Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 31, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | NRG ENERGY, INC. | |
Entity Central Index Key | 1,013,871 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
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 | 314,176,328 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |||||
Operating Revenues | ||||||||
Total operating revenues | $ 4,431 | [1] | $ 4,569 | [2] | $ 11,654 | [1] | $ 11,676 | [1] |
Operating Costs and Expenses | ||||||||
Cost of operations | 3,034 | 3,278 | 8,530 | 8,843 | ||||
Depreciation and amortization | 382 | 375 | 1,173 | 1,096 | ||||
Asset Impairment Charges | 263 | 70 | 263 | 70 | ||||
Selling, general and administrative | 332 | 258 | 886 | 737 | ||||
Acquisition-related transaction and integration costs | 3 | 17 | 16 | 69 | ||||
Development activity expenses | 38 | 22 | 113 | 62 | ||||
Total operating costs and expenses | 4,052 | 4,020 | 10,981 | 10,877 | ||||
Gain on postretirement benefits curtailment and sale of assets | 0 | 0 | 14 | 19 | ||||
Operating Income | 379 | 549 | 687 | 818 | ||||
Other Income/(Expense) | ||||||||
Equity in earnings of unconsolidated affiliates | 24 | 18 | 29 | 39 | ||||
Other income/(expense), net | 4 | (3) | 27 | 13 | ||||
Loss on debt extinguishment | (2) | (13) | (9) | (94) | ||||
Interest expense | (291) | (280) | (855) | (809) | ||||
Total other expense | (265) | (278) | (808) | (851) | ||||
Income/(Loss) Before Income Taxes | 114 | 271 | (121) | (33) | ||||
Income tax expense/(benefit) | 47 | 89 | (43) | (68) | ||||
Net Income | 67 | 182 | (78) | 35 | ||||
Less: Net income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interests | 1 | 14 | (10) | 20 | ||||
Net Income Attributable to NRG Energy, Inc. | 66 | 168 | (68) | 15 | ||||
Dividends for preferred shares | 5 | 2 | 15 | 7 | ||||
Income Available for Common Stockholders | $ 61 | $ 166 | $ (83) | $ 8 | ||||
Earnings per Share Attributable to NRG Energy, Inc. Common Stockholders | ||||||||
Weighted average number of common shares outstanding - basic | 331 | 338 | 334 | 333 | ||||
Earnings per Weighted Average Common Share — Basic | $ 0.18 | $ 0.49 | $ (0.25) | $ 0.02 | ||||
Weighted average number of common shares outstanding — diluted | 332 | 343 | 334 | 338 | ||||
Earnings per Weighted Average Common Share — Diluted | $ 0.18 | $ 0.48 | $ (0.25) | $ 0.02 | ||||
Dividends Per Common Share | $ 0.15 | $ 0.14 | $ 0.44 | $ 0.40 | ||||
[1] | (a) Operating revenues include inter-segment sales and net derivative gains and losses of:$309 $1 $— $9 $— $50 $— $369 | |||||||
[2] | (c) Operating revenues include inter-segment sales and net derivative gains and losses of:$595 $1 $— $6 $— $62 $— $664 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net Income | $ 67 | $ 182 | $ (78) | $ 35 |
Other Comprehensive Income/(Loss), net of tax | ||||
Unrealized (loss)/gain on derivatives, net of income tax (benefit)/expense of $(12), $4, $(6) and $(11) | (6) | 4 | (2) | (24) |
Foreign currency translation adjustments, net of income tax benefit of $(5), $(6), $(6) and $(2) | (8) | (6) | (10) | (3) |
Available-for-sale securities, net of income tax expense/(benefit) of $6, $(1), $1 and $0 | (7) | (2) | (11) | 2 |
Defined benefit plans, net of tax expense/(benefit) of $2, $0, $6 and $(7) | 3 | (3) | 9 | 9 |
Other comprehensive loss | (18) | (7) | (14) | (16) |
Comprehensive Income | 49 | 175 | (92) | 19 |
Less: Comprehensive income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interests | (17) | 17 | (34) | 14 |
Comprehensive Income Attributable to NRG Energy, Inc. | 66 | 158 | (58) | 5 |
Dividends for preferred shares | 5 | 2 | 15 | 7 |
Comprehensive Income/(Loss) Available for Common Stockholders | $ 61 | $ 156 | $ (73) | $ (2) |
Condensed Consolidated Stateme4
Condensed Consolidated Statement of Comprehensive Loss Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gain/loss on derivatives, income tax benefit | $ (12) | $ 4 | $ (6) | $ (11) |
Foreign currency translation adjustments, income tax benefit | (5) | (6) | (6) | (2) |
Available-for-sale securities, income tax expense | 6 | (1) | (1) | 0 |
Defined benefit plans, income tax expense | $ 2 | $ 0 | $ 6 | $ (7) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 2,265 | $ 2,116 |
Funds deposited by counterparties | 68 | 72 |
Restricted cash | 497 | 457 |
Accounts receivable — trade, less allowance for doubtful accounts of $26 and $23 | 1,492 | 1,322 |
Inventory | 1,149 | 1,247 |
Derivative instruments | 1,580 | 2,425 |
Cash collateral paid in support of energy risk management activities | 367 | 187 |
Deferred income taxes | 169 | 174 |
Renewable energy grant receivable, net | 26 | 135 |
Prepayments and other current assets | 460 | 447 |
Total current assets | 8,073 | 8,582 |
Property, plant and equipment, net of accumulated depreciation of $8,969 and $7,890 | 21,985 | 22,367 |
Other Assets | ||
Equity investments in affiliates | 1,068 | 771 |
Notes receivable, less current portion | 62 | 72 |
Goodwill | 2,503 | 2,574 |
Intangible assets, net of accumulated amortization of $1,590 and $1,402 | 2,371 | 2,567 |
Nuclear decommissioning trust fund | 551 | 585 |
Derivative instruments | 522 | 480 |
Deferred income taxes | 1,427 | 1,406 |
Other non-current assets | 1,426 | 1,261 |
Total other assets | 9,930 | 9,716 |
Total Assets | 39,988 | 40,665 |
Current Liabilities | ||
Current portion of long-term debt and capital leases | 457 | 474 |
Accounts payable | 1,173 | 1,060 |
Derivative instruments | 1,416 | 2,054 |
Cash collateral received in support of energy risk management activities | 68 | 72 |
Accrued expenses and other current liabilities | 1,222 | 1,199 |
Total current liabilities | 4,336 | 4,859 |
Other Liabilities | ||
Long-term debt and capital leases | 19,598 | 19,900 |
Nuclear decommissioning reserve | 322 | 310 |
Nuclear decommissioning trust liability | 280 | 333 |
Deferred income taxes | 20 | 21 |
Derivative instruments | 619 | 438 |
Out-of-market contracts, net of accumulated amortization of $639 and $562 | 1,168 | 1,244 |
Other non-current liabilities | 1,478 | 1,574 |
Total non-current liabilities | 23,485 | 23,820 |
Total Liabilities | 27,821 | 28,679 |
2.822% convertible perpetual preferred stock | 299 | 291 |
Redeemable noncontrolling interest in subsidiaries | 29 | 19 |
Stockholders’ Equity | ||
Common stock | 4 | 4 |
Additional paid-in capital | 8,382 | 8,327 |
Retained earnings | 3,358 | 3,588 |
Less treasury stock, at cost — 97,190,988 and 78,843,552 shares, respectively | (2,330) | (1,983) |
Accumulated other comprehensive loss | (188) | (174) |
Noncontrolling interest | 2,613 | 1,914 |
Total Stockholders’ Equity | 11,839 | 11,676 |
Total Liabilities and Stockholders’ Equity | $ 39,988 | $ 40,665 |
Condensed Consolidated Balance6
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Accounts receivable - trade, allowance for doubtful accounts | $ 26 | $ 23 |
Property, plant and equipment, accumulated depreciation | 8,969 | 7,890 |
Intangible assets, accumulated amortization | 1,590 | 1,402 |
Accumulated Amortization of Out of Market Contracts | $ 639 | $ 562 |
Convertible perpetual preferred stock, interest rate (as a percentage) | 2.822% | 2.822% |
Treasury stock, shares (in shares) | 97,190,988 | 78,843,552 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash Flows from Operating Activities | ||
Net Income | $ (78) | $ 35 |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Distributions and equity in earnings of unconsolidated affiliates | 28 | 32 |
Depreciation and amortization | 1,173 | 1,096 |
Provision for bad debts | 49 | 49 |
Amortization of nuclear fuel | 36 | 33 |
Amortization of financing costs and debt discount/premiums | (9) | (9) |
Adjustment for debt extinguishment | 9 | 24 |
Amortization of intangibles and out-of-market contracts | 68 | 52 |
Amortization of unearned equity compensation | 37 | 32 |
Changes in deferred income taxes and liability for uncertain tax benefits | (72) | (75) |
Changes in nuclear decommissioning trust liability | 1 | 12 |
Changes in derivative instruments | 180 | 248 |
Changes in collateral deposits supporting energy risk management activities | (180) | (100) |
Loss on sale of emission allowances | (6) | 2 |
Gain on postretirement benefits curtailment and sale of assets | (14) | (26) |
Impairment losses | 263 | 70 |
Cash used by changes in other working capital | (93) | (361) |
Net Cash Provided by Operating Activities | 1,392 | 1,114 |
Cash Flows from Investing Activities | ||
Acquisitions of businesses, net of cash acquired | (31) | (2,832) |
Capital expenditures | (889) | (675) |
Increase in restricted cash, net | (41) | (52) |
Decrease in restricted cash to support equity requirements for U.S. DOE funded projects | 1 | 21 |
Decrease in notes receivable | 10 | 21 |
Investments in nuclear decommissioning trust fund securities | (500) | (475) |
Proceeds from the sale of nuclear decommissioning trust fund securities | 499 | 463 |
Proceeds from renewable energy grants and state rebates | 62 | 431 |
Proceeds from sale of assets, net of cash disposed of | 1 | 153 |
Cash proceeds to fund cash grant bridge loan payment | 0 | 57 |
Investments in unconsolidated affiliates | (357) | (87) |
Other | 13 | 17 |
Net Cash Used by Investing Activities | (1,232) | (2,958) |
Cash Flows from Financing Activities | ||
Payment of dividends to common and preferred stockholders | (152) | (140) |
Payment for treasury stock | (353) | 0 |
Net receipts from/(payments for) settlement of acquired derivatives that include financing elements | 138 | (64) |
Proceeds from issuance of long-term debt | 679 | 4,456 |
Distributions from, net of contributions to, noncontrolling interest in subsidiaries | 651 | 639 |
Proceeds from issuance of common stock | 1 | 15 |
Payment of debt issuance costs | (14) | (57) |
Payments for short and long-term debt | (954) | (3,308) |
Other | (22) | 0 |
Net Cash (Used)/Provided by Financing Activities | (26) | 1,541 |
Effect of exchange rate changes on cash and cash equivalents | 15 | 2 |
Net Increase/ (Decrease) in Cash and Cash Equivalents | 149 | (301) |
Cash and Cash Equivalents at Beginning of Period | 2,116 | 2,254 |
Cash and Cash Equivalents at End of Period | $ 2,265 | $ 1,953 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
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 company, which produces, sells and delivers energy and energy products and services in major competitive power markets primarily in the U.S. while positioning itself as a leader in the way residential, industrial and commercial consumers think about and use energy products and services. NRG has one of the nation's largest and most diverse competitive power generation portfolios balanced with one of the nation's largest retail energy providers. The Company owns and operates approximately 50,000 MWs of generation; engages in the trading of wholesale energy, capacity and related products; transacts in and trades fuel and transportation services; and directly sells energy, services, and innovative, sustainable products and services to retail customers under the name “NRG” and various other retail brand names owned by NRG. On June 29, 2015, NRG Yield, Inc. closed on its offering of 28,198,000 shares of Class C common stock at a price of $22 per share, which included 3,678,000 shares of Class C common stock purchased by the underwriters through an over-allotment option. Net proceeds to NRG Yield, Inc. from the sale of the Class C common stock were $599 million , net of underwriting discounts and commissions of $21 million . The additional equity offering reduced the Company's economic interest in NRG Yield, Inc. to 46.7% and its voting interest to 55.1% . The Company continues to consolidate NRG Yield, Inc. through its controlling interest. The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with the SEC's regulations for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. The following notes should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to the consolidated financial statements in the Company's 2014 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 September 30, 2015 , and the results of operations, comprehensive income/(loss) and cash flows for the nine months ended September 30, 2015 , and 2014 . Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Reclassifications Certain prior year amounts have been reclassified for comparative purposes. The reclassifications did not affect results from operations, net assets or cash flows. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
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 $69 million which were accrued and unpaid at September 30, 2015 . Noncontrolling Interest The following table reflects the changes in NRG's noncontrolling interest balance: (In millions) Balance as of December 31, 2014 $ 1,914 Sale of assets to NRG Yield, Inc. (27 ) Distributions to noncontrolling interest (115 ) Contributions from noncontrolling interest 153 Increase to noncontrolling interest due to NRG Yield, Inc. acquisitions 74 Proceeds received from NRG Yield, Inc. public offering 599 Non-cash adjustments for equity component of NRG Yield, Inc. convertible notes 23 Non-cash increase to noncontrolling interest 19 Comprehensive loss attributable to noncontrolling interest (27 ) Balance as of September 30, 2015 $ 2,613 NRG DGPV Holdco 1 LLC On May 8, 2015, NRG Yield DGPV Holding LLC, a subsidiary of NRG Yield, Inc., and NRG Renew LLC, a subsidiary of the Company, entered into a partnership by forming NRG DGPV Holdco 1 LLC, or DGPV Holdco, the purpose of which is to own or purchase solar power generation projects and other ancillary related assets from NRG Renew LLC, via intermediate funds, including: (i) a tax equity-financed portfolio of 11 recently completed community solar projects representing approximately 11 MW with a weighted average remaining PPA term of 20 years ; and (ii) a tax equity-financed portfolio of approximately 29 commercial photovoltaic systems representing approximately 89 MW. As of September 30, 2015, NRG Yield, Inc.'s investment in DGPV Holdco related to the recently completed community solar projects was $17 million . Additionally, as of September 30, 2015, NRG Yield, Inc.'s investment related to commercial photovoltaic systems was $2 million . The following illustrates the structure of DGPV Holdco: NRG RPV Holdco 1 LLC On April 9, 2015, NRG Yield RPV Holding LLC, a subsidiary of NRG Yield, Inc. and NRG Residential Solar Solutions LLC, a subsidiary of the Company, entered into a partnership, through their ownership of NRG RPV Holdco 1 LLC, or RPV Holdco, that will invest in and hold operating portfolios of residential solar assets developed by NRG Home Solar, including: (i) an existing, unlevered portfolio of over 2,200 leases across nine states representing approximately 17 MW with a weighted average remaining lease term of approximately 17 years , in which NRG Yield, Inc. invested $26 million in April 2015; and (ii) tax equity-financed portfolios of approximately 13,000 leases representing approximately 90 MW with an average lease term for the existing and new leases of approximately 17 to 20 years . NRG Yield, Inc. has committed to invest up to an additional $150 million of cash contributions into the partnership over time, excluding the $26 million noted above. As of September 30, 2015 , NRG Yield, Inc. has contributed $21 million of the $150 million committed contributions. The following illustrates the structure of RPV Holdco: Alta Wind X-XI TE Holdco, LLC On June 30, 2015 , NRG Yield Operating LLC, a subsidiary of NRG Yield, Inc., sold an economic interest in Alta Wind X-XI TE Holdco LLC, or Alta TE Holdco, holder of the Alta Wind X and Alta Wind XI projects, to a financial institution in order to monetize cash and tax attributes, primarily production tax credits. The net proceeds of $119 million are reflected as noncontrolling interest in the Company's balance sheet. NRG Yield, Inc. Issuance of Class C Common Stock and Convertible Notes On June 29, 2015, NRG Yield, Inc. issued 28,198,000 shares of Class C common stock for net proceeds of $599 million , as described in Note 1, Basis of Presentation , and issued $287.5 million in aggregate principal amount of 3.25% Convertible Senior Notes, due 2020, as described in Note 8, Debt and Capital Leases . The value of the conversion option of $23 million is reflected in the NRG Yield, Inc. noncontrolling interest balance. Redeemable Noncontrolling Interest in Subsidiaries Redeemable noncontrolling interest in subsidiaries represents third-party interests in the net assets under certain arrangements that the Company has entered into to finance the cost of certain projects, including solar energy systems under operating leases and wind facilities eligible for certain tax credits. To the extent that the third party has the right to redeem its interests for cash or other assets, the Company has included the noncontrolling interest attributable to the third party as a component of temporary equity in the mezzanine section of the consolidated balance sheet. The following table reflects the changes in the Company's redeemable noncontrolling interest balance for the nine months ended September 30, 2015 : (In millions) Balance as of December 31, 2014 $ 19 Cash contributions from noncontrolling interest 17 Comprehensive loss attributable to noncontrolling interest (7 ) Balance as of September 30, 2015 $ 29 Gain on Postretirement Benefits Curtailment During the first quarter of 2015, the Company recognized a gain of $14 million related to the curtailment of certain of the Company's postretirement plans. Recent Accounting Developments ASU 2015-16 — In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments , or ASU No. 2015-16. The amendments of ASU No. 2015-16 require that an acquirer recognize measurement period adjustments to the provisional amounts recognized in a business combination in the reporting period during which the adjustments are determined. Additionally, the amendments of ASU No. 2015-16 require the acquirer to record in the same period's financial statements the effect on earnings of changes in depreciation, amortization or other income effects, if any, as a result of the measurement period adjustment, calculated as if the accounting had been completed at the acquisition date as well as disclosing either on the face of the income statement or in the notes the portion of the amount recorded in current period earnings that would have been recorded in previous reporting periods. The guidance in ASU No. 2015-16 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The amendments should be applied prospectively. The adoption of this standard is not expected to have a material impact on the Company's results of operations, cash flows or financial position. ASU 2015-03 and ASU 2015-15 — In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , or ASU No. 2015-03. The amendments of ASU No. 2015-03 were issued to reduce complexity in the balance sheet presentation of debt issuance costs. ASU No. 2015-03 requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this standard. Additionally, in August 2015, the FASB issued ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, or ASU No. 2015-15, as ASU No. 2015-03 did not specifically address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. ASU No. 2015-15 allows an entity to continue to defer and present debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The guidance in ASU No. 2015-03 and ASU No. 2015-15 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The adoption of ASU No. 2015-03 is not expected to have a material impact on the Company's balance sheets on a gross basis and will have no impact on net assets. ASU 2015-02 — In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , or ASU No. 2015-02. The amendments of ASU No. 2015-02 were issued in an effort to minimize situations under previously existing guidance in which a reporting entity was required to consolidate another legal entity in which that reporting entity did not have: (1) the ability through contractual rights to act primarily on its own behalf; (2) ownership of the majority of the legal entity's voting rights; or (3) the exposure to a majority of the legal entity's economic benefits. ASU No. 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The guidance in ASU No. 2015-02 is effective for periods beginning after December 15, 2015. Early adoption is permitted. The Company adopted the standard effective January 1, 2015 and the adoption of this standard did not impact the Company's results of operations, cash flows or financial position. ASU 2014-16 — In November 2014, the FASB issued ASU No. 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity , or ASU No. 2014-16. The amendments of ASU No. 2014-16 clarify how U.S. GAAP should be applied in determining whether the nature of a host contract is more akin to debt or equity and in evaluating whether the economic characteristics and risks of an embedded feature are "clearly and closely related" to its host contract. The guidance in ASU No. 2014-16 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company adopted the standard effective January 1, 2015 and the adoption of this standard did not impact the Company's results of operations, cash flows or financial position. ASU 2014-09 — In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , or ASU No. 2014-09. The amendments of ASU No. 2014-09 complete the joint effort between the FASB and the International Accounting Standards Board, or IASB, to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards, or IFRS, and to improve financial reporting. The guidance in ASU No. 2014-09 provides that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for the goods or services provided and establishes the following steps to be applied by an entity: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies the performance obligation. In August 2015, the FASB issued ASU 2015-14, which formally deferred the effective date by one year to make the guidance of ASU No. 2014-09 effective for annual reporting periods beginning after December 15, 2017, including interim periods therein. Early adoption is permitted, but not prior to the original effective date, which was for annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact of the standard on the Company's results of operations, cash flows and financial position. |
Business Acquisitions and Dispo
Business Acquisitions and Dispositions | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Business Acquisitions and Dispositions The Company has completed the following business acquisitions and dispositions that are material to the Company's financial statements: NRG Yield Acquisitions 2015 Acquisition of Desert Sunlight On June 29, 2015, NRG Yield, Inc., through its subsidiary Yield Operating, acquired 25% of the membership interest in Desert Sunlight Investment Holdings, LLC, which owns two solar photovoltaic facilities that total 550 MWs located in Desert Center, California from EFS Desert Sun, LLC, an affiliate of GE Energy Financial Services, for a purchase price of $285 million . The Company accounts for its 25% investment as an equity method investment. 2014 Acquisition of Alta Wind On August 12, 2014, NRG Yield, Inc., through its subsidiary Yield Operating, completed the acquisition of 100% of the membership interests of Alta Wind Asset Management Holdings, LLC, Alta Wind Company, LLC, Alta Wind X Holding Company, LLC, and Alta Wind XI Holding Company, LLC, which collectively own seven wind facilities that total 947 MWs located in Tehachapi, California and a portfolio of land leases, or the Alta Wind Assets. Power generated by the Alta Wind facilities is sold to Southern California Edison under long-term power purchase agreements, with 21 years of remaining contract life for Alta I-V. The Alta X and XI power purchase agreements begin in 2016 with terms of 22 years and currently sell energy and renewable energy credits on a merchant basis. The purchase price of the Alta Wind Assets was $923 million , which was comprised of a purchase price of $870 million and $53 million paid for working capital balances. In order to fund the purchase price of the acquisition, NRG Yield, Inc. issued 12,075,000 shares of its Class A common stock on July 29, 2014, for net proceeds of $630 million . In addition, on August 5, 2014, Yield Operating issued $500 million in aggregate principal amount at par of 5.375% senior notes due August 2024. Interest on the notes is payable semi-annually on February 15 and August 15 of each year and commenced on February 15, 2015. The notes are senior unsecured obligations of Yield Operating and are guaranteed by NRG Yield LLC, Yield Operating’s parent company, and by certain of Yield Operating’s wholly-owned subsidiaries. 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 accounting for the business combination was completed as of August 11, 2015, at which point the fair values became final. The following table summarizes the provisional amounts recognized for assets acquired and liabilities assumed as of December 31, 2014, as well as adjustments made through August 11, 2015, when the allocation became final. The purchase price of $923 million was allocated as follows: Acquisition Date Fair Value at December 31, 2014 Measurement period adjustments Revised Acquisition Date (In millions) Assets Cash $ 22 $ — $ 22 Current and non-current assets 49 (2 ) 47 Property, plant and equipment 1,304 6 1,310 Intangible assets 1,177 (6 ) 1,171 Total assets acquired 2,552 (2 ) 2,550 Liabilities Debt 1,591 — 1,591 Current and non-current liabilities 38 (2 ) 36 Total liabilities assumed 1,629 (2 ) 1,627 Net assets acquired $ 923 $ — $ 923 Acquisitions of Assets from NRG On November 3, 2015, the Company sold 75% of the Class B interests of NRG Wind TE Holdco, which owns a portfolio of 12 wind facilities totaling 814 net MW, to NRG Yield, Inc. NRG Yield Inc., paid total cash consideration of $210 million , subject to working capital adjustments. NRG Yield, Inc. will be responsible for its pro-rata share of non-recourse project debt of $193 million and noncontrolling interest associated with a tax equity structure of $165 million (as of September 30, 2015). On January 2, 2015, the Company sold the following facilities to NRG Yield, Inc.: Walnut Creek, the Tapestry projects (Buffalo Bear, Pinnacle and Taloga) and Laredo Ridge. NRG Yield, Inc. paid total cash consideration of $489 million , including $9 million of working capital adjustments, plus assumed project level debt of $737 million . The sale was recorded as a transfer of entities under common control and the related assets were transferred at their carrying value of $405 million . On June 30, 2014, the Company sold the following facilities to NRG Yield, Inc.: High Desert, Kansas South, and El Segundo Energy Center. NRG Yield, Inc. paid total cash consideration of $357 million , which represents a base purchase price of $349 million and $8 million of working capital adjustments, plus assumed project level debt of approximately $612 million . The sale was recorded as a transfer of entities under common control and the related assets were transferred at their carrying value of $236 million . NRG Dispositions Sale of Sabine On December 2, 2014, the Company, through its subsidiaries GenOn Sabine (Delaware), Inc. and GenOn Sabine (Texas), Inc., completed the sale of its 50% interest in Sabine to Bayou Power, LLC, an affiliate of Rockland Capital, LLC. Sabine owns a 105 MW natural gas-fired cogeneration facility located in Texas. The Company received cash consideration of $35 million at closing. A gain of $18 million was recognized as a result of the transaction and recorded as a gain on sale of equity-method investments within the Company's consolidated statements of operations. Disposition of 50% Interest in Petra Nova Parish Holdings LLC On July 3, 2014, the Company, through its wholly owned subsidiary Petra Nova Holdings LLC, sold 50% of its interest in Petra Nova Parish Holdings LLC to JX Nippon, a wholly owned subsidiary of JX Nippon Oil & Gas Exploration Corporation. As a result of the sale, the Company no longer has a controlling interest in and has deconsolidated Petra Nova Parish Holdings LLC as of the date of the sale. On July 7, 2014, the Company made its initial capital contribution into the partnership of $35 million , which was funded with a portion of the sale proceeds of $76 million . On March 3, 2014, Petra Nova CCS I LLC, a wholly owned subsidiary of Petra Nova Parish Holdings LLC, entered into a fixed-price agreement to build and operate a CCF at the W.A. Parish facility with a consortium of Mitsubishi Heavy Industries America, Inc. and TIC - The Industrial Company. Notice to proceed for the construction on the CCF was issued on July 15, 2014, and commercial operation is expected in late 2016. Petra Nova Parish Holdings LLC also owns a 75 MW peaking unit at W.A. Parish, which achieved commercial operations on June 26, 2013. The peaking unit will be converted into a cogeneration facility to provide power and steam to the CCF. The project is being financed by: (i) up to $167 million from a U.S. DOE CCPI grant, (ii) $250 million in loans provided by the Japan Bank for International Cooperation and Mizuho Bank, Ltd., and (iii) approximately $300 million in equity contributions from each of the Company and JX Nippon. NRG’s contribution will include investments already made during the development of the project. NRG Acquisitions Acquisition of Dominion's Competitive Electric Retail Business On March 31, 2014, the Company acquired the competitive retail electricity business of Dominion. The acquisition of Dominion's competitive retail electricity business increased NRG’s retail portfolio by approximately 540,000 customers in the aggregate 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 $192 million as cash consideration for the acquisition, including $165 million of purchase price and $27 million paid for working capital balances, which was funded by cash on hand. The purchase price was allocated to the following: $40 million to accounts receivable-trade, $64 million to customer relationships, $9 million to trade names, $14 million to current assets, $21 million to derivative assets, $47 million to current and non-current liabilities, and goodwill of $91 million , of which $8 million is deductible for U.S. income tax purposes in future periods. The factors that resulted in goodwill arising from the acquisition include the revenues associated with new customers in new regions and through the synergies associated with combining a new retail business with the Company's existing retail and generation assets. The assets acquired and liabilities assumed are included within the NRG Home Retail segment. The accounting for the Dominion acquisition was completed as of March 30, 2015, at which point the provisional fair values became final with no material changes. EME Acquisition On April 1, 2014, the Company acquired substantially all of the assets of EME. EME, through its subsidiaries and affiliates, owned or leased and operated 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 $3.5 billion , which 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 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 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 $405 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 environmental regulations . 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 accounting for the EME acquisition was completed as of March 31, 2015, at which point the fair values became final. The following table summarizes the provisional amounts recognized for assets acquired and liabilities assumed as of December 31, 2014, as well as adjustments made through March 31, 2015, when the allocation became final. Measurement period adjustments primarily reflect the tax impact of the acquisition date fair values and final estimates for asset retirement obligations. The purchase price of $3.5 billion was allocated as follows: Acquisition Date Fair Value at December 31, 2014 Measurement period adjustments Revised Acquisition Date (In millions) Assets Cash $ 1,422 $ — $ 1,422 Current assets 724 72 796 Property, plant and equipment 2,438 (3 ) 2,435 Intangible assets 172 — 172 Goodwill 334 (56 ) 278 Non-current assets 773 — 773 Total assets acquired 5,863 13 5,876 Liabilities Current and non-current liabilities 629 13 642 Out-of-market contracts and leases 159 — 159 Long-term debt 1,249 — 1,249 Total liabilities assumed 2,037 13 2,050 Less: noncontrolling interest 352 — 352 Net assets acquired $ 3,474 $ — $ 3,474 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
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 2014 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 September 30, 2015 As of December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Assets: Notes receivable (a) $ 82 $ 82 $ 91 $ 91 Liabilities: Long-term debt, including current portion $ 20,041 $ 19,163 $ 20,366 $ 20,361 (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 September 30, 2015 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 15 — — 15 Other (a) 14 — — 14 Nuclear trust fund investments: Cash and cash equivalents 4 — — 4 U.S. government and federal agency obligations 58 2 — 60 Federal agency mortgage-backed securities — 60 — 60 Commercial mortgage-backed securities — 25 — 25 Corporate debt securities — 83 — 83 Equity securities 269 — 49 318 Foreign government fixed income securities — 1 — 1 Other trust fund investments: U.S. government and federal agency obligations 1 — — 1 Derivative assets: Commodity contracts 720 1,161 221 2,102 Interest rate contracts — — — — Total assets $ 1,081 $ 1,332 $ 288 $ 2,701 Derivative liabilities: Commodity contracts $ 815 $ 866 $ 188 $ 1,869 Interest rate contracts — 166 — 166 Total liabilities $ 815 $ 1,032 $ 188 $ 2,035 (a) Consists primarily of mutual funds held in a Rabbi Trust for non-qualified deferred compensation plans for certain former employees. As of December 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 30 — — 30 Other (a) 21 — 11 32 Nuclear trust fund investments: Cash and cash equivalents 14 — — 14 U.S. government and federal agency obligations 44 3 — 47 Federal agency mortgage-backed securities — 74 — 74 Commercial mortgage-backed securities — 25 — 25 Corporate debt securities — 78 — 78 Equity securities 292 — 52 344 Foreign government fixed income securities — 3 — 3 Other trust fund investments: U.S. government and federal agency obligations 1 — — 1 Derivative assets: Commodity contracts 1,078 1,515 309 2,902 Interest rate contracts — 2 — 2 Equity contracts — — 1 1 Total assets $ 1,480 $ 1,700 $ 391 $ 3,571 Derivative liabilities: Commodity contracts $ 1,004 $ 1,093 $ 230 $ 2,327 Interest rate contracts — 165 — 165 Total liabilities $ 1,004 $ 1,258 $ 230 $ 2,492 (a) Primarily consists of mutual funds held in rabbi trusts for non-qualified deferred compensation plans for certain former employees and a total return swap that does not meet the definition of a derivative. There were no transfers during the three and nine months ended September 30, 2015 , and 2014 between Levels 1 and 2. The following tables reconcile, for the three and nine months ended September 30, 2015 , and 2014 , 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 September 30, 2015 Nine months ended September 30, 2015 (In millions) Debt Securities Other Trust Fund Investments Derivatives (a) Total Debt Securities Other Trust Fund Investments Derivatives (a) Total Beginning balance $ 18 $ — $ 55 $ 49 $ 122 $ 18 $ 11 $ 52 $ 80 $ 161 Total gains/(losses) — realized/unrealized: Included in earnings — — — (17 ) (17 ) — (11 ) — (95 ) (106 ) Included in nuclear decommissioning obligation — — (6 ) — (6 ) — — (4 ) — (4 ) Purchases — — — 9 9 — — 1 44 45 Transfers into Level 3 (b) — — — (10 ) (10 ) — — — 1 1 Transfers out of Level 3 (b) — — — 2 2 — — — 3 3 Ending balance as of September 30, 2015 $ 18 $ — $ 49 $ 33 $ 100 $ 18 $ — $ 49 $ 33 $ 100 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 September 30, 2015 $ — $ — $ — $ (9 ) $ (9 ) $ — $ — $ — $ (37 ) $ (37 ) (a) Consists of derivative assets and liabilities, net. (b) Transfers into/out of Level 3 are related to the availability of external broker quotes and are valued as of the end of the reporting period. All transfers in/out are with Level 2. Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Three months ended September 30, 2014 Nine months ended September 30, 2014 (In millions) Debt Securities Other Trust Fund Investments Derivatives (a) Total Debt Securities Other Trust Fund Investments Derivatives (a) Total Beginning balance $ 18 $ 11 $ 58 $ (12 ) $ 75 $ 16 $ 10 $ 56 $ 13 $ 95 Total gains/(losses) — realized/unrealized: Included in earnings — — — (22 ) (22 ) — 1 — (18 ) (17 ) Included in OCI — — — — — 2 — — — 2 Included in nuclear decommissioning obligations — — (4 ) — (4 ) — — (3 ) — (3 ) Purchases — — — 63 63 — — 1 (21 ) (20 ) Contracts acquired in Dominion and EME acquisition — — — — — — — — 39 39 Transfers into Level 3 (b) — — — (1 ) (1 ) — — — 17 17 Transfers out of Level 3 (b) — — — 1 1 — — — (1 ) (1 ) Ending balance as of September 30, 2014 $ 18 $ 11 $ 54 $ 29 $ 112 $ 18 $ 11 $ 54 $ 29 $ 112 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 September 30, 2014 $ — $ — $ — $ 5 $ 5 $ — $ — $ — $ 26 $ 26 (a) Consists of derivative assets and liabilities, net. (b) Transfers into/out of Level 3 are related to the availability of external broker quotes and are valued as of the end of the reporting period. All transfers in/out are with Level 2. Derivative Fair Value Measurements A portion of NRG's contracts are exchange-traded contracts with readily available quoted market prices. A majority of NRG's contracts are non-exchange-traded contracts valued using prices provided by external sources, primarily price quotations available through brokers or over-the-counter and on-line exchanges. The remainder of the assets and liabilities represent contracts for which external sources or observable market quotes are not available for the whole term or for certain delivery months or the contracts are retail and load following power contracts. These contracts are valued using various valuation techniques including but not limited to internal models that apply fundamental analysis of the market and corroboration with similar markets. As of September 30, 2015 , contracts valued with prices provided by models and other valuation techniques make up 11% of the total derivative assets and 9% of the total derivative liabilities. NRG's significant positions classified as Level 3 include physical and financial power and physical coal executed in illiquid markets as well as financial transmission rights, or FTRs. The significant unobservable inputs used in developing fair value include illiquid power and coal location pricing which is derived as a basis to liquid locations. The basis spread is based on observable market data when available or derived from historic prices and forward market prices from similar observable markets when not available. For FTRs, NRG uses the most recent auction prices to derive the fair value. The following tables quantify the significant unobservable inputs used in developing the fair value of the Company's Level 3 positions as of September 30, 2015 and December 31, 2014 : Significant Unobservable Inputs September 30, 2015 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 136 $ 116 Discounted Cash Flow Forward Market Price (per MWh) $ 9 $ 78 $ 34 Coal Contracts — 9 Discounted Cash Flow Forward Market Price (per ton) 46 49 47 FTRs 85 63 Discounted Cash Flow Auction Prices (per MWh) (93 ) 64 — $ 221 $ 188 Significant Unobservable Inputs December 31, 2014 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 195 $ 154 Discounted Cash Flow Forward Market Price (per MWh) $ 15 $ 92 $ 47 Coal Contracts 3 1 Discounted Cash Flow Forward Market Price (per ton) 53 56 54 FTRs 111 75 Discounted Cash Flow Auction Prices (per MWh) (29 ) 30 — $ 309 $ 230 The following table provides sensitivity of fair value measurements to increases/(decreases) in significant unobservable inputs as of September 30, 2015 and December 31, 2014: Significant Unobservable Input Position Change In Input Impact on Fair Value Measurement Forward Market Price Power/Coal Buy Increase/(Decrease) Higher/(Lower) Forward Market Price Power/Coal Sell Increase/(Decrease) Lower/(Higher) FTR Prices Buy Increase/(Decrease) Higher/(Lower) FTR Prices Sell Increase/(Decrease) Lower/(Higher) The fair value of each contract is discounted using a risk-free interest rate. In addition, the Company applies a credit reserve to reflect credit risk, which is calculated based on published default probabilities. As of September 30, 2015 , the credit reserve resulted in a $7 million increase in fair value, which is composed of a $4 million gain in OCI and a $3 million gain in operating revenue and cost of operations. As of September 30, 2014 , the credit reserve resulted in a $1 million increase in fair value, which is a gain in OCI. 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 2014 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 2014 Form 10-K. As of September 30, 2015 , counterparty credit exposure, excluding credit risk exposure under certain long term agreements, was $942 million and NRG held collateral (cash and letters of credit) against those positions of $111 million , resulting in a net exposure of $800 million . Approximately 81% of the Company's exposure before collateral is expected to roll off by the end of 2016 . 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 44 % Utilities, energy merchants, marketers and other 32 ISOs 24 Total as of September 30, 2015 100 % Net Exposure (a) Category (% of Total) Investment grade 99 % Non-rated (b) 1 Total as of September 30, 2015 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 $279 million as of September 30, 2015 . 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, Gulf Coast load obligations, wind and solar PPAs, and a coal supply agreement. As external sources or observable market quotes are not available to estimate such exposure, the Company estimates its credit exposure for these contracts based on various techniques including, but not limited to, internal models based on a fundamental analysis of the market and extrapolation of observable market data with similar characteristics. Based on these valuation techniques, as of September 30, 2015 , aggregate credit risk exposure managed by NRG to these counterparties was approximately $4.2 billion , including $2.9 billion related to assets of NRG Yield, Inc., for the next five years. This amount excludes potential credit exposures for projects with long-term PPAs that have not reached commercial operations. The majority of these power contracts are with utilities or public power entities with strong credit quality and public utility commission or other regulatory support. However, such regulated utility counterparties can be impacted by changes in government regulations and other technology and market factors, which NRG is unable to predict. In the case of the coal supply agreement, NRG holds a lien against the underlying asset, which significantly reduces the risk of loss. 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 September 30, 2015 , the Company believes its retail customer credit exposure was diversified across many customers and various industries, as well as government entities. |
Nuclear Decommissioning Trust F
Nuclear Decommissioning Trust Fund | 9 Months Ended |
Sep. 30, 2015 | |
Nuclear Decommissioning Trust Fund Disclosure [Abstract] | |
Nuclear Decommissioning Trust Fund | Nuclear Decommissioning Trust Fund This footnote should be read in conjunction with the complete description under Note 6 , Nuclear Decommissioning Trust Fund , to the Company's 2014 Form 10-K. NRG's Nuclear Decommissioning Trust Fund assets are comprised of securities classified as available-for-sale and recorded at fair value based on actively quoted market prices. NRG accounts for the Nuclear Decommissioning Trust Fund in accordance with ASC 980, Regulated Operations , because the Company's nuclear decommissioning activities are subject to approval by the PUCT with regulated rates that are designed to recover all decommissioning costs and that can be charged to and collected from the ratepayers per PUCT mandate. Since the Company is in compliance with PUCT rules and regulations regarding decommissioning trusts and the cost of decommissioning is the responsibility of the Texas ratepayers, not NRG, all realized and unrealized gains or losses (including other-than-temporary impairments) related to the Nuclear Decommissioning Trust Fund are recorded to nuclear decommissioning trust liability and are not included in net income or accumulated OCI, consistent with regulatory treatment. The following table summarizes the aggregate fair values and unrealized gains and losses (including other-than-temporary impairments) for the securities held in the trust funds, as well as information about the contractual maturities of those securities. As of September 30, 2015 As of December 31, 2014 (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 $ 4 $ — $ — — $ 14 $ — $ — — U.S. government and federal agency obligations 60 2 — 10 47 2 — 11 Federal agency mortgage-backed securities 60 1 — 25 74 2 — 25 Commercial mortgage-backed securities 25 — 1 28 25 — 1 30 Corporate debt securities 83 1 1 10 78 2 1 11 Equity securities 318 185 — — 344 211 — — Foreign government fixed income securities 1 — — 15 3 1 — 16 Total $ 551 $ 189 $ 2 $ 585 $ 218 $ 2 The following table summarizes proceeds from sales of available-for-sale securities and the related realized gains and losses from these sales. The cost of securities sold is determined on the specific identification method. Nine months ended September 30, 2015 2014 (In millions) Realized gains $ 14 $ 15 Realized losses 10 5 Proceeds from sale of securities 499 463 |
Accounting for Derivative Instr
Accounting for Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2015 | |
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 2014 Form 10-K. Energy-Related Commodities As of September 30, 2015 , NRG had energy-related derivative instruments extending through 2024. 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 rate debt. In order to manage the Company's interest rate risk, NRG enters into interest rate swap agreements. As of September 30, 2015 , the Company had interest rate derivative instruments on non-recourse debt extending through 2032, most of which are designated as cash flow hedges. Volumetric Underlying Derivative Transactions The following table summarizes the net notional volume buy/(sell) of NRG's open derivative transactions broken out by category, excluding those derivatives that qualified for the NPNS exception, as of September 30, 2015 , and December 31, 2014 . 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 September 30, 2015 December 31, 2014 Category Units (In millions) Emissions Short Ton 6 2 Coal Short Ton 34 57 Natural Gas MMBtu 82 (58 ) Oil Barrel 1 1 Power MWh (67 ) (56 ) Capacity MW/Day (1 ) — Interest Dollars $ 2,394 $ 3,440 Equity Shares 2 2 The increase in the natural gas position was primarily the result of additional retail hedges, as well as settlement of generation hedge positions. The decrease in the interest rate position was primarily the result of settling the Alta X and Alta XI interest rate swaps in connection with the repayment of the project-level debt, as described in Note 8 , Debt and Capital Leases . 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 September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 (In millions) Derivatives designated as cash flow hedges: Interest rate contracts current $ — $ — $ 45 $ 55 Interest rate contracts long-term — 2 98 74 Total derivatives designated as cash flow hedges — 2 143 129 Derivatives not designated as cash flow hedges : Interest rate contracts current — — 6 8 Interest rate contracts long-term — — 17 28 Commodity contracts current 1,580 2,425 1,365 1,991 Commodity contracts long-term 522 477 504 336 Equity contracts long-term — 1 — — Total derivatives not designated as cash flow hedges 2,102 2,903 1,892 2,363 Total derivatives $ 2,102 $ 2,905 $ 2,035 $ 2,492 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 September 30, 2015 (In millions) Commodity contracts: Derivative assets $ 2,102 $ (1,544 ) $ (71 ) $ 487 Derivative liabilities (1,869 ) 1,544 112 (213 ) Total commodity contracts 233 — 41 274 Interest rate contracts: Derivative assets — — — — Derivative liabilities (166 ) — — (166 ) Total interest rate contracts (166 ) — — (166 ) Total derivative instruments $ 67 $ — $ 41 $ 108 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, 2014 (In millions) Commodity contracts: Derivative assets $ 2,902 $ (2,155 ) $ (72 ) $ 675 Derivative liabilities (2,327 ) 2,155 27 (145 ) Total commodity contracts 575 — (45 ) 530 Interest rate contracts: Derivative assets 2 (2 ) — — Derivative liabilities (165 ) 2 — (163 ) Total interest rate contracts (163 ) — — (163 ) Equity contracts: Derivative assets 1 — — 1 Total derivative instruments $ 413 $ — $ (45 ) $ 368 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 September 30, 2015 Nine months ended September 30, 2015 Energy Commodities Interest Rate Total Energy Commodities Interest Rate Total (In millions) Accumulated OCI beginning balance $ (1 ) $ (62 ) $ (63 ) $ (1 ) $ (67 ) $ (68 ) Reclassified from accumulated OCI to income: Due to realization of previously deferred amounts 1 3 4 1 7 8 Mark-to-market of cash flow hedge accounting contracts — (33 ) (33 ) — (32 ) (32 ) Accumulated OCI ending balance, net of $54 tax $ — $ (92 ) $ (92 ) $ — $ (92 ) $ (92 ) Losses expected to be realized from OCI during the next 12 months, net of $7 tax $ — $ (13 ) $ (13 ) $ — $ (13 ) $ (13 ) Three months ended September 30, 2014 Nine months ended September 30, 2014 Energy Commodities Interest Rate Total Energy Commodities Interest Rate Total (In millions) Accumulated OCI beginning balance $ (1 ) $ (50 ) $ (51 ) $ (1 ) $ (22 ) $ (23 ) Reclassified from accumulated OCI to income: Due to realization of previously deferred amounts — 11 11 — 3 3 Mark-to-market of cash flow hedge accounting contracts — (7 ) (7 ) — (27 ) (27 ) Accumulated OCI ending balance, net of $25 tax $ (1 ) $ (46 ) $ (47 ) $ (1 ) $ (46 ) $ (47 ) 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 and nine months ended September 30, 2015 , and 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 energy commodity contracts is included within operating revenues and cost of operations and the effect of interest rate contracts is included in interest expense. Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Unrealized mark-to-market results (In millions) Reversal of previously recognized unrealized gains on settled positions related to economic hedges $ (29 ) $ (1 ) $ (179 ) $ (3 ) Reversal of acquired gain positions related to economic hedges (33 ) (87 ) (83 ) (249 ) Net unrealized gains/(losses) on open positions related to economic hedges 55 162 (26 ) (61 ) Total unrealized mark-to-market (losses)/gains for economic hedging activities (7 ) 74 (288 ) (313 ) Reversal of previously recognized unrealized losses/(gains) on settled positions related to trading activity 2 (1 ) (34 ) 4 Reversal of acquired gain positions related to trading activity (1 ) (8 ) (13 ) (28 ) Net unrealized (losses)/gains on open positions related to trading activity (2 ) 15 — 45 Total unrealized mark-to-market (losses)/gains for trading activity (1 ) 6 (47 ) 21 Total unrealized (losses)/gains $ (8 ) $ 80 $ (335 ) $ (292 ) Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (In millions) Unrealized gains/(losses) included in operating revenues $ 34 $ 159 $ (212 ) $ (205 ) Unrealized losses included in cost of operations (42 ) (79 ) (123 ) (87 ) Total impact to statement of operations — energy commodities $ (8 ) $ 80 $ (335 ) $ (292 ) Total impact to statement of operations — interest rate contracts $ (9 ) $ 1 $ 12 $ (6 ) The reversals of acquired gain or loss positions were valued based upon the forward prices on the acquisition date. The roll-off amounts were offset by realized gains or losses at the settled prices and are reflected in revenue or cost of operations during the same period. For the nine months ended September 30, 2015 , the $26 million unrealized loss from open economic hedge positions was primarily the result of a decrease in value of forward purchases of ERCOT electricity and coal due to decreases in ERCOT power and coal prices partially offset by an increase in value of forward sales of PJM electricity due to decreases in PJM power prices. For the nine months ended September 30, 2014 , the $61 million unrealized loss from open economic hedge positions was primarily the result of a decrease in value of forward sales of electricity due to increases in power prices and ERCOT heat rates. 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 September 30, 2015 , was $137 million . The collateral required for contracts with credit rating contingent features as of September 30, 2015 , was $41 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 $11 million as of September 30, 2015 . See Note 4 , Fair Value of Financial Instruments , to this Form 10-Q for discussion regarding concentration of credit risk. |
Impairments (Notes)
Impairments (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Income Statement [Abstract] | |
Asset Impairment Charges [Text Block] | Impairments 2015 Impairment Losses Huntley — During the three months ended September 30, 2015, the Company filed a notice with the NYSPSC of its intent to retire Huntley's operating units on March 1, 2016. The Company considered this to be an indicator of impairment and performed an impairment test for these assets under ASC 360, Property, Plant and Equipment . On October 14, 2015, the Company filed a cost-of-service filing at FERC in anticipation that the Huntley operating units would be needed for reliability purposes, proposing a reliability must run service agreement for a four-year period beginning on March 1, 2016. On October 30, 2015, NYISO released the results of its reliability study, indicating that the Huntley operating units are not needed for bulk system reliability, but could be needed for short-term local system reliability in 2016. The Company considered the impact of the reliability study conducted and evaluated the estimated cash flows associated with the facility, including the impact of a potential short-term reliability agreement with NYISO and National Grid. Accordingly, the Company determined that the carrying amount of the assets was higher than the estimated future net cash flows expected to be generated by the assets and that the assets were impaired. The fair value of the Huntley operating units was determined using a weighting of the income approach and the market approach. The income approach utilized estimates of discounted future cash flows, which were Level 3 fair value measurements, and include key inputs such as forecasted contract prices, forecasted operating expenses and discount rates. The Company recorded an impairment loss of $106 million during the quarter ended September 30, 2015. Dunkirk — The Company had previously signed a ten year agreement in November 2014 with National Grid to add natural gas-burning capabilities at the Dunkirk facility. On August 25, 2015, NRG announced that Dunkirk Unit 2 will be mothballed on January 1, 2016 at the expiration of its reliability support services agreement. The project to add natural gas-burning capabilities has been suspended, pending the outcome of litigation with respect to the gas addition contract and its validity. On October 30, 2015, NYISO released the results of its reliability study, indicating that the Dunkirk facility is not needed for system reliability. In connection with the planned mothball of the facility, the pending litigation and the latest reliability assessment completed by NYISO, the Company evaluated whether the related fixed assets were impaired as of September 30, 2015. The Company determined that the carrying amount of the assets was higher than the estimated future net cash flows expected to be generated by the assets and that the assets were impaired. The fair value of the Dunkirk facility was determined using a weighting of the income approach and the market approach. The income approach utilized estimates of discounted future cash flows, which were Level 3 fair value measurements, and include key inputs such as forecasted contract prices, forecasted operating and capital expenditures and discount rates. The Company recorded an impairment loss of $116 million during the quarter ended September 30, 2015. Goal Zero — During the three months ended September 30, 2015, the Company agreed to relieve the Goal Zero seller of all known and unknown claims in return for the seller's agreement to forego all contingent consideration. Concurrently, the Company determined that there was an indication of goodwill impairment and performed an impairment test under ASC 350, Intangibles - Goodwill and Other. The carrying amount of the reporting unit was higher than the fair value, and accordingly, the Company recognized an impairment loss of $36 million to reduce the carrying value of the goodwill that was recognized in connection with the acquisition. 2014 Impairment Losses Osceola — During the three months ended September 30, 2014, the Company determined that it would mothball the 463 MW natural gas-fired Osceola facility in Saint Cloud, Florida. The Company considered this to be an indicator of impairment and performed an impairment test for these assets under ASC 360, Property, Plant and Equipment . The carrying amount of the assets was higher than the future net cash flows expected to be generated by the assets and, as a result, the assets were considered to be impaired. The Company measured the impairment loss as the difference between the carrying amount and the fair value of the assets. Due to the location of the facility, it was determined that the best indicator of fair value is the market value of the combustion turbines. The Company recorded an impairment loss of approximately $60 million during the three months ended September 30, 2014, which represents the excess of the carrying value over the fair market value, and mothballed the facility effective January 1, 2015. Solar Panels — During the three months ended September 30, 2014, the Company recorded an impairment loss of $10 million to reduce the carrying value of certain solar panels to their approximate fair value. |
Debt and Capital Leases
Debt and Capital Leases | 9 Months Ended |
Sep. 30, 2015 | |
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 2014 Form 10-K. Long-term debt and capital leases consisted of the following: (In millions, except rates) September 30, 2015 December 31, 2014 September 30, 2015 interest rate % (a) Recourse debt: Senior notes, due 2018 $ 1,130 $ 1,130 7.625 Senior notes, due 2020 1,063 1,063 8.250 Senior notes, due 2021 1,128 1,128 7.875 Senior notes, due 2022 1,100 1,100 6.250 Senior notes, due 2023 990 990 6.625 Senior notes, due 2024 1,000 1,000 6.250 Term loan facility, due 2018 1,968 1,983 L+2.00 Tax-exempt bonds 451 406 4.125 - 6.00 Subtotal NRG recourse debt 8,830 8,800 Non-recourse debt: GenOn senior notes 2,097 2,133 7.875 - 9.875 GenOn Americas Generation senior notes 922 929 8.500 - 9.125 GenOn Other 57 60 various Subtotal GenOn debt (non-recourse to NRG) 3,076 3,122 NRG Yield Operating LLC Senior Notes, due 2024 500 500 5.375 NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility, due 2019 92 — L+2.75 NRG Yield, Inc. Convertible Senior Notes, due 2019 329 326 3.500 NRG Yield, Inc. Convertible Senior Notes, due 2020 266 — 3.250 NRG West Holdings LLC, due 2023 (El Segundo Energy Center) 485 506 L+1.625 - L+2.25 NRG Marsh Landing, due 2017 and 2023 431 464 L+1.75 - L+1.875 Alta Wind I - V lease financing arrangements, due 2034 and 2035 1,013 1,036 5.696 - 7.015 Alta Wind X, due 2021 — 300 L+2.00 Alta Wind XI, due 2021 — 191 L+2.00 Walnut Creek, term loans due 2023 363 391 L+1.625 Tapestry Wind LLC, due 2021 184 192 L+1.625 Laredo Ridge Wind LLC, due 2028 105 108 L+1.875 NRG Solar Alpine LLC, due 2022 156 163 L+1.750 NRG Energy Center Minneapolis LLC, due 2017 and 2025 110 121 5.95 - 7.25 NRG Yield - other 475 489 various Subtotal NRG Yield debt (non-recourse to NRG) 4,509 4,787 Ivanpah Financing, due 2033 and 2038 1,175 1,187 2.285 - 4.256 Agua Caliente Solar LLC, due 2037 894 898 2.395 - 3.633 CVSR High Plains Ranch II LLC, due 2037 794 815 2.339 - 3.775 Viento Funding II LLC, due 2023 193 196 L+2.75 NRG Peaker Finance Co. LLC, bonds due 2019 102 100 L+1.07 Cedro Hill Wind LLC, due 2025 104 111 L+3.125 NRG - other 364 350 various Subtotal other NRG non-recourse debt 3,626 3,657 Subtotal all non-recourse debt 11,211 11,566 Subtotal long-term debt (including current maturities) 20,041 20,366 Capital leases: Home Solar capital leases 10 5 various Chalk Point capital lease, due 2015 1 — 8.190 Other 3 3 various Subtotal long-term debt and capital leases (including current maturities) 20,055 20,374 Less current maturities 457 474 Total long-term debt and capital leases $ 19,598 $ 19,900 (a) As of September 30, 2015 , L+ equals 3 month LIBOR plus x%, with the exception of the Viento Funding II term loan, which is 6 month LIBOR plus x%, and the NRG Marsh Landing term loan, Walnut Creek term loan, and NRG Yield Operating LLC Revolving Credit facility, which are 1 month LIBOR plus x%. NRG Recourse Debt Senior Notes 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 discussed below, and to fund the acquisition of EME. 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 November 1, 2024. A portion of the cash proceeds were used to redeem all remaining of its 7.625% 2019 Senior Notes, as discussed below, and the rest of the proceeds were used to redeem all remaining $225 million of its 8.5% 2019 Senior Notes in September 2014. 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 was 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 May 21, 2014, the Company redeemed for cash all of its remaining 7.625% 2019 Senior Notes at an average early redemption percentage of 103.813% . An $18 million loss on debt extinguishment of the 7.625% 2019 Senior Notes was 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 September 3, 2014, the Company redeemed for cash all of its remaining 8.5% 2019 Senior Notes at an average early redemption percentage of 104.25% . A $13 million loss on debt extinguishment of the 8.5% 2019 Senior Notes was recorded during the three months ended September 30, 2014, primarily consisting of the premiums paid on the redemption and the write-off of previously deferred financing costs. NRG Non-Recourse Debt The Company has non-recourse debt that is secured by acquired or developed projects that are held in several of its subsidiaries. In the event of a bankruptcy, receivership, liquidation or similar event involving a subsidiary, the assets of such subsidiary would be used to satisfy claims of creditors of the subsidiary, including liabilities under the non-recourse debt associated with such subsidiaries, rather than the creditors of NRG. As described in Note 3, Business Acquisitions and Dispositions, through the Company's acquisitions of EME on April 1, 2014 and Alta Wind on August 12, 2014, the Company acquired approximately $1.2 billion and $1.6 billion , respectively, of non-recourse debt. Alta Wind X and Alta Wind XI due 2021 On June 30, 2015, the Company entered into a tax equity financing arrangement through which Yield Operating, a subsidiary of NRG Yield, Inc., received $119 million in net proceeds, as described in Note 2, Summary of Significant Accounting Policies . These proceeds, as well as proceeds obtained from the June 29, 2015, NRG Yield, Inc. common stock issuance and the 2020 Convertible Notes issuance, were utilized to repay all of the outstanding project indebtedness associated with Alta Wind X and Alta Wind XI facilities. The Company also settled interest rate swaps associated with the project level debt for Alta Wind X and Alta Wind XI and incurred a fee of $17 million . NRG Yield, Inc. Convertible Notes On June 29, 2015, NRG Yield, Inc. closed on its offering of $287.5 million aggregate principal amount of 3.25% Convertible Senior Notes due 2020, or the 2020 Convertible Notes. The 2020 Convertible Notes are convertible, under certain circumstances, into NRG Yield, Inc. Class C common stock, cash or a combination thereof at an initial conversion price of $27.50 per Class C common share, which is equivalent to an initial conversion rate of approximately 36.3636 shares of Class C common stock per $1,000 principal amount of notes. Interest on the 2020 Convertible Notes is payable semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2015. The 2020 Convertible Notes mature on June 1, 2020, unless earlier repurchased or converted in accordance with their terms. Prior to the close of business on the business day immediately preceding December 1, 2019, the 2020 Convertible 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 2020 Convertible 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. 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 2019 Convertible Notes. The 2019 Convertible Notes were convertible, under certain circumstances, into NRG Yield, Inc. Class A common stock, cash or a combination thereof at an initial conversion rate of approximately 21.4822 shares of Class A common stock per $1,000 principal amount of 2019 Convertible Notes. Effective May 15, 2015, the conversion rate was adjusted to 42.9644 shares of Class A common stock per $1,000 principal amount of 2019 Convertible Notes in accordance with the terms of the related indenture. Interest on the 2019 Convertible Notes is payable semi-annually in arrears on February 1 and August 1 of each year, commencing on August 1, 2014. The 2019 Convertible 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 2019 Convertible 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. 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 On June 26, 2015, the Company amended the revolving credit facility to, among other things, increase the availability from $450 million to $495 million . As of September 30, 2015, $92 million of borrowings and $25 million of letters of credit were outstanding. NRG West Holdings LLC On May 29, 2015, NRG West Holdings LLC amended its financing agreement to increase borrowings under the Tranche A facility by $5 million and to reduce the related interest rate to LIBOR plus an applicable margin of 1.625% from May 29, 2015, to August 31, 2017, LIBOR plus an applicable margin of 1.75% from September 1, 2017, to August 31, 2020, and LIBOR plus 1.875% from September 1, 2020, through the maturity date; and to reduce Tranche B loan interest rate to LIBOR plus an applicable margin of 2.25% from May 29, 2015, to August 31, 2017, LIBOR plus 2.375% from September 1, 2017, to August 31, 2020, and LIBOR plus an applicable margin of 2.50% from September 1, 2020, through the maturity date and to reduce the working capital facility by $9 million . The proceeds of the increased borrowing were used to pay costs associated with the refinancing. Further, the amendment resulted in a $7 million loss on debt extinguishment. 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. High Lonesome Mesa Facility Prior to the Company's acquisition of EME, an intercompany tax credit agreement related to the High Lonesome Mesa facility was terminated. The termination resulted in an event of default under the project financing arrangement. The Company received additional default notices for various items. As a result of the default, the balance under the project financing arrangement is classified as current. On November 3, 2015, the lender sent a notice of acceleration of such amount and indicated that it will accept the Company's interest in the assets in lieu of repayment. The Company is currently evaluating its options with respect to this notification. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2015 | |
Variable Interest Entities Disclosure [Abstract] | |
Variable Interest Entity | Variable Interest Entities, or VIEs Entities that are not Consolidated NRG has interests in entities that are considered VIEs under ASC 810, Consolidation , but NRG is not considered the primary beneficiary. NRG accounts for its interests in these entities under the equity method of accounting. GenConn Energy LLC — Through its consolidated subsidiary, Yield Operating, the Company owns a 50% interest in GCE Holding LLC, the owner of GenConn, which owns and operates two 190 MW peaking generation facilities in Connecticut at NRG's Devon and Middletown sites. NRG's maximum exposure to loss is limited to its equity investment, which was $110 million as of September 30, 2015 . 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 $80 million as of September 30, 2015 . Entities that are Consolidated Capistrano Wind Partners — Through the acquisition of EME, the Company has a controlling financial interest in Capistrano Wind Partners, whose Class B preferred equity interests are held by outside investors. Capistrano Wind Partners holds 100% ownership in five projects generating 411 MW of wind capacity. The five wind projects include Cedro Hill located in Texas, Mountain Wind Power I located in Wyoming, Mountain Wind Power II located in Wyoming, Crofton Bluffs located in Nebraska, and Broken Bow I located in Nebraska. Under the terms of the Capistrano Wind Partners formation documents, the holders of the Class B preferred equity interests receive 100% of the cash available for distribution, up to a scheduled amount to target a certain return and thereafter cash distributions are shared. The Company retains indirect beneficial ownership of the wind projects and retains responsibilities for managing the operations of Capistrano Wind Partners. Accordingly, the Company consolidates these projects. The Company does not consolidate Capistrano Wind Partners for tax purposes. The summarized financial information for Capistrano Wind Holdings, the parent company of Capistrano Wind Partners, consisted of the following: (In millions) September 30, 2015 Current assets $ 23 Net property, plant and equipment 563 Other long-term assets 127 Total assets 713 Current liabilities 38 Long-term debt 175 Other long-term liabilities 154 Total liabilities 367 Noncontrolling interests 336 Net assets less noncontrolling interests $ 10 |
Changes in Capital Structure
Changes in Capital Structure | 9 Months Ended |
Sep. 30, 2015 | |
Changes in Capital Structure Disclosure [Abstract] | |
Changes in Capital Structure | Changes in Capital Structure As of September 30, 2015 , and December 31, 2014 , 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, 2014 415,506,176 (78,843,552 ) 336,662,624 Shares issued under LTIPs 1,419,704 — 1,419,704 Shares issued under ESPP — 283,139 283,139 Shares repurchased under Capital Allocation Program — (18,630,575 ) (18,630,575 ) Balance as of September 30, 2015 416,925,880 (97,190,988 ) 319,734,892 Employee Stock Purchase Plan As of September 30, 2015 , there were 1,276,913 shares of treasury stock available for issuance under the ESPP. NRG Common Stock Dividends The following table lists the dividends paid during the nine months ended September 30, 2015 : Third Quarter 2015 Second Quarter 2015 First Quarter 2015 Dividends per Common Share $ 0.145 $ 0.145 $ 0.145 On October 12, 2015 , NRG declared a quarterly dividend on the Company's common stock of $0.145 per share, payable November 16, 2015 , to stockholders of record as of November 2, 2015, representing $0.58 per share on an annualized basis. The Company's common stock dividends are subject to available capital, market conditions, and compliance with associated laws, regulations and other contractual obligations. 2015 Capital Allocation Program Beginning December 2014 through September 2015, the Company's board of directors authorized share repurchases of $481 million of its common stock under the 2015 Capital Allocation Program. The following table reflects the repurchases made under the 2015 Capital Allocation Program: Total number of shares purchased Average price paid per share (a) Amounts paid for shares purchased (in millions) (a) 2015 Capital Allocation Program Fourth Quarter 2014 1,624,360 $ 26.95 $ 44 First Quarter 2015 3,146,484 25.15 79 Second Quarter 2015 4,379,907 24.53 107 Third Quarter 2015 11,104,184 15.06 167 Fourth Quarter 2015 5,558,920 15.03 84 Total Repurchases under 2015 Capital Allocation Program 25,813,855 $ 481 (a) The average price paid per share and amounts paid for shares purchased exclude the commissions of $0.015 per share paid in connection with the share repurchase. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings/(Loss) Per Share Basic earnings/(loss) per common share is computed by dividing net income/(loss) less accumulated preferred stock dividends by the weighted average number of common shares outstanding. Shares issued and treasury shares repurchased during the year are weighted for the portion of the year that they were outstanding. Diluted earnings/(loss) per share is computed in a manner consistent with that of basic earnings/(loss) per share while giving effect to all potentially dilutive common shares that were outstanding during the period. The reconciliation of NRG's basic and diluted earnings/(loss) per share is shown in the following table: Three months ended September 30, Nine months ended September 30, (In millions, except per share data) 2015 2014 2015 2014 Basic earnings/(loss) per share attributable to NRG Energy, Inc. common stockholders Net income/(loss) attributable to NRG Energy, Inc. $ 66 $ 168 $ (68 ) $ 15 Dividends for preferred shares 5 2 15 7 Income/(loss) available for common stockholders $ 61 $ 166 $ (83 ) $ 8 Weighted average number of common shares outstanding - basic 331 338 334 333 Earnings/(loss) per weighted average common share — basic $ 0.18 $ 0.49 $ (0.25 ) $ 0.02 Diluted earnings/(loss) per share attributable to NRG Energy, Inc. common stockholders Weighted average number of common shares outstanding 331 338 334 333 Incremental shares attributable to the issuance of equity compensation (treasury stock method) 1 5 — 5 Total dilutive shares 332 343 334 338 Earnings/(loss) per weighted average common share — diluted $ 0.18 $ 0.48 $ (0.25 ) $ 0.02 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 earnings/(loss) per share: Three months ended September 30, Nine months ended September 30, (In millions of shares) 2015 2014 2015 2014 Equity compensation plans 3 1 6 1 Embedded derivative of 2.822% redeemable perpetual preferred stock (a) 16 16 16 16 Total 19 17 22 17 (a) As of September 30, 2014 , the redeemable perpetual preferred stock had an interest rate of 3.625% . |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting Disclosure [Abstract] | |
Segment Reporting | Segment Reporting Effective in December 2014, 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 segregated as follows: NRG Business, which includes conventional power generation and the carbon capture business; NRG Home, which includes NRG Home Retail, consisting of Mass market retail products and services, and NRG Home Solar, which includes the installation and leasing of residential solar systems and the sale of solar energy services; NRG Renew, which includes solar and wind assets, excluding those in the NRG Yield segment; NRG Yield; and corporate activities. NRG Yield includes certain of the Company's contracted generation assets. On January 2, 2015, NRG Yield, Inc. acquired three projects from the Company: Walnut Creek formerly in the NRG Business segment, the Tapestry projects (Buffalo Bear, Pinnacle and Taloga) and Laredo Ridge, both formerly in the NRG Renew segment. As the transaction was accounted for as a transfer of entities under common control, all historical periods have been recast to reflect this change. The Company's corporate segment includes international business and electric vehicle services. Intersegment sales are accounted for at market. NRG’s chief operating decision maker, its chief executive officer, evaluates the performance of its segments based on operational measures including adjusted earnings before interest, taxes, depreciation and amortization, or Adjusted EBITDA, free cash flow and capital for allocation, as well as net income/(loss) and net income/(loss) attributable to NRG Energy, Inc. NRG Home NRG Business (a) Retail (a) Solar NRG Renew (a) NRG Yield (b) Corporate (a) Eliminations Total Three months ended September 30, 2015 (in millions) Operating revenues (a) $ 2,723 $ 1,699 $ 4 $ 168 $ 209 $ (3 ) $ (369 ) $ 4,431 Depreciation and amortization 220 30 8 65 50 9 — 382 Impairment charges 222 36 — 5 — — — 263 Equity in earnings of unconsolidated affiliates 7 — — — 19 3 (5 ) 24 Income/(Loss) before income taxes 165 196 (50 ) (14 ) 42 (222 ) (3 ) 114 Net Income/(Loss) 164 196 (50 ) (10 ) 34 (264 ) (3 ) 67 Net Income/(Loss) attributable to NRG Energy, Inc. $ 164 $ 196 $ (45 ) $ (27 ) $ 22 $ (266 ) $ 22 $ 66 Total assets as of September 30, 2015 $ 25,609 $ 7,092 $ 197 $ 6,981 $ 6,989 $ 28,145 $ (35,025 ) $ 39,988 (a) Operating revenues include inter-segment sales and net derivative gains and losses of: $ 309 $ 1 $ — $ 9 $ — $ 50 $ — $ 369 (b) Includes loss on debt extinguishment of: $ — $ — $ — $ — $ 2 $ — $ — $ 2 NRG Home NRG Business (c) Retail (c) Solar NRG Renew (c) NRG Yield Corporate (c)(d) Eliminations Total Three months ended September 30, 2014 (in millions) Operating revenues (c) $ 3,093 $ 1,775 $ 13 $ 154 $ 184 $ 14 $ (664 ) $ 4,569 Depreciation and amortization 238 31 2 61 34 9 — 375 Impairment charges 60 — — 10 — — — 70 Equity in earnings/(loss) of unconsolidated affiliates 13 — — (2 ) 11 — (4 ) 18 Income/(Loss) before income taxes 392 121 (27 ) (22 ) 49 (254 ) 12 271 Net Income/(Loss) 392 121 (27 ) (22 ) 39 (333 ) 12 182 Net Income/(Loss) attributable to NRG Energy, Inc. $ 392 $ 121 $ (27 ) $ (34 ) $ 33 $ (339 ) $ 22 $ 168 (c) Operating revenues include inter-segment sales and net derivative gains and losses of: $ 595 $ 1 $ — $ 6 $ — $ 62 $ — $ 664 (d) Includes loss on debt extinguishment of: $ — $ — $ — $ — $ — $ 13 $ — $ 13 NRG Home NRG Business (e) Retail (e) Solar NRG Renew (e) NRG Yield (e)(f) Corporate (e) Eliminations Total Nine months ended September 30, 2015 (in millions) Operating revenues (e) $ 7,334 $ 4,308 $ 19 $ 423 $ 606 $ (9 ) $ (1,027 ) $ 11,654 Depreciation and amortization 682 93 18 193 163 24 — 1,173 Impairment charges 222 36 — 5 — — — 263 Equity in earnings/(loss) of unconsolidated affiliates 7 — — (2 ) 29 3 (8 ) 29 Income/(Loss) before income taxes 193 512 (149 ) (96 ) 67 (640 ) (8 ) (121 ) Net Income/(Loss) 192 512 (149 ) (83 ) 59 (601 ) (8 ) (78 ) Net Income/(loss) attributable to NRG Energy, Inc. $ 192 $ 512 $ (143 ) $ (109 ) $ 35 $ (579 ) $ 24 $ (68 ) (e) Operating revenues include inter-segment sales and net derivative gains and losses of: $ 850 $ 5 $ — $ 32 $ 9 $ 131 $ — $ 1,027 (f) Includes loss on debt extinguishment of: $ — $ — $ — $ — $ 9 $ — $ — $ 9 NRG Home NRG Business (g) Retail (g) Solar NRG Renew (g)(h) NRG Yield Corporate (g)(h) Eliminations Total Nine months ended September 30, 2014 (in millions) Operating revenues (g) $ 7,974 $ 4,260 $ 38 $ 360 $ 497 $ 38 $ (1,491 ) $ 11,676 Depreciation and amortization 702 92 4 161 112 25 — 1,096 Impairment charges 60 — — 10 — — — 70 Equity in earnings/(loss) of unconsolidated affiliates 29 — — (8 ) 26 3 (11 ) 39 Income/(Loss) before income taxes 486 256 (36 ) (85 ) 122 (778 ) 2 (33 ) Net Income/(Loss) $ 485 $ 256 $ (36 ) $ (85 ) $ 107 $ (694 ) $ 2 35 Net Income/(Loss) attributable to NRG Energy, Inc. $ 485 $ 256 $ (36 ) $ (100 ) $ 91 $ (709 ) $ 28 $ 15 (g) Operating revenues include inter-segment sales and net derivative gains and losses of: $ 1,420 $ 5 $ — $ 21 $ — $ 45 $ 1,491 (h) Includes loss on debt extinguishment of: $ — $ — $ — $ 1 $ — $ 93 $ 94 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Effective Tax Rate The income tax provision consisted of the following: Three months ended September 30, Nine months ended September 30, (In millions except otherwise noted) 2015 2014 2015 2014 Income/(loss) before income taxes $ 114 $ 271 $ (121 ) $ (33 ) Income tax expense/(benefit) 47 89 (43 ) (68 ) Effective tax rate 41.2 % 32.8 % 35.5 % 206.1 % For the three months ended September 30, 2015 , NRG's overall effective tax rate was different than the statutory rate of 35% primarily due to non deductible impairment of goodwill, partially offset by production tax credits generated from the Company's wind assets. For the nine month ended September 30, 2015 , NRG's overall effective tax rate was different than the statutory rate of 35% primarily due to the impact of production tax credits generated from the Company's wind assets, partially offset by tax expense attributable to consolidated partnerships. For the three and nine months ended September 30, 2014 , NRG's overall effective tax rate was different than the statutory rate of 35% primarily due to the impact of production tax credits generated from the Company's wind assets and a benefit resulting from the recognition of previously uncertain tax benefits that were settled upon IRS audit during the second quarter of 2014. Uncertain Tax Benefits As of September 30, 2015 , NRG has recorded a non-current tax liability of $57 million for uncertain tax benefits from positions taken on various state income tax returns, including accrued interest. For the nine months ended September 30, 2015 , NRG accrued $1 million of interest relating to the uncertain tax benefits. As of September 30, 2015 , NRG had cumulative interest and penalties related to these uncertain tax benefits of $7 million . The Company recognizes interest and penalties related to uncertain tax benefits in income tax expense. NRG is subject to examination by taxing authorities for income tax returns filed in the U.S. federal jurisdiction and various state and foreign jurisdictions including operations located in Australia. The Company is not subject to U.S. federal income tax examinations for years prior to 2011. With few exceptions, state and local income tax examinations are no longer open for years before 2009. 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 | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies This footnote should be read in conjunction with the complete description under Note 22 , Commitments and Contingencies , to the Company's 2014 Form 10-K. Commitments First Lien Structure — NRG has granted first liens to certain counterparties on a substantial portion of the Company's assets, excluding assets acquired in the GenOn and EME (including Midwest Generation) acquisitions, assets held by NRG Yield, Inc. and NRG's assets that have project-level financing, to reduce the amount of cash collateral and letters of credit that it would otherwise be required to post from time to time to support its obligations under out-of-the-money hedge agreements for forward sales of power or MWh equivalents. The Company's lien counterparties may have a claim on NRG's assets to the extent market prices exceed the hedged price. As of September 30, 2015 , hedges under the first liens were in-the-money for NRG on a counterparty aggregate basis. Nuclear Insurance — STP maintains required insurance coverage for liability claims arising from nuclear incidents pursuant to the Price-Anderson Act. As a result of one reactor obtaining its Nuclear Regulatory Operating License in the U.S., the current per reactor liability limits under the Price-Anderson Act have changed. Effective October 22, 2015, the current liability limit per incident is $13.5 billion , subject to change to account for the effects of inflation and the number of licensed reactors. An inflation adjustment must be made at least once every five years with the most recent adjustment effective September 2013. Under the Price-Anderson Act, owners of nuclear power plants in the U.S. are required to purchase primary insurance limits of $375 million for each operating site. In addition, the Price-Anderson Act requires an additional layer of protection through mandatory participation in a retrospective rating plan for power reactors resulting in an additional $13.5 billion in funds available for public liability claims. The current maximum assessment per incident, per reactor, is approximately $127 million , taking into account a 5% adjustment for administrative fees, payable at approximately $19 million per year, per reactor. NRG would be responsible for 44% of the maximum assessment, or $8 million per year, per reactor, and a maximum of $112 million per incident. In addition, the U.S. Congress retains the ability to impose additional financial requirements on the nuclear industry to pay liability claims that exceed $13.5 billion for a single incident. The liabilities of the co-owners of STP with respect to the retrospective premium assessments for nuclear liability insurance are joint and several. Ivanpah Energy Production Guarantee — The Company's PPAs with PG&E with respect to the Ivanpah project contain provisions for contract quantity and guaranteed energy production, which require that Ivanpah units 1 and 3 deliver to PG&E no less than the guaranteed energy production amount specified in the PPAs in any period of twenty-four consecutive months, or performance measurement period, during the term of the PPAs. If either of Ivanpah units 1 and 3 deliver less than the guaranteed energy production amount in any performance measurement period, PG&E may, at its option, declare an event of default. Based on the energy production amount since January 2014, the Company expects that the units will not meet their guaranteed energy production amount for the initial performance measurement period. The Company is exploring options to mitigate this risk or its consequences. 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. Midwest Generation Asbestos Liabilities — The Company, through its subsidiary, Midwest Generation, may be subject to potential asbestos liabilities as a result of its acquisition of EME. The Company is currently analyzing the scope of potential liability as it may relate to Midwest Generation. The Company believes that it has established an adequate reserve to deal with these cases. Actions Pursued by MC Asset Recovery — With Mirant Corporation's emergence from bankruptcy protection in 2006, certain actions filed by GenOn Energy Holdings and some of its subsidiaries against third parties were transferred to MC Asset Recovery, a wholly owned subsidiary of GenOn Energy Holdings. MC Asset Recovery is governed by a manager who is independent of NRG and GenOn. MC Asset Recovery is a disregarded entity for income tax purposes. Under the remaining action transferred to MC Asset Recovery, MC Asset Recovery seeks to recover damages from Commerzbank AG and various other banks, or the Commerzbank Defendants, for alleged fraudulent transfers that occurred prior to Mirant's bankruptcy proceedings. In December 2010, the U.S. District Court for the Northern District of Texas dismissed MC Asset Recovery's complaint against the Commerzbank Defendants. In January 2011, MC Asset Recovery appealed the District Court's dismissal of its complaint against the Commerzbank Defendants to the U.S. Court of Appeals for the Fifth Circuit. 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 Mirant's 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. 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 state antitrust law and similar laws. The lawsuits seek treble or punitive damages, restitution and/or expenses. The lawsuits also name as parties a number of energy companies unaffiliated with NRG. In July 2011, the U.S. District Court for the District of Nevada, which was handling four of the five cases, granted the defendants' motion for summary judgment and dismissed all claims against GenOn in those cases. The plaintiffs appealed to the U.S. Court of Appeals for the Ninth Circuit which reversed the decision of the District Court. GenOn along with the other defendants in the lawsuit filed a petition for a writ of certiorari to the U.S. Supreme Court challenging the Court of Appeals' decision, and the U.S. Supreme Court granted the petition. On April 21, 2015, the U.S. Supreme Court affirmed the Ninth Circuit’s holding that plaintiffs’ state antitrust law claims are not field-preempted by the federal Natural Gas Act and the Supremacy Clause of the U.S. Constitution. The U.S. Supreme Court left open whether the claims were preempted on the basis of conflict preemption. The U.S. Supreme Court directed that the case be remanded to the U.S. District Court for the District of Nevada for further proceedings. GenOn has agreed to indemnify CenterPoint against certain losses relating to these lawsuits. In September 2012, the State of Nevada Supreme Court, which was 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. Energy Plus Holdings — On August 7, 2012, Energy Plus Holdings received a subpoena from the NYAG which generally sought information and business records related to Energy Plus Holdings' sales, marketing and business practices. Energy Plus Holdings provided documents and information to the NYAG. On June 22, 2015, the NYAG issued another subpoena seeking additional information. The parties are engaged in discussions regarding the scope of the second subpoena. The Company does not expect the resolution of this matter to have a material impact on the Company's consolidated financial position, results of operations, or cash flows. 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 GenOn Mid-Atlantic 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 GenOn Mid-Atlantic a similar letter with respect to the Chalk Point and Dickerson generating facilities, threatening to sue within 60 days if the generating facilities were not brought 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 CWA and Maryland environmental laws related to water. The lawsuit is ongoing and seeks injunctive relief and civil penalties in excess of $100,000 . The Company does not expect the resolution of this matter to have a material impact on the Company's consolidated financial position, results of operations, or cash flows. Midwest Generation New Source Review Litigation — In August 2009, the EPA and the Illinois Attorney General, or the Government Plaintiffs, filed a complaint, or the Governments’ Complaint, in the U.S. District Court for the Northern District of Illinois alleging violations of CAA PSD requirements by Midwest Generation arising from maintenance, repair or replacement projects at six Illinois coal-fired electric generating stations performed by Midwest Generation or ComEd, a prior owner of the stations, including alleged failures to obtain PSD construction permits and to comply with BACT requirements. The Government Plaintiffs also alleged violations of opacity and PM standards at the Midwest Generation plants. Finally, the Government Plaintiffs alleged that Midwest Generation violated certain operating permit requirements under Title V of the CAA allegedly arising from such claimed PSD, opacity and PM emission violations. In addition to seeking penalties of up to $37,500 per violation, per day, the complaint seeks an injunction ordering Midwest Generation to install controls sufficient to meet BACT emission rates at the units subject to the complaint and other remedies, which could go well beyond the requirements of the CPS. Several environmental groups intervened as plaintiffs in this litigation and filed a complaint, or the Intervenors’ Complaint, which alleged opacity, PM and related Title V violations. Midwest Generation filed a motion to dismiss nine of the ten PSD counts in the Governments’ Complaint, and to dismiss the tenth PSD count to the extent the Governments’ Complaint sought civil penalties for that count. The trial court granted the motion in March 2010. In June 2010, the Government Plaintiffs and Intervenors each filed an amended complaint. The Governments’ Amended Complaint again alleged that Midwest Generation violated PSD (based upon the same projects as alleged in their original complaint, but adding allegations that the Company was liable as the “successor” to ComEd), Title V and opacity and PM standards. It named EME and ComEd as additional defendants and alleged PSD violations (again, premised on the same projects) against them. The Intervenors’ Amended Complaint named only Midwest Generation as a defendant and alleged Title V and opacity/PM violations, as well as one of the ten PSD violations alleged in the Governments’ Amended Complaint. Midwest Generation again moved to dismiss all but one of the Government Plaintiffs’ PSD claims and the related Title V claims. Midwest Generation also filed a motion to dismiss the PSD claim in the Intervenors’ Amended Complaint and the related Title V claims. In March 2011, the trial court granted Midwest Generation’s partial motion to dismiss the Government Plaintiffs’ PSD claims. The trial court denied Midwest Generation’s motion to dismiss the PSD claim asserted in the Intervenors’ Amended Complaint, but noted that the plaintiffs would be required to convince the court that the statute of limitations should be equitably tolled. The trial court did not address other counts in the amended complaints that allege violations of opacity and PM emission limitations under the Illinois State Implementation Plan and related Title V claims. The trial court also granted the motions to dismiss the PSD claims asserted against EME and ComEd. Following the trial court ruling, the Government Plaintiffs appealed the trial court’s dismissals of their PSD claims, including the dismissal of nine of the ten PSD claims against Midwest Generation and of the PSD claims against the other defendants. Those PSD claim dismissals were affirmed by the U.S. Court of Appeals for the Seventh Circuit in July 2013. In addition, in 2012, all but one of the environmental groups that had intervened in the case dismissed their claims without prejudice. As a result, only one environmental group remains a plaintiff intervenor in the case. The Company does not expect the resolution of this matter to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. Telephone Consumer Protection Act Purported Class Actions — Two purported class action lawsuits have been filed against NRG and NRG Residential Solar Solutions, LLC in California and New Jersey. The plaintiffs generally allege misrepresentation by the call agents and violations of the TCPA, claiming that the defendants engaged in a telemarketing campaign placing unsolicited calls to individuals on the “Do Not Call List.” The plaintiffs generally seek statutory damages of up to $1,500 per plaintiff, actual damages and equitable relief. The Company intends to vigorously defend against these lawsuits. On September 25, 2015, plaintiffs dismissed NRG Energy, Inc. from the New Jersey lawsuit. The remaining NRG parties have requested a stay of both cases pending decisions of unrelated cases by the U.S. Supreme Court, the results of which could materially affect these lawsuits. On October 21, 2015, the court in the California case granted NRG's request for a stay. El Segundo Environmental Liability — During the maintenance of breakers in 2012, the Company’s El Segundo plant exceeded California’s limit regarding SF6 losses. SF6 is an electrical insulator and GHG. The Company is in settlement discussions with the California Air Resources Board to resolve the matter and expects to pay a penalty in excess of $100,000 . The Company does not expect the resolution of this matter to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2015 | |
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 2014 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. National Court Rejects FERC's Jurisdiction Over Demand Response — On May 23, 2014, the D.C. Circuit vacated FERC’s rules (known as Order No. 745) that allowed demand response resources to participate in FERC-jurisdictional energy markets. The Court of Appeals held that the FPA does not authorize FERC to exercise jurisdiction over demand response and that instead demand response is part of the retail market over which the states have jurisdiction. The specific order being challenged related to energy market compensation, but this ruling also calls into question whether demand response will be permitted to participate in the capacity markets in the future. Parties including the U.S. Solicitor General filed petitions for a writ of certiorari with the U.S. Supreme Court. On May 4, 2015, the U.S. Supreme Court granted certiorari on two questions: first, on whether the FPA gives FERC jurisdiction over demand response, and second, whether FERC was arbitrary and capricious when it established in Order No. 745 the level of compensation to be paid to demand response resources participating in the wholesale energy markets. On July 16, 2015, the Company filed an amicus brief with the U.S. Supreme Court. The U.S. Supreme Court heard oral argument on October 14, 2015. The eventual outcome of this proceeding could result in refunds of payments made for non-jurisdictional services and resettlement of wholesale markets, but it is not possible to predict the outcome or estimate the impact on the Company at this time. East Region Montgomery County Station Power Tax — On December 20, 2013, the Company received a letter from Montgomery County, Maryland requesting payment of an energy tax for the consumption of station power at the Dickerson Facility over the previous three years. Montgomery County seeks payment in the amount of $22 million , which includes tax, interest and penalties. The Company is disputing the applicability of the tax. On December 17, 2014, the Maryland Tax Court heard oral arguments from the parties. Subsequently, post hearing briefs were filed. The decision is pending. |
Environmental Matters
Environmental Matters | 9 Months Ended |
Sep. 30, 2015 | |
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 2014 Form 10-K. NRG is subject to a wide range of environmental laws in the development, construction, ownership and operation of projects. These laws generally require that governmental permits and approvals be obtained before construction and during operation of power plants. NRG is also subject to laws and regulations surrounding the protection of wildlife, including migratory birds, eagles and threatened and endangered species. Environmental laws have become increasingly stringent and NRG expects this trend to continue. The electric generation industry is facing new requirements to address various emissions, including GHG, as well as combustion byproducts, water discharge and use, and threatened and endangered species. In general, future laws are expected to require the addition of emissions controls or other environmental controls or to impose certain restrictions on the operations of the Company's facilities, which could have a material effect on the Company's operations. The EPA finalized CSAPR in 2011, which was intended to replace CAIR in January 2012, to address each state's obligation to reduce emissions so that downwind states can achieve federal air quality standards. In December 2011, the D.C. Circuit stayed the implementation of CSAPR and then vacated CSAPR in August 2012 but kept CAIR in place until the EPA could replace it. In April 2014, the U.S. Supreme Court reversed and remanded the D.C. Circuit's decision. In October 2014, the D.C. Circuit lifted the stay of CSAPR. In response, the EPA in November 2014 amended the CSAPR compliance dates. Accordingly, CSAPR replaced CAIR on January 1, 2015. On July 28, 2015, the D.C. Circuit held that the EPA had exceeded its authority by requiring certain reductions that were not necessary for downwind states to achieve federal standards. Although the D.C. Circuit kept the rule in place, the D.C. Circuit ordered the EPA to revise the Phase 2 (or 2017) (i) SO 2 budgets for four states including Texas and (ii) ozone-season NO x budgets for 11 states including Maryland, New Jersey, New York, Ohio, Pennsylvania and Texas. While NRG cannot predict the final outcome of this rulemaking, the Company believes its investment in pollution controls and cleaner technologies coupled with planned plant retirements leave the fleet well positioned for compliance. In February 2012, the EPA promulgated standards (the MATS rule) to control emissions of HAPs from coal and oil-fired electric generating units. The rule established limits for mercury, non-mercury metals, certain organics and acid gases, which limits must be met beginning in April 2015 (with some units getting a 1-year extension). In June 2015, the U.S. Supreme Court issued a decision in the case of Michigan v. EPA , and held that the EPA unreasonably refused to consider costs when it determined that it was "appropriate and necessary" to regulate HAPs emitted by electric generating units. The U.S. Supreme Court did not vacate the MATS rule but rather remanded it to the D.C. Circuit for further proceedings. Water In August 2014, the EPA finalized the regulation regarding the use of water for once through cooling at existing facilities to address impingement and entrainment concerns. NRG anticipates that more stringent requirements will be incorporated into some of its water discharge permits over the next several years as NPDES permits are renewed. Byproducts, Wastes, Hazardous Materials and Contamination In April 2015, the EPA finalized the rule regulating byproducts of coal combustion (e.g., ash and gypsum) as solid wastes under the RCRA. These byproducts will be regulated as solid wastes. The Company is evaluating the impact of the new rule on its results of operations, financial condition and cash flows and has accrued its environmental and asset retirement obligations under the rule based on current estimates as of September 30, 2015. East Region Maryland Environmental Regulations — In December 2014, MDE proposed a regulation regarding NO x emissions from coal-fired electric generating units, which if finalized would have required by 2020 the Company (at each of the three Dickerson coal-fired units and the Chalk Point coal-fired unit that does not have an SCR) to either (1) install and operate an SCR; (2) retire the unit; or (3) convert the fuel source from coal to natural gas. In early 2015, a new gubernatorial administration in Maryland decided not to finalize the regulation as proposed. In September 2015, MDE proposed revised regulations to address future NO x reductions, which when finalized may negatively affect certain of the Company’s coal-fired units in Maryland. Environmental Capital Expenditures NRG estimates that environmental capital expenditures from 2015 through 2019 required to comply with environmental laws will be approximately $629 million , which includes $98 million for GenOn and $430 million for Midwest Generation. These costs, the majority of which will be expended by the end of 2016, are primarily associated with (i) DSI/ESP upgrades at the Powerton and Waukegan facilities and the Joliet gas conversion to satisfy the IL CPS; (ii) controls to satisfy MATS and the NSR settlement at the Big Cajun II facility; (iii) controls to satisfy MATS at the Avon Lake facility; (iv) mercury controls at the W.A. Parish facility; and (v) NO x controls for the Sayreville and Gilbert facilities. The increase in environmental capital expenditures for GenOn relates to the Avon Lake Unit 9 MATS compliance project. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 9 Months Ended |
Sep. 30, 2015 | |
Condensed Consolidating Financial Information Disclosure [Abstract] | |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information As of September 30, 2015 , the Company had outstanding $6.4 billion of Senior Notes due from 2018 - 2024, as shown in Note 8 , Debt and Capital Leases . These Senior Notes are guaranteed by certain of NRG's current and future 100% owned domestic subsidiaries, or guarantor subsidiaries. These guarantees are both joint and several. The non-guarantor subsidiaries include all of NRG's foreign subsidiaries and certain domestic subsidiaries, 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 September 30, 2015 : Ace Energy, Inc. NEO Power Services Inc. NRG Operating Services, Inc. Allied Warranty LLC New Genco GP, LLC NRG Oswego Harbor Power Operations Inc. Arthur Kill Power LLC Norwalk Power LLC NRG PacGen Inc. Astoria Gas Turbine Power LLC NRG Advisory Services 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 Services LLC NRG Rockford Acquisition LLC Cirro Energy Services, Inc. NRG Business Solutions LLC NRG Saguaro Operations Inc. Clean Edge Energy LLC NRG Cabrillo Power Operations Inc. NRG Security LLC Conemaugh Power LLC NRG California Peaker Operations LLC NRG Services Corporation Connecticut Jet Power LLC NRG Cedar Bayou Development Company, LLC NRG SimplySmart Solutions LLC Cottonwood Development LLC NRG Connected Home LLC NRG SPV #1 LLC Cottonwood Energy Company LP NRG Connecticut Affiliate Services Inc. NRG South Central Affiliate Services Inc. Cottonwood Generating Partners I LLC NRG Construction LLC NRG South Central Generating LLC Cottonwood Generating Partners II LLC NRG Curtailment Solutions LLC NRG South Central Operations Inc. Cottonwood Generating Partners III LLC NRG Development Company Inc. NRG South Texas LP Cottonwood Technology Partners LP NRG Devon Operations Inc. NRG Texas C&I Supply LLC Devon Power LLC NRG Dispatch Services LLC NRG Texas Gregory LLC Dunkirk Power LLC NRG Distributed Generation PR LLC NRG Texas Holding Inc. Eastern Sierra Energy Company LLC NRG Dunkirk Operations Inc. NRG Texas LLC El Segundo Power, LLC NRG El Segundo Operations Inc. NRG Texas Power LLC El Segundo Power II LLC NRG Energy Efficiency-L LLC NRG Warranty Services LLC Energy Alternatives Wholesale, LLC NRG Energy Efficiency-P LLC NRG West Coast LLC Energy Curtailment Specialists, Inc. NRG Energy Labor Services LLC NRG Western Affiliate Services Inc. Energy Plus Holdings LLC NRG Energy Services Group LLC O'Brien Cogeneration, Inc. II Energy Plus Natural Gas LLC NRG Energy Services International Inc. ONSITE Energy, Inc. Energy Protection Insurance Company NRG Energy Services LLC Oswego Harbor Power LLC Everything Energy LLC NRG Generation Holdings, Inc. RE Retail Receivables, LLC Forward Home Security LLC NRG Home & Business Solutions LLC Reliant Energy Northeast LLC GCP Funding Company, LLC NRG Home Services LLC Reliant Energy Power Supply, LLC Green Mountain Energy NRG Home Solutions LLC Reliant Energy Retail Holdings, LLC Green Mountain Energy Company NRG Home Solutions Product LLC Reliant Energy Retail Services, LLC Gregory Partners, LLC NRG Homer City Services LLC RERH Holdings LLC Gregory Power Partners LLC NRG Huntley Operations Inc. Saguaro Power LLC Huntley Power LLC NRG HQ DC LLC Somerset Operations Inc. Independence Energy Alliance LLC NRG Identity Protect LLC Somerset Power LLC Independence Energy Group LLC NRG Ilion Limited Partnership Texas Genco Financing Corp. Independence Energy Natural Gas LLC NRG Ilion LP LLC Texas Genco GP, LLC Indian River Operations Inc. NRG International LLC Texas Genco Holdings, Inc. Indian River Power LLC NRG Maintenance Services LLC Texas Genco LP, LLC Keystone Power LLC NRG Mextrans Inc. Texas Genco Operating Services, LLC Langford Wind Power, LLC NRG MidAtlantic Affiliate Services Inc. Texas Genco Services, LP Louisiana Generating LLC NRG Middletown Operations Inc. US Retailers LLC Meriden Gas Turbines LLC NRG Montville Operations Inc. Vienna Operations Inc. Middletown Power LLC NRG New Roads Holdings LLC Vienna Power LLC Montville Power LLC NRG North Central Operations Inc. WCP (Generation) Holdings LLC NEO Corporation NRG Northeast Affiliate Services Inc. West Coast Power LLC NEO Freehold-Gen LLC 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 September 30, 2015 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Operating Revenues Total operating revenues $ 3,132 $ 1,328 $ — $ (29 ) $ 4,431 Operating Costs and Expenses Cost of operations 2,276 784 14 (40 ) 3,034 Depreciation and amortization 190 187 5 — 382 Impairment losses 222 41 — — 263 Selling, general and administrative 136 96 100 — 332 Acquisition-related transaction and integration costs — 2 1 — 3 Development activity expenses — 17 21 — 38 Total operating costs and expenses 2,824 1,127 141 (40 ) 4,052 Operating Income/(Loss) 308 201 (141 ) 11 379 Other Income/(Expense) Equity in earnings/(loss) of consolidated subsidiaries — 42 228 (270 ) — Equity in earnings of unconsolidated affiliates 3 27 1 (7 ) 24 Other income, net 2 3 1 (2 ) 4 Loss on debt extinguishment — (2 ) — — (2 ) Interest expense (4 ) (151 ) (136 ) — (291 ) Total other income/(expense) 1 (81 ) 94 (279 ) (265 ) Income/(Loss) Before Income Taxes 309 120 (47 ) (268 ) 114 Income tax expense/(benefit) 88 56 (130 ) 33 47 Net Income 221 64 83 (301 ) 67 Less: Net income attributable to noncontrolling interest and redeemable noncontrolling interests — 15 17 (31 ) 1 Net Income Attributable to NRG Energy, Inc. $ 221 $ 49 $ 66 $ (270 ) $ 66 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the Nine Months Ended September 30, 2015 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Operating Revenues Total operating revenues $ 7,959 $ 3,792 $ — $ (97 ) $ 11,654 Operating Costs and Expenses Cost of operations 6,083 2,533 10 (96 ) 8,530 Depreciation and amortization 590 568 15 — 1,173 Impairment losses 222 41 — — 263 Selling, general and administrative 351 288 247 — 886 Acquisition-related transaction and integration costs — 3 13 — 16 Development activity expenses — 47 66 — 113 Total operating costs and expenses 7,246 3,480 351 (96 ) 10,981 Gain on postretirement benefits curtailment — 14 — — 14 Operating Income/(Loss) 713 326 (351 ) (1 ) 687 Other Income/(Expense) Equity in (loss)/earnings of consolidated subsidiaries (35 ) (15 ) 432 (382 ) — Equity in earnings of unconsolidated affiliates 6 33 — (10 ) 29 Other income, net 3 23 3 (2 ) 27 Loss on debt extinguishment — (9 ) — — (9 ) Interest expense (13 ) (430 ) (412 ) — (855 ) Total other expense (39 ) (398 ) 23 (394 ) (808 ) Income/(Loss) Before Income Taxes 674 (72 ) (328 ) (395 ) (121 ) Income tax expense/(benefit) 225 (20 ) (281 ) 33 (43 ) Net Income/(Loss) 449 (52 ) (47 ) (428 ) (78 ) Less: Net income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interests — 15 21 (46 ) (10 ) Net Income/(Loss) Attributable to NRG Energy, Inc. $ 449 $ (67 ) $ (68 ) $ (382 ) $ (68 ) (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 September 30, 2015 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Net Income $ 221 $ 64 $ 83 $ (301 ) $ 67 Other Comprehensive Income/(Loss), net of tax Unrealized gain/(loss) on derivatives, net 46 189 169 (410 ) (6 ) Foreign currency translation adjustments, net — 4 2 (14 ) (8 ) Available-for-sale securities, net — 14 (10 ) (11 ) (7 ) Defined benefit plans, net 139 4 (105 ) (35 ) 3 Other comprehensive income/(loss) 185 211 56 (470 ) (18 ) Comprehensive Income 406 275 139 (771 ) 49 Less: Comprehensive (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest — (3 ) 17 (31 ) (17 ) Comprehensive Income Attributable to NRG Energy, Inc. 406 278 122 (740 ) 66 Dividends for preferred shares — — 5 — 5 Comprehensive Income Available for Common Stockholders $ 406 $ 278 $ 117 $ (740 ) $ 61 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2015 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Net Income/(Loss) $ 449 $ (52 ) $ (47 ) $ (428 ) $ (78 ) Other Comprehensive Income/(Loss), net of tax Unrealized gain/(loss) on derivatives, net 41 204 178 (425 ) (2 ) Foreign currency translation adjustments, net — 4 — (14 ) (10 ) Available-for-sale securities, net — 13 (13 ) (11 ) (11 ) Defined benefit plans, net 136 3 (95 ) (35 ) 9 Other comprehensive income/(loss) 177 224 70 (485 ) (14 ) Comprehensive Income/(Loss) 626 172 23 (913 ) (92 ) Less: Comprehensive (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest — (9 ) 21 (46 ) (34 ) Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. 626 181 2 (867 ) (58 ) Dividends for preferred shares — — 15 — 15 Comprehensive Income/(Loss) Available for Common Stockholders $ 626 $ 181 $ (13 ) $ (867 ) $ (73 ) (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS September 30, 2015 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated ASSETS (In millions) Current Assets Cash and cash equivalents $ — $ 1,310 $ 955 $ — $ 2,265 Funds deposited by counterparties 27 41 — — 68 Restricted cash 8 488 1 — 497 Accounts receivable - trade, net 1,173 318 1 — 1,492 Accounts receivable - affiliate 9,804 1,410 (8,271 ) (2,936 ) 7 Inventory 521 628 — — 1,149 Derivative instruments 1,107 703 — (230 ) 1,580 Cash collateral paid in support of energy risk management activities 255 112 — — 367 Deferred income taxes — 88 81 — 169 Renewable energy grant receivable, net — 25 1 — 26 Prepayments and other current assets 116 260 77 — 453 Total current assets 13,011 5,383 (7,155 ) (3,166 ) 8,073 Net property, plant and equipment 7,839 13,982 191 (27 ) 21,985 Other Assets Investment in subsidiaries 416 2,500 24,474 (27,390 ) — Equity investments in affiliates (15 ) 1,143 42 (102 ) 1,068 Notes receivable, less current portion — 49 264 (251 ) 62 Goodwill 2,072 423 8 2,503 Intangible assets, net 789 1,587 1 (6 ) 2,371 Nuclear decommissioning trust fund 551 — — — 551 Derivative instruments 277 311 — (66 ) 522 Deferred income tax 23 620 784 — 1,427 Other non-current assets 97 831 498 — 1,426 Total other assets 4,210 7,464 26,071 (27,815 ) 9,930 Total Assets $ 25,060 $ 26,829 $ 19,107 $ (31,008 ) $ 39,988 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities Current portion of long-term debt and capital leases $ 2 $ 435 $ 271 $ (251 ) $ 457 Accounts payable 710 340 123 — 1,173 Accounts payable — affiliate 1,602 2,166 (833 ) (2,935 ) — Derivative instruments 1,025 621 — (230 ) 1,416 Cash collateral received in support of energy risk management activities 27 41 — 68 Accrued expenses and other current liabilities 339 530 353 — 1,222 Total current liabilities 3,705 4,133 (86 ) (3,416 ) 4,336 Other Liabilities Long-term debt and capital leases 306 11,039 8,253 — 19,598 Nuclear decommissioning reserve 322 — — — 322 Nuclear decommissioning trust liability 280 — — — 280 Deferred income taxes 1,540 (1,040 ) (513 ) 33 20 Derivative instruments 375 310 — (66 ) 619 Out-of-market contracts, net 99 1,069 — — 1,168 Other non-current liabilities 471 735 272 — 1,478 Total non-current liabilities 3,393 12,113 8,012 (33 ) 23,485 Total liabilities 7,098 16,246 7,926 (3,449 ) 27,821 2.822% convertible perpetual preferred stock — — 299 — 299 Redeemable noncontrolling interest in subsidiaries — 29 — — 29 Stockholders’ Equity 17,962 10,554 10,882 (27,559 ) 11,839 Total Liabilities and Stockholders’ Equity $ 25,060 $ 26,829 $ 19,107 $ (31,008 ) $ 39,988 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Nine Months Ended September 30, 2015 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Cash Flows from Operating Activities Net Income $ 449 $ (52 ) $ (47 ) $ (428 ) $ (78 ) Adjustments to reconcile net loss to net cash provided by operating activities: Distributions from unconsolidated affiliates — 77 — (20 ) 57 Equity in losses of unconsolidated affiliates (6 ) (33 ) — 10 (29 ) Depreciation and amortization 590 568 15 — 1,173 Provision for bad debts 46 — 3 — 49 Amortization of nuclear fuel 36 — — — 36 Amortization of financing costs and debt discount/premiums — (29 ) 20 — (9 ) Adjustment for debt extinguishment — 9 — — 9 Amortization of intangibles and out-of-market contracts 43 25 — — 68 Amortization of unearned equity compensation — — 37 — 37 Changes in deferred income taxes and liability for uncertain tax benefits 218 (77 ) (213 ) — (72 ) Changes in nuclear decommissioning trust liability 1 — — — 1 Changes in derivative instruments 135 89 (44 ) — 180 Changes in collateral deposits supporting energy risk management activities (141 ) (39 ) — — (180 ) Gain on sale of emission allowances (6 ) — — — (6 ) Gain on postretirement benefits curtailment — (14 ) — — (14 ) Impairment losses 222 41 — — 263 Cash used by changes in other working capital 1,048 (879 ) (702 ) 440 (93 ) Net Cash Provided/(Used) by Operating Activities $ 2,635 $ (314 ) $ (931 ) $ 2 $ 1,392 Cash Flows from Investing Activities (Payments for)/proceeds from intercompany loans to subsidiaries (2,391 ) 1,093 — 1,298 — Acquisition of January 2015 Drop Down Assets, net of cash acquired — (489 ) — 489 — Acquisition of businesses, net of cash acquired — (31 ) — — (31 ) Capital expenditures (264 ) (595 ) (30 ) — (889 ) Increase in restricted cash, net (3 ) (38 ) — — (41 ) Decrease in restricted cash — U.S. DOE funded projects — 1 — — 1 Decrease in notes receivable — 10 — — 10 Investments in nuclear decommissioning trust fund securities (500 ) — — — (500 ) Proceeds from sales of nuclear decommissioning trust fund securities 499 — — — 499 Proceeds from renewable energy grants and state rebates — 62 — — 62 Proceeds from sale of assets, net of cash disposed of — — 1 — 1 Investments in unconsolidated affiliates — (356 ) (39 ) — (395 ) Return of capital from unconsolidated affiliates 1 39 — (2 ) 38 Other 5 8 — — 13 Net Cash (Used)/Provided by Investing Activities (2,653 ) (296 ) (68 ) 1,785 (1,232 ) Cash Flows from Financing Activities Proceeds from intercompany loans — — 1,298 (1,298 ) — Acquisition of January 2015 Drop Down Assets, net of cash acquired — — 489 (489 ) — Payment of dividends to common and preferred stockholders — — (152 ) — (152 ) Payment for treasury stock — — (353 ) — (353 ) Net receipts from settlement of acquired derivatives that include financing elements — 138 — — 138 Proceeds from issuance of long-term debt — 635 44 — 679 Distributions from, net of contributions to, noncontrolling interest in subsidiaries — 651 — — 651 Proceeds from issuance of common stock — — 1 — 1 Payment of debt issuance costs — (14 ) — — (14 ) Payments for short and long-term debt — (938 ) (16 ) — (954 ) Other — (22 ) — — (22 ) Net Cash Provided/(Used) by Financing Activities — 450 1,311 (1,787 ) (26 ) Effect of exchange rate changes on cash and cash equivalents — 15 — — 15 Net (Decrease)/Increase in Cash and Cash Equivalents (18 ) (145 ) 312 — 149 Cash and Cash Equivalents at Beginning of Period 18 1,455 643 — 2,116 Cash and Cash Equivalents at End of Period $ — $ 1,310 $ 955 $ — $ 2,265 (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 September 30, 2014 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Operating Revenues Total operating revenues $ 3,216 $ 1,375 $ — $ (22 ) $ 4,569 Operating Costs and Expenses Cost of operations 2,506 761 (5 ) 16 3,278 Depreciation and amortization 216 154 5 — 375 Selling, general and administrative 110 82 66 — 258 Impairment losses — 70 — — 70 Acquisition-related transaction and integration costs 1 4 12 — 17 Development activity expenses — 8 14 — 22 Total operating costs and expenses 2,833 1,079 92 16 4,020 Operating Income/(Loss) 383 296 (92 ) (38 ) 549 Other Income/(Expense) Equity in earnings of consolidated subsidiaries 186 15 319 (520 ) — Equity in earnings of unconsolidated affiliates 3 19 — (4 ) 18 Other income/(expense), net 1 1 (19 ) 14 (3 ) Loss on debt extinguishment — — (13 ) — (13 ) Interest expense (4 ) (132 ) (143 ) (1 ) (280 ) Total other income/(expense) 186 (97 ) 144 (511 ) (278 ) Income Before Income Taxes 569 199 52 (549 ) 271 Income tax expense/(benefit) 169 42 (122 ) — 89 Net Income 400 157 174 (549 ) 182 Less: Net income attributable to noncontrolling interest and redeemable noncontrolling interest — 37 6 (29 ) 14 Net Income Attributable to NRG Energy, Inc. $ 400 $ 120 $ 168 $ (520 ) $ 168 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the Nine Months Ended September 30, 2014 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Operating Revenues Total operating revenues $ 8,009 $ 3,755 $ — $ (88 ) $ 11,676 Operating Costs and Expenses Cost of operations 6,351 2,508 2 (18 ) 8,843 Depreciation and amortization 625 458 13 — 1,096 Selling, general and administrative 317 210 210 — 737 Impairment losses — 70 — — 70 Acquisition-related transaction and integration costs 1 12 56 — 69 Development activity expenses — 25 37 — 62 Total operating costs and expenses 7,294 3,283 318 (18 ) 10,877 Gain on sale of assets — 19 — — 19 Operating Income/(Loss) 715 491 (318 ) (70 ) 818 Other Income/(Expense) Equity in earnings of consolidated subsidiaries 287 9 499 (795 ) — Equity in earnings of unconsolidated affiliates 13 37 — (11 ) 39 Other income/(expense), net 5 9 (14 ) 13 13 Loss on debt extinguishment — (9 ) (85 ) — (94 ) Interest expense (15 ) (359 ) (435 ) — (809 ) Total other income/(expense) 290 (313 ) (35 ) (793 ) (851 ) Income/(Loss) Before Income Taxes 1,005 178 (353 ) (863 ) (33 ) Income tax expense/(benefit) 279 36 (383 ) — (68 ) Net Income 726 142 30 (863 ) 35 Less: Net income attributable to noncontrolling interest and redeemable noncontrolling interest — 73 15 (68 ) 20 Net Income Attributable to NRG Energy, Inc. $ 726 $ 69 $ 15 $ (795 ) $ 15 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) For the Three Months Ended September 30, 2014 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Net Income $ 400 $ 157 $ 174 $ (549 ) $ 182 Other Comprehensive Income/(Loss), net of tax Unrealized (loss)/gain on derivatives, net (7 ) 2 3 6 4 Foreign currency translation adjustments, net — (9 ) 3 — (6 ) Available-for-sale securities, net — (21 ) 19 — (2 ) Defined benefit plans, net — 55 (58 ) — (3 ) Other comprehensive (loss)/income (7 ) 27 (33 ) 6 (7 ) Comprehensive Income 393 184 141 (543 ) 175 Less: Comprehensive income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interest — 17 (17 ) 17 17 Comprehensive Income Attributable to NRG Energy, Inc. 393 167 158 (560 ) 158 Dividends for preferred shares — — 2 — 2 Comprehensive Income Available for Common Stockholders $ 393 $ 167 $ 156 $ (560 ) $ 156 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) For the Nine Months Ended September 30, 2014 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Net Income $ 726 $ 142 $ 30 $ (863 ) $ 35 Other Comprehensive Income/(Loss), net of tax Unrealized gain/(loss) on derivatives, net 1 (24 ) — (1 ) (24 ) Foreign currency translation adjustments, net — (4 ) 1 — (3 ) Available-for-sale securities, net — 3 (1 ) — 2 Defined benefit plans, net — 42 (33 ) — 9 Other comprehensive income/(loss) 1 17 (33 ) (1 ) (16 ) Comprehensive Income/(Loss) 727 159 (3 ) (864 ) 19 Less: Comprehensive income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interest — 10 (8 ) 12 14 Comprehensive Income Attributable to NRG Energy, Inc. 727 149 5 (876 ) 5 Dividends for preferred shares — — 7 — 7 Comprehensive Income/(Loss) Available for Common Stockholders $ 727 $ 149 $ (2 ) $ (876 ) $ (2 ) (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. (Note Issuer) Eliminations (a) Consolidated 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 - trade, net 924 392 6 — 1,322 Accounts receivable - affiliate 7,449 1,988 (5,991 ) (3,437 ) 9 Inventory 537 710 — — 1,247 Derivative instruments 1,657 1,209 — (441 ) 2,425 Cash collateral paid in support of energy risk management activities 114 73 — — 187 Deferred income taxes 41 96 37 — 174 Renewable energy grant receivable, net — 134 1 — 135 Prepayments and other current assets 53 79 306 — 438 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 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 Derivative instruments 242 288 1 (51 ) 480 Deferred income taxes (247 ) 816 837 — 1,406 Other non-current assets 113 640 508 — 1,261 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, net 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 Nine Months Ended September 30, 2014 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Cash Flows from Operating Activities Net Income $ 726 $ 142 $ 30 $ (863 ) $ 35 Adjustments to reconcile net loss to net cash provided by operating activities: Distributions from /(to) unconsolidated affiliates — 103 — (32 ) 71 Equity in (losses)/earnings of unconsolidated affiliates (13 ) (37 ) — 11 (39 ) Depreciation and amortization 625 458 13 — 1,096 Provision for bad debts 49 — — — 49 Amortization of nuclear fuel 33 — — — 33 Amortization of financing costs and debt discount/premiums — (19 ) 10 — (9 ) Adjustment for debt extinguishment — 7 17 — 24 Amortization of intangibles and out-of-market contracts 52 — — — 52 Amortization of unearned equity compensation — — 32 — 32 Changes in deferred income taxes and liability for uncertain tax benefits 281 136 (492 ) — (75 ) Changes in nuclear decommissioning trust liability 12 — — — 12 Changes in derivative instruments (62 ) 313 (3 ) — 248 Changes in collateral deposits supporting energy risk management activities 42 (142 ) — — (100 ) Loss on sale of emission allowances 2 — — — 2 Gain on sale of assets — (26 ) — — (26 ) Impairment losses — 70 — — 70 Cash used by changes in other working capital (369 ) (1,082 ) 206 884 (361 ) Net Cash Provided/(Used) by Operating Activities 1,378 (77 ) (187 ) — 1,114 Cash Flows from Investing Activities Intercompany loans (to)/from subsidiaries (1,382 ) (114 ) — 1,496 — Acquisition of June 2014 Drop Down Assets, net of cash acquired — (336 ) — 336 — Acquisition of businesses, net of cash acquired — (25 ) (2,807 ) — (2,832 ) Capital expenditures (16 ) (180 ) (479 ) — (675 ) Increase in restricted cash, net — (52 ) — — (52 ) Decrease/(increase) in restricted cash — U.S. DOE projects — 24 (3 ) — 21 Decrease in notes receivable — 21 — — 21 Investments in nuclear decommissioning trust fund securities (475 ) — — — (475 ) Proceeds from sales of nuclear decommissioning trust fund securities 463 — — — 463 Proceeds from renewable energy grants — 431 — — 431 Proceeds from sale of assets, net of cash disposed of — — 153 — 153 Cash proceeds to fund cash grant bridge loan payment — 57 — — 57 Investments in unconsolidated affiliates — (28 ) (59 ) — (87 ) Other (6 ) 12 11 — 17 Net Cash Used by Investing Activities (1,416 ) (190 ) (3,184 ) 1,832 (2,958 ) Cash Flows from Financing Activities Proceeds from intercompany loans — — 1,496 (1,496 ) — Acquisition of June 2014 Drop Down Assets, net of cash acquired — — 336 (336 ) — Payment of dividends to common and preferred stockholders — — (140 ) — (140 ) Net payment for settlement of acquired derivatives that include financing elements — (64 ) — — (64 ) Distributions from noncontrolling interest in subsidiaries — 639 — — 639 Proceeds from issuance of long-term debt — 1,121 3,335 — 4,456 Proceeds from issuance of common stock — — 15 — 15 Payment of debt issuance costs — (28 ) (29 ) — (57 ) Payments for short and long-term debt — (649 ) (2,659 ) — (3,308 ) Net Cash Provided by Financing Activities — 1,019 2,354 (1,832 ) 1,541 Effect of exchange rate changes on cash and cash equivalents — 2 — — 2 Net (Decrease)/Increase in Cash and Cash Equivalents (38 ) 754 (1,017 ) — (301 ) Cash and Cash Equivalents at Beginning of Period 56 870 1,328 — 2,254 Cash and Cash Equivalents at End of Period $ 18 $ 1,624 $ 311 $ — $ 1,953 (a) All significant intercompany transactions have been eliminated in consolidation. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Business Description and Basis of Presentation [Text Block] | The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with the SEC's regulations for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. The following notes should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to the consolidated financial statements in the Company's 2014 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 September 30, 2015 , and the results of operations, comprehensive income/(loss) and cash flows for the nine months ended September 30, 2015 , and 2014 . |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain prior year amounts have been reclassified for comparative purposes. The reclassifications did not affect results from operations, net assets or cash flows. |
Use of Estimates (Policy) | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Cash Flow, Supplemental Disclosures [Text Block] | Other Cash Flow Information NRG’s investing activities exclude capital expenditures of $69 million which were accrued and unpaid at September 30, 2015 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Developments ASU 2015-16 — In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments , or ASU No. 2015-16. The amendments of ASU No. 2015-16 require that an acquirer recognize measurement period adjustments to the provisional amounts recognized in a business combination in the reporting period during which the adjustments are determined. Additionally, the amendments of ASU No. 2015-16 require the acquirer to record in the same period's financial statements the effect on earnings of changes in depreciation, amortization or other income effects, if any, as a result of the measurement period adjustment, calculated as if the accounting had been completed at the acquisition date as well as disclosing either on the face of the income statement or in the notes the portion of the amount recorded in current period earnings that would have been recorded in previous reporting periods. The guidance in ASU No. 2015-16 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The amendments should be applied prospectively. The adoption of this standard is not expected to have a material impact on the Company's results of operations, cash flows or financial position. ASU 2015-03 and ASU 2015-15 — In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , or ASU No. 2015-03. The amendments of ASU No. 2015-03 were issued to reduce complexity in the balance sheet presentation of debt issuance costs. ASU No. 2015-03 requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this standard. Additionally, in August 2015, the FASB issued ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, or ASU No. 2015-15, as ASU No. 2015-03 did not specifically address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. ASU No. 2015-15 allows an entity to continue to defer and present debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The guidance in ASU No. 2015-03 and ASU No. 2015-15 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The adoption of ASU No. 2015-03 is not expected to have a material impact on the Company's balance sheets on a gross basis and will have no impact on net assets. ASU 2015-02 — In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , or ASU No. 2015-02. The amendments of ASU No. 2015-02 were issued in an effort to minimize situations under previously existing guidance in which a reporting entity was required to consolidate another legal entity in which that reporting entity did not have: (1) the ability through contractual rights to act primarily on its own behalf; (2) ownership of the majority of the legal entity's voting rights; or (3) the exposure to a majority of the legal entity's economic benefits. ASU No. 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The guidance in ASU No. 2015-02 is effective for periods beginning after December 15, 2015. Early adoption is permitted. The Company adopted the standard effective January 1, 2015 and the adoption of this standard did not impact the Company's results of operations, cash flows or financial position. ASU 2014-16 — In November 2014, the FASB issued ASU No. 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity , or ASU No. 2014-16. The amendments of ASU No. 2014-16 clarify how U.S. GAAP should be applied in determining whether the nature of a host contract is more akin to debt or equity and in evaluating whether the economic characteristics and risks of an embedded feature are "clearly and closely related" to its host contract. The guidance in ASU No. 2014-16 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company adopted the standard effective January 1, 2015 and the adoption of this standard did not impact the Company's results of operations, cash flows or financial position. ASU 2014-09 — In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , or ASU No. 2014-09. The amendments of ASU No. 2014-09 complete the joint effort between the FASB and the International Accounting Standards Board, or IASB, to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards, or IFRS, and to improve financial reporting. The guidance in ASU No. 2014-09 provides that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for the goods or services provided and establishes the following steps to be applied by an entity: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies the performance obligation. In August 2015, the FASB issued ASU 2015-14, which formally deferred the effective date by one year to make the guidance of ASU No. 2014-09 effective for annual reporting periods beginning after December 15, 2017, including interim periods therein. Early adoption is permitted, but not prior to the original effective date, which was for annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact of the standard on the Company's results of operations, cash flows and financial position. |
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 OCI, consistent with regulatory treatment. |
Segment Reporting (Policy) | Effective in December 2014, 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 segregated as follows: NRG Business, which includes conventional power generation and the carbon capture business; NRG Home, which includes NRG Home Retail, consisting of Mass market retail products and services, and NRG Home Solar, which includes the installation and leasing of residential solar systems and the sale of solar energy services; NRG Renew, which includes solar and wind assets, excluding those in the NRG Yield segment; NRG Yield; and corporate activities. NRG Yield includes certain of the Company's contracted generation assets. On January 2, 2015, NRG Yield, Inc. acquired three projects from the Company: Walnut Creek formerly in the NRG Business segment, the Tapestry projects (Buffalo Bear, Pinnacle and Taloga) and Laredo Ridge, both formerly in the NRG Renew segment. As the transaction was accounted for as a transfer of entities under common control, all historical periods have been recast to reflect this change. The Company's corporate segment includes international business and electric vehicle services. Intersegment sales are accounted for at market. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Noncontrolling Interest [Line Items] | |
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, 2014 $ 1,914 Sale of assets to NRG Yield, Inc. (27 ) Distributions to noncontrolling interest (115 ) Contributions from noncontrolling interest 153 Increase to noncontrolling interest due to NRG Yield, Inc. acquisitions 74 Proceeds received from NRG Yield, Inc. public offering 599 Non-cash adjustments for equity component of NRG Yield, Inc. convertible notes 23 Non-cash increase to noncontrolling interest 19 Comprehensive loss attributable to noncontrolling interest (27 ) Balance as of September 30, 2015 $ 2,613 |
Redeemable Noncontrolling Interest [Table Text Block] | The following table reflects the changes in the Company's redeemable noncontrolling interest balance for the nine months ended September 30, 2015 : (In millions) Balance as of December 31, 2014 $ 19 Cash contributions from noncontrolling interest 17 Comprehensive loss attributable to noncontrolling interest (7 ) Balance as of September 30, 2015 $ 29 |
NRG DGPV Holdco [Member] | |
Noncontrolling Interest [Line Items] | |
Equity Method Investments [Table Text Block] | The following illustrates the structure of DGPV Holdco: |
NRG RPV Holdco [Member] | |
Noncontrolling Interest [Line Items] | |
Equity Method Investments [Table Text Block] | The following illustrates the structure of RPV Holdco: |
Business Acquisitions and Dis27
Business Acquisitions and Dispositions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
EME [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The purchase price of $3.5 billion was allocated as follows: Acquisition Date Fair Value at December 31, 2014 Measurement period adjustments Revised Acquisition Date (In millions) Assets Cash $ 1,422 $ — $ 1,422 Current assets 724 72 796 Property, plant and equipment 2,438 (3 ) 2,435 Intangible assets 172 — 172 Goodwill 334 (56 ) 278 Non-current assets 773 — 773 Total assets acquired 5,863 13 5,876 Liabilities Current and non-current liabilities 629 13 642 Out-of-market contracts and leases 159 — 159 Long-term debt 1,249 — 1,249 Total liabilities assumed 2,037 13 2,050 Less: noncontrolling interest 352 — 352 Net assets acquired $ 3,474 $ — $ 3,474 |
Alta Wind Holdings [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The purchase price of $923 million was allocated as follows: Acquisition Date Fair Value at December 31, 2014 Measurement period adjustments Revised Acquisition Date (In millions) Assets Cash $ 22 $ — $ 22 Current and non-current assets 49 (2 ) 47 Property, plant and equipment 1,304 6 1,310 Intangible assets 1,177 (6 ) 1,171 Total assets acquired 2,552 (2 ) 2,550 Liabilities Debt 1,591 — 1,591 Current and non-current liabilities 38 (2 ) 36 Total liabilities assumed 1,629 (2 ) 1,627 Net assets acquired $ 923 $ — $ 923 |
Fair Value of Financial Instr28
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 As of December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Assets: Notes receivable (a) $ 82 $ 82 $ 91 $ 91 Liabilities: Long-term debt, including current portion $ 20,041 $ 19,163 $ 20,366 $ 20,361 (a) Includes the current portion of notes receivable which is recorded in prepayments and other current assets on the Company's consolidated balance sheets. |
Assets and liabilities measured and recorded at fair value on the consolidated balance sheets on a recurring basis | The following tables present assets and liabilities measured and recorded at fair value on the Company's condensed consolidated balance sheets on a recurring basis and their level within the fair value hierarchy: As of September 30, 2015 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 15 — — 15 Other (a) 14 — — 14 Nuclear trust fund investments: Cash and cash equivalents 4 — — 4 U.S. government and federal agency obligations 58 2 — 60 Federal agency mortgage-backed securities — 60 — 60 Commercial mortgage-backed securities — 25 — 25 Corporate debt securities — 83 — 83 Equity securities 269 — 49 318 Foreign government fixed income securities — 1 — 1 Other trust fund investments: U.S. government and federal agency obligations 1 — — 1 Derivative assets: Commodity contracts 720 1,161 221 2,102 Interest rate contracts — — — — Total assets $ 1,081 $ 1,332 $ 288 $ 2,701 Derivative liabilities: Commodity contracts $ 815 $ 866 $ 188 $ 1,869 Interest rate contracts — 166 — 166 Total liabilities $ 815 $ 1,032 $ 188 $ 2,035 (a) Consists primarily of mutual funds held in a Rabbi Trust for non-qualified deferred compensation plans for certain former employees. As of December 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 30 — — 30 Other (a) 21 — 11 32 Nuclear trust fund investments: Cash and cash equivalents 14 — — 14 U.S. government and federal agency obligations 44 3 — 47 Federal agency mortgage-backed securities — 74 — 74 Commercial mortgage-backed securities — 25 — 25 Corporate debt securities — 78 — 78 Equity securities 292 — 52 344 Foreign government fixed income securities — 3 — 3 Other trust fund investments: U.S. government and federal agency obligations 1 — — 1 Derivative assets: Commodity contracts 1,078 1,515 309 2,902 Interest rate contracts — 2 — 2 Equity contracts — — 1 1 Total assets $ 1,480 $ 1,700 $ 391 $ 3,571 Derivative liabilities: Commodity contracts $ 1,004 $ 1,093 $ 230 $ 2,327 Interest rate contracts — 165 — 165 Total liabilities $ 1,004 $ 1,258 $ 230 $ 2,492 (a) Primarily consists of mutual funds held in rabbi trusts for non-qualified deferred compensation plans for certain former employees and a total return swap that does not meet the definition of a derivative. |
Reconciliation of beginning and ending balances for financial instruments that are recognized at fair value in the consolidated financial statements at least annually using significant unobservable inputs | The following tables reconcile, for the three and nine months ended September 30, 2015 , and 2014 , 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 September 30, 2015 Nine months ended September 30, 2015 (In millions) Debt Securities Other Trust Fund Investments Derivatives (a) Total Debt Securities Other Trust Fund Investments Derivatives (a) Total Beginning balance $ 18 $ — $ 55 $ 49 $ 122 $ 18 $ 11 $ 52 $ 80 $ 161 Total gains/(losses) — realized/unrealized: Included in earnings — — — (17 ) (17 ) — (11 ) — (95 ) (106 ) Included in nuclear decommissioning obligation — — (6 ) — (6 ) — — (4 ) — (4 ) Purchases — — — 9 9 — — 1 44 45 Transfers into Level 3 (b) — — — (10 ) (10 ) — — — 1 1 Transfers out of Level 3 (b) — — — 2 2 — — — 3 3 Ending balance as of September 30, 2015 $ 18 $ — $ 49 $ 33 $ 100 $ 18 $ — $ 49 $ 33 $ 100 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 September 30, 2015 $ — $ — $ — $ (9 ) $ (9 ) $ — $ — $ — $ (37 ) $ (37 ) (a) Consists of derivative assets and liabilities, net. (b) Transfers into/out of Level 3 are related to the availability of external broker quotes and are valued as of the end of the reporting period. All transfers in/out are with Level 2. Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Three months ended September 30, 2014 Nine months ended September 30, 2014 (In millions) Debt Securities Other Trust Fund Investments Derivatives (a) Total Debt Securities Other Trust Fund Investments Derivatives (a) Total Beginning balance $ 18 $ 11 $ 58 $ (12 ) $ 75 $ 16 $ 10 $ 56 $ 13 $ 95 Total gains/(losses) — realized/unrealized: Included in earnings — — — (22 ) (22 ) — 1 — (18 ) (17 ) Included in OCI — — — — — 2 — — — 2 Included in nuclear decommissioning obligations — — (4 ) — (4 ) — — (3 ) — (3 ) Purchases — — — 63 63 — — 1 (21 ) (20 ) Contracts acquired in Dominion and EME acquisition — — — — — — — — 39 39 Transfers into Level 3 (b) — — — (1 ) (1 ) — — — 17 17 Transfers out of Level 3 (b) — — — 1 1 — — — (1 ) (1 ) Ending balance as of September 30, 2014 $ 18 $ 11 $ 54 $ 29 $ 112 $ 18 $ 11 $ 54 $ 29 $ 112 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 September 30, 2014 $ — $ — $ — $ 5 $ 5 $ — $ — $ — $ 26 $ 26 (a) Consists of derivative assets and liabilities, net. (b) Transfers into/out of Level 3 are related to the availability of external broker quotes and are valued as of the end of the reporting period. All transfers in/out are with Level 2. |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | The following tables quantify the significant unobservable inputs used in developing the fair value of the Company's Level 3 positions as of September 30, 2015 and December 31, 2014 : Significant Unobservable Inputs September 30, 2015 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 136 $ 116 Discounted Cash Flow Forward Market Price (per MWh) $ 9 $ 78 $ 34 Coal Contracts — 9 Discounted Cash Flow Forward Market Price (per ton) 46 49 47 FTRs 85 63 Discounted Cash Flow Auction Prices (per MWh) (93 ) 64 — $ 221 $ 188 Significant Unobservable Inputs December 31, 2014 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 195 $ 154 Discounted Cash Flow Forward Market Price (per MWh) $ 15 $ 92 $ 47 Coal Contracts 3 1 Discounted Cash Flow Forward Market Price (per ton) 53 56 54 FTRs 111 75 Discounted Cash Flow Auction Prices (per MWh) (29 ) 30 — $ 309 $ 230 |
Fair Value Inputs, Sensitivity Analysis [Table Text Block] | The following table provides sensitivity of fair value measurements to increases/(decreases) in significant unobservable inputs as of September 30, 2015 and December 31, 2014: Significant Unobservable Input Position Change In Input Impact on Fair Value Measurement Forward Market Price Power/Coal Buy Increase/(Decrease) Higher/(Lower) Forward Market Price Power/Coal Sell Increase/(Decrease) Lower/(Higher) FTR Prices Buy Increase/(Decrease) Higher/(Lower) FTR Prices Sell Increase/(Decrease) Lower/(Higher) |
Net counterparty credit exposure by industry sector and by counterparty credit quality | The following tables highlight net counterparty credit exposure by industry sector and by counterparty credit quality. Net counterparty credit exposure is defined as the aggregate net asset position for NRG with counterparties where netting is permitted under the enabling agreement and includes all cash flow, mark-to-market and NPNS, and non-derivative transactions. The exposure is shown net of collateral held, and includes amounts net of receivables or payables. Net Exposure (a) Category (% of Total) Financial institutions 44 % Utilities, energy merchants, marketers and other 32 ISOs 24 Total as of September 30, 2015 100 % Net Exposure (a) Category (% of Total) Investment grade 99 % Non-rated (b) 1 Total as of September 30, 2015 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 Trust29
Nuclear Decommissioning Trust Fund (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 As of December 31, 2014 (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 $ 4 $ — $ — — $ 14 $ — $ — — U.S. government and federal agency obligations 60 2 — 10 47 2 — 11 Federal agency mortgage-backed securities 60 1 — 25 74 2 — 25 Commercial mortgage-backed securities 25 — 1 28 25 — 1 30 Corporate debt securities 83 1 1 10 78 2 1 11 Equity securities 318 185 — — 344 211 — — Foreign government fixed income securities 1 — — 15 3 1 — 16 Total $ 551 $ 189 $ 2 $ 585 $ 218 $ 2 |
Summary of proceeds from sales of available-for-sale securities and the related realized gains and losses | The following table summarizes proceeds from sales of available-for-sale securities and the related realized gains and losses from these sales. The cost of securities sold is determined on the specific identification method. Nine months ended September 30, 2015 2014 (In millions) Realized gains $ 14 $ 15 Realized losses 10 5 Proceeds from sale of securities 499 463 |
Accounting for Derivative Ins30
Accounting for Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Net notional volume buy/(sell) of NRG's open derivative transactions broken out by commodity | The following table summarizes the net notional volume buy/(sell) of NRG's open derivative transactions broken out by category, excluding those derivatives that qualified for the NPNS exception, as of September 30, 2015 , and December 31, 2014 . 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 September 30, 2015 December 31, 2014 Category Units (In millions) Emissions Short Ton 6 2 Coal Short Ton 34 57 Natural Gas MMBtu 82 (58 ) Oil Barrel 1 1 Power MWh (67 ) (56 ) Capacity MW/Day (1 ) — Interest Dollars $ 2,394 $ 3,440 Equity Shares 2 2 |
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 September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 (In millions) Derivatives designated as cash flow hedges: Interest rate contracts current $ — $ — $ 45 $ 55 Interest rate contracts long-term — 2 98 74 Total derivatives designated as cash flow hedges — 2 143 129 Derivatives not designated as cash flow hedges : Interest rate contracts current — — 6 8 Interest rate contracts long-term — — 17 28 Commodity contracts current 1,580 2,425 1,365 1,991 Commodity contracts long-term 522 477 504 336 Equity contracts long-term — 1 — — Total derivatives not designated as cash flow hedges 2,102 2,903 1,892 2,363 Total derivatives $ 2,102 $ 2,905 $ 2,035 $ 2,492 |
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 September 30, 2015 (In millions) Commodity contracts: Derivative assets $ 2,102 $ (1,544 ) $ (71 ) $ 487 Derivative liabilities (1,869 ) 1,544 112 (213 ) Total commodity contracts 233 — 41 274 Interest rate contracts: Derivative assets — — — — Derivative liabilities (166 ) — — (166 ) Total interest rate contracts (166 ) — — (166 ) Total derivative instruments $ 67 $ — $ 41 $ 108 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, 2014 (In millions) Commodity contracts: Derivative assets $ 2,902 $ (2,155 ) $ (72 ) $ 675 Derivative liabilities (2,327 ) 2,155 27 (145 ) Total commodity contracts 575 — (45 ) 530 Interest rate contracts: Derivative assets 2 (2 ) — — Derivative liabilities (165 ) 2 — (163 ) Total interest rate contracts (163 ) — — (163 ) Equity contracts: Derivative assets 1 — — 1 Total derivative instruments $ 413 $ — $ (45 ) $ 368 |
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 September 30, 2015 Nine months ended September 30, 2015 Energy Commodities Interest Rate Total Energy Commodities Interest Rate Total (In millions) Accumulated OCI beginning balance $ (1 ) $ (62 ) $ (63 ) $ (1 ) $ (67 ) $ (68 ) Reclassified from accumulated OCI to income: Due to realization of previously deferred amounts 1 3 4 1 7 8 Mark-to-market of cash flow hedge accounting contracts — (33 ) (33 ) — (32 ) (32 ) Accumulated OCI ending balance, net of $54 tax $ — $ (92 ) $ (92 ) $ — $ (92 ) $ (92 ) Losses expected to be realized from OCI during the next 12 months, net of $7 tax $ — $ (13 ) $ (13 ) $ — $ (13 ) $ (13 ) Three months ended September 30, 2014 Nine months ended September 30, 2014 Energy Commodities Interest Rate Total Energy Commodities Interest Rate Total (In millions) Accumulated OCI beginning balance $ (1 ) $ (50 ) $ (51 ) $ (1 ) $ (22 ) $ (23 ) Reclassified from accumulated OCI to income: Due to realization of previously deferred amounts — 11 11 — 3 3 Mark-to-market of cash flow hedge accounting contracts — (7 ) (7 ) — (27 ) (27 ) Accumulated OCI ending balance, net of $25 tax $ (1 ) $ (46 ) $ (47 ) $ (1 ) $ (46 ) $ (47 ) |
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 energy commodity contracts is included within operating revenues and cost of operations and the effect of interest rate contracts is included in interest expense. Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Unrealized mark-to-market results (In millions) Reversal of previously recognized unrealized gains on settled positions related to economic hedges $ (29 ) $ (1 ) $ (179 ) $ (3 ) Reversal of acquired gain positions related to economic hedges (33 ) (87 ) (83 ) (249 ) Net unrealized gains/(losses) on open positions related to economic hedges 55 162 (26 ) (61 ) Total unrealized mark-to-market (losses)/gains for economic hedging activities (7 ) 74 (288 ) (313 ) Reversal of previously recognized unrealized losses/(gains) on settled positions related to trading activity 2 (1 ) (34 ) 4 Reversal of acquired gain positions related to trading activity (1 ) (8 ) (13 ) (28 ) Net unrealized (losses)/gains on open positions related to trading activity (2 ) 15 — 45 Total unrealized mark-to-market (losses)/gains for trading activity (1 ) 6 (47 ) 21 Total unrealized (losses)/gains $ (8 ) $ 80 $ (335 ) $ (292 ) Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (In millions) Unrealized gains/(losses) included in operating revenues $ 34 $ 159 $ (212 ) $ (205 ) Unrealized losses included in cost of operations (42 ) (79 ) (123 ) (87 ) Total impact to statement of operations — energy commodities $ (8 ) $ 80 $ (335 ) $ (292 ) Total impact to statement of operations — interest rate contracts $ (9 ) $ 1 $ 12 $ (6 ) |
Debt and Capital Leases Debt an
Debt and Capital Leases Debt and Capital Leases (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Instrument [Line Items] | |
Long-term debt and capital leases | Long-term debt and capital leases consisted of the following: (In millions, except rates) September 30, 2015 December 31, 2014 September 30, 2015 interest rate % (a) Recourse debt: Senior notes, due 2018 $ 1,130 $ 1,130 7.625 Senior notes, due 2020 1,063 1,063 8.250 Senior notes, due 2021 1,128 1,128 7.875 Senior notes, due 2022 1,100 1,100 6.250 Senior notes, due 2023 990 990 6.625 Senior notes, due 2024 1,000 1,000 6.250 Term loan facility, due 2018 1,968 1,983 L+2.00 Tax-exempt bonds 451 406 4.125 - 6.00 Subtotal NRG recourse debt 8,830 8,800 Non-recourse debt: GenOn senior notes 2,097 2,133 7.875 - 9.875 GenOn Americas Generation senior notes 922 929 8.500 - 9.125 GenOn Other 57 60 various Subtotal GenOn debt (non-recourse to NRG) 3,076 3,122 NRG Yield Operating LLC Senior Notes, due 2024 500 500 5.375 NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility, due 2019 92 — L+2.75 NRG Yield, Inc. Convertible Senior Notes, due 2019 329 326 3.500 NRG Yield, Inc. Convertible Senior Notes, due 2020 266 — 3.250 NRG West Holdings LLC, due 2023 (El Segundo Energy Center) 485 506 L+1.625 - L+2.25 NRG Marsh Landing, due 2017 and 2023 431 464 L+1.75 - L+1.875 Alta Wind I - V lease financing arrangements, due 2034 and 2035 1,013 1,036 5.696 - 7.015 Alta Wind X, due 2021 — 300 L+2.00 Alta Wind XI, due 2021 — 191 L+2.00 Walnut Creek, term loans due 2023 363 391 L+1.625 Tapestry Wind LLC, due 2021 184 192 L+1.625 Laredo Ridge Wind LLC, due 2028 105 108 L+1.875 NRG Solar Alpine LLC, due 2022 156 163 L+1.750 NRG Energy Center Minneapolis LLC, due 2017 and 2025 110 121 5.95 - 7.25 NRG Yield - other 475 489 various Subtotal NRG Yield debt (non-recourse to NRG) 4,509 4,787 Ivanpah Financing, due 2033 and 2038 1,175 1,187 2.285 - 4.256 Agua Caliente Solar LLC, due 2037 894 898 2.395 - 3.633 CVSR High Plains Ranch II LLC, due 2037 794 815 2.339 - 3.775 Viento Funding II LLC, due 2023 193 196 L+2.75 NRG Peaker Finance Co. LLC, bonds due 2019 102 100 L+1.07 Cedro Hill Wind LLC, due 2025 104 111 L+3.125 NRG - other 364 350 various Subtotal other NRG non-recourse debt 3,626 3,657 Subtotal all non-recourse debt 11,211 11,566 Subtotal long-term debt (including current maturities) 20,041 20,366 Capital leases: Home Solar capital leases 10 5 various Chalk Point capital lease, due 2015 1 — 8.190 Other 3 3 various Subtotal long-term debt and capital leases (including current maturities) 20,055 20,374 Less current maturities 457 474 Total long-term debt and capital leases $ 19,598 $ 19,900 (a) As of September 30, 2015 , L+ equals 3 month LIBOR plus x%, with the exception of the Viento Funding II term loan, which is 6 month LIBOR plus x%, and the NRG Marsh Landing term loan, Walnut Creek term loan, and NRG Yield Operating LLC Revolving Credit facility, which are 1 month LIBOR plus x%. |
Variable Interest Entities Summ
Variable Interest Entities Summarized Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Additional Financial Information Disclosure [Text Block] | The summarized financial information for Capistrano Wind Holdings, the parent company of Capistrano Wind Partners, consisted of the following: (In millions) September 30, 2015 Current assets $ 23 Net property, plant and equipment 563 Other long-term assets 127 Total assets 713 Current liabilities 38 Long-term debt 175 Other long-term liabilities 154 Total liabilities 367 Noncontrolling interests 336 Net assets less noncontrolling interests $ 10 |
Changes in Capital Structure (T
Changes in Capital Structure (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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, 2014 415,506,176 (78,843,552 ) 336,662,624 Shares issued under LTIPs 1,419,704 — 1,419,704 Shares issued under ESPP — 283,139 283,139 Shares repurchased under Capital Allocation Program — (18,630,575 ) (18,630,575 ) Balance as of September 30, 2015 416,925,880 (97,190,988 ) 319,734,892 |
Schedule of dividends paid | The following table lists the dividends paid during the nine months ended September 30, 2015 : Third Quarter 2015 Second Quarter 2015 First Quarter 2015 Dividends per Common Share $ 0.145 $ 0.145 $ 0.145 |
Class of Treasury Stock [Table Text Block] | The following table reflects the repurchases made under the 2015 Capital Allocation Program: Total number of shares purchased Average price paid per share (a) Amounts paid for shares purchased (in millions) (a) 2015 Capital Allocation Program Fourth Quarter 2014 1,624,360 $ 26.95 $ 44 First Quarter 2015 3,146,484 25.15 79 Second Quarter 2015 4,379,907 24.53 107 Third Quarter 2015 11,104,184 15.06 167 Fourth Quarter 2015 5,558,920 15.03 84 Total Repurchases under 2015 Capital Allocation Program 25,813,855 $ 481 (a) The average price paid per share and amounts paid for shares purchased exclude the commissions of $0.015 per share paid in connection with the share repurchase. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Reconciliation of NRG's basic and diluted earnings per share | The reconciliation of NRG's basic and diluted earnings/(loss) per share is shown in the following table: Three months ended September 30, Nine months ended September 30, (In millions, except per share data) 2015 2014 2015 2014 Basic earnings/(loss) per share attributable to NRG Energy, Inc. common stockholders Net income/(loss) attributable to NRG Energy, Inc. $ 66 $ 168 $ (68 ) $ 15 Dividends for preferred shares 5 2 15 7 Income/(loss) available for common stockholders $ 61 $ 166 $ (83 ) $ 8 Weighted average number of common shares outstanding - basic 331 338 334 333 Earnings/(loss) per weighted average common share — basic $ 0.18 $ 0.49 $ (0.25 ) $ 0.02 Diluted earnings/(loss) per share attributable to NRG Energy, Inc. common stockholders Weighted average number of common shares outstanding 331 338 334 333 Incremental shares attributable to the issuance of equity compensation (treasury stock method) 1 5 — 5 Total dilutive shares 332 343 334 338 Earnings/(loss) per weighted average common share — diluted $ 0.18 $ 0.48 $ (0.25 ) $ 0.02 |
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 earnings/(loss) per share: Three months ended September 30, Nine months ended September 30, (In millions of shares) 2015 2014 2015 2014 Equity compensation plans 3 1 6 1 Embedded derivative of 2.822% redeemable perpetual preferred stock (a) 16 16 16 16 Total 19 17 22 17 (a) As of September 30, 2014 , the redeemable perpetual preferred stock had an interest rate of 3.625% . |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting Disclosure [Abstract] | |
Schedule of segment reporting information, by segment | NRG Home NRG Business (a) Retail (a) Solar NRG Renew (a) NRG Yield (b) Corporate (a) Eliminations Total Three months ended September 30, 2015 (in millions) Operating revenues (a) $ 2,723 $ 1,699 $ 4 $ 168 $ 209 $ (3 ) $ (369 ) $ 4,431 Depreciation and amortization 220 30 8 65 50 9 — 382 Impairment charges 222 36 — 5 — — — 263 Equity in earnings of unconsolidated affiliates 7 — — — 19 3 (5 ) 24 Income/(Loss) before income taxes 165 196 (50 ) (14 ) 42 (222 ) (3 ) 114 Net Income/(Loss) 164 196 (50 ) (10 ) 34 (264 ) (3 ) 67 Net Income/(Loss) attributable to NRG Energy, Inc. $ 164 $ 196 $ (45 ) $ (27 ) $ 22 $ (266 ) $ 22 $ 66 Total assets as of September 30, 2015 $ 25,609 $ 7,092 $ 197 $ 6,981 $ 6,989 $ 28,145 $ (35,025 ) $ 39,988 (a) Operating revenues include inter-segment sales and net derivative gains and losses of: $ 309 $ 1 $ — $ 9 $ — $ 50 $ — $ 369 (b) Includes loss on debt extinguishment of: $ — $ — $ — $ — $ 2 $ — $ — $ 2 NRG Home NRG Business (c) Retail (c) Solar NRG Renew (c) NRG Yield Corporate (c)(d) Eliminations Total Three months ended September 30, 2014 (in millions) Operating revenues (c) $ 3,093 $ 1,775 $ 13 $ 154 $ 184 $ 14 $ (664 ) $ 4,569 Depreciation and amortization 238 31 2 61 34 9 — 375 Impairment charges 60 — — 10 — — — 70 Equity in earnings/(loss) of unconsolidated affiliates 13 — — (2 ) 11 — (4 ) 18 Income/(Loss) before income taxes 392 121 (27 ) (22 ) 49 (254 ) 12 271 Net Income/(Loss) 392 121 (27 ) (22 ) 39 (333 ) 12 182 Net Income/(Loss) attributable to NRG Energy, Inc. $ 392 $ 121 $ (27 ) $ (34 ) $ 33 $ (339 ) $ 22 $ 168 (c) Operating revenues include inter-segment sales and net derivative gains and losses of: $ 595 $ 1 $ — $ 6 $ — $ 62 $ — $ 664 (d) Includes loss on debt extinguishment of: $ — $ — $ — $ — $ — $ 13 $ — $ 13 NRG Home NRG Business (e) Retail (e) Solar NRG Renew (e) NRG Yield (e)(f) Corporate (e) Eliminations Total Nine months ended September 30, 2015 (in millions) Operating revenues (e) $ 7,334 $ 4,308 $ 19 $ 423 $ 606 $ (9 ) $ (1,027 ) $ 11,654 Depreciation and amortization 682 93 18 193 163 24 — 1,173 Impairment charges 222 36 — 5 — — — 263 Equity in earnings/(loss) of unconsolidated affiliates 7 — — (2 ) 29 3 (8 ) 29 Income/(Loss) before income taxes 193 512 (149 ) (96 ) 67 (640 ) (8 ) (121 ) Net Income/(Loss) 192 512 (149 ) (83 ) 59 (601 ) (8 ) (78 ) Net Income/(loss) attributable to NRG Energy, Inc. $ 192 $ 512 $ (143 ) $ (109 ) $ 35 $ (579 ) $ 24 $ (68 ) (e) Operating revenues include inter-segment sales and net derivative gains and losses of: $ 850 $ 5 $ — $ 32 $ 9 $ 131 $ — $ 1,027 (f) Includes loss on debt extinguishment of: $ — $ — $ — $ — $ 9 $ — $ — $ 9 NRG Home NRG Business (g) Retail (g) Solar NRG Renew (g)(h) NRG Yield Corporate (g)(h) Eliminations Total Nine months ended September 30, 2014 (in millions) Operating revenues (g) $ 7,974 $ 4,260 $ 38 $ 360 $ 497 $ 38 $ (1,491 ) $ 11,676 Depreciation and amortization 702 92 4 161 112 25 — 1,096 Impairment charges 60 — — 10 — — — 70 Equity in earnings/(loss) of unconsolidated affiliates 29 — — (8 ) 26 3 (11 ) 39 Income/(Loss) before income taxes 486 256 (36 ) (85 ) 122 (778 ) 2 (33 ) Net Income/(Loss) $ 485 $ 256 $ (36 ) $ (85 ) $ 107 $ (694 ) $ 2 35 Net Income/(Loss) attributable to NRG Energy, Inc. $ 485 $ 256 $ (36 ) $ (100 ) $ 91 $ (709 ) $ 28 $ 15 (g) Operating revenues include inter-segment sales and net derivative gains and losses of: $ 1,420 $ 5 $ — $ 21 $ — $ 45 $ 1,491 (h) Includes loss on debt extinguishment of: $ — $ — $ — $ 1 $ — $ 93 $ 94 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | The income tax provision consisted of the following: Three months ended September 30, Nine months ended September 30, (In millions except otherwise noted) 2015 2014 2015 2014 Income/(loss) before income taxes $ 114 $ 271 $ (121 ) $ (33 ) Income tax expense/(benefit) 47 89 (43 ) (68 ) Effective tax rate 41.2 % 32.8 % 35.5 % 206.1 % |
Condensed Consolidating Finan37
Condensed Consolidating Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Operating Revenues Total operating revenues $ 3,132 $ 1,328 $ — $ (29 ) $ 4,431 Operating Costs and Expenses Cost of operations 2,276 784 14 (40 ) 3,034 Depreciation and amortization 190 187 5 — 382 Impairment losses 222 41 — — 263 Selling, general and administrative 136 96 100 — 332 Acquisition-related transaction and integration costs — 2 1 — 3 Development activity expenses — 17 21 — 38 Total operating costs and expenses 2,824 1,127 141 (40 ) 4,052 Operating Income/(Loss) 308 201 (141 ) 11 379 Other Income/(Expense) Equity in earnings/(loss) of consolidated subsidiaries — 42 228 (270 ) — Equity in earnings of unconsolidated affiliates 3 27 1 (7 ) 24 Other income, net 2 3 1 (2 ) 4 Loss on debt extinguishment — (2 ) — — (2 ) Interest expense (4 ) (151 ) (136 ) — (291 ) Total other income/(expense) 1 (81 ) 94 (279 ) (265 ) Income/(Loss) Before Income Taxes 309 120 (47 ) (268 ) 114 Income tax expense/(benefit) 88 56 (130 ) 33 47 Net Income 221 64 83 (301 ) 67 Less: Net income attributable to noncontrolling interest and redeemable noncontrolling interests — 15 17 (31 ) 1 Net Income Attributable to NRG Energy, Inc. $ 221 $ 49 $ 66 $ (270 ) $ 66 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the Nine Months Ended September 30, 2015 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Operating Revenues Total operating revenues $ 7,959 $ 3,792 $ — $ (97 ) $ 11,654 Operating Costs and Expenses Cost of operations 6,083 2,533 10 (96 ) 8,530 Depreciation and amortization 590 568 15 — 1,173 Impairment losses 222 41 — — 263 Selling, general and administrative 351 288 247 — 886 Acquisition-related transaction and integration costs — 3 13 — 16 Development activity expenses — 47 66 — 113 Total operating costs and expenses 7,246 3,480 351 (96 ) 10,981 Gain on postretirement benefits curtailment — 14 — — 14 Operating Income/(Loss) 713 326 (351 ) (1 ) 687 Other Income/(Expense) Equity in (loss)/earnings of consolidated subsidiaries (35 ) (15 ) 432 (382 ) — Equity in earnings of unconsolidated affiliates 6 33 — (10 ) 29 Other income, net 3 23 3 (2 ) 27 Loss on debt extinguishment — (9 ) — — (9 ) Interest expense (13 ) (430 ) (412 ) — (855 ) Total other expense (39 ) (398 ) 23 (394 ) (808 ) Income/(Loss) Before Income Taxes 674 (72 ) (328 ) (395 ) (121 ) Income tax expense/(benefit) 225 (20 ) (281 ) 33 (43 ) Net Income/(Loss) 449 (52 ) (47 ) (428 ) (78 ) Less: Net income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interests — 15 21 (46 ) (10 ) Net Income/(Loss) Attributable to NRG Energy, Inc. $ 449 $ (67 ) $ (68 ) $ (382 ) $ (68 ) (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 September 30, 2014 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Operating Revenues Total operating revenues $ 3,216 $ 1,375 $ — $ (22 ) $ 4,569 Operating Costs and Expenses Cost of operations 2,506 761 (5 ) 16 3,278 Depreciation and amortization 216 154 5 — 375 Selling, general and administrative 110 82 66 — 258 Impairment losses — 70 — — 70 Acquisition-related transaction and integration costs 1 4 12 — 17 Development activity expenses — 8 14 — 22 Total operating costs and expenses 2,833 1,079 92 16 4,020 Operating Income/(Loss) 383 296 (92 ) (38 ) 549 Other Income/(Expense) Equity in earnings of consolidated subsidiaries 186 15 319 (520 ) — Equity in earnings of unconsolidated affiliates 3 19 — (4 ) 18 Other income/(expense), net 1 1 (19 ) 14 (3 ) Loss on debt extinguishment — — (13 ) — (13 ) Interest expense (4 ) (132 ) (143 ) (1 ) (280 ) Total other income/(expense) 186 (97 ) 144 (511 ) (278 ) Income Before Income Taxes 569 199 52 (549 ) 271 Income tax expense/(benefit) 169 42 (122 ) — 89 Net Income 400 157 174 (549 ) 182 Less: Net income attributable to noncontrolling interest and redeemable noncontrolling interest — 37 6 (29 ) 14 Net Income Attributable to NRG Energy, Inc. $ 400 $ 120 $ 168 $ (520 ) $ 168 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the Nine Months Ended September 30, 2014 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Operating Revenues Total operating revenues $ 8,009 $ 3,755 $ — $ (88 ) $ 11,676 Operating Costs and Expenses Cost of operations 6,351 2,508 2 (18 ) 8,843 Depreciation and amortization 625 458 13 — 1,096 Selling, general and administrative 317 210 210 — 737 Impairment losses — 70 — — 70 Acquisition-related transaction and integration costs 1 12 56 — 69 Development activity expenses — 25 37 — 62 Total operating costs and expenses 7,294 3,283 318 (18 ) 10,877 Gain on sale of assets — 19 — — 19 Operating Income/(Loss) 715 491 (318 ) (70 ) 818 Other Income/(Expense) Equity in earnings of consolidated subsidiaries 287 9 499 (795 ) — Equity in earnings of unconsolidated affiliates 13 37 — (11 ) 39 Other income/(expense), net 5 9 (14 ) 13 13 Loss on debt extinguishment — (9 ) (85 ) — (94 ) Interest expense (15 ) (359 ) (435 ) — (809 ) Total other income/(expense) 290 (313 ) (35 ) (793 ) (851 ) Income/(Loss) Before Income Taxes 1,005 178 (353 ) (863 ) (33 ) Income tax expense/(benefit) 279 36 (383 ) — (68 ) Net Income 726 142 30 (863 ) 35 Less: Net income attributable to noncontrolling interest and redeemable noncontrolling interest — 73 15 (68 ) 20 Net Income Attributable to NRG Energy, Inc. $ 726 $ 69 $ 15 $ (795 ) $ 15 (a) All significant intercompany transactions have been eliminated in consolidation. |
Condensed Consolidating Statements of Comprehensive Income/(Loss) | NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Three Months Ended September 30, 2015 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Net Income $ 221 $ 64 $ 83 $ (301 ) $ 67 Other Comprehensive Income/(Loss), net of tax Unrealized gain/(loss) on derivatives, net 46 189 169 (410 ) (6 ) Foreign currency translation adjustments, net — 4 2 (14 ) (8 ) Available-for-sale securities, net — 14 (10 ) (11 ) (7 ) Defined benefit plans, net 139 4 (105 ) (35 ) 3 Other comprehensive income/(loss) 185 211 56 (470 ) (18 ) Comprehensive Income 406 275 139 (771 ) 49 Less: Comprehensive (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest — (3 ) 17 (31 ) (17 ) Comprehensive Income Attributable to NRG Energy, Inc. 406 278 122 (740 ) 66 Dividends for preferred shares — — 5 — 5 Comprehensive Income Available for Common Stockholders $ 406 $ 278 $ 117 $ (740 ) $ 61 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2015 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Net Income/(Loss) $ 449 $ (52 ) $ (47 ) $ (428 ) $ (78 ) Other Comprehensive Income/(Loss), net of tax Unrealized gain/(loss) on derivatives, net 41 204 178 (425 ) (2 ) Foreign currency translation adjustments, net — 4 — (14 ) (10 ) Available-for-sale securities, net — 13 (13 ) (11 ) (11 ) Defined benefit plans, net 136 3 (95 ) (35 ) 9 Other comprehensive income/(loss) 177 224 70 (485 ) (14 ) Comprehensive Income/(Loss) 626 172 23 (913 ) (92 ) Less: Comprehensive (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest — (9 ) 21 (46 ) (34 ) Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. 626 181 2 (867 ) (58 ) Dividends for preferred shares — — 15 — 15 Comprehensive Income/(Loss) Available for Common Stockholders $ 626 $ 181 $ (13 ) $ (867 ) $ (73 ) (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) For the Three Months Ended September 30, 2014 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Net Income $ 400 $ 157 $ 174 $ (549 ) $ 182 Other Comprehensive Income/(Loss), net of tax Unrealized (loss)/gain on derivatives, net (7 ) 2 3 6 4 Foreign currency translation adjustments, net — (9 ) 3 — (6 ) Available-for-sale securities, net — (21 ) 19 — (2 ) Defined benefit plans, net — 55 (58 ) — (3 ) Other comprehensive (loss)/income (7 ) 27 (33 ) 6 (7 ) Comprehensive Income 393 184 141 (543 ) 175 Less: Comprehensive income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interest — 17 (17 ) 17 17 Comprehensive Income Attributable to NRG Energy, Inc. 393 167 158 (560 ) 158 Dividends for preferred shares — — 2 — 2 Comprehensive Income Available for Common Stockholders $ 393 $ 167 $ 156 $ (560 ) $ 156 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) For the Nine Months Ended September 30, 2014 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Net Income $ 726 $ 142 $ 30 $ (863 ) $ 35 Other Comprehensive Income/(Loss), net of tax Unrealized gain/(loss) on derivatives, net 1 (24 ) — (1 ) (24 ) Foreign currency translation adjustments, net — (4 ) 1 — (3 ) Available-for-sale securities, net — 3 (1 ) — 2 Defined benefit plans, net — 42 (33 ) — 9 Other comprehensive income/(loss) 1 17 (33 ) (1 ) (16 ) Comprehensive Income/(Loss) 727 159 (3 ) (864 ) 19 Less: Comprehensive income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interest — 10 (8 ) 12 14 Comprehensive Income Attributable to NRG Energy, Inc. 727 149 5 (876 ) 5 Dividends for preferred shares — — 7 — 7 Comprehensive Income/(Loss) Available for Common Stockholders $ 727 $ 149 $ (2 ) $ (876 ) $ (2 ) (a) All significant intercompany transactions have been eliminated in consolidation. |
Condensed Consolidating Balance Sheets | NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS September 30, 2015 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated ASSETS (In millions) Current Assets Cash and cash equivalents $ — $ 1,310 $ 955 $ — $ 2,265 Funds deposited by counterparties 27 41 — — 68 Restricted cash 8 488 1 — 497 Accounts receivable - trade, net 1,173 318 1 — 1,492 Accounts receivable - affiliate 9,804 1,410 (8,271 ) (2,936 ) 7 Inventory 521 628 — — 1,149 Derivative instruments 1,107 703 — (230 ) 1,580 Cash collateral paid in support of energy risk management activities 255 112 — — 367 Deferred income taxes — 88 81 — 169 Renewable energy grant receivable, net — 25 1 — 26 Prepayments and other current assets 116 260 77 — 453 Total current assets 13,011 5,383 (7,155 ) (3,166 ) 8,073 Net property, plant and equipment 7,839 13,982 191 (27 ) 21,985 Other Assets Investment in subsidiaries 416 2,500 24,474 (27,390 ) — Equity investments in affiliates (15 ) 1,143 42 (102 ) 1,068 Notes receivable, less current portion — 49 264 (251 ) 62 Goodwill 2,072 423 8 2,503 Intangible assets, net 789 1,587 1 (6 ) 2,371 Nuclear decommissioning trust fund 551 — — — 551 Derivative instruments 277 311 — (66 ) 522 Deferred income tax 23 620 784 — 1,427 Other non-current assets 97 831 498 — 1,426 Total other assets 4,210 7,464 26,071 (27,815 ) 9,930 Total Assets $ 25,060 $ 26,829 $ 19,107 $ (31,008 ) $ 39,988 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities Current portion of long-term debt and capital leases $ 2 $ 435 $ 271 $ (251 ) $ 457 Accounts payable 710 340 123 — 1,173 Accounts payable — affiliate 1,602 2,166 (833 ) (2,935 ) — Derivative instruments 1,025 621 — (230 ) 1,416 Cash collateral received in support of energy risk management activities 27 41 — 68 Accrued expenses and other current liabilities 339 530 353 — 1,222 Total current liabilities 3,705 4,133 (86 ) (3,416 ) 4,336 Other Liabilities Long-term debt and capital leases 306 11,039 8,253 — 19,598 Nuclear decommissioning reserve 322 — — — 322 Nuclear decommissioning trust liability 280 — — — 280 Deferred income taxes 1,540 (1,040 ) (513 ) 33 20 Derivative instruments 375 310 — (66 ) 619 Out-of-market contracts, net 99 1,069 — — 1,168 Other non-current liabilities 471 735 272 — 1,478 Total non-current liabilities 3,393 12,113 8,012 (33 ) 23,485 Total liabilities 7,098 16,246 7,926 (3,449 ) 27,821 2.822% convertible perpetual preferred stock — — 299 — 299 Redeemable noncontrolling interest in subsidiaries — 29 — — 29 Stockholders’ Equity 17,962 10,554 10,882 (27,559 ) 11,839 Total Liabilities and Stockholders’ Equity $ 25,060 $ 26,829 $ 19,107 $ (31,008 ) $ 39,988 (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. (Note Issuer) Eliminations (a) Consolidated 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 - trade, net 924 392 6 — 1,322 Accounts receivable - affiliate 7,449 1,988 (5,991 ) (3,437 ) 9 Inventory 537 710 — — 1,247 Derivative instruments 1,657 1,209 — (441 ) 2,425 Cash collateral paid in support of energy risk management activities 114 73 — — 187 Deferred income taxes 41 96 37 — 174 Renewable energy grant receivable, net — 134 1 — 135 Prepayments and other current assets 53 79 306 — 438 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 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 Derivative instruments 242 288 1 (51 ) 480 Deferred income taxes (247 ) 816 837 — 1,406 Other non-current assets 113 640 508 — 1,261 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, net 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. |
Condensed Consolidating Statements of Cash Flows | NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Nine Months Ended September 30, 2015 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Cash Flows from Operating Activities Net Income $ 449 $ (52 ) $ (47 ) $ (428 ) $ (78 ) Adjustments to reconcile net loss to net cash provided by operating activities: Distributions from unconsolidated affiliates — 77 — (20 ) 57 Equity in losses of unconsolidated affiliates (6 ) (33 ) — 10 (29 ) Depreciation and amortization 590 568 15 — 1,173 Provision for bad debts 46 — 3 — 49 Amortization of nuclear fuel 36 — — — 36 Amortization of financing costs and debt discount/premiums — (29 ) 20 — (9 ) Adjustment for debt extinguishment — 9 — — 9 Amortization of intangibles and out-of-market contracts 43 25 — — 68 Amortization of unearned equity compensation — — 37 — 37 Changes in deferred income taxes and liability for uncertain tax benefits 218 (77 ) (213 ) — (72 ) Changes in nuclear decommissioning trust liability 1 — — — 1 Changes in derivative instruments 135 89 (44 ) — 180 Changes in collateral deposits supporting energy risk management activities (141 ) (39 ) — — (180 ) Gain on sale of emission allowances (6 ) — — — (6 ) Gain on postretirement benefits curtailment — (14 ) — — (14 ) Impairment losses 222 41 — — 263 Cash used by changes in other working capital 1,048 (879 ) (702 ) 440 (93 ) Net Cash Provided/(Used) by Operating Activities $ 2,635 $ (314 ) $ (931 ) $ 2 $ 1,392 Cash Flows from Investing Activities (Payments for)/proceeds from intercompany loans to subsidiaries (2,391 ) 1,093 — 1,298 — Acquisition of January 2015 Drop Down Assets, net of cash acquired — (489 ) — 489 — Acquisition of businesses, net of cash acquired — (31 ) — — (31 ) Capital expenditures (264 ) (595 ) (30 ) — (889 ) Increase in restricted cash, net (3 ) (38 ) — — (41 ) Decrease in restricted cash — U.S. DOE funded projects — 1 — — 1 Decrease in notes receivable — 10 — — 10 Investments in nuclear decommissioning trust fund securities (500 ) — — — (500 ) Proceeds from sales of nuclear decommissioning trust fund securities 499 — — — 499 Proceeds from renewable energy grants and state rebates — 62 — — 62 Proceeds from sale of assets, net of cash disposed of — — 1 — 1 Investments in unconsolidated affiliates — (356 ) (39 ) — (395 ) Return of capital from unconsolidated affiliates 1 39 — (2 ) 38 Other 5 8 — — 13 Net Cash (Used)/Provided by Investing Activities (2,653 ) (296 ) (68 ) 1,785 (1,232 ) Cash Flows from Financing Activities Proceeds from intercompany loans — — 1,298 (1,298 ) — Acquisition of January 2015 Drop Down Assets, net of cash acquired — — 489 (489 ) — Payment of dividends to common and preferred stockholders — — (152 ) — (152 ) Payment for treasury stock — — (353 ) — (353 ) Net receipts from settlement of acquired derivatives that include financing elements — 138 — — 138 Proceeds from issuance of long-term debt — 635 44 — 679 Distributions from, net of contributions to, noncontrolling interest in subsidiaries — 651 — — 651 Proceeds from issuance of common stock — — 1 — 1 Payment of debt issuance costs — (14 ) — — (14 ) Payments for short and long-term debt — (938 ) (16 ) — (954 ) Other — (22 ) — — (22 ) Net Cash Provided/(Used) by Financing Activities — 450 1,311 (1,787 ) (26 ) Effect of exchange rate changes on cash and cash equivalents — 15 — — 15 Net (Decrease)/Increase in Cash and Cash Equivalents (18 ) (145 ) 312 — 149 Cash and Cash Equivalents at Beginning of Period 18 1,455 643 — 2,116 Cash and Cash Equivalents at End of Period $ — $ 1,310 $ 955 $ — $ 2,265 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Nine Months Ended September 30, 2014 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Cash Flows from Operating Activities Net Income $ 726 $ 142 $ 30 $ (863 ) $ 35 Adjustments to reconcile net loss to net cash provided by operating activities: Distributions from /(to) unconsolidated affiliates — 103 — (32 ) 71 Equity in (losses)/earnings of unconsolidated affiliates (13 ) (37 ) — 11 (39 ) Depreciation and amortization 625 458 13 — 1,096 Provision for bad debts 49 — — — 49 Amortization of nuclear fuel 33 — — — 33 Amortization of financing costs and debt discount/premiums — (19 ) 10 — (9 ) Adjustment for debt extinguishment — 7 17 — 24 Amortization of intangibles and out-of-market contracts 52 — — — 52 Amortization of unearned equity compensation — — 32 — 32 Changes in deferred income taxes and liability for uncertain tax benefits 281 136 (492 ) — (75 ) Changes in nuclear decommissioning trust liability 12 — — — 12 Changes in derivative instruments (62 ) 313 (3 ) — 248 Changes in collateral deposits supporting energy risk management activities 42 (142 ) — — (100 ) Loss on sale of emission allowances 2 — — — 2 Gain on sale of assets — (26 ) — — (26 ) Impairment losses — 70 — — 70 Cash used by changes in other working capital (369 ) (1,082 ) 206 884 (361 ) Net Cash Provided/(Used) by Operating Activities 1,378 (77 ) (187 ) — 1,114 Cash Flows from Investing Activities Intercompany loans (to)/from subsidiaries (1,382 ) (114 ) — 1,496 — Acquisition of June 2014 Drop Down Assets, net of cash acquired — (336 ) — 336 — Acquisition of businesses, net of cash acquired — (25 ) (2,807 ) — (2,832 ) Capital expenditures (16 ) (180 ) (479 ) — (675 ) Increase in restricted cash, net — (52 ) — — (52 ) Decrease/(increase) in restricted cash — U.S. DOE projects — 24 (3 ) — 21 Decrease in notes receivable — 21 — — 21 Investments in nuclear decommissioning trust fund securities (475 ) — — — (475 ) Proceeds from sales of nuclear decommissioning trust fund securities 463 — — — 463 Proceeds from renewable energy grants — 431 — — 431 Proceeds from sale of assets, net of cash disposed of — — 153 — 153 Cash proceeds to fund cash grant bridge loan payment — 57 — — 57 Investments in unconsolidated affiliates — (28 ) (59 ) — (87 ) Other (6 ) 12 11 — 17 Net Cash Used by Investing Activities (1,416 ) (190 ) (3,184 ) 1,832 (2,958 ) Cash Flows from Financing Activities Proceeds from intercompany loans — — 1,496 (1,496 ) — Acquisition of June 2014 Drop Down Assets, net of cash acquired — — 336 (336 ) — Payment of dividends to common and preferred stockholders — — (140 ) — (140 ) Net payment for settlement of acquired derivatives that include financing elements — (64 ) — — (64 ) Distributions from noncontrolling interest in subsidiaries — 639 — — 639 Proceeds from issuance of long-term debt — 1,121 3,335 — 4,456 Proceeds from issuance of common stock — — 15 — 15 Payment of debt issuance costs — (28 ) (29 ) — (57 ) Payments for short and long-term debt — (649 ) (2,659 ) — (3,308 ) Net Cash Provided by Financing Activities — 1,019 2,354 (1,832 ) 1,541 Effect of exchange rate changes on cash and cash equivalents — 2 — — 2 Net (Decrease)/Increase in Cash and Cash Equivalents (38 ) 754 (1,017 ) — (301 ) Cash and Cash Equivalents at Beginning of Period 56 870 1,328 — 2,254 Cash and Cash Equivalents at End of Period $ 18 $ 1,624 $ 311 $ — $ 1,953 (a) All significant intercompany transactions have been eliminated in consolidation. |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation (Details) $ / shares in Units, $ in Millions | Jun. 29, 2015USD ($)$ / sharesshares | Sep. 30, 2015USD ($)MW | Sep. 30, 2014USD ($) |
Basis of Presentation | |||
Power Generation Capacity, Megawatts | MW | 50,000 | ||
Proceeds from issuance of common stock | $ 1 | $ 15 | |
Common Class C [Member] | |||
Basis of Presentation | |||
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions | $ 21 | ||
Public Shareholders [Member] | Common Class C [Member] | NRG Yield, Inc. | |||
Basis of Presentation | |||
Sale of Stock, Number of Shares Issued in Transaction | shares | 28,198,000 | ||
Sale of Stock, Price Per Share | $ / shares | $ 22 | ||
Proceeds from issuance of common stock | $ 599 | ||
NRG [Member] | NRG Yield, Inc. | |||
Basis of Presentation | |||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 46.70% | ||
Common Stock, Voting Interest | 0.551 | ||
Over-Allotment Option [Member] | Public Shareholders [Member] | Common Class C [Member] | NRG Yield, Inc. | |||
Basis of Presentation | |||
Sale of Stock, Number of Shares Issued in Transaction | shares | 3,678,000 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies (NCI - Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Noncontrolling Interest [Line Items] | |||||
Capital expenditures accrued and unpaid | $ 69 | ||||
Balance as of December 31, 2014 | $ 2,613 | 2,613 | $ 1,914 | ||
Distributions to noncontrolling interest | (115) | ||||
Contributions from noncontrolling interest | 153 | ||||
Non-cash increase to noncontrolling interest | 19 | ||||
Less: Comprehensive (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest | $ (17) | $ 17 | (34) | $ 14 | |
NRG Yield, Inc. | |||||
Noncontrolling Interest [Line Items] | |||||
Sale of assets to NRG Yield, Inc. | (27) | ||||
Increase to noncontrolling interest due to NRG Yield, Inc. acquisitions | 74 | ||||
Non-cash adjustments for equity component of NRG Yield, Inc. convertible notes | NRG Yield, Inc. | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 23 | ||||
Proceeds received from NRG Yield, Inc. public offering | NRG Yield, Inc. | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 599 | ||||
Noncontrolling Interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Less: Comprehensive (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest | $ (27) |
Summary of Significant Accoun40
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (RPV, Alta Wind, Yield Class C - Details 2) $ in Millions | Jun. 30, 2015USD ($) | May. 08, 2015generatingunitMW | Apr. 09, 2015USD ($)generatingunitMW | Sep. 30, 2015USD ($)MW | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) |
Noncontrolling Interest [Line Items] | ||||||
Power Generation Capacity, Megawatts | MW | 50,000 | |||||
Proceeds from Noncontrolling Interests | $ 651 | $ 639 | ||||
Proceeds from issuance of common stock | 1 | $ 15 | ||||
Equity investments in affiliates | 1,068 | $ 771 | ||||
NRG RPV Holdco [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Equity Method Investments | 21 | |||||
Existing Portfolio of Leases - Community Solar [Member] | NRG DGPV Holdco [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Number of Solar Leases in Portfolio | generatingunit | 11 | |||||
Remaining Lease Term | 20 years | |||||
Tax Equity Financed Portfolio of Leases - Community Solar [Member] | NRG DGPV Holdco [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Power Generation Capacity, Megawatts | MW | 11 | |||||
Existing Portfolio of Leases [Member] | NRG RPV Holdco [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Number of Solar Leases in Portfolio | generatingunit | 2,200 | |||||
Power Generation Capacity, Megawatts | MW | 17 | |||||
Remaining Lease Term | 17 years | |||||
In-Development Portfolio of Leases [Member] | NRG RPV Holdco [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Power Generation Capacity, Megawatts | MW | 90 | |||||
Existing Portfolio of Leases - Commercial PV [Member] | NRG DGPV Holdco [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Number of Solar Leases in Portfolio | generatingunit | 29 | |||||
Tax Equity Financed Portfolio of Leases - Commercial PV [Member] | NRG DGPV Holdco [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Power Generation Capacity, Megawatts | MW | 89 | |||||
Tax Equity Financed Portfolio of Leases [Member] | NRG DGPV Fund 1 [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Equity investments in affiliates | 17 | |||||
Tax Equity Financed Portfolio of Leases [Member] | NRG DGPV Fund 2 [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Equity investments in affiliates | 2 | |||||
Due to Affiliate | $ 9 | |||||
Minimum [Member] | In-Development Portfolio of Leases [Member] | NRG RPV Holdco [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Number of Solar Leases in Portfolio | generatingunit | 13,000 | |||||
Remaining Lease Term | 17 years | |||||
Maximum [Member] | NRG RPV Holdco [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Equity Method Investments | $ 150 | |||||
Maximum [Member] | In-Development Portfolio of Leases [Member] | NRG RPV Holdco [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Remaining Lease Term | 20 years | |||||
NRG Yield, Inc. [Member] | NRG RPV Holdco [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Capital Contribution to Equity Method Investment | $ 26 | |||||
Alta X and XI TE Holdco [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Proceeds from Noncontrolling Interests | $ 119 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Redeemable NCI - Details 3) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015USD ($)MW | Mar. 31, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)MW | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Noncontrolling Interest [Line Items] | ||||||
Redeemable noncontrolling interest in subsidiaries | $ 29 | $ 29 | $ 19 | |||
Cash contributions from noncontrolling interest | 17 | |||||
Less: Comprehensive income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interests | (17) | $ 17 | (34) | $ 14 | ||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | $ 0 | $ 14 | $ 14 | |||
Power Generation Capacity, Megawatts | MW | 50,000 | 50,000 | ||||
Impairment charges | $ 70 | $ 70 | ||||
Redeemable noncontrolling interest [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Less: Comprehensive income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interests | $ (7) |
Business Acquisitions and Dis42
Business Acquisitions and Dispositions Business Acquisitions and Dispositions (Details 1 - Desert Sunlight) $ in Millions | 3 Months Ended | |
Jun. 30, 2015USD ($)MW | Sep. 30, 2015MW | |
Business Acquisition [Line Items] | ||
Power Generation Capacity, Megawatts | 50,000 | |
Desert Sunlight [Member] | ||
Business Acquisition [Line Items] | ||
Percentage of Ownership | 25.00% | |
Power Generation Capacity, Megawatts | 550 | |
Payments to Acquire Businesses, Gross | $ | $ 285 |
Business Acquisitions and Dis43
Business Acquisitions and Dispositions Business Acquisitions and Dispositions (Details 2 - 2015 Sale to Yield) | Nov. 02, 2015USD ($)MW | Sep. 30, 2015USD ($)MW | Jan. 02, 2015USD ($) | Dec. 31, 2014USD ($) | Jun. 30, 2014USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Long-term Debt | $ 20,041,000,000 | $ 20,366,000,000 | |||
Power Generation Capacity, Megawatts | MW | 50,000 | ||||
ROFO Assets [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Consideration Paid for Sale of Assets Under Common Control | $ 489,000,000 | $ 357,000,000 | |||
Long-term Debt | 737,000,000 | 612,000,000 | |||
Assets Transferred, Carrying Value | 405,000,000 | 236,000,000 | |||
Working Capital Adjustment [Member] | ROFO Assets [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Consideration Paid for Sale of Assets Under Common Control | $ 9,000,000 | 8,000,000 | |||
Base Purchase Price [Member] | ROFO Assets [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Consideration Paid for Sale of Assets Under Common Control | $ 349,000,000 | ||||
Subsequent Event [Member] | ROFO Assets [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Percentage of Ownership Sold of Subsidiary | 75.00% | ||||
Number of Facilities | 12 | ||||
Consideration Paid for Sale of Assets Under Common Control | $ 210,000,000 | ||||
Long-term Debt | $ 193,000,000 | ||||
Power Generation Capacity, Megawatts | MW | 814 | ||||
Financial Institutions [Member] | ROFO Assets [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 165,000,000 |
Business Acquisitions and Dis44
Business Acquisitions and Dispositions Business Acquisitions and Dispositions (Details 3 - Sabine) $ in Millions | Dec. 03, 2014USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2015MW | Dec. 02, 2014MW |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Power Generation Capacity, Megawatts | 50,000 | |||
Sabine CoGen, LP [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Percentage of Ownership Sold of Subsidiary | 50.00% | |||
Power Generation Capacity, Megawatts | 105 | |||
Proceeds from Sale of Equity Method Investments | $ | $ 35 | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ | $ 18 |
Business Acquisitions and Dis45
Business Acquisitions and Dispositions Business Acquisitions and Dispositions (Details 4 - Alta Wind) $ in Millions | Aug. 13, 2014USD ($) | Jul. 30, 2014USD ($)shares | Jun. 30, 2015USD ($) | Sep. 30, 2015USD ($)MW | Dec. 31, 2014USD ($) | Aug. 12, 2014USD ($)MW | Aug. 05, 2014USD ($) |
Business Acquisition [Line Items] | |||||||
Power Generation Capacity, Megawatts | MW | 50,000 | ||||||
Long-term Debt | $ 20,041 | $ 20,366 | |||||
Alta Wind Portfolio [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of Ownership | 100.00% | ||||||
Power Generation Capacity, Megawatts | MW | 947 | ||||||
Payments to Acquire Businesses, Gross | $ 923 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | $ 870 | ||||||
Business Acquisition, Consideration Transferred, Working Capital | $ 53 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 22 | 22 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets | 49 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,304 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 1,177 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 2,552 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 1,591 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current and Non-Current Liabilities | 38 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 1,629 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Assets | (2) | ||||||
Business Acquisition, Purchase Price Allocation, Other Assets, Adjusted | 47 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 6 | ||||||
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment, Adjusted | 1,310 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (6) | ||||||
Business Acquisition, Purchase Price Allocation, Intangible Assets, Other than Goodwill, Adjusted | 1,171 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Assets | (2) | ||||||
Business Acquisition, Purchase Price Allocation, Assets Acquired, Adjusted | 2,550 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Noncurrent Liabilities Longterm Debt | 0 | ||||||
Business Acquisition, Purchase Price Allocation, Noncurrent Liabilities, Long-term Debt, Adjusted | 1,591 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Current and Noncurrent Liabilities | (2) | ||||||
Business Acquisition, Purchase Price Allocation, Current and Non-current Liabilities, Adjusted | 36 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities | (2) | ||||||
Business Acquisition, Purchase Price Allocation, Liabilities Assumed, Adjusted | 1,627 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 923 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Net Assets Acquired | 0 | ||||||
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net Adjusted | $ 923 | ||||||
Alta Wind I - V Lease financing arrangement [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Remaining Lease Term | 21 years | ||||||
Alta Wind X and Alta Wind XI, due 2020 [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Remaining Lease Term | 22 years | ||||||
NRG Yield Operating LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Long-term Debt | $ 500 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | ||||||
NRG Yield, Inc. | Common Class A [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Shares, Issued | shares | 12,075,000 | ||||||
Proceeds from Issuance or Sale of Equity | $ 630 |
Business Acquisitions and Dis46
Business Acquisitions and Dispositions Business Acquisitions and Dispositions (Details 5 - Petra Nova) $ in Millions | Jul. 07, 2014USD ($) | Sep. 30, 2015USD ($)MW | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($)MW | Jul. 03, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Power Generation Capacity, Megawatts | MW | 50,000 | ||||
Long-term Debt | $ 20,041 | $ 20,366 | |||
Petra Nova Parish Holdings [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Percentage of Ownership Sold of Subsidiary | 50.00% | ||||
Capital Contribution to Equity Method Investment | $ 35 | ||||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | $ 76 | ||||
Capital Contributions From Partners in Equity Method Investment | $ 300 | ||||
Petra Nova Parish Holdings [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Power Generation Capacity, Megawatts | MW | 75 | ||||
Department of Energy [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Amount guaranteed to borrow by US DOE | $ 167 | ||||
JBIC and Mizuho [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Long-term Debt | $ 250 |
Business Acquisitions and Dis47
Business Acquisitions and Dispositions Business Acquisitions and Dispositions (Details 6 - 2014 Sale to Yield) - USD ($) $ in Millions | Sep. 30, 2015 | Jan. 02, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Long-term Debt | $ 20,041 | $ 20,366 | ||
ROFO Assets [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Consideration Paid for Sale of Assets Under Common Control | $ 489 | $ 357 | ||
Long-term Debt | 737 | 612 | ||
Assets Transferred, Carrying Value | 405 | 236 | ||
Base Purchase Price [Member] | ROFO Assets [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Consideration Paid for Sale of Assets Under Common Control | 349 | |||
Working Capital Adjustment [Member] | ROFO Assets [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Consideration Paid for Sale of Assets Under Common Control | $ 9 | $ 8 |
Business Acquisitions and Dis48
Business Acquisitions and Dispositions Business Acquisitions and Dispositions (Details 7 - Dominion) $ in Millions | Mar. 31, 2014USD ($)customer | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | |||
Goodwill | $ 2,503 | $ 2,574 | |
Dominion [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Consideration Transferred | $ 192 | ||
Business Acquisitions, Consideration Transferred, Purchase Price | 165 | ||
Business Acquisition, Consideration Transferred, Working Capital | 27 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 40 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 14 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Derivative Assets | 21 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 47 | ||
Goodwill | 91 | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 8 | ||
Customer Relationships [Member] | Dominion [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 64 | ||
Trade Names [Member] | Dominion [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 9 | ||
Scenario, Plan [Member] | Dominion [Member] | |||
Business Acquisition [Line Items] | |||
Business Acquisition, Customers Acquired | customer | 540,000 |
Business Acquisitions and Dis49
Business Acquisitions and Dispositions Business Acquisitions and Dispositions (Details 8 - EME 1) $ in Millions | Apr. 02, 2014USD ($)MWshares | Sep. 30, 2014USD ($) | Sep. 30, 2015MW | Dec. 31, 2014USD ($) | Mar. 31, 2014USD ($) |
Business Acquisition [Line Items] | |||||
Power Generation Capacity, Megawatts | MW | 50,000 | ||||
Edison Mission Energy [Member] | |||||
Business Acquisition [Line Items] | |||||
Power Generation Capacity, Megawatts | MW | 8,000 | ||||
Business Combination, Consideration Transferred | $ 3,500 | ||||
Business Combination, Estimated Consideration Transferred, Estimated Liabilities Incurred | 700 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 1,200 | $ 1,249 | |||
Common Stock [Member] | Edison Mission Energy [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 12,671,977 | ||||
Through 2034 [Member] | |||||
Business Acquisition [Line Items] | |||||
Repayments of Long-term Capital Lease Obligations | $ 405 | ||||
EME [Member] | |||||
Business Acquisition [Line Items] | |||||
Environmental Capital Expenditures, Estimated Total | $ 350 |
Business Acquisitions and Dis50
Business Acquisitions and Dispositions Business Acquisitions and Dispositions (Details 9 - EME 2) - USD ($) $ in Millions | Apr. 02, 2014 | Mar. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 2,503 | $ 2,574 | ||
Edison Mission Energy [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Consideration Transferred | $ 3,500 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 1,422 | 1,422 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 724 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Current Assets | 72 | |||
Business Acquisition, Purchase Price Allocation, Other Assets, Adjusted | 796 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,438 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | (3) | |||
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment, Adjusted | 2,435 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 172 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 0 | |||
Business Acquisition, Purchase Price Allocation, Intangible Assets, Other than Goodwill, Adjusted | 172 | |||
Goodwill | 334 | |||
Goodwill, Purchase Accounting Adjustments | (56) | |||
Goodwill, Adjusted | 278 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 773 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Noncurrent Assets | 0 | |||
Business Acquisition, Purchase Price Allocation, Noncurrent Assets, Adjusted | 773 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 5,863 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | 13 | |||
Business Acquisition, Purchase Price Allocation, Assets Acquired, Adjusted | 5,876 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current and Non-Current Liabilities | 629 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Current and Noncurrent Liabilities | 13 | |||
Business Acquisition, Purchase Price Allocation, Current and Non-current Liabilities, Adjusted | 642 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Out-of-market Contracts and Leases | 159 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Out of Market Contracts and Leases | 0 | |||
Business Acquisition, Purchase Price Allocation, Out of Market Contracts and Leases, Adjusted | 159 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 1,200 | 1,249 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Noncurrent Liabilities Longterm Debt | 0 | |||
Business Acquisition, Purchase Price Allocation, Noncurrent Liabilities, Long-term Debt, Adjusted | 1,249 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 2,037 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities | 13 | |||
Business Acquisition, Purchase Price Allocation, Liabilities Assumed, Adjusted | 2,050 | |||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 352 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Noncontrolling Interest | 0 | |||
Business Acquisition, Purchase Price Allocation, Noncontrolling Interest, Adjusted | 352 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | $ 3,474 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Net Assets Acquired | 0 | |||
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net Adjusted | $ 3,474 |
Fair Value of Financial Instr51
Fair Value of Financial Instruments (Details 1 - Balance Sheet grouping) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Long-term debt, including current portion | $ 20,041 | $ 20,366 | |
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Notes receivable | [1] | 82 | 91 |
Long-term debt, including current portion | 20,041 | 20,366 | |
Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Notes receivable | [1] | 82 | 91 |
Long-term debt, including current portion | $ 19,163 | $ 20,361 | |
[1] | 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 Instr52
Fair Value of Financial Instruments (Details 2 - Recurring FV) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Derivative Assets | $ 2,102 | $ 2,905 | ||
Derivative Liabilities | 2,035 | 2,492 | ||
Commodity contracts | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Derivative Assets | 2,102 | 2,902 | ||
Derivative Liabilities | 1,869 | 2,327 | ||
Interest rate contracts | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Derivative Assets | 0 | 2 | ||
Derivative Liabilities | 166 | 165 | ||
Equity contracts | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Derivative Assets | 1 | |||
Fair Value | Fair Value, Measurements, Recurring | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Debt securities | 18 | 18 | ||
Available-for-sale securities | 15 | 30 | ||
Other (a) | 14 | [1] | 32 | [2] |
Total assets | 2,701 | 3,571 | ||
Total liabilities | 2,035 | 2,492 | ||
Fair Value | Fair Value, Measurements, Recurring | Commodity contracts | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Derivative Assets | 2,102 | 2,902 | ||
Derivative Liabilities | 1,869 | 2,327 | ||
Fair Value | Fair Value, Measurements, Recurring | Interest rate contracts | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Derivative Assets | 2 | |||
Derivative Liabilities | 166 | 165 | ||
Fair Value | Fair Value, Measurements, Recurring | Equity contracts | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Derivative Assets | 1 | |||
Fair Value | Fair Value, Measurements, Recurring | Cash and cash equivalents | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Decommissioning Fund Investments | 4 | 14 | ||
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 | 60 | 47 | ||
U.S. government and federal agency obligations | 1 | 1 | ||
Fair Value | Fair Value, Measurements, Recurring | Federal agency mortgage-backed securities | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Decommissioning Fund Investments | 60 | 74 | ||
Fair Value | Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Decommissioning Fund Investments | 25 | 25 | ||
Fair Value | Fair Value, Measurements, Recurring | Corporate debt securities | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Decommissioning Fund Investments | 83 | 78 | ||
Fair Value | Fair Value, Measurements, Recurring | Equity securities | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Decommissioning Fund Investments | 318 | 344 | ||
Fair Value | Fair Value, Measurements, Recurring | Foreign government fixed income securities | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Decommissioning Fund Investments | 1 | 3 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Debt securities | 18 | 18 | ||
Available-for-sale securities | 0 | 0 | ||
Other (a) | 0 | [1] | 11 | [2] |
Total assets | 288 | 391 | ||
Total liabilities | 188 | 230 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | Commodity contracts | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Derivative Assets | 221 | 309 | ||
Derivative Liabilities | 188 | 230 | ||
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 | Equity contracts | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Derivative Assets | 1 | |||
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 | ||
U.S. government and federal agency obligations | 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 | 49 | 52 | ||
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 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Debt securities | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Other (a) | 0 | [1] | 0 | [2] |
Total assets | 1,332 | 1,700 | ||
Total liabilities | 1,032 | 1,258 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Commodity contracts | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Derivative Assets | 1,161 | 1,515 | ||
Derivative Liabilities | 866 | 1,093 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Interest rate contracts | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Derivative Assets | 0 | 2 | ||
Derivative Liabilities | 166 | 165 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Equity contracts | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Derivative Assets | 0 | |||
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 | 2 | 3 | ||
U.S. government and federal agency obligations | 0 | 0 | ||
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 | 60 | 74 | ||
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 | 25 | ||
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 | 83 | 78 | ||
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 | 1 | 3 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Debt securities | 0 | 0 | ||
Available-for-sale securities | 15 | 30 | ||
Other (a) | 14 | [1] | 21 | [2] |
Total assets | 1,081 | 1,480 | ||
Total liabilities | 815 | 1,004 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | Commodity contracts | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Derivative Assets | 720 | 1,078 | ||
Derivative Liabilities | 815 | 1,004 | ||
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 | Equity contracts | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Derivative Assets | 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 | 4 | 14 | ||
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 | 58 | 44 | ||
U.S. government and federal agency obligations | 1 | 1 | ||
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 | 269 | 292 | ||
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 | ||
[1] | Consists primarily of mutual funds held in a Rabbi Trust for non-qualified deferred compensation plans for certain former employees. | |||
[2] | Primarily consists of mutual funds held in rabbi trusts for non-qualified deferred compensation plans for certain former employees and a total return swap that does not meet the definition of a derivative. |
Fair Value of Financial Instr53
Fair Value of Financial Instruments (Details 3 - Level 3 FV) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||||||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | ||||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis Unobservable Input, Changes | |||||||||||||||||
No transfers from Level 1 to Level 2 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||
No transfers from Level 2 to Level 1 | 0 | 0 | 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 | 100 | 112 | 100 | 112 | $ 122 | $ 161 | $ 75 | $ 95 | |||||||||
Total gains/(losses) - realized/unrealized: | |||||||||||||||||
Included in earnings | (17) | (22) | (106) | (17) | |||||||||||||
Included in OCI | 0 | 2 | |||||||||||||||
Included in nuclear decommissioning obligation | (6) | (4) | (4) | (3) | |||||||||||||
Purchases | 9 | 63 | 45 | (20) | |||||||||||||
Contracts acquired in Dominion and EME acquisition | 0 | 39 | |||||||||||||||
Transfers into Level 3 (b) | (10) | [1] | (1) | [2] | 1 | [1] | 17 | [2] | |||||||||
Transfers out of Level 3 (b) | 2 | [1] | 1 | [2] | 3 | [1] | (1) | [2] | |||||||||
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 September 30, 2014 | (9) | 5 | (37) | 26 | |||||||||||||
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 | 18 | 18 | 18 | 18 | 18 | 18 | 16 | |||||||||
Total gains/(losses) - realized/unrealized: | |||||||||||||||||
Included in earnings | 0 | 0 | 0 | 0 | |||||||||||||
Included in OCI | 0 | 2 | |||||||||||||||
Included in nuclear decommissioning obligation | 0 | 0 | 0 | 0 | |||||||||||||
Purchases | 0 | 0 | 0 | 0 | |||||||||||||
Contracts acquired in Dominion and EME acquisition | 0 | 0 | |||||||||||||||
Transfers into Level 3 (b) | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [2] | |||||||||
Transfers out of Level 3 (b) | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [2] | |||||||||
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 September 30, 2014 | 0 | 0 | 0 | 0 | |||||||||||||
Fair Value, Inputs, Level 3 [Member] | Other | |||||||||||||||||
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 | 0 | 11 | 0 | 11 | 0 | 11 | 11 | 10 | |||||||||
Total gains/(losses) - realized/unrealized: | |||||||||||||||||
Included in earnings | 0 | 0 | (11) | 1 | |||||||||||||
Included in OCI | 0 | 0 | |||||||||||||||
Included in nuclear decommissioning obligation | 0 | 0 | 0 | 0 | |||||||||||||
Purchases | 0 | 0 | 0 | 0 | |||||||||||||
Contracts acquired in Dominion and EME acquisition | 0 | 0 | |||||||||||||||
Transfers into Level 3 (b) | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [2] | |||||||||
Transfers out of Level 3 (b) | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [2] | |||||||||
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 September 30, 2014 | 0 | 0 | 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 | 49 | 54 | 49 | 54 | 55 | 52 | 58 | 56 | |||||||||
Total gains/(losses) - realized/unrealized: | |||||||||||||||||
Included in earnings | 0 | 0 | 0 | 0 | |||||||||||||
Included in OCI | 0 | 0 | |||||||||||||||
Included in nuclear decommissioning obligation | (6) | (4) | (4) | (3) | |||||||||||||
Purchases | 0 | 0 | 1 | 1 | |||||||||||||
Contracts acquired in Dominion and EME acquisition | 0 | 0 | |||||||||||||||
Transfers into Level 3 (b) | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [2] | |||||||||
Transfers out of Level 3 (b) | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [2] | |||||||||
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 September 30, 2014 | 0 | 0 | 0 | 0 | |||||||||||||
Fair Value, Inputs, Level 3 [Member] | Derivatives(a) | |||||||||||||||||
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 | 33 | [3] | 29 | [4] | 33 | [3] | 29 | [4] | $ 49 | [3] | $ 80 | [3] | $ (12) | [4] | $ 13 | [4] | |
Total gains/(losses) - realized/unrealized: | |||||||||||||||||
Included in earnings | (17) | [3] | (22) | [4] | (95) | [3] | (18) | [4] | |||||||||
Included in OCI | [4] | 0 | 0 | ||||||||||||||
Included in nuclear decommissioning obligation | 0 | [3] | 0 | [4] | 0 | [3] | 0 | [4] | |||||||||
Purchases | 9 | [3] | 63 | [4] | 44 | [3] | (21) | [4] | |||||||||
Contracts acquired in Dominion and EME acquisition | [4] | 0 | 39 | ||||||||||||||
Transfers into Level 3 (b) | (10) | [1],[3] | (1) | [2],[4] | 1 | [1],[3] | 17 | [2],[4] | |||||||||
Transfers out of Level 3 (b) | 2 | [1],[3] | 1 | [2],[4] | 3 | [1],[3] | (1) | [2],[4] | |||||||||
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 September 30, 2014 | $ (9) | [3] | $ 5 | [4] | $ (37) | [3] | $ 26 | [4] | |||||||||
[1] | Transfers into/out of Level 3 are related to the availability of external broker quotes and are valued as of the end of the reporting period. All transfers in/out are with Level 2. | ||||||||||||||||
[2] | Transfers into/out of Level 3 are related to the availability of external broker quotes and are valued as of the end of the reporting period. All transfers in/out are with Level 2. | ||||||||||||||||
[3] | Consists of derivative assets and liabilities, net. | ||||||||||||||||
[4] | Consists of derivative assets and liabilities, net. |
Fair Value of Financial Instr54
Fair Value of Financial Instruments Fair Value of Financial Instruments (Details 4 - Derivative FV Measurements) $ / T in Millions, $ / MWh in Millions, $ in Millions | Sep. 30, 2015USD ($)$ / T$ / MWh | Dec. 31, 2014USD ($)$ / T$ / MWh | Sep. 30, 2014USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivative assets valued with prices provied by models and other valuation techniques (as a percent) | 11.00% | ||
Total derivative liabilities valued with prices provied by models and other valuation techniques (as a percent) | 9.00% | ||
Derivative Asset, Fair Value, Gross Asset | $ 2,102 | $ 2,905 | |
Derivative Liability, Fair Value, Gross Liability | 2,035 | 2,492 | |
Valuation Allowances and Reserves, Balance | 7 | $ 1 | |
Increase in fair value as a result of the credit reserve, portion recorded in OCI | (4) | ||
Increase in fair value as a result of the credit reserve, portion recorded in operating revenue and cost of operations | (3) | ||
Commodity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 2,102 | 2,902 | |
Derivative Liability, Fair Value, Gross Liability | 1,869 | 2,327 | |
Commodity contracts | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 221 | 309 | |
Derivative Liability, Fair Value, Gross Liability | 188 | 230 | |
Power Contracts [Member] | Commodity contracts | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 136 | 195 | |
Derivative Liability, Fair Value, Gross Liability | 116 | 154 | |
Coal Contract [Member] | Commodity contracts | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 3 | |
Derivative Liability, Fair Value, Gross Liability | 9 | 1 | |
Financial Transmission Rights [Member] | Commodity contracts | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 85 | 111 | |
Derivative Liability, Fair Value, Gross Liability | $ 63 | $ 75 | |
Minimum [Member] | Power Contracts [Member] | Commodity contracts | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Forward Price | $ / MWh | 9 | 15 | |
Minimum [Member] | Coal Contract [Member] | Commodity contracts | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Forward Price | $ / T | 46 | 53 | |
Minimum [Member] | Financial Transmission Rights [Member] | Commodity contracts | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Auction Price | $ / MWh | (93) | (29) | |
Maximum [Member] | Power Contracts [Member] | Commodity contracts | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Forward Price | $ / MWh | 78 | 92 | |
Maximum [Member] | Coal Contract [Member] | Commodity contracts | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Forward Price | $ / T | 49 | 56 | |
Maximum [Member] | Financial Transmission Rights [Member] | Commodity contracts | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Auction Price | $ / MWh | 64 | 30 | |
Weighted Average [Member] | Power Contracts [Member] | Commodity contracts | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Forward Price | $ / MWh | 34 | 47 | |
Weighted Average [Member] | Coal Contract [Member] | Commodity contracts | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Forward Price | $ / T | 47 | 54 | |
Weighted Average [Member] | Financial Transmission Rights [Member] | Commodity contracts | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Auction Price | $ / MWh | 0 | 0 |
Fair Value of Financial Instr55
Fair Value of Financial Instruments (Details 5 - Credit Risk) $ in Millions | 9 Months Ended | |
Sep. 30, 2015USD ($) | ||
Concentration of Credit Risk | ||
Counterparty credit exposure to a portion of the Company's counterparties | $ 942 | |
Collateral held (cash and letters of credit) against counterparty credit exposure to a portion of the Company's counterparties | 111 | |
Net counterparty credit exposure to a portion of the Company's counterparties | $ 800 | |
Company's exposure before collateral is expected to roll off by the end of 2014 (as a percent) | 81.00% | |
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 | $ 279 | |
Estimated counterparty credit risk exposure under certain long term agreements, including California tolling agreements, South Central load obligations and solar power purchase agreements for the next 5 years | $ 4,200 | |
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) | 99.00% | [1] |
Non-rated (b) | ||
Concentration of Credit Risk | ||
Net Exposure (as a percent) | 1.00% | [1],[2] |
Financial institutions | ||
Concentration of Credit Risk | ||
Net Exposure (as a percent) | 44.00% | [1] |
Utilities, energy merchants, marketers and other | ||
Concentration of Credit Risk | ||
Net Exposure (as a percent) | 32.00% | [1] |
ISOs | ||
Concentration of Credit Risk | ||
Net Exposure (as a percent) | 24.00% | [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 | $ 2,900 | |
[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 Trust56
Nuclear Decommissioning Trust Fund (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Nuclear decommissioning trust fund disclosure | |||
Fair Value | $ 551 | $ 585 | |
Unrealized Gains | 189 | 218 | |
Unrealized Losses | 2 | 2 | |
Realized gains | 14 | $ 15 | |
Realized losses | 10 | 5 | |
Proceeds from sale of securities | 499 | $ 463 | |
Cash and Cash Equivalents [Member] | |||
Nuclear decommissioning trust fund disclosure | |||
Fair Value | 4 | 14 | |
Unrealized Gains | 0 | 0 | |
Unrealized Losses | $ 0 | $ 0 | |
Weighted-average Maturities (In years) | 0 years | 0 years | |
U.S. government and federal agency obligations | |||
Nuclear decommissioning trust fund disclosure | |||
Fair Value | $ 60 | $ 47 | |
Unrealized Gains | 2 | 2 | |
Unrealized Losses | $ 0 | $ 0 | |
Weighted-average Maturities (In years) | 10 years | 11 years | |
Federal agency mortgage-backed securities | |||
Nuclear decommissioning trust fund disclosure | |||
Fair Value | $ 60 | $ 74 | |
Unrealized Gains | 1 | 2 | |
Unrealized Losses | $ 0 | $ 0 | |
Weighted-average Maturities (In years) | 25 years | 25 years | |
Commercial mortgage-backed securities | |||
Nuclear decommissioning trust fund disclosure | |||
Fair Value | $ 25 | $ 25 | |
Unrealized Gains | 0 | 0 | |
Unrealized Losses | $ 1 | $ 1 | |
Weighted-average Maturities (In years) | 28 years | 30 years | |
Corporate debt securities | |||
Nuclear decommissioning trust fund disclosure | |||
Fair Value | $ 83 | $ 78 | |
Unrealized Gains | 1 | 2 | |
Unrealized Losses | $ 1 | $ 1 | |
Weighted-average Maturities (In years) | 10 years | 11 years | |
Equity securities | |||
Nuclear decommissioning trust fund disclosure | |||
Fair Value | $ 318 | $ 344 | |
Unrealized Gains | 185 | 211 | |
Unrealized Losses | $ 0 | $ 0 | |
Weighted-average Maturities (In years) | 0 years | 0 years | |
Foreign government fixed income securities | |||
Nuclear decommissioning trust fund disclosure | |||
Fair Value | $ 1 | $ 3 | |
Unrealized Gains | 0 | 1 | |
Unrealized Losses | $ 0 | $ 0 | |
Weighted-average Maturities (In years) | 15 years | 16 years |
Accounting for Derivative Ins57
Accounting for Derivative Instruments and Hedging Activities (Details 1 - Underlying Derivatives and FV of Derivatives) shares in Millions, bbl in Millions, T in Millions, MWh in Millions, MMBTU in Millions, $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015USD ($)MWhMMBTUTsharesbbl | Dec. 31, 2014USD ($)MWhMMBTUTsharesbbl | |
Fair Value of Derivative Instrument | ||
Derivative Assets | $ 2,102 | $ 2,905 |
Derivative Liabilities | 2,035 | 2,492 |
Derivatives Designated as Cash Flow Hedges | ||
Fair Value of Derivative Instrument | ||
Derivative Assets | 0 | 2 |
Derivative Liabilities | 143 | 129 |
Derivatives Not Designated as Cash Flow Hedges | ||
Fair Value of Derivative Instrument | ||
Derivative Assets | 2,102 | 2,903 |
Derivative Liabilities | 1,892 | 2,363 |
Interest rate contracts current | Derivatives Designated as Cash Flow Hedges | ||
Fair Value of Derivative Instrument | ||
Derivative Assets | 0 | 0 |
Derivative Liabilities | 45 | 55 |
Interest rate contracts current | Derivatives Not Designated as Cash Flow Hedges | ||
Fair Value of Derivative Instrument | ||
Derivative Assets | 0 | 0 |
Derivative Liabilities | 6 | 8 |
Interest rate contracts long-term | Derivatives Designated as Cash Flow Hedges | ||
Fair Value of Derivative Instrument | ||
Derivative Assets | 0 | 2 |
Derivative Liabilities | 98 | 74 |
Interest rate contracts long-term | Derivatives Not Designated as Cash Flow Hedges | ||
Fair Value of Derivative Instrument | ||
Derivative Assets | 0 | 0 |
Derivative Liabilities | 17 | 28 |
Commodity contracts current | Derivatives Not Designated as Cash Flow Hedges | ||
Fair Value of Derivative Instrument | ||
Derivative Assets | 1,580 | 2,425 |
Derivative Liabilities | 1,365 | 1,991 |
Commodity contracts long-term | Derivatives Not Designated as Cash Flow Hedges | ||
Fair Value of Derivative Instrument | ||
Derivative Assets | 522 | 477 |
Derivative Liabilities | 504 | 336 |
Equity Contract [Member] | ||
Fair Value of Derivative Instrument | ||
Derivative Assets | 1 | |
Equity Contract [Member] | Derivatives Not Designated as Cash Flow Hedges | ||
Fair Value of Derivative Instrument | ||
Derivative Assets | 0 | 1 |
Derivative Liabilities | $ 0 | $ 0 |
Long [Member] | Emissions | Short Ton [Member] | ||
Volumetric Underlying Derivative Transactions | ||
Derivative, Nonmonetary Notional Amount, Mass | T | 6 | 2 |
Long [Member] | Coal | Short Ton [Member] | ||
Volumetric Underlying Derivative Transactions | ||
Derivative, Nonmonetary Notional Amount, Mass | T | 34 | 57 |
Long [Member] | Natural Gas | MMbtu [Member] | ||
Volumetric Underlying Derivative Transactions | ||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | (82) | |
Long [Member] | Oil | Barrel [Member] | ||
Volumetric Underlying Derivative Transactions | ||
Derivative, Nonmonetary Notional Amount, Volume | bbl | 1 | 1 |
Long [Member] | Interest | United States of America, Dollars | ||
Volumetric Underlying Derivative Transactions | ||
Derivative, Notional Amount | $ 2,394 | $ 3,440 |
Long [Member] | Equity | Shares [Member] | ||
Volumetric Underlying Derivative Transactions | ||
Derivative, Non-monetary Notional Amount, Other | shares | 2 | 2 |
Short [Member] | Natural Gas | MMbtu [Member] | ||
Volumetric Underlying Derivative Transactions | ||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | (58) | |
Short [Member] | Power | M Wh [Member] | ||
Volumetric Underlying Derivative Transactions | ||
Derivative, Nonmonetary Notional Amount, Energy Measure | MWh | (67) | (56) |
Short [Member] | Capacity | MW/Day [Member] | ||
Volumetric Underlying Derivative Transactions | ||
Derivative, Nonmonetary Notional Amount, Energy Measure | MWh | (1) | 0 |
Accounting for Derivative Ins58
Accounting for Derivative Instruments and Hedging Activities (Details 2 - Offsetting Derivatives) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ||
Derivative Assets | $ 2,102 | $ 2,905 |
Cash Collateral (Held) / Posted | (68) | (72) |
Gross Amounts of Recognized Derivative Liabilities | (2,035) | (2,492) |
Cash Collateral Posted | 367 | 187 |
Gross Amounts of Recognized Assets / Liabilities | 67 | 413 |
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 | 41 | (45) |
Derivative Asset, Fair Value, Amount Offset Against Collateral Net Of Derivative Liability, Fair Value, Amount Offset Against Collateral | 108 | 368 |
Commodity contracts | ||
Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ||
Derivative Assets | 2,102 | 2,902 |
Derivative Instruments | (1,544) | (2,155) |
Cash Collateral (Held) / Posted | (71) | (72) |
Net Amount | 487 | 675 |
Gross Amounts of Recognized Derivative Liabilities | (1,869) | (2,327) |
Derivative Instruments | 1,544 | 2,155 |
Cash Collateral Posted | 112 | 27 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | (213) | (145) |
Gross Amounts of Recognized Assets / Liabilities | 233 | 575 |
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 | 41 | (45) |
Derivative Asset, Fair Value, Amount Offset Against Collateral Net Of Derivative Liability, Fair Value, Amount Offset Against Collateral | 274 | 530 |
Interest rate contracts | ||
Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ||
Derivative Assets | 0 | 2 |
Derivative Instruments | 0 | (2) |
Cash Collateral (Held) / Posted | 0 | 0 |
Net Amount | 0 | 0 |
Gross Amounts of Recognized Derivative Liabilities | (166) | (165) |
Derivative Instruments | 0 | 2 |
Cash Collateral Posted | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | (166) | (163) |
Gross Amounts of Recognized Assets / Liabilities | (166) | (163) |
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 | $ (166) | (163) |
Equity Contract [Member] | ||
Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ||
Derivative Assets | 1 | |
Derivative Instruments | 0 | |
Cash Collateral (Held) / Posted | 0 | |
Net Amount | $ 1 |
Accounting for Derivative Ins59
Accounting for Derivative Instruments and Hedging Activities (Details 3 - AOCI) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | |
Effects of ASC 815 on NRG's Accumulated OCI Balance Attributable to Cash Flow Hedge Derivatives, net of tax | |||||
Accumulated OCI beginning balance | $ (63) | $ (51) | $ (68) | $ (23) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 4 | 11 | 8 | 3 | |
Mark-to-market of cash flow hedge accounting contracts | (33) | (7) | (32) | (27) | |
Accumulated OCI ending balance, net of tax | (92) | (47) | (92) | (47) | |
Gains/(losses) expected to be realized from OCI during the next 12 months, net of tax | (13) | (13) | |||
Accumulated OCI ending balance, tax | 54 | 54 | $ 25 | ||
Gains/(losses) expected to be realized from OCI during the next 12 months, tax | 7 | 7 | $ 0 | ||
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | 0 | 0 | 0 | 0 | |
Commodity contracts | |||||
Effects of ASC 815 on NRG's Accumulated OCI Balance Attributable to Cash Flow Hedge Derivatives, net of tax | |||||
Accumulated OCI beginning balance | (1) | (1) | (1) | (1) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1 | 0 | 1 | 0 | |
Mark-to-market of cash flow hedge accounting contracts | 0 | 0 | 0 | 0 | |
Accumulated OCI ending balance, net of tax | 0 | (1) | 0 | (1) | |
Gains/(losses) expected to be realized from OCI during the next 12 months, net of tax | 0 | 0 | |||
Interest rate contracts | |||||
Effects of ASC 815 on NRG's Accumulated OCI Balance Attributable to Cash Flow Hedge Derivatives, net of tax | |||||
Accumulated OCI beginning balance | (62) | (50) | (67) | (22) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 3 | 11 | 7 | 3 | |
Mark-to-market of cash flow hedge accounting contracts | (33) | (7) | (32) | (27) | |
Accumulated OCI ending balance, net of tax | (92) | $ (46) | (92) | $ (46) | |
Gains/(losses) expected to be realized from OCI during the next 12 months, net of tax | $ (13) | $ (13) |
Accounting for Derivative Ins60
Accounting for Derivative Instruments and Hedging Activities Accounting for Derivative Instruments and Hedging Activities (Details 4 - mark to market) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Unrealized mark-to-market results | ||||
Reversal of previously recognized unrealized gains on settled positions related to economic hedges | $ (29) | $ (1) | $ (179) | $ (3) |
Reversal of acquired gain positions related to economic hedges | (33) | (87) | (83) | (249) |
Net unrealized gains/(losses) on open positions related to economic hedges | (55) | (162) | 26 | 61 |
Total unrealized mark-to-market (losses)/gains for economic hedging activities | (7) | 74 | (288) | (313) |
Reversal of previously recognized unrealized losses/(gains) on settled positions related to trading activity | 2 | (1) | (34) | 4 |
Reversal of acquired gain positions related to trading activity | (1) | (8) | (13) | (28) |
Net unrealized (losses)/gains on open positions related to trading activity | (2) | 15 | 0 | 45 |
Total unrealized mark-to-market (losses)/gains for trading activity | (1) | 6 | (47) | 21 |
Impact of derivative instruments on statement of operations | ||||
Total unrealized losses | (8) | 80 | (335) | (292) |
Credit Risk Related Contingent Features | ||||
Derivative Liability, Fair Value of Collateral | 137 | 137 | ||
Derivative, Net Liability Position, Collateral Required Contracts with Credit Rating Contingent Feature | 41 | 41 | ||
Collateral due on net liability position that has not been called by a certain marginable agreement counterparty | 11 | 11 | ||
Commodity contracts | ||||
Impact of derivative instruments on statement of operations | ||||
Total unrealized losses | (8) | 80 | (335) | (292) |
Commodity contracts | Sales [Member] | ||||
Impact of derivative instruments on statement of operations | ||||
Total unrealized losses | 34 | 159 | (212) | (205) |
Commodity contracts | Cost of Sales [Member] | ||||
Impact of derivative instruments on statement of operations | ||||
Total unrealized losses | (42) | (79) | (123) | (87) |
Interest rate contracts | ||||
Impact of derivative instruments on statement of operations | ||||
Total unrealized losses | $ (9) | $ 1 | $ 12 | $ (6) |
Impairments (Details)
Impairments (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)MW | Sep. 30, 2014USD ($)MW | Sep. 30, 2015USD ($)MW | Sep. 30, 2014USD ($)MW | |
Power Generation Capacity, Megawatts | MW | 50,000 | 50,000 | ||
Asset Impairment Charges | $ 263 | $ 70 | $ 263 | $ 70 |
Huntley [Member] | ||||
Asset Impairment Charges | 106 | |||
Dunkirk [Member] | ||||
Asset Impairment Charges | 116 | |||
Goal Zero [Member] | ||||
Goodwill, Impairment Loss | $ 36 | |||
Osceola facility [Member] | ||||
Power Generation Capacity, Megawatts | MW | 463 | 463 | ||
Asset Impairment Charges | $ 60 | |||
Solar Panels [Member] | ||||
Asset Impairment Charges | $ 10 |
Debt and Capital Leases (Detail
Debt and Capital Leases (Details 1 - Debt Table) - USD ($) $ in Millions | 9 Months Ended | |||||||
Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Apr. 21, 2014 | Mar. 31, 2014 | Jan. 27, 2014 | |||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 20,041 | $ 20,366 | ||||||
Subtotal | 20,055 | 20,374 | ||||||
Less current maturities | 457 | 474 | ||||||
Total long-term debt and capital leases | $ 19,598 | 19,900 | ||||||
Interest rate, variable basis | 3 month LIBOR | |||||||
Recourse Debt | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 8,830 | 8,800 | ||||||
Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | 11,211 | 11,566 | ||||||
Senior notes, due 2018 | Recourse Debt | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 1,130 | 1,130 | ||||||
Interest rate, stated rate | [1] | 7.625% | ||||||
Senior notes, due 2020 | Recourse Debt | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 1,063 | 1,063 | ||||||
Interest rate, stated rate | [1] | 8.25% | ||||||
Senior notes, due 2021 | Recourse Debt | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 1,128 | 1,128 | ||||||
Interest rate, stated rate | [1] | 7.875% | ||||||
Senior Notes Due In 2022 [Member] | Recourse Debt | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 1,100 | 1,100 | ||||||
Interest rate, stated rate | 6.25% | [1] | 6.25% | |||||
Senior notes, due 2023 | Recourse Debt | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 990 | 990 | ||||||
Interest rate, stated rate | [1] | 6.625% | ||||||
Senior Notes 2024 [Member] | Recourse Debt | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 1,000 | 1,000 | ||||||
Interest rate, stated rate | 6.25% | [1] | 6.25% | |||||
Term loan facility, due 2018 | Recourse Debt | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 1,968 | 1,983 | ||||||
Tax-exempt Bonds [Member] | Recourse Debt | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 451 | 406 | ||||||
Indian River Power LLC, tax-exempt bonds, due 2040 | Recourse Debt | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, stated rate | [1] | 6.00% | ||||||
Indian River Power LLC, tax-exempt bonds, due 2045 | Recourse Debt | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, stated rate | [1] | 5.375% | ||||||
Dunkirk Power LLC, tax-exempt bonds, due 2042 | Recourse Debt | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, stated rate | [1] | 5.875% | ||||||
Fort Bend County, tax-exempt bonds, due 2038 and 2042 | Recourse Debt | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, stated rate | [1] | 4.125% | ||||||
GenOn Senior Notes [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 2,097 | 2,133 | ||||||
GenOn Senior Notes Due in 2017 [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, stated rate | [1] | 7.875% | ||||||
GenOn senior notes, due 2018 | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, stated rate | [1] | 9.50% | ||||||
GenOn senior notes, due 2020 | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, stated rate | [1] | 9.875% | ||||||
GenOn Americas Generation Senior Notes [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 922 | 929 | ||||||
GenOn Americas Generation Senior Notes Due in 2021 [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, stated rate | [1] | 8.50% | ||||||
GenOn Americas Generation senior notes, due in 2031 | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, stated rate | [1] | 9.125% | ||||||
GenOn Other [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 57 | 60 | ||||||
Genon [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | 3,076 | 3,122 | ||||||
5.375% Senior Notes due in 2024 [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 500 | 500 | ||||||
Interest rate, stated rate | [1] | 5.375% | ||||||
Revolving Credit Facility [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, variable basis | 1 - month LIBOR | |||||||
Revolving Credit Facility [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 92 | 0 | ||||||
3.5% Convertible Notes due 2019 [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, stated rate | 3.50% | |||||||
3.5% Convertible Notes due 2019 [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Convertible Debt, Fair Value Disclosures | $ 329 | 326 | ||||||
Interest rate, stated rate | [1] | 3.50% | ||||||
3.25% Convertible Notes due 2020 [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, stated rate | 3.25% | |||||||
3.25% Convertible Notes due 2020 [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Convertible Debt, Fair Value Disclosures | $ 266 | 0 | ||||||
Interest rate, stated rate | [1] | 3.25% | ||||||
NRG West Holdings LLC, term loan, due 2023 | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 485 | 506 | ||||||
GenOn Marsh Landing term loans, due 2017 and 2023 | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, variable basis | 1 - month LIBOR | |||||||
GenOn Marsh Landing term loans, due 2017 and 2023 | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 431 | 464 | ||||||
Alta Wind I - V Lease financing arrangement [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 1,013 | 1,036 | ||||||
Alta Wind I [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, stated rate | [1] | 7.015% | ||||||
Alta Wind II [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, stated rate | [1] | 5.696% | ||||||
Alta Wind III [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, stated rate | [1] | 6.067% | ||||||
Alta Wind IV [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, stated rate | [1] | 5.938% | ||||||
Alta Wind V [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, stated rate | [1] | 6.071% | ||||||
Alta Wind X [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 0 | 300 | ||||||
Alta Wind XI [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 0 | 191 | ||||||
Walnut Creek Energy, LLC, due in 2023 [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, variable basis | 1 - month LIBOR | |||||||
Walnut Creek Energy, LLC, due in 2023 [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 363 | 391 | ||||||
Interest rate, variable basis | [1] | LIBOR | ||||||
Tapestry Wind LLC due in 2021 [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 184 | 192 | ||||||
Interest rate, variable basis | [1] | LIBOR | ||||||
Laredo Ridge Wind, LLC, due in 2026 [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 105 | 108 | ||||||
Interest rate, variable basis | [1] | LIBOR | ||||||
NRG Solar Alpine LLC, due 2022 | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 156 | 163 | ||||||
NRG Energy Center Minneapolis LLC, senior secured notes, due 2013, 2017, and 2025 | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 110 | 121 | ||||||
NRG Energy Center Minneapolis LLC Senior Secured Notes, due 2017 | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, range, minimum | [1] | 7.12% | ||||||
Interest rate, range, maximum | [1] | 7.25% | ||||||
NRG Energy Center Minneapolis LLC Senior Secured Notes, due 2025 | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, stated rate | [1] | 5.95% | ||||||
NRG Yield - Other [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 475 | 489 | ||||||
NRG Yield, Inc. | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | 4,509 | 4,787 | ||||||
Ivanpah Financing, due 2014 and 2038 | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 1,175 | 1,187 | ||||||
Interest rate, range, minimum | [1] | 2.285% | ||||||
Interest rate, range, maximum | [1] | 4.256% | ||||||
Agua Caliente Solar LLC, due 2037 | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 894 | 898 | ||||||
Interest rate, range, minimum | [1] | 2.395% | ||||||
Interest rate, range, maximum | [1] | 3.633% | ||||||
CVSR - High Plains Ranch II LLC, due 2037 | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 794 | 815 | ||||||
Interest rate, range, minimum | [1] | 2.339% | ||||||
Interest rate, range, maximum | [1] | 3.775% | ||||||
Viento Funding II, Inc., due in 2023 [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, variable basis | 6 - month LIBOR | |||||||
Viento Funding II, Inc., due in 2023 [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 193 | 196 | ||||||
Interest rate, variable basis | [1] | LIBOR | ||||||
NRG Peaker Finance Co. LLC Bonds Due 2019 [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 102 | 100 | ||||||
Interest rate, variable basis | [1] | LIBOR | ||||||
Cedro Hill Wind LLC, due in 2025 [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 104 | 111 | ||||||
Interest rate, variable basis | [1] | LIBOR | ||||||
Other (Non-recourse debt) | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | $ 364 | 350 | ||||||
NRG Energy [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Long-term Debt | 3,626 | 3,657 | ||||||
Home Solar [Member] | ||||||||
Debt and Capital Leases | ||||||||
Capital Lease Obligations | 10 | 5 | ||||||
Chalk Point capital lease, due 2015 | ||||||||
Debt and Capital Leases | ||||||||
Capital Lease Obligations | $ 1 | 0 | ||||||
Interest rate, Chalk Point capital lease | [1] | 8.19% | ||||||
Other (Capital leases) | ||||||||
Debt and Capital Leases | ||||||||
Capital Lease Obligations | $ 3 | $ 3 | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Term loan facility, due 2018 | Recourse Debt | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, variable basis | [1] | LIBOR | ||||||
Interest rate, basis spread on variable rate | [1] | 2.00% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, variable basis | [1] | LIBOR | ||||||
Interest rate, basis spread on variable rate | [1] | 2.75% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | NRG West Holdings LLC, term loan, due 2023 | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, variable basis | [1] | LIBOR | ||||||
Interest rate, range, minimum | [1] | 1.625% | ||||||
Interest rate, range, maximum | [1] | 2.25% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Marsh Landing Term Loan Due 2017 [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, variable basis | [1] | LIBOR | ||||||
Interest rate, basis spread on variable rate | [1] | 1.75% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | GenOn Marsh Landing term loan, due 2023 | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, variable basis | [1] | LIBOR | ||||||
Interest rate, basis spread on variable rate | [1] | 1.875% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Alta Wind X [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, variable basis | [1] | LIBOR | ||||||
Interest rate, basis spread on variable rate | [1] | 2.00% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Alta Wind XI [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, variable basis | [1] | LIBOR | ||||||
Interest rate, basis spread on variable rate | [1] | 2.00% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Walnut Creek Energy, LLC, due in 2023 [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, basis spread on variable rate | [1] | 1.625% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Tapestry Wind LLC due in 2021 [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, basis spread on variable rate | [1] | 1.625% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Laredo Ridge Wind, LLC, due in 2026 [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, basis spread on variable rate | [1] | 1.875% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | NRG Solar Alpine LLC, due 2022 | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, variable basis | [1] | LIBOR | ||||||
Interest rate, basis spread on variable rate | [1] | 1.75% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Viento Funding II, Inc., due in 2023 [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, basis spread on variable rate | [1] | 2.75% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | NRG Peaker Finance Co. LLC Bonds Due 2019 [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, basis spread on variable rate | [1] | 1.07% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Cedro Hill Wind LLC, due in 2025 [Member] | Non Recourse Debt [Member] | ||||||||
Debt and Capital Leases | ||||||||
Interest rate, basis spread on variable rate | [1] | 3.125% | ||||||
[1] | As of September 30, 2015, L+ equals 3 month LIBOR plus x%, with the exception of the Viento Funding II term loan, which is 6 month LIBOR plus x%, and the NRG Marsh Landing term loan, Walnut Creek term loan, and NRG Yield Operating LLC Revolving Credit facility, which are 1 month LIBOR plus x%. |
Debt and Capital Leases Debt 63
Debt and Capital Leases Debt and Capital Leases (Details 2 - Issuances) - Recourse Debt - USD ($) $ in Millions | Apr. 21, 2014 | Jan. 27, 2014 | Sep. 30, 2015 | Jun. 30, 2014 | |
Senior Notes 2024 [Member] | |||||
Debt and Capital Leases | |||||
Proceeds from Issuance of Senior Long-term Debt | $ 1,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | 6.25% | [1] | ||
Senior Notes Due In 2022 [Member] | |||||
Debt and Capital Leases | |||||
Proceeds from Issuance of Senior Long-term Debt | $ 1,100 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | 6.25% | [1] | ||
Senior Notes Due In 2019 7625 [Member] | |||||
Debt and Capital Leases | |||||
Debt Instrument, Interest Rate, Stated Percentage | 7.625% | ||||
Senior Notes Due In 2019 850 [Member] | |||||
Debt and Capital Leases | |||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | ||||
Long-term Debt, Gross | $ 225 | ||||
[1] | As of September 30, 2015, L+ equals 3 month LIBOR plus x%, with the exception of the Viento Funding II term loan, which is 6 month LIBOR plus x%, and the NRG Marsh Landing term loan, Walnut Creek term loan, and NRG Yield Operating LLC Revolving Credit facility, which are 1 month LIBOR plus x%. |
Debt and Capital Leases Debt 64
Debt and Capital Leases Debt and Capital Leases (Details 3 - Redemptions) - USD ($) $ in Millions | Sep. 03, 2014 | May. 21, 2014 | Apr. 21, 2014 | Feb. 10, 2014 | Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 |
Debt and Capital Leases | |||||||||||
Gains (Losses) on Extinguishment of Debt | $ (2) | $ (7) | $ (13) | $ (22) | $ (33) | $ (9) | $ (94) | ||||
Recourse Debt | Senior Notes Due In 2019 850 [Member] | |||||||||||
Debt and Capital Leases | |||||||||||
Repayments of Senior Debt | $ 74 | $ 308 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | 8.50% | |||||||||
Debt Instrument, Redemption Price, Percentage | 104.25% | 105.25% | 106.992% | ||||||||
Recourse Debt | Senior Notes Due In 2019 7625 [Member] | |||||||||||
Debt and Capital Leases | |||||||||||
Repayments of Senior Debt | $ 337 | $ 91 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.625% | 7.625% | |||||||||
Debt Instrument, Redemption Price, Percentage | 103.813% | 104.20% | 105.50% | ||||||||
Gains (Losses) on Extinguishment of Debt | $ (18) |
Debt and Capital Leases Debt 65
Debt and Capital Leases Debt and Capital Leases (Details 4 - Non Recourse Debt) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Aug. 12, 2014 | Apr. 01, 2014 |
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 20,041 | $ 20,366 | |||||
Proceeds from Noncontrolling Interests | $ 651 | $ 639 | |||||
Fees Incurred for Termination of Interest Rate Swaps | $ 17 | ||||||
EME [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 1,200 | ||||||
Alta Wind Portfolio [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 1,600 | ||||||
Alta X and XI TE Holdco [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from Noncontrolling Interests | $ 119 |
Debt and Capital Leases Debt 66
Debt and Capital Leases Debt and Capital Leases (Details 5 - Yield) | 3 Months Ended | |||
Jun. 30, 2015USD ($)$ / shares | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Mar. 31, 2014USD ($) | |
3.25% Convertible Notes due 2020 [Member] | ||||
Debt and Capital Leases | ||||
Convertible Debt | $ 287,500,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | |||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 27.50 | |||
Debt Instrument, Convertible, Conversion Ratio | 36.3636 | |||
Debt Instrument, Face Amount | $ 1,000 | |||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | 23,000,000 | |||
3.5% Convertible Notes due 2019 [Member] | ||||
Debt and Capital Leases | ||||
Convertible Debt | $ 345,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | |||
Debt Instrument, Convertible, Conversion Ratio | 21.4822 | |||
Debt Instrument, Face Amount | 1,000 | $ 1,000 | ||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | $ 23,000,000 | |||
NRG Yield Revolving Credit Facility [Member] | ||||
Debt and Capital Leases | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 450,000,000 | |||
Credit Facility, Maximum Borrowing Capacity, Amendment | $ 495,000,000 | |||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 92,000,000 | |||
NRG Yield Revolving Credit Facility [Member] | Letter of Credit [Member] | ||||
Debt and Capital Leases | ||||
Letters of Credit Outstanding, Amount | $ 25,000,000 | |||
Adjusted Conversion Ratio [Member] | 3.5% Convertible Notes due 2019 [Member] | ||||
Debt and Capital Leases | ||||
Debt Instrument, Convertible, Conversion Ratio | 42.9644 |
Debt and Capital Leases Debt 67
Debt and Capital Leases Debt and Capital Leases (Details 6 - West Holdings and Peakers) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Feb. 21, 2014 | ||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Description of Variable Rate Basis | 3 month LIBOR | |||||||||
Loss on debt extinguishment | $ (2) | $ (7) | $ (13) | $ (22) | $ (33) | $ (9) | $ (94) | |||
West Holdings Credit Agreement due 2023 Tranche A [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Increase (Decrease), Net | $ 5 | |||||||||
West Holdings Credit Agreement due 2023 Tranche A [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Description of Variable Rate Basis | [1] | LIBOR | ||||||||
West Holdings Credit Agreement due 2023 Tranche B [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Description of Variable Rate Basis | [1] | LIBOR | ||||||||
Working Capital Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Increase (Decrease), Net | $ 9 | |||||||||
NRG Peaker Finance Co. LLC Bonds Due 2019 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Repurchased Face Amount | $ 30 | |||||||||
Debt Instrument, Repurchase Amount | $ 35 | |||||||||
May 29, 2015 to Aug 31, 2017 [Member] | West Holdings Credit Agreement due 2023 Tranche A [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | [1] | 1.625% | ||||||||
May 29, 2015 to Aug 31, 2017 [Member] | West Holdings Credit Agreement due 2023 Tranche B [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | [1] | 2.25% | ||||||||
September 1, 2017 to August 31, 2020 [Member] | West Holdings Credit Agreement due 2023 Tranche A [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | [1] | 1.75% | ||||||||
September 1, 2017 to August 31, 2020 [Member] | West Holdings Credit Agreement due 2023 Tranche B [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | [1] | 2.375% | ||||||||
September 1, 2020 through maturity [Member] | West Holdings Credit Agreement due 2023 Tranche A [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | [1] | 1.875% | ||||||||
September 1, 2020 through maturity [Member] | West Holdings Credit Agreement due 2023 Tranche B [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | [1] | 2.50% | ||||||||
[1] | As of September 30, 2015, L+ equals 3 month LIBOR plus x%, with the exception of the Viento Funding II term loan, which is 6 month LIBOR plus x%, and the NRG Marsh Landing term loan, Walnut Creek term loan, and NRG Yield Operating LLC Revolving Credit facility, which are 1 month LIBOR plus x%. |
Variable Interest Entities (Det
Variable Interest Entities (Details) $ in Millions | Sep. 30, 2015USD ($)powerplantfacilityMW | Dec. 31, 2014USD ($) |
Investments Accounted for by the Equity Method | ||
Generation Capacity (in MW) | MW | 50,000 | |
Equity investments in affiliates | $ 1,068 | $ 771 |
Net assets less noncontrolling interests | $ 10 | |
GenConn Energy LLC | ||
Investments Accounted for by the Equity Method | ||
Economic interest in equity method investments (as a percent) | 50.00% | |
Power generation units | facility | 2 | |
Generation Capacity (in MW) | MW | 190 | |
Equity investments in affiliates | $ 110 | |
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 | $ 80 | |
Capistrano Wind [Member] | ||
Investments Accounted for by the Equity Method | ||
Generation Capacity (in MW) | MW | 411 | |
Percentage of Ownership | 100.00% | |
Power Generation Plants, Number | powerplant | 5 | |
Cash Available for Distributions | 100.00% | |
Current assets | $ 23 | |
Net property, plant and equipment | 563 | |
Other long-term assets | 127 | |
Total assets | 713 | |
Current liabilities | 38 | |
Long-term debt | 175 | |
Other long-term liabilities | 154 | |
Total liabilities | 367 | |
Noncontrolling interests | $ 336 |
Changes in Capital Structure (D
Changes in Capital Structure (Details) | 3 Months Ended | 9 Months Ended |
Dec. 31, 2014shares | Sep. 30, 2015shares | |
Common stock authorized (in shares) | ||
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Shares issued, balance at the beginning of the year | 415,506,176 | |
Treasury shares, balance at the beginning of the year | (78,843,552) | |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 1,419,704 | |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 283,139 | |
Stock Repurchased During Period, Shares | (18,630,575) | |
Shares issued, balance at the end of the year | 415,506,176 | 416,925,880 |
Treasury shares, balance at the end of the year | (78,843,552) | (97,190,988) |
Shares outstanding, balance at the end of the year | 336,662,624 | 319,734,892 |
Common Stock, Capital Shares Reserved for Employee Stock Purchase Plan | 1,276,913 | |
Common Stock [Member] | ||
Common stock authorized (in shares) | ||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 1,419,704 | |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 0 | |
Stock Repurchased During Period, Shares | 0 | |
Treasury Stock [Member] | ||
Common stock authorized (in shares) | ||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 0 | |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 283,139 | |
Stock Repurchased During Period, Shares | (18,630,575) |
Changes in Capital Structure Ch
Changes in Capital Structure Changes in Capital Structure (Details 2 - Dividends) - $ / shares | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | |
Dividends Payable [Line Items] | |||||
Dividends per Common Share | $ 0.145 | $ 0.145 | $ 0.145 | ||
Subsequent Event [Member] | |||||
Dividends Payable [Line Items] | |||||
Dividends Payable, Date Declared | Oct. 12, 2015 | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.00145 | ||||
Dividends Payable, Date to be Paid | Nov. 16, 2015 | ||||
Scenario, Plan [Member] | Subsequent Event [Member] | |||||
Dividends Payable [Line Items] | |||||
Common Stock, Dividends, Proposed Annual Amount, Per Share | $ 0.58 |
Changes in Capital Structure 71
Changes in Capital Structure (Details 3 - Capital Allocation Plan) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | 13 Months Ended | |||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | Dec. 31, 2015 | ||
Capital Allocation Plan | ||||||||
Stock Repurchased During Period, Shares | (18,630,575) | |||||||
Payments for Commissions | $ 0.015 | |||||||
Capital Allocation Plan [Member] | ||||||||
Capital Allocation Plan | ||||||||
Stock Repurchase Program, Authorized Amount | $ 481 | $ 481 | ||||||
Stock Repurchased During Period, Shares | 11,104,184 | 4,379,907 | 3,146,484 | 1,624,360 | 25,813,855 | |||
Treasury Stock Acquired, Average Cost Per Share | [1] | $ 15.06 | $ 24.53 | $ 25.15 | $ 26.95 | |||
Stock Repurchased During Period, Value | [1] | $ 167 | $ 107 | $ 79 | $ 44 | $ 481 | ||
Capital Allocation Plan [Member] | Subsequent Event [Member] | ||||||||
Capital Allocation Plan | ||||||||
Stock Repurchased During Period, Shares | 5,558,920 | |||||||
Treasury Stock Acquired, Average Cost Per Share | [1] | $ 15.03 | ||||||
Stock Repurchased During Period, Value | [1] | $ 84 | ||||||
[1] | The average price paid per share and amounts paid for shares purchased exclude the commissions of $0.015 per share paid in connection with the share repurchase. |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Numerator: | ||||||
Net income attributable to NRG Energy, Inc. | $ 66 | $ 168 | $ (68) | $ 15 | ||
Dividends for preferred shares | 5 | 2 | 15 | 7 | ||
Income available for common stockholders | $ 61 | $ 166 | $ (83) | $ 8 | ||
Denominator: | ||||||
Weighted average number of common shares outstanding - basic | 331 | 338 | 334 | 333 | ||
Basic earnings per share: | ||||||
Earnings per weighted average common share — basic | $ 0.18 | $ 0.49 | $ (0.25) | $ 0.02 | ||
Denominator (diluted earnings per share): | ||||||
Incremental shares attributable to the issuance of equity compensation (treasury stock method) | 1 | 5 | 0 | 5 | ||
Total dilutive shares | 332 | 343 | 334 | 338 | ||
Diluted earnings per share: | ||||||
Earnings per weighted average common share — diluted | $ 0.18 | $ 0.48 | $ (0.25) | $ 0.02 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||||
Antidilutive securities excluded from computation of diluted earnings per share, amount | 19 | 17 | 22 | 17 | ||
Convertible perpetual preferred stock, interest rate (as a percentage) | 2.822% | 3.625% | 2.822% | 3.625% | 2.822% | |
Equity compensation plans | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||||
Antidilutive securities excluded from computation of diluted earnings per share, amount | 3 | 1 | 6 | 1 | ||
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 | [1] | 16 | 16 | 16 | 16 | |
[1] | As of September 30, 2014, the redeemable perpetual preferred stock had an interest rate of 3.625%. |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||||||
Segment Reporting Information | |||||||||||||
Operating revenues | $ 4,431 | [1] | $ 4,569 | [2] | $ 11,654 | [1] | $ 11,676 | [1] | |||||
Depreciation and amortization | 382 | 375 | 1,173 | 1,096 | |||||||||
Asset Impairment Charges | 263 | 70 | 263 | 70 | |||||||||
Equity in earnings/(losses) of unconsolidated affiliates | 24 | 18 | 29 | 39 | |||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 114 | 271 | (121) | (33) | |||||||||
Net Income | 67 | 182 | (78) | 35 | |||||||||
Net income attributable to NRG Energy, Inc. | 66 | 168 | (68) | 15 | |||||||||
Total Assets | 39,988 | 39,988 | $ 40,665 | ||||||||||
Inter-Segment Sales | 369 | 664 | 1,027 | 1,491 | |||||||||
Loss on debt extinguishment | 2 | $ 7 | 13 | $ 22 | $ 33 | 9 | 94 | ||||||
NRG Business [Member] | |||||||||||||
Segment Reporting Information | |||||||||||||
Operating revenues | 2,723 | [1] | 3,093 | [2] | 7,334 | [3] | 7,974 | [4] | |||||
Depreciation and amortization | 220 | 238 | 682 | 702 | |||||||||
Asset Impairment Charges | 222 | 60 | 222 | 60 | |||||||||
Equity in earnings/(losses) of unconsolidated affiliates | 7 | 13 | 7 | 29 | |||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 165 | 392 | 193 | 486 | |||||||||
Net Income | 164 | 392 | 192 | 485 | |||||||||
Net income attributable to NRG Energy, Inc. | 164 | 392 | 192 | 485 | |||||||||
Total Assets | 25,609 | 25,609 | |||||||||||
Inter-Segment Sales | 309 | 595 | 850 | 1,420 | |||||||||
Loss on debt extinguishment | 0 | 0 | 0 | 0 | |||||||||
NRG Yield | |||||||||||||
Segment Reporting Information | |||||||||||||
Operating revenues | 209 | [1],[5] | 184 | [2] | 606 | [3],[6] | 497 | [4] | |||||
Depreciation and amortization | 50 | [5] | 34 | 163 | [6] | 112 | |||||||
Asset Impairment Charges | 0 | [5] | 0 | 0 | [6] | 0 | |||||||
Equity in earnings/(losses) of unconsolidated affiliates | 19 | [5] | 11 | 29 | [6] | 26 | |||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 42 | [5] | 49 | 67 | [6] | 122 | |||||||
Net Income | 34 | [5] | 39 | 59 | [6] | 107 | |||||||
Net income attributable to NRG Energy, Inc. | 22 | [5] | 33 | 35 | [6] | 91 | |||||||
Total Assets | [5] | 6,989 | 6,989 | ||||||||||
Inter-Segment Sales | 0 | 0 | 9 | 0 | |||||||||
Loss on debt extinguishment | 2 | 0 | 9 | 0 | |||||||||
Corporate | |||||||||||||
Segment Reporting Information | |||||||||||||
Operating revenues | (3) | [1] | 14 | [2],[7] | (9) | [3] | 38 | [4],[8] | |||||
Depreciation and amortization | 9 | 9 | [7] | 24 | 25 | [8] | |||||||
Asset Impairment Charges | 0 | 0 | [7] | 0 | 0 | [8] | |||||||
Equity in earnings/(losses) of unconsolidated affiliates | 3 | 0 | [7] | 3 | 3 | [8] | |||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (222) | (254) | [7] | (640) | (778) | [8] | |||||||
Net Income | (264) | (333) | [7] | (601) | (694) | [8] | |||||||
Net income attributable to NRG Energy, Inc. | (266) | (339) | [7] | (579) | (709) | [8] | |||||||
Total Assets | 28,145 | 28,145 | |||||||||||
Inter-Segment Sales | 50 | 62 | 131 | 45 | |||||||||
Loss on debt extinguishment | 0 | 13 | 0 | 93 | |||||||||
Elimination | |||||||||||||
Segment Reporting Information | |||||||||||||
Operating revenues | (369) | [1] | (664) | [2] | (1,027) | [3] | (1,491) | [4] | |||||
Depreciation and amortization | 0 | 0 | 0 | 0 | |||||||||
Asset Impairment Charges | 0 | 0 | 0 | 0 | |||||||||
Equity in earnings/(losses) of unconsolidated affiliates | (5) | (4) | (8) | (11) | |||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (3) | 12 | (8) | 2 | |||||||||
Net Income | (3) | 12 | (8) | 2 | |||||||||
Net income attributable to NRG Energy, Inc. | 22 | 22 | 24 | $ 28 | |||||||||
Total Assets | (35,025) | (35,025) | |||||||||||
Inter-Segment Sales | 0 | 0 | 0 | ||||||||||
Loss on debt extinguishment | 0 | 0 | 0 | ||||||||||
NRG Home Retail [Member] | |||||||||||||
Segment Reporting Information | |||||||||||||
Operating revenues | 1,699 | [1] | 1,775 | [2] | 4,308 | [3] | $ 4,260 | [4] | |||||
Depreciation and amortization | 30 | 31 | 93 | 92 | |||||||||
Asset Impairment Charges | 36 | 0 | 36 | 0 | |||||||||
Equity in earnings/(losses) of unconsolidated affiliates | 0 | 0 | 0 | 0 | |||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 196 | 121 | 512 | 256 | |||||||||
Net Income | 196 | 121 | 512 | 256 | |||||||||
Net income attributable to NRG Energy, Inc. | 196 | 121 | 512 | 256 | |||||||||
Total Assets | 7,092 | 7,092 | |||||||||||
Inter-Segment Sales | 1 | 1 | 5 | 5 | |||||||||
Loss on debt extinguishment | 0 | 0 | 0 | 0 | |||||||||
Home Solar [Member] | |||||||||||||
Segment Reporting Information | |||||||||||||
Operating revenues | 4 | [1] | 13 | [2] | 19 | [3] | 38 | [4] | |||||
Depreciation and amortization | 8 | 2 | 18 | 4 | |||||||||
Asset Impairment Charges | 0 | 0 | 0 | 0 | |||||||||
Equity in earnings/(losses) of unconsolidated affiliates | 0 | 0 | 0 | 0 | |||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (50) | (27) | (149) | (36) | |||||||||
Net Income | (50) | (27) | (149) | (36) | |||||||||
Net income attributable to NRG Energy, Inc. | (45) | (27) | (143) | (36) | |||||||||
Total Assets | 197 | 197 | |||||||||||
Inter-Segment Sales | 0 | 0 | 0 | 0 | |||||||||
Loss on debt extinguishment | 0 | 0 | 0 | 0 | |||||||||
NRG Renew [Member] | |||||||||||||
Segment Reporting Information | |||||||||||||
Operating revenues | 168 | [1] | 154 | [2] | 423 | [3] | 360 | [4] | |||||
Depreciation and amortization | 65 | 61 | 193 | 161 | |||||||||
Asset Impairment Charges | 5 | 10 | 5 | 10 | |||||||||
Equity in earnings/(losses) of unconsolidated affiliates | 0 | (2) | (2) | (8) | |||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (14) | (22) | (96) | (85) | |||||||||
Net Income | (10) | (22) | (83) | (85) | |||||||||
Net income attributable to NRG Energy, Inc. | (27) | (34) | (109) | (100) | |||||||||
Total Assets | 6,981 | 6,981 | |||||||||||
Inter-Segment Sales | 9 | 6 | 32 | 21 | |||||||||
Loss on debt extinguishment | $ 0 | $ 0 | $ 0 | $ 1 | |||||||||
[1] | (a) Operating revenues include inter-segment sales and net derivative gains and losses of:$309 $1 $— $9 $— $50 $— $369 | ||||||||||||
[2] | (c) Operating revenues include inter-segment sales and net derivative gains and losses of:$595 $1 $— $6 $— $62 $— $664 | ||||||||||||
[3] | (e) Operating revenues include inter-segment sales and net derivative gains and losses of:$850 $5 $— $32 $9 $131 $— $1,027 | ||||||||||||
[4] | (g) Operating revenues include inter-segment sales and net derivative gains and losses of:$1,420 $5 $— $21 $— $45 $1,491 | ||||||||||||
[5] | (b) Includes loss on debt extinguishment of:$— $— $— $— $2 $— $— $2 | ||||||||||||
[6] | (f) Includes loss on debt extinguishment of:$— $— $— $— $9 $— $— $9 | ||||||||||||
[7] | (d) Includes loss on debt extinguishment of:$— $— $— $— $— $13 $— $13 | ||||||||||||
[8] | (h) Includes loss on debt extinguishment of:$— $— $— $1 $— $93 $94 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Effective Tax Rate | ||||
Income/(loss) before income taxes | $ 114 | $ 271 | $ (121) | $ (33) |
Income tax expense/(benefit) | $ 47 | $ 89 | $ (43) | $ (68) |
Effective tax rate | 41.20% | 32.80% | 35.50% | 206.10% |
Statutory tax rate (as a percent) | 35.00% | 35.00% | 35.00% | |
Uncertain Tax Benefits | ||||
Non-current tax liability for uncertain tax benefits | $ 57 | $ 57 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 1 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 7 | $ 7 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2013USD ($) | Sep. 30, 2010USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | |
Loss Contingencies | ||||
Nuclear Insurance Per Incident Coverage Limit | $ 13,500,000,000 | |||
Nuclear Insurance Requirement Per Site | 375,000,000 | |||
Nuclear Insurance Financial Protection Pool Value | $ 13,500,000,000 | |||
Nuclear Insurance Financial Protection Pool, Administrative Fees | 0.05 | |||
Nuclear Insurance Financial Protection Pool, Maximum Annual Assessment | $ 19,000,000 | |||
Nuclear Insurance Maximum Assessment | 0.44 | |||
Notice of Intent to File Citizens Suit | ||||
Loss Contingencies | ||||
Civil Penalties | $ 100,000 | |||
Midwest Generation New Source Review [Member] | ||||
Loss Contingencies | ||||
Civil Penalties | $ 37,500 | |||
NRG [Member] | ||||
Loss Contingencies | ||||
Nuclear Insurance Financial Protection Pool, Maximum Annual Assessment | $ 8,000,000 | |||
Maximum [Member] | ||||
Loss Contingencies | ||||
Nuclear Insurance Financial Protection Pool Value | 127,000,000 | |||
Maximum [Member] | NRG [Member] | ||||
Loss Contingencies | ||||
Nuclear Insurance Financial Protection Pool Value | $ 112,000,000 | |||
Telephone Consumer Protection Act Purported Class Actions [Member] | ||||
Loss Contingencies | ||||
Loss Contingency, Damages Sought | 1,500 | |||
El Segundo Environmental Liability [Member] | ||||
Loss Contingencies | ||||
Civil Penalties | $ 100,000 |
Regulatory Matters (Details)
Regulatory Matters (Details) $ in Millions | Dec. 20, 2013USD ($) |
Genon [Member] | |
Regulatory Matters [Line Items] | |
Regulatory payments sought | $ 22 |
Environmental Matters (Details)
Environmental Matters (Details) $ in Millions | Sep. 30, 2015USD ($) |
Environmental capital expenditures [Line Items] | |
Environmental Capital Expenditures, Estimated | $ 629 |
Genon [Member] | |
Environmental capital expenditures [Line Items] | |
Environmental Capital Expenditures, Estimated | 98 |
Midwest Generation [Member] | |
Environmental capital expenditures [Line Items] | |
Environmental Capital Expenditures, Estimated | $ 430 |
Condensed Consolidating Finan78
Condensed Consolidating Financial Information (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument | ||
Long-term Debt | $ 20,041 | $ 20,366 |
Recourse Debt | ||
Debt Instrument | ||
Long-term Debt | 8,830 | $ 8,800 |
Senior Notes [Member] | Recourse Debt | ||
Debt Instrument | ||
Long-term Debt | $ 6,400 |
Condensed Consolidating Finan79
Condensed Consolidating Financial Information (Details 2) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||||||
Operating Revenues | |||||||||||||
Total operating revenues | $ 4,431 | [1] | $ 4,569 | [2] | $ 11,654 | [1] | $ 11,676 | [1] | |||||
Operating Costs and Expenses | |||||||||||||
Cost of operations | 3,034 | 3,278 | 8,530 | 8,843 | |||||||||
Depreciation and amortization | 382 | 375 | 1,173 | 1,096 | |||||||||
Selling, general and administrative | 332 | 258 | 886 | 737 | |||||||||
Impairment of Long-Lived Assets to be Disposed of | 70 | 70 | |||||||||||
Asset Impairment Charges | 263 | 70 | 263 | 70 | |||||||||
Acquisition-related transaction and integration costs | 3 | 17 | 16 | 69 | |||||||||
Development activity expenses | 38 | 22 | 113 | 62 | |||||||||
Total operating costs and expenses | 4,052 | 4,020 | 10,981 | 10,877 | |||||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | $ 14 | 14 | ||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 19 | ||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 14 | 26 | |||||||||||
Gain on postretirement benefits curtailment and sale of assets | 0 | 0 | 14 | 19 | |||||||||
Operating Income/(Loss) | 379 | 549 | 687 | 818 | |||||||||
Other Income/(Expense) | |||||||||||||
Equity in earnings/(loss) of consolidated subsidiaries | 0 | 0 | 0 | 0 | |||||||||
Equity in earnings of unconsolidated affiliates | 24 | 18 | 29 | 39 | |||||||||
Other income/(expense), net | 4 | (3) | 27 | 13 | |||||||||
Loss on debt extinguishment | (2) | $ (7) | (13) | $ (22) | $ (33) | (9) | (94) | ||||||
Interest expense | (291) | (280) | (855) | (809) | |||||||||
Total other income/(expense) | (265) | (278) | (808) | (851) | |||||||||
Income/(loss) before income taxes | 114 | 271 | (121) | (33) | |||||||||
Income tax expense/(benefit) | 47 | 89 | (43) | (68) | |||||||||
Net Income | 67 | 182 | (78) | 35 | |||||||||
Less: Net income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interests | 1 | 14 | (10) | 20 | |||||||||
Net Income Attributable to NRG Energy, Inc. | 66 | 168 | (68) | 15 | |||||||||
Other Comprehensive Income/(Loss), net of tax | |||||||||||||
Unrealized gain on derivatives, net | (6) | 4 | (2) | (24) | |||||||||
Foreign currency translation adjustments, net | (8) | (6) | (10) | (3) | |||||||||
Available-for-sale securities, net | (7) | (2) | (11) | 2 | |||||||||
Defined benefit plan, net | 3 | (3) | 9 | 9 | |||||||||
Other comprehensive income | (18) | (7) | (14) | (16) | |||||||||
Comprehensive Income | 49 | 175 | (92) | 19 | |||||||||
Less: Comprehensive income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interests | (17) | 17 | (34) | 14 | |||||||||
Comprehensive Income Attributable to NRG Energy, Inc. | 66 | 158 | (58) | 5 | |||||||||
Dividends for preferred shares | (5) | (2) | (15) | (7) | |||||||||
Comprehensive Income Available for Common Stockholders | 61 | 156 | (73) | (2) | |||||||||
Guarantor Subsidiaries | |||||||||||||
Operating Revenues | |||||||||||||
Total operating revenues | 3,132 | 3,216 | 7,959 | 8,009 | |||||||||
Operating Costs and Expenses | |||||||||||||
Cost of operations | 2,276 | 2,506 | 6,083 | 6,351 | |||||||||
Depreciation and amortization | 190 | 216 | 590 | 625 | |||||||||
Selling, general and administrative | 136 | 110 | 351 | 317 | |||||||||
Impairment of Long-Lived Assets to be Disposed of | 0 | 0 | |||||||||||
Asset Impairment Charges | 222 | 222 | 0 | ||||||||||
Acquisition-related transaction and integration costs | 0 | 1 | 0 | 1 | |||||||||
Development activity expenses | 0 | 0 | 0 | 0 | |||||||||
Total operating costs and expenses | 2,824 | 2,833 | 7,246 | 7,294 | |||||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | |||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | ||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 0 | ||||||||||||
Operating Income/(Loss) | 308 | 383 | 713 | 715 | |||||||||
Other Income/(Expense) | |||||||||||||
Equity in earnings/(loss) of consolidated subsidiaries | 0 | 186 | (35) | 287 | |||||||||
Equity in earnings of unconsolidated affiliates | 3 | 3 | 6 | 13 | |||||||||
Other income/(expense), net | 2 | 1 | 3 | 5 | |||||||||
Loss on debt extinguishment | 0 | 0 | 0 | 0 | |||||||||
Interest expense | (4) | (4) | (13) | (15) | |||||||||
Total other income/(expense) | 1 | 186 | (39) | 290 | |||||||||
Income/(loss) before income taxes | 309 | 569 | 674 | 1,005 | |||||||||
Income tax expense/(benefit) | 88 | 169 | 225 | 279 | |||||||||
Net Income | 221 | 400 | 449 | 726 | |||||||||
Less: Net income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interests | 0 | 0 | 0 | 0 | |||||||||
Net Income Attributable to NRG Energy, Inc. | 221 | 400 | 449 | 726 | |||||||||
Other Comprehensive Income/(Loss), net of tax | |||||||||||||
Unrealized gain on derivatives, net | 46 | (7) | 41 | 1 | |||||||||
Foreign currency translation adjustments, net | 0 | 0 | 0 | 0 | |||||||||
Available-for-sale securities, net | 0 | 0 | 0 | 0 | |||||||||
Defined benefit plan, net | (139) | 0 | (136) | 0 | |||||||||
Other comprehensive income | 185 | (7) | 177 | 1 | |||||||||
Comprehensive Income | 406 | 393 | 626 | 727 | |||||||||
Less: Comprehensive income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interests | 0 | 0 | 0 | 0 | |||||||||
Comprehensive Income Attributable to NRG Energy, Inc. | 406 | 393 | 626 | 727 | |||||||||
Dividends for preferred shares | 0 | 0 | 0 | 0 | |||||||||
Comprehensive Income Available for Common Stockholders | 406 | 393 | 626 | 727 | |||||||||
Non-Guarantor Subsidiaries | |||||||||||||
Operating Revenues | |||||||||||||
Total operating revenues | 1,328 | 1,375 | 3,792 | 3,755 | |||||||||
Operating Costs and Expenses | |||||||||||||
Cost of operations | 784 | 761 | 2,533 | 2,508 | |||||||||
Depreciation and amortization | 187 | 154 | 568 | 458 | |||||||||
Selling, general and administrative | 96 | 82 | 288 | 210 | |||||||||
Impairment of Long-Lived Assets to be Disposed of | 70 | 70 | |||||||||||
Asset Impairment Charges | 41 | 41 | 70 | ||||||||||
Acquisition-related transaction and integration costs | 2 | 4 | 3 | 12 | |||||||||
Development activity expenses | 17 | 8 | 47 | 25 | |||||||||
Total operating costs and expenses | 1,127 | 1,079 | 3,480 | 3,283 | |||||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 14 | |||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 19 | ||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 26 | ||||||||||||
Operating Income/(Loss) | 201 | 296 | 326 | 491 | |||||||||
Other Income/(Expense) | |||||||||||||
Equity in earnings/(loss) of consolidated subsidiaries | 42 | 15 | (15) | 9 | |||||||||
Equity in earnings of unconsolidated affiliates | 27 | 19 | 33 | 37 | |||||||||
Other income/(expense), net | 3 | 1 | 23 | 9 | |||||||||
Loss on debt extinguishment | (2) | 0 | (9) | (9) | |||||||||
Interest expense | (151) | (132) | (430) | (359) | |||||||||
Total other income/(expense) | (81) | (97) | (398) | (313) | |||||||||
Income/(loss) before income taxes | 120 | 199 | (72) | 178 | |||||||||
Income tax expense/(benefit) | 56 | 42 | (20) | 36 | |||||||||
Net Income | 64 | 157 | (52) | 142 | |||||||||
Less: Net income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interests | 15 | 37 | 15 | 73 | |||||||||
Net Income Attributable to NRG Energy, Inc. | 49 | 120 | (67) | 69 | |||||||||
Other Comprehensive Income/(Loss), net of tax | |||||||||||||
Unrealized gain on derivatives, net | 189 | 2 | 204 | (24) | |||||||||
Foreign currency translation adjustments, net | 4 | (9) | 4 | (4) | |||||||||
Available-for-sale securities, net | 14 | (21) | 13 | 3 | |||||||||
Defined benefit plan, net | (4) | (55) | (3) | (42) | |||||||||
Other comprehensive income | 211 | 27 | 224 | 17 | |||||||||
Comprehensive Income | 275 | 184 | 172 | 159 | |||||||||
Less: Comprehensive income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interests | (3) | 17 | (9) | 10 | |||||||||
Comprehensive Income Attributable to NRG Energy, Inc. | 278 | 167 | 181 | 149 | |||||||||
Dividends for preferred shares | 0 | 0 | 0 | 0 | |||||||||
Comprehensive Income Available for Common Stockholders | 278 | 167 | 181 | 149 | |||||||||
NRG Energy, Inc. | |||||||||||||
Operating Revenues | |||||||||||||
Total operating revenues | 0 | 0 | 0 | 0 | |||||||||
Operating Costs and Expenses | |||||||||||||
Cost of operations | 14 | (5) | 10 | 2 | |||||||||
Depreciation and amortization | 5 | 5 | 15 | 13 | |||||||||
Selling, general and administrative | 100 | 66 | 247 | 210 | |||||||||
Impairment of Long-Lived Assets to be Disposed of | 0 | 0 | |||||||||||
Asset Impairment Charges | 0 | 0 | 0 | ||||||||||
Acquisition-related transaction and integration costs | 1 | 12 | 13 | 56 | |||||||||
Development activity expenses | 21 | 14 | 66 | 37 | |||||||||
Total operating costs and expenses | 141 | 92 | 351 | 318 | |||||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | |||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | ||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 0 | ||||||||||||
Operating Income/(Loss) | (141) | (92) | (351) | (318) | |||||||||
Other Income/(Expense) | |||||||||||||
Equity in earnings/(loss) of consolidated subsidiaries | 228 | 319 | 432 | 499 | |||||||||
Equity in earnings of unconsolidated affiliates | 1 | 0 | 0 | 0 | |||||||||
Other income/(expense), net | 1 | (19) | 3 | (14) | |||||||||
Loss on debt extinguishment | 0 | (13) | 0 | (85) | |||||||||
Interest expense | (136) | (143) | (412) | (435) | |||||||||
Total other income/(expense) | 94 | 144 | 23 | (35) | |||||||||
Income/(loss) before income taxes | (47) | 52 | (328) | (353) | |||||||||
Income tax expense/(benefit) | (130) | (122) | (281) | (383) | |||||||||
Net Income | 83 | 174 | (47) | 30 | |||||||||
Less: Net income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interests | 17 | 6 | 21 | 15 | |||||||||
Net Income Attributable to NRG Energy, Inc. | 66 | 168 | (68) | 15 | |||||||||
Other Comprehensive Income/(Loss), net of tax | |||||||||||||
Unrealized gain on derivatives, net | 169 | 3 | 178 | 0 | |||||||||
Foreign currency translation adjustments, net | 2 | 3 | 0 | 1 | |||||||||
Available-for-sale securities, net | (10) | 19 | (13) | (1) | |||||||||
Defined benefit plan, net | 105 | 58 | 95 | 33 | |||||||||
Other comprehensive income | 56 | (33) | 70 | (33) | |||||||||
Comprehensive Income | 139 | 141 | 23 | (3) | |||||||||
Less: Comprehensive income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interests | 17 | (17) | 21 | (8) | |||||||||
Comprehensive Income Attributable to NRG Energy, Inc. | 122 | 158 | 2 | 5 | |||||||||
Dividends for preferred shares | (5) | (2) | (15) | (7) | |||||||||
Comprehensive Income Available for Common Stockholders | 117 | 156 | (13) | (2) | |||||||||
Eliminations | |||||||||||||
Operating Revenues | |||||||||||||
Total operating revenues | (29) | [3] | (22) | [4] | (97) | [5] | (88) | [6] | |||||
Operating Costs and Expenses | |||||||||||||
Cost of operations | (40) | [3] | 16 | [4] | (96) | [5] | (18) | [6] | |||||
Depreciation and amortization | 0 | [3] | 0 | [4] | 0 | [5],[7] | 0 | [6],[8] | |||||
Selling, general and administrative | 0 | [3] | 0 | [4] | 0 | [5] | 0 | [6] | |||||
Impairment of Long-Lived Assets to be Disposed of | 0 | [4] | 0 | [6] | |||||||||
Asset Impairment Charges | 0 | [3] | 0 | [3],[7] | 0 | [8] | |||||||
Acquisition-related transaction and integration costs | 0 | [3] | 0 | [4] | 0 | [5] | 0 | [6] | |||||
Development activity expenses | 0 | [3] | 0 | [4] | 0 | [5] | 0 | [6] | |||||
Total operating costs and expenses | (40) | [3] | 16 | [4] | (96) | [5] | (18) | [6] | |||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | [3] | 0 | [5],[7] | |||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | [6] | 0 | |||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | [8] | 0 | |||||||||||
Operating Income/(Loss) | 11 | [3] | (38) | [4] | (1) | [5] | (70) | [6] | |||||
Other Income/(Expense) | |||||||||||||
Equity in earnings/(loss) of consolidated subsidiaries | (270) | [3] | (520) | [4] | (382) | [5] | (795) | [6] | |||||
Equity in earnings of unconsolidated affiliates | (7) | [3] | (4) | [4] | (10) | [5],[7] | (11) | [6],[8] | |||||
Other income/(expense), net | (2) | [3] | 14 | [4] | (2) | [5] | 13 | [6] | |||||
Loss on debt extinguishment | 0 | [3] | 0 | [4] | 0 | [5] | 0 | [6] | |||||
Interest expense | 0 | [3] | (1) | [4] | 0 | [5] | 0 | [6] | |||||
Total other income/(expense) | (279) | [3] | (511) | [4] | (394) | [5] | (793) | [6] | |||||
Income/(loss) before income taxes | (268) | [3] | (549) | [4] | (395) | [5] | (863) | [6] | |||||
Income tax expense/(benefit) | 33 | [3] | 0 | [4] | 33 | [5] | 0 | [6] | |||||
Net Income | (301) | [3] | (549) | [4] | (428) | [5] | (863) | [6],[8] | |||||
Less: Net income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interests | (31) | [3] | (29) | [4] | (46) | [5] | (68) | [6] | |||||
Net Income Attributable to NRG Energy, Inc. | (270) | [3] | (520) | [4] | (382) | [5] | (795) | [6] | |||||
Other Comprehensive Income/(Loss), net of tax | |||||||||||||
Unrealized gain on derivatives, net | (410) | [9] | 6 | [10] | (425) | [11] | (1) | [12] | |||||
Foreign currency translation adjustments, net | (14) | [9] | 0 | [10] | (14) | [11] | 0 | [12] | |||||
Available-for-sale securities, net | (11) | [9] | 0 | [10] | (11) | [11] | 0 | [12] | |||||
Defined benefit plan, net | 35 | [9] | 0 | [10] | 35 | [11] | 0 | [12] | |||||
Other comprehensive income | (470) | [9] | 6 | [10] | (485) | [11] | (1) | [12] | |||||
Comprehensive Income | (771) | [9] | (543) | [10] | (913) | [11] | (864) | [12] | |||||
Less: Comprehensive income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interests | (31) | [9] | 17 | [10] | (46) | [11] | 12 | [12] | |||||
Comprehensive Income Attributable to NRG Energy, Inc. | (740) | [9] | (560) | [10] | (867) | [11] | (876) | [12] | |||||
Dividends for preferred shares | 0 | [9] | 0 | [10] | 0 | [11] | 0 | [12] | |||||
Comprehensive Income Available for Common Stockholders | $ (740) | [9] | $ (560) | [10] | $ (867) | [11] | $ (876) | [12] | |||||
[1] | (a) Operating revenues include inter-segment sales and net derivative gains and losses of:$309 $1 $— $9 $— $50 $— $369 | ||||||||||||
[2] | (c) Operating revenues include inter-segment sales and net derivative gains and losses of:$595 $1 $— $6 $— $62 $— $664 | ||||||||||||
[3] | All significant intercompany transactions have been eliminated in consolidation. | ||||||||||||
[4] | (a)All significant intercompany transactions have been eliminated in consolidation. | ||||||||||||
[5] | All significant intercompany transactions have been eliminated in consolidation. | ||||||||||||
[6] | All significant intercompany transactions have been eliminated in consolidation. | ||||||||||||
[7] | All significant intercompany transactions have been eliminated in consolidation. | ||||||||||||
[8] | All significant intercompany transactions have been eliminated in consolidation. | ||||||||||||
[9] | All significant intercompany transactions have been eliminated in consolidation. | ||||||||||||
[10] | All significant intercompany transactions have been eliminated in consolidation. | ||||||||||||
[11] | All significant intercompany transactions have been eliminated in consolidation. | ||||||||||||
[12] | All significant intercompany transactions have been eliminated in consolidation. |
Condensed Consolidating Finan80
Condensed Consolidating Financial Information (Details 3) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | ||||
Current Assets | ||||||||
Cash and cash equivalents | $ 2,265 | $ 2,116 | $ 1,953 | $ 2,254 | ||||
Funds deposited by counterparties | 68 | 72 | ||||||
Restricted cash | 497 | 457 | ||||||
Accounts receivable - trade, net | 1,492 | 1,322 | ||||||
Accounts receivable - affiliate | 7 | 9 | ||||||
Inventory | 1,149 | 1,247 | ||||||
Derivative instruments | 1,580 | 2,425 | ||||||
Cash collateral paid in support of energy risk management activities | 367 | 187 | ||||||
Deferred income taxes | 169 | 174 | ||||||
Renewable energy grant receivable, net | 26 | 135 | ||||||
Prepayments and other current assets | 453 | 438 | ||||||
Total current assets | 8,073 | 8,582 | ||||||
Net property, plant and equipment | 21,985 | 22,367 | ||||||
Other Assets | ||||||||
Investment in subsidiaries | 0 | 0 | ||||||
Equity investments in affiliates | 1,068 | 771 | ||||||
Notes receivable, less current portion | 62 | 72 | ||||||
Goodwill | 2,503 | 2,574 | ||||||
Intangible assets, net | 2,371 | 2,567 | ||||||
Nuclear decommissioning trust fund | 551 | 585 | ||||||
Derivative instruments | 522 | 480 | ||||||
Deferred income taxes | 1,427 | 1,406 | ||||||
Other non-current assets | 1,426 | 1,261 | ||||||
Total other assets | 9,930 | 9,716 | ||||||
Total Assets | 39,988 | 40,665 | ||||||
Current Liabilities | ||||||||
Current portion of long-term debt and capital leases | 457 | 474 | ||||||
Accounts payable | 1,173 | 1,060 | ||||||
Accounts payable — affiliate | 0 | 0 | ||||||
Derivative instruments | 1,416 | 2,054 | ||||||
Cash collateral received in support of energy risk management activities | 68 | 72 | ||||||
Deferred Tax Liabilities, Net, Current | 0 | 0 | ||||||
Accrued expenses and other current liabilities | 1,222 | 1,199 | ||||||
Total current liabilities | 4,336 | 4,859 | ||||||
Other Liabilities | ||||||||
Long-term debt and capital leases | 19,598 | 19,900 | ||||||
Nuclear decommissioning reserve | 322 | 310 | ||||||
Nuclear decommissioning trust liability | 280 | 333 | ||||||
Deferred income taxes | 20 | 21 | ||||||
Derivative instruments | 619 | 438 | ||||||
Out-of-market contracts, net of accumulated amortization of $639 and $562 | 1,168 | 1,244 | ||||||
Other non-current liabilities | 1,478 | 1,574 | ||||||
Total non-current liabilities | 23,485 | 23,820 | ||||||
Total liabilities | 27,821 | 28,679 | ||||||
2.822% convertible perpetual preferred stock | 299 | 291 | ||||||
Redeemable noncontrolling interest in subsidiaries | $ 29 | $ 19 | ||||||
Convertible perpetual preferred stock, interest rate (as a percentage) | 2.822% | 2.822% | 3.625% | |||||
Stockholders’ Equity | $ 11,839 | $ 11,676 | ||||||
Total Liabilities and Stockholders’ Equity | 39,988 | 40,665 | ||||||
Guarantor Subsidiaries | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | 0 | 18 | $ 18 | 56 | ||||
Funds deposited by counterparties | 27 | 9 | ||||||
Restricted cash | 8 | 5 | ||||||
Accounts receivable - trade, net | 1,173 | 924 | ||||||
Accounts receivable - affiliate | 9,804 | 7,449 | ||||||
Inventory | 521 | 537 | ||||||
Derivative instruments | 1,107 | 1,657 | ||||||
Cash collateral paid in support of energy risk management activities | 255 | 114 | ||||||
Deferred income taxes | 0 | 41 | ||||||
Renewable energy grant receivable, net | 0 | 0 | ||||||
Prepayments and other current assets | 116 | 53 | ||||||
Total current assets | 13,011 | 10,807 | ||||||
Net property, plant and equipment | 7,839 | 8,344 | ||||||
Other Assets | ||||||||
Investment in subsidiaries | 416 | 140 | ||||||
Equity investments in affiliates | (15) | (18) | ||||||
Notes receivable, less current portion | 0 | 1 | ||||||
Goodwill | 2,072 | 1,921 | ||||||
Intangible assets, net | 789 | 765 | ||||||
Nuclear decommissioning trust fund | 551 | 585 | ||||||
Derivative instruments | 277 | 242 | ||||||
Deferred income taxes | 23 | (247) | ||||||
Other non-current assets | 97 | 113 | ||||||
Total other assets | 4,210 | 3,502 | ||||||
Total Assets | 25,060 | 22,653 | ||||||
Current Liabilities | ||||||||
Current portion of long-term debt and capital leases | 2 | 1 | ||||||
Accounts payable | 710 | 598 | ||||||
Accounts payable — affiliate | 1,602 | 1,588 | ||||||
Derivative instruments | 1,025 | 1,532 | ||||||
Cash collateral received in support of energy risk management activities | 27 | 9 | ||||||
Deferred Tax Liabilities, Net, Current | 0 | 7 | ||||||
Accrued expenses and other current liabilities | 339 | 283 | ||||||
Total current liabilities | 3,705 | 4,018 | ||||||
Other Liabilities | ||||||||
Long-term debt and capital leases | 306 | 307 | ||||||
Nuclear decommissioning reserve | 322 | 310 | ||||||
Nuclear decommissioning trust liability | 280 | 333 | ||||||
Deferred income taxes | 1,540 | 1,036 | ||||||
Derivative instruments | 375 | 248 | ||||||
Out-of-market contracts, net of accumulated amortization of $639 and $562 | 99 | 111 | ||||||
Other non-current liabilities | 471 | 465 | ||||||
Total non-current liabilities | 3,393 | 2,810 | ||||||
Total liabilities | 7,098 | 6,828 | ||||||
2.822% convertible perpetual preferred stock | 0 | 0 | ||||||
Redeemable noncontrolling interest in subsidiaries | 0 | 0 | ||||||
Stockholders’ Equity | 17,962 | 15,825 | ||||||
Total Liabilities and Stockholders’ Equity | 25,060 | 22,653 | ||||||
Non-Guarantor Subsidiaries | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | 1,310 | 1,455 | 1,624 | 870 | ||||
Funds deposited by counterparties | 41 | 63 | ||||||
Restricted cash | 488 | 451 | ||||||
Accounts receivable - trade, net | 318 | 392 | ||||||
Accounts receivable - affiliate | 1,410 | 1,988 | ||||||
Inventory | 628 | 710 | ||||||
Derivative instruments | 703 | 1,209 | ||||||
Cash collateral paid in support of energy risk management activities | 112 | 73 | ||||||
Deferred income taxes | 88 | 96 | ||||||
Renewable energy grant receivable, net | 25 | 134 | ||||||
Prepayments and other current assets | 260 | 79 | ||||||
Total current assets | 5,383 | 6,650 | ||||||
Net property, plant and equipment | 13,982 | 13,877 | ||||||
Other Assets | ||||||||
Investment in subsidiaries | 2,500 | 2,293 | ||||||
Equity investments in affiliates | 1,143 | 891 | ||||||
Notes receivable, less current portion | 49 | 60 | ||||||
Goodwill | 423 | 653 | ||||||
Intangible assets, net | 1,587 | 1,806 | ||||||
Nuclear decommissioning trust fund | 0 | 0 | ||||||
Derivative instruments | 311 | 288 | ||||||
Deferred income taxes | 620 | 816 | ||||||
Other non-current assets | 831 | 640 | ||||||
Total other assets | 7,464 | 7,447 | ||||||
Total Assets | 26,829 | 27,974 | ||||||
Current Liabilities | ||||||||
Current portion of long-term debt and capital leases | 435 | 444 | ||||||
Accounts payable | 340 | 416 | ||||||
Accounts payable — affiliate | 2,166 | 2,447 | ||||||
Derivative instruments | 621 | 963 | ||||||
Cash collateral received in support of energy risk management activities | 41 | 63 | ||||||
Deferred Tax Liabilities, Net, Current | 0 | 0 | ||||||
Accrued expenses and other current liabilities | 530 | 498 | ||||||
Total current liabilities | 4,133 | 4,831 | ||||||
Other Liabilities | ||||||||
Long-term debt and capital leases | 11,039 | 11,226 | ||||||
Nuclear decommissioning reserve | 0 | 0 | ||||||
Nuclear decommissioning trust liability | 0 | 0 | ||||||
Deferred income taxes | (1,040) | (1,012) | ||||||
Derivative instruments | 310 | 241 | ||||||
Out-of-market contracts, net of accumulated amortization of $639 and $562 | 1,069 | 1,133 | ||||||
Other non-current liabilities | 735 | 795 | ||||||
Total non-current liabilities | 12,113 | 12,383 | ||||||
Total liabilities | 16,246 | 17,214 | ||||||
2.822% convertible perpetual preferred stock | 0 | 0 | ||||||
Redeemable noncontrolling interest in subsidiaries | 29 | 19 | ||||||
Stockholders’ Equity | 10,554 | 10,741 | ||||||
Total Liabilities and Stockholders’ Equity | 26,829 | 27,974 | ||||||
NRG Energy, Inc. | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | 955 | 643 | 311 | 1,328 | ||||
Funds deposited by counterparties | 0 | 0 | ||||||
Restricted cash | 1 | 1 | ||||||
Accounts receivable - trade, net | 1 | 6 | ||||||
Accounts receivable - affiliate | (8,271) | (5,991) | ||||||
Inventory | 0 | 0 | ||||||
Derivative instruments | 0 | 0 | ||||||
Cash collateral paid in support of energy risk management activities | 0 | 0 | ||||||
Deferred income taxes | 81 | 37 | ||||||
Renewable energy grant receivable, net | 1 | 1 | ||||||
Prepayments and other current assets | 77 | 306 | ||||||
Total current assets | (7,155) | (4,997) | ||||||
Net property, plant and equipment | 191 | 171 | ||||||
Other Assets | ||||||||
Investment in subsidiaries | 24,474 | 23,410 | ||||||
Equity investments in affiliates | 42 | 0 | ||||||
Notes receivable, less current portion | 264 | 109 | ||||||
Goodwill | 8 | 0 | ||||||
Intangible assets, net | 1 | 2 | ||||||
Nuclear decommissioning trust fund | 0 | 0 | ||||||
Derivative instruments | 0 | 1 | ||||||
Deferred income taxes | 784 | 837 | ||||||
Other non-current assets | 498 | 508 | ||||||
Total other assets | 26,071 | 24,867 | ||||||
Total Assets | 19,107 | 20,041 | ||||||
Current Liabilities | ||||||||
Current portion of long-term debt and capital leases | 271 | 127 | ||||||
Accounts payable | 123 | 46 | ||||||
Accounts payable — affiliate | (833) | (598) | ||||||
Derivative instruments | 0 | 0 | ||||||
Cash collateral received in support of energy risk management activities | 0 | 0 | ||||||
Deferred Tax Liabilities, Net, Current | 0 | (7) | ||||||
Accrued expenses and other current liabilities | 353 | 418 | ||||||
Total current liabilities | (86) | (14) | ||||||
Other Liabilities | ||||||||
Long-term debt and capital leases | 8,253 | 8,367 | ||||||
Nuclear decommissioning reserve | 0 | 0 | ||||||
Nuclear decommissioning trust liability | 0 | 0 | ||||||
Deferred income taxes | (513) | (3) | ||||||
Derivative instruments | 0 | 0 | ||||||
Out-of-market contracts, net of accumulated amortization of $639 and $562 | 0 | 0 | ||||||
Other non-current liabilities | 272 | 314 | ||||||
Total non-current liabilities | 8,012 | 8,678 | ||||||
Total liabilities | 7,926 | 8,664 | ||||||
2.822% convertible perpetual preferred stock | 299 | 291 | ||||||
Redeemable noncontrolling interest in subsidiaries | $ 0 | $ 0 | ||||||
Convertible perpetual preferred stock, interest rate (as a percentage) | 2.822% | 2.822% | ||||||
Stockholders’ Equity | $ 10,882 | $ 11,086 | ||||||
Total Liabilities and Stockholders’ Equity | 19,107 | 20,041 | ||||||
Eliminations | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | 0 | [1],[2] | 0 | [3] | $ 0 | [4] | $ 0 | [4] |
Funds deposited by counterparties | 0 | [1] | 0 | [3] | ||||
Restricted cash | 0 | [1] | 0 | [3] | ||||
Accounts receivable - trade, net | 0 | [1] | 0 | [3] | ||||
Accounts receivable - affiliate | (2,936) | [1] | (3,437) | [3] | ||||
Inventory | 0 | [1] | 0 | [3] | ||||
Derivative instruments | (230) | [1] | (441) | [3] | ||||
Cash collateral paid in support of energy risk management activities | 0 | [1] | 0 | [3] | ||||
Deferred income taxes | 0 | [1] | 0 | [3] | ||||
Renewable energy grant receivable, net | 0 | [1] | 0 | [3] | ||||
Prepayments and other current assets | 0 | [1] | 0 | [3] | ||||
Total current assets | (3,166) | [1] | (3,878) | [3] | ||||
Net property, plant and equipment | (27) | [1] | (25) | [3] | ||||
Other Assets | ||||||||
Investment in subsidiaries | (27,390) | [1] | (25,843) | [3] | ||||
Equity investments in affiliates | (102) | [1] | (102) | [3] | ||||
Notes receivable, less current portion | $ (251) | [1] | (98) | [3] | ||||
Goodwill | [1] | 0 | [3] | |||||
Intangible assets, net | $ (6) | [1] | (6) | [3] | ||||
Nuclear decommissioning trust fund | 0 | [1] | 0 | [3] | ||||
Derivative instruments | (66) | [1] | (51) | [3] | ||||
Deferred income taxes | 0 | [1] | 0 | [3] | ||||
Other non-current assets | 0 | [1] | 0 | [3] | ||||
Total other assets | (27,815) | [1] | (26,100) | [3] | ||||
Total Assets | (31,008) | [1] | (30,003) | [3] | ||||
Current Liabilities | ||||||||
Current portion of long-term debt and capital leases | (251) | [1] | (98) | [3] | ||||
Accounts payable | 0 | [1] | 0 | [3] | ||||
Accounts payable — affiliate | (2,935) | [1] | (3,437) | [3] | ||||
Derivative instruments | $ (230) | [1] | (441) | [3] | ||||
Cash collateral received in support of energy risk management activities | [1] | 0 | [3] | |||||
Deferred Tax Liabilities, Net, Current | $ 0 | [1] | 0 | [3] | ||||
Accrued expenses and other current liabilities | 0 | [1] | 0 | [3] | ||||
Total current liabilities | (3,416) | [1] | (3,976) | [3] | ||||
Other Liabilities | ||||||||
Long-term debt and capital leases | 0 | [1] | 0 | [3] | ||||
Nuclear decommissioning reserve | 0 | [1] | 0 | [3] | ||||
Nuclear decommissioning trust liability | 0 | [1] | 0 | [3] | ||||
Deferred income taxes | 33 | [1] | 0 | [3] | ||||
Derivative instruments | (66) | [1] | (51) | [3] | ||||
Out-of-market contracts, net of accumulated amortization of $639 and $562 | 0 | [1] | 0 | [3] | ||||
Other non-current liabilities | 0 | [1] | 0 | [3] | ||||
Total non-current liabilities | (33) | [1] | (51) | [3] | ||||
Total liabilities | (3,449) | [1] | (4,027) | [3] | ||||
2.822% convertible perpetual preferred stock | 0 | [1] | 0 | [3] | ||||
Redeemable noncontrolling interest in subsidiaries | 0 | [1] | 0 | [3] | ||||
Stockholders’ Equity | (27,559) | [1] | (25,976) | [3] | ||||
Total Liabilities and Stockholders’ Equity | $ (31,008) | [1] | $ (30,003) | [3] | ||||
[1] | All significant intercompany transactions have been eliminated in consolidation. | |||||||
[2] | All significant intercompany transactions have been eliminated in consolidation. | |||||||
[3] | All significant intercompany transactions have been eliminated in consolidation. | |||||||
[4] | All significant intercompany transactions have been eliminated in consolidation. |
Condensed Consolidating Finan81
Condensed Consolidating Financial Information (Details 4) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |||||||
Cash Flows from Operating Activities | |||||||||||
Net Income | $ 67 | $ 182 | $ (78) | $ 35 | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Distributions and equity in (earnings)/losses of unconsolidated affiliates and consolidated subsidiaries | 57 | 71 | |||||||||
Equity in earnings of unconsolidated affiliates | 24 | 18 | 29 | 39 | |||||||
Depreciation and amortization | 382 | 375 | 1,173 | 1,096 | |||||||
Provision for bad debts | 49 | 49 | |||||||||
Amortization of nuclear fuel | 36 | 33 | |||||||||
Amortization of financing costs and debt discount/premiums | (9) | (9) | |||||||||
Amortization of intangibles and out-of-market contracts | 68 | 52 | |||||||||
Amortization of unearned equity compensation | 37 | 32 | |||||||||
Changes in deferred income taxes and liability for uncertain tax benefits | (72) | (75) | |||||||||
Changes in nuclear decommissioning trust liability | 1 | 12 | |||||||||
Changes in derivative instruments | 180 | 248 | |||||||||
Changes in collateral deposits supporting energy risk management activities | (180) | (100) | |||||||||
Cash used by changes in other working capital | (93) | (361) | |||||||||
Loss on sale of emission allowances | (6) | 2 | |||||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | $ (14) | (14) | ||||||||
Gain on postretirement benefits curtailment and sale of assets | (14) | (26) | |||||||||
Impairment of Long-Lived Assets Held-for-use | 263 | 70 | 263 | 70 | |||||||
Adjustment for debt extinguishment | 9 | 24 | |||||||||
Net Cash Provided/(Used) by Operating Activities | 1,392 | 1,114 | |||||||||
Cash Flows from Investing Activities | |||||||||||
(Payments for)/proceeds from intercompany loans to subsidiaries | 0 | 0 | |||||||||
Payments to Acquire Business Two, Net of Cash Acquired | 0 | 0 | |||||||||
Acquisitions of businesses, net of cash acquired | (31) | (2,832) | |||||||||
Capital expenditures | (889) | (675) | |||||||||
Increase in restricted cash, net | (41) | (52) | |||||||||
Decrease in restricted cash — U.S. DOE funded projects | 1 | 21 | |||||||||
Decrease in notes receivable | 10 | 21 | |||||||||
Investments in nuclear decommissioning trust fund securities | (500) | (475) | |||||||||
Proceeds from the sale of nuclear decommissioning trust fund securities | 499 | 463 | |||||||||
Proceeds from renewable energy grants and state rebates | 62 | 431 | |||||||||
Proceeds from sale of assets, net of cash disposed of | 1 | 153 | |||||||||
Investments in unconsolidated affiliates, excluding return of capital | 395 | ||||||||||
Return of Capital from Unconsolidated Affiliates | 38 | ||||||||||
Cash proceeds to fund cash grant bridge loan payment | 0 | 57 | |||||||||
(Investments in) Proceeds From Sales of Unconsolidated Affiliates | (357) | (87) | |||||||||
Other | 13 | 17 | |||||||||
Net Cash (Used)/Provided by Investing Activities | (1,232) | (2,958) | |||||||||
Cash Flows from Financing Activities | |||||||||||
Proceeds from intercompany loans | 0 | 0 | |||||||||
Payments to Acquire Business Three, Net of Cash Acquired | 0 | 0 | |||||||||
Payment of dividends to common and preferred stockholders | (152) | (140) | |||||||||
Payment of intercompany dividends | (140) | ||||||||||
Payment for treasury stock | (353) | 0 | |||||||||
Net receipts from settlement of acquired derivatives that include financing elements | 138 | (64) | |||||||||
Proceeds from issuance of long-term debt | 679 | 4,456 | |||||||||
Distributions from, net of contributions to, noncontrolling interest in subsidiaries | (651) | (639) | |||||||||
Proceeds from issuance of common stock | 1 | 15 | |||||||||
Payment of debt issuance costs | (14) | (57) | |||||||||
Payments for short and long-term debt | (954) | (3,308) | |||||||||
Other | (22) | 0 | |||||||||
Net Cash Provided/(Used) by Financing Activities | (26) | 1,541 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 15 | 2 | |||||||||
Net (Decrease)/Increase in Cash and Cash Equivalents | 149 | (301) | |||||||||
Cash and Cash Equivalents at Beginning of Period | 2,116 | 2,116 | 2,254 | ||||||||
Cash and Cash Equivalents at End of Period | 2,265 | 1,953 | 2,265 | 1,953 | |||||||
Guarantor Subsidiaries | |||||||||||
Cash Flows from Operating Activities | |||||||||||
Net Income | 221 | 400 | 449 | 726 | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Distributions and equity in (earnings)/losses of unconsolidated affiliates and consolidated subsidiaries | 0 | 0 | |||||||||
Equity in earnings of unconsolidated affiliates | 3 | 3 | 6 | 13 | |||||||
Depreciation and amortization | 190 | 216 | 590 | 625 | |||||||
Provision for bad debts | 46 | 49 | |||||||||
Amortization of nuclear fuel | 36 | 33 | |||||||||
Amortization of financing costs and debt discount/premiums | 0 | 0 | |||||||||
Amortization of intangibles and out-of-market contracts | 43 | 52 | |||||||||
Amortization of unearned equity compensation | 0 | 0 | |||||||||
Changes in deferred income taxes and liability for uncertain tax benefits | 218 | 281 | |||||||||
Changes in nuclear decommissioning trust liability | 1 | 12 | |||||||||
Changes in derivative instruments | 135 | (62) | |||||||||
Changes in collateral deposits supporting energy risk management activities | (141) | 42 | |||||||||
Cash used by changes in other working capital | 1,048 | (369) | |||||||||
Loss on sale of emission allowances | (6) | 2 | |||||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | |||||||||
Gain on postretirement benefits curtailment and sale of assets | 0 | ||||||||||
Impairment of Long-Lived Assets Held-for-use | 222 | 222 | 0 | ||||||||
Adjustment for debt extinguishment | 0 | 0 | |||||||||
Net Cash Provided/(Used) by Operating Activities | 2,635 | 1,378 | |||||||||
Cash Flows from Investing Activities | |||||||||||
(Payments for)/proceeds from intercompany loans to subsidiaries | (2,391) | (1,382) | |||||||||
Payments to Acquire Business Two, Net of Cash Acquired | 0 | 0 | |||||||||
Acquisitions of businesses, net of cash acquired | 0 | 0 | |||||||||
Capital expenditures | (264) | (16) | |||||||||
Increase in restricted cash, net | (3) | 0 | |||||||||
Decrease in restricted cash — U.S. DOE funded projects | 0 | 0 | |||||||||
Decrease in notes receivable | 0 | 0 | |||||||||
Investments in nuclear decommissioning trust fund securities | (500) | (475) | |||||||||
Proceeds from the sale of nuclear decommissioning trust fund securities | 499 | 463 | |||||||||
Proceeds from renewable energy grants and state rebates | 0 | 0 | |||||||||
Proceeds from sale of assets, net of cash disposed of | 0 | 0 | |||||||||
Investments in unconsolidated affiliates, excluding return of capital | 0 | ||||||||||
Return of Capital from Unconsolidated Affiliates | 1 | ||||||||||
Cash proceeds to fund cash grant bridge loan payment | 0 | ||||||||||
(Investments in) Proceeds From Sales of Unconsolidated Affiliates | 0 | ||||||||||
Other | 5 | (6) | |||||||||
Net Cash (Used)/Provided by Investing Activities | (2,653) | (1,416) | |||||||||
Cash Flows from Financing Activities | |||||||||||
Proceeds from intercompany loans | 0 | 0 | |||||||||
Payments to Acquire Business Three, Net of Cash Acquired | 0 | 0 | |||||||||
Payment of dividends to common and preferred stockholders | 0 | ||||||||||
Payment of intercompany dividends | 0 | ||||||||||
Payment for treasury stock | 0 | ||||||||||
Net receipts from settlement of acquired derivatives that include financing elements | 0 | 0 | |||||||||
Proceeds from issuance of long-term debt | 0 | 0 | |||||||||
Distributions from, net of contributions to, noncontrolling interest in subsidiaries | 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 | |||||||||
Other | 0 | ||||||||||
Net Cash Provided/(Used) by Financing Activities | 0 | 0 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | |||||||||
Net (Decrease)/Increase in Cash and Cash Equivalents | (18) | (38) | |||||||||
Cash and Cash Equivalents at Beginning of Period | 18 | 18 | 56 | ||||||||
Cash and Cash Equivalents at End of Period | 0 | 18 | 0 | 18 | |||||||
Non-Guarantor Subsidiaries | |||||||||||
Cash Flows from Operating Activities | |||||||||||
Net Income | 64 | 157 | (52) | 142 | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Distributions and equity in (earnings)/losses of unconsolidated affiliates and consolidated subsidiaries | 77 | 103 | |||||||||
Equity in earnings of unconsolidated affiliates | 27 | 19 | 33 | 37 | |||||||
Depreciation and amortization | 187 | 154 | 568 | 458 | |||||||
Provision for bad debts | 0 | 0 | |||||||||
Amortization of nuclear fuel | 0 | 0 | |||||||||
Amortization of financing costs and debt discount/premiums | (29) | (19) | |||||||||
Amortization of intangibles and out-of-market contracts | 25 | 0 | |||||||||
Amortization of unearned equity compensation | 0 | 0 | |||||||||
Changes in deferred income taxes and liability for uncertain tax benefits | (77) | 136 | |||||||||
Changes in nuclear decommissioning trust liability | 0 | 0 | |||||||||
Changes in derivative instruments | 89 | 313 | |||||||||
Changes in collateral deposits supporting energy risk management activities | (39) | (142) | |||||||||
Cash used by changes in other working capital | (879) | (1,082) | |||||||||
Loss on sale of emission allowances | 0 | 0 | |||||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | (14) | |||||||||
Gain on postretirement benefits curtailment and sale of assets | (26) | ||||||||||
Impairment of Long-Lived Assets Held-for-use | 41 | 41 | 70 | ||||||||
Adjustment for debt extinguishment | 9 | 7 | |||||||||
Net Cash Provided/(Used) by Operating Activities | (314) | (77) | |||||||||
Cash Flows from Investing Activities | |||||||||||
(Payments for)/proceeds from intercompany loans to subsidiaries | 1,093 | (114) | |||||||||
Payments to Acquire Business Two, Net of Cash Acquired | (489) | (336) | |||||||||
Acquisitions of businesses, net of cash acquired | (31) | (25) | |||||||||
Capital expenditures | (595) | (180) | |||||||||
Increase in restricted cash, net | (38) | (52) | |||||||||
Decrease in restricted cash — U.S. DOE funded projects | 1 | 24 | |||||||||
Decrease in notes receivable | 10 | 21 | |||||||||
Investments in nuclear decommissioning trust fund securities | 0 | 0 | |||||||||
Proceeds from the sale of nuclear decommissioning trust fund securities | 0 | 0 | |||||||||
Proceeds from renewable energy grants and state rebates | 62 | 431 | |||||||||
Proceeds from sale of assets, net of cash disposed of | 0 | 0 | |||||||||
Investments in unconsolidated affiliates, excluding return of capital | 356 | ||||||||||
Return of Capital from Unconsolidated Affiliates | 39 | ||||||||||
Cash proceeds to fund cash grant bridge loan payment | 57 | ||||||||||
(Investments in) Proceeds From Sales of Unconsolidated Affiliates | (28) | ||||||||||
Other | 8 | 12 | |||||||||
Net Cash (Used)/Provided by Investing Activities | (296) | (190) | |||||||||
Cash Flows from Financing Activities | |||||||||||
Proceeds from intercompany loans | 0 | 0 | |||||||||
Payments to Acquire Business Three, Net of Cash Acquired | 0 | 0 | |||||||||
Payment of dividends to common and preferred stockholders | 0 | ||||||||||
Payment of intercompany dividends | 0 | ||||||||||
Payment for treasury stock | 0 | ||||||||||
Net receipts from settlement of acquired derivatives that include financing elements | 138 | (64) | |||||||||
Proceeds from issuance of long-term debt | 635 | 1,121 | |||||||||
Distributions from, net of contributions to, noncontrolling interest in subsidiaries | (651) | (639) | |||||||||
Proceeds from issuance of common stock | 0 | 0 | |||||||||
Payment of debt issuance costs | (14) | (28) | |||||||||
Payments for short and long-term debt | (938) | (649) | |||||||||
Other | (22) | ||||||||||
Net Cash Provided/(Used) by Financing Activities | 450 | 1,019 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 15 | 2 | |||||||||
Net (Decrease)/Increase in Cash and Cash Equivalents | (145) | 754 | |||||||||
Cash and Cash Equivalents at Beginning of Period | 1,455 | 1,455 | 870 | ||||||||
Cash and Cash Equivalents at End of Period | 1,310 | 1,624 | 1,310 | 1,624 | |||||||
NRG Energy, Inc. | |||||||||||
Cash Flows from Operating Activities | |||||||||||
Net Income | 83 | 174 | (47) | 30 | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Distributions and equity in (earnings)/losses of unconsolidated affiliates and consolidated subsidiaries | 0 | 0 | |||||||||
Equity in earnings of unconsolidated affiliates | 1 | 0 | 0 | 0 | |||||||
Depreciation and amortization | 5 | 5 | 15 | 13 | |||||||
Provision for bad debts | 3 | 0 | |||||||||
Amortization of nuclear fuel | 0 | 0 | |||||||||
Amortization of financing costs and debt discount/premiums | 20 | 10 | |||||||||
Amortization of intangibles and out-of-market contracts | 0 | 0 | |||||||||
Amortization of unearned equity compensation | 37 | 32 | |||||||||
Changes in deferred income taxes and liability for uncertain tax benefits | (213) | (492) | |||||||||
Changes in nuclear decommissioning trust liability | 0 | 0 | |||||||||
Changes in derivative instruments | (44) | (3) | |||||||||
Changes in collateral deposits supporting energy risk management activities | 0 | 0 | |||||||||
Cash used by changes in other working capital | (702) | 206 | |||||||||
Loss on sale of emission allowances | 0 | 0 | |||||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | |||||||||
Gain on postretirement benefits curtailment and sale of assets | 0 | ||||||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 0 | ||||||||
Adjustment for debt extinguishment | 0 | 17 | |||||||||
Net Cash Provided/(Used) by Operating Activities | (931) | (187) | |||||||||
Cash Flows from Investing Activities | |||||||||||
(Payments for)/proceeds from intercompany loans to subsidiaries | 0 | 0 | |||||||||
Payments to Acquire Business Two, Net of Cash Acquired | 0 | 0 | |||||||||
Acquisitions of businesses, net of cash acquired | 0 | (2,807) | |||||||||
Capital expenditures | (30) | (479) | |||||||||
Increase in restricted cash, net | 0 | 0 | |||||||||
Decrease in restricted cash — U.S. DOE funded projects | 0 | (3) | |||||||||
Decrease in notes receivable | 0 | 0 | |||||||||
Investments in nuclear decommissioning trust fund securities | 0 | 0 | |||||||||
Proceeds from the sale of nuclear decommissioning trust fund securities | 0 | 0 | |||||||||
Proceeds from renewable energy grants and state rebates | 0 | 0 | |||||||||
Proceeds from sale of assets, net of cash disposed of | 1 | 153 | |||||||||
Investments in unconsolidated affiliates, excluding return of capital | 39 | ||||||||||
Return of Capital from Unconsolidated Affiliates | 0 | ||||||||||
Cash proceeds to fund cash grant bridge loan payment | 0 | ||||||||||
(Investments in) Proceeds From Sales of Unconsolidated Affiliates | (59) | ||||||||||
Other | 0 | 11 | |||||||||
Net Cash (Used)/Provided by Investing Activities | (68) | (3,184) | |||||||||
Cash Flows from Financing Activities | |||||||||||
Proceeds from intercompany loans | 1,298 | 1,496 | |||||||||
Payments to Acquire Business Three, Net of Cash Acquired | 489 | 336 | |||||||||
Payment of dividends to common and preferred stockholders | (152) | ||||||||||
Payment of intercompany dividends | (140) | ||||||||||
Payment for treasury stock | (353) | ||||||||||
Net receipts from settlement of acquired derivatives that include financing elements | 0 | 0 | |||||||||
Proceeds from issuance of long-term debt | 44 | 3,335 | |||||||||
Distributions from, net of contributions to, noncontrolling interest in subsidiaries | 0 | 0 | |||||||||
Proceeds from issuance of common stock | 1 | 15 | |||||||||
Payment of debt issuance costs | 0 | (29) | |||||||||
Payments for short and long-term debt | (16) | (2,659) | |||||||||
Other | 0 | ||||||||||
Net Cash Provided/(Used) by Financing Activities | 1,311 | 2,354 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | |||||||||
Net (Decrease)/Increase in Cash and Cash Equivalents | 312 | (1,017) | |||||||||
Cash and Cash Equivalents at Beginning of Period | 643 | 643 | 1,328 | ||||||||
Cash and Cash Equivalents at End of Period | 955 | 311 | 955 | 311 | |||||||
Eliminations | |||||||||||
Cash Flows from Operating Activities | |||||||||||
Net Income | (301) | [1] | (549) | [2] | (428) | [3] | (863) | [4],[5] | |||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Distributions and equity in (earnings)/losses of unconsolidated affiliates and consolidated subsidiaries | (20) | [6] | (32) | [5] | |||||||
Equity in earnings of unconsolidated affiliates | (7) | [1] | (4) | [2] | (10) | [3],[6] | (11) | [4],[5] | |||
Depreciation and amortization | 0 | [1] | 0 | [2] | 0 | [3],[6] | 0 | [4],[5] | |||
Provision for bad debts | 0 | [6] | 0 | [5] | |||||||
Amortization of nuclear fuel | 0 | [6] | 0 | [5] | |||||||
Amortization of financing costs and debt discount/premiums | 0 | [6] | 0 | [5] | |||||||
Amortization of intangibles and out-of-market contracts | 0 | [6] | 0 | [5] | |||||||
Amortization of unearned equity compensation | 0 | [6] | 0 | [5] | |||||||
Changes in deferred income taxes and liability for uncertain tax benefits | 0 | [6] | 0 | [5] | |||||||
Changes in nuclear decommissioning trust liability | 0 | [6] | 0 | [5] | |||||||
Changes in derivative instruments | 0 | [6] | 0 | [5] | |||||||
Changes in collateral deposits supporting energy risk management activities | 0 | [6] | 0 | [5] | |||||||
Cash used by changes in other working capital | 440 | [6] | 884 | [5] | |||||||
Loss on sale of emission allowances | 0 | [6] | 0 | [5] | |||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | [1] | 0 | [3],[6] | |||||||
Gain on postretirement benefits curtailment and sale of assets | [5] | 0 | |||||||||
Impairment of Long-Lived Assets Held-for-use | 0 | [1] | 0 | [1],[6] | 0 | [5] | |||||
Adjustment for debt extinguishment | 0 | [6] | 0 | [5] | |||||||
Net Cash Provided/(Used) by Operating Activities | [5] | 2 | 0 | ||||||||
Cash Flows from Investing Activities | |||||||||||
(Payments for)/proceeds from intercompany loans to subsidiaries | 1,298 | [6] | 1,496 | [5] | |||||||
Payments to Acquire Business Two, Net of Cash Acquired | 489 | [6] | 336 | [5] | |||||||
Acquisitions of businesses, net of cash acquired | 0 | [6] | 0 | [5] | |||||||
Capital expenditures | 0 | [6] | 0 | [5] | |||||||
Increase in restricted cash, net | 0 | [6] | 0 | [5] | |||||||
Decrease in restricted cash — U.S. DOE funded projects | 0 | [6] | 0 | [5] | |||||||
Decrease in notes receivable | 0 | [6] | 0 | [5] | |||||||
Investments in nuclear decommissioning trust fund securities | 0 | [6] | 0 | [5] | |||||||
Proceeds from the sale of nuclear decommissioning trust fund securities | 0 | [6] | 0 | [5] | |||||||
Proceeds from renewable energy grants and state rebates | 0 | [6] | 0 | [5] | |||||||
Proceeds from sale of assets, net of cash disposed of | 0 | [6] | 0 | [5] | |||||||
Investments in unconsolidated affiliates, excluding return of capital | [6] | 0 | |||||||||
Return of Capital from Unconsolidated Affiliates | [6] | (2) | |||||||||
Cash proceeds to fund cash grant bridge loan payment | [5] | 0 | |||||||||
(Investments in) Proceeds From Sales of Unconsolidated Affiliates | [5] | 0 | |||||||||
Other | 0 | [6] | 0 | [5] | |||||||
Net Cash (Used)/Provided by Investing Activities | 1,785 | [6] | 1,832 | [5] | |||||||
Cash Flows from Financing Activities | |||||||||||
Proceeds from intercompany loans | (1,298) | [6] | (1,496) | [5] | |||||||
Payments to Acquire Business Three, Net of Cash Acquired | (489) | [6] | (336) | [5] | |||||||
Payment of dividends to common and preferred stockholders | [6] | 0 | |||||||||
Payment of intercompany dividends | [5] | 0 | |||||||||
Payment for treasury stock | [6] | 0 | |||||||||
Net receipts from settlement of acquired derivatives that include financing elements | 0 | [6] | 0 | [5] | |||||||
Proceeds from issuance of long-term debt | 0 | [6] | 0 | [5] | |||||||
Distributions from, net of contributions to, noncontrolling interest in subsidiaries | 0 | [6] | 0 | [5] | |||||||
Proceeds from issuance of common stock | 0 | [6] | 0 | [5] | |||||||
Payment of debt issuance costs | 0 | [6] | 0 | [5] | |||||||
Payments for short and long-term debt | 0 | [6] | 0 | [5] | |||||||
Other | [6] | 0 | |||||||||
Net Cash Provided/(Used) by Financing Activities | (1,787) | [6] | (1,832) | [5] | |||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | [6] | 0 | [5] | |||||||
Net (Decrease)/Increase in Cash and Cash Equivalents | 0 | [6] | 0 | [5] | |||||||
Cash and Cash Equivalents at Beginning of Period | $ 0 | [7] | 0 | [7] | 0 | [5] | |||||
Cash and Cash Equivalents at End of Period | $ 0 | [6],[8] | $ 0 | [5] | $ 0 | [6],[8] | $ 0 | [5] | |||
[1] | All significant intercompany transactions have been eliminated in consolidation. | ||||||||||
[2] | (a)All significant intercompany transactions have been eliminated in consolidation. | ||||||||||
[3] | All significant intercompany transactions have been eliminated in consolidation. | ||||||||||
[4] | All significant intercompany transactions have been eliminated in consolidation. | ||||||||||
[5] | All significant intercompany transactions have been eliminated in consolidation. | ||||||||||
[6] | All significant intercompany transactions have been eliminated in consolidation. | ||||||||||
[7] | All significant intercompany transactions have been eliminated in consolidation. | ||||||||||
[8] | All significant intercompany transactions have been eliminated in consolidation. |