT, ISO-NE, MISO, NYISO and PJM, known as RTOs or ISOs. Trading in these markets is approved by FERC, or in the case of ERCOT, approved by the PUCT and includes credit policies that, under certain circumstances, require that losses arising from the default of one member on spot market transactions be shared by the remaining participants. As a result, the counterparty credit risk to these markets is limited to NRG’s share of overall market and are excluded from the above exposures. Exchange Traded Transactions The Company enters into commodity transactions on registered exchanges, notably ICE and NYMEX. These clearinghouses act as the counterparty and transactions are subject to extensive collateral and margining requirements. As a result, these commodity transactions have limited counterparty credit risk. Long Term Contracts Counterparty credit exposure described above excludes credit risk exposure under certain long term agreements, including California tolling agreements, Gulf Coast load obligations, and wind and solar PPAs. As external sources or observable market quotes are not available to estimate such exposure, the Company estimates its credit exposure for these contracts based on various techniques including, but not limited to, internal models based on a fundamental analysis of the market and extrapolation of observable market data with similar characteristics. Based on these valuation techniques, as of June 30, 2018 , aggregate credit risk exposure managed by NRG to these counterparties was approximately $4.1 billion , including $2.5 billion related to assets of NRG Yield, Inc., for the next five years. This amount excludes potential credit exposures for projects with long-term PPAs that have not reached commercial operations. The majority of these power contracts are with utilities or public power entities with strong credit quality and public utility commission or other regulatory support. However, such regulated utility counterparties can be impacted by changes in government regulations or treatment by regulatory agencies which NRG is unable to predict. Retail Customer Credit Risk The Company is exposed to retail credit risk through the Company's retail electricity providers, which serve C&I customers and the Mass market. Retail credit risk results in losses when a customer fails to pay for services rendered. The losses may result from both nonpayment of customer accounts receivable and the loss of in-the-money forward value. The Company manages retail credit risk through the use of established credit policies that include monitoring of the portfolio and the use of credit mitigation measures such as deposits or prepayment arrangements. As of June 30, 2018 , the Company's retail customer credit exposure to C&I and Mass customers was diversified across many customers and various industries, as well as government entities. |
Nuclear Decommissioning Trust F
Nuclear Decommissioning Trust Fund | 6 Months Ended |
Jun. 30, 2018 | |
Nuclear Decommissioning Trust Fund Disclosure [Abstract] | |
Nuclear Decommissioning Trust Fund | Nuclear Decommissioning Trust Fund This footnote should be read in conjunction with the complete description under Note 6 , Nuclear Decommissioning Trust Fund , to the Company's 2017 Form 10-K. NRG's Nuclear Decommissioning Trust Fund assets are comprised of securities classified as available-for-sale and recorded at fair value based on actively quoted market prices. NRG accounts for the Nuclear Decommissioning Trust Fund in accordance with ASC 980, Regulated Operations , because the Company's nuclear decommissioning activities are subject to approval by the PUCT with regulated rates that are designed to recover all decommissioning costs and that can be charged to and collected from the ratepayers per PUCT mandate. Since the Company is in compliance with PUCT rules and regulations regarding decommissioning trusts and the cost of decommissioning is the responsibility of the Texas ratepayers, not NRG, all realized and unrealized gains or losses (including other-than-temporary impairments) related to the Nuclear Decommissioning Trust Fund are recorded to the Nuclear Decommissioning Trust liability and are not included in net income or accumulated OCI, consistent with regulatory treatment. The following table summarizes the aggregate fair values and unrealized gains and losses (including other-than-temporary impairments) for the securities held in the trust funds, as well as information about the contractual maturities of those securities. As of June 30, 2018 As of December 31, 2017 (In millions, except otherwise noted) Fair Value Unrealized Gains Unrealized Losses Weighted-average Maturities (In years) Fair Value Unrealized Gains Unrealized Losses Weighted-average Maturities (In years) Cash and cash equivalents $ 25 $ — $ — — $ 47 $ — $ — — U.S. government and federal agency obligations 42 1 — 14 43 1 — 11 Federal agency mortgage-backed securities 97 — 3 23 82 1 1 23 Commercial mortgage-backed securities 16 — 1 22 14 — — 20 Corporate debt securities 101 1 2 10 99 2 1 11 Equity securities 407 272 — — 402 272 — — Foreign government fixed income securities 6 — — 8 5 — — 9 Total $ 694 $ 274 $ 6 $ 692 $ 276 $ 2 The following table summarizes proceeds from sales of available-for-sale securities and the related realized gains and losses from these sales. The cost of securities sold is determined on the specific identification method. Six months ended June 30, 2018 2017 (In millions) Realized gains $ 7 $ 3 Realized losses 6 3 Proceeds from sale of securities $ 303 $ 277 |
Accounting for Derivative Instr
Accounting for Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Accounting for Derivative Instruments and Hedging Activities | Accounting for Derivative Instruments and Hedging Activities This footnote should be read in conjunction with the complete description under Note 5 , Accounting for Derivative Instruments and Hedging Activities , to the Company's 2017 Form 10-K. Energy-Related Commodities As of June 30, 2018 , NRG had energy-related derivative instruments extending through 2031 . The Company marks these derivatives to market through the statement of operations. Interest Rate Swaps NRG is exposed to changes in interest rates through the Company's issuance of variable rate debt. In order to manage the Company's interest rate risk, NRG enters into interest rate swap agreements. As of June 30, 2018 , NRG had interest rate derivative instruments on recourse debt extending through 2021 , which are not designated as cash flow hedges. The Company had interest rate swaps on non-recourse debt extending through 2041 , a portion of which are designated as cash flow hedges. Volumetric Underlying Derivative Transactions The following table summarizes the net notional volume buy/(sell) of NRG's open derivative transactions broken out by category, excluding those derivatives that qualified for the NPNS exception, as of June 30, 2018 and December 31, 2017 . Option contracts are reflected using delta volume. Delta volume equals the notional volume of an option adjusted for the probability that the option will be in-the-money at its expiration date. Total Volume June 30, 2018 December 31, 2017 Category Units (In millions) Emissions Short Ton 2 1 Coal Short Ton 12 21 Natural Gas MMBtu (551 ) (17 ) Power MWh 16 14 Capacity MW/Day (1 ) (1 ) Interest Dollars $ 4,016 $ 3,876 Equity Shares — 1 The increase in the natural gas position was primarily the result of additional generation hedge positions. Fair Value of Derivative Instruments The following table summarizes the fair value within the derivative instrument valuation on the balance sheets: Fair Value Derivative Assets Derivative Liabilities June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 (In millions) Derivatives Designated as Cash Flow or Fair Value Hedges: Interest rate contracts current $ 3 $ 1 $ 2 $ 5 Interest rate contracts long-term 23 11 5 11 Total Derivatives Designated as Cash Flow or Fair Value Hedges 26 12 7 16 Derivatives Not Designated as Cash Flow or Fair Value Hedges: Interest rate contracts current 16 9 5 15 Interest rate contracts long-term 66 32 11 28 Commodity contracts current 832 616 702 535 Commodity contracts long-term 337 129 269 158 Total Derivatives Not Designated as Cash Flow or Fair Value Hedges 1,251 786 987 736 Total Derivatives $ 1,277 $ 798 $ 994 $ 752 The Company has elected to present derivative assets and liabilities on the balance sheet on a trade-by-trade basis and does not offset amounts at the counterparty master agreement level. In addition, collateral received or paid on the Company's derivative assets or liabilities are recorded on a separate line item on the balance sheet. The following table summarizes the offsetting of derivatives by counterparty master agreement level and collateral received or paid: Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets / Liabilities Derivative Instruments Cash Collateral (Held) / Posted Net Amount As of June 30, 2018 (In millions) Commodity contracts: Derivative assets $ 1,169 $ (817 ) $ (50 ) $ 302 Derivative liabilities (971 ) 817 98 (56 ) Total commodity contracts 198 — 48 246 Interest rate contracts: Derivative assets 108 (3 ) — 105 Derivative liabilities (23 ) 3 — (20 ) Total interest rate contracts 85 — — 85 Total derivative instruments $ 283 $ — $ 48 $ 331 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets / Liabilities Derivative Instruments Cash Collateral (Held) / Posted Net Amount As of December 31, 2017 (In millions) Commodity contracts: Derivative assets $ 745 $ (578 ) $ (11 ) $ 156 Derivative liabilities (693 ) 578 73 (42 ) Total commodity contracts 52 — 62 114 Interest rate contracts: Derivative assets 53 (3 ) — 50 Derivative liabilities (59 ) 3 — (56 ) Total interest rate contracts (6 ) — — (6 ) Total derivative instruments $ 46 $ — $ 62 $ 108 Accumulated Other Comprehensive Loss The following table summarizes the effects of ASC 815 on the Company's accumulated OCI balance attributable to cash flow hedge derivatives, net of tax: Interest Rate Contracts Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 (In millions) Accumulated OCI beginning balance $ (31 ) $ (61 ) $ (54 ) $ (66 ) Reclassified from accumulated OCI to income: Due to realization of previously deferred amounts 3 3 7 6 Mark-to-market of cash flow hedge accounting contracts 5 (9 ) 24 (7 ) Accumulated OCI ending balance, net of $5, and $16 tax $ (23 ) $ (67 ) $ (23 ) $ (67 ) Losses expected to be realized from OCI during the next 12 months, net of $1 tax $ 8 $ 8 Amounts reclassified from accumulated OCI into income are recorded to interest expense for interest rate contracts. The Company's regression analysis for Marsh Landing, Walnut Creek, and Avra Valley interest rate swaps, while positively correlated, no longer contain match terms for cash flow hedge accounting. As a result, the Company voluntarily de-designated the Marsh Landing, Walnut Creek, and Avra Valley cash flow hedges as of April 28, 2017, and will prospectively mark these derivatives to market through the income statement. Impact of Derivative Instruments on the Statements of Operations Unrealized gains and losses associated with changes in the fair value of derivative instruments not accounted for as cash flow hedges are reflected in current period consolidated results of operations. The following table summarizes the pre-tax effects of economic hedges that have not been designated as cash flow hedges and trading activity on the Company's statement of operations. The effect of energy commodity contracts is included within operating revenues and cost of operations and the effect of interest rate contracts is included in interest expense. Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Unrealized mark-to-market results (In millions) Reversal of previously recognized unrealized (gains)/losses on settled positions related to economic hedges $ (3 ) $ 22 $ (1 ) $ 25 Reversal of acquired (gain)/loss positions related to economic hedges (1 ) 1 (1 ) 1 Net unrealized (losses)/gains on open positions related to economic hedges (67 ) 36 127 15 Total unrealized mark-to-market (losses)/gains for economic hedging activities (71 ) 59 125 41 Reversal of previously recognized unrealized gains on settled positions related to trading activity (3 ) (4 ) (6 ) (19 ) Net unrealized gains on open positions related to trading activity 8 16 19 17 Total unrealized mark-to-market gains/(losses) for trading activity 5 12 13 (2 ) Total unrealized (losses)/gains $ (66 ) $ 71 $ 138 $ 39 Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 (In millions) Unrealized gains/(losses) included in operating revenues $ 20 $ 53 $ (78 ) $ 157 Unrealized (losses)/gains included in cost of operations (86 ) 18 216 (118 ) Total impact to statement of operations — energy commodities $ (66 ) $ 71 $ 138 $ 39 Total impact to statement of operations — interest rate contracts $ 13 $ (24 ) $ 61 $ (19 ) The reversals of acquired gain or loss positions were valued based upon the forward prices on the acquisition date. The roll-off amounts were offset by realized gains or losses at the settled prices and are reflected in operating revenue or cost of operations during the same period. For the six months ended June 30, 2018 , the $127 million unrealized gain from open economic hedge positions was primarily the result of an increase in value of forward purchases of ERCOT heat rate and ERCOT electricity contracts due to ERCOT heat rate expansion and increases in ERCOT power prices. For the six months ended June 30, 2017 , the $15 million unrealized gain from open economic hedge positions was primarily the result of an increase in value of forward sales of PJM electricity and New York capacity due to decreases in PJM electricity and New York capacity prices, which was offset by a decrease in value of forward purchases of natural gas and coal due to decreases in natural gas and coal prices. Credit Risk Related Contingent Features Certain of the Company's hedging agreements contain provisions that require the Company to post additional collateral if the counterparty determines that there has been deterioration in credit quality, generally termed “adequate assurance” under the agreements, or require the Company to post additional collateral if there were a one notch downgrade in the Company's credit rating. The collateral required for contracts with adequate assurance clauses that are in a net liability position as of June 30, 2018 , was $31 million . The collateral required for contracts with credit rating contingent features that are in a net liability position as of June 30, 2018 , was $3 million . The Company is also a party to certain marginable agreements under which it has a net liability position, but the counterparty has not called for the collateral due, which was approximately $4 million as of June 30, 2018 . See Note 4 , Fair Value of Financial Instruments , to this Form 10-Q for discussion regarding concentration of credit risk. |
Impairments
Impairments | 6 Months Ended |
Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Impairments | Impairments 2018 Impairment Losses Keystone and Conemaugh — On June 29, 2018, the Company entered into an agreement to sell its approximately 3.7% interests in the Keystone and Conemaugh generating stations. NRG recorded impairment losses of $14 million for Keystone and $14 million for Conemaugh to adjust the carrying amount of the assets to fair value based on the contractual sale price. The transaction is expected to close in the third quarter of 2018. Dunkirk — During the second quarter of 2018, NRG ceased its development of the project to add gas capability at the Dunkirk generating station. The project was put on hold in 2015 pending the resolution of a lawsuit filed by Entergy Corporation against the NYPSC which challenged the legality of the Dunkirk contract. The lawsuit was later dropped and development continued, but the delay imposed a new requirement on Dunkirk to enter into the NYISO interconnection process. The NYISO studies have shown that it would cause the Company to incur a material increase in costs. In addition, the interconnection upgrades that the NYISO has identified may not be ready until December 2023, which represents a significant delay the project schedule. This caused the Company to record an impairment loss of $46 million , reducing the carrying amount of the related assets to $0 . 2017 Impairment Losses Bacliff Project — On June 16, 2017, NRG Texas Power LLC provided notice to BTEC New Albany, LLC that it was exercising its right to terminate the Amended and Restated Membership Interest Purchase Agreement, or MIPA, due to the Bacliff Project, a new peaking facility at the former P.H. Robinson Electric Generating Station, not achieving commercial completion by the contractual expiration date of May 31, 2017. As a result of the MIPA termination, the Company recorded an impairment loss of $41 million to reduce the carrying amount of the related construction in progress to $0 during the second quarter of 2017. Subsequent to the MIPA termination, BTEC filed claims against NRG Texas Power LLC with respect to the termination of the MIPA and NRG filed counterclaims against BTEC as further described in Note 15 , Commitments and Contingencies . On June 7, 2018, the parties resolved all claims and counterclaims in the lawsuit. Other Impairments — During the second quarter of 2017, the Company recorded impairment losses of approximately $22 million in connection with the Company's Renewables business. |
Debt and Capital Leases
Debt and Capital Leases | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt and Capital Leases | Debt and Capital Leases This footnote should be read in conjunction with the complete description under Note 12 , Debt and Capital Leases , to the Company's 2017 Form 10-K. Long-term debt and capital leases consisted of the following: (In millions, except rates) June 30, 2018 December 31, 2017 June 30, 2018 interest rate % (a) Recourse debt: Senior Notes, due 2022 $ 977 $ 992 6.250 Senior Notes, due 2024 733 733 6.250 Senior Notes, due 2026 1,000 1,000 7.250 Senior Notes, due 2027 1,250 1,250 6.625 Senior Notes, due 2028 841 870 5.750 Convertible Senior Notes, due 2048 575 — 2.750 Revolving loan facility, due 2018 and 2021 26 — L+1.75 Term loan facility, due 2023 1,862 1,872 L+1.75 Tax-exempt bonds 465 465 4.125 - 6.00 Subtotal recourse debt 7,729 7,182 Non-recourse debt: NRG Yield, Inc. Convertible Senior Notes, due 2019 345 345 3.500 NRG Yield, Inc. Convertible Senior Notes, due 2020 288 288 3.250 NRG Yield Operating LLC Senior Notes, due 2024 500 500 5.375 NRG Yield Operating LLC Senior Notes, due 2026 350 350 5.000 NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility, due 2023 (b) — 55 L+1.75 El Segundo Energy Center, due 2023 369 400 L+1.75 - L+2.375 Marsh Landing, due 2023 305 318 L+2.125 Alta Wind I - V lease financing arrangements, due 2034 and 2035 901 926 5.696 - 7.015 Walnut Creek, term loans due 2023 254 267 L+1.625 Utah Portfolio, due 2022 273 278 various Tapestry, due 2021 155 162 L+1.625 CVSR, due 2037 731 746 2.339 - 3.775 CVSR HoldCo, due 2037 188 194 4.680 Alpine, due 2022 133 135 L+1.750 Energy Center Minneapolis, due 2031, 2033, 2035 and 2037 328 208 various Viento, due 2023 154 163 L+3.00 Buckthorn Solar, due 2018 and 2025 132 169 L+1.750 NRG Yield - other 564 579 various Subtotal NRG Yield debt (non-recourse to NRG) (c) 5,970 6,083 Ivanpah, due 2033 and 2038 (e) — 1,073 2.285 - 4.256 Carlsbad Energy Project (c) 513 427 L+1.625 - 4.120 Agua Caliente, due 2037 812 818 2.395 - 3.633 Agua Caliente Borrower 1, due 2038 86 89 5.430 Cedro Hill, due 2025 (c) 144 151 L+1.75 Midwest Generation, due 2019 108 152 4.390 NRG Other Renewables (c) 623 478 various NRG Other 107 180 various Subtotal other NRG non-recourse debt 2,393 3,368 Subtotal all non-recourse debt 8,363 9,451 Subtotal long-term debt (including current maturities) 16,092 16,633 Capital leases 3 5 various Subtotal long-term debt and capital leases (including current maturities) 16,095 16,638 Less current maturities (d) (952 ) (688 ) Less debt issuance costs (199 ) (204 ) Discounts (123 ) (30 ) Total long-term debt and capital leases $ 14,821 $ 15,716 (a) As of June 30, 2018 , L+ equals 3-month LIBOR plus x%, except for Carlsbad, the Buckthorn Solar and Utah Solar Portfolio where L+ equals 1 month LIBOR plus x% and Viento where L+ equals 6-month LIBOR plus x%. (b) Applicable rate is determined by the Borrower Leverage Ratio, as defined in the credit agreement. (c) Debt associated with the asset sales announced in February 2018. (d) The NRG Yield, Inc. Convertible Senior Notes, due 2019, become due in February 2019 and are recorded in current maturities as of June 30, 2018 . (e) The Company deconsolidated Ivanpah during the second quarter of 2018. Recourse Debt 2023 Term Loan Facility On March 21, 2018, NRG repriced the 2023 Term Loan Facility, reducing the interest rate margin by 50 basis points to LIBOR plus 1.75% and reducing the LIBOR floor to 0.00% . Senior Notes Issuance of 2048 Convertible Senior Notes During the second quarter of 2018, NRG issued $575 million in aggregate principal amount of 2.75% Convertible Senior Notes due 2048, or the Convertible Notes. The Convertible Notes are convertible, under certain circumstances, into the Company's common stock, cash or a combination thereof (at NRG's option) at an initial conversion price of $47.74 per common share, which is equivalent to an initial conversion rate of approximately 20.9479 shares of common stock per $1,000 principal amount of Convertible Notes. Interest on the Convertible Notes is payable semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2018. The Convertible Notes mature on June 1, 2048, unless earlier repurchased, redeemed or converted in accordance with their terms. The Convertible Notes are guaranteed by certain NRG subsidiaries. Prior to the close of business on the business day immediately preceding December 1, 2024, the Convertible Notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter during specified periods as follows: • from December 1, 2024 until the close of business on the second scheduled trading day immediately before June 1, 2025; and • from December 1, 2047 until the close of business on the second scheduled trading day immediately before the maturity date. The Convertible Notes are accounted for in accordance with ASC 470-20, Debt with Conversion and Other Options . Under ASC 470-20, issuers of convertible debt instruments that may be settled in cash upon conversion, including partial cash settlement, are required to separately account for the liability (debt) and equity (conversion option) components. The carrying amount of the liability component at issuance date of $472 million was calculated by estimating the fair value of similar liabilities without a conversion feature. The residual principal amount of the notes of $103 million was allocated to the equity component with offset to debt discount. The debt discount will be amortized to interest expense using the effective interest method over seven years which is determined to be the expected life of the Convertible Notes. The Company incurred approximately $12 million in transaction costs in connection with the issuance of the notes. These costs were allocated to the liability and equity components in proportion to the allocation of proceeds. Transaction costs of $9.5 million , allocated to the liability component, were recognized as deferred financing costs and are amortized over the seven years. Transaction costs of $2 million , allocated to the equity component, were recognized as a reduction of additional paid-in capital. Senior Note Repurchases In connection with the Transformation Plan, the Company has committed to reduce its debt balance by an additional $640 million to achieve a target net debt to adjusted EBITDA credit ratio of 3.0 /1. The following open market senior note repurchases were completed to assist in achieving this target. In connection with the repurchases during the six months ended June 30, 2018 , a $1 million loss on debt extinguishment was recorded, which included the write-off of previously deferred financing costs of $1 million . Principal Repurchased Cash Paid (a) Average Early Redemption Percentage In millions, except rates 5.750% senior notes due 2028 $ 29 $ 30 99.24 % 6.250% senior notes due 2022 14 15 103.25 % Total at June 30, 2018 $ 43 $ 45 6.250% senior notes due 2022 6 6 103.25 % 5.750% senior notes due 2028 20 21 99.13 % 6.625% senior notes due 2027 20 21 103.06 % Total at August 2, 2018 $ 89 $ 93 (a) Includes payment for accrued interest of $1 million . Non-recourse Debt NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility NRG Yield LLC and its direct wholly owned subsidiary, NRG Yield Operating LLC, are parties to a senior secured revolving credit facility, which can be used for cash and for the issuance of letters of credit. On April 30, 2018, NRG Yield LLC and NRG Yield Operating LLC refinanced the revolving credit facility, which extended the maturity of the facility to April 28, 2023, and decreased the overall cost of borrowing from L+ 2.50% to L+ 1.75% . At June 30, 2018 , there was $67 million of letters of credit issued under the revolving credit facility and no outstanding borrowings on the revolver. Project Financings Thermal Financing On June 19, 2018, NRG Energy Center Minneapolis, a subsidiary of NRG Yield LLC, entered into an amended and restated Thermal note purchase and private shelf agreement whereas it authorized the issuance of the Series E Notes, Series F Notes, Series G Notes, and Series H Notes, as further described in the table below: Amount Interest Rate In millions, except rates Energy Center Minneapolis Series E Notes, due 2033 $ 70 4.80 % Energy Center Minneapolis Series F Notes, due 2033 10 4.60 % Energy Center Minneapolis Series G Notes, due 2035 83 5.90 % Energy Center Minneapolis Series H Notes, due 2037 40 4.83 % Total proceeds $ 203 Repayment of Energy Center Minneapolis Series C Notes, due 2025 (83 ) 5.95 % Net borrowings $ 120 The Series G Notes were used to refinance the Series C Notes due 2025. The amended and restated Thermal note purchase and private shelf agreement also established a private shelf facility for the future issuance of notes in the amount of $40 million . Rosamond Financing On June 4, 2018, Rosamond Solar Portfolio, LLC entered into a financing agreement with financial institutions for a $118 million construction loan, which will convert to a term loan upon completion of project construction and a $175 million investment tax credit, or ITC, bridge loan, both of which have an interest rate of LIBOR plus 1.75% , as well as a letter of credit facility with availability of up to $33 million . The ITC bridge loan is expected to be repaid with proceeds from a tax equity arrangement by April 30, 2019. The term loan matures on April 30, 2034. As of June 30, 2018 , $83 million and $5 million had been borrowed under the construction loan and the ITC bridge loan, respectively. Agua Caliente Project Financing On February 17, 2017, Agua Caliente Borrower 1 LLC and Agua Caliente Borrower 2 LLC, or Agua Caliente Holdco, the indirect owners of 51% of the Agua Caliente solar facility, issued $130 million of senior secured notes under the Agua Caliente Holdco Financing Agreement, or 2038 Agua Caliente Holdco Notes, that bear interest at 5.43% and mature on December 31, 2038. As described in Note 3 , Acquisitions, Discontinued Operations and Dispositions , on March 27, 2017, NRG Yield, Inc. acquired Agua Caliente Borrower 2 LLC from NRG. The debt is joint and several with respect to Agua Caliente Borrower 1 LLC and Agua Caliente Borrower 2 LLC and is secured by the equity interests of each borrower in the Agua Caliente solar facility. Carlsbad Project Financing On May 26, 2017, Carlsbad Energy Holdings, LLC entered into a note payable agreement with financial institutions for the issuance of up to $407 million of senior secured notes that bear interest at a rate of 4.12% , and mature on October 31, 2038, and a credit agreement for a $194 million construction loan, that will convert to a term loan upon completion of the project as well as a letter of credit facility with an aggregate principal amount not to exceed $83 million , and a working capital loan facility with an aggregate principal amount not to exceed $4 million . As of June 30, 2018 , $513 million was outstanding under both the note and the construction loan. |
Variable Interest Entities, or
Variable Interest Entities, or VIEs | 6 Months Ended |
Jun. 30, 2018 | |
Variable Interest Entities Disclosure [Abstract] | |
Variable Interest Entities, or VIEs | Variable Interest Entities, or VIEs Entities that are not Consolidated NRG has interests in entities that are considered VIEs under ASC 810, Consolidation , but NRG is not considered the primary beneficiary. NRG accounts for its interests in these entities under the equity method of accounting. Utility-Scale Solar Portfolio — Through its consolidated subsidiary, NRG Yield, Inc., the Company has equity interests in Four Brothers Solar, LLC, Granite Mountain Holdings, LLC, and Iron Springs Holdings, LLC, which are accounted for as equity method investments as the Company does not have a controlling financial interest. The assets have 20 -year PPAs with PacifiCorp. NRG's maximum exposure to loss is limited to its equity investment, which was $338 million as of June 30, 2018 . GenConn Energy LLC — Through its consolidated subsidiary, NRG Yield, Inc., the Company owns a 50% interest in GCE Holding LLC, the owner of GenConn, which owns and operates two 190 -MW peaking generation facilities in Connecticut at NRG's Devon and Middletown sites. NRG's maximum exposure to loss is limited to its equity investment, which was $100 million as of June 30, 2018 . Ivanpah Master Holdings LLC — Through its consolidated subsidiary, NRG Solar Ivanpah LLC, the Company owns a 54.6% interest in Ivanpah Master Holdings LLC, or Ivanpah, the owner of three solar electric generating projects located in the Mojave Desert with a total capacity of 392 MW. The projects were funded in large part by loans guaranteed by the U.S. DOE and equity from the projects' partners. During the first quarter of 2018, all interested parties sought a restructuring of Ivanpah's debt in order to avoid a potential event of default with respect to the loans in connection with several recent events, including the planned sale of NRG's renewables platform. Ensuing negotiations culminated in a settlement during the second quarter of 2018 between the parties which resulted in certain transactions, including the release of reserves totaling $95 million to fund equity distributions to the partners, which reduced the equity at risk, and the prepayment of certain of the debt balance outstanding, and the amendment of certain of Ivanpah's governing documents. The equity distributions and prepayment of debt were funded by the agreed upon release of reserve funds. These events were considered to be a reconsideration event in accordance with ASC 810, Consolidations. As a result, NRG determined that it is not the primary beneficiary and deconsolidated Ivanpah. NRG recognized a loss of $22 million on the deconsolidation and subsequent recognition of Ivanpah as an equity method investment during the six months ended June 30, 2018 . The deconsolidation of Ivanpah reduced the Company's assets by approximately $1.3 billion , which was primarily property, plant and equipment, and reduced the Company's liabilities by $1.2 billion , which was primarily long-term debt. NRG's maximum exposure to loss is limited to its equity investment, which was $57 million as of June 30, 2018 . Entities that are Consolidated The Company has a controlling financial interest in certain entities which have been identified as VIEs under ASC 810. These arrangements are primarily related to tax equity arrangements entered into with third-parties in order to finance the cost of solar energy systems under operating leases and wind facilities eligible for certain tax credits as further described in Note 2 , Summary of Significant Accounting Policies to the Company's 2017 Form 10-K. For one of the tax equity arrangements, the Company has a deficit restoration obligation equal to $83 million as of June 30, 2018 , which would be required to be funded if the arrangement were to be dissolved. The summarized financial information for the Company's consolidated VIEs consisted of the following: (In millions) June 30, 2018 December 31, 2017 Current assets $ 191 $ 118 Net property, plant and equipment 2,709 2,337 Other long-term assets 660 658 Total assets 3,560 3,113 Current liabilities 119 96 Long-term debt 814 661 Other long-term liabilities 211 209 Total liabilities 1,144 966 Redeemable noncontrolling interest 69 78 Noncontrolling interest 660 507 Net assets less noncontrolling interest $ 1,687 $ 1,562 |
Changes in Capital Structure
Changes in Capital Structure | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Changes in Capital Structure | Changes in Capital Structure As of June 30, 2018 and December 31, 2017 , the Company had 500,000,000 shares of common stock authorized. The following table reflects the changes in NRG's common stock issued and outstanding: Issued Treasury Outstanding Balance as of December 31, 2017 418,323,134 (101,580,045 ) 316,743,089 Shares issued under LTIPs 1,373,655 — 1,373,655 Shares issued under ESPP — 175,862 175,862 Shares repurchased — (14,863,301 ) (14,863,301 ) Balance as of June 30, 2018 419,696,789 (116,267,484 ) 303,429,305 Employee Stock Purchase Plan In January 2018, 175,862 shares of common stock were issued to employee accounts from treasury stock for the offering period of July 1, 2017, to December 31, 2017. In January 2018, NRG suspended the ESPP. Share Repurchases In February 2018, the Company's board of directors authorized the Company to repurchase $1 billion of its common stock, with the first $500 million program beginning as soon as permitted. The following repurchases have been made during the six months ended June 30, 2018. Total number of shares purchased Average price paid per share (a) Amounts paid for shares purchased (in millions) (a) Board Authorized Share Repurchases First Quarter 2018 3,114,748 $ 93 Second Quarter 2018 (b) 11,748,553 407 Total Board Authorized Share Repurchases as of June 30, 2018 14,863,301 $ 500 July 2018 860,880 — Total Board Authorized Share Repurchases as of August 2, 2018 15,724,181 $ 31.80 $ 500 (a) The average price paid per share and amounts paid for shares purchased exclude the commissions of $0.01 per share paid in connection with the share repurchase. (b) The share repurchases for the second quarter include 9,969,023 of the shares repurchased through the ASR Agreement, as described below. Accelerated Share Repurchase On May 24, 2018, the Company executed an accelerated share repurchase agreement, or ASR Agreement, with a financial institution to repurchase a total of $354 million of outstanding common stock based on a volume weighted average price. The Company received initial shares of 9,969,023 , which were recorded in treasury stock at fair value based on the closing price of $343 million , with the remaining $11 million recorded in additional paid in capital, representing the value of the forward contract to purchase additional shares. In July 2018, the financial institution delivered the remaining shares pursuant to the ASR Agreement and the Company received an additional 860,880 shares. The average price paid for all of the shares delivered under the ASR Agreement was $32.69 per share. Upon receipt of the additional shares, the Company transferred the $11 million from additional paid in capital to treasury stock. NRG Common Stock Dividends The following table lists the dividends paid during the six months ended June 30, 2018 : Second Quarter 2018 First Quarter 2018 Dividends per Common Share $ 0.03 $ 0.03 On July 18, 2018 , NRG declared a quarterly dividend on the Company's common stock of $0.03 per share, payable August 15, 2018 , to stockholders of record as of August 1, 2018 , representing $0.12 per share on an annualized basis. The Company's common stock dividends are subject to available capital, market conditions, and compliance with associated laws, regulations and other contractual obligations. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company's segment structure reflects how management currently makes financial decisions and allocates resources. The Company's businesses are segregated as follows: Generation, which includes generation, international and BETM; Retail, which includes Mass customers and Business Solutions, which includes C&I customers and other distributed and reliability products; Renewables, which includes solar and wind assets, excluding those in NRG Yield; NRG Yield; and corporate activities. During 2017, NRG Yield acquired several projects totaling 555 MW from NRG. On March 30, 2018, the Company sold to NRG Yield, Inc. 100% of NRG's interests in Buckthorn Renewables, LLC, which owns a 154 MW construction-stage utility-scale solar generation project, located in Texas. These acquisitions were treated as a transfer of entities under common control and accordingly, all historical periods have been recast to reflect the acquisitions as if they had occurred at the beginning of the financial statement period. On June 14, 2017, as described in Note 3 , Acquisitions, Discontinued Operations and Dispositions , NRG deconsolidated GenOn for financial reporting purposes. The financial information for all historical periods have been recast to reflect the presentation of GenOn as discontinued operations within the corporate segment. NRG’s chief operating decision maker, its chief executive officer, evaluates the performance of its segments based on operational measures including adjusted earnings before interest, taxes, depreciation and amortization, or Adjusted EBITDA, free cash flow and capital for allocation, as well as net income/(loss). Retail (a) Generation (a) Renewables (a) NRG Yield Corporate (a) Eliminations Total Three months ended June 30, 2018 (In millions) Operating revenues (a) $ 1,817 $ 1,218 $ 113 $ 307 $ 7 $ (540 ) $ 2,922 Depreciation and amortization 31 66 40 82 8 — 227 Impairment losses — 74 — — — — 74 Reorganization costs 1 3 3 — 16 — 23 Equity in earnings/(losses) of unconsolidated affiliates — — 5 29 — (16 ) 18 (Loss)/income from continuing operations before income taxes (84 ) 273 (17 ) 103 (134 ) (12 ) 129 (Loss)/income from continuing operations (84 ) 272 (12 ) 96 (139 ) (12 ) 121 Loss from discontinued operations, net of tax — — — — (25 ) — (25 ) Net (Loss)/Income (84 ) 272 (12 ) 96 (164 ) (12 ) 96 (Loss)/Income attributable to NRG Energy, Inc. $ (88 ) $ 272 $ (35 ) $ 73 $ (244 ) $ 94 $ 72 Total assets as of June 30, 2018 $ 7,217 $ 4,306 $ 4,117 $ 8,448 $ 9,675 $ (10,816 ) $ 22,947 (a) Operating revenues include inter-segment sales and net derivative gains and losses of: $ 2 $ 546 $ 9 $ — $ (17 ) $ — $ 540 Retail (a) Generation (a) Renewables (a) NRG Yield Corporate (a) Eliminations Total Three months ended June 30, 2017 (In millions) Operating revenues (a) $ 1,603 $ 882 $ 119 $ 288 $ 3 $ (194 ) $ 2,701 Depreciation and amortization 29 95 49 79 8 — 260 Impairment losses — 41 22 — — — 63 Equity in (losses)/earnings of unconsolidated affiliates — (15 ) (2 ) 16 3 (5 ) (3 ) Income/(loss) from continuing operations before income taxes 330 (89 ) (51 ) 52 (134 ) (5 ) 103 Income/(loss) from continuing operations 341 (90 ) (46 ) 44 (145 ) (5 ) 99 Loss from discontinued operations, net of tax — — — — (741 ) — (741 ) Net Income/(Loss) 341 (90 ) (46 ) 44 (886 ) (5 ) (642 ) Net Income/(Loss) attributable to NRG Energy, Inc. $ 341 $ (90 ) $ (21 ) $ 38 $ (919 ) $ 25 $ (626 ) (a) Operating revenues include inter-segment sales and net derivative gains and losses of: $ 1 $ 171 $ 3 $ — $ 19 $ — $ 194 Retail (a) Generation (a) Renewables (a) NRG Yield Corporate (a) Eliminations Total Six months ended June 30, 2018 (In millions) Operating revenues (a) $ 3,298 $ 1,545 $ 199 $ 532 $ 9 $ (240 ) $ 5,343 Depreciation and amortization 59 133 90 163 17 — 462 Impairment losses — 74 — — — — 74 Reorganization costs 4 7 3 — 29 — 43 Equity in earnings/(losses) of unconsolidated affiliates — 2 5 33 (1 ) (23 ) 16 Income/(Loss) from continuing operations before income taxes 861 (264 ) (56 ) 102 (260 ) (22 ) 361 Income/(Loss) from continuing operations 861 (265 ) (45 ) 96 (271 ) (22 ) 354 Income from discontinued operations, net of tax — — — — (25 ) — (25 ) Net Income/(Loss) 861 (265 ) (45 ) 96 (296 ) (22 ) 329 Net Income/(Loss) attributable to NRG Energy, Inc. $ 851 $ (265 ) $ (33 ) $ 94 $ (392 ) $ 96 $ 351 (a) Operating revenues include inter-segment sales and net derivative gains and losses of: $ 3 $ 239 $ 17 $ — $ (19 ) $ — $ 240 Retail (a) Generation (a) Renewables (a) NRG Yield Corporate (a) Eliminations Total Six months ended June 30, 2017 Operating revenues (a) $ 2,938 $ 1,848 $ 213 $ 509 $ 11 $ (436 ) $ 5,083 Depreciation and amortization 57 192 96 156 16 — 517 Impairment losses — 41 22 — — — 63 Equity in (losses)/earnings of unconsolidated affiliates — (28 ) (3 ) 35 7 (9 ) 2 Income/(loss) from continuing operations before income taxes 303 (52 ) (87 ) 49 (275 ) (9 ) (71 ) Income/(loss) from continuing operations 311 (54 ) (77 ) 42 (283 ) (9 ) (70 ) Loss from discontinued operations, net of tax — — — — (775 ) — (775 ) Net Income/(loss) 311 (54 ) (77 ) 42 (1,058 ) (9 ) (845 ) Net Income/(loss) attributable to NRG Energy, Inc. $ 311 $ (54 ) $ (24 ) $ 50 $ (1,091 ) $ 18 $ (790 ) (a) Operating revenues include inter-segment sales and net derivative gains and losses of: $ 11 $ 406 $ 4 $ — $ 15 $ — $ 436 |
Earnings_(Loss) Per Share
Earnings/(Loss) Per Share | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings/(Loss) Per Share | Earnings/(Loss) Per Share Basic earnings/(loss) per common share is computed by dividing net income/(loss) less accumulated preferred stock dividends by the weighted average number of common shares outstanding. Shares issued and treasury shares repurchased during the year are weighted for the portion of the year that they were outstanding. Diluted earnings/(loss) per share is computed in a manner consistent with that of basic income/(loss) per share while giving effect to all potentially dilutive common shares that were outstanding during the period. The reconciliation of NRG's basic and diluted loss per share is shown in the following table: Three months ended June 30, Six months ended June 30, In millions, except per share data 2018 2017 2018 2017 Basic income/(loss) per share attributable to NRG Energy, Inc. common stockholders Net income/(loss) attributable to NRG Energy, Inc. $ 72 $ (626 ) $ 351 $ (790 ) Weighted average number of common shares outstanding - basic 310 316 314 316 Earnings/(loss) per weighted average common share — basic $ 0.23 $ (1.98 ) $ 1.12 $ (2.50 ) Diluted income/(loss) per share attributable to NRG Energy, Inc. common stockholders Weighted average number of common shares outstanding - diluted 310 316 314 316 Incremental shares attributable to the issuance of equity compensation (treasury stock method) 4 — 4 — Total dilutive shares 314 316 318 316 Earnings/(loss) per weighted average common share — diluted $ 0.23 $ (1.98 ) $ 1.10 $ (2.50 ) The following table summarizes NRG’s outstanding equity instruments that are anti-dilutive and were not included in the computation of the Company’s diluted loss per share: Three months ended June 30, Six months ended June 30, In millions of shares 2018 2017 2018 2017 Equity compensation plans — 6 1 6 Total — 6 1 6 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Effective Tax Rate The income tax provision consisted of the following: Three months ended June 30, Six months ended June 30, In millions, except rates 2018 2017 2018 2017 Income/(Loss) before income taxes $ 129 $ 103 $ 361 $ (71 ) Income tax expense/(benefit) from continuing operations 8 4 7 (1 ) Effective tax rate 6.2 % 3.9 % 1.9 % 1.4 % For the three and six months ended June 30, 2018 , NRG's overall effective tax rate was different than the statutory rate of 21% primarily due to the tax benefit for the change in valuation allowance and the generation of PTCs from various wind facilities partially offset by the inclusion of consolidated partnerships and the current state tax expense. For the three months ended June 30, 2017 , NRG's overall effective tax rate was different than the statutory rate of 35% primarily due to the tax benefit for the change in valuation allowance and the generation of PTCs and ITCs from various wind and solar facilities, respectively, partially offset by the inclusion of consolidated partnerships and current state tax expense. For the six months ended June 30, 2017 , NRG's overall effective tax rate was different than the statutory rate of 35% primarily due to the tax expense for the change in valuation allowance and current state tax expense, partially offset by the generation of PTCs and ITCs from various wind and solar facilities, respectively. Uncertain Tax Benefits As of June 30, 2018 , NRG has recorded a non-current tax liability of $39 million for uncertain tax benefits from positions taken on various state income tax returns, including accrued interest. For the six months ended June 30, 2018 , NRG accrued an immaterial amount of interest relating to the uncertain tax benefits. As of June 30, 2018 , NRG had cumulative interest and penalties related to these uncertain tax benefits of $5 million . The Company recognizes interest and penalties related to uncertain tax benefits in income tax expense. NRG is subject to examination by taxing authorities for income tax returns filed in the U.S. federal jurisdiction and various state and foreign jurisdictions including operations located in Australia. The Company is no longer subject to U.S. federal income tax examinations for years prior to 2015. With few exceptions, state and local income tax examinations are no longer open for years before 2010. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Services Agreement and Transition Services Agreement with GenOn The Company provides GenOn with various management, personnel and other services, which include human resources, regulatory and public affairs, accounting, tax, legal, information systems, treasury, risk management, commercial operations, and asset management, as set forth in the services agreement with GenOn, or the Services Agreement. The initial term of the Services Agreement was through December 31, 2013, with an automatic renewal absent a request for termination. The fee charged was determined based on a fixed amount as described in the Services Agreement and was calculated based on historical GenOn expenses prior to the NRG Merger. The annual fees under the Services Agreement were approximately $193 million and management has concluded that this method of charging overhead costs is reasonable. As described in Note 3, Acquisitions, Discontinued Operations and Dispositions , in connection with the Restructuring Support Agreement, NRG agreed to provide shared services to GenOn under the Services Agreement for an adjusted annualized fee of $84 million . In December 2017, in conjunction with the confirmation of the GenOn Entities' plan of reorganization, the Services Agreement was terminated and replaced by the transition services agreement. Under the transition services agreement, NRG provided the shared services and other separation services at an annualized rate of $84 million , subject to certain credits and adjustments. GenOn provided notice to NRG of its intent to terminate the transition services agreement effective August 15, 2018 and in connection with the settlement agreement described in Note 3, Acquisitions, Discontinued Operations and Dispositions , all amounts owed and payable to NRG were settled against the $28 million credit provided for in the Restructuring Support Agreement. NRG may provide additional separation services that are necessary for or reasonably related to the operation of GenOn's business after such date, subject to NRG's prior written consent, not to be unreasonably withheld. For the three and six months ended June 30, 2018 , NRG recorded approximately $21 million and $42 million , respectively, under the transition services agreement against selling, general and administrative expenses post-Chapter 11 Filing. For the three and six months ended June 30, 2017 , NRG recorded other income - affiliate related to these services of $39 million and $87 million , respectively. Credit Agreement with GenOn NRG and GenOn are party to a secured intercompany revolving credit agreement. The intercompany revolving credit agreement provided for a $500 million revolving credit facility, all of which was available for revolving loans and letters of credit. At June 30, 2018 and December 31, 2017 , $45 million and $92 million , respectively, of letters of credit were issued and outstanding under the NRG credit agreement for GenOn. Additionally, as of June 30, 2018 and December 31, 2017 , there were $151 million and $125 million , respectively, of loans outstanding under the intercompany secured revolving credit facility. In addition, the intercompany secured revolving credit facility contains customary covenants and events of default. As of June 30, 2018 , GenOn was in default under the secured intercompany revolving credit agreement due to the filing of the Chapter 11 Cases. As a result of the Chapter 11 Cases, no additional revolving loans or letters of credit are available to GenOn. As the Restructuring Support Agreement provided that the borrowings be repaid to NRG at or prior to emergence, NRG recorded its affiliate receivable for the amount outstanding net within accrued expenses and other current liabilities - affiliate on the consolidated balance sheet as of June 30, 2018 . Interest continued to accrue during the pendency of the Chapter 11 Cases until July 2018, when all borrowings and related interest were settled against amounts owed by the Company to GenOn as further discussed in Note 3 , Acquisitions, Discontinued Operations and Dispositions , in connection with the settlement between NRG and GenOn. Commercial Operations Agreement NRG Power Marketing LLC has entered into physical and financial intercompany commodity and hedging transactions with GenOn and certain of its subsidiaries. Subject to applicable collateral thresholds, these arrangements may provide for the bilateral exchange of credit support based upon market exposure and potential market movements. The terms and conditions of the agreements are generally consistent with industry practices and other third party arrangements. As of June 30, 2018 , derivative assets and liabilities associated with these transactions are recorded within NRG's derivative instruments balances on the consolidated balance sheet, with related revenues and costs within operating revenues and cost of operations, respectively. Additionally, as of June 30, 2018 and December 31, 2017 , the Company had $24 million and $32 million , respectively, of cash collateral posted in support of energy risk management activities by GenOn. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies This footnote should be read in conjunction with the complete description under Note 22 , Commitments and Contingencies , to the Company's 2017 Form 10-K. Commitments First Lien Structure NRG has granted first liens to certain counterparties on a substantial portion of the Company's assets, excluding assets acquired in the GenOn and EME (including Midwest Generation) acquisitions, assets held by NRG Yield, Inc. and NRG's assets that have project-level financing, to reduce the amount of cash collateral and letters of credit that it would otherwise be required to post from time to time to support its obligations under out-of-the-money hedge agreements for forward sales of power or MWh equivalents. The Company's lien counterparties may have a claim on NRG's assets to the extent market prices exceed the hedged price. As of June 30, 2018 , hedges under the first lien were in-the-money for NRG on a counterparty aggregate basis. Contingencies The Company's material legal proceedings are described below. The Company believes that it has valid defenses to these legal proceedings and intends to defend them vigorously. NRG records reserves for estimated losses from contingencies when information available indicates that a loss is probable and the amount of the loss, or range of loss, can be reasonably estimated. As applicable, the Company has established an adequate reserve for the matters discussed below. In addition, legal costs are expensed as incurred. Management has assessed each of the following matters based on current information and made a judgment concerning its potential outcome, considering the nature of the claim, the amount and nature of damages sought, and the probability of success. Unless specified below, the Company is unable to predict the outcome of these legal proceedings or reasonably estimate the scope or amount of any associated costs and potential liabilities. As additional information becomes available, management adjusts its assessment and estimates of such contingencies accordingly. Because litigation is subject to inherent uncertainties and unfavorable rulings or developments, it is possible that the ultimate resolution of the Company's liabilities and contingencies could be at amounts that are different from its currently recorded reserves and that such difference could be material. In addition to the legal proceedings noted below, NRG and its subsidiaries are party to other litigation or legal proceedings arising in the ordinary course of business. In management's opinion, the disposition of these ordinary course matters will not materially adversely affect NRG's consolidated financial position, results of operations, or cash flows. Midwest Generation Asbestos Liabilities — The Company, through its subsidiary, Midwest Generation, may be subject to potential asbestos liabilities as a result of its acquisition of EME. The Company is currently analyzing the scope of potential liability as it may relate to Midwest Generation. The Company believes that it has established an adequate reserve for these cases. On March 27, 2018, ComEd filed a Motion to Compel Payments of Claims seeking $61 million related to asbestos liabilities. On April 25, 2018, NRG filed an Omnibus Objection to All Remaining Claims of ComEd and Exelon. Midwest Generation New Source Review Litigation — In 2009, the EPA and the Illinois Attorney General, or the Government Plaintiffs, filed a complaint in the U.S. District Court for the Northern District of Illinois alleging violations of CAA PSD requirements and opacity and PM regulations. Several environmental groups intervened as plaintiffs in this litigation. Midwest Generation moved to dismiss nine of the ten PSD counts. The trial court granted the motion in 2010. Following the trial court ruling, the Government Plaintiffs appealed the trial court’s dismissals of their PSD claims. Those PSD claim dismissals were affirmed by the U.S. Court of Appeals for the Seventh Circuit in 2013. On May 10, 2018, the district court approved the Consent Decree settling this litigation and dismissed the case. Pursuant to the Consent Decree, Midwest Generation has paid $500,000 to each of the State of Illinois and the Federal Government and has agreed to make and maintain certain operational improvements. Telephone Consumer Protection Act Purported Class Actions — Three purported class action lawsuits have been filed against NRG Residential Solar Solutions, LLC — one in California and two in New Jersey. The plaintiffs generally allege misrepresentation by the call agents and violations of the TCPA, claiming that the defendants engaged in a telemarketing campaign placing unsolicited calls to individuals on the “Do Not Call List.” The plaintiffs seek statutory damages of up to $1,500 per plaintiff, actual damages and equitable relief. On June 22, 2017, plaintiffs in the California case filed a motion for leave to file a second amended complaint to substitute new plaintiffs. Defendants filed an opposition to this motion on June 26, 2017. The court granted plaintiffs' motion to substitute new plaintiffs and on August 1, 2017, defendants filed an answer to the second amended complaint. On August 31, 2017, the court in the California case agreed that the litigation should be stayed pending final court approval of the New Jersey settlement. On July 12, 2017, the parties in one of the New Jersey actions reached an agreement in principle to resolve the class allegations which was confirmed by a term sheet signed by the parties on July 28, 2017. On September 27, 2017, plaintiffs in one of the New Jersey cases filed their motion for preliminary approval of the class settlement which was approved by the court on November 17, 2017. On May 14, 2018, the court entered a final order approving the class action settlement and dismissing the lawsuit, thereby ending the New Jersey lawsuits. On July 2, 2018, the court in the California case entered an order dismissing the lawsuit. California Department of Water Resources and San Diego Gas & Electric Company v. Sunrise Power Company LLC — On January 29, 2016, CDWR and SDG&E filed a lawsuit against Sunrise Power Company, along with NRG and Chevron Power Corporation. In June 2001, CDWR and Sunrise entered into a 10 -year PPA under which Sunrise would construct and operate a generating facility and provide power to CDWR. At the time the PPA was entered into, Sunrise had a transportation services agreement, or TSA, to purchase natural gas from Kern River through April 30, 2018. In August 2003, CDWR entered into an agreement with Sunrise and Kern River in which CDWR accepted assignment of the TSA through the term of the PPA. After the PPA expired, Kern River demanded that any reassignment be to a party which met certain creditworthiness standards which Sunrise did not. As such, the plaintiffs brought this lawsuit against the defendants alleging breach of contract, breach of covenant of good faith and fair dealing and improper distributions. Plaintiffs generally claim damages of $1.2 million per month for the remaining 70 months of the TSA. On April 20, 2016, the defendants filed objections in response to the plaintiffs' complaint. The objections were granted on June 14, 2016; however, the plaintiffs were allowed to file amended complaints on July 1, 2016. On July 27, 2016, defendants filed objections to the amended complaints. On November 18, 2016, the court sustained the objections and allowed plaintiffs another opportunity to file a second amended lawsuit which they did on January 13, 2017. On April 21, 2017, the court issued an order sustaining the objections without leave to amend. On July 14, 2017, CDWR filed a notice of appeal. On January 10, 2018, CDWR filed its appellate brief. Defendants filed their opposition brief on April 10, 2018. On May 30, 2018, CDWR filed their reply brief. Braun v. NRG Yield, Inc. — On April 19, 2016, plaintiffs filed a putative class action lawsuit against NRG Yield, Inc., the current and former members of its board of directors individually, and other parties in California Superior Court in Kern County, CA. Plaintiffs allege various violations of the Securities Act due to the defendants’ alleged failure to disclose material facts related to low wind production prior to the NRG Yield, Inc.'s June 22, 2015 Class C common stock offering. Plaintiffs seek compensatory damages, rescission, attorney’s fees and costs. The Defendants filed demurrers and a motion challenging jurisdiction on October 18, 2016. On July 30, 2018, the plaintiffs filed an opposition to the defendants’ motion to quash service of the summons and an opposition to the defendants’ demurrer. Griffoul v. NRG Residential Solar Solutions — On February 28, 2017, plaintiffs, consisting of New Jersey residential solar customers, filed a purported class action lawsuit in New Jersey state court. Plaintiffs allege violations of the New Jersey Consumer Fraud Action and Truth-in-Consumer Contracts, Warranty and Notice Act with regard to certain provisions of their residential solar contracts. The plaintiffs seek damages and injunctive relief as to the proper allocation of the solar renewable energy credits. On June 6, 2017, the defendants filed a motion to compel arbitration or dismiss the lawsuit. Plaintiffs filed their opposition on June 29, 2017. On July 14, 2017, the court denied NRG's motion to compel arbitration or dismiss the case. On July 25, 2017, NRG filed a motion for reconsideration of the appeal, which was denied. On August 22, 2017, NRG filed a notice of appeal. After oral argument on April 24, 2018, the Appellate Division reversed the lower court on May 4, 2018, and ordered that the plaintiff must arbitrate their claims against NRG. On May 23, 2018, the plaintiff filed a petition for certification with the Supreme Court of New Jersey seeking to overturn the Appellate Division ruling. The petition and objection are fully briefed. Rice v. NRG — On April 14, 2017, plaintiffs filed a purported class action lawsuit in the U.S. District Court for the Western District of Pennsylvania against NRG, First Energy Corporation and Matt Canastrale Contracting, Inc. Plaintiffs generally claim personal injury, trespass, nuisance and property damage related to the disposal of coal ash from GenOn's Elrama Power Plant and First Energy’s Mitchell and Hatfield Power Plants. Plaintiffs generally seek monetary damages, medical monitoring and remediation of their property. Plaintiffs filed an amended complaint on August 14, 2017. On October 20, 2017, NRG filed its answers and affirmative defenses. On July 6, 2018, NRG filed a motion for summary judgment. Plaintiffs filed their opposition to the motion for summary judgment on July 29, 2018. Washington-St. Tammany and Claiborne Electric Cooperative v. LaGen — On June 28, 2017, plaintiffs Washington-St. Tammany Electric Cooperative, Inc. and Claiborne Electric Cooperative, Inc. filed a lawsuit against Louisiana Generating, L.L.C., or LaGen, in the United States District Court for the Middle District of Louisiana. The plaintiffs claim breach of contract against LaGen for allegedly improperly charging the plaintiffs for costs related to the installation and maintenance of certain pollution control technology. Plaintiffs seek damages for the alleged improper charges and a declaration as to which charges are proper under the contract. On September 14, 2017, the court issued a scheduling order setting this case for trial on October 21, 2019. LaGen filed its answer and affirmative defenses on November 17, 2017. GenOn Chapter 11 Cases — On the Petition Date, the GenOn Entities filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court. Under the Restructuring Support Agreement to which the GenOn Entities, NRG and certain of GenOn's and GenOn Americas Generation's senior unsecured noteholders are parties, each of them supported the Bankruptcy Court's approval of the plan of reorganization. GenOn has a customary "fiduciary out" under the Restructuring Support Agreement. If the plan of reorganization is not consummated, NRG may not be entitled to the benefits of the Settlement Agreement provided under the Restructuring Support Agreement and it will remain subject to any claims of GenOn and the noteholders, including claims relating to or arising out of any shared services and any other relationships or transactions between the companies. See Note 3 , Acquisitions, Discontinued Operations and Dispositions , for additional information related to the Chapter 11 Cases. GenOn Noteholders' Lawsuit — On December 13, 2016, certain indenture trustees for an ad hoc group of holders, or the Noteholders, of the GenOn Energy, Inc. 7.875% Senior Notes due 2017, 9.500% Notes due 2018, and 9.875% Notes due 2020, and the GenOn Americas Generation, LLC 8.50% Senior Notes due 2021 and 9.125% Senior Notes due 2031, along with certain of the Noteholders, filed a complaint in the Superior Court of the State of Delaware against NRG and GenOn alleging certain claims related to the Services Agreement between NRG and GenOn. Plaintiffs generally seek return of all monies paid under the Services Agreement and any other damages that the court deems appropriate. On February 3, 2017, the court entered an order approving a Standstill Agreement whereby the parties agreed to suspend all deadlines in the case until March 1, 2017. The Standstill Agreement terminated on March 1, 2017. On April 30, 2017, the Noteholders filed an amended complaint that asserts (i) additional fraudulent transfer claims in relation to GenOn’s sale of the Marsh Landing project to NRG Yield LLC, (ii) alleged breaches of fiduciary duty by certain current and former officers and directors of GenOn in relation to the Services Agreement and the alleged usurpation of corporate opportunities concerning the Mandalay and Canal projects and (iii) claims against NRG for allegedly aiding and abetting such claimed breaches of fiduciary duties. In addition to NRG and GenOn, the amended complaint names NRG Yield LLC and certain current and former officers and directors of GenOn as defendants. The plaintiffs, among other things, generally seek return of all monies paid under the services agreement and any other damages that the court deems appropriate. On July 13, 2018, NRG and GenOn executed a term sheet that resolves and releases the GenOn Noteholder litigation. Morgantown v. GenOn Mid-Atlantic — On June 8, 2017, Morgantown and Dickerson Owner Lessors filed a lawsuit against GenOn Mid-Atlantic, LLC, NRG North America LLC, GenOn Americas Generation, LLC, NRG Americas, Inc., GenOn Energy Holdings, Inc., GenOn Energy, Inc., and NRG Energy, Inc. in New York State Supreme Court. The plaintiffs allege that they were overcharged by defendants for certain services outlined in a Services Agreement and that defendants caused a Qualified Credit Support portion of a Participation Agreement, or QCS Agreement, to be violated by causing the transfer of certain money outside the allowable confines set forth in the QCS Agreement. In addition, plaintiffs claim that the transfers were unfairly executed and done so in an effort to defraud plaintiffs and hinder their ability to continue to do business. As such, plaintiffs seek, among other things, the return of certain transferred funds and service charges paid and to bar defendants from executing additional transfers on plaintiffs’ behalf. On November 7, 2017, the Bankruptcy Court issued an order estimating the claims to be valued at $0 . On December 14, 2017, a settlement agreement was executed between GenOn and NRG. On April 27, 2018, the parties executed a mutual release which in conjunction with the settlement agreement resolved this lawsuit. BTEC v. NRG Texas Power — On July 18, 2017, BTEC New Albany LLC, or BTEC, filed a lawsuit against NRG Texas Power LLC, or NRG Texas Power, in the Harris County District Court in Texas. On January 15, 2013, the parties entered into a Membership Interest and Purchase Agreement, or MIPA, whereby BTEC agreed to dismantle, transport and rebuild an electric power generation facility at the former P.H. Robinson Electric Generating Station in Bacliff, Texas. The MIPA required BTEC to meet a Guaranteed Commercial Completion Date of May 31, 2016. Because BTEC had not satisfied all of the contractually-required acceptance criteria by the MIPA expiration date, NRG elected to terminate the contract in June 2017. BTEC claimed that NRG Texas Power breached the MIPA by improperly terminating it, and sought a declaratory judgment as to the rights and obligations of the parties as well as damages, interest and attorney’s fees. On September 7, 2017, NRG Texas Power filed a counterclaim seeking damages in excess of $48 million . On June 7, 2018, the parties resolved all claims and counterclaims in the lawsuit and a dismissal order was subsequently entered by the court on July 12, 2018. GenOn Related Contingencies Actions Pursued by MC Asset Recovery — With Mirant Corporation's emergence from bankruptcy protection in 2006, certain actions filed by GenOn Energy Holdings and some of its subsidiaries against third parties were transferred to MC Asset Recovery, a wholly owned subsidiary of GenOn Energy Holdings. MC Asset Recovery is governed by a manager who is independent of NRG and GenOn. MC Asset Recovery is a disregarded entity for income tax purposes. Under the remaining action transferred to MC Asset Recovery, MC Asset Recovery sought to recover damages from Commerzbank AG and various other banks, or the Commerzbank Defendants, for alleged fraudulent transfers that occurred prior to Mirant's bankruptcy proceedings. In December 2010, the U.S. District Court for the Northern District of Texas dismissed MC Asset Recovery's complaint against the Commerzbank Defendants. In January 2011, MC Asset Recovery appealed the District Court's dismissal of its complaint against the Commerzbank Defendants to the U.S. Court of Appeals for the Fifth Circuit, or the Fifth Circuit. In March 2012, the Fifth Circuit reversed the District Court's dismissal and reinstated MC Asset Recovery's amended complaint against the Commerzbank Defendants. On December 10, 2015, the District Court granted summary judgment in favor of the Commerzbank Defendants. On December 29, 2015, MC Asset Recovery filed a notice to appeal this judgment with the Fifth Circuit. On June 1, 2017, the Fifth Circuit affirmed the District Court's judgment. On June 12, 2017, MC Asset Recovery petitioned the Fifth Circuit for rehearing. The petition for rehearing was denied and a court order and judgment affirming the District Court's judgments was entered on July 17, 2017. On October 17, 2018, the bankruptcy court is scheduled to hear a Motion for a Final Decree to close the Mirant bankruptcy case. Natural Gas Litigation — GenOn has been a party to several lawsuits, certain of which are class action lawsuits, in state and federal courts, of which four remain pending involving plaintiffs in Kansas, Missouri and Wisconsin. These lawsuits were filed in the aftermath of the California energy crisis in 2000 and 2001 and the resulting FERC investigations and relate to alleged conduct to increase natural gas prices in violation of state antitrust law and similar laws. The lawsuits seek treble or punitive damages, restitution and/or expenses. The lawsuits also name as parties a number of energy companies unaffiliated with NRG. In July 2011, the U.S. District Court for the District of Nevada, which was handling four of the five cases, granted the defendants' motion for summary judgment and dismissed all claims against GenOn in those cases. The plaintiffs appealed to the U.S. Court of Appeals for the Ninth Circuit, or the Ninth Circuit, which reversed the decision of the District Court. GenOn along with the other defendants in the lawsuit filed a petition for a writ of certiorari to the U.S. Supreme Court challenging the Ninth Circuit's decision and the U.S. Supreme Court granted the petition. On April 21, 2015, the U.S. Supreme Court affirmed the Ninth Circuit’s holding that plaintiffs’ state antitrust law claims are not field-preempted by the federal Natural Gas Act and the Supremacy Clause of the U.S. Constitution. The U.S. Supreme Court left open whether the claims were preempted on the basis of conflict preemption. The U.S. Supreme Court directed that the case be remanded to the U.S. District Court for the District of Nevada for further proceedings. On March 7, 2016, class plaintiffs filed their motions for class certification. On March 30, 2017, the court denied the plaintiffs' motions for class certification, which the plaintiffs appealed to. The plaintiffs petitioned the Ninth Circuit for interlocutory review. On July 12, 2018, the Ninth Circuit heard oral arguments and the case is under submission pending a decision. On February 26, 2018, GenOn filed objections to the proofs of claim filed in the Chapter 11 Cases by all of the plaintiffs in each of the four cases. GenOn filed that same day a motion asking the Bankruptcy Court to estimate all of the proofs of claim at zero dollars, to which the plaintiffs objected. The Bankruptcy Court denied the plaintiffs' objection, ruling that it had the authority to consider GenOn's objections to the proofs of claim and to estimate the claims, but has certified its decision for review by either the Fifth Circuit Court of Appeals or the District Court. In June 2018, GenOn reached a settlement with plaintiffs in three of the four remaining suits, which leaves only the one purported class action involving plaintiffs in Wisconsin. CenterPoint Energy Services is a defendant in that case, and GenOn has agreed to indemnify CenterPoint against certain losses relating to the lawsuit. The Nevada District Judge granted summary judgment in favor of CenterPoint in that lawsuit and the plaintiffs appealed that decision to the Ninth Circuit. The appeal was argued on February 16, 2018, and the case is under submission pending a decision. Mirant Chapter 11 Proceedings — In July 2003, and various dates thereafter, the Mirant Debtors filed voluntary petitions in the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, for relief under Chapter 11 of the Bankruptcy Code. GenOn Energy Holdings and most of the other Mirant Debtors emerged from bankruptcy on January 3, 2006, when the plan of reorganization that was approved in conjunction with Mirant Corporation's emergence from bankruptcy protection, or the Mirant Plan, became effective. The remaining Mirant Debtors emerged from bankruptcy on various dates in 2007. Approximately 461,000 of the shares of GenOn Energy Holdings common stock to be distributed under the Mirant Plan have not yet been distributed and have been reserved for distribution with respect to claims disputed by the Mirant Debtors that have not been resolved. Upon the Mirant/RRI Merger, those reserved shares converted into a reserve for approximately 1.3 million shares of GenOn common stock. Upon the NRG Merger, those reserved shares converted into a reserve for approximately 159,000 shares of NRG common stock. Under the terms of the Mirant Plan, upon the resolution of such a disputed claim, the claimant will receive the same pro rata distributions of common stock, cash, or both as previously allowed claims, regardless of the price at which the common stock is trading at the time the claim is resolved. If the aggregate amount of any such payouts results in the number of reserved shares being insufficient, additional shares of common stock may be issued to address the shortfall. The bankruptcy court is scheduled to hear a Motion for a Final Decree in the Mirant bankruptcy on October 17, 2018. Potomac River Environmental Investigation — In March 2013, NRG Potomac River LLC, a subsidiary of GenOn, received notice that the District of Columbia Department of Environment (now renamed the Department of Energy and Environment, or DOEE) was investigating potential discharges to the Potomac River originating from the Potomac River Generating facility site, a site where the generation facility is no longer in operation. In connection with that investigation, DOEE served a civil subpoena on NRG Potomac River LLC requesting information related to the site and potential discharges occurring from the site. NRG Potomac River LLC provided various responsive materials. In January 2016, DOEE advised NRG Potomac River LLC that DOEE believed various environmental violations had occurred as a result of discharges DOEE believes occurred to the Potomac River from the Potomac River Generating facility site and as a result of associated failures to accurately or sufficiently report such discharges. DOEE has indicated it believes that penalties are appropriate in light of the violations. NRG Potomac River LLC is currently reviewing the information provided by DOEE. Natixis v. GenOn Mid-Atlantic — On February 16, 2018, Natixis Funding Corp. and Natixis, New York Branch filed a complaint in the Supreme Court of the State of New York against GenOn Mid-Atlantic, the owner lessors under GenOn Mid-Atlantic’s operating leases of the Dickerson and Morgantown coal generation units, and the lease indenture trustee under those leases. The plaintiffs’ allegations against GenOn Mid-Atlantic relate to a payment agreement between GenOn Mid-Atlantic and Natixis Funding Corp. to procure credit support for the payment of certain lease payments owed pursuant to the GenOn Mid-Atlantic operating leases for Morgantown and Dickerson. The plaintiffs seek approximately $34 million in damages arising from GenOn Mid-Atlantic’s purported breach of certain warranties in the payment agreement. On April 2, 2018, GenOn Mid-Atlantic removed the allegations against it to the U.S. District Court for the Southern District of New York. On April 11, 2018, the U.S. District Court for the Southern District of New York entered a briefing schedule on a forthcoming motion to remand by Natixis Funding Corp. and a forthcoming motion to transfer by GenOn Mid-Atlantic. On April 26, 2018, Natixis Funding Corp. filed its motion to remand. On May 31, 2018, GenOn Mid-Atlantic opposed the motion to remand and filed a cross-motion to transfer. The parties completed briefing on the motions to remand and transfer on July 9, 2018, and the U.S. District Court for the Southern District of New York held an oral argument on July 18, 2018 and continued the motions to a subsequent conference scheduled for September 26, 2018. |
Regulatory Matters
Regulatory Matters | 6 Months Ended |
Jun. 30, 2018 | |
Regulatory Matters Disclosure [Abstract] | |
Regulatory Matters | Regulatory Matters This footnote should be read in conjunction with the complete description under Note 23 , Regulatory Matters , to the Company's 2017 Form 10-K. Environmental regulatory matters are discussed within Note 17 , Environmental Matters , to this Form 10-Q . NRG operates in a highly regulated industry and is subject to regulation by various federal and state agencies. As such, NRG is affected by regulatory developments at both the federal and state levels and in the regions in which NRG operates. In addition, NRG is subject to the market rules, procedures, and protocols of the various ISO and RTO markets in which NRG participates. These power markets are subject to ongoing legislative and regulatory changes that may impact NRG's wholesale and retail businesses. In addition to the regulatory proceedings noted below, NRG and its subsidiaries are parties to other regulatory proceedings arising in the ordinary course of business or have other regulatory exposure. In management's opinion, the disposition of these ordinary course matters will not materially adversely affect NRG's consolidated financial position, results of operations, or cash flows. National Department of Energy Consideration of 202(c) and Defense Production Act — On March 29, 2018, FirstEnergy Solutions requested that the Department of Energy provide price supports for its coal and nuclear units by having the DOE issue an emergency must-run order under Section 202(c) of the Federal Power Act. A number of parties have filed comments with the DOE, including PJM, challenging the assertion that the FirstEnergy Solutions’ units are necessary for grid reliability. The DOE has not yet formally responded. On June 1, 2018, the White House announced that President Trump has directed Secretary of Energy Rick Perry to "prepare immediate steps to stop the loss" of coal and nuclear resources. No formal timeline for action on either proposal has been set by the Administration. Zero-Emission Credits for Nuclear Plants in Illinois — In 2016, Illinois enacted a Zero Emission Credit, or ZEC, program for selected nuclear units in Illinois. In total, the program directs over $2.5 billion over ten years to two Exelon-owned nuclear power plants in Illinois. These ZECs are out-of-market subsidies that threaten to artificially suppress market prices and interfere with the wholesale power market. On February 14, 2017, NRG, along with other companies, filed a complaint in the U.S. District Court for the Northern District of Illinois alleging that the state program is preempted by federal law and in violation of the dormant commerce clause. On July 14, 2017, Defendants' motions to dismiss were granted. On July 17, 2017, NRG, along with other companies, filed a notice of appeal to the U.S. Court of Appeals for the Seventh Circuit. Briefing is complete. On May 29, 2018, the United States filed an amicus brief at the invitation of the Seventh Circuit arguing that the ZEC program is not preempted. Zero-Emission Credits for Nuclear Plants in New York — On August 1, 2016, the NYSPSC issued its Clean Energy Standard, or CES, which provided for ZECs which would provide more than $7.6 billion over 12 years in out-of-market subsidy payments to certain selected nuclear generating units in the state. These ZECs are out-of-market subsidies that threaten to artificially suppress market prices and interfere with the wholesale power market. On October 19, 2016, NRG, along with other companies, filed a complaint in the U.S. District Court for the Southern District of New York, challenging the validity of the NYSPSC action and the ZEC program. On July 25, 2017, Defendants' motions to dismiss were granted. On August 24, 2017, NRG, along with other plaintiff companies, filed a notice of appeal to the U.S. Court of Appeals for the Second Circuit. Briefing is complete. On May 29, 2018, the United States filed an amicus brief at the invitation of the Seventh Circuit arguing that the ZEC program is not preempted. Department of Energy's Proposed Grid Resiliency Pricing Rule and Subsequent FERC Proceeding — On September 29, 2017, the Department of Energy issued a proposed rulemaking titled the "Grid Resiliency Pricing Rule." The rulemaking directs FERC to take action to reform the ISO/RTO markets to value certain reliability and resiliency attributes of electric generation resources. On October 2, 2017, FERC issued a notice inviting comments. On October 4, 2017, FERC staff issued a series of questions requesting commenters to address. On October 23, 2017, NRG filed comments encouraging FERC to act expeditiously to modernize energy and capacity markets in a manner compatible with robust competitive markets. On January 8, 2018, FERC terminated the proposed rulemaking and opened a new proceeding asking each ISO/RTO to address specific questions focused on grid resilience. On March 9, 2018, the ISOs/RTOs filed comments to the questions posed by FERC. The Company responded on May 9, 2018 and is currently awaiting a decision from FERC. East/West Montgomery County Station Power Tax — On December 20, 2013, NRG received a letter from Montgomery County, Maryland requesting payment of an energy tax for the consumption of station power at the Dickerson Facility over the previous three years. Montgomery County seeks payment in the amount of $22 million , which includes tax, interest and penalties. NRG disputed the applicability of the tax. On December 11, 2015, the Maryland Tax Court reversed Montgomery County's assessment. Montgomery County filed an appeal, and on February 2, 2017, the Montgomery County Circuit Court affirmed the decision of the tax court. On February 17, 2017, Montgomery County filed an appeal to the Court of Special Appeals of Maryland. On April 24, 2018, the Court of Special Appeals of Maryland affirmed the lower court's decision and on May 29, 2018, Montgomery County petitioned the Court of Appeals of Maryland to issue a writ of certiorari to review that decision. NRG filed an answer opposing the petition on June 18, 2018. The petition is currently pending before the Court of Appeals of Maryland. Puente Power Project — On October 5, 2017, the California Energy Commission, or CEC, the agency responsible for permitting the Puente Power Project, issued a statement on behalf of the committee of two Commissioners overseeing the permitting process stating their intention to issue a proposed decision that would deny a permit for the Puente Power Project. On October 16, 2017, NRG filed a motion to suspend the permitting proceeding for at least six months, which was granted on November 3, 2017. On May 31, 2018, the CEC extended the suspension period at NRG's request to July 1, 2019. The supplemental extension period should allow sufficient time to determine whether alternate procurement efforts undertaken by SCE supersede the need for the Puente Power Project. |
Environmental Matters
Environmental Matters | 6 Months Ended |
Jun. 30, 2018 | |
Environmental Matters Disclosure [Abstract] | |
Environmental Matters | Environmental Matters This footnote should be read in conjunction with the complete description under Note 24 , Environmental Matters , to the Company's 2017 Form 10-K. NRG is subject to a wide range of environmental laws in the development, construction, ownership and operation of projects. These laws generally require that governmental permits and approvals be obtained before construction and during operation of power plants. NRG is also subject to laws regarding the protection of wildlife, including migratory birds, eagles and threatened and endangered species. The electric generation industry has been facing requirements regarding GHGs, combustion byproducts, water discharge and use, and threatened and endangered species that have been put in place in recent years. However, under the current U.S. presidential administration, some of these rules are being reconsidered and reviewed. In general, future laws are expected to require the addition of emissions controls or other environmental controls or to impose certain restrictions on the operations of the Company's facilities, which could have a material effect on the Company's consolidated financial position, results of operations, or cash flows. Federal and state environmental laws generally have become more stringent over time, although this trend could slow or pause in the near term with respect to federal laws under the current U.S. presidential administration. The EPA finalized CSAPR in 2011, which was intended to replace CAIR in January 2012, to address certain states' obligations to reduce emissions so that downwind states can achieve federal air quality standards. In December 2011, the D.C. Circuit stayed the implementation of CSAPR and then vacated CSAPR in August 2012 but kept CAIR in place until the EPA could replace it. In April 2014, the U.S. Supreme Court reversed and remanded the D.C. Circuit's decision. In October 2014, the D.C. Circuit lifted the stay of CSAPR. In response, the EPA in November 2014 amended the CSAPR compliance dates. Accordingly, CSAPR replaced CAIR on January 1, 2015. On July 28, 2015, the D.C. Circuit held that the EPA had exceeded its authority by requiring certain reductions that were not necessary for downwind states to achieve federal standards. Although the D.C. Circuit kept the rule in place, the court ordered the EPA to revise the Phase 2 (or 2017) (i) SO 2 budgets for four states including Texas and (ii) ozone-season NOx budgets for 11 states including Maryland, New Jersey, New York, Ohio, Pennsylvania and Texas. On October 26, 2016, the EPA finalized the CSAPR Update Rule, which reduces future NOx allocations and discounts the current banked allowances to account for the more stringent 2008 Ozone NAAQS and to address the D.C. Circuit's July 2015 decision. This rule has been challenged in the D.C. Circuit. The Company believes its investment in pollution controls and cleaner technologies leave the fleet well-positioned for compliance. In February 2012, the EPA promulgated standards (the MATS rule) to control emissions of HAPs from coal and oil-fired electric generating units. The rule established limits for mercury, non-mercury metals, certain organics and acid gases, which had to be met beginning in April 2015 (with some units getting a 1-year extension). In June 2015, the U.S. Supreme Court issued a decision in the case of Michigan v. EPA, and held that the EPA unreasonably refused to consider costs when it determined that it was "appropriate and necessary" to regulate HAPs emitted by electric generating units. The U.S. Supreme Court did not vacate the MATS rule but rather remanded it to the D.C. Circuit for further proceedings. In December 2015, the D.C. Circuit remanded the MATS rule to the EPA without vacatur. On April 25, 2016, the EPA released a supplemental finding that the benefits of this regulation outweigh the costs to address the U.S. Supreme Court's ruling that the EPA had not properly considered costs. This finding has been challenged in the D.C. Circuit. On April 18, 2017, the EPA asked the D.C. Circuit to postpone oral argument that had been scheduled for May 18, 2017 because the EPA is closely reviewing the supplemental finding to determine whether it should reconsider all or part of the rule. On April 27, 2017, the D.C. Circuit granted EPA's request to postpone the oral argument and hold the case in abeyance. While NRG cannot predict the final outcome of this rulemaking, NRG believes that because it has already invested in pollution controls and cleaner technologies, the fleet is well-positioned to comply with the MATS rule. Water In August 2014, the EPA finalized the regulation regarding the use of water for once through cooling at existing facilities to address impingement and entrainment concerns. NRG anticipates that more stringent requirements will be incorporated into some of its water discharge permits over the next several years as NPDES permits are renewed. Effluent Limitations Guidelines — In November 2015, the EPA revised the Effluent Limitations Guidelines for Steam Electric Generating Facilities, which would have imposed more stringent requirements (as individual permits were renewed) for wastewater streams from flue gas desulfurization, or FGD, fly ash, bottom ash, and flue gas mercury control. In April 2017, the EPA granted two petitions to reconsider the rule and also administratively stayed some of the deadlines. On September 18, 2017, the EPA promulgated a final rule that (i) postpones the compliance dates to preserve the status quo for FGD wastewater and bottom ash transport water by two years to November 2020 until the EPA completes its next rulemaking and (ii) withdrew the April 2017 administrative stay. The legal challenges have been suspended while the EPA reconsiders and likely modifies the rule. Accordingly, the Company has largely eliminated its estimate of the environmental capital expenditures that would have been required to comply with permits incorporating the revised guidelines. The Company will revisit these estimates after the rule is revised. Byproducts, Wastes, Hazardous Materials and Contamination In April 2015, the EPA finalized the rule regulating byproducts of coal combustion (e.g., ash and gypsum) as solid wastes under the RCRA. In 2017, the EPA agreed to reconsider the rule. On July 30, 2018, the EPA promulgated a rule that amends the existing ash rule by extending some of the deadlines and providing more flexibility for compliance. The EPA has stated that it intends to further revise the rule. East/West New Source Review — The EPA and various states have been investigating compliance of electric generating facilities with the pre-construction permitting requirements of the CAA known as “new source review,” or NSR. In 2007, Midwest Generation received an NOV from the EPA alleging that past work at Crawford, Fisk, Joliet, Powerton, Waukegan and Will County generating stations violated NSR and other regulations. These alleged violations are the subject of litigation described in Note 15 , Commitments and Contingencies . Additionally, in April 2013, the Connecticut Department of Energy and Environmental Protection issued four NOVs alleging that past work at oil-fired combustion turbines at the Torrington Terminal, Franklin, Branford and Middletown generating stations violated regulations regarding NSR. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 6 Months Ended |
Jun. 30, 2018 | |
Condensed Consolidating Financial Information Disclosure [Abstract] | |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information As of June 30, 2018 , the Company had outstanding $5.4 billion of Senior Notes due from 2022 to 2048, as shown in Note 8 , Debt and Capital Leases . These Senior Notes are guaranteed by certain of NRG's current and future 100% owned domestic subsidiaries, or guarantor subsidiaries. These guarantees are both joint and several. The non-guarantor subsidiaries include all of NRG's foreign subsidiaries and certain domestic subsidiaries, and NRG Yield, Inc. and its subsidiaries. Unless otherwise noted below, each of the following guarantor subsidiaries fully and unconditionally guaranteed the Senior Notes as of June 30, 2018 : Ace Energy, Inc. New Genco GP, LLC NRG Northeast Affiliate Services Inc. Allied Home Warranty GP LLC Norwalk Power LLC NRG Norwalk Harbor Operations Inc. Allied Warranty LLC NRG Advisory Services LLC NRG Operating Services, Inc. Arthur Kill Power LLC NRG Affiliate Services Inc. NRG Oswego Harbor Power Operations Inc. Astoria Gas Turbine Power LLC NRG Arthur Kill Operations Inc. NRG PacGen Inc. Bayou Cove Peaking Power, LLC NRG Astoria Gas Turbine Operations Inc. NRG Portable Power LLC BidURenergy, Inc. NRG Bayou Cove LLC NRG Power Marketing LLC Cabrillo Power I LLC NRG Business Services LLC NRG Reliability Solutions LLC Cabrillo Power II LLC NRG Cabrillo Power Operations Inc. NRG Renter's Protection LLC Carbon Management Solutions LLC NRG California Peaker Operations LLC NRG Retail LLC Cirro Group, Inc. NRG Cedar Bayou Development Company, LLC NRG Retail Northeast LLC Cirro Energy Services, Inc. NRG Connected Home LLC NRG Rockford Acquisition LLC Conemaugh Power LLC NRG Connecticut Affiliate Services Inc. NRG Saguaro Operations Inc. Connecticut Jet Power LLC NRG Construction LLC NRG Security LLC Cottonwood Development LLC NRG Curtailment Solutions, Inc NRG Services Corporation Cottonwood Energy Company LP NRG Development Company Inc. NRG SimplySmart Solutions LLC Cottonwood Generating Partners I LLC NRG Devon Operations Inc. NRG South Central Affiliate Services Inc. Cottonwood Generating Partners II LLC NRG Dispatch Services LLC NRG South Central Generating LLC Cottonwood Generating Partners III LLC NRG Distributed Energy Resources Holdings LLC NRG South Central Operations Inc. Cottonwood Technology Partners LP NRG Distributed Generation PR LLC NRG South Texas LP Devon Power LLC NRG Dunkirk Operations Inc. NRG Texas C&I Supply LLC Dunkirk Power LLC NRG El Segundo Operations Inc. NRG Texas Gregory LLC Eastern Sierra Energy Company LLC NRG Energy Efficiency-L LLC NRG Texas Holding Inc. El Segundo Power, LLC NRG Energy Labor Services LLC NRG Texas LLC El Segundo Power II LLC NRG ECOKAP Holdings LLC NRG Texas Power LLC Energy Alternatives Wholesale, LLC NRG Energy Services Group LLC NRG Warranty Services LLC Energy Choice Solutions LLC NRG Energy Services International Inc. NRG West Coast LLC Energy Plus Holdings LLC NRG Energy Services LLC NRG Western Affiliate Services Inc. Energy Plus Natural Gas LLC NRG Generation Holdings, Inc. O'Brien Cogeneration, Inc. II Energy Protection Insurance Company NRG Greenco LLC ONSITE Energy, Inc. Everything Energy LLC NRG Home & Business Solutions LLC Oswego Harbor Power LLC Forward Home Security, LLC NRG Home Services LLC Reliant Energy Northeast LLC GCP Funding Company, LLC NRG Home Solutions LLC Reliant Energy Power Supply, LLC Green Mountain Energy Company NRG Home Solutions Product LLC Reliant Energy Retail Holdings, LLC Gregory Partners, LLC NRG Homer City Services LLC Reliant Energy Retail Services, LLC Gregory Power Partners LLC NRG Huntley Operations Inc. RERH Holdings, LLC Huntley Power LLC NRG HQ DG LLC Saguaro Power LLC Independence Energy Alliance LLC NRG Identity Protect LLC Somerset Operations Inc. Independence Energy Group LLC NRG Ilion Limited Partnership Somerset Power LLC Independence Energy Natural Gas LLC NRG Ilion LP LLC Texas Genco GP, LLC Indian River Operations Inc. NRG International LLC Texas Genco Holdings, Inc. Indian River Power LLC NRG Maintenance Services LLC Texas Genco LP, LLC Keystone Power LLC NRG Mextrans Inc. Texas Genco Services, LP Louisiana Generating LLC NRG MidAtlantic Affiliate Services Inc. US Retailers LLC Meriden Gas Turbines LLC NRG Middletown Operations Inc. Vienna Operations Inc. Middletown Power LLC NRG Montville Operations Inc. Vienna Power LLC Montville Power LLC NRG New Roads Holdings LLC WCP (Generation) Holdings LLC NEO Corporation NRG North Central Operations Inc. West Coast Power LLC NRG conducts much of its business through and derives much of its income from its subsidiaries. Therefore, the Company's ability to make required payments with respect to its indebtedness and other obligations depends on the financial results and condition of its subsidiaries and NRG's ability to receive funds from its subsidiaries. There are no restrictions on the ability of any of the guarantor subsidiaries to transfer funds to NRG. However, there may be restrictions for certain non-guarantor subsidiaries. The following condensed consolidating financial information presents the financial information of NRG Energy, Inc., the guarantor subsidiaries and the non-guarantor subsidiaries in accordance with Rule 3-10 under the SEC Regulation S-X. The financial information may not necessarily be indicative of results of operations or financial position had the guarantor subsidiaries or non-guarantor subsidiaries operated as independent entities. In this presentation, NRG Energy, Inc. consists of parent company operations. Guarantor subsidiaries and non-guarantor subsidiaries of NRG are reported on an equity basis. For companies acquired, the fair values of the assets and liabilities acquired have been presented on a push-down accounting basis. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the three months ended June 30, 2018 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Operating Revenues Total operating revenues $ 2,276 $ 659 $ — $ (13 ) $ 2,922 Operating Costs and Expenses Cost of operations 1,778 282 (4 ) (5 ) 2,051 Depreciation and amortization 76 143 8 — 227 Impairment losses — 74 — — 74 Selling, general and administrative 110 34 77 (10 ) 211 Reorganization costs 1 — 22 — 23 Development costs — 13 3 — 16 Total operating costs and expenses 1,965 546 106 (15 ) 2,602 Gain on sale of assets — 14 — — 14 Operating Income/(Loss) 311 127 (106 ) 2 334 Other Income/(Expense) Equity in earnings of consolidated subsidiaries 7 — 355 (362 ) — Equity in earnings of unconsolidated affiliates — 18 — — 18 Other income/(expense), net 4 (26 ) 2 — (20 ) Loss on debt extinguishment, net — — (1 ) — (1 ) Interest expense (4 ) (92 ) (106 ) — (202 ) Total other income/(expense) 7 (100 ) 250 (362 ) (205 ) Income Before Income Taxes 318 27 144 (360 ) 129 Income tax expense/(benefit) 108 (68 ) (32 ) — 8 Income from Continuing Operations 210 95 176 (360 ) 121 Loss from discontinued operations, net of income tax — — (25 ) — (25 ) Net Income 210 95 151 (360 ) 96 Less: Net (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interests — (57 ) 79 2 24 Net Income Attributable to NRG Energy, Inc. $ 210 $ 152 $ 72 $ (362 ) $ 72 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the six months ended June 30, 2018 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Operating Revenues Total operating revenues $ 4,120 $ 1,249 $ — $ (26 ) $ 5,343 Operating Costs and Expenses Cost of operations 3,004 613 9 (17 ) 3,609 Depreciation and amortization 149 297 16 — 462 Impairment losses — 74 — — 74 Selling, general and administrative 213 60 139 (10 ) 402 Reorganization costs 3 — 40 — 43 Development costs — 23 7 (1 ) 29 Total operating costs and expenses 3,369 1,067 211 (28 ) 4,619 Gain on sale of assets 3 13 — — 16 Operating Income/(Loss) 754 195 (211 ) 2 740 Other Income/(Expense) Equity in earnings of consolidated subsidiaries 9 — 685 (694 ) — Equity in earnings/(losses) of unconsolidated affiliates — 17 (1 ) — 16 Other income/(expense), net 8 (36 ) 5 — (23 ) Loss on debt extinguishment, net — — (3 ) — (3 ) Interest expense (7 ) (164 ) (198 ) — (369 ) Total other income/(expense) 10 (183 ) 488 (694 ) (379 ) Income Before Income Taxes 764 12 277 (692 ) 361 Income tax expense/(benefit) 221 (20 ) (194 ) — 7 Income from Continuing Operations 543 32 471 (692 ) 354 Loss from discontinued operations, net of income tax — — (25 ) — (25 ) Net Income 543 32 446 (692 ) 329 Less: Net (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interests — (119 ) 95 2 (22 ) Net Income Attributable to NRG Energy, Inc. $ 543 $ 151 $ 351 $ (694 ) $ 351 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the three months ended June 30, 2018 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Net Income $ 210 $ 95 $ 151 $ (360 ) $ 96 Other Comprehensive Income, net of tax Unrealized gain on derivatives, net — 4 6 (5 ) 5 Foreign currency translation adjustments, net (4 ) (4 ) (5 ) 9 (4 ) Available-for-sale securities, net — — 1 — 1 Defined benefit plans, net — — (1 ) — (1 ) Other comprehensive (loss)/income (4 ) — 1 4 1 Comprehensive Income 206 95 152 (356 ) 97 Less: Comprehensive (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest — (57 ) 81 2 26 Comprehensive Income Attributable to NRG Energy, Inc. $ 206 $ 152 $ 71 $ (358 ) $ 71 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the six months ended June 30, 2018 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Net Income $ 543 $ 32 $ 446 $ (692 ) $ 329 Other Comprehensive (Loss)/Income, net of tax Unrealized gain on derivatives, net — 20 21 (22 ) 19 Foreign currency translation adjustments, net (6 ) (6 ) (8 ) 14 (6 ) Available-for-sale securities, net — — 1 — 1 Defined benefit plans, net — — (2 ) — (2 ) Other comprehensive (loss)/income (6 ) 14 12 (8 ) 12 Comprehensive Income 537 46 458 (700 ) 341 Less: Comprehensive (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest — (119 ) 105 2 (12 ) Comprehensive Income Attributable to NRG Energy, Inc. $ 537 $ 165 $ 353 $ (702 ) $ 353 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS June 30, 2018 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated ASSETS (In millions) Current Assets Cash and cash equivalents $ 71 $ 395 $ 514 $ — $ 980 Funds deposited by counterparties 71 — — — 71 Restricted cash 9 277 — — 286 Accounts receivable, net 1,094 274 3 — 1,371 Inventory 309 176 — — 485 Derivative instruments 837 36 15 (37 ) 851 Cash collateral paid in support of energy risk management activities 209 15 — — 224 Accounts receivable - affiliate 1,189 123 141 (1,396 ) 57 Current assets - held for sale — 100 — — 100 Prepayments and other current assets 173 122 35 (2 ) 328 Total current assets 3,962 1,518 708 (1,435 ) 4,753 Property, plant and equipment, net 2,402 10,164 231 (23 ) 12,774 Other Assets Investment in subsidiaries 486 — 8,111 (8,597 ) — Equity investments in affiliates — 1,055 — — 1,055 Notes receivable, less current portion — 15 — — 15 Goodwill 360 179 — — 539 Intangible assets, net 415 1,448 — (3 ) 1,860 Nuclear decommissioning trust fund 694 — — — 694 Derivative instruments 329 61 38 (2 ) 426 Deferred income tax 156 34 (64 ) — 126 Non-current assets held-for-sale — 50 — — 50 Other non-current assets 81 454 120 — 655 Total other assets 2,521 3,296 8,205 (8,602 ) 5,420 Total Assets $ 8,885 $ 14,978 $ 9,144 $ (10,060 ) $ 22,947 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities Current portion of long-term debt and capital leases $ — $ 862 $ 92 $ (2 ) $ 952 Accounts payable 699 230 46 — 975 Accounts payable — affiliate 1,901 (207 ) (269 ) (1,396 ) 29 Derivative instruments 695 51 — (37 ) 709 Cash collateral received in support of energy risk management activities 72 — — — 72 Current liabilities held-for-sale — 74 — — 74 Accrued expenses and other current liabilities 270 123 326 — 719 Accrued expenses and other current liabilities-affiliate — — 133 — 133 Total current liabilities 3,637 1,133 328 (1,435 ) 3,663 Other Liabilities Long-term debt and capital leases 245 7,428 7,148 — 14,821 Nuclear decommissioning reserve 274 — — — 274 Nuclear decommissioning trust liability 410 — — — 410 Deferred income taxes 112 64 (159 ) — 17 Derivative instruments 237 50 — (2 ) 285 Out-of-market contracts, net 58 137 — — 195 Non-current liabilities held-for-sale — 12 — — 12 Other non-current liabilities 410 311 409 — 1,130 Total non-current liabilities 1,746 8,002 7,398 (2 ) 17,144 Total liabilities 5,383 9,135 7,726 (1,437 ) 20,807 Redeemable noncontrolling interest in subsidiaries — 69 — — 69 Stockholders’ Equity 3,502 5,774 1,418 (8,623 ) 2,071 Total Liabilities and Stockholders’ Equity $ 8,885 $ 14,978 $ 9,144 $ (10,060 ) $ 22,947 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the six months ended June 30, 2018 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Cash Flows from Operating Activities Net income $ 543 $ 32 $ 446 $ (692 ) $ 329 Loss from discontinued operations — — (25 ) — (25 ) Net income from continuing operations 543 32 471 (692 ) 354 Adjustments to reconcile net income to net cash provided/(used) by operating activities: Distributions from unconsolidated affiliates — 50 — (7 ) 43 Equity in (earnings)/losses of unconsolidated affiliates — (17 ) 1 — (16 ) Depreciation, amortization and accretion 162 307 16 — 485 Provision for bad debts 31 — — — 31 Amortization of nuclear fuel 24 — — — 24 Amortization of financing costs and debt discount/premiums — 18 9 — 27 Adjustment for debt extinguishment — — 3 — 3 Amortization of intangibles and out-of-market contracts 9 39 — — 48 Amortization of unearned equity compensation — — 26 — 26 Impairment losses — 89 — — 89 Changes in deferred income taxes and liability for uncertain tax benefits 221 (41 ) (176 ) — 4 Changes in nuclear decommissioning trust liability 41 — — — 41 Changes in derivative instruments (154 ) (43 ) 8 (22 ) (211 ) Changes in collateral deposits in support of energy risk management activities (4 ) (14 ) — — (18 ) Gain on sale of emission allowances (11 ) — — — (11 ) Gain on sale of assets (3 ) (13 ) — — (16 ) Loss on deconsolidation of business — 22 — — 22 Changes in other working capital (298 ) 41 (865 ) 721 (401 ) Net Cash Provided/(Used) by Operating Activities 561 470 (507 ) — 524 Cash Flows from Investing Activities Dividends from NRG Yield, Inc. — — 52 (52 ) — Acquisition of Drop Down Assets, net of cash acquired — (126 ) — 126 — Acquisition of business, net of cash acquired (2 ) (282 ) — — (284 ) Capital expenditures (105 ) (556 ) (30 ) — (691 ) Decrease in notes receivable — 4 — — 4 Purchases of emission allowances (22 ) — — — (22 ) Proceeds from sale of emission allowances 34 — — — 34 Investments in nuclear decommissioning trust fund securities (346 ) — — — (346 ) Proceeds from the sale of nuclear decommissioning trust fund securities 303 — — — 303 Proceeds from sale of assets, net of cash disposed of 10 8 — — 18 Deconsolidation of business — (160 ) — — (160 ) Change in investments in unconsolidated affiliates — (2 ) — — (2 ) Net Cash (Used)/Provided by Investing Activities (128 ) (1,114 ) 22 74 (1,146 ) Cash Flows from Financing Activities Dividends from NRG Yield, Inc. — (52 ) — 52 — Payment (for)/from intercompany loans (323 ) 108 215 — — Acquisition of Drop Down Assets, net of cash acquired — — 126 (126 ) — Payment of dividends to common and preferred stockholders — — (19 ) — (19 ) Payment for treasury stock — — (500 ) — (500 ) Proceeds from issuance of long-term debt — 774 831 — 1,605 Payments for short and long-term debt — (564 ) (284 ) — (848 ) Contributions from, net of distributions to noncontrolling interests in subsidiaries — 222 — — 222 Payment of debt issuance costs — (24 ) (13 ) — (37 ) Net Cash (Used)/Provided by Financing Activities (323 ) 464 356 (74 ) 423 Net Increase/(Decrease) in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash 110 (180 ) (129 ) — (199 ) Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period 41 852 643 — 1,536 Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period $ 151 $ 672 $ 514 $ — $ 1,337 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the three months ended June 30, 2017 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Operating Revenues Total operating revenues $ 2,060 $ 664 $ — $ (23 ) $ 2,701 Operating Costs and Expenses Cost of operations 1,530 312 20 (21 ) 1,841 Depreciation and amortization 99 153 8 — 260 Impairment losses 42 21 — — 63 Selling, general and administrative 96 29 97 (1 ) 221 Development costs — 13 5 — 18 Total operating costs and expenses 1,767 528 130 (22 ) 2,403 Other income - affiliate — — 39 — 39 Gain on sale of assets 2 — — — 2 Operating Income/(Loss) 295 136 (91 ) (1 ) 339 Other Income/(Expense) Equity in earnings/(losses) of consolidated subsidiaries 8 — (149 ) 141 — Equity in losses of unconsolidated affiliates — (2 ) (1 ) — (3 ) Other income, net — 41 7 (34 ) 14 Interest expense (4 ) (121 ) (122 ) — (247 ) Total other income/(expense) 4 (82 ) (265 ) 107 (236 ) Income/(Loss) from Continuing Operations Before Income Taxes 299 54 (356 ) 106 103 Income tax expense/(benefit) 113 267 (376 ) — 4 Income/(Loss) from Continuing Operations 186 (213 ) 20 106 99 Loss from discontinued operations, net of income tax — (123 ) (618 ) — (741 ) Net Income/(Loss) 186 (336 ) (598 ) 106 (642 ) Less: Net (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest — (9 ) 28 (35 ) (16 ) Net Income/(Loss) Attributable to NRG Energy, Inc. $ 186 $ (327 ) $ (626 ) $ 141 $ (626 ) (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the six months ended June 30, 2017 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. Eliminations (a) Consolidated (In millions) Operating Revenues Total operating revenues $ 3,878 $ 1,241 $ — $ (36 ) $ 5,083 Operating Costs and Expenses Cost of operations 3,050 651 39 (36 ) 3,704 Depreciation and amortization 198 303 16 — 517 Impairment losses 42 21 — — 63 Selling, general and administrative 205 64 213 (1 ) 481 Development costs — 25 10 — 35 Total operating costs and expenses 3,495 1,064 278 (37 ) 4,800 Other income - affiliate — — 87 — 87 Gain on sale of assets 4 — — — 4 Operating Income/(Loss) 387 177 (191 ) 1 374 Other Income/(Expense) Equity in earnings/(losses) of consolidated subsidiaries 13 — (100 ) 87 — Equity in earnings/(losses) of unconsolidated affiliates — 4 (2 ) — 2 Other income, net 1 47 13 (35 ) 26 Loss on debt extinguishment, net — (2 ) — — (2 ) Interest expense (7 ) (225 ) (239 ) — (471 ) Total other income/(expense) 7 (176 ) (328 ) 52 (445 ) Income/(Loss) from Continuing Operations Before Income Taxes 394 1 (519 ) 53 (71 ) Income tax expense/(benefit) 131 237 (369 ) — (1 ) Income/(Loss) from Continuing Operations 263 (236 ) (150 ) 53 (70 ) Loss from discontinued operations, net of income tax — (160 ) (615 ) — (775 ) Net Income/(Loss) 263 (396 ) (765 ) 53 (845 ) Less: Net (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest — (46 ) 25 (34 ) (55 ) Net Income/(Loss) Attributable to NRG Energy, Inc. $ 263 $ (350 ) $ (790 ) $ 87 $ (790 ) (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) For the three months ended June 30, 2017 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Net Income/(Loss) $ 186 $ (336 ) $ (598 ) $ 106 $ (642 ) Other Comprehensive Income, net of tax Unrealized loss on derivatives, net — (6 ) (4 ) 5 (5 ) Foreign currency translation adjustments, net — 1 — — 1 Available-for-sale securities, net — — 1 — 1 Defined benefit plans, net — 28 28 (29 ) 27 Other comprehensive income — 23 25 (24 ) 24 Comprehensive Income/(Loss) 186 (313 ) (573 ) 82 (618 ) Less: Comprehensive (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest — (10 ) 28 (35 ) (17 ) Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. $ 186 $ (303 ) $ (601 ) $ 117 $ (601 ) (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) For the six months ended June 30, 2017 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. Eliminations (a) Consolidated (In millions) Net Income/(Loss) $ 263 $ (396 ) $ (765 ) $ 53 $ (845 ) Other Comprehensive Income, net of tax Unrealized loss on derivatives, net — (1 ) — — (1 ) Foreign currency translation adjustments, net 5 5 7 (9 ) 8 Available-for-sale securities, net — — 1 — 1 Defined benefit plans, net — 29 27 (29 ) 27 Other comprehensive income 5 33 35 (38 ) 35 Comprehensive Income/(Loss) 268 (363 ) (730 ) 15 (810 ) Less: Comprehensive (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest — (47 ) 25 (34 ) (56 ) Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. $ 268 $ (316 ) $ (755 ) $ 49 $ (754 ) (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2017 Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated ASSETS (In millions) Current Assets Cash and cash equivalents $ — $ 348 $ 643 $ — $ 991 Funds deposited by counterparties 37 — — — 37 Restricted cash 4 504 — — 508 Accounts receivable, net 912 163 4 — 1,079 Inventory 338 194 — — 532 Derivative instruments 646 29 9 (58 ) 626 Cash collateral paid in support of energy risk management activities 170 1 — — 171 Accounts receivable - affiliate 685 133 (129 ) (594 ) 95 Current assets held-for-sale 8 107 — — 115 Prepayments and other current assets 122 112 27 — 261 Total current assets 2,922 1,591 554 (652 ) 4,415 Property, plant and equipment, net 2,507 11,188 238 (25 ) 13,908 Other Assets Investment in subsidiaries 266 — 7,581 (7,847 ) — Equity investments in affiliates — 1,036 2 — 1,038 Note receivable, less current portion — 2 38 (38 ) 2 Goodwill 360 179 — — 539 Intangible assets, net 454 1,295 — (3 ) 1,746 Nuclear decommissioning trust fund 692 — — — 692 Derivative instruments 126 15 31 — 172 Deferred income taxes 377 (7 ) (236 ) — 134 Non-current assets held for sale — 43 — — 43 Other non-current assets 50 459 120 — 629 Total other assets 2,325 3,022 7,536 (7,888 ) 4,995 Total Assets $ 7,754 $ 15,801 $ 8,328 $ (8,565 ) $ 23,318 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities Current portion of long-term debt and capital leases $ — $ 667 $ 59 $ (38 ) $ 688 Accounts payable 610 216 55 — 881 Accounts payable — affiliate 742 (297 ) 181 (593 ) 33 Derivative instruments 556 57 — (58 ) 555 Cash collateral received in support of energy risk management activities 37 — — — 37 Current liabilities held-for-sale — 72 — — 72 Accrued expenses and other current liabilities 303 162 425 — 890 Accrued expenses and other current liabilities - affiliate — — 161 — 161 Total current liabilities 2,248 877 881 (689 ) 3,317 Other Liabilities Long-term debt and capital leases 244 8,733 6,739 — 15,716 Nuclear decommissioning reserve 269 — — — 269 Nuclear decommissioning trust liability 415 — — — 415 Deferred income taxes 112 64 (155 ) — 21 Derivative instruments 136 61 — — 197 Out-of-market contracts, net 66 141 — — 207 Non-current liabilities held-for-sale — 8 — — 8 Other non-current liabilities 410 321 391 — 1,122 Total non-current liabilities 1,652 9,328 6,975 — 17,955 Total Liabilities 3,900 10,205 7,856 (689 ) 21,272 Redeemable noncontrolling interest in subsidiaries — 78 — — 78 Stockholders’ Equity 3,854 5,518 472 (7,876 ) 1,968 Total Liabilities and Stockholders’ Equity $ 7,754 $ 15,801 $ 8,328 $ (8,565 ) $ 23,318 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the six months ended June 30, 2017 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Cash Flows from Operating Activities Net income/(loss) $ 263 $ (396 ) $ (765 ) $ 53 $ (845 ) Loss from discontinued operations — (160 ) (615 ) — (775 ) Net income/(loss) from continuing operations 263 (236 ) (150 ) 53 (70 ) Adjustments to reconcile net income/(loss) to net cash provided/(used) by operating activities: Distributions from unconsolidated affiliates — 32 — (4 ) 28 Equity in (earnings)/losses of unconsolidated affiliates — (4 ) 2 — (2 ) Depreciation, amortization and accretion 198 303 16 — 517 Provision for bad debts 17 1 — — 18 Amortization of nuclear fuel 24 — — — 24 Amortization of financing costs and debt discount/premiums — 20 9 — 29 Amortization of intangibles and out-of-market contracts 12 39 — — 51 Amortization of unearned equity compensation — — 16 — 16 Impairment losses 42 21 — — 63 Changes in deferred income taxes and liability for uncertain tax benefits 131 237 (360 ) — 8 Changes in nuclear decommissioning trust liability 2 — — — 2 Changes in derivative instruments 12 (12 ) 7 — 7 Changes in collateral deposits in support of energy risk management activities (203 ) 11 3 — (189 ) Proceeds from sale of emission allowances 11 — — — 11 Gain on sale of assets (22 ) — — — (22 ) Changes in other working capital (329 ) (539 ) 538 (49 ) (379 ) Net cash provided/(used) by continuing operations 158 (127 ) 81 — 112 Cash used by discontinued operations — (38 ) — — (38 ) Net Cash Provided/(Used) by Operating Activities 158 (165 ) 81 — 74 Cash Flows from Investing Activities Dividends from NRG Yield, Inc. — — 45 (45 ) — Intercompany dividends — — 129 (129 ) — Acquisition of Drop Down Assets, net of cash acquired — (131 ) — 131 — Acquisition of businesses, net of cash acquired — (16 ) — — (16 ) Capital expenditures (90 ) (436 ) (16 ) — (542 ) Decrease in notes receivable 8 — — — 8 Purchases of emission allowances (30 ) — — — (30 ) Proceeds from sale of emission allowances 59 — — — 59 Investments in nuclear decommissioning trust fund securities (279 ) — — — (279 ) Proceeds from the sale of nuclear decommissioning trust fund securities 277 — — — 277 Proceeds from renewable energy grants and state rebates — 8 — — 8 Proceeds from sale of assets, net of cash disposed of 35 — — — 35 Change in investments in unconsolidated affiliates — (30 ) — — (30 ) Other 18 — — — 18 Net cash (used)/provided by continuing operations (2 ) (605 ) 158 (43 ) (492 ) Cash used by discontinued operations — (53 ) — — (53 ) Net Cash (Used)/Provided by Investing Activities (2 ) (658 ) 158 (43 ) (545 ) Cash Flows from Financing Activities Dividends from NRG Yield, Inc. — (45 ) — 45 — Payments (for)/from intercompany loans — (129 ) — 129 — Acquisition of Drop Down Assets, net of cash acquired — — 131 (131 ) — Intercompany dividends (122 ) 369 (247 ) — — Payment of dividends to common and preferred stockholders — — (19 ) — (19 ) Net receipts from settlement of acquired derivatives that include financing elements — 2 — — 2 Proceeds from issuance of long-term debt — 741 205 — 946 Payments for short and long-term debt — (316 ) (214 ) — (530 ) Increase in notes receivable from affiliate — (125 ) — — (125 ) Distributions to, net of contributions from, noncontrolling interests in subsidiaries — 14 — — 14 Payments of debt issuance costs — (32 ) (4 ) — (36 ) Other - contingent consideration — (10 ) — — (10 ) Net cash (used)/provided by continuing operations (122 ) 469 (148 ) 43 242 Cash used by discontinued operations — (224 ) — — (224 ) Net Cash (Used)/Provided by Financing Activities (122 ) 245 (148 ) 43 18 Effect of exchange rate changes on cash and cash equivalents — (8 ) — — (8 ) Change in cash from discontinued operations — (315 ) — — (315 ) Net Increase/(Decrease) in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash 34 (271 ) 91 — (146 ) Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period 13 1,050 323 — 1,386 Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period $ 47 $ 779 $ 414 $ — $ 1,240 (a) All significant intercompany transactions have been eliminated in consolidation. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified for comparative purposes. The reclassifications did not affect results from operations, net assets or cash flows. |
Revenue Recognition | Revenue Recognition Revenue from Contracts with Customers On January 1, 2018, the Company adopted the guidance in ASC 606 using the modified retrospective method applied to contracts which were not completed as of the adoption date. The Company recognized the cumulative effect of initially applying the new standard as a credit to the opening balance of accumulated deficit, resulting in a decrease of approximately $16 million . The adjustment primarily related to costs incurred to obtain a contract with customers and customer incentives. Following the adoption of the new standard, the Company’s revenue recognition of its contracts with customers remains materially consistent with its historical practice. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company's policies with respect to its various revenue streams are detailed below. In general, the Company applies the invoicing practical expedient to recognize revenue for the revenue streams detailed below, except in circumstances where the invoiced amount does not represent the value transferred to the customer. Retail Revenues Gross revenues for energy sales and services to retail customers are recognized as the Company transfers the promised goods and services to the customer. For the majority of its electricity contracts, the Company’s performance obligation with the customer is satisfied over time and performance obligations for its electricity products are recognized as the customer takes possession of the product. The Company also allocates the contract consideration to distinct performance obligation in a contract for which the timing of the revenue recognized is different. Additionally, customer discounts and incentives reduce the contract consideration and are recognized over the term of the contract. Energy sales and services that have been delivered but not billed by period end are estimated. Accrued unbilled revenues are based on estimates of customer usage since the date of the last meter reading provided by the independent system operators or electric distribution companies. Volume estimates are based on daily forecasted volumes and estimated customer usage by class. Unbilled revenues are calculated by multiplying these volume estimates by the applicable rate by customer class. Estimated amounts are adjusted when actual usage is known and billed. As contracts for retail electricity can be for multi-year periods, the Company has performance obligations under these contracts that have not yet been satisfied. These performance obligations have transaction prices that are both fixed and variable, and that vary based on the contract duration, customer type, inception date and other contract-specific factors. For the fixed price contracts, the amount of any unsatisfied performance obligations will vary based on customer usage, which will depend on factors such as weather and customer activity and therefore it is not practicable to estimate such amounts. Energy Revenue Both physical and financial transactions are entered into to optimize the financial performance of the Company's generating facilities. Electric energy revenue is recognized upon transmission to the customer over time, using the output method for measuring progress of satisfaction of performance obligations. Physical transactions, or the sale of generated electricity to meet supply and demand, are recorded on a gross basis in the Company's consolidated statements of operations. The Company applies the invoicing practical expedient, where applicable, in recognizing energy revenue. Under the practical expedient, revenue is recognized based on the invoiced amount which is equal to the value to the customer of NRG’s performance obligation completed to date. Financial transactions, or the buying and selling of energy for trading purposes, are recorded net within operating revenues in the consolidated statements of operations in accordance with ASC 815. Capacity Revenue Capacity revenues consist of revenues billed to a third party at either the market or a negotiated contract price for making installed generation capacity available in order to satisfy system integrity and reliability requirements. Capacity revenues are recognized over time, using the output method for measuring progress of satisfaction of performance obligations. The Company applies the invoicing practical expedient, where applicable, in recognizing capacity revenue. Under the practical expedient, revenue is recognized based on the invoiced amount which is equal to the value to the customer of NRG’s performance obligation completed to date. Capacity revenue contracts mainly consist of: Capacity auctions — The Company's largest sources of capacity revenues are capacity auctions in PJM, ISO-NE, and NYISO. Both ISO-NE and PJM operate a pay-for-performance model where capacity payments are modified based on real-time performance, where NRG's actual revenues will be the combination of revenues based on the cleared auction MWs plus the net of any over- and under-performance of NRG's fleet. In addition, MISO has an annual auction, known as the Planning Resource Auction, or PRA. The Gulf Coast assets situated in the MISO market may participate in this auction. Estimated revenues for cleared auction MWs in the various capacity auctions are $578 million , $519 million , $410 million , $388 million and $168 million for fiscal years 2018 , 2019 , 2020 , 2021 and 2022 , respectively. Resource adequacy and bilateral contracts — In California, there is a resource adequacy requirement that is primarily satisfied through bilateral contracts. Such bilateral contracts are typically short-term resource adequacy contracts. When bilateral contracting does not satisfy the resource adequacy need, such shortfalls can be addressed through procurement tools administered by the CAISO, including the capacity procurement mechanism or reliability must-run contracts. Demand payments from the current long-term contracts are tied to summer peak demand and provide a mechanism for recovering a portion of the costs associated with new or changed environmental laws or regulations. In Texas, capacity and contracted revenues are through bilateral contracts with load serving entities. Long-term PPAs — Energy, capacity and where applicable, renewable attributes, from the majority of renewable energy assets and certain conventional energy plants is sold through long-term PPAs and tolling agreements to a single counterparty, which is often a utility or commercial customer. Many of these PPAs are accounted for as leases. Renewable Energy Credits As stated above, renewable energy credits are usually sold through long-term PPAs. Revenue from the sale of self-generated RECs is recognized when related energy is generated and simultaneously delivered even in cases where there is a certification lag as it has been deemed to be perfunctory. In a bundled contract to sell energy, capacity and/or self-generated RECs, all performance obligations are deemed to be delivered at the same time and hence, timing of recognition of revenue for all performance obligations is the same and occurs over time. In such cases, it is often unnecessary to allocate transaction price to multiple performance obligations. Sale of Emission Allowances The Company records its inventory of emission allowances as part of intangible assets. From time to time, management may authorize the transfer of emission allowances in excess of usage from the Company's emission bank to intangible assets held-for-sale for trading purposes. The Company records the sale of emission allowances on a net basis within operating revenue in the Company's consolidated statements of operations. Contract Amortization Assets and liabilities recognized from power sales agreements assumed at Fresh Start and through acquisitions related to the sale of electric capacity and energy in future periods for which the fair value has been determined to be significantly less (more) than market are amortized to revenue over the term of each underlying contract based on actual generation and/or contracted volumes. Lease Revenue Certain of the Company’s revenues are obtained through PPAs or other contractual agreements. Many of these agreements are accounted for as operating leases under ASC 840 Leases. Certain of these leases have no minimum lease payments and all of the rent is recorded as contingent rent on an actual basis when the electricity is delivered. Judgment is required by management in determining the economic life of each generating facility, in evaluating whether certain lease provisions constitute minimum payments or represent contingent rent and other factors in determining whether a contract contains a lease and whether the lease is an operating lease or capital lease. |
Revenue Recognition, Customer Acquisitions | The Company’s customer acquisition costs consist of broker fees, commission payments and other costs that represent incremental costs of obtaining the contract with customers for which the Company expects to recover. The Company amortizes these amounts over the estimated life of the customer contract. As a practical expedient, the Company expenses the incremental costs of obtaining a contract if the amortization period of the asset would have been one year or less. |
Revenue Recognition, Deferred Revenue | When the Company receives consideration from the customer that is in excess of the amount due, such consideration is reclassified to deferred revenue, which represents a contract liability. Generally, the Company will recognize revenue from contract liabilities in the next period as the Company satisfies its performance obligations. |
Recent Accounting Developments | Recent Accounting Developments - Guidance Adopted in 2018 ASU 2017-07 — In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715) , Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, or ASU No. 2017-07. Current GAAP does not indicate where the amount of net benefit cost should be presented in an entity’s income statement and does not require entities to disclose the amount of net benefit cost that is included in the income statement. The amendments of ASU No. 2017-07 require an entity to report the service cost component of net benefit costs in the same line item as other compensation costs arising from services rendered by the related employees during the applicable service period. The other components of net benefit cost are required to be presented separately from the service cost component and outside the subtotal of income from operations. Further, ASU No. 2017-07 prescribes that only the service cost component of net benefit costs is eligible for capitalization. The Company adopted the amendments of ASU No. 2017-07 effective January 1, 2018. In connection with the adoption of the standard, the Company has applied the guidance retrospectively which resulted in an increase in cost of operations of $4 million and $8 million with a corresponding increase in other income, net on the statement of operations for the three and six months ended June 30, 2017 , respectively. ASU 2016-01 - In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , or ASU No. 2016-01. The amendments of ASU No. 2016-01 eliminate available-for-sale classification of equity investments and require that equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) be generally measured at fair value with changes in fair value recognized in net income. Further, the amendments require that financial assets and financial liabilities be presented separately in the notes to the financial statements, grouped by measurement category and form of financial asset. The guidance in ASU No. 2016-01 is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those annual periods. The Company adopted the amendments of ASU No. 2016-01 effective January 1, 2018. In connection with the adoption of the standard, the Company has applied the guidance on a modified retrospective basis, which resulted in no material adjustments recorded to the consolidated results of operations, cash flows, and statement of financial position. Recent Accounting Developments - Guidance Not Yet Adopted ASU 2016-02 — In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , or Topic 842, with the objective to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and to improve financial reporting by expanding the related disclosures. The guidance in Topic 842 provides that a lessee that may have previously accounted for a lease as an operating lease under current GAAP should recognize the assets and liabilities that arise from a lease on the balance sheet. In addition, Topic 842 expands the required quantitative and qualitative disclosures with regards to lease arrangements. The Company will adopt the standard effective January 1, 2019, and expects to elect certain of the practical expedients permitted, including the expedient that permits the Company to retain its existing lease assessment and classification. The Company is currently working through an adoption plan which includes the evaluation of lease contracts compared to the new standard. While the Company is currently evaluating the impact the new guidance will have on its financial position and results of operations, the Company expects to recognize lease liabilities and right of use assets. The extent of the increase to assets and liabilities associated with these amounts remains to be determined pending the Company’s review of its existing lease contracts and service contracts which may contain embedded leases. While this review is still in process, NRG believes the adoption of Topic 842 will have a material impact on its financial statements. The Company is also monitoring recent changes to Topic 842 and the related impact on the implementation process. |
Nuclear Decommissioning | NRG's Nuclear Decommissioning Trust Fund assets are comprised of securities classified as available-for-sale and recorded at fair value based on actively quoted market prices. NRG accounts for the Nuclear Decommissioning Trust Fund in accordance with ASC 980, Regulated Operations , because the Company's nuclear decommissioning activities are subject to approval by the PUCT with regulated rates that are designed to recover all decommissioning costs and that can be charged to and collected from the ratepayers per PUCT mandate. Since the Company is in compliance with PUCT rules and regulations regarding decommissioning trusts and the cost of decommissioning is the responsibility of the Texas ratepayers, not NRG, all realized and unrealized gains or losses (including other-than-temporary impairments) related to the Nuclear Decommissioning Trust Fund are recorded to the Nuclear Decommissioning Trust liability and are not included in net income or accumulated OCI, consistent with regulatory treatment. |
Segment Reporting | The Company's segment structure reflects how management currently makes financial decisions and allocates resources. The Company's businesses are segregated as follows: Generation, which includes generation, international and BETM; Retail, which includes Mass customers and Business Solutions, which includes C&I customers and other distributed and reliability products; Renewables, which includes solar and wind assets, excluding those in NRG Yield; NRG Yield; and corporate activities. During 2017, NRG Yield acquired several projects totaling 555 MW from NRG. On March 30, 2018, the Company sold to NRG Yield, Inc. 100% of NRG's interests in Buckthorn Renewables, LLC, which owns a 154 MW construction-stage utility-scale solar generation project, located in Texas. These acquisitions were treated as a transfer of entities under common control and accordingly, all historical periods have been recast to reflect the acquisitions as if they had occurred at the beginning of the financial statement period. On June 14, 2017, as described in Note 3 , Acquisitions, Discontinued Operations and Dispositions , NRG deconsolidated GenOn for financial reporting purposes. The financial information for all historical periods have been recast to reflect the presentation of GenOn as discontinued operations within the corporate segment. NRG’s chief operating decision maker, its chief executive officer, evaluates the performance of its segments based on operational measures including adjusted earnings before interest, taxes, depreciation and amortization, or Adjusted EBITDA, free cash flow and capital for allocation, as well as net income/(loss). |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Other Balance Sheet Information | The following table presents the allowance for doubtful accounts included in accounts receivable, net; accumulated depreciation included in property, plant and equipment, net; accumulated amortization included in intangible assets, net and accumulated amortization included in out-of-market contracts, net: June 30, 2018 December 31, 2017 (In millions) Accounts receivable allowance for doubtful accounts $ 28 $ 28 Property, plant and equipment accumulated depreciation 4,534 4,465 Intangible assets accumulated amortization 1,443 1,818 Out-of-market contracts accumulated amortization 370 358 |
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Funds Deposited by Counterparties | The following table provides a reconciliation of cash and cash equivalents, restricted cash and funds deposited by counterparties reported within the consolidated balance sheet that sum to the total of the same such amounts shown in the statement of cash flows. June 30, 2018 December 31, 2017 June 30, 2017 December 31, 2016 (In millions) Cash and cash equivalents $ 980 $ 991 $ 752 $ 938 Funds deposited by counterparties 71 37 19 2 Restricted cash 286 508 469 446 Cash and cash equivalents, funds deposited by counterparties and restricted cash shown in the statement of cash flows $ 1,337 $ 1,536 $ 1,240 $ 1,386 |
Schedule of Change in Noncontrolling Interest | Noncontrolling Interest The following table reflects the changes in NRG's noncontrolling interest balance: (In millions) Balance as of December 31, 2017 $ 2,314 Dividends paid to NRG Yield, Inc. public shareholders (61 ) Distributions to noncontrolling interest (34 ) Comprehensive income attributable to noncontrolling interest 12 Non-cash adjustments to noncontrolling interest 8 Contributions from noncontrolling interest 295 Sale of assets to NRG Yield, Inc. (8 ) Deconsolidation of Ivanpah (a) (89 ) Balance as of June 30, 2018 $ 2,437 (a) See Note 9 , Variable Interest Entities, or VIEs for further information regarding the deconsolidation of Ivanpah effective April 2018. |
Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interest The following table reflects the changes in the Company's redeemable noncontrolling interest balance: (In millions) Balance as of December 31, 2017 $ 78 Distributions to redeemable noncontrolling interest (2 ) Contributions from redeemable noncontrolling interest 26 Non-cash adjustments to redeemable noncontrolling interest (9 ) Comprehensive loss attributable to redeemable noncontrolling interest (24 ) Balance as of June 30, 2018 $ 69 |
Disaggregation of Revenue from Contracts | The following table represents the Company’s disaggregation of revenue from contracts with customers for the three and six months ended June 30, 2018 , along with the reportable segment for each category: Three months ended June 30, 2018 Generation (In millions) Retail Gulf Coast East/West Subtotal Renewables NRG Yield Eliminations Total Energy revenue (a)(b) $ — $ 508 $ 144 $ 652 $ 79 $ 192 $ (250 ) $ 673 Capacity revenue (a)(b) — 68 160 228 — 87 (2 ) 313 Retail revenue Mass customers 1,380 — — — — — (1 ) 1,379 Business solutions customers 437 — — — — — — 437 Total retail revenue 1,817 — — — — — (1 ) 1,816 Mark-to-market for economic hedging activities (c) — 289 (15 ) 274 5 — (264 ) 15 Contract amortization — 4 — 4 — (18 ) — (14 ) Other revenue (a)(b) — 42 18 60 29 46 (16 ) 119 Total operating revenue 1,817 911 307 1,218 113 307 (533 ) 2,922 Less: Lease revenue 6 — 1 1 96 267 — 370 Less: Derivative revenue — 898 (1 ) 897 5 — (264 ) 638 Less: Contract amortization — 4 — 4 — (18 ) — (14 ) Total revenue from contracts with customers $ 1,811 $ 9 $ 307 $ 316 $ 12 $ 58 $ (269 ) $ 1,928 (a) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 840: Retail Gulf Coast East/West Subtotal Renewables NRG Yield Eliminations Total Energy revenue $ — $ — $ — $ — $ 90 $ 182 $ — $ 272 Capacity revenue — — — — — 85 — 85 Other revenue 6 — 1 1 6 — — 13 (b) The following amounts of energy and capacity revenue relate to derivative instruments and are accounted for under ASC 815. Retail Gulf Coast East/West Subtotal Renewables NRG Yield Eliminations Total Energy revenue $ — $ 610 $ (30 ) $ 580 $ — $ — $ — $ 580 Capacity revenue — — 39 39 — — — 39 Other revenue — (1 ) 5 4 — — — 4 (c) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815. Six months ended June 30, 2018 Generation (In millions) Retail Gulf Coast East/West Subtotal Renewables NRG Yield Eliminations Total Energy revenue (a)(b) $ — $ 879 $ 362 $ 1,241 $ 156 $ 306 $ (411 ) $ 1,292 Capacity revenue (a)(b) — 135 300 435 — 169 (3 ) 601 Retail revenue Mass customers 2,551 — — — — — (2 ) 2,549 Business solutions customers 753 — — — — — — 753 Total retail revenue 3,304 — — — — — (2 ) 3,302 Mark-to-market for economic hedging activities (c) (6 ) (275 ) (25 ) (300 ) (5 ) — 220 (91 ) Contract amortization — 7 — 7 — (35 ) — (28 ) Other revenue (a)(b) — 128 34 162 48 92 (35 ) 267 Total operating revenue 3,298 874 671 1,545 199 532 (231 ) 5,343 Less: Lease revenue 12 — 2 2 160 448 — 622 Less: Derivative revenue (6 ) 710 79 789 (5 ) — 220 998 Less: Contract amortization — 7 — 7 — (35 ) — (28 ) Total revenue from contracts with customers $ 3,292 $ 157 $ 590 $ 747 $ 44 $ 119 $ (451 ) $ 3,751 (a) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 840: Retail Gulf Coast East/West Subtotal Renewables NRG Yield Eliminations Total Energy revenue $ — $ — $ — $ — $ 151 $ 284 $ — $ 435 Capacity revenue — — — — — 164 — 164 Other revenue 12 — 2 2 9 — — 23 (b) The following amounts of energy and capacity revenue relate to derivative instruments and are accounted for under ASC 815. Retail Gulf Coast East/West Subtotal Renewables NRG Yield Eliminations Total Energy revenue $ — $ 981 $ 31 $ 1,012 $ — $ — $ — $ 1,012 Capacity revenue — — 65 65 — — — 65 Other revenue — 4 8 12 — — — 12 (c) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815. |
Contract with Customer, Asset and Liability | The following table reflects the contract assets and liabilities included in the Company’s balance sheet as of June 30, 2018 : (In millions) June 30, 2018 Deferred customer acquisition costs $ 102 Accounts receivable, net - Contracts with customers 1,187 Accounts receivable, net - Leases 152 Accounts receivable, net - Derivative instruments 32 Total accounts receivable, net $ 1,371 Unbilled revenues (included within Accounts receivable, net - Contracts with customers) 445 Deferred revenues 73 |
Acquisitions, Discontinued Op28
Acquisitions, Discontinued Operations and Dispositions (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of results of discontinued operations and major classes of assets and liabilities | Summarized results of discontinued operations were as follows: Three months ended June 30, 2018 Period from April 1, 2017 through June 14, 2017 Six months ended June 30, 2018 Period from January 1, 2017 through June 14, 2017 (In millions) Operating revenues $ — $ 265 $ — $ 646 Operating costs and expenses — (327 ) — (700 ) Other expenses — (54 ) — (98 ) Loss from operations of discontinued components, before tax — (116 ) — (152 ) Income tax expense — 8 — 9 Loss from operations of discontinued components — (124 ) — (161 ) Interest income - affiliate 2 3 3 6 Loss from operations of discontinued components, net of tax 2 (121 ) 3 (155 ) Pre-tax loss on deconsolidation — (208 ) — (208 ) Settlement consideration and services credit — (289 ) — (289 ) Pension and post-retirement liability assumption 1 (119 ) 1 (119 ) Advisory and consulting fees (1 ) (4 ) (2 ) (4 ) Other (27 ) — (27 ) — Loss on disposal of discontinued components, net of tax (27 ) (620 ) (28 ) (620 ) Loss from discontinued operations, net of tax $ (25 ) $ (741 ) $ (25 ) $ (775 ) |
Fair Value of Financial Instr29
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Estimated carrying amounts and fair values of NRG's recorded financial instruments not carried at fair market value | The following table presents the level within the fair value hierarchy for long-term debt, including current portion as of June 30, 2018 and December 31, 2017 : As of June 30, 2018 As of December 31, 2017 Level 2 Level 3 Level 2 Level 3 (In millions) Long-term debt, including current portion $ 9,586 $ 6,577 $ 8,934 $ 7,960 The estimated carrying amounts and fair values of NRG's recorded financial instruments not carried at fair market value are as follows: As of June 30, 2018 As of December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Assets: Notes receivable (a) $ 21 $ 18 $ 16 $ 15 Liabilities: Long-term debt, including current portion (b) 15,969 16,163 16,603 16,894 (a) Includes the current portion of notes receivable which is recorded in prepayments and other current assets on the Company's consolidated balance sheets. (b) Excludes deferred financing costs, which are recorded as a reduction to long-term debt on the Company's consolidated balance sheets. |
Assets and liabilities measured and recorded at fair value on the consolidated balance sheets on a recurring basis | The following tables present assets and liabilities measured and recorded at fair value on the Company's condensed consolidated balance sheets on a recurring basis and their level within the fair value hierarchy: As of June 30, 2018 Fair Value (In millions) Total Level 1 Level 2 Level 3 Investments in securities (classified within other non-current assets) $ 22 $ 3 $ — $ 19 Nuclear trust fund investments: Cash and cash equivalents 25 25 — — U.S. government and federal agency obligations 42 42 — — Federal agency mortgage-backed securities 97 — 97 — Commercial mortgage-backed securities 16 — 16 — Corporate debt securities 101 — 101 — Equity securities 342 342 — — Foreign government fixed income securities 6 — 6 — Other trust fund investments: U.S. government and federal agency obligations 1 1 — — Derivative assets: Commodity contracts 1,169 188 481 500 Interest rate contracts 108 — 108 — Measured using net asset value practical expedient: Equity securities — nuclear trust fund investments 65 Total assets $ 1,994 $ 601 $ 809 $ 519 Derivative liabilities: Commodity contracts 971 236 388 347 Interest rate contracts 23 — 23 — Total liabilities $ 994 $ 236 $ 411 $ 347 As of December 31, 2017 Fair Value (In millions) Total Level 1 Level 2 Level 3 Investments in securities (classified within other non-current assets) $ 22 $ 3 $ — $ 19 Nuclear trust fund investments: Cash and cash equivalents 47 45 2 — U.S. government and federal agency obligations 43 42 1 — Federal agency mortgage-backed securities 82 — 82 — Commercial mortgage-backed securities 14 — 14 — Corporate debt securities 99 — 99 — Equity securities 334 334 — — Foreign government fixed income securities 5 — 5 — Other trust fund investments: U.S. government and federal agency obligations 1 1 — — Derivative assets: Commodity contracts 745 191 509 45 Interest rate contracts 53 — 53 — Measured using net asset value practical expedient: Equity securities — nuclear trust fund investments 68 Total assets $ 1,513 $ 616 $ 765 $ 64 Derivative liabilities: Commodity contracts 693 257 359 77 Interest rate contracts 59 — 59 — Total liabilities $ 752 $ 257 $ 418 $ 77 |
Reconciliation of beginning and ending balances for financial instruments that are recognized at fair value in the consolidated financial statements at least annually using significant unobservable inputs | The following tables reconcile, for the three and six months ended June 30, 2018 and 2017 , the beginning and ending balances for financial instruments that are recognized at fair value in the condensed consolidated financial statements, at least annually, using significant unobservable inputs: Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Three months ended June 30, 2018 Six months ended June 30, 2018 (In millions) Debt Securities Derivatives (a) Total Debt Securities Derivatives (a) Total Beginning balance $ 19 $ (22 ) $ (3 ) $ 19 $ (32 ) $ (13 ) Contracts acquired in Xoom acquisition — 12 12 — 12 12 Total losses — realized/unrealized: Included in earnings — (21 ) (21 ) — (19 ) (19 ) Purchases — (4 ) (4 ) — (3 ) (3 ) Transfers into Level 3 (b) — 193 193 — 197 197 Transfers out of Level 3 (b) — (5 ) (5 ) — (2 ) (2 ) Ending balance as of June 30, 2018 $ 19 $ 153 $ 172 $ 19 $ 153 $ 172 Losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of June 30, 2018 — 20 20 — 17 17 (a) Consists of derivative assets and liabilities, net. (b) Transfers into/out of Level 3 are related to the availability of external broker quotes and are valued as of the end of the reporting period. All transfers in/out are with Level 2. Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Three months ended June 30, 2017 Six months ended June 30, 2017 (In millions) Debt Securities Derivatives (a) Total Debt Securities Derivatives (a) Total Beginning balance $ 18 $ (56 ) $ (38 ) $ 17 $ (68 ) $ (51 ) Total gains — realized/unrealized: Included in earnings — 40 40 1 46 47 Included in nuclear decommissioning obligation — — — — — — Purchases — 5 5 — 9 9 Transfers into Level 3 (b) — 3 3 — (5 ) (5 ) Transfers out of Level 3 (b) — (3 ) (3 ) — 7 7 Ending balance as of June 30, 2017 $ 18 $ (11 ) $ 7 $ 18 $ (11 ) $ 7 Gains for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of June 30, 2017 — 22 22 — 7 7 (a) Consists of derivative assets and liabilities, net. (b) Transfers into/out of Level 3 are related to the availability of external broker quotes and are valued as of the end of the reporting period. All transfers in/out are with Level 2. |
Significant unobservable inputs used developing fair valueets, Quantitative Information | The following tables quantify the significant unobservable inputs used in developing the fair value of the Company's Level 3 positions as of June 30, 2018 and December 31, 2017 : Significant Unobservable Inputs June 30, 2018 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 481 $ 330 Discounted Cash Flow Forward Market Price (per MWh) $ 6 $ 198 $ 35 FTRs 19 17 Discounted Cash Flow Auction Prices (per MWh) (48 ) 47 — $ 500 $ 347 Significant Unobservable Inputs December 31, 2017 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 34 $ 65 Discounted Cash Flow Forward Market Price (per MWh) $ 10 $ 142 $ 33 FTRs 11 12 Discounted Cash Flow Auction Prices (per MWh) (28 ) 46 — $ 45 $ 77 |
Fair value inputs, sensitivity analysis | The following table provides sensitivity of fair value measurements to increases/(decreases) in significant unobservable inputs as of June 30, 2018 and December 31, 2017 : Significant Unobservable Input Position Change In Input Impact on Fair Value Measurement Forward Market Price Power Buy Increase/(Decrease) Higher/(Lower) Forward Market Price Power Sell Increase/(Decrease) Lower/(Higher) FTR Prices Buy Increase/(Decrease) Higher/(Lower) FTR Prices Sell Increase/(Decrease) Lower/(Higher) |
Net counterparty credit exposure by industry sector and by counterparty credit quality | The following tables highlight net counterparty credit exposure by industry sector and by counterparty credit quality. Net counterparty credit exposure is defined as the aggregate net asset position for NRG with counterparties where netting is permitted under the enabling agreement and includes all cash flow, mark-to-market and NPNS, and non-derivative transactions. The exposure is shown net of collateral held, and includes amounts net of receivables or payables. Net Exposure (a) (b) Category by Industry Sector (% of Total) Utilities, energy merchants, marketers and other 76 % Financial institutions 24 Total as of June 30, 2018 100 % Net Exposure (a) (b) Category by Counterparty Credit Quality (% of Total) Investment grade 76 % Non-Investment grade/Non-Rated 24 Total as of June 30, 2018 100 % (a) Counterparty credit exposure excludes uranium and coal transportation contracts because of the unavailability of market prices. (b) The figures in the tables above exclude potential counterparty credit exposure related to RTOs, ISOs, registered commodity exchanges and certain long term contracts. |
Nuclear Decommissioning Trust30
Nuclear Decommissioning Trust Fund (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Nuclear Decommissioning Trust Fund Disclosure [Abstract] | |
Summary of aggregate fair values and unrealized gains and losses (including other-than-temporary impairments) for the securities held in the nuclear decommissioning trust fund | The following table summarizes the aggregate fair values and unrealized gains and losses (including other-than-temporary impairments) for the securities held in the trust funds, as well as information about the contractual maturities of those securities. As of June 30, 2018 As of December 31, 2017 (In millions, except otherwise noted) Fair Value Unrealized Gains Unrealized Losses Weighted-average Maturities (In years) Fair Value Unrealized Gains Unrealized Losses Weighted-average Maturities (In years) Cash and cash equivalents $ 25 $ — $ — — $ 47 $ — $ — — U.S. government and federal agency obligations 42 1 — 14 43 1 — 11 Federal agency mortgage-backed securities 97 — 3 23 82 1 1 23 Commercial mortgage-backed securities 16 — 1 22 14 — — 20 Corporate debt securities 101 1 2 10 99 2 1 11 Equity securities 407 272 — — 402 272 — — Foreign government fixed income securities 6 — — 8 5 — — 9 Total $ 694 $ 274 $ 6 $ 692 $ 276 $ 2 |
Summary of proceeds from sales of available-for-sale securities and the related realized gains and losses | The following table summarizes proceeds from sales of available-for-sale securities and the related realized gains and losses from these sales. The cost of securities sold is determined on the specific identification method. Six months ended June 30, 2018 2017 (In millions) Realized gains $ 7 $ 3 Realized losses 6 3 Proceeds from sale of securities $ 303 $ 277 |
Accounting for Derivative Ins31
Accounting for Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Net notional volume buy/(sell) of NRG's open derivative transactions broken out by commodity | The following table summarizes the net notional volume buy/(sell) of NRG's open derivative transactions broken out by category, excluding those derivatives that qualified for the NPNS exception, as of June 30, 2018 and December 31, 2017 . Option contracts are reflected using delta volume. Delta volume equals the notional volume of an option adjusted for the probability that the option will be in-the-money at its expiration date. Total Volume June 30, 2018 December 31, 2017 Category Units (In millions) Emissions Short Ton 2 1 Coal Short Ton 12 21 Natural Gas MMBtu (551 ) (17 ) Power MWh 16 14 Capacity MW/Day (1 ) (1 ) Interest Dollars $ 4,016 $ 3,876 Equity Shares — 1 |
Fair value within the derivative instrument valuation on the balance sheets | The following table summarizes the fair value within the derivative instrument valuation on the balance sheets: Fair Value Derivative Assets Derivative Liabilities June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 (In millions) Derivatives Designated as Cash Flow or Fair Value Hedges: Interest rate contracts current $ 3 $ 1 $ 2 $ 5 Interest rate contracts long-term 23 11 5 11 Total Derivatives Designated as Cash Flow or Fair Value Hedges 26 12 7 16 Derivatives Not Designated as Cash Flow or Fair Value Hedges: Interest rate contracts current 16 9 5 15 Interest rate contracts long-term 66 32 11 28 Commodity contracts current 832 616 702 535 Commodity contracts long-term 337 129 269 158 Total Derivatives Not Designated as Cash Flow or Fair Value Hedges 1,251 786 987 736 Total Derivatives $ 1,277 $ 798 $ 994 $ 752 |
Offsetting of derivatives by counterparty assets | The following table summarizes the offsetting of derivatives by counterparty master agreement level and collateral received or paid: Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets / Liabilities Derivative Instruments Cash Collateral (Held) / Posted Net Amount As of June 30, 2018 (In millions) Commodity contracts: Derivative assets $ 1,169 $ (817 ) $ (50 ) $ 302 Derivative liabilities (971 ) 817 98 (56 ) Total commodity contracts 198 — 48 246 Interest rate contracts: Derivative assets 108 (3 ) — 105 Derivative liabilities (23 ) 3 — (20 ) Total interest rate contracts 85 — — 85 Total derivative instruments $ 283 $ — $ 48 $ 331 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets / Liabilities Derivative Instruments Cash Collateral (Held) / Posted Net Amount As of December 31, 2017 (In millions) Commodity contracts: Derivative assets $ 745 $ (578 ) $ (11 ) $ 156 Derivative liabilities (693 ) 578 73 (42 ) Total commodity contracts 52 — 62 114 Interest rate contracts: Derivative assets 53 (3 ) — 50 Derivative liabilities (59 ) 3 — (56 ) Total interest rate contracts (6 ) — — (6 ) Total derivative instruments $ 46 $ — $ 62 $ 108 |
Offsetting of derivatives by counterparty, liabilities | The following table summarizes the offsetting of derivatives by counterparty master agreement level and collateral received or paid: Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets / Liabilities Derivative Instruments Cash Collateral (Held) / Posted Net Amount As of June 30, 2018 (In millions) Commodity contracts: Derivative assets $ 1,169 $ (817 ) $ (50 ) $ 302 Derivative liabilities (971 ) 817 98 (56 ) Total commodity contracts 198 — 48 246 Interest rate contracts: Derivative assets 108 (3 ) — 105 Derivative liabilities (23 ) 3 — (20 ) Total interest rate contracts 85 — — 85 Total derivative instruments $ 283 $ — $ 48 $ 331 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets / Liabilities Derivative Instruments Cash Collateral (Held) / Posted Net Amount As of December 31, 2017 (In millions) Commodity contracts: Derivative assets $ 745 $ (578 ) $ (11 ) $ 156 Derivative liabilities (693 ) 578 73 (42 ) Total commodity contracts 52 — 62 114 Interest rate contracts: Derivative assets 53 (3 ) — 50 Derivative liabilities (59 ) 3 — (56 ) Total interest rate contracts (6 ) — — (6 ) Total derivative instruments $ 46 $ — $ 62 $ 108 |
Effects of ASC 815 on the Company's accumulated OCI balance attributable to cash flow hedge derivatives, net of tax | The following table summarizes the effects of ASC 815 on the Company's accumulated OCI balance attributable to cash flow hedge derivatives, net of tax: Interest Rate Contracts Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 (In millions) Accumulated OCI beginning balance $ (31 ) $ (61 ) $ (54 ) $ (66 ) Reclassified from accumulated OCI to income: Due to realization of previously deferred amounts 3 3 7 6 Mark-to-market of cash flow hedge accounting contracts 5 (9 ) 24 (7 ) Accumulated OCI ending balance, net of $5, and $16 tax $ (23 ) $ (67 ) $ (23 ) $ (67 ) Losses expected to be realized from OCI during the next 12 months, net of $1 tax $ 8 $ 8 |
Pre-tax effects of economic hedges that have not been designated as cash flow hedges, ineffectiveness on cash flow hedges and trading activity on the Company's statement of operations | The following table summarizes the pre-tax effects of economic hedges that have not been designated as cash flow hedges and trading activity on the Company's statement of operations. The effect of energy commodity contracts is included within operating revenues and cost of operations and the effect of interest rate contracts is included in interest expense. Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Unrealized mark-to-market results (In millions) Reversal of previously recognized unrealized (gains)/losses on settled positions related to economic hedges $ (3 ) $ 22 $ (1 ) $ 25 Reversal of acquired (gain)/loss positions related to economic hedges (1 ) 1 (1 ) 1 Net unrealized (losses)/gains on open positions related to economic hedges (67 ) 36 127 15 Total unrealized mark-to-market (losses)/gains for economic hedging activities (71 ) 59 125 41 Reversal of previously recognized unrealized gains on settled positions related to trading activity (3 ) (4 ) (6 ) (19 ) Net unrealized gains on open positions related to trading activity 8 16 19 17 Total unrealized mark-to-market gains/(losses) for trading activity 5 12 13 (2 ) Total unrealized (losses)/gains $ (66 ) $ 71 $ 138 $ 39 Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 (In millions) Unrealized gains/(losses) included in operating revenues $ 20 $ 53 $ (78 ) $ 157 Unrealized (losses)/gains included in cost of operations (86 ) 18 216 (118 ) Total impact to statement of operations — energy commodities $ (66 ) $ 71 $ 138 $ 39 Total impact to statement of operations — interest rate contracts $ 13 $ (24 ) $ 61 $ (19 ) |
Debt and Capital Leases (Tables
Debt and Capital Leases (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-term debt and capital leases | Long-term debt and capital leases consisted of the following: (In millions, except rates) June 30, 2018 December 31, 2017 June 30, 2018 interest rate % (a) Recourse debt: Senior Notes, due 2022 $ 977 $ 992 6.250 Senior Notes, due 2024 733 733 6.250 Senior Notes, due 2026 1,000 1,000 7.250 Senior Notes, due 2027 1,250 1,250 6.625 Senior Notes, due 2028 841 870 5.750 Convertible Senior Notes, due 2048 575 — 2.750 Revolving loan facility, due 2018 and 2021 26 — L+1.75 Term loan facility, due 2023 1,862 1,872 L+1.75 Tax-exempt bonds 465 465 4.125 - 6.00 Subtotal recourse debt 7,729 7,182 Non-recourse debt: NRG Yield, Inc. Convertible Senior Notes, due 2019 345 345 3.500 NRG Yield, Inc. Convertible Senior Notes, due 2020 288 288 3.250 NRG Yield Operating LLC Senior Notes, due 2024 500 500 5.375 NRG Yield Operating LLC Senior Notes, due 2026 350 350 5.000 NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility, due 2023 (b) — 55 L+1.75 El Segundo Energy Center, due 2023 369 400 L+1.75 - L+2.375 Marsh Landing, due 2023 305 318 L+2.125 Alta Wind I - V lease financing arrangements, due 2034 and 2035 901 926 5.696 - 7.015 Walnut Creek, term loans due 2023 254 267 L+1.625 Utah Portfolio, due 2022 273 278 various Tapestry, due 2021 155 162 L+1.625 CVSR, due 2037 731 746 2.339 - 3.775 CVSR HoldCo, due 2037 188 194 4.680 Alpine, due 2022 133 135 L+1.750 Energy Center Minneapolis, due 2031, 2033, 2035 and 2037 328 208 various Viento, due 2023 154 163 L+3.00 Buckthorn Solar, due 2018 and 2025 132 169 L+1.750 NRG Yield - other 564 579 various Subtotal NRG Yield debt (non-recourse to NRG) (c) 5,970 6,083 Ivanpah, due 2033 and 2038 (e) — 1,073 2.285 - 4.256 Carlsbad Energy Project (c) 513 427 L+1.625 - 4.120 Agua Caliente, due 2037 812 818 2.395 - 3.633 Agua Caliente Borrower 1, due 2038 86 89 5.430 Cedro Hill, due 2025 (c) 144 151 L+1.75 Midwest Generation, due 2019 108 152 4.390 NRG Other Renewables (c) 623 478 various NRG Other 107 180 various Subtotal other NRG non-recourse debt 2,393 3,368 Subtotal all non-recourse debt 8,363 9,451 Subtotal long-term debt (including current maturities) 16,092 16,633 Capital leases 3 5 various Subtotal long-term debt and capital leases (including current maturities) 16,095 16,638 Less current maturities (d) (952 ) (688 ) Less debt issuance costs (199 ) (204 ) Discounts (123 ) (30 ) Total long-term debt and capital leases $ 14,821 $ 15,716 (a) As of June 30, 2018 , L+ equals 3-month LIBOR plus x%, except for Carlsbad, the Buckthorn Solar and Utah Solar Portfolio where L+ equals 1 month LIBOR plus x% and Viento where L+ equals 6-month LIBOR plus x%. (b) Applicable rate is determined by the Borrower Leverage Ratio, as defined in the credit agreement. (c) Debt associated with the asset sales announced in February 2018. (d) The NRG Yield, Inc. Convertible Senior Notes, due 2019, become due in February 2019 and are recorded in current maturities as of June 30, 2018 . (e) The Company deconsolidated Ivanpah during the second quarter of 2018. |
Senior notes repurchased | Principal Repurchased Cash Paid (a) Average Early Redemption Percentage In millions, except rates 5.750% senior notes due 2028 $ 29 $ 30 99.24 % 6.250% senior notes due 2022 14 15 103.25 % Total at June 30, 2018 $ 43 $ 45 6.250% senior notes due 2022 6 6 103.25 % 5.750% senior notes due 2028 20 21 99.13 % 6.625% senior notes due 2027 20 21 103.06 % Total at August 2, 2018 $ 89 $ 93 (a) Includes payment for accrued interest of $1 million . |
Energy Center Minneapolis Series Notes | On June 19, 2018, NRG Energy Center Minneapolis, a subsidiary of NRG Yield LLC, entered into an amended and restated Thermal note purchase and private shelf agreement whereas it authorized the issuance of the Series E Notes, Series F Notes, Series G Notes, and Series H Notes, as further described in the table below: Amount Interest Rate In millions, except rates Energy Center Minneapolis Series E Notes, due 2033 $ 70 4.80 % Energy Center Minneapolis Series F Notes, due 2033 10 4.60 % Energy Center Minneapolis Series G Notes, due 2035 83 5.90 % Energy Center Minneapolis Series H Notes, due 2037 40 4.83 % Total proceeds $ 203 Repayment of Energy Center Minneapolis Series C Notes, due 2025 (83 ) 5.95 % Net borrowings $ 120 |
Variable Interest Entities, o33
Variable Interest Entities, or VIEs (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Variable Interest Entities Disclosure [Abstract] | |
Financial Information for Consolidated VIEs | The summarized financial information for the Company's consolidated VIEs consisted of the following: (In millions) June 30, 2018 December 31, 2017 Current assets $ 191 $ 118 Net property, plant and equipment 2,709 2,337 Other long-term assets 660 658 Total assets 3,560 3,113 Current liabilities 119 96 Long-term debt 814 661 Other long-term liabilities 211 209 Total liabilities 1,144 966 Redeemable noncontrolling interest 69 78 Noncontrolling interest 660 507 Net assets less noncontrolling interest $ 1,687 $ 1,562 |
Changes in Capital Structure (T
Changes in Capital Structure (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Changes in NRG's common shares issued and outstanding | The following table reflects the changes in NRG's common stock issued and outstanding: Issued Treasury Outstanding Balance as of December 31, 2017 418,323,134 (101,580,045 ) 316,743,089 Shares issued under LTIPs 1,373,655 — 1,373,655 Shares issued under ESPP — 175,862 175,862 Shares repurchased — (14,863,301 ) (14,863,301 ) Balance as of June 30, 2018 419,696,789 (116,267,484 ) 303,429,305 |
Shares Repurchased | The following repurchases have been made during the six months ended June 30, 2018. Total number of shares purchased Average price paid per share (a) Amounts paid for shares purchased (in millions) (a) Board Authorized Share Repurchases First Quarter 2018 3,114,748 $ 93 Second Quarter 2018 (b) 11,748,553 407 Total Board Authorized Share Repurchases as of June 30, 2018 14,863,301 $ 500 July 2018 860,880 — Total Board Authorized Share Repurchases as of August 2, 2018 15,724,181 $ 31.80 $ 500 (a) The average price paid per share and amounts paid for shares purchased exclude the commissions of $0.01 per share paid in connection with the share repurchase. (b) The share repurchases for the second quarter include 9,969,023 of the shares repurchased through the ASR Agreement, as described below. |
Schedule of dividends paid | The following table lists the dividends paid during the six months ended June 30, 2018 : Second Quarter 2018 First Quarter 2018 Dividends per Common Share $ 0.03 $ 0.03 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information, by segment | Retail (a) Generation (a) Renewables (a) NRG Yield Corporate (a) Eliminations Total Three months ended June 30, 2018 (In millions) Operating revenues (a) $ 1,817 $ 1,218 $ 113 $ 307 $ 7 $ (540 ) $ 2,922 Depreciation and amortization 31 66 40 82 8 — 227 Impairment losses — 74 — — — — 74 Reorganization costs 1 3 3 — 16 — 23 Equity in earnings/(losses) of unconsolidated affiliates — — 5 29 — (16 ) 18 (Loss)/income from continuing operations before income taxes (84 ) 273 (17 ) 103 (134 ) (12 ) 129 (Loss)/income from continuing operations (84 ) 272 (12 ) 96 (139 ) (12 ) 121 Loss from discontinued operations, net of tax — — — — (25 ) — (25 ) Net (Loss)/Income (84 ) 272 (12 ) 96 (164 ) (12 ) 96 (Loss)/Income attributable to NRG Energy, Inc. $ (88 ) $ 272 $ (35 ) $ 73 $ (244 ) $ 94 $ 72 Total assets as of June 30, 2018 $ 7,217 $ 4,306 $ 4,117 $ 8,448 $ 9,675 $ (10,816 ) $ 22,947 (a) Operating revenues include inter-segment sales and net derivative gains and losses of: $ 2 $ 546 $ 9 $ — $ (17 ) $ — $ 540 Retail (a) Generation (a) Renewables (a) NRG Yield Corporate (a) Eliminations Total Three months ended June 30, 2017 (In millions) Operating revenues (a) $ 1,603 $ 882 $ 119 $ 288 $ 3 $ (194 ) $ 2,701 Depreciation and amortization 29 95 49 79 8 — 260 Impairment losses — 41 22 — — — 63 Equity in (losses)/earnings of unconsolidated affiliates — (15 ) (2 ) 16 3 (5 ) (3 ) Income/(loss) from continuing operations before income taxes 330 (89 ) (51 ) 52 (134 ) (5 ) 103 Income/(loss) from continuing operations 341 (90 ) (46 ) 44 (145 ) (5 ) 99 Loss from discontinued operations, net of tax — — — — (741 ) — (741 ) Net Income/(Loss) 341 (90 ) (46 ) 44 (886 ) (5 ) (642 ) Net Income/(Loss) attributable to NRG Energy, Inc. $ 341 $ (90 ) $ (21 ) $ 38 $ (919 ) $ 25 $ (626 ) (a) Operating revenues include inter-segment sales and net derivative gains and losses of: $ 1 $ 171 $ 3 $ — $ 19 $ — $ 194 Retail (a) Generation (a) Renewables (a) NRG Yield Corporate (a) Eliminations Total Six months ended June 30, 2018 (In millions) Operating revenues (a) $ 3,298 $ 1,545 $ 199 $ 532 $ 9 $ (240 ) $ 5,343 Depreciation and amortization 59 133 90 163 17 — 462 Impairment losses — 74 — — — — 74 Reorganization costs 4 7 3 — 29 — 43 Equity in earnings/(losses) of unconsolidated affiliates — 2 5 33 (1 ) (23 ) 16 Income/(Loss) from continuing operations before income taxes 861 (264 ) (56 ) 102 (260 ) (22 ) 361 Income/(Loss) from continuing operations 861 (265 ) (45 ) 96 (271 ) (22 ) 354 Income from discontinued operations, net of tax — — — — (25 ) — (25 ) Net Income/(Loss) 861 (265 ) (45 ) 96 (296 ) (22 ) 329 Net Income/(Loss) attributable to NRG Energy, Inc. $ 851 $ (265 ) $ (33 ) $ 94 $ (392 ) $ 96 $ 351 (a) Operating revenues include inter-segment sales and net derivative gains and losses of: $ 3 $ 239 $ 17 $ — $ (19 ) $ — $ 240 Retail (a) Generation (a) Renewables (a) NRG Yield Corporate (a) Eliminations Total Six months ended June 30, 2017 Operating revenues (a) $ 2,938 $ 1,848 $ 213 $ 509 $ 11 $ (436 ) $ 5,083 Depreciation and amortization 57 192 96 156 16 — 517 Impairment losses — 41 22 — — — 63 Equity in (losses)/earnings of unconsolidated affiliates — (28 ) (3 ) 35 7 (9 ) 2 Income/(loss) from continuing operations before income taxes 303 (52 ) (87 ) 49 (275 ) (9 ) (71 ) Income/(loss) from continuing operations 311 (54 ) (77 ) 42 (283 ) (9 ) (70 ) Loss from discontinued operations, net of tax — — — — (775 ) — (775 ) Net Income/(loss) 311 (54 ) (77 ) 42 (1,058 ) (9 ) (845 ) Net Income/(loss) attributable to NRG Energy, Inc. $ 311 $ (54 ) $ (24 ) $ 50 $ (1,091 ) $ 18 $ (790 ) (a) Operating revenues include inter-segment sales and net derivative gains and losses of: $ 11 $ 406 $ 4 $ — $ 15 $ — $ 436 |
Earnings_(Loss) Per Share (Tabl
Earnings/(Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation of NRG's basic and diluted earnings per share | The reconciliation of NRG's basic and diluted loss per share is shown in the following table: Three months ended June 30, Six months ended June 30, In millions, except per share data 2018 2017 2018 2017 Basic income/(loss) per share attributable to NRG Energy, Inc. common stockholders Net income/(loss) attributable to NRG Energy, Inc. $ 72 $ (626 ) $ 351 $ (790 ) Weighted average number of common shares outstanding - basic 310 316 314 316 Earnings/(loss) per weighted average common share — basic $ 0.23 $ (1.98 ) $ 1.12 $ (2.50 ) Diluted income/(loss) per share attributable to NRG Energy, Inc. common stockholders Weighted average number of common shares outstanding - diluted 310 316 314 316 Incremental shares attributable to the issuance of equity compensation (treasury stock method) 4 — 4 — Total dilutive shares 314 316 318 316 Earnings/(loss) per weighted average common share — diluted $ 0.23 $ (1.98 ) $ 1.10 $ (2.50 ) |
Summary of NRG's outstanding equity instruments that are anti-dilutive and were not included in the computation of the Company's diluted earnings per share | The following table summarizes NRG’s outstanding equity instruments that are anti-dilutive and were not included in the computation of the Company’s diluted loss per share: Three months ended June 30, Six months ended June 30, In millions of shares 2018 2017 2018 2017 Equity compensation plans — 6 1 6 Total — 6 1 6 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | The income tax provision consisted of the following: Three months ended June 30, Six months ended June 30, In millions, except rates 2018 2017 2018 2017 Income/(Loss) before income taxes $ 129 $ 103 $ 361 $ (71 ) Income tax expense/(benefit) from continuing operations 8 4 7 (1 ) Effective tax rate 6.2 % 3.9 % 1.9 % 1.4 % |
Condensed Consolidating Finan38
Condensed Consolidating Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Condensed Consolidating Financial Information Disclosure [Abstract] | |
Condensed Consolidating Statements of Operations | NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the three months ended June 30, 2018 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Operating Revenues Total operating revenues $ 2,276 $ 659 $ — $ (13 ) $ 2,922 Operating Costs and Expenses Cost of operations 1,778 282 (4 ) (5 ) 2,051 Depreciation and amortization 76 143 8 — 227 Impairment losses — 74 — — 74 Selling, general and administrative 110 34 77 (10 ) 211 Reorganization costs 1 — 22 — 23 Development costs — 13 3 — 16 Total operating costs and expenses 1,965 546 106 (15 ) 2,602 Gain on sale of assets — 14 — — 14 Operating Income/(Loss) 311 127 (106 ) 2 334 Other Income/(Expense) Equity in earnings of consolidated subsidiaries 7 — 355 (362 ) — Equity in earnings of unconsolidated affiliates — 18 — — 18 Other income/(expense), net 4 (26 ) 2 — (20 ) Loss on debt extinguishment, net — — (1 ) — (1 ) Interest expense (4 ) (92 ) (106 ) — (202 ) Total other income/(expense) 7 (100 ) 250 (362 ) (205 ) Income Before Income Taxes 318 27 144 (360 ) 129 Income tax expense/(benefit) 108 (68 ) (32 ) — 8 Income from Continuing Operations 210 95 176 (360 ) 121 Loss from discontinued operations, net of income tax — — (25 ) — (25 ) Net Income 210 95 151 (360 ) 96 Less: Net (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interests — (57 ) 79 2 24 Net Income Attributable to NRG Energy, Inc. $ 210 $ 152 $ 72 $ (362 ) $ 72 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the six months ended June 30, 2018 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Operating Revenues Total operating revenues $ 4,120 $ 1,249 $ — $ (26 ) $ 5,343 Operating Costs and Expenses Cost of operations 3,004 613 9 (17 ) 3,609 Depreciation and amortization 149 297 16 — 462 Impairment losses — 74 — — 74 Selling, general and administrative 213 60 139 (10 ) 402 Reorganization costs 3 — 40 — 43 Development costs — 23 7 (1 ) 29 Total operating costs and expenses 3,369 1,067 211 (28 ) 4,619 Gain on sale of assets 3 13 — — 16 Operating Income/(Loss) 754 195 (211 ) 2 740 Other Income/(Expense) Equity in earnings of consolidated subsidiaries 9 — 685 (694 ) — Equity in earnings/(losses) of unconsolidated affiliates — 17 (1 ) — 16 Other income/(expense), net 8 (36 ) 5 — (23 ) Loss on debt extinguishment, net — — (3 ) — (3 ) Interest expense (7 ) (164 ) (198 ) — (369 ) Total other income/(expense) 10 (183 ) 488 (694 ) (379 ) Income Before Income Taxes 764 12 277 (692 ) 361 Income tax expense/(benefit) 221 (20 ) (194 ) — 7 Income from Continuing Operations 543 32 471 (692 ) 354 Loss from discontinued operations, net of income tax — — (25 ) — (25 ) Net Income 543 32 446 (692 ) 329 Less: Net (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interests — (119 ) 95 2 (22 ) Net Income Attributable to NRG Energy, Inc. $ 543 $ 151 $ 351 $ (694 ) $ 351 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the three months ended June 30, 2017 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Operating Revenues Total operating revenues $ 2,060 $ 664 $ — $ (23 ) $ 2,701 Operating Costs and Expenses Cost of operations 1,530 312 20 (21 ) 1,841 Depreciation and amortization 99 153 8 — 260 Impairment losses 42 21 — — 63 Selling, general and administrative 96 29 97 (1 ) 221 Development costs — 13 5 — 18 Total operating costs and expenses 1,767 528 130 (22 ) 2,403 Other income - affiliate — — 39 — 39 Gain on sale of assets 2 — — — 2 Operating Income/(Loss) 295 136 (91 ) (1 ) 339 Other Income/(Expense) Equity in earnings/(losses) of consolidated subsidiaries 8 — (149 ) 141 — Equity in losses of unconsolidated affiliates — (2 ) (1 ) — (3 ) Other income, net — 41 7 (34 ) 14 Interest expense (4 ) (121 ) (122 ) — (247 ) Total other income/(expense) 4 (82 ) (265 ) 107 (236 ) Income/(Loss) from Continuing Operations Before Income Taxes 299 54 (356 ) 106 103 Income tax expense/(benefit) 113 267 (376 ) — 4 Income/(Loss) from Continuing Operations 186 (213 ) 20 106 99 Loss from discontinued operations, net of income tax — (123 ) (618 ) — (741 ) Net Income/(Loss) 186 (336 ) (598 ) 106 (642 ) Less: Net (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest — (9 ) 28 (35 ) (16 ) Net Income/(Loss) Attributable to NRG Energy, Inc. $ 186 $ (327 ) $ (626 ) $ 141 $ (626 ) (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the six months ended June 30, 2017 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. Eliminations (a) Consolidated (In millions) Operating Revenues Total operating revenues $ 3,878 $ 1,241 $ — $ (36 ) $ 5,083 Operating Costs and Expenses Cost of operations 3,050 651 39 (36 ) 3,704 Depreciation and amortization 198 303 16 — 517 Impairment losses 42 21 — — 63 Selling, general and administrative 205 64 213 (1 ) 481 Development costs — 25 10 — 35 Total operating costs and expenses 3,495 1,064 278 (37 ) 4,800 Other income - affiliate — — 87 — 87 Gain on sale of assets 4 — — — 4 Operating Income/(Loss) 387 177 (191 ) 1 374 Other Income/(Expense) Equity in earnings/(losses) of consolidated subsidiaries 13 — (100 ) 87 — Equity in earnings/(losses) of unconsolidated affiliates — 4 (2 ) — 2 Other income, net 1 47 13 (35 ) 26 Loss on debt extinguishment, net — (2 ) — — (2 ) Interest expense (7 ) (225 ) (239 ) — (471 ) Total other income/(expense) 7 (176 ) (328 ) 52 (445 ) Income/(Loss) from Continuing Operations Before Income Taxes 394 1 (519 ) 53 (71 ) Income tax expense/(benefit) 131 237 (369 ) — (1 ) Income/(Loss) from Continuing Operations 263 (236 ) (150 ) 53 (70 ) Loss from discontinued operations, net of income tax — (160 ) (615 ) — (775 ) Net Income/(Loss) 263 (396 ) (765 ) 53 (845 ) Less: Net (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest — (46 ) 25 (34 ) (55 ) Net Income/(Loss) Attributable to NRG Energy, Inc. $ 263 $ (350 ) $ (790 ) $ 87 $ (790 ) (a) All significant intercompany transactions have been eliminated in consolidation. |
Condensed Consolidating Statements of Comprehensive Income/(Loss) | NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the three months ended June 30, 2018 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Net Income $ 210 $ 95 $ 151 $ (360 ) $ 96 Other Comprehensive Income, net of tax Unrealized gain on derivatives, net — 4 6 (5 ) 5 Foreign currency translation adjustments, net (4 ) (4 ) (5 ) 9 (4 ) Available-for-sale securities, net — — 1 — 1 Defined benefit plans, net — — (1 ) — (1 ) Other comprehensive (loss)/income (4 ) — 1 4 1 Comprehensive Income 206 95 152 (356 ) 97 Less: Comprehensive (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest — (57 ) 81 2 26 Comprehensive Income Attributable to NRG Energy, Inc. $ 206 $ 152 $ 71 $ (358 ) $ 71 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the six months ended June 30, 2018 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Net Income $ 543 $ 32 $ 446 $ (692 ) $ 329 Other Comprehensive (Loss)/Income, net of tax Unrealized gain on derivatives, net — 20 21 (22 ) 19 Foreign currency translation adjustments, net (6 ) (6 ) (8 ) 14 (6 ) Available-for-sale securities, net — — 1 — 1 Defined benefit plans, net — — (2 ) — (2 ) Other comprehensive (loss)/income (6 ) 14 12 (8 ) 12 Comprehensive Income 537 46 458 (700 ) 341 Less: Comprehensive (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest — (119 ) 105 2 (12 ) Comprehensive Income Attributable to NRG Energy, Inc. $ 537 $ 165 $ 353 $ (702 ) $ 353 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) For the three months ended June 30, 2017 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Net Income/(Loss) $ 186 $ (336 ) $ (598 ) $ 106 $ (642 ) Other Comprehensive Income, net of tax Unrealized loss on derivatives, net — (6 ) (4 ) 5 (5 ) Foreign currency translation adjustments, net — 1 — — 1 Available-for-sale securities, net — — 1 — 1 Defined benefit plans, net — 28 28 (29 ) 27 Other comprehensive income — 23 25 (24 ) 24 Comprehensive Income/(Loss) 186 (313 ) (573 ) 82 (618 ) Less: Comprehensive (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest — (10 ) 28 (35 ) (17 ) Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. $ 186 $ (303 ) $ (601 ) $ 117 $ (601 ) (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) For the six months ended June 30, 2017 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. Eliminations (a) Consolidated (In millions) Net Income/(Loss) $ 263 $ (396 ) $ (765 ) $ 53 $ (845 ) Other Comprehensive Income, net of tax Unrealized loss on derivatives, net — (1 ) — — (1 ) Foreign currency translation adjustments, net 5 5 7 (9 ) 8 Available-for-sale securities, net — — 1 — 1 Defined benefit plans, net — 29 27 (29 ) 27 Other comprehensive income 5 33 35 (38 ) 35 Comprehensive Income/(Loss) 268 (363 ) (730 ) 15 (810 ) Less: Comprehensive (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest — (47 ) 25 (34 ) (56 ) Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. $ 268 $ (316 ) $ (755 ) $ 49 $ (754 ) (a) All significant intercompany transactions have been eliminated in consolidation. |
Condensed Consolidating Balance Sheets | NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS June 30, 2018 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated ASSETS (In millions) Current Assets Cash and cash equivalents $ 71 $ 395 $ 514 $ — $ 980 Funds deposited by counterparties 71 — — — 71 Restricted cash 9 277 — — 286 Accounts receivable, net 1,094 274 3 — 1,371 Inventory 309 176 — — 485 Derivative instruments 837 36 15 (37 ) 851 Cash collateral paid in support of energy risk management activities 209 15 — — 224 Accounts receivable - affiliate 1,189 123 141 (1,396 ) 57 Current assets - held for sale — 100 — — 100 Prepayments and other current assets 173 122 35 (2 ) 328 Total current assets 3,962 1,518 708 (1,435 ) 4,753 Property, plant and equipment, net 2,402 10,164 231 (23 ) 12,774 Other Assets Investment in subsidiaries 486 — 8,111 (8,597 ) — Equity investments in affiliates — 1,055 — — 1,055 Notes receivable, less current portion — 15 — — 15 Goodwill 360 179 — — 539 Intangible assets, net 415 1,448 — (3 ) 1,860 Nuclear decommissioning trust fund 694 — — — 694 Derivative instruments 329 61 38 (2 ) 426 Deferred income tax 156 34 (64 ) — 126 Non-current assets held-for-sale — 50 — — 50 Other non-current assets 81 454 120 — 655 Total other assets 2,521 3,296 8,205 (8,602 ) 5,420 Total Assets $ 8,885 $ 14,978 $ 9,144 $ (10,060 ) $ 22,947 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities Current portion of long-term debt and capital leases $ — $ 862 $ 92 $ (2 ) $ 952 Accounts payable 699 230 46 — 975 Accounts payable — affiliate 1,901 (207 ) (269 ) (1,396 ) 29 Derivative instruments 695 51 — (37 ) 709 Cash collateral received in support of energy risk management activities 72 — — — 72 Current liabilities held-for-sale — 74 — — 74 Accrued expenses and other current liabilities 270 123 326 — 719 Accrued expenses and other current liabilities-affiliate — — 133 — 133 Total current liabilities 3,637 1,133 328 (1,435 ) 3,663 Other Liabilities Long-term debt and capital leases 245 7,428 7,148 — 14,821 Nuclear decommissioning reserve 274 — — — 274 Nuclear decommissioning trust liability 410 — — — 410 Deferred income taxes 112 64 (159 ) — 17 Derivative instruments 237 50 — (2 ) 285 Out-of-market contracts, net 58 137 — — 195 Non-current liabilities held-for-sale — 12 — — 12 Other non-current liabilities 410 311 409 — 1,130 Total non-current liabilities 1,746 8,002 7,398 (2 ) 17,144 Total liabilities 5,383 9,135 7,726 (1,437 ) 20,807 Redeemable noncontrolling interest in subsidiaries — 69 — — 69 Stockholders’ Equity 3,502 5,774 1,418 (8,623 ) 2,071 Total Liabilities and Stockholders’ Equity $ 8,885 $ 14,978 $ 9,144 $ (10,060 ) $ 22,947 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2017 Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated ASSETS (In millions) Current Assets Cash and cash equivalents $ — $ 348 $ 643 $ — $ 991 Funds deposited by counterparties 37 — — — 37 Restricted cash 4 504 — — 508 Accounts receivable, net 912 163 4 — 1,079 Inventory 338 194 — — 532 Derivative instruments 646 29 9 (58 ) 626 Cash collateral paid in support of energy risk management activities 170 1 — — 171 Accounts receivable - affiliate 685 133 (129 ) (594 ) 95 Current assets held-for-sale 8 107 — — 115 Prepayments and other current assets 122 112 27 — 261 Total current assets 2,922 1,591 554 (652 ) 4,415 Property, plant and equipment, net 2,507 11,188 238 (25 ) 13,908 Other Assets Investment in subsidiaries 266 — 7,581 (7,847 ) — Equity investments in affiliates — 1,036 2 — 1,038 Note receivable, less current portion — 2 38 (38 ) 2 Goodwill 360 179 — — 539 Intangible assets, net 454 1,295 — (3 ) 1,746 Nuclear decommissioning trust fund 692 — — — 692 Derivative instruments 126 15 31 — 172 Deferred income taxes 377 (7 ) (236 ) — 134 Non-current assets held for sale — 43 — — 43 Other non-current assets 50 459 120 — 629 Total other assets 2,325 3,022 7,536 (7,888 ) 4,995 Total Assets $ 7,754 $ 15,801 $ 8,328 $ (8,565 ) $ 23,318 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities Current portion of long-term debt and capital leases $ — $ 667 $ 59 $ (38 ) $ 688 Accounts payable 610 216 55 — 881 Accounts payable — affiliate 742 (297 ) 181 (593 ) 33 Derivative instruments 556 57 — (58 ) 555 Cash collateral received in support of energy risk management activities 37 — — — 37 Current liabilities held-for-sale — 72 — — 72 Accrued expenses and other current liabilities 303 162 425 — 890 Accrued expenses and other current liabilities - affiliate — — 161 — 161 Total current liabilities 2,248 877 881 (689 ) 3,317 Other Liabilities Long-term debt and capital leases 244 8,733 6,739 — 15,716 Nuclear decommissioning reserve 269 — — — 269 Nuclear decommissioning trust liability 415 — — — 415 Deferred income taxes 112 64 (155 ) — 21 Derivative instruments 136 61 — — 197 Out-of-market contracts, net 66 141 — — 207 Non-current liabilities held-for-sale — 8 — — 8 Other non-current liabilities 410 321 391 — 1,122 Total non-current liabilities 1,652 9,328 6,975 — 17,955 Total Liabilities 3,900 10,205 7,856 (689 ) 21,272 Redeemable noncontrolling interest in subsidiaries — 78 — — 78 Stockholders’ Equity 3,854 5,518 472 (7,876 ) 1,968 Total Liabilities and Stockholders’ Equity $ 7,754 $ 15,801 $ 8,328 $ (8,565 ) $ 23,318 (a) All significant intercompany transactions have been eliminated in consolidation. |
Condensed Consolidating Statements of Cash Flows | NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the six months ended June 30, 2018 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Cash Flows from Operating Activities Net income $ 543 $ 32 $ 446 $ (692 ) $ 329 Loss from discontinued operations — — (25 ) — (25 ) Net income from continuing operations 543 32 471 (692 ) 354 Adjustments to reconcile net income to net cash provided/(used) by operating activities: Distributions from unconsolidated affiliates — 50 — (7 ) 43 Equity in (earnings)/losses of unconsolidated affiliates — (17 ) 1 — (16 ) Depreciation, amortization and accretion 162 307 16 — 485 Provision for bad debts 31 — — — 31 Amortization of nuclear fuel 24 — — — 24 Amortization of financing costs and debt discount/premiums — 18 9 — 27 Adjustment for debt extinguishment — — 3 — 3 Amortization of intangibles and out-of-market contracts 9 39 — — 48 Amortization of unearned equity compensation — — 26 — 26 Impairment losses — 89 — — 89 Changes in deferred income taxes and liability for uncertain tax benefits 221 (41 ) (176 ) — 4 Changes in nuclear decommissioning trust liability 41 — — — 41 Changes in derivative instruments (154 ) (43 ) 8 (22 ) (211 ) Changes in collateral deposits in support of energy risk management activities (4 ) (14 ) — — (18 ) Gain on sale of emission allowances (11 ) — — — (11 ) Gain on sale of assets (3 ) (13 ) — — (16 ) Loss on deconsolidation of business — 22 — — 22 Changes in other working capital (298 ) 41 (865 ) 721 (401 ) Net Cash Provided/(Used) by Operating Activities 561 470 (507 ) — 524 Cash Flows from Investing Activities Dividends from NRG Yield, Inc. — — 52 (52 ) — Acquisition of Drop Down Assets, net of cash acquired — (126 ) — 126 — Acquisition of business, net of cash acquired (2 ) (282 ) — — (284 ) Capital expenditures (105 ) (556 ) (30 ) — (691 ) Decrease in notes receivable — 4 — — 4 Purchases of emission allowances (22 ) — — — (22 ) Proceeds from sale of emission allowances 34 — — — 34 Investments in nuclear decommissioning trust fund securities (346 ) — — — (346 ) Proceeds from the sale of nuclear decommissioning trust fund securities 303 — — — 303 Proceeds from sale of assets, net of cash disposed of 10 8 — — 18 Deconsolidation of business — (160 ) — — (160 ) Change in investments in unconsolidated affiliates — (2 ) — — (2 ) Net Cash (Used)/Provided by Investing Activities (128 ) (1,114 ) 22 74 (1,146 ) Cash Flows from Financing Activities Dividends from NRG Yield, Inc. — (52 ) — 52 — Payment (for)/from intercompany loans (323 ) 108 215 — — Acquisition of Drop Down Assets, net of cash acquired — — 126 (126 ) — Payment of dividends to common and preferred stockholders — — (19 ) — (19 ) Payment for treasury stock — — (500 ) — (500 ) Proceeds from issuance of long-term debt — 774 831 — 1,605 Payments for short and long-term debt — (564 ) (284 ) — (848 ) Contributions from, net of distributions to noncontrolling interests in subsidiaries — 222 — — 222 Payment of debt issuance costs — (24 ) (13 ) — (37 ) Net Cash (Used)/Provided by Financing Activities (323 ) 464 356 (74 ) 423 Net Increase/(Decrease) in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash 110 (180 ) (129 ) — (199 ) Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period 41 852 643 — 1,536 Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period $ 151 $ 672 $ 514 $ — $ 1,337 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the six months ended June 30, 2017 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Cash Flows from Operating Activities Net income/(loss) $ 263 $ (396 ) $ (765 ) $ 53 $ (845 ) Loss from discontinued operations — (160 ) (615 ) — (775 ) Net income/(loss) from continuing operations 263 (236 ) (150 ) 53 (70 ) Adjustments to reconcile net income/(loss) to net cash provided/(used) by operating activities: Distributions from unconsolidated affiliates — 32 — (4 ) 28 Equity in (earnings)/losses of unconsolidated affiliates — (4 ) 2 — (2 ) Depreciation, amortization and accretion 198 303 16 — 517 Provision for bad debts 17 1 — — 18 Amortization of nuclear fuel 24 — — — 24 Amortization of financing costs and debt discount/premiums — 20 9 — 29 Amortization of intangibles and out-of-market contracts 12 39 — — 51 Amortization of unearned equity compensation — — 16 — 16 Impairment losses 42 21 — — 63 Changes in deferred income taxes and liability for uncertain tax benefits 131 237 (360 ) — 8 Changes in nuclear decommissioning trust liability 2 — — — 2 Changes in derivative instruments 12 (12 ) 7 — 7 Changes in collateral deposits in support of energy risk management activities (203 ) 11 3 — (189 ) Proceeds from sale of emission allowances 11 — — — 11 Gain on sale of assets (22 ) — — — (22 ) Changes in other working capital (329 ) (539 ) 538 (49 ) (379 ) Net cash provided/(used) by continuing operations 158 (127 ) 81 — 112 Cash used by discontinued operations — (38 ) — — (38 ) Net Cash Provided/(Used) by Operating Activities 158 (165 ) 81 — 74 Cash Flows from Investing Activities Dividends from NRG Yield, Inc. — — 45 (45 ) — Intercompany dividends — — 129 (129 ) — Acquisition of Drop Down Assets, net of cash acquired — (131 ) — 131 — Acquisition of businesses, net of cash acquired — (16 ) — — (16 ) Capital expenditures (90 ) (436 ) (16 ) — (542 ) Decrease in notes receivable 8 — — — 8 Purchases of emission allowances (30 ) — — — (30 ) Proceeds from sale of emission allowances 59 — — — 59 Investments in nuclear decommissioning trust fund securities (279 ) — — — (279 ) Proceeds from the sale of nuclear decommissioning trust fund securities 277 — — — 277 Proceeds from renewable energy grants and state rebates — 8 — — 8 Proceeds from sale of assets, net of cash disposed of 35 — — — 35 Change in investments in unconsolidated affiliates — (30 ) — — (30 ) Other 18 — — — 18 Net cash (used)/provided by continuing operations (2 ) (605 ) 158 (43 ) (492 ) Cash used by discontinued operations — (53 ) — — (53 ) Net Cash (Used)/Provided by Investing Activities (2 ) (658 ) 158 (43 ) (545 ) Cash Flows from Financing Activities Dividends from NRG Yield, Inc. — (45 ) — 45 — Payments (for)/from intercompany loans — (129 ) — 129 — Acquisition of Drop Down Assets, net of cash acquired — — 131 (131 ) — Intercompany dividends (122 ) 369 (247 ) — — Payment of dividends to common and preferred stockholders — — (19 ) — (19 ) Net receipts from settlement of acquired derivatives that include financing elements — 2 — — 2 Proceeds from issuance of long-term debt — 741 205 — 946 Payments for short and long-term debt — (316 ) (214 ) — (530 ) Increase in notes receivable from affiliate — (125 ) — — (125 ) Distributions to, net of contributions from, noncontrolling interests in subsidiaries — 14 — — 14 Payments of debt issuance costs — (32 ) (4 ) — (36 ) Other - contingent consideration — (10 ) — — (10 ) Net cash (used)/provided by continuing operations (122 ) 469 (148 ) 43 242 Cash used by discontinued operations — (224 ) — — (224 ) Net Cash (Used)/Provided by Financing Activities (122 ) 245 (148 ) 43 18 Effect of exchange rate changes on cash and cash equivalents — (8 ) — — (8 ) Change in cash from discontinued operations — (315 ) — — (315 ) Net Increase/(Decrease) in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash 34 (271 ) 91 — (146 ) Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period 13 1,050 323 — 1,386 Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period $ 47 $ 779 $ 414 $ — $ 1,240 (a) All significant intercompany transactions have been eliminated in consolidation. |
Basis of Presentation - Basis o
Basis of Presentation - Basis of Presentation (Details) MW in Thousands | Jun. 30, 2018MW |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Generation capacity (in MW) | 30 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Other Balance Sheet Information (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||
Accounts receivable allowance for doubtful accounts | $ 28 | $ 28 |
Property, plant and equipment accumulated depreciation | 4,534 | 4,465 |
Intangible assets accumulated amortization | 1,443 | 1,818 |
Out-of-market contracts accumulated amortization | $ 370 | $ 358 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 980 | $ 991 | $ 752 | $ 938 |
Funds deposited by counterparties | 71 | 37 | 19 | 2 |
Restricted cash | 286 | 508 | 469 | 446 |
Cash and cash equivalents, funds deposited by counterparties and restricted cash shown in the statement of cash flows | $ 1,337 | $ 1,536 | $ 1,240 | $ 1,386 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Noncontrolling Interest (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Noncontrolling Interest [Roll Forward] | ||||
Balance as of beginning of period | $ 2,314 | |||
Dividends paid to NRG Yield, Inc. public shareholders | (61) | |||
Distributions to noncontrolling interest | (34) | |||
Comprehensive loss attributable to noncontrolling interest | $ 26 | $ (17) | (12) | $ (56) |
Contributions from noncontrolling interest | 295 | |||
Sale of assets to NRG Yield, Inc. | (8) | |||
Deconsolidation of Ivanpah | (89) | |||
Balance as of end of period | $ 2,437 | 2,437 | ||
Noncontrolling Interest | ||||
Noncontrolling Interest [Roll Forward] | ||||
Comprehensive loss attributable to noncontrolling interest | 12 | |||
Non-cash adjustments to noncontrolling interest | $ 8 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies - Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Noncontrolling Interest [Line Items] | ||||
Balance as of beginning of period | $ 78 | |||
Distributions to noncontrolling interest | (34) | |||
Contributions from redeemable noncontrolling interest | 26 | |||
Comprehensive loss attributable to noncontrolling interest | $ 26 | $ (17) | (12) | $ (56) |
Balance as of end of period | $ 69 | 69 | ||
Redeemable noncontrolling interest | ||||
Noncontrolling Interest [Line Items] | ||||
Distributions to noncontrolling interest | (2) | |||
Non-cash adjustments to noncontrolling interest | (9) | |||
Comprehensive loss attributable to noncontrolling interest | $ (24) |
Summary of Significant Accoun44
Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative effect adjustment to opening retained earnings | $ (5,920) | $ (6,268) | |
Difference between Revenue Guidance in Effect before and after Topic 606 | ASU 2014-09 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative effect adjustment to opening retained earnings | $ 16 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies - Capacity Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from External Customer [Line Items] | |||||||
Estimated revenue for cleared auction MWs, capacity auctions | $ 1,928 | $ 3,751 | |||||
Capacity revenue | |||||||
Revenue from External Customer [Line Items] | |||||||
Estimated revenue for cleared auction MWs, capacity auctions | $ 313 | $ 601 | |||||
Scenario, Forecast | Capacity revenue | |||||||
Revenue from External Customer [Line Items] | |||||||
Estimated revenue for cleared auction MWs, capacity auctions | $ 168 | $ 388 | $ 410 | $ 519 | $ 578 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 1,928 | $ 3,751 | ||
Mark-to-market for economic hedging activities | (71) | $ 59 | 125 | $ 41 |
Contract amortization | (14) | (28) | ||
Operating revenues | 2,922 | 2,701 | 5,343 | 5,083 |
Lease revenue | 370 | 622 | ||
Derivative revenue | (66) | 71 | 138 | 39 |
Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | (269) | (451) | ||
Contract amortization | 0 | 0 | ||
Operating revenues | (540) | (194) | (240) | (436) |
Lease revenue | 0 | 0 | ||
Energy revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 673 | 1,292 | ||
Lease revenue | 272 | 435 | ||
Derivative revenue | 580 | 1,012 | ||
Energy revenue | Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | (250) | (411) | ||
Lease revenue | 0 | 0 | ||
Derivative revenue | 0 | 0 | ||
Capacity revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 313 | 601 | ||
Lease revenue | 85 | 164 | ||
Derivative revenue | 39 | 65 | ||
Capacity revenue | Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | (2) | (3) | ||
Lease revenue | 0 | 0 | ||
Derivative revenue | 0 | 0 | ||
Retail revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | ||||
Retail revenue | Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | ||||
Retail revenue | Mass customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,379 | 2,549 | ||
Retail revenue | Mass customers | Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | (1) | (2) | ||
Retail revenue | Business solutions customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 437 | 753 | ||
Retail revenue | Business solutions customers | Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Total retail revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,816 | 3,302 | ||
Total retail revenue | Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | (1) | (2) | ||
Derivative revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Mark-to-market for economic hedging activities | 15 | (91) | ||
Derivative revenue | 638 | 998 | ||
Derivative revenue | Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Mark-to-market for economic hedging activities | (264) | 220 | ||
Derivative revenue | (264) | 220 | ||
Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 119 | 267 | ||
Lease revenue | 13 | 23 | ||
Other revenue | Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | (16) | (35) | ||
Lease revenue | 0 | 0 | ||
Total operating revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | 2,922 | 5,343 | ||
Total operating revenue | Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | (533) | (231) | ||
Other derivative revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Derivative revenue | 4 | 12 | ||
Other derivative revenue | Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Derivative revenue | 0 | 0 | ||
Retail | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,811 | 3,292 | ||
Contract amortization | 0 | 0 | ||
Operating revenues | 1,817 | 1,603 | 3,298 | 2,938 |
Lease revenue | 6 | 12 | ||
Retail | Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | (2) | (1) | (3) | (11) |
Retail | Energy revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Lease revenue | 0 | 0 | ||
Derivative revenue | 0 | 0 | ||
Retail | Capacity revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Lease revenue | 0 | 0 | ||
Derivative revenue | 0 | 0 | ||
Retail | Retail revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | ||||
Retail | Retail revenue | Mass customers | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,380 | 2,551 | ||
Retail | Retail revenue | Business solutions customers | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 437 | 753 | ||
Retail | Total retail revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,817 | 3,304 | ||
Retail | Derivative revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Mark-to-market for economic hedging activities | 0 | (6) | ||
Derivative revenue | 0 | (6) | ||
Retail | Other revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Lease revenue | 6 | 12 | ||
Retail | Total operating revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | 1,817 | 3,298 | ||
Retail | Other derivative revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Derivative revenue | 0 | 0 | ||
Generation | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 316 | 747 | ||
Contract amortization | 4 | 7 | ||
Operating revenues | 1,218 | 882 | 1,545 | 1,848 |
Lease revenue | 1 | 2 | ||
Generation | Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | (546) | (171) | (239) | (406) |
Generation | Energy revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 652 | 1,241 | ||
Lease revenue | 0 | 0 | ||
Derivative revenue | 580 | 1,012 | ||
Generation | Capacity revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 228 | 435 | ||
Lease revenue | 0 | 0 | ||
Derivative revenue | 39 | 65 | ||
Generation | Retail revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | ||||
Generation | Retail revenue | Mass customers | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Generation | Retail revenue | Business solutions customers | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Generation | Total retail revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Generation | Derivative revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Mark-to-market for economic hedging activities | 274 | (300) | ||
Derivative revenue | 897 | 789 | ||
Generation | Other revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 60 | 162 | ||
Lease revenue | 1 | 2 | ||
Generation | Total operating revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | 1,218 | 1,545 | ||
Generation | Other derivative revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Derivative revenue | 4 | 12 | ||
Generation | Gulf Coast | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 9 | 157 | ||
Contract amortization | 4 | 7 | ||
Lease revenue | 0 | 0 | ||
Generation | Gulf Coast | Energy revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 508 | 879 | ||
Lease revenue | 0 | 0 | ||
Derivative revenue | 610 | 981 | ||
Generation | Gulf Coast | Capacity revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 68 | 135 | ||
Lease revenue | 0 | 0 | ||
Derivative revenue | 0 | 0 | ||
Generation | Gulf Coast | Retail revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | ||||
Generation | Gulf Coast | Retail revenue | Mass customers | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Generation | Gulf Coast | Retail revenue | Business solutions customers | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Generation | Gulf Coast | Total retail revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Generation | Gulf Coast | Derivative revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Mark-to-market for economic hedging activities | 289 | (275) | ||
Derivative revenue | 898 | 710 | ||
Generation | Gulf Coast | Other revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 42 | 128 | ||
Lease revenue | 0 | 0 | ||
Generation | Gulf Coast | Total operating revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | 911 | 874 | ||
Generation | Gulf Coast | Other derivative revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Derivative revenue | (1) | 4 | ||
Generation | East and West | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 307 | 590 | ||
Contract amortization | 0 | 0 | ||
Lease revenue | 1 | 2 | ||
Generation | East and West | Energy revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 144 | 362 | ||
Lease revenue | 0 | 0 | ||
Derivative revenue | (30) | 31 | ||
Generation | East and West | Capacity revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 160 | 300 | ||
Lease revenue | 0 | 0 | ||
Derivative revenue | 39 | 65 | ||
Generation | East and West | Retail revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | ||||
Generation | East and West | Retail revenue | Mass customers | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Generation | East and West | Retail revenue | Business solutions customers | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Generation | East and West | Total retail revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Generation | East and West | Derivative revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Mark-to-market for economic hedging activities | (15) | (25) | ||
Derivative revenue | (1) | 79 | ||
Generation | East and West | Other revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 18 | 34 | ||
Lease revenue | 1 | 2 | ||
Generation | East and West | Total operating revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | 307 | 671 | ||
Generation | East and West | Other derivative revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Derivative revenue | 5 | 8 | ||
Renewables | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 12 | 44 | ||
Contract amortization | 0 | 0 | ||
Operating revenues | 113 | 119 | 199 | 213 |
Lease revenue | 96 | 160 | ||
Renewables | Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | (9) | (3) | (17) | (4) |
Renewables | Energy revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 79 | 156 | ||
Lease revenue | 90 | 151 | ||
Derivative revenue | 0 | 0 | ||
Renewables | Capacity revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Lease revenue | 0 | 0 | ||
Derivative revenue | 0 | 0 | ||
Renewables | Retail revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | ||||
Renewables | Retail revenue | Mass customers | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Renewables | Retail revenue | Business solutions customers | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Renewables | Total retail revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Renewables | Derivative revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Mark-to-market for economic hedging activities | 5 | (5) | ||
Derivative revenue | 5 | (5) | ||
Renewables | Other revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 29 | 48 | ||
Lease revenue | 6 | 9 | ||
Renewables | Total operating revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | 113 | 199 | ||
Renewables | Other derivative revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Derivative revenue | 0 | 0 | ||
NRG Yield | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 58 | 119 | ||
Contract amortization | (18) | (35) | ||
Operating revenues | 307 | 288 | 532 | 509 |
Lease revenue | 267 | 448 | ||
NRG Yield | Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | 0 | $ 0 | 0 | $ 0 |
NRG Yield | Energy revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 192 | 306 | ||
Lease revenue | 182 | 284 | ||
Derivative revenue | 0 | 0 | ||
NRG Yield | Capacity revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 87 | 169 | ||
Lease revenue | 85 | 164 | ||
Derivative revenue | 0 | 0 | ||
NRG Yield | Retail revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | ||||
NRG Yield | Retail revenue | Mass customers | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
NRG Yield | Retail revenue | Business solutions customers | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
NRG Yield | Total retail revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
NRG Yield | Derivative revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Mark-to-market for economic hedging activities | 0 | 0 | ||
Derivative revenue | 0 | 0 | ||
NRG Yield | Other revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 46 | 92 | ||
Lease revenue | 0 | 0 | ||
NRG Yield | Total operating revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | 307 | 532 | ||
NRG Yield | Other derivative revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Derivative revenue | $ 0 | $ 0 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies - Contract Assets and Liabilities (Details) $ in Millions | Jun. 30, 2018USD ($) |
Schedule Of Contract Assets And Liabilities [Line Items] | |
Deferred customer acquisition costs | $ 102 |
Total accounts receivable, net | 1,371 |
Unbilled revenues (included within Accounts receivable, net - Contracts with customers) | 445 |
Deferred revenues | 73 |
Accounts receivable, net - Contracts with customers | |
Schedule Of Contract Assets And Liabilities [Line Items] | |
Total accounts receivable, net | 1,187 |
Accounts receivable, net - Leases | |
Schedule Of Contract Assets And Liabilities [Line Items] | |
Total accounts receivable, net | 152 |
Accounts receivable, net - Derivative instruments | |
Schedule Of Contract Assets And Liabilities [Line Items] | |
Total accounts receivable, net | $ 32 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies - Recent Accounting Developments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cost of operations | $ 2,051 | $ 1,841 | $ 3,609 | $ 3,704 |
Other income, net | $ (20) | 14 | $ (23) | 26 |
ASU 2017-07 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cost of operations | 4 | 8 | ||
Other income, net | $ 4 | $ 8 |
Acquisitions, Discontinued Op49
Acquisitions, Discontinued Operations and Dispositions - Acquisitions (Details) - XOOM Energy, LLC customer in Thousands, $ in Millions | Jun. 01, 2018USD ($)statecustomer |
Business Acquisition [Line Items] | |
Number of states in which acquisition operates | state | 19 |
Purchase price | $ 219 |
Payments for estimated working capital included | $ 54 |
Increase in customers in retail portfolio | customer | 300 |
Purchase price allocated to accounts receivable | $ 46 |
Purchase price allocated to derivative assets | 42 |
Purchase price allocated to current and non-current assets | 26 |
Purchase price allocated to accounts payable | 25 |
Purchase price allocated to derivative liabilities | 31 |
Purchase price allocated to current and non-current liabilities | 18 |
Customer Relationships And Contracts | |
Business Acquisition [Line Items] | |
Purchase price allocated to finite-lived intangible assets | 169 |
Cash | |
Business Acquisition [Line Items] | |
Purchase price allocated to cash | 2 |
Restricted Cash | |
Business Acquisition [Line Items] | |
Purchase price allocated to cash | $ 8 |
Acquisitions, Discontinued Op50
Acquisitions, Discontinued Operations and Dispositions - Summary of Results (Details) - USD ($) $ in Millions | 2 Months Ended | 3 Months Ended | 5 Months Ended | 6 Months Ended | ||
Jun. 14, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 14, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Loss from discontinued operations, net of tax | $ (25) | $ (741) | $ (25) | $ (775) | ||
Discontinued Operations | GenOn | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Operating revenues | $ 265 | 0 | $ 646 | 0 | ||
Operating costs and expenses | (327) | 0 | (700) | 0 | ||
Other expenses | (54) | 0 | (98) | 0 | ||
Loss from operations of discontinued components, before tax | (116) | 0 | (152) | 0 | ||
Income tax expense | 8 | 0 | 9 | 0 | ||
Loss from operations of discontinued components | (124) | 0 | (161) | 0 | ||
Interest income - affiliate | 3 | 2 | 6 | 3 | ||
Loss from operations of discontinued components, net of tax | (121) | 2 | (155) | 3 | ||
Pre-tax loss on deconsolidation | (208) | 0 | (208) | 0 | ||
Settlement consideration and services credit | (289) | 0 | (289) | 0 | ||
Pension and post-retirement liability assumption | (119) | 1 | (119) | 1 | ||
Advisory and consulting fees | (4) | (1) | (4) | (2) | ||
Other | 0 | (27) | 0 | (27) | ||
Loss on disposal of discontinued components, net of tax | (620) | (27) | (620) | (28) | ||
Loss from discontinued operations, net of tax | $ (741) | $ (25) | $ (775) | $ (25) |
Acquisitions, Discontinued Op51
Acquisitions, Discontinued Operations and Dispositions - Narrative (Details) - USD ($) $ in Millions | Jul. 16, 2018 | Apr. 27, 2018 | Mar. 22, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | Dec. 31, 2017 |
GenOn Entities | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Pension liability | $ 90 | |||||
Liability, other postretirement-employment and retiree heal and welfare benefits | 25 | |||||
GenOn Entities | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Settlement consideration | 261.3 | |||||
Professional fees | $ 6 | |||||
GenOn Entities | Services Agreement | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Credit applied | $ 28 | |||||
Shared services, annualized rate | $ 84 | 84 | ||||
Plan of Reorganization | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Intercompany secured revolving credit facility and accrued interest and fees | $ 151 | |||||
Percentage of aggregate principal amount | 93.00% | |||||
Payment of pension contributions | 13 | 13 | ||||
Plan of Reorganization | GenOn Mid-Atlantic | Intercompany Credit Agreement | Letter of Credit | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Letters of credit | $ 37.5 | |||||
Plan of Reorganization | Services Agreement | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Credit applied | 28 | |||||
Payment to affiliate | $ 18 | |||||
Shared services, annualized rate | 84 | $ 84 | ||||
Plan of Reorganization | Services Agreement | GenOn Entities | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Payment to affiliate | $ 13.5 | $ 15 | ||||
Subsequent Event | GenOn Entities | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Settlement consideration | $ 261 | |||||
Subsequent Event | GenOn Entities | Assignment Of Historical Claims Against REMA | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Remaining payments and other balances due | 8 | |||||
Subsequent Event | GenOn Entities | Reduction Of Settlement Payment | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Remaining payments and other balances due | 4.2 | |||||
Subsequent Event | GenOn Entities | Indemnification Of Potential Claims By REMA (up to) | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Remaining payments and other balances due | 10 | |||||
Subsequent Event | Plan of Reorganization | Services Agreement | GenOn Entities | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Payment to affiliate | 15 | |||||
Subsequent Event | Plan of Reorganization | GenOn Entities | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Payments to affiliate, settlement agreement | 125 | |||||
Subsequent Event | Plan of Reorganization | GenOn Entities | Services Agreement | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Credit applied | 28 | |||||
Remaining payments and other balances due | 10 | |||||
Subsequent Event | Plan of Reorganization | GenOn Entities | Revolving Credit Facility Borrowings | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Intercompany secured revolving credit facility and accrued interest and fees | 151 | |||||
Subsequent Event | Plan of Reorganization | GenOn Entities | Accrued Interest On Borrowings | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Intercompany secured revolving credit facility and accrued interest and fees | 12 | |||||
Subsequent Event | Plan of Reorganization | GenOn Entities | Other | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Remaining payments and other balances due | $ 6 |
Acquisitions, Discontinued Op52
Acquisitions, Discontinued Operations and Dispositions - Dispositions (Details) - Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Millions | Jun. 29, 2018 | Jun. 28, 2018 | Jun. 30, 2018 |
Canal 3 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash proceeds from sale | $ 16 | ||
Gain on sale | $ (17) | ||
Proceeds from financing arrangements | $ 167 | ||
Proceeds from financing distributed to the company | $ 151 | ||
Other | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash proceeds from sale | $ 7 |
Acquisitions, Discontinued Op53
Acquisitions, Discontinued Operations and Dispositions - Transfers of Assets Under Common Control (Details) $ in Millions | Mar. 30, 2018USD ($)MW | Jun. 30, 2018USD ($)MW | Jun. 19, 2018USD ($) | Mar. 27, 2017USD ($)utility_scale_solar_projectMW |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Generation capacity (in MW) | MW | 30,000 | |||
Contributions from noncontrolling interest | $ 295 | |||
UPMC Thermal Project | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash consideration | $ 84 | |||
Buckthorn Renewables, LLC | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash consideration | $ 42 | |||
Generation capacity (in MW) | MW | 154 | |||
Assumed non-recourse debt in transaction | $ 183 | |||
Contributions from noncontrolling interest | $ 19 | |||
Buckthorn Renewables, LLC | Discontinued Operations, Held-for-sale or Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Percentage of ownership sold | 100.00% | |||
Agua Caliente solar project | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash consideration | $ 130 | |||
Number of utility scale solar projects | utility_scale_solar_project | 7 | |||
Assumed non-recourse debt in transaction | $ 328 | |||
Working capital adjustments | $ 1 | |||
Agua Caliente solar project | Agua Caliente | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Percentage of ownership sold | 16.00% | |||
Generation capacity (in MW) | MW | 46 | |||
Agua Caliente solar project | Utah Portfolio | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Generation capacity (in MW) | MW | 265 |
Fair Value of Financial Instr54
Fair Value of Financial Instruments - Estimated Carrying Amounts and Fair Value of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 19, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Long-term debt, including current portion | $ 16,092 | $ 120 | $ 16,633 |
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Notes receivable | 21 | 16 | |
Long-term debt, including current portion | 15,969 | 16,603 | |
Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Notes receivable | 18 | 15 | |
Long-term debt, including current portion | 16,163 | 16,894 | |
Fair Value | Level 2 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Long-term debt, including current portion | 9,586 | 8,934 | |
Fair Value | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Long-term debt, including current portion | $ 6,577 | $ 7,960 |
Fair Value of Financial Instr55
Fair Value of Financial Instruments - Assets and Liabilities Measured and Recorded at Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | $ 1,277 | $ 798 |
Derivative liabilities | 994 | 752 |
Commodity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1,169 | 745 |
Derivative liabilities | 971 | 693 |
Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 108 | 53 |
Derivative liabilities | 23 | 59 |
Fair value, measurements, recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in securities (classified within other non-current assets) | 22 | 22 |
U.S. government and federal agency obligations | 1 | 1 |
Total assets | 1,994 | 1,513 |
Derivative liabilities | 994 | 752 |
Fair value, measurements, recurring | Commodity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1,169 | 745 |
Derivative liabilities | 971 | 693 |
Fair value, measurements, recurring | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 108 | 53 |
Derivative liabilities | 23 | 59 |
Fair value, measurements, recurring | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear trust fund investments | 25 | 47 |
Fair value, measurements, recurring | U.S. government and federal agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear trust fund investments | 42 | 43 |
Fair value, measurements, recurring | Federal agency mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear trust fund investments | 97 | 82 |
Fair value, measurements, recurring | Commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear trust fund investments | 16 | 14 |
Fair value, measurements, recurring | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear trust fund investments | 101 | 99 |
Fair value, measurements, recurring | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear trust fund investments | 342 | 334 |
Equity contracts | 65 | 68 |
Fair value, measurements, recurring | Foreign government fixed income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear trust fund investments | 6 | 5 |
Fair value, measurements, recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in securities (classified within other non-current assets) | 3 | 3 |
U.S. government and federal agency obligations | 1 | 1 |
Total assets | 601 | 616 |
Derivative liabilities | 236 | 257 |
Fair value, measurements, recurring | Level 1 | Commodity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 188 | 191 |
Derivative liabilities | 236 | 257 |
Fair value, measurements, recurring | Level 1 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair value, measurements, recurring | Level 1 | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear trust fund investments | 25 | 45 |
Fair value, measurements, recurring | Level 1 | U.S. government and federal agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear trust fund investments | 42 | 42 |
Fair value, measurements, recurring | Level 1 | Federal agency mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear trust fund investments | 0 | 0 |
Fair value, measurements, recurring | Level 1 | Commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear trust fund investments | 0 | 0 |
Fair value, measurements, recurring | Level 1 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear trust fund investments | 0 | 0 |
Fair value, measurements, recurring | Level 1 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear trust fund investments | 342 | 334 |
Fair value, measurements, recurring | Level 1 | Foreign government fixed income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear trust fund investments | 0 | 0 |
Fair value, measurements, recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in securities (classified within other non-current assets) | 0 | 0 |
U.S. government and federal agency obligations | 0 | 0 |
Total assets | 809 | 765 |
Derivative liabilities | 411 | 418 |
Fair value, measurements, recurring | Level 2 | Commodity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 481 | 509 |
Derivative liabilities | 388 | 359 |
Fair value, measurements, recurring | Level 2 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 108 | 53 |
Derivative liabilities | 23 | 59 |
Fair value, measurements, recurring | Level 2 | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear trust fund investments | 0 | 2 |
Fair value, measurements, recurring | Level 2 | U.S. government and federal agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear trust fund investments | 0 | 1 |
Fair value, measurements, recurring | Level 2 | Federal agency mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear trust fund investments | 97 | 82 |
Fair value, measurements, recurring | Level 2 | Commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear trust fund investments | 16 | 14 |
Fair value, measurements, recurring | Level 2 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear trust fund investments | 101 | 99 |
Fair value, measurements, recurring | Level 2 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear trust fund investments | 0 | 0 |
Fair value, measurements, recurring | Level 2 | Foreign government fixed income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear trust fund investments | 6 | 5 |
Fair value, measurements, recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in securities (classified within other non-current assets) | 19 | 19 |
U.S. government and federal agency obligations | 0 | 0 |
Total assets | 519 | 64 |
Derivative liabilities | 347 | 77 |
Fair value, measurements, recurring | Level 3 | Commodity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 500 | 45 |
Derivative liabilities | 347 | 77 |
Fair value, measurements, recurring | Level 3 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair value, measurements, recurring | Level 3 | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear trust fund investments | 0 | 0 |
Fair value, measurements, recurring | Level 3 | U.S. government and federal agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear trust fund investments | 0 | 0 |
Fair value, measurements, recurring | Level 3 | Federal agency mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear trust fund investments | 0 | 0 |
Fair value, measurements, recurring | Level 3 | Commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear trust fund investments | 0 | 0 |
Fair value, measurements, recurring | Level 3 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear trust fund investments | 0 | 0 |
Fair value, measurements, recurring | Level 3 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear trust fund investments | 0 | 0 |
Fair value, measurements, recurring | Level 3 | Foreign government fixed income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear trust fund investments | $ 0 | $ 0 |
Fair Value of Financial Instr56
Fair Value of Financial Instruments - Reconciliation of Level 3 Financial Instruments (Details) - Level 3 - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ (3) | $ (38) | $ (13) | $ (51) |
Contracts acquired in Xoom acquisition | 12 | 12 | ||
Total losses — realized/unrealized: | ||||
Included in earnings | (21) | 40 | (19) | 47 |
Included in nuclear decommissioning obligation | 0 | 0 | ||
Purchases | (4) | 5 | (3) | 9 |
Transfers into Level 3 | 193 | 3 | 197 | (5) |
Transfers out of Level 3 | (5) | (3) | (2) | 7 |
Ending balance | 172 | 7 | 172 | 7 |
(Losses) Gains for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of June 30, | 20 | 22 | 17 | 7 |
Debt Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 19 | 18 | 19 | 17 |
Contracts acquired in Xoom acquisition | 0 | 0 | ||
Total losses — realized/unrealized: | ||||
Included in earnings | 0 | 0 | 0 | 1 |
Included in nuclear decommissioning obligation | 0 | 0 | ||
Purchases | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Ending balance | 19 | 18 | 19 | 18 |
(Losses) Gains for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of June 30, | 0 | 0 | 0 | 0 |
Derivatives | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | (22) | (56) | (32) | (68) |
Contracts acquired in Xoom acquisition | 12 | 12 | ||
Total losses — realized/unrealized: | ||||
Included in earnings | (21) | 40 | (19) | 46 |
Included in nuclear decommissioning obligation | 0 | 0 | ||
Purchases | (4) | 5 | (3) | 9 |
Transfers into Level 3 | 193 | 3 | 197 | (5) |
Transfers out of Level 3 | (5) | (3) | (2) | 7 |
Ending balance | 153 | (11) | 153 | (11) |
(Losses) Gains for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of June 30, | $ 20 | $ 22 | $ 17 | $ 7 |
Fair Value of Financial Instr57
Fair Value of Financial Instruments - Derivative Fair Value Measurements, Narrative (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | ||
Total derivative assets valued with prices provied by models and other valuation techniques (as a percent) | 39.00% | |
Total derivative liabilities valued with prices provied by models and other valuation techniques (as a percent) | 35.00% | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Credit result of reserve change to fair value | $ (4,000,000) | $ 0 |
Commodity contracts | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loss included in credit reserve | 1,000,000 | |
Interest rate contracts | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Loss included in credit reserve | $ 3,000,000 |
Fair Value of Financial Instr58
Fair Value of Financial Instruments - Derivative Fair Value Measurements (Details) $ in Millions | Jun. 30, 2018USD ($)$ / MWh | Dec. 31, 2017USD ($)$ / MWh |
Assets | ||
Derivative assets | $ 1,277 | $ 798 |
Liabilities | ||
Derivative liabilities | 994 | 752 |
Fair value, measurements, recurring | ||
Liabilities | ||
Derivative liabilities | 994 | 752 |
Fair value, measurements, recurring | Level 3 | ||
Liabilities | ||
Derivative liabilities | 347 | 77 |
Commodity contracts | ||
Assets | ||
Derivative assets | 1,169 | 745 |
Liabilities | ||
Derivative liabilities | 971 | 693 |
Commodity contracts | Fair value, measurements, recurring | ||
Assets | ||
Derivative assets | 1,169 | 745 |
Liabilities | ||
Derivative liabilities | 971 | 693 |
Commodity contracts | Fair value, measurements, recurring | Level 3 | ||
Assets | ||
Derivative assets | 500 | 45 |
Liabilities | ||
Derivative liabilities | 347 | 77 |
Commodity contracts | Fair value, measurements, recurring | Level 3 | Power Contracts | ||
Assets | ||
Derivative assets | 481 | 34 |
Liabilities | ||
Derivative liabilities | $ 330 | $ 65 |
Commodity contracts | Fair value, measurements, recurring | Level 3 | Power Contracts | Low | ||
Fair Value Inputs / Range | ||
Forward Market Price (per MWh) | $ / MWh | 6 | 10 |
Commodity contracts | Fair value, measurements, recurring | Level 3 | Power Contracts | High | ||
Fair Value Inputs / Range | ||
Forward Market Price (per MWh) | $ / MWh | 198 | 142 |
Commodity contracts | Fair value, measurements, recurring | Level 3 | Power Contracts | Weighted Average | ||
Fair Value Inputs / Range | ||
Forward Market Price (per MWh) | $ / MWh | 35 | 33 |
Commodity contracts | Fair value, measurements, recurring | Level 3 | FTRs | ||
Assets | ||
Derivative assets | $ 19 | $ 11 |
Liabilities | ||
Derivative liabilities | $ 17 | $ 12 |
Commodity contracts | Fair value, measurements, recurring | Level 3 | FTRs | Low | ||
Fair Value Inputs / Range | ||
Auction Prices (per MWh) | $ / MWh | (48) | (28) |
Commodity contracts | Fair value, measurements, recurring | Level 3 | FTRs | High | ||
Fair Value Inputs / Range | ||
Auction Prices (per MWh) | $ / MWh | 47 | 46 |
Commodity contracts | Fair value, measurements, recurring | Level 3 | FTRs | Weighted Average | ||
Fair Value Inputs / Range | ||
Auction Prices (per MWh) | $ / MWh | 0 | 0 |
Fair Value of Financial Instr59
Fair Value of Financial Instruments - Counterparty Credit Risk (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Concentration of Credit Risk | |
Counterparty credit exposure to a portion of the Company's counterparties | $ 289 |
Net counterparty credit exposure to a portion of the Company's counterparties | 112 |
Collateral held (cash and letters of credit) against counterparty credit exposure to a portion of the Company's counterparties | $ 246 |
Company's exposure before collateral is expected to roll off by the end of 2019 (as a percent) | 77.00% |
Net exposure (as a percent) | 100.00% |
Counterparty credit risk exposure to certain counterparties, threshold (as a percent) | 10.00% |
Aggregate counterparty credit risk exposure for counterparties representing exposure above threshold percentage | $ 49 |
Estimated counterparty credit risk exposure under certain long term agreements, including California tolling agreements, South Central load obligations and solar power purchase agreements for the next 5 years | $ 4,100 |
Period of estimated counterparty credit risk exposure under certain long term agreements, including California tolling agreements, South Central load obligations and solar power purchase agreements (in years) | 5 years |
NRG Yield, Inc. | |
Concentration of Credit Risk | |
Estimated counterparty credit risk exposure under certain long term agreements, including California tolling agreements, South Central load obligations and solar power purchase agreements for the next 5 years | $ 2,500 |
Investment grade | |
Concentration of Credit Risk | |
Net exposure (as a percent) | 76.00% |
Non-Investment grade/Non-Rated | |
Concentration of Credit Risk | |
Net exposure (as a percent) | 24.00% |
Utilities, energy merchants, marketers and other | |
Concentration of Credit Risk | |
Net exposure (as a percent) | 76.00% |
Financial institutions | |
Concentration of Credit Risk | |
Net exposure (as a percent) | 24.00% |
Nuclear Decommissioning Trust60
Nuclear Decommissioning Trust Fund - Summary of aggregate fair values and realized gains and losses (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Nuclear decommissioning trust fund | ||
Fair Value | $ 694 | $ 692 |
Unrealized Gains | 274 | 276 |
Unrealized Losses | 6 | 2 |
Cash and cash equivalents | ||
Nuclear decommissioning trust fund | ||
Fair Value | 25 | 47 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
U.S. government and federal agency obligations | ||
Nuclear decommissioning trust fund | ||
Fair Value | 42 | 43 |
Unrealized Gains | 1 | 1 |
Unrealized Losses | $ 0 | $ 0 |
Weighted-average Maturities (In years) | 14 years | 11 years |
Federal agency mortgage-backed securities | ||
Nuclear decommissioning trust fund | ||
Fair Value | $ 97 | $ 82 |
Unrealized Gains | 0 | 1 |
Unrealized Losses | $ 3 | $ 1 |
Weighted-average Maturities (In years) | 23 years | 23 years |
Commercial mortgage-backed securities | ||
Nuclear decommissioning trust fund | ||
Fair Value | $ 16 | $ 14 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | $ 1 | $ 0 |
Weighted-average Maturities (In years) | 22 years | 20 years |
Corporate debt securities | ||
Nuclear decommissioning trust fund | ||
Fair Value | $ 101 | $ 99 |
Unrealized Gains | 1 | 2 |
Unrealized Losses | $ 2 | $ 1 |
Weighted-average Maturities (In years) | 10 years | 11 years |
Equity securities | ||
Nuclear decommissioning trust fund | ||
Fair Value | $ 407 | $ 402 |
Unrealized Gains | 272 | 272 |
Unrealized Losses | 0 | 0 |
Foreign government fixed income securities | ||
Nuclear decommissioning trust fund | ||
Fair Value | 6 | 5 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | $ 0 | $ 0 |
Weighted-average Maturities (In years) | 8 years | 9 years |
Nuclear Decommissioning Trust61
Nuclear Decommissioning Trust Fund - Summary of proceeds from sales of available-for-sale securities and related gains and losses (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Nuclear Decommissioning Trust Fund Disclosure [Abstract] | ||
Realized gains | $ 7 | $ 3 |
Realized losses | 6 | 3 |
Proceeds from sale of securities | $ 303 | $ 277 |
Accounting for Derivative Ins62
Accounting for Derivative Instruments and Hedging Activities - Net notional volume buy/sell of open derivative transactions (Details) shares in Millions, mw_per_day in Millions, T in Millions, MWh in Millions, MMBTU in Millions, $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018USD ($)MMBTUMWhmw_per_dayTshares | Dec. 31, 2017USD ($)MMBTUMWhmw_per_dayTshares | |
Long | Emissions | ||
Volumetric Underlying Derivative Transactions | ||
Derivative, nonmonetary notional amount, mass (ton) | 2 | 1 |
Long | Coal | ||
Volumetric Underlying Derivative Transactions | ||
Derivative, nonmonetary notional amount, mass (ton) | 12 | 21 |
Long | Power | ||
Volumetric Underlying Derivative Transactions | ||
Derivative, nonmonetary notional amount, energy (in MMBtu and MWh) | MWh | 16 | 14 |
Long | Interest | ||
Volumetric Underlying Derivative Transactions | ||
Derivative, notional amount (in usd) | $ | $ 4,016 | $ 3,876 |
Long | Equity | ||
Volumetric Underlying Derivative Transactions | ||
Derivative, non-monetary notional amount (in shares) | shares | 0 | 1 |
Short | Natural Gas | ||
Volumetric Underlying Derivative Transactions | ||
Derivative, nonmonetary notional amount, energy (in MMBtu and MWh) | MMBTU | 551 | 17 |
Short | Capacity | ||
Volumetric Underlying Derivative Transactions | ||
Derivative, nonmonetary notional amount, flow rate (in MW/Day) | mw_per_day | (1) | (1) |
Accounting for Derivative Ins63
Accounting for Derivative Instruments and Hedging Activities - Fair value within the derivative instrument valuation (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Derivative [Line Items] | ||
Derivative Assets | $ 1,277 | $ 798 |
Derivative Liabilities | 994 | 752 |
Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Assets | 26 | 12 |
Derivative Liabilities | 7 | 16 |
Designated as Hedging Instrument | Interest rate contracts current | ||
Derivative [Line Items] | ||
Derivative Assets | 3 | 1 |
Derivative Liabilities | 2 | 5 |
Designated as Hedging Instrument | Interest rate contracts long-term | ||
Derivative [Line Items] | ||
Derivative Assets | 23 | 11 |
Derivative Liabilities | 5 | 11 |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Assets | 1,251 | 786 |
Derivative Liabilities | 987 | 736 |
Not Designated as Hedging Instrument | Interest rate contracts current | ||
Derivative [Line Items] | ||
Derivative Assets | 16 | 9 |
Derivative Liabilities | 5 | 15 |
Not Designated as Hedging Instrument | Interest rate contracts long-term | ||
Derivative [Line Items] | ||
Derivative Assets | 66 | 32 |
Derivative Liabilities | 11 | 28 |
Not Designated as Hedging Instrument | Commodity contracts current | ||
Derivative [Line Items] | ||
Derivative Assets | 832 | 616 |
Derivative Liabilities | 702 | 535 |
Not Designated as Hedging Instrument | Commodity contracts long-term | ||
Derivative [Line Items] | ||
Derivative Assets | 337 | 129 |
Derivative Liabilities | $ 269 | $ 158 |
Accounting for Derivative Ins64
Accounting for Derivative Instruments and Hedging Activities - Offsetting of derivatives by counterparty master agreement level and collateral received (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ||
Derivative assets | $ 1,277 | $ 798 |
Cash Collateral (Held) / Posted | (72) | (37) |
Gross Amounts of Recognized Derivative Liabilities | (994) | (752) |
Cash Collateral Posted | 224 | 171 |
Gross Amounts of Recognized Assets / Liabilities | 283 | 46 |
Derivative Instruments | 0 | 0 |
Cash Collateral (Held) / Posted | 48 | 62 |
Net Amount | 331 | 108 |
Commodity contracts | ||
Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ||
Derivative assets | 1,169 | 745 |
Derivative Instruments | (817) | (578) |
Cash Collateral (Held) / Posted | (50) | (11) |
Net Amount | 302 | 156 |
Gross Amounts of Recognized Derivative Liabilities | (971) | (693) |
Derivative Instruments | 817 | 578 |
Cash Collateral Posted | 98 | 73 |
Net Amount | (56) | (42) |
Gross Amounts of Recognized Assets / Liabilities | 198 | 52 |
Derivative Instruments | 0 | 0 |
Cash Collateral (Held) / Posted | 48 | 62 |
Net Amount | 246 | 114 |
Interest rate contracts | ||
Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ||
Derivative assets | 108 | 53 |
Derivative Instruments | (3) | (3) |
Cash Collateral (Held) / Posted | 0 | 0 |
Net Amount | 105 | 50 |
Gross Amounts of Recognized Derivative Liabilities | (23) | (59) |
Derivative Instruments | 3 | 3 |
Cash Collateral Posted | 0 | 0 |
Net Amount | (20) | (56) |
Gross Amounts of Recognized Assets / Liabilities | 85 | (6) |
Derivative Instruments | 0 | 0 |
Cash Collateral (Held) / Posted | 0 | 0 |
Net Amount | $ 85 | $ (6) |
Accounting for Derivative Ins65
Accounting for Derivative Instruments and Hedging Activities - Effect of ASC 815 on accumulated OCI balance attributable to hedge derivatives, net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Reclassified from accumulated OCI to income: | ||||
Accumulated other comprehensive income (loss), tax | $ 5 | $ 16 | $ 5 | $ 16 |
Losses expected to be realized from OCI during the next twelve months, tax | 1 | 1 | ||
Interest rate contracts | ||||
Effects of ASC 815 on NRG's Accumulated OCI Balance Attributable to Cash Flow Hedge Derivatives, net of tax | ||||
Accumulated OCI beginning balance | (31) | (61) | (54) | (66) |
Reclassified from accumulated OCI to income: | ||||
Due to realization of previously deferred amounts | 3 | 3 | 7 | 6 |
Mark-to-market of cash flow hedge accounting contracts | 5 | (9) | 24 | (7) |
Accumulated OCI ending balance, net of $5, and $16 tax | (23) | (67) | (23) | (67) |
Losses expected to be realized from OCI during the next 12 months, net of $1 tax | $ 8 | $ 8 |
Accounting for Derivative Ins66
Accounting for Derivative Instruments and Hedging Activities - Pre-tax effects of economic hedges not designated a cash flow hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Unrealized mark-to-market results | ||||
Reversal of previously recognized unrealized (gains)/losses on settled positions related to economic hedges | $ (3) | $ 22 | $ (1) | $ 25 |
Reversal of acquired (gain)/loss positions related to economic hedges | (1) | 1 | (1) | 1 |
Net unrealized (losses)/gains on open positions related to economic hedges | (67) | 36 | 127 | 15 |
Total unrealized mark-to-market (losses)/gains for economic hedging activities | (71) | 59 | 125 | 41 |
Reversal of previously recognized unrealized gains on settled positions related to trading activity | (3) | (4) | (6) | (19) |
Net unrealized gains on open positions related to trading activity | 8 | 16 | 19 | 17 |
Total unrealized mark-to-market gains/(losses) for trading activity | 5 | 12 | 13 | (2) |
Total unrealized (losses)/gains | (66) | 71 | 138 | 39 |
Credit Risk Related Contingent Features | ||||
Unrealized gain from open economic hedge positions | 127 | 15 | ||
Collateral due on net liability position that has not been called by a certain marginable agreement counterparty | 4 | 4 | ||
Adequate Assurance Clauses | ||||
Credit Risk Related Contingent Features | ||||
Derivative net liability position, collateral required Contracts with Credit Rating Contingent Feature | 31 | 31 | ||
Credit Rating Contingent Features | ||||
Credit Risk Related Contingent Features | ||||
Derivative net liability position, collateral required Contracts with Credit Rating Contingent Feature | 3 | 3 | ||
Commodity contracts | ||||
Unrealized mark-to-market results | ||||
Total unrealized (losses)/gains | (66) | 71 | 138 | 39 |
Commodity contracts | Sales | ||||
Unrealized mark-to-market results | ||||
Total unrealized (losses)/gains | 20 | 53 | (78) | 157 |
Commodity contracts | Cost of Sales | ||||
Unrealized mark-to-market results | ||||
Total unrealized (losses)/gains | (86) | 18 | 216 | (118) |
Interest rate contracts | ||||
Unrealized mark-to-market results | ||||
Total unrealized (losses)/gains | $ 13 | $ (24) | $ 61 | $ (19) |
Impairments (Details)
Impairments (Details) - USD ($) | Jun. 29, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Ownership interest | 3.70% | |||||
Carrying amount of related assets | $ 1,055,000,000 | $ 1,055,000,000 | $ 1,038,000,000 | |||
Impairment losses | 74,000,000 | $ 63,000,000 | 74,000,000 | $ 63,000,000 | ||
Construction in progress | 0 | $ 0 | ||||
Renewables | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment losses | 22,000,000 | |||||
Construction in Progress | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment losses | $ 41,000,000 | |||||
Keystone | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment losses to reduce carrying amounts | $ 14,000,000 | |||||
Conemaugh | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment losses to reduce carrying amounts | $ 14,000,000 | |||||
Dunkirk | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment losses to reduce carrying amounts | 46,000,000 | |||||
Carrying amount of related assets | $ 0 | $ 0 |
Debt and Capital Leases - Sched
Debt and Capital Leases - Schedule of Long-term Debt and Capital Leases (Details) - USD ($) $ in Millions | Mar. 21, 2018 | Jun. 30, 2018 | Jun. 19, 2018 | Dec. 31, 2017 | May 26, 2017 | Feb. 17, 2017 |
Debt Instrument [Line Items] | ||||||
Amount | $ 16,092 | $ 120 | $ 16,633 | |||
Capital leases | 3 | 5 | ||||
Subtotal long-term debt and capital leases (including current maturities) | 16,095 | 16,638 | ||||
Current portion of long-term debt and capital leases | (952) | (688) | ||||
Less debt issuance costs | (199) | (204) | ||||
Discounts | (123) | (30) | ||||
Long-term debt and capital leases | $ 14,821 | 15,716 | ||||
Alta Wind I - V lease financing arrangements, due 2034 and 2035 | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, stated percentage | 5.696% | |||||
Alta Wind I - V lease financing arrangements, due 2034 and 2035 | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, stated percentage | 7.015% | |||||
Recourse Debt | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 7,729 | 7,182 | ||||
Recourse Debt | Senior Notes, due 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 977 | 992 | ||||
Interest rate, stated percentage | 6.25% | |||||
Recourse Debt | Senior Notes, due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 733 | 733 | ||||
Interest rate, stated percentage | 6.25% | |||||
Recourse Debt | Senior Notes, due 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 1,000 | 1,000 | ||||
Interest rate, stated percentage | 7.25% | |||||
Recourse Debt | Senior Notes, due 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 1,250 | 1,250 | ||||
Interest rate, stated percentage | 6.625% | |||||
Recourse Debt | Senior Notes, due 2028 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 841 | 870 | ||||
Interest rate, stated percentage | 5.75% | |||||
Recourse Debt | Convertible Senior Notes, due 2048 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 575 | 0 | ||||
Interest rate, stated percentage | 2.75% | |||||
Recourse Debt | Revolving loan facility, due 2018 and 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 26 | 0 | ||||
Recourse Debt | Revolving loan facility, due 2018 and 2021 | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.75% | |||||
Recourse Debt | Term loan facility, due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 1,862 | 1,872 | ||||
Recourse Debt | Term loan facility, due 2023 | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.75% | 1.75% | ||||
Recourse Debt | Tax-exempt bonds | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 465 | 465 | ||||
Recourse Debt | Tax-exempt bonds | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, stated percentage | 4.125% | |||||
Recourse Debt | Tax-exempt bonds | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, stated percentage | 6.00% | |||||
Non Recourse Debt | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 8,363 | 9,451 | ||||
Non Recourse Debt | NRG Yield, Inc. Convertible Senior Notes, due 2019 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 345 | 345 | ||||
Interest rate, stated percentage | 3.50% | |||||
Non Recourse Debt | NRG Yield, Inc. Convertible Senior Notes, due 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 288 | 288 | ||||
Interest rate, stated percentage | 3.25% | |||||
Non Recourse Debt | NRG Yield, Inc. Convertible Senior Notes, due 2019 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 500 | 500 | ||||
Interest rate, stated percentage | 5.375% | |||||
Non Recourse Debt | NRG Yield, Inc. Convertible Senior Notes, due 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 350 | 350 | ||||
Interest rate, stated percentage | 5.00% | |||||
Non Recourse Debt | NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility, due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 0 | 55 | ||||
Non Recourse Debt | NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility, due 2023 | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.75% | |||||
Non Recourse Debt | El Segundo Energy Center, due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 369 | 400 | ||||
Non Recourse Debt | El Segundo Energy Center, due 2023 | LIBOR | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.75% | |||||
Non Recourse Debt | El Segundo Energy Center, due 2023 | LIBOR | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.375% | |||||
Non Recourse Debt | Marsh Landing, due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 305 | 318 | ||||
Non Recourse Debt | Marsh Landing, due 2023 | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.125% | |||||
Non Recourse Debt | Alta Wind I - V lease financing arrangements, due 2034 and 2035 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 901 | 926 | ||||
Non Recourse Debt | Walnut Creek, term loans due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 254 | 267 | ||||
Non Recourse Debt | Walnut Creek, term loans due 2023 | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.625% | |||||
Non Recourse Debt | Utah Portfolio, due 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 273 | 278 | ||||
Non Recourse Debt | Tapestry, due 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 155 | 162 | ||||
Non Recourse Debt | Tapestry, due 2021 | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.625% | |||||
Non Recourse Debt | CVSR, due 2037 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 731 | 746 | ||||
Non Recourse Debt | CVSR, due 2037 | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, stated percentage | 2.339% | |||||
Non Recourse Debt | CVSR, due 2037 | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, stated percentage | 3.775% | |||||
Non Recourse Debt | CVSR HoldCo, due 2037 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 188 | 194 | ||||
Interest rate, stated percentage | 4.68% | |||||
Non Recourse Debt | Alpine, due 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 133 | 135 | ||||
Non Recourse Debt | Alpine, due 2022 | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.75% | |||||
Non Recourse Debt | Energy Center Minneapolis, due 2031, 2033, 2035 and 2037 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 328 | 208 | ||||
Non Recourse Debt | Viento, due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 154 | 163 | ||||
Non Recourse Debt | Viento, due 2023 | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 3.00% | |||||
Non Recourse Debt | Buckthorn Solar, due 2018 and 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 132 | 169 | ||||
Non Recourse Debt | Buckthorn Solar, due 2018 and 2025 | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.75% | |||||
Non Recourse Debt | NRG Yield - other | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 564 | 579 | ||||
Non Recourse Debt | Subtotal NRG Yield debt (non-recourse to NRG) | ||||||
Debt Instrument [Line Items] | ||||||
Amount | 5,970 | 6,083 | ||||
Non Recourse Debt | Ivanpah, due 2033 and 2038 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 0 | 1,073 | ||||
Non Recourse Debt | Ivanpah, due 2033 and 2038 | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, stated percentage | 2.285% | |||||
Non Recourse Debt | Ivanpah, due 2033 and 2038 | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, stated percentage | 4.256% | |||||
Non Recourse Debt | Carlsbad Energy Project | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 513 | 427 | ||||
Interest rate, stated percentage | 4.12% | |||||
Non Recourse Debt | Carlsbad Energy Project | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, stated percentage | 1.625% | |||||
Non Recourse Debt | Carlsbad Energy Project | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, stated percentage | 4.12% | |||||
Non Recourse Debt | Agua Caliente, due 2037 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 812 | 818 | ||||
Non Recourse Debt | Agua Caliente, due 2037 | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, stated percentage | 2.395% | |||||
Non Recourse Debt | Agua Caliente, due 2037 | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, stated percentage | 3.633% | |||||
Non Recourse Debt | Agua Caliente Borrower 1, due 2038 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 86 | 89 | ||||
Interest rate, stated percentage | 5.43% | 5.43% | ||||
Non Recourse Debt | Cedro Hill, due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 144 | 151 | ||||
Non Recourse Debt | Cedro Hill, due 2025 | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.75% | |||||
Non Recourse Debt | Midwest Generation, due 2019 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 108 | 152 | ||||
Interest rate, stated percentage | 4.39% | |||||
Non Recourse Debt | NRG Other Renewables | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 623 | 478 | ||||
Non Recourse Debt | NRG Other | ||||||
Debt Instrument [Line Items] | ||||||
Amount | 107 | 180 | ||||
Non Recourse Debt | Subtotal other NRG non-recourse debt | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 2,393 | $ 3,368 |
Debt and Capital Leases - Narra
Debt and Capital Leases - Narrative (Details) - USD ($) | Jun. 04, 2018 | Apr. 30, 2018 | Mar. 21, 2018 | May 26, 2017 | Feb. 17, 2017 | Jun. 30, 2018 | Jun. 30, 2018 | Jun. 19, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||||||||
Amount | $ 16,092,000,000 | $ 16,092,000,000 | $ 120,000,000 | $ 16,633,000,000 | |||||
Investment Tax Credit Bridge Loan | Rosamond Solar Portfolio LLC Financing Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Bridge Loan | $ 175,000,000 | ||||||||
Borrowings under ITC bridge loan | 5,000,000 | ||||||||
Investment Tax Credit Bridge Loan | Rosamond Solar Portfolio LLC Financing Agreement | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.75% | ||||||||
Recourse Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Amount | 7,729,000,000 | 7,729,000,000 | 7,182,000,000 | ||||||
Non Recourse Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Amount | 8,363,000,000 | 8,363,000,000 | 9,451,000,000 | ||||||
Revolving Credit Facility | Rosamond Solar Portfolio LLC Financing Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term construction loan | $ 118,000,000 | ||||||||
Credit facility maximum borrowing capacity | $ 33,000,000 | ||||||||
Borrowings under construction loan | 83,000,000 | ||||||||
Revolving Credit Facility | Rosamond Solar Portfolio LLC Financing Agreement | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.75% | ||||||||
Revolving Credit Facility | Letter of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility maximum borrowing capacity | $ 83,000,000 | ||||||||
Revolving Credit Facility | Carlsbad Financing Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term construction loan | 194,000,000 | ||||||||
Revolving Credit Facility | Working Capital Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility maximum borrowing capacity | $ 4,000,000 | ||||||||
Term loan facility, due 2023 | Recourse Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Amount | 1,862,000,000 | $ 1,862,000,000 | 1,872,000,000 | ||||||
Term loan facility, due 2023 | Recourse Debt | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Change in interest rate | 0.50% | ||||||||
Basis spread on variable rate | 1.75% | 1.75% | |||||||
Term loan facility, due 2023 | Recourse Debt | LIBOR floor | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 0.00% | ||||||||
NRG Yield Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Borrowing outstanding under revolver | 0 | $ 0 | |||||||
NRG Yield Revolving Credit Facility | Non Recourse Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.75% | 2.50% | |||||||
NRG Yield Revolving Credit Facility | Letter of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Letters of credit outstanding under revolver | $ 67,000,000 | $ 67,000,000 | |||||||
NRG Energy Center Minneapolis Series D Notes | Shelf Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Amount | $ 40,000,000 | ||||||||
Agua Caliente Borrower 1, due 2038 | Non Recourse Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Percentage of ownership | 51.00% | ||||||||
Proceeds from issuance of senior secured debt | $ 130,000,000 | ||||||||
Interest rate, stated percentage | 5.43% | 5.43% | 5.43% | ||||||
Amount | $ 86,000,000 | $ 86,000,000 | 89,000,000 | ||||||
Carlsbad Energy Project | Non Recourse Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, stated percentage | 4.12% | ||||||||
Proceeds from issuance of debt | $ 407,000,000 | ||||||||
Amount | 513,000,000 | 513,000,000 | $ 427,000,000 | ||||||
Carlsbad Energy Project | Notes Payable | |||||||||
Debt Instrument [Line Items] | |||||||||
Amount | $ 513,000,000 | $ 513,000,000 |
Debt and Capital Leases - Conve
Debt and Capital Leases - Convertible Senior Notes (Details) | 6 Months Ended |
Jun. 30, 2018USD ($)$ / shares | |
Debt Instrument [Line Items] | |
Transaction costs in connection with issuance | $ 12,000,000 |
Convertible Debt | Convertible Senior Notes due 2048 | |
Debt Instrument [Line Items] | |
Aggregate principal amount | $ 575,000,000 |
Interest rate, stated percentage | 2.75% |
Conversion price (in usd per share) | $ / shares | $ 47.74 |
Conversion ratio | 20.9479 |
Carrying amount of liability component | $ 472,000,000 |
Carrying amount of equity component | $ 103,000,000 |
Debt discount amortization period (years) | 7 years |
Deferred financing costs, amortization period | 7 years |
Convertible Debt | Convertible Senior Notes due 2048 | Additional Paid-in Capital | |
Debt Instrument [Line Items] | |
Transaction costs in connection with issuance | $ 2,000,000 |
Convertible Debt | Convertible Senior Notes due 2048 | Deferred Financing Costs | |
Debt Instrument [Line Items] | |
Transaction costs in connection with issuance | $ 9,500,000 |
Debt and Capital Leases - Senio
Debt and Capital Leases - Senior Notes Repurchased (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Aug. 02, 2018USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | |
Debt Instrument, Redemption [Line Items] | |||||
Loss on debt extinguishment, net | $ 1 | $ 0 | $ 3 | $ 2 | |
Senior Notes | |||||
Debt Instrument, Redemption [Line Items] | |||||
Loss on debt extinguishment, net | 1 | ||||
Write-off of deferred financing costs | 1 | ||||
Recourse Debt | Senior Notes | |||||
Debt Instrument, Redemption [Line Items] | |||||
Principal amount repurchased | 43 | 43 | |||
Repurchase amount | 45 | 45 | |||
Accrued interest | $ 1 | $ 1 | |||
Recourse Debt | 5.750% senior notes due 2028 | |||||
Debt Instrument, Redemption [Line Items] | |||||
Interest rate, stated percentage | 5.75% | 5.75% | |||
Principal amount repurchased | $ 29 | $ 29 | |||
Repurchase amount | $ 30 | $ 30 | |||
Average Early Redemption Percentage | 99.24% | ||||
Recourse Debt | 6.250% senior notes due 2022 | |||||
Debt Instrument, Redemption [Line Items] | |||||
Interest rate, stated percentage | 6.25% | 6.25% | |||
Principal amount repurchased | $ 14 | $ 14 | |||
Repurchase amount | $ 15 | $ 15 | |||
Average Early Redemption Percentage | 103.25% | ||||
Recourse Debt | 6.625% senior notes due 2027 | |||||
Debt Instrument, Redemption [Line Items] | |||||
Interest rate, stated percentage | 6.625% | 6.625% | |||
Subsequent Event | |||||
Debt Instrument, Redemption [Line Items] | |||||
Principal amount repurchased | $ 89 | ||||
Repurchase amount | $ 93 | ||||
Subsequent Event | Recourse Debt | 5.750% senior notes due 2028 | |||||
Debt Instrument, Redemption [Line Items] | |||||
Interest rate, stated percentage | 5.75% | ||||
Principal amount repurchased | $ 20 | ||||
Repurchase amount | $ 21 | ||||
Average Early Redemption Percentage | 99.13% | ||||
Subsequent Event | Recourse Debt | 6.250% senior notes due 2022 | |||||
Debt Instrument, Redemption [Line Items] | |||||
Interest rate, stated percentage | 6.25% | ||||
Principal amount repurchased | $ 6 | ||||
Repurchase amount | $ 6 | ||||
Average Early Redemption Percentage | 103.25% | ||||
Subsequent Event | Recourse Debt | 6.625% senior notes due 2027 | |||||
Debt Instrument, Redemption [Line Items] | |||||
Interest rate, stated percentage | 6.25% | ||||
Principal amount repurchased | $ 20 | ||||
Repurchase amount | $ 21 | ||||
Average Early Redemption Percentage | 103.06% | ||||
Transformation Plan | |||||
Debt Instrument, Redemption [Line Items] | |||||
Additional amount committed to reduce debt balance to achieve target debt to EBITDA credit ratio | $ 640 | ||||
Target net debt to EBITDA credit ratio | 3 |
Debt and Capital Leases - Energ
Debt and Capital Leases - Energy Center Minneapolis Series Notes (Details) - USD ($) $ in Millions | Jun. 19, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||
Amount | $ 120 | $ 16,092 | $ 16,633 |
Non Recourse Debt | |||
Debt Instrument [Line Items] | |||
Amount | $ 8,363 | $ 9,451 | |
Non Recourse Debt | Energy Center Minneapolis Series E Notes, due 2033 | |||
Debt Instrument [Line Items] | |||
Amount | $ 70 | ||
Interest Rate | 4.80% | ||
Non Recourse Debt | Energy Center Minneapolis Series F Notes, due 2033 | |||
Debt Instrument [Line Items] | |||
Amount | $ 10 | ||
Interest Rate | 4.60% | ||
Non Recourse Debt | Energy Center Minneapolis Series G Notes, due 2035 | |||
Debt Instrument [Line Items] | |||
Amount | $ 83 | ||
Interest Rate | 5.90% | ||
Non Recourse Debt | Energy Center Minneapolis Series H Notes, due 2037 | |||
Debt Instrument [Line Items] | |||
Amount | $ 40 | ||
Interest Rate | 4.83% | ||
Non Recourse Debt | NRG Energy Center Minneapolis LLC Series E, F, G And H Notes | |||
Debt Instrument [Line Items] | |||
Amount | $ 203 | ||
Non Recourse Debt | Repayment of Energy Center Minneapolis Series C Notes, due 2025 | |||
Debt Instrument [Line Items] | |||
Interest Rate | 5.95% | ||
Repayment of Energy Center Minneapolis Series C Notes, due 2025 | $ (83) |
Variable Interest Entities, o73
Variable Interest Entities, or VIEs (Details) $ in Millions | Nov. 02, 2016 | Jun. 30, 2018USD ($)facilityMW | Jun. 30, 2018USD ($)facilityprojectMW | Jun. 29, 2018 | Dec. 31, 2017USD ($) |
Investments Accounted for by the Equity Method | |||||
Equity investments in affiliates | $ 1,055 | $ 1,055 | $ 1,038 | ||
Generation capacity (in MW) | MW | 30,000 | 30,000 | |||
Economic interest in equity method investments (as a percent) | 3.70% | ||||
Loss on deconsolidation and subsequent recognition | $ 22 | ||||
Deficit restoration obligation | $ 83 | 83 | |||
Current assets | 191 | 191 | 118 | ||
Net property, plant and equipment | 2,709 | 2,709 | 2,337 | ||
Other long-term assets | 660 | 660 | 658 | ||
Total assets | 3,560 | 3,560 | 3,113 | ||
Current liabilities | 119 | 119 | 96 | ||
Long-term debt | 814 | 814 | 661 | ||
Other long-term liabilities | 211 | 211 | 209 | ||
Total liabilities | 1,144 | 1,144 | 966 | ||
Redeemable noncontrolling interest | 69 | 69 | 78 | ||
Noncontrolling interest | 660 | 660 | 507 | ||
Net assets less noncontrolling interest | 1,687 | 1,687 | $ 1,562 | ||
GenConn Energy LLC | |||||
Investments Accounted for by the Equity Method | |||||
Equity investments in affiliates | $ 100 | $ 100 | |||
Power generation facilities | facility | 2 | 2 | |||
Generation capacity (in MW) | MW | 190 | 190 | |||
Economic interest in equity method investments (as a percent) | 50.00% | 50.00% | |||
Ivampah Mater Holdings LLC | |||||
Investments Accounted for by the Equity Method | |||||
Equity investments in affiliates | $ 57 | $ 57 | |||
Generation capacity (in MW) | MW | 392 | 392 | |||
Economic interest in equity method investments (as a percent) | 54.60% | 54.60% | |||
Number of solar electric generating projects | project | 3 | ||||
Release of reserve funds | $ (95) | ||||
Deconsolidation reduced the Company's assets | $ 1,300 | ||||
Deconsolidation reduced the Company's liabilities | 1,200 | ||||
Sun Edison Utility-Scale Solar and Wind | Mechanically-complete Solar Assets | |||||
Investments Accounted for by the Equity Method | |||||
PPA period | 20 years | ||||
Equity investments in affiliates | $ 338 | $ 338 |
Changes in Capital Structure -
Changes in Capital Structure - Narrative (Details) - USD ($) | May 24, 2018 | Jan. 01, 2018 | Aug. 02, 2018 | Jul. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2018 | Feb. 28, 2018 | Dec. 31, 2017 |
Capital Structure | |||||||||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 | ||||||
Shares issued under ESPP (in shares) | 175,862 | ||||||||
Stock repurchase program, authorized amount | $ 354,000,000 | ||||||||
Stock repurchase program, amount, beginning immediately | $ 500,000,000 | ||||||||
Total number of shares purchased (in shares) | 14,863,301 | ||||||||
Commissions per share (in dollars per share) | $ 0.01 | ||||||||
Shares received under ASR Agreement (in shares) | 9,969,023 | ||||||||
Treasury | |||||||||
Capital Structure | |||||||||
Shares issued under ESPP (in shares) | 175,862 | ||||||||
Total number of shares purchased (in shares) | 14,863,301 | ||||||||
Accelerated Share Repurchase Program | |||||||||
Capital Structure | |||||||||
Value of shares received | $ 343,000,000 | ||||||||
Accelerated Share Repurchase Program | Additional Paid-in Capital | |||||||||
Capital Structure | |||||||||
Remaining amount recorded in additional paid in capital | $ 11,000,000 | ||||||||
Subsequent Event | |||||||||
Capital Structure | |||||||||
Average price paid per share (in dollars per share) | $ 31.80 | ||||||||
Commissions per share (in dollars per share) | $ 0.01 | ||||||||
Subsequent Event | Accelerated Share Repurchase Program | |||||||||
Capital Structure | |||||||||
Shares received under ASR Agreement (in shares) | 860,880 | ||||||||
Average price paid per share under ASR Agreement (in dollars per share) | $ 32.69 | ||||||||
Subsequent Event | Accelerated Share Repurchase Program | Treasury | |||||||||
Capital Structure | |||||||||
Remaining amount recorded in additional paid in capital | $ 11,000,000 | ||||||||
Capital Allocation Plan | |||||||||
Capital Structure | |||||||||
Stock repurchase program, authorized amount | $ 1,000,000,000 | ||||||||
Total number of shares purchased (in shares) | 11,748,553 | 3,114,748 | 14,863,301 | ||||||
Amounts paid for shares purchased | $ 407,000,000 | $ 93,000,000 | $ 500,000,000 | ||||||
Capital Allocation Plan | Subsequent Event | |||||||||
Capital Structure | |||||||||
Total number of shares purchased (in shares) | 15,724,181 | 860,880 | |||||||
Amounts paid for shares purchased | $ 500,000,000 | $ 0 |
Changes in Capital Structure 75
Changes in Capital Structure - Changes in NRG's common shares outstanding and issued (Details) - shares | Jan. 01, 2018 | Jun. 30, 2018 |
Schedule of Stock by Class, Equity [Roll Forward] | ||
Balance as of beginning of period (in shares) | 418,323,134 | 418,323,134 |
Treasury shares, balance as of beginning of period (in shares) | (101,580,045) | (101,580,045) |
Outstanding, as of beginning of period (in shares) | 316,743,089 | 316,743,089 |
Shares issued under LTIPs | 1,373,655 | |
Shares issued under ESPP | 175,862 | |
Shares repurchased | (14,863,301) | |
Balance as of end of period (in shares) | 419,696,789 | |
Treasury shares, balance as of end of the period (in shares) | (116,267,484) | |
Outstanding, as of end of period (in shares) | 303,429,305 | |
Issued | ||
Schedule of Stock by Class, Equity [Roll Forward] | ||
Shares issued under LTIPs | 1,373,655 | |
Shares issued under ESPP | 0 | |
Shares repurchased | 0 | |
Treasury | ||
Schedule of Stock by Class, Equity [Roll Forward] | ||
Shares issued under LTIPs | 0 | |
Shares issued under ESPP | 175,862 | |
Shares repurchased | (14,863,301) |
Changes in Capital Structure 76
Changes in Capital Structure - Schedule of dividends paid (Details) - $ / shares | Jul. 18, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 |
Dividends [Abstract] | ||||||
Dividends Per Common Share (in usd per share) | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.06 | $ 0.06 | |
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Common stock dividends declared (in usd per share) | $ 0.03 | |||||
Common stock dividends proposed annual amount (in usd per share) | $ 0.12 |
Segment Reporting (Details)
Segment Reporting (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018USD ($)MW | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)MW | Jun. 30, 2017USD ($) | Mar. 30, 2018MW | Dec. 31, 2017USD ($)MW | |
Segment Reporting Information | ||||||
Generation capacity (in MW) | MW | 30,000 | 30,000 | ||||
Operating revenues | $ 2,922 | $ 2,701 | $ 5,343 | $ 5,083 | ||
Depreciation and amortization | 227 | 260 | 462 | 517 | ||
Impairment losses | 74 | 63 | 74 | 63 | ||
Reorganization costs | 23 | 0 | 43 | 0 | ||
Equity in earnings/(losses) of unconsolidated affiliates | 18 | (3) | 16 | 2 | ||
(Loss)/income from continuing operations before income taxes | 129 | 103 | 361 | (71) | ||
(Loss)/income from continuing operations | 121 | 99 | 354 | (70) | ||
Loss from discontinued operations, net of income tax | (25) | (741) | (25) | (775) | ||
Net Income/(Loss) | 96 | (642) | 329 | (845) | ||
Net income/(loss) attributable to NRG Energy, Inc. | 72 | (626) | 351 | (790) | ||
Total assets | 22,947 | 22,947 | $ 23,318 | |||
Eliminations | ||||||
Segment Reporting Information | ||||||
Operating revenues | (540) | (194) | (240) | (436) | ||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||
Impairment losses | 0 | 0 | 0 | 0 | ||
Reorganization costs | 0 | 0 | ||||
Equity in earnings/(losses) of unconsolidated affiliates | (16) | (5) | (23) | (9) | ||
(Loss)/income from continuing operations before income taxes | (12) | (5) | (22) | (9) | ||
(Loss)/income from continuing operations | (12) | (5) | (22) | (9) | ||
Loss from discontinued operations, net of income tax | 0 | 0 | 0 | 0 | ||
Net Income/(Loss) | (12) | (5) | (22) | (9) | ||
Net income/(loss) attributable to NRG Energy, Inc. | 94 | 25 | 96 | 18 | ||
Total assets | (10,816) | (10,816) | ||||
Retail | Operating Segments | ||||||
Segment Reporting Information | ||||||
Operating revenues | 1,817 | 1,603 | 3,298 | 2,938 | ||
Depreciation and amortization | 31 | 29 | 59 | 57 | ||
Impairment losses | 0 | 0 | 0 | 0 | ||
Reorganization costs | 1 | 4 | ||||
Equity in earnings/(losses) of unconsolidated affiliates | 0 | 0 | 0 | 0 | ||
(Loss)/income from continuing operations before income taxes | (84) | 330 | 861 | 303 | ||
(Loss)/income from continuing operations | (84) | 341 | 861 | 311 | ||
Loss from discontinued operations, net of income tax | 0 | 0 | 0 | 0 | ||
Net Income/(Loss) | (84) | 341 | 861 | 311 | ||
Net income/(loss) attributable to NRG Energy, Inc. | (88) | 341 | 851 | 311 | ||
Total assets | 7,217 | 7,217 | ||||
Retail | Eliminations | ||||||
Segment Reporting Information | ||||||
Operating revenues | (2) | (1) | (3) | (11) | ||
Generation | Operating Segments | ||||||
Segment Reporting Information | ||||||
Operating revenues | 1,218 | 882 | 1,545 | 1,848 | ||
Depreciation and amortization | 66 | 95 | 133 | 192 | ||
Impairment losses | 74 | 41 | 74 | 41 | ||
Reorganization costs | 3 | 7 | ||||
Equity in earnings/(losses) of unconsolidated affiliates | 0 | (15) | 2 | (28) | ||
(Loss)/income from continuing operations before income taxes | 273 | (89) | (264) | (52) | ||
(Loss)/income from continuing operations | 272 | (90) | (265) | (54) | ||
Loss from discontinued operations, net of income tax | 0 | 0 | 0 | 0 | ||
Net Income/(Loss) | 272 | (90) | (265) | (54) | ||
Net income/(loss) attributable to NRG Energy, Inc. | 272 | (90) | (265) | (54) | ||
Total assets | 4,306 | 4,306 | ||||
Generation | Eliminations | ||||||
Segment Reporting Information | ||||||
Operating revenues | (546) | (171) | (239) | (406) | ||
Renewables | ||||||
Segment Reporting Information | ||||||
Impairment losses | 22 | |||||
Renewables | Operating Segments | ||||||
Segment Reporting Information | ||||||
Operating revenues | 113 | 119 | 199 | 213 | ||
Depreciation and amortization | 40 | 49 | 90 | 96 | ||
Impairment losses | 0 | 22 | 0 | 22 | ||
Reorganization costs | 3 | 3 | ||||
Equity in earnings/(losses) of unconsolidated affiliates | 5 | (2) | 5 | (3) | ||
(Loss)/income from continuing operations before income taxes | (17) | (51) | (56) | (87) | ||
(Loss)/income from continuing operations | (12) | (46) | (45) | (77) | ||
Loss from discontinued operations, net of income tax | 0 | 0 | 0 | 0 | ||
Net Income/(Loss) | (12) | (46) | (45) | (77) | ||
Net income/(loss) attributable to NRG Energy, Inc. | (35) | (21) | (33) | (24) | ||
Total assets | 4,117 | 4,117 | ||||
Renewables | Eliminations | ||||||
Segment Reporting Information | ||||||
Operating revenues | (9) | (3) | (17) | (4) | ||
NRG Yield | Operating Segments | ||||||
Segment Reporting Information | ||||||
Operating revenues | 307 | 288 | 532 | 509 | ||
Depreciation and amortization | 82 | 79 | 163 | 156 | ||
Impairment losses | 0 | 0 | 0 | 0 | ||
Reorganization costs | 0 | 0 | ||||
Equity in earnings/(losses) of unconsolidated affiliates | 29 | 16 | 33 | 35 | ||
(Loss)/income from continuing operations before income taxes | 103 | 52 | 102 | 49 | ||
(Loss)/income from continuing operations | 96 | 44 | 96 | 42 | ||
Loss from discontinued operations, net of income tax | 0 | 0 | 0 | 0 | ||
Net Income/(Loss) | 96 | 44 | 96 | 42 | ||
Net income/(loss) attributable to NRG Energy, Inc. | 73 | 38 | 94 | 50 | ||
Total assets | 8,448 | 8,448 | ||||
NRG Yield | Eliminations | ||||||
Segment Reporting Information | ||||||
Operating revenues | 0 | 0 | 0 | 0 | ||
Corporate | Operating Segments | ||||||
Segment Reporting Information | ||||||
Operating revenues | 7 | 3 | 9 | 11 | ||
Depreciation and amortization | 8 | 8 | 17 | 16 | ||
Impairment losses | 0 | 0 | 0 | 0 | ||
Reorganization costs | 16 | 29 | ||||
Equity in earnings/(losses) of unconsolidated affiliates | 0 | 3 | (1) | 7 | ||
(Loss)/income from continuing operations before income taxes | (134) | (134) | (260) | (275) | ||
(Loss)/income from continuing operations | (139) | (145) | (271) | (283) | ||
Loss from discontinued operations, net of income tax | (25) | (741) | (25) | (775) | ||
Net Income/(Loss) | (164) | (886) | (296) | (1,058) | ||
Net income/(loss) attributable to NRG Energy, Inc. | (244) | (919) | (392) | (1,091) | ||
Total assets | 9,675 | 9,675 | ||||
Corporate | Eliminations | ||||||
Segment Reporting Information | ||||||
Operating revenues | $ 17 | $ (19) | $ 19 | $ (15) | ||
Buckthorn Renewables, LLC | ||||||
Segment Reporting Information | ||||||
Generation capacity (in MW) | MW | 154 | |||||
Discontinued Operations, Held-for-sale or Disposed of by Sale | Buckthorn Renewables, LLC | ||||||
Segment Reporting Information | ||||||
Percentage of ownership sold | 100.00% | |||||
NRG Yield | ||||||
Segment Reporting Information | ||||||
Generation capacity (in MW) | MW | 555 |
Earnings_(Loss) Per Share - Rec
Earnings/(Loss) Per Share - Reconciliation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Basic income/(loss) per share attributable to NRG Energy, Inc. common stockholders | ||||
Net income/(loss) attributable to NRG Energy, Inc. | $ 72 | $ (626) | $ 351 | $ (790) |
Weighted average number of common shares outstanding — basic (in shares) | 310 | 316 | 314 | 316 |
Earnings/(Loss) per Weighted Average Common Share — Basic (in usd per share) | $ 0.23 | $ (1.98) | $ 1.12 | $ (2.50) |
Diluted income/(loss) per share attributable to NRG Energy, Inc. common stockholders | ||||
Weighted average number of common shares outstanding - diluted (in shares) | 310 | 316 | 314 | 316 |
Incremental shares attributable to the issuance of equity compensation (treasury stock method) (in shares) | 4 | 0 | 4 | 0 |
Total dilutive shares (in shares) | 314 | 316 | 318 | 316 |
Earnings/(loss) per weighted average common share — diluted (in usd per share) | $ 0.23 | $ (1.98) | $ 1.10 | $ (2.50) |
Earnings_(Loss) Per Share - Ant
Earnings/(Loss) Per Share - Anti-dilutive Securities (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 0 | 6 | 1 | 6 |
Equity compensation plans | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 0 | 6 | 1 | 6 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Effective Tax Rate | ||||
Income/(Loss) before income taxes | $ 129 | $ 103 | $ 361 | $ (71) |
Income tax expense/(benefit) from continuing operations | $ 8 | $ 4 | $ 7 | $ (1) |
Effective tax rate | 6.20% | 3.90% | 1.90% | 1.40% |
Uncertain Tax Benefits | ||||
Non-current tax liability for uncertain tax benefits | $ 39 | $ 39 | ||
Unrecognized tax benefits, penalties and interest accrued | $ 5 | $ 5 |
Related Party Transactions - Se
Related Party Transactions - Service Agreement and Transition Services Agreement with GenOn (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||||
Other income - affiliate | $ 0 | $ 39 | $ 0 | $ 87 | |
Services Agreement | Restructuring Support Agreement | |||||
Related Party Transaction [Line Items] | |||||
Shared services, annualized rate | $ 84 | ||||
Credit applied | 28 | ||||
GenOn | Services Agreement | |||||
Related Party Transaction [Line Items] | |||||
Service fees | 193 | ||||
Shared services, annualized rate | 84 | ||||
Credit applied | $ 28 | ||||
GenOn | Transition Services Agreement | Restructuring Support Agreement | |||||
Related Party Transaction [Line Items] | |||||
Selling, general and administrative expenses | $ 21 | $ 42 |
Related Party Transactions - Cr
Related Party Transactions - Credit Agreement with GenOn (Details) - USD ($) | Jun. 30, 2018 | Jun. 19, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | |||
Amount | $ 16,092,000,000 | $ 120,000,000 | $ 16,633,000,000 |
Cash collateral paid in support of energy risk management activities | 224,000,000 | 171,000,000 | |
GenOn | |||
Related Party Transaction [Line Items] | |||
Cash collateral paid in support of energy risk management activities | 24,000,000 | 32,000,000 | |
GenOn | Revolving Credit Facility | Intercompany Credit Agreement | |||
Related Party Transaction [Line Items] | |||
Credit facility maximum borrowing capacity | 500,000,000 | ||
Letters of credit outstanding under revolver | 45,000,000 | 92,000,000 | |
Amount | $ 151,000,000 | $ 125,000,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) shares in Thousands | May 10, 2018USD ($) | Mar. 27, 2018USD ($) | Feb. 26, 2018USD ($)case | Feb. 16, 2018USD ($) | Nov. 07, 2017USD ($) | Sep. 07, 2017USD ($) | Jun. 01, 2001 | May 31, 2016lawsuit | Jun. 30, 2018USD ($)lawsuitshares | Mar. 10, 2010Claim | Dec. 13, 2016 |
GenOn Energy | Senior Notes | Senior Unsecured Notes 2017 | |||||||||||
Loss Contingencies | |||||||||||
Interest rate, stated percentage | 7.875% | ||||||||||
GenOn Energy | Senior Notes | Senior Unsecured Notes 2018 | |||||||||||
Loss Contingencies | |||||||||||
Interest rate, stated percentage | 9.50% | ||||||||||
GenOn Energy | Senior Notes | Senior Unsecured Notes 2020 | |||||||||||
Loss Contingencies | |||||||||||
Interest rate, stated percentage | 9.875% | ||||||||||
GenOn Americas Generation, LLC | Senior Notes | Senior Unsecured Notes 2021 | |||||||||||
Loss Contingencies | |||||||||||
Interest rate, stated percentage | 8.50% | ||||||||||
GenOn Americas Generation, LLC | Senior Notes | Senior Unsecured Notes 2031 | |||||||||||
Loss Contingencies | |||||||||||
Interest rate, stated percentage | 9.125% | ||||||||||
Midwest Generation Asbestos Liabilities | |||||||||||
Loss Contingencies | |||||||||||
Damages sought, amount | $ 61,000,000 | ||||||||||
Telephone Consumer Protection Act Purported Class Actions | |||||||||||
Loss Contingencies | |||||||||||
Damages sought, amount | $ 1,500 | ||||||||||
Number of lawsuits/cases | lawsuit | 3 | ||||||||||
Telephone Consumer Protection Act Purported Class Actions | CALIFORNIA | |||||||||||
Loss Contingencies | |||||||||||
Number of lawsuits/cases | lawsuit | 1 | ||||||||||
Telephone Consumer Protection Act Purported Class Actions | NEW JERSEY | |||||||||||
Loss Contingencies | |||||||||||
Number of lawsuits/cases | lawsuit | 2 | ||||||||||
CDWR and SDGE v Sunrise Power | |||||||||||
Loss Contingencies | |||||||||||
Damages sought, amount | $ 1,200,000 | ||||||||||
PPA period | 10 years | ||||||||||
Remaining term | 70 months | ||||||||||
Morgantown V. GenOn Mid-Atlantic | |||||||||||
Loss Contingencies | |||||||||||
Damages sought, amount | $ 0 | ||||||||||
BTEC New Albany v. NRG Texas Power LLC | |||||||||||
Loss Contingencies | |||||||||||
Damages sought, amount | $ 48,000,000 | ||||||||||
Natural Gas Litigation | |||||||||||
Loss Contingencies | |||||||||||
Damages sought, amount | $ 0 | ||||||||||
Number of lawsuits/cases | 4 | 4 | |||||||||
Natixis V. GenOn Mid-Atlantic | |||||||||||
Loss Contingencies | |||||||||||
Damages sought, amount | $ 34,000,000 | ||||||||||
Midwest Generation New Source Review | |||||||||||
Loss Contingencies | |||||||||||
Motion filed to dismiss, claims number | Claim | 9 | ||||||||||
Pending claims | Claim | 10 | ||||||||||
Midwest Generation New Source Review | State of Illinois | |||||||||||
Loss Contingencies | |||||||||||
Settlement amount to be paid | $ 500,000 | ||||||||||
Midwest Generation New Source Review | Federal Government | |||||||||||
Loss Contingencies | |||||||||||
Settlement amount to be paid | $ 500,000 | ||||||||||
Bankruptcy | Chapter Eleven Proceedings | |||||||||||
Loss Contingencies | |||||||||||
Common stock capital shares reserved for unresolved claims (in shares) | shares | 461 | ||||||||||
Common stock capital shares reserved converted into parent co. common (in shares) | shares | 1,300 | ||||||||||
Number of reserved shares for disputed Chapter 11 claims converted into reserved of NRG common stock (in shares) | shares | 159 |
Regulatory Matters (Details)
Regulatory Matters (Details) $ in Millions | Dec. 20, 2013USD ($) |
GenOn | |
Regulatory Assets [Line Items] | |
Regulatory payments sought | $ 22 |
Condensed Consolidating Finan85
Condensed Consolidating Financial Information - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 19, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||
Amount | $ 16,092 | $ 120 | $ 16,633 |
Recourse Debt | |||
Debt Instrument [Line Items] | |||
Amount | 7,729 | $ 7,182 | |
Senior Notes | Recourse Debt | |||
Debt Instrument [Line Items] | |||
Amount | $ 5,400 |
Condensed Consolidating Finan86
Condensed Consolidating Financial Information - STATEMENTS OF OPERATIONS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Operating Revenues | ||||
Total operating revenues | $ 2,922 | $ 2,701 | $ 5,343 | $ 5,083 |
Operating Costs and Expenses | ||||
Cost of operations | 2,051 | 1,841 | 3,609 | 3,704 |
Depreciation and amortization | 227 | 260 | 462 | 517 |
Impairment losses | 74 | 63 | 74 | 63 |
Selling, general and administrative | 211 | 221 | 402 | 481 |
Reorganization costs | 23 | 0 | 43 | 0 |
Development costs | 16 | 18 | 29 | 35 |
Total operating costs and expenses | 2,602 | 2,403 | 4,619 | 4,800 |
Other income - affiliate | 0 | 39 | 0 | 87 |
Gain on sale of assets | 14 | 2 | 16 | 4 |
Operating Income/(Loss) | 334 | 339 | 740 | 374 |
Other Income/(Expense) | ||||
Equity in earnings of consolidated subsidiaries | 0 | 0 | 0 | 0 |
Equity in earnings/(losses) of unconsolidated affiliates | 18 | (3) | 16 | 2 |
Other income/(expense), net | (20) | 14 | (23) | 26 |
Loss on debt extinguishment, net | (1) | 0 | (3) | (2) |
Interest expense | (202) | (247) | (369) | (471) |
Total other expense | (205) | (236) | (379) | (445) |
Income/(Loss) from Continuing Operations Before Income Taxes | 129 | 103 | 361 | (71) |
Income tax expense/(benefit) | 8 | 4 | 7 | (1) |
Income/(Loss) from Continuing Operations | 121 | 99 | 354 | (70) |
Loss from discontinued operations, net of income tax | (25) | (741) | (25) | (775) |
Net Income/(Loss) | 96 | (642) | 329 | (845) |
Less: Net (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interests | 24 | (16) | (22) | (55) |
Net Income Attributable to NRG Energy, Inc. | 72 | (626) | 351 | (790) |
Eliminations | ||||
Operating Revenues | ||||
Total operating revenues | (13) | (23) | (26) | (36) |
Operating Costs and Expenses | ||||
Cost of operations | (5) | (21) | (17) | (36) |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Impairment losses | 0 | 0 | 0 | 0 |
Selling, general and administrative | (10) | (1) | (10) | (1) |
Reorganization costs | 0 | 0 | ||
Development costs | 0 | 0 | (1) | 0 |
Total operating costs and expenses | (15) | (22) | (28) | (37) |
Other income - affiliate | 0 | 0 | ||
Gain on sale of assets | 0 | 0 | 0 | 0 |
Operating Income/(Loss) | 2 | (1) | 2 | 1 |
Other Income/(Expense) | ||||
Equity in earnings of consolidated subsidiaries | (362) | 141 | (694) | 87 |
Equity in earnings/(losses) of unconsolidated affiliates | 0 | 0 | 0 | 0 |
Other income/(expense), net | 0 | (34) | 0 | (35) |
Loss on debt extinguishment, net | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 |
Total other expense | (362) | 107 | (694) | 52 |
Income/(Loss) from Continuing Operations Before Income Taxes | (360) | 106 | (692) | 53 |
Income tax expense/(benefit) | 0 | 0 | 0 | 0 |
Income/(Loss) from Continuing Operations | (360) | 106 | (692) | 53 |
Loss from discontinued operations, net of income tax | 0 | 0 | 0 | 0 |
Net Income/(Loss) | (360) | 106 | (692) | 53 |
Less: Net (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interests | 2 | (35) | 2 | (34) |
Net Income Attributable to NRG Energy, Inc. | (362) | 141 | (694) | 87 |
Guarantor Subsidiaries | ||||
Operating Revenues | ||||
Total operating revenues | 2,276 | 2,060 | 4,120 | 3,878 |
Operating Costs and Expenses | ||||
Cost of operations | 1,778 | 1,530 | 3,004 | 3,050 |
Depreciation and amortization | 76 | 99 | 149 | 198 |
Impairment losses | 0 | 42 | 0 | 42 |
Selling, general and administrative | 110 | 96 | 213 | 205 |
Reorganization costs | 1 | 3 | ||
Development costs | 0 | 0 | 0 | 0 |
Total operating costs and expenses | 1,965 | 1,767 | 3,369 | 3,495 |
Other income - affiliate | 0 | 0 | ||
Gain on sale of assets | 0 | 2 | 3 | 4 |
Operating Income/(Loss) | 311 | 295 | 754 | 387 |
Other Income/(Expense) | ||||
Equity in earnings of consolidated subsidiaries | 7 | 8 | 9 | 13 |
Equity in earnings/(losses) of unconsolidated affiliates | 0 | 0 | 0 | 0 |
Other income/(expense), net | 4 | 0 | 8 | 1 |
Loss on debt extinguishment, net | 0 | 0 | 0 | |
Interest expense | (4) | (4) | (7) | (7) |
Total other expense | 7 | 4 | 10 | 7 |
Income/(Loss) from Continuing Operations Before Income Taxes | 318 | 299 | 764 | 394 |
Income tax expense/(benefit) | 108 | 113 | 221 | 131 |
Income/(Loss) from Continuing Operations | 210 | 186 | 543 | 263 |
Loss from discontinued operations, net of income tax | 0 | 0 | 0 | 0 |
Net Income/(Loss) | 210 | 186 | 543 | 263 |
Less: Net (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interests | 0 | 0 | 0 | 0 |
Net Income Attributable to NRG Energy, Inc. | 210 | 186 | 543 | 263 |
Non-Guarantor Subsidiaries | ||||
Operating Revenues | ||||
Total operating revenues | 659 | 664 | 1,249 | 1,241 |
Operating Costs and Expenses | ||||
Cost of operations | 282 | 312 | 613 | 651 |
Depreciation and amortization | 143 | 153 | 297 | 303 |
Impairment losses | 74 | 21 | 74 | 21 |
Selling, general and administrative | 34 | 29 | 60 | 64 |
Reorganization costs | 0 | 0 | ||
Development costs | 13 | 13 | 23 | 25 |
Total operating costs and expenses | 546 | 528 | 1,067 | 1,064 |
Other income - affiliate | 0 | 0 | ||
Gain on sale of assets | 14 | 0 | 13 | 0 |
Operating Income/(Loss) | 127 | 136 | 195 | 177 |
Other Income/(Expense) | ||||
Equity in earnings of consolidated subsidiaries | 0 | 0 | 0 | 0 |
Equity in earnings/(losses) of unconsolidated affiliates | 18 | (2) | 17 | 4 |
Other income/(expense), net | (26) | 41 | (36) | 47 |
Loss on debt extinguishment, net | 0 | 0 | (2) | |
Interest expense | (92) | (121) | (164) | (225) |
Total other expense | (100) | (82) | (183) | (176) |
Income/(Loss) from Continuing Operations Before Income Taxes | 27 | 54 | 12 | 1 |
Income tax expense/(benefit) | (68) | 267 | (20) | 237 |
Income/(Loss) from Continuing Operations | 95 | (213) | 32 | (236) |
Loss from discontinued operations, net of income tax | 0 | (123) | 0 | (160) |
Net Income/(Loss) | 95 | (336) | 32 | (396) |
Less: Net (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interests | (57) | (9) | (119) | (46) |
Net Income Attributable to NRG Energy, Inc. | 152 | (327) | 151 | (350) |
NRG Energy, Inc. (Note Issuer) | ||||
Operating Revenues | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Costs and Expenses | ||||
Cost of operations | (4) | 20 | 9 | 39 |
Depreciation and amortization | 8 | 8 | 16 | 16 |
Impairment losses | 0 | 0 | 0 | 0 |
Selling, general and administrative | 77 | 97 | 139 | 213 |
Reorganization costs | 22 | 40 | ||
Development costs | 3 | 5 | 7 | 10 |
Total operating costs and expenses | 106 | 130 | 211 | 278 |
Other income - affiliate | 39 | 87 | ||
Gain on sale of assets | 0 | 0 | 0 | 0 |
Operating Income/(Loss) | (106) | (91) | (211) | (191) |
Other Income/(Expense) | ||||
Equity in earnings of consolidated subsidiaries | 355 | (149) | 685 | (100) |
Equity in earnings/(losses) of unconsolidated affiliates | 0 | (1) | (1) | (2) |
Other income/(expense), net | 2 | 7 | 5 | 13 |
Loss on debt extinguishment, net | (1) | (3) | 0 | |
Interest expense | (106) | (122) | (198) | (239) |
Total other expense | 250 | (265) | 488 | (328) |
Income/(Loss) from Continuing Operations Before Income Taxes | 144 | (356) | 277 | (519) |
Income tax expense/(benefit) | (32) | (376) | (194) | (369) |
Income/(Loss) from Continuing Operations | 176 | 20 | 471 | (150) |
Loss from discontinued operations, net of income tax | (25) | (618) | (25) | (615) |
Net Income/(Loss) | 151 | (598) | 446 | (765) |
Less: Net (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interests | 79 | 28 | 95 | 25 |
Net Income Attributable to NRG Energy, Inc. | $ 72 | $ (626) | $ 351 | $ (790) |
Condensed Consolidating Finan87
Condensed Consolidating Financial Information - COMPREHENSIVE INCOME/(LOSS) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net Income | $ 96 | $ (642) | $ 329 | $ (845) |
Other Comprehensive Income, net of tax | ||||
Unrealized gain on derivatives, net | 5 | (5) | 19 | (1) |
Foreign currency translation adjustments, net | (4) | 1 | (6) | 8 |
Available-for-sale securities, net | 1 | 1 | 1 | 1 |
Defined benefit plans, net | (1) | 27 | (2) | 27 |
Other comprehensive income | 1 | 24 | 12 | 35 |
Comprehensive Income/(Loss) | 97 | (618) | 341 | (810) |
Less: Comprehensive (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest | 26 | (17) | (12) | (56) |
Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. | 71 | (601) | 353 | (754) |
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net Income | (360) | 106 | (692) | 53 |
Other Comprehensive Income, net of tax | ||||
Unrealized gain on derivatives, net | (5) | 5 | (22) | 0 |
Foreign currency translation adjustments, net | 9 | 0 | 14 | (9) |
Available-for-sale securities, net | 0 | 0 | 0 | 0 |
Defined benefit plans, net | 0 | (29) | 0 | (29) |
Other comprehensive income | 4 | (24) | (8) | (38) |
Comprehensive Income/(Loss) | (356) | 82 | (700) | 15 |
Less: Comprehensive (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest | 2 | (35) | 2 | (34) |
Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. | (358) | 117 | (702) | 49 |
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net Income | 210 | 186 | 543 | 263 |
Other Comprehensive Income, net of tax | ||||
Unrealized gain on derivatives, net | 0 | 0 | 0 | 0 |
Foreign currency translation adjustments, net | (4) | 0 | (6) | 5 |
Available-for-sale securities, net | 0 | 0 | 0 | 0 |
Defined benefit plans, net | 0 | 0 | 0 | 0 |
Other comprehensive income | (4) | 0 | (6) | 5 |
Comprehensive Income/(Loss) | 206 | 186 | 537 | 268 |
Less: Comprehensive (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. | 206 | 186 | 537 | 268 |
Non-Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net Income | 95 | (336) | 32 | (396) |
Other Comprehensive Income, net of tax | ||||
Unrealized gain on derivatives, net | 4 | (6) | 20 | (1) |
Foreign currency translation adjustments, net | (4) | 1 | (6) | 5 |
Available-for-sale securities, net | 0 | 0 | 0 | 0 |
Defined benefit plans, net | 0 | 28 | 0 | 29 |
Other comprehensive income | 0 | 23 | 14 | 33 |
Comprehensive Income/(Loss) | 95 | (313) | 46 | (363) |
Less: Comprehensive (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest | (57) | (10) | (119) | (47) |
Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. | 152 | (303) | 165 | (316) |
NRG Energy, Inc. (Note Issuer) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net Income | 151 | (598) | 446 | (765) |
Other Comprehensive Income, net of tax | ||||
Unrealized gain on derivatives, net | 6 | (4) | 21 | 0 |
Foreign currency translation adjustments, net | (5) | 0 | (8) | 7 |
Available-for-sale securities, net | 1 | 1 | 1 | 1 |
Defined benefit plans, net | (1) | 28 | (2) | 27 |
Other comprehensive income | 1 | 25 | 12 | 35 |
Comprehensive Income/(Loss) | 152 | (573) | 458 | (730) |
Less: Comprehensive (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest | 81 | 28 | 105 | 25 |
Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. | $ 71 | $ (601) | $ 353 | $ (755) |
Condensed Consolidating Finan88
Condensed Consolidating Financial Information - BALANCE SHEETS (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Current Assets | ||||
Cash and cash equivalents | $ 980 | $ 991 | $ 752 | $ 938 |
Funds deposited by counterparties | 71 | 37 | 19 | 2 |
Restricted cash | 286 | 508 | $ 469 | $ 446 |
Accounts receivable, net | 1,371 | 1,079 | ||
Inventory | 485 | 532 | ||
Derivative instruments | 851 | 626 | ||
Cash collateral paid in support of energy risk management activities | 224 | 171 | ||
Accounts receivable - affiliate | 57 | 95 | ||
Current assets held-for-sale | 100 | 115 | ||
Prepayments and other current assets | 328 | 261 | ||
Total current assets | 4,753 | 4,415 | ||
Property, plant and equipment, net | 12,774 | 13,908 | ||
Other Assets | ||||
Investment in subsidiaries | 0 | 0 | ||
Equity investments in affiliates | 1,055 | 1,038 | ||
Notes receivable, less current portion | 15 | 2 | ||
Goodwill | 539 | 539 | ||
Intangible assets, net | 1,860 | 1,746 | ||
Nuclear decommissioning trust fund | 694 | 692 | ||
Derivative instruments | 426 | 172 | ||
Deferred income tax | 126 | 134 | ||
Non-current assets held-for-sale | 50 | 43 | ||
Other non-current assets | 655 | 629 | ||
Total other assets | 5,420 | 4,995 | ||
Total Assets | 22,947 | 23,318 | ||
Current Liabilities | ||||
Current portion of long-term debt and capital leases | 952 | 688 | ||
Accounts payable | 975 | 881 | ||
Accounts payable - affiliate | 29 | 33 | ||
Derivative instruments | 709 | 555 | ||
Cash collateral received in support of energy risk management activities | 72 | 37 | ||
Current liabilities held-for-sale | 74 | 72 | ||
Accrued expenses and other current liabilities | 719 | 890 | ||
Accrued expenses and other current liabilities-affiliate | 133 | 161 | ||
Total current liabilities | 3,663 | 3,317 | ||
Other Liabilities | ||||
Long-term debt and capital leases | 14,821 | 15,716 | ||
Nuclear decommissioning reserve | 274 | 269 | ||
Nuclear decommissioning trust liability | 410 | 415 | ||
Deferred income taxes | 17 | 21 | ||
Derivative instruments | 285 | 197 | ||
Out-of-market contracts, net | 195 | 207 | ||
Non-current liabilities held-for-sale | 12 | 8 | ||
Other non-current liabilities | 1,130 | 1,122 | ||
Total non-current liabilities | 17,144 | 17,955 | ||
Total Liabilities | 20,807 | 21,272 | ||
Redeemable noncontrolling interest in subsidiaries | 69 | 78 | ||
Total Stockholders’ Equity | 2,071 | 1,968 | ||
Total Liabilities and Stockholders’ Equity | 22,947 | 23,318 | ||
Eliminations | ||||
Current Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Funds deposited by counterparties | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Inventory | 0 | 0 | ||
Derivative instruments | (37) | (58) | ||
Cash collateral paid in support of energy risk management activities | 0 | 0 | ||
Accounts receivable - affiliate | (1,396) | (594) | ||
Current assets held-for-sale | 0 | 0 | ||
Prepayments and other current assets | (2) | 0 | ||
Total current assets | (1,435) | (652) | ||
Property, plant and equipment, net | (23) | (25) | ||
Other Assets | ||||
Investment in subsidiaries | (8,597) | (7,847) | ||
Equity investments in affiliates | 0 | 0 | ||
Notes receivable, less current portion | 0 | (38) | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | (3) | (3) | ||
Nuclear decommissioning trust fund | 0 | 0 | ||
Derivative instruments | (2) | 0 | ||
Deferred income tax | 0 | 0 | ||
Non-current assets held-for-sale | 0 | 0 | ||
Other non-current assets | 0 | 0 | ||
Total other assets | (8,602) | (7,888) | ||
Total Assets | (10,060) | (8,565) | ||
Current Liabilities | ||||
Current portion of long-term debt and capital leases | (2) | (38) | ||
Accounts payable | 0 | 0 | ||
Accounts payable - affiliate | (1,396) | (593) | ||
Derivative instruments | (37) | (58) | ||
Cash collateral received in support of energy risk management activities | 0 | 0 | ||
Current liabilities held-for-sale | 0 | 0 | ||
Accrued expenses and other current liabilities | 0 | 0 | ||
Accrued expenses and other current liabilities-affiliate | 0 | 0 | ||
Total current liabilities | (1,435) | (689) | ||
Other Liabilities | ||||
Long-term debt and capital leases | 0 | 0 | ||
Nuclear decommissioning reserve | 0 | 0 | ||
Nuclear decommissioning trust liability | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Derivative instruments | (2) | 0 | ||
Out-of-market contracts, net | 0 | 0 | ||
Non-current liabilities held-for-sale | 0 | 0 | ||
Other non-current liabilities | 0 | 0 | ||
Total non-current liabilities | (2) | 0 | ||
Total Liabilities | (1,437) | (689) | ||
Redeemable noncontrolling interest in subsidiaries | 0 | 0 | ||
Total Stockholders’ Equity | (8,623) | (7,876) | ||
Total Liabilities and Stockholders’ Equity | (10,060) | (8,565) | ||
Guarantor Subsidiaries | ||||
Current Assets | ||||
Cash and cash equivalents | 71 | 0 | ||
Funds deposited by counterparties | 71 | 37 | ||
Restricted cash | 9 | 4 | ||
Accounts receivable, net | 1,094 | 912 | ||
Inventory | 309 | 338 | ||
Derivative instruments | 837 | 646 | ||
Cash collateral paid in support of energy risk management activities | 209 | 170 | ||
Accounts receivable - affiliate | 1,189 | 685 | ||
Current assets held-for-sale | 0 | 8 | ||
Prepayments and other current assets | 173 | 122 | ||
Total current assets | 3,962 | 2,922 | ||
Property, plant and equipment, net | 2,402 | 2,507 | ||
Other Assets | ||||
Investment in subsidiaries | 486 | 266 | ||
Equity investments in affiliates | 0 | 0 | ||
Notes receivable, less current portion | 0 | 0 | ||
Goodwill | 360 | 360 | ||
Intangible assets, net | 415 | 454 | ||
Nuclear decommissioning trust fund | 694 | 692 | ||
Derivative instruments | 329 | 126 | ||
Deferred income tax | 156 | 377 | ||
Non-current assets held-for-sale | 0 | 0 | ||
Other non-current assets | 81 | 50 | ||
Total other assets | 2,521 | 2,325 | ||
Total Assets | 8,885 | 7,754 | ||
Current Liabilities | ||||
Current portion of long-term debt and capital leases | 0 | 0 | ||
Accounts payable | 699 | 610 | ||
Accounts payable - affiliate | 1,901 | 742 | ||
Derivative instruments | 695 | 556 | ||
Cash collateral received in support of energy risk management activities | 72 | 37 | ||
Current liabilities held-for-sale | 0 | 0 | ||
Accrued expenses and other current liabilities | 270 | 303 | ||
Accrued expenses and other current liabilities-affiliate | 0 | 0 | ||
Total current liabilities | 3,637 | 2,248 | ||
Other Liabilities | ||||
Long-term debt and capital leases | 245 | 244 | ||
Nuclear decommissioning reserve | 274 | 269 | ||
Nuclear decommissioning trust liability | 410 | 415 | ||
Deferred income taxes | 112 | 112 | ||
Derivative instruments | 237 | 136 | ||
Out-of-market contracts, net | 58 | 66 | ||
Non-current liabilities held-for-sale | 0 | 0 | ||
Other non-current liabilities | 410 | 410 | ||
Total non-current liabilities | 1,746 | 1,652 | ||
Total Liabilities | 5,383 | 3,900 | ||
Redeemable noncontrolling interest in subsidiaries | 0 | 0 | ||
Total Stockholders’ Equity | 3,502 | 3,854 | ||
Total Liabilities and Stockholders’ Equity | 8,885 | 7,754 | ||
Non-Guarantor Subsidiaries | ||||
Current Assets | ||||
Cash and cash equivalents | 395 | 348 | ||
Funds deposited by counterparties | 0 | 0 | ||
Restricted cash | 277 | 504 | ||
Accounts receivable, net | 274 | 163 | ||
Inventory | 176 | 194 | ||
Derivative instruments | 36 | 29 | ||
Cash collateral paid in support of energy risk management activities | 15 | 1 | ||
Accounts receivable - affiliate | 123 | 133 | ||
Current assets held-for-sale | 100 | 107 | ||
Prepayments and other current assets | 122 | 112 | ||
Total current assets | 1,518 | 1,591 | ||
Property, plant and equipment, net | 10,164 | 11,188 | ||
Other Assets | ||||
Investment in subsidiaries | 0 | 0 | ||
Equity investments in affiliates | 1,055 | 1,036 | ||
Notes receivable, less current portion | 15 | 2 | ||
Goodwill | 179 | 179 | ||
Intangible assets, net | 1,448 | 1,295 | ||
Nuclear decommissioning trust fund | 0 | 0 | ||
Derivative instruments | 61 | 15 | ||
Deferred income tax | 34 | (7) | ||
Non-current assets held-for-sale | 50 | 43 | ||
Other non-current assets | 454 | 459 | ||
Total other assets | 3,296 | 3,022 | ||
Total Assets | 14,978 | 15,801 | ||
Current Liabilities | ||||
Current portion of long-term debt and capital leases | 862 | 667 | ||
Accounts payable | 230 | 216 | ||
Accounts payable - affiliate | (207) | (297) | ||
Derivative instruments | 51 | 57 | ||
Cash collateral received in support of energy risk management activities | 0 | 0 | ||
Current liabilities held-for-sale | 74 | 72 | ||
Accrued expenses and other current liabilities | 123 | 162 | ||
Accrued expenses and other current liabilities-affiliate | 0 | 0 | ||
Total current liabilities | 1,133 | 877 | ||
Other Liabilities | ||||
Long-term debt and capital leases | 7,428 | 8,733 | ||
Nuclear decommissioning reserve | 0 | 0 | ||
Nuclear decommissioning trust liability | 0 | 0 | ||
Deferred income taxes | 64 | 64 | ||
Derivative instruments | 50 | 61 | ||
Out-of-market contracts, net | 137 | 141 | ||
Non-current liabilities held-for-sale | 12 | 8 | ||
Other non-current liabilities | 311 | 321 | ||
Total non-current liabilities | 8,002 | 9,328 | ||
Total Liabilities | 9,135 | 10,205 | ||
Redeemable noncontrolling interest in subsidiaries | 69 | 78 | ||
Total Stockholders’ Equity | 5,774 | 5,518 | ||
Total Liabilities and Stockholders’ Equity | 14,978 | 15,801 | ||
NRG Energy, Inc. (Note Issuer) | ||||
Current Assets | ||||
Cash and cash equivalents | 514 | 643 | ||
Funds deposited by counterparties | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Accounts receivable, net | 3 | 4 | ||
Inventory | 0 | 0 | ||
Derivative instruments | 15 | 9 | ||
Cash collateral paid in support of energy risk management activities | 0 | 0 | ||
Accounts receivable - affiliate | 141 | (129) | ||
Current assets held-for-sale | 0 | 0 | ||
Prepayments and other current assets | 35 | 27 | ||
Total current assets | 708 | 554 | ||
Property, plant and equipment, net | 231 | 238 | ||
Other Assets | ||||
Investment in subsidiaries | 8,111 | 7,581 | ||
Equity investments in affiliates | 0 | 2 | ||
Notes receivable, less current portion | 0 | 38 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Nuclear decommissioning trust fund | 0 | 0 | ||
Derivative instruments | 38 | 31 | ||
Deferred income tax | (64) | (236) | ||
Non-current assets held-for-sale | 0 | 0 | ||
Other non-current assets | 120 | 120 | ||
Total other assets | 8,205 | 7,536 | ||
Total Assets | 9,144 | 8,328 | ||
Current Liabilities | ||||
Current portion of long-term debt and capital leases | 92 | 59 | ||
Accounts payable | 46 | 55 | ||
Accounts payable - affiliate | (269) | 181 | ||
Derivative instruments | 0 | 0 | ||
Cash collateral received in support of energy risk management activities | 0 | 0 | ||
Current liabilities held-for-sale | 0 | 0 | ||
Accrued expenses and other current liabilities | 326 | 425 | ||
Accrued expenses and other current liabilities-affiliate | 133 | 161 | ||
Total current liabilities | 328 | 881 | ||
Other Liabilities | ||||
Long-term debt and capital leases | 7,148 | 6,739 | ||
Nuclear decommissioning reserve | 0 | 0 | ||
Nuclear decommissioning trust liability | 0 | 0 | ||
Deferred income taxes | (159) | (155) | ||
Derivative instruments | 0 | 0 | ||
Out-of-market contracts, net | 0 | 0 | ||
Non-current liabilities held-for-sale | 0 | 0 | ||
Other non-current liabilities | 409 | 391 | ||
Total non-current liabilities | 7,398 | 6,975 | ||
Total Liabilities | 7,726 | 7,856 | ||
Redeemable noncontrolling interest in subsidiaries | 0 | 0 | ||
Total Stockholders’ Equity | 1,418 | 472 | ||
Total Liabilities and Stockholders’ Equity | $ 9,144 | $ 8,328 |
Condensed Consolidating Finan89
Condensed Consolidating Financial Information - CASH FLOWS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Cash Flows from Operating Activities | ||||
Net Income/(Loss) | $ 96 | $ (642) | $ 329 | $ (845) |
Loss from discontinued operations | (25) | (741) | (25) | (775) |
Net income | 121 | 99 | 354 | (70) |
Adjustments to reconcile net income to net cash provided/(used) by operating activities: | ||||
Distributions from unconsolidated affiliates | 43 | 28 | ||
Equity in (earnings)/losses of unconsolidated affiliates | (16) | (2) | ||
Depreciation, amortization and accretion | 485 | 517 | ||
Provision for bad debts | 31 | 18 | ||
Amortization of nuclear fuel | 24 | 24 | ||
Amortization of financing costs and debt discount/premiums | 27 | 29 | ||
Adjustment for debt extinguishment | 3 | 0 | ||
Amortization of intangibles and out-of-market contracts | 48 | 51 | ||
Amortization of unearned equity compensation | 26 | 16 | ||
Impairment losses | 89 | 63 | ||
Changes in deferred income taxes and liability for uncertain tax benefits | 4 | 8 | ||
Changes in nuclear decommissioning trust liability | 41 | 2 | ||
Changes in derivative instruments | (211) | 7 | ||
Changes in collateral deposits in support of energy risk management activities | (18) | (189) | ||
Gain on sale of emission allowances | (11) | 11 | ||
Gain on sale of assets | (16) | (22) | ||
Loss on deconsolidation of business | 22 | 0 | ||
Changes in other working capital | (401) | (379) | ||
Cash provided by continuing operations | 524 | 112 | ||
Cash used by discontinued operations | 0 | (38) | ||
Net Cash Provided by Operating Activities | 524 | 74 | ||
Cash Flows from Investing Activities | ||||
Dividends from NRG Yield, Inc. | 0 | 0 | ||
Intercompany dividends | 0 | |||
Acquisition of Drop Down Assets, net of cash acquired | 0 | 0 | ||
Acquisitions of businesses, net of cash acquired | (284) | (16) | ||
Capital expenditures | (691) | (542) | ||
Decrease in notes receivable | 4 | 8 | ||
Purchases of emission allowances | (22) | (30) | ||
Proceeds from sale of emission allowances | 34 | 59 | ||
Investments in nuclear decommissioning trust fund securities | (346) | (279) | ||
Proceeds from the sale of nuclear decommissioning trust fund securities | 303 | 277 | ||
Proceeds from renewable energy grants and state rebates | 0 | 8 | ||
Proceeds from sale of assets, net of cash disposed of | 18 | 35 | ||
Deconsolidation of business | (160) | 0 | ||
Change in investments in unconsolidated affiliates | (2) | (30) | ||
Other | 0 | 18 | ||
Cash (used)/provided by continuing operations | (1,146) | (492) | ||
Cash used by discontinued operations | 0 | (53) | ||
Net Cash (Used)/Provided by Investing Activities | (1,146) | (545) | ||
Cash Flows from Financing Activities | ||||
Dividends from NRG Yield, Inc. | 0 | 0 | ||
Payment (for)/from intercompany loans | 0 | 0 | ||
Acquisition of Drop Down Assets, net of cash acquired | 0 | 0 | ||
Intercompany dividends | 0 | |||
Payment of dividends to common and preferred stockholders | (19) | (19) | ||
Payment for treasury stock | (500) | 0 | ||
Net receipts from settlement of acquired derivatives that include financing elements | 0 | 2 | ||
Proceeds from issuance of long-term debt | 1,605 | 946 | ||
Payments for short and long-term debt | (848) | (530) | ||
Increase in notes receivable from affiliate | 0 | (125) | ||
Distributions to, net of contributions from, noncontrolling interests in subsidiaries | 222 | 14 | ||
Payment of debt issuance costs | (37) | (36) | ||
Other - contingent consideration | 0 | (10) | ||
Cash provided by continuing operations | 423 | 242 | ||
Cash used by discontinued operations | 0 | (224) | ||
Net Cash Provided by Financing Activities | 423 | 18 | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | (8) | ||
Change in Cash from discontinued operations | 0 | (315) | ||
Net Decrease in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash | (199) | (146) | ||
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period | 1,536 | 1,386 | ||
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period | 1,337 | 1,240 | 1,337 | 1,240 |
Eliminations | ||||
Cash Flows from Operating Activities | ||||
Net Income/(Loss) | (360) | 106 | (692) | 53 |
Loss from discontinued operations | 0 | 0 | 0 | 0 |
Net income | (360) | 106 | (692) | 53 |
Adjustments to reconcile net income to net cash provided/(used) by operating activities: | ||||
Distributions from unconsolidated affiliates | (7) | (4) | ||
Equity in (earnings)/losses of unconsolidated affiliates | 0 | 0 | ||
Depreciation, amortization and accretion | 0 | 0 | ||
Provision for bad debts | 0 | 0 | ||
Amortization of nuclear fuel | 0 | 0 | ||
Amortization of financing costs and debt discount/premiums | 0 | 0 | ||
Adjustment for debt extinguishment | 0 | |||
Amortization of intangibles and out-of-market contracts | 0 | 0 | ||
Amortization of unearned equity compensation | 0 | 0 | ||
Impairment losses | 0 | 0 | ||
Changes in deferred income taxes and liability for uncertain tax benefits | 0 | 0 | ||
Changes in nuclear decommissioning trust liability | 0 | 0 | ||
Changes in derivative instruments | (22) | 0 | ||
Changes in collateral deposits in support of energy risk management activities | 0 | 0 | ||
Gain on sale of emission allowances | 0 | 0 | ||
Gain on sale of assets | 0 | 0 | ||
Loss on deconsolidation of business | 0 | |||
Changes in other working capital | 721 | (49) | ||
Cash provided by continuing operations | 0 | |||
Cash used by discontinued operations | 0 | |||
Net Cash Provided by Operating Activities | 0 | 0 | ||
Cash Flows from Investing Activities | ||||
Dividends from NRG Yield, Inc. | (52) | (45) | ||
Intercompany dividends | (129) | |||
Acquisition of Drop Down Assets, net of cash acquired | 126 | 131 | ||
Acquisitions of businesses, net of cash acquired | 0 | 0 | ||
Capital expenditures | 0 | 0 | ||
Decrease in notes receivable | 0 | 0 | ||
Purchases of emission allowances | 0 | 0 | ||
Proceeds from sale of emission allowances | 0 | 0 | ||
Investments in nuclear decommissioning trust fund securities | 0 | 0 | ||
Proceeds from the sale of nuclear decommissioning trust fund securities | 0 | 0 | ||
Proceeds from renewable energy grants and state rebates | 0 | |||
Proceeds from sale of assets, net of cash disposed of | 0 | 0 | ||
Deconsolidation of business | 0 | |||
Change in investments in unconsolidated affiliates | 0 | 0 | ||
Other | 0 | |||
Cash (used)/provided by continuing operations | (43) | |||
Cash used by discontinued operations | 0 | |||
Net Cash (Used)/Provided by Investing Activities | 74 | (43) | ||
Cash Flows from Financing Activities | ||||
Dividends from NRG Yield, Inc. | 52 | 45 | ||
Payment (for)/from intercompany loans | 0 | 129 | ||
Acquisition of Drop Down Assets, net of cash acquired | (126) | (131) | ||
Intercompany dividends | 0 | |||
Payment of dividends to common and preferred stockholders | 0 | 0 | ||
Payment for treasury stock | 0 | |||
Net receipts from settlement of acquired derivatives that include financing elements | 0 | |||
Proceeds from issuance of long-term debt | 0 | 0 | ||
Payments for short and long-term debt | 0 | 0 | ||
Increase in notes receivable from affiliate | 0 | |||
Distributions to, net of contributions from, noncontrolling interests in subsidiaries | 0 | 0 | ||
Payment of debt issuance costs | 0 | 0 | ||
Other - contingent consideration | 0 | |||
Cash provided by continuing operations | 43 | |||
Cash used by discontinued operations | 0 | |||
Net Cash Provided by Financing Activities | (74) | 43 | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | |||
Change in Cash from discontinued operations | 0 | |||
Net Decrease in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash | 0 | 0 | ||
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period | 0 | 0 | ||
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period | 0 | 0 | 0 | 0 |
Guarantor Subsidiaries | ||||
Cash Flows from Operating Activities | ||||
Net Income/(Loss) | 210 | 186 | 543 | 263 |
Loss from discontinued operations | 0 | 0 | 0 | 0 |
Net income | 210 | 186 | 543 | 263 |
Adjustments to reconcile net income to net cash provided/(used) by operating activities: | ||||
Distributions from unconsolidated affiliates | 0 | 0 | ||
Equity in (earnings)/losses of unconsolidated affiliates | 0 | 0 | ||
Depreciation, amortization and accretion | 162 | 198 | ||
Provision for bad debts | 31 | 17 | ||
Amortization of nuclear fuel | 24 | 24 | ||
Amortization of financing costs and debt discount/premiums | 0 | 0 | ||
Adjustment for debt extinguishment | 0 | |||
Amortization of intangibles and out-of-market contracts | 9 | 12 | ||
Amortization of unearned equity compensation | 0 | 0 | ||
Impairment losses | 0 | 42 | ||
Changes in deferred income taxes and liability for uncertain tax benefits | 221 | 131 | ||
Changes in nuclear decommissioning trust liability | 41 | 2 | ||
Changes in derivative instruments | (154) | 12 | ||
Changes in collateral deposits in support of energy risk management activities | (4) | (203) | ||
Gain on sale of emission allowances | (11) | 11 | ||
Gain on sale of assets | (3) | (22) | ||
Loss on deconsolidation of business | 0 | |||
Changes in other working capital | (298) | (329) | ||
Cash provided by continuing operations | 158 | |||
Cash used by discontinued operations | 0 | |||
Net Cash Provided by Operating Activities | 561 | 158 | ||
Cash Flows from Investing Activities | ||||
Dividends from NRG Yield, Inc. | 0 | 0 | ||
Intercompany dividends | 0 | |||
Acquisition of Drop Down Assets, net of cash acquired | 0 | 0 | ||
Acquisitions of businesses, net of cash acquired | (2) | 0 | ||
Capital expenditures | (105) | (90) | ||
Decrease in notes receivable | 0 | 8 | ||
Purchases of emission allowances | (22) | (30) | ||
Proceeds from sale of emission allowances | 34 | 59 | ||
Investments in nuclear decommissioning trust fund securities | (346) | (279) | ||
Proceeds from the sale of nuclear decommissioning trust fund securities | 303 | 277 | ||
Proceeds from renewable energy grants and state rebates | 0 | |||
Proceeds from sale of assets, net of cash disposed of | 10 | 35 | ||
Deconsolidation of business | 0 | |||
Change in investments in unconsolidated affiliates | 0 | 0 | ||
Other | 18 | |||
Cash (used)/provided by continuing operations | (2) | |||
Cash used by discontinued operations | 0 | |||
Net Cash (Used)/Provided by Investing Activities | (128) | (2) | ||
Cash Flows from Financing Activities | ||||
Dividends from NRG Yield, Inc. | 0 | 0 | ||
Payment (for)/from intercompany loans | (323) | 0 | ||
Acquisition of Drop Down Assets, net of cash acquired | 0 | 0 | ||
Intercompany dividends | (122) | |||
Payment of dividends to common and preferred stockholders | 0 | 0 | ||
Payment for treasury stock | 0 | |||
Net receipts from settlement of acquired derivatives that include financing elements | 0 | |||
Proceeds from issuance of long-term debt | 0 | 0 | ||
Payments for short and long-term debt | 0 | 0 | ||
Increase in notes receivable from affiliate | 0 | |||
Distributions to, net of contributions from, noncontrolling interests in subsidiaries | 0 | 0 | ||
Payment of debt issuance costs | 0 | 0 | ||
Other - contingent consideration | 0 | |||
Cash provided by continuing operations | (122) | |||
Cash used by discontinued operations | 0 | |||
Net Cash Provided by Financing Activities | (323) | (122) | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | |||
Change in Cash from discontinued operations | 0 | |||
Net Decrease in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash | 110 | 34 | ||
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period | 41 | 13 | ||
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period | 151 | 47 | 151 | 47 |
Non-Guarantor Subsidiaries | ||||
Cash Flows from Operating Activities | ||||
Net Income/(Loss) | 95 | (336) | 32 | (396) |
Loss from discontinued operations | 0 | (123) | 0 | (160) |
Net income | 95 | (213) | 32 | (236) |
Adjustments to reconcile net income to net cash provided/(used) by operating activities: | ||||
Distributions from unconsolidated affiliates | 50 | 32 | ||
Equity in (earnings)/losses of unconsolidated affiliates | (17) | (4) | ||
Depreciation, amortization and accretion | 307 | 303 | ||
Provision for bad debts | 0 | 1 | ||
Amortization of nuclear fuel | 0 | 0 | ||
Amortization of financing costs and debt discount/premiums | 18 | 20 | ||
Adjustment for debt extinguishment | 0 | |||
Amortization of intangibles and out-of-market contracts | 39 | 39 | ||
Amortization of unearned equity compensation | 0 | 0 | ||
Impairment losses | 89 | 21 | ||
Changes in deferred income taxes and liability for uncertain tax benefits | (41) | 237 | ||
Changes in nuclear decommissioning trust liability | 0 | 0 | ||
Changes in derivative instruments | (43) | (12) | ||
Changes in collateral deposits in support of energy risk management activities | (14) | 11 | ||
Gain on sale of emission allowances | 0 | 0 | ||
Gain on sale of assets | (13) | 0 | ||
Loss on deconsolidation of business | 22 | |||
Changes in other working capital | 41 | (539) | ||
Cash provided by continuing operations | (127) | |||
Cash used by discontinued operations | (38) | |||
Net Cash Provided by Operating Activities | 470 | (165) | ||
Cash Flows from Investing Activities | ||||
Dividends from NRG Yield, Inc. | 0 | 0 | ||
Intercompany dividends | 0 | |||
Acquisition of Drop Down Assets, net of cash acquired | (126) | (131) | ||
Acquisitions of businesses, net of cash acquired | (282) | (16) | ||
Capital expenditures | (556) | (436) | ||
Decrease in notes receivable | 4 | 0 | ||
Purchases of emission allowances | 0 | 0 | ||
Proceeds from sale of emission allowances | 0 | 0 | ||
Investments in nuclear decommissioning trust fund securities | 0 | 0 | ||
Proceeds from the sale of nuclear decommissioning trust fund securities | 0 | 0 | ||
Proceeds from renewable energy grants and state rebates | 8 | |||
Proceeds from sale of assets, net of cash disposed of | 8 | 0 | ||
Deconsolidation of business | (160) | |||
Change in investments in unconsolidated affiliates | (2) | (30) | ||
Other | 0 | |||
Cash (used)/provided by continuing operations | (605) | |||
Cash used by discontinued operations | (53) | |||
Net Cash (Used)/Provided by Investing Activities | (1,114) | (658) | ||
Cash Flows from Financing Activities | ||||
Dividends from NRG Yield, Inc. | (52) | (45) | ||
Payment (for)/from intercompany loans | 108 | (129) | ||
Acquisition of Drop Down Assets, net of cash acquired | 0 | 0 | ||
Intercompany dividends | 369 | |||
Payment of dividends to common and preferred stockholders | 0 | 0 | ||
Payment for treasury stock | 0 | |||
Net receipts from settlement of acquired derivatives that include financing elements | 2 | |||
Proceeds from issuance of long-term debt | 774 | 741 | ||
Payments for short and long-term debt | (564) | (316) | ||
Increase in notes receivable from affiliate | (125) | |||
Distributions to, net of contributions from, noncontrolling interests in subsidiaries | 222 | 14 | ||
Payment of debt issuance costs | (24) | (32) | ||
Other - contingent consideration | (10) | |||
Cash provided by continuing operations | 469 | |||
Cash used by discontinued operations | (224) | |||
Net Cash Provided by Financing Activities | 464 | 245 | ||
Effect of exchange rate changes on cash and cash equivalents | (8) | |||
Change in Cash from discontinued operations | (315) | |||
Net Decrease in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash | (180) | (271) | ||
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period | 852 | 1,050 | ||
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period | 672 | 779 | 672 | 779 |
NRG Energy, Inc. (Note Issuer) | ||||
Cash Flows from Operating Activities | ||||
Net Income/(Loss) | 151 | (598) | 446 | (765) |
Loss from discontinued operations | (25) | (618) | (25) | (615) |
Net income | 176 | 20 | 471 | (150) |
Adjustments to reconcile net income to net cash provided/(used) by operating activities: | ||||
Distributions from unconsolidated affiliates | 0 | 0 | ||
Equity in (earnings)/losses of unconsolidated affiliates | 1 | 2 | ||
Depreciation, amortization and accretion | 16 | 16 | ||
Provision for bad debts | 0 | 0 | ||
Amortization of nuclear fuel | 0 | 0 | ||
Amortization of financing costs and debt discount/premiums | 9 | 9 | ||
Adjustment for debt extinguishment | 3 | |||
Amortization of intangibles and out-of-market contracts | 0 | 0 | ||
Amortization of unearned equity compensation | 26 | 16 | ||
Impairment losses | 0 | 0 | ||
Changes in deferred income taxes and liability for uncertain tax benefits | (176) | (360) | ||
Changes in nuclear decommissioning trust liability | 0 | 0 | ||
Changes in derivative instruments | 8 | 7 | ||
Changes in collateral deposits in support of energy risk management activities | 0 | 3 | ||
Gain on sale of emission allowances | 0 | 0 | ||
Gain on sale of assets | 0 | 0 | ||
Loss on deconsolidation of business | 0 | |||
Changes in other working capital | (865) | 538 | ||
Cash provided by continuing operations | 81 | |||
Cash used by discontinued operations | 0 | |||
Net Cash Provided by Operating Activities | (507) | 81 | ||
Cash Flows from Investing Activities | ||||
Dividends from NRG Yield, Inc. | 52 | 45 | ||
Intercompany dividends | 129 | |||
Acquisition of Drop Down Assets, net of cash acquired | 0 | 0 | ||
Acquisitions of businesses, net of cash acquired | 0 | 0 | ||
Capital expenditures | (30) | (16) | ||
Decrease in notes receivable | 0 | 0 | ||
Purchases of emission allowances | 0 | 0 | ||
Proceeds from sale of emission allowances | 0 | 0 | ||
Investments in nuclear decommissioning trust fund securities | 0 | 0 | ||
Proceeds from the sale of nuclear decommissioning trust fund securities | 0 | 0 | ||
Proceeds from renewable energy grants and state rebates | 0 | |||
Proceeds from sale of assets, net of cash disposed of | 0 | 0 | ||
Deconsolidation of business | 0 | |||
Change in investments in unconsolidated affiliates | 0 | 0 | ||
Other | 0 | |||
Cash (used)/provided by continuing operations | 158 | |||
Cash used by discontinued operations | 0 | |||
Net Cash (Used)/Provided by Investing Activities | 22 | 158 | ||
Cash Flows from Financing Activities | ||||
Dividends from NRG Yield, Inc. | 0 | 0 | ||
Payment (for)/from intercompany loans | 215 | 0 | ||
Acquisition of Drop Down Assets, net of cash acquired | 126 | 131 | ||
Intercompany dividends | (247) | |||
Payment of dividends to common and preferred stockholders | (19) | (19) | ||
Payment for treasury stock | (500) | |||
Net receipts from settlement of acquired derivatives that include financing elements | 0 | |||
Proceeds from issuance of long-term debt | 831 | 205 | ||
Payments for short and long-term debt | (284) | (214) | ||
Increase in notes receivable from affiliate | 0 | |||
Distributions to, net of contributions from, noncontrolling interests in subsidiaries | 0 | 0 | ||
Payment of debt issuance costs | (13) | (4) | ||
Other - contingent consideration | 0 | |||
Cash provided by continuing operations | (148) | |||
Cash used by discontinued operations | 0 | |||
Net Cash Provided by Financing Activities | 356 | (148) | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | |||
Change in Cash from discontinued operations | 0 | |||
Net Decrease in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash | (129) | 91 | ||
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period | 643 | 323 | ||
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period | $ 514 | $ 414 | $ 514 | $ 414 |