Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'NRG ENERGY, INC. | ' |
Entity Central Index Key | '0001013871 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
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 | ' | 337,240,638 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating Revenues | ' | ' |
Total operating revenues | $3,486 | $2,081 |
Operating Costs and Expenses | ' | ' |
Cost of operations | 2,733 | 1,753 |
Depreciation and amortization | 335 | 307 |
Selling, general and administrative | 226 | 227 |
Acquisition-related transaction and integration costs | 12 | 42 |
Development activity expenses | 19 | 18 |
Total operating costs and expenses | 3,325 | 2,347 |
Gain on sale of assets | 19 | 0 |
Operating Income/(Loss) | 180 | -266 |
Other Income/(Expense) | ' | ' |
Equity in earnings of unconsolidated affiliates | 7 | 3 |
Other income, net | 11 | 4 |
Loss on debt extinguishment | -41 | -28 |
Interest expense | -255 | -196 |
Total other expense | -278 | -217 |
Loss Before Income Taxes | -98 | -483 |
Income tax benefit | -31 | -152 |
Net Loss | -67 | -331 |
Less: Net (loss)/income attributable to noncontrolling interest | -11 | 1 |
Net Loss Attributable to NRG Energy, Inc. | -56 | -332 |
Dividends for preferred shares | 2 | 2 |
Loss Available for Common Stockholders | ($58) | ($334) |
Loss Per Share Attributable to NRG Energy, Inc. Common Stockholders | ' | ' |
Weighted average number of common shares outstanding | 324 | 323 |
Net loss per weighted average common share — basic and diluted | ($0.18) | ($1.03) |
Dividends Per Common Share | $0.12 | $0.09 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net Loss | ($67) | ($331) |
Other Comprehensive Income, net of tax | ' | ' |
Unrealized (loss)/gain on derivatives, net of income tax (benefit)/expense of $(3) and $9 | -9 | 7 |
Foreign currency translation adjustments, net of income tax expense of $2 and $0 | 6 | 0 |
Available-for-sale securities, net of income tax expense of $2 and $1 | 6 | 2 |
Defined benefit plans, net of tax expense of $0 and $5 | 2 | 5 |
Other comprehensive income | 5 | 14 |
Comprehensive Loss | -62 | -317 |
Less: Comprehensive (loss)/income attributable to noncontrolling interest | 15 | -1 |
Comprehensive Loss Attributable to NRG Energy, Inc. | -47 | -318 |
Dividends for preferred shares | 2 | 2 |
Comprehensive Loss Available for Common Stockholders | ($49) | ($320) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Comprehensive Loss Income (Parenthetical) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Unrealized gain/loss on derivatives, income tax benefit | ($9) | $7 |
Foreign currency translation adjustments, income tax benefit | 6 | 0 |
Available-for-sale securities, income tax expense | 6 | 2 |
Defined benefit plans, income tax expense | ($2) | ($5) |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $3,187 | $2,254 |
Funds deposited by counterparties | 4 | 63 |
Restricted cash | 209 | 268 |
Accounts receivable — trade, less allowance for doubtful accounts of $32 and $40 | 1,149 | 1,214 |
Inventory | 781 | 898 |
Derivative instruments | 1,573 | 1,328 |
Cash collateral paid in support of energy risk management activities | 687 | 276 |
Deferred income taxes | 78 | 258 |
Renewable energy grant receivable | 116 | 539 |
Prepayments and other current assets | 599 | 498 |
Total current assets | 8,383 | 7,596 |
Property, plant and equipment, net of accumulated depreciation of $6,885 and $6,573 | 19,644 | 19,851 |
Other Assets | ' | ' |
Equity investments in affiliates | 462 | 453 |
Notes receivable, less current portion | 69 | 73 |
Goodwill | 2,038 | 1,985 |
Intangible assets, net of accumulated amortization of $1,248 and $1,977 | 1,300 | 1,140 |
Nuclear decommissioning trust fund | 557 | 551 |
Derivative instruments | 333 | 311 |
Deferred income taxes | 1,416 | 1,202 |
Other non-current assets | 759 | 740 |
Total other assets | 6,934 | 6,455 |
Total Assets | 34,961 | 33,902 |
Current Liabilities | ' | ' |
Current portion of long-term debt and capital leases | 685 | 1,050 |
Accounts payable | 1,082 | 1,038 |
Derivative instruments | 1,504 | 1,055 |
Cash collateral received in support of energy risk management activities | 4 | 63 |
Accrued expenses and other current liabilities | 950 | 998 |
Total current liabilities | 4,225 | 4,204 |
Other Liabilities | ' | ' |
Long-term debt and capital leases | 16,803 | 15,767 |
Nuclear decommissioning trust liability | 324 | 324 |
Nuclear decommissioning reserve | 298 | 294 |
Deferred income taxes | 24 | 22 |
Derivative instruments | 257 | 195 |
Out-of-market contracts | 1,157 | 1,177 |
Other non-current liabilities | 1,230 | 1,201 |
Total non-current liabilities | 20,093 | 18,980 |
Total Liabilities | 24,318 | 23,184 |
3.625% convertible perpetual preferred stock (at liquidation value, net of issuance costs) | 249 | 249 |
Commitments and Contingencies | ' | ' |
Stockholders’ Equity | ' | ' |
Common stock | 4 | 4 |
Additional paid-in capital | 7,842 | 7,840 |
Retained earnings | 3,594 | 3,695 |
Less treasury stock, at cost — 77,275,933 and 77,347,528 shares, respectively | -1,940 | -1,942 |
Accumulated other comprehensive income | 10 | 5 |
Noncontrolling interest | 884 | 867 |
Total Stockholders’ Equity | 10,394 | 10,469 |
Total Liabilities and Stockholders’ Equity | $34,961 | $33,902 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable - trade, allowance for doubtful accounts | $32 | $40 |
Property, plant and equipment, accumulated depreciation | 6,888 | 6,573 |
Intangible assets, accumulated amortization | $1,248 | $1,977 |
3.625% convertible perpetual preferred stock, interest rate (as a percentage) | 3.63% | 3.63% |
Treasury stock, shares (in shares) | 77,275,933 | 77,347,528 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash Flows from Operating Activities | ' | ' |
Net Loss | ($67) | ($331) |
Adjustments to reconcile net loss to net cash provided/(used) by operating activities: | ' | ' |
Distributions and equity in earnings of unconsolidated affiliates | -2 | 0 |
Depreciation and amortization | 335 | 307 |
Provision for bad debts | 21 | 9 |
Amortization of nuclear fuel | 11 | 6 |
Amortization of financing costs and debt discount/premiums | -5 | -13 |
Loss on debt extinguishment | 19 | 2 |
Amortization of intangibles and out-of-market contracts | 13 | 31 |
Amortization of unearned equity compensation | 8 | 18 |
Changes in deferred income taxes and liability for uncertain tax benefits | -111 | -215 |
Changes in nuclear decommissioning trust liability | 5 | 10 |
Changes in derivative instruments | 525 | 317 |
Changes in collateral deposits supporting energy risk management activities | -407 | -226 |
Gain on sale of assets | -19 | 0 |
Cash used by changes in other working capital | 65 | -39 |
Net Cash Provided/(Used) by Operating Activities | 391 | -124 |
Cash Flows from Investing Activities | ' | ' |
Acquisitions of businesses, net of cash acquired | -218 | -18 |
Capital expenditures | -237 | -813 |
Decrease/(Increase) in restricted cash, net | 3 | -13 |
Decrease in restricted cash to support equity requirements for U.S. DOE funded projects | 56 | 12 |
Decrease/(Increase) in notes receivable | 1 | -9 |
Investments in nuclear decommissioning trust fund securities | -188 | -95 |
Proceeds from sales of nuclear decommissioning trust fund securities | 183 | 85 |
Proceeds from renewable energy grants | 387 | 16 |
Proceeds from sale of assets, net of cash disposed of | 77 | 0 |
Cash proceeds to fund cash grant bridge loan payment | 57 | 0 |
Other | 3 | -1 |
Net Cash Provided/(Used) by Investing Activities | 124 | -836 |
Cash Flows from Financing Activities | ' | ' |
Payment of dividends to common and preferred stockholders | -41 | -31 |
Payment for treasury stock | 0 | -20 |
Net (payments for)/receipts from settlement of acquired derivatives that include financing elements | -223 | 98 |
Proceeds from issuance of long-term debt | 1,564 | 736 |
Contributions and sale proceeds from noncontrolling interest in subsidiaries | 9 | 20 |
Proceeds from issuance of common stock | 3 | 1 |
Payment of debt issuance costs | -23 | -5 |
Payments for short and long-term debt | -873 | -219 |
Net Cash Provided by Financing Activities | 416 | 580 |
Effect of exchange rate changes on cash and cash equivalents | 2 | 0 |
Net Increase/(Decrease) in Cash and Cash Equivalents | 933 | -380 |
Cash and Cash Equivalents at Beginning of Period | 2,254 | 2,087 |
Cash and Cash Equivalents at End of Period | $3,187 | $1,707 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | ' |
Basis of Presentation | |
NRG Energy, Inc., or NRG or the Company, is a competitive power and energy company that aspires to be a leader in the way residential, industrial and commercial consumers think about, use, produce and deliver energy and energy services in major competitive power markets in the United States. NRG engages in the ownership and operation of power generation facilities; the trading of energy, capacity and related products; the transacting in and trading of fuel and transportation services and the direct sale of energy, services, and innovative, sustainable products to retail customers. The Company sells retail electric products and services under the name “NRG” and various brands owned by NRG. Finally, NRG aspires to be a clean energy leader and is focused on the deployment and commercialization of potentially transformative technologies, like electric vehicles, Distributed Solar and smart meter/home automation technology that collectively have the potential to fundamentally change the nature of the power industry, including a substantial change in the role of the national electric transmission grid and distribution system. | |
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 financial statements in the Company's 2013 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 March 31, 2014, and the results of operations, comprehensive loss and cash flows for the three months ended March 31, 2014, and 2013. | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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. Certain prior period depreciation amounts have been recast to revise provisional purchase accounting estimates for the GenOn acquisition. | |
Reclassifications | |
Certain prior year amounts have been reclassified for comparative purposes. The reclassifications did not affect results from operations or cash flows. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Summary of Significant Accounting Policies | ' | |||
Summary of Significant Accounting Policies | ||||
Other Cash Flow Information | ||||
NRG’s investing activities exclude capital expenditures of $63 million which were accrued and unpaid at March 31, 2014. | ||||
Noncontrolling Interest | ||||
The following table reflects the changes in NRG's noncontrolling interest balance: | ||||
(In millions) | ||||
Balance as of December 31, 2013 | $ | 867 | ||
Contributions from noncontrolling interest | 17 | |||
Distributions to noncontrolling interest | (8 | ) | ||
Non-cash adjustments for equity component of NRG Yield, Inc. convertible notes | $ | 23 | ||
Comprehensive loss attributable to noncontrolling interest | (15 | ) | ||
Balance as of March 31, 2014 | $ | 884 | ||
Recent Accounting Developments | ||||
The following accounting standard was issued in 2013 and was adopted on January 1, 2014: | ||||
•ASU 2013-11 - In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740) Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, or ASU No. 2013-11. The amendments of ASU 2013-11 require an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction of a deferred tax asset for a net operating loss, or NOL, a similar tax loss or tax credit carryforwards rather than a liability when the uncertain tax position would reduce the NOL or other carryforward under the tax law of the applicable jurisdiction and the entity intends to use the deferred tax asset for that purpose. The adoption of this standard did not impact the Company's results of operations or cash flows as the unrecognized tax benefits relate to state issues and the Company either has no NOL's or the NOL's are limited for that particular jurisdiction. |
Business_Acquisitions_and_Disp
Business Acquisitions and Dispositions | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Business Acquisitions and Dispositions | ' | ||||||||
Business Acquisitions | |||||||||
The Company has completed the following business acquisitions which are material to the Company's financial statements: | |||||||||
Acquisition of Dominion's Electric Retail Business | |||||||||
On March 31, 2014, the Company acquired the retail electric business of Dominion Resources, Inc., or Dominion. The acquisition of Dominion's retail electricity business is expected to add approximately 500,000 customers in Connecticut, Illinois, Maryland, Massachusetts, New Jersey, New York, Ohio, Pennsylvania and Texas, after customary transitions, to NRG's retail portfolio by the end of 2014. The acquisition supports NRG's ongoing efforts to expand the Company's retail footprint in the Northeast and to grow its retail position in Texas. The Company paid approximately $195 million as cash consideration for the acquisition, including $165 million of purchase price and $30 million paid for working capital balances, which was funded by cash on hand. The purchase price was provisionally allocated to the following: $50 million to accounts receivable-trade, $145 million to customer relationships, $10 million to current assets, $20 million to derivative assets and $30 million to current and non-current liabilities. The provisional amounts are subject to revision until the evaluations are completed to the extent that additional information is obtained about the facts and circumstances that existed as of the acquisition date. | |||||||||
EME Acquisition | |||||||||
On April 1, 2014, the Company acquired substantially all of the assets of Edison Mission Energy, or EME. EME, through its subsidiaries and affiliates, owned, operated, and leased a portfolio of approximately 8,000 MW consisting of wind energy facilities and coal- and gas-fired generating facilities. The Company paid an aggregate purchase price of $3.4 billion, which was comprised of the following: | |||||||||
Original Purchase Price | Purchase Price on Acquisition Date | ||||||||
Cash and equivalents (a) | 2,285 | 3,021 | |||||||
Common shares (b) | 350 | 401 | |||||||
Total purchase price | $ | 2,635 | $ | 3,422 | |||||
Less: cash acquired | 1,422 | ||||||||
Net purchase price | $ | 2,000 | |||||||
(a) The increase in cash paid relates to an increase in acquired cash on hand as well as changes in cash collateral, restricted cash and cash related to unconsolidated subsidiaries. It also reflects lease and debt payments in 2014. | |||||||||
(b) The increase in the value of the common shares reflects an increase in trading price of NRG common shares between October 18, 2013 and April 1, 2014. The shares of NRG common stock were given a value of $350 million in determining the cash purchase price, which was based upon the volume-weighted average trading price over the 20 trading days prior to October 18, 2013. | |||||||||
The purchase price was funded through the issuance of 12,671,977 shares of NRG common stock on April 1, 2014, the issuance of $700 million in newly-issued corporate debt, as described in Note 7, Debt and Capital Leases, and cash on hand. The Company also assumed non-recourse debt of approximately $1.2 billion. | |||||||||
In connection with the transaction, NRG agreed to certain conditions with the parties to the Powerton and Joliet, or POJO, sale-leaseback transaction subject to which an NRG subsidiary assumed the POJO leveraged leases and NRG guaranteed the remaining payments under each lease, which total $485 million through 2034. In connection with this agreement, NRG has committed to fund up to $350 million in capital expenditures for plant modifications at Powerton and Joliet to comply with MATS. | |||||||||
The acquisition was recorded as a business combination under ASC 805, with identifiable assets acquired and liabilities assumed provisionally recorded at their estimated fair values on the acquisition date. The initial accounting for the business combination is not complete because the evaluation necessary to assess the fair values of certain net assets acquired is still in process. The provisional amounts are subject to revision until the evaluations are completed to the extent that additional information is obtained about the facts and circumstances that existed as of the acquisition date. The allocation of the purchase price may be modified up to one year from the date of the acquisition as more information is obtained about the fair value of assets acquired and liabilities assumed. | |||||||||
The purchase price of $3.4 billion was provisionally allocated as follows: | |||||||||
(In millions) | |||||||||
Assets | |||||||||
Cash | $ | 1,422 | |||||||
Current assets | 502 | ||||||||
Property, plant and equipment | 2,576 | ||||||||
Intangible assets | 1,062 | ||||||||
Non-current assets | 655 | ||||||||
Total assets acquired | 6,217 | ||||||||
Liabilities | |||||||||
Current and non-current liabilities | 905 | ||||||||
Out-of-market contracts and leases | 288 | ||||||||
Long-term debt | 1,249 | ||||||||
Total liabilities assumed | 2,442 | ||||||||
Less: noncontrolling interest | 354 | ||||||||
Net assets acquired | $ | 3,421 | |||||||
The Company incurred and expensed acquisition-related transaction and integration costs of $3 million in the quarter ended March 31, 2014. | |||||||||
Fair value measurements | |||||||||
The provisional fair values of the property, plant and equipment, intangible assets and out-of-market contracts at the acquisition date were measured primarily based on significant inputs that are not observable in the market and thus represent a Level 3 measurement as defined in ASC 820. Significant inputs were as follows: | |||||||||
Property, plant and equipment - The estimated fair values were determined primarily based on an income method using discounted cash flows and validated using a market approach based on recent transactions of comparable assets. The income approach was primarily relied upon as the forecasted cash flows more appropriately incorporate differences in regional markets, plant types, age, useful life, equipment condition and environmental controls of each asset. The income approach also allows for a more accurate reflection of current and expected market dynamics such as supply and demand, commodity prices and regulatory environment as of the acquisition date. | |||||||||
Intangible assets - The fair values of the power purchase agreements, or PPAs, acquired were determined utilizing a variation of the income approach where the expected future cash flows resulting from the acquired PPAs were reduced by operating costs and charges for contributory assets and then discounted to present value at the weighted average cost of capital of an integrated utility peer group adjusted for project-specific financing attributes. The values were corroborated with available market data. | |||||||||
Out-of-market lease contracts - The estimated fair values of the acquired leases were determined utilizing a variation of the income approach under which the fair value of the lease was determined by discounting the future lease payments at an appropriate discount rate and comparing it to the fair value of the property, plant and equipment being leased. | |||||||||
Supplemental Pro-forma Information | |||||||||
The following supplemental pro-forma information represents the results of operations as if NRG had acquired EME on January 1, 2013: | |||||||||
For the quarter ended | For the year ended | ||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
(in millions except per share amounts) | |||||||||
Operating revenues | 4,044 | $ | 12,598 | ||||||
Net loss attributable to NRG Energy, Inc. | (49 | ) | (1,040 | ) | |||||
Loss per share attributable to NRG common stockholders: | |||||||||
Basic | $ | (0.15 | ) | $ | (3.09 | ) | |||
Diluted | $ | (0.15 | ) | $ | (3.09 | ) | |||
The supplemental pro-forma information has been adjusted to include the pro-forma impact of depreciation of property, plant and equipment, amortization of lease obligations and out-of-market contracts, based on the preliminary purchase price allocations. The pro-forma data has also been adjusted to eliminate non-recurring transaction costs incurred by NRG, as well as the related tax impact. There were no transactions during the periods between NRG and EME. The pro-forma results are presented for illustrative purposes only and do not reflect the realization of potential cost savings or any related integration costs. The Company expects to achieve certain cost savings from the acquisition; however, there can be no assurance that these cost savings will be achieved. | |||||||||
2013 Acquisitions | |||||||||
Energy Systems Acquisition | |||||||||
On December 31, 2013, NRG Energy Center Omaha Holdings, LLC, an indirect wholly owned subsidiary of NRG Yield LLC, acquired 100% of Energy Systems Company, or Energy Systems, for approximately $120 million. The acquisition was financed from cash on hand. Energy Systems is an operator of steam and chilled thermal facilities that provides heating and cooling services to nonresidential customers in Omaha, Nebraska. The acquisition was recorded as a business combination under ASC 805, with identifiable assets acquired and liabilities assumed provisionally recorded at their estimated fair values on the acquisition date. The purchase price was primarily allocated to property, plant and equipment of $60 million, customer relationships of $59 million, and working capital of $1 million. The initial accounting for the business combination is not complete because the evaluations necessary to assess the fair values of certain net assets acquired and the amount of goodwill to be recognized are still in process. The provisional amounts are subject to revision until the evaluations are completed to the extent that additional information is obtained about the facts and circumstances that existed as of the acquisition date. | |||||||||
Gregory Acquisition | |||||||||
On August 7, 2013, NRG Texas Gregory, LLC, a wholly owned subsidiary of NRG, acquired Gregory Power Partners, L.P. for approximately $245 million in cash, net of $32 million cash acquired. Gregory is a cogeneration plant located in Corpus Christi, Texas, which has generation capacity of 388 MW and steam capacity of 160 MWt. The Gregory cogeneration plant provides steam, processed water and a small percentage of its electrical generation to the Corpus Christi Sherwin Alumina plant. The majority of the plant's generation is available for sale in the ERCOT market. The acquisition was recorded as a business combination under ASC 805, with identifiable assets acquired and liabilities assumed provisionally recorded at their estimated fair values on the acquisition date. The purchase price was provisionally allocated primarily to property, plant, and equipment of $248 million, current assets of $13 million, and other liabilities of $16 million. The initial accounting for the business combination is not complete because the evaluations necessary to assess the fair value of certain net assets acquired are still in process. The provisional amounts are subject to revision until the evaluations are completed to the extent that additional information is obtained about the facts and circumstances that existed as of the acquisition date. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Fair Value of Financial Instruments Disclosure [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 2013 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 March 31, 2014 | As of December 31, 2013 | |||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||
(In millions) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Notes receivable (a) | $ | 97 | $ | 97 | $ | 99 | $ | 99 | ||||||||||||
Liabilities: | ||||||||||||||||||||
Long-term debt, including current portion | 17,478 | 17,631 | 16,804 | 17,222 | ||||||||||||||||
(a) Includes the current portion of notes receivable which is recorded in prepayments and other current assets 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. | ||||||||||||||||||||
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 March 31, 2014 | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Investment in available-for-sale securities (classified within other | ||||||||||||||||||||
non-current assets): | ||||||||||||||||||||
Debt securities | $ | — | $ | — | $ | 18 | $ | 18 | ||||||||||||
Available-for-sale securities | 8 | — | — | 8 | ||||||||||||||||
Other (a) | 22 | — | 11 | 33 | ||||||||||||||||
Trust fund investments: | ||||||||||||||||||||
Cash and cash equivalents | 1 | — | — | 1 | ||||||||||||||||
U.S. government and federal agency obligations | 37 | 3 | — | 40 | ||||||||||||||||
Federal agency mortgage-backed securities | — | 62 | — | 62 | ||||||||||||||||
Commercial mortgage-backed securities | — | 25 | — | 25 | ||||||||||||||||
Corporate debt securities | — | 90 | — | 90 | ||||||||||||||||
Equity securities | 280 | — | 56 | 336 | ||||||||||||||||
Foreign government fixed income securities | — | 3 | — | 3 | ||||||||||||||||
Other trust fund investments: | ||||||||||||||||||||
U.S. government and federal agency obligations | 1 | — | — | 1 | ||||||||||||||||
Derivative assets: | ||||||||||||||||||||
Commodity contracts | 366 | 1,408 | 120 | 1,894 | ||||||||||||||||
Interest rate contracts | — | 12 | — | 12 | ||||||||||||||||
Total assets | $ | 715 | $ | 1,603 | $ | 205 | $ | 2,523 | ||||||||||||
Derivative liabilities: | ||||||||||||||||||||
Commodity contracts | $ | 257 | $ | 1,337 | $ | 97 | $ | 1,691 | ||||||||||||
Interest rate contracts | — | 70 | — | 70 | ||||||||||||||||
Total liabilities | $ | 257 | $ | 1,407 | $ | 97 | $ | 1,761 | ||||||||||||
(a) Primarily consists of mutual funds held in rabbi trusts for non-qualified deferred compensation plans for certain former employees. | ||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Investment in available-for-sale securities (classified within other | ||||||||||||||||||||
non-current assets): | ||||||||||||||||||||
Debt securities | $ | — | $ | — | $ | 16 | $ | 16 | ||||||||||||
Available-for-sale securities | 2 | — | — | 2 | ||||||||||||||||
Other (a) | 37 | — | 10 | 47 | ||||||||||||||||
Trust fund investments: | ||||||||||||||||||||
Cash and cash equivalents | 26 | — | — | 26 | ||||||||||||||||
U.S. government and federal agency obligations | 40 | 5 | — | 45 | ||||||||||||||||
Federal agency mortgage-backed securities | — | 62 | — | 62 | ||||||||||||||||
Commercial mortgage-backed securities | — | 14 | — | 14 | ||||||||||||||||
Corporate debt securities | — | 70 | — | 70 | ||||||||||||||||
Equity securities | 276 | — | 56 | 332 | ||||||||||||||||
Foreign government fixed income securities | — | 2 | — | 2 | ||||||||||||||||
Other trust fund investments: | ||||||||||||||||||||
U.S. government and federal agency obligations | 1 | — | — | 1 | ||||||||||||||||
Derivative assets: | ||||||||||||||||||||
Commodity contracts | 346 | 1,126 | 147 | 1,619 | ||||||||||||||||
Interest rate contracts | — | 20 | — | 20 | ||||||||||||||||
Total assets | $ | 728 | $ | 1,299 | $ | 229 | $ | 2,256 | ||||||||||||
Derivative liabilities: | ||||||||||||||||||||
Commodity contracts | $ | 216 | $ | 831 | $ | 134 | $ | 1,181 | ||||||||||||
Interest rate contracts | — | 69 | — | 69 | ||||||||||||||||
Total liabilities | $ | 216 | $ | 900 | $ | 134 | $ | 1,250 | ||||||||||||
(a) Primarily consists of mutual funds held in rabbi trusts for non-qualified deferred compensation plans for certain former employees. | ||||||||||||||||||||
There were no transfers during the three months ended March 31, 2014 and 2013 between Levels 1 and 2. The following tables reconcile, for the three months ended March 31, 2014 and 2013, the 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: | ||||||||||||||||||||
Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||
(In millions) | Debt Securities | Other | Trust Fund Investments | Derivatives(a) | Total | |||||||||||||||
Beginning balance as of December 31, 2013 | $ | 16 | $ | 10 | $ | 56 | $ | 13 | $ | 95 | ||||||||||
Total gains/(losses) — realized/unrealized: | ||||||||||||||||||||
Included in earnings | — | 1 | — | 16 | 17 | |||||||||||||||
Included in OCI | 2 | — | — | — | 2 | |||||||||||||||
Purchases | — | — | — | (21 | ) | (21 | ) | |||||||||||||
Contracts acquired in Dominion acquisition | — | — | — | 3 | 3 | |||||||||||||||
Transfers into Level 3 (b) | — | — | — | 18 | 18 | |||||||||||||||
Transfers out of Level 3 (b) | — | — | — | (6 | ) | (6 | ) | |||||||||||||
Ending balance as of March 31, 2014 | $ | 18 | $ | 11 | $ | 56 | $ | 23 | $ | 108 | ||||||||||
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 March 31, 2014 | $ | — | $ | — | $ | — | $ | 19 | $ | 19 | ||||||||||
(a) | Consists of derivative assets and liabilities, net. | |||||||||||||||||||
(b) | Transfers in/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 March 31, 2013 | ||||||||||||||||||||
(In millions) | Debt Securities | Trust Fund Investments | Derivatives(a) | Total | ||||||||||||||||
Beginning balance as of January 1, 2013 | $ | 12 | $ | 47 | $ | (12 | ) | $ | 47 | |||||||||||
Total (losses)/gains — realized/unrealized: | ||||||||||||||||||||
Included in earnings | — | — | (27 | ) | (27 | ) | ||||||||||||||
Included in OCI | 1 | — | — | 1 | ||||||||||||||||
Included in nuclear decommissioning obligations | — | 3 | — | 3 | ||||||||||||||||
Purchases | — | — | (1 | ) | (1 | ) | ||||||||||||||
Transfers into Level 3 (b) | — | — | 15 | 15 | ||||||||||||||||
Transfers out of Level 3 (b) | — | — | 30 | 30 | ||||||||||||||||
Ending balance as of March 31, 2013 | $ | 13 | $ | 50 | $ | 5 | $ | 68 | ||||||||||||
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 March 31, 2013 | $ | — | $ | — | $ | (21 | ) | $ | (21 | ) | ||||||||||
(a) | Consists of derivative assets and liabilities, net. | |||||||||||||||||||
(b) | Transfers in/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. | |||||||||||||||||||
Realized and unrealized gains and losses included in earnings that are related to the energy derivatives are recorded in operating revenues and cost of operations. | ||||||||||||||||||||
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 March 31, 2014, contracts valued with prices provided by models and other valuation techniques make up 6% of the total derivative assets and 6% of the total derivative liabilities. | ||||||||||||||||||||
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 March 31, 2014, the credit reserve was not a material amount. As of March 31, 2013, the credit reserve resulted in a $5 million increase in fair value which is composed of a $3 million gain in OCI and a $2 million gain 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 2013 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 2013 Form 10-K. As of March 31, 2014, counterparty credit exposure, excluding credit risk exposure under certain long term agreements, was $688 million and NRG held collateral (cash and letters of credit) against those positions of $24 million, resulting in a net exposure of $666 million. Approximately 82% of the Company's exposure before collateral is expected to roll off by the end of 2015. 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) | ||||||||||||||||||||
Category | (% of Total) | |||||||||||||||||||
Financial institutions | 41.3 | % | ||||||||||||||||||
Utilities, energy merchants, marketers and other | 33.1 | |||||||||||||||||||
ISOs | 21.4 | |||||||||||||||||||
Coal and emissions | 4.2 | |||||||||||||||||||
Total as of March 31, 2014 | 100 | % | ||||||||||||||||||
Net Exposure (a) | ||||||||||||||||||||
Category | (% of Total) | |||||||||||||||||||
Investment grade | 92 | % | ||||||||||||||||||
Non-rated (b) | 7 | |||||||||||||||||||
Non-investment grade | 1 | |||||||||||||||||||
Total as of March 31, 2014 | 100 | % | ||||||||||||||||||
(a) | Counterparty credit exposure excludes uranium and coal transportation contracts because of the unavailability of market prices. | |||||||||||||||||||
(b) | For non-rated counterparties, a significant portion are related to ISO and municipal public power entities, which are considered investment grade equivalent ratings based on NRG's internal credit ratings. | |||||||||||||||||||
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 $218 million. 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. | ||||||||||||||||||||
Counterparty credit exposure described above excludes credit risk exposure under certain long term agreements, including California tolling agreements, South Central load obligations, and solar PPAs. As external sources or observable market quotes are not available to estimate such exposure, the Company values 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 March 31, 2014, aggregate credit risk exposure managed by NRG to these counterparties was approximately $2.3 billion, including $627 million related to assets of NRG Yield, Inc., for the next five years. 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, which NRG is unable to predict. | ||||||||||||||||||||
Retail Customer Credit Risk | ||||||||||||||||||||
NRG is exposed to retail credit risk through the Company's retail electricity providers, which serve commercial, industrial and governmental/institutional customers and the Mass market. Retail credit risk results when a customer fails to pay for products or services rendered. The losses may result from both nonpayment of customer accounts receivable and the loss of in-the-money forward value. NRG 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 March 31, 2014, the Company's retail customer credit exposure was diversified across many customers and various industries, as well as government entities. |
Nuclear_Decommissioning_Trust_
Nuclear Decommissioning Trust Fund | 3 Months Ended | |||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||
Nuclear Decommissioning Trust Fund Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||
Nuclear Decommissioning Trust Fund | ' | |||||||||||||||||||||||||||||
Nuclear Decommissioning Trust Fund | ||||||||||||||||||||||||||||||
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 nuclear decommissioning trust liability and are not included in net income or accumulated other comprehensive income, 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 March 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||
(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 | $ | 1 | $ | — | $ | — | — | $ | 26 | $ | — | $ | — | — | ||||||||||||||||
U.S. government and federal agency obligations | 40 | 1 | — | 10 | 45 | 1 | 1 | 9 | ||||||||||||||||||||||
Federal agency mortgage-backed securities | 62 | 1 | 1 | 24 | 62 | 1 | 1 | 24 | ||||||||||||||||||||||
Commercial mortgage-backed securities | 25 | — | — | 30 | 14 | — | — | 29 | ||||||||||||||||||||||
Corporate debt securities | 90 | 2 | 1 | 9 | 70 | 1 | 1 | 9 | ||||||||||||||||||||||
Equity securities | 336 | 205 | — | — | 332 | 204 | — | — | ||||||||||||||||||||||
Foreign government fixed income securities | 3 | — | — | 12 | 2 | — | — | 9 | ||||||||||||||||||||||
Total | $ | 557 | $ | 209 | $ | 2 | $ | 551 | $ | 207 | $ | 3 | ||||||||||||||||||
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. | ||||||||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||
Realized gains | $ | 3 | $ | 1 | ||||||||||||||||||||||||||
Realized losses | 1 | 1 | ||||||||||||||||||||||||||||
Proceeds from sale of securities | 183 | 85 | ||||||||||||||||||||||||||||
Accounting_for_Derivative_Inst
Accounting for Derivative Instruments and Hedging Activities | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 2013 Form 10-K. | |||||||||||||||||
Energy-Related Commodities | |||||||||||||||||
As of March 31, 2014, NRG had energy-related derivative financial instruments extending through 2019. The Company voluntarily de-designated all remaining commodity cash flow hedges as of January 1, 2014, and prospectively marked these derivatives to market through the income statement. | |||||||||||||||||
Interest Rate Swaps | |||||||||||||||||
NRG is exposed to changes in interest rates through the Company's issuance of variable and fixed rate debt. In order to manage the Company's interest rate risk, NRG enters into interest rate swap agreements. As of March 31, 2014, the Company had interest rate derivative instruments on non-recourse debt extending through 2032, the majority 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 commodity, excluding those derivatives that qualified for the NPNS exception as of March 31, 2014 and December 31, 2013. 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 | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Commodity | Units | (In millions) | |||||||||||||||
Emissions | Short Ton | 2 | — | ||||||||||||||
Coal | Short Ton | 50 | 51 | ||||||||||||||
Natural Gas | MMBtu | (111 | ) | (166 | ) | ||||||||||||
Oil | Barrel | 1 | 1 | ||||||||||||||
Power | MWh | (35 | ) | (27 | ) | ||||||||||||
Interest | Dollars | $ | 1,439 | $ | 1,444 | ||||||||||||
The decrease in the natural gas position was the result of additional purchases entered into during the year to hedge our retail portfolio as well as the settlement of positions during the period. These amounts were slightly offset by natural gas sales entered into during the year to hedge our conventional power generation. | |||||||||||||||||
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 | ||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | ||||||||||||||
(In millions) | |||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||
Interest rate contracts current | $ | — | $ | — | $ | 32 | $ | 35 | |||||||||
Interest rate contracts long-term | 8 | 14 | 31 | 29 | |||||||||||||
Commodity contracts current | — | — | — | 1 | |||||||||||||
Commodity contracts long-term | — | — | — | 1 | |||||||||||||
Total derivatives designated as cash flow hedges | 8 | 14 | 63 | 66 | |||||||||||||
Derivatives not designated as cash flow hedges: | |||||||||||||||||
Interest rate contracts current | — | — | 5 | 4 | |||||||||||||
Interest rate contracts long-term | 4 | 6 | 2 | 1 | |||||||||||||
Commodity contracts current | 1,573 | 1,328 | 1,467 | 1,015 | |||||||||||||
Commodity contracts long-term | 321 | 291 | 224 | 164 | |||||||||||||
Total derivatives not designated as cash flow hedges | 1,898 | 1,625 | 1,698 | 1,184 | |||||||||||||
Total derivatives | $ | 1,906 | $ | 1,639 | $ | 1,761 | $ | 1,250 | |||||||||
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 March 31, 2014 | (In millions) | ||||||||||||||||
Commodity contracts: | |||||||||||||||||
Derivative assets | $ | 1,894 | $ | (1,501 | ) | $ | — | $ | 393 | ||||||||
Derivative liabilities | (1,691 | ) | 1,501 | 38 | (152 | ) | |||||||||||
Total commodity contracts | 203 | — | 38 | 241 | |||||||||||||
Interest rate contracts: | |||||||||||||||||
Derivative assets | 12 | (8 | ) | — | 4 | ||||||||||||
Derivative liabilities | (70 | ) | 8 | — | (62 | ) | |||||||||||
Total interest rate contracts | (58 | ) | — | — | (58 | ) | |||||||||||
Total derivative instruments | $ | 145 | $ | — | $ | 38 | $ | 183 | |||||||||
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, 2013 | (In millions) | ||||||||||||||||
Commodity contracts: | |||||||||||||||||
Derivative assets | $ | 1,619 | $ | (1,032 | ) | $ | (62 | ) | $ | 525 | |||||||
Derivative liabilities | (1,181 | ) | 1,032 | 18 | (131 | ) | |||||||||||
Total commodity contracts | 438 | — | (44 | ) | 394 | ||||||||||||
Interest rate contracts: | |||||||||||||||||
Derivative assets | 20 | (12 | ) | — | 8 | ||||||||||||
Derivative liabilities | (69 | ) | 12 | — | (57 | ) | |||||||||||
Total interest rate contracts | (49 | ) | — | — | (49 | ) | |||||||||||
Total derivative instruments | $ | 389 | $ | — | $ | (44 | ) | $ | 345 | ||||||||
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: | |||||||||||||||||
Three months ended March 31, 2014 | |||||||||||||||||
Energy Commodities | Interest Rate | Total | |||||||||||||||
(In millions) | |||||||||||||||||
Accumulated OCI beginning balance | $ | (1 | ) | $ | (22 | ) | $ | (23 | ) | ||||||||
Reclassified from accumulated OCI to income: | |||||||||||||||||
Due to realization of previously deferred amounts | — | (1 | ) | (1 | ) | ||||||||||||
Mark-to-market of cash flow hedge accounting contracts | — | (8 | ) | (8 | ) | ||||||||||||
Accumulated OCI ending balance, net of $17 tax | $ | (1 | ) | $ | (31 | ) | $ | (32 | ) | ||||||||
Losses expected to be realized from OCI during the next 12 months, net of $7 tax | $ | (1 | ) | $ | (13 | ) | $ | (14 | ) | ||||||||
Three months ended March 31, 2013 | |||||||||||||||||
Energy Commodities | Interest Rate | Total | |||||||||||||||
(In millions) | |||||||||||||||||
Accumulated OCI beginning balance | $ | 41 | $ | (72 | ) | $ | (31 | ) | |||||||||
Reclassified from accumulated OCI to income: | |||||||||||||||||
Due to realization of previously deferred amounts | (8 | ) | 3 | (5 | ) | ||||||||||||
Mark-to-market of cash flow hedge accounting contracts | 9 | 3 | 12 | ||||||||||||||
Accumulated OCI ending balance, net of $15 tax | $ | 42 | $ | (66 | ) | $ | (24 | ) | |||||||||
Gains/(losses) expected to be realized from OCI during the next 12 months, net of $19 tax | $ | 42 | $ | (10 | ) | $ | 32 | ||||||||||
(Losses)/Gains recognized in income from the ineffective portion of cash flow hedges | $ | (1 | ) | $ | 1 | $ | — | ||||||||||
Amounts reclassified from accumulated OCI into income and amounts recognized in income from the ineffective portion of cash flow hedges are recorded to operating revenue for commodity contracts and interest expense for interest rate contracts. There was no ineffectiveness for the three months ended March 31, 2014. | |||||||||||||||||
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 and ineffectiveness of hedge derivatives are reflected in current period earnings. | |||||||||||||||||
The following table summarizes the 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 effect of commodity hedges is included within operating revenues and cost of operations and the effect of interest rate hedges is included in interest expense. | |||||||||||||||||
Three months ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Unrealized mark-to-market results | (In millions) | ||||||||||||||||
Reversal of previously recognized unrealized losses/(gains) on settled positions related to economic hedges | $ | 3 | $ | (25 | ) | ||||||||||||
Reversal of gain positions acquired as part of the Reliant Energy, Green Mountain Energy and GenOn acquisitions | (78 | ) | (88 | ) | |||||||||||||
Net unrealized losses on open positions related to economic hedges | (193 | ) | (149 | ) | |||||||||||||
Losses on ineffectiveness associated with open positions treated as | — | (1 | ) | ||||||||||||||
cash flow hedges | |||||||||||||||||
Total unrealized mark-to-market losses for economic hedging activities | (268 | ) | (263 | ) | |||||||||||||
Reversal of previously recognized unrealized gains on settled positions related to trading activity | — | (28 | ) | ||||||||||||||
Reversal of gain positions acquired as part of the GenOn acquisitions | (1 | ) | (2 | ) | |||||||||||||
Net unrealized gains/(losses) on open positions related to trading activity | 16 | (13 | ) | ||||||||||||||
Total unrealized mark-to-market gains/(losses) for trading activity | 15 | (43 | ) | ||||||||||||||
Total unrealized losses | $ | (253 | ) | $ | (306 | ) | |||||||||||
Three months ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(In millions) | |||||||||||||||||
Unrealized losses included in operating revenues | $ | (316 | ) | $ | (521 | ) | |||||||||||
Unrealized gains included in cost of operations | 63 | 215 | |||||||||||||||
Total impact to statement of operations — energy commodities | $ | (253 | ) | $ | (306 | ) | |||||||||||
Total impact to statement of operations — interest rate contracts | $ | (4 | ) | $ | 2 | ||||||||||||
The reversal of gain or loss positions acquired as part of the Reliant Energy, Green Mountain Energy and GenOn acquisitions were valued based upon the forward prices on the acquisition dates. | |||||||||||||||||
For the three months ended March 31, 2014, the unrealized loss from open economic hedge positions was primarily the result of a decrease in value of forward sales of natural gas and electricity due to an increase in forward natural gas and electricity prices. | |||||||||||||||||
For the three months ended March 31, 2013, the unrealized loss from open economic hedge positions was primarily the result of a decrease in value of forward sales of natural gas and electricity due to an increase in forward natural gas and electricity 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 requires 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 March 31, 2014 was $55 million. The Company is also a party to certain marginable agreements where NRG has a net liability position, but the counterparty has not called for the collateral due, which was approximately $21 million as of March 31, 2014. | |||||||||||||||||
See Note 4, Fair Value of Financial Instruments, to this Form 10-Q for discussion regarding concentration of credit risk. |
Debt_and_Capital_Leases
Debt and Capital Leases | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Long Term 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 2013 Form 10-K. Long-term debt and capital leases consisted of the following: | |||||||||||
(In millions, except rates) | 31-Mar-14 | December 31, 2013 | Current interest rate % (a) | ||||||||
Recourse debt: | |||||||||||
Senior notes, due 2018 | $ | 1,130 | $ | 1,130 | 7.625 | ||||||
Senior notes, due 2019 | 709 | 800 | 7.625 | ||||||||
Senior notes, due 2019 | 296 | 602 | 8.5 | ||||||||
Senior notes, due 2020 | 1,063 | 1,062 | 8.25 | ||||||||
Senior notes, due 2021 | 1,128 | 1,128 | 7.875 | ||||||||
Senior notes, due 2022 | $ | 1,100 | — | 6.25 | |||||||
Senior notes, due 2023 | 990 | 990 | 6.625 | ||||||||
Term loan facility, due 2018 | 1,997 | 2,002 | L+3.00/L+2.00 | ||||||||
Indian River Power LLC, tax-exempt bonds, due 2040 and 2045 | 247 | 247 | 5.375 - 6.00 | ||||||||
Dunkirk Power LLC, tax-exempt bonds, due 2042 | 59 | 59 | 5.875 | ||||||||
Fort Bend County, tax-exempt bonds, due 2038, 2042, and 2045 | 67 | 67 | 4.75 | ||||||||
Subtotal NRG recourse debt | 8,786 | 8,087 | |||||||||
Non-recourse debt: | |||||||||||
GenOn senior notes, due 2017 | 778 | 782 | 7.875 | ||||||||
GenOn senior notes, due 2018 | 774 | 780 | 9.5 | ||||||||
GenOn senior notes, due 2020 | 618 | 621 | 9.875 | ||||||||
GenOn Americas Generation senior notes, due 2021 | 501 | 503 | 8.5 | ||||||||
GenOn Americas Generation senior notes, due 2031 | 434 | 435 | 9.125 | ||||||||
Subtotal GenOn debt (non-recourse to NRG) | 3,105 | 3,121 | |||||||||
NRG Marsh Landing, due 2017 and 2023 | 465 | 473 | L+2.75 - 3.00 | ||||||||
South Trent Wind LLC, due 2020 | 68 | 69 | L+2.625 | ||||||||
NRG Energy Center Minneapolis LLC, due 2017 and 2025 | 125 | 127 | 5.95 - 7.25 | ||||||||
NRG Solar Alpine LLC, due 2022 | 158 | 221 | L+2.50 | ||||||||
NRG Solar Borrego I LLC, due 2024 and 2038 | 78 | 78 | L+2.50/5.65 | ||||||||
NRG Solar Avra Valley LLC, due 2031 | 62 | 63 | L+2.25 | ||||||||
NRG Yield Inc. Convertible Senior Notes, due 2019 | 323 | — | 3.5 | ||||||||
NRG Yield - other | 102 | 102 | various | ||||||||
Subtotal NRG Yield debt (non-recourse to NRG) | 1,381 | 1,133 | |||||||||
CVSR High Plains Ranch II LLC, due 2037 | 798 | 1,104 | 2.339 - 3.579 | ||||||||
NRG West Holdings LLC, due 2023 | 520 | 512 | L+2.50 - 2.875 | ||||||||
Agua Caliente Solar LLC, due 2037 | 889 | 878 | 2.395 - 3.633 | ||||||||
Ivanpah Financing, due 2014, 2015 and 2038 | 1,588 | 1,575 | 1.116 - 4.256 | ||||||||
NRG Peaker Finance Co. LLC, bonds due 2019 | 127 | 154 | L+1.07 | ||||||||
TA - High Desert LLC, due 2014, 2023 and 2033 | 79 | 80 | L+2.50/5.15 | ||||||||
NRG Solar Kansas South LLC, due 2014 and 2031 | 58 | 58 | L+2.00 - 2.625 | ||||||||
NRG - other | 146 | 102 | various | ||||||||
Subtotal NRG non-recourse debt | 4,205 | 4,463 | |||||||||
Subtotal non-recourse debt (including GenOn and NRG Yield) | 8,691 | 8,717 | |||||||||
Subtotal long-term debt (including current maturities) | 17,477 | 16,804 | |||||||||
Capital leases: | |||||||||||
Chalk Point capital lease, due 2015 | 9 | 10 | 8.19 | ||||||||
Other | 2 | 3 | various | ||||||||
Subtotal long-term debt and capital leases (including current maturities) | 17,488 | 16,817 | |||||||||
Less current maturities | 685 | 1,050 | |||||||||
Total long-term debt and capital leases | $ | 16,803 | $ | 15,767 | |||||||
(a) As of March 31, 2014, L+ equals 3 month LIBOR plus x%, with the exception of the NRG Solar Kansas South LLC cash grant bridge loan which are 1 month LIBOR plus x% and NRG Solar Kansas South LLC term loan which is 6 month LIBOR plus x%. | |||||||||||
NRG Recourse Debt | |||||||||||
Senior Notes | |||||||||||
Issuance of 2024 Senior Notes | |||||||||||
On April 21, 2014, NRG issued $1.0 billion in aggregate principal amount at par of 6.25% senior notes due 2024. The notes are senior unsecured obligations of NRG and are guaranteed by certain of its subsidiaries. Interest is payable semi-annually beginning on November 1, 2014, until the maturity date of May 1, 2024. The Company expects to utilize the proceeds to redeem all of the outstanding 8.5% and 7.625% 2019 Senior Notes, as described below. | |||||||||||
In connection with the 2024 Senior Notes, NRG entered into a registration payment arrangement. For the first 90-day period immediately following a registration default, additional interest will be paid in an amount equal to 0.25% per annum of the principal amount of 2024 Senior Notes outstanding, as applicable. The amount of interest paid will increase by an additional 0.25% per annum with respect to each subsequent 90-day period until all registration defaults are cured, up to a maximum amount of interest of 1.0% per annum of the principal amount of the 2024 Senior Notes outstanding, as applicable. The additional interest is paid on the next scheduled interest payment date and following the cure of the registration default, the additional interest payment will cease. | |||||||||||
Issuance of 2022 Senior Notes | |||||||||||
On January 27, 2014, NRG issued $1.1 billion in aggregate principal amount at par of 6.25% senior notes due 2022. The notes are senior unsecured obligations of NRG and are guaranteed by certain of its subsidiaries. Interest is payable semi-annually beginning on July 15, 2014, until the maturity date of July 15, 2022. The proceeds were utilized to redeem the 8.5% and 7.625% 2019 Senior Notes, as described below, and to fund the acquisition of EME, as further described in Note 3, Business Acquisitions and Dispositions. | |||||||||||
In connection with the 2022 Senior Notes, NRG entered into a registration payment arrangement. For the first 90-day period immediately following a registration default, additional interest will be paid in an amount equal to 0.25% per annum of the principal amount of 2022 Senior Notes outstanding, as applicable. The amount of interest paid will increase by an additional 0.25% per annum with respect to each subsequent 90-day period until all registration defaults are cured, up to a maximum amount of interest of 1.0% per annum of the principal amount of the 2022 Senior Notes outstanding, as applicable. The additional interest is paid on the next scheduled interest payment date and following the cure of the registration default, the additional interest payment will cease. | |||||||||||
Redemptions of 8.5% and 7.625% 2019 Senior Notes | |||||||||||
On February 10, 2014, the Company redeemed $308 million of its 8.5% 2019 Senior Notes and $91 million of its 7.625% 2019 Senior Notes through a tender offer, at an average early redemption percentage of 106.992% and 105.500%, respectively. A $33 million loss on debt extinguishment of the 8.5% and 7.625% 2019 Senior Notes was recorded during the three months ended March 31, 2014, primarily consisting of the premiums paid on the redemption and the write-off of previously deferred financing costs. | |||||||||||
On April 21, 2014, the Company redeemed $74 million of its 8.5% 2019 Senior Notes and $337 million of its 7.625% 2019 Senior Notes through a tender offer and call, at an average early redemption percentage of 105.250% and 104.200%, respectively. A $22 million loss on debt extinguishment of the 8.5% and 7.625% 2019 Senior Notes will be recorded during the three months ended June 30, 2014, primarily consisting of the premiums paid on the redemption and the write-off of previously deferred financing costs. | |||||||||||
On April 21, 2014, NRG gave the required notice to redeem for cash all of its remaining 7.625% 2019 Senior Notes on May 21, 2014. The Company expects to redeem all of its remaining 8.5% 2019 Notes when such notes become callable. | |||||||||||
Senior Notes Repurchases | |||||||||||
On December 17, 2012, NRG entered into an agreement with a financial institution to repurchase up to $200 million of the Senior Notes in the open market by February 27, 2013. In the first quarter of 2013, the Company paid $80 million, $104 million, and $42 million, at an average price of 114.179%, 111.700%, and 113.082% of face value, for repurchases of the Company's 2018 Senior Notes, 2019 Senior Notes and 2020 Senior Notes, respectively. A $28 million loss on the debt extinguishment of the 2018 Senior Notes, 2019 Senior Notes and 2020 Senior Notes was recorded during the three months ended March 31, 2013 which primarily consisted of the premiums paid on the repurchases and the write-off of previously deferred financing costs. | |||||||||||
NRG Non-Recourse Debt | |||||||||||
NRG Yield, Inc. Convertible Notes | |||||||||||
During the first quarter of 2014, NRG Yield, Inc. closed on its offering of $345 million aggregate principal amount of 3.50% Convertible Senior Notes due 2019, or the NRG Yield Senior Notes. The NRG Yield Senior Notes are convertible, under certain circumstances, into NRG Yield, Inc. Class A common stock, cash or a combination thereof at an initial conversion price of $46.55 per Class A common share, which is equivalent to an initial conversion rate of approximately 21.4822 shares of Class A common stock per $1,000 principal amount of NRG Yield Senior Notes. Interest on the NRG Yield Senior Notes is payable semi-annually in arrears on February 1 and August 1 of each year, commencing on August 1, 2014. The NRG Yield Senior Notes mature on February 1, 2019, unless earlier repurchased or converted in accordance with their terms. Prior to the close of business on the business day immediately preceding August 1, 2018, the NRG Yield Senior Notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The notes are accounted for in accordance with ASC 470-20. 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 equity component, the $23 million conversion option value, was recorded to NRG's noncontrolling interest for NRG Yield, Inc. with the offset to debt discount. The debt discount will be amortized to interest expense over the term of the notes. | |||||||||||
NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility | |||||||||||
NRG Yield LLC and NRG Yield Operating LLC, entered into a senior secured revolving credit facility, which provides a revolving line of credit of $60 million. The revolving credit facility can be used for cash or for the issuance of letters of credit. There was no cash drawn or letters of credit issued under the revolving credit facility as of March 31, 2014. On April 25, 2014, NRG Yield LLC and NRG Yield Operating LLC amended the revolving credit facility to increase the available line of credit to $450 million and extend its maturity to April 2019. | |||||||||||
Peakers | |||||||||||
On February 21, 2014, NRG Peaker Finance Company LLC elected to redeem approximately $30 million of the outstanding bonds at a redemption price equal to the principal amount plus a redemption premium, accrued and unpaid interest, swap breakage, and other fees, totaling approximately $35 million in connection with the removal of Bayou Cove Peaking Power LLC from the peaker financing collateral package, which also involved limited commitments for certain repairs on other assets that were funded concurrently with the December 10, 2013 debt service payment. On March 3, 2014, Bayou Cove Peaking Power LLC sold Bayou Cove Unit 1, which the Company continues to manage and operate. |
Variable_Interest_Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2014 | |
Variable Interest Entities Disclosure [Abstract] | ' |
Variable Interest Entity | ' |
Variable Interest Entities | |
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. | |
GenConn Energy LLC — Through its consolidated subsidiary, NRG Yield Operating LLC, the Company owns a 50% interest in GenConn, a limited liability company 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 $116 million as of March 31, 2014. | |
Sherbino I Wind Farm LLC — NRG owns a 50% interest in Sherbino, a joint venture with BP Wind Energy North America Inc. NRG's maximum exposure to loss is limited to its equity investment, which was $84 million as of March 31, 2014. | |
Texas Coastal Ventures LLC — NRG owns a 50% interest in Texas Coastal Ventures, a joint venture with Hilcorp Energy I, L.P., through its subsidiary Petra Nova LLC. NRG's maximum exposure to loss is limited to its equity investment, which was $68 million as of March 31, 2014. |
Changes_in_Capital_Structure
Changes in Capital Structure | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Changes in Capital Structure Disclosure [Abstract] | ' | ||||||||
Changes in Capital Structure | ' | ||||||||
Changes in Capital Structure | |||||||||
As of March 31, 2014 and December 31, 2013, 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, 2013 | 401,126,780 | (77,347,528 | ) | 323,779,252 | |||||
Shares issued under LTIPs | 682,672 | — | 682,672 | ||||||
Shares issued under ESPP | — | 71,595 | 71,595 | ||||||
Balance as of March 31, 2014 | 401,809,452 | (77,275,933 | ) | 324,533,519 | |||||
As discussed in Note 3, Business Acquisitions, on April 1, 2014, the Company issued 12,671,977 shares of NRG common stock in connection with the acquisition of EME. | |||||||||
The following table lists the dividends paid during the three months ended March 31, 2014: | |||||||||
First Quarter 2014 | |||||||||
Dividends per Common Share | $ | 0.12 | |||||||
On April 21, 2014, NRG declared a quarterly dividend on the Company's common stock of $0.14 per share, payable May 15, 2014, to stockholders of record as of May 1, 2014, representing $0.56 on an annualized basis, a 17% increase from $0.48 per share. | |||||||||
The Company's common stock dividends are subject to available capital, market conditions, and compliance with associated laws and regulations. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share | ' | |||||||
Loss Per Share | ||||||||
Basic loss per common share is computed by dividing net 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. The reconciliation of NRG's basic and diluted loss per share is shown in the following table: | ||||||||
Three months ended March 31, | ||||||||
(In millions, except per share data) | 2014 | 2013 | ||||||
Basic and diluted loss per share attributable to NRG common stockholders | ||||||||
Net loss attributable to NRG Energy, Inc. | $ | (56 | ) | $ | (332 | ) | ||
Dividends for preferred shares | 2 | 2 | ||||||
Loss Available for Common Stockholders | $ | (58 | ) | $ | (334 | ) | ||
Weighted average number of common shares outstanding | 324 | 323 | ||||||
Loss per weighted average common share — basic and diluted | $ | (0.18 | ) | $ | (1.03 | ) | ||
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 March 31, | ||||||||
(In millions of shares) | 2014 | 2013 | ||||||
Equity compensation plans | 8 | 13 | ||||||
Embedded derivative of 3.625% redeemable perpetual preferred stock | 16 | 16 | ||||||
Total | 24 | 29 | ||||||
Segment_Reporting
Segment Reporting | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | ' | |||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | ||||||||||||||||||||||||||||||||||||||||||||
Effective June 2013, the Company's segment structure and its allocation of corporate expenses were updated to reflect how management currently makes financial decisions and allocates resources. The Company has recast data from prior periods to reflect this change in reportable segments to conform to the current year presentation. The Company's businesses are primarily segregated based on the Retail Business, conventional power generation, alternative energy businesses, NRG Yield, and corporate activities. Within NRG's conventional power generation, there are distinct components with separate operating results and management structures for the following geographical regions: Texas, East, South Central, West and Other, which includes international businesses and maintenance services. The Company's alternative energy segment includes solar and wind assets, excluding those in the NRG Yield segment, electric vehicle services and the carbon capture business. NRG Yield includes certain of the Company's contracted generation assets including three natural gas or dual-fired facilities, eight utility-scale solar and wind generation facilities, two portfolios of distributed solar facilities and thermal infrastructure assets. Intersegment sales are accounted for at market. | ||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Conventional Power Generation | |||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2014 | Retail(a) | Texas(a) | East(a) | South(a) | West(a) | Other(a) | Alternative Energy(a) | NRG Yield(a) | Corporate(a)(b) | Elimination | Total | |||||||||||||||||||||||||||||||||
Central | ||||||||||||||||||||||||||||||||||||||||||||
Operating revenues | $ | 1,526 | $ | 254 | $ | 1,400 | $ | 220 | $ | 137 | $ | 46 | $ | 54 | $ | 110 | $ | 2 | $ | (263 | ) | $ | 3,486 | |||||||||||||||||||||
Depreciation and amortization | 33 | 117 | 66 | 26 | 18 | 1 | 51 | 17 | 6 | — | 335 | |||||||||||||||||||||||||||||||||
Equity in earnings/(losses) of unconsolidated affiliates | — | — | — | — | 4 | 2 | (2 | ) | 1 | — | 2 | 7 | ||||||||||||||||||||||||||||||||
Income/(loss) before income taxes | 291 | (324 | ) | 219 | (13 | ) | 16 | 3 | (76 | ) | 21 | (237 | ) | 2 | (98 | ) | ||||||||||||||||||||||||||||
Net income/(loss) attributable to NRG Energy, Inc. | $ | 291 | $ | (324 | ) | $ | 219 | $ | (13 | ) | $ | 16 | $ | 1 | $ | (59 | ) | $ | 14 | $ | (205 | ) | $ | 4 | $ | (56 | ) | |||||||||||||||||
Total assets as of March 31, 2014 | $ | 5,173 | $ | 11,597 | $ | 9,625 | $ | 2,640 | $ | 1,671 | $ | 542 | $ | 6,006 | $ | 2,534 | $ | 28,110 | $ | (32,937 | ) | $ | 34,961 | |||||||||||||||||||||
(a) Operating revenues include inter-segment sales and net derivative gains and losses of: | $ | 2 | $ | 289 | $ | 83 | $ | — | $ | — | $ | 24 | $ | 6 | $ | — | $ | 2 | ||||||||||||||||||||||||||
(b) Includes loss on debt extinguishment of $41 million | ||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Conventional Power Generation | |||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2013 | Retail(c) | Texas(c) | East(c) | South(c) | West(c) | Other(c) | Alternative Energy(c) | NRG Yield | Corporate(c)(d) | Elimination | Total | |||||||||||||||||||||||||||||||||
Central | ||||||||||||||||||||||||||||||||||||||||||||
Operating revenues | $ | 1,231 | $ | 84 | $ | 595 | $ | 196 | $ | 91 | $ | 34 | $ | 35 | $ | 53 | $ | 4 | $ | (242 | ) | $ | 2,081 | |||||||||||||||||||||
Depreciation and amortization | 32 | 113 | 86 | 24 | 13 | 1 | 24 | 10 | 4 | — | 307 | |||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | — | — | 1 | 1 | 2 | 4 | — | (5 | ) | 3 | ||||||||||||||||||||||||||||||||
Income/(loss) before income taxes | 369 | (426 | ) | (159 | ) | (7 | ) | (7 | ) | 4 | (24 | ) | 11 | (244 | ) | — | (483 | ) | ||||||||||||||||||||||||||
Net income/(loss) attributable to NRG Energy, Inc. | $ | 369 | $ | (426 | ) | $ | (159 | ) | $ | (7 | ) | $ | (7 | ) | $ | 4 | $ | (25 | ) | $ | 11 | $ | (92 | ) | $ | — | $ | (332 | ) | |||||||||||||||
(c) Operating revenues include inter-segment sales and net derivative gains and losses of: | $ | 1 | $ | 229 | $ | (9 | ) | $ | 2 | $ | — | $ | 16 | $ | 4 | $ | — | $ | 4 | |||||||||||||||||||||||||
(d) Includes loss on debt extinguishment of $28 million. |
Income_Taxes
Income Taxes | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Income Taxes | ' | |||||||
Income Taxes | ||||||||
Effective Tax Rate | ||||||||
The income tax provision consisted of the following: | ||||||||
Three months ended March 31, | ||||||||
(In millions except otherwise noted) | 2014 | 2013 | ||||||
Loss before income taxes | $ | (98 | ) | $ | (483 | ) | ||
Income tax benefit | (31 | ) | (152 | ) | ||||
Effective tax rate | 31.6 | % | 31.5 | % | ||||
For the three months ended March 31, 2014, NRG's overall effective tax rate was different than the statutory rate of 35% primarily due to the impact of non-taxable equity earnings, production tax credits and the impact of state and local income taxes. | ||||||||
For the three months ended March 31, 2013, NRG's overall effective tax rate was different than the statutory rate of 35% primarily due to change in the valuation allowance as a result of capital losses generated during the period. | ||||||||
Uncertain Tax Benefits | ||||||||
As of March 31, 2014, NRG has recorded a non-current tax liability of $63 million for uncertain tax benefits from positions taken on various state income tax returns, including accrued interest. NRG has accrued interest related to these uncertain tax benefits of $1 million for the three months ended March 31, 2014, and has accrued $14 million of interest and penalties since adoption. 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 not subject to U.S. federal income tax examinations for years prior to 2007. With few exceptions, state and local income tax examinations are no longer open for years before 2004. The Company's primary foreign operations are also no longer subject to examination by local jurisdictions for years prior to 2010. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Commitments | |
This footnote should be read in conjunction with the complete description under Note 22, Commitments and Contingencies, to the Company's 2013 Form 10-K. | |
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 acquisition and assets held by NRG Yield, Inc., 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 March 31, 2014, hedges under the first lien were out-of-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. 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. | |
NRG Energy Center San Francisco LLC | |
In 2013, NRG Energy Center San Francisco LLC received a Notice of Violation from the San Francisco Department of Public Health alleging improper monitoring of three underground storage tanks. The tanks have not leaked. The Company anticipates settling this matter in 2014 for approximately $137,000. | |
Louisiana Generating, LLC | |
Big Cajun II Alleged Opacity Violations — On September 7, 2012, LaGen received a Consolidated Compliance Order & Notice of Potential Penalty, or CCO&NPP, from the LDEQ. The CCO&NPP alleges there were opacity exceedance events from the Big Cajun II Power Plant on certain dates during the years 2007-2012. In February 2014, LaGen and LDEQ settled this matter for approximately $47,000. | |
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. Under the remaining action transferred to MC Asset Recovery, MC Asset Recovery seeks to recover damages from Commerzbank AG and various other banks, or the Commerzbank Defendants, for alleged fraudulent transfers that occurred prior to GenOn Energy Holdings' 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. In March 2012, the Court of Appeals reversed the District Court's dismissal and reinstated MC Asset Recovery's amended complaint against the Commerzbank Defendants. If MC Asset Recovery succeeds in obtaining any recoveries from the Commerzbank Defendants, the Commerzbank Defendants have asserted that they will seek to file claims in GenOn Energy Holdings' bankruptcy proceedings for the amount of those recoveries. GenOn Energy Holdings would vigorously contest the allowance of any such claims. If the Commerzbank Defendants were to receive an allowed claim as a result of a recovery by MC Asset Recovery on its claims against them, GenOn Energy Holdings would retain from the net amount recovered by MC Asset Recovery an amount equal to the dollar amount of the resulting allowed claim. | |
Pending Natural Gas Litigation | |
GenOn is party to several lawsuits, certain of which are class action lawsuits, in state and federal courts in Kansas, Missouri, Nevada 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 antitrust 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 is 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. The Ninth Circuit reversed the decision of the U.S. District Court for the District of Nevada. On August 26, 2013, 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. On December 2, 2013, the Supreme Court requested the views of the U.S. Solicitor General on the petition for a writ of certiorari. In September 2012, the State of Nevada Supreme Court, which is handling the remaining case, affirmed dismissal by the Eighth Judicial District Court for Clark County, Nevada of all plaintiffs' claims against GenOn. In February 2013, the plaintiffs in the Nevada case filed a petition for a writ of certiorari to the U.S. Supreme Court. In June 2013, the U.S. Supreme Court denied the petition for a writ of certiorari, thereby ending one of the five lawsuits. GenOn has agreed to indemnify CenterPoint against certain losses relating to these lawsuits. | |
Cheswick Class Action Complaint | |
In April 2012, a putative class action lawsuit was filed against GenOn in the Court of Common Pleas of Allegheny County, Pennsylvania alleging that emissions from the Cheswick generating facility have damaged the property of neighboring residents. The Company disputes these allegations. Plaintiffs have brought nuisance, negligence, trespass and strict liability claims seeking both damages and injunctive relief. Plaintiffs seek to certify a class that consists of people who own property or live within one mile of the Company's plant. In July 2012, the Company removed the lawsuit to the U.S. District Court for the Western District of Pennsylvania. In October 2012, the court granted the Company's motion to dismiss, which Plaintiffs appealed to the U.S. Court of Appeals for the Third Circuit. On August 20, 2013, the Third Circuit reversed the decision of the District Court. On September 3, 2013, the Company filed a petition for rehearing with the Third Circuit which was subsequently denied. In February 2014, the Company filed a petition for a writ of certiorari to the U.S. Supreme Court seeking review and reversal of the Third Circuit decision. The District Court has stayed further proceedings in the case pending a decision on the petition for a writ of certiorari. | |
Cheswick Monarch Mine NOV | |
In 2008, the PADEP issued an NOV related to the Monarch mine located near the Cheswick generating facility. It has not been mined for many years. The Company uses it for disposal of low-volume wastewater from the Cheswick generating facility and for disposal of leachate collected from ash disposal facilities. The NOV addresses the alleged requirement to maintain a minimum pumping volume from the mine. The PADEP indicated it will seek a civil penalty of approximately $200,000. The Company contests the allegations in the NOV and has not agreed to such penalty. The Company is currently planning capital expenditures in connection with wastewater from Cheswick and leachate from ash disposal facilities. | |
Energy Plus Holdings | |
Energy Plus Holdings continues to cooperate with the Connecticut Office of Attorney General and Office of Consumer Counsel and the State of New York Office of Attorney General to resolve certain issues related to Energy Plus Holdings's sales, marketing and business practices. Energy Plus Holdings has been involved in settlement discussions with the Connecticut Office of Attorney General, the Connecticut Office of Consumer Counsel and the New York Office of Attorney General to reach a resolution of the matters in the respective states. | |
Maryland Department of the Environment v. GenOn Chalk Point and GenOn Mid-Atlantic | |
On January 25, 2013, Food & Water Watch, the Patuxent Riverkeeper and the Potomac Riverkeeper (together, the Citizens Group) sent NRG a letter alleging that the Chalk Point, Dickerson and Morgantown generating facilities were violating the terms of the three National Pollution Discharge Elimination System permits by discharging nitrogen and phosphorous in excess of the limits in each permit. On March 21, 2013, the MDE sent the Company a similar letter with respect to the Chalk Point and Dickerson facilities, threatening to sue within 60 days if the Company did not bring itself into compliance. On June 11, 2013, the Maryland Attorney General on behalf of the MDE filed a complaint in the U.S. District Court for the District of Maryland alleging violations of the Clean Water Act and Maryland environmental laws related to water. The lawsuit seeks injunctive relief and civil penalties in excess of $100,000. |
Regulatory_Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2014 | |
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 2013 Form 10-K. | |
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 a party 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. | |
West Region | |
California Station Power — On December 18, 2012, in Calpine Corporation v. FERC, the U.S. Court of Appeals for the D.C. Circuit upheld a decision by FERC disclaiming jurisdiction over how the states impose retail station power charges. The CPUC may now establish retail charges for future station power consumption. Due to reservation-of-rights language in the California utilities' state-jurisdictional station power tariffs, the court's ruling arguably requires California generators to pay state-imposed retail charges back to the date of enrollment by the facilities in the CAISO's station period program (February 1, 2009, for the Company's Encina and El Segundo facilities; March 1, 2009, for the Company's Long Beach facility). | |
On November 18, 2011, Southern California Edison Company, or SCE, filed with the CPUC, seeking authorization to begin charging generators station power charges, and to assess such charges retroactively, which the Company and other generators have challenged. On August 13, 2012, the CPUC Energy Division issued a draft resolution in which it rejected the Company's arguments and approved Southern California Edison's proposed station power charges, including retroactive implementation, but proposing a credit to generators for some portion of their retail station power bill. However, the CPUC withdrew the draft resolution from the calendar and consideration of the measure has not yet been rescheduled. | |
On April 14, 2014, the CPUC put forth Draft Resolutions for how station power will be handled in the SCE and PG&E service territories. The Draft Resolutions establish a 15 minute netting period, to take effect December 18, 2012, which means that there would be no refund liability associated with station power consumption prior to December 18, 2012. The CPUC is expected to take up the Draft Resolutions at its May meeting. If approved, parties would have 30 days to appeal the ruling before it would be considered final. | |
Texas | |
South Texas Project — On March 31, 2014, STP submitted the response to a request for information from the NRC regarding the re-evaluation of the seismic hazard at the site, conducted in response to recommendation 2.1 of the Near-Term Task Force that was convened in response to the accident at Fukushima. On March 12, 2012, after the initial industry-wide submittal was reviewed by the NRC, the agency questioned the varying standards applied to risk assessment for seismic hazards used for initial licensing at some stations. As a result, all stations were directed to re-evaluate the risk against present-day requirements and the current design basis. The seismic evaluation of the STP site, recently conducted when preparing the application for a combined construction and operating license for the STP Units 3 & 4 development project, provided some assurance of the adequacy of the walk-downs and analyses to be conducted. The station followed the guidance in the “Seismic Evaluation Guidance: Screening, Prioritization, and Implementation Details (SPID) for the Resolution of Fukushima Near-Term Task Force Recommendation 2.1: Seismic” report published by the Electric Power Research Institute. This re-evaluation confirmed that the updated ground motion response spectrum does not exceed the bounds of the safe shutdown earthquake found in the current design basis and as a result, no further evaluations need be performed. |
Environmental_Matters
Environmental Matters | 3 Months Ended |
Mar. 31, 2014 | |
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 2013 Form 10-K. | |
NRG is subject to a wide range of environmental regulations in the development, ownership, construction and operation of projects in the United States and certain international regions. These laws and regulations generally require that governmental permits and approvals be obtained before construction and during operation of power plants. Environmental regulations have become increasingly stringent and NRG expects this trend to continue. The electric generation industry is likely to face new requirements to address various emissions, including greenhouse gases, as well as combustion byproducts, water discharge and use, and threatened and endangered species. In general, future laws and regulations 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 operations. | |
The EPA released CSAPR on July 7, 2011, which was scheduled to replace CAIR on January 1, 2012. On August 21, 2012, the U.S. Court of Appeals for the D.C. Circuit issued an opinion vacating CSAPR and keeping CAIR in place until the EPA can replace it. On April 29, 2014, the U.S. Supreme Court reversed and remanded the D.C. Circuit's opinion. NRG expects further proceedings in the D.C. Circuit over the next few months. While NRG is unable to predict the final outcome of the ongoing litigation, the Company believes its investment in pollution controls and cleaner technologies coupled with planned strategic plant retirement should leave the fleet well positioned for compliance. | |
In January 2014, the EPA re-proposed the NSPS for CO2 emissions from new fossil-fuel-fired electric generating units that had been previously proposed in April 2012. The re-proposed standards are 1000 pounds of CO2 per MWh for large gas units and 1100 pounds of CO2 per MWh for coal units and small gas units. Proposed standards are in effect until a final rule is published or another rule is re-proposed. In 2014, the EPA intends to propose another rule that would require states to develop CO2 standards that would apply to existing fossil-fueled generating facilities. | |
East Region | |
The MDE has announced that it intends to promulgate more stringent regulations regarding NOx emissions, which could negatively affect certain of the Company's coal facilities located in Maryland. | |
Environmental Capital Expenditures | |
Based on current rules, technology and preliminary plans based on some proposed rules, NRG estimates that environmental capital expenditures from 2014 through 2018 required to comply with environmental laws will be approximately $326 million which includes $116 million for GenOn. | |
In connection with the acquisition of EME, as further described in Note 3, Business Acquisitions, NRG has committed to fund up to $350 million in capital expenditures for plant modifications at Powerton and Joliet to comply with MATS, of which the Company estimates that up to $100 million will be incurred in 2014. The Company is in the process of evaluating additional capital expenditures that will be incurred in connection with the acquisition and integration of EME. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Condensed Consolidating Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Financial Information | ' | |||||||||||||||||||
Condensed Consolidating Financial Information | ||||||||||||||||||||
As of March 31, 2014, the Company had outstanding $6.4 billion of Senior Notes due from 2018 - 2023, as shown in Note 7, 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, including GenOn and its subsidiaries. | ||||||||||||||||||||
Unless otherwise noted below, each of the following guarantor subsidiaries fully and unconditionally guaranteed the Senior Notes as of March 31, 2014: | ||||||||||||||||||||
Ace Energy, Inc. | Meriden Gas Turbines LLC | NRG Oswego Harbor Power Operations Inc. | ||||||||||||||||||
Allied Warranty LLC | Middletown Power LLC | NRG PacGen Inc. | ||||||||||||||||||
Allied Home Warranty GP LLC | Montville Power LLC | NRG Power Marketing LLC | ||||||||||||||||||
Arthur Kill Power LLC | NEO Corporation | NRG Reliability Solutions LLC | ||||||||||||||||||
Astoria Gas Turbine Power LLC | NEO Freehold-Gen LLC | NRG Renter's Protection LLC | ||||||||||||||||||
Bayou Cove Peaking Power, LLC | NEO Power Services Inc. | NRG Retail LLC | ||||||||||||||||||
BidURenergy, Inc. | New Genco GP, LLC | NRG Retail Northeast LLC | ||||||||||||||||||
Cabrillo Power I LLC | Norwalk Power LLC | NRG Rockford Acquisition LLC | ||||||||||||||||||
Cabrillo Power II LLC | NRG Affiliate Services Inc. | NRG Saguaro Operations Inc. | ||||||||||||||||||
Carbon Management Solutions LLC | NRG Artesian Energy LLC | NRG Security LLC | ||||||||||||||||||
Clean Edge Energy LLC | NRG Arthur Kill Operations Inc. | NRG Services Corporation | ||||||||||||||||||
Conemaugh Power LLC | NRG Astoria Gas Turbine Operations Inc. | NRG SimplySmart Solutions LLC | ||||||||||||||||||
Connecticut Jet Power LLC | NRG Bayou Cove LLC | NRG South Central Affiliate Services Inc. | ||||||||||||||||||
Cottonwood Development LLC | NRG Cabrillo Power Operations Inc. | NRG South Central Generating LLC | ||||||||||||||||||
Cottonwood Energy Company LP | NRG California Peaker Operations LLC | NRG South Central Operations Inc. | ||||||||||||||||||
Cottonwood Generating Partners I LLC | NRG Cedar Bayou Development Company, LLC | NRG South Texas LP | ||||||||||||||||||
Cottonwood Generating Partners II LLC | NRG Connecticut Affiliate Services Inc. | NRG Texas C&I Supply LLC | ||||||||||||||||||
Cottonwood Generating Partners III LLC | NRG Construction LLC | NRG Texas Gregory LLC | ||||||||||||||||||
Cottonwood Technology Partners LP | NRG Curtailment Solutions LLC | NRG Texas Holding Inc. | ||||||||||||||||||
Devon Power LLC | NRG Development Company Inc. | NRG Texas LLC | ||||||||||||||||||
Dunkirk Power LLC | NRG Devon Operations Inc. | NRG Texas Power LLC | ||||||||||||||||||
Eastern Sierra Energy Company LLC | NRG Dispatch Services LLC | NRG Unemployment Protection LLC | ||||||||||||||||||
El Segundo Power, LLC | NRG Dunkirk Operations Inc. | NRG Warranty Services LLC | ||||||||||||||||||
El Segundo Power II LLC | NRG El Segundo Operations Inc. | NRG West Coast LLC | ||||||||||||||||||
Elbow Creek Wind Project LLC | NRG Energy Labor Services LLC | NRG Western Affiliate Services Inc. | ||||||||||||||||||
Energy Alternatives Wholesale, LLC | NRG Energy Services Group LLC | O'Brien Cogeneration, Inc. II | ||||||||||||||||||
Energy Curtailment Specialists, Inc. | NRG Energy Services International Inc. | ONSITE Energy, Inc. | ||||||||||||||||||
Energy Plus Holdings LLC | NRG Energy Services LLC | Oswego Harbor Power LLC | ||||||||||||||||||
Energy Plus Natural Gas LLC | NRG Generation Holdings, Inc. | RE Retail Receivables, LLC | ||||||||||||||||||
Energy Protection Insurance Company | NRG Home & Business Solutions LLC | Reliant Energy Northeast LLC | ||||||||||||||||||
Everything Energy LLC | NRG Home Solutions LLC | Reliant Energy Power Supply, LLC | ||||||||||||||||||
GCP Funding Company, LLC | NRG Home Solutions Product LLC | Reliant Energy Retail Holdings, LLC | ||||||||||||||||||
Green Mountain Energy Company | NRG Homer City Services LLC | Reliant Energy Retail Services, LLC | ||||||||||||||||||
Green Mountain Energy Company | NRG Huntley Operations Inc. | RERH Holdings LLC | ||||||||||||||||||
(NY Com) LLC | NRG Identity Protect LLC | Saguaro Power LLC | ||||||||||||||||||
Green Mountain Energy Company | NRG Ilion Limited Partnership | Somerset Operations Inc. | ||||||||||||||||||
(NY Res) LLC | NRG Ilion LP LLC | Somerset Power LLC | ||||||||||||||||||
Gregory Partners, LLC | NRG International LLC | Texas Genco Financing Corp. | ||||||||||||||||||
Gregory Power Partners LLC | NRG Maintenance Services LLC | Texas Genco GP, LLC | ||||||||||||||||||
Huntley Power LLC | NRG Mextrans Inc. | Texas Genco Holdings, Inc. | ||||||||||||||||||
Independence Energy Alliance LLC | NRG MidAtlantic Affiliate Services Inc. | Texas Genco LP, LLC | ||||||||||||||||||
Independence Energy Group LLC | NRG Middletown Operations Inc. | Texas Genco Operating Services, LLC | ||||||||||||||||||
Independence Energy Natural Gas LLC | NRG Montville Operations Inc. | Texas Genco Services, LP | ||||||||||||||||||
Indian River Operations Inc. | NRG New Jersey Energy Sales LLC | US Retailers LLC | ||||||||||||||||||
Indian River Power LLC | NRG New Roads Holdings LLC | Vienna Operations Inc. | ||||||||||||||||||
Keystone Power LLC | NRG North Central Operations Inc. | Vienna Power LLC | ||||||||||||||||||
Langford Wind Power, LLC | NRG Northeast Affiliate Services Inc. | WCP (Generation) Holdings LLC | ||||||||||||||||||
Lone Star A/C & Appliance Repairs, LLC | NRG Norwalk Harbor Operations Inc. | West Coast Power LLC | ||||||||||||||||||
Louisiana Generating LLC | NRG Operating Services, Inc. | |||||||||||||||||||
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. In addition, 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 COMPREHENSIVE INCOME/(LOSS) | ||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Net Income/(Loss) | $ | 168 | $ | (13 | ) | $ | (52 | ) | $ | (170 | ) | $ | (67 | ) | ||||||
Other comprehensive income, net of tax | ||||||||||||||||||||
Unrealized gain/(loss) on derivatives, net | 6 | (6 | ) | 5 | (14 | ) | (9 | ) | ||||||||||||
Foreign currency translation adjustments, net | — | 6 | — | — | 6 | |||||||||||||||
Available-for-sale securities, net | — | — | 4 | 2 | 6 | |||||||||||||||
Defined benefit plan, net | 2 | — | — | — | 2 | |||||||||||||||
Other comprehensive income | 8 | — | 9 | (12 | ) | 5 | ||||||||||||||
Comprehensive income/(loss) | 176 | (13 | ) | (43 | ) | (182 | ) | (62 | ) | |||||||||||
Less: Comprehensive (loss)/income attributable to noncontrolling interest | — | (5 | ) | 4 | (14 | ) | (15 | ) | ||||||||||||
Comprehensive income/(loss) attributable to NRG Energy, Inc. | 176 | (8 | ) | (47 | ) | (168 | ) | (47 | ) | |||||||||||
Dividends for preferred shares | — | — | 2 | — | 2 | |||||||||||||||
Comprehensive income/(loss) available for common stockholders | $ | 176 | $ | (8 | ) | $ | (49 | ) | $ | (168 | ) | $ | (49 | ) | ||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
ASSETS | (In millions) | |||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 22 | $ | 1,459 | $ | 1,706 | $ | — | $ | 3,187 | ||||||||||
Funds deposited by counterparties | 4 | — | — | — | 4 | |||||||||||||||
Restricted cash | 16 | 189 | 4 | — | 209 | |||||||||||||||
Accounts receivable, net | 906 | 243 | — | — | 1,149 | |||||||||||||||
Inventory | 380 | 401 | — | — | 781 | |||||||||||||||
Derivative instruments | 970 | 634 | — | (31 | ) | 1,573 | ||||||||||||||
Deferred income taxes | — | 41 | 37 | — | 78 | |||||||||||||||
Cash collateral paid in support of energy risk management activities | 315 | 372 | — | — | 687 | |||||||||||||||
Accounts receivable - affiliate | 5,217 | 67 | (4,043 | ) | (1,233 | ) | 8 | |||||||||||||
Renewable energy grant receivable | — | 116 | — | — | 116 | |||||||||||||||
Prepayments and other current assets | 120 | 447 | 24 | — | 591 | |||||||||||||||
Total current assets | 7,950 | 3,969 | (2,272 | ) | (1,264 | ) | 8,383 | |||||||||||||
Net property, plant and equipment | 9,023 | 10,498 | 148 | (25 | ) | 19,644 | ||||||||||||||
Other Assets | ||||||||||||||||||||
Investment in subsidiaries | 558 | (319 | ) | 19,103 | (19,342 | ) | — | |||||||||||||
Equity investments in affiliates | (27 | ) | 594 | — | (105 | ) | 462 | |||||||||||||
Notes receivable, less current portion | — | 58 | 131 | (120 | ) | 69 | ||||||||||||||
Goodwill | 1,974 | 64 | — | — | 2,038 | |||||||||||||||
Intangible assets, net | 1,075 | 242 | 4 | (21 | ) | 1,300 | ||||||||||||||
Nuclear decommissioning trust fund | 557 | — | — | — | 557 | |||||||||||||||
Deferred income tax | 3 | 689 | 724 | — | 1,416 | |||||||||||||||
Derivative instruments | 130 | 208 | — | (5 | ) | 333 | ||||||||||||||
Other non-current assets | 87 | 280 | 392 | — | 759 | |||||||||||||||
Total other assets | 4,357 | 1,816 | 20,354 | (19,593 | ) | 6,934 | ||||||||||||||
Total Assets | $ | 21,330 | $ | 16,283 | $ | 18,230 | $ | (20,882 | ) | $ | 34,961 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Current portion of long-term debt and capital leases | $ | 1 | $ | 664 | $ | 20 | $ | — | $ | 685 | ||||||||||
Accounts payable | 668 | 390 | 24 | — | 1,082 | |||||||||||||||
Accounts payable — affiliate | 802 | 1,167 | (736 | ) | (1,233 | ) | — | |||||||||||||
Derivative instruments | 954 | 581 | — | (31 | ) | 1,504 | ||||||||||||||
Cash collateral received in support of energy risk management activities | 4 | — | — | — | 4 | |||||||||||||||
Accrued expenses and other current liabilities | 246 | 480 | 223 | 1 | 950 | |||||||||||||||
Total current liabilities | 2,675 | 3,282 | (469 | ) | (1,263 | ) | 4,225 | |||||||||||||
Other Liabilities | ||||||||||||||||||||
Long-term debt and capital leases | 317 | 8,147 | 8,460 | (121 | ) | 16,803 | ||||||||||||||
Nuclear decommissioning reserve | 298 | — | — | — | 298 | |||||||||||||||
Nuclear decommissioning trust liability | 324 | — | — | — | 324 | |||||||||||||||
Deferred income taxes | 1,090 | (1,003 | ) | (63 | ) | — | 24 | |||||||||||||
Derivative instruments | 176 | 86 | — | (5 | ) | 257 | ||||||||||||||
Out-of-market contracts | 123 | 1,034 | — | — | 1,157 | |||||||||||||||
Other non-current liabilities | 428 | 622 | 179 | 1 | 1,230 | |||||||||||||||
Total non-current liabilities | 2,756 | 8,886 | 8,576 | (125 | ) | 20,093 | ||||||||||||||
Total liabilities | 5,431 | 12,168 | 8,107 | (1,388 | ) | 24,318 | ||||||||||||||
3.625% convertible perpetual preferred stock | — | — | 249 | — | 249 | |||||||||||||||
Stockholders’ Equity | 15,899 | 4,115 | 9,874 | (19,494 | ) | 10,394 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 21,330 | $ | 16,283 | $ | 18,230 | $ | (20,882 | ) | $ | 34,961 | |||||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Cash Flows from Operating Activities | ||||||||||||||||||||
Net Cash Provided/(Used) by Operating Activities | 446 | 430 | (886 | ) | 401 | 391 | ||||||||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Intercompany loans to subsidiaries | (405 | ) | 4 | 401 | — | — | ||||||||||||||
Acquisition of businesses, net of cash acquired | — | (25 | ) | (193 | ) | — | (218 | ) | ||||||||||||
Capital expenditures | (73 | ) | (162 | ) | (2 | ) | — | (237 | ) | |||||||||||
Decrease in restricted cash, net | — | 3 | — | — | 3 | |||||||||||||||
(Increase)/decrease in restricted cash — U.S. DOE projects | (4 | ) | 60 | — | — | 56 | ||||||||||||||
Decrease in notes receivable | — | 1 | — | — | 1 | |||||||||||||||
Investments in nuclear decommissioning trust fund securities | (188 | ) | — | — | — | (188 | ) | |||||||||||||
Proceeds from sales of nuclear decommissioning trust fund securities | 183 | — | — | — | 183 | |||||||||||||||
Proceeds from renewable energy grants | — | 387 | — | — | 387 | |||||||||||||||
Proceeds from sale of assets, net of cash disposed of | — | — | 77 | — | 77 | |||||||||||||||
Cash proceeds to fund cash grant bridge loan payment | — | 57 | — | — | 57 | |||||||||||||||
Other | 7 | (4 | ) | — | — | 3 | ||||||||||||||
Net Cash (Used)/Provided by Investing Activities | (480 | ) | 321 | 283 | — | 124 | ||||||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Proceeds from/payments for intercompany loans | — | — | 401 | (401 | ) | — | ||||||||||||||
Payment of dividends to common and preferred stockholders | — | — | (41 | ) | — | (41 | ) | |||||||||||||
Net payments for settlement of acquired derivatives that include financing elements | — | (223 | ) | — | — | (223 | ) | |||||||||||||
Contributions from noncontrolling interest in subsidiaries | — | 9 | — | — | 9 | |||||||||||||||
Proceeds from issuance of long-term debt | — | 464 | 1,100 | — | 1,564 | |||||||||||||||
Proceeds from issuance of common stock | — | — | 3 | — | 3 | |||||||||||||||
Payment of debt issuance and hedging costs | — | (9 | ) | (14 | ) | — | (23 | ) | ||||||||||||
Payments for short and long-term debt | — | (405 | ) | (468 | ) | — | (873 | ) | ||||||||||||
Net Cash (Used)/Provided by Financing Activities | — | (164 | ) | 981 | (401 | ) | 416 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | 2 | — | — | 2 | |||||||||||||||
Net (Decrease)/Increase in Cash and Cash Equivalents | (34 | ) | 589 | 378 | — | 933 | ||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 56 | 870 | 1,328 | — | 2,254 | |||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 22 | $ | 1,459 | $ | 1,706 | $ | — | $ | 3,187 | ||||||||||
(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 March 31, 2013 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Operating Revenues | ||||||||||||||||||||
Total operating revenues | $ | 1,590 | $ | 525 | $ | — | $ | (34 | ) | $ | 2,081 | |||||||||
Operating Costs and Expenses | ||||||||||||||||||||
Cost of operations | 1,258 | 515 | 7 | (27 | ) | 1,753 | ||||||||||||||
Depreciation and amortization | 204 | 100 | 3 | — | 307 | |||||||||||||||
Selling, general and administrative | 115 | 52 | 67 | (7 | ) | 227 | ||||||||||||||
Acquisition-related transaction and integration costs | — | 29 | 13 | — | 42 | |||||||||||||||
Development activity expenses | — | 6 | 12 | — | 18 | |||||||||||||||
Total operating costs and expenses | 1,577 | 702 | 102 | (34 | ) | 2,347 | ||||||||||||||
Operating Income/(Loss) | 13 | (177 | ) | (102 | ) | — | (266 | ) | ||||||||||||
Other Income/(Expense) | ||||||||||||||||||||
Equity in earnings/(losses) of consolidated subsidiaries | 1 | (2 | ) | (164 | ) | 165 | — | |||||||||||||
Equity in earnings of unconsolidated affiliates | 1 | 2 | — | — | 3 | |||||||||||||||
Other income, net | 1 | 2 | 1 | — | 4 | |||||||||||||||
Loss on debt extinguishment | — | — | (28 | ) | — | (28 | ) | |||||||||||||
Interest expense | (5 | ) | (64 | ) | (127 | ) | — | (196 | ) | |||||||||||
Total other expense | (2 | ) | (62 | ) | (318 | ) | 165 | (217 | ) | |||||||||||
Income/(Loss) Before Income Taxes | 11 | (239 | ) | (420 | ) | 165 | (483 | ) | ||||||||||||
Income tax expense/(benefit) | 21 | (85 | ) | (88 | ) | — | (152 | ) | ||||||||||||
Net Loss | (10 | ) | (154 | ) | (332 | ) | 165 | (331 | ) | |||||||||||
Less: Net income attributable to noncontrolling interest | — | 1 | — | — | 1 | |||||||||||||||
Net Loss attributable to NRG Energy, Inc. | $ | (10 | ) | $ | (155 | ) | $ | (332 | ) | $ | 165 | $ | (332 | ) | ||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE LOSS | ||||||||||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Net Loss | $ | (10 | ) | $ | (154 | ) | $ | (332 | ) | $ | 165 | $ | (331 | ) | ||||||
Other comprehensive (loss)/income, net of tax | ||||||||||||||||||||
Unrealized (loss)/gain on derivatives, net | (9 | ) | 5 | 7 | 4 | 7 | ||||||||||||||
Available-for-sale securities, net | — | — | 2 | — | 2 | |||||||||||||||
Defined benefit plan | — | — | 5 | — | 5 | |||||||||||||||
Other comprehensive (loss)/income | (9 | ) | 5 | 14 | 4 | 14 | ||||||||||||||
Comprehensive loss | (19 | ) | (149 | ) | (318 | ) | 169 | (317 | ) | |||||||||||
Less: Comprehensive income attributable to noncontrolling interest | — | 1 | — | — | 1 | |||||||||||||||
Comprehensive loss attributable to NRG Energy, Inc. | (19 | ) | (150 | ) | (318 | ) | 169 | (318 | ) | |||||||||||
Dividends for preferred shares | — | — | 2 | — | 2 | |||||||||||||||
Comprehensive loss available for common stockholders | $ | (19 | ) | $ | (150 | ) | $ | (320 | ) | $ | 169 | $ | (320 | ) | ||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
ASSETS | (In millions) | |||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 56 | $ | 870 | $ | 1,328 | $ | — | $ | 2,254 | ||||||||||
Funds deposited by counterparties | 7 | 56 | — | — | 63 | |||||||||||||||
Restricted cash | 12 | 252 | 4 | — | 268 | |||||||||||||||
Accounts receivable, net | 965 | 249 | — | — | 1,214 | |||||||||||||||
Inventory | 436 | 462 | — | — | 898 | |||||||||||||||
Derivative instruments | 866 | 470 | — | (8 | ) | 1,328 | ||||||||||||||
Deferred income taxes | — | 41 | 217 | — | 258 | |||||||||||||||
Cash collateral paid in support of energy risk management activities | 214 | 62 | — | — | 276 | |||||||||||||||
Renewable energy grant receivable | — | 539 | — | — | 539 | |||||||||||||||
Prepayments and other current assets | 4,778 | 379 | (3,802 | ) | (857 | ) | 498 | |||||||||||||
Total current assets | 7,334 | 3,380 | (2,253 | ) | (865 | ) | 7,596 | |||||||||||||
Net Property, Plant and Equipment | 9,116 | 10,604 | 153 | (22 | ) | 19,851 | ||||||||||||||
Other Assets | ||||||||||||||||||||
Investment in subsidiaries | 32 | 422 | 18,266 | (18,720 | ) | — | ||||||||||||||
Equity investments in affiliates | (30 | ) | 583 | — | (100 | ) | 453 | |||||||||||||
Capital leases and notes receivable, less current portion | — | 62 | 105 | (94 | ) | 73 | ||||||||||||||
Goodwill | 1,973 | 12 | — | — | 1,985 | |||||||||||||||
Intangible assets, net | 925 | 232 | 4 | (21 | ) | 1,140 | ||||||||||||||
Nuclear decommissioning trust fund | 551 | — | — | — | 551 | |||||||||||||||
Deferred income taxes | — | 681 | 521 | — | 1,202 | |||||||||||||||
Derivative instruments | 110 | 202 | — | (1 | ) | 311 | ||||||||||||||
Other non-current assets | 76 | 281 | 383 | — | 740 | |||||||||||||||
Total other assets | 3,637 | 2,475 | 19,279 | (18,936 | ) | 6,455 | ||||||||||||||
Total Assets | $ | 20,087 | $ | 16,459 | $ | 17,179 | $ | (19,823 | ) | $ | 33,902 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Current portion of long-term debt and capital leases | $ | 1 | $ | 1,029 | $ | 20 | $ | — | $ | 1,050 | ||||||||||
Accounts payable | 652 | 352 | 34 | — | 1,038 | |||||||||||||||
Accounts payable — affiliate | 1,350 | 760 | (1,253 | ) | (857 | ) | — | |||||||||||||
Derivative instruments | 859 | 204 | — | (8 | ) | 1,055 | ||||||||||||||
Cash collateral received in support of energy risk management activities | 6 | 57 | — | — | 63 | |||||||||||||||
Accrued expenses and other current liabilities | 297 | 410 | 291 | — | 998 | |||||||||||||||
Total current liabilities | 3,165 | 2,812 | (908 | ) | (865 | ) | 4,204 | |||||||||||||
Other Liabilities | ||||||||||||||||||||
Long-term debt and capital leases | 317 | 7,837 | 7,707 | (94 | ) | 15,767 | ||||||||||||||
Nuclear decommissioning reserve | 294 | — | — | — | 294 | |||||||||||||||
Nuclear decommissioning trust liability | 324 | — | — | — | 324 | |||||||||||||||
Deferred income taxes | 1,024 | (1,002 | ) | — | — | 22 | ||||||||||||||
Derivative instruments | 147 | 49 | — | (1 | ) | 195 | ||||||||||||||
Out-of-market contracts | 127 | 1,050 | — | — | 1,177 | |||||||||||||||
Other non-current liabilities | 412 | 615 | 174 | — | 1,201 | |||||||||||||||
Total non-current liabilities | 2,645 | 8,549 | 7,881 | (95 | ) | 18,980 | ||||||||||||||
Total liabilities | 5,810 | 11,361 | 6,973 | (960 | ) | 23,184 | ||||||||||||||
3.625% Preferred Stock | — | — | 249 | — | 249 | |||||||||||||||
Stockholders’ Equity | 14,277 | 5,098 | 9,957 | (18,863 | ) | 10,469 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 20,087 | $ | 16,459 | $ | 17,179 | $ | (19,823 | ) | $ | 33,902 | |||||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated Balance | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Net Cash Provided/(Used) by Operating Activities | 200 | (241 | ) | (83 | ) | — | (124 | ) | ||||||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Intercompany loans to subsidiaries | (106 | ) | 1 | — | 105 | — | ||||||||||||||
Acquisition of businesses, net of cash acquired | — | (18 | ) | — | — | (18 | ) | |||||||||||||
Capital expenditures | (66 | ) | (731 | ) | (16 | ) | — | (813 | ) | |||||||||||
Increase in restricted cash, net | — | (12 | ) | (1 | ) | — | (13 | ) | ||||||||||||
Decrease/(Increase) in restricted cash — U.S. DOE projects | — | 13 | (1 | ) | — | 12 | ||||||||||||||
Increase in notes receivable | — | (1 | ) | (8 | ) | — | (9 | ) | ||||||||||||
Investments in nuclear decommissioning trust fund securities | (95 | ) | — | — | — | (95 | ) | |||||||||||||
Proceeds from sales of nuclear decommissioning trust fund securities | 85 | — | — | — | 85 | |||||||||||||||
Proceeds from renewable energy grants | — | 16 | — | — | 16 | |||||||||||||||
Other | (1 | ) | — | — | — | (1 | ) | |||||||||||||
Net Cash Used by Investing Activities | (183 | ) | (732 | ) | (26 | ) | 105 | (836 | ) | |||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Proceeds from intercompany loans | — | — | 105 | (105 | ) | — | ||||||||||||||
Payment of dividends to preferred stockholders | — | — | (31 | ) | — | (31 | ) | |||||||||||||
Payment for treasury stock | — | — | (20 | ) | — | (20 | ) | |||||||||||||
Net (payment for)/receipts from settlement of acquired derivatives that include financing elements | (27 | ) | 125 | — | — | 98 | ||||||||||||||
Proceeds from issuance of long-term debt | — | 728 | 8 | — | 736 | |||||||||||||||
Proceeds from issuance of common stock | — | — | 1 | — | 1 | |||||||||||||||
Sale proceeds and other contributions from noncontrolling interest in subsidiaries | — | 20 | — | — | 20 | |||||||||||||||
Payment of debt issuance costs | — | (3 | ) | (2 | ) | — | (5 | ) | ||||||||||||
Payments for short and long-term debt | — | (15 | ) | (204 | ) | — | (219 | ) | ||||||||||||
Net Cash (Used)/Provided by Financing Activities | (27 | ) | 855 | (143 | ) | (105 | ) | 580 | ||||||||||||
Net Decrease in Cash and Cash Equivalents | (10 | ) | (118 | ) | (252 | ) | — | (380 | ) | |||||||||||
Cash and Cash Equivalents at Beginning of Period | 78 | 1,258 | 751 | — | 2,087 | |||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 68 | $ | 1,140 | $ | 499 | $ | — | $ | 1,707 | ||||||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. |
Basis_of_Presentation_Reclassi
Basis of Presentation Reclassifications (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Reclassification, Policy [Policy Text Block] | ' |
Reclassifications | |
Certain prior year amounts have been reclassified for comparative purposes. The reclassifications did not affect results from operations or cash flows. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recent Accounting Developments | |
The following accounting standard was issued in 2013 and was adopted on January 1, 2014: | |
•ASU 2013-11 - In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740) Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, or ASU No. 2013-11. The amendments of ASU 2013-11 require an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction of a deferred tax asset for a net operating loss, or NOL, a similar tax loss or tax credit carryforwards rather than a liability when the uncertain tax position would reduce the NOL or other carryforward under the tax law of the applicable jurisdiction and the entity intends to use the deferred tax asset for that purpose. The adoption of this standard did not impact the Company's results of operations or cash flows as the unrecognized tax benefits relate to state issues and the Company either has no NOL's or the NOL's are limited for that particular jurisdiction. | |
Cash Flow, Supplemental Disclosures [Text Block] | ' |
Other Cash Flow Information | |
NRG’s investing activities exclude capital expenditures of $63 million which were accrued and unpaid at March 31, 2014 | |
Use of Estimates (Policy) | ' |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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. Certain prior period depreciation amounts have been recast to revise provisional purchase accounting estimates for the GenOn acquisition. | |
Nuclear Decommissioning (Policy) | ' |
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 nuclear decommissioning trust liability and are not included in net income or accumulated other comprehensive income, consistent with regulatory treatment. | |
Segment Reporting (Policy) | ' |
Effective June 2013, the Company's segment structure and its allocation of corporate expenses were updated to reflect how management currently makes financial decisions and allocates resources. The Company has recast data from prior periods to reflect this change in reportable segments to conform to the current year presentation. The Company's businesses are primarily segregated based on the Retail Business, conventional power generation, alternative energy businesses, NRG Yield, and corporate activities. Within NRG's conventional power generation, there are distinct components with separate operating results and management structures for the following geographical regions: Texas, East, South Central, West and Other, which includes international businesses and maintenance services. The Company's alternative energy segment includes solar and wind assets, excluding those in the NRG Yield segment, electric vehicle services and the carbon capture business. NRG Yield includes certain of the Company's contracted generation assets including three natural gas or dual-fired facilities, eight utility-scale solar and wind generation facilities, two portfolios of distributed solar facilities and thermal infrastructure assets. Intersegment sales are accounted for at market. |
Basis_of_Presentation_Use_of_E
Basis of Presentation Use of Estimates (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
Basis of Presentation | |
NRG Energy, Inc., or NRG or the Company, is a competitive power and energy company that aspires to be a leader in the way residential, industrial and commercial consumers think about, use, produce and deliver energy and energy services in major competitive power markets in the United States. NRG engages in the ownership and operation of power generation facilities; the trading of energy, capacity and related products; the transacting in and trading of fuel and transportation services and the direct sale of energy, services, and innovative, sustainable products to retail customers. The Company sells retail electric products and services under the name “NRG” and various brands owned by NRG. Finally, NRG aspires to be a clean energy leader and is focused on the deployment and commercialization of potentially transformative technologies, like electric vehicles, Distributed Solar and smart meter/home automation technology that collectively have the potential to fundamentally change the nature of the power industry, including a substantial change in the role of the national electric transmission grid and distribution system. | |
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 financial statements in the Company's 2013 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 March 31, 2014, and the results of operations, comprehensive loss and cash flows for the three months ended March 31, 2014, and 2013. | |
Use of Estimates (Policy) | ' |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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. Certain prior period depreciation amounts have been recast to revise provisional purchase accounting estimates for the GenOn acquisition. |
Basis_of_Presentation_Policies
Basis of Presentation. (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
Basis of Presentation | |
NRG Energy, Inc., or NRG or the Company, is a competitive power and energy company that aspires to be a leader in the way residential, industrial and commercial consumers think about, use, produce and deliver energy and energy services in major competitive power markets in the United States. NRG engages in the ownership and operation of power generation facilities; the trading of energy, capacity and related products; the transacting in and trading of fuel and transportation services and the direct sale of energy, services, and innovative, sustainable products to retail customers. The Company sells retail electric products and services under the name “NRG” and various brands owned by NRG. Finally, NRG aspires to be a clean energy leader and is focused on the deployment and commercialization of potentially transformative technologies, like electric vehicles, Distributed Solar and smart meter/home automation technology that collectively have the potential to fundamentally change the nature of the power industry, including a substantial change in the role of the national electric transmission grid and distribution system. | |
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 financial statements in the Company's 2013 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 March 31, 2014, and the results of operations, comprehensive loss and cash flows for the three months ended March 31, 2014, and 2013. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
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, 2013 | $ | 867 | ||
Contributions from noncontrolling interest | 17 | |||
Distributions to noncontrolling interest | (8 | ) | ||
Non-cash adjustments for equity component of NRG Yield, Inc. convertible notes | $ | 23 | ||
Comprehensive loss attributable to noncontrolling interest | (15 | ) | ||
Balance as of March 31, 2014 | $ | 884 | ||
Business_Acquisitions_and_Disp1
Business Acquisitions and Dispositions (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Business Acquisition [Line Items] | ' | ||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||||||
(In millions) | |||||||||
Assets | |||||||||
Cash | $ | 1,422 | |||||||
Current assets | 502 | ||||||||
Property, plant and equipment | 2,576 | ||||||||
Intangible assets | 1,062 | ||||||||
Non-current assets | 655 | ||||||||
Total assets acquired | 6,217 | ||||||||
Liabilities | |||||||||
Current and non-current liabilities | 905 | ||||||||
Out-of-market contracts and leases | 288 | ||||||||
Long-term debt | 1,249 | ||||||||
Total liabilities assumed | 2,442 | ||||||||
Less: noncontrolling interest | 354 | ||||||||
Net assets acquired | $ | 3,421 | |||||||
The purchase price of $3.4 billion was provisionally allocated as follows: | |||||||||
(In millions) | |||||||||
Assets | |||||||||
Cash | $ | 1,422 | |||||||
Current assets | 502 | ||||||||
Property, plant and equipment | 2,576 | ||||||||
Intangible assets | 1,062 | ||||||||
Non-current assets | 655 | ||||||||
Total assets acquired | 6,217 | ||||||||
Liabilities | |||||||||
Current and non-current liabilities | 905 | ||||||||
Out-of-market contracts and leases | 288 | ||||||||
Long-term debt | 1,249 | ||||||||
Total liabilities assumed | 2,442 | ||||||||
Less: noncontrolling interest | 354 | ||||||||
Net assets acquired | $ | 3,421 | |||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | ||||||||
For the quarter ended | For the year ended | ||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
(in millions except per share amounts) | |||||||||
Operating revenues | 4,044 | $ | 12,598 | ||||||
Net loss attributable to NRG Energy, Inc. | (49 | ) | (1,040 | ) | |||||
Loss per share attributable to NRG common stockholders: | |||||||||
Basic | $ | (0.15 | ) | $ | (3.09 | ) | |||
Diluted | $ | (0.15 | ) | $ | (3.09 | ) |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Fair Value of Financial Instruments Disclosure [Abstract] | ' | |||||||||||||||||||
Estimated carrying amounts and fair values of NRG's recorded financial instruments not carried at fair market value | ' | |||||||||||||||||||
The estimated carrying amounts and fair values of NRG's recorded financial instruments not carried at fair market value are as follows: | ||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | |||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||
(In millions) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Notes receivable (a) | $ | 97 | $ | 97 | $ | 99 | $ | 99 | ||||||||||||
Liabilities: | ||||||||||||||||||||
Long-term debt, including current portion | 17,478 | 17,631 | 16,804 | 17,222 | ||||||||||||||||
(a) Includes the current portion of notes receivable which is recorded in prepayments and other current assets on the Company's consolidated balance sheet | ||||||||||||||||||||
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 March 31, 2014 | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Investment in available-for-sale securities (classified within other | ||||||||||||||||||||
non-current assets): | ||||||||||||||||||||
Debt securities | $ | — | $ | — | $ | 18 | $ | 18 | ||||||||||||
Available-for-sale securities | 8 | — | — | 8 | ||||||||||||||||
Other (a) | 22 | — | 11 | 33 | ||||||||||||||||
Trust fund investments: | ||||||||||||||||||||
Cash and cash equivalents | 1 | — | — | 1 | ||||||||||||||||
U.S. government and federal agency obligations | 37 | 3 | — | 40 | ||||||||||||||||
Federal agency mortgage-backed securities | — | 62 | — | 62 | ||||||||||||||||
Commercial mortgage-backed securities | — | 25 | — | 25 | ||||||||||||||||
Corporate debt securities | — | 90 | — | 90 | ||||||||||||||||
Equity securities | 280 | — | 56 | 336 | ||||||||||||||||
Foreign government fixed income securities | — | 3 | — | 3 | ||||||||||||||||
Other trust fund investments: | ||||||||||||||||||||
U.S. government and federal agency obligations | 1 | — | — | 1 | ||||||||||||||||
Derivative assets: | ||||||||||||||||||||
Commodity contracts | 366 | 1,408 | 120 | 1,894 | ||||||||||||||||
Interest rate contracts | — | 12 | — | 12 | ||||||||||||||||
Total assets | $ | 715 | $ | 1,603 | $ | 205 | $ | 2,523 | ||||||||||||
Derivative liabilities: | ||||||||||||||||||||
Commodity contracts | $ | 257 | $ | 1,337 | $ | 97 | $ | 1,691 | ||||||||||||
Interest rate contracts | — | 70 | — | 70 | ||||||||||||||||
Total liabilities | $ | 257 | $ | 1,407 | $ | 97 | $ | 1,761 | ||||||||||||
(a) Primarily consists of mutual funds held in rabbi trusts for non-qualified deferred compensation plans for certain former employees. | ||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Investment in available-for-sale securities (classified within other | ||||||||||||||||||||
non-current assets): | ||||||||||||||||||||
Debt securities | $ | — | $ | — | $ | 16 | $ | 16 | ||||||||||||
Available-for-sale securities | 2 | — | — | 2 | ||||||||||||||||
Other (a) | 37 | — | 10 | 47 | ||||||||||||||||
Trust fund investments: | ||||||||||||||||||||
Cash and cash equivalents | 26 | — | — | 26 | ||||||||||||||||
U.S. government and federal agency obligations | 40 | 5 | — | 45 | ||||||||||||||||
Federal agency mortgage-backed securities | — | 62 | — | 62 | ||||||||||||||||
Commercial mortgage-backed securities | — | 14 | — | 14 | ||||||||||||||||
Corporate debt securities | — | 70 | — | 70 | ||||||||||||||||
Equity securities | 276 | — | 56 | 332 | ||||||||||||||||
Foreign government fixed income securities | — | 2 | — | 2 | ||||||||||||||||
Other trust fund investments: | ||||||||||||||||||||
U.S. government and federal agency obligations | 1 | — | — | 1 | ||||||||||||||||
Derivative assets: | ||||||||||||||||||||
Commodity contracts | 346 | 1,126 | 147 | 1,619 | ||||||||||||||||
Interest rate contracts | — | 20 | — | 20 | ||||||||||||||||
Total assets | $ | 728 | $ | 1,299 | $ | 229 | $ | 2,256 | ||||||||||||
Derivative liabilities: | ||||||||||||||||||||
Commodity contracts | $ | 216 | $ | 831 | $ | 134 | $ | 1,181 | ||||||||||||
Interest rate contracts | — | 69 | — | 69 | ||||||||||||||||
Total liabilities | $ | 216 | $ | 900 | $ | 134 | $ | 1,250 | ||||||||||||
(a) Primarily consists of mutual funds held in rabbi trusts for non-qualified deferred compensation plans for certain former employees. | ||||||||||||||||||||
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 months ended March 31, 2014 and 2013, the 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: | ||||||||||||||||||||
Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||
(In millions) | Debt Securities | Other | Trust Fund Investments | Derivatives(a) | Total | |||||||||||||||
Beginning balance as of December 31, 2013 | $ | 16 | $ | 10 | $ | 56 | $ | 13 | $ | 95 | ||||||||||
Total gains/(losses) — realized/unrealized: | ||||||||||||||||||||
Included in earnings | — | 1 | — | 16 | 17 | |||||||||||||||
Included in OCI | 2 | — | — | — | 2 | |||||||||||||||
Purchases | — | — | — | (21 | ) | (21 | ) | |||||||||||||
Contracts acquired in Dominion acquisition | — | — | — | 3 | 3 | |||||||||||||||
Transfers into Level 3 (b) | — | — | — | 18 | 18 | |||||||||||||||
Transfers out of Level 3 (b) | — | — | — | (6 | ) | (6 | ) | |||||||||||||
Ending balance as of March 31, 2014 | $ | 18 | $ | 11 | $ | 56 | $ | 23 | $ | 108 | ||||||||||
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 March 31, 2014 | $ | — | $ | — | $ | — | $ | 19 | $ | 19 | ||||||||||
(a) | Consists of derivative assets and liabilities, net. | |||||||||||||||||||
(b) | Transfers in/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 March 31, 2013 | ||||||||||||||||||||
(In millions) | Debt Securities | Trust Fund Investments | Derivatives(a) | Total | ||||||||||||||||
Beginning balance as of January 1, 2013 | $ | 12 | $ | 47 | $ | (12 | ) | $ | 47 | |||||||||||
Total (losses)/gains — realized/unrealized: | ||||||||||||||||||||
Included in earnings | — | — | (27 | ) | (27 | ) | ||||||||||||||
Included in OCI | 1 | — | — | 1 | ||||||||||||||||
Included in nuclear decommissioning obligations | — | 3 | — | 3 | ||||||||||||||||
Purchases | — | — | (1 | ) | (1 | ) | ||||||||||||||
Transfers into Level 3 (b) | — | — | 15 | 15 | ||||||||||||||||
Transfers out of Level 3 (b) | — | — | 30 | 30 | ||||||||||||||||
Ending balance as of March 31, 2013 | $ | 13 | $ | 50 | $ | 5 | $ | 68 | ||||||||||||
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 March 31, 2013 | $ | — | $ | — | $ | (21 | ) | $ | (21 | ) | ||||||||||
(a) | Consists of derivative assets and liabilities, net. | |||||||||||||||||||
(b) | Transfers in/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. | |||||||||||||||||||
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) | ||||||||||||||||||||
Category | (% of Total) | |||||||||||||||||||
Financial institutions | 41.3 | % | ||||||||||||||||||
Utilities, energy merchants, marketers and other | 33.1 | |||||||||||||||||||
ISOs | 21.4 | |||||||||||||||||||
Coal and emissions | 4.2 | |||||||||||||||||||
Total as of March 31, 2014 | 100 | % | ||||||||||||||||||
Net Exposure (a) | ||||||||||||||||||||
Category | (% of Total) | |||||||||||||||||||
Investment grade | 92 | % | ||||||||||||||||||
Non-rated (b) | 7 | |||||||||||||||||||
Non-investment grade | 1 | |||||||||||||||||||
Total as of March 31, 2014 | 100 | % | ||||||||||||||||||
(a) | Counterparty credit exposure excludes uranium and coal transportation contracts because of the unavailability of market prices. | |||||||||||||||||||
(b) | For non-rated counterparties, a significant portion are related to ISO and municipal public power entities, which are considered investment grade equivalent ratings based on NRG's internal credit ratings. |
Nuclear_Decommissioning_Trust_1
Nuclear Decommissioning Trust Fund (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||
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 March 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||
(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 | $ | 1 | $ | — | $ | — | — | $ | 26 | $ | — | $ | — | — | ||||||||||||||||
U.S. government and federal agency obligations | 40 | 1 | — | 10 | 45 | 1 | 1 | 9 | ||||||||||||||||||||||
Federal agency mortgage-backed securities | 62 | 1 | 1 | 24 | 62 | 1 | 1 | 24 | ||||||||||||||||||||||
Commercial mortgage-backed securities | 25 | — | — | 30 | 14 | — | — | 29 | ||||||||||||||||||||||
Corporate debt securities | 90 | 2 | 1 | 9 | 70 | 1 | 1 | 9 | ||||||||||||||||||||||
Equity securities | 336 | 205 | — | — | 332 | 204 | — | — | ||||||||||||||||||||||
Foreign government fixed income securities | 3 | — | — | 12 | 2 | — | — | 9 | ||||||||||||||||||||||
Total | $ | 557 | $ | 209 | $ | 2 | $ | 551 | $ | 207 | $ | 3 | ||||||||||||||||||
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. | ||||||||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||
Realized gains | $ | 3 | $ | 1 | ||||||||||||||||||||||||||
Realized losses | 1 | 1 | ||||||||||||||||||||||||||||
Proceeds from sale of securities | 183 | 85 | ||||||||||||||||||||||||||||
Accounting_for_Derivative_Inst1
Accounting for Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 commodity, excluding those derivatives that qualified for the NPNS exception as of March 31, 2014 and December 31, 2013. 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 | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Commodity | Units | (In millions) | |||||||||||||||
Emissions | Short Ton | 2 | — | ||||||||||||||
Coal | Short Ton | 50 | 51 | ||||||||||||||
Natural Gas | MMBtu | (111 | ) | (166 | ) | ||||||||||||
Oil | Barrel | 1 | 1 | ||||||||||||||
Power | MWh | (35 | ) | (27 | ) | ||||||||||||
Interest | Dollars | $ | 1,439 | $ | 1,444 | ||||||||||||
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 | ||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | ||||||||||||||
(In millions) | |||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||
Interest rate contracts current | $ | — | $ | — | $ | 32 | $ | 35 | |||||||||
Interest rate contracts long-term | 8 | 14 | 31 | 29 | |||||||||||||
Commodity contracts current | — | — | — | 1 | |||||||||||||
Commodity contracts long-term | — | — | — | 1 | |||||||||||||
Total derivatives designated as cash flow hedges | 8 | 14 | 63 | 66 | |||||||||||||
Derivatives not designated as cash flow hedges: | |||||||||||||||||
Interest rate contracts current | — | — | 5 | 4 | |||||||||||||
Interest rate contracts long-term | 4 | 6 | 2 | 1 | |||||||||||||
Commodity contracts current | 1,573 | 1,328 | 1,467 | 1,015 | |||||||||||||
Commodity contracts long-term | 321 | 291 | 224 | 164 | |||||||||||||
Total derivatives not designated as cash flow hedges | 1,898 | 1,625 | 1,698 | 1,184 | |||||||||||||
Total derivatives | $ | 1,906 | $ | 1,639 | $ | 1,761 | $ | 1,250 | |||||||||
Offsetting of derivatives by counterparty master agreement level and collateral received or paid | ' | ||||||||||||||||
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 March 31, 2014 | (In millions) | ||||||||||||||||
Commodity contracts: | |||||||||||||||||
Derivative assets | $ | 1,894 | $ | (1,501 | ) | $ | — | $ | 393 | ||||||||
Derivative liabilities | (1,691 | ) | 1,501 | 38 | (152 | ) | |||||||||||
Total commodity contracts | 203 | — | 38 | 241 | |||||||||||||
Interest rate contracts: | |||||||||||||||||
Derivative assets | 12 | (8 | ) | — | 4 | ||||||||||||
Derivative liabilities | (70 | ) | 8 | — | (62 | ) | |||||||||||
Total interest rate contracts | (58 | ) | — | — | (58 | ) | |||||||||||
Total derivative instruments | $ | 145 | $ | — | $ | 38 | $ | 183 | |||||||||
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, 2013 | (In millions) | ||||||||||||||||
Commodity contracts: | |||||||||||||||||
Derivative assets | $ | 1,619 | $ | (1,032 | ) | $ | (62 | ) | $ | 525 | |||||||
Derivative liabilities | (1,181 | ) | 1,032 | 18 | (131 | ) | |||||||||||
Total commodity contracts | 438 | — | (44 | ) | 394 | ||||||||||||
Interest rate contracts: | |||||||||||||||||
Derivative assets | 20 | (12 | ) | — | 8 | ||||||||||||
Derivative liabilities | (69 | ) | 12 | — | (57 | ) | |||||||||||
Total interest rate contracts | (49 | ) | — | — | (49 | ) | |||||||||||
Total derivative instruments | $ | 389 | $ | — | $ | (44 | ) | $ | 345 | ||||||||
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: | |||||||||||||||||
Three months ended March 31, 2014 | |||||||||||||||||
Energy Commodities | Interest Rate | Total | |||||||||||||||
(In millions) | |||||||||||||||||
Accumulated OCI beginning balance | $ | (1 | ) | $ | (22 | ) | $ | (23 | ) | ||||||||
Reclassified from accumulated OCI to income: | |||||||||||||||||
Due to realization of previously deferred amounts | — | (1 | ) | (1 | ) | ||||||||||||
Mark-to-market of cash flow hedge accounting contracts | — | (8 | ) | (8 | ) | ||||||||||||
Accumulated OCI ending balance, net of $17 tax | $ | (1 | ) | $ | (31 | ) | $ | (32 | ) | ||||||||
Losses expected to be realized from OCI during the next 12 months, net of $7 tax | $ | (1 | ) | $ | (13 | ) | $ | (14 | ) | ||||||||
Three months ended March 31, 2013 | |||||||||||||||||
Energy Commodities | Interest Rate | Total | |||||||||||||||
(In millions) | |||||||||||||||||
Accumulated OCI beginning balance | $ | 41 | $ | (72 | ) | $ | (31 | ) | |||||||||
Reclassified from accumulated OCI to income: | |||||||||||||||||
Due to realization of previously deferred amounts | (8 | ) | 3 | (5 | ) | ||||||||||||
Mark-to-market of cash flow hedge accounting contracts | 9 | 3 | 12 | ||||||||||||||
Accumulated OCI ending balance, net of $15 tax | $ | 42 | $ | (66 | ) | $ | (24 | ) | |||||||||
Gains/(losses) expected to be realized from OCI during the next 12 months, net of $19 tax | $ | 42 | $ | (10 | ) | $ | 32 | ||||||||||
(Losses)/Gains recognized in income from the ineffective portion of cash flow hedges | $ | (1 | ) | $ | 1 | $ | — | ||||||||||
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, ineffectiveness on cash flow hedges and trading activity on the Company's statement of operations. The effect of commodity hedges is included within operating revenues and cost of operations and the effect of interest rate hedges is included in interest expense. | |||||||||||||||||
Three months ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Unrealized mark-to-market results | (In millions) | ||||||||||||||||
Reversal of previously recognized unrealized losses/(gains) on settled positions related to economic hedges | $ | 3 | $ | (25 | ) | ||||||||||||
Reversal of gain positions acquired as part of the Reliant Energy, Green Mountain Energy and GenOn acquisitions | (78 | ) | (88 | ) | |||||||||||||
Net unrealized losses on open positions related to economic hedges | (193 | ) | (149 | ) | |||||||||||||
Losses on ineffectiveness associated with open positions treated as | — | (1 | ) | ||||||||||||||
cash flow hedges | |||||||||||||||||
Total unrealized mark-to-market losses for economic hedging activities | (268 | ) | (263 | ) | |||||||||||||
Reversal of previously recognized unrealized gains on settled positions related to trading activity | — | (28 | ) | ||||||||||||||
Reversal of gain positions acquired as part of the GenOn acquisitions | (1 | ) | (2 | ) | |||||||||||||
Net unrealized gains/(losses) on open positions related to trading activity | 16 | (13 | ) | ||||||||||||||
Total unrealized mark-to-market gains/(losses) for trading activity | 15 | (43 | ) | ||||||||||||||
Total unrealized losses | $ | (253 | ) | $ | (306 | ) | |||||||||||
Three months ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(In millions) | |||||||||||||||||
Unrealized losses included in operating revenues | $ | (316 | ) | $ | (521 | ) | |||||||||||
Unrealized gains included in cost of operations | 63 | 215 | |||||||||||||||
Total impact to statement of operations — energy commodities | $ | (253 | ) | $ | (306 | ) | |||||||||||
Total impact to statement of operations — interest rate contracts | $ | (4 | ) | $ | 2 | ||||||||||||
Debt_and_Capital_Leases_Debt_a
Debt and Capital Leases Debt and Capital Leases (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Long Term Debt Disclosure [Abstract] | ' | ||||||||||
Long-term debt and capital leases | ' | ||||||||||
Long-term debt and capital leases consisted of the following: | |||||||||||
(In millions, except rates) | 31-Mar-14 | December 31, 2013 | Current interest rate % (a) | ||||||||
Recourse debt: | |||||||||||
Senior notes, due 2018 | $ | 1,130 | $ | 1,130 | 7.625 | ||||||
Senior notes, due 2019 | 709 | 800 | 7.625 | ||||||||
Senior notes, due 2019 | 296 | 602 | 8.5 | ||||||||
Senior notes, due 2020 | 1,063 | 1,062 | 8.25 | ||||||||
Senior notes, due 2021 | 1,128 | 1,128 | 7.875 | ||||||||
Senior notes, due 2022 | $ | 1,100 | — | 6.25 | |||||||
Senior notes, due 2023 | 990 | 990 | 6.625 | ||||||||
Term loan facility, due 2018 | 1,997 | 2,002 | L+3.00/L+2.00 | ||||||||
Indian River Power LLC, tax-exempt bonds, due 2040 and 2045 | 247 | 247 | 5.375 - 6.00 | ||||||||
Dunkirk Power LLC, tax-exempt bonds, due 2042 | 59 | 59 | 5.875 | ||||||||
Fort Bend County, tax-exempt bonds, due 2038, 2042, and 2045 | 67 | 67 | 4.75 | ||||||||
Subtotal NRG recourse debt | 8,786 | 8,087 | |||||||||
Non-recourse debt: | |||||||||||
GenOn senior notes, due 2017 | 778 | 782 | 7.875 | ||||||||
GenOn senior notes, due 2018 | 774 | 780 | 9.5 | ||||||||
GenOn senior notes, due 2020 | 618 | 621 | 9.875 | ||||||||
GenOn Americas Generation senior notes, due 2021 | 501 | 503 | 8.5 | ||||||||
GenOn Americas Generation senior notes, due 2031 | 434 | 435 | 9.125 | ||||||||
Subtotal GenOn debt (non-recourse to NRG) | 3,105 | 3,121 | |||||||||
NRG Marsh Landing, due 2017 and 2023 | 465 | 473 | L+2.75 - 3.00 | ||||||||
South Trent Wind LLC, due 2020 | 68 | 69 | L+2.625 | ||||||||
NRG Energy Center Minneapolis LLC, due 2017 and 2025 | 125 | 127 | 5.95 - 7.25 | ||||||||
NRG Solar Alpine LLC, due 2022 | 158 | 221 | L+2.50 | ||||||||
NRG Solar Borrego I LLC, due 2024 and 2038 | 78 | 78 | L+2.50/5.65 | ||||||||
NRG Solar Avra Valley LLC, due 2031 | 62 | 63 | L+2.25 | ||||||||
NRG Yield Inc. Convertible Senior Notes, due 2019 | 323 | — | 3.5 | ||||||||
NRG Yield - other | 102 | 102 | various | ||||||||
Subtotal NRG Yield debt (non-recourse to NRG) | 1,381 | 1,133 | |||||||||
CVSR High Plains Ranch II LLC, due 2037 | 798 | 1,104 | 2.339 - 3.579 | ||||||||
NRG West Holdings LLC, due 2023 | 520 | 512 | L+2.50 - 2.875 | ||||||||
Agua Caliente Solar LLC, due 2037 | 889 | 878 | 2.395 - 3.633 | ||||||||
Ivanpah Financing, due 2014, 2015 and 2038 | 1,588 | 1,575 | 1.116 - 4.256 | ||||||||
NRG Peaker Finance Co. LLC, bonds due 2019 | 127 | 154 | L+1.07 | ||||||||
TA - High Desert LLC, due 2014, 2023 and 2033 | 79 | 80 | L+2.50/5.15 | ||||||||
NRG Solar Kansas South LLC, due 2014 and 2031 | 58 | 58 | L+2.00 - 2.625 | ||||||||
NRG - other | 146 | 102 | various | ||||||||
Subtotal NRG non-recourse debt | 4,205 | 4,463 | |||||||||
Subtotal non-recourse debt (including GenOn and NRG Yield) | 8,691 | 8,717 | |||||||||
Subtotal long-term debt (including current maturities) | 17,477 | 16,804 | |||||||||
Capital leases: | |||||||||||
Chalk Point capital lease, due 2015 | 9 | 10 | 8.19 | ||||||||
Other | 2 | 3 | various | ||||||||
Subtotal long-term debt and capital leases (including current maturities) | 17,488 | 16,817 | |||||||||
Less current maturities | 685 | 1,050 | |||||||||
Total long-term debt and capital leases | $ | 16,803 | $ | 15,767 | |||||||
(a) As of March 31, 2014, L+ equals 3 month LIBOR plus x%, with the exception of the NRG Solar Kansas South LLC cash grant bridge loan which are 1 month LIBOR plus x% and NRG Solar Kansas South LLC term loan which is 6 month LIBOR plus x%. |
Changes_in_Capital_Structure_T
Changes in Capital Structure (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Changes in Capital Structure Disclosure [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, 2013 | 401,126,780 | (77,347,528 | ) | 323,779,252 | |||||
Shares issued under LTIPs | 682,672 | — | 682,672 | ||||||
Shares issued under ESPP | — | 71,595 | 71,595 | ||||||
Balance as of March 31, 2014 | 401,809,452 | (77,275,933 | ) | 324,533,519 | |||||
Schedule of dividends paid | ' | ||||||||
The following table lists the dividends paid during the three months ended March 31, 2014: | |||||||||
First Quarter 2014 | |||||||||
Dividends per Common Share | $ | 0.12 | |||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 March 31, | ||||||||
(In millions, except per share data) | 2014 | 2013 | ||||||
Basic and diluted loss per share attributable to NRG common stockholders | ||||||||
Net loss attributable to NRG Energy, Inc. | $ | (56 | ) | $ | (332 | ) | ||
Dividends for preferred shares | 2 | 2 | ||||||
Loss Available for Common Stockholders | $ | (58 | ) | $ | (334 | ) | ||
Weighted average number of common shares outstanding | 324 | 323 | ||||||
Loss per weighted average common share — basic and diluted | $ | (0.18 | ) | $ | (1.03 | ) | ||
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 March 31, | ||||||||
(In millions of shares) | 2014 | 2013 | ||||||
Equity compensation plans | 8 | 13 | ||||||
Embedded derivative of 3.625% redeemable perpetual preferred stock | 16 | 16 | ||||||
Total | 24 | 29 | ||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||||
Schedule of segment reporting information, by segment | ' | |||||||||||||||||||||||||||||||||||||||||||
(In millions) | Conventional Power Generation | |||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2014 | Retail(a) | Texas(a) | East(a) | South(a) | West(a) | Other(a) | Alternative Energy(a) | NRG Yield(a) | Corporate(a)(b) | Elimination | Total | |||||||||||||||||||||||||||||||||
Central | ||||||||||||||||||||||||||||||||||||||||||||
Operating revenues | $ | 1,526 | $ | 254 | $ | 1,400 | $ | 220 | $ | 137 | $ | 46 | $ | 54 | $ | 110 | $ | 2 | $ | (263 | ) | $ | 3,486 | |||||||||||||||||||||
Depreciation and amortization | 33 | 117 | 66 | 26 | 18 | 1 | 51 | 17 | 6 | — | 335 | |||||||||||||||||||||||||||||||||
Equity in earnings/(losses) of unconsolidated affiliates | — | — | — | — | 4 | 2 | (2 | ) | 1 | — | 2 | 7 | ||||||||||||||||||||||||||||||||
Income/(loss) before income taxes | 291 | (324 | ) | 219 | (13 | ) | 16 | 3 | (76 | ) | 21 | (237 | ) | 2 | (98 | ) | ||||||||||||||||||||||||||||
Net income/(loss) attributable to NRG Energy, Inc. | $ | 291 | $ | (324 | ) | $ | 219 | $ | (13 | ) | $ | 16 | $ | 1 | $ | (59 | ) | $ | 14 | $ | (205 | ) | $ | 4 | $ | (56 | ) | |||||||||||||||||
Total assets as of March 31, 2014 | $ | 5,173 | $ | 11,597 | $ | 9,625 | $ | 2,640 | $ | 1,671 | $ | 542 | $ | 6,006 | $ | 2,534 | $ | 28,110 | $ | (32,937 | ) | $ | 34,961 | |||||||||||||||||||||
(a) Operating revenues include inter-segment sales and net derivative gains and losses of: | $ | 2 | $ | 289 | $ | 83 | $ | — | $ | — | $ | 24 | $ | 6 | $ | — | $ | 2 | ||||||||||||||||||||||||||
(b) Includes loss on debt extinguishment of $41 million | ||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Conventional Power Generation | |||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2013 | Retail(c) | Texas(c) | East(c) | South(c) | West(c) | Other(c) | Alternative Energy(c) | NRG Yield | Corporate(c)(d) | Elimination | Total | |||||||||||||||||||||||||||||||||
Central | ||||||||||||||||||||||||||||||||||||||||||||
Operating revenues | $ | 1,231 | $ | 84 | $ | 595 | $ | 196 | $ | 91 | $ | 34 | $ | 35 | $ | 53 | $ | 4 | $ | (242 | ) | $ | 2,081 | |||||||||||||||||||||
Depreciation and amortization | 32 | 113 | 86 | 24 | 13 | 1 | 24 | 10 | 4 | — | 307 | |||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | — | — | 1 | 1 | 2 | 4 | — | (5 | ) | 3 | ||||||||||||||||||||||||||||||||
Income/(loss) before income taxes | 369 | (426 | ) | (159 | ) | (7 | ) | (7 | ) | 4 | (24 | ) | 11 | (244 | ) | — | (483 | ) | ||||||||||||||||||||||||||
Net income/(loss) attributable to NRG Energy, Inc. | $ | 369 | $ | (426 | ) | $ | (159 | ) | $ | (7 | ) | $ | (7 | ) | $ | 4 | $ | (25 | ) | $ | 11 | $ | (92 | ) | $ | — | $ | (332 | ) | |||||||||||||||
(c) Operating revenues include inter-segment sales and net derivative gains and losses of: | $ | 1 | $ | 229 | $ | (9 | ) | $ | 2 | $ | — | $ | 16 | $ | 4 | $ | — | $ | 4 | |||||||||||||||||||||||||
(d) Includes loss on debt extinguishment of $28 million. |
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||
The income tax provision consisted of the following: | ||||||||
Three months ended March 31, | ||||||||
(In millions except otherwise noted) | 2014 | 2013 | ||||||
Loss before income taxes | $ | (98 | ) | $ | (483 | ) | ||
Income tax benefit | (31 | ) | (152 | ) | ||||
Effective tax rate | 31.6 | % | 31.5 | % |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
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 March 31, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Operating Revenues | ||||||||||||||||||||
Total operating revenues | $ | 2,279 | $ | 1,251 | $ | — | $ | (44 | ) | $ | 3,486 | |||||||||
Operating Costs and Expenses | ||||||||||||||||||||
Cost of operations | 1,793 | 974 | (4 | ) | (30 | ) | 2,733 | |||||||||||||
Depreciation and amortization | 198 | 134 | 3 | — | 335 | |||||||||||||||
Selling, general and administrative | 105 | 57 | 64 | — | 226 | |||||||||||||||
Acquisition-related transaction and integration costs | — | 1 | 11 | — | 12 | |||||||||||||||
Development activity expenses | — | 10 | 9 | 19 | ||||||||||||||||
Total operating costs and expenses | 2,096 | 1,176 | 83 | (30 | ) | 3,325 | ||||||||||||||
Gain on sale of assets | — | 19 | — | — | 19 | |||||||||||||||
Operating Income/(Loss) | 183 | 94 | (83 | ) | (14 | ) | 180 | |||||||||||||
Other Income/(Expense) | ||||||||||||||||||||
Equity in earnings/(loss) of consolidated subsidiaries | 49 | (6 | ) | 115 | (158 | ) | — | |||||||||||||
Equity in earnings of unconsolidated affiliates | 4 | 1 | — | 2 | 7 | |||||||||||||||
Other income, net | 1 | 4 | 7 | (1 | ) | 11 | ||||||||||||||
Loss on debt extinguishment | — | (9 | ) | (32 | ) | — | (41 | ) | ||||||||||||
Interest expense | (6 | ) | (107 | ) | (143 | ) | 1 | (255 | ) | |||||||||||
Total other expense | 48 | (117 | ) | (53 | ) | (156 | ) | (278 | ) | |||||||||||
Income/(Loss) Before Income Taxes | 231 | (23 | ) | (136 | ) | (170 | ) | (98 | ) | |||||||||||
Income tax expense/(benefit) | 63 | (10 | ) | (84 | ) | (31 | ) | |||||||||||||
Net Income/(Loss) | 168 | (13 | ) | (52 | ) | (170 | ) | (67 | ) | |||||||||||
Less: Net (loss)/income attributable to noncontrolling interest | — | (3 | ) | 4 | (12 | ) | (11 | ) | ||||||||||||
Net Income/(Loss) attributable to | $ | 168 | $ | (10 | ) | $ | (56 | ) | $ | (158 | ) | $ | (56 | ) | ||||||
NRG Energy, Inc. | ||||||||||||||||||||
(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 March 31, 2013 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Operating Revenues | ||||||||||||||||||||
Total operating revenues | $ | 1,590 | $ | 525 | $ | — | $ | (34 | ) | $ | 2,081 | |||||||||
Operating Costs and Expenses | ||||||||||||||||||||
Cost of operations | 1,258 | 515 | 7 | (27 | ) | 1,753 | ||||||||||||||
Depreciation and amortization | 204 | 100 | 3 | — | 307 | |||||||||||||||
Selling, general and administrative | 115 | 52 | 67 | (7 | ) | 227 | ||||||||||||||
Acquisition-related transaction and integration costs | — | 29 | 13 | — | 42 | |||||||||||||||
Development activity expenses | — | 6 | 12 | — | 18 | |||||||||||||||
Total operating costs and expenses | 1,577 | 702 | 102 | (34 | ) | 2,347 | ||||||||||||||
Operating Income/(Loss) | 13 | (177 | ) | (102 | ) | — | (266 | ) | ||||||||||||
Other Income/(Expense) | ||||||||||||||||||||
Equity in earnings/(losses) of consolidated subsidiaries | 1 | (2 | ) | (164 | ) | 165 | — | |||||||||||||
Equity in earnings of unconsolidated affiliates | 1 | 2 | — | — | 3 | |||||||||||||||
Other income, net | 1 | 2 | 1 | — | 4 | |||||||||||||||
Loss on debt extinguishment | — | — | (28 | ) | — | (28 | ) | |||||||||||||
Interest expense | (5 | ) | (64 | ) | (127 | ) | — | (196 | ) | |||||||||||
Total other expense | (2 | ) | (62 | ) | (318 | ) | 165 | (217 | ) | |||||||||||
Income/(Loss) Before Income Taxes | 11 | (239 | ) | (420 | ) | 165 | (483 | ) | ||||||||||||
Income tax expense/(benefit) | 21 | (85 | ) | (88 | ) | — | (152 | ) | ||||||||||||
Net Loss | (10 | ) | (154 | ) | (332 | ) | 165 | (331 | ) | |||||||||||
Less: Net income attributable to noncontrolling interest | — | 1 | — | — | 1 | |||||||||||||||
Net Loss attributable to NRG Energy, Inc. | $ | (10 | ) | $ | (155 | ) | $ | (332 | ) | $ | 165 | $ | (332 | ) | ||||||
(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/(LOSS) | ||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Net Income/(Loss) | $ | 168 | $ | (13 | ) | $ | (52 | ) | $ | (170 | ) | $ | (67 | ) | ||||||
Other comprehensive income, net of tax | ||||||||||||||||||||
Unrealized gain/(loss) on derivatives, net | 6 | (6 | ) | 5 | (14 | ) | (9 | ) | ||||||||||||
Foreign currency translation adjustments, net | — | 6 | — | — | 6 | |||||||||||||||
Available-for-sale securities, net | — | — | 4 | 2 | 6 | |||||||||||||||
Defined benefit plan, net | 2 | — | — | — | 2 | |||||||||||||||
Other comprehensive income | 8 | — | 9 | (12 | ) | 5 | ||||||||||||||
Comprehensive income/(loss) | 176 | (13 | ) | (43 | ) | (182 | ) | (62 | ) | |||||||||||
Less: Comprehensive (loss)/income attributable to noncontrolling interest | — | (5 | ) | 4 | (14 | ) | (15 | ) | ||||||||||||
Comprehensive income/(loss) attributable to NRG Energy, Inc. | 176 | (8 | ) | (47 | ) | (168 | ) | (47 | ) | |||||||||||
Dividends for preferred shares | — | — | 2 | — | 2 | |||||||||||||||
Comprehensive income/(loss) available for common stockholders | $ | 176 | $ | (8 | ) | $ | (49 | ) | $ | (168 | ) | $ | (49 | ) | ||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE LOSS | ||||||||||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Net Loss | $ | (10 | ) | $ | (154 | ) | $ | (332 | ) | $ | 165 | $ | (331 | ) | ||||||
Other comprehensive (loss)/income, net of tax | ||||||||||||||||||||
Unrealized (loss)/gain on derivatives, net | (9 | ) | 5 | 7 | 4 | 7 | ||||||||||||||
Available-for-sale securities, net | — | — | 2 | — | 2 | |||||||||||||||
Defined benefit plan | — | — | 5 | — | 5 | |||||||||||||||
Other comprehensive (loss)/income | (9 | ) | 5 | 14 | 4 | 14 | ||||||||||||||
Comprehensive loss | (19 | ) | (149 | ) | (318 | ) | 169 | (317 | ) | |||||||||||
Less: Comprehensive income attributable to noncontrolling interest | — | 1 | — | — | 1 | |||||||||||||||
Comprehensive loss attributable to NRG Energy, Inc. | (19 | ) | (150 | ) | (318 | ) | 169 | (318 | ) | |||||||||||
Dividends for preferred shares | — | — | 2 | — | 2 | |||||||||||||||
Comprehensive loss available for common stockholders | $ | (19 | ) | $ | (150 | ) | $ | (320 | ) | $ | 169 | $ | (320 | ) | ||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
Condensed Consolidating Balance Sheets | ' | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
ASSETS | (In millions) | |||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 22 | $ | 1,459 | $ | 1,706 | $ | — | $ | 3,187 | ||||||||||
Funds deposited by counterparties | 4 | — | — | — | 4 | |||||||||||||||
Restricted cash | 16 | 189 | 4 | — | 209 | |||||||||||||||
Accounts receivable, net | 906 | 243 | — | — | 1,149 | |||||||||||||||
Inventory | 380 | 401 | — | — | 781 | |||||||||||||||
Derivative instruments | 970 | 634 | — | (31 | ) | 1,573 | ||||||||||||||
Deferred income taxes | — | 41 | 37 | — | 78 | |||||||||||||||
Cash collateral paid in support of energy risk management activities | 315 | 372 | — | — | 687 | |||||||||||||||
Accounts receivable - affiliate | 5,217 | 67 | (4,043 | ) | (1,233 | ) | 8 | |||||||||||||
Renewable energy grant receivable | — | 116 | — | — | 116 | |||||||||||||||
Prepayments and other current assets | 120 | 447 | 24 | — | 591 | |||||||||||||||
Total current assets | 7,950 | 3,969 | (2,272 | ) | (1,264 | ) | 8,383 | |||||||||||||
Net property, plant and equipment | 9,023 | 10,498 | 148 | (25 | ) | 19,644 | ||||||||||||||
Other Assets | ||||||||||||||||||||
Investment in subsidiaries | 558 | (319 | ) | 19,103 | (19,342 | ) | — | |||||||||||||
Equity investments in affiliates | (27 | ) | 594 | — | (105 | ) | 462 | |||||||||||||
Notes receivable, less current portion | — | 58 | 131 | (120 | ) | 69 | ||||||||||||||
Goodwill | 1,974 | 64 | — | — | 2,038 | |||||||||||||||
Intangible assets, net | 1,075 | 242 | 4 | (21 | ) | 1,300 | ||||||||||||||
Nuclear decommissioning trust fund | 557 | — | — | — | 557 | |||||||||||||||
Deferred income tax | 3 | 689 | 724 | — | 1,416 | |||||||||||||||
Derivative instruments | 130 | 208 | — | (5 | ) | 333 | ||||||||||||||
Other non-current assets | 87 | 280 | 392 | — | 759 | |||||||||||||||
Total other assets | 4,357 | 1,816 | 20,354 | (19,593 | ) | 6,934 | ||||||||||||||
Total Assets | $ | 21,330 | $ | 16,283 | $ | 18,230 | $ | (20,882 | ) | $ | 34,961 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Current portion of long-term debt and capital leases | $ | 1 | $ | 664 | $ | 20 | $ | — | $ | 685 | ||||||||||
Accounts payable | 668 | 390 | 24 | — | 1,082 | |||||||||||||||
Accounts payable — affiliate | 802 | 1,167 | (736 | ) | (1,233 | ) | — | |||||||||||||
Derivative instruments | 954 | 581 | — | (31 | ) | 1,504 | ||||||||||||||
Cash collateral received in support of energy risk management activities | 4 | — | — | — | 4 | |||||||||||||||
Accrued expenses and other current liabilities | 246 | 480 | 223 | 1 | 950 | |||||||||||||||
Total current liabilities | 2,675 | 3,282 | (469 | ) | (1,263 | ) | 4,225 | |||||||||||||
Other Liabilities | ||||||||||||||||||||
Long-term debt and capital leases | 317 | 8,147 | 8,460 | (121 | ) | 16,803 | ||||||||||||||
Nuclear decommissioning reserve | 298 | — | — | — | 298 | |||||||||||||||
Nuclear decommissioning trust liability | 324 | — | — | — | 324 | |||||||||||||||
Deferred income taxes | 1,090 | (1,003 | ) | (63 | ) | — | 24 | |||||||||||||
Derivative instruments | 176 | 86 | — | (5 | ) | 257 | ||||||||||||||
Out-of-market contracts | 123 | 1,034 | — | — | 1,157 | |||||||||||||||
Other non-current liabilities | 428 | 622 | 179 | 1 | 1,230 | |||||||||||||||
Total non-current liabilities | 2,756 | 8,886 | 8,576 | (125 | ) | 20,093 | ||||||||||||||
Total liabilities | 5,431 | 12,168 | 8,107 | (1,388 | ) | 24,318 | ||||||||||||||
3.625% convertible perpetual preferred stock | — | — | 249 | — | 249 | |||||||||||||||
Stockholders’ Equity | 15,899 | 4,115 | 9,874 | (19,494 | ) | 10,394 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 21,330 | $ | 16,283 | $ | 18,230 | $ | (20,882 | ) | $ | 34,961 | |||||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
ASSETS | (In millions) | |||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 56 | $ | 870 | $ | 1,328 | $ | — | $ | 2,254 | ||||||||||
Funds deposited by counterparties | 7 | 56 | — | — | 63 | |||||||||||||||
Restricted cash | 12 | 252 | 4 | — | 268 | |||||||||||||||
Accounts receivable, net | 965 | 249 | — | — | 1,214 | |||||||||||||||
Inventory | 436 | 462 | — | — | 898 | |||||||||||||||
Derivative instruments | 866 | 470 | — | (8 | ) | 1,328 | ||||||||||||||
Deferred income taxes | — | 41 | 217 | — | 258 | |||||||||||||||
Cash collateral paid in support of energy risk management activities | 214 | 62 | — | — | 276 | |||||||||||||||
Renewable energy grant receivable | — | 539 | — | — | 539 | |||||||||||||||
Prepayments and other current assets | 4,778 | 379 | (3,802 | ) | (857 | ) | 498 | |||||||||||||
Total current assets | 7,334 | 3,380 | (2,253 | ) | (865 | ) | 7,596 | |||||||||||||
Net Property, Plant and Equipment | 9,116 | 10,604 | 153 | (22 | ) | 19,851 | ||||||||||||||
Other Assets | ||||||||||||||||||||
Investment in subsidiaries | 32 | 422 | 18,266 | (18,720 | ) | — | ||||||||||||||
Equity investments in affiliates | (30 | ) | 583 | — | (100 | ) | 453 | |||||||||||||
Capital leases and notes receivable, less current portion | — | 62 | 105 | (94 | ) | 73 | ||||||||||||||
Goodwill | 1,973 | 12 | — | — | 1,985 | |||||||||||||||
Intangible assets, net | 925 | 232 | 4 | (21 | ) | 1,140 | ||||||||||||||
Nuclear decommissioning trust fund | 551 | — | — | — | 551 | |||||||||||||||
Deferred income taxes | — | 681 | 521 | — | 1,202 | |||||||||||||||
Derivative instruments | 110 | 202 | — | (1 | ) | 311 | ||||||||||||||
Other non-current assets | 76 | 281 | 383 | — | 740 | |||||||||||||||
Total other assets | 3,637 | 2,475 | 19,279 | (18,936 | ) | 6,455 | ||||||||||||||
Total Assets | $ | 20,087 | $ | 16,459 | $ | 17,179 | $ | (19,823 | ) | $ | 33,902 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Current portion of long-term debt and capital leases | $ | 1 | $ | 1,029 | $ | 20 | $ | — | $ | 1,050 | ||||||||||
Accounts payable | 652 | 352 | 34 | — | 1,038 | |||||||||||||||
Accounts payable — affiliate | 1,350 | 760 | (1,253 | ) | (857 | ) | — | |||||||||||||
Derivative instruments | 859 | 204 | — | (8 | ) | 1,055 | ||||||||||||||
Cash collateral received in support of energy risk management activities | 6 | 57 | — | — | 63 | |||||||||||||||
Accrued expenses and other current liabilities | 297 | 410 | 291 | — | 998 | |||||||||||||||
Total current liabilities | 3,165 | 2,812 | (908 | ) | (865 | ) | 4,204 | |||||||||||||
Other Liabilities | ||||||||||||||||||||
Long-term debt and capital leases | 317 | 7,837 | 7,707 | (94 | ) | 15,767 | ||||||||||||||
Nuclear decommissioning reserve | 294 | — | — | — | 294 | |||||||||||||||
Nuclear decommissioning trust liability | 324 | — | — | — | 324 | |||||||||||||||
Deferred income taxes | 1,024 | (1,002 | ) | — | — | 22 | ||||||||||||||
Derivative instruments | 147 | 49 | — | (1 | ) | 195 | ||||||||||||||
Out-of-market contracts | 127 | 1,050 | — | — | 1,177 | |||||||||||||||
Other non-current liabilities | 412 | 615 | 174 | — | 1,201 | |||||||||||||||
Total non-current liabilities | 2,645 | 8,549 | 7,881 | (95 | ) | 18,980 | ||||||||||||||
Total liabilities | 5,810 | 11,361 | 6,973 | (960 | ) | 23,184 | ||||||||||||||
3.625% Preferred Stock | — | — | 249 | — | 249 | |||||||||||||||
Stockholders’ Equity | 14,277 | 5,098 | 9,957 | (18,863 | ) | 10,469 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 20,087 | $ | 16,459 | $ | 17,179 | $ | (19,823 | ) | $ | 33,902 | |||||||||
(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 Three Months Ended March 31, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Cash Flows from Operating Activities | ||||||||||||||||||||
Net Cash Provided/(Used) by Operating Activities | 446 | 430 | (886 | ) | 401 | 391 | ||||||||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Intercompany loans to subsidiaries | (405 | ) | 4 | 401 | — | — | ||||||||||||||
Acquisition of businesses, net of cash acquired | — | (25 | ) | (193 | ) | — | (218 | ) | ||||||||||||
Capital expenditures | (73 | ) | (162 | ) | (2 | ) | — | (237 | ) | |||||||||||
Decrease in restricted cash, net | — | 3 | — | — | 3 | |||||||||||||||
(Increase)/decrease in restricted cash — U.S. DOE projects | (4 | ) | 60 | — | — | 56 | ||||||||||||||
Decrease in notes receivable | — | 1 | — | — | 1 | |||||||||||||||
Investments in nuclear decommissioning trust fund securities | (188 | ) | — | — | — | (188 | ) | |||||||||||||
Proceeds from sales of nuclear decommissioning trust fund securities | 183 | — | — | — | 183 | |||||||||||||||
Proceeds from renewable energy grants | — | 387 | — | — | 387 | |||||||||||||||
Proceeds from sale of assets, net of cash disposed of | — | — | 77 | — | 77 | |||||||||||||||
Cash proceeds to fund cash grant bridge loan payment | — | 57 | — | — | 57 | |||||||||||||||
Other | 7 | (4 | ) | — | — | 3 | ||||||||||||||
Net Cash (Used)/Provided by Investing Activities | (480 | ) | 321 | 283 | — | 124 | ||||||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Proceeds from/payments for intercompany loans | — | — | 401 | (401 | ) | — | ||||||||||||||
Payment of dividends to common and preferred stockholders | — | — | (41 | ) | — | (41 | ) | |||||||||||||
Net payments for settlement of acquired derivatives that include financing elements | — | (223 | ) | — | — | (223 | ) | |||||||||||||
Contributions from noncontrolling interest in subsidiaries | — | 9 | — | — | 9 | |||||||||||||||
Proceeds from issuance of long-term debt | — | 464 | 1,100 | — | 1,564 | |||||||||||||||
Proceeds from issuance of common stock | — | — | 3 | — | 3 | |||||||||||||||
Payment of debt issuance and hedging costs | — | (9 | ) | (14 | ) | — | (23 | ) | ||||||||||||
Payments for short and long-term debt | — | (405 | ) | (468 | ) | — | (873 | ) | ||||||||||||
Net Cash (Used)/Provided by Financing Activities | — | (164 | ) | 981 | (401 | ) | 416 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | 2 | — | — | 2 | |||||||||||||||
Net (Decrease)/Increase in Cash and Cash Equivalents | (34 | ) | 589 | 378 | — | 933 | ||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 56 | 870 | 1,328 | — | 2,254 | |||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 22 | $ | 1,459 | $ | 1,706 | $ | — | $ | 3,187 | ||||||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated Balance | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Net Cash Provided/(Used) by Operating Activities | 200 | (241 | ) | (83 | ) | — | (124 | ) | ||||||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Intercompany loans to subsidiaries | (106 | ) | 1 | — | 105 | — | ||||||||||||||
Acquisition of businesses, net of cash acquired | — | (18 | ) | — | — | (18 | ) | |||||||||||||
Capital expenditures | (66 | ) | (731 | ) | (16 | ) | — | (813 | ) | |||||||||||
Increase in restricted cash, net | — | (12 | ) | (1 | ) | — | (13 | ) | ||||||||||||
Decrease/(Increase) in restricted cash — U.S. DOE projects | — | 13 | (1 | ) | — | 12 | ||||||||||||||
Increase in notes receivable | — | (1 | ) | (8 | ) | — | (9 | ) | ||||||||||||
Investments in nuclear decommissioning trust fund securities | (95 | ) | — | — | — | (95 | ) | |||||||||||||
Proceeds from sales of nuclear decommissioning trust fund securities | 85 | — | — | — | 85 | |||||||||||||||
Proceeds from renewable energy grants | — | 16 | — | — | 16 | |||||||||||||||
Other | (1 | ) | — | — | — | (1 | ) | |||||||||||||
Net Cash Used by Investing Activities | (183 | ) | (732 | ) | (26 | ) | 105 | (836 | ) | |||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Proceeds from intercompany loans | — | — | 105 | (105 | ) | — | ||||||||||||||
Payment of dividends to preferred stockholders | — | — | (31 | ) | — | (31 | ) | |||||||||||||
Payment for treasury stock | — | — | (20 | ) | — | (20 | ) | |||||||||||||
Net (payment for)/receipts from settlement of acquired derivatives that include financing elements | (27 | ) | 125 | — | — | 98 | ||||||||||||||
Proceeds from issuance of long-term debt | — | 728 | 8 | — | 736 | |||||||||||||||
Proceeds from issuance of common stock | — | — | 1 | — | 1 | |||||||||||||||
Sale proceeds and other contributions from noncontrolling interest in subsidiaries | — | 20 | — | — | 20 | |||||||||||||||
Payment of debt issuance costs | — | (3 | ) | (2 | ) | — | (5 | ) | ||||||||||||
Payments for short and long-term debt | — | (15 | ) | (204 | ) | — | (219 | ) | ||||||||||||
Net Cash (Used)/Provided by Financing Activities | (27 | ) | 855 | (143 | ) | (105 | ) | 580 | ||||||||||||
Net Decrease in Cash and Cash Equivalents | (10 | ) | (118 | ) | (252 | ) | — | (380 | ) | |||||||||||
Cash and Cash Equivalents at Beginning of Period | 78 | 1,258 | 751 | — | 2,087 | |||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 68 | $ | 1,140 | $ | 499 | $ | — | $ | 1,707 | ||||||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Accounting Policies [Abstract] | ' | ' | ' |
Capital expenditures accrued and unpaid | $63 | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 884 | ' | 867 |
Noncontrolling Interest Increase From Contributions From Noncontrolling Interest Holders | 17 | ' | ' |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | -8 | ' | ' |
Non-cash adjustment to non-controlling interest | 23 | ' | ' |
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | ($15) | $1 | ' |
Basis_of_Presentation_Basis_of
Basis of Presentation Basis of Presentation (Details) (NRG Yield Inc.) | Jul. 22, 2013 |
NRG | ' |
Basis of Presentation | ' |
Common Stock, Voting Interest | 65.50% |
Public Shareholders | ' |
Basis of Presentation | ' |
Common Stock, Voting Interest | 34.50% |
Business_Acquisitions_and_Disp2
Business Acquisitions and Dispositions (Details) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 02, 2014 | Dec. 31, 2013 | Aug. 07, 2013 | Apr. 02, 2014 | Oct. 18, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Oct. 19, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 |
Dominion [Member] | Edison Mission Energy | Edison Mission Energy | Energy Systems Company [Member] | Gregory | Subsequent Event [Member] | Subsequent Event [Member] | Pro Forma [Member] | Pro Forma [Member] | Scenario, Plan [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||
MW | Edison Mission Energy | Common Stock [Member] | Edison Mission Energy | Edison Mission Energy | Edison Mission Energy | Dominion [Member] | Energy Systems Company [Member] | Edison Mission Energy | Common Stock [Member] | Scenario, Actual [Member] | ||||||||
MW | Edison Mission Energy | Edison Mission Energy | Edison Mission Energy | |||||||||||||||
Business Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current and Non-Current Liabilities | ' | ' | ' | ' | ' | $905 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenues | 3,486 | 2,081 | ' | ' | ' | ' | ' | ' | ' | ' | 4,044 | 12,598 | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | 195 | ' | ' | ' | ' | ' | ' | ' | ' | 2,635 | ' | ' | 3,400 | ' | 3,422 |
Cash Acquired from Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,422 |
Business Acquisitions, Consideration Transferred, Purchase Price | ' | ' | ' | 165 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Consideration Transferred, Working Capital | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Generation Capacity (in MW) | ' | ' | ' | ' | ' | ' | ' | 388 | 8,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable Fair Value Method | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '350 | ' | ' | ' | ' | '401 |
Acquisition-related transaction and integration costs | 12 | 42 | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,671,977 | ' |
Business Combination, Estimated Consideration Transferred, Estimated Liabilities Incurred | ' | ' | ' | ' | ' | ' | ' | ' | 700 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | ' | ' | ' | ' | ' | 1,422 | ' | 32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | ' | ' | ' | ' | ' | 354 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Noncurrent Liabilities, Long-term Debt | ' | ' | ' | ' | ' | 1,249 | ' | ' | 1,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Capital Lease Obligations | 485 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Environmental Capital Expenditures, Estimated | 326 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | ' | ' | 120 | ' | ' | ' | ' | ' | 2,285 | ' | ' | ' | ' | 3,021 |
Payments to Acquire Businesses, Net of Cash Acquired | 218 | 18 | ' | ' | ' | ' | ' | 245 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 |
Other Finite-Lived Intangible Assets, Gross | ' | ' | ' | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Steam Capacity (in MWt) | ' | ' | ' | ' | ' | ' | ' | 160 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | ' | ' | ' | ' | ' | 2,576 | 60 | 248 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | ' | ' | ' | ' | ' | 1,062 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total current assets | 8,383 | ' | 7,596 | ' | ' | ' | ' | 13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 145 | 59 | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | ' | ' | ' | 10 | ' | 502 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Derivative Assets | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | ' | ' | ' | 30 | ' | 2,442 | ' | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Out-of-market Contracts and Leases | ' | ' | ' | ' | ' | 288 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | ' | ' | ' | 3,421 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Loss Attributable to NRG Energy, Inc. | -56 | -332 | ' | ' | ' | ' | ' | ' | ' | ' | -49 | -1,040 | ' | ' | ' | ' | ' | ' |
Business Acquisition, Pro Forma Earnings Per Share, Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' |
Business Combination, Provisional Information, Initial Acquisition Accounting Adjustment, Derivative Assets | ' | ' | ' | ' | ' | 655 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | ' | ' | ' | ' | ' | $6,217 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ||
Credit Derivative, Maximum Net Exposure, Percentage | 100.00% | [1] | ' | |
Long-term debt, including current portion | $17,477 | $16,804 | ||
Carrying Amount | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ||
Notes receivable | 97 | [2] | 99 | [2] |
Long-term debt, including current portion | 17,478 | 16,804 | ||
Fair Value | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ||
Notes receivable | 97 | [2] | 99 | [2] |
Long-term debt, including current portion | $17,631 | $17,222 | ||
External Credit Rating, Non Investment Grade [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ||
Credit Derivative, Maximum Net Exposure, Percentage | 1.03% | [1] | ' | |
[1] | Counterparty credit exposure excludes uranium and coal transportation contracts because of the unavailability of market prices. | |||
[2] | Includes the current portion of notes receivable which is recorded in prepayments and other current assets on the Company's consolidated balance sheets |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Derivative Assets | $1,906 | $1,639 | ||
Derivative liabilities | 1,761 | 1,250 | ||
Commodity contracts | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Derivative Assets | 1,894 | 1,619 | ||
Derivative liabilities | 1,691 | 1,181 | ||
Interest rate contracts | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Derivative Assets | 12 | 20 | ||
Derivative liabilities | 70 | 69 | ||
Fair Value, Measurements, Recurring | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Available-for-sale Securities | 8 | 2 | ||
Total liabilities | 1,761 | 1,250 | ||
Fair Value | Fair Value, Measurements, Recurring | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Debt securities | 18 | 16 | ||
Other | 33 | [1] | 47 | [1] |
Total assets | 2,523 | 2,256 | ||
Fair Value | Fair Value, Measurements, Recurring | Commodity contracts | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Derivative Assets | 1,894 | 1,619 | ||
Derivative liabilities | 1,691 | 1,181 | ||
Fair Value | Fair Value, Measurements, Recurring | Interest rate contracts | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Derivative Assets | 12 | 20 | ||
Derivative liabilities | 70 | 69 | ||
Fair Value | Fair Value, Measurements, Recurring | Cash and cash equivalents | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 1 | 26 | ||
Fair Value | Fair Value, Measurements, Recurring | U.S. government and federal agency obligations | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 40 | 45 | ||
Fair Value | Fair Value, Measurements, Recurring | Federal agency mortgage-backed securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 62 | 62 | ||
Fair Value | Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 25 | 14 | ||
Fair Value | Fair Value, Measurements, Recurring | Corporate debt securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 90 | 70 | ||
Fair Value | Fair Value, Measurements, Recurring | Equity securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 336 | 332 | ||
Fair Value | Fair Value, Measurements, Recurring | Foreign government fixed income securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 3 | 2 | ||
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value | 1 | 1 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Debt securities | 18 | 16 | ||
Other | 11 | [1] | 10 | [1] |
Total assets | 205 | 229 | ||
Available-for-sale Securities | 0 | 0 | ||
Total liabilities | 97 | 134 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | Commodity contracts | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Derivative Assets | 120 | 147 | ||
Derivative liabilities | 97 | 134 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | Interest rate contracts | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Derivative Assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | Cash and cash equivalents | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | U.S. government and federal agency obligations | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | Federal agency mortgage-backed securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | Corporate debt securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | Equity securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 56 | 56 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | Foreign government fixed income securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 0 | 0 | ||
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Debt securities | 0 | 0 | ||
Other | 0 | [1] | 0 | [1] |
Total assets | 1,603 | 1,299 | ||
Available-for-sale Securities | 0 | 0 | ||
Total liabilities | 1,407 | 900 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Commodity contracts | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Derivative Assets | 1,408 | 1,126 | ||
Derivative liabilities | 1,337 | 831 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Interest rate contracts | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Derivative Assets | 12 | 20 | ||
Derivative liabilities | 70 | 69 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Cash and cash equivalents | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | U.S. government and federal agency obligations | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 3 | 5 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Federal agency mortgage-backed securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 62 | 62 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 25 | 14 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Corporate debt securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 90 | 70 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Equity securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Foreign government fixed income securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 3 | 2 | ||
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Debt securities | 0 | 0 | ||
Other | 22 | [1] | 37 | [1] |
Total assets | 715 | 728 | ||
Available-for-sale Securities | 8 | 2 | ||
Total liabilities | 257 | 216 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | Commodity contracts | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Derivative Assets | 366 | 346 | ||
Derivative liabilities | 257 | 216 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | Interest rate contracts | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Derivative Assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | Cash and cash equivalents | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 1 | 26 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | U.S. government and federal agency obligations | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 37 | 40 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | Federal agency mortgage-backed securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | Corporate debt securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | Equity securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 280 | 276 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | Foreign government fixed income securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 0 | 0 | ||
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value | $1 | $1 | ||
[1] | Primarily consists of mutual funds held in rabbi trusts for non-qualified deferred compensation plans for certain former employees. |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments (Details 3) (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value Asset and Liabilities, Measured on Recurring Basis Unobservable Input, Changes | ' | ' | ' | ' |
No transfers during the three and six months ended June 30, 2013 and 2013 (Level 1 to Level 2) | $0 | $0 | ' | ' |
No transfers during the three and six months ended June 30, 2013 and 2013 (Level 2 to Level 1) | 0 | 0 | ' | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Fair Value Asset and Liabilities, Measured on Recurring Basis Unobservable Input, Changes | ' | ' | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 108,000,000 | ' | 95,000,000 | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 17,000,000 | ' | ' | ' |
Total gains/(losses) - realized/unrealized: | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | -6,000,000 | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | -21,000,000 | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Contracts Acquired | 3,000,000 | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 18,000,000 | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 2,000,000 | ' | ' | ' |
Gains/(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 period end | 19,000,000 | ' | ' | ' |
Fair Value, Inputs, Level 3 [Member] | Debt Securities | ' | ' | ' | ' |
Fair Value Asset and Liabilities, Measured on Recurring Basis Unobservable Input, Changes | ' | ' | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 18,000,000 | 13,000,000 | 16,000,000 | 12,000,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ' | ' |
Total gains/(losses) - realized/unrealized: | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | 0 | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Contracts Acquired | 0 | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 2,000,000 | 1,000,000 | ' | ' |
Included in nuclear decommissioning obligations | ' | 0 | ' | ' |
Gains/(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 period end | 0 | 0 | ' | ' |
Fair Value, Inputs, Level 3 [Member] | Other Financial Instrument [Member] | ' | ' | ' | ' |
Fair Value Asset and Liabilities, Measured on Recurring Basis Unobservable Input, Changes | ' | ' | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 11,000,000 | 50,000,000 | 10,000,000 | 47,000,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 1,000,000 | 0 | ' | ' |
Total gains/(losses) - realized/unrealized: | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | 0 | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Contracts Acquired | 0 | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | ' | ' |
Included in nuclear decommissioning obligations | ' | 3,000,000 | ' | ' |
Gains/(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 period end | 0 | 0 | ' | ' |
Fair Value, Inputs, Level 3 [Member] | Trust Fund Investments | ' | ' | ' | ' |
Fair Value Asset and Liabilities, Measured on Recurring Basis Unobservable Input, Changes | ' | ' | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 56,000,000 | 5,000,000 | 56,000,000 | -12,000,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | -27,000,000 | ' | ' |
Total gains/(losses) - realized/unrealized: | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | 30,000,000 | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | -1,000,000 | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Contracts Acquired | 0 | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 15,000,000 | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | ' | ' |
Included in nuclear decommissioning obligations | ' | 0 | ' | ' |
Gains/(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 period end | 0 | -21,000,000 | ' | ' |
Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | ' | ' | ' | ' |
Fair Value Asset and Liabilities, Measured on Recurring Basis Unobservable Input, Changes | ' | ' | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 23,000,000 | 68,000,000 | 13,000,000 | 47,000,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 16,000,000 | -27,000,000 | ' | ' |
Total gains/(losses) - realized/unrealized: | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | -6,000,000 | 30,000,000 | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | -21,000,000 | -1,000,000 | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Contracts Acquired | 3,000,000 | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 18,000,000 | 15,000,000 | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 1,000,000 | ' | ' |
Included in nuclear decommissioning obligations | ' | 3,000,000 | ' | ' |
Gains/(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 period end | $19,000,000 | ($21,000,000) | ' | ' |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments (Details 4) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | |
Concentration of Credit Risk | ' | |
Total derivative assets valued with prices provied by models and other valuation techniques (as a percent) | 6.00% | |
Total derivative liabilities valued with prices provied by models and other valuation techniques (as a percent) | 6.00% | |
Increase in fair value as a result of the credit reserve | $5 | |
Increase in fair value as a result of the credit reserve, portion recorded in OCI | -3 | |
Increase in fair value as a result of the credit reserve, portion recorded in operating revenue and cost of operations | -2 | |
Counterparty credit exposure to a portion of the Company's counterparties | 688 | |
Collateral held (cash and letters of credit) against counterparty credit exposure to a portion of the Company's counterparties | 24 | |
Net counterparty credit exposure to a portion of the Company's counterparties | 666 | |
Company's exposure before collateral is expected to roll off by the end of 2014 (as a percent) | 82.00% | |
Net Exposure (as a percent) | 100.00% | [1] |
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 | 218 | |
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 | 2,300 | |
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 | |
Investment grade | ' | |
Concentration of Credit Risk | ' | |
Net Exposure (as a percent) | 92.00% | [1] |
Non-rated | ' | |
Concentration of Credit Risk | ' | |
Net Exposure (as a percent) | 7.00% | [1],[2] |
Financial institutions | ' | |
Concentration of Credit Risk | ' | |
Net Exposure (as a percent) | 41.30% | [1] |
Utilities, energy merchants, marketers and other | ' | |
Concentration of Credit Risk | ' | |
Net Exposure (as a percent) | 33.10% | [1] |
ISOs | ' | |
Concentration of Credit Risk | ' | |
Net Exposure (as a percent) | 21.40% | [1] |
Coal and emissions | ' | |
Concentration of Credit Risk | ' | |
Net Exposure (as a percent) | 4.20% | [1] |
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 | $627 | |
[1] | Counterparty credit exposure excludes uranium and coal transportation contracts because of the unavailability of market prices. | |
[2] | For non-rated counterparties, a significant portion are related to ISO and municipal public power entities, which are considered investment grade equivalent ratings based on NRG's internal credit ratings. |
Nuclear_Decommissioning_Trust_2
Nuclear Decommissioning Trust Fund (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Nuclear decommissioning trust fund disclosure | ' | ' | ' |
Fair Value | $557 | ' | $551 |
Unrealized Gains | 209 | ' | 207 |
Unrealized Losses | 2 | ' | 3 |
Realized gains | 3 | 1 | ' |
Available-for-sale Securities, Gross Realized Losses | 1 | 1 | ' |
Proceeds from Sale of Available-for-sale Securities | 183 | 85 | ' |
Cash and Cash Equivalents [Member] | ' | ' | ' |
Nuclear decommissioning trust fund disclosure | ' | ' | ' |
Fair Value | 1 | ' | 26 |
Unrealized Gains | 0 | ' | 0 |
Unrealized Losses | 0 | ' | 0 |
Weighted-average Maturities (In years) | 0 | ' | 0 |
U.S. government and federal agency obligations | ' | ' | ' |
Nuclear decommissioning trust fund disclosure | ' | ' | ' |
Fair Value | 40 | ' | 45 |
Unrealized Gains | 1 | ' | 1 |
Unrealized Losses | 0 | ' | 1 |
Weighted-average Maturities (In years) | 10 | ' | 9 |
Federal agency mortgage-backed securities | ' | ' | ' |
Nuclear decommissioning trust fund disclosure | ' | ' | ' |
Fair Value | 62 | ' | 62 |
Unrealized Gains | 1 | ' | 1 |
Unrealized Losses | 1 | ' | 1 |
Weighted-average Maturities (In years) | 24 | ' | 24 |
Commercial mortgage-backed securities | ' | ' | ' |
Nuclear decommissioning trust fund disclosure | ' | ' | ' |
Fair Value | 25 | ' | 14 |
Unrealized Gains | 0 | ' | 0 |
Unrealized Losses | 0 | ' | 0 |
Weighted-average Maturities (In years) | 30 | ' | 29 |
Corporate debt securities | ' | ' | ' |
Nuclear decommissioning trust fund disclosure | ' | ' | ' |
Fair Value | 90 | ' | 70 |
Unrealized Gains | 2 | ' | 1 |
Unrealized Losses | 1 | ' | 1 |
Weighted-average Maturities (In years) | 9 | ' | 9 |
Equity securities | ' | ' | ' |
Nuclear decommissioning trust fund disclosure | ' | ' | ' |
Fair Value | 336 | ' | 332 |
Unrealized Gains | 205 | ' | 204 |
Unrealized Losses | ' | ' | ' |
Weighted-average Maturities (In years) | 0 | ' | 0 |
Foreign government fixed income securities | ' | ' | ' |
Nuclear decommissioning trust fund disclosure | ' | ' | ' |
Fair Value | 3 | ' | 2 |
Unrealized Gains | 0 | ' | 0 |
Unrealized Losses | ' | ' | $0 |
Weighted-average Maturities (In years) | 12 | ' | 9 |
Accounting_for_Derivative_Inst2
Accounting for Derivative Instruments and Hedging Activities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Derivatives Not Designated as Cash Flow Hedges | Derivatives Not Designated as Cash Flow Hedges | Interest rate contracts | Interest rate contracts | Interest rate contracts current | Interest rate contracts current | Interest rate contracts current | Interest rate contracts current | Interest rate contracts long-term | Interest rate contracts long-term | Interest rate contracts long-term | Interest rate contracts long-term | Commodity contracts current | Commodity contracts current | Commodity contracts current | Commodity contracts current | Commodity contracts long-term | Commodity contracts long-term | Commodity contracts long-term | Commodity contracts long-term | Short Ton | Short Ton | Short Ton | Short Ton | MMbtu | MMbtu | Barrel | Barrel | MWh | MWh | Dollars | Dollars | CVSR | Alpine | ||
Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Derivatives Not Designated as Cash Flow Hedges | Derivatives Not Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Derivatives Not Designated as Cash Flow Hedges | Derivatives Not Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Derivatives Not Designated as Cash Flow Hedges | Derivatives Not Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Derivatives Designated as Cash Flow Hedges | Derivatives Not Designated as Cash Flow Hedges | Derivatives Not Designated as Cash Flow Hedges | Emissions | Emissions | Coal | Coal | Natural Gas | Natural Gas | Oil | Oil | Power | Power | Interest | Interest | Interest rate contracts | Interest rate contracts | |||||||||
T | T | T | T | bbl | bbl | |||||||||||||||||||||||||||||||||
Derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss previously deferred in OCI recognized in earnings resulting from discontinued cash flow hedge accounting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Volumetric Underlying Derivative Transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Nonmonetary Notional Amount, Volume | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 1,000,000 | ' | ' | ' | ' | ' | ' |
Derivative, Nonmonetary Notional Amount, Energy Measure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 111,000,000 | -166,000,000 | ' | ' | 35,000,000 | -27,000,000 | ' | ' | ' | ' |
Derivative, Nonmonetary Notional Amount, Mass | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | 0 | 50,000,000 | 51,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,439 | 1,444 | ' | ' |
Fair Value of Derivative Instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Assets | 1,906 | 1,639 | 8 | 14 | 1,898 | 1,625 | 12 | 20 | 0 | 0 | 0 | 0 | 8 | 14 | 4 | 6 | 0 | 0 | 1,573 | 1,328 | 0 | 0 | 321 | 291 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liabilities | $1,761 | $1,250 | $63 | $66 | $1,698 | $1,184 | $70 | $69 | $32 | $35 | $5 | $4 | $31 | $29 | $2 | $1 | $0 | $1 | $1,467 | $1,015 | $0 | $1 | $224 | $164 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounting_for_Derivative_Inst3
Accounting for Derivative Instruments and Hedging Activities (Details 2) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | ($8) | $12 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | -32 | -24 | -23 | -31 |
Gross Amount of Recognized Derivative Assets | 1,906 | ' | 1,639 | ' |
Cash Collateral (Held) | -4 | ' | -63 | ' |
Gross Amounts of Recognized Derivative Liabilities | -1,761 | ' | -1,250 | ' |
Cash Collateral Posted | 687 | ' | 276 | ' |
Gross Amounts of Recognized Assets / Liabilities | 145 | ' | 389 | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -1 | ' | ' | ' |
Derivative Asset Fair Value Gross Liability Net Of Derivative Liability Fair Value Gross Asset | 0 | ' | 0 | ' |
Derivative, Collateral, Obligation to Return Cash Net Of Derivative, Collateral, Right to Reclaim Cash | 38 | ' | -44 | ' |
Derivative Asset, Fair Value, Amount Offset Against Collateral Net Of Derivative Liability, Fair Value, Amount Offset Against Collateral | 183 | ' | 345 | ' |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | -14 | 32 | ' | ' |
Commodity contracts | ' | ' | ' | ' |
Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 0 | 9 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | -1 | 42 | -1 | 41 |
Gross Amount of Recognized Derivative Assets | 1,894 | ' | 1,619 | ' |
Derivative Instruments | -1,501 | ' | -1,032 | ' |
Cash Collateral (Held) | 0 | ' | -62 | ' |
Net Amount | 393 | ' | 525 | ' |
Gross Amounts of Recognized Derivative Liabilities | -1,691 | ' | -1,181 | ' |
Derivative Instruments | 1,501 | ' | 1,032 | ' |
Cash Collateral Posted | 38 | ' | 18 | ' |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 152 | ' | 131 | ' |
Gross Amounts of Recognized Assets / Liabilities | 203 | ' | 438 | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | ' | ' | ' |
Derivative Asset Fair Value Gross Liability Net Of Derivative Liability Fair Value Gross Asset | 0 | ' | 0 | ' |
Derivative, Collateral, Obligation to Return Cash Net Of Derivative, Collateral, Right to Reclaim Cash | 38 | ' | -44 | ' |
Derivative Asset, Fair Value, Amount Offset Against Collateral Net Of Derivative Liability, Fair Value, Amount Offset Against Collateral | 241 | ' | 394 | ' |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | -1 | 42 | ' | ' |
Interest rate contracts | ' | ' | ' | ' |
Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -8 | 3 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | -31 | -66 | -22 | -72 |
Gross Amount of Recognized Derivative Assets | 12 | ' | 20 | ' |
Derivative Instruments | -8 | ' | -12 | ' |
Cash Collateral (Held) | 0 | ' | 0 | ' |
Net Amount | 4 | ' | 8 | ' |
Gross Amounts of Recognized Derivative Liabilities | -70 | ' | -69 | ' |
Derivative Instruments | 8 | ' | 12 | ' |
Cash Collateral Posted | 0 | ' | 0 | ' |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 62 | ' | 57 | ' |
Gross Amounts of Recognized Assets / Liabilities | -58 | ' | -49 | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -1 | ' | ' | ' |
Derivative Asset Fair Value Gross Liability Net Of Derivative Liability Fair Value Gross Asset | 0 | ' | 0 | ' |
Derivative, Collateral, Obligation to Return Cash Net Of Derivative, Collateral, Right to Reclaim Cash | 0 | ' | 0 | ' |
Derivative Asset, Fair Value, Amount Offset Against Collateral Net Of Derivative Liability, Fair Value, Amount Offset Against Collateral | -58 | ' | -49 | ' |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | ($13) | ($10) | ' | ' |
Accounting_for_Derivative_Inst4
Accounting for Derivative Instruments and Hedging Activities (Details 3) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Derivative | ' | ' | ' |
Derivative liabilities | $1,761 | ' | $1,250 |
Gross Amount of Recognized Derivative Assets | 1,906 | ' | 1,639 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -1 | ' | ' |
Effects of ASC 815 on NRG's Accumulated OCI Balance Attributable to Cash Flow Hedge Derivatives, net of tax | ' | ' | ' |
Accumulated OCI beginning balance | -23 | -31 | ' |
Net Loss | -67 | -331 | ' |
Mark-to-market of cash flow hedge accounting contracts | -8 | 12 | ' |
Accumulated OCI ending balance, net of tax | -32 | -24 | ' |
Gains/(losses) expected to be realized from OCI during the next 12 months, net of tax | -14 | 32 | ' |
Gains/(losses) recognized in income from the ineffective portion of cash flow hedges | ' | 0 | ' |
Accumulated OCI ending balance, tax | 17 | 15 | ' |
Gains/(losses) expected to be realized from OCI during the next 12 months, tax | 7 | 19 | ' |
Unrealized mark-to-market results | ' | ' | ' |
Reversal of previously recognized unrealized losses/(gains) on settled positions related to economic hedges | 3 | -25 | ' |
Reversal of loss positions acquired as part of the acquisition | -78 | -88 | ' |
Net unrealized gains/(losses) on open positions related to economic hedges | -193 | -149 | ' |
Losses on ineffectiveness associated with open positions treated as cash flow hedges | 0 | -1 | ' |
Total unrealized mark-to-market gains/(losses) for economic hedging activities | -268 | -263 | ' |
Reversal of previously recognized unrealized (gains) losses on settled positions related to trading activity | 0 | -28 | ' |
Reversal of Previously Unrecognized Unrealized Gain Loss Acquired as Part of Acquisition Trading Activity | -1 | -2 | ' |
Net unrealized gains on open positions related to trading activity | 16 | -13 | ' |
Total unrealized mark-to-market gains for trading activity | 15 | -43 | ' |
Impact of derivative instruments on statement of operations | ' | ' | ' |
Total unrealized gains/(losses) | -253 | -306 | ' |
Discontinuation of cash flow hedges | ' | ' | ' |
Derivative Liability, Fair Value of Collateral | 55 | ' | ' |
Credit Risk Related Contingent Features | ' | ' | ' |
Collateral due on net liability position that has not been called by a certain marginable agreement counterparty | 21 | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' |
Effects of ASC 815 on NRG's Accumulated OCI Balance Attributable to Cash Flow Hedge Derivatives, net of tax | ' | ' | ' |
Net Loss | ' | -5 | ' |
Commodity contracts | ' | ' | ' |
Derivative | ' | ' | ' |
Derivative liabilities | 1,691 | ' | 1,181 |
Gross Amount of Recognized Derivative Assets | 1,894 | ' | 1,619 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | ' | ' |
Effects of ASC 815 on NRG's Accumulated OCI Balance Attributable to Cash Flow Hedge Derivatives, net of tax | ' | ' | ' |
Accumulated OCI beginning balance | -1 | 41 | ' |
Mark-to-market of cash flow hedge accounting contracts | 0 | 9 | ' |
Accumulated OCI ending balance, net of tax | -1 | 42 | ' |
Gains/(losses) expected to be realized from OCI during the next 12 months, net of tax | -1 | 42 | ' |
Gains/(losses) recognized in income from the ineffective portion of cash flow hedges | ' | -1 | ' |
Impact of derivative instruments on statement of operations | ' | ' | ' |
Total unrealized gains/(losses) | -253 | -306 | ' |
Commodity contracts | Sales [Member] | ' | ' | ' |
Impact of derivative instruments on statement of operations | ' | ' | ' |
Total unrealized gains/(losses) | -316 | -521 | ' |
Commodity contracts | Gains (losses) included in cost of operations | ' | ' | ' |
Impact of derivative instruments on statement of operations | ' | ' | ' |
Total unrealized gains/(losses) | 63 | 215 | ' |
Commodity contracts | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' |
Effects of ASC 815 on NRG's Accumulated OCI Balance Attributable to Cash Flow Hedge Derivatives, net of tax | ' | ' | ' |
Net Loss | ' | -8 | ' |
Interest rate contracts | ' | ' | ' |
Derivative | ' | ' | ' |
Derivative liabilities | 70 | ' | 69 |
Gross Amount of Recognized Derivative Assets | 12 | ' | 20 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -1 | ' | ' |
Effects of ASC 815 on NRG's Accumulated OCI Balance Attributable to Cash Flow Hedge Derivatives, net of tax | ' | ' | ' |
Accumulated OCI beginning balance | -22 | -72 | ' |
Mark-to-market of cash flow hedge accounting contracts | -8 | 3 | ' |
Accumulated OCI ending balance, net of tax | -31 | -66 | ' |
Gains/(losses) expected to be realized from OCI during the next 12 months, net of tax | -13 | -10 | ' |
Gains/(losses) recognized in income from the ineffective portion of cash flow hedges | ' | 1 | ' |
Impact of derivative instruments on statement of operations | ' | ' | ' |
Total unrealized gains/(losses) | -4 | 2 | ' |
Interest rate contracts | CVSR | ' | ' | ' |
Discontinuation of cash flow hedges | ' | ' | ' |
Loss previously deferred in OCI recognized in earnings resulting from discontinued cash flow hedge accounting | ' | ' | ' |
Interest rate contracts | Alpine | ' | ' | ' |
Discontinuation of cash flow hedges | ' | ' | ' |
Loss previously deferred in OCI recognized in earnings resulting from discontinued cash flow hedge accounting | ' | ' | ' |
Interest rate contracts | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' |
Effects of ASC 815 on NRG's Accumulated OCI Balance Attributable to Cash Flow Hedge Derivatives, net of tax | ' | ' | ' |
Net Loss | ' | $3 | ' |
Debt_and_Capital_Leases_Detail
Debt and Capital Leases (Details) (USD $) | 3 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 2 Months Ended | 2 Months Ended | 0 Months Ended | 2 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jan. 27, 2014 | Jan. 27, 2013 | Jan. 27, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jan. 27, 2013 | Mar. 31, 2013 | Feb. 27, 2013 | Feb. 27, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Feb. 27, 2013 | Feb. 10, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Feb. 27, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Feb. 10, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Feb. 21, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Feb. 11, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Apr. 25, 2014 | Mar. 31, 2014 | Jan. 27, 2014 | Jan. 27, 2014 | Jun. 30, 2014 | Apr. 21, 2014 | Apr. 21, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Recourse Debt | Recourse Debt | Non Recourse Debt | Non Recourse Debt | Senior Notes 2024 [Member] | Senior Notes 2024 [Member] | Senior Notes Due In 2022 [Member] | Senior Notes Due In 2022 [Member] | Senior Notes Due In 2022 [Member] | Senior Notes Due In 2022 [Member] | Senior Notes Repurchases | Senior Notes Repurchases | Senior notes, due 2018 | Senior notes, due 2018 | Senior notes, due 2018 | 8.500% Senior notes, due 2019 | 8.500% Senior notes, due 2019 | 8.500% Senior notes, due 2019 | 8.500% Senior notes, due 2019 | Senior notes, due 2020 | Senior notes, due 2020 | Senior notes, due 2020 | 7.625% Senior notes, due 2019 | 7.625% Senior notes, due 2019 | 7.625% Senior notes, due 2019 | Senior notes, due 2021 | Senior notes, due 2021 | Senior notes, due 2023 | Senior notes, due 2023 | Term loan facility, due 2018 | Term loan facility, due 2018 | Term loan facility, due 2018 | Term loan facility, due 2018 | Indian River Power LLC, tax-exempt bonds, due 2040 and 2045 | Indian River Power LLC, tax-exempt bonds, due 2040 and 2045 | Indian River Power LLC, tax-exempt bonds, due 2040 | Indian River Power LLC, tax-exempt bonds, due 2045 | Dunkirk Power LLC, tax-exempt bonds, due 2042 | Dunkirk Power LLC, tax-exempt bonds, due 2042 | Fort Bend County, tax-exempt bonds, due 2038 and 2042 | Fort Bend County, tax-exempt bonds, due 2038 and 2042 | GenOn senior notes, due 2017 | GenOn senior notes, due 2017 | GenOn senior notes, due 2018 | GenOn senior notes, due 2018 | GenOn senior notes, due 2020 | GenOn senior notes, due 2020 | GenOn Americas Generation senior notes, due in 2021 | GenOn Americas Generation senior notes, due in 2021 | GenOn Americas Generation senior notes, due in 2031 | GenOn Americas Generation senior notes, due in 2031 | Genon [Member] | Genon [Member] | GenOn Marsh Landing term loans, due 2017 and 2023 | GenOn Marsh Landing term loans, due 2017 and 2023 | GenOn Marsh Landing term loan, due 2017 | GenOn Marsh Landing term loan, due 2017 | GenOn Marsh Landing term loan, due 2023 | GenOn Marsh Landing term loan, due 2023 | CVSR - High Plains Ranch II LLC, due 2037 | CVSR - High Plains Ranch II LLC, due 2037 | NRG West Holdings LLC, term loan, due 2023 | NRG West Holdings LLC, term loan, due 2023 | NRG West Holdings LLC, term loan, due 2023 | Agua Caliente Solar LLC, due 2037 | Agua Caliente Solar LLC, due 2037 | Ivanpah Financing, due 2014 and 2038 | Ivanpah Financing, due 2014 and 2038 | South Trent Wind LLC [Member] | South Trent Wind LLC [Member] | South Trent Wind LLC [Member] | NRG Peaker Finance Co. LLC, bonds, due 2019 | NRG Peaker Finance Co. LLC, bonds, due 2019 | NRG Peaker Finance Co. LLC, bonds, due 2019 | NRG Peaker Finance Co. LLC, bonds, due 2019 | NRG Yield, Inc. | NRG Yield, Inc. | NRG Energy Center Minneapolis LLC, senior secured notes, due 2013, 2017, and 2025 | NRG Energy Center Minneapolis LLC, senior secured notes, due 2013, 2017, and 2025 | NRG Energy Center Minneapolis LLC Senior Secured Notes, due 2017 | NRG Energy Center Minneapolis LLC Senior Secured Notes, due 2025 | NRG Solar Alpine LLC, due 2022 | NRG Solar Alpine LLC, due 2022 | NRG Solar Alpine LLC, due 2022 | NRG Solar Borrego LLC, due 2024 and 2038 | NRG Solar Borrego LLC, due 2024 and 2038 | Borrego Financing Agreement, due 2024 | Borrego Financing Agreement, due 2024 | Borrego Financing Agreement, due 2038 | NRG Solar Avra Valley LLC | NRG Solar Avra Valley LLC | NRG Solar Avra Valley LLC | High Desert Facility | High Desert Facility | High Desert Facility | High Desert Facility | High Desert Facility | High Desert Facility | High Desert Facility, due 2013 | High Desert Facility, due 2013 | High Desert Facility, due 2023 | High Desert Facility, due 2023 | High Desert Facility, due 2033 | Kansas South Facility | Kansas South Facility | Kansas South Facility, due 2013 | Kansas South Facility, due 2031 | Other (Non-recourse debt) | Other (Non-recourse debt) | NRG Energy [Member] | NRG Energy [Member] | Chalk Point capital lease, due 2015 | Chalk Point capital lease, due 2015 | Other (Capital leases) | Other (Capital leases) | Convertible Debt [Member] | Convertible Debt [Member] | NRG Yield - Other [Member] | NRG Yield - Other [Member] | NRG Yield Revolving Credit Facility [Member] | NRG Yield Revolving Credit Facility [Member] | 90 days following registration default [Member] | Maximum [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Revolving Credit Facility | Revolving Credit Facility | Bridge Loan | Bridge Loan | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Non Recourse Debt | Senior Notes Due In 2022 [Member] | 90 days following registration default [Member] | Recourse Debt | 8.500% Senior notes, due 2019 | 7.625% Senior notes, due 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | Recourse Debt | Senior Notes Due In 2022 [Member] | Recourse Debt | Recourse Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recourse Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Capital Leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Senior Long-term Debt | ' | ' | ' | ' | ' | ' | ' | $1,000,000,000 | ' | $1,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 17,477,000,000 | ' | 16,804,000,000 | 8,786,000,000 | 8,087,000,000 | 8,691,000,000 | 8,717,000,000 | ' | ' | ' | 1,100,000,000 | 0 | ' | ' | ' | ' | 1,130,000,000 | 1,130,000,000 | ' | ' | 296,000,000 | 602,000,000 | ' | 1,063,000,000 | 1,062,000,000 | ' | 709,000,000 | 800,000,000 | 1,128,000,000 | 1,128,000,000 | 990,000,000 | 990,000,000 | ' | 1,997,000,000 | 2,002,000,000 | ' | 247,000,000 | 247,000,000 | ' | ' | 59,000,000 | 59,000,000 | 67,000,000 | 67,000,000 | 778,000,000 | 782,000,000 | 774,000,000 | 780,000,000 | 618,000,000 | 621,000,000 | 501,000,000 | 503,000,000 | 434,000,000 | 435,000,000 | 3,105,000,000 | 3,121,000,000 | 465,000,000 | 473,000,000 | ' | ' | ' | ' | 798,000,000 | 1,104,000,000 | 520,000,000 | 512,000,000 | ' | 889,000,000 | 878,000,000 | 1,588,000,000 | 1,575,000,000 | 68,000,000 | 69,000,000 | ' | ' | 127,000,000 | 154,000,000 | ' | 1,381,000,000 | 1,133,000,000 | 125,000,000 | 127,000,000 | ' | ' | 158,000,000 | 221,000,000 | ' | 78,000,000 | 78,000,000 | ' | ' | ' | 62,000,000 | 63,000,000 | ' | 79,000,000 | 80,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58,000,000 | 58,000,000 | ' | ' | 146,000,000 | 102,000,000 | 4,205,000,000 | 4,463,000,000 | ' | ' | ' | ' | ' | ' | 102,000,000 | 102,000,000 | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debt, Fair Value Disclosures | 323,000,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
Chalk Point capital lease, due 2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000 | 10,000,000 | 2,000,000 | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 17,488,000,000 | ' | 16,817,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
Less current maturities | 685,000,000 | ' | 1,050,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
Total long-term debt and capital leases | 16,803,000,000 | ' | 15,767,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate, stated rate | ' | ' | ' | ' | ' | ' | ' | ' | 6.25% | ' | 6.25% | [1] | ' | 6.25% | ' | ' | ' | 7.63% | [1] | ' | ' | ' | 8.50% | [1] | 8.50% | ' | 8.25% | [1] | ' | ' | 7.63% | [1] | 7.63% | 7.88% | [1] | ' | 6.63% | [1] | ' | ' | ' | ' | ' | ' | ' | 6.00% | [1] | 5.38% | [1] | 5.88% | [1] | ' | 4.75% | [1] | ' | 7.88% | [1] | ' | 9.50% | [1] | ' | 9.88% | [1] | ' | 8.50% | [1] | ' | 9.13% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.95% | [1] | ' | ' | ' | ' | ' | ' | ' | 5.65% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.15% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | 350.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $46.55 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21.4822 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | 23,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | 1.00% | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106.99% | ' | ' | ' | ' | ' | 105.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105.25% | 104.20% | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate, variable basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | [1] | ' | 'LIBOR | [1] | ' | ' | ' | 'LIBOR | [1] | ' | ' | ' | ' | ' | ' | 'LIBOR | [1] | ' | ' | ' | 'LIBOR | [1] | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | [1] | ' | ' | ' | ' | 'LIBOR | [1] | ' | ' | 'LIBOR | [1] | ' | ' | ' | ' | '3 month LIBOR | ' | '3 month LIBOR | ' | 'LIBOR | [1] | ' | 'LIBOR | [1] | ' | ' | ' | ' | 'LIBOR | [1] | 'LIBOR | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Interest rate, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | [1] | ' | 3.00% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.63% | [1] | ' | ' | ' | 1.07% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | [1] | ' | ' | ' | 2.50% | [1] | ' | ' | ' | 2.25% | [1] | ' | ' | ' | 2.50% | ' | 2.50% | ' | 2.50% | [1] | ' | 2.50% | [1] | ' | ' | ' | 2.00% | 2.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||
Interest rate, range, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.34% | [1] | ' | ' | ' | 2.50% | [1] | 2.40% | [1] | ' | 1.12% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.12% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
Interest rate, range, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.58% | [1] | ' | ' | ' | 2.88% | [1] | 3.63% | [1] | ' | 4.26% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.25% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
Interest rate, Chalk Point capital lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.19% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase/redemption price, percentage of face amount (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 114.18% | ' | ' | 111.70% | ' | ' | ' | 113.08% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to loss on debt extinguishment | 41,000,000 | 28,000,000 | ' | 33,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,000,000 | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debt | 345,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000,000 | 60,000,000 | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
Repurchased/redeemed debt, face value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash paid for senior notes repurchases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000,000 | ' | ' | 104,000,000 | 308,000,000 | ' | ' | 42,000,000 | ' | ' | 91,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,000,000 | 337,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Amount Outstanding | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Repurchase Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||
[1] | As of March 31, 2014, L+ equals 3 month LIBOR plus x%, with the exception of the NRG Solar Kansas South LLC cash grant bridge loan which are 1 month LIBOR plus x% and NRG Solar Kansas South LLC term loan which is 6 month LIBOR plus x%. |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investments Accounted for by the Equity Method | ' | ' |
Equity investments in affiliates | $462 | $453 |
GenConn Energy LLC | ' | ' |
Investments Accounted for by the Equity Method | ' | ' |
Economic interest in equity method investments (as a percent) | 50.00% | ' |
Power generation units | 2 | ' |
Generation Capacity (in MW) | 190 | ' |
Equity investments in affiliates | 116 | ' |
Sherbino I Wind Farm LLC | ' | ' |
Investments Accounted for by the Equity Method | ' | ' |
Economic interest in equity method investments (as a percent) | 50.00% | ' |
Equity investments in affiliates | 84 | ' |
Texas Coastal Ventures LLC | ' | ' |
Investments Accounted for by the Equity Method | ' | ' |
Economic interest in equity method investments (as a percent) | 50.00% | ' |
Equity investments in affiliates | $68 | ' |
Changes_in_Capital_Structure_D
Changes in Capital Structure (Details) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 02, 2014 |
Long Term Incentive Plan [Member] | Employee Stock [Member] | Subsequent Event [Member] | |||
Common Stock [Member] | |||||
Edison Mission Energy | |||||
Capital Structure | ' | ' | ' | ' | ' |
Shares issued, balance at the beginning of the year | 401,809,452 | 401,126,780 | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | 682,672 | ' | ' |
Shares issued, balance at the end of the year | 401,809,452 | 401,126,780 | ' | ' | ' |
Shares outstanding, balance at the end of the year | 324,533,519 | 323,779,252 | 682,672 | 71,595 | ' |
Treasury shares, balance at the beginning of the year | -77,275,933 | -77,347,528 | ' | ' | ' |
Treasury Stock, Shares, Acquired | ' | ' | 0 | 71,595 | ' |
Treasury shares, balance at the beginning of the year | -77,275,933 | -77,347,528 | ' | ' | ' |
Common stock authorized (in shares) | ' | ' | ' | ' | ' |
Common stock, shares authorized | 500,000,000 | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | ' | ' | ' | ' | 12,671,977 |
Changes_in_Capital_Structure_D1
Changes in Capital Structure (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Jun. 30, 2014 | |
Subsequent Event [Member] | Scenario, Plan [Member] | Scenario, Plan [Member] | Scenario, Plan [Member] | |||
Subsequent Event [Member] | Subsequent Event [Member] | |||||
Employee Stock Purchase Plan and 2013 Capital Allocation Plan | ' | ' | ' | ' | ' | ' |
NRG's annual common stock dividend, propsed increase for 2013 (as a percent) | ' | ' | ' | ' | ' | 17.00% |
NRG's annual common stock dividend, proposed amount for 2013 | ' | ' | ' | $0.48 | $0.56 | ' |
Dividend paid | $0.12 | $0.09 | ' | ' | ' | ' |
Dividend declared | ' | ' | $0.14 | ' | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Numerator: | ' | ' | ' |
Net Loss Attributable to NRG Energy, Inc. | ($56) | ($332) | ' |
Dividends for preferred shares | 2 | 2 | ' |
Loss Available for Common Stockholders | ($58) | ($334) | ' |
Denominator: | ' | ' | ' |
Weighted average number of common shares outstanding | 324 | 323 | ' |
Basic earnings per share: | ' | ' | ' |
Loss per weighted average common share — basic and diluted | ($0.18) | ($1.03) | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ' | ' |
Antidilutive securities excluded from computation of diluted earnings per share, amount | 24 | 29 | ' |
3.625% convertible perpetual preferred stock, interest rate (as a percentage) | 3.63% | 3.63% | 3.63% |
Equity compensation plans | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ' | ' |
Antidilutive securities excluded from computation of diluted earnings per share, amount | 8 | 13 | ' |
Embedded derivative of 3.625% redeemable perpetual preferred stock | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ' | ' |
Antidilutive securities excluded from computation of diluted earnings per share, amount | 16 | 16 | ' |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
Segment Reporting Information | ' | ' | ' | ||
Operating revenues | $3,486 | $2,081 | ' | ||
Depreciation and amortization | 335 | 307 | ' | ||
Equity in earnings/(losses) of unconsolidated affiliates | 7 | 3 | ' | ||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -98 | -483 | ' | ||
Net Loss Attributable to NRG Energy, Inc. | -56 | -332 | ' | ||
Total Assets | 34,961 | ' | 33,902 | ||
Includes loss on debt extinguishment of | 41 | 28 | ' | ||
Retail | ' | ' | ' | ||
Segment Reporting Information | ' | ' | ' | ||
Operating revenues | 1,526 | [1] | 1,231 | [2] | ' |
Depreciation and amortization | 33 | [1] | 32 | [2] | ' |
Equity in earnings/(losses) of unconsolidated affiliates | 0 | [1] | 0 | [2] | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 291 | [1] | 369 | [2] | ' |
Net Loss Attributable to NRG Energy, Inc. | 291 | [1] | 369 | [2] | ' |
Total Assets | 5,173 | [1] | ' | ' | |
Includes intersegment sales and derivative gains and losses of | 2 | 1 | ' | ||
Conventional Power Generation | East | ' | ' | ' | ||
Segment Reporting Information | ' | ' | ' | ||
Operating revenues | 1,400 | [1] | 595 | [2] | ' |
Depreciation and amortization | 66 | [1] | 86 | [2] | ' |
Equity in earnings/(losses) of unconsolidated affiliates | 0 | [1] | 0 | [2] | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 219 | [1] | -159 | [2] | ' |
Net Loss Attributable to NRG Energy, Inc. | 219 | [1] | -159 | [2] | ' |
Total Assets | 9,625 | [1] | ' | ' | |
Includes intersegment sales and derivative gains and losses of | 83 | -9 | ' | ||
Conventional Power Generation | South Central | ' | ' | ' | ||
Segment Reporting Information | ' | ' | ' | ||
Operating revenues | 220 | [1] | 196 | [2] | ' |
Depreciation and amortization | 26 | [1] | 24 | [2] | ' |
Equity in earnings/(losses) of unconsolidated affiliates | 0 | [1] | 0 | [2] | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -13 | [1] | -7 | [2] | ' |
Net Loss Attributable to NRG Energy, Inc. | -13 | [1] | -7 | [2] | ' |
Total Assets | 2,640 | [1] | ' | ' | |
Includes intersegment sales and derivative gains and losses of | 0 | 2 | ' | ||
Conventional Power Generation | West | ' | ' | ' | ||
Segment Reporting Information | ' | ' | ' | ||
Operating revenues | 137 | 91 | [2] | ' | |
Depreciation and amortization | 18 | 13 | [2] | ' | |
Equity in earnings/(losses) of unconsolidated affiliates | 4 | 1 | [2] | ' | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 16 | -7 | [2] | ' | |
Net Loss Attributable to NRG Energy, Inc. | 16 | -7 | [2] | ' | |
Total Assets | 1,671 | ' | ' | ||
Includes intersegment sales and derivative gains and losses of | 0 | 0 | ' | ||
Conventional Power Generation | Other | ' | ' | ' | ||
Segment Reporting Information | ' | ' | ' | ||
Operating revenues | 46 | [1] | 34 | [2] | ' |
Depreciation and amortization | 1 | [1] | 1 | [2] | ' |
Equity in earnings/(losses) of unconsolidated affiliates | 2 | [1] | 1 | [2] | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 3 | [1] | 4 | [2] | ' |
Net Loss Attributable to NRG Energy, Inc. | 1 | [1] | 4 | [2] | ' |
Total Assets | 542 | [1] | ' | ' | |
Includes intersegment sales and derivative gains and losses of | 24 | 16 | ' | ||
Conventional Power Generation | Texas [Member] | ' | ' | ' | ||
Segment Reporting Information | ' | ' | ' | ||
Operating revenues | 254 | [1] | 84 | [2] | ' |
Depreciation and amortization | 117 | [1] | 113 | [2] | ' |
Equity in earnings/(losses) of unconsolidated affiliates | 0 | [1] | 0 | [2] | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -324 | [1] | -426 | [2] | ' |
Net Loss Attributable to NRG Energy, Inc. | -324 | [1] | -426 | [2] | ' |
Total Assets | 11,597 | [1] | ' | ' | |
Includes intersegment sales and derivative gains and losses of | 289 | 229 | ' | ||
Alternative Energy | ' | ' | ' | ||
Segment Reporting Information | ' | ' | ' | ||
Operating revenues | 54 | [1] | 35 | [2] | ' |
Depreciation and amortization | 51 | [1] | 24 | [2] | ' |
Equity in earnings/(losses) of unconsolidated affiliates | -2 | [1] | 2 | [2] | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -76 | [1] | -24 | [2] | ' |
Net Loss Attributable to NRG Energy, Inc. | -59 | [1] | -25 | [2] | ' |
Total Assets | 6,006 | [1] | ' | ' | |
Includes intersegment sales and derivative gains and losses of | 6 | 4 | ' | ||
NRG Yield | ' | ' | ' | ||
Segment Reporting Information | ' | ' | ' | ||
Operating revenues | 110 | [1] | 53 | [2] | ' |
Depreciation and amortization | 17 | [1] | 10 | [2] | ' |
Equity in earnings/(losses) of unconsolidated affiliates | 1 | [1] | 4 | [2] | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 21 | [1] | 11 | [2] | ' |
Net Loss Attributable to NRG Energy, Inc. | 14 | [1] | 11 | [2] | ' |
Total Assets | 2,534 | [1] | ' | ' | |
Includes intersegment sales and derivative gains and losses of | 0 | 0 | ' | ||
Corporate | ' | ' | ' | ||
Segment Reporting Information | ' | ' | ' | ||
Operating revenues | 2 | [1] | 4 | [2],[3] | ' |
Depreciation and amortization | 6 | [1] | 4 | [2],[3] | ' |
Equity in earnings/(losses) of unconsolidated affiliates | 0 | [1] | 0 | [2],[3] | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -237 | [1] | -244 | [2],[3] | ' |
Net Loss Attributable to NRG Energy, Inc. | -205 | [1] | -92 | [2],[3] | ' |
Total Assets | 28,110 | [1] | ' | ' | |
Includes loss on debt extinguishment of | -41 | -28 | ' | ||
Includes intersegment sales and derivative gains and losses of | 2 | 4 | ' | ||
Elimination | ' | ' | ' | ||
Segment Reporting Information | ' | ' | ' | ||
Operating revenues | -263 | -242 | ' | ||
Depreciation and amortization | 0 | 0 | ' | ||
Equity in earnings/(losses) of unconsolidated affiliates | 2 | -5 | ' | ||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 2 | 0 | ' | ||
Net Loss Attributable to NRG Energy, Inc. | 4 | 0 | ' | ||
Total Assets | ($32,937) | ' | ' | ||
[1] | (a) Operating revenues include inter-segment sales and net derivative gains and losses of:$2 $289 $83 $— $— $24 $6 $— $2 | ||||
[2] | (c) Operating revenues include inter-segment sales and net derivative gains and losses of:$1 $229 $(9) $2 $— $16 $4 $— $4 | ||||
[3] | Includes loss on debt extinguishment of $28 million. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | ||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |||||||
Income Tax Disclosure [Abstract] | ' | ' | |||||||
Document Period End Date | 31-Mar-14 | ' | |||||||
Effective Tax Rate | ' | ' | |||||||
Loss before income taxes | ($98) | ($483) | |||||||
Income tax benefit | -31 | -152 | |||||||
Effective tax rate (as a percent) | 31.60% | 31.50% | |||||||
Statutory tax rate (as a percent) | 35.00% | 35.00% | |||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ' | |||||||
The income tax provision consisted of the following: | |||||||||
Three months ended March 31, | |||||||||
(In millions except otherwise noted) | 2014 | 2013 | |||||||
Loss before income taxes | $ | (98 | ) | $ | (483 | ) | |||
Income tax benefit | (31 | ) | (152 | ) | |||||
Effective tax rate | 31.6 | % | 31.5 | % | |||||
Uncertain Tax Benefits | ' | ' | |||||||
Non-current tax liability for uncertain tax benefits | 63 | ' | |||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 1 | ' | |||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $14 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | ||||||
Mar. 31, 2014 | Apr. 30, 2012 | Jun. 30, 2013 | Mar. 31, 2013 | Jan. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | |
Cheswick Class Action | Notice of Intent to File Citizens Suit | Notice of Intent to File Citizens Suit | Notice of Intent to File Citizens Suit | EME [Member] | GenOn Energy | GenOn Energy | GenOn Energy | Subsequent Event [Member] | ||
mi | permit | Natural Gas Litigation | Natural Gas Litigation | Natural Gas Litigation | Big Cajun II Alleged Opacity Violations | |||||
legal_cases | Lawsuits | lawsuit | ||||||||
Lawsuits | ||||||||||
Loss Contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Environmental Capital Expenditures, Estimated | $326,000,000 | ' | ' | ' | ' | $350,000,000 | ' | ' | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Civil Penalties | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' |
Litigation Settlement, Amount | 137,000 | ' | ' | ' | ' | ' | ' | ' | ' | 47,000 |
Distance From Facility of People who Own Property | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum Civil Penalties which May Be Assumed | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Claims Settled and Dismissed, Number | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' |
Loss Contingency, Pending Claims, Number | ' | ' | ' | ' | ' | ' | 5 | 4 | 5 | ' |
Number of Permits that Regulate Polution Discharge Elimination | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' |
Loss Contingency, Number of Days to Comply with Discharge Violation | ' | ' | ' | '60 days | ' | ' | ' | ' | ' | ' |
Environmental_Matters_Details
Environmental Matters (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Environmental capital expenditures [Line Items] | ' |
Environmental Capital Expenditures, Estimated | $326,000,000 |
Estimated environmental capital expenditures from 2013 through 2017, attributable to GenOn | 116,000,000 |
Minimum Civil Penalties which May Be Assumed | 200,000 |
EME [Member] | ' |
Environmental capital expenditures [Line Items] | ' |
Environmental Capital Expenditures, Estimated | 350,000,000 |
Short term [Member] | EME [Member] | ' |
Environmental capital expenditures [Line Items] | ' |
Environmental Capital Expenditures, Estimated | $100,000,000 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument | ' | ' |
Long-term debt | $17,477 | $16,804 |
Recourse Debt | ' | ' |
Debt Instrument | ' | ' |
Long-term debt | 8,786 | 8,087 |
Senior Notes [Member] | Recourse Debt | ' | ' |
Debt Instrument | ' | ' |
Long-term debt | $6,400 | ' |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Details 2) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Operating Revenues | ' | ' | ||
Total operating revenues | $3,486 | $2,081 | ||
Operating Costs and Expenses | ' | ' | ||
Cost of operations | 2,733 | 1,753 | ||
Depreciation and amortization | 335 | 307 | ||
Selling, general and administrative | 226 | 227 | ||
Acquisition-related transaction and integration costs | 12 | 42 | ||
Development activity expenses | 19 | 18 | ||
Total operating costs and expenses | 3,325 | 2,347 | ||
Gain (Loss) on Disposition of Property Plant Equipment | 19 | 0 | ||
Operating Income/(Loss) | 180 | -266 | ||
Other Income/(Expense) | ' | ' | ||
Equity in earnings/(losses) of consolidated subsidiaries | 0 | 0 | ||
Equity in earnings of unconsolidated affiliates | 7 | 3 | ||
Other income, net | 11 | 4 | ||
Loss on debt extinguishment | -41 | -28 | ||
Interest expense | -255 | -196 | ||
Total other expense | -278 | -217 | ||
Loss Before Income Taxes | -98 | -483 | ||
Income tax expense/(benefit) | -31 | -152 | ||
Net Loss | -67 | -331 | ||
Less: Net (loss)/income attributable to noncontrolling interest | -11 | 1 | ||
Net Loss Attributable to NRG Energy, Inc. | -56 | -332 | ||
Other Comprehensive Income/(Loss), net of tax | ' | ' | ||
Unrealized (loss)/gain on derivatives, net | -9 | 7 | ||
Foreign currency translation adjustments, net | 6 | 0 | ||
Available-for-sale securities, net | 6 | 2 | ||
Defined benefit plan, net | 2 | 5 | ||
Other comprehensive income | 5 | 14 | ||
Comprehensive income/(loss) | -62 | -317 | ||
Comprehensive loss attributable to noncontrolling interest | -15 | 1 | ||
Comprehensive Loss Attributable to NRG Energy, Inc. | -47 | -318 | ||
Dividends for preferred shares | -2 | -2 | ||
Comprehensive Income/(Loss) Available for Common Stockholders | -49 | -320 | ||
Guarantor Subsidiaries | ' | ' | ||
Operating Revenues | ' | ' | ||
Total operating revenues | 2,279 | 1,590 | ||
Operating Costs and Expenses | ' | ' | ||
Cost of operations | 1,793 | 1,258 | ||
Depreciation and amortization | 198 | 204 | ||
Selling, general and administrative | 105 | 115 | ||
Acquisition-related transaction and integration costs | 0 | 0 | ||
Development activity expenses | 0 | 0 | ||
Total operating costs and expenses | 2,096 | 1,577 | ||
Gain (Loss) on Disposition of Property Plant Equipment | 0 | ' | ||
Operating Income/(Loss) | 183 | 13 | ||
Other Income/(Expense) | ' | ' | ||
Equity in earnings/(losses) of consolidated subsidiaries | 49 | 1 | ||
Equity in earnings of unconsolidated affiliates | 4 | 1 | ||
Other income, net | 1 | 1 | ||
Loss on debt extinguishment | 0 | 0 | ||
Interest expense | -6 | -5 | ||
Total other expense | 48 | -2 | ||
Loss Before Income Taxes | 231 | 11 | ||
Income tax expense/(benefit) | 63 | 21 | ||
Net Loss | 168 | -10 | ||
Less: Net (loss)/income attributable to noncontrolling interest | 0 | 0 | ||
Net Loss Attributable to NRG Energy, Inc. | 168 | -10 | ||
Other Comprehensive Income/(Loss), net of tax | ' | ' | ||
Unrealized (loss)/gain on derivatives, net | 6 | -9 | ||
Foreign currency translation adjustments, net | 0 | ' | ||
Available-for-sale securities, net | 0 | 0 | ||
Defined benefit plan, net | 2 | 0 | ||
Other comprehensive income | 8 | -9 | ||
Comprehensive income/(loss) | 176 | -19 | ||
Comprehensive loss attributable to noncontrolling interest | 0 | 0 | ||
Comprehensive Loss Attributable to NRG Energy, Inc. | 176 | -19 | ||
Dividends for preferred shares | 0 | 0 | ||
Comprehensive Income/(Loss) Available for Common Stockholders | 176 | -19 | ||
Non-Guarantor Subsidiaries | ' | ' | ||
Operating Revenues | ' | ' | ||
Total operating revenues | 1,251 | 525 | ||
Operating Costs and Expenses | ' | ' | ||
Cost of operations | 974 | 515 | ||
Depreciation and amortization | 134 | 100 | ||
Selling, general and administrative | 57 | 52 | ||
Acquisition-related transaction and integration costs | 1 | 29 | ||
Development activity expenses | 10 | 6 | ||
Total operating costs and expenses | 1,176 | 702 | ||
Gain (Loss) on Disposition of Property Plant Equipment | 19 | ' | ||
Operating Income/(Loss) | 94 | -177 | ||
Other Income/(Expense) | ' | ' | ||
Equity in earnings/(losses) of consolidated subsidiaries | -6 | -2 | ||
Equity in earnings of unconsolidated affiliates | 1 | 2 | ||
Other income, net | 4 | 2 | ||
Loss on debt extinguishment | -9 | 0 | ||
Interest expense | -107 | -64 | ||
Total other expense | -117 | -62 | ||
Loss Before Income Taxes | -23 | -239 | ||
Income tax expense/(benefit) | -10 | -85 | ||
Net Loss | -13 | -154 | ||
Less: Net (loss)/income attributable to noncontrolling interest | -3 | 1 | ||
Net Loss Attributable to NRG Energy, Inc. | -10 | -155 | ||
Other Comprehensive Income/(Loss), net of tax | ' | ' | ||
Unrealized (loss)/gain on derivatives, net | -6 | 5 | ||
Foreign currency translation adjustments, net | 6 | ' | ||
Available-for-sale securities, net | 0 | 0 | ||
Defined benefit plan, net | 0 | 0 | ||
Other comprehensive income | 0 | 5 | ||
Comprehensive income/(loss) | -13 | -149 | ||
Comprehensive loss attributable to noncontrolling interest | -5 | 1 | ||
Comprehensive Loss Attributable to NRG Energy, Inc. | -8 | -150 | ||
Dividends for preferred shares | 0 | 0 | ||
Comprehensive Income/(Loss) Available for Common Stockholders | -8 | -150 | ||
NRG Energy, Inc. | ' | ' | ||
Operating Revenues | ' | ' | ||
Total operating revenues | 0 | 0 | ||
Operating Costs and Expenses | ' | ' | ||
Cost of operations | -4 | 7 | ||
Depreciation and amortization | 3 | 3 | ||
Selling, general and administrative | 64 | 67 | ||
Acquisition-related transaction and integration costs | 11 | 13 | ||
Development activity expenses | 9 | 12 | ||
Total operating costs and expenses | 83 | 102 | ||
Gain (Loss) on Disposition of Property Plant Equipment | 0 | ' | ||
Operating Income/(Loss) | -83 | -102 | ||
Other Income/(Expense) | ' | ' | ||
Equity in earnings/(losses) of consolidated subsidiaries | 115 | -164 | ||
Equity in earnings of unconsolidated affiliates | 0 | 0 | ||
Other income, net | 7 | 1 | ||
Loss on debt extinguishment | -32 | -28 | ||
Interest expense | -143 | -127 | ||
Total other expense | -53 | -318 | ||
Loss Before Income Taxes | -136 | -420 | ||
Income tax expense/(benefit) | -84 | -88 | ||
Net Loss | -52 | -332 | ||
Less: Net (loss)/income attributable to noncontrolling interest | 4 | 0 | ||
Net Loss Attributable to NRG Energy, Inc. | -56 | -332 | ||
Other Comprehensive Income/(Loss), net of tax | ' | ' | ||
Unrealized (loss)/gain on derivatives, net | 5 | 7 | ||
Foreign currency translation adjustments, net | 0 | ' | ||
Available-for-sale securities, net | 4 | 2 | ||
Defined benefit plan, net | 0 | 5 | ||
Other comprehensive income | 9 | 14 | ||
Comprehensive income/(loss) | -43 | -318 | ||
Comprehensive loss attributable to noncontrolling interest | 4 | 0 | ||
Comprehensive Loss Attributable to NRG Energy, Inc. | -47 | -318 | ||
Dividends for preferred shares | -2 | -2 | ||
Comprehensive Income/(Loss) Available for Common Stockholders | -49 | -320 | ||
Eliminations | ' | ' | ||
Operating Revenues | ' | ' | ||
Total operating revenues | -44 | [1] | -34 | [2] |
Operating Costs and Expenses | ' | ' | ||
Cost of operations | -30 | [1] | -27 | [2] |
Depreciation and amortization | 0 | [1] | 0 | [2] |
Selling, general and administrative | 0 | [1] | -7 | [2] |
Acquisition-related transaction and integration costs | 0 | [1] | 0 | [2] |
Development activity expenses | ' | [1] | 0 | [2] |
Total operating costs and expenses | -30 | [1] | -34 | [2] |
Gain (Loss) on Disposition of Property Plant Equipment | 0 | [1] | ' | |
Operating Income/(Loss) | -14 | [1] | 0 | [2] |
Other Income/(Expense) | ' | ' | ||
Equity in earnings/(losses) of consolidated subsidiaries | -158 | [1] | 165 | [2] |
Equity in earnings of unconsolidated affiliates | 2 | [1] | 0 | [2] |
Other income, net | -1 | [1] | 0 | [2] |
Loss on debt extinguishment | 0 | [1] | 0 | |
Interest expense | 1 | [1] | 0 | [2] |
Total other expense | -156 | [1] | 165 | [2] |
Loss Before Income Taxes | -170 | [1] | 165 | [2] |
Income tax expense/(benefit) | ' | [1] | 0 | [2] |
Net Loss | -170 | [1] | 165 | [2] |
Less: Net (loss)/income attributable to noncontrolling interest | -12 | [1] | 0 | [2] |
Net Loss Attributable to NRG Energy, Inc. | -158 | [1] | 165 | [2] |
Other Comprehensive Income/(Loss), net of tax | ' | ' | ||
Unrealized (loss)/gain on derivatives, net | -14 | [1] | 4 | [2] |
Foreign currency translation adjustments, net | 0 | [1] | ' | |
Available-for-sale securities, net | 2 | 0 | [2] | |
Defined benefit plan, net | 0 | 0 | ||
Other comprehensive income | -12 | [1] | 4 | [2] |
Comprehensive income/(loss) | -182 | [1] | 169 | [2] |
Comprehensive loss attributable to noncontrolling interest | -14 | [1] | 0 | [2] |
Comprehensive Loss Attributable to NRG Energy, Inc. | -168 | [1] | 169 | [2] |
Dividends for preferred shares | 0 | 0 | [2] | |
Comprehensive Income/(Loss) Available for Common Stockholders | ($168) | [1] | $169 | [2] |
[1] | (a)All significant intercompany transactions have been eliminated in consolidation. | |||
[2] | All significant intercompany transactions have been eliminated in consolidation. |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Details 3) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||||
In Millions, unless otherwise specified | ||||||||
Current Assets | ' | ' | ' | ' | ||||
Cash and cash equivalents | $3,187 | $2,254 | $1,707 | $2,087 | ||||
Funds deposited by counterparties | 4 | 63 | ' | ' | ||||
Restricted cash | 209 | 268 | ' | ' | ||||
Accounts receivable-trade, net | 1,149 | 1,214 | ' | ' | ||||
Inventory | 781 | 898 | ' | ' | ||||
Derivative instruments | 1,573 | 1,328 | ' | ' | ||||
Deferred income taxes | 78 | 258 | ' | ' | ||||
Cash collateral paid in support of energy risk management activities | 687 | 276 | ' | ' | ||||
Due from Affiliate, Current | 8 | ' | ' | ' | ||||
Renewable energy grant receivable | 116 | 539 | ' | ' | ||||
Prepayments and other current assets | 591 | 498 | ' | ' | ||||
Total current assets | 8,383 | 7,596 | ' | ' | ||||
Net property, plant and equipment | 19,644 | 19,851 | ' | ' | ||||
Other Assets | ' | ' | ' | ' | ||||
Investment in subsidiaries | 0 | 0 | ' | ' | ||||
Equity investments in affiliates | 462 | 453 | ' | ' | ||||
Capital leases and notes receivable, less current portion | 69 | 73 | ' | ' | ||||
Goodwill | 2,038 | 1,985 | ' | ' | ||||
Intangible assets, net | 1,300 | 1,140 | ' | ' | ||||
Nuclear decommissioning trust fund | 557 | 551 | ' | ' | ||||
Deferred income taxes | 1,416 | 1,202 | ' | ' | ||||
Derivative instruments | 333 | 311 | ' | ' | ||||
Other non-current assets | 759 | 740 | ' | ' | ||||
Total other assets | 6,934 | 6,455 | ' | ' | ||||
Total Assets | 34,961 | 33,902 | ' | ' | ||||
Current Liabilities | ' | ' | ' | ' | ||||
Current portion of long-term debt and capital leases | 685 | 1,050 | ' | ' | ||||
Accounts payable | 1,082 | 1,038 | ' | ' | ||||
Accounts payable — affiliate | 0 | 0 | ' | ' | ||||
Derivative instruments | 1,504 | 1,055 | ' | ' | ||||
Cash collateral received in support of energy risk management activities | 4 | 63 | ' | ' | ||||
Accrued expenses and other current liabilities | 950 | 998 | ' | ' | ||||
Total current liabilities | 4,225 | 4,204 | ' | ' | ||||
Other Liabilities | ' | ' | ' | ' | ||||
Long-term debt and capital leases | 16,803 | 15,767 | ' | ' | ||||
Nuclear decommissioning reserve | 298 | 294 | ' | ' | ||||
Nuclear decommissioning reserve | 324 | 324 | ' | ' | ||||
Deferred income taxes | 24 | 22 | ' | ' | ||||
Derivative instruments | 257 | 195 | ' | ' | ||||
Out-of-market contracts | 1,157 | 1,177 | ' | ' | ||||
Other non-current liabilities | 1,230 | 1,201 | ' | ' | ||||
Total non-current liabilities | 20,093 | 18,980 | ' | ' | ||||
Total Liabilities | 24,318 | 23,184 | ' | ' | ||||
3.625% convertible perpetual preferred stock | 249 | 249 | ' | ' | ||||
3.625% convertible perpetual preferred stock, interest rate (as a percentage) | 3.63% | 3.63% | 3.63% | ' | ||||
Total Stockholders' Equity | 10,394 | 10,469 | ' | ' | ||||
Total Liabilities and Stockholders' Equity | 34,961 | 33,902 | ' | ' | ||||
Guarantor Subsidiaries | ' | ' | ' | ' | ||||
Current Assets | ' | ' | ' | ' | ||||
Cash and cash equivalents | 22 | 56 | 68 | 78 | ||||
Funds deposited by counterparties | 4 | 7 | ' | ' | ||||
Restricted cash | 16 | 12 | ' | ' | ||||
Accounts receivable-trade, net | 906 | 965 | ' | ' | ||||
Inventory | 380 | 436 | ' | ' | ||||
Derivative instruments | 970 | 866 | ' | ' | ||||
Deferred income taxes | 0 | 0 | ' | ' | ||||
Cash collateral paid in support of energy risk management activities | 315 | 214 | ' | ' | ||||
Due from Affiliate, Current | 5,217 | ' | ' | ' | ||||
Renewable energy grant receivable | 0 | 0 | ' | ' | ||||
Prepayments and other current assets | 120 | 4,778 | ' | ' | ||||
Total current assets | 7,950 | 7,334 | ' | ' | ||||
Net property, plant and equipment | 9,023 | 9,116 | ' | ' | ||||
Other Assets | ' | ' | ' | ' | ||||
Investment in subsidiaries | 558 | 32 | ' | ' | ||||
Equity investments in affiliates | -27 | -30 | ' | ' | ||||
Capital leases and notes receivable, less current portion | 0 | 0 | ' | ' | ||||
Goodwill | 1,974 | 1,973 | ' | ' | ||||
Intangible assets, net | 1,075 | 925 | ' | ' | ||||
Nuclear decommissioning trust fund | 557 | 551 | ' | ' | ||||
Deferred income taxes | 3 | 0 | ' | ' | ||||
Derivative instruments | 130 | 110 | ' | ' | ||||
Other non-current assets | 87 | 76 | ' | ' | ||||
Total other assets | 4,357 | 3,637 | ' | ' | ||||
Total Assets | 21,330 | 20,087 | ' | ' | ||||
Current Liabilities | ' | ' | ' | ' | ||||
Current portion of long-term debt and capital leases | 1 | 1 | ' | ' | ||||
Accounts payable | 668 | 652 | ' | ' | ||||
Accounts payable — affiliate | 802 | 1,350 | ' | ' | ||||
Derivative instruments | 954 | 859 | ' | ' | ||||
Cash collateral received in support of energy risk management activities | 4 | 6 | ' | ' | ||||
Accrued expenses and other current liabilities | 246 | 297 | ' | ' | ||||
Total current liabilities | 2,675 | 3,165 | ' | ' | ||||
Other Liabilities | ' | ' | ' | ' | ||||
Long-term debt and capital leases | 317 | 317 | ' | ' | ||||
Nuclear decommissioning reserve | 298 | 294 | ' | ' | ||||
Nuclear decommissioning reserve | 324 | 324 | ' | ' | ||||
Deferred income taxes | 1,090 | 1,024 | ' | ' | ||||
Derivative instruments | 176 | 147 | ' | ' | ||||
Out-of-market contracts | 123 | 127 | ' | ' | ||||
Other non-current liabilities | 428 | 412 | ' | ' | ||||
Total non-current liabilities | 2,756 | 2,645 | ' | ' | ||||
Total Liabilities | 5,431 | 5,810 | ' | ' | ||||
3.625% convertible perpetual preferred stock | 0 | 0 | ' | ' | ||||
Total Stockholders' Equity | 15,899 | 14,277 | ' | ' | ||||
Total Liabilities and Stockholders' Equity | 21,330 | 20,087 | ' | ' | ||||
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ||||
Current Assets | ' | ' | ' | ' | ||||
Cash and cash equivalents | 1,459 | 870 | 1,140 | 1,258 | ||||
Funds deposited by counterparties | 0 | 56 | ' | ' | ||||
Restricted cash | 189 | 252 | ' | ' | ||||
Accounts receivable-trade, net | 243 | 249 | ' | ' | ||||
Inventory | 401 | 462 | ' | ' | ||||
Derivative instruments | 634 | 470 | ' | ' | ||||
Deferred income taxes | 41 | 41 | ' | ' | ||||
Cash collateral paid in support of energy risk management activities | 372 | 62 | ' | ' | ||||
Due from Affiliate, Current | 67 | ' | ' | ' | ||||
Renewable energy grant receivable | 116 | 539 | ' | ' | ||||
Prepayments and other current assets | 447 | 379 | ' | ' | ||||
Total current assets | 3,969 | 3,380 | ' | ' | ||||
Net property, plant and equipment | 10,498 | 10,604 | ' | ' | ||||
Other Assets | ' | ' | ' | ' | ||||
Investment in subsidiaries | -319 | 422 | ' | ' | ||||
Equity investments in affiliates | 594 | 583 | ' | ' | ||||
Capital leases and notes receivable, less current portion | 58 | 62 | ' | ' | ||||
Goodwill | 64 | 12 | ' | ' | ||||
Intangible assets, net | 242 | 232 | ' | ' | ||||
Nuclear decommissioning trust fund | 0 | 0 | ' | ' | ||||
Deferred income taxes | 689 | 681 | ' | ' | ||||
Derivative instruments | 208 | 202 | ' | ' | ||||
Other non-current assets | 280 | 281 | ' | ' | ||||
Total other assets | 1,816 | 2,475 | ' | ' | ||||
Total Assets | 16,283 | 16,459 | ' | ' | ||||
Current Liabilities | ' | ' | ' | ' | ||||
Current portion of long-term debt and capital leases | 664 | 1,029 | ' | ' | ||||
Accounts payable | 390 | 352 | ' | ' | ||||
Accounts payable — affiliate | 1,167 | 760 | ' | ' | ||||
Derivative instruments | 581 | 204 | ' | ' | ||||
Cash collateral received in support of energy risk management activities | 0 | 57 | ' | ' | ||||
Accrued expenses and other current liabilities | 480 | 410 | ' | ' | ||||
Total current liabilities | 3,282 | 2,812 | ' | ' | ||||
Other Liabilities | ' | ' | ' | ' | ||||
Long-term debt and capital leases | 8,147 | 7,837 | ' | ' | ||||
Nuclear decommissioning reserve | 0 | 0 | ' | ' | ||||
Nuclear decommissioning reserve | 0 | 0 | ' | ' | ||||
Deferred income taxes | -1,003 | -1,002 | ' | ' | ||||
Derivative instruments | 86 | 49 | ' | ' | ||||
Out-of-market contracts | 1,034 | 1,050 | ' | ' | ||||
Other non-current liabilities | 622 | 615 | ' | ' | ||||
Total non-current liabilities | 8,886 | 8,549 | ' | ' | ||||
Total Liabilities | 12,168 | 11,361 | ' | ' | ||||
3.625% convertible perpetual preferred stock | 0 | 0 | ' | ' | ||||
Total Stockholders' Equity | 4,115 | 5,098 | ' | ' | ||||
Total Liabilities and Stockholders' Equity | 16,283 | 16,459 | ' | ' | ||||
NRG Energy, Inc. | ' | ' | ' | ' | ||||
Current Assets | ' | ' | ' | ' | ||||
Cash and cash equivalents | 1,706 | 1,328 | 499 | 751 | ||||
Funds deposited by counterparties | 0 | 0 | ' | ' | ||||
Restricted cash | 4 | 4 | ' | ' | ||||
Accounts receivable-trade, net | 0 | 0 | ' | ' | ||||
Inventory | 0 | 0 | ' | ' | ||||
Derivative instruments | 0 | 0 | ' | ' | ||||
Deferred income taxes | 37 | 217 | ' | ' | ||||
Cash collateral paid in support of energy risk management activities | 0 | 0 | ' | ' | ||||
Due from Affiliate, Current | -4,043 | ' | ' | ' | ||||
Renewable energy grant receivable | 0 | 0 | ' | ' | ||||
Prepayments and other current assets | 24 | -3,802 | ' | ' | ||||
Total current assets | -2,272 | -2,253 | ' | ' | ||||
Net property, plant and equipment | 148 | 153 | ' | ' | ||||
Other Assets | ' | ' | ' | ' | ||||
Investment in subsidiaries | 19,103 | 18,266 | ' | ' | ||||
Equity investments in affiliates | 0 | 0 | ' | ' | ||||
Capital leases and notes receivable, less current portion | 131 | 105 | ' | ' | ||||
Goodwill | 0 | 0 | ' | ' | ||||
Intangible assets, net | 4 | 4 | ' | ' | ||||
Nuclear decommissioning trust fund | 0 | 0 | ' | ' | ||||
Deferred income taxes | 724 | 521 | ' | ' | ||||
Derivative instruments | 0 | 0 | ' | ' | ||||
Other non-current assets | 392 | 383 | ' | ' | ||||
Total other assets | 20,354 | 19,279 | ' | ' | ||||
Total Assets | 18,230 | 17,179 | ' | ' | ||||
Current Liabilities | ' | ' | ' | ' | ||||
Current portion of long-term debt and capital leases | 20 | 20 | ' | ' | ||||
Accounts payable | 24 | 34 | ' | ' | ||||
Accounts payable — affiliate | -736 | -1,253 | ' | ' | ||||
Derivative instruments | 0 | 0 | ' | ' | ||||
Cash collateral received in support of energy risk management activities | 0 | 0 | ' | ' | ||||
Accrued expenses and other current liabilities | 223 | 291 | ' | ' | ||||
Total current liabilities | -469 | -908 | ' | ' | ||||
Other Liabilities | ' | ' | ' | ' | ||||
Long-term debt and capital leases | 8,460 | 7,707 | ' | ' | ||||
Nuclear decommissioning reserve | 0 | 0 | ' | ' | ||||
Nuclear decommissioning reserve | 0 | 0 | ' | ' | ||||
Deferred income taxes | -63 | 0 | ' | ' | ||||
Derivative instruments | 0 | 0 | ' | ' | ||||
Out-of-market contracts | 0 | 0 | ' | ' | ||||
Other non-current liabilities | 179 | 174 | ' | ' | ||||
Total non-current liabilities | 8,576 | 7,881 | ' | ' | ||||
Total Liabilities | 8,107 | 6,973 | ' | ' | ||||
3.625% convertible perpetual preferred stock | 249 | 249 | ' | ' | ||||
3.625% convertible perpetual preferred stock, interest rate (as a percentage) | 3.63% | 3.63% | ' | ' | ||||
Total Stockholders' Equity | 9,874 | 9,957 | ' | ' | ||||
Total Liabilities and Stockholders' Equity | 18,230 | 17,179 | ' | ' | ||||
Eliminations | ' | ' | ' | ' | ||||
Current Assets | ' | ' | ' | ' | ||||
Cash and cash equivalents | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Funds deposited by counterparties | 0 | [1] | 0 | [1] | ' | ' | ||
Restricted cash | 0 | [1] | 0 | [1] | ' | ' | ||
Accounts receivable-trade, net | 0 | [1] | 0 | [1] | ' | ' | ||
Inventory | 0 | [1] | 0 | [1] | ' | ' | ||
Derivative instruments | -31 | [1] | -8 | [1] | ' | ' | ||
Deferred income taxes | 0 | [1] | 0 | [1] | ' | ' | ||
Cash collateral paid in support of energy risk management activities | 0 | [1] | 0 | [1] | ' | ' | ||
Due from Affiliate, Current | -1,233 | ' | ' | ' | ||||
Renewable energy grant receivable | 0 | 0 | ' | ' | ||||
Prepayments and other current assets | 0 | [1] | -857 | [1] | ' | ' | ||
Total current assets | -1,264 | [1] | -865 | [1] | ' | ' | ||
Net property, plant and equipment | -25 | [1] | -22 | [1] | ' | ' | ||
Other Assets | ' | ' | ' | ' | ||||
Investment in subsidiaries | -19,342 | [1] | -18,720 | [1] | ' | ' | ||
Equity investments in affiliates | -105 | [1] | -100 | [1] | ' | ' | ||
Capital leases and notes receivable, less current portion | -120 | [1] | -94 | [1] | ' | ' | ||
Goodwill | 0 | [1] | 0 | [1] | ' | ' | ||
Intangible assets, net | -21 | [1] | -21 | [1] | ' | ' | ||
Nuclear decommissioning trust fund | 0 | [1] | 0 | [1] | ' | ' | ||
Deferred income taxes | 0 | [1] | 0 | [1] | ' | ' | ||
Derivative instruments | -5 | [1] | -1 | [1] | ' | ' | ||
Other non-current assets | 0 | [1] | 0 | [1] | ' | ' | ||
Total other assets | -19,593 | [1] | -18,936 | [1] | ' | ' | ||
Total Assets | -20,882 | [1] | -19,823 | [1] | ' | ' | ||
Current Liabilities | ' | ' | ' | ' | ||||
Current portion of long-term debt and capital leases | 0 | [1] | 0 | [1] | ' | ' | ||
Accounts payable | 0 | [1] | 0 | [1] | ' | ' | ||
Accounts payable — affiliate | -1,233 | [1] | -857 | [1] | ' | ' | ||
Derivative instruments | -31 | [1] | -8 | [1] | ' | ' | ||
Cash collateral received in support of energy risk management activities | 0 | [1] | 0 | [1] | ' | ' | ||
Accrued expenses and other current liabilities | 1 | [1] | 0 | [1] | ' | ' | ||
Total current liabilities | -1,263 | [1] | -865 | [1] | ' | ' | ||
Other Liabilities | ' | ' | ' | ' | ||||
Long-term debt and capital leases | -121 | [1] | -94 | [1] | ' | ' | ||
Nuclear decommissioning reserve | 0 | [1] | 0 | [1] | ' | ' | ||
Nuclear decommissioning reserve | 0 | [1] | 0 | [1] | ' | ' | ||
Deferred income taxes | 0 | [1] | 0 | [1] | ' | ' | ||
Derivative instruments | -5 | [1] | -1 | [1] | ' | ' | ||
Out-of-market contracts | 0 | [1] | 0 | [1] | ' | ' | ||
Other non-current liabilities | 1 | [1] | 0 | [1] | ' | ' | ||
Total non-current liabilities | -125 | [1] | -95 | [1] | ' | ' | ||
Total Liabilities | -1,388 | [1] | -960 | [1] | ' | ' | ||
3.625% convertible perpetual preferred stock | 0 | [1] | 0 | [1] | ' | ' | ||
Total Stockholders' Equity | -19,494 | [1] | -18,863 | [1] | ' | ' | ||
Total Liabilities and Stockholders' Equity | ($20,882) | [1] | ($19,823) | [1] | ' | ' | ||
[1] | All significant intercompany transactions have been eliminated in consolidation. |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information (Details 4) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Cash Flows from Operating Activities | ' | ' | ||
Net Loss | ($67) | ($331) | ||
Adjustments to reconcile net loss to net cash provided/(used) by operating activities: | ' | ' | ||
Distributions and equity in (earnings)/losses of unconsolidated affiliates and consolidated subsidiaries | -2 | 0 | ||
Depreciation and amortization | 335 | 307 | ||
Provision for bad debts | 21 | 9 | ||
Amortization of nuclear fuel | 11 | 6 | ||
Amortization of financing costs and debt discount/premiums | -5 | -13 | ||
Amortization of intangibles and out-of-market contracts | 13 | 31 | ||
Amortization of unearned equity compensation | 8 | 18 | ||
Changes in deferred income taxes and liability for uncertain tax benefits | -111 | -215 | ||
Changes in nuclear decommissioning trust liability | 5 | 10 | ||
Changes in derivative instruments | 525 | 317 | ||
Changes in collateral deposits supporting energy risk management activities | -407 | -226 | ||
Cash used by changes in other working capital | 65 | -39 | ||
Net Cash (Used)/Provided by Operating Activities | 391 | -124 | ||
Cash Flows from Investing Activities | ' | ' | ||
Intercompany loans to subsidiaries | 0 | 0 | ||
Acquisitions of businesses, net of cash acquired | -218 | -18 | ||
Capital expenditures | -237 | -813 | ||
Decrease/(Increase) in restricted cash, net | 3 | -13 | ||
Increase in restricted cash - U.S. DOE projects | 56 | 12 | ||
Decrease/(increase) in notes receivable | -1 | 9 | ||
Investments in nuclear decommissioning trust fund securities | -188 | -95 | ||
Proceeds from sales of nuclear decommissioning trust fund securities | 183 | 85 | ||
Proceeds from renewable energy grants | 387 | 16 | ||
Proceeds from sale of assets, net of cash disposed of | 77 | 0 | ||
Cash proceeds to fund cash grant bridge loan payment | 57 | 0 | ||
Other | 3 | -1 | ||
Net Cash Provided/(Used) by Investing Activities | 124 | -836 | ||
Cash Flows from Financing Activities | ' | ' | ||
Proceeds from intercompany loans | 0 | 0 | ||
Payment of intercompany dividends | ' | -31 | ||
Payment of dividends to common and preferred stockholders | -41 | -31 | ||
Payment for treasury stock | 0 | -20 | ||
Net (payments for)/receipts from settlement of acquired derivatives that include financing elements | -223 | 98 | ||
Contributions and sale proceeds from noncontrolling interest in subsidiaries | -9 | -20 | ||
Proceeds from issuance of long-term debt | 1,564 | 736 | ||
Proceeds from issuance of common stock | 3 | 1 | ||
Payment of debt issuance costs | -23 | -5 | ||
Payments for short and long-term debt | -873 | -219 | ||
Net Cash (Used)/Provided by Financing Activities | 416 | 580 | ||
Effect of exchange rate changes on cash and cash equivalents | -2 | 0 | ||
Net Increase/(Decrease) in Cash and Cash Equivalents | 933 | -380 | ||
Cash and Cash Equivalents at Beginning of Period | 2,254 | 2,087 | ||
Cash and Cash Equivalents at End of Period | 3,187 | 1,707 | ||
Guarantor Subsidiaries | ' | ' | ||
Cash Flows from Operating Activities | ' | ' | ||
Net Loss | 168 | -10 | ||
Adjustments to reconcile net loss to net cash provided/(used) by operating activities: | ' | ' | ||
Depreciation and amortization | 198 | 204 | ||
Net Cash (Used)/Provided by Operating Activities | 446 | 200 | ||
Cash Flows from Investing Activities | ' | ' | ||
Intercompany loans to subsidiaries | -405 | -106 | ||
Acquisitions of businesses, net of cash acquired | 0 | 0 | ||
Capital expenditures | -73 | -66 | ||
Decrease/(Increase) in restricted cash, net | 0 | 0 | ||
Increase in restricted cash - U.S. DOE projects | -4 | 0 | ||
Decrease/(increase) in notes receivable | 0 | 0 | ||
Investments in nuclear decommissioning trust fund securities | -188 | -95 | ||
Proceeds from sales of nuclear decommissioning trust fund securities | 183 | 85 | ||
Proceeds from renewable energy grants | 0 | 0 | ||
Proceeds from sale of assets, net of cash disposed of | 0 | ' | ||
Cash proceeds to fund cash grant bridge loan payment | 0 | ' | ||
Other | 7 | -1 | ||
Net Cash Provided/(Used) by Investing Activities | -480 | -183 | ||
Cash Flows from Financing Activities | ' | ' | ||
Proceeds from intercompany loans | 0 | 0 | ||
Payment of intercompany dividends | ' | 0 | ||
Payment of dividends to common and preferred stockholders | 0 | ' | ||
Payment for treasury stock | ' | 0 | ||
Net (payments for)/receipts from settlement of acquired derivatives that include financing elements | 0 | -27 | ||
Contributions and sale proceeds from noncontrolling interest in subsidiaries | 0 | 0 | ||
Proceeds from issuance of long-term debt | 0 | 0 | ||
Proceeds from issuance of common stock | 0 | 0 | ||
Payment of debt issuance costs | 0 | 0 | ||
Payments for short and long-term debt | 0 | 0 | ||
Net Cash (Used)/Provided by Financing Activities | 0 | -27 | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | ' | ||
Net Increase/(Decrease) in Cash and Cash Equivalents | -34 | -10 | ||
Cash and Cash Equivalents at Beginning of Period | 56 | 78 | ||
Cash and Cash Equivalents at End of Period | 22 | 68 | ||
Non-Guarantor Subsidiaries | ' | ' | ||
Cash Flows from Operating Activities | ' | ' | ||
Net Loss | -13 | -154 | ||
Adjustments to reconcile net loss to net cash provided/(used) by operating activities: | ' | ' | ||
Depreciation and amortization | 134 | 100 | ||
Net Cash (Used)/Provided by Operating Activities | 430 | -241 | ||
Cash Flows from Investing Activities | ' | ' | ||
Intercompany loans to subsidiaries | 4 | 1 | ||
Acquisitions of businesses, net of cash acquired | -25 | -18 | ||
Capital expenditures | -162 | -731 | ||
Decrease/(Increase) in restricted cash, net | 3 | -12 | ||
Increase in restricted cash - U.S. DOE projects | 60 | 13 | ||
Decrease/(increase) in notes receivable | -1 | 1 | ||
Investments in nuclear decommissioning trust fund securities | 0 | 0 | ||
Proceeds from sales of nuclear decommissioning trust fund securities | 0 | 0 | ||
Proceeds from renewable energy grants | 387 | 16 | ||
Proceeds from sale of assets, net of cash disposed of | 0 | ' | ||
Cash proceeds to fund cash grant bridge loan payment | 57 | ' | ||
Other | -4 | 0 | ||
Net Cash Provided/(Used) by Investing Activities | 321 | -732 | ||
Cash Flows from Financing Activities | ' | ' | ||
Proceeds from intercompany loans | 0 | 0 | ||
Payment of intercompany dividends | ' | 0 | ||
Payment of dividends to common and preferred stockholders | 0 | ' | ||
Net (payments for)/receipts from settlement of acquired derivatives that include financing elements | -223 | 125 | ||
Contributions and sale proceeds from noncontrolling interest in subsidiaries | -9 | -20 | ||
Proceeds from issuance of long-term debt | 464 | 728 | ||
Proceeds from issuance of common stock | 0 | 0 | ||
Payment of debt issuance costs | -9 | -3 | ||
Payments for short and long-term debt | -405 | -15 | ||
Net Cash (Used)/Provided by Financing Activities | -164 | 855 | ||
Effect of exchange rate changes on cash and cash equivalents | -2 | ' | ||
Net Increase/(Decrease) in Cash and Cash Equivalents | 589 | -118 | ||
Cash and Cash Equivalents at Beginning of Period | 870 | 1,258 | ||
Cash and Cash Equivalents at End of Period | 1,459 | 1,140 | ||
NRG Energy, Inc. | ' | ' | ||
Cash Flows from Operating Activities | ' | ' | ||
Net Loss | -52 | -332 | ||
Adjustments to reconcile net loss to net cash provided/(used) by operating activities: | ' | ' | ||
Depreciation and amortization | 3 | 3 | ||
Net Cash (Used)/Provided by Operating Activities | -886 | -83 | ||
Cash Flows from Investing Activities | ' | ' | ||
Intercompany loans to subsidiaries | 401 | 0 | ||
Acquisitions of businesses, net of cash acquired | -193 | 0 | ||
Capital expenditures | -2 | -16 | ||
Decrease/(Increase) in restricted cash, net | 0 | -1 | ||
Increase in restricted cash - U.S. DOE projects | 0 | -1 | ||
Decrease/(increase) in notes receivable | 0 | 8 | ||
Investments in nuclear decommissioning trust fund securities | 0 | 0 | ||
Proceeds from sales of nuclear decommissioning trust fund securities | 0 | 0 | ||
Proceeds from renewable energy grants | 0 | 0 | ||
Proceeds from sale of assets, net of cash disposed of | 77 | ' | ||
Cash proceeds to fund cash grant bridge loan payment | 0 | ' | ||
Other | 0 | 0 | ||
Net Cash Provided/(Used) by Investing Activities | 283 | -26 | ||
Cash Flows from Financing Activities | ' | ' | ||
Proceeds from intercompany loans | 401 | 105 | ||
Payment of intercompany dividends | ' | -31 | ||
Payment of dividends to common and preferred stockholders | -41 | ' | ||
Payment for treasury stock | ' | -20 | ||
Net (payments for)/receipts from settlement of acquired derivatives that include financing elements | 0 | 0 | ||
Contributions and sale proceeds from noncontrolling interest in subsidiaries | 0 | 0 | ||
Proceeds from issuance of long-term debt | 1,100 | 8 | ||
Proceeds from issuance of common stock | 3 | 1 | ||
Payment of debt issuance costs | -14 | -2 | ||
Payments for short and long-term debt | -468 | -204 | ||
Net Cash (Used)/Provided by Financing Activities | 981 | -143 | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | ' | ||
Net Increase/(Decrease) in Cash and Cash Equivalents | 378 | -252 | ||
Cash and Cash Equivalents at Beginning of Period | 1,328 | 751 | ||
Cash and Cash Equivalents at End of Period | 1,706 | 499 | ||
Eliminations | ' | ' | ||
Cash Flows from Operating Activities | ' | ' | ||
Net Loss | -170 | [1] | 165 | [2] |
Adjustments to reconcile net loss to net cash provided/(used) by operating activities: | ' | ' | ||
Depreciation and amortization | 0 | [1] | 0 | [2] |
Net Cash (Used)/Provided by Operating Activities | 401 | [2] | 0 | [2] |
Cash Flows from Investing Activities | ' | ' | ||
Intercompany loans to subsidiaries | 0 | [2] | 105 | [2] |
Acquisitions of businesses, net of cash acquired | 0 | [2] | 0 | [2] |
Capital expenditures | 0 | [2] | 0 | [2] |
Decrease/(Increase) in restricted cash, net | 0 | [2] | 0 | [2] |
Increase in restricted cash - U.S. DOE projects | 0 | [2] | 0 | [2] |
Decrease/(increase) in notes receivable | 0 | [2] | 0 | [2] |
Investments in nuclear decommissioning trust fund securities | 0 | [2] | 0 | [2] |
Proceeds from sales of nuclear decommissioning trust fund securities | 0 | [2] | 0 | [2] |
Proceeds from renewable energy grants | 0 | [2] | 0 | [2] |
Proceeds from sale of assets, net of cash disposed of | 0 | [2] | ' | |
Cash proceeds to fund cash grant bridge loan payment | 0 | ' | ||
Other | 0 | [2] | 0 | [2] |
Net Cash Provided/(Used) by Investing Activities | 0 | [2] | 105 | [2] |
Cash Flows from Financing Activities | ' | ' | ||
Proceeds from intercompany loans | -401 | [2] | -105 | [2] |
Payment of intercompany dividends | ' | 0 | [2] | |
Payment of dividends to common and preferred stockholders | 0 | [2] | ' | |
Payment for treasury stock | ' | 0 | ||
Net (payments for)/receipts from settlement of acquired derivatives that include financing elements | 0 | [2] | 0 | [2] |
Contributions and sale proceeds from noncontrolling interest in subsidiaries | 0 | [2] | 0 | [2] |
Proceeds from issuance of long-term debt | 0 | [2] | 0 | [2] |
Proceeds from issuance of common stock | 0 | 0 | ||
Payment of debt issuance costs | 0 | [2] | 0 | [2] |
Payments for short and long-term debt | 0 | [2] | 0 | [2] |
Net Cash (Used)/Provided by Financing Activities | -401 | [2] | -105 | [2] |
Effect of exchange rate changes on cash and cash equivalents | 0 | [2] | ' | |
Net Increase/(Decrease) in Cash and Cash Equivalents | 0 | [2] | 0 | [2] |
Cash and Cash Equivalents at Beginning of Period | 0 | [2] | 0 | [2] |
Cash and Cash Equivalents at End of Period | $0 | [2] | $0 | [2] |
[1] | (a)All significant intercompany transactions have been eliminated in consolidation. | |||
[2] | All significant intercompany transactions have been eliminated in consolidation. |