Condensed Consolidating Financial Information | 3 Months Ended |
Mar. 31, 2015 |
Condensed Consolidating Financial Information Disclosure [Abstract] | |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information |
As of March 31, 2015, the Company had outstanding $6.4 billion of Senior Notes due from 2018 - 2024, 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 and NRG Yield, Inc. and its subsidiaries. |
Unless otherwise noted below, each of the following guarantor subsidiaries fully and unconditionally guaranteed the Senior Notes as of March 31, 2015: |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Ace Energy, Inc. | NEO Freehold-Gen LLC | NRG Operating Services, Inc. | | | | | | | | | | | | | | | | | |
Allied Warranty LLC | NEO Power Services Inc. | NRG Oswego Harbor Power Operations Inc. | | | | | | | | | | | | | | | | | |
Arthur Kill Power LLC | New Genco GP, LLC | NRG PacGen Inc. | | | | | | | | | | | | | | | | | |
Astoria Gas Turbine Power LLC | Norwalk Power LLC | NRG Portable Power LLC | | | | | | | | | | | | | | | | | |
Bayou Cove Peaking Power, LLC | NRG Affiliate Services Inc. | NRG Power Marketing LLC | | | | | | | | | | | | | | | | | |
BidURenergy, Inc. | NRG Artesian Energy LLC | NRG Reliability Solutions LLC | | | | | | | | | | | | | | | | | |
Cabrillo Power I LLC | NRG Arthur Kill Operations Inc. | NRG Renter's Protection LLC | | | | | | | | | | | | | | | | | |
Cabrillo Power II LLC | NRG Astoria Gas Turbine Operations Inc. | NRG Retail LLC | | | | | | | | | | | | | | | | | |
Carbon Management Solutions LLC | NRG Bayou Cove LLC | NRG Retail Northeast LLC | | | | | | | | | | | | | | | | | |
Cirro Group, Inc. | NRG Business Solutions LLC | NRG Rockford Acquisition LLC | | | | | | | | | | | | | | | | | |
Cirro Energy Services, Inc. | NRG Cabrillo Power Operations Inc. | NRG Saguaro Operations Inc. | | | | | | | | | | | | | | | | | |
Clean Edge Energy LLC | NRG California Peaker Operations LLC | NRG Security LLC | | | | | | | | | | | | | | | | | |
Conemaugh Power LLC | NRG Cedar Bayou Development Company, LLC | NRG Services Corporation | | | | | | | | | | | | | | | | | |
Connecticut Jet Power LLC | NRG Connected Home LLC | NRG SimplySmart Solutions LLC | | | | | | | | | | | | | | | | | |
Cottonwood Development LLC | NRG Connecticut Affiliate Services Inc. | NRG South Central Affiliate Services Inc. | | | | | | | | | | | | | | | | | |
Cottonwood Energy Company LP | NRG Construction LLC | NRG South Central Generating LLC | | | | | | | | | | | | | | | | | |
Cottonwood Generating Partners I LLC | NRG Curtailment Solutions LLC | NRG South Central Operations Inc. | | | | | | | | | | | | | | | | | |
Cottonwood Generating Partners II LLC | NRG Development Company Inc. | NRG South Texas LP | | | | | | | | | | | | | | | | | |
Cottonwood Generating Partners III LLC | NRG Devon Operations Inc. | NRG Texas C&I Supply LLC | | | | | | | | | | | | | | | | | |
Cottonwood Technology Partners LP | NRG Dispatch Services LLC | NRG Texas Gregory LLC | | | | | | | | | | | | | | | | | |
Devon Power LLC | NRG Distributed Generation PR LLC | NRG Texas Holding Inc. | | | | | | | | | | | | | | | | | |
Dunkirk Power LLC | NRG Dunkirk Operations Inc. | NRG Texas LLC | | | | | | | | | | | | | | | | | |
Eastern Sierra Energy Company LLC | NRG El Segundo Operations Inc. | NRG Texas Power LLC | | | | | | | | | | | | | | | | | |
El Segundo Power, LLC | NRG Energy Efficiency-L LLC | NRG Warranty Services LLC | | | | | | | | | | | | | | | | | |
El Segundo Power II LLC | NRG Energy Efficiency-P LLC | NRG West Coast LLC | | | | | | | | | | | | | | | | | |
Energy Alternatives Wholesale, LLC | NRG Energy Labor Services LLC | NRG Western Affiliate Services Inc. | | | | | | | | | | | | | | | | | |
Energy Curtailment Specialists, Inc. | NRG Energy Services Group LLC | O'Brien Cogeneration, Inc. II | | | | | | | | | | | | | | | | | |
Energy Plus Holdings LLC | NRG Energy Services International Inc. | ONSITE Energy, Inc. | | | | | | | | | | | | | | | | | |
Energy Plus Natural Gas LLC | NRG Energy Services LLC | Oswego Harbor Power LLC | | | | | | | | | | | | | | | | | |
Energy Protection Insurance Company | NRG Generation Holdings, Inc. | RE Retail Receivables, LLC | | | | | | | | | | | | | | | | | |
Everything Energy LLC | NRG Home & Business Solutions LLC | Reliant Energy Northeast LLC | | | | | | | | | | | | | | | | | |
Forward Home Security LLC | NRG Home Services LLC | Reliant Energy Power Supply, LLC | | | | | | | | | | | | | | | | | |
GCP Funding Company, LLC | NRG Home Solutions LLC | Reliant Energy Retail Holdings, LLC | | | | | | | | | | | | | | | | | |
Green Mountain Energy | NRG Home Solutions Product LLC | Reliant Energy Retail Services, LLC | | | | | | | | | | | | | | | | | |
Green Mountain Energy Co LLC | NRG Homer City Services LLC | RERH Holdings LLC | | | | | | | | | | | | | | | | | |
Gregory Partners, LLC | NRG Huntley Operations Inc. | Saguaro Power LLC | | | | | | | | | | | | | | | | | |
Gregory Power Partners LLC | NRG HQ DC LLC | Somerset Operations Inc. | | | | | | | | | | | | | | | | | |
Huntley Power LLC | NRG Identity Protect LLC | Somerset Power LLC | | | | | | | | | | | | | | | | | |
Independence Energy Alliance LLC | NRG Ilion Limited Partnership | Texas Genco Financing Corp. | | | | | | | | | | | | | | | | | |
Independence Energy Group LLC | NRG Ilion LP LLC | Texas Genco GP, LLC | | | | | | | | | | | | | | | | | |
Independence Energy Natural Gas LLC | NRG International LLC | Texas Genco Holdings, Inc. | | | | | | | | | | | | | | | | | |
Indian River Operations Inc. | NRG Maintenance Services LLC | Texas Genco LP, LLC | | | | | | | | | | | | | | | | | |
Indian River Power LLC | NRG Mextrans Inc. | Texas Genco Operating Services, LLC | | | | | | | | | | | | | | | | | |
Keystone Power LLC | NRG MidAtlantic Affiliate Services Inc. | Texas Genco Services, LP | | | | | | | | | | | | | | | | | |
Langford Wind Power, LLC | NRG Middletown Operations Inc. | US Retailers LLC | | | | | | | | | | | | | | | | | |
Louisiana Generating LLC | NRG Montville Operations Inc. | Vienna Operations Inc. | | | | | | | | | | | | | | | | | |
Meriden Gas Turbines LLC | NRG New Roads Holdings LLC | Vienna Power LLC | | | | | | | | | | | | | | | | | |
Middletown Power LLC | NRG North Central Operations Inc. | WCP (Generation) Holdings LLC | | | | | | | | | | | | | | | | | |
Montville Power LLC | NRG Northeast Affiliate Services Inc. | West Coast Power LLC | | | | | | | | | | | | | | | | | |
NEO Corporation | NRG Norwalk Harbor Operations 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. However, there may be restrictions for certain non-guarantor subsidiaries. |
The following condensed consolidating financial information presents the financial information of NRG Energy, Inc., the guarantor subsidiaries and the non-guarantor subsidiaries in accordance with Rule 3-10 under the SEC Regulation S-X. The financial information may not necessarily be indicative of results of operations or financial position had the guarantor subsidiaries or non-guarantor subsidiaries operated as independent entities. |
In this presentation, NRG Energy, Inc. consists of parent company operations. Guarantor subsidiaries and non-guarantor subsidiaries of NRG are reported on an equity basis. For companies acquired, the fair values of the assets and liabilities acquired have been presented on a push-down accounting basis. |
NRG ENERGY, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS |
For the Three Months Ended March 31, 2015 |
(Unaudited) |
|
| | | | | | | | | | | | | | | | | | | |
| Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | NRG Energy, Inc. | | Eliminations(a) | | Consolidated |
(Note Issuer) |
| (In millions) |
Operating Revenues | | | | | | | | | |
Total operating revenues | $ | 2,563 | | | $ | 1,303 | | | $ | — | | | $ | (40 | ) | | $ | 3,826 | |
|
Operating Costs and Expenses | | | | | | | | | |
Cost of operations | 2,104 | | | 995 | | | 12 | | | (49 | ) | | 3,062 | |
|
Depreciation and amortization | 204 | | | 186 | | | 5 | | | — | | | 395 | |
|
Selling, general and administrative | 102 | | | 101 | | | 60 | | | — | | | 263 | |
|
Acquisition-related transaction and integration costs | — | | | 2 | | | 8 | | | — | | | 10 | |
|
Development activity expenses | — | | | 15 | | | 19 | | | — | | | 34 | |
|
Total operating costs and expenses | 2,410 | | | 1,299 | | | 104 | | | (49 | ) | | 3,764 | |
|
Gain on postretirement benefits curtailment | — | | | 14 | | | — | | | — | | | 14 | |
|
Operating Income/(Loss) | 153 | | | 18 | | | (104 | ) | | 9 | | | 76 | |
|
Other Income/(Expense) | | | | | | | | | |
Equity in earnings of consolidated subsidiaries | (13 | ) | | (8 | ) | | 50 | | | (29 | ) | | — | |
|
Equity in earnings of unconsolidated affiliates | — | | | (4 | ) | | (1 | ) | | 2 | | | (3 | ) |
|
Other income, net | 1 | | | 17 | | | 1 | | | — | | | 19 | |
|
Loss on debt extinguishment | — | | | — | | | — | | | — | | | — | |
|
Interest expense | (4 | ) | | (158 | ) | | (139 | ) | | — | | | (301 | ) |
|
Total other expense | (16 | ) | | (153 | ) | | (89 | ) | | (27 | ) | | (285 | ) |
Income/(Loss) Before Income Taxes | 137 | | | (135 | ) | | (193 | ) | | (18 | ) | | (209 | ) |
|
Income tax expense/(benefit) | 54 | | | (60 | ) | | (67 | ) | | — | | | (73 | ) |
|
Net Income/(Loss) | 83 | | | (75 | ) | | (126 | ) | | (18 | ) | | (136 | ) |
|
Less: Net loss attributable to noncontrolling interest and redeemable noncontrolling interests | — | | | (21 | ) | | (6 | ) | | 11 | | | (16 | ) |
|
Net Income/(Loss) Attributable to | $ | 83 | | | $ | (54 | ) | | $ | (120 | ) | | $ | (29 | ) | | $ | (120 | ) |
NRG Energy, Inc. |
| | | | | | | | | | | | | | | | | | | |
(a) | All significant intercompany transactions have been eliminated in consolidation. | | | | | | | | | | | | | | | | | | |
|
NRG ENERGY, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME |
For the Three Months Ended March 31, 2015 |
(Unaudited) |
|
| | | | | | | | | | | | | | | | | | | |
| Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | NRG Energy, Inc. | | Eliminations(a) | | Consolidated |
(Note Issuer) |
| (In millions) |
Net Income/(Loss) | $ | 83 | | | $ | (75 | ) | | $ | (126 | ) | | $ | (18 | ) | | $ | (136 | ) |
|
Other Comprehensive Income/(Loss), net of tax | | | | | | | | | |
Unrealized (loss)/gain on derivatives, net | (7 | ) | | 11 | | | (16 | ) | | — | | | (12 | ) |
|
Foreign currency translation adjustments, net | — | | | (9 | ) | | (2 | ) | | — | | | (11 | ) |
|
Available-for-sale securities, net | — | | | (1 | ) | | — | | | — | | | (1 | ) |
|
Defined benefit plan, net | (3 | ) | | (1 | ) | | 11 | | | — | | | 7 | |
|
Other comprehensive (loss)/income | (10 | ) | | — | | | (7 | ) | | — | | | (17 | ) |
|
Comprehensive Income/(Loss) | 73 | | | (75 | ) | | (133 | ) | | (18 | ) | | (153 | ) |
|
Less: Comprehensive income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interest | — | | | (34 | ) | | (6 | ) | | 11 | | | (29 | ) |
|
Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. | 73 | | | (41 | ) | | (127 | ) | | (29 | ) | | (124 | ) |
|
Dividends for preferred shares | — | | | — | | | 5 | | | — | | | 5 | |
|
Comprehensive Income/(Loss) Available for Common Stockholders | $ | 73 | | | $ | (41 | ) | | $ | (132 | ) | | $ | (29 | ) | | $ | (129 | ) |
|
| | | | | | | | | | | | | | | | | | | |
(a) | All significant intercompany transactions have been eliminated in consolidation. | | | | | | | | | | | | | | | | | | |
NRG ENERGY, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATING BALANCE SHEETS |
March 31, 2015 |
(Unaudited) |
|
| | | | | | | | | | | | | | | | | | | |
| Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | NRG Energy, Inc. | | Eliminations(a) | | Consolidated |
(Note Issuer) |
ASSETS | (In millions) |
Current Assets | | | | | | | | | |
Cash and cash equivalents | $ | 13 | | | $ | 1,378 | | | $ | 773 | | | $ | — | | | $ | 2,164 | |
|
Funds deposited by counterparties | 39 | | | 29 | | | — | | | — | | | 68 | |
|
Restricted cash | 14 | | | 427 | | | 2 | | | — | | | 443 | |
|
Accounts receivable, net | 936 | | | 240 | | | 3 | | | — | | | 1,179 | |
|
Inventory | 505 | | | 604 | | | — | | | — | | | 1,109 | |
|
Derivative instruments | 1,480 | | | 938 | | | — | | | (389 | ) | | 2,029 | |
|
Cash collateral paid in support of energy risk management activities | 246 | | | 154 | | | — | | | — | | | 400 | |
|
Accounts receivable - affiliate | 8,656 | | | 2,103 | | | (5,750 | ) | | (5,002 | ) | | 7 | |
|
Deferred income taxes | — | | | 93 | | | 95 | | | — | | | 188 | |
|
Renewable energy grant receivable | — | | | 68 | | | — | | | — | | | 68 | |
|
Prepayments and other current assets | 148 | | | 319 | | | — | | | — | | | 467 | |
|
Total current assets | 12,037 | | | 6,353 | | | (4,877 | ) | | (5,391 | ) | | 8,122 | |
|
Net property, plant and equipment | 8,260 | | | 13,847 | | | 194 | | | (25 | ) | | 22,276 | |
|
Other Assets | | | | | | | | | |
Investment in subsidiaries | 422 | | | 2,542 | | | 21,907 | | | (24,871 | ) | | — | |
|
Equity investments in affiliates | (18 | ) | | 841 | | | 39 | | | (90 | ) | | 772 | |
|
Notes receivable, less current portion | — | | | 58 | | | 221 | | | (212 | ) | | 67 | |
|
Goodwill | 2,072 | | | 448 | | | — | | | — | | | 2,520 | |
|
Intangible assets, net | 859 | | | 1,637 | | | 1 | | | (6 | ) | | 2,491 | |
|
Nuclear decommissioning trust fund | 586 | | | — | | | — | | | — | | | 586 | |
|
Derivative instruments | 318 | | | 321 | | | 1 | | | (49 | ) | | 591 | |
|
Deferred income tax | (61 | ) | | 652 | | | 893 | | | — | | | 1,484 | |
|
Non-current assets held-for-sale | — | | | 17 | | | — | | | — | | | 17 | |
|
Other non-current assets | 112 | | | 681 | | | 611 | | | — | | | 1,404 | |
|
Total other assets | 4,290 | | | 7,197 | | | 23,673 | | | (25,228 | ) | | 9,932 | |
|
Total Assets | $ | 24,587 | | | $ | 27,397 | | | $ | 18,990 | | | $ | (30,644 | ) | | $ | 40,330 | |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | |
Current Liabilities | | | | | | | | | |
Current portion of long-term debt and capital leases | $ | 1 | | | $ | 445 | | | $ | 231 | | | $ | (212 | ) | | $ | 465 | |
|
Accounts payable | 645 | | | 358 | | | 42 | | | — | | | 1,045 | |
|
Accounts payable — affiliate | 2,336 | | | 2,853 | | | (576 | ) | | (4,613 | ) | | — | |
|
Derivative instruments | 1,439 | | | 834 | | | — | | | (389 | ) | | 1,884 | |
|
Cash collateral received in support of energy risk management activities | 39 | | | 29 | | | — | | | — | | | 68 | |
|
Accrued expenses and other current liabilities | 233 | | | 496 | | | 318 | | | — | | | 1,047 | |
|
Total current liabilities | 4,693 | | | 5,015 | | | 15 | | | (5,214 | ) | | 4,509 | |
|
Other Liabilities | | | | | | | | | |
Long-term debt and capital leases | 308 | | | 11,456 | | | 8,286 | | | — | | | 20,050 | |
|
Nuclear decommissioning reserve | 314 | | | — | | | — | | | — | | | 314 | |
|
Nuclear decommissioning trust liability | 328 | | | — | | | — | | | — | | | 328 | |
|
Deferred income taxes | 1,284 | | | (1,039 | ) | | (225 | ) | | — | | | 20 | |
|
Derivative instruments | 369 | | | 330 | | | — | | | (49 | ) | | 650 | |
|
Out-of-market contracts | 107 | | | 1,114 | | | — | | | — | | | 1,221 | |
|
Other non-current liabilities | 490 | | | 767 | | | 292 | | | — | | | 1,549 | |
|
Total non-current liabilities | 3,200 | | | 12,628 | | | 8,353 | | | (49 | ) | | 24,132 | |
|
Total liabilities | 7,893 | | | 17,643 | | | 8,368 | | | (5,263 | ) | | 28,641 | |
|
2.822% convertible perpetual preferred stock | — | | | — | | | 293 | | | — | | | 293 | |
|
Redeemable noncontrolling interest in subsidiaries | — | | | 19 | | | — | | | — | | | 19 | |
|
Stockholders’ Equity | 16,694 | | | 9,735 | | | 10,329 | | | (25,381 | ) | | 11,377 | |
|
Total Liabilities and Stockholders’ Equity | $ | 24,587 | | | $ | 27,397 | | | $ | 18,990 | | | $ | (30,644 | ) | | $ | 40,330 | |
|
| | | | | | | | | | | | | | | | | | | |
(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, 2015 |
(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 | $ | 820 | | | $ | (430 | ) | | $ | (539 | ) | | $ | 409 | | | $ | 260 | |
|
Cash Flows from Investing Activities | | | | | | | | | | | |
|
(Payments for)/proceeds from intercompany loans to subsidiaries | (737 | ) | | 328 | | | 409 | | | — | | | — | |
|
Acquisition of businesses, net of cash acquired | — | | | (1 | ) | | — | | | — | | | (1 | ) |
|
Capital expenditures | (89 | ) | | (157 | ) | | (6 | ) | | — | | | (252 | ) |
|
Increase in restricted cash, net | — | | | (11 | ) | | — | | | — | | | (11 | ) |
|
Decrease/(increase) in restricted cash — U.S. DOE projects | — | | | 24 | | | 1 | | | — | | | 25 | |
|
Decrease in notes receivable | — | | | 5 | | | — | | | — | | | 5 | |
|
Investments in nuclear decommissioning trust fund securities | (193 | ) | | — | | | — | | | — | | | (193 | ) |
|
Proceeds from sales of nuclear decommissioning trust fund securities | 196 | | | — | | | — | | | — | | | 196 | |
|
Proceeds from renewable energy grants | — | | | 2 | | | — | | | — | | | 2 | |
|
Other | (2 | ) | | (2 | ) | | (37 | ) | | — | | | (41 | ) |
|
Net Cash Used by Investing Activities | (825 | ) | | 188 | | | 367 | | | — | | | (270 | ) |
|
Cash Flows from Financing Activities | | | | | | | | | | | |
|
Proceeds/(payments) from intercompany loans | — | | | — | | | 409 | | | (409 | ) | | — | |
|
Payment of dividends to common and preferred stockholders | — | | | — | | | (51 | ) | | — | | | (51 | ) |
|
Payment for treasury stock | — | | | — | | | (79 | ) | | — | | | (79 | ) |
|
Net payments for settlement of acquired derivatives that include financing elements | — | | | 40 | | | — | | | — | | | 40 | |
|
Proceeds from issuance of long-term debt | — | | | 221 | | | 27 | | | — | | | 248 | |
|
Contributions to, net of distributions from, noncontrolling interest in subsidiaries | — | | | (25 | ) | | — | | | — | | | (25 | ) |
|
Proceeds from issuance of common stock | — | | | — | | | 1 | | | — | | | 1 | |
|
Payments for short and long-term debt | — | | | (89 | ) | | (5 | ) | | — | | | (94 | ) |
|
Net Cash Provided by Financing Activities | — | | | 147 | | | 302 | | | (409 | ) | | 40 | |
|
Effect of exchange rate changes on cash and cash equivalents | — | | | 18 | | | — | | | — | | | 18 | |
|
Net (Decrease)/Increase in Cash and Cash Equivalents | (5 | ) | | (77 | ) | | 130 | | | — | | | 48 | |
|
Cash and Cash Equivalents at Beginning of Period | 18 | | | 1,455 | | | 643 | | | — | | | 2,116 | |
|
Cash and Cash Equivalents at End of Period | $ | 13 | | | $ | 1,378 | | | $ | 773 | | | $ | — | | | $ | 2,164 | |
|
| | | | | | | | | | | | | | | | | | | |
(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, 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 | 1,797 | | | 974 | | | (4 | ) | | (30 | ) | | 2,737 | |
|
Depreciation and amortization | 198 | | | 134 | | | 3 | | | — | | | 335 | |
|
Selling, general and administrative | 101 | | | 57 | | | 64 | | | — | | | 222 | |
|
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/(losses) 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 income/(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 Loss | 168 | | | (13 | ) | | (52 | ) | | (170 | ) | | (67 | ) |
|
Less: Net (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest | — | | | (3 | ) | | 4 | | | (12 | ) | | (11 | ) |
|
Net Income/(Loss) Attributable to NRG Energy, Inc. | $ | 168 | | | $ | (10 | ) | | $ | (56 | ) | | $ | (158 | ) | | $ | (56 | ) |
|
| | | | | | | | | | | | | | | | | | | |
(a) | All significant intercompany transactions have been eliminated in consolidation. | | | | | | | | | | | | | | | | | | |
NRG ENERGY, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME |
For the Three Months Ended 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 (Loss)/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 | 2 | | | — | | | — | | | — | | | 2 | |
|
Other comprehensive income/(loss) | 8 | | | — | | | 9 | | | (12 | ) | | 5 | |
|
Comprehensive Income/(Loss) | 176 | | | (13 | ) | | (43 | ) | | (182 | ) | | (62 | ) |
|
Less: Comprehensive (loss)/income attributable to noncontrolling interest and redeemable 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 |
December 31, 2014 |
|
| | | | | | | | | | | | | | | | | | | |
| Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | NRG Energy, Inc. | | Eliminations(a) | | Consolidated |
(Note Issuer) |
ASSETS | (In millions) |
Current Assets | | | | | | | | | |
Cash and cash equivalents | $ | 18 | | | $ | 1,455 | | | $ | 643 | | | $ | — | | | $ | 2,116 | |
|
Funds deposited by counterparties | 9 | | | 63 | | | — | | | — | | | 72 | |
|
Restricted cash | 5 | | | 451 | | | 1 | | | — | | | 457 | |
|
Accounts receivable, net | 924 | | | 392 | | | 6 | | | — | | | 1,322 | |
|
Inventory | 537 | | | 710 | | | — | | | — | | | 1,247 | |
|
Derivative instruments | 1,657 | | | 1,209 | | | — | | | (441 | ) | | 2,425 | |
|
Accounts receivable - affiliate | 7,449 | | | 1,988 | | | (5,991 | ) | | (3,437 | ) | | 9 | |
|
Cash collateral paid in support of energy risk management activities | 114 | | | 73 | | | — | | | — | | | 187 | |
|
Renewable energy grant receivable | — | | | 134 | | | 1 | | | — | | | 135 | |
|
Prepayments and other current assets | 94 | | | 175 | | | 343 | | | — | | | 612 | |
|
Total current assets | 10,807 | | | 6,650 | | | (4,997 | ) | | (3,878 | ) | | 8,582 | |
|
Net Property, Plant and Equipment | 8,344 | | | 13,877 | | | 171 | | | (25 | ) | | 22,367 | |
|
Other Assets | | | | | | | | | |
Investment in subsidiaries | 140 | | | 2,293 | | | 23,410 | | | (25,843 | ) | | — | |
|
Equity investments in affiliates | (18 | ) | | 891 | | | — | | | (102 | ) | | 771 | |
|
Capital leases and notes receivable, less current portion | 1 | | | 60 | | | 109 | | | (98 | ) | | 72 | |
|
Goodwill | 1,921 | | | 653 | | | — | | | — | | | 2,574 | |
|
Intangible assets, net | 765 | | | 1,806 | | | 2 | | | (6 | ) | | 2,567 | |
|
Nuclear decommissioning trust fund | 585 | | | — | | | — | | | — | | | 585 | |
|
Deferred income taxes | (247 | ) | | 816 | | | 837 | | | — | | | 1,406 | |
|
Derivative instruments | 242 | | | 288 | | | 1 | | | (51 | ) | | 480 | |
|
Non-current assets held for sale | — | | | 17 | | | — | | | — | | | 17 | |
|
Other non-current assets | 113 | | | 623 | | | 508 | | | — | | | 1,244 | |
|
Total other assets | 3,502 | | | 7,447 | | | 24,867 | | | (26,100 | ) | | 9,716 | |
|
Total Assets | $ | 22,653 | | | $ | 27,974 | | | $ | 20,041 | | | $ | (30,003 | ) | | $ | 40,665 | |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | |
Current Liabilities | | | | | | | | | |
Current portion of long-term debt and capital leases | $ | 1 | | | $ | 444 | | | $ | 127 | | | $ | (98 | ) | | $ | 474 | |
|
Accounts payable | 598 | | | 416 | | | 46 | | | — | | | 1,060 | |
|
Accounts payable — affiliate | 1,588 | | | 2,447 | | | (598 | ) | | (3,437 | ) | | — | |
|
Deferred Income Taxes | 7 | | | — | | | (7 | ) | | — | | | — | |
|
Derivative instruments | 1,532 | | | 963 | | | — | | | (441 | ) | | 2,054 | |
|
Cash collateral received in support of energy risk management activities | 9 | | | 63 | | | — | | | — | | | 72 | |
|
Accrued expenses and other current liabilities | 283 | | | 498 | | | 418 | | | — | | | 1,199 | |
|
Total current liabilities | 4,018 | | | 4,831 | | | (14 | ) | | (3,976 | ) | | 4,859 | |
|
Other Liabilities | | | | | | | | | |
Long-term debt and capital leases | 307 | | | 11,226 | | | 8,367 | | | — | | | 19,900 | |
|
Nuclear decommissioning reserve | 310 | | | — | | | — | | | — | | | 310 | |
|
Nuclear decommissioning trust liability | 333 | | | — | | | — | | | — | | | 333 | |
|
Deferred income taxes | 1,036 | | | (1,012 | ) | | (3 | ) | | — | | | 21 | |
|
Derivative instruments | 248 | | | 241 | | | — | | | (51 | ) | | 438 | |
|
Out-of-market contracts | 111 | | | 1,133 | | | — | | | — | | | 1,244 | |
|
Other non-current liabilities | 465 | | | 795 | | | 314 | | | — | | | 1,574 | |
|
Total non-current liabilities | 2,810 | | | 12,383 | | | 8,678 | | | (51 | ) | | 23,820 | |
|
Total Liabilities | 6,828 | | | 17,214 | | | 8,664 | | | (4,027 | ) | | 28,679 | |
|
2.822% Preferred Stock | — | | | — | | | 291 | | | — | | | 291 | |
|
Redeemable noncontrolling interest in subsidiaries | — | | | 19 | | | — | | | — | | | 19 | |
|
Stockholders’ Equity | 15,825 | | | 10,741 | | | 11,086 | | | (25,976 | ) | | 11,676 | |
|
Total Liabilities and Stockholders’ Equity | $ | 22,653 | | | $ | 27,974 | | | $ | 20,041 | | | $ | (30,003 | ) | | $ | 40,665 | |
|
| | | | | | | | | | | | | | | | | | | |
(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 Balance |
(Note Issuer) |
| (In millions) |
Cash Flows from Operating Activities | | | | | | | | | |
Net Cash Provided 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 | ) |
|
(Increase)/decrease in restricted cash, net | — | | | 3 | | | — | | | — | | | 3 | |
|
Increase in restricted cash — U.S. DOE projects | (4 | ) | | 60 | | | — | | | — | | | 56 | |
|
Decrease/(increase) 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 | — | | | — | | | 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 intercompany loans | — | | | — | | | 401 | | | (401 | ) | | — | |
|
Payment of dividends to preferred stockholders | — | | | — | | | (41 | ) | | — | | | (41 | ) |
|
Net (payment for)/receipts from settlement of acquired derivatives that include financing elements | — | | | (223 | ) | | — | | | — | | | (223 | ) |
|
Proceeds from issuance of long-term debt | — | | | 464 | | | 1,100 | | | — | | | 1,564 | |
|
Proceeds from issuance of common stock | — | | | — | | | 3 | | | — | | | 3 | |
|
Sale proceeds and other contributions from noncontrolling interest in subsidiaries | — | | | 9 | | | — | | | — | | | 9 | |
|
Payment of debt issuance 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. | | | | | | | | | | | | | | | | | | |